Jetblue Airways Corporation · NASDAQ:JBLU
Jetblue Airways — Q1 2023 Earnings Presentation
17 slides from Jetblue Airways's earnings presentation, Apr 25, 2023
Slide 1: 1Q23 Earnings Presentation
1Q23 Earnings Presentation April 25, 2023 JetBlue Flight 472 over New York on March 21st, 2023 Photo courtesy of Ursula Hurley
Slide 2: Safe Harbor
Safe Harbor This Presentation (or otherwise made by JetBlue or on JetBlue’s behalf) contains 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 Act of 1934, as amended, or t
Slide 3: 1Q23 Earnings Update
1Q23 Earnings Update Robin Hayes Chief Executive Officer 3
Slide 4: Creating Long-Term Value for All Our Stakeholders
1Q23 Exceeded 1Q23 adjusted EPS guidance, demonstrating solid execution operationally and financially. Drove strong operational performance, with higher revenue and better cost efficiency throughout the quarter relative to initial expectations. Creating Long- 2Q23 Term Value for All Our Stakeholders
Slide 5: Making Steady Progress to Ensure Long-Term Success Through Strategic Initiatives
Making Steady Progress to Ensure Long-Term Success Through Strategic Initiatives Strengthening Key Margin Builders • Northeast Alliance (NEA) driving a year-over-year margin tailwind, coming via a maturation of significant New York City growth. • Ongoing multi-year evolution of loyalty program, expe
Slide 6: Commercial Update and Outlook
Commercial Update and Outlook Joanna Geraghty President & Chief Operating Officer 6
Slide 7: Generating Strong Revenue Aided by Commercial Initiatives
Generating Strong Revenue Aided by Commercial Initiatives Strong operational start to 2023. 1Q23 vs. 1Q22(1) Guidance • Strong execution on completion factor and A14. 34.1% 32% to 35% • Fine-tuning our summer capacity plans to help protect operability given air traffic control constraints. • Continu
Slide 8: Financial Update and Outlook
Financial Update and Outlook Ursula Hurley Chief Financial Officer 8
Slide 9: Keeping Costs Low to Drive Long-Term Earnings Generation
Keeping Costs Low to Drive Long-Term Earnings Generation Continued execution on costs. • Met or exceeded quarterly cost guidance for fifth consecutive quarter. CASM ex-Fuel(1)(2) YoY • Outperformed midpoint of initial 1Q23 CASM ex-Fuel guidance by 1.8% points. 1.5% to 3.5% • 2Q23 cost outlook includ
Slide 10: Focused on Maintaining Strong Balance Sheet
Focused on Maintaining Strong Balance Sheet Adjusted Debt to Capital(1)(2) Maintaining a healthy liquidity position and comfortable 114% leverage profile. • Balance sheet remains among the strongest in the industry. • Ended Q1 with $2.3B in liquidity(3), or 23% of trailing twelve 84% 85% 80% months
Slide 11: Expanding Margins and Maintaining Strong Performance
Expanding Margins and Maintaining Strong Performance Guidance 2Q23 FY23 Available Seat Miles (ASMs) 4.5% - 7.5% YoY 5.5% - 8.5% YoY Revenue 4.5% - 8.5% YoY High single digits to low double digits YoY CASM ex-Fuel(1) 1.5% - 3.5% YoY 1.5% - 4.5% YoY Estimated Fuel Price per Gallon(2)(3) $2.75 - $2.90
Slide 12: Appendix A: Non-GAAP Financial Measures
Appendix A Non-GAAP Financial Measures JetBlue uses 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 not presented in accordance with generally accepted accounting principles
Slide 13: Operating expense per available seat mile, excluding fuel (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 expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operat
Slide 14: Operating expense, loss before taxes, net loss and loss per share, excluding special items
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, LOSS BEFORE TAXES, NET LOSS AND LOSS PER SHARE EXCLUDING SPECIAL ITEMS AND NET GAIN ON INVESTMENTS Operating expense, loss before (in millions, except per share amounts) (unaudited) taxes, net loss and loss per share, Three Months Ended
Slide 15: Appendix B: Calculation of Leverage Ratios
Appendix B: Calculation of Leverage Ratios 1) Debt to Capitalization Ratio Adjusted for Total 2) Debt to Capitalization Ratio Adjusted for Aircraft Operating Leases Operating Leases Adjusted debt to capitalization ratio is a non-GAAP financial metric which we Adjusted debt to capitalization ratio is
Slide 16: Appendix C: Order Book
Appendix C: Order Book Delivery Planning A220 A321neo A321neo LR Total Assumption 2023 11 4 4 19 In 2024, contractual deliveries of 43 aircraft. Given Airbus delivery delays, we continue to evaluate planning assumptions. In addition, we have retired 12 owned E190 aircraft to date, including the sale
Slide 17: jetBlue
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