JBLU - Earnings call transcript Q1 2020 | JetBlue Airways Corporation

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Operator

Good morning. My name is Erica. I would like to welcome everyone to the JetBlue Airways First Quarter 2020 Earnings Conference Call.

As a reminder, today’s call is being recorded. At this time, all participants are in a listen-only mode.

to Relations, call David like VP to now Investor of Fintzen. would turn over the JetBlue’s I Please go ahead.

David Fintzen

call. issued Thanks, Erica. update during our earnings this for for and joining morning, Good morning, we everyone, first and a presentation call. quarter will our earnings release, our thanks that us This investor we reference XXXX

All documents are investor.jetblue.com filed been have SEC. of available at those with and on our the website

Officer; in here Priest, Hayes, York to Geraghty, Management. results Chief our and Robin Dave Executive Officer. our Also Steve New discuss our joining Q&A are Operating Chief Revenue of Head Clark, us Planning; Joining Laurence, Revenue Joanna Financial and and President of our VP for and me Officer; Scott and are Chief Sales

looking not future may about on call undue This due events. expressed the forward should morning’s materially the differ many forward-looking includes investors place results to therefore, in statements those from reliance statements. and Actual factors statements

concerning the cause our press that information to and reports other For could XX-Q refer differ with filed results from forward-looking please release, additional factors SEC. the statements, to

during of our call, financial measures. we Also the discuss several may course non-GAAP

end reconciliation a on the to refer measures For tables these earnings website. copy our our GAAP please at measures, of a of non-GAAP which available the of release, to is

like now, Hayes, Robin I’d to CEO. And turn the to call JetBlue’s over

Robin Hayes

thanks that, Thanks you do everyone. with which chance Dave, terrific happened, And course, do team. but celebrate us. good haven’t has the before congratulations joining And, and what and the since JetBlue a had occurred promotion, we for for last on else you a job, start, Dave, your morning, earnings to to Thanks, everything really of I call.

David Fintzen

Thank Robin. you,

Robin Hayes

other, past during prouder an customers not I service our essential provide service about two and this each to JetBlue the coronavirus family, could but communities, our they for not as their decades, over just be pandemic.

and our we’ve biggest industry. XXth company to are facing seen year, our we In the anniversary threat our

crewmembers, inspire our risen difficult to the integrity, Our to while have living values though, founding safety, fun. challenge a caring, at all and humanity of again yet time, passion

saddened and Charles deeply a to colleague crewmembers. JetBlue McAdoo, with We’re of pilot, one two Ralph center have members to six Nikki coronavirus, Lewis, amazing our the Ray airport our including in-flight Jared support each of Lovos, Thorne Gismondi, two valued crewmembers and special a Chuck community, Pabon, were story. team, and Kevin and members unique lost

ground retiring cover honor tours Chuck at from Fire Ralph York of the the Island Long two his a duty including compassion joined fellow in the Department, earnings him previous confident ops as Support team and to brought of warmth with PEP in-flight an deck as role leader. our after crewmember. he we here and crewmembers our zero, his Center, us from known today. same Jared City New ground was in that and natural demonstrated LSC,

being of distinguished after Nikki multiple her for extremely caring he and retired excellent Air kind service XX Ray with his tours. Force, humor. was Kevin was for nature. the airport crew and an had served where And amongst having known years known hearted for sense colleagues U.S.

this Our to of ones have all our are crewmembers out to and we supporting impacted and been them, families hearts loved go as also by who their virus.

as For now our family. briefly them those we members have we that as we JetBlue pause the remember and we day, of every lost, beloved them remember

Turning of our to presentation. X Slide

with It every late actions extreme taking quarter, in by per demand February. we and loss reported have first has that started unprecedented couple urgency to driven of an our the of very For team protect a months, at been fall adjusted challenging level in $X.XX and an share, responded JetBlue.

moved have In this to entered the among strongest airlines. protect quickly position. balance U.S. the fortunate both second sheet strengthen our months, crisis with were have last to liquidity we We and two

made deep to Since minimize we changes our growth the plan burns, cash to cuts to have our capacity decisive schedule. of beginning including March,

by We end have about of operating reduced And the we end have by we May, – our CapEx anticipate our would plan XX% by the between lowered now $X.X XXXX. year-over-year. expenses billion of by around and

are business for minimize the incredibly times. support burn have during We these helped cash so and received grateful who challenging crewmembers, our from partners us

and our President In the March, very law industry JetBlue Trump for particularly Congress passed to Schumer, Secretaries, into well signed our his Congress, grateful for supporting Leader, President Chuck especially as and strongly is the crewmembers. Senate value Act. Mnuchin and of CARES Chow, administration, as and Minority the recognizing

that thank, the temporary their alone for is protect law both will provide time a does pandemic creating. changed biases at for it crewmembers I longer-term coronavirus the demand much the But and, Nick our to needed to support also solve and vital for plan team course, recovery. of eventual amazing and environment we teamwork, came as jobs. This not America Calio, want to problems Airlines for together

$X.X agreement an support. reached to for of government received $XXX U.S. consideration the the million, be $XXX in to payroll with treasury received million We as exchange warrants the And the U.S. JetBlue. for must of the $XXX million approximately government. granted Department million repaid In funds, these and amount

up the in for program, In billion loan liquidity. we Federal which $X.XX further provide late to April, also applied would

facility, alternatives raise evaluate to access We cash the plan needed. will if continue to and to

our our support, $X investments U.S. over government short-term and equates currently and sheet believe among balance strongest remains one of our billion. and to we Given cash actions airlines, the

be to exceptionally The demand coronavirus. to continues the challenged environment due

towards move we three have As priorities. we recovery,

and of The customers. the is first one protect safety immediate crewmembers to need the our

minimize cash second to The burn. is

The by to our for balance and generation and returning set margins restoring future cash up sheet. third by by to success confidence rebuilding JetBlue customer priority is

recovery number a We’re indicators. preparing different leading of and working for scenarios with

of model, will we customers JetBlue, our low-cost our look little For many footprint, in peers, our a expect given brand. demographics, different network our our for and customer trust path

quick and planning the we comes to online, economy you’d As states are we open and in expect, being our being as planning. adapt. flexible we’re conservative back And on

customer overall. will confidence that part critical working will entities. partners, just come We the with cross-functional airline from and not of governments, confidence a JetBlue believe includes building for the a other or We together be travel effort industry local believe that industry, but recovery, regulators industry

