JetBlue Airlines 2012 Annual Report Download - page 36

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JETBLUE AIRWAYS CORPORATION-2012 10K32
PART II
ITEM7Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quarterly Results of Operations
The following table sets forth selected fi nancial data and operating statistics for the four quarters ended December31, 2012. The information for each
of these quarters is unaudited and has been prepared on the same basis as the audited consolidated fi nancial statements appearing elsewhere in this
Form10-K.
Three Months Ended
March31,
2012 June30,
2012 September30,
2012 December31,
2012
Statements of Operations Data (dollars in millions)
Operating revenues $ 1,203 $ 1,277 $ 1,308 $ 1,194
Operating expenses:
Aircraft fuel and related taxes 433 450 481 442
Salaries, wages and benefi ts 255 265 262 262
Landing fees and other rents 66 72 73 66
Depreciation and amortization 61 63 66 68
Aircraft rent 33 33 32 32
Sales and marketing 47 54 51 52
Maintenance materials and repairs 88 85 85 80
Other operating expenses
(1) 131 125 145 148
Total operating expenses 1,114 1,147 1,195 1,150
Operating income
(2) 89 130 113 44
Other income (expense)
(3) (40) (44) (40) (43)
Income before income taxes 49 86 73 1
Income tax expense 19 34 28 —
NET INCOME $ 30 $ 52 $ 45 $ 1
Operating margin 7.4% 10.2% 8.6% 3.7%
Pre-tax margin 4.0% 6.7% 5.6% 0.1%
Operating Statistics:
Revenue passengers (thousands) 6,853 7,338 7,747 7,018
Revenue passenger miles (millions) 7,908 8,497 9,075 8,083
Available seat miles ASM (millions) 9,536 9,961 10,704 9,874
Load factor 82.9% 85.3% 84.8% 81.9%
Aircraft utilization (hours per day) 11.6 11.8 12.4 11.3
Average fare $ 159.93 $ 159.58 $ 154.04 $ 155.17
Yield per passenger mile (cents) 13.86 13.78 13.15 13.47
Passenger revenue per ASM (cents) 11.49 11.76 11.15 11.03
Operating revenue per ASM (cents) 12.62 12.82 12.21 12.09
Operating expense per ASM (cents) 11.69 11.51 11.16 11.65
Operating expense per ASM, excluding fuel (cents) 7.15 6.99 6.67 7.17
Operating expense per ASM, excluding fuel and profi t
sharing (cents) 7.15 6.92 6.63 7.26
Airline operating expense per ASM (cents)
(4) 11.59 11.35 10.99 11.47
Departures 63,546 66,067 69,925 65,062
Average stage length (miles) 1,077 1,081 1,094 1,089
Average number of operating aircraft during period 170.3 172.4 175.0 177.8
Average fuel cost per gallon, including fuel taxes $ 3.25 $ 3.22 $ 3.17 $ 3.20
Fuel gallons consumed (millions) 133 140 152 138
Full-time equivalent employees at period end
(4) 11,965 12,308 11,797 12,070
(1) During the first quarter of 2012, LiveTV recorded a gain of approximately $8 million related to the termination of a customer contract. During the second quarter of 2012, we recorded net
gains of approximately $10 million related to the sale of two EMBRAER 190 aircraft and six spare aircraft engines.
(2) During the fourth quarter of 2012, operating income was negatively impacted by approximately $30 million as a result of Hurricane Sandy.
(3) During the second and fourth quarters of 2012, we recorded $2 million in gains and $3 million in losses, respectively, related to the early extinguishment of a portion of our long-term debt.
(4) Excludes results of operations and employees of LiveTV, LLC, which are unrelated to our airline operations and are immaterial to our consolidated operating results.