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 2021, special items include contra-expenses recognized on the utilization of federal grants received under various payroll support programs and contra-expenses recognized on the
Employee Retention Credits provided by the CARES Act.
Special items for 2019 include one-time costs related to our Embraer E190 fleet transition and the implementation of our pilots' 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 planning assumption, 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.
Total operating expenses
Less:
Aircraft fuel and related taxes
Other non-airline expenses
Special items
Operating expenses, excluding fuel
jetBlue
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL
($ in millions, per ASM data in cents)
(unaudited)
1,786
443
11
(186)
1,518
2021
$
Three Months Ended
September 30,
per ASM
11.04
2.74
0.06
(1.15)
9.39
$
471
10
2019
1,839 $
1,358
per ASM
11.29
2.89
0.07
8.33
$
4,164
973
30
(841)
4,002
2021
$
Nine Months Ended
September 30,
per ASM
10.70
2.50
0.07
(2.16)
10.29
$
$
5,490
1,392
32
14
4,052
2019
$
per ASM
11.50
2.92
0.07
0.03
8.48
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