jetBlue Results Presentation Deck
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, operating expenses related
to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel,
which is a non-GAAP financial measure.
In 2022, special items include costs related to the following: Embraer E190 fleet transition, our acquisition of Spirit Airlines, the Air Line Pilots Association (ALPA) contract
ratification bonus, and the implementation of our Transport Workers Union (TWU) contract.
Special items for 2019 include costs related to our Embraer E190 fleet transition and the implementation of our ALPA collective bargaining agreement.
We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as
fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain
non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other
major airlines.
With respect to JetBlue's CASM ex-fuel guidance, JetBlue is unable to provide a reconciliation of the non-GAAP financial measure to GAAP because the excluded items have
not yet occurred and cannot be reasonably predicted. The reconciling information that is unavailable would include a forward-looking range of financial performance measures
beyond our control, such as fuel costs, which are subject to many economic and political factors. Accordingly, a reconciliation to CASM is not available without unreasonable
effort.
jetBlue
Total operating expenses
Less:
Non-GAAP Financial Measure
Reconciliation of Operating Expense Per ASM, Excluding Fuel
($ in millions, per ASM data in cents)
(unaudited)
Three Months Ended December 31,
2022
2019
per ASM
$ 2,372
Aircraft fuel and related taxes
Other non-airline expenses
Special items
Operating expenses, excluding fuel $ 1,504
800
11
57
14.40
4.86
0.07
0.34
9.13
$
$ 1,804
455
12
1
$ 1,336
per ASM
11.22
2.83
0.08
8.31
$
Twelve Months Ended December 31,
2022
2019
$ 9,456
3,105
55
113
$ 6,183
per ASM
14.67
4.82
0.08
0.18
9.59
$ 7,294
1,847
46
14
$ 5,387
per ASM
11.43
2.89
0.08
0.02
8.44
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