JetBlue Airways Corporation Essay Example for Free

JetBlue Airways Corporation Essay JetBlue Airways Corporation was formed in August 1998 as a low-fare, low-cost but high service passenger airline serving select United States market. JetBlues operations strategy was designed to achieve a low cost, whilst offering customers a pleasing and differentiated flying experience. JetBlue has had a successful business model and strong financial results during that period, and performed well in comparison to other airline companies in the US during the period between 2000 and 2003. It had been the only other airline apart from Southwest airlines, to have been profitable during the aftermath of the September 11, 2001 attacks on World Trade Center, and at a time when the entire airline industry was experiencing losses. The core of JetBlues strategy was low operating cost achieved through a smaller and more productive workforce; utilizing aircraft efficiently; better use of technology to achieve lower distribution cost i.e. use of electronic ticket as against paper ticket; use of brand new single model planes that reduced maintenance costs and training costs at the same time. However, moving into the growth phase, JetBlue was contemplating expansion with the introduction of a new model of planes, i.e. Embraer E190, that are smaller than the A320s that they were using. These planes were to be utilized for penetrating mid-size cities and also during off-peak times on existing routes. The company defined these markets as destination with 100 to 600 local passengers per day each way, compared to the much larger markets that the company was serving with its A320s. This had potential implications for its low-cost strategy. Jetblues expansion required investments in areas other than just new aircraft. Owen needed to decide how to raise additional capital to fund the  companys growth. Investment bankers had presented two financing proposals; a new public equity offering and a private placement of convertible debentures. Own needed to decide which proposal, if any, to recommend to the board. QUESTION 1 PART A In early 2003, JetBlue continue to see opportunity to grow by adding both new market and new flight to existing destination. One of such new market where the company believed there was attractive opportunity was the mid-sized market segment which comprised of destinations with 100 600 local passengers per day each way. To accommodate this growth, the company is seeking to purchase 65 new Airbus A320, with an option to buy additional 50 new aircraft, and also committed to purchase 100 Embraer E190 aircraft, with the option to purchase 100 additional ones. Jetblue had embarked on a $6.8 billion plane acquisition program that would increase its aircraft fleet from 45 to 252, including existing aircraft purchase commitment. The company needs thus to think about a way to finance those acquisitions, as well as other needed investments such as spare parts, new engines, additional hangars and a flight training centre JOHN OWEN THE CFO OF JETBLUE IS TRYING TO DECIDE WHICH OF TWO FINANCING PROPOSALS (NEW PUBLIC EQUITY OFFERING AND A PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURE) TO PURSUE. A straight equity issue will dilute his principal shareholders ownership, but favored a conservative capital structure that would help to ensure JetBlues financial flexibility, access to capital and a favorable lending rate. On the other hand, a convertible debt alternative seems less dilutive, and cheaper, but brings with it an increased risk of default and financial problems. PART B The financing decision taken by the CFO is important because of the positive impact it is expected to have on the current and future performance of the JetBlue. The considerations as regards impact of the financing decision are discussed; IMPACT ON CURRENT PERFORMANCE OF THE COMPANY It is expected that the new capital would ease Jetblues ability to finance its short term obligations as JetBlue does not have a line of credit, or short-term borrowing facility. Therefore, the company depends on its operating cash flow to finance its short-term obligations The new capital will be required to finance working capital requirement of Jetblue, Working capital is the short term resources that are used to manage the business on a daily basis. This is otherwise referred to as current asset. The financing decision which is aimed at securing the purchase of the new 100-seat Embraer E190 aircraft would allow JetBlue to enter smaller markets while maintaining low operating costs, and increase flight frequency on existing routes. The low fares offered by JetBlue would allow it to attract new passengers who might otherwise not fly. Earnings from this market segment is expected to contribute to the profitability and positive financial performance of the company IMPACT ON FUTURE PERFORMANCE OF THE COMPANY The additional capital is expected to strengthen the companys balance sheet at a time when JetBlue will be shouldering a significant amount of debt related to new aircraft