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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JetBlue Airways Corporation | NASDAQ:JBLU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.26 | -4.09% | 6.10 | 6.09 | 6.10 | 6.45 | 6.06 | 6.38 | 10,868,833 | 23:53:29 |
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
87-0617894
|
(State of Other Jurisdiction of Incorporation)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
27-01 Queens Plaza North, Long Island City, New York
|
|
11101
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
þ
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
||
Smaller reporting company
o
|
|
Emerging growth company
o
|
|
|
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Page
|
PART I. FINANCIAL INFORMATION
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
464
|
|
|
$
|
474
|
|
Investment securities
|
412
|
|
|
413
|
|
||
Receivables, less allowance (2019-$2; 2018-$1)
|
338
|
|
|
211
|
|
||
Inventories, less allowance (2019-$19; 2018-$18)
|
86
|
|
|
78
|
|
||
Prepaid expenses and other
|
221
|
|
|
212
|
|
||
Total current assets
|
1,521
|
|
|
1,388
|
|
||
PROPERTY AND EQUIPMENT
|
|
|
|
||||
Flight equipment
|
9,607
|
|
|
9,525
|
|
||
Predelivery deposits for flight equipment
|
349
|
|
|
293
|
|
||
Total flight equipment and predelivery deposits, gross
|
9,956
|
|
|
9,818
|
|
||
Less accumulated depreciation
|
2,528
|
|
|
2,448
|
|
||
Total flight equipment and predelivery deposits, net
|
7,428
|
|
|
7,370
|
|
||
Other property and equipment
|
1,080
|
|
|
1,074
|
|
||
Less accumulated depreciation
|
476
|
|
|
461
|
|
||
Total other property and equipment, net
|
604
|
|
|
613
|
|
||
Total property and equipment
|
8,032
|
|
|
7,983
|
|
||
OPERATING LEASE ASSETS
|
1,028
|
|
|
1,056
|
|
||
OTHER ASSETS
|
|
|
|
||||
Investment securities
|
3
|
|
|
3
|
|
||
Restricted cash
|
57
|
|
|
59
|
|
||
Other
|
474
|
|
|
470
|
|
||
Total other assets
|
534
|
|
|
532
|
|
||
TOTAL ASSETS
|
$
|
11,115
|
|
|
$
|
10,959
|
|
|
|
|
|
||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
482
|
|
|
$
|
437
|
|
Air traffic liability
|
1,279
|
|
|
1,035
|
|
||
Accrued salaries, wages and benefits
|
320
|
|
|
313
|
|
||
Other accrued liabilities
|
367
|
|
|
298
|
|
||
Current operating lease liabilities
|
135
|
|
|
133
|
|
||
Current maturities of long-term debt and finance leases
|
268
|
|
|
309
|
|
||
Total current liabilities
|
2,851
|
|
|
2,525
|
|
||
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS
|
1,271
|
|
|
1,361
|
|
||
LONG-TERM OPERATING LEASE LIABILITIES
|
773
|
|
|
798
|
|
||
DEFERRED TAXES AND OTHER LIABILITIES
|
|
|
|
||||
Deferred income taxes
|
1,123
|
|
|
1,112
|
|
||
Air traffic liability - loyalty non-current
|
458
|
|
|
447
|
|
||
Other
|
32
|
|
|
31
|
|
||
Total deferred taxes and other liabilities
|
1,613
|
|
|
1,590
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 7)
|
|
|
|
||||
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Preferred stock, $0.01 par value; 25 shares authorized, none issued
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 900 shares authorized, 423 and 422 shares issued and 301 and 306 shares outstanding at March 31, 2019 and December 31, 2018, respectively
|
4
|
