Fourth quarter revenue and costs beat
expectations
Reached agreement to defer ~$2.5 billion of
planned aircraft capital expenditures
Focused on restoring profitability through new
revenue and cost initiatives in 2024
JetBlue Airways Corporation (NASDAQ: JBLU) today reported its
financial results for the fourth quarter of 2023.
“We closed the year on a strong note thanks to the hard work and
continued execution of our team as fourth quarter revenue and costs
beat our expectations,” said Robin Hayes, JetBlue’s chief executive
officer. “Looking ahead, I am confident that the next chapter of
JetBlue, under Joanna’s leadership, will deliver a refreshed focus
on our core customer, expanded opportunities for our crewmembers,
and a return to JetBlue’s historical earnings power for our
shareholders.”
“2024 is an important year of change for JetBlue and we are
taking aggressive action, including launching $300 million of
revenue initiatives, to return to profitability and deliver value
for our shareholders. We are moving with renewed rigor and
discipline as we refocus our energy and play to our strengths,
further deepening our unique competitive positioning,” said Joanna
Geraghty, JetBlue’s president and chief operating officer.
Fourth Quarter 2023 Financial Results
- Net loss for the fourth quarter of 2023 under Generally
Accepted Accounting Principles ("GAAP") of $104 million or $(0.31)
per share. Excluding special items, adjusted net loss for the
fourth quarter of 2023 of $63 million (1) or $(0.19) per
share.
- Fourth quarter of 2023 capacity increased by 3.3%
year-over-year.
- Operating revenue of $2.3 billion for the fourth quarter of
2023, down 3.7% year-over-year.
- Operating expense per available seat mile ("CASM") for the
fourth quarter of 2023 decreased 2.4% year-over-year.
- Operating expense per available seat mile, excluding fuel and
related taxes, other non-airline operating expenses, and special
items ("CASM ex-Fuel") (1) for the fourth quarter of 2023 increased
7.6% (1) year-over-year.
- Average fuel price in the fourth quarter of 2023 of $3.08 per
gallon, including hedges.
Fourth Quarter 2023 Key Highlights
- Executed on Our Cost Initiatives
- Achieved $70 million in cost savings under our structural cost
program in 2023 keeping JetBlue on track to deliver run-rate
savings of $175 million to $200 million by the end of 2024.
- Realized $55 million in cumulative cost savings from our fleet
modernization program, which is expected to deliver $75 million in
cost savings through 2024 as we replace the Embraer E190s with the
margin-accretive A220s.
- Provided Exceptional Service for Our
Customers
- Delivered excellent operational performance in the fourth
quarter with a completion factor of 99.8%, JetBlue’s best fourth
quarter completion factor since 2004.
- Recognized by “The Points Guy” with an Editors’ Choice Award
for Best Economy Class across U.S. airlines for the fourth
time.
- Launched new TrueBlue® loyalty program offering new perks and
options to customers, which to date has generated exceptional
growth and engagement, particularly from Mosaic customers.
- Initiated Strategic Network
Changes
- Redeployed assets to outperforming leisure and VFR routes and
began the resizing of our presence at LaGuardia.
- Expanded service to the Caribbean with new nonstop flights to
St. Kitts and Nevis’s Robert Llewellyn Bradshaw International
Airport from New York's John F. Kennedy International Airport
(JFK), as well as new routes between the Dominican Republic and
Orlando, Grenada and Boston Logan International Airport (BOS), the
Bahamas and Los Angeles and Belize City and JFK.
- Added new transatlantic destinations with daily service between
JFK and Paris Charles de Gaulle, JFK and Amsterdam Schiphol Airport
(AMS), and BOS and AMS, in addition to the announcement of two new
seasonal routes to Dublin and Edinburgh, both launching in Spring
2024.
- Advanced Our Progress as a Sustainability
Leader
- Reduced our 2023 carbon emissions by 6% versus 2019 levels
driven by fleet upgrades, a doubling of our use of sustainable
aviation fuel versus 2022, and fuel optimization efforts.
- Furthered efforts to diversify our talent pool and boost career
accessibility in pilot and technician roles through our Gateways
Program, with two-thirds of participants from underrepresented
groups.
