Exhibit 99.1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
of JetBlue Airways Corporation
of JetBlue Airways Corporation
We have audited the consolidated financial statements of JetBlue Airways Corporation as of December 31, 2008 and 2007, and for each of the three years in the period ended December 31, 2008, and have issued our report thereon dated February 13, 2009 (except for Note 1, as to which the date is May 29, 2009) both of which are included in the Company’s Form 8-K dated June 1, 2009. Our audits also included the financial statement schedule listed in Exhibit 99.1 of this Form 8-K. This schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audits.
In our opinion, the financial statement schedule referred to above, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
/s/ Ernst & Young LLP
New York, New York
February 13, 2009
February 13, 2009
JetBlue Airways Corporation
Schedule II — Valuation and Qualifying Accounts
(in thousands)
Schedule II — Valuation and Qualifying Accounts
(in thousands)
Additions | ||||||||||||||||||||
Balance at | Charged to | |||||||||||||||||||
beginning of | Costs and | Charged to | Balance at end | |||||||||||||||||
Description | period | Expenses | Other Accounts | Deductions | of period | |||||||||||||||
Year Ended December 31, 2008 | ||||||||||||||||||||
Allowances deducted from asset accounts: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 2,237 | $ | 6,090 | $ | — | $ | 3,172 | (1) | $ | 5,155 | |||||||||
Allowance for obsolete inventory parts | 2,358 | 1,826 | — | 4,184 | ||||||||||||||||
Valuation allowance for deferred tax assets | 3,078 | 22,501 | 25,579 | |||||||||||||||||
Year Ended December 31, 2007 | ||||||||||||||||||||
Allowances deducted from asset accounts: | ||||||||||||||||||||
Allowance for doubtful accounts | 1,608 | 1,659 | — | 1,030 | (1) | 2,237 | ||||||||||||||
Allowance for obsolete inventory parts | 1,667 | 691 | — | — | 2,358 | |||||||||||||||
Valuation allowance for deferred tax assets | 2,796 | 259 | 23 | (2) | 3,078 | |||||||||||||||
Year Ended December 31, 2006 | ||||||||||||||||||||
Allowances deducted from asset accounts: | ||||||||||||||||||||
Allowance for doubtful accounts | 1,180 | 1,155 | — | 727 | (1) | 1,608 | ||||||||||||||
Allowance for obsolete inventory parts | 997 | 670 | — | — | 1,667 | |||||||||||||||
Valuation allowance for deferred tax assets | 1,695 | 847 | 254 | (2) | — | 2,796 |
(1) | Uncollectible accounts written off, net of recoveries. | |
(2) | Attributable to deferred tax assets, the benefit of which was recorded to equity. |