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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.88% | 5.63 | 5.62 | 5.64 | 5.78 | 5.52 | 5.63 | 12,710,313 | 00:58:33 |
|
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)
|
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
|
Large accelerated filer
|
☑
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
|
|
Page
|
PART I. FINANCIAL INFORMATION
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
461
|
|
|
$
|
474
|
|
Investment securities
|
448
|
|
|
413
|
|
||
Receivables, less allowance (2019-$2; 2018-$1)
|
282
|
|
|
211
|
|
||
Inventories, less allowance (2019-$20; 2018-$18)
|
85
|
|
|
78
|
|
||
Prepaid expenses and other
|
193
|
|
|
212
|
|
||
Total current assets
|
1,469
|
|
|
1,388
|
|
||
PROPERTY AND EQUIPMENT
|
|
|
|
||||
Flight equipment
|
9,814
|
|
|
9,525
|
|
||
Predelivery deposits for flight equipment
|
408
|
|
|
293
|
|
||
Total flight equipment and predelivery deposits, gross
|
10,222
|
|
|
9,818
|
|
||
Less accumulated depreciation
|
2,609
|
|
|
2,448
|
|
||
Total flight equipment and predelivery deposits, net
|
7,613
|
|
|
7,370
|
|
||
Other property and equipment
|
1,102
|
|
|
1,074
|
|
||
Less accumulated depreciation
|
494
|
|
|
461
|
|
||
Total other property and equipment, net
|
608
|
|
|
613
|
|
||
Total property and equipment
|
8,221
|
|
|
7,983
|
|
||
OPERATING LEASE ASSETS
|
998
|
|
|
1,056
|
|
||
OTHER ASSETS
|
|
|
|
||||
Investment securities
|
4
|
|
|
3
|
|
||
Restricted cash
|
61
|
|
|
59
|
|
||
Other
|
483
|
|
|
470
|
|
||
Total other assets
|
548
|
|
|
532
|
|
||
TOTAL ASSETS
|
$
|
11,236
|
|
|
$
|
10,959
|
|
|
|
|
|
||||
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
504
|
|
|
$
|
437
|
|
Air traffic liability
|
1,290
|
|
|
1,035
|
|
||
Accrued salaries, wages and benefits
|
335
|
|
|
313
|
|
||
Other accrued liabilities
|
352
|
|
|
298
|
|
||
Current operating lease liabilities
|
133
|
|
|
133
|
|
||
Current maturities of long-term debt and finance leases
|
275
|
|
|
309
|
|
||
Total current liabilities
|
2,889
|
|
|
2,525
|
|
||
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS
|
1,217
|
|
|
1,361
|
|
||
LONG-TERM OPERATING LEASE LIABILITIES
|
753
|
|
|
798
|
|
||
DEFERRED TAXES AND OTHER LIABILITIES
|
|
|
|
||||
Deferred income taxes
|
1,158
|
|
|
1,112
|
|
||
Air traffic liability - loyalty non-current
|
470
|
|
|
447
|
|
||
Other
|
52
|
|
|
31
|
|
||
Total deferred taxes and other liabilities
|
1,680
|
|
|
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, 425 and 422 shares issued and 296 and 306 shares outstanding at June 30, 2019 and December 31, 2018, respectively
|
4
|
|
|
4
|
|
||
Treasury stock, at cost; 129 and 116 shares at June 30, 2019 and December 31, 2018, respectively
|
(1,503
|
)
|
|
(1,272
|
)
|
||
Additional paid-in capital
|
2,221
|
|
|
2,203
|
|
||
Retained earnings
|
3,974
|
|
|
3,753
|
|
||
Accumulated other comprehensive income (loss)
|
1
|
|
|
(3
|
)
|
||
Total stockholders’ equity
|
4,697
|
|
|
4,685
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
11,236
|
|
|
$
|
10,959
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
OPERATING REVENUES
|
|
|
|
|
|
|
|
||||||||
Passenger
|
$
|
2,031
|
|
|
$
|
1,858
|
|
|
$
|
3,833
|
|
|
$
|
3,549
|
|
Other
|
74
|
|
|
70
|
|
|
144
|
|
|
133
|
|
||||
Total operating revenues
|
2,105
|
|
|
1,928
|
|
|
3,977
|
|
|
3,682
|
|
||||
OPERATING EXPENSES
|
|
|
|
|
|
|
|
||||||||
Aircraft fuel and related taxes
|
484
|
|
|
491
|
|
|
921
|
|
|
908
|
|
||||
Salaries, wages and benefits
|
576
|
|
|
486
|
|
|
1,151
|
|
|
985
|
|
||||
Landing fees and other rents
|
121
|
|
|
122
|
|
|
237
|
|
|
230
|
|
||||
Depreciation and amortization
|
127
|
|
|
114
|
|
|
251
|
|
|
226
|
|
||||
Aircraft rent
|
25
|
|
|
24
|
|
|
50
|
|
|
48
|
|
||||
Sales and marketing
|
75
|
|
|
75
|
|
|
141
|
|
|
142
|
|
||||
Maintenance materials and repairs
|
168
|
|
|
188
|
|
|
324
|
|
|
329
|
|
||||
Other operating expenses
|
277
|
|
|
261
|
|
|
563
|
|
|
522
|
|
||||
Special items
|
2
|
|
|
319
|
|
|
14
|
|
|
319
|
|
||||
Total operating expenses
|
1,855
|
|
|
2,080
|
|
|
3,652
|
|
|
3,709
|
|
||||
OPERATING INCOME (LOSS)
|
250
|
|
|
(152
|
)
|
|
325
|
|
|
(27
|
)
|
||||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(19
|
)
|
|
(16
|
)
|
|
(38
|
)