Balance Sheet and Liquidity
- Reached agreement to defer ~$2.5 billion of planned aircraft
capital expenditures from 2024 – 2027 to 2028 and thereafter,
providing a more consistent level of annual aircraft deliveries
through the end of the decade.
- Ended the fourth quarter with $1.7 billion in unrestricted
cash, cash equivalents, short-term investments, and long-term
marketable securities (excluding our $600 million undrawn revolving
credit facility).
Outlook
“As we look ahead in 2024, we are seeing positive momentum in
our revenue growth. Demand during peak periods remains strong, and
we continue to manage our capacity during off-peak periods to
reflect evolving demand trends. We plan to continue to refine our
network and product offering to better serve our leisure customers
while diversifying revenues with margin-accretive initiatives,”
continued Geraghty.
First Quarter and Full Year 2024
Outlook
Estimated 1Q 2024
Estimated FY 2024
Available Seat Miles (ASMs)
Year-Over-Year
(6.0%) - (3.0%)
Down low single digits
Revenue Year-Over-Year
(9.0%) - (5.0%)
~Flat
CASM Ex-Fuel (1) Year-Over-Year (2)
9.0% - 11.0%
Up mid-to-high single digits
Fuel Price per Gallon (3), (4)
$2.87 - $3.02
-
Adjusted Operating Margin (1)
-
Approaching breakeven
Capital Expenditures
~$250 million
~$1.6 billion
“We remain intensely focused on restoring profitability, taking
steps to ensure every dollar we invest is making an impact. As part
of these efforts, we are carefully evaluating deeper cuts to our
controllable costs beyond our ongoing fleet modernization and
structural cost programs. Through these initiatives, coupled with
the evolution of our network and product offering, I am confident
in our ability to re-establish profitability and position JetBlue
to restore historical earnings power,” said Ursula Hurley,
JetBlue’s chief financial officer.
Earnings Call Details
JetBlue will conduct a conference call to discuss its quarterly
earnings today, January 30, 2024 at 10:00 a.m. Eastern Time. A live
broadcast of the conference call will also be available via the
internet at http://investor.jetblue.com. The webcast replay and
presentation materials will be archived on the company’s
website.
For further details, see the fourth quarter 2023 Earnings
Presentation available via the internet at
http://investor.jetblue.com.
About JetBlue
JetBlue is New York's Hometown Airline®, and a leading carrier
in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando and San
Juan. JetBlue, known for its low fares and great service, carries
customers to more than 100 destinations throughout the United
States, Latin America, the Caribbean, Canada and Europe. For more
information and the best fares, visit jetblue.com.
Notes
- Non-GAAP financial measure; Note A provides a reconciliation of
certain non-GAAP financial measures used in this release and
explains the reasons management believes that presentation of these
non-GAAP financial measures provides useful information to
investors regarding JetBlue's financial condition and results of
operations. In addition, refer to Note A for further details on
non-GAAP forward-looking information.
- Includes the impact from the pilot union agreement of
approximately two points for each the first quarter and full year
2024.
- Includes fuel taxes, hedges and other fuel fees.
- JetBlue utilizes the forward Brent crude curve and the forward
Brent crude to jet crack spread to calculate the unhedged portion
of its current quarter. Fuel price is based on forward curve as of
January 19, 2024.
