JetBlue Airlines 2014 Annual Report Download

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2014 ANNUAL REPORT

Table of contents

  • Page 1
    2014 ANNUAL REPORT

  • Page 2

  • Page 3
    ... point to 6.3% Our financial performance was rewarded by the market as our stock price increased nearly 85% during 2014, outpacing the S&P 500's yearly gain. CEO Transition In September 2014, we announced the retirement of Dave Barger effective February 15, 2015. Dave's leadership at JetBlue...

  • Page 4
    ... at home or work. While other airlines look to charge customers for slower, bandwidth constrained wifi, our basic in-flight broadband internet has the ability to be used by everyone onboard and is provided free of charge. We plan to cover the broadband costs of Fly-Fiâ„¢ in 2015 through corporate...

  • Page 5
    ...and a new Co-Brand credit card agreement. • Cost Control: We expect our non-fuel unit costs to grow less than two percent in 2015 and over time. We anticipate benefiting from cost efficient growth from our new A321 aircraft and a Sharklet and cabin retrofit of our A320 fleet, offsetting costs from...

  • Page 6

  • Page 7
    ... stock held by non-affiliates of the registrant as of June 30, 2014 was approximately $2.6 billion (based on the last reported sale price on the NASDAQ Global Select Market on that date). The number of shares outstanding of the registrant's common stock as of January 30, 2015 was 310,856,091 shares...

  • Page 8
    ... Statements 46 Reports of Independent Registered Public Accounting Firm 64 ITEM 9. ITEM 9A. ITEM 9B. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 Controls and Procedures 66 Other Information 66 02 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 9
    ... and Management and Related Stockholder Matters 68 Certain Relationships and Related Transactions, and Director Independence 68 Principal Accounting Fees and Services 68 PART IV ITEM 15. 69 Exhibits and Financial Statement Schedules 69 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 03

  • Page 10
    This page intentionally left blank. 04 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 11
    ... this report, those described in Item 1A of this report under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry." In light of these risks and uncertainties, the forward-looking events discussed in this report might not occur. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report...

  • Page 12
    ... and fees. Airline returns are sensitive to slight changes in fuel prices, average fare levels and passenger demand. The principal competitive factors in the airline industry include fares, brand and customer service, route networks, flight schedules, aircraft types, safety records, code-sharing and...

  • Page 13
    ...that competitive fares and quality air travel need not be mutually exclusive. Our award winning service begins from the moment our customers purchase a ticket from one of our distribution channels such as www.jetblue.com, our mobile applications or our reservations centers. In the first half of 2015...

  • Page 14
    ..., coordinated flight schedules, frequent flyer program reciprocity and other joint marketing activities. As of December 31, 2014, we had 38 airline commercial partnerships. Our commercial partnerships typically begin as an interline agreement allowing a customer to book one itinerary with tickets on...

  • Page 15
    ...loyalty partnerships in the future. Customer Loyalty Program TrueBlue® is our customer loyalty program designed to reward and recognize loyal customers. Members earn points based upon the amount paid for JetBlue flights and services from certain commercial partners. Our points Operations and Cost...

  • Page 16
    ...Airbus A321, Airbus A320 and EMBRAER 190 aircraft types. In 2014, our fleet had an average age of 7.8 years and operated an average of 11.8 hours per day. By scheduling and operating our aircraft more efficiently we are able to spread related fixed costs over a greater number of available seat miles...

  • Page 17
    ...extensive new hire orientation program. The orientation focuses on the JetBlue strategy and emphasizes the importance of customer service, productivity and cost control. We provide continuous training for our Crewmembers including technical training, a specialized captain leadership training program...

  • Page 18
    ... in T5 at JFK. The Center is open seven days a week, 365 days per year for military members and their families traveling on any airline at JFK, not just JetBlue. This brand new center is fully stocked with computers, televisions, gaming devices/stations, furniture, iPads, food and beverages and...

