Slide 1: 4Q23 Earnings Presentation
4Q23 Earnings Presentation January 30, 2024 1
Slide 2: Safe Harbor
Safe Harbor This Presentation 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 t
Slide 3: Commercial Update and Outlook
Commercial Update and Outlook Joanna Geraghty 3
Slide 4: Taking Measures to Restore Profitability by Strengthening Our Unique Competitive Positioning
Fundamental Priorities Focus on Evolving our product offering and network to reflect Core customer trends, including a focus on premium leisure Customer Actioning $300M of revenue initiatives in 2024 Taking Measures to Restore Profitability by Continue to Strategically growing loyalty and JetBlue Tr
Slide 5: Strong Finish to 2023 is Setting the Stage for Progress Through 2024
2023 Key Highlights Operational Performance Revenue Costs Renewed focus on Revenue growth Continued cost operational reliability supported by leisure execution yielded early benefits demand and loyalty Strong Finish to 2023 is Setting • Completion factor in 4Q • Peak and off-peak period • Executed F
Slide 6: Strong Demand Backdrop and Revenue Opportunities Support 2024 Top-Line Expectations
Strong Demand Backdrop and Revenue Opportunities Support 2024 Top-Line Expectations Revenue in 1H24 Cycling Against a Strong 1H23 4Q23 vs. 4Q22 Actuals • Encouraged by sequential RASM momentum and continued demand 3.3% strength for peak period travel • Margin tailwinds in core NYC geography as LaGua
Slide 7: Financial Update and Outlook
Financial Update and Outlook Ursula Hurley 7
Slide 8: Committed to Maintaining Our Competitive Cost Structure
Committed to Maintaining Our Competitive Cost Structure CASM Ex-Fuel(1) Year-over-Year Growth Achieved FY23 Cost Guidance Despite Air Traffic Control and Weather Setbacks 9.0% to 11.0% Cost Profile in FY24 Impeded by Temporary Challenges Up Mid-to- High Single • Engine issues expected to drive signi
Slide 9: Prioritizing Capital Discipline
Prioritizing Capital Discipline Capital Expenditure Forecast(1) 2024-2027 ~$2.5B of planned capex deferred Plan to Defer ~$2.5B of Planned Capital Expenditures Revised Capex Forecast From 2024-2027 Deferred Capex • Provides a more consistent level of firm aircraft deliveries and capital expenditures
Slide 10: Outlook Summary
Outlook Summary Guidance 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
Slide 11: Laying the Foundation to Re-Establish Profitability and Restore Historical Earnings Power
Laying the Foundation to Re-Establish Profitability and Position JetBlue to Restore Historical Earnings Power Leisure Focus with Increasing Exposure to Premium Segments • Refocusing our product and network efforts to better serve and merchandise all leisure customers with a growing focus on premium
Slide 12: Appendix A: Non-GAAP Financial Measures
Appendix A Non-GAAP Financial Measures We report our financial results in accordance with GAAP; however, we present certain non-GAAP financial measures in this Presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are n
Slide 13: CASM Ex-Fuel
Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (“CASM Ex-Fuel”) Operating Expense per Available Seat Mile (“CASM”) is a common metric used in the airline industry. Our CASM for the relevant periods are summarized i
Slide 14: Reconciliation of Operating Expense, Operating Income, Margin and EPS
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 Operating expense, operating GAIN (LOSS) ON INVESTMENTS in
Slide 15: Reconciliation of Operating Expense, Operating Income, Margin and EPS (continued)
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 Non-GAAP Financial Measure RECONCILIATION OF OPERATING EXPENSE, OPERATING INCOME (LOS
Slide 16: Appendix C: Order Book
Appendix C: Order Book JetBlue’s aircraft delivery planning assumptions as of January 30, 2024: Delivery Planning A220 A321neo Total Assumption(1) 2024 20 7 27 2025 20 5 25 2026 20 4 24 2027 5 9 14 JetBlue’s contractual aircraft return schedule as of January 30, 2024: Contractual Returns A320 Embrae
Slide 17: jetBlue
jetBlue