Exceeded second quarter guidance targets
Introducing JetForward, the evolution of
JetBlue's strategy to restore profitability
Targeting $800M - $900M of incremental EBIT (1)
in 2027
JetBlue Airways Corporation (NASDAQ: JBLU) today reported its
financial results for the second quarter of 2024.
"We closed the first half of 2024 with meaningful year-over-year
improvements in our operation and exceeded our second quarter
guidance through strong execution, early evidence the changes we
are implementing as part of our refocused strategy are yielding
positive benefits," said Joanna Geraghty, JetBlue's chief executive
officer. "Today, and as the year progresses, we are excited to
share more details about JetForward, our strategic framework to
return JetBlue to sustained profitability, and the four priority
moves aimed at driving significant value over the coming years.
"These include boosting reliability and doubling down on our
commitment to caring service to improve satisfaction and drive cost
savings; reinvesting in building the best leisure network on the
East Coast, where we are positioned to win; enhancing our existing
product offerings and loyalty perks to better deliver the elevated
and differentiated experiences our customers want; and keeping our
costs low so that we can continue to offer customers exceptional
value in the sky as we build a secure financial future for
JetBlue."
"In the second quarter, we continued to implement our JetForward
strategy with the announcement of more significant network changes.
We are actively reinvesting in our core geographies in New York,
New England, Florida and Puerto Rico, while exiting routes and
BlueCities that don't meet our financial hurdle rate. As we
progress through the second half of the year, we'll be announcing
additional initiatives designed to further enhance our customer
value proposition, close the gap in our product offering to our
peers and drive significant financial benefit," said Marty St.
George, JetBlue's president.
Four Priority Moves Underpin $800M - $900M Targeted
Incremental EBIT from 2025 - 2027
- Reliable & Caring Service
- Improving on-time performance through multiple approaches
including investments in tools and technology, designed to enable
better planning and recovery.
- Delivering outstanding customer service and a consistent
experience, from pre-booking to post-travel.
- Best East Coast Leisure Network
- Refocusing our network around leisure flying originating in New
York, New England, Florida and Latin geographies.
- Recently announced new routes to meet our core customers' needs
by doubling down on leisure flying in New England, including adding
Manchester, New Hampshire to our network, the tenth airport with
JetBlue service in New England.
- Announced four tranches of network changes to-date culminating
in 15 BlueCity closures and over 50 route exits as we reduce
unprofitable flying.
- Products & Perks Customers
Value
- Enhancing our product offerings and loyalty perks to attract
customers that value high quality and premium experiences.
- Optimizing product merchandising to maximize revenue potential,
including through the recent addition of a complimentary carry-on
bag to our Blue Basic fare.
- A Secure Financial Future
- Sustaining our historical cost advantage through our new
business cost transformation program, enabled by data-science
driven optimization, new technology investments, and labor &
infrastructure productivity, which is forecasted to drive $175
million of structural cost savings through 2027.
- Restoring balance sheet health through capital discipline,
including deferring approximately $3.0 billion of capital
expenditures through 2029, designed to also improve our cash flow
outlook.
"While many of these underlying initiatives will take time to
ramp to their full potential, with the strong foundation of
JetForward, we are poised to generate $800 - $900 million of
incremental EBIT from 2025 through 2027 and expect the benefit to
be realized evenly over those three years," said Ursula Hurley,
JetBlue's chief financial officer. "We are setting ourselves on a
path to restore our balance sheet health, and in support of
securing our financial future, we are announcing an incremental
aircraft deferral of approximately $3 billion of planned capital
expenditures. Our focus going forward will be on driving value from
our existing asset base and, ultimately, generating positive free
cash flow."
Second Quarter 2024 Financial Results
- Net income for the second quarter of 2024 under Generally
Accepted Accounting Principles ("GAAP") of $25 million or $0.07
earnings per share. Excluding special items, adjusted net income
for the second quarter of 2024 of $26 million(1) or $0.08(1)
earnings per share.
- Second quarter 2024 system capacity decreased by 2.7%
year-over-year.
- Operating revenue of $2.4 billion for the second quarter of
2024, down 6.9% year-over-year.