  • Page 19
    ...ITEM 1 Business Rica, Curaçao, the Dominican Republic, Haiti, Jamaica, Mexico, Peru, Saint Lucia, St. Maarten, Trinidad and Tobago and the Turks and Caicos Islands. To the extent we seek to provide air transportation to additional international markets in the future, we would be required to obtain...

  • Page 20
    ...23 billion accounted for 47% of our total capitalization. In addition to long-term debt, we have a significant amount of other fixed obligations under operating leases related to our aircraft, airport terminal space, other airport facilities and office space. As of December 31, 2014, future minimum...

  • Page 21
    ... as adverse changes in local economic conditions, health concerns, negative public perception of New York City, terrorist attacks or significant price or tax increases linked to increases in airport access costs and fees imposed on passengers. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 15

  • Page 22
    ... retirement age, the U.S. airline industry may be affected by a pilot shortage. We may be required to increase wages and/or benefits in order to attract and retain qualified personnel or risk considerable employee turnover. If we are unable to hire, train and retain qualified employees, our business...

  • Page 23
    ... 4,100 flight cancellations. Our Florida and Caribbean operations are subject to hurricanes. As we enter new markets we could be subject to additional seasonal variations along with any competitive responses to our entry by other airlines. Price changes in aircraft fuel as well as the timing and...

  • Page 24
    ... option to extend most of these leases for additional periods or to purchase the aircraft at the end of the related lease term. All but 39 of our 137 owned aircraft are subject to secured debt financing and all of our 33 spare engines are owned. 18 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 25
    ... each of the airports we serve providing for the non-exclusive use of runways, taxiways and other airport facilities. Landing fees under these agreements are typically based on the number of aircraft landings and the weight of the aircraft. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 19 Other...

  • Page 26
    ... where he specialized in airline defense litigation. Mr. Hnat is a member of the bar of New York and Massachusetts. Alexander Chatkewitz, age 50, is our Vice President and Chief Accounting Officer, a position he has held since December 2014. Prior to joining JetBlue, Mr. Chatkewitz worked at Philip...

  • Page 27
    ...average price paid per share of $10.90. The program may be commenced or suspended from time to time without prior notice. Shares repurchased under our share repurchase program are purchased in open market transactions and are held as treasury stock. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report...

  • Page 28
    ... Travel Company, American Airlines Group, Inc., Delta Air Lines, Inc., JetBlue Airways Corporation, Republic Airways Holding, Inc., Southwest Airlines Company, Transat A.T. Inc. (Cl B), United Continental Holdings Inc. and WestJet Airlines Ltd. 22 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 29
    ... million and $6 million in losses on the early extinguishment of debt in 2014, 2013, 2012 and 2011 respectively. (4) In 2014, we had a gain of $241 million from the sale of LiveTV. Pre-tax margin excluding the gain on the sale of LiveTV is 6.6%. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 23

  • Page 30
    ...of JetBlue. Glossary of Airline terminology Airline terminology used in this section and elsewhere in this report: • Aircraft utilization - The average number of block hours operated per day per aircraft for the total fleet of aircraft. • Available seat miles - The number of seats available for...

  • Page 31
    ... from operations. • Operating expenses per available seat mile increased 0.6% to 11.78 cents. Excluding fuel and profit sharing, our cost per available seat mile increased 3.2% in 2014. 2016-2020 to 2020-2023. Of these deferrals, ten Airbus A321 aircraft orders were converted to Airbus A321 new...

  • Page 32
    ... is provided or after the ticket or customer credit expires. We measure capacity in terms of available seat miles, which represents the number of seats available for passengers multiplied by the number of miles the seats are flown. Yield, or the average amount one passenger pays to fly one mile, is...

  • Page 33
    ...upon report times, the number of scheduled flight segments, and other operational factors. We have hired additional pilots to address the requirements of the new rule. Other Operating Expenses Other operating expenses consist of the following categories: outside services (including expenses related...

  • Page 34
    ... (cents) Operating revenue per ASM (cents) Average stage length (miles) Revenue passengers (thousands) Revenue passenger miles (millions) Available Seat Miles (ASMs) (millions) Load Factor $ $ $ 2013 4,971 470 5,441 163.19 13.87 11.61 12.71 1,090 30,463 35,836 42,824 83.7% $ $ $ 2012 4,550 432...