|
|
(32
|
)
|
||||
Capitalized interest
|
3
|
|
|
3
|
|
|
6
|
|
|
5
|
|
||||
Interest income and other
|
2
|
|
|
3
|
|
|
1
|
|
|
5
|
|
||||
Total other income (expense)
|
(14
|
)
|
|
(10
|
)
|
|
(31
|
)
|
|
(22
|
)
|
||||
INCOME (LOSS) BEFORE INCOME TAXES
|
236
|
|
|
(162
|
)
|
|
294
|
|
|
(49
|
)
|
||||
Income tax expense (benefit)
|
57
|
|
|
(41
|
)
|
|
73
|
|
|
(18
|
)
|
||||
NET INCOME (LOSS)
|
$
|
179
|
|
|
$
|
(121
|
)
|
|
$
|
221
|
|
|
$
|
(31
|
)
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER COMMON SHARE:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.60
|
|
|
$
|
(0.39
|
)
|
|
$
|
0.73
|
|
|
$
|
(0.10
|
)
|
Diluted
|
$
|
0.59
|
|
|
$
|
(0.39
|
)
|
|
$
|
0.73
|
|
|
$
|
(0.10
|
)
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
NET INCOME (LOSS)
|
$
|
179
|
|
|
$
|
(121
|
)
|
Changes in fair value of derivative instruments, net of reclassifications into earnings (net of tax benefit/(expense) of $1 and $0 in 2019 and 2018, respectively)
|
2
|
|
|
—
|
|
||
Total other comprehensive income
|
2
|
|
|
—
|
|
||
COMPREHENSIVE INCOME (LOSS)
|
$
|
181
|
|
|
$
|
(121
|
)
|
|
|
|
|
||||
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
NET INCOME (LOSS)
|
$
|
221
|
|
|
$
|
(31
|
)
|
Changes in fair value of derivative instruments, net of reclassifications into earnings (net of tax benefit/(expense) of $1 and $0 in 2019 and 2018, respectively)
|
4
|
|
|
—
|
|
||
Total other comprehensive income
|
4
|
|
|
—
|
|
||
COMPREHENSIVE INCOME (LOSS)
|
$
|
225
|
|
|
$
|
(31
|
)
|
|
|
Common
Shares |
|
Common
Stock |
|
Treasury
Shares |
|
Treasury
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||||
Balance at March 31, 2019
|
|
423
|
|
|
$
|
4
|
|
|
122
|
|
|
$
|
(1,377
|
)
|
|
$
|
2,186
|
|
|
$
|
3,795
|
|
|
$
|
(1
|
)
|
|
$
|
4,607
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
179
|
|
|
—
|
|
|
179
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||
Vesting of restricted stock units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Stock issued under Crewmember stock purchase plan
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
27
|
|
||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
7
|
|
|
(125
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(125
|
)
|
||||||
Balance at June 30, 2019
|
|
425
|
|
|
$
|
4
|
|
|
129
|
|
|
$
|
(1,503
|
)
|
|
$
|
2,221
|
|
|
$
|
3,974
|
|
|
$
|
1
|
|
|
$
|
4,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Common
Shares |
|
Common
Stock |
|
Treasury
Shares |
|
Treasury
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||||
Balance at March 31, 2018
|
|
419
|
|
|
$
|
4
|
|
|
103
|
|
|
$
|
(1,021
|
)
|
|
$
|
2,134
|
|
|
$
|
3,654
|
|
|
$
|
—
|
|
|
$
|
4,771
|
|
Net (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|
—
|
|
|
(121
|
)
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vesting of restricted stock units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||
Stock issued under Crewmember stock purchase plan
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
24
|
|
||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
5
|
|
|
(100
|
)
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
(125
|
)
|
||||||
Balance at June 30, 2018
|
|
421
|
|
|
$
|
4
|
|
|
108
|
|
|
$
|
(1,122
|
)
|
|
$
|
2,139
|
|
|
$
|
3,533
|
|
|
$
|
—
|
|
|
$
|
4,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
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
|
|
422
|
|
|
$
|
4
|
|
|
116
|
|
|
$
|
(1,272
|
)
|
|
$
|
2,203
|
|
|
$
|
3,753
|
|
|
$
|
(3
|
)
|
|
$
|
4,685
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
221
|
|
|
—
|
|
|
221
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Vesting of restricted stock units
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
||||||
Stock issued under Crewmember stock purchase plan
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
13
|
|
|
(225
|
)
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
(250
|
)
|
||||||
Balance at June 30, 2019
|
|
425
|
|
|
$
|
4
|
|
|
129
|
|
|
$
|
(1,503
|
)
|
|
$
|
2,221
|
|
|
$
|
3,974
|
|
|
$
|
1
|
|
|
$
|
4,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
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
|
|
418
|
|
|
$
|
4
|
|
|
97
|
|
|
$
|
(890
|
)
|
|
$
|
2,127
|
|
|
$
|
3,564
|
|
|
$
|
—
|
|
|
$
|
4,805
|
|