- Operating expense of $2.4 billion for the second quarter of
2024, a decrease of 0.1% year-over-year.
- Operating expense per available seat mile ("CASM") for the
second quarter of 2024 increased 2.6% year-over-year.
- Operating expense, excluding special items for the second
quarter of 2024, increased 0.9%(1) year-over-year.
- Operating expense per available seat mile, excluding fuel,
other non-airline operating expenses, and special items ("CASM
ex-Fuel")(1) for the second quarter of 2024 increased 3.7%(1)
year-over-year.
- Average fuel price in the second quarter of 2024 of $2.87 per
gallon.
Second Quarter 2024 Key Highlights
- Continued implementation of refocused strategy through network
optimization announcements, improved merchandising efforts and
initial progress on multi-year reliability initiative.
- Delivered improved operational performance year-over-year with
a completion factor of 98.8%, up from 97.8% in 2Q23.
- Progressed on our $300 million 2024 revenue initiative target,
delivering ~$140 million of incremental top-line benefit
year-to-date.
- Executed on our cost initiatives, as evidenced by structural
cost program savings of ~$145 million to-date and fleet
modernization cost avoidance of $83 million to-date.
- Ended the quarter with ~$1.6 billion in liquidity, excluding
our undrawn $600 million revolving credit facility.
Outlook
"As we execute on our strategy to return to profitability, we
remain focused on delivering on our near-term financial goals. In
the second half, we expect sequential year-over-year unit revenue
momentum to bolster the top-line, supported by our $300 million of
revenue initiatives and the continuing normalization of competitive
capacity in our core geographies," said Marty St. George.
Third Quarter and Full Year 2024
Outlook
Estimated 3Q 2024
Estimated FY 2024
Available Seat Miles ("ASMs")
Year-Over-Year
(6.0%) - (3.0%)
(5.0%) - (2.5%)
Revenue Year-Over-Year
(5.5%) - (1.5%)
(6.0%) - (4.0%)
CASM Ex-Fuel (1) Year-Over-Year (2)
6.0% - 8.0%
6.5% - 8.5%
Fuel Price per Gallon (3), (4)
$2.82 - $2.97
$2.80 - $3.00
Capital Expenditures
~$365 million
~$1.6 billion
"We've faced a number of unit cost headwinds this year,
including approximately one point of pressure from the change in
recognition of Pratt & Whitney compensation and one point from
lower capacity than planned, yet we are maintaining our full year
CASM-ex Fuel(1) guidance and now expect it be in the range of 6.5%
- 8.5% for the full year," said Ursula Hurley. "We remain committed
to cost execution in the second half of the year, when we expect
our structural cost program to ramp to run-rate and we introduce
our new cost transformation program as part of JetForward."
Earnings Call Details
JetBlue will hold a conference call to discuss its quarterly
earnings today, July 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 at least 30 days.
For further details, see the second quarter 2024 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
(1)
Non-GAAP financial measure; Note A
provides a reconciliation of each non-GAAP financial measure used
in this release to the most directly comparable GAAP financial
measure 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.
(2)
Includes the impact from labor agreements
of approximately two points for each of the third quarter and the
full year 2024.
(3)
Includes fuel taxes, hedges and other fuel
fees.
(4)
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 July 12, 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 (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
All statements other than statements of historical facts contained
in this Release are 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, including our expected return to
profitability, expectations with respect to our headwinds, and our
business strategy and plans and objectives for future operations,
including our refreshed standalone strategies, such as JetForward.
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 risk associated with the execution of our
strategic operating plans in the near-term and long-term; 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 the NEA and our wind-down of the NEA; risks
associated with cybersecurity and privacy, including 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; 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 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.
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
Report, 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, 2023, as may be updated by our
other SEC filings. In light of these risks and uncertainties, the
forward-looking events discussed in this Report might not occur.