  • Page 35
    ... companies. Costs per Available Seat Mile (Non-GAAP) Costs per available seat mile, or CASM, is a common metric used in the airline industry. Our CASM for 2014 and 2013 are summarized in the table below. We exclude aircraft fuel and related taxes and profit sharing from operating cost per available...

  • Page 36
    ... 0.59 0.52 - 0.52 (a) The capital gain generated from the sale of LiveTV allowed JetBlue to utilize a capital loss carryforward which resulted in the release of a valuation allowance related to the capital loss deferred tax asset of $19 million. 30 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 37
    ... NET INCOME Operating margin Pre-tax margin Operating Statistics (unaudited): Revenue passengers (thousands) Revenue passenger miles (millions) Available seat miles ASM (millions) Load factor Aircraft utilization (hours per day) Average fare Yield per passenger mile (cents) Passenger revenue per...

  • Page 38
    .... This coincided with the final payment on the Series 2004-1 EETC of $188 million which resulted in 13 Airbus A320 aircraft becoming unencumbered. • We took delivery of nine Airbus A321 aircraft, two of which were financed with capital leases. 32 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 39
    ... include the net sale of $161 million in investment securities. Investing Activities During 2014, capital expenditures related to our purchase of flight equipment included $127 million for flight equipment deposits, $298 million for the purchase JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 33

  • Page 40
    ... and at this time we have no plans to sell any such securities under this registration statement. We may utilize this universal shelf registration statement in the future to raise capital 34 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report Working Capital We had a working capital deficit of...

  • Page 41
    ... GAAP. Reconciliation of Free Cash Flow (Non-GAAP) Year Ended December 31, (in millions) 2014 $ 912 (806) (127) (933) $ 2013 758 (615) (22) (637) 2012 $ 698 (542) (283) (825) $ 2011 614 (480) (44) (524) 2010 $ 523 (249) (50) (299) Net cash provided by operating activities Capital expenditures...

  • Page 42
    ... credit related to certain of our leases which will expire at the end of the related leases. As of December 31, 2014, the average age of our operating fleet was 7.8 years. We modified our long-term order book in November 2014 and our firm aircraft order as of December 31, 2014 is as follows: Airbus...

  • Page 43
    ... if necessary, based on actual credit usage. Frequent flyer accounting We utilize a number of estimates in accounting for our TrueBlue customer loyalty program, or TrueBlue. We record a liability for the estimated incremental cost of outstanding points earned from JetBlue purchases that we expect...

  • Page 44
    ... of time. Derivative instruments used for aircraft fuel We utilize financial derivative instruments to manage the risk of changing aircraft fuel prices. We do not purchase or hold any derivative instrument for trading purposes. As of December 31, 2014, we had a net $51 million liability related to...

  • Page 45
    ... for accounting policies and additional information. Aircraft fuel Our results of operations are affected by changes in the price and availability of aircraft fuel. Market risk is estimated as a hypothetical 10% increase in the December 31, 2014 cost per gallon of fuel. Based on projected 2015 fuel...

  • Page 46
    ... Data JetBlue Airways Corporation Consolidated Balance Sheets (in millions, except share data) December 31, 2014 2013 ASSETS CURRENT ASSETS Cash and cash equivalents Investment securities Receivables, less allowance (2014-$6; 2013-$6) Inventories, less allowance (2014-$8; 2013-$6) Prepaid...

  • Page 47
    ...JetBlue Airways Corporation Consolidated Balance Sheets (in millions, except share data) December 31, 2014 2013 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable Air traffic liability Accrued salaries, wages and benefits Other accrued liabilities Current maturities of long...

  • Page 48
    ... JetBlue Airways Corporation Consolidated Statements of Operations (in millions, except per share amounts) Years Ended December 31, 2014 2013 $ 5,343 474 5,817 $ 4,971 470 5,441 $ 2012 4,550 432 4,982 OPERATING REVENUES Passenger Other Total operating revenues OPERATING EXPENSES Aircraft fuel...

