Document
false0001158463 0001158463 2020-07-28 2020-07-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 28, 2020
jetblue-logoc02.jpg
JETBLUE AIRWAYS CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
000-49728
87-0617894
(State or other jurisdiction of incorporation)
 (Commission File Number)
(I.R.S. Employer Identification No.)
 
 
 
 
27-01 Queens Plaza North
Long Island City
New York
11101
(Address of principal executive offices) 
 (Zip Code)
(718) 286-7900
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.01 par value
JBLU
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On July 28, 2020 we issued a press release announcing our financial results for the second quarter ended June 30, 2020. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
The information included under Item 2.02 of this report (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure.
On July 28, 2020 we provided a presentation for investors containing information relating to our financial outlook for the third quarter ending September 30, 2020 and full year 2020, and other information regarding our business. The presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information included under Item 7.01 of this report (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
 
 
 
 
Exhibit
Number
  
Description
99.1
  
99.2
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 
 
JETBLUE AIRWAYS CORPORATION
 
 
 
(Registrant)
 
 
 
 
Date:
July 28, 2020
By:
/s/ Alexander Chatkewitz
 
 
 
Vice President, Controller, and Chief Accounting Officer
(Principal Accounting Officer)



jetblue-logoc02.jpg     Earnings Release




JETBLUE ANNOUNCES SECOND QUARTER 2020 RESULTS


NEW YORK (July 28, 2020) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the second quarter 2020:

•
Reported GAAP loss per share of ($1.18) in the second quarter of 2020 compared to a diluted earnings per share of $0.59 in the second quarter of 2019. Adjusted loss per share was ($2.02)(1) in the second quarter of 2020 versus adjusted diluted earnings per share of $0.60(1) in the second quarter of 2019.  Note A to this earnings release includes the GAAP to Non-GAAP reconciliation between reported and adjusted diluted earnings per share.

•
GAAP pre-tax loss of ($450) million in the second quarter of 2020, compared to a pre-tax income of $236 million in the second quarter of 2019. Excluding one-time items, adjusted pre-tax loss of ($754) million(1) in the second quarter of 2020 versus adjusted pre-tax income of $238 million(1) in the second quarter of 2019.


Operational Highlights from the Second Quarter

•
Second quarter 2020 revenue declined 90% year over year as a result of the impact of COVID-19. Traffic volumes and yields improved in May and June from an April trough.

•
Reduced second quarter 2020 capacity by 85% year over year as a result of aggressive action to mitigate cash burn.

•
Operating expenses decreased 66% year over year. Excluding special items, adjusted operating expenses(1) declined 50% year over year. We successfully reduced our second quarter costs by over $900 million driven by variable cost reductions through capacity cuts and fixed cost reductions achieved by adjusting work schedules where possible and eliminating discretionary spend.


Balance Sheet and Liquidity

•
JetBlue ended the second quarter with approximately $2.9 billion in unrestricted cash, cash equivalents, and short-term investments, or 36% of 2019 revenue. Including the CARES Act PSP proceeds, our liquidity was $3.4 billion at the end of second quarter 2020, or 42% of 2019 revenue.

•
JetBlue repaid $78 million in regularly scheduled debt and finance lease obligations during the second quarter of 2020.

•
JetBlue has taken the following measures in the second quarter to manage liquidity:

◦
Raised $750 million under a secured term loan.

◦
Executed approximately $120 million under sale-leaseback transactions, and entered a binding agreement for three additional sale-leaseback transactions for upcoming deliveries. In addition, we have entered into two other binding sale-leaseback agreements for aircraft already existing in our fleet.

- 1 -



◦
Achieved significant variable and fixed cost savings through aggressive capacity reductions and adjusted work schedules.

◦
Redeployed assets to capture short-term, tactical cash generation opportunities.

•
Resulting from the actions taken, JetBlue’s average daily cash burn in May was $9 million vs its prior expectations for just below $10 million. Average daily cash burn in the second quarter was $9.5 million vs its prior expectations for $11 million, and the daily cash burn at the end of June was just under $8 million. JetBlue continues to expect average daily cash burn in the third quarter for a range of $7 to $9 million.


Fuel Expense and Hedging

The realized fuel price in the quarter was $0.96 per gallon, a 55% decline versus second quarter 2019 realized fuel price of $2.16.

