美国捷蓝航空公司JetBlue Airways市场前景及投资研究报告-外文版培训课件春秋吉祥

COMPANIES

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PRODUCTSJetBlueAirwaysCHAPTER

01OverviewTotaloperatingrevenuestreamsofU.S.airlinesfrom2004to2023(inbillionU.S.dollars)U.S.airlines-totaloperatingrevenuestreams2004-20233002502001501005002004

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20233Description:In2023,U.S.airlinesgeneratednearly223.31billionU.S.dollarsinoperatingrevenue,adecreaseofnearly20percentcomparedtothepreviousyear.

ReadmoreNote(s):UnitedStates;2004to2023Source(s):BureauofTransportationStatisticsPassengerfarerevenuegeneratedwithintheU.S.airlineindustrybetween2009to2023(inbillionU.S.dollars)U.S.airlineindustry-passengerrevenue2009-20232001801601401201008060402002009201020112012201320142015201620172018201920202021202220234Description:In2023,theU.S.airlineindustrygenerated179.2billionU.S.dollarsinrevenuefrompassengerfares.Thisrepresentedanincreaseofapproximately16percentcomparedtothefarerevenuereportedayearearlier.The2023passengerrevenuewasalsothenewpeakregisteredinthegivenperiod.ReadmoreNote(s):UnitedStates;2009to2023Source(s):BureauofTransportationStatisticsNumberofpassengersboardedbythelargestU.S.aircarriersfrom1990to2023(in1,000s)PassengersboardedbythelargestU.S.aircarriers1990-20231,000,000900,000800,000700,000600,000500,000400,000300,000200,000100,00001990

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20235Description:ThenumberofenplanedpassengersintheUnitedStatesfollowedanincreasingtrendwithslightoscillationsuntilthecoronaviruspandemic.Duetoborderclosuresandstay-at-homerequirements,thepassengervolumedroppedby60percentandamountedto347.9milliontravelers.However,Americanairlinecompaniesshowedstrongresiliencetothenarrowingdowneffectsofthepandemic,andastrongrecoverywasrecordedinthefollowingyears.Asof2023,around865.6million[...]

ReadmoreNote(s):UnitedStates;1990to2023Source(s):BureauofTransportationStatistics;USDepartmentofTransportationLeadingairlinesin2021,basedonancillaryrevenue(inbillionU.S.dollars)*Airlineswiththehighestancillaryrevenue2021RevenueinbillionU.S.dollars30124565.97AmericanAirlinesDelta5.83United5.47Southwest4.13RyanairGroupSpiritAirlinesAlaskaAirGroupAirFrance-KLM**JetBlue2.551.751.521.371.241.13Frontier6Description:Withancillaryrevenuesofaround5.9billionU.S.dollars,AmericanAirlinesrecordedthehighestancillaryrevenuesamongairlinesworldwidein2021.Ancillaryfeesincludecommissionbasedprogramsanda-la-cartefeatures.

ReadmoreNote(s):Worldwide;2021;*Carrierresultswerebaseduponrecent12-monthfinancialperioddisclosures,withlocalcurrenciesconvertedtoU.Sdollarsratesofexchange.**EstimateValueshavebeenrounded..

ReadmoreSource(s):CarTrawler;IdeaWorksNumberofaircarriersintheUnitedStatesfrom1995to2024NumberofU.S.aircarriers1995-2024MajoraircarriersOtheraircarriers12010080604020083136585118113721568175357195120581445184318431838204118222395

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24Year7Description:TheUnitedStateshas58aircarriersasof2023,withthemajority,38aircarriers,beingmediumandsmall,withamaximumrevenueofonebilliondollars.Meanwhile,thenumberofaircarrierswithrevenuemorethanonebilliondollarswas20inthatyear.ReadmoreNote(s):UnitedStates;1995to2024Source(s):BureauofTransportationStatisticsMarketvalueofselectedairlinesworldwideasofMay2023(inbillionU.S.dollars)Marketvalueofselectedairlinesworldwide2023MarketvalueinbillionU.S.dollars1005152025DeltaSouthwest21.8117.65UnitedAirlinesHoldingsSingaporeAirlines14.713.1812.5412.1ChinaSouthernAirlinesDeutscheLufthansaAllNiponAirways10.36InternationalAirlinesAmericanAirlinesGroupTurkishAirlines9.419.058.888.72ChinaEasternAirlinesAirFrance-KLM4.128Description:DeltaAirLineswasthemostvaluableairlineintheworldasofMay2023,withamarketvalueofroughly22billionU.S.dollars.Southwestrankedsecond,with17.7billionU.S.dollarsworthofmarketvalue.ReadmoreNote(s):Worldwide;AsofMay5,2023Source(s):FactSet;ForbesCHAPTER