Forward-Looking Information
This Earnings Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. We intend such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. All statements other than statements of historical
facts contained in this Earnings Release may be forward-looking
statements. In some cases, you can identify forward-looking
statements by terms such as “expects,” “plans,” “intends,”
“anticipates,” “indicates,” “remains,” “believes,” “estimates,”
“forecast,” “guidance,” “outlook,” “may,” “will,” “should,”
“seeks,” “goals,” “targets” or the negative of these terms or other
similar expressions. Additionally, forward-looking statements
include statements that do not relate solely to historical facts,
such as statements which identify uncertainties or trends, discuss
the possible future effects of current known trends or
uncertainties, or which indicate that the future effects of known
trends or uncertainties cannot be predicted, guaranteed, or
assured. Forward-looking statements contained in this Earnings
Release include, without limitation, statements regarding our
outlook and future results of operations and financial position,
expectations with respect to headwinds, including the continued
wind down of the Northeast Alliance (“NEA”) with American Airlines
Group Inc. (“American Airlines”), the impact of air traffic control
("ATC") driven delays, shifts in post-COVID customer demand, and
fluctuations in fuel prices, and our business strategy and plans
for future operations, including our planned merger (the “Merger”)
with Spirit Airlines Inc. (“Spirit”) and the associated impacts on
our business. Forward-looking statements involve risks,
uncertainties and assumptions, and are based on information
currently available to us. Actual results may differ materially
from those expressed in the forward-looking statements due to many
factors, including, without limitation, the occurrence of any
event, change or other circumstances, including outcomes of legal
proceedings, that could give rise to the right of JetBlue or Spirit
or both of them to terminate the Agreement and Plan of Merger dated
as of July 28, 2022 (the “Merger Agreement”) and among Spirit and
Sundown Acquisition Corp., a Delaware corporation and a direct
wholly owned subsidiary of JetBlue; our extremely competitive
industry; risks related to the long-term nature of our fleet order
book; volatility in fuel prices and availability of fuel; increased
maintenance costs associated with fleet age; costs associated with
salaries, wages and benefits; risks associated with a potential
material reduction in the rate of interchange reimbursement fees;
risks associated with doing business internationally; our reliance
on high daily aircraft utilization; our dependence on the New York
metropolitan market; risks associated with extended interruptions
or disruptions in service at our focus cities; risks associated
with airport expenses; risks associated with seasonality and
weather; our reliance on a limited number of suppliers for our
aircraft, engines, and our Fly-Fi® product; risks related to new or
increased tariffs imposed on commercial aircraft and related parts
imported from outside the United States; the outcome of legal
proceedings with respect to our NEA with American Airlines and our
wind-down of the NEA; failure to obtain certain governmental
approvals necessary to consummate the Merger; the outcome of the
lawsuit filed by the Department of Justice and certain state
Attorneys General against us and Spirit related to the Merger;
risks associated with failure to consummate the Merger in a timely
manner or at all; risks associated with the pendency of the Merger
and related business disruptions; indebtedness following
consummation of the Merger and associated impacts on business
flexibility, borrowing costs and credit ratings; the possibility
that JetBlue may be unable to achieve expected synergies and
operating efficiencies within the expected timeframes or at all;
challenges associated with successful integration of Spirit's
operations; expenses related to the Merger and integration of
Spirit; the potential for loss of management personnel and other
key crewmembers as a result of the Merger; risks associated with
effective management of the combined company following the Merger;
risks associated with JetBlue being bound by all obligations and
liabilities of the combined company following consummation of the
Merger; risks associated with the integration of JetBlue and Spirit
workforces, including with respect to negotiation of labor
agreements and labor costs; the impact of the Merger on JetBlue’s
earnings per share; risks associated with cybersecurity and
privacy, including potential disruptions to our information
technology systems or information security breaches; heightened
regulatory requirements concerning data security compliance; risks
associated with reliance on, and potential failure of, automated
systems to operate our business; our inability to attract and
retain qualified crewmembers; our being subject to potential
unionization, work stoppages, slowdowns or increased labor costs;
reputational and business risk from an accident or incident
involving our aircraft; risks associated with damage to our
reputation and the JetBlue brand name; our significant amount of
fixed obligations and the ability to service such obligations; our
substantial indebtedness and impact on our ability to meet future
financing needs; financial risks associated with credit card
processors; restrictions as a result of our participation in
governmental support programs under the CARES Act, the Consolidated
Appropriations Act, and the American Rescue Plan Act; risks
associated with seeking short-term additional financing liquidity;
failure to realize the full value of intangible or long-lived
assets, causing us to record impairments; risks associated with
disease outbreaks or environmental disasters affecting travel
behavior; compliance with environmental laws and regulations, which
may cause us to incur substantial costs; the impacts of federal
budget constraints or federally imposed furloughs; impact of global
climate change and legal, regulatory or market response to such
change; increasing attention to, and evolving expectations
regarding, environmental, social and governance (“ESG”) matters;
changes in government regulations in our industry; acts of war or
terrorism; and changes in global economic conditions or an economic
downturn leading to a continuing or accelerated decrease in demand
for air travel. It is routine for our internal projections and
expectations to change as the year or each quarter in the year
progresses, and therefore it should be clearly understood that the
internal projections, beliefs, and assumptions upon which we base
our expectations may change prior to the end of each quarter or
year. Any outlook or forecasts in this document have been prepared
without taking into account or consideration the Merger with
Spirit.