deliveries. The decision on financing method would result in a strong capital structure for Jetblue which would ensure that the company would continue to grow while avoiding financial problems. The new cash inflow which is directed at ensuring JetBlue achieves its expansion activities. It is expected that the company will be in a position to purchase larger volumes of jet fuel and would thus have more leverage in procuring fuel than today. The company will thus suffer relatively less from fuel shortages and the negative impact a rise in fuel has an operating income QUESTION 2 PART A John Owen the CFO of JetBlue generally favored a conservative capital structure. A conservative funding strategy is when a firm finances both its seasonal and permanent requirement with long term debt. The criteria which John Owen used to evaluate his decision on the appropriate capital structure and mode of financing to support the expansion drive of the business are; FINANCIAL FLEXIBILITY: This refers to the firms ability to take advantage of unforeseen opportunities or their ability to deal with expected events depending on the firms financial policies and financial structure. A firm with a high debt obligation and weak solvency and liquidity is not financially flexible. FAVORABLE LENDING RATE: The lending rate to a business varies directly with the risk associated with any given financial structure which can be accessed by leverage analysis. It is expected that a higher leverage (as a result of accepting debt offering) tends to amplify a firms predictable business swings i.e. associated risk. This inclines to increase lending rate to the firm and ultimately result in an unfavorable lending rate. CONTROL: The financing scheme of a company can imply changes in control constrains on the firm, this can be indicated by percentage distribution of share ownership and structure of debt covenant. There is a high chance that the board of directors will not favor the equity offering as they were  sensitive about the dilution (i.e. control dilution) that an equity offering would cause to existing shareholders. INCOME: This compares financing tactics on the basis of their effect on value creation and distribution i.e. the impact on Earnings per share (EPS) and Return on equity (ROE). The debt option limited the ability of Jetblue to manage one of the airlines principal risk; rising fuel prices. As discussed above, the debt offering afforded Jetblue less financial flexibility. If fuel prices rose unexpectedly, operating income will decline thus hurting JetBlues ability to meet the additional debt service payments. PART B Other criteria John Owen could use to evaluate his decision on the appropriate capital structure and mode of financing are; Timing: This considers whether the current capital market environment is the right time to implement any alternative financial structure and what the implication for future financing will be if the proposed structure is adopted. Financial market condition often favour one or another kind of financing. Others: This is the consideration of the impact of the alternative financing choice on other issues and vice versa. An example is the ability to use collateral to reduce the costs and risk of debt financing and the effect of various financing tactics on the liquidity of investment. REASONS WHY JOHN OWEN SHOULD PROPOSE THE EQUITY FINANCING OPTION From the above analysis, it can be deduced that using equity financing option minimizes the companys weighted average cost of capital, thus maximizes the overall stock price of the company and the shareholders wealth. The NPV of the company is higher under the equity financing option JetBlue, as any airline company has a debt to equity ratio of 61.21% and incurs very high fixed costs as a result of high value operating property and equipment. An equity offering would increase the financial flexibility of the company. The company has a very high operating leverage as a result of variability in fuel price. This exposes the company to the risk of cash flow projections errors in case it does not meet the projected revenues figures. Any variation in the estimated revenues, might lead the company to a position where it could not meet its financial obligations related to debt. From this point of view, JetBlue needs to secure its cash flows. This can be achieved using equity financing. The lending rate to a business varies directly with the risk associated with any given financial structure which can be accessed by leverage analysis. Issuing equity will reduce the leverage of business and reduce lending rate. PART C Other financing option I would like to recommend to the board and John Owen are; JetBlue can consider some other alternatives as well. Indeed, the company can issue some preferred stock. This stock might be considered as equity in accounting, to strengthen the balance sheet of the company, but will at the same time accommodate the board members concern about dilution. Another alternative might be the issuance of simple corporate bonds. The coupon