JetBlue has entered into forward fuel derivative contracts to hedge its fuel consumption for the third and fourth quarter of 2020. Based on the forward curve as of July 17th, JetBlue expects an average all-in price per gallon of fuel of $1.24 in the third quarter of 2020.


Our Recovery Plan and Actions Taken to Position JetBlue for Future Success

“For the past 20 years we have succeeded against the odds, and we firmly believe that we are laying the foundation and repositioning JetBlue to come out of this historic crisis as a stronger, global player in the years to come,” said Robin Hayes, JetBlue’s Chief Executive Officer.

“In the past two months, we made progress in reducing our cash burn, and have been quick to resize our operations to the very dynamic demand environment. While demand has improved materially from the lows we saw in April, bookings remain choppy, and we remain focused on addressing changing trends as we progress through the summer.

As we move into recovery, we have laid out a three-step framework to set JetBlue up for success and emerge stronger. The first is to reduce our cash burn. The second step is to rebuild our margins. The third and last step is to repair our balance sheet.

We have been nimble and managed the short term with a sense of urgency, to reduce our cash burn and build liquidity. We are confident that our actions to protect the health and safety of our Customers and Crewmembers, our network changes, and focus on costs will help us rebuild our margins faster.”


Action Plan, Revenue and Capacity

“We are laser-focused on managing the current environment of low demand,” said Joanna Geraghty, JetBlue’s President and Chief Operating Officer. “In the short term, we have added tactical point-to-point flights, responding to unserved demand in leisure and VFR markets and supporting our cash generation efforts. In the long term, our actions help us solidify our network strategy to improve our position in our Focus Cities. We are taking advantage of unique opportunities presented by the pandemic to allow us to rebuild our margins when demand returns.

Volumes have increased since demand bottomed out in April, and during the second quarter our revenue broadly tracked to our L-shaped recovery forecast. We expect demand trends will continue

- 2 -



to be volatile and recovery will not be linear. Given the choppiness in demand, we will continue to take a conservative approach in planning capacity and forecasting revenue.

As we see booking trends beginning to improve after bottoming out in April, we believe capacity will lead the way to demand and revenue recovery. That said, our guiding criteria is cash generation, and we will continue to be nimble in reacting to changes in demand trends.”


Cost Performance and Outlook

“We continue to manage through this fluid environment with a near-term focus on preserving liquidity. Just as importantly, we are positioning JetBlue to thrive as we emerge from the pandemic,” said Steve Priest, JetBlue’s Chief Financial Officer.

“Last month we raised approximately $750 million with a new term loan backed by JFK, LaGuardia and Washington Reagan slots, as well as by our JetBlue brand. We also entered into sale-leaseback transactions that raised nearly $120 million during the quarter. Our liquidity equated to $3.4 billion at the close of June, or 42% of our 2019 revenue.

Our daily cash burn improved every month since April, to under $8 million at the end of June. The improvement during the quarter came mainly from our efforts to manage capacity, reduce our cost base and manage payment terms. Improvements in revenue trends during the quarter also contributed to our progress in cash burn.

Looking into the third quarter, we continue to estimate our daily cash burn between $7 and $9 million, mainly driven by a continuation of our work to reduce our cost base, and capacity actions to respond to changes in demand. Where we fall within the range will depend on the revenue environment during the third quarter.”


Earnings Call Details
JetBlue will conduct a conference call to discuss its quarterly earnings today, July 28, 2020 at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at http://investor.jetblue.com.

For further details see the Second quarter 2020 Earnings Presentation available via the internet at http://investor.jetblue.com.


About JetBlue
JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando, and San Juan. JetBlue carries customers across the U.S., Caribbean, and Latin America. For more information, please visit jetblue.com.

Notes
(1)
Note A provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.





- 3 -



Forward Looking Statements

Statements in this Earnings Release (or otherwise made by JetBlue or on JetBlue’s behalf) contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management’s beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; our significant fixed obligations and substantial indebtedness; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the impact of infectious diseases that affects demand for air travel or travel behavior, such as the ongoing impact of the coronavirus (“COVID-19”); adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to, the Company's 2019 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this Earnings Release might not occur. Our forward-looking statements speak only as of the date of this Earnings Release. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

This Earnings Release also includes certain “non-GAAP financial measures” as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within this release.