Given the risks and uncertainties surrounding forward-looking
statements, you should not place undue reliance on these
statements. You should understand that many important factors, in
addition to those discussed or incorporated by reference in this
Earnings Release, could cause our results to differ materially from
those expressed in the forward-looking statements. Further
information concerning these and other factors is contained in
JetBlue's filings with the U.S. Securities and Exchange Commission
(the “SEC”), including but not limited to in our Annual Report on
Form 10-K for the year ended December 31, 2022, as updated by our
other SEC filings, including our Annual Report on Form 10-K for the
annual period ended December 31, 2023, to be filed with the SEC. In
light of these risks and uncertainties, the forward-looking events
discussed in this Earnings Release might not occur. Our
forward-looking statements speak only as of the date of this
Earnings Release. Other than as required by law, we undertake no
obligation to update or revise forward-looking statements, whether
as a result of new information, future events, or otherwise.
JETBLUE AIRWAYS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in millions, except per share
amounts)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(percent changes based on unrounded
numbers)
2023
2022
Percent Change
2023
2022
Percent Change
OPERATING REVENUES
Passenger
$
2,166
$
2,267
(4.5
)
$
9,008
$
8,586
4.9
Other
159
148
7.7
607
572
6.2
Total operating revenues
2,325
2,415
(3.7
)
9,615
9,158
5.0
OPERATING EXPENSES
Aircraft fuel and related taxes
677
800
(15.2
)
2,720
3,105
(12.4
)
Salaries, wages and benefits
751
689
9.0
3,055
2,747
11.2
Landing fees and other rents
158
132
19.3
657
544
20.7
Depreciation and amortization
159
150
5.9
621
585
6.1
Aircraft rent
28
31
(11.3
)
126
114
10.4
Sales and marketing
78
73
7.3
316
289
9.2
Maintenance, materials and repairs
142
98
44.3
654
591
10.9
Special items
29
57
(48.6
)
197
113
74.1
Other operating expenses
370
342
8.2
1,499
1,368
9.6
Total operating expenses
2,392
2,372
0.9
9,845
9,456
4.1
OPERATING INCOME (LOSS)
(67
)
43
NM (1)
(230
)
(298
)
(22.9
)
Operating margin
(2.9
) %
1.8
%
(4.7
)
pts.
(2.4
) %
(3.3
) %
0.9
pts.
OTHER INCOME (EXPENSE)
Interest expense
(65
)
(45
)
43.6
(210
)
(166
)
26.9
Interest income
25
15
65.4
89
39
NM
Gain (loss) on investments, net
3
(5
)
NM
9
(9
)
NM
Other
(6
)
(1
)
NM
8
(3
)
NM
Total other expense
(43
)
(36
)
18.4
(104
)
(139
)
(24.6
)
INCOME (LOSS) BEFORE INCOME
TAXES
(110
)
7
NM
(334
)
(437
)
(23.4
)
Pre-tax margin
(4.7
) %
0.3
%
(5.0
)
pts.
(3.5
) %
(4.8
) %
1.3
pts.
Income tax benefit
6
17
(63.0
)
24
75
(67.6
)
NET INCOME (LOSS)
$
(104
)
$
24
NM
$
(310
)
$
(362
)
(14.3
)
EARNINGS (LOSS) PER COMMON
SHARE:
Basic
$
(0.31
)
$
0.07
$
(0.93
)
$
(1.12
)
Diluted
$
(0.31
)
$
0.07
$
(0.93
)
$
(1.12
)
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic
337.8
326.4
332.9
323.6
Diluted
337.8
327.8
332.9
323.6
(1) Not meaningful or greater than 100%
change.
