JetBlue Airways Corporation (NASDAQ: JBLU) today reported its
results for the second quarter of 2021:
- Reported GAAP diluted earnings per share of $0.20 in the second
quarter of 2021 compared to diluted earnings per share of $0.59 in
the second quarter of 2019. Adjusted loss per share was ($0.65)(1)
in the second quarter of 2021 versus adjusted diluted earnings per
share of $0.60(1) in the second quarter of 2019.
- GAAP pre-tax earnings of $57 million in the second quarter of
2021, compared to a pre-tax income of $236 million in the second
quarter of 2019. Excluding one-time items, adjusted pre-tax loss of
($309) million(1) in the second quarter of 2021 versus adjusted
pre-tax income of $238 million(1) in the second quarter of 2019.
Operational and Financial Highlights from
the Second Quarter
- Reduced second quarter 2021 capacity by 15% year over two,
which is in-line with our planning assumption.
- Second quarter 2021 revenue declined 29% year over two.
Adjusted for a 1.5 point benefit from a renewed co-branded credit
card agreement, the result is at the better end of our prior
expectations of a 30 to 33% decline year over two. This was driven
primarily by continued momentum in leisure demand throughout the
quarter
- Operating expenses declined 27% year over two. Excluding
special items, adjusted operating expenses declined 7%(1) year over
two, which is in-line with our prior planning assumption. CASM
ex-Fuel declined meaningfully from a 41% increase year over two in
the first quarter, to a 19% increase in the second quarter.
- JetBlue’s Adjusted Earnings Before Interest, Taxes,
Depreciation, Amortization and Special Items (Adjusted EBITDA) in
the second quarter of 2021 was ($86) million(1), better than the
($115) to ($165) million range previously expected. This was mainly
the result of improving underlying revenue trends, the contribution
from our co-branded agreement, and our discipline in controlling
costs.
Balance Sheet and Liquidity
- During the quarter, JetBlue significantly reduced net debt(1)
by $1.2 billion to $0.9 billion, which is now below pre-pandemic
levels. As of June 30, 2021, JetBlue’s adjusted debt to capital was
55%(1).
-
JetBlue ended the second quarter of 2021 with approximately $3.7
billion in unrestricted cash, cash equivalents, and short-term
investments, or 46% of 2019 revenue.
- JetBlue repaid $89 million in regularly scheduled debt and
finance lease obligations and fully repaid a term loan of $722
million during the second quarter of 2021.
Fuel Expense and Hedging
The realized fuel price in the second quarter 2021 was $1.91 per
gallon, a 12% decline versus second quarter 2019 realized fuel
price of $2.16.
As of July 27, 2021, JetBlue has not entered into forward fuel
derivative contracts to hedge its fuel consumption for the third
quarter of 2021. Based on the forward curve as of July 19, 2021,
JetBlue expects an average all-in price per gallon of fuel of $2.09
in the third quarter of 2021.
JetBlue, Barclays, and Mastercard Renew
Long-Term Partnership Agreement
Yesterday, JetBlue announced a multi-year extension of their
co-branded credit card agreements with both Barclays and
Mastercard. The partnership renewal will extend and expand
JetBlue’s consumer credit card portfolio. The agreements will
center on the continued delivery of innovative, digital-centric
card offerings that meet consumer’s evolving needs and foster
engagement and loyalty.
JetBlue currently estimates that the impact from the renewed
agreement will deliver approximately an incremental one point to
our annualized revenue and margin.
Our Recovery Plan and Actions Taken to
Position JetBlue for Future Success
“In the second quarter, we saw strong signs that consumer
confidence and travel demand is returning, with second quarter
revenue doubling compared to the first quarter driven by pent-up
demand,” said Robin Hayes, JetBlue’s Chief Executive Officer.
