JetBlue Airlines 2004 Annual Report Download - page 6

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EXPLANATORY NOTE
JetBlue Airways Corporation is filing this Amendment No. 1 on Form 10-K/A to our Annual Report on
Form 10-K for the year ended December 31, 2004 filed with the Securities and Exchange Commission on
February 14, 2005, to reflect certain financial statement reclassifications affecting Items 6, 7 and 8.
Subsequent to the filing of our Annual Report on Form 10-K, additional clarification was provided
regarding the financial statement classification of auction rate securities held as investments. Pursuant to this
guidance, auction rate securities are not to be classified as cash and cash equivalents. We invest in auction
rate securities as part of our cash management strategy. These investments, which we have historically
classified as cash and cash equivalents because of the short duration of their reset periods, have been
reclassified as investment securities. As a result of this reclassification, our cash flows from investing activities
now include the net change in auction rate securities in current assets. This reclassification has no impact on
previously reported total current assets, total assets, working capital position, results of operations or
financial covenants and does not affect previously reported cash flows from operating or financing activities.
Except for the aforementioned reclassifications, this Form 10-K/A does not modify or update other
disclosures in the Form 10-K, including the nature and character of such disclosure to reflect events
occurring after the filing date of the Form 10-K. While we are amending only certain portions of our
Form 10-K, for convenience and ease of reference, we are filing the entire Form 10-K, except for certain
exhibits. Accordingly, this Form 10-K/A should be read in conjunction with our filings made with the
Securities and Exchange Commission.