Net (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vesting of restricted stock units
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||||
Stock issued under Crewmember stock purchase plan
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
11
|
|
|
(225
|
)
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
(250
|
)
|
||||||
Balance at June 30, 2018
|
|
421
|
|
|
$
|
4
|
|
|
108
|
|
|
$
|
(1,122
|
)
|
|
$
|
2,139
|
|
|
$
|
3,533
|
|
|
$
|
—
|
|
|
$
|
4,554
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Available-for-sale securities
|
|
|
|
||||
Time deposits
|
$
|
290
|
|
|
$
|
190
|
|
U.S. Treasury
|
—
|
|
|
39
|
|
||
Debt securities
|
7
|
|
|
7
|
|
||
Total available-for-sale securities
|
297
|
|
|
236
|
|
||
Held-to-maturity securities
|
|
|
|
||||
U.S. Treasury
|
155
|
|
|
180
|
|
||
Total investment securities
|
$
|
452
|
|
|
$
|
416
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||
|
2019
|
2018
|
|
2019
|
2018
|
||||||||
Passenger revenue
|
|
|
|
|
|
||||||||
Passenger travel
|
$
|
1,981
|
|
$
|
1,820
|
|
|
$
|
3,733
|
|
$
|
3,471
|
|
Loyalty revenue - air transportation
|
50
|
|
38
|
|
|
100
|
|
78
|
|
||||
Other revenue
|
|
|
|
|
|
||||||||
Loyalty revenue
|
49
|
|
44
|
|
|
93
|
|
80
|
|
||||
Other revenue
|
25
|
|
26
|
|
|
51
|
|
53
|
|
||||
Total revenues
|
$
|
2,105
|
|
$
|
1,928
|
|
|
$
|
3,977
|
|
$
|
3,682
|
|
(in millions)
|
June 30, 2019
|
|
December 31, 2018
|
||||
Contract liabilities
|
|
|
|
||||
Air traffic liability - passenger travel
|
$
|
1,133
|
|
|
$
|
892
|
|
Air traffic liability - loyalty program (air transportation)
|
617
|
|
|
580
|
|
||
Deferred revenue
|
10
|
|
|
10
|
|
||
Total contract liabilities
|
$
|
1,760
|
|
|
$
|
1,482
|
|
Balance at December 31, 2018
|
$
|
580
|
|
TrueBlue® points redeemed
|
(100
|
)
|
|
TrueBlue® points earned and sold
|
137
|
|
|
Balance at June 30, 2019
|
$
|
617
|
|
|
|
||
Balance at December 31, 2017
|
$
|
502
|
|
TrueBlue® points redeemed
|
(78
|
)
|
|
TrueBlue® points earned and sold
|
112
|
|
|
Balance at June 30, 2018
|
$
|
536
|
|
|
June 30, 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
|
|
|
$
|
45
|
|
|
$
|
42
|
|
|
$
|
44
|
|
Non-Public Debt
|
|
|
|
|
|
|
|
||||||||
Fixed rate enhanced equipment notes, due through 2023
|
140
|
|
|
147
|
|
|
151
|
|
|
153
|
|
||||
Floating rate equipment notes, due through 2028
|
223
|
|
|
225
|
|
|
245
|
|
|
245
|
|
||||
Fixed rate equipment notes, due through 2028
|
988
|
|
|
1,054
|
|
|
1,125
|
|
|
1,135
|
|
||||
Total
(1)
|
$
|
1,393
|
|
|
$
|
1,471
|
|
|
$
|
1,563
|
|
|
$
|
1,577
|
|
|
|
Classification on Balance Sheet
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
|
|
|
||||
Operating lease assets
|
|
Operating lease assets
|
|
$
|
998
|
|
|
$
|
1,056
|
|
Finance lease assets
|
|
Property and equipment, net
|
|
174
|
|
|
181
|
|
||
Total lease assets
|
|
|
|
$
|
1,172
|
|
|
$
|
1,237
|
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
||||
Current:
|
|
|
|
|
|
|
||||
Operating lease liabilities
|
|
Current operating lease liabilities
|
|
$
|
133
|
|
|
$
|
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
|
|
753
|
|
|
798
|
|
||
Finance lease liabilities
|
|
Long-term debt and finance lease obligations
|
|
81
|
|
|
89
|
|
||
Total lease liabilities
|
|
|
|
$
|
985
|
|
|
$
|
1,038
|
|
|
|
|
|
|
|
|
||||
|
|
June 30,
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
|
|
5.96
|
%
|
|
5.95
|
%
|
||||
Finance leases
|
|
4.79
|
%
|
|
4.73
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating lease cost
|
$
|
46
|
|
|
$
|
44
|
|
|
$
|
92
|
|
|
$
|
89
|
|
Short-term lease cost
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
Finance lease cost:
|
|
|
|
|
|
|
|
||||||||
Amortization of assets
|
2
|
|
|
2
|
|
|
4
|
|
|
4
|
|
||||
Interest on lease liabilities
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Variable lease cost
|
99
|
|
|
101
|
|
|
194
|
|
|
188
|
|
||||
Sublease income
|
(4
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(7
|
)
|
||||
Total net lease cost
|
$
|
145
|
|
|
$
|
145
|
|
|
$
|
286
|
|
|
$
|
277
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
|
|
|
|
||||||||
Operating cash flows for operating leases
|
$
|
35
|
|
|
$
|
44
|
|
|
$
|
75
|
|
|
$
|
80
|
|
Operating cash flows for finance leases