“As we turn to recovery, we continued to generate positive cash
from operations in the second quarter, and we expect continued
improvement in our operating performance as we progress towards a
full recovery. We are creating a path to restore our earnings power
to beyond 2019 levels and generate long-term value for our owners
in the years ahead. Our attention is now squarely on rebuilding our
margins and repairing our balance sheet.”
Revenue and Capacity
“We are pleased to see further month-on-month improvement into
the peak summer months, with demand momentum across all of our
geographies. We ended the quarter with load factors in the mid-80s
with June capacity largely back to pre-pandemic levels, compared to
an average load factor in the mid-60s in the first quarter,” said
Joanna Geraghty, JetBlue’s President and Chief Operating
Officer.
“For the third quarter of 2021, our planning assumption for
revenue is a decline of between (4%) and (9%) year over two,
another quarter of strong sequential improvement of approximately
20 points. We expect unit revenue to continue to improve on top of
increasing capacity, with load factors in the mid-to-high 80s this
summer. We have seen days with average load factors in the 90s.
For the third quarter of 2021, our planning assumption is for
capacity to be between flat to down (3%) year over two, given the
strong sequential improvement in demand. Throughout the pandemic,
we have been nimble in adjusting our capacity deployment to the
prevailing demand environment. We’ll maintain this approach given
the continued uncertainty on the course of the pandemic caused by
variants.”
Financial Performance and
Outlook
“Our second quarter Adjusted EBITDA(1) came in better than the
range we anticipated in early-June. This was mainly the result of
improving underlying revenue trends, the benefit from our renewed
co-branded agreement, and our discipline in controlling costs,”
said Ursula Hurley, JetBlue’s Acting Chief Financial Officer.
“For the third quarter, we estimate our EBITDA will range
between $75 and $175 million dollars, reflecting continued
sequential improvement in demand partially offset by continued cost
pressures from fuel prices, and airport rents and landing fees. We
expect to remain in positive EBITDA territory through the end of
the year, and expect to generate pre-tax profits in July and
August.
We are committed to generating better than pre-pandemic earnings
in the next few years by growing revenue and controlling costs, and
we are confident that we are on the right path to expand margins in
a sustainable way.
We are now squarely focused on repairing our balance sheet,
lowering our total cost of debt, and growing our unencumbered asset
base. We reduced our net debt by over 50% to under $1 billion
dollars at the end of June. Both our net debt and weighted average
cost of debt now sit below pre-pandemic levels.”
Earnings Call Details
JetBlue will conduct a conference call to discuss its quarterly
earnings today, July 27, 2021 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. The webcast replay and
presentation materials will be archived on the company’s
website.
For further details see the Second Quarter 2021 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, visit jetblue.com.
Notes
(1) Non-GAAP financial measure; Note A
provides a reconciliation of non-GAAP financial measures used in
this release and explains the reasons management believes that
presentation of these non-GAAP financial measure provides useful
information to investors regarding JetBlue's financial condition
and results of operations.
(2) The Company has not reconciled its
Adjusted EBITDA planning assumptions to net income because net
income (loss) is not accessible on a forward-looking basis. Items
that impact net income (loss) are out of the Company's control
and/or cannot be reasonably predicted. Accordingly, a
reconciliation to net income (loss) is not available without
unreasonable effort.
Forward-Looking Statements
This Earnings Release contains 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. These statements are intended to qualify for the
“safe harbor” from liability established by the Private Securities
Litigation Reform Act of 1995. When used in this Earnings Release,
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, the coronavirus
("COVID-19") pandemic and related variants and the outbreak of any
other disease or similar public health threat that affects travel
demand or behavior; restrictions on our business related to the
financing we accepted under various federal government support
programs such as the CARES Act, and the Consolidated Appropriations
Act, 2021; our significant fixed obligations and substantial
indebtedness; risk associated with execution of our strategic
operating plans in the near-term and long-term; the recording of a
material impairment loss of tangible or intangible assets; 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;
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; 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 2020 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 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.