We effort also again, promote travel get we border to our cash. to travel stimulate make will the the forward generating travel. throughout look a where moving working industry that recovery. return need to by and to things collective to a partners believe with Only getting back We

a carrier our It and relief to started we medical critical for efforts the with other flexibility support essential free taken in transport position first provide remains giving competence were professionals care have each customers industry by equipment. also these challenging We times. waivers. health and flights We to and and leadership that travel to in collaborate

only get as we through not that a We JetBlue. we this but believe will crisis, stronger will emerge

the for Over on preparing an were this few commitments of sheet start to past XXXX. years, course financial well downturn. and focused in After pandemic, our the deliver we strengthening our eventual on balance we on

we routes. remaining our our As to product getting improving true to building we into fleet, offering, while investing forward blocks, low-cost our to back executing in all our recovery, look move network, our

has their a for along years. importantly opportunities that JetBlue the challenging our Just thank and for to JetBlue way, role for our force been not want possible Most anticipate of once XX,XXX all, true good months looking ago. as industry for again been have inspiring just I may past we have in in we few over a in for crewmembers this been amazing time. XX vital resilient through tremendously downturns,

And to over with Joanna. that, I’d like to pass

Joanna Geraghty

each for our start like I’d thanking to Robin. to crewmembers other. only not loyalty profusely but by you, to their customers, most service and Thank outstanding our

living the that the however, very this professionalism, each our And secure only delivering At and From uncertain a certainty. constant new absolute pandemic, of JetBlue every safe commitment predictions us few future inspiration how could the been crewmembers of has each day day brought experience, JetBlue, humanity and short continues and to months beginning values. to ago, of an This forecasts be. a type one proved and was be our all. to while

of since We’ve ensure programs threats crewmembers Our this the to and the posed our first responded of equally constant, rapid conditions and to policies crewmembers. address safety and by the quickly been customers overseeing of to virus. has and priority pandemic evolution customer changing the the safety designed onset

early press recently the sick implement pay to COVID-XX internal face and quarantine And to the the we process. announce an were framework were as and notification reported, first coverings. to contact to We tracing wear customers and require

of our ensuring CARES have We New disinfection City to all operation cleaning We’ve across from any focused protection flying, by Act aggressively very managed also increasing eliminate while aircraft, use seat jump York to compliance. eliminating facilities, use on outset, the nonessential briefings training crew and in capacity doing crew and our best the in-flight points and social the layovers, the with coverings transportation touch PPE, implementing overnight companies of on-boarding ensure working buffers, mandating events. reducing service facial crew distancing, deferring modifying other

now down like turn February, our network, year-over-year. would and the trends. revenues revenue our we Slide a and I to Beginning bookings XX% sharp X across March saw of in week of and last demand forward fall in to were

Following year, environment. and lower challenging year-over-year, demand resulting both first a the a revenues volumes very from very our solid fare start to quarter XX% declined

During April, year-over-year. our approximately were down revenues XX%

a bookings we network to in various While quarter, as in during extremely demand small the number remained limited begin second of see overall geographies increases the expect our reopening. phased

factors XXX of our per capacity are April. are traveling regarding day. we detail to This flights essential our currently load average our reasons, compares we additional and some around day. much previous or averaged people X,XXX provide needs. for of The level changes, To of fly today XX% And to operating the between per flights XX% customers due who critical approximately largely for are

to we sense said, in by third have summer. and better demand quarter of XXXX have reached bottom we expect of around fourth mid-April. believe that terms That early the a the of We

and air at customer plan evaluate this trusted very believe changing inherent as if customers medium-term, with an culture as into short, envision travel strengths We thoughtful needs. serve a adapt should to least options. as and will continue to continue our well, We the limited we superior of brand product their to as unparalleled environment not, demand be

in we a and number conservative As working customer we for to policies. pricing, are although capacity, planning changes Robin our of recovery. in on with demand scenarios we mentioned, respond are assumptions, quickly will And

Slide to Moving capacity X. on

cancellations. and in result Our March as scheduled XX% capacity reductions declined a year-over-year close of

the flying rapidly manifest March and adjusted factors. to to began our during pandemic declining the levels losses load month, mitigate As cash we

impact changes level a to short enormous under customers schedule typically having at and to period have a pressure. proud we of the speed reshaping our due the travel into of such for make change. are would closer reductions in But We reaccommodating through position managed of much of in the pandemic, this operation I’m our crewmembers and our these date. a very time put

more time complying is Act. down and our markets aggressively of had we’ve the all essential for compared to for May, capacity assumption to adjust second of only our and and the quarter CARES capacity We’ve original been XX% our to April with our the For flying in level past goal decisions schedules with working be managing an plan. maintaining about

across mid-April, Washington we Los XX, one Angeles, In or at airports Boston, including operations operate now York and and areas each, San only consolidated through five D.C. metro in June two New Francisco,

Based states to projections on we day. ongoing flight reduce their continuing the more have to our Due for near-term, production as reopen to remain we and demand less fluid we low head cities. markets closures, We than many to service – suspended already situation in one expect will border the our anticipate per of foreign governments into the geographies. as international XX summer, than

the we’ve has This aircraft. reductions, of significant been Giving XXX savings. cash capacity approximately source grounded meaningful a

adjusting to quarters, remain our expect As future to fleet we capacity response travel we and managing flexible, in to look demand. our

the laser-focused recovery. much transition we focused look on we While also on crewmembers our how team of is customers are business the for navigating and will near-term as challenges, to

more on be from in Even mission healthy last years, important services, points safety includes the inspire the that is and built brand ever. humanity our will touch ground-up, fewer our travel the crewmembers, more than which goodwill clean focus Our trust to now XX over flexibility. we air space, and

our are well for airline serve comfortable choice we believe customers, they flying. a to and as be you, again, more positioned to maintaining to returning safe crewmembers of Thank our operation. We for to the customers become continuing

Over to you, Steve.

Steve Priest

and the crewmembers Joanna. of of centers, frontline are crisis add you, my would to other to thanks our to support and our night take this day in working on I Thank time customers. care each who like

of percentage last on overview with was loss points start billion, the was quarter from share our Slide of diluted and per XX I’ll $X.XX. down year-over-year. share was margin was minus year. first diluted for financial Adjusted results X quarter. a $X.X down XX% per the pre-tax brief GAAP X.X%, Revenue loss adjusted $X.XX

effective quarter XX%. was tax rate the Our for

months, the on sheet, improving strengthening to our our the of XX-year and balance even any to a significantly just metrics, margins. our over last in disrupted our effectively strong to the position history weather few We few years best time and a cost believe has continued this structure crisis In Thanks short business. we in coronavirus building JetBlue focus are investment-grade stronger. managing our emerge

financial From our we efforts coming three reducing capital perspective, key on managing a focusing preserving operating our over expenditures. months are areas: our the expenses liquidity, and

an the XXXX cash Slide crisis, job Moving liquidity. preserve our equivalents momentum and to XX, team incredible liquidity. billion short-term Since has year good our done over We in to and investments. on additional with of the the cash, ending actions started treasury start raising with $X.X

we’ve mid-March, a of billion April, down drew revolver under we $X in loan $XXX quickly term our raised And In million. arrangements.