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||
Financing cash flows for finance leases
|
2
|
|
|
2
|
|
|
9
|
|
|
8
|
|
|
As of June 30, 2019
|
||||||
|
Operating Leases
|
|
Finance Leases
|
||||
2019
|
$
|
66
|
|
|
$
|
11
|
|
2020
|
132
|
|
|
35
|
|
||
2021
|
127
|
|
|
39
|
|
||
2022
|
118
|
|
|
10
|
|
||
2023
|
109
|
|
|
10
|
|
||
Thereafter
|
678
|
|
|
5
|
|
||
Total minimum lease payments
|
1,230
|
|
|
110
|
|
||
Less: amount of lease payments representing interest
|
(344
|
)
|
|
(11
|
)
|
||
Present value of future minimum lease payments
|
886
|
|
|
99
|
|
||
Less: current obligations under leases
|
(133
|
)
|
|
(18
|
)
|
||
Long-term lease obligations
|
$
|
753
|
|
|
$
|
81
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
(1)
|
$
|
179
|
|
|
$
|
(121
|
)
|
|
$
|
221
|
|
|
$
|
(31
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average basic shares
|
300.3
|
|
|
315.0
|
|
|
303.1
|
|
|
318.0
|
|
||||
Effect of dilutive securities
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
||||
Weighted average diluted shares
|
301.8
|
|
|
315.0
|
|
|
304.6
|
|
|
318.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.60
|
|
|
$
|
(0.39
|
)
|
|
$
|
0.73
|
|
|
$
|
(0.10
|
)
|
Diluted
|
0.59
|
|
|
(0.39
|
)
|
|
0.73
|
|
|
(0.10
|
)
|
|
Jet fuel call option spread agreements
|
|
Total
|
||
Third Quarter 2019
|
—
|
%
|
|
—
|
%
|
Fourth Quarter 2019
|
10
|
%
|
|
10
|
%
|
First Quarter 2020
|
10
|
%
|
|
10
|
%
|
Second Quarter 2020
|
10
|
%
|
|
10
|
%
|
Fuel derivatives
|
June 30,
2019 |
|
December 31,
2018 |
||||
Asset fair value recorded in prepaid expense and other
(1)
|
$
|
5
|
|
|
$
|
—
|
|
Longest remaining term (months)
|
12
|
|
|
6
|
|
||
Hedged volume (barrels, in thousands)
|
1,572
|
|
|
756
|
|
||
Estimated amount of existing (gains) losses expected to be reclassified into earnings in the next 12 months
|
$
|
(1
|
)
|
|
$
|
4
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Fuel derivatives
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Hedge effectiveness (gains) losses recognized in aircraft fuel expense
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
Hedge (gains) losses on derivatives recognized in comprehensive income
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Percentage of actual consumption economically hedged
|
7
|
%
|
|
—
|
%
|
|
7
|
%
|
|
—
|
%
|
|
June 30, 2019
|
||||||||||||||
Assets
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
$
|
136
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
136
|
|
Available-for-sale investment securities
|
—
|
|
|
297
|
|
|
—
|
|
|
297
|
|
||||
Aircraft fuel derivatives
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
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 March 31, 2019
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
Reclassifications into earnings, net of tax benefit $1
|
1
|
|
|
1
|
|
||
Change in fair value, net of tax benefit $0
|
1
|
|
|
1
|
|
||
Balance of accumulated income at June 30, 2019
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
|
||
Balance of accumulated income at March 31, 2018
|
$
|
—
|
|
|
$
|
—
|
|
Reclassifications into earnings, net of tax benefit $0
|
—
|
|
|
—
|
|
||
Change in fair value, net of tax benefit of $0
|
—
|
|
|
—
|
|
||
Balance of accumulated income at June 30, 2018
|
$
|
—
|
|
|
$
|
—
|
|
|
Aircraft Fuel Derivatives
(1)
|
|
Total
|
||||
Balance of accumulated (losses) at December 31, 2018
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
Reclassifications into earnings, net of tax benefit $1
|
3
|
|
|
3
|
|
||
Change in fair value, net of tax benefit $0
|
1
|
|
|
1
|
|
||
Balance of accumulated income at June 30, 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 $0
|
—
|
|
|
—
|
|
||
Balance of accumulated income at June 30, 2018
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Special Items
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Embraer E190 fleet transition costs
(1)
|
$
|
—
|
|
|
$
|
319
|
|
|
$
|
9
|
|
|
$
|
319
|
|
Union contract costs
(2)
|
2
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Total
|
$
|
2
|
|
|
$
|
319
|
|
|
$
|
14
|
|
|
$
|
319
|
|
•
|
We had a
$177 million
increase
in revenue compared to the
second quarter
of
2018
primarily due to a
5.9%
increase
in capacity and an increase in average fares.
