Jetblue Airways Corporation · NASDAQ:JBLU
Jetblue Airways — Q1 2024 Earnings Presentation
17 slides from Jetblue Airways's earnings presentation, Apr 23, 2024
Slide 1: 1Q24 Earnings Presentation
1Q24 Earnings Presentation April 23, 2024 0
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: 1Q24 Earnings Update
1Q24 Earnings Update Joanna Geraghty Chief Executive Officer 22
Slide 4: Improving 1Q Operational Performance
Supported by our Fundamental Priorities Focus on Actioning initial tranches of network rebalancing Core Urgently progressing on ~$300M of revenue initiatives Customer Improving 1Q Operational Continue to Continued TrueBlue program expansion and co-brand Performance Integrate spend growth in core geo
Slide 5: Commercial Update and Outlook
Commercial Update and Outlook Marty St. George President 4
Slide 6: Executing on Strategic Initiatives Despite Geographic Challenges
Executing on Strategic Initiatives Despite Geographic Challenges 1Q24 vs. 1Q23(1) 2 4 On-track to Deliver $300M of Revenue Initiatives in 2024 ASMs Revenue • Achieved ~$40M in 1Q24, with benefits to ramp throughout 2024 • Rebalancing our network to our most profitable geographies (2.7%) • Seat ancil
Slide 7: Financial Update and Outlook
Financial Update and Outlook Ursula Hurley Chief Financial Officer 6
Slide 8: Continued Controllable Cost Execution
Continued Controllable Cost Execution 1Q24 Cost Performance Better than Expected CASM ex-Fuel(1), (2), (3) YoY Growth • Strong completion factor driving cost efficiency across operation • Benefited from timing shift of expenses into the remainder of the year, smoothing costs 8.5% - 9.5% throughout t
Slide 9: Supporting our Balance Sheet with Capital Discipline
Leaning into Capital Light Growth Investments • After deferring aircraft to smooth delivery profile, actively exploring opportunities to extend the life of ~30 A320 aircraft to supplement future growth • Lower investment required to extend aircraft life versus purchasing new aircraft Supporting our
Slide 10: Taking Action to Urgently Refocus our Strategy and Drive Profitability
Taking Action to Urgently Refocus our Strategy and Drive Profitability Resolved Spirit transaction – our attention is 100% focused on our standalone plan Deferred ~$2.5B of capital expenditures to smooth our aircraft delivery stream Announced significant network changes including closure of se
Slide 11: Outlook Summary
Outlook Summary Guidance Estimated 2Q 2024 Estimated FY 2024 Available Seat Miles (ASMs) Year-over-Year (5.0%) – (2.0%) Down low single digits (unchanged)(1) Revenue Year-over-Year (10.5%) – (6.5%) Down low single digits (previously ~flat)(1) Up mid-to-high single CASM ex-Fuel(2), (3), (4) Year-over
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 condensed consolidated financial statements, but
Slide 13: Operating expense per available seat mile, excluding fuel (CASM Ex-Fuel)
Operating expense per available seat mile, excluding fuel, 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 in the table below
Slide 14: Reconciliation of operating expense, operating loss and pre-tax loss
Non-GAAP Financial Measure RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, ADJUSTED OPERATING MARGIN, PRE-TAX LOSS, ADJUSTED Operating expense, operating PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN (LOSS) ON INVESTMENTS (unaudited, in millions) loss, adjusted oper
Slide 15: Reconciliation of loss per share (continued)
Operating expense, operating Non-GAAP Financial Measure loss, adjusted operating margin, RECONCILIATION OF OPERATING EXPENSE, OPERATING LOSS, ADJUSTED OPERATING MARGIN, PRE-TAX LOSS, ADJUSTED pre-tax loss, adjusted pre-tax PRE-TAX MARGIN, NET LOSS, LOSS PER SHARE, EXCLUDING SPECIAL ITEMS AND GAIN (L
Slide 16: Appendix C: Order Book
Appendix C: Order Book JetBlue’s aircraft delivery planning assumption for full year as of April 23, 2024: Delivery Planning A220 A321neo Total(1) Assumption 2024(2) 20 7 27 2025 20 5 25 2026 20 4 24 2027 5 9 14 JetBlue’s contractual aircraft return schedule as of April 23, 2024: Contractual Returns
Slide 17: jetBlue
jetBlue