|
|
4
|
|
||
Treasury stock, at cost; 122 and 116 shares at March 31, 2019 and December 31, 2018, respectively
|
(1,377
|
)
|
|
(1,272
|
)
|
||
Additional paid-in capital
|
2,186
|
|
|
2,203
|
|
||
Retained earnings
|
3,795
|
|
|
3,753
|
|
||
Accumulated other comprehensive income (loss)
|
(1
|
)
|
|
(3
|
)
|
||
Total stockholders’ equity
|
4,607
|
|
|
4,685
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
11,115
|
|
|
$
|
10,959
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
OPERATING REVENUES
|
|
|
|
||||
Passenger
|
$
|
1,802
|
|
|
$
|
1,692
|
|
Other
|
69
|
|
|
62
|
|
||
Total operating revenues
|
1,871
|
|
|
1,754
|
|
||
OPERATING EXPENSES
|
|
|
|
||||
Aircraft fuel and related taxes
|
437
|
|
|
417
|
|
||
Salaries, wages and benefits
|
575
|
|
|
499
|
|
||
Landing fees and other rents
|
115
|
|
|
109
|
|
||
Depreciation and amortization
|
124
|
|
|
111
|
|
||
Aircraft rent
|
25
|
|
|
25
|
|
||
Sales and marketing
|
66
|
|
|
67
|
|
||
Maintenance materials and repairs
|
155
|
|
|
142
|
|
||
Other operating expenses
|
286
|
|
|
259
|
|
||
Special items
|
12
|
|
|
—
|
|
||
Total operating expenses
|
1,795
|
|
|
1,629
|
|
||
OPERATING INCOME
|
76
|
|
|
125
|
|
||
OTHER INCOME (EXPENSE)
|
|
|
|
||||
Interest expense
|
(20
|
)
|
|
(16
|
)
|
||
Capitalized interest
|
3
|
|
|
2
|
|
||
Interest income and other
|
(1
|
)
|
|
2
|
|
||
Total other income (expense)
|
(18
|
)
|
|
(12
|
)
|
||
INCOME BEFORE INCOME TAXES
|
58
|
|
|
113
|
|
||
Income tax expense
|
16
|
|
|
23
|
|
||
NET INCOME
|
$
|
42
|
|
|
$
|
90
|
|
|
|
|
|
||||
EARNINGS PER COMMON SHARE:
|
|
|
|
||||
Basic
|
$
|
0.14
|
|
|
$
|
0.28
|
|
Diluted
|
$
|
0.14
|
|
|
$
|
0.28
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
NET INCOME
|
$
|
42
|
|
|
$
|
90
|
|
Changes in fair value of derivative instruments, net of reclassifications into earnings (net of tax benefit/(expense) of $0 in 2019 and 2018)
|
2
|
|
|
—
|
|
||
Total other comprehensive income
|
2
|
|
|
—
|
|
||
COMPREHENSIVE INCOME
|
$
|
44
|
|
|
$
|
90
|
|
|
|
Common
Shares |
|
Common
Stock |
|
Treasury
Shares |
|
Treasury
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||||
Balance at December 31, 2018
(1)
|
|
422
|
|
|
$
|
4
|
|
|
116
|
|
|
$
|
(1,272
|
)
|
|
$
|
2,203
|
|
|
$
|
3,753
|
|
|
$
|
(3
|
)
|
|
$
|
4,685
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||
Vesting of restricted stock units
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
6
|
|
|
(100
|
)
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
(125
|
)
|
||||||
Balance at March 31, 2019
|
|
423
|
|
|
$
|
4
|
|
|
122
|
|
|
$
|
(1,377
|
)
|
|
$
|
2,186
|
|
|
$
|
3,795
|
|
|
$
|
(1
|
)
|
|
$
|
4,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Common
Shares |
|
Common
Stock |
|
Treasury
Shares |
|
Treasury
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||||
Balance at December 31, 2017
(1)
|
|
418
|
|
|
$
|
4
|
|
|
97
|
|
|
$
|
(890
|
)
|
|
$
|
2,127
|
|
|
$
|
3,564
|
|
|
$
|
—
|
|
|
$
|
4,805
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|
—
|
|
|
90
|
|
||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vesting of restricted stock units
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
6
|
|
|
(125