|
•
|
Operating revenue per available seat mile (RASM) for the three months ended June 30, 2019 increased by
3.1%
to
13.14 cent
s.
|
•
|
Operating expense and operating expense per available seat mile (CASM) for the three months ended June 30, 2019
decrease
d by
10.8%
to
$1.9 billion
and by
15.7%
to
11.58 cent
s, respectively. Our operating expense for the three months ended June 30, 2018 included a $319 million impairment charge related to our decision to transition the Embraer E190 fleet which contributed 2.11 cents to our unit cost in the prior year. Excluding fuel and related taxes, special items, as well as operating expenses related to our non-airline businesses, our cost per available seat mile (CASM ex-fuel)
(1)
increased by 1.8% to
8.46 cent
s.
|
•
|
Our reported earnings per diluted share for the second quarter of 2019 were $0.59. Special items, principally related to one-time costs incurred to implement the provisions of the collective bargaining agreement into our systems, reduced our reported earnings per share by $0.01.
|
•
|
We generated
$968 million
in cash from operations and
$498 million
in free cash flow for the
six months ended June 30, 2019
.
|
(Revenues in millions; percent changes based on unrounded numbers)
|
Three Months Ended June 30,
|
|
Year-over-Year Change
|
||||||||||||
2019
|
|
2018
|
|
$
|
|
%
|
|||||||||
Passenger revenue
|
$
|
2,031
|
|
|
$
|
1,858
|
|
|
$
|
173
|
|
|
9.3
|
|
|
Other revenue
|
74
|
|
|
70
|
|
|
4
|
|
|
5.3
|
|
|
|||
Total operating revenues
|
$
|
2,105
|
|
|
$
|
1,928
|
|
|
$
|
177
|
|
|
9.2
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average Fare
|
$
|
184.24
|
|
|
$
|
170.08
|
|
|
$
|
14.16
|
|
|
8.3
|
|
|
Yield per passenger mile (cents)
|
14.74
|
|
|
14.24
|
|
|
0.50
|
|
|
3.5
|
|
|
|||
Passenger revenue per ASM (cents)
|
12.68
|
|
|
12.27
|
|
|
0.41
|
|
|
3.3
|
|
|
|||
Operating revenue per ASM (cents)
|
13.14
|
|
|
12.74
|
|
|
0.40
|
|
|
3.1
|
|
|
|||
Average stage length (miles)
|
1,147
|
|
|
1,088
|
|
|
59
|
|
|
5.4
|
|
|
|||
Revenue passengers (thousands)
|
11,026
|
|
|
10,923
|
|
|
103
|
|
|
0.9
|
|
|
|||
Revenue passenger miles (millions)
|
13,782
|
|
|
13,043
|
|
|
739
|
|
|
5.7
|
|
|
|||
Available Seat Miles (ASMs) (millions)
|
16,029
|
|
|
15,138
|
|
|
891
|
|
|
5.9
|
|
|
|||
Load Factor
|
86.0
|
%
|
|
86.2
|
%
|
|
|
|
(0.2
|
)
|
pts.