- 4 -



JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
Six Months Ended
 
 
 
 
June 30,
 
Percent
 
June 30,
 
Percent
 
 
2020
 
2019
 
Change
 
2020
 
2019
 
Change
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
 
 
 
 
Passenger
$
170

 
$
2,031

 
(91.6
)
 
$
1,682

 
$
3,833

 
(56.1
)
 
Other
45

 
74

 
(39.7
)
 
121

 
144

 
(15.2
)
 
Total operating revenues
215

 
2,105

 
(89.8
)
 
1,803

 
3,977

 
(54.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
Aircraft fuel and related taxes
29

 
484

 
(94.0
)
 
394

 
921

 
(57.2
)
 
Salaries, wages and benefits
477

 
576

 
(17.1
)
 
1,078

 
1,151

 
(6.3
)
 
Landing fees and other rents
62

 
121

 
(48.8
)
 
174

 
237

 
(26.6
)
 
Depreciation and amortization
140

 
127

 
10.2

 
279

 
251

 
11.1

 
Aircraft rent
16

 
25

 
(36.7
)
 
37

 
50

 
(25.6
)
 
Sales and marketing
8

 
75

 
(89.6
)
 
60

 
141

 
(57.1
)
 
Maintenance, materials and repairs
73

 
168

 
(56.4
)
 
233

 
324

 
(27.9
)
 
Other operating expenses
124

 
277

 
(55.3
)
 
394

 
563

 
(30.2
)
 
Special items
(304
)
 
2

 
(13,121.7
)
 
(102
)
 
14

 
(831.0
)
 
Total operating expenses
625

 
1,855

 
(66.3
)
 
2,547

 
3,652

 
(30.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING (LOSS) INCOME
(410
)
 
250

 
(264.3
)
 
(744
)
 
325

 
(328.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin
(190.8
)%
 
11.9
%
 
(202.7
)
pts.
(41.3
)%
 
8.2
%
 
(49.5
)
pts.
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
(40
)
 
(19
)
 
110.7

 
(65
)
 
(38
)
 
67.6

 
Capitalized interest
3

 
3

 
(1.6
)
 
7

 
6

 
8.6

 
Interest income and other
(3
)
 
2

 
(247.1
)
 
(2
)
 
1

 
(203.3
)
 
Total other income (expense)
(40
)
 
(14
)
 
(198.6
)
 
(60
)
 
(31
)
 
(90.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME BEFORE INCOME TAXES
(450
)
 
236

 
(290.2
)
 
(804
)
 
294

 
(373.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax margin
(209.2
)%
 
11.2
%
 
(220.4
)
pts.
(44.6
)%
 
7.4
%
 
(52.0
)
pts.
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax (benefit) expense
(130
)
 
57

 
(326.8
)
 
(216
)
 
73

 
(393.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET (LOSS) INCOME
$
(320
)
 
$
179

 
(278.6
)
 
$
(588
)
 
$
221

 
(366.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(LOSS) EARNINGS PER COMMON SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(1.18
)
 
$
0.60

 
 
 
$
(2.14
)
 
$
0.73

 
 
 
Diluted
$
(1.18
)
 
$
0.59

 
 
 
$
(2.14
)
 
$
0.73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
 
 
 
Basic
271.7

 
300.3

 
 
 
275.1

 
303.1

 
 
 
Diluted
271.7

 
301.8

 
 
 
275.1

 
304.6

 
 
 


- 5 -




JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
Six Months Ended
 
 
 
 
June 30,
 
Percent
 
June 30,
 
Percent
 
 
2020
 
2019
 
Change
 
2020
 
2019
 
Change
 
Revenue passengers (thousands)
616

 
11,026

 
(94.4
)
 
8,766

 
21,191

 
(58.6
)
 
Revenue passenger miles (millions)
816

 
13,782

 
(94.1
)
 
11,208

 
26,516

 
(57.7
)
 
Available seat miles (ASMs) (millions)
2,413

 
16,029

 
(84.9
)
 
17,304

 
31,466

 
(45.0
)
 
Load factor
33.8
%
 
86.0
%
 
(52.2
)
pts.
64.8
%
 
84.3
%
 
(19.5
)
pts.
Aircraft utilization (hours per day)
1.6

 
12.1

 
(86.8
)
 