rate for those will however be higher than the 3.5% of the convertible bonds. This option will thus cost more for JetBlue than convertible bonds QUESTION 4 PART A Aviation fuel cost is the second largest operating cost in the airline industry after payroll, this has significant impact on operating and financing risks of a company. IMPACT ON OPERATING RISK: In 2002, JetBlues fuel cost amounted to $76 million or 14.4% of operating cost. In the event that fuel prices rises, there will be a significant drop in operating income and higher exposure to operating risk (risk created by operating leverage). Operating leverage is the magnification of the top half of the income statement, it measures how EBIT changes in response to changes  in sale, and the relevant cost is the fixed cost of operating the business. It is expected that as operating leverage increase due to jet fuel increase, the operating risk of the business likewise increases. IMPACT ON FINANCING RISK In the event that jet fuel rises, it is expected that operating profit will drop and operating leverage would increase. This will also hurt JetBlues ability to meet the additional debt service payment i.e. it may face risk of default or potential financial loss which is known as financial risk. Financing risk is the risk associated with financing and its created by financial leverage. Financial leverage is the magnification of the bottom half of the income statement, it measures how EPS (earnings per share) changes in response to changes in sale, and the relevant cost is the fixed cost of financing, in particular interest. PART B The operating and financing risk exposure of JetBlue through rising fuel price of JetBlue has being managed in the past through hedging 75% of its fuel using a combination of CALL OPTIONS, SWAPS AND COLLARS hedging instrument. PART C HEDGING: Fuel hedging is a contractual tool some large fuel consuming companies such as airlines (JetBlue) use to reduce their expose to volatile and potentially rising fuel cost. A fuel hedge contract allows a large fuel consuming company to lock in the cost of future fuel purchase, allowing an increasing number of airlines to avoid surprises from unforeseen cost fluctuations. The hedging could be done via a commodity swap or option. One of the basic reasons why a company enters into hedging contract is to mitigate their exposure to future fuel prices that may be higher than current prices and/or  to establish a known fuel cost for budgeting and predictability of earnings. PRINCIPAL WAYS JETBLUE HAS BEING USING HEDGING TO MANAGE FUEL PRICING RISK: Jetblue is a small airline which had less leverage in procuring large volume of jet fuel in order to mitigate risk of volatility or shortage of jet fuel. In order to mitigate fuel pricing risk, Jetblue used a combination of fuel call option, swaps and collars hedging instrument. From time to time Jetblue has simply bought call options which tend to be at least $5 per barrel. HOW THE HEDGING INSTRUMENT WORKS The hedging instrument mostly used by JetBlue is the call option. CALL OPTION: This is a financial contract between two parties, the buyer and the seller of this type of option. The buyer of the option has the right but not the obligation to buy an agreed quantity of a particular commodity (jet fuel) from the seller of the option at a certain time (the expiration date for European call option or at any time during the life of the option for American call option) for a certain price (the strike price). The seller is obligated to sell the commodity (jet fuel) or financial instrument should the buyer so decide. The buyer pays a fee called a premium for this right. In the case JetBlue, the premium it pays is at least $5 per barrel. SWAPS: Swaps are tailor made futures contract whereby an airline exchanges payment at a future date (which can be in jet aviation fuel and could be further into the future into the future than possible through commodity exchanges), based on the fuel or oil price. There could be an arrangement with a supplier such as Air BP. The airline would buy a swap for a period of say one year at a certain strike price for a specified amount of jet fuel per month. The average price for that month is then compared with the strike price, and if it exceeds it the counter-party would pay the airline the difference times the amount of fuel. However, if it were lower, then the airline would pay the difference. They lock in a given price, as with forward contacts. COLLARS: This is a combination of a call and a put option. The call protects the holder from adverse price increases above its strike price, at a cost of the option premium that would be paid in any event. The holder of this call also writes a put option that limits the advantage it can take of price reduction below its strike price. The total cost of taking the two options is the call option premium paid less the put option premium received. A collar limits the speculative risk to a small range of price moves and locks in the price that will be paid for fuel between two known values.