We also sale cash $XXX future of points. million of raised the to

Finally, investments billion, received reached close $XXX $X.X revenue. cash and our cash of of XX% two injection weeks April, or for short-term At equivalents cash, from crewmembers. Act ago, XXXX support our the million the our the to we CARES

summer, into Act recently actions plan CARES $X.X the take further As for Federal We to the for liquidity. we billion. to we move loan bolster applied

liquidity transactions debt the public to to including unencumbered base. However, now issuing our asset advantage sale-leaseback additional of we secured in raises and take prioritizing are markets, entering

take of second total million liquidity Act CARES which up would approximately our billion $XXX couple the next goal the raise the the Excluding our quarter. $X.XX of months, is to by loan, to to end over

expenses addition raising our capital plan a short rework minimize In we and period, for to in successfully acted our our urgency expenditures. burn, with liquidity to have reduce cash

an We per lowered March in burn an second-half cash million $XX April. of average day $XX during to of our from the million of average

under that burn expect to As we we be enter million cash day. May, per just $XX

to We quarter assumptions day. burn do range our per million Act aiming third include expect $X burn cash to $X of all see the million cash clear, be further improvements and in proceeds. not between To CARES the our

protect We financial to no leaving of are unturned JetBlue. security the stone

spent and the structural last building JetBlue. Turning across program executing three cost-conscious Slide to We XX. of years cost a our whole the culture

We in our relentlessly liquidity. to are all pandemic, and crewmembers focused on And all finding of ways have been since our the of the manage together. start this costs preserve our XX,XXX

expenses daily our catering, and liquidity. Starting in March, extended cash and onboard action eliminating to took burn our we all quickly and reduced discretionary our We lower operating nonessential spend training, minimizing services. marketing,

opportunity airports our to In the we order reduce XX addition, in-source services to in costs. took across cash

As to some Joanna flying our costs. cancel some the are able for of avoid we mentioned, variable month to

relatively cost timing base to the of much our However, is of periods. partly fixed, bid due

into As improving daily May, variable as our we structure. April further especially our into now fixed cash moved we and burn are cost we reduce and

our organization. aircraft, fixed This includes aggressively capacity down landing maintenance hammer airport taking are parking pulling to to optimizing and across reducing ensure and costs operations, fees, down expenses. continue consolidating variable achieve We we cost steps savings we the

ahead, more from $XXX program these savings. Looking to Thanks permanent quarter. our the first shifting base moved assets. to during our We focus structural cost around cost successfully million anticipate

We expect in fuel, approximately to including decline XX% costs, operating May. year-over-year

JetBlue I’d like family to personal renegotiate like to the all terms in us to in payment crewmembers, amazing a our with to massive volunteered their sacrifice. and of for to participate time working thank business for of partners I’d to us a contracts. and who extend you our programs making also and flexibility for extend have thank

XX. Slide to Moving

past that partnership our a helps We we new order their JetBlue. appreciate efforts protect with couple in our to schedule months, of deal a Airbus delivery to the book. supporting During negotiated rationalize

our fewer now expect by and plan is result, As $X.X our lower for to CapEx than a to we take aircrafts XXXX original XXXX billion.

to In addition, add we fleet. take we January, announced our plans our deferring ending aircraft required associated four those the to leased in aircraft CapEx suspended to

half demand of we experience, having completed impact until resuming program, restarting but the fleet. AXXX increase. anticipate appreciate our our do customer not We on halted also over We related our efforts

the CapEx reduced nonessential Lastly, all have across we suspending projects organization. by non-aircraft

March, million XX. through Slide per XXXX At and the end of XX%. end the of payments principal quarter. to debt-to-cap ratio interest $XXX We anticipate was Moving of our approximately

few right the into operations JetBlue. what of It’s not back past leverage and we too know of the years, Over from during conservative level early to cash balance managing majority our be will our invested the But liquidity will change. approach in recovery. sheet our

and this the navigate better for will we that in positioned confident past have even we success to the remain We as in years emerge come. crisis

that efforts travel trusted our recovery. a will As support we inspire help to confidence believe brand,

I incredible the business support as our of our team, for all navigate we JetBlue communities again, behalf leadership their like thank partners would and times. well our these as On crewmembers, as unprecedented to of

there to essential We the out agencies frontline, government also many thank needs. travel want supporting the on

and COVID-XX. by are Our neighbors hearts with those, friends impacted including been who have

We will questions. now take your

David Fintzen

ready the the the Erica, everyone. go Thanks, with now question-and-answer instructions. analysts. Please with ahead we’re session for

Operator

you. Instructions] Pfennigwerth Thank from question comes Duane first ISI. Evercore Your from [Operator

Duane Pfennigwerth

thanks. Hey, Good morning.

Robin Hayes

Good Duane. morning,

Steve Priest

Good morning, Duane.

Duane Pfennigwerth

work you’ve CapEx, of $XXX that I that consider down? just the implies the million for so Should want sort nicely your are this down we check on work you year. to are done? to XXXX, And final Just continuing and on remainder or your about of taken that the

Robin Hayes

Good morning, Duane.

to go further, we wanted before just Just Airbus. out any our to I a have partner, shout

of I through crisis, through we going the time event. – their they’ve to such think, as as been where sorts own navigate challenging partners they’re response where true this

ballpark. you’re of off far pretty a terms Duane, in your math, You’re not much in

never we like, done? work is done. Our And with regards to are

from, rigor of the the per the to business, expediency sort of it’s $XX of OpEx We of us navigate we to down side $XX the cost their hence, back-end on of our structure team, million expect to business, whether million ruthlessly incredibly burn burn. focused taken proud you taking to I said, reduce the May. set work side in at of CapEx cash with XXXX. or through And March cash down down to us continue as can as day at are the the act the down continue and and I’m

Duane Pfennigwerth

maybe Thank Thanks. how just think it. the to you’re And and wants for Europe we Europe, take given at then plans state environment, just of the the a for affairs? But or Robin doing, about work for do all given you. my follow-up, shot for timing whoever