6.1

 
11.9

 
(48.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average fare
$
276.35

 
$
184.24

 
50.0

 
$
191.83

 
$
180.89

 
6.1

 
Yield per passenger mile (cents)
20.86

 
14.74

 
41.5

 
15.00

 
14.46

 
3.8

 
Passenger revenue per ASM (cents)
7.06

 
12.68

 
(44.3
)
 
9.72

 
12.18

 
(20.2
)
 
Revenue per ASM (cents)
8.91

 
13.14

 
(32.2
)
 
10.42

 
12.64

 
(17.5
)
 
Operating expense per ASM (cents)
25.90

 
11.58

 
123.7

 
14.72

 
11.60

 
26.9

 
Operating expense per ASM, excluding fuel (cents)(1)
36.95

 
8.46

 
336.6

 
12.90

 
8.56

 
50.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Departures
12,896

 
93,040

 
(86.1
)
 
96,191

 
182,276

 
(47.2
)
 
Average stage length (miles)
1,183

 
1,147

 
3.1

 
1,163

 
1,150

 
1.1

 
Average number of operating aircraft during period
262.0

 
253.0

 
3.6

 
260.6

 
253.0

 
3.0

 
Average fuel cost per gallon, including fuel taxes
$
0.96

 
$
2.16

 
(55.4
)
 
$
1.74

 
$
2.10

 
(17.4
)
 
Fuel gallons consumed (millions)
30

 
224

 
(86.5
)
 
227

 
438

 
(48.2
)
 
Average number of full-time equivalent crewmembers
 
 
 
 
 
 
16,759

 
18,454

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Refer to Note A at the end of our Earnings Release for more information on this non-GAAP financial measure. Operating expense per available seat mile, excluding fuel (“CASM Ex-Fuel”) excludes fuel and related taxes, other non-airline operating expenses, and special items.





- 6 -



JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
 
June 30,
 
December 31,
 
2020
 
2019
 
(unaudited)
 
 
Cash and cash equivalents
$
2,561

 
$
959

Total investment securities
343

 
372

Total assets
14,027

 
11,918

Total debt
4,776

 
2,334

Stockholders' equity
4,094

 
4,799


- 7 -



Note A - Non-GAAP Financial Measures

JetBlue sometimes uses non-GAAP financial measures in this press release. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures.



- 8 -



Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (“CASM Ex-Fuel”)

Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines.

NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL
($ in millions, per ASM data in cents)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
 
$
 
per ASM
 
$
 
per ASM
 
$
 
per ASM
 
$
 
per ASM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total operating expenses
$
625

 
$
25.90

 
$
1,855

 
$
11.58

 
$
2,547

 
$
14.72

 
$
3,652

 
$
11.60

Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aircraft fuel and related taxes
29

 
1.21

 
484

 
3.02

 
394

 
2.28

 
921

 
2.93

Other non-airline expenses
9

 
0.36

 
12

 
0.09

 
22

 
0.13

 
23

 
0.07

Special items
(304
)
 
(12.62
)
 
2

 
0.01

 
(102
)
 
(0.59
)
 
14

 
0.04

Operating expenses, excluding fuel
$
891

 
$
36.95

 
$
1,357

 
$
8.46

 
$
2,233

 
$
12.90

 
$
2,694

 
$
8.56




- 9 -



Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding special items

Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items.
NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS
(in millions, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 Three Months Ended
 
 Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Total operating revenues
$
215

 
$
2,105

 
$
1,803

 
$
3,977

 
 
 
 
 
 
 
 
Total operating expenses
$
625

 
$
1,855

 
$
2,547

 
$
3,652

Less: Special items
(304
)
 
2

 
(102
)
 
14

Total operating expenses excluding special items
$
929

 
$
1,853

 
$
2,649

 
$
3,638

 
 
 
 
 
 
 
 
Operating (loss) income
$
(410
)
 
$
250

 
$
(744
)
 
$
325

Add back: Special items
(304
)
 
2

 
(102
)
 
14

Operating (loss) income excluding special items
$
(714
)
 
$
252

 
$
(846
)
 
$
339

 
 
 
 
 
 
 
 
Operating margin excluding special items
(332.6
)%
 
12.0
%
 
(46.9
)%
 
8.5
%
 
 
 