Christianity vs. Entrapment in OConnor Wise Blood Essay -- OConnor W

Christianity vs. Entrapment in O'Connor's Wise Blood      Ã‚  Ã‚   In "The Cage of Matter: The World as Zoo in Flannery O'Connor's Wise Blood," William Rodney Allen addresses the "reverse evolution" of Enoch Emery and the "inverted quest for salvation" of Hazel Motes, suggesting a parallel between the two main characters of O'Connor's novel which reinforces its theme of the utter hopelessness of those who reject or mock Christ. Allen shows that O'Connor describes the spiritually devoid characters in her book in animal-like terms, equating faithless humans with soulless animals. The essay further asserts that O'Connor uses the zoo as a metaphor for a physical world that entraps those without spirituality. Indeed, the novel shows a world of madness, seemingly empty of values and without meaning, which becomes a prison for those who can find no enlightenment. However, O'Connor herself once stated that "Wise Blood is a very hopeful book." This statement, along with the fact of her devout Catholicism, illuminates O'Connor's theme of Christia nity as a prerequisite for enlightenment and deli...

Chris Mccandless’ Death “Into the Wild” Essay

Many people have come to the conclusion that Chris McCandless’ untimely death was a result of his arrogant nature or a possible psychological disorder. However, his death was caused by a simple mistake, his lack of geographical knowledge, and his desire to find himself. When Krakauer’s moving article in Outside magazine was published, copious amounts of hate mail was received regarding McCandless’ cause of death. Initially it was believed that he mistook two similar plants, the wild potato and the toxic wild sweet pea, then accidentally poisoned himself when consuming their seeds. Alaskan residents dubbed McCandless as â€Å"ignorant† and â€Å"unprepared† for supposedly confusing the similar plants. After further research Krakauer discovered that McCandless was poisoned by the wild potato plant’s seeds, which were not described as toxic in any published text. This ill-fated blunder does not show incompetence specific to McCandless, as most people would have made the same decisions. There have been scores of young men lacking common sense who wander out into the wilderness to attain meaning and do not return. Several of them, including John Waterman and Carl McCunn, were similar to Chris, but in pivotal ways their stories were deviating. John Waterman was severely traumatized and obviously mentally ill. Chris was neither of those things. Additionally, Chris was not expecting to be rescued after making a dim-witted mistake, like Carl McCunn. Krakauer stated that â€Å"It is not unusual for a young man to be drawn to a pursuit considered reckless by his elders.† Chris may have lacked some common sense, but conceited qualities did not contribute to his downfall. His drive to push himself past his limits contributed to his demise, not superciliousness. Perhaps the most tragic notion of McCandless’ death is how simply it could have been avoided. Unbeknownst to Chris, there were multiple cabins a few miles from the Fairbanks bus 142. Each was stocked with food and survival supplies. This knowledge could have easily prevented his death. Crossing the Teklanika River was one of the important factors that inhibited McCandless from leaving the wild. He was not aware that downstream in the vicinity of the bus there was a gorge that allowed safe transit across the river. A gauging station was also close by. It would have allowed him to cross the river with ease since hunters had placed the basket on the bus-side of the river. It is overwhelming to imagine the extents to which McCandless suffered physically and mentally, when salvation was so near to him. A simple topographic map would have almost certainly saved his life. McCandless was not arrogant, a sociopath, or an idiot, like so many have stated. He may have lacked the common sense to buy a map, but was in no way incompetent. He also made some mistakes that anyone who was not a trained botanist would have made, and was like many young men in that he pushed himself to the extreme limits. Chris McCandless’ story is not unique because he ventured out into the unforgiving wild. It is captivating because McCandless gave up everything to find himself, even if he ended up being lost on the way.

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Let s Face It We All Worry At Times - 1402 Words

Let’s face it, we all worry at times, especially when we are going to face the uncertain outcome of an event or a reaction of a person. In other words, it is the unperceived dangers triggers by fear of the unknown that puts us over the edge. Our heart rate can be increased, poor concentration at work and school, sleeping problem, nervousness to about anything from family and friends to driving on a freeway. This is a sign of Anxiety, an anticipated future with sometimes the scary prediction that do not have any basis in truth, that significant enough to interfere with our daily function. It can happen with or without cause(s). Should this interruption continues and in frequent, it is recommended to seek medical help. However, should this panic is temporary. For example: Getting late to work, you forget where you have placed the car key when you came home last night from a ball game. Guests are coming over in 30 minutes for dinner, your dishes are not even half ready, and what are you going to do? We can relate to these events are physical and emotional responses to perceived danger; it is the fear of the anticipation of unpredictable event that follows. If it is a rare and accidental event, often people ignore it or just say â€Å"claim down, it is just a rush of adrenaline†. But if these events prolongs and increase in frequency, this may be a sign and symptoms for anxiety. It usually associate with increased heart rate, sleeping problem, poor concentration at work or in school.Show MoreRelatedA Days Wait1204 Words   |  5 Pageswriting celebrates heroes and explores the nature of courage in this story. In much of his writing he dramatizes the importance of bravery in the face of death and of life’s everyday problems. This story deals with the quiet courage needed to face fear. Looking at Hemingway ´s biography we can find parallels between the story A Day ´s Wait and the author ´s real life. When Hemingway took part in World War I he was wounded twice. When he was in hospital he heard the doctor talk about his health andRead MoreA Days Wait1658 Words   |  7 Pageswill die, but prefers going out to hunt. This fateful misunderstanding happens another time, again Hemingway uses the word it to describe two different things. Father: It ´s nothing to worry about. He means the fever. Just take it easy. Since the son always thinks of death he assumes his father tells him to take dying easy so he answers: I am taking it easy. The hunting scene In the story A Day ´s Wait there is a story in a story. In this part of the story the father goes out to huntRead MoreImmigration And The United States1218 Words   |  5 PagesMany of you are aware of the immigration issue we are facing on a day to day basis. 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In The Strawberry Fields Eric Schlosser - 1289 Words

