Jetblue Airways Corporation · NASDAQ:JBLU
Jetblue Airways — Merger or Acquisition (May 2022)
9 slides from Jetblue Airways's merger presentation, May 2, 2022
Slide 1: JetBlue's Revised and Superior Proposal to Acquire Spirit Airlines
JetBlue’s Revised and Superior Proposal to Acquire Spirit Airlines May 2, 2022
Slide 2: Important Information for Investors and Stockholders
Important Information for Investors and Stockholders 2 Forward Looking Statements Statements in this presentation contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange
Slide 3: Creating a Compelling National Low-fare Challenger, Benefitting All Stakeholders
Creating a Compelling National Low-fare Challenger, Benefitting All Stakeholders All-cash offer of $33/share clearly represents a “Superior Proposal” for Spirit shareholders — Enhanced with divestiture commitments and a $200mm reverse break-up fee Pro-competitive combination as “JetBlue Effect” is m
Slide 4: Bringing the Airline Customers Love to Fly to More People
vv Bringing the Airline Customers Love to Fly to More People Source: 2021, 2019 company filings; number of daily flights, and destinations are based on April 2022 schedule data as of 3/25/22. Note: JetBlue and Spirit annual passengers and ASMs as of 2019. JetBlue and Spirit Aircraft, Aircraft in Ord
Slide 5: JetBlue's Offer is Clearly Superior to Frontier's
5 JetBlue’s Offer is Clearly Superior to Frontier’s FrontierJetBlue Price $33.00 per share / $3.6bn1 Equity Value $22.42 total consideration2 per Spirit share / $2.5bn Equity Value Consideration All Cash Mostly Stock Value Certainty All cash offer provides greater value certainty Uncertain value giv
Slide 6: Facts do not Support Frontier and Spirit Projections
Facts do not Support Frontier and Spirit Projections; Significantly Overstate Potential Transaction Value 2022 and 2023 EBITDAR estimates excluding synergies are 30% and 18% higher than consensus, respectively Forecasted 2022E-2024E revenue CAGR of 22%1 and doubling in 4 years vs. average airline co
Slide 7: JetBlue Has High Conviction Around Achieving Regulatory Approval
JetBlue Has High Conviction Around Achieving Regulatory Approval… … and Greater Commitment to Close than the Frontier Transaction JetBlue has a more significant impact on legacy fares Preliminary economic analysis shows JetBlue’s presence on a nonstop route decreases legacy fares by ~16%, or 3x as m
Slide 8: JetBlue's brand is superior to Frontier's
8 JetBlue’s brand is superior to Frontier’s because of its enhanced customer service, fair compensation for its Crewmembers, and differentiated business model “JetBlue Effect” has the strongest impact on legacy fares of any other airline on the nonstop routes it flies Customers should not have to ch
Slide 9: Strong Strategic Rationale Creates a Compelling National Low-fare Challenger
Strong Strategic Rationale Creates a Compelling National Low-fare Challenger Accelerates Existing Growth Plan while Complementing Northeast Alliance (NEA) Strategy Significantly Enhances JetBlue’s Long-term Financial Returns 9 Creating Long-Term Value for all JetBlue Stakeholders