JetBlue Airways Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>JetBlue Airways Corp. has filed its 2023 10-K annual report detailing its financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

JETBLUE AIRWAYS CORP (JBLU) filed a Annual Report (10-K) with the SEC on February 12, 2024. JetBlue Airways Corp. filed its annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 27-01 Queens Plaza North, Long Island City, NY 11101. JetBlue Airways Corp. is incorporated in Delaware. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking JETBLUE AIRWAYS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of JetBlue's financial health, operational activities, and strategic positioning for the past fiscal year, which is crucial for investors to assess performance and future outlook. The detailed financial statements and risk factors within the report offer insights into the challenges and opportunities facing the airline industry, including JetBlue's specific market dynamics and competitive landscape.

Risk Assessment

Risk Level: medium — JETBLUE AIRWAYS CORP shows moderate risk based on this filing. The airline industry is highly sensitive to economic downturns, fuel price volatility, and regulatory changes, all of which can significantly impact JetBlue's financial performance and operational stability as detailed in its 10-K filings.

Analyst Insight

Investors should review JetBlue's detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-12 — Filing Date (As of date)
• 2023 — Reporting Year (Fiscal year)
• 2022 — Previous Year (Comparative fiscal year)
• 2021 — Prior Year (Comparative fiscal year)

Key Players & Entities

• JETBLUE AIRWAYS CORP (company) — Filer name
• 27-01 QUEENS PLAZA NORTH (location) — Business address
• LONG ISLAND CITY (location) — Business address city
• NY (location) — Business address state
• 11101 (location) — Business address zip
• DE (location) — State of incorporation

FAQ

Industry Context

JetBlue Airways Corp. operates within the scheduled air transportation industry, a sector characterized by high fixed costs, intense competition, and significant sensitivity to economic conditions and fuel prices.

Regulatory Implications

The airline industry is subject to extensive regulation by bodies such as the FAA (Federal Aviation Administration) in the U.S., covering safety, operations, and consumer protection.

What Investors Should Do

1. Analyze JetBlue's revenue segments and growth trends for 2023.
2. Examine the company's debt and equity structure as presented in the financial statements.
3. Review the risk factors section for potential operational and market challenges.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value JBLU The NASDAQ Stock Market

Filing Documents

• jblu-20231231.htm (10-K) — 2531KB
• exhibit108-jblu2011paadt16.htm (EX-10.8) — 19KB
• exhibit109-firstamendmentt.htm (EX-10.9) — 60KB
• ex1011-transitionagreement.htm (EX-10.11) — 83KB
• exhibit211listofsubsidiari.htm (EX-21.1) — 7KB
• exhibit23consent2023.htm (EX-23) — 7KB
• exhibit311certification2023.htm (EX-31.1) — 11KB
• exhibit312certification2023.htm (EX-31.2) — 11KB
• exhibit32certification2023.htm (EX-32) — 8KB
• exhibit971-jetblueairwaysc.htm (EX-97.1) — 34KB
• jblu-20231231_g1.jpg (GRAPHIC) — 47KB
• jblu-20231231_g2.jpg (GRAPHIC) — 99KB
• 0001158463-24-000006.txt (&nbsp;) — 12481KB
• jblu-20231231.xsd (EX-101.SCH) — 86KB
• jblu-20231231_cal.xml (EX-101.CAL) — 118KB
• jblu-20231231_def.xml (EX-101.DEF) — 374KB
• jblu-20231231_lab.xml (EX-101.LAB) — 1070KB
• jblu-20231231_pre.xml (EX-101.PRE) — 679KB
• jblu-20231231_htm.xml (XML) — 1698KB

Business

Item 1. Business 8 Overview 8 JetBlue Experience 8 Operations and Cost Structure 11 Human Capital Management 14 Regulation 19 Where You Can Find Other Information 21

Risk Factors

Item 1A. Risk Factors 21 Risks Related to JetBlue 21 Risks Associated with the Airline Industry 37

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 40

Cybersecurity

Item 1C. Cybersecurity 40

Properties

Item 2. Properties 42

Legal Proceedings

Item 3. Legal Proceedings 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43 PART II.

Market for Registrant's Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities 44

Reserved

Item 6. Reserved 46

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Overview 46 Results of Operations 48 Liquidity and Capital Resources 50 Contractual Obligations 53 Off-Balance Sheet Arrangements 54 Climate Change 55 Critical Accounting Policies and Estimates 57 Regulation G Reconciliation of Non-GAAP Financial Measures 59

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 63

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 64 Reports of Independent Registered Public Accounting Firm 64 Consolidated Balance Sheets 67 Consolidated Statements of Operations 69 Consolidated Statements of Comprehensive Loss 70 Consolidated Statements of Cash Flows 71 Consolidated Statements of Stockholders' Equity 73

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 74

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104

Controls and Procedures

Item 9A. Controls and Procedures 104

Other Information

Item 9B. Other Information 104

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 106 2 Table of Contents

Executive Compensation

Item 11. Executive Compensation 107

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 108 PART IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 109 Exhibit Index 110

Form 10-K Summary

Item 16. Form 10-K Summary 119

Signatures

Signatures 120 3 Table of Contents FORWARD-LOOKING INFORMATION This Annual Report (the "Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements other than statements of historical facts contained in this Report are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" or the negative of these terms or other similar expressions. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements contained in this Report include, without limitation, statements regarding our outlook and future results of operations and financial position, our business strategy and plans for future operations, our sustainability initiatives, the impact of industry or other macroeconomic trends affecting our business, seasonality, our expectations regarding the wind-down of the Northeast Alliance (the "NEA") with American Airlines Group Inc. ("American Airlines") and the related impact on our business, financial condition and results of operations, and our expectations regarding the outcome of the lawsuits challenging our merger (the "Merger") with Spirit Airline

BUSINESS

ITEM 1. BUSINESS OVERVIEW General JetBlue Airways Corporation, is New York's Hometo wn Airline . As of December 31, 2023, JetBlue served over 100 destinations across the United States, the Caribbean and Latin America, Canada and Europe. JetBlue was incorporated in Delaware in August 1998 and commenced service on February 11, 2000. We believe our differentiated product and culture combined with our competitive cost structure enables us to compete effectively in the high-value geographies we serve. Looking to the future, we plan to continue to grow in our high-value geographies, invest in industry leading products, and provide award-winning service by our 24,000+ dedicated employees, whom we refer to as crewmembers. Going forward, we believe we will continue to differentiate ourselves from other airlines, enabling us to continue to attract a greater mix of customers, and to drive continued growth. We are focused on delivering solid results for our stockholders, our customers, and our crewmembers. As used in this Report, the terms "JetBlue," the "Company," "we," "us," "our," and similar terms refer to JetBlue Airways Corporation and its subsidiaries, unless the context indicates otherwise. Our principal executive offices are located at 27-01 Queens Plaza North, Long Island City, New York 11101 and our telephone number is (718) 286-7900. Our Industry and Competition The U.S. airline industry is extremely competitive and challenging, and results are often volatile. It is uniquely susceptible to external factors such as fuel costs, downturns in domestic and international economic conditions, weather-related disruptions, air traffic control ("ATC") shortages, the spread of infectious diseases, the impact of airline restructurings or consolidations, and military actions or acts of terrorism. We operate in a capital and energy intensive industry that has high fixed costs, as well as heavy taxation and fees. Airline returns are sensitive to slight changes in fuel pric

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View this 10-K filing on SEC EDGAR