JETBLUE AIRWAYS
CORPORATION
COMPARATIVE OPERATING
STATISTICS
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(percent changes based on unrounded
numbers)
2023
2022
Percent
Change
2023
2022
Percent
Change
Revenue passengers (thousands)
10,225
10,486
(2.5
)
42,534
39,562
7.5
Revenue passenger miles (RPMs)
(millions)
13,628
13,695
(0.5
)
56,578
52,552
7.7
Available seat miles (ASMs) (millions)
17,013
16,470
3.3
68,497
64,475
6.2
Load factor
80.1
%
83.2
%
(3.1
)
pts.
82.6
%
81.5
%
1.1
pts.
Aircraft utilization (hours per day)
10.5
10.2
2.5
10.9
10.1
7.9
Average fare
$
211.83
$
216.20
(2.0
)
$
211.79
$
217.03
(2.4
)
Yield per passenger mile (cents)
15.89
16.55
(4.0
)
15.92
16.34
(2.6
)
Passenger revenue per ASM (cents)
12.73
13.76
(7.5
)
13.15
13.32
(1.2
)
Operating revenue per ASM (cents)
13.67
14.66
(6.8
)
14.04
14.20
(1.2
)
Operating expense per ASM (cents)
14.06
14.40
(2.4
)
14.37
14.67
(2.0
)
Operating expense per ASM, excluding fuel
(cents) (1)
9.82
9.13
7.6
10.02
9.59
4.5
Departures
84,730
86,046
(1.5
)
347,218
332,699
4.4
Average stage length (miles)
1,252
1,109
12.9
1,230
1,213
1.4
Average number of operating aircraft
during period
284
288
(1.5
)
282
285
(1.1
)
Average fuel cost per gallon, including
fuel taxes
$
3.08
$
3.70
(16.8
)
$
3.03
$
3.69
(17.9
)
Fuel gallons consumed (millions)
220
216
2.0
897
842
6.5
Average number of full-time equivalent
crewmembers
20,411
20,016
2.0
20,632
20,075
2.8
(1) Refer to Note A at the end of our
Earnings Release for more information on this non-GAAP financial
measure.
JETBLUE AIRWAYS
CORPORATION
SELECTED CONSOLIDATED BALANCE
SHEET DATA
(in millions)
December 31, 2023
December 31, 2022
(unaudited)
Cash and cash equivalents
$
1,166
$
1,042
Total investment securities
564
522
Total assets
13,853
13,045
Total debt
4,716
3,647
Stockholders' equity
3,337
3,563
Note A - Non-GAAP Financial Measures
We report our financial results in accordance with GAAP;
however, we present certain non-GAAP financial measures in this
Earnings Release. Non-GAAP financial measures are financial
measures that are derived from the consolidated financial
statements, but that are not presented in accordance with GAAP. We
present these non-GAAP financial measures because we believe they
provide useful supplemental information that enables a meaningful
comparison of our results to others in the airline industry and our
prior year results. Investors should consider these non-GAAP
financial measures in addition to, and not as a substitute for, our
financial performance measures prepared in accordance with GAAP.
Further, our non-GAAP information may be different from the
non-GAAP information provided by other companies. The information
below provides an explanation of each non-GAAP financial measure
used in this Earnings Release and shows a reconciliation of certain
non-GAAP financial measures used in this Earnings Release to the
most directly comparable GAAP financial measures.
With respect to JetBlue’s CASM Ex-Fuel (1) and Adjusted
Operating Margin Guidance (2), JetBlue is not able to provide a
reconciliation of forward-looking measures where the quantification
of certain excluded items reflected in the measure cannot be
calculated or predicted at this time without unreasonable efforts.
In these cases, the reconciling information that is unavailable
includes a forward-looking range of financial performance measures
beyond our control, such as fuel costs, which are subject to many
economic and political factors beyond our control. For the same
reasons, we are unable to address the probable significance of the
unavailable information, which could have a potentially
unpredictable and potentially significant impact on our future GAAP
financial results.
(1) CASM Ex-Fuel is a non-GAAP measure that excludes fuel,
related taxes, hedges and other non-airline operating expenses, and
special items.