|
(in millions; per ASM data in cents; percent changes based on unrounded numbers)
|
Three Months Ended June 30,
|
|
Year-over-Year Change
|
|
Cents per ASM
|
||||||||||||||||||
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
% Change
|
|||||||||||
Aircraft fuel and related taxes
|
$
|
484
|
|
|
$
|
491
|
|
|
$
|
(7
|
)
|
|
(1.4
|
)%
|
|
3.02
|
|
|
3.24
|
|
|
(6.9
|
)%
|
Salaries, wages and benefits
|
576
|
|
|
486
|
|
|
90
|
|
|
18.5
|
|
|
3.59
|
|
|
3.21
|
|
|
11.9
|
|
|||
Landing fees and other rents
|
121
|
|
|
122
|
|
|
(1
|
)
|
|
(0.6
|
)
|
|
0.75
|
|
|
0.80
|
|
|
(6.2
|
)
|
|||
Depreciation and amortization
|
127
|
|
|
114
|
|
|
13
|
|
|
11.3
|
|
|
0.79
|
|
|
0.76
|
|
|
5.1
|
|
|||
Aircraft rent
|
25
|
|
|
24
|
|
|
1
|
|
|
4.8
|
|
|
0.16
|
|
|
0.16
|
|
|
(1.1
|
)
|
|||
Sales and marketing
|
75
|
|
|
75
|
|
|
—
|
|
|
(0.4
|
)
|
|
0.47
|
|
|
0.50
|
|
|
(5.9
|
)
|
|||
Maintenance materials and repairs
|
168
|
|
|
188
|
|
|
(20
|
)
|
|
(10.1
|
)
|
|
1.05
|
|
|
1.24
|
|
|
(15.1
|
)
|
|||
Other operating expenses
|
277
|
|
|
261
|
|
|
16
|
|
|
6.1
|
|
|
1.74
|
|
|
1.72
|
|
|
0.2
|
|
|||
Special items
|
2
|
|
|
319
|
|
|
(317
|
)
|
|
(99.3
|
)
|
|
0.01
|
|
|
2.11
|
|
|
(99.3
|
)
|
|||
Total operating expenses
|
$
|
1,855
|
|
|
$
|
2,080
|
|
|
$
|
(225
|
)
|
|
(10.8
|
)%
|
|
11.58
|
|
|
13.74
|
|
|
(15.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total operating expenses excluding special items
(1)
|
$
|
1,853
|
|
|
$
|
1,761
|
|
|
$
|
92
|
|
|
5.3
|
%
|
|
11.57
|
|
|
11.63
|
|
|
(0.6
|
)%
|
(Revenues in millions; percent changes based on unrounded numbers)
|
Six Months Ended June 30,
|
|
Year-over-Year Change
|
||||||||||||
2019
|
|
2018
|
|
$
|
|
%
|
|||||||||
Passenger revenue
|
$
|
3,833
|
|
|
$
|
3,549
|
|
|
$
|
284
|
|
|
8.0
|
|
|
Other revenue
|
144
|
|
|
133
|
|
|
11
|
|
|
8.3
|
|
|
|||
Total operating revenues
|
$
|
3,977
|
|
|
$
|
3,682
|
|
|
$
|
295
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average Fare
|
$
|
180.89
|
|
|
$
|
170.61
|
|
|
$
|
10.28
|
|
|
6.0
|
|
|
Yield per passenger mile (cents)
|
14.46
|
|
|
14.25
|
|
|
0.21
|
|
|
1.5
|
|
|
|||
Passenger revenue per ASM (cents)
|
12.18
|
|
|
12.17
|
|
|
0.01
|
|
|
0.1
|
|
|
|||
Operating revenue per ASM (cents)
|
12.64
|
|
|
12.63
|
|
|
0.01
|
|
|
0.1
|
|
|
|||
Average stage length (miles)
|
1,150
|
|
|
1,093
|
|
|
57
|
|
|
5.2
|
|
|
|||
Revenue passengers (thousands)
|
21,191
|
|
|
20,804
|
|
|
387
|
|
|
1.9
|
|
|
|||
Revenue passenger miles (millions)
|
26,516
|
|
|
24,909
|
|
|
1,607
|
|
|
6.5
|
|
|
|||
Available Seat Miles (ASMs) (millions)
|
31,466
|
|
|
29,162
|
|
|
2,304
|
|
|
7.9
|
|
|
|||
Load Factor
|
84.3
|
%
|
|
85.4
|
%
|
|
|
|
(1.1
|
)
|
pts.