Robin Hayes

take that. the Duane. we’ve No, questions you’re we We of got this. nothing to we’ll this focus, call I’ll We this Yes. of look, our this And like is, I’m had in magnitude. going sure get and on XXXX. majority defense thanks, of when And vast know lot first, play XXXX. later to like you XXXX, something go a had the

be we as earlier, as I objectives, higher. debt the so our emerge And emerge was that, three terms from going in about one to our third is of talked to knowing it,

going to to we’re for we priority to can. our do and delever the the next be We’re us – everything repair three But that. have We years balance over to doing mitigate sheet. two

have there. to defense of play get what you most So to to do is you

an fly start for decision are I like offense. to our airline think think opportunities today. we be And I that, to JetBlue, of previously London, Europe a said to wouldn’t to announced Having that to to I certainly, that we which bit play flights selling think, there also that

as some will timing recover at more later I us going bring bit is was to past. in But and we we’re think relevant market And you that it a the in probably future market point. need the competition as I that – of impact should little than expect the Certainly, still in the terms think, the enter for intended.

Gatwick, the Boston-Heathrow. headline markets is consultation of the news this I outside and and but into Competition is impact, sort regulatory relief sort to slots from including a a about allow AA to timing a like into the by detail, entering Authority, which much with only a new expected for had CMA, the morning chance of at too markets from entrants not BA, UK So see Heathrow

price was encouraged by regulators that years We’ve for competitive point been two with So, we’re the that discipline. the transatlantic we not pushing last could that bring that. the

we to right most airline. bit asked do I of emerge a as we’re albiet We don’t know little going going me of be you on you to want a time. We what’s as So about to got in played opportunity know smaller still see probably what to London, terms tone-deaf now. is that shifted defense. But back

Duane Pfennigwerth

Okay, could Robin I for more one thanks. sneak And maybe as if in well.

us about really in what We’re U.S. uncharted as different broken. There’s takes little look you you And bookings the do to do thanks you segments obviously, hints a But that past think all what relatives, the periods. taking you the the about bit obviously first? of transcon, – in how friends serve, and will recover might leisure some recovery think there within correlation it questions. think and for your visiting territory to anything no think that? imagination that’s like. And It’s to Caribbean, is giving

Robin Hayes

So to to that, can is out. can What to I’m Joanna adjust and be start lying, is to how for it no we I is sort quickly knows. going play different scenarios prepare they do start adapt that, to segment. would as of who one then play say ready they many this anyone and out, about know says talk – flip to over who view going to anyone by going

recovers believe that where this were to I in crisis lead even trusted low-cost to a favorable our our to it’s we network, structure, be predominantly sometime do position. our brand in before us which relatively said, XXXX. demand that is But going exit domestic,

and And time that. a set that on through to number at scenarios, teams Duane. of those up lot so a work we are spending got of look We’ve

know I closely. terms very has In something going the very, specific I been to it I’m Joanna, studying of over geographies, team that’s your pass to because think,

Joanna Geraghty

Good morning, Duane.

mid-April. bottomed remarks, demand I during noted the out as prepared So we believe in

if trend. see there a we’re change seeing, conservative starting obviously, we’re in small the with to tell bookings, to are what in improvements but some is We very and permanent it’s very early too

believe segments, A are of As business. that customer return that types leisure There’s the customer, reminder, than friends leisure those we there’s relatives. and at leisure we going do earlier vacation and will there’s customer pure their then on leisure. two the look different visits

And we do people visit prior upon from been has countries there civil based Zika, still know in back families. go in that situations unrest shockingly, and their to experience where

So first, by think chance recovering pure followed best of the we do leisure. segment has that VFR that

we think we network, domestic, international Robin believe largely than will about As network domestic, advantage the JetBlue and the that the is and up a to meaningful leisure have that best domestic cost that for fact recovery happens. versus as obviously the legacy out, predominantly when pointed And, carriers, leisure. best we is set given XX-XX our is feel – recovery sooner we recover

Operator

question comes Goldman next Catherine O’Brien with Your Sachs. from

Catherine O’Brien

off, guess, a material I Thanks everyone. kicking for We It thinking back maybe factor that saw Thanks. on the mid-April in of load was that? the pickup comments comments, commenting you’re Priest in your the had maybe a refunds, on morning, mid-April just is Joanna? pick are demand. time. would you improvement small [ph] more So May. in the slowing any the on bottom-end that sounds fallen here. that bookings there helpful? last closer first, Or like be bottom Good comment that’s on Maybe just based is a seeing

Joanna Geraghty

Catherine. Sure. Good morning,

So of a points. couple meaty

load slightly, pickup factor largely very, are We northeast. seeing Florida very

in show some seeing modest no rates. are improvements also We

of lot recovery. about, think you as it’s uncertainty and back shape to around are, those But of early leading the indicators. timing to important there’s again, the very a think just I So – go

driven to cash the be and recovery that’s decisions be our Capacity, economics Our will right by pace capacity of and focus our flexible. now. is focus demand

Catherine O’Brien

or Okay, Robin. understood. one then, And maybe Steve

from $X to the quarter. can talk through So to million you’re $XX to cash million assumptions us that $X throughout today the you your million under third get burn making

what think about on is an assumption is trying portion of that improvement in further cost an demand Thanks is cut? and – Just to an what improvement

Steve Priest

navigate Good in as It’s to Hi, progression here. the to of terms few a this the areas see year. of There’s very sequential delighted you. Again, through morning. to nice of I’m sort speak in improvement. we sort Cathy. It’s Steve

talked cost we’ve do The But negative and May, one And CapEx been a due as of starting includes financing. the thing passenger that point, that is I slightly OpEx, day actually conservative million about, point, cash emphasize revenue environment. want incredibly Joanna’s to to the everything, the a we $XX assumption. demand basically to current on our in

guys up I and out know the want sort I line lot put out burn. trying airline a to cash you confusion there’s sort to are of by of airline just work So of when that because there,

I think that’s a Act] when clarity starting our CARE Act excludes important May. very, just way, that think in any about absolute point point for [sic] and grant the of sort we [CARES by Oh, very relief.