  • Page 49
    ..., 2013 and 2012, respectively) Total other comprehensive income (loss) COMPREHENSIVE INCOME Years Ended December 31, 2014 2013 $ 401 $ 168 (63) (63) 338 8 8 $ 176 2012 $ 128 7 7 $ 135 $ See accompanying notes to consolidated financial statements. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report...

  • Page 50
    ... JetBlue Airways Corporation Consolidated Statements of Cash Flows (in millions) Years Ended December 31, 2014 2013 $ 401 212 263 62 20 - (241) (49) 1 3 148 68 24 912 $ 168 107 258 48 14 (1) - 8 (22) (23) 132 52 17 758 $ 2012 128 76 230 39 13 (17) - 8 1 38 66 92 24 698 CASH FLOWS FROM OPERATING...

  • Page 51
    ... 2013 Net income Changes in comprehensive income Vesting of restricted stock units Exercise of stock options Stock compensation expense Stock issued under Crewmember stock purchase plan Shares repurchased under 2012 share repurchase plan Convertible debt redemption Other Balance at December 31, 2014...

  • Page 52
    ...to provide in-flight entertainment systems and internet connectivity to JetBlue as part of two new service agreements. NOTE 1 Summary of Significant Accounting Policies Restricted Cash Restricted cash primarily consists of security deposits, funds held in escrow for estimated workers' compensation...

  • Page 53
    ... related to Slots at High Density Airports for the years ended December 31, 2013 and 2012 respectively. In March 2014, we completed the purchase of 24 additional Slots at Reagan National for $75 million. We started using these Slots in the second half of 2014 and continue to announce new routes...

  • Page 54
    ... Commercial Agreements LiveTV provides in-flight entertainment solutions for various commercial airlines. These solutions include equipment and related installation as well as agreements for ongoing service and support. In June 2014, we sold 48 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 55
    ... from the issuance of the pass-through certificates were used to purchase equipment notes issued by JetBlue and secured by 14 of our previously unencumbered aircraft. Principal and interest are payable semi-annually, starting in September 2014. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 49

  • Page 56
    ... term debt on our consolidated balance sheets. In December 2006, the New York City Industrial Development Agency issued special facility revenue bonds for JFK to us as reimbursement to us for certain airport facility construction and other costs. We recorded the principal amount of the bond, net of...

  • Page 57
    ... capacity, we also extended the term of the facility by an additional two years through to April 2018. Borrowings under the Credit Facility bear interest at a variable rate equal to LIBOR, plus a margin. The Credit Facility is secured by Slots JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 51

  • Page 58
    ... of credit relate to a certain number of our leases and are included in restricted cash. As of December 31, 2014, 60 of the 203 aircraft in our fleet were leased under operating leases, with lease expiration dates ranging from 2016 to 2026. Five of the 60 aircraft operating leases have variable rate...

  • Page 59
    ... the share repurchase program. As of December 31, 2014, we had a total of 60.8 million shares of our common stock reserved for issuance related to our equity incentive plans, our convertible debt, and our share lending facility. Refer to Note 7 for further details on our share-based compensation. As...

  • Page 60
    ... of a change in control as defined in the 2002 Plan. Our policy to grant RSUs was based on the market price of the underlying common stock on the date of grant. No additional grants were made from this plan after the adoption of the 2011 Plan. 54 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 61
    ... AVAILABLE FOR FUTURE PURCHASES, END OF YEAR 4,855,144 (2,332,823) 2,552,321 Weighted Average 2013 Shares 6,436,224 (1,581,080) 4,855,144 Weighted Average 2012 Shares 8,000,000 (1,563,776) 6,436,224 Weighted Average $ 8.04 $ 6.20 $ 4.75 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report...

  • Page 62
    ... the purchase of common stock via payroll deductions. Purchase dates occur on the last business day of April and October each year. Until April 2013, our 2011 CSPP was considered non-compensatory as the purchase price discount was 5% based upon the stock price on the date of purchase. The plan was...

