JetBlue(JBLU) - 2025 Q1 - Quarterly Report

Financial Performance - Total operating revenues for the three months ended March 31, 2025, were $2,140 million, a decrease of 2.2$2,209 million in the same period of 2024 [143]. - Total operating expenses for the three months ended March 31, 2025, were $2,314 million, down 21.0$2,928 million in 2024 [140]. - Operating loss for the three months ended March 31, 2025, was $174 million, significantly improved from a loss of$719 million in the same period of 2024 [143]. - Net loss for Q1 2025 was $208 million, a significant improvement from a net loss of$716 million in Q1 2024 [144]. - Loss per common share for Q1 2025 was $0.59, compared to$2.11 in Q1 2024, indicating a reduction in losses [144]. - Excluding special items and gains/losses on investments, the net loss for Q1 2025 was $209 million, compared to$145 million in Q1 2024 [144]. Operating Expenses - Operating expenses excluding fuel for the three months ended March 31, 2025, were $1,787 million, an increase of 3.7$1,724 million in 2024 [140]. - A hypothetical 10% increase in aircraft fuel costs would lead to an additional $210 million in fuel expenses over the next 12 months [146]. Liquidity and Cash Requirements - The company expects sufficient liquidity to meet cash requirements for at least the next 12 months [125]. - Total cash requirements for known contractual obligations amount to$21,496 million, with $1,904 million due in the remainder of 2025 [127]. - The company has$59 million of restricted cash pledged under standby letters of credit related to certain leases [129]. Debt and Interest Rates - The company has $6.8 billion of fixed-rate debt, while$1.7 billion is subject to floating interest rates [147]. - An increase of 100 basis points in interest rates would raise annual interest expenses by approximately $18 million [147]. - A decrease of 100 basis points in interest rates would reduce interest income from cash and investments by about$16 million [148]. Fleet and Deliveries - The average age of the operating fleet was 12 years as of March 31, 2025, consisting of 287 aircraft [130]. - Committed future aircraft deliveries total 103, including 55 Airbus A220 and 48 Airbus A321neo, with deliveries scheduled through 2029 [131]. Working Capital - Working capital decreased by $326 million to$51 million as of March 31, 2025, primarily due to higher current air-traffic liability from seasonal fluctuations [124].