|
(in millions; per ASM data in cents; percent changes based on unrounded numbers)
|
Six Months Ended June 30,
|
|
Year-over-Year Change
|
|
Cents per ASM
|
||||||||||||||||||
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
% Change
|
|||||||||||
Aircraft fuel and related taxes
|
$
|
921
|
|
|
$
|
908
|
|
|
$
|
13
|
|
|
1.5
|
%
|
|
2.93
|
|
|
3.11
|
|
|
(6.0
|
)%
|
Salaries, wages and benefits
|
1,151
|
|
|
985
|
|
|
166
|
|
|
16.8
|
|
|
3.66
|
|
|
3.38
|
|
|
8.3
|
|
|||
Landing fees and other rents
|
237
|
|
|
230
|
|
|
7
|
|
|
2.6
|
|
|
0.75
|
|
|
0.79
|
|
|
(4.9
|
)
|
|||
Depreciation and amortization
|
251
|
|
|
226
|
|
|
25
|
|
|
11.4
|
|
|
0.80
|
|
|
0.77
|
|
|
3.2
|
|
|||
Aircraft rent
|
50
|
|
|
48
|
|
|
2
|
|
|
3.1
|
|
|
0.16
|
|
|
0.17
|
|
|
(4.5
|
)
|
|||
Sales and marketing
|
141
|
|
|
142
|
|
|
(1
|
)
|
|
(1.0
|
)
|
|
0.45
|
|
|
0.49
|
|
|
(8.3
|
)
|
|||
Maintenance materials and repairs
|
324
|
|
|
329
|
|
|
(5
|
)
|
|
(1.8
|
)
|
|
1.03
|
|
|
1.13
|
|
|
(9.0
|
)
|
|||
Other operating expenses
|
563
|
|
|
522
|
|
|
41
|
|
|
8.1
|
|
|
1.78
|
|
|
1.78
|
|
|
0.2
|
|
|||
Special items
|
14
|
|
|
319
|
|
|
(305
|
)
|
|
(95.6
|
)
|
|
0.04
|
|
|
1.10
|
|
|
(95.9
|
)
|
|||
Total operating expenses
|
$
|
3,652
|
|
|
$
|
3,709
|
|
|
$
|
(57
|
)
|
|
(1.6
|
)%
|
|
11.60
|
|
|
12.72
|
|
|
(8.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total operating expenses excluding special items
(1)
|
$
|
3,638
|
|
|
$
|
3,390
|
|
|
$
|
248
|
|
|
7.3
|
%
|
|
11.56
|
|
|
11.62
|
|
|
(0.6
|
)%
|
|
Three Months Ended June 30,
|
|
Year-over-Year Change
|
|
Six Months Ended June 30,
|
|
Year-over-Year Change
|
||||||||||||||||
(percent changes based on unrounded numbers)
|
2019
|
|
2018
|
|
%
|
|
2019
|
|
2018
|
|
%
|
||||||||||||
Operational Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue passengers (thousands)
|
11,026
|
|
|
10,923
|
|
|
0.9
|
|
|
|
21,191
|
|
|
20,804
|
|
|
1.9
|
|
|
||||
Revenue passenger miles (RPMs) (millions)
|
13,782
|
|
|
13,043
|
|
|
5.7
|
|
|
|
26,516
|
|
|
24,909
|
|
|
6.5
|
|
|
||||
Available seat miles (ASMs) (millions)
|
16,029
|
|
|
15,138
|
|
|
5.9
|
|
|
|
31,466
|
|
|
29,162
|
|
|
7.9
|
|
|
||||
Load factor
|
86.0
|
%
|
|
86.2
|
%
|
|
(0.2
|
)
|
pts
|
|
84.3
|
%
|
|
85.4
|
%
|
|
(1.1
|
)
|
pts
|
||||
Aircraft utilization (hours per day)
|
12.1
|
|
|
12.1
|
|
|
—
|
|
|
|
11.9
|
|
|
11.7
|
|
|
1.7
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average fare
|
$
|
184.24
|
|
|
$
|
170.08
|
|
|
8.3
|
|
|
|
$
|
180.89
|
|
|
$
|
170.61
|
|
|
6.0
|
|
|
Yield per passenger mile (cents)
|
14.74
|
|
|
14.24
|
|
|
3.5
|
|
|
|
14.46
|
|
|
14.25
|
|
|
1.5
|
|
|
||||
Passenger revenue per ASM (cents)
|
12.68
|
|
|
12.27
|
|
|
3.3
|
|
|
|
12.18
|
|
|
12.17
|
|
|
0.1
|
|
|
||||
Operating revenue per ASM (cents)
|
13.14
|
|
|
12.74
|
|
|
3.1
|
|
|
|
12.64
|
|
|
12.63
|
|
|
0.1
|
|
|
||||
Operating expense per ASM (cents)
|
11.58
|
|
|
13.74
|
|
|
(15.7
|
)
|
|
|
11.60
|
|
|
12.72
|
|
|
(8.8
|
)
|
|
||||
Operating expense per ASM, excluding fuel
(1)
|
8.46
|
|
|
8.32
|
|
|
1.8
|
|
|
|
8.56
|
|
|
8.44
|
|
|
1.4
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Departures
|
93,040
|
|
|
93,688
|
|
|
(0.7
|
)
|
|
|
182,276
|
|
|
179,734
|
|
|
1.4
|
|
|
||||
Average stage length (miles)
|
1,147
|
|
|
1,088
|
|
|
5.4
|
|
|
|
1,150
|
|
|
1,093
|
|
|
5.2
|
|
|
||||
Average number of operating aircraft during period
|
253.0
|
|
|
245.5