02FinancialsJetBlue'soperatingrevenuefromFY2011toFY2023(inmillionU.S.dollars)JetBlueAirways-operatingrevenue2011-202312,00010,0008,0009,6159,1588,0947,6587,0126,5846,4166,0375,8176,0004,0002,00005,4414,9824,50420112,95720202012201320142015201620172018201920212022202310Description:Inthefiscalyearof2023,theJetBlue'soperatingrevenueamountedtoover9.6billionU.S.dollars.Theairline'soperatingrevenuescollapsedamidtheCOVID-19pandemicin2020.In2022,operatingrevenueshadrecoveredandexceededpre-pandemicrevenuesin2019.ReadmoreNote(s):Worldwide;FY2011toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysJetBlue'soperatingexpensesfromFY2011toFY2023(inmillionU.S.dollars)JetBlueAirways'operatingexpenses2011-202312,00010,0008,0009,8459,4567,3927,2946,1176,0396,0005,3025,3245,2005,0134,6714,6064,18220114,0002,000020122013201420152016201720182019202020212022202311Description:Inthefiscalyearof2023,JetBlueAirway'soperatingexpensesamountedtoapproximately9.85billionU.S.dollars.Theairline'soperatingexpensesrosebyfourpercentyear-on-year.AspassengernumbersrecoveredfollowingtheCOVID-19pandemic,thecompany'sexpensesforaircraftfuelandrelatedtaxes,whichaccountforaroundathirdofoperatingexpenses,grewparticularlystrongly.ReadmoreNote(s):Worldwide;FY2011toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysJetBlue'snetincomefromFY2011toFY2023(inmillionU.S.dollars)JetBlueAirways-netincome2011-20231,5001,1401,000727677569401500018916812886-182-310-500-1,000-1,500-362-1,354202020112012201320142015201620172018201920212022202312Description:Inthefinancialyearof2023,JetBlueAirwaysreportedanetlossof310millionU.S.dollars.Thisrepresentsa13percentdecreaseinnetlosscomparedtothepreviousyear'sloss.Lossesin2022werenearlytwiceashighasthepreviousyearbutsignificantlylowerthanin2020,astheCOIVD-19pandemiccontinuedtoaffecttheaviationmarket.ReadmoreNote(s):Worldwide;FY2011toFY2023;financialyearendsDecember31.Source(s):jetBlueAirwaysJetBlue'stotalassetsfromFY2011toFY2023(inmillionU.S.dollars)JetBlueAirways-totalassets2011-202316,00013,85313,64214,00012,00010,0008,0006,0004,0002,000013,40613,04511,91810,95910,4029,3238,4997,8397,3507,0717,070201120122013201420152016201720182019202020212022202313Description:Inthefiscalyearof2023,JetBlueAirwaysheldtotalassetstothevalueofaround13.8billionU.S.dollars.Thevalueoftheairline'sassetsremainedrelativelystablethroughoutthethreeyearsaffectedbytheCOVID-19pandemic,havinggrownby12.5percentbetween2019and2021.ReadmoreNote(s):FY2011toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysJetBlue'saveragepassengerfarefromFY2011toFY2023(inU.S.dollars)JetBlueAirways:averagefare2011-2023250217.03211.79191.4220015010050186.39182.23175.11167.89166.74168.88166.57163.19157.11154.740201120122013201420152016201720182019202020212022202314Description:Inthefiscalyearof2023,JetBlue'saveragepassengerfarewas211.79U.S.dollars.Theairline'sfareshavebeenonanupwardtrendsince2011.Theaveragefaredecreasedbytwopercentbetween2022and2023.

