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JETBLUE AIRWAYS CORPORATION-2013Annual Report24
PART II
ITEM6Selected Financial Data
ITEM6. Selected Financial Data
The following financial information for the five years ended December 31, 2013 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,
2013 2012 2011 2010 2009
Statements of Operations Data:
Operating revenues $ 5,441 $ 4,982 $ 4,504 $ 3,779 $ 3,292
Operating expenses:
Aircraft fuel and related taxes 1,899 1,806 1,664 1,115 945
Salaries, wages and benefits(1) 1,135 1,044 947 891 776
Landing fees and other rents 305 277 245 228 213
Depreciation and amortization 290 258 233 220 228
Aircraft rent 128 130 135 126 126
Sales and marketing 223 204 199 179 151
Maintenance materials and repairs 432 338 227 172 149
Other operating expenses(2) 601 549 532 515 419
Total operating expenses 5,013 4,606 4,182 3,446 3,007
Operating income 428 376 322 333 285
Other income (expense)(3) (149) (167) (177) (172) (181)
Income before income taxes 279 209 145 161 104
Income tax expense 111 81 59 64 43
NET INCOME $ 168 $ 128 $ 86 $ 97 $ 61
Earnings per common share:
Basic $ 0.59 $ 0.45 $ 0.31 $ 0.36 $ 0.24
Diluted $ 0.52 $ 0.40 $ 0.28 $ 0.31 $ 0.21
Other Financial Data:
Operating margin 7.9% 7.5% 7.1% 8.8% 8.6%
Pre-tax margin 5.1% 4.2% 3.2% 4.3% 3.2%
Ratio of earnings to fixed charges 2.05x 1.75x 1.52x 1.59x 1.33x
Net cash provided by operating activities $ 758 $ 698 $ 614 $ 523 $ 486
Net cash used in investing activities (476) (867) (502) (696) (457)
Net cash provided by (used in) financing activities (239) (322) 96 (258) 306
(1) In 2010 we incurred approximately $9 million in one-time implementation expenses related to our new customer service system.
(2) In 2013, we had a gain of $7 million on the sale of the Airfone business by LiveTV and sold three spare engines resulting in gains of approximately $2 million. In 2012 we sold six spare
engines and two aircraft resulting in gains of approximately $10 million and LiveTV terminated a customer contract resulting in a gain of approximately $8 million. 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. In 2009 we sold two aircraft which resulted in gains of approximately $1 million.
(3) We recorded $3 million, $1 million and $6 million in losses on the early extinguishment of debt in 2013, 2012 and 2011 respectively.