we And the I’d first is improvement extremely so as working flow focus at some ruthless through through to on seen well time team March that. the through to cost this significant and doing continued in programs, we’ve that navigate say from our take way the when year our May, is cases thing reduction obviously, it

of thing were moving of a catching key March, of that with then you stop working for capital the around flow in the is spend, our second projects because sort a and The bunch can capital. at had We projects start imagine, as quarter. through obviously of really second number you the you CapEx forward non-aircraft up the

you So as you the the your that. navigate way through have impact year, with associated

third our labor The voluntary programs, this and crewmembers up means be stage, we that go will by our the commented our of continuation for prepared grateful stepping item, and more the couldn’t remarks, on And I programs. as from opt-out completion happier of to down. of get we which number in underlying have year, the costs continue a as we will later the

as assumptions slightly basis in conservative May, passenger we some cash very I negative about from And from cash mentioned, a revenue. to then are make forward on go finally, we standpoint a as modest continuing improvements

year. a to I navigate job way standpoint we think Thank play we the out a sort this – and fantastic come you, this the revenue reduce negative our story in factors latter cost is of of crisis four So see the revenue cash Cathy. quarters on as even as into the those burn, sort of done environment, to you’ll

Operator

Research. question Hunter next Keay Wolfe from with Your comes

Hunter Keay

Hi, can you hear me? guys

Robin Hayes

loud Hi, morning. we you doing? hear Yes, can Hunter, and you are How clear. good

Hunter Keay

morning. a phone the that way, I very if a kind Good a I nice you this and on thought was call of having By I crewmembers. so your repeat problems the really question. was Thanks. Robin, thoughtful that before, little bit apology That thing said to was want morning. about say, I just

So…

Robin Hayes

You’re Hunter, and so… to see may to out going us maybe – going you’re come here,

Hunter Keay

But say question, Steve, of $XXX it that talked to more No. that Or or nice. all all anyway, you I’d that is you about cash just my The nice say and is million it debt? was was thing a – debt? a to simple how question. raising

Steve Priest

Hunter. obviously external is. competition balance markets. others. gotten what in few crisis We are this morning, with doing sheet a strong seeing of thoughts the it very the a in enter Yes, Good quite relation I’ve terms and in questions to

unencumbered level nice the a have We on assets sheet. balance of

commercial market. Our focus continuing at debt the tap this point is to

active market. list. lower of When that’s the or in the much We’re sale to and converts, leaseback it equity comes down sort

moment raising yes, at focus our the is debt. really around so, And

Hunter Keay

not planes, how Okay, are, those of what can you coming me then many thanks. XXX And those tell and are on of back? the the mix

Steve Priest

with. looked the the the obviously, we’ve I and at right, gone In the terms of looked mean, network. forward the basically got We’ve through We’ve pared selection. the that XXX, got the pairs fleets, family at city the fleet gone we’ve network, two as we’ve EXXX. – we’ve Airbus AXXX

York, we’ve said likes LA, Joanna know, cities, consolidate comments. her to the in in managed Boston, as you various services New of various As

associated come and terms like we about in back back, been of and looks we’re the we’ve In demand what reading the various mix, to looking scenarios and at aircraft start timeframes. that what when starts thinking

that planning through network of as focus to cash to and for aircraft at the The to go it big we going us the sort the right burn is fly we’re having so as starts forward. back come And moment. minimize

And us through hear at the that working course. of due most moment you’ll in so and we’re from

Hunter Keay

right, you. Thank All Steve.

Operator

with Your comes next from question Oglenski Brandon Barclays.

Brandon Oglenski

thanks for my and taking everyone, morning, good Hey, question.

to coming very I on next a the And But financing the if profile to So, thing do talking how Steve, you some there like that do. follow-up was I I I sheet balance you’re prudent about? loan sizable pretty quickly, have term on easy do guess, maturity can down think understand due guess, draw that, March. definitely you and with about, the seeing

Steve Priest

set with But an to to assets And at continue navigate raise secured make approach behind a XXXX. Brandon. this of came Obviously, to Thank way into focus continuing is we forward. as is you, keep our eye the that Yes. we I liquidity. of biggest again, good through term that sort the debt-to-cap. go facility we The moment have loan a crisis point again, we that as conservative on we’re by the

making quarter. the the that complete So liquidity, key would second the we and over moment, reality as focus, our have that’s as sure on are continuing team you is at The focused moment. $XXX making talked million at I main treasury expect and we why the $X about to drive brutally that billion a

then year how As future we’ll about beyond as start financing, that, parts that and the forward. latter we of we play get to thinking come the we

a Act, the treasury their support like for that. team think with Mnuchin, would JetBlue we’ve continued thank potential to I to the But looked of how I’m about pool is, CARES we’re unencumbered asset with Secretary partners some the how at assets at and other the really as comfortable work that how big also we’ve – PJT. under along with navigating with that guidance of when who

that secured turn liquidity of in the the as we we’ll get further to So the after year near-term. latter to we facilities parts

Brandon Oglenski

I broader on I a the Joanna smart this. Okay. it of carrier I was yourself JetBlue guess be a if on will appreciate mentioned or even back-end that or response, Steve. forget that Robin And issue,

over take But guess, So, going years. need is industry, CapEx for the even disclosed aircraft I in if at period some can $X.X it’s is you the next of that be the the discuss of you helpful new a this outlook to in to couple smaller reduction that least, even billion guys deliveries time? XXXX

Steve Priest

like it’s I our has Yes, wanted say been is focus question, mean, but a I on I think take good immediate I’ll XXXX. to it. just

You that our on burn primarily period. less. negotiations would during nothing was cash expect reducing And based

You’re of come this sometime to airline to ramp. to it’s every going right, is I crisis going and mean, take out small

that crisis manage billion to removing CapEx We’ve going this really the to made over period. a really, CapEx great $X.X and continue we’ve got reducing on the start, made book our forward, our we’ve basis. good and in order other of a think a by I and recovery third step-by-step and progress

conservative in past, would expect, you we’re as And from seen JetBlue as the you’ve in nature.

You’ll and years see been navigate future we into the we recovery. as of our the us this and timing at step-by-step speed navigate go the key look for now, continue we’ll look as But crisis the way through this. has focus and to XXXX

Operator

comes from with Your next Jamie JPMorgan. question Baker

Jamie Baker

lease you’ve Hey, place. sought are I’m morning, or maybe provide update assuming you there? negotiations aircraft still taking good Can any Steve, everybody. deferrals

Steve Priest

the Yes, in overall where just own a generally Good I owned been morning, fleet. reminder, terms can. our fleet, as position our of we’ve in we’ve Jamie. And

limited EXXX have JetBlue. of at fleet. leases like most XX, on number of our around We Think that’s

lessors have we So around discussions with in been extensive are our and that.

left yes, no public as expect, you can be disclosing JetBlue. is call. partners, of lessor stone the imagine, supporters our can includes as I wouldn’t I you details you, But and But that the would unturned, a on that assure

Jamie Baker

relates $XXX that’s value update the onion an months? as pool? few following most transactions guess, And pool, the over Can next those on recently was the back provide million of you to that Hunter’s appraised? Thanks. bit, unencumbered raise asset part a on peeling loan specific when Okay, as of question, I it the Any to the the it plan does that both pool. constitution size, the And assumptions, fair.