ReadmoreNote(s):FY2011toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysCHAPTER

03SegmentsJetBlue'spassengerrevenuefromFY2017toFY2023,bytype(inmillionU.S.dollars)JetBlueAirways-passengerrevenuebytype2017-2023PassengertravelLoyalty-airtransportation10,0009,0008,0007,0006,0005,0004,0003,0002,0001,0000201720182019202020212022202316Description:InthefiscalyearendingonDecember31,2023,JetBluegenerated605millionU.S.dollarsinrevenuefromitsloyaltyprogram,TrueBlue.Revenuefromthissegmenthasrecoveredtoabovepre-pandemiclevelsaftergeneratingsubstantiallylowerrevenuesin2020and2021.ReadmoreNote(s):Worldwide;FY2017toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysJetBlue'srevenuepassengersfromFY2011toFY2023(inmillions)JetBlueAirways-revenuepassengers2011-20234540353025201510542.7342.5342.1540.0439.5638.2635.132.0830.4630.0928.9626.3714.272020020112012201320142015201620172018201920212022202317Description:Inthefiscalyearof2023,theJetBlueAirwayscarriedapproximately42.53millionpassengers.Thisrepresentsasevenpercentincreasecomparedtothepreviousyear.Theamountalmostreachedpre-pandemicnumbersafteraconsiderabledeclinein2020.ReadmoreNote(s):Worldwide;FY2011toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysJetBlue'srevenuepassengermilesfromFY2011toFY2023(inmillions)JetBlueAirways-revenuepassengermiles2011-202360,00056,52853,61752,55250,79050,00040,00030,00020,00010,000047,24045,61941,71141,15237,81335,83633,56330,69818,598202020112012201320142015201620172018201920212022202318Description:Inthefiscalyearof2023,JetBlue'srevenuepassengermilescametoaround56.5billion.Revenuepassengermilesarecalculatedbymultiplyingthenumberofrevenue-payingpassengersbythedistancetraveled.Onerevenuepassengermileisapproximatelyequaltoonerevenue-payingpassengertransportedonemile.ReadmoreNote(s):Worldwide;FY2011toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysJetBlue'spassengerloadfactorfromFY2011toFY2023JetBlueAirways-passengerloadfactor2011-202390%85.1%84.7%84.8%84.3%83.8%83.7%84%84%85%80%75%70%65%60%55%50%82.4%82.6%81.5%76%56.9%202020112012201320142015201620172018201920212022202319Description:Inthefiscalyearof2023,theJetBlueAirways'passengerloadfactorstoodat82.6percent.Thepassengerloadfactorismeasuredbydividingrevenuepassengermilesbyavailableseatmilesforareportingperiod.

ReadmoreNote(s):Worldwide;FY2011toFY2023;fiscalyearendsDecember31.Source(s):jetBlueAirwaysCHAPTER

04CompetitorsOperatingrevenueofselectedairlinegroupsintheUnitedStatesin2023(inmillionU.S.dollars)MostprofitableairlinesintheU.S.202370,00060,00050,00040,00030,00020,00010,000021/statistics/750834/most-profitable-airlines-in-united-statesThemostprofitablepassengerairlineinNorthAmericain2023wasDeltaAirLines,withoperatingrevenueofapproximately58.2billionU.S.dollars.ThecompanywascloselyfollowedbyUnitedAirLines,witharevenueofnearly53.7billionU.S.dollars.ReadmoreNote(s):NorthAmerica,UnitedStates;2023Source(s):BureauofTransportationStatistics;DomesticmarketshareofleadingU.S.airlinesfromMarch2023toFebruary2024LeadingairlinesintheU.S.bydomesticmarketshare2023-202420%18%16%14%12%10%8%6%4%2%0%AmericanAirlinesDeltaAirLinesSouthwestAirlinesUnitedAirlinesOtherAlaskaAirlinesJetBlueAirwaysSpiritFrontierSkyWestHawaiian22Description:Duringthistimeperiod,AmericanAirlineswastheleadingairlineintheU.S.,withadomesticmarketshareof17.5percent,closelyfollowedbyDeltaAirlines,whichhada17.3percentmarketshare.ReadmoreNote(s):UnitedStates;March2023toFebruary2024;*Dataisbasedondomesticrevenuepassengermiles.Thesourcedidnotpublishthereleasedate;thereforethereleasedateissetastheaccessdate.

ReadmoreSource(s):BureauofTransportationStatisticsSouthwestAirlinesCo.'snetincomefromFY2010toFY2023(inmillionU.S.dollars)NetincomeofSouthwestAirlines2010-20234,0003,0002,0001,0003,3572,4652,3002,1812,1831,1369777545394594214651780-1,000-2,000-3,000-4,000-3,0742020201020112012201320142015201620172018201920212022202323Description:Inthefiscalyearof2023,theSouthwestAirlinesrecordedanetincomeof465millionU.S.dollars.Thiswasadeclineofaround14percentcomparedtothepreviousyear,whentheairline'snetincometotaled539millionU.S.dollars.