  • Page 63
    ... from the sale of our subsidiary, LiveTV, in June 2014 resulted in the release of a $19 million valuation allowance related to the capital loss deferred tax asset. We have concluded that no valuation allowance is required as of December 31, 2014. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 57

  • Page 64
    ...A321 aircraft in 2015. Dependent on market conditions, we anticipate paying cash for the 12 Airbus A321 aircraft scheduled for delivery in 2015. In November 2014, we amended our purchase agreement with Airbus by deferring 13 Airbus A321 aircraft orders and eight Airbus A320 aircraft orders from 2016...

  • Page 65
    ...The Company believes it has valid defenses to the legal matters currently pending against it, is defending itself vigorously and has recorded accruals determined in accordance with U.S. GAAP, where appropriate. In making a determination regarding JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 59

  • Page 66
    ... that a 26.7% base pay rate increase provided to certain pilots during 2007 triggered the base salary provision of the Employment Agreement. The 2009 claims and all New York state labor law claims were dismissed. In early July 2014, the AAA issued the arbitrator's Final Award, awarding 318 of the...

  • Page 67
    ... rate derivatives As of December 31, 2013 Fuel derivatives Interest rate derivatives $ - - 6 - $ 102 1 - 3 Gross Amount of Cash Collateral Offset $ 51 1 - 3 $ Net Amount Presented in Balance Sheet Assets Liabilities - - 6 - $ 51 - - - $ $ $ $ $ JETBLUE AIRWAYS CORPORATION - 2014 Annual Report...

  • Page 68
    ... instruments are based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. We did not record any material gains or losses on these securities during the year ended December 31, 2014 or 2013. 62 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 69
    ... transportation services accounted for substantially all the Company's operations in 2014, 2013 and 2012. Operating revenues are allocated to geographic regions, as defined by the DOT, based upon the origination and destination of each flight segment. We currently serve 26 locations in the Caribbean...

  • Page 70
    ... with the standards of the Public Company Accounting Oversight Board (United States), JetBlue Airways Corporation's internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring...

  • Page 71
    ...the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of JetBlue Airways Corporation as of December 31, 2014 and 2013, and the related consolidated statements of operations, comprehensive income, cash flows and stockholders' equity for each of the three years...

  • Page 72
    ... Board of Directors 66 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report in its discretion. Mr. Hayes will also be eligible to receive an annual award of restricted stock units and an annual award of performance stock units, both pursuant to the Company's 2011 Incentive Compensation Plan and related...

  • Page 73
    ...Regulation 14A within 120 days after the end of our 2014 fiscal year, or our Proxy Statement. ITEM 11. Executive Compensation The information required by this Item will be included in and is incorporated herein by reference from our Proxy Statement. JETBLUE AIRWAYS CORPORATION - 2014 Annual Report...

  • Page 74
    ... in and is incorporated herein by reference from our Proxy Statement. ITEM 14. Principal Accounting Fees and Services The information required by this Item will be included in and is incorporated herein by reference from our Proxy statement. 68 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 75
    ...of Cash Flows - For the years ended December 31, 2014, 2013 and 2012 Consolidated Statements of Stockholders' Equity - For the years ended December 31, 2014, 2013 and 2012 Notes to Consolidated Financial Statements Reports of Independent Registered Public Accounting Firm Financial Statement Schedule...

  • Page 76
    ... requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated (and, as indicated with an asterisk, representing at least a majority of the members of the Board of Directors...

  • Page 77
    ... by reference to Exhibit 4.3 to our Annual Report on Form 10-K for the year ended December 31, 2002. Amendment to the Stockholder Rights Agreement, dated as of January 17, 2008, by and between JetBlue Airways Corporation and Computershare Trust Company, N.A.-incorporated by reference to Exhibit...

