JETBLUE ANNOUNCES FOURTH QUARTER 2020 RESULTS
NEW YORK (January 28, 2021) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the fourth quarter 2020:
•Reported GAAP loss per share of ($1.34) in the fourth quarter of 2020 compared to a diluted earnings per share of $0.56 in the fourth quarter of 2019. Adjusted loss per share was ($1.53)(1) in the fourth quarter of 2020 versus adjusted diluted earnings per share of $0.56(1) in the fourth quarter of 2019. Note A to this earnings release includes the GAAP to Non-GAAP reconciliation between reported and adjusted diluted earnings per share.
•GAAP pre-tax loss of ($512) million in the fourth quarter of 2020, compared to a pre-tax income of $220 million in the fourth quarter of 2019. Excluding one-time items, adjusted pre-tax loss of ($581) million(1) in the fourth quarter of 2020 versus adjusted pre-tax income of $221 million(1) in the fourth quarter of 2019.
Operational Highlights from the Fourth Quarter
•Fourth quarter 2020 revenue declined 67% year over year as a result of the impact of COVID-19. The decline is better than our prior expectations for the quarter of a 70% decline, and represents a nine-point sequential improvement quarter over quarter, mainly driven by solid booking trends in October and improving volumes in the back half of December.
•Reduced fourth quarter 2020 capacity by 47% year over year, in line with our planning assumption of a decrease between 45% and 50%, as a result of actions taken to manage cash burn and protect liquidity.
•Operating expenses declined 38% year over year. Excluding special items, adjusted operating expenses(1) declined 34% year over year compared to our planning assumption of a decrease of at least 30%. The results were driven by capacity actions taken to reduce variable costs and fixed cost reductions achieved by adjusting work schedules and managing external spend.
Balance Sheet and Liquidity
•JetBlue ended the fourth quarter of 2020 with approximately $3.1 billion in unrestricted cash, cash equivalents, and short-term investments, or 38% of 2019 revenue.
•JetBlue repaid $100 million in regularly scheduled debt and finance lease obligations during the fourth quarter of 2020.
•JetBlue has taken the following measures in the fourth quarter to manage liquidity:
◦Raised over $700 million with an equity offering and sale-leaseback transactions.
◦Continued to execute significant variable and fixed cost savings through aggressive capacity management and executing our cost reduction plan.
◦Redeployed assets to capture short-term, tactical cash generation opportunities.
The following information was filed by Jetblue Airways Corp (JBLU) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.