Reduced second quarter 2021 capacity by 15% year over two, which is in-line with our planning assumption.Second quarter 2021 revenue declined 29% year over two. Adjusted for a 1.5 point benefit from a renewed co-branded credit card agreement, the result is at the better end of our prior expectations of a 30 to 33% decline year over two. This was driven primarily by continued momentum in leisure demand throughout the quarterOperating expenses declined 27% year over two. Excluding special items, adjusted operating expenses declined 7%(1) year over two, which is in-line with our prior planning assumption. CASM ex-Fuel declined meaningfully from a 41% increase year over two in the first quarter, to a 19% increase in the second quarter.JetBlue’s Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Special Items (Adjusted EBITDA) in the second quarter of 2021 was ($86) million(1), better than the ($115) to ($165) million range previously expected. This was mainly the result of improving underlying revenue trends, the contribution from our co-branded agreement, and our discipline in controlling costs.Balance Sheet and Liquidity
Fuel Expense and Hedging
JetBlue, Barclays, and Mastercard Renew Long-Term Partnership Agreement
Recovery Plan and Actions Taken to Position JetBlue for Future Success
Revenue and Capacity
Financial Performance and Outlook
JETBLUE AIRWAYS CORPORATION | ||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, | Percent | June 30, | Percent | |||||||||||||||||||
| 2021 |
| 2020 | Change |
| 2021 |
| 2020 | Change | |||||||||||||
OPERATING REVENUES | ||||||||||||||||||||||
Passenger | $ | 1,388 | $ | 170 | 715.5 | $ | 2,058 | $ | 1,682 | 22.4 | ||||||||||||
Other |
| 111 |
| 45 | 148.0 |
| 174 |
| 121 | 42.9 | ||||||||||||
Total operating revenues |
| 1,499 |
| 215 | 597.7 |
| 2,232 |
| 1,803 | 23.7 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||
Aircraft fuel and related taxes |
| 336 |
| 29 | 1,051.8 |
| 530 |
| 394 | 34.3 | ||||||||||||
Salaries, wages and benefits |
| 577 |
| 477 | 20.9 |
| 1,098 |
| 1,078 | 1.9 | ||||||||||||
Landing fees and other rents |
| 174 |
| 62 | 180.7 |
| 289 |
| 174 | 66.4 | ||||||||||||
Depreciation and amortization |
| 133 |
| 140 | (4.9) |
| 258 |
| 279 | (7.6) | ||||||||||||
Aircraft rent |
| 26 |
| 16 | 63.8 |
| 50 |
| 37 | 35.7 | ||||||||||||
Sales and marketing |
| 47 |
| 8 | 508.9 |
| 70 |
| 60 | 15.7 | ||||||||||||
Maintenance, materials and repairs |
| 164 |
| 73 | 122.8 |
| 268 |
| 233 | 14.7 | ||||||||||||
Other operating expenses |
| 261 |
| 124 | 110.5 |
| 471 |
| 394 | 19.7 | ||||||||||||
Special items |
| (366) |
| (304) | (20.2) |
| (655) |
| (102) | (541.8) | ||||||||||||
Total operating expenses |
| 1,352 |
| 625 | 116.3 |
| 2,379 |
| 2,547 | (6.6) | ||||||||||||
OPERATING INCOME (LOSS) |
| 147 |
| (410) | NM |
| (147) |
| (744) | (80.2) | ||||||||||||
Operating margin |
| 9.8% |
| -190.8% | 200.7 | pts |
| -6.6% |
| -41.3% | 34.7 | pts | ||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||
Interest expense |
| (54) |
| (40) | 36.2 |
| (112) |
| (65) | 72.4 | ||||||||||||
Capitalized interest |
| 3 |
| 3 | (7.7) |
| 6 |
| 7 | (7.7) | ||||||||||||
Interest income and other |
| (39) |
| (3) | 1,141.4 |
| (37) |
| (2) | 2,718.5 | ||||||||||||
Total other income (expense) |
| (90) |
| (40) | 129.4 |
| (143) |
| (60) | 140.5 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES |
| 57 |
| (450) | NM |
