jetBlue Results Presentation Deck

Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. For the first quarter of 2020, special items include the impairment charge of our Embraer E190 fleet resulting from the decline in demand caused by the coronavirus ("COVID-19") pandemic. Special items for the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items. jetBlue 2020 NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS (in millions, except per share amounts) (unaudited) Total operating revenues Total operating expenses Less: Special items Total operating expenses excluding special items Pre-tax margin excluding special items Net (loss) income Add back: Special items Operating (loss) income Add back: Special items Operating (loss) income excluding special items Operating margin excluding special items (Loss) income before income taxes Add back: Special items (Loss) income before income taxes excluding special items $ Less: Income tax benefit related to special items Net (loss) income excluding special items (Loss) Earnings Per Common Share: Basic Add back: Special items, net of tax Basic excluding special items $ Diluted Add back: Special items, net of tax Diluted excluding special items $ $ $ $ $ $ $ $ $ $ $ Three Months Ended March 31, 2020 1,588 $ 1,922 202 1,720 (334) 202 (132) -8.3% (354) 202 (152) -9.5% (268) 202 50 (116) (0.97) 0.55 (0.42) (0.97) 0.55 (0.42) $ $ $ $ $ $ $ $ $ $ $ $ 2019 1,871 1,795 12 1,783 76 12 88 4.7% 58 12 70 3.7% 42 12 3 51 0.14 0.02 0.16 0.14 0.02 0.16 18

View entire presentation