Our forward-looking statements speak only as of the date of this
Report. 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
(unaudited, in millions,
except per share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
(percent changes based on unrounded
numbers)
2024
2023
Percent Change
2024
2023
Percent Change
OPERATING REVENUES
Passenger
$
2,265
$
2,460
(7.9
)
$
4,319
$
4,641
(6.9
)
Other
163
150
9.1
318
296
7.3
Total operating revenues
2,428
2,610
(6.9
)
4,637
4,937
(6.1
)
OPERATING EXPENSES
Aircraft fuel
626
621
0.7
1,251
1,406
(11.0
)
Salaries, wages and benefits
784
772
1.6
1,607
1,514
6.2
Landing fees and other rents
177
163
8.6
341
323
5.8
Depreciation and amortization
163
155
5.3
322
306
5.0
Aircraft rent
25
34
(25.2
)
52
66
(20.8
)
Sales and marketing
87
82
6.6
164
157
4.3
Maintenance, materials and repairs
150
170
(11.5
)
283
345
(18.0
)
Special items
1
24
(97.3
)
563
136
NM (1)
Other operating expenses
358
354
1.2
717
691
3.7
Total operating expenses
2,371
2,375
(0.1
)
5,300
4,944
7.2
OPERATING INCOME (LOSS)
57
235
(75.9
)
(663
)
(7
)
NM
Operating margin
2.3
%
9.0
%
(6.7
)
pts.
(14.3
)%
(0.1
)%
(14.2
)
pts.
OTHER INCOME (EXPENSE)
Interest expense
(63
)
(47
)
33.2
(115
)
(93
)
24.1
Interest income
18
18
(0.3
)
37
30
21.6
Capitalized interest
4
5
(9.0
)
8
10
(9.3
)
Gain (loss) on investments, net
(2
)
4
NM
(23
)
7
NM
Other
17
1
NM
20
3
NM
Total other expense
(26
)
(19
)
(35.3
)
(73
)
(43
)
(69.1
)
INCOME (LOSS) BEFORE INCOME
TAXES
31
216
(85.5
)
(736
)
(50
)
NM
Pre-tax margin
1.3
%
8.3
%
(7.0
)
pts.
(15.9
)%
(1.0
)%
(14.9
)
pts.
Income tax benefit (expense)
(6
)
(78
)
(91.9
)
45
(4
)
NM
NET INCOME (LOSS)
$
25
$
138
(81.9
)
$
(691
)
$
(54
)
NM
EARNINGS (LOSS) PER COMMON
SHARE:
Basic
$
0.07
$
0.41
$
(2.02
)
$
(0.16
)
Diluted
$
0.07
$
0.41
$
(2.02
)
$
(0.16
)
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic
345.1
331.9
342.7
330.0
Diluted
348.9
333.6
342.7
330.0
(1)
Not meaningful or greater than 100%
change.
JETBLUE AIRWAYS
CORPORATION
COMPARATIVE OPERATING
STATISTICS
(unaudited)
Three Months Ended
June 30,
Six Months Ended June
30,
(percent changes based on unrounded
numbers)
2024
2023
Percent Change
2024
2023
Percent Change
Revenue passengers (thousands)
10,375
11,207
(7.4
)
19,960
21,398
(6.7
)
Revenue passenger miles (RPMs)
(millions)
14,192
14,798
(4.1
)
27,194
28,173
(3.5
)
Available seat miles (ASMs) (millions)
16,887
17,353
(2.7
)
33,200
34,122
(2.7
)
Load factor
84.0
%
85.3
%
(1.3
)
pts.
81.9
%
82.6
%
(0.7
)
pts.
Aircraft utilization (hours per day)
(1)
10.4
11.3
(8.0
)
10.3
11.2
(8.0
)
Average fare
$
218.27
$
219.47
(0.5
)
$
216.41
$
216.90
(0.2
)
Yield per passenger mile (cents)
15.96
16.62
(4.0
)
15.88
16.47
(3.6
)
Passenger revenue per ASM (cents)
13.41
14.17
(5.4
)
13.01
13.60
(4.3
)
Operating revenue per ASM (cents)
14.38
15.04
(4.4
)
13.97
14.47
(3.5
)
Operating expense per ASM (cents)
14.04
13.68
2.6
15.96
14.49
10.2
Operating expense per ASM, excluding fuel
(cents) (2)
10.24
9.87
3.7
10.40
9.87
5.4
Departures
81,424
89,036
(8.5
)
161,124
176,517
(8.7
)
Average stage length (miles)
1,293
1,218
6.2
1,286
1,208
6.5
Average number of operating aircraft
during period
285
282
1.2
285
284
0.4
Average fuel cost per gallon
$
2.87
$
2.73
5.1
$
2.92
$
3.15
(7.3
)
Fuel gallons consumed (millions)
218
228
(4.2
)
429
446
(4.0
)
Average number of full-time equivalent
crewmembers
20,097
20,921
(3.9
)
20,160
20,729
(2.7
)
(1)
Includes aircraft temporarily removed from
service, including aircraft impacted by the Pratt & Whitney
engine groundings and lack of engine availability.