 
 
 
 
 
(Loss) income before income taxes
$
(450
)
 
$
236

 
$
(804
)
 
$
294

Add back: Special items
(304
)
 
2

 
(102
)
 
14

(Loss) income before income taxes excluding special items
$
(754
)
 
$
238

 
$
(906
)
 
$
308

 
 
 
 
 
 
 
 
Pre-tax margin excluding special items
(351.0
)%
 
11.3
%
 
(50.2
)%
 
7.8
%
 
 
 
 
 
 
 
 
Net (loss) income
$
(320
)
 
$
179

 
$
(588
)
 
$
221

Add back: Special items
(304
)
 
2

 
(102
)
 
14

Less: Income tax (expense) benefit related to special items
(76
)
 
1

 
(26
)
 
3

Net (loss) income excluding special items
$
(548
)
 
$
180

 
$
(664
)
 
$
232

 
 
 
 
 
 
 
 
(Loss) Earnings Per Common Share:
 
 
 
 
 
 
 
Basic
$
(1.18
)
 
$
0.60

 
$
(2.14
)
 
$
0.73

Add back: Special items, net of tax
(0.84
)
 
—

 
(0.28
)
 
0.03

Basic excluding special items
$
(2.02
)
 
$
0.60

 
$
(2.42
)
 
$
0.76

 
 
 
 
 
 
 
 
Diluted
$
(1.18
)
 
$
0.59

 
$
(2.14
)
 
$
0.73

Add back: Special items, net of tax
(0.84
)
 
0.01

 
(0.28
)
 
0.03

Diluted excluding special items
$
(2.02
)
 
$
0.60

 
$
(2.42
)
 
$
0.76






- 10 -






CONTACTS
JetBlue Investor Relations
Tel: +1 718 709 2202
[email protected]

JetBlue Corporate Communications
Tel: +1 718 709 3089
[email protected]

- 11 -

2Q 2020 EARNINGS PRESENTATION JULY 28, 2020

 
SAFE HARBOR Statements in this presentation (or otherwise made by JetBlue or on JetBlue’s behalf) contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management’s beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; our significant fixed obligations and substantial indebtedness; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the impact of infectious diseases that affects demand for air travel or travel behavior, such as the ongoing impact of the coronavirus (“COVID-19”); adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to, the Company's 2019 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this presentation might not occur. Our forward-looking statements speak only as of the date of this presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation also includes certain “non-GAAP financial measures” as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within the Appendix A section of this presentation.

 
2Q 2020 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER

 
TAKING ACTIONS TO PROTECT OUR STAKEHOLDERS 2Q 2020 BALANCE SHEET 3Q 2020 PLANNING ASSUMPTIONS* • $3.4B of liquidity at 2Q close, equal to 42% of 2019 revenue • Expect 3Q 2020 YoY revenue down ~(80%); recent trends • Cash burn at $7.7M/day(2) by end of 2Q, better than denote high volatility; tracking broadly to L-shape forecast expectations; continue to expect $7-9M/day in 3Q • 3Q capacity down at least ~(45%) YoY • Adjusted Debt to Cap ratio at 55%(1) (3) 2Q 2020 EARNINGS OTHER LIQUIDITY ACTIONS • 2Q revenue down (90%) YoY; capacity down (85%) YoY; • Raised ~$750M through secured term loan and $118M OpEx down (66%) YoY (GAAP), down (50%)(3) YoY (non-GAAP) through sale leaseback transactions; additional sale • GAAP loss per share of ($1.18); non-GAAP loss per share of leaseback transactions under contract and review ($2.02) (3) • Evaluating CARES Act Loan Program of $1.14B *Current planning assumption as of July 28, 2020; does not (1) As of June 30, 2020 constitute guidance (2) Excluding CARES Act Payroll Support Program payment (3) Refer to reconciliations of non-GAAP financial measures in Appendix A 4

 
FOCUSED ON NEAR AND LONG TERM RECOVERY PLAN • Balance capacity, aligning variable costs to revenue trends 1. Reduce Cash Burn • Support cash generation with tactical network actions • Reduce working capital and near-term CAPEX • Generate operating cash, working towards positive free cash flow 2. Rebuild Margins • Reduce fixed cost base to support recovery efforts • Balance ROIC-accretive fleet and technology investments • Aim to achieve pre-COVID investment grade metrics 3. Repair Balance Sheet • Balance CAPEX in light of required debt payments • Maintain liquidity to mitigate impact of demand environment 5