Steve Priest

Jamie. question, Great

give would assets take And just assets. we’ve unencumbered genuinely other working a been engine at. around we of that quite in to We sort got fleet, to it’s very we with conservative color, value of terms have collateral we regard our but in unencumbered market Obviously, expect of to as approach. and look XX other aircraft. have the some active do, you with spares you understand to not just appraisers around So aircraft the

to the further can comes it front foot debt. So that raising be we on when

discussions should But or pool loans. sort that program around where, started to you of collateral backstop of so things excludes of billion. their any some the our of like have the the think and the with And had we other so subsidiaries directionally treasury extensive again, have good advisors heading sort loyalty towards government $X

you about So think when $XXX debt the raise. million

pool raised. asset of nice sitting sort markets. a and liquidity the again, get to have a a we assets assume of aircraft with where the quality debt behind can me, requisite And that, a will we should sale-leasebacks funds you be For loan combination that and to value get

at thinking the really So we’re that’s this how moment. about

parallel, we’re the to as I with then shelf. loan in treasury say, working the on government the And have

it, in as So the event, a there got we’ve need we it backstop.

So thinking things. that’s really these how we’re about

Operator

from comes DeNardi question next Stifel. Your with Joseph

Joseph DeNardi

scenarios Good assume thanks. demand of out morning. of But raise looks would than that appreciate different playing are of worse kind you’re based yes, a what Oh, raising if those in a of on to number recovery there perform look things I Robin. would then one more liquidity and I you that. like. terms

measure of we revenue you can have just help so maybe standpoint, next over are expecting a to of just kind with couple against? baseline So a us can you you. understand the from quarters Thank what

Robin Hayes

a quarters. here because next a talks to demand. going to to the just you two want in general raising Sure. as like to is over sustainability important Joanna hand that through your talk I point make mean, Joe, this, come it liquidity actually, I about I’m to time about it.

laid the tell important, to sort because with is and spend kind out lot our cash this debt of a limp of a that you paying three you lot back I earlier. time want of of go I out down. then Reducing of down I can burn and thing to objectives

raise it. don’t to burn just liquidity we So want to

raising to we’re to we’ve got liquidity, cash aggressively but So continue burn. to reduce

been and they moved. been because DoT a ago of additional I to examples in and to we another Steve some gave back a aggressively went some aggressive out his how shout comments. reduce days set to got I with When in permission get give have an then we want application we at put mean, got incredible flying. denied, And I how markets. to success. the applied of look we’ve we couple have team, for We

a sound three-month because me, if for sort day, so down over even have million of it of come that’s me when million my out or much. But even you don’t you this. $XX doesn’t that to then math period, a So tells pay can ensure we I $X know another

balance it’s balance sheet, liquidity, then and it’s sheet that as can. cash repairing to as you it’s it’s So burn, quickly a path

that – going there next quarters the to hard so very to I’m demand hand that here in how maybe about So talk knowing we’re many of to to it’s over Joanna that’s just I’ll approaching And it. then couple actually – are uncertainties to cope. two

Joanna Geraghty

Yes. Thanks, Robin.

Robin’ uncertainty to echo and timing just around recovery. so much there’s So the of shape comment, the

flexible. has that do focus our We environment. phased adapting So to on expect and been remaining a changing recovery

recovery planning a perspective, QX. has assuming QX we’re From in into and L-shaped an out curve, which earnest beginning

I being returning crewmembers to think and is at recovery dependent feeling on going the end safe to customers confident, day, flying to of the work. be

recovery differentiated that process. in definitely have product. we Obviously, our serve think advantages the domestic, will model do well predominantly predominantly a us We inherent as has that we’ve leisure, mentioned,

obviously be critical brand. airplanes timeframe, we during Our this will narrow-body our cost, think lower then and

get monitoring see to And we terms what as customer to need we well trying shoots, when going all sentiment take are comfortable a customers to those are stay We care them. measuring of leading to be again. close, incredibly position indicators, as to in want of green in flying

have, extension to in from this the We program throughout industry our travel and flexible led our view, the capacity led industry pandemic waiver the bank. cuts. We’ve of the

back March. I industry distancing. We third cuts. think, we’ve social terms in in led flights capped We of the in been highest we’ve capacity probably know

all you positioned, well getting those to back further our wipes be that customers. we’re as going about to things recovery, on to so critical capped So customers think are And provided the QX carrier coming back, now. when the demand right. so every of for time in again has air level QX, planning planes is But uncertainty. The up again, much right but

Joseph DeNardi

Can Can I first source the are, advanced program you kind the about think an that I value Thank of think, in miles sale use that. that guys talked asset is. that you. you of about a they talk as other of as terms using may as what include airlines of of the restrictions about then you have talk appreciate any? what well? collateral, airline Steve, if liquidity. to And Sure.

Steve Priest

transaction all a pretty to It’s attractive. With very, decided to in fantastic to Barclays. morning. raise. regards been sort have purchase, are up. Barclays liquidity stepped just We’ve It do great relationship relatively the speak. I such a years, over last few mileage Good was of to we fortunate terms really very No. The a the small with

come took with of about. the It a liquidity opportunity restrictions sort to any be we of little so to that there. doesn’t And in need concerned add bit we

sort the loyalty obviously, with in And the advisors. my treasury in program. we are to is talks comments, regards mentioned as of the are discussing one the things we of overall advanced I With program, earlier

done. is So complete we of not less with have It’s process, But is for it – been the than getting players. but legacy it a value we’re that, it because does through a valuation mature program some that significant give yet, us working JetBlue.

of complete. asset valuation should we us good it we’re looking be sort forward So And forward. that source of as having go to a for

Joseph DeNardi

Good luck.

