EX-99.2 3 a2018investordaypresenta.htm EXHIBIT 99.2 INVESTOR DAY 2018 DECK

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Pre-Tax Margin 10.4% 13.0% 15.1% Free Cash Flow Margin 2.1% 7.7% 7.8% ROIC 13.6% 14.8% 16.7% Adj. Net Debt / EBITDAR 1.8x 1.6x 0.9x P/E Multiple 13.9x 18.6x 10.7x 11

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U.S. Market Share of Four Largest Carriers* *Total domestic revenue from Form 41. Airlines included in sample set: American, Aloha, Alaska, Jetblue, Continental, Delta, Frontier, Airtran, Hawaiian, America West, Midway, Spirit, Northwest, Pan American, Sun Country, TWA, ATA, United, US Airways, Virgin America, Southwest and Midwest Express 15

41% 36% 32% 27% 16

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Virgin America Controllable Departures on Zero Virgin America Block Hours per Aircraft per Day 22

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Pre-Tax Guest Income Satisfaction (50%) (10%) Performance- Based Pay Loyalty for weighted Safety Growth targets achieved (20%) (10%) Non-Fuel CASM (10%) 30

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Annual synergies (revenue & cost) expected from Virgin America integration 34

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% of sales on Alaska Affinity Card Blended Credit Card Commission Rate 46

₵ 47

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₵ ₵ ₵ ₵ ₵ ₵ 49

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• • • • • • 65

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• •    68

WN AS UA AA DL 69

UA AA DL AS WN 70

TM  71

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• • • 79

Ancillary Revenue Per Passenger, excluding Loyalty Revenue • • • • • 80

ALK Corporate Customers % of TMC revenue under contract 81

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₵ 87

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1 2 3 4 89

Adjusted for net present value of future operating lease commitments $ millions 90

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