JetBlue Airlines 2004 Annual Report Download - page 37

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ITEM 6. SELECTED FINANCIAL DATA
The following financial information for the five years ended December 31, 2004 has been derived
from our consolidated financial statements. This information should be read in conjunction with the
consolidated financial statements and related notes thereto included elsewhere in this report.
Year Ended December 3l,
2004 2003 2002 2001 2000
(in thousands, except per share data)
Statements of Income Data:
Operating revenues ................. $ 1,265,972 $ 998,351 $ 635,191 $ 320,414 $ 104,618
Operating expenses:
Salaries, wages and benefits .......... 337,118 267,334 162,191 84,762 32,912
Aircraft fuel ..................... 255,366 147,316 76,271 41,666 17,634
Landing fees and other rents ......... 91,181 68,691 43,881 27,342 11,112
Depreciation and amortization ........ 76,540 50,397 26,922 10,417 3,995
Aircraft rent ..................... 70,216 59,963 40,845 32,927 13,027
Sales and marketing ............... 63,198 53,587 44,345 28,305 16,978
Maintenance materials and repairs ..... 44,901 23,114 8,926 4,705 1,052
Other operating expenses ........... 214,509 159,116 126,823 63,483 29,096
Total operating expenses .......... 1,153,029 829,518 530,204 293,607 125,806
Operating income (loss) .............. 112,943 168,833 104,987 26,807 (21,188)
Government compensation(l) .......... — 22,761 407 18,706 —
Other income (expense) .............. (36,121) (16,155) (10,370) (3,598) (381)
Income (loss) before income taxes ....... 76,822 175,439 95,024 41,915 (21,569)
Income tax expense (benefit)(2) ........ 29,355 71,541 40,116 3,378 (239)
Net income (loss) ................... $ 47,467 $ 103,898 $ 54,908 $ 38,537 $ (21,330)
Earnings (loss) per common share:
Basic .......................... $ 0.46 $ 1.07 $ 0.73 $ 4.39 $ (11.85)
Diluted(3) ...................... $ 0.43 $ 0.96 $ 0.56 $ 0.51 $ (11.85)
Other Financial Data:
Operating margin ................... 8.9% 16.9% 16.5% 8.4% (20.3)%
Ratio of earnings to fixed charges(4) ..... 1.6x 3.2x 2.7x 1.9x —
Net cash provided by operating activities . . $ 198,420 $ 286,337 $ 216,477 $ 111,279 $ 2,824
Net cash used in investing activities ...... (719,748) (987,080) (879,661) (365,005) (263,130)
Net cash provided by financing activities . . 437,250 789,136 657,214 261,695 254,463
(1) In 2003, we received $22.8 million in compensation under the Emergency War Time Supplemental
Appropriations Act. In 2002 and 2001, we received a total of $19.1 million in compensation under
the Air Transportation Safety and System Stabilization Act.
(2) In 2001, our income tax expense was reduced due to the full reversal of our deferred tax asset
valuation allowance.
(3) Diluted earnings per share for the year ended December 31, 2003 has been restated from the
$0.97 previously reported as a result of adopting of EITF Issue No. 04-08. See Note 7 to our
consolidated financial statements for additional information.
(4) Earnings were inadequate to cover fixed charges by $26.0 million for the year ended December 31,
2000.
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