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(125
|
)
|
||||||
Balance at March 31, 2018
|
|
419
|
|
|
$
|
4
|
|
|
103
|
|
|
$
|
(1,021
|
)
|
|
$
|
2,134
|
|
|
$
|
3,654
|
|
|
$
|
—
|
|
|
$
|
4,771
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Available-for-sale securities
|
|
|
|
||||
Time deposits
|
$
|
235
|
|
|
$
|
190
|
|
U.S. Treasury
|
40
|
|
|
39
|
|
||
Debt securities
|
5
|
|
|
7
|
|
||
Total available-for-sale securities
|
280
|
|
|
236
|
|
||
Held-to-maturity securities
|
|
|
|
||||
U.S. Treasury
|
135
|
|
|
180
|
|
||
Total investment securities
|
$
|
415
|
|
|
$
|
416
|
|
|
Three Months Ended March 31,
|
|||||
|
2019
|
2018
|
||||
Passenger revenue
|
|
|
||||
Passenger travel
|
$
|
1,752
|
|
$
|
1,651
|
|
Loyalty revenue - air transportation
|
50
|
|
41
|
|
||
Other revenue
|
|
|
||||
Loyalty revenue
|
43
|
|
36
|
|
||
Other revenue
|
26
|
|
26
|
|
||
Total revenues
|
$
|
1,871
|
|
$
|
1,754
|
|
(in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Contract liabilities
|
|
|
|
||||
Air traffic liability - passenger travel
|
$
|
1,133
|
|
|
$
|
892
|
|
Air traffic liability - loyalty program (air transportation)
|
594
|
|
|
580
|
|
||
Deferred revenue
|
10
|
|
|
10
|
|
||
Total contract liabilities
|
$
|
1,737
|
|
|
$
|
1,482
|
|
Balance at December 31, 2018
|
$
|
580
|
|
TrueBlue
®
points redeemed
|
(50
|
)
|
|
TrueBlue
®
points earned and sold
|
64
|
|
|
Balance at March 31, 2019
|
$
|
594
|
|
|
|
||
Balance at December 31, 2017
|
$
|
502
|
|
TrueBlue
®
points redeemed
|
(41
|
)
|
|
TrueBlue
®
points earned and sold
|
55
|
|
|
Balance at March 31, 2018
|
$
|
516
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Public Debt
|
|
|
|
|
|
|
|
||||||||
Fixed rate special facility bonds, due through 2036
|
$
|
42
|
|
|
$
|
44
|
|
|
$
|
42
|
|
|
$
|
44
|
|
Non-Public Debt
|
|
|
|
|
|
|
|
||||||||
Fixed rate enhanced equipment notes, due through 2023
|
140
|
|
|
143
|
|
|
151
|
|
|
153
|
|
||||
Floating rate equipment notes, due through 2028
|
233
|
|
|
232
|
|
|
245
|
|
|
245
|
|
||||
Fixed rate equipment notes, due through 2028
|
1,023
|
|
|
1,046
|
|
|
1,125
|
|
|
1,135
|
|
||||
Total
(1)
|
$
|
1,438
|
|
|
$
|
1,465
|
|
|
$
|
1,563
|
|
|
$
|
1,577
|
|
|
|
Classification on Balance Sheet
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
|
|
|
||||
Operating lease assets
|
|
Operating lease assets
|
|
$
|
1,028
|
|
|
$
|
1,056
|
|
Finance lease assets
|
|
Property and equipment, net
|
|
177
|
|
|
181
|
|
||
Total lease assets
|
|
|
|
$
|
1,205
|
|
|
$
|
1,237
|
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
||||
Current:
|
|
|
|
|
|
|
||||
Operating lease liabilities
|
|
Current operating lease liabilities
|
|
$
|
135
|
|
|
$
|
133
|
|
Finance lease liabilities
|
|
Current maturities of long-term debt and finance leases
|
|
18
|
|
|
18
|
|
||
Long-term:
|
|
|
|
|
|
|
||||
Operating lease liabilities
|
|
Long-term operating lease liabilities
|
|
773
|
|
|
798
|
|
||
Finance lease liabilities
|
|
Long-term debt and finance lease obligations
|
|
83
|
|
|
89
|
|
||
Total lease liabilities
|
|
|
|
$
|
1,009
|
|
|
$
|
1,038
|
|
|
|
|
|
|
|
|
||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||
Weighted-average remaining lease term (in years)
|
|
|
|
|
||||||