 
COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER

 
EXECUTING STRATEGY TO MANAGE SHORT TERM AND ACCELERATE RECOVERY Agreement reached with LAWA to grow LAX to 70 daily departures by 2025 SHORT- MEDIUM TERM ACTIONS LONG TERM ACTIONS − Leveraging Newark access to strengthen New York Focus City − Partnering with American Airlines to bring low-fares, increase options for − Reallocating assets to reflect demand environment, generate cash; Northeast customers maintaining flexibility to adjust capacity as needed − Consolidating Long Beach operation to LAX to drive efficiency in near-term; − Permanently closing Long Beach, and tactically suspending under-performing solidifying Transcon success, and setting up platform for future growth margin routes − Improving connectivity in Fort Lauderdale to strengthen competitive advantage, complement point-to-point model 7

 
MANAGING SHORT TERM BOOKINGS VOLATILITY REVENUE YOY GROWTH Actual Estimate • Demand bottomed in mid-April; some improvement through 2Q started in late May Current planning assumption* − 2Q 2020 revenue declined (90%) YoY, driven by acute demand challenges − Small improvement in volumes stalled in July -15% • Expect continued volatility in 3Q bookings − Based on latest forward bookings and current planning assumptions, estimating 3Q revenue decline of approximately (80%) YoY -83% -80% -94% -93% -90% − Demand continues to be driven by COVID-19 infection rates and quarantine measures in place April May June 1Q 2Q 3Q* *Current planning assumption as of July 28, 2020; does not constitute guidance 8

 
ADJUSTING CAPACITY TO EVOLVING DEMAND TRENDS ASM YOY GROWTH Flown Planned • Significant capacity reductions in 2Q in response to lower demand Current planning assumption* − 2Q capacity down (85%) YoY; continued to manage scheduled and close-in cancels − Near-term capacity actions aimed at generating cash -4% • 3Q capacity aimed at cash generation opportunities − Planning Q3 capacity decline of at least ~(45%) YoY; -45% managing capacity to drive improvements in bookings and revenue -79% -85% -85% − Adapting quickly to volatile revenue trends; reduced -91% August schedules ~20% in late July in response to April May June 1Q 2Q 3Q* demand stalling in July *Current planning assumption as of July 28, 2020; does not constitute guidance 9

 
FINANCIAL UPDATE & OUTLOOK STEVE PRIEST CHIEF FINANCIAL OFFICER

 
SUMMARY FINANCIALS 2Q 2020 METRIC 2Q 2020 2Q 2019 Change YoY ASM (millions) 2,413 16,029 (84.9%) RASM (cents) 8.91 13.14 (32.2%) CASM (cents) 25.90 11.58 123.7% CASM ex-Fuel(1) (cents) 36.95 8.46 336.6% Fuel ($/gallon) 0.96 2.16 (55.4%) Earnings per Share (GAAP) (1.18) 0.59 Earnings per Share(1) (Non-GAAP) (2.02) 0.60 (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 11

 
MAINTAINING A STRONG LIQUIDITY POSITION 3,434 118 717 936 533 1,799 403 691 550 67 78 150 3/31/20 Cash from CAPEX Debt Barclays Credit Payroll Term Loan Sale Total Liquidity(1) Ops(2) Payments Point Revolver Support After Fees Leaseback Liquidity as Purchase Program(3) Transactions of 6/30/20(1) (1) Cash, cash equivalents and short-term investments, and restricted cash for CARES Act PSP. (2) Operating cash burn through June 30, 2020. Cash burn includes net sales, operating cash outlays, working capital timing, and excludes financing for future aircraft deliveries. This cash burn includes SW&B paid with PSP funds (3) Includes $403M of PSP funds used to pay for SW&B and $533M of remaining restricted PSP funds 12

