JetBlue Airlines 2011 Annual Report Download - page 39

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ITEM 6. SELECTED FINANCIAL DATA
The following financial information for the five years ended December 31, 2011 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 31,
2011 2010 2009 2008 2007
(in millions, except per share data)
Statements of Operations Data:
Operating revenues .................................. $4,504 $3,779 $3,292 $3,392 $2,843
Operating expenses:
Aircraft fuel and related taxes ....................... 1,664 1,115 945 1,397 968
Salaries, wages and benefits (1) ...................... 947 891 776 694 648
Landing fees and other rents ........................ 245 228 213 199 180
Depreciation and amortization (2) .................... 233 220 228 205 176
Aircraft rent ..................................... 135 126 126 129 124
Sales and marketing ............................... 199 179 151 151 121
Maintenance materials and repairs .................... 227 172 149 127 106
Other operating expenses (3) ........................ 532 515 419 377 350
Total operating expenses ......................... 4,182 3,446 3,007 3,279 2,673
Operating income ................................... 322 333 285 113 170
Other income (expense) (4) ........................... (177) (172) (181) (202) (139)
Income (loss) before income taxes ...................... 145 161 104 (89) 31
Income tax expense (benefit) .......................... 59 64 43 (5) 19
Net income (loss) ................................... $ 86 $ 97 $ 61 $ (84) $ 12
Earnings (loss) per common share:
Basic ........................................... $ 0.31 $ 0.36 $ 0.24 $ (0.37) $ 0.07
Diluted ......................................... $ 0.28 $ 0.31 $ 0.21 $ (0.37) $ 0.06
Other Financial Data:
Operating margin ................................... 7.1% 8.8% 8.6% 3.3% 6.0%
Pre-tax margin ..................................... 3.2% 4.3% 3.2% (2.6)% 1.1%
Ratio of earnings to fixed charges (5) ................... 1.52x 1.59x 1.33x — —
Net cash provided by (used in) operating activities ......... $ 614 $ 523 $ 486 $ (17) $ 358
Net cash used in investing activities .................... (502) (696) (457) (247) (734)
Net cash provided by (used in) financing activities ......... 96 (258) 306 635 556
(1) In 2010, we incurred approximately $9 million in one-time implementation expenses related to our new
customer service system.
(2) In 2008, we wrote-off $8 million related to our temporary terminal facility at JFK.
(3) In 2009, 2008, and 2007, we sold two, nine, and three aircraft, respectively, which resulted in gains of $1
million, $23 million, and $7 million, respectively. In 2010, we recorded an impairment loss of $6 million
related to the spectrum license held by our LiveTV subsidiary. In 2010, we also incurred approximately $13
million in one-time implementation expenses related to our new customer service system.
(4) In 2011, we recorded $6 million loss related to the repurchase of $39 million principal amount of our 6.75%
convertible debentures due 2039. In 2008, we recorded $13 million in additional interest expense related to
the early conversion of a portion of our 5.5% convertible debentures due 2038 and a $14 million gain on
extinguishment of debt. In December 2008, we recorded a holding loss of $53 million related to the
valuation of our auction rate securities.
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