3Q21 Earnings Presentation (pdf, 1.2MB), link opens in a new window

3Q21 EARNINGS PRESENTATION

OCTOBER 26, 2021

SAFEHARBOR

Forward-Looking Information Statements in this Presentation (or otherwise made by JetBlue or on JetBlue's behalf) contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management's beliefs and assumptions concerning future events. These statements are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. When used in this Presentation, the words "expects," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, the coronavirus ("COVID-19") pandemic and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under various federal government support programs such as the CARES Act, the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act; and the outcome of the lawsuit filed by the DOJ related to our Northeast Alliance; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber- attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to, the Company's 2020 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this Presentation might not occur. Our forward-looking statements speak only as of the date of this Presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

This Presentation also includes certain "non-GAAP financial measures" as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within Appendices A and B of this Presentation.

3Q 2021 EARNINGS UPDATE

ROBIN HAYES

CHIEF EXECUTIVE OFFICER

BUILDING TOWARDS EARNINGS RECOVERY

3Q 2021 EARNINGS

• GAAP earnings per diluted share of $0.40; non-GAAP loss per share of ($0.12) (1)
• Adjusted EBITDA of $140M (1) versus expected range of $75M - $125M (1)
• Revenue down (5.5%) Yo2Y; CASM down (2.1%) Yo2Y (GAAP); CASM ex-Fuel up 12.7% Yo2Y (non-GAAP)(1)

3Q 2021 BALANCE SHEET

• $3.3B of liquidity at 3Q close, equal to 41% of 2019 revenue
• Adjusted Debt to Cap ratio at 53% (1) (2)

4Q 2021 PLANNING ASSUMPTIONS*

• Adjusted EBITDA between ($50M) to $50M (1)
• Capacity between (4%) - (7%) vs 4Q 2019
• Revenue down between (8%) - (13%) vs 4Q 2019
• CASM ex-Fuel up between 14% - 16% vs 4Q 2019 (1)

KEY LIQUIDITY UPDATE

• In 3Q21, paid down $115M CARES Act loan and $105M of bank loans
• Unencumbered asset base grew by ~$500M

(1)	Refer to reconciliations of non-GAAP financial measures in Appendices A & B	*As of October 26, 2021; does not constitute guidance	4
(2)	As of September 30, 2021

ACCELERATING ESG EFFORTS AND DOUBLING DOWN ON COMMITMENTS

FOCUS AREAS	HIGHLIGHTS / KEY DEVELOPMENTS

Sustainability

Diversity, Equity &

Inclusion

• Now well ahead of pace to convert 10% of total fuel usage to sustainable aviation fuel (SAF) on a blended basis by 2030
• Expanding use of sustainable aviation fuel in NYC with recent deal, doubling prior commitment with pricing expected near parity to Jet-A
• Publishing ESG reports annually aligned to SASB and TCFD frameworks since 2017
• Doubling down on crewmember education programs by adding more development opportunities and increasing accessibility to certain roles
• Supporting STEM and aviation programs focused on underrepresented communities
• Growing spend with underrepresented Business Partners

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