JetBlue Airlines 2014 Annual Report Download - page 3

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Dear Fellow Shareholders:
JetBlue delivered strong financial results in 2014 including:
✓ Generating revenues of over $5.8 billion
✓
Growing net income by 38% year over year to an annual record of $232 million (which excludes the $241million
gain from sale of our subsidiary LiveTV). This marks our sixth consecutive year of profitability
✓ Continuing to strengthen our balance sheet and lowering our net-debt-to-capital ratio by 6.5 points
✓ Growing our return on invested capital, or ROIC, by one percentage 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, spanning over 16 years, shaped the company from start-up into a vibrant, exciting, and innovative
organization committed to our mission to “inspire humanity” while fostering a unique culture built on a solid
foundation of values. Dave has furthered the lives of so many Crewmembers, customers, partners and friends.
It is an honor and a challenge to succeed Dave; he’s set a high bar.
Culture Matters
Culture is the foundation of our success and is what makes JetBlue unique. It’s that culture that inspires our
16,000 Crewmembers to deliver outstanding customer service each day while embodying our key values. In
2014, we were once again recognized for service excellence by J.D. Power, our tenth such award in a row!
This recognition demonstrates the importance of our distinctive service and humanity driven culture and the
difference each of our Crewmembers make.
Further, we can see the benefits of our culture in our Net Promoter Scores (NPS). I firmly believe higher NPS
scores translate to increased customer loyalty and a revenue premium.
Finally, the benefits of our unique culture extend into our communities; in 2014, JetBlue Crewmembers volunteered
more than 100,000 hours to a wide array of local charities that truly make a difference.
Differentiated Product
Although the specifics of our product offering have and must continue to evolve, our core focus on providing
an excellent product and service at a reasonable price will not change. We remain focused on serving the
underserved – both leisure and business customers who are not rewarded for loyalty by network airlines, seek
more than what ultra-low cost carriers are willing to provide, and value a product with superior personal space
and complimentary entertainment.
We will continue to innovate and invest in what matters most to our customers, such as Mint, our premium
transcontinental service launched between New York (JFK) and Los Angeles (LAX) in June and between New
York (JFK) and San Francisco (SFO) in October. Mint offers 16 seats with a fully lie-flat bed, an upgraded live
television system with, among other features, 100 channels of DirecTV, complimentary food and beverage
service and amenity kits – all delivered by exceptional inflight and airport Crewmembers. Customer response has
been astounding as reflected by strong NPS and year-over-year margin gains which are well above those of
our other transcontinental markets.