1Q23 Earnings Presentation April 25, 2023 ...

Impact of COVID-19 - The global COVID-19 pandemic has had a material adverse impact on the travel industry and the company's business, with significant disruptions since 2020[70]. - The company experienced a significant decline in international and domestic demand starting in March 2020, which continued until Q1 2022, leading to a material deterioration in revenues[75]. - The company may incur additional expenses related to enhanced health and hygiene standards in response to the pandemic[75]. - The COVID-19 pandemic has caused significant volatility in global stock markets, affecting the market price of the company's securities[79]. Financial Performance - Total operating revenues for 2022 were $9,158 million, a significant increase from $6,037 million in 2021, representing a growth of 52.5%[255]. - Passenger revenues reached $8,586 million in 2022, up from $5,609 million in 2021, indicating a growth of 53.5%[255]. - The net loss for 2022 was $362 million, compared to a net loss of $182 million in 2021, marking an increase in losses of 99%[258]. - Cash and cash equivalents decreased to $1,042 million at the end of 2022 from $2,018 million at the end of 2021, a decline of 48.3%[262]. - The company reported a net cash provided by operating activities of $379 million in 2022, down from $1,642 million in 2021[260]. Debt and Indebtedness - The level of indebtedness has increased due to the pandemic, with ongoing challenges in raising funds through debt financing[79]. - As of December 31, 2022, the company's debt was $3.6 billion, accounting for 52% of total capitalization[114]. - Future minimum payments under non-cancelable leases and other financing obligations are approximately $3.1 billion for 2023 through 2027[114]. - The company has significant indebtedness from fixed obligations, including aircraft leases and debt financings, which may require additional financial liquidity in the short term[122]. Merger with Spirit Airlines - The company faces risks related to the merger with Spirit, including potential dilution of earnings per share and increased indebtedness[72]. - The merger with Spirit is subject to obtaining governmental approvals from entities such as the FCC, FAA, and DOT, which may impose conditions that could delay or prevent the merger[95]. - If the merger is not consummated for antitrust reasons, JetBlue will incur a reverse break-up fee of $70 million and pay Spirit stockholders a fee of $400 million, minus a prepayment of $2.50 per share[96]. - The merger is expected to incur acquisition-related debt financing of up to $3.5 billion, significantly increasing JetBlue's indebtedness and potentially impacting business flexibility[97]. - The integration of JetBlue and Spirit's operations may be more complex and costly than anticipated, with risks related to combining operational, financial, and technological systems[99]. Operational Risks - The company is highly dependent on the New York metropolitan market, and any shifts in demand or increased competition could adversely affect operations[72]. - The company relies heavily on automated systems, and any failure of these systems could harm business operations[73]. - Increased airport expenses and infrastructure costs could adversely affect JetBlue's ability to operate and expand in current and new markets[89]. - The company is exposed to risks from a limited number of suppliers for aircraft and engines, which could lead to operational vulnerabilities[91]. Labor and Employee Considerations - Employee retention may be challenging during the Merger, as uncertainty about future roles could impair the ability to attract and retain key personnel[101]. - The company may need to increase wages and benefits to attract and retain qualified personnel amid a potential pilot shortage[108]. - The company emphasizes the importance of maintaining its service-oriented culture to ensure high-quality customer service and low operational costs[112]. Market and Economic Conditions - The domestic airline industry is characterized by low profit margins and high fixed costs, with significant competition impacting JetBlue's financial results[80]. - Fuel costs comprise a substantial portion of JetBlue's total operating expenses, and price volatility could adversely affect financial condition and results of operations[81]. - The airline industry is sensitive to economic conditions, with potential impacts from inflation and geopolitical events affecting travel demand and operational costs[130]. Regulatory and Compliance Issues - The company is subject to increasing risks related to cybersecurity and data security, which could adversely affect its reputation and financial condition[105]. - Significant data breaches or failure to comply with data security regulations may expose the company to litigation, fines, and operational disruptions[106]. - Compliance with future environmental regulations may increase operating costs, although current regulations are not expected to materially affect financial position[126]. Cash Flow and Liquidity - The company anticipates continued consumer demand for ticket refunds, which may lower liquidity and trigger liquidity covenants in credit card processing agreements[122]. - The company may be required to maintain cash reserves for advance ticket sales, which could further strain liquidity if demand for refunds continues[122]. - The company has a revolving line of credit with Morgan Stanley for up to approximately $200 million, secured by investment securities[330]. Strategic Investments and Commitments - The company has commitments of approximately $7.8 billion to purchase 148 additional aircraft and related flight equipment through 2027[116]. - JetBlue's restricted cash included a commitment of $65 million for a partnership to develop JFK Terminal 6, indicating strategic investment in infrastructure[272]. - The company completed a private offering of $750 million in 0.50% convertible senior notes due 2026, with net proceeds of approximately $734 million[320].

JetBlue Airways Corporation (NASDAQ:JBLU) Q4 2022 Earnings Conference Call January 26, 2023 10:00 AM ET Company Participants Joe Caiado - Director Assistant Treasurer & Fuel Robin Hayes - Chief Executive Officer Joanna Geraghty - President & Chief Operating Officer Ursula Hurley - Chief Financial Officer Dave Clark - Head, Revenue & Planning Conference Call Participants Michael Linenberg - Deutsche Bank Savi Syth - Raymond James Jamie Baker - JPMorgan Catherine O'Brien - Goldman Sachs Dan McKenzie - Seapor ...

4Q22 Earnings Presentation Safe Harbor This Presentation (or otherwise made by JetBlue or on JetBlue’s behalf) contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management’s beliefs and assumptions concerning future events. These statements are intended to qualify for the “safe harbor” from liability establi ...

JetBlue Airways Corporation (NASDAQ:JBLU) Q3 2022 Results Conference Call October 25, 2022 10:00 AM ET Company Participants Joe Caiado - Director, Investor Relations Robin Hayes - Chief Executive Officer Joanna Geraghty - President and Chief Operating Officer Ursula Hurley - Chief Financial Officer Dave Clark - Head, Revenue and Planning Andres Barry - President, JetBlue Travel Products Conference Call Participants Savi Syth - Raymond James Scott Group - Wolfe Research Jamie Baker - JPMorgan Andrew Didora - ...

JetBlue Airways Corporation (NASDAQ:JBLU) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET Company Participants Joe Caiado - Director, Investor Relations Robin Hayes - Chief Executive Officer Joanna Geraghty - President and Chief Operating Officer Ursula Hurley - Chief Financial Officer Dave Clark - Head, Revenue and Planning Andres Barry - President, JetBlue Travel Products Conference Call Participants Duane Pfennigwerth - Evercore ISI Savi Syth - Raymond James Scott Group - Wolfe Research Jamie ...