(2) Adjusted Operating Margin is a non-GAAP measure that
excludes special items.
Operating expense per available seat mile, excluding fuel and
related taxes, other non-airline operating expenses, and special
items (“CASM ex-fuel”)
CASM is a common metric used in the airline industry. Our CASM
for the relevant periods are summarized in the table below. We
exclude aircraft fuel and related taxes, operating expenses related
to other non-airline businesses, such as JetBlue Ventures and
JetBlue Travel Products, and special items from total operating
expenses to determine Operating expenses ex-fuel, which is a
non-GAAP financial measure, and we exclude the same items from CASM
to determine CASM ex-fuel, which is also a non-GAAP financial
measure. We believe the impact of these special items distorts our
overall trends and our metrics are more comparable with the
presentation of our results excluding such impact.
Special items for 2023 include Spirit costs and union contract
costs.
Special items for 2022 included Spirit costs, union contract
costs and Embraer E190 fleet transition costs.
We believe Operating Expenses ex-fuel and CASM ex-fuel are
useful for investors because they provide investors the ability to
measure our financial performance excluding items that are beyond
our control, such as fuel costs, which are subject to many economic
and political factors, as well as items that are not related to the
generation of an available seat mile, such as operating expense
related to certain non-airline businesses and special items. We
believe these non-GAAP measures are more indicative of our ability
to manage airline costs and are more comparable to measures
reported by other major airlines.
The table below provides a reconciliation of our total operating
expenses (“GAAP measure”) to Operating Expenses ex-fuel, and our
CASM to CASM ex-fuel for the periods presented.
NON-GAAP FINANCIAL
MEASURE
RECONCILIATION OF OPERATING
EXPENSE AND OPERATING EXPENSE PER ASM, EXCLUDING FUEL
($ in millions, per ASM data
in cents)
(unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
$
per ASM
$
per ASM
$
per ASM
$
per ASM
Total operating expenses
$
2,392
14.06
$
2,372
14.40
$
9,845
14.37
$
9,456
14.67
Less:
Aircraft fuel and related taxes
677
3.98
800
4.86
2,720
3.97
3,105
4.82
Other non-airline expenses
14
0.09
11
0.07
64
0.09
55
0.08
Special items
29
0.17
57
0.34
197
0.29
113
0.18
Operating expenses, excluding
fuel
$
1,672
9.82
$
1,504
9.13
$
6,864
10.02
$
6,183
9.59
Percent change
7.6
%
4.5
%
Operating Expense, Operating Income (Loss), Adjusted
Operating Margin, Pre-tax Income (Loss), Adjusted Pre-tax Margin,
Net Income (Loss) and Earnings (Loss) per Share, excluding Special
Items and Net Gain (Loss) on Investments
Our GAAP results in the applicable periods were impacted by
credits and charges that were deemed special items.
Special items for 2023 include Spirit costs and union contract
costs.
Special items for 2022 included Spirit costs, union contract
costs and Embraer E190 fleet transition costs.
Certain gains and losses on our investments were also excluded
from our 2023 and 2022 GAAP results.
We believe the impact of these items distort our overall trends
and our metrics are more comparable with the presentation of our
results excluding the impact of these items. The table below
provides a reconciliation of our GAAP reported amounts to the
non-GAAP amounts excluding the impact of these items for the
periods presented.