 
REBUILDING OUR MARGINS THROUGH COST EXECUTION YOY OPERATING EXPENSES COST INITIATIVES Actual GAAP Actual Non-GAAP (1) Planned Current planning • Aggressive cost reductions and capacity actions assumption* in response to changes in demand 7% ‒ Managing variable and fixed costs in the short term, -4% with capacity actions to protect liquidity and generate cash • Planning for margin recovery through cost -35% -45% restructuring efforts -49% -50% -55% ‒ Permanently removing fixed costs, maximizing -64% -64% -66% -71% variable/fixed ratio April May June 1Q 2Q 3Q* *Current planning assumption as of July 28, 2020; does not constitute guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A 13

 
REDUCING OUR CAPITAL EXPENDITURES REVISED CAPEX FLEET* Actual Planned (US$ million) As of 12/31/2019 As of 12/31/2020* 1 6 13 800 - 850 35 35 28 28 130 130 175 67 60 60 2Q 3Q* 2020* 2019 2020* E190 A320 A321 HD A321 Mint A321neo HD A220 • Expect to continue revisiting CAPEX based on recovery • On July 1st, took delivery of one A321neo, fleet count 263 trends • Remaining 2020 NEO deliveries to be financed through sale • Anticipate taking three more A321neos, one A220 leasebacks *Current planning assumption as of July 28, 2020; does not constitute guidance. Please refer to Appendix C for latest order book 14

 
TAKING ACTION TO PROTECT LIQUIDITY LEVERAGE DEBTDEBT REPAYMENTS* REPAYMENTS* Principal Interest Adjusted (US$ million) Debt to Cap (1) Actuals Planned 55% 44% 34% 102 93 78 89 (2) 41 44 19 30 Dec 31 2019 Mar 31 2020 Jun 30 2020 1Q 2Q 3Q* 4Q* • Raised ~$750M via term loan, exceeding initial expectations *Cash outflows related to debt repayment schedule (principal and • Executed $118M in sale leaseback (“SLB”) transactions in 2Q; interest) as of 6/30/2020; does not assume any future debt raises and does not constitute guidance additional SLBs under contract • Received $251M under CARES Act PSP. Evaluating CARES (1) Refer to reconciliations of non-GAAP financial measures in Appendix A Act Loan Program for $1.14B as contingency plan (2) $32M additional cash outflows during period related to financing fees 15

 
QUESTIONS?

 
APPENDIX A Non-GAAP Financial Measures JetBlue sometimes uses non-GAAP financial measures in this presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information in Appendices A and B provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. 17

 
2Q 2020 FINANCIAL RESULTS US$ Millions 2Q 2020 2Q 2019 Var % Total Operating Revenues 215 2,105 (89.8) Aircraft fuel and related taxes 29 484 (94.0) Salaries, wages and benefits 477 576 (17.1) Landing fees and other rents 62 121 (48.8) Depreciation and amortization 140 127 10.2 Aircraft rent 16 25 (36.7) Sales and marketing 8 75 (89.6) Maintenance, materials and repairs 73 168 (56.4) Other operating expenses 124 277 (55.3) Special items (304) 2 (13,121.7) Operating (Loss) Income (410) 250 (264.3) Other Income (Expense) (40) (14) (198.6) (Loss) income before income taxes (450) 236 (290.2) Income tax (benefit) expense (130) 57 (326.8) * Refer to reconciliations of NET (LOSS) INCOME (320) 179 (278.6) non-GAAP Pre-Tax Margin (209.2%) 11.2% (220.4) pts financial (Loss) Earnings per Share (EPS) (GAAP) ($1.18) $0.59 measures in this Appendix A Adj. Pre-Tax Margin* (351.0%) 11.3% (362.3) pts Adj. (Loss) Earnings per Share (EPS)* (Non- GAAP) ($2.02) $0.60 18

 
Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (“CASM Ex-Fuel”) Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operatingLOCATIONexpense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ per ASM $ per ASM $ per ASM $ per ASM Total operating expenses $ 625 $ 25.90 $ 1,855 $ 11.58 $ 2,547 $ 14.72 $ 3,652 $ 11.60 Less: Aircraft fuel and related taxes 29 1.21 484 3.02 394 2.28 921 2.93 Other non-airline expenses 9 0.36 12 0.09 22 0.13 23 0.07 Special items (304) (12.62) 2 0.01 (102) (0.59) 14 0.04 Operating expenses, excluding fuel $ 891 $ 36.95 $ 1,357 $ 8.46 $ 2,233 $ 12.90 $ 2,694 $ 8.56 19

