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 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.
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 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.
For the three months ended June 30, 2023, special items included Spirit acquisition costs. For the six months ended June 30, 2023, special items included union contract
costs and Spirit acquisition costs.
Special items for 2022 included fleet transition costs, union contract costs and Spirit acquisition costs.
We believe that 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.
jetBlue
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.
Total operating expenses
Less:
Aircraft fuel and related taxes
Other non-airline expenses
Special items
Operating expenses, excluding fuel
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL
($ in millions, per ASM data in cents)
(unaudited)
$
2023
$ 2,375
Three Months Ended June 30,
2022
599
16
24
$ 1,736
per ASM
$ 13.68
$
3.45
0.09
0.14
10.00
$
$
$
2,558
910
14
44
1,590
per ASM
$
15.59
5.55
0.08
0.27
9.69
$
2023
$ 4,944
1,365
33
136
$ 3,410
Six Months Ended June 30,
2022
per ASM
$ 14.49
$
4.00
0.10
0.40
9.99
$
$
$
4,661
1,481
29
44
3,107
per ASM
$ 14.66
$
4.66
0.09
0.14
9.77
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