Operating leases
|
|
11
|
|
|
11
|
|
||||
Finance leases
|
|
3
|
|
|
4
|
|
||||
Weighted-average discount rate
|
|
|
|
|
||||||
Operating leases
|
|
5.95
|
%
|
|
5.95
|
%
|
||||
Finance leases
|
|
4.78
|
%
|
|
4.73
|
%
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Operating lease cost
|
|
$
|
45
|
|
|
$
|
45
|
|
Short-term lease cost
|
|
1
|
|
|
—
|
|
||
Finance lease cost:
|
|
|
|
|
||||
Amortization of assets
|
|
1
|
|
|
1
|
|
||
Interest on lease liabilities
|
|
1
|
|
|
1
|
|
||
Variable lease cost
|
|
94
|
|
|
88
|
|
||
Total net lease cost
|
|
$
|
142
|
|
|
$
|
135
|
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
|
||||
Operating cash flows for operating leases
|
|
$
|
40
|
|
|
$
|
36
|
|
Operating cash flows for finance leases
|
|
2
|
|
|
2
|
|
||
Financing cash flows for finance leases
|
|
6
|
|
|
6
|
|
|
|
As of March 31, 2019
|
||||||
(in millions)
|
|
Operating Leases
|
|
Finance Leases
|
||||
2019
|
|
$
|
101
|
|
|
$
|
15
|
|
2020
|
|
132
|
|
|
35
|
|
||
2021
|
|
127
|
|
|
39
|
|
||
2022
|
|
118
|
|
|
9
|
|
||
2023
|
|
109
|
|
|
10
|
|
||
Thereafter
|
|
678
|
|
|
5
|
|
||
Total minimum lease payments
|
|
1,265
|
|
|
113
|
|
||
Less: amount of lease payments representing interest
|
|
(357
|
)
|
|
(12
|
)
|
||
Present value of future minimum lease payments
|
|
908
|
|
|
101
|
|
||
Less: current obligations under leases
|
|
(135
|
)
|
|
(18
|
)
|
||
Long-term lease obligations
|
|
773
|
|
|
83
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income
(1)
|
$
|
42
|
|
|
$
|
90
|
|
|
|
|
|
||||
Weighted average basic shares
|
305.3
|
|
|
320.6
|
|
||
Effect of dilutive securities
|
1.6
|
|
|
1.7
|
|
||
Weighted average diluted shares
|
306.9
|
|
|
322.3
|
|
||
|
|
|
|
||||
Earnings per common share
|
|
|
|
||||
Basic
|
$
|
0.14
|
|
|
$
|
0.28
|
|
Diluted
|
0.14
|
|
|
0.28
|
|
|
Jet fuel call option spread agreements
|
|
Jet fuel call option agreements
|
|
Total
|
|||
Second Quarter 2019
|
—
|
%
|
|
7
|
%
|
|
7
|
%
|
Fuel derivatives
|
March 31,
2019 |
|
December 31,
2018 |
||||
Asset fair value recorded in prepaid expense and other
(1)
|
$
|
—
|
|
|
$
|
—
|
|
Longest remaining term (months)
|
3
|
|
|
6
|
|
||
Hedged volume (barrels, in thousands)
|
378
|
|
|
756
|
|
||
Estimated amount of existing (gains) losses expected to be reclassified into earnings in the next 12 months
|
$
|
2
|
|
|
$
|
4
|
|
|
Three Months Ended March 31,
|
||||||
Fuel derivatives
|
2019
|
|
2018
|
||||
Hedge effectiveness (gains) losses recognized in aircraft fuel expense
|
$
|
2
|
|
|
$
|
—
|
|
Hedge (gains) losses on derivatives recognized in comprehensive income
|
—
|
|
|
—
|
|
||
Percentage of actual consumption economically hedged
|
7
|
%
|
|
—
|
%
|
|
March 31, 2019
|
||||||||||||||
Assets
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
$
|
194
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
194
|
|
Available-for-sale investment securities
|
40
|
|
|
240
|
|
|
—
|
|
|
280
|
|
||||
Aircraft fuel derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
December 31, 2018
|
||||||||||||||
Assets
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
$
|
198
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
198
|
|
Available-for-sale investment securities