(2)
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)
June 30, 2024
December 31, 2023
(unaudited)
Cash and cash equivalents
$
1,312
$
1,166
Total investment securities
288
564
Total assets
13,993
13,853
Total debt
5,370
4,716
Stockholders' equity
2,697
3,337
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 condensed 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 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 each non-GAAP
financial measure used in this Earnings Release to the most
directly comparable GAAP financial measure.
With respect to Jet Blue’s CASM Ex-Fuel (1) guidance and EBIT
(2) targets, JetBlue is not able to provide a reconciliation of
forward-looking measures where the quantification of certain
excluded items reflected in the measures 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 interest rates and 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, other non-airline operating expenses, and special
items.
(2)
EBIT is a non-GAAP measure that excludes
interest and income taxes from net income.
Operating expense per available seat mile, excluding fuel,
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, operating expenses related to other
non-airline businesses, such as JetBlue Technology 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 that our metrics are more comparable with the
presentation of our results excluding such impact.
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.
For the three months ended June 30, 2024, special items included
voluntary opt-out costs. For the six months ended June 30, 2024,
special items included Spirit-related costs, voluntary opt-out
costs, and Embraer E190 fleet transition costs.
For the three months ended June 30, 2023 special items included
Spirit-related costs. For the six months ended June 30, 2023,
special items included union contract costs and Spirit-related
costs.
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 (CASM), EXCLUDING
FUEL
(unaudited)
Three Months Ended June
30,
$
Cents per ASM
($ in millions; per ASM data in cents;
percent changes based on unrounded numbers)
2024
2023
Percent Change
2024
2023
Percent Change
Total operating expenses
$
2,371
$
2,375
(0.1
)
14.04
13.68
2.6
Less:
Aircraft fuel
626
621
0.7
3.71
3.58
3.5
Other non-airline expenses
15
16
(2.1
)
0.09
0.09
0.6
Special items
1
24
(97.3
)
—
0.14
(97.2
)
Operating expenses, excluding
fuel
$
1,729
$
1,714
1.0
10.24
9.87
3.7
Six Months Ended June
30,
$
Cents per ASM
($ in millions; per ASM data in cents;
percent changes based on unrounded numbers)
2024
2023
Percent Change
2024
2023
Percent Change
Total operating expenses
$
5,300
$
4,944
7.2
15.96
14.49
10.2
Less:
Aircraft fuel
1,251
1,406
(11.0
)
3.77
4.12
(8.6
)
Other non-airline expenses
32
33
(3.3
)
0.10
0.10
(0.7
)
Special items
563
136
NM (1)
1.69
0.40
NM
Operating expenses, excluding
fuel
$
3,454
$
3,369
2.5
10.40
9.87
5.4
(1)
Not meaningful or greater than 100%
change.
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 Gain (Loss) on Investments
Our GAAP results in the applicable periods were impacted by
credits and charges that were deemed special items.
For the three months ended June 30, 2024, special items included
voluntary opt-out costs. For the six months ended June 30, 2024,
special items included Spirit-related costs, voluntary opt-out
costs, and Embraer E190 fleet transition costs.
For the three months ended June 30, 2023 special items included
Spirit-related costs. For the six months ended June 30, 2023,
special items included union contract costs and Spirit-related
costs.
Certain net gains and losses on our investments were also
excluded from our June 30, 2024 and 2023 non-GAAP results.