Rajkuar Kalirajan List Byrne Eng: 1510 Date 09/24/2017 Anything But Free - The Tale of Migratory Work Force in California America, United Stated of America (USA), is a land of immigrants. The country was built by immigrants but gradually immigration to this country became harder. Several contagious nations of American continents have lot of population living in poverty and were strongly convinced to immigrate to USA illegally, by travelling on foot for several days, crossing deserts, mountains and the southern border of USA, in search of a secured and better life for them and for their kids. Eric Schlosser in his article In the Strawberry Fields honestly assessed the conditions of the migratory work force in California straw berry†¦show more content†¦However, implementing a valid farm worker visa system which monitors entry and exit of foreign aliens will let them receive fair wages, pay taxes and receive governmental benefits. On the other hand the govern should impose sanctions on entities that illegally import and dump products in to our market to gain the price advantage and should make the market advantageous for local farmers and local production. In this following assay I am going to discuss in detail how the authors observations were contrasted with my views. One of the important problems that the author raised is the legal status of the illegal immigrants and their depressed living conditions. The legal status and living conditions are interconnected because in order to rent a decent apartment you need to prove that you are legally present in USA with thorough documentation which the illegal farm workers will not have and hence these poor workers were miserably compromised to live in pits, trenches and under trees. The author describes that the poor farm workers were very bad in shape and are constantly at the mercy of variable adversities like natural disasters and bad weather. 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In the 90’s, consumers beganRead MoreThe Plight Of The Immigrant Farmer Worker Essay1356 Words   |  6 PagesEnglish 1510 November 20, 2016 The Plight of the Immigrant Farm Worker Have you ever wondered how really bad it is to be an immigrant farm worker? The article â€Å"In the Strawberry Fields† by Eric Scholsser, he looks at the hardships that face immigrant farmers. Though there are laws to try and help the immigrants Schlosser observed â€Å"The temptation to break the law can be great. The punishments for doing so are rarely applied† (86). From sharecropping and low wages to deplorable living conditionsRead MoreEssay Reefer Madness Summary1366 Words   |  6 PagesReefer Madness Eric Schlosser To start off, the main driven idea of this book is the black market, or what they refer to as the underground and â€Å"shadow economy†. The underground has its choices and consequences as well as any other type of economic system do. But, in this case the underground can be a country’s main economy for survival such as, â€Å"In Bolivia the underground economy is responsible for an estimated 65 percent of GDP. In Nigeria it accounts for perhaps 76 percent.† (7) This type ofRead MoreThe 9 / 11 Attack Essay1599 Words   |  7 Pagestheir situation. One can find mostly Mexican immigrants working in crop fields picking all sorts of fruits and vegetables, considering that the hardest job is as a strawberry picker, and it all being unjust in the way that they treat and pay them. Eric Schlosser in his book â€Å"Reefer Madness† includes the condition on how an immigrant man by the name of Felipe was working and the way that he felt about the job as a strawberr y picker. â€Å"They use us all year as slaves,’ he said. ‘They pay us whateverRead MoreFast Food Industry By Eric Schlosser3535 Words   |  15 PagesEstrella Introduction 1. 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Most of its money is earned not only by selling hamburgers, but

Pilipinas for Sale Gma7 Free Essays

Gerald C. RollonCLHS104 Environmental ScienceMr. Choi PILIPINAS FOR SALE Sa Luzon, tinuklas ang sinasabing nagaganap na bentahan ng ilang isla sa pamosong El Nido sa Palawan. We will write a custom essay sample on Pilipinas for Sale Gma7 or any similar topic only for you Order Now Tulad na lang ng Turtle Island, kilalang breedingground ng mga pawikan. Ang walong ektaryang isla, ngayo’y ibinebenta sa halagang P12 million. Sa Visayas, may ganito ring nagaganap na kalakalan sa Bohol. Gamit ang tax declaration, ibinebenta rin ang ilang islang idineklara bilang protected area. Sa Cebu naman, natuklasang ginagamit ito bilang isa sa transhipment points upang ipuslit palabas ng bansa ang black corals. Sa Mindanao, hinanap sa kauna-unahang pagkakataon ang umano’y pinagmulan ng tone-toneladang black corals na nasabat sa mga pier ilang buwan na ang nakararaan. Sinayasat din ang isyu ng pagmimina sa CARAGA, ang tinaguriang mining capital sa bansa. REFECTION: PILIPINAS FOR SALE This is sad to know that our own land is for sale. People of the Philippines must not only focus on the problems in Manila alone but also see the other problems of its other islands because every Filipino people would benefit its preservation. I think the government should do something about it, if they have the responsibility of protecting its people, they might be also have the responsibility to take care of its mother land and everything that was created within it. Most especially the people should be aware of the consequences one thing might happen in the future. Big companies might offer something else as a counter offer for their own gain but whose to blame if the government can’t provide the people what they need. Too sad! How to cite Pilipinas for Sale Gma7, Essay examples