|
39
|
|
|
197
|
|
|
—
|
|
|
236
|
|
||||
Aircraft fuel derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Aircraft Fuel Derivatives
(1)
|
|
Total
|
||||
Balance of accumulated (losses) at December 31, 2018
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
Reclassifications into earnings, net of tax benefit $0
|
2
|
|
|
2
|
|
||
Change in fair value, net of tax benefit $0
|
—
|
|
|
—
|
|
||
Balance of accumulated (losses) at March 31, 2019
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
|
|
|
||||
Balance of accumulated income at December 31, 2017
|
$
|
—
|
|
|
$
|
—
|
|
Reclassifications into earnings , net of tax benefit $0
|
—
|
|
|
—
|
|
||
Change in fair value, net of tax benefit of $0
|
—
|
|
|
—
|
|
||
Balance of accumulated income at March 31, 2018
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended March 31,
|
||||||
Special Items
|
2019
|
|
2018
|
||||
Embraer E190 fleet transition costs
(1)
|
$
|
9
|
|
|
$
|
—
|
|
Union contract costs
(2)
|
3
|
|
|
—
|
|
||
Total
|
$
|
12
|
|
|
$
|
—
|
|
•
|
We had a
$117 million
increase
in revenue compared to the
first quarter
of
2018
primarily due to a
10.1%
increase
in capacity.
|
•
|
We generated
$420 million
in cash from operations and
$256 million
in free cash flow for the
three months ended March 31, 2019
.
|
•
|
Our operating margin decreased by 3.0 percentage points to 4.1%, due in part to calendar placement which shifted Easter and Passover into the second quarter of 2019, and an increase in salaries, wages, and benefits driven by the incremental costs of the new pilots' collective bargaining agreement which became effective in August 2018.
|
•
|
Operating expense per available seat mile
increase
d by
0.1%
to
11.63 cent
s, evidencing the progress of our structural cost program.
|
•
|
Our reported earnings per diluted share for the first quarter of 2019 were $0.14. Special items, principally related to contract termination costs associated with the Embraer E190 fleet transition, reduced our reported earnings per share by $0.02.
|
(Revenues in millions; percent changes based on unrounded numbers)
|
Three months ended March 31,
|
|
Year-over-Year Change
|
||||||||||||
2019
|
|
2018
|
|
$
|
|
%
|
|||||||||
Passenger revenue
|
$
|
1,802
|
|
|
$
|
1,692
|
|
|
$
|
110
|
|
|
6.5
|
|
|
Other revenue
|
69
|
|
|
62
|
|
|
7
|
|
|
11.8
|
|
|
|||
Total operating revenues
|
$
|
1,871
|
|
|
$
|
1,754
|
|
|
$
|
117
|
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average Fare
|
$
|
177.24
|
|
|
$
|
171.19
|
|
|
$
|
6.05
|
|
|
3.5
|
|
|
Yield per passenger mile (cents)
|
14.15
|
|
|
14.26
|
|
|
(0.11
|
)
|
|
(0.7
|
)
|
|
|||
Passenger revenue per ASM (cents)
|
11.67
|
|
|
12.06
|
|
|
(0.39
|
)
|
|
(3.2
|
)
|
|
|||
Operating revenue per ASM (cents)
|
12.12
|
|
|
12.50
|
|
|
(0.38
|
)
|
|
(3.1
|
)
|
|
|||
Average stage length (miles)
|
1,153
|
|
|
1,098
|
|
|
55
|
|
|
5.0
|
|
|
|||
Revenue passengers (thousands)
|
10,165
|
|
|
9,881
|
|
|
284
|
|
|
2.9
|
|
|
|||
Revenue passenger miles (millions)
|
12,734
|
|
|
11,866
|
|
|
868
|
|
|
7.3
|
|
|
|||
Available Seat Miles (ASMs) (millions)
|
15,437
|
|
|
14,025
|
|
|
1,412
|
|
|
10.1
|
|
|
|||
Load Factor
|
82.5
|
%
|
|
84.6
|
%
|
|
|
|
(2.1
|
)
|
pts.