NON-GAAP FINANCIAL
MEASURE
RECONCILIATION OF OPERATING
EXPENSE, OPERATING INCOME (LOSS), ADJUSTED OPERATING MARGIN,
PRE-TAX INCOME (LOSS), ADJUSTED PRE-TAX MARGIN, NET INCOME (LOSS),
EARNINGS (LOSS) PER SHARE, EXCLUDING SPECIAL ITEMS AND NET GAIN
(LOSS) ON INVESTMENTS
(unaudited, in
millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Total operating revenues
$
2,325
$
2,415
$
9,615
$
9,158
RECONCILIATION OF OPERATING
EXPENSE
Total operating expenses
$
2,392
$
2,372
$
9,845
$
9,456
Less: Special items
29
57
197
113
Total operating expenses excluding special
items
$
2,363
$
2,315
$
9,648
$
9,343
RECONCILIATION OF OPERATING INCOME
(LOSS)
Operating income (loss)
$
(67
)
$
43
$
(230
)
$
(298
)
Add back: Special items
29
57
197
113
Operating income (loss) excluding special
items
$
(38
)
$
100
$
(33
)
$
(185
)
RECONCILIATION OF ADJUSTED OPERATING
MARGIN
Operating margin
(2.9
) %
1.8
%
(2.4
) %
(3.3
) %
Operating income (loss) excluding special
items
$
(38
)
$
100
$
(33
)
$
(185
)
Total operating revenues
2,325
2,415
9,615
9,158
Adjusted operating margin
(1.6
) %
4.1
%
(0.3
) %
(2.0
) %
RECONCILIATION OF PRE-TAX INCOME
(LOSS)
Income (loss) before income taxes
$
(110
)
$
7
$
(334
)
$
(437
)
Add back: Special items
29
57
197
113
Less: Net gain (loss) on investments
3
(5
)
9
(9
)
Income (loss) before income taxes
excluding special items and net gain (loss) on investments
$
(84
)
$
69
$
(146
)
$
(315
)
RECONCILIATION OF ADJUSTED PRE-TAX
MARGIN
Pre-tax margin
(4.7
) %
0.3
%
(3.5
) %
(4.8
) %
Income (loss) before income taxes
excluding special items and net gain (loss) on investments
$
(84
)
$
69
$
(146
)
$
(315
)
Total operating revenues
2,325
2,415
9,615
9,158
Adjusted pre-tax margin
(3.6
) %
2.8
%
(1.5
) %
(3.4
) %
RECONCILIATION OF NET INCOME
(LOSS)
Net loss
$
(104
)
$
24
$
(310
)
$
(362
)
Add back: Special items
29
57
197
113
Less: Income tax benefit (expense) related
to special items
(15
)
13
31
19
Less: Net gain (loss) on investments
3
(5
)
9
(9
)
Less: Income tax benefit (expense) related
to net gain (loss) on investments
—
1
(2
)
1
Net loss excluding special items and net
gain (loss) on investments
$
(63
)
$
72
$
(151
)
$
(260
)
NON-GAAP FINANCIAL
MEASURE
RECONCILIATION OF OPERATING
EXPENSE, OPERATING INCOME (LOSS), ADJUSTED OPERATING MARGIN,
PRE-TAX INCOME (LOSS), ADJUSTED PRE-TAX MARGIN, NET INCOME (LOSS),
EARNINGS (LOSS) PER SHARE, EXCLUDING SPECIAL ITEMS AND NET GAIN
(LOSS) ON INVESTMENTS (CONTINUED)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
CALCULATION OF EARNINGS (LOSS) PER
SHARE
2023
2022
2023
2022
Earnings (loss) per common
share
Basic
$
(0.31
)
$
0.07
$
(0.93
)
$
(1.12
)
Add back: Special items
0.09
0.17
0.59
0.35
Less: Income tax benefit (expense) related
to special items
(0.04
)
0.03
0.09
0.06
Less: Net gain (loss) on investments
0.01
(0.01
)
0.03
(0.03
)
Less: Income tax benefit (expense) related
to net gain (loss) on investments
—
—
(0.01
)
—
Basic excluding special items and net gain
(loss) on investments
$
(0.19
)
$
0.22
$
(0.45
)
$
(0.80
)
Diluted
$
(0.31
)
$
0.07
$
(0.93
)
$
(1.12
)
Add back: Special items
0.09
0.17
0.59
0.35
Less: Income tax benefit (expense) related
to special items
(0.04
)
0.03
0.09
0.06
Less: Net gain (loss) on investments
0.01
(0.01
)
0.03
(0.03
)
Less: Income tax benefit (expense) related
to net gain (loss) on investments
—
—
(0.01
)
—
Diluted excluding special items and net
gain (loss) on investments
$
(0.19
)
$
0.22
$
(0.45
)
$
(0.80
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130017119/en/
JetBlue Investor Relations Tel: +1 718 709 2202
ir@jetblue.com
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