Westjet 2015 Annual Report Download - page 28

WestJet Annual Report 2015 | 26
Summary of Quarterly Results
Three months ended
($ in thousands, except per share data)
Dec. 31
2015
Sep. 30
2015
Jun. 30
2015
Mar. 31
2015
Total revenue 958,715 1,045,055 941,998 1,083,497
Net earnings
63,436
101,803
61,554
140,737
Basic earnings per share 0.51 0.82 0.49 1.11
Diluted earnings per share
0.51
0.82
0.49
1.09
Three months ended
($ in thousands, except per share data)
Dec. 31
2014
Sep. 30
2014
Jun. 30
2014
Mar. 31
2014
Total revenue 994,394 1,009,728 930,340 1,042,090
Net earnings
90,713
52,191
51,762
89,291
Basic earnings per share 0.71 0.41 0.41 0.70
Diluted earnings per share 0.70 0.40 0.40 0.69
Our business is seasonal in nature with varying levels of activity throughout the year. We experience increased domestic travel
in the summer months (second and third quarters) and more demand for transborder and international sun destinations over
the winter period (fourth and first quarters). With our transborder and international destinations, we have been able to
partially alleviate the effects of seasonality on our net earnings.
Nature-based reporting
IFRS requires a presentation choice for the statement of comprehensive income regarding the classification of operating
expenses based on either their nature or their function within the entity. On December 31, 2015, we transitioned from a
functional-based presentation of operating expenses to a nature-based presentation of operating expenses. Our functional-
based presentation of operating expenses was aligned with the internal corporate organization for accountability and decision-
making. The transition to a nature-based presentation of operating expenses was done to externally align more closely with
industry reporting practices and enhance comparability with industry peers.
Under the new nature-based presentation for operating expenses, there have been no changes to the presentation of aircraft
fuel expense, depreciation and amortization expense, aircraft leasing expense or employee profit share expense line items as
these expenses items were already presented by their nature. Total operating expenses also remain unchanged and no other
statement of comprehensive income line items nor any other financial statements were affected by this transition. There was
no impact to profitability, net earnings or net earnings per share.
The following summarizes the operating expenses that transitioned from a functional-based presentation to a nature-based
presentation:
Airport operations – Airport operations was previously a combination of salaries and benefits, airport rates and fees and
deicing costs. Salaries and benefits are now presented as total Salaries and benefits in one line item while airport rates and
fees are presented in Rates and fees and de-icing related costs are now presented in Other expenses.
Flight operations – Flight operations was previously a combination of salaries and benefits, flight and navigation fees and
costs related to irregular operations. Salaries and benefits are now presented as total Salaries and benefits in one line item
while flight and navigation fees are presented as Rates and fees and costs related to irregular operations are now presented in
Other expenses.
Inflight – Inflight was previously a combination of salaries and benefits and flight attendant travel and training costs. Salaries
and benefits are now presented as total Salaries and benefits in one line item while flight attendant travel and training are
now presented in Other expenses.