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
2021
2020
Change
2021
2020
Change OPERATING REVENUES Passenger
$
1,388
$
170
715.5
$
2,058
$
1,682
22.4
Other
111
45
148.0
174
121
42.9
Total operating revenues
1,499
215
597.7
2,232
1,803
23.7
OPERATING EXPENSES Aircraft fuel and related taxes
336
29
1,051.8
530
394
34.3
Salaries, wages and benefits
577
477
20.9
1,098
1,078
1.9
Landing fees and other rents
174
62
180.7
289
174
66.4
Depreciation and amortization
133
140
(4.9)
258
279
(7.6)
Aircraft rent
26
16
63.8
50
37
35.7
Sales and marketing
47
8
508.9
70
60
15.7
Maintenance, materials and repairs
164
73
122.8
268
233
14.7
Other operating expenses
261
124
110.5
471
394
19.7
Special items
(366)
(304)
(20.2)
(655)
(102)
(541.8)
Total operating expenses
1,352
625
116.3
2,379
2,547
(6.6)
OPERATING INCOME (LOSS)
147
(410)
NM
(147)
(744)
(80.2)
Operating margin
9.8%
-190.8%
200.7
pts
-6.6%
-41.3%
34.7
pts
OTHER INCOME (EXPENSE) Interest expense
(54)
(40)
36.2
(112)
(65)
72.4
Capitalized interest
3
3
(7.7)
6
7
(7.7)
Interest income and other
(39)
(3)
1,141.4
(37)
(2)
2,718.5
Total other income (expense)
(90)
(40)
129.4
(143)
(60)
140.5
INCOME (LOSS) BEFORE INCOME TAXES
57
(450)
NM
(290)
(804)
(63.9)
Pre-tax margin
3.8%
-209.2%
212.9
pts
-13.0%
-44.6%
31.6
pts Income tax (benefit)
(7)
(130)
(94.7)
(107)
(216)
(50.3)
NET INCOME (LOSS)
$
64
$
(320)
NM
$
(183)
$
(588)
(68.9)
EARNINGS (LOSS) PER COMMON SHARE: Basic
$
0.20
$
(1.18)
$
(0.58)
$
(2.14)
Diluted
$
0.20
$
(1.18)
$
(0.58)
$
(2.14)
WEIGHTED AVERAGE SHARES OUTSTANDING: Basic
317.7
271.7
317.0
275.1
Diluted
321.5
271.7
320.7
275.1
JETBLUE AIRWAYS CORPORATION COMPARATIVE OPERATING
STATISTICS (unaudited) Three Months
Ended Six Months Ended June 30, Percent
June 30, Percent
2021
2020
Change
2021
2020
Change Revenue passengers (thousands)
7,938
616
1,188.5
12,401
8,766
41.5
Revenue passenger miles (millions)
10,804
816
1,223.7
16,611
11,208
48.2
Available seat miles (ASMs) (millions)
13,645
2,413
465.6
22,734
17,304
31.4
Load factor
79.2%
33.8%
45.4
pts.
73.1%
64.8%
8.3
pts. Aircraft utilization (hours per day)
8.8
1.6
450.0
7.4
6.1
21.3
Average fare
$
174.47
$
276.35
(36.9)
$
160.32
$
191.83
(16.4)
Yield per passenger mile (cents)
12.82
20.86
(38.5)
12.39
15.00
(17.4)
Passenger revenue per ASM (cents)
10.18
7.06
44.2
9.05
9.72
(6.9)
Revenue per ASM (cents)
10.99
8.91
23.4
9.82
10.42
(5.8)
Operating expense per ASM (cents)
9.91
25.90
(61.7)
10.46
14.72
(28.9)
Operating expense per ASM, excluding fuel (cents)(1)
10.05
36.95
(72.8)
10.92
12.90
(15.3)
Departures
67,253
12,896
421.5
111,302
96,191
15.7
Average stage length (miles)
1,279
1,183
8.1
1,278
1,163
9.9
Average number of operating aircraft during period
269.0
262.0
2.7
269.0
260.6
3.2
Average fuel cost per gallon, including fuel taxes
$
1.91
$
0.96
98.8
$
1.84
$
1.74
5.8
Fuel gallons consumed (millions)
176
30
479.3
288
227
27.0
Average number of full-time equivalent crewmembers
15,416
16,759
(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.