We believe the impact of these items distort our overall trends
and that 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 GAIN (LOSS)
ON INVESTMENTS
Three Months Ended June
30,
Six Months Ended June
30,
(in millions except percentages)
2024
2023
2024
2023
Total operating revenues
$
2,428
$
2,610
$
4,637
$
4,937
RECONCILIATION OF OPERATING
EXPENSE
Total operating expenses
$
2,371
$
2,375
$
5,300
$
4,944
Less: Special items
1
24
$
563
$
136
Total operating expenses excluding special
items
$
2,370
$
2,351
$
4,737
$
4,808
Percent change
0.9
%
(1.5
)%
RECONCILIATION OF OPERATING INCOME
(LOSS)
Operating income (loss)
$
57
$
235
$
(663
)
$
(7
)
Add back: Special items
1
24
563
136
Operating income (loss) excluding special
items
$
58
$
259
$
(100
)
$
129
RECONCILIATION OF ADJUSTED OPERATING
MARGIN
Operating margin
2.3
%
9.0
%
(14.3
)%
(0.1
)%
Operating income (loss) excluding special
items
$
58
$
259
$
(100
)
$
129
Total operating revenues
2,428
2,610
4,637
4,937
Adjusted operating margin
2.4
%
9.9
%
(2.2
)%
2.6
%
RECONCILIATION OF PRE-TAX INCOME
(LOSS)
Income (loss) before income taxes
$
31
$
216
$
(736
)
$
(50
)
Add back: Special items
1
24
563
136
Less: Gain (loss) on investments, net
(2
)
4
(23
)
7
Income (loss) before income taxes
excluding special items and gain (loss) on investments, net
$
34
$
236
$
(150
)
$
79
RECONCILIATION OF ADJUSTED PRE-TAX
MARGIN
Pre-tax margin
1.3
%
8.3
%
(15.9
)%
(1.0
)%
Income (loss) before income taxes
excluding special items
$
34
$
236
$
(150
)
$
79
Total operating revenues
2,428
2,610
4,637
4,937
Adjusted pre-tax margin
1.4
%
9.1
%
(3.2
)%
1.6
%
RECONCILIATION OF NET INCOME
(LOSS)
Net income (loss)
$
25
$
138
$
(691
)
$
(54
)
Add back: Special items
1
24
563
136
Less: Income tax benefit related to
special items
1
7
8
48
Less: Gain (loss) on investments, net
(2
)
4
(23
)
7
Less: Income tax benefit (expense) related
to gain (loss) on investments, net
1
(1
)
6
(2
)
Net income (loss) excluding special items
and gain (loss) on investments, net
$
26
$
152
$
(119
)
$
29
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 GAIN (LOSS)
ON INVESTMENTS (CONTINUED)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
CALCULATION OF EARNINGS (LOSS) PER
SHARE
2024
2023
2024
2023
Earnings (Loss) per common
share
Basic
$
0.07
$
0.41
$
(2.02
)
$
(0.16
)
Add back: Special items
—
0.07
1.64
0.42
Less: Income tax benefit related to
special items
—
0.02
0.02
0.15
Less: Gain (loss) on investments, net
(0.01
)
0.01
(0.07
)
0.02
Less: Income tax benefit (expense) related
to gain (loss) on investments, net
—
—
0.02
(0.01
)
Basic excluding special items and gain
(loss) on investments, net
$
0.08
$
0.45
$
(0.35
)
$
0.10
Diluted
$
0.07
$
0.41
$
(2.02
)
$
(0.16
)
Add back: Special items
—
0.07
1.64
0.42
Less: Income tax benefit related to
special items
—
0.02
0.02
0.15
Less: Gain (loss) on investments, net
(0.01
)
0.01
(0.07
)
0.02
Less: Income tax benefit (expense) related
to gain (loss) on investments, net
—
—
0.02
(0.01
)
Diluted excluding special items and gain
(loss) on investments, net
$
0.08
$
0.45
$
(0.35
)
$
0.10
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730106245/en/
JetBlue Investor Relations Tel: +1 718 709 2202
ir@jetblue.com
JetBlue Corporate Communications Tel: +1 718 709 3089
corpcomm@jetblue.com
Grafico Azioni JetBlue Airways (NASDAQ:JBLU)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni JetBlue Airways (NASDAQ:JBLU)
Storico
Da Nov 2023 a Nov 2024
