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NASDAQ JBLU 2011.Pdf 2011 Dear Fellow Shareholders, 2011 was a very good year for JetBlue. In addition to running a great operation, we continued to successfully execute our network strategy in key markets while maintaining a low cost advantage. These actions resulted in record revenues and one of the most profitable years in our Company’s history. Despite higher fuel expense of nearly $550 million compared to 2010, we delivered four quarters of profitability and finished the year with $86 million of net income and an operating margin of 7.1%. Additionally, we ended the year with $1.2 billion in cash and short-term investments – among the best liquidity positions in the industry – and achieved a third consecutive year of positive free cash flow. Throughout 2011, we maintained our focus on profitable growth by leveraging the three main building blocks of our business model, which we refer to as offerings, culture and foundation. Offerings Products & Services: JetBlue’s success depends on running a safe, reliable, customer-focused operation. We believe the JetBlue Experience, which includes more legroom than any other domestic airline’s coach product and free DIRECTV and Sirius XM Radio, to be the best in the industry. Our customers are willing to pay for products and services which enhance their travel experience and complement the superior core of the JetBlue Experience. We continued to improve the travel experience for our customers in 2011: We re-branded our popular Even More Legroom offering, now known as Even More Space, to include extra legroom plus early boarding and early access to overhead bin space. Customer response to Even More Space has continued to exceed expectations, driving more than $120 million of incremental revenue in 2011. Additionally, we introduced Even More Speed, which offers customers the option to enjoy an expedited security experience in select JetBlue airports. We also began developing with ViaSat Inc. a state of the art in-flight broadband connectivity technology, which we believe will provide the most speed and flexibility of any wi-fi inflight technology currently available. We plan to introduce broadband connectivity on our aircraft beginning in late 2012. The JetBlue Experience is an important reason why our customers choose us over other airlines. Our 14,000 crewmembers – at the forefront of this effort – continue to be recognized for exceptional customer service. In 2011, JetBlue achieved the number one customer service ranking among low cost carriers by J.D. Power and Associates for the seventh year in a row, a remarkable achievement. We are very pleased to be in the company of some of the most prestigious and respected brands in the world who also have received this recognition. Network: Throughout 2011, we continued to focus on strengthening the profitability of our network, particularly in Boston and the Caribbean & Latin America. In Boston, we capitalized on opportunities in the changing competitive landscape by increasing our presence and relevance with business and leisure customers. In 2011, we launched new service from Boston’s Logan Airport to five destinations. By the end of the year, we served over 40 destinations from Boston and our domestic operations accounted for more than 20% of all domestic flights at Logan Airport. As we increase relevance in Boston, our percentage of higher yielding business customers has increased to about 30% of all traffic carried. This in turn helps smooth the seasonality of our historically leisure- focused traffic and drive revenue. We continued to profitably expand in the Caribbean & Latin America with a mix of leisure and travelers visiting friends and relatives, who tend to be slightly less seasonal than traditional leisure travelers. In addition, our Caribbean & Latin America markets tend to mature more quickly both in terms of cash and profitability than mainland flights of comparable distances. In 2011, we commenced service to six new Latin American cities, including Liberia, Costa Rica, our second destination in Costa Rica, and La Romana, Dominican Republic, our fifth city in the Dominican Republic, where we are the largest carrier. We also bolstered our intra-Caribbean service from San Juan, Puerto, adding new non-stop service to St. Croix, St. Thomas, and St. Maarten. At the end of 2011, approximately 25% of our capacity was in the Caribbean & Latin America, up from 11% in 2007. Partnerships: We also expanded our portfolio of strategic commercial partnerships in 2011. We continue to be pleased with our “open architecture” approach to airline partnerships, which drives incremental customers, revenue and yield through our network. In addition, the customer booking profile of many of our partners helps balance our off-peak travel periods. In 2011, we added seven new partners. With 17 partners as of March 2012, we offer our customers the opportunity to book travel to hundreds of destinations in six continents. As the largest domestic airline at JFK Airport – the busiest U.S. gateway for international arrivals and departures – we believe we are well positioned to expand our current and growing partnerships with global carriers. Culture We believe one of our competitive strengths is our service-oriented culture. Our company culture stresses the importance of providing high-quality customer service through a productive, engaged workforce that helps us keep costs low and, ultimately, achieve our financial goals. We devote significant energy and focus on our culture because we recognize the importance of outstanding customer service to the growth and success of our business. Engaged crewmembers and better customer service builds higher customer loyalty and encourages first-time customers to try JetBlue. This, in turn, drives stronger revenue performance and contributes meaningfully to profitability. We are also focused on the efficiency and productivity of our crewmembers. Flexible and productive work rules, effective use of part-time crewmembers and increasing use of technology to automate tasks each contribute to workforce productivity. We believe our unique culture and direct relationship with our crewmembers will provide the foundation for future success. Foundation A solid financial foundation – including a competitive cost position, a strong balance sheet and healthy liquidity – is critical to the success and sustainability of our business. Although our unit cost advantage relative to many of our competitors has narrowed driven in part by necessary investments in infrastructure, we continue to enjoy significantly lower unit costs than most of our competitors. We believe prudent management of our controllable costs provides the foundation for profitable growth. Fuel remains our most significant operating expense, comprising nearly 40% of the total. While the price of jet fuel increased by about 40% in 2011 compared to 2010, we believe we are well positioned for a high fuel cost environment. We believe we have the most fuel efficient fleet in the U.S. with an average fleet age of only 6.1 years, and we use efficient operating procedures to save fuel such as single engine taxi. In addition, we continue to manage a fuel hedge portfolio as insurance to help mitigate price volatility and protect JetBlue against severe and sudden spikes in oil prices. During 2011, we continued to focus on managing and smoothing out our debt maturities through the combination of structuring new transactions as well as pre-paying existing obligations. In 2011, we prepaid $39 million of our high-priced convertible debt. In addition to reducing debt and lowering interest expense, this prepayment eliminated the potential for issuance of eight million shares, which will no longer have a dilutive effect on earnings per share. With manageable debt maturities and capital commitments in the upcoming year, we believe JetBlue will be able to satisfy our obligations with cash from operations and is positioned to maintain strong liquidity in 2012. At the end of 2011, JetBlue operated a total of 169 aircraft, including 120 Airbus A320 aircraft and 49 EMBRAER 190 aircraft. In June 2011, we announced several significant changes to our fleet plan, which we believe will better position JetBlue to compete successfully over the long term. These changes include the deferral of eight Airbus A320 aircraft, the conversion of 30 Airbus A320 delivery positions to Airbus A321s and plans to reduce the future size of our EMBRAER 190 fleet by up to 25 aircraft. In addition, all of our Airbus A320 and A321 deliveries beginning in 2013 will have “sharklets,” which we expect to improve our fuel efficiency by roughly three percent. We anticipate that the improved fuel efficiency of these new aircraft will provide significant savings against our largest and most unpredictable cost. Finally, we announced plans to purchase 40 Airbus A320 new engine option aircraft – a significant investment in potentially game changing technology. The aircraft – which we expect to begin taking delivery of in 2018 – should significantly reduce our fuel consumption and provide JetBlue with improved operating and performance economics. A Look Ahead Despite a high fuel cost environment and challenging economic conditions in 2011, we generated record revenues and reported four consecutive quarters of profitability, all while continuing to maintain our unique culture and brand. We are optimistic that the momentum generated in 2011 positions us well for a successful 2012. We are committed to growing profitably on a sustainable basis and remain
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