JETBLUE AIRWAYS CORPORATION SELECTED
CONSOLIDATED BALANCE SHEET DATA (in millions)
June 30, December 31,
2021
2020
(unaudited) Cash and cash equivalents
$
2,409
$
1,918
Total investment securities
1,318
1,137
Total assets
14,415
13,406
Total debt
4,430
4,863
Stockholders' equity
3,813
3,951
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.
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 the second quarter of 2021, special items include
contra-expenses recognized on the utilization of payroll support
grants received under the Consolidated Appropriations Act, 2021,
and contra-expenses recognized on the Employee Retention Credits
provided by the CARES Act.
Special items in the second quarter of 2019 include one-time
transition costs related to the Embraer E190 fleet exit 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,
2021
2019
2021
2019
$
per ASM
$
per ASM
$
per ASM
$
per ASM
Total operating expenses
$
1,352
$
9.91
$
1,855
$
11.58
$
2,379
$
10.46
$
3,652
$
11.60
Less: Aircraft fuel and related taxes
336
2.46
484
3.02
530
2.33
921
2.93
Other non-airline expenses
11
0.08
12
0.09
20
0.09
23
0.07
Special items
(366)
(2.68)
2
0.01
(655)
(2.88)
14
0.04
Operating expenses, excluding fuel
$
1,371
$
10.05
$
1,357
$
8.46
$
2,484
$
10.92
$
2,694
$
8.56
Operating expense, income (loss) before taxes, net income
(loss) and earnings (loss) per share, excluding special
items
Our GAAP results in the applicable periods were impacted by
charges that are deemed special items.
In the second quarter of 2021, special items include
contra-expenses recognized on the utilization of payroll support
grants received under the Consolidated Appropriations Act, 2021,
and contra-expenses recognized on the Employee Retention Credits
provided by the CARES Act.
Special items in the second quarter of 2019 include one-time
transition costs related to the Embraer E190 fleet exit as well as
one-time costs related to the implementation of our pilots'
collective bargaining agreement.
We believe the impact of these items distort our overall trends
and that our metrics are more comparable 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 impact of these items.
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING
EXPENSE, INCOME (LOSS) BEFORE TAXES, NET INCOME (LOSS) ANDEARNINGS
(LOSS) PER SHARE EXCLUDING SPECIAL ITEMS
(in millions, except per share
amounts)
(unaudited) Three Months Ended Six Months
Ended June 30, June 30,
2021
2019
2021
2019
Total operating revenues
$
1,499
$
2,105
$
2,232
$
3,977
Total operating expenses
$
1,352
$
1,855
$
2,379
$
3,652
Less: Special items
(366)
2
(655)
14
Total operating expenses excluding special items
$
1,718
$
1,853
$
3,034
$
3,638
Operating income (loss)
$
147
$
250
$
(147)
$
325
Add back: Special items
(366)
2
(655)
14
Operating income (loss) excluding special items
$
(219)
$
252
$
(802)
$
339
Operating margin excluding special items
-14.6%
12.0%
-35.9%
8.5%
Income (loss) before income taxes
$
57
$
236
$
(290)
$
294
Add back: Special items
(366)
2
(655)
14
Income (loss) before income taxes excluding special items
$
(309)
$
238
$
(945)
$
308
Pre-tax margin excluding special items
-20.6%
11.3%
-42.3%
7.7%
Net income (loss)
$
64
$
179
$
(183)
$
221
Add back: Special items
(366)
2
(655)
14
Less: Income tax (expense) benefit related to special items
(96)
1
(173)
3
Net income (loss) excluding special items
$
(206)
$
180
$
(665)
$
232
Earnings (Loss) Per Common Share: Basic
$
0.20
$
0.60
$
(0.58)
$
0.73
Add back: Special items, net of tax
(0.85)
-
(1.52)
0.03
Basic excluding special items
$
(0.65)
$
0.60
$
(2.10)
$
0.76
Diluted
$
0.20
$
0.59
$
(0.58)
$
0.73
Add back: Special items, net of tax
(0.85)
0.01
(1.52)
0.03
Diluted excluding special items
$
(0.65)
$
0.60
$
(2.10)
$
0.76
Earnings before interest, taxes, depreciation, amortization,
and special Items
Earnings before interest, taxes, depreciation, and amortization
(EBITDA) is a non-GAAP financial measure. We believes this measure
allows investors to better understand the financial performance of
the company by presenting earnings from our business operations
without including the effects of capital structure, tax rates,
depreciation, and amortization. We further adjusted EBITDA to
account for the impact of special items which are unusual or
infrequent in nature.