 
Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS (in millions, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Total operating revenues $ 215 $ 2,105 $ 1,803 $ 3,977 Total operating expenses $ 625 $ 1,855 $ 2,547 $ 3,652 Less: Special items (304) 2 (102) 14 Total operating expenses excluding special items $ 929 $ 1,853 $ 2,649 $ 3,638 Operating (loss) income $ (410) $ 250 $ (744) $ 325 Add back: Special items (304) 2 (102) 14 Operating (loss) income excluding special items $ (714) $ 252 $ (846) $ 339 Operating margin excluding special items -332.6% 12.0% -46.9% 8.5% (Loss) income before income taxes $ (450) $ 236 $ (804) $ 294 Add back: Special items (304) 2 (102) 14 (Loss) income before income taxes excluding special items $ (754) $ 238 $ (906) $ 308 Pre-tax margin excluding special items -351.0% 11.3% -50.2% 7.8% Net (loss) income $ (320) $ 179 $ (588) $ 221 Add back: Special items (304) 2 (102) 14 Less: Income tax (expense) benefit related to special items (76) 1 (26) 3 Net (loss) income excluding special items $ (548) $ 180 $ (664) $ 232 (Loss) Earnings Per Common Share: Basic $ (1.18) $ 0.60 $ (2.14) $ 0.73 Add back: Special items, net of tax (0.84) - (0.28) 0.03 Basic excluding special items $ (2.02) $ 0.60 $ (2.42) $ 0.76 Diluted $ (1.18) $ 0.59 $ (2.14) $ 0.73 Add back: Special items, net of tax (0.84) 0.01 (0.28) 0.03 Diluted excluding special items $ (2.02) $ 0.60 $ (2.42) $ 0.76 20

 
Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF MONTHLY OPERATING EXPENSE EXCLUDING SPECIAL ITEMS (in millions) (unaudited) Month ended 2020 2019 April 30, May 31, June 30, April 30, May 31, June 30, Total operating expenses $ 219 $ 182 $ 224 $ 607 $ 631 $ 617 Less: Special items (113) (99) (92) 1 1 - Operating expenses, excluding special items $ 332 $ 281 $ 316 $ 606 $ 630 $ 617 21

 
APPENDIX B: CALCULATION OF LEVERAGE RATIOS Adjusted Debt to Capitalization Ratio Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. LOCATION NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited) June 30, 2020 December 31, 2019 Long-term debt and finance leases $ 3,430 $ 1,990 Current maturities of long-term debt and finance leases 362 344 Short-term borrowings 984 - Operating lease liabilities - aircraft 163 183 Adjusted debt 4,939 2,517 Long-term debt and finance leases 3,430 1,990 Current maturities of long-term debt and finance leases 362 344 Short-term borrowings 984 - Operating lease liabilities - aircraft 163 183 Stockholders' equity 4,094 4,799 Adjusted capitalization 9,033 7,316 Adjusted debt to capitalization ratio 55% 34% 22

 
APPENDIX C: CONTRACTUAL ORDER BOOK A220 A321NEO A321NEO LR Total 2020* 1 7 8 2021 7 5 5 17 2022 8 7 15 Total 16 12 12 40 Delivery schedule, as of July 28, 2020 *Includes 3 deliveries received in 1Q 2020 23

 
APPENDIX D: RELEVANT JETBLUE MATERIALS www.investor.jetblue.com/investor-relations DOCUMENT LOCATION Investor Presentations http://blueir.investproductions.com/investor-relations/events-and-presentations/presentations Earnings Releases http://blueir.investproductions.com/investor-relations/financial-information/quarterly-results Annual Reports http://blueir.investproductions.com/investor-relations/financial-information/reports/annual-reports SEC Filings http://blueir.investproductions.com/investor-relations/financial-information/sec-filings Proxy Statements http://blueir.investproductions.com/investor-relations/financial-information/reports/proxy-statements Investor Updates http://blueir.investproductions.com/investor-relations/financial-information/investor-updates Traffic Reports http://blueir.investproductions.com/investor-relations/financial-information/traffic-releases ESG Reports* http://blueir.investproductions.com/investor-relations/financial-information/reports/sustainable-accounting-standards-board-reports * Environmental, Social, and Governance Reports 24