JetBlue Airlines 2012 Annual Report Download - page 28

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JETBLUE AIRWAYS CORPORATION-2012 10K24
PART II
ITEM6Selected Financial Data
ITEM6. Selected Financial Data
The following fi nancial information for the fi ve years ended December31, 2012 has been derived from our consolidated fi nancial statements. This
information should be read in conjunction with the consolidated fi nancial statements and related notes thereto included elsewhere in this report.
2012 2011 2010 2009 2008
Statements of Operations Data:
Operating revenues $ 4,982 $ 4,504 $ 3,779 $ 3,292 $ 3,392
Operating expenses:
Aircraft fuel and related taxes 1,806 1,664 1,115 945 1,397
Salaries, wages and benefi ts
(1) 1,044 947 891 776 694
Landing fees and other rents 277 245 228 213 199
Depreciation and amortization
(2) 258 233 220 228 205
Aircraft rent 130 135 126 126 129
Sales and marketing 204 199 179 151 151
Maintenance materials and repairs 338 227 172 149 127
Other operating expenses
(3) 549 532 515 419 377
Total operating expenses 4,606 4,182 3,446 3,007 3,279
Operating income 376 322 333 285 113
Other income (expense)
(4) (167) (177 ) (172) (181) (202)
Income (loss) before income taxes 209 145 161 104 (89)
Income tax expense (benefi t) 81 59 64 43 (5)
NET INCOME (LOSS) $ 128 $ 86 $ 97 $ 61 $ (84)
Earnings (loss) per common share:
Basic $ 0.45 $ 0.31 $ 0.36 $ 0.24 $ (0.37 )
Diluted $ 0.40 $ 0.28 $ 0.31 $ 0.21 $ (0.37 )
Other Financial Data:
Operating margin 7.5% 7.1% 8.8% 8.6% 3.3%
Pre-tax margin 4.2% 3.2% 4.3% 3.2% (2.6)%
Ratio of earnings to fi xed charges
(5) 1.75x 1.52x 1.59x 1.33x —
Net cash provided by (used in) operating activities $ 698 $ 614 $ 523 $ 486 $ (17)
Net cash used in investing activities (867) (502) (696) (457) (247)
Net cash provided by (used in) fi nancing activities (322) 96 (258) 306 635
(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 2012, we sold six spare engines and two aircraft resulting in gains of approximately $10 million. Additionally, in 2012, LiveTV terminated a customer contract resulting in a gain of
approximately $8 million. 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 2012, we recorded a net of $1 million in losses related to the early extinguishment of $220 million in principal of debt securing nine aircraft. 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 2008, we recorded a holding loss of $53 million related to the
valuation of our auction rate securities.
(5) Earnings were inadequate to cover fixed charges by $135 million for the year ended December31, 2008.