Robin Hayes

And, a Joe, good debate Hunter. in luck with the big

you If for you, I’m lead to available. CEO an need that airline

Operator

Raymond with comes of question from Savi the James. next line Your Syth

Savanthi Syth

morning. good Hey,

third you clarification. quarter. – from mentioned kind had you’re quick cash the today in and burn to that four are of bridging a seeing May can what first, you you Just what your Steve, items think get

kind opt-out was factor drag down, missed could effect. taking fourth away, going what non-aircraft again? was programs I the coming One remind maybe was. you of wondering of then the CapEx just kind me passenger and revenue the early I if

Steve Priest

general Good morning, a It’s cost reduction. just Savi. focus on continued

the in many taking us this structure. last JetBlue’s crisis. the You good dollars us in detail we That of has stood good millions coming most, the the into years of than out cost amount over program, put shape around cost structural of of went know better couple – hundreds of

go teams But deeper. there’s level always more And up again, that to really to do. the stepped have

going to of some XXX% of few the to as flow continue through the And example, see so of for months. XX%, go those you next to initiative initiatives from you

was the about. talking that’s fourth item I So

Savanthi Syth

– supply in a fits in on for was which the the the maintenance you the the with right big really items engines of years. of the some and were had, big capacity last where that for MROs. Great. was – was working the was for really time, And – And with I – actually, couple contracts tight done items question that of where some

up – partners, And of that this better better if perhaps and term an opportunity MRO better is to long-term wonder opportunity? so get longer-term? know I a but of – you kind are I longer- to sets kind go your an partners these of probably kind have deals

Steve Priest

Yes. our I haven’t mean, this partners, number them, Savi I of a wouldn’t is been crisis. there’s we to assume again, because, that such talking an unprecedented

gone as about I & been we’ve as Pratt shoulder like through Whitney, think crisis, to we’ve shoulder this partners worked this with they’ve crisis. us, through liquidity

fact, maintenance year-and-a-half And going these so, through many, contracts. yes, I in mean, many engine a months, over we spent

of experience hour partners need, stepped been with business terrific. But up has now again. going they��ve an And of that sort through these

So those we’re we’re with making. pleased the that conversations progress continue and

Savanthi Syth

can just – Makes air clarify, lease that year, leased is that the sense. suspended that or I you planning earlier four were if deferred? And to is this aircraft just just

Steve Priest

suspended. It’s

Savanthi Syth

Okay. Thank you.

Steve Priest

Thank Have good you, Savi. day. a

Operator

Your Helane with Cowen. from Becker question next comes

Helane Becker

for everybody squishing and having did do the you thanks work Thanks One me in at took you continue very just to leads? end. who people are Two is, of much, time about fewer the operator. appreciate talk number questions. I Or the and hours?

Robin Hayes

that. take Helane, I’ll Hi,

sense we sort this of in off. real about had we We’ve over of up. stepped are of taken of a There some voluntary have voluntary put series crewmembers about really what programs together. form have XX% crewmembers is a of our out Our XX,XXX, – since time

I to going some this I to up more couldn’t And so have be how proud voluntary be off. stepped of many couldn’t take through – get We’re together. time just

Helane Becker

doing how and you an going for this right and be a year time you. about know forward. a spent were you earlier Okay, I are backseat that what that question Robin, talking virus all right. now because And that But that. in you was That’s and know probably going everything then we thinking I helpful. going with to the that, about And sustainability like is, takes other of front. my Thank year to what’s lot this on issue guys important

don’t talk that? about a bit I know, So, if could little you

Robin Hayes

events it you at No, not backseat what all, companies looking mean, to decisions by the they’re this, handle I like are at is taking space, that way, who a this take. really committed how investors

it haven’t think call JetBlue, the when So on talking size much of about critical. that. And this future spent is we and shape about that we time

we think we of that. And our I of as of them a as as focus Lawler, an absolutely is think, team, to core strategy airline, come a leadership ESG. and is were out we’ll be number Tracy the differently Under this, Because doing one of areas leads number created ESG I there an of things, who industry.

And so it’s not going away. to go

– we’ve work the to be go as years have out of crisis. get through. in never We didn’t to aggressive know the XX other kind all We’re the that of this been the hard we coming We is middle sheet side. we U.S. the in waste second something now in to it through balance last best

we know ahead of we a difficult have So decisions of lot us.

be. actually what the ESG of it We’re of and pillars of is the managing is. through But absolutely JetBlue size that as sort should work and of one main we that shape work, future

Helane Becker

helpful. really you. That’s Thank Great.

Robin Hayes

Thanks, Helane.

Operator

Your next Mike Linenberg with from question Bank. comes Deutsche

Michael Linenberg

Transatlantic and airplane optimal can there’s the getting training that? pushed fact the first back the pushed that, about well, call that backdrop. does mean, most How year, as AXXX? Steve in the Yes. given I the and expenses induct to as thoughts time think through it, not associated One, the the be with on that? potentially with And about to combined you we some, about type, do think and you move to this obviously, I in, that I you your pilot How Good chime probably year, it get new here. non-value-add going like. maybe mentioned morning, relates earlier a later probably as Robin Joanna coming would everyone. guess, airplanes just had questions think two are or do back,

Steve Priest

to Hi, Mike. up. that I copy you. Good morning

Michael Linenberg

Hi, Steve.

Steve Priest

through number crisis, economics And this. The and a incredibly we’re that. pivotal because a strong aircraft business excited incredibly for mean, is of and changer sort go replacing of part of newer we its scenarios as I demand obviously AXXX real of JetBlue. about game the case, said, sort the been the we technologies AXXX of a the economics we EXXXs and the before As evaluating have of

as so, be don’t to said, And tone-deaf. Robin we want

through going navigate that JetBlue. fleet. thoughts the when we thinking that bring come the We’re – benefits seem side forward, we can and we EXXX the how other can this as be can to excited this, out go sort of gives retire to the we about, of also about We we And crisis. around and AXXXs what it us

I should order are is spectacular so The you have don’t book. think think anything pleased and the that aircraft them I’m to And economics changes. in

the that go and As forward, we to we’ve in remains and look we to intact talking sort as forward XXXs been being of looking I’m Airbus the into fleet.

