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.
For the three and six months ended June 30, 2022, special items include an impairment on our E190 fleet, an ALPA ratification bonus and associated payroll taxes, expenses related to
our takeover bid of Spirit airlines, and expenses related to implementation of our flight attendants' collective bargaining agreement.
Special items for the three and six months ended June 30, 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation
of our pilots' colle tive 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:
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)
$
2,558
910
14
44
1,590
2022
$
$
Three Months Ended
June 30,
per ASM
15.59
5.55
0.08
0.27
9.69
$
$
$
1,855
484
12
2
1,357
2019
$
$
per ASM
11.58
3.02
0.09
0.01
8.46
$
$
$
4,661
1,481
29
44
3,107
2022
$
$
Six Months Ended
June 30,
per ASM
14.66
4.66
0.09
0.14
9.77
$
$
$
3,652
921
23
14
2,694
2019
$
$
per ASM
11.60
2.93
0.07
0.04
8.56
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