|
(in millions; per ASM data in cents; percent changes based on unrounded numbers)
|
Three Months Ended March 31,
|
|
Year-over-Year Change
|
|
Cents per ASM
|
||||||||||||||||||
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
% Change
|
|||||||||||
Aircraft fuel and related taxes
|
$
|
437
|
|
|
$
|
417
|
|
|
$
|
20
|
|
|
4.9
|
%
|
|
2.83
|
|
|
2.97
|
|
|
(4.7
|
)%
|
Salaries, wages and benefits
|
575
|
|
|
499
|
|
|
76
|
|
|
15.2
|
|
|
3.73
|
|
|
3.56
|
|
|
4.7
|
|
|||
Landing fees and other rents
|
115
|
|
|
109
|
|
|
6
|
|
|
6.2
|
|
|
0.75
|
|
|
0.78
|
|
|
(3.5
|
)
|
|||
Depreciation and amortization
|
124
|
|
|
111
|
|
|
13
|
|
|
11.5
|
|
|
0.80
|
|
|
0.79
|
|
|
1.3
|
|
|||
Aircraft rent
|
25
|
|
|
25
|
|
|
—
|
|
|
1.5
|
|
|
0.16
|
|
|
0.18
|
|
|
(7.8
|
)
|
|||
Sales and marketing
|
66
|
|
|
67
|
|
|
(1
|
)
|
|
(1.8
|
)
|
|
0.43
|
|
|
0.48
|
|
|
(10.8
|
)
|
|||
Maintenance materials and repairs
|
155
|
|
|
142
|
|
|
13
|
|
|
9.3
|
|
|
1.00
|
|
|
1.01
|
|
|
(0.7
|
)
|
|||
Other operating expenses
|
286
|
|
|
259
|
|
|
27
|
|
|
10.1
|
|
|
1.85
|
|
|
1.85
|
|
|
—
|
|
|||
Special items
|
12
|
|
|
—
|
|
|
12
|
|
|
n/a
|
|
|
0.08
|
|
|
—
|
|
|
n/a
|
|
|||
Total operating expenses
|
$
|
1,795
|
|
|
$
|
1,629
|
|
|
$
|
166
|
|
|
10.2
|
%
|
|
11.63
|
|
|
11.62
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total operating expenses excluding special items
(1)
|
$
|
1,783
|
|
|
$
|
1,629
|
|
|
$
|
154
|
|
|
9.5
|
%
|
|
11.56
|
|
|
11.62
|
|
|
(0.5
|
)%
|
|
Three Months Ended March 31,
|
|
Year-over-Year Change
|
||||||||
(percent changes based on unrounded numbers)
|
2019
|
|
2018
|
|
%
|
||||||
Operational Statistics
|
|
|
|
|
|
|
|||||
Revenue passengers (thousands)
|
10,165
|
|
|
9,881
|
|
|
2.9
|
|
|
||
Revenue passenger miles (RPMs) (millions)
|
12,734
|
|
|
11,866
|
|
|
7.3
|
|
|
||
Available seat miles (ASMs) (millions)
|
15,437
|
|
|
14,025
|
|
|
10.1
|
|
|
||
Load factor
|
82.5
|
%
|
|
84.6
|
%
|
|
(2.1
|
)
|
pts
|
||
Aircraft utilization (hours per day)
|
11.8
|
|
|
11.4
|
|
|
3.5
|
|
|
||
|
|
|
|
|
|
|
|||||
Average fare
|
$
|
177.24
|
|
|
$
|
171.19
|
|
|
3.5
|
|
|
Yield per passenger mile (cents)
|
14.15
|
|
|
14.26
|
|
|
(0.7
|
)
|
|
||
Passenger revenue per ASM (cents)
|
11.67
|
|
|
12.06
|
|
|
(3.2
|
)
|
|
||
Operating revenue per ASM (cents)
|
12.12
|
|
|
12.50
|
|
|
(3.1
|
)
|
|
||
Operating expense per ASM (cents)
|
11.63
|
|
|
11.62
|
|
|
0.1
|
|
|
||
Operating expense per ASM, excluding fuel
(1)
|
8.66
|
|
|
8.58
|
|
|
0.9
|
|
|
||
|
|