ReadmoreNote(s):Worldwide;FY2010toFY2023;fiscalyearendsDecember31.Source(s):SouthwestAirlinesSouthwestAirlines'revenuepassengerscarriedfromFY2011toFY2023(inmillions)SouthwestAirlines-revenuepassengers2011-2023160140120137.28134.89134.05130.26126.59124.72118.17110.5109.35108.08103.9799.1110080604020054.09202020112012201320142015201620172018201920212022202324Description:SouthwestAirlinescarriedaround137.28millionpayingpassengersin2023.Thiswasasignificantincreasecomparedtolastthreeyears,whenpassengernumbershadbeenimpactedbytravelrestrictionsduetotheCOVID-19pandemic.

ReadmoreNote(s):Worldwide;FY2011toFY2023;fiscalyearendsDecember31.Source(s):SouthwestAirlinesSpiritAirlinesInc.'soperatingrevenuefromFY2011toFY2023(inmillionU.S.dollars)SpiritAirlines-operatingrevenue2011-20236,0005,0004,0003,0002,0005,362.555,068.453,830.543,323.033,230.782,643.552,320.022,141.461,931.581,810.021,654.391,318.3920121,071.1920111,00002013201420152016201720182019202020212022202325Description:Inthefiscalyearof2023,theSpiritAirlinesreportedanoperatingrevenueofapproximately5.36billionU.S.dollars.Thiswasthehighestoperatingrevenuerecordedbytheairlineintheperiodfrom2011to2022.

ReadmoreNote(s):Worldwide;FY2011toFY2023;fiscalyearendsDecember31.Source(s):SpiritAirlinesTotalnumberofpassengerscarriedbySpiritAirlinesfrom2003to2023(inmillions)SpiritAirlines'passengertraffic2003-202350454035302520151044.0238.4133.8730.7728.6823.812118.3117.6313.9812.110.188.36.96.826.756.094.594.514.534.11502003

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202326Description:Overtheperiodgiven,thepassengertrafficoftheAmericanultra-low-costairlineSpiritAirlinesincreasedconsistentlyuntilthecoronaviruspandemic.In2020,thecompanycarriedonly18.3millionpassengersonitsflights.Thisisaconsiderabledecreasefromthe33.8millionpassengerscarriedinthepreviousyear.Inthefollowingyears,thepassengervolumeofSpiritAirlinesstartedrisingagainandreachedjustabove44milliontravelersin2023.

ReadmoreNote(s):UnitedStates;2003to2023Source(s):BureauofTransportationStatisticsCHAPTER

05ConsumersAmericancustomersatisfactionindexscoresforairlinesintheUnitedStatesfrom1995to2024AmericancustomersatisfactionindexscoresforairlinesintheU.S.1995-2024JetBlueAlaskaAirlinesSouthwestAirlinesAllairlinesaverageDeltaAirLinesAllegiantUnitedAirlinesFrontierAmericanAirlinesSpirit85807570656055501995

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202428Description:Asof2024,theUSAmericanairlinewiththehighestcustomersatisfactionindexscorewasAlaskaAirlines,withanACSIscoreof82.Thiswassignificantlyabovetheaverageforallairlines,whichstoodatascoreof77in2023.

ReadmoreNote(s):UnitedStates;1995to2024;16,352respondentsSource(s):ACSI®NorthAmericanairlinesatisfactionindexscores*oneconomy/basiceconomyflightsasofMarch2024Airlinesatisfactiononeconomy/basiceconomyflightsinNorthAmerica2024Indexscore2024

20234000100200300500600700800900685SouthwestAirlinesDeltaAirLinesAllegiantAir827651801633630630775JetBlueAirwaysAlaskaAirlinesSegmentaverageAmericanAirlinesWestJet800781782764777770765613611591585UnitedAirlinesAirCanada542507SpiritAirlinesFrontierAirlines72772747229Description:AsofMarch2024,SouthwestAirlineswasrankedfirst,accordingtoacustomersatisfactionindexinCanadaandtheU.S.,ineconomy/basiceconomyclass,withascoreof685.DeltaandAllegiantrankedsecondandthird,withscoresof651and633,respectively.ReadmoreNote(s):NorthAmerica;March2023throughMarch2024;*Theindexscoreisbasedonresponsesfrom9,582passengerswhoflewonamajorNorthAmericanairlinewithinthepastmonth.Indexscoresarebasedona1,000-pointscale.

ReadmoreSource(s):J.D.PowerRateofmishandledbaggagein2023,byU.S.airlines(per100bagsenplaned)U.S.airlinesbyrateofmishandledbaggage2023Complaintsperonehundredenplane