|
|
|
3.1
|
|
|
|
253.0
|
|
|
244.7
|
|
|
3.4
|
|
|
||||
Average fuel cost per gallon, including fuel taxes
|
$
|
2.16
|
|
|
$
|
2.28
|
|
|
(5.5
|
)
|
|
|
$
|
2.10
|
|
|
$
|
2.19
|
|
|
(3.9
|
)
|
|
Fuel gallons consumed (millions)
|
224
|
|
|
215
|
|
|
4.3
|
|
|
|
438
|
|
|
414
|
|
|
5.6
|
|
|
||||
Average number of full-time equivalent crewmembers
|
|
|
|
|
|
|
|
18,454
|
|
|
17,677
|
|
|
|
|
|
Payments due in
|
||||||||||||||||||||||||||
|
Total
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||||
Debt and finance lease obligations
(a)
|
$
|
1,723
|
|
|
$
|
159
|
|
|
$
|
327
|
|
|
$
|
305
|
|
|
$
|
272
|
|
|
$
|
245
|
|
|
$
|
415
|
|
Operating lease obligations
|
1,230
|
|
|
66
|
|
|
132
|
|
|
127
|
|
|
118
|
|
|
109
|
|
|
678
|
|
|||||||
Flight equipment purchase obligations
|
8,715
|
|
|
871
|
|
|
1,196
|
|
|
1,433
|
|
|
1,289
|
|
|
1,694
|
|
|
2,232
|
|
|||||||
Other obligations
(b)
|
2,853
|
|
|
250
|
|
|
314
|
|
|
341
|
|
|
324
|
|
|
325
|
|
|
1,299
|
|
|||||||
Total
|
$
|
14,521
|
|
|
$
|
1,346
|
|
|
$
|
1,969
|
|
|
$
|
2,206
|
|
|
$
|
2,003
|
|
|
$
|
2,373
|
|
|
$
|
4,624
|
|
Year
|
|
Airbus A220
|
|
Airbus A321neo
|
|
Total
|
2019
|
|
—
|
|
12
|
|
12
|
2020
|
|
1
|
|
14
|
|
15
|
2021
|
|
6
|
|
17
|
|
23
|
2022
|
|
8
|
|
15
|
|
23
|
2023
|
|
19
|
|
14
|
|
33
|
2024
|
|
22
|
|
12
|
|
34
|
2025
|
|
12
|
|
—
|
|
12
|
2026
|
|
2
|
|
—
|
|
2
|
Total
|
|
70
|
|
84
|
|
154
|
Reconciliation of Operating Expense per ASM, excluding fuel
|
|||||||||||||||||||||||||||||||
(in millions; per ASM data in cents; percentages based on unrounded numbers)
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||||||||||||||
$
|
|
per ASM
|
|
$
|
|
per ASM
|
|
$
|
|
per ASM
|
|
$
|
|
per ASM
|
|||||||||||||||||
Total operating expenses
|
$
|
1,855
|
|
|
$
|
11.58
|
|
|
$
|
2,080
|
|
|
$
|
13.74
|
|
|
$
|
3,652
|
|
|
$
|
11.60
|
|
|
$
|
3,709
|
|
|
$
|
12.72
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Aircraft fuel and related taxes
|
484
|
|
|
3.02
|
|
|
491
|
|
|
3.24
|
|
|
921
|
|
|
2.93
|
|
|
908
|
|
|
3.11
|
|
||||||||
Other non-airline expenses
|
12
|
|
|
0.09
|
|
|
11
|
|
|
0.07
|
|
|
23
|
|
|
0.07
|
|
|
20
|
|
|
0.07
|
|
||||||||
Special items
|
2
|
|
|
0.01
|
|
|
319
|
|
|
2.11
|
|
|
14
|
|
|
0.04
|
|
|
319
|
|
|
1.10
|
|
||||||||
Operating expenses, excluding fuel
|
$
|
1,357
|
|
|
$
|
8.46
|
|
|
$
|
1,259
|
|
|
$
|
8.32
|
|
|
$
|
2,694
|
|
|
$
|
8.56
|
|
|
$
|
2,462
|
|
|
$
|
8.44
|
|
Reconciliation of Free Cash Flow
|
||||||||
|
|
Six Months Ended June 30,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
|
$
|
968
|
|
|
$
|
722
|
|
Less: Capital expenditures
|
|
(328
|
)
|
|
(368
|
)
|
||
Less: Predelivery deposits for flight equipment
|
|
(142
|
)
|
|
(38
|
)
|
||
Free Cash Flow
|
|
$
|
498
|
|
|
$
|
316
|
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
|
||||
April 2019
|
|
—
|
|
|
|
|
—
|
|
|
$
|
250
|
|
May 2019
|
|
1.3
|
|
|
(1)
|
|
1.3
|
|
|
$
|
250
|
|
June 2019
|
|
5.2
|
|
|
(2)
|
|
5.2
|
|
|
$
|
125
|
|
Total
|
|
6.5
|
|
|
|
|
6.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JETBLUE AIRWAYS CORPORATION
|
||||
|
|
|
|
|
|
(Registrant)
|
||
|
|
|
|
|||||
Date:
|
|
July 26, 2019
|
|
|
|
By:
|
|
/s/ Alexander Chatkewitz
|
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer
(Principal Accounting Officer)
|
1 Year JetBlue Airways Chart |
1 Month JetBlue Airways Chart |
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