|
|
|
|
|
|||||
Departures
|
89,236
|
|
|
86,046
|
|
|
3.7
|
|
|
||
Average stage length (miles)
|
1,153
|
|
|
1,098
|
|
|
5.0
|
|
|
||
Average number of operating aircraft during period
|
252.9
|
|
|
243.9
|
|
|
3.7
|
|
|
||
Average fuel cost per gallon, including fuel taxes
|
$
|
2.05
|
|
|
$
|
2.09
|
|
|
(2.0
|
)
|
|
Fuel gallons consumed (millions)
|
213
|
|
|
199
|
|
|
7.0
|
|
|
||
Average number of full-time equivalent crewmembers
|
18,292
|
|
|
17,530
|
|
|
|
|
|
Payments due in
|
||||||||||||||||||||||||||
|
Total
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||||
Debt and finance lease obligations
(a)
|
$
|
1,784
|
|
|
$
|
220
|
|
|
$
|
327
|
|
|
$
|
305
|
|
|
$
|
272
|
|
|
$
|
244
|
|
|
$
|
416
|
|
Operating lease obligations
|
1,266
|
|
|
101
|
|
|
133
|
|
|
127
|
|
|
118
|
|
|
109
|
|
|
678
|
|
|||||||
Flight equipment purchase obligations
|
8,142
|
|
|
1,085
|
|
|
1,190
|
|
|
1,430
|
|
|
1,259
|
|
|
1,576
|
|
|
1,602
|
|
|||||||
Other obligations
(b)
|
2,893
|
|
|
347
|
|
|
298
|
|
|
321
|
|
|
302
|
|
|
310
|
|
|
1,315
|
|
|||||||
Total
|
$
|
14,085
|
|
|
$
|
1,753
|
|
|
$
|
1,948
|
|
|
$
|
2,183
|
|
|
$
|
1,951
|
|
|
$
|
2,239
|
|
|
$
|
4,011
|
|
Year
|
|
Airbus A321neo
|
|
Airbus A220
|
|
Total
|
2019
|
|
13
|
|
—
|
|
13
|
2020
|
|
15
|
|
1
|
|
16
|
2021
|
|
16
|
|
6
|
|
22
|
2022
|
|
15
|
|
8
|
|
23
|
2023
|
|
14
|
|
19
|
|
33
|
2024
|
|
12
|
|
22
|
|
34
|
2025
|
|
—
|
|
4
|
|
4
|
Total
|
|
85
|
|
60
|
|
145
|
Reconciliation of Free Cash Flow
|
||||||||
|
|
Three months ended March 31,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
|
$
|
420
|
|
|
$
|
490
|
|
Less: Capital expenditures
|
|
(101
|
)
|
|
(184
|
)
|
||
Less: Predelivery deposits for flight equipment
|
|
(63
|
)
|
|
(19
|
)
|
||
Free Cash Flow
|
|
$
|
256
|
|
|
$
|
287
|
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans
|
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan or Program
|
||||
March 2019
|
|
6.1
|
|
|
(1)
|
|
6.1
|
|
|
$
|
250
|
|
Total
|
|
6.1
|
|
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JETBLUE AIRWAYS CORPORATION
|
||||
|
|
|
|
|
|
(Registrant)
|
||
|
|
|
|
|||||
Date:
|
|
April 26, 2019
|
|
|
|
By:
|
|
/s/ Alexander Chatkewitz
|
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
(Principal Accounting Officer)
|
Exhibit Number
|
|
Exhibit
|
31.1
|
|
|
31.2
|
|
|
32
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year JetBlue Airways Chart |
1 Month JetBlue Airways Chart |
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