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 the second quarter of 2021, special items include contra-expenses recognized on the utilization of payroll support grants received under the Consolidated
Appropriations Act, 2021, and contra-expenses recognized on the Employee Retention Credits provided by the CARES Act.
Special items in the second quarter of 2019 include one-time transition costs related to the Embraer E190 fleet exit as well as one-time costs related to 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.
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)
1,352
2021
336
11
(366)
1,371
$
$
Three Months Ended
June 30,
per ASM
9.91
2.46
0.08
(2.68)
10.05
$
$
1,855
484
12
2
1,357
2019
$
per ASM
11.58
3.02
0.09
0.01
8.46
$
2,379
2021
530
20
(655)
2,484
Six Months Ended
June 30,
per ASM
10.46
2.33
0.09
(2.88)
10.92
$
3,652
921
23
14
2,694
2019
$
per ASM
11.60
2.93
0.07
0.04
8.56
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