| (290) |
| (804) | (63.9) | ||||||||||||
Pre-tax margin |
| 3.8% |
| -209.2% | 212.9 | pts |
| -13.0% |
| -44.6% | 31.6 | pts | ||||||||||
Income tax (benefit) |
| (7) |
| (130) | (94.7) |
| (107) |
| (216) | (50.3) | ||||||||||||
NET INCOME (LOSS) | $ | 64 | $ | (320) | NM | $ | (183) | $ | (588) | (68.9) | ||||||||||||
EARNINGS (LOSS) PER COMMON SHARE: | ||||||||||||||||||||||
Basic | $ | 0.20 | $ | (1.18) | $ | (0.58) | $ | (2.14) | ||||||||||||||
Diluted | $ | 0.20 | $ | (1.18) | $ | (0.58) | $ | (2.14) | ||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||||||||||||||||||||
Basic |
| 317.7 |
| 271.7 |
| 317.0 |
| 275.1 | ||||||||||||||
Diluted |
| 321.5 |
| 271.7 |
| 320.7 |
| 275.1 |
JETBLUE AIRWAYS CORPORATION | ||||||||||||||||||||||
COMPARATIVE OPERATING STATISTICS | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, | Percent | June 30, | Percent | |||||||||||||||||||
| 2021 |
| 2020 | Change |
| 2021 |
| 2020 | Change | |||||||||||||
Revenue passengers (thousands) |
| 7,938 |
| 616 | 1,188.5 |
| 12,401 |
| 8,766 | 41.5 | ||||||||||||
Revenue passenger miles (millions) |
| 10,804 |
| 816 | 1,223.7 |
| 16,611 |
| 11,208 | 48.2 | ||||||||||||
Available seat miles (ASMs) (millions) |
| 13,645 |
| 2,413 | 465.6 |
| 22,734 |
| 17,304 | 31.4 | ||||||||||||
Load factor |
| 79.2% |
| 33.8% | 45.4 | pts. |
| 73.1% |
| 64.8% | 8.3 | pts. | ||||||||||
Aircraft utilization (hours per day) |
| 8.8 |
| 1.6 | 450.0 |
| 7.4 |
| 6.1 | 21.3 | ||||||||||||
Average fare | $ | 174.47 | $ | 276.35 | (36.9) | $ | 160.32 | $ | 191.83 | (16.4) | ||||||||||||
Yield per passenger mile (cents) |
| 12.82 |
| 20.86 | (38.5) |
| 12.39 |
| 15.00 | (17.4) | ||||||||||||
Passenger revenue per ASM (cents) |
| 10.18 |
| 7.06 | 44.2 |
| 9.05 |
| 9.72 | (6.9) | ||||||||||||
Revenue per ASM (cents) |
| 10.99 |
| 8.91 | 23.4 |
| 9.82 |
| 10.42 | (5.8) | ||||||||||||
Operating expense per ASM (cents) |
| 9.91 |
| 25.90 | (61.7) |
| 10.46 |
| 14.72 | (28.9) | ||||||||||||
Operating expense per ASM, excluding fuel (cents)(1) |
| 10.05 |
| 36.95 | (72.8) |
| 10.92 |
| 12.90 | (15.3) | ||||||||||||
Departures |
| 67,253 |
| 12,896 | 421.5 |
| 111,302 |
| 96,191 | 15.7 | ||||||||||||
Average stage length (miles) |
| 1,279 |
| 1,183 | 8.1 |
| 1,278 |
| 1,163 | 9.9 | ||||||||||||
Average number of operating aircraft during period |
| 269.0 |
| 262.0 | 2.7 |
| 269.0 |
| 260.6 | 3.2 | ||||||||||||
Average fuel cost per gallon, including fuel taxes | $ | 1.91 | $ | 0.96 | 98.8 | $ | 1.84 | $ | 1.74 | 5.8 | ||||||||||||
Fuel gallons consumed (millions) |
| 176 |
| 30 | 479.3 |
| 288 |
| 227 | 27.0 | ||||||||||||
Average number of full-time equivalent crewmembers |
| 15,416 |
| 16,759 |
(1) Refer to Note A at the end of our Earnings Release for more information on this non-GAAP financial measure. Operating expense per available seat mile, excluding fuel (“CASM Ex-Fuel”) excludes fuel and related taxes, other non-airline operating expenses, and special items. |
JETBLUE AIRWAYS CORPORATION | ||||||
SELECTED CONSOLIDATED BALANCE SHEET DATA | ||||||
(in millions) | ||||||
June 30, | December 31, | |||||
2021 | 2020 | |||||
(unaudited) | ||||||
Cash and cash equivalents | $ | 2,409 | $ | 1,918 | ||
Total investment securities |
| 1,318 |
| 1,137 | ||
Total assets |
| 14,415 |
| 13,406 | ||
Total debt |
| 4,430 |
| 4,863 | ||
Stockholders' equity |
| 3,813 |
| 3,951 |
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