NON-GAAP FINANCIAL MEASURE EARNINGS BEFORE INTEREST,
TAXES, DEPRECIATION, AMORTIZATION, AND SPECIAL ITEMS (in
millions) (unaudited) Three Months Ended
Six Months Ended June 30, June 30,
2021
2019
2021
2019
Net income (loss)
$
64
$
179
$
(183)
$
221
Less: Interest (expense)
(54)
(19)
(112)
(38)
Capitalized interest
3
3
6
6
Interest income and other
(39)
2
(37)
1
Add back: Income tax (benefits)
(7)
57
(107)
73
Depreciation and amortization
133
127
258
251
Earnings before interest, taxes, depreciation, and amortization
$
280
$
377
$
111
$
576
Add back: Special items
(366)
2
(655)
14
Earnings before interest, taxes, depreciation, amortization, and
special items
$
(86)
$
379
$
(544)
$
590
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.
NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO
CAPITALIZATION RATIO (in millions) (unaudited)
June 30, 2021 March 31, 2021 December 31,
2019 Long-term debt and finance leases
$
3,998
$
4,619
$
1,990
Current maturities of long-term debt and finance leases
432
463
344
Operating lease liabilities - aircraft
239
256
183
Adjusted debt
$
4,669
$
5,338
$
2,517
Long-term debt and finance leases
$
3,998
$
4,619
$
1,990
Current maturities of long-term debt and finance leases
432
463
344
Operating lease liabilities - aircraft
239
256
183
Stockholders' equity
3,813
3,714
4,799
Adjusted capitalization
$
8,482
$
9,052
$
7,316
Adjusted debt to capitalization ratio
55%
59%
34%
Adjusted Net Debt
Adjusted net debt is a non-GAAP financial measure which we
believe is helpful to investors in assessing our overall debt
profile. We reduce our adjusted debt by cash, cash equivalents, and
short-term investments resulting in adjusted net debt, to present
the amount of assets needed to satisfy our debt obligations.
NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT (in
millions) (unaudited) June 30, 2021
March 31, 2021 December 31, 2019 Long-term debt and
finance leases
$
3,998
$
4,619
$
1,990
Current maturities of long-term debt and finance leases
432
463
344
Operating lease liabilities - aircraft
239
256
183
Adjusted Debt
4,669
5,338
2,517
Cash and cash equivalents
$
2,409
$
2,358
$
959
Short-term investments
1,317
867
369
Total Liquidity
3,726
3,225
1,328
Adjusted Net Debt
$
943
$
2,113
$
1,189
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210727005408/en/
JetBlue Investor Relations Tel: +1 718 709 2202
ir@jetblue.com
JetBlue Corporate Communications Tel: +1 718 709 3089
corpcomm@jetblue.com
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