  • Page 78
    ..., dated March 24, 2004, bearing Policy Number 43567(1) issued to Wilmington Trust Company, as Subordination Agent for the Class G-1 Certificates-incorporated by reference to Exhibit 4.25 to our Current Report on Form 8-K dated March 24, 2004. 72 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 79
    ...Cap Liquidity Facility Provider, and Wilmington Trust Company, as Subordination Agent for the JetBlue Airways Corporation Pass Through Trust 2004-2G-1-O- incorporated by reference to Exhibit 4.14 to our Current Report on Form 8-K dated November 9, 2004 (4). JETBLUE AIRWAYS CORPORATION - 2014 Annual...

  • Page 80
    ...as Above Cap Liquidity Provider, and Wilmington Trust Company, as Subordination Agent for the JetBlue Airways (Spare parts) G-1 Pass Through Trust-incorporated by reference to Exhibit 4.5 to our Current Report on Form 8-K dated November 14, 2006. 74 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 81
    ...Liquidity Provider, MBIA Insurance Corporation, as Policy Provider, and Wilmington Trust Company, as Subordination Agent- incorporated by reference to Exhibit 4.10 to our Current Report on Form 8-K dated November 14, 2006. Note Purchase Agreement, dated as of November 14, 2006, among JetBlue Airways...

  • Page 82
    ...31 to V2500 General Terms of Sale between IAE International Aero Engines and New Air Corporation, dated September 27, 2011-incorporated by reference to Exhibit 10.3(v) to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011. 76 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 83
    ... to Exhibit 10.17(d) to our Annual Report on Form 10-K for the year ended December 31, 2007. Amendment No. 5 to Purchase Agreement DCT-025/2003, dated as of July 18, 2008, between Embraer-Empresa Brasileira de Aeronautica S.A. and JetBlue Airways Corporation-incorporated by reference to Exhibit 10...

  • Page 84
    ...026/2003, dated as of October 24, 2013 between Embraer - Empresa Brasileira de Aeronáutica S.A. and JetBlue Airways Corporation-incorporated by reference to Exhibit 10.18(k) to our Annual Report on Form 10-K for the year ended December 31, 2013. 78 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 85
    ...to Exhibit 10.35 to our Annual Report on Form 10-K for the year ended December 31, 2011. Amended and Restated JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan. Credit and Guarantee Agreement dated as of April 23, 2013 among JetBlue Airways Corporation, as Borrower, The Subsidiaries of...

  • Page 86
    ... of the Chief Financial Officer. Section 1350 Certifications, furnished herewith. Letter of Approval from the City of Long Beach Department of Public Works, dated May 22, 2001, approving City Council Resolution C-27843 regarding Flight Slot Allocation at Long Beach Municipal Airport-incorporated by...

  • Page 87
    ... have audited the consolidated financial statements of JetBlue Airways Corporation as of December 31, 2014 and 2013, and for each of the three years in the period ended December 31, 2014, and have issued our report thereon dated February 12, 2015 (included elsewhere in this Annual Report on Form 10...

  • Page 88
    ...Financial Statement Schedules JetBlue Airways Corporation Schedule II-Valuation and Qualifying Accounts (in thousands) Description Year Ended December 31, 2014 Allowances deducted from asset accounts: Allowance for doubtful accounts...5,046 20,268 82 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 89
    ... Compensation Plan and the JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan, Registration Statement (Form S-3 No. 333-181058) of JetBlue Airways Corporation, and Registration Statement (Form S-3 No. 333-184730) of JetBlue Airways Corporation; of our reports dated February 12, 2015...

  • Page 90
    ... and any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ DAVID BARGER Chief Executive Officer Date: February 12, 2015 84 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report

  • Page 91
    ... any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ MARK D. POWERS Chief Financial Officer Date: February 12, 2015 JETBLUE AIRWAYS CORPORATION - 2014 Annual Report 85

  • Page 92
    ...15 Exhibits and Financial Statement Schedules EXHIBIT 32 Section 1350 Certifications In connection with the Annual Report of JetBlue Airways Corporation on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission on February 12, 2015 (the "Report"), the...

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    SAFETY • CARING • INTEGRITY • PASSION • FUN