Robin Hayes

just can thing. I if And one Yes. add

geographies. have drop to I’ll might of think to a running questions when different the demand to come off, we cover. by is what’s we Mike, know scenarios on, I we’re going have segments, stay couple of We’re going – we you But different like, we’ll the thing like add, back, way, for some only about which and

really that we have Boston think we know Those sometime back markets of and And at and period an like in less it to think take a going serve profitably. we may more day. have a AXXX a and could have I be sequences for that travel to where frequency it’s – us airplane with look better all we where business served helpful DCA, a markets come we helping time we where for like multiple be actually actually that

This Airbuses was been Steve’s they’ve to I I’m think really got them. want not can’t say, good priority The call a to look have could always we we some I while very happy. more. and we XXXX. So wish point, partner. at it And – for made was out can easy

for on rest for can got can CapEx we that we non-aircraft I and that burn to the where think, for around a year. on expense we clarity good plan getting us operating are, cash it’s other can our CapEx of go headline we’ve really, lower we initiatives the focus forward, really

Michael Linenberg

But the in very taking and Okay, June, I’m you the even it quick then this even taking, the just just helpful. not What’s about maybe be what And guess, extent very those coverage? obviously, what you over What in like some hedges you hedges? quarter, adding the your to to Thank that to know comments. release, you. plans and are advantage low the being going months. just give us September that mentioned But given to fuel if are more color I opportunistic actually difficult talks next the don’t a ascertain, December price. one on sure of – Steve. that’s through could capacity hedge few book?

Steve Priest

Great question.

my – in forward. these place not Just we went sort of incremental to before are hedges, clarify, are these

of be focused capacity pretty So, when crisis, has flying burn XX% been down of hedged the about actually you’re that’s significantly that. on as gone of post schedule. we pull completely obviously, sort up and proportion significantly, cash entertaining Obviously, the we’ve fuel the wouldn’t

again, insurance range sort to on in of overall the the XX% terms significant, side not else reduced new about the where was got ASMs that got as of the think But we’ve flying the reduced but up sort nothing in particularly crisis. of things, network. factor should we’ve and lot the a you And and the stuff So it everything has of compared it’s in moved of since before. things that hedge of those

Operator

America. comes of question next Didora with Andrew from Bank Your

Andrew Didora

sale. Hey, of good the point for have just Most morning, questions but had on asked one and Barclays everyone. been Steve my answered,

seem guys quick act You to pretty on this.

pull your mileage Barclays agreement at crisis of the was part the with curious, rate? Just forwards predetermined already these this negotiated some to ability unfolded? sales Or all a was Thanks. of as

Steve Priest

a of as terms a was looked we opportunity level it very terms. have the number And reach put at the strategic there with to JetBlue this attractive of Barclays partners small it, sort when They like crisis until are we reiterate, to we incremental to it attractive clearly want get got quick just just us. I table. to a of very out Again, amount us of were and into good at and on at liquidity for us

read there. So any what I into see more than it wouldn’t you what

Andrew Didora

Okay.

in, come did in so did money And April? that or this – March

Steve Priest

I it in March. was think

Andrew Didora

Thank Great. you.

Operator

from next Chris Your question SIG. Stathoulopoulos comes with

Christopher Stathoulopoulos

for on morning, here. and Good thanks getting

you second-half. in perhaps Earlier in believe, response your in demand questions. at with the to two I So remarks, respect prepared leading to about, someone spoke looking indicators

rates, infection rates? talking curious about So you bookings, hospitalization are

the certain here, a obviously, is, to of second crisis specific the the localized question economy then is And part or, not industry.

chain about airport think aviation we opportunities as guessing there certainly that, fixed around whole, that and perhaps costs where been So the that there value the and that are have costs, perhaps largely in here for as things a inflexible. upstream catering I’m past like

opportunities at to these. revisit going forward there’s guessing I’m point, this

midstream the and respect forward? going with all outside as work up on up of – to areas you’ve that your done you talk perhaps, maintenance what you. the could in midstream structural part and So the of costs and might costs about the of side Thank some markets program, be opportunities there

Joanna Geraghty

Chris… Hey,

Robin Hayes

Joanna of a keep and Joanna as to we’re something of we share want a see of looking things sort that first think over within we because to the of kind high-level, high-level, will this, I’ll ways source going But at. quite sort that hand we looking on of Thank keep you. insights to maybe at some we’re I’ll some say ask I of the we’re JetBlue. of the at that part the comments to packages the our some indicators.

Joanna Geraghty

Great. Hi, Thanks. Chris.

restrictions shelter all at data WHO macroeconomic locations, factors count, have we’re all looking is the not, whether across obviously of into indicators through we Obviously, a advisories obviously, curve flattening at. unemployment international COVID monitoring all factors. So playing the the and place statistics of other taking all a or number and are that travel case look the and the

We’re Trends, measure a monitoring our spend, variety for, traffic data, Google consumer of trying that looking looks how we tools sentiment up bookings, that use at, make of number to to a shopping next factors. that data, indicators. customers so GDS they’re We have our whole what website, what there’s and sure obviously stack to card understand credit are carriers, we other we

We our also began this a week, customer asking of around questions as number sentiment well.

for sources recovery category. each all indicator to at these of So relying on a stage arrive are what we’re

Steve Priest

essence to from just to I cost a activities question, Hi, make Chris, Steve standpoint? of here. your want in-source clear, is sure I’m ability the our absolutely

Christopher Stathoulopoulos

whether pressure past relief in you midstream So But revisit will. to there’s have if accepted has, the chain costs for entire much opportunities some given across folks the might the what up guessing here, just that pretty are in for were, everywhere. they whatever reason, for value looking I’m you them

we of might And out come the reduction piece so costs, and of as about the of like biggest on you’ve program, the think was of my there there? network the done the work within also this, what maintenance sort understanding cost as footprint perhaps opportunities we which, outside be

Steve Priest

question, I thank clarifying. Great you Chris. for

I think to doing we like this JetBlue are terms if out shape we piece size bubble look of a I of of strategic coming level, crisis. it in what of a around future and up sort work of

as navigated work think some said, we’ve that through done split is in had the You of we’ve We’ve at traditionally bring business and the we’ve we’ve of also partners remarks, between in-house. opportunities looked as prepared taken crisis, to what world this my ourselves I the do. to about, sort

of certain sort things that. XX like where was I done airports, we’ve

say, space spent consolidation the the of believe we this every business crisis. thing years we’ve I see is and as one will, would in three again, structural JetBlue going the part But and program. continue to line cost navigate last some across cost through single You partner single function I every

where know we So the are. opportunities

us to down we our as cost through there opportunities take continue ultimately And further plans strategic our continue go shape, for of as cash business size and our work and will structure with to outflows we do, sort to be down.

crisis. we focused And strategic come very So are something side great that’s out approach. question, this we where on other the as

David Fintzen

everyone. joining Thanks great call. Thanks, day. concludes first our for that Have And XXXX conference a us. quarter

Operator

conference. your today’s conclude Thank will you that again, participation. And for

JetBlue Airways (JBLU) 7 May 202020 Q1 Earnings call transcript