8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 23, 2018

JETBLUE AIRWAYS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	000-49728	87-0617894
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
27-01 Queens Plaza North, Long Island City, New York		11101
(Address of principal executive offices)		(Zip Code)

(718) 286-7900

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition

On October 23, 2018 we issued a press release announcing our financial results for the third quarter ended September 30, 2018. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

The information included under Item 2.02 of this report (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure.

On October 23, 2018, we provided an update for investors presenting information relating to our financial outlook for the fourth quarter ending December 31, 2018 and full year 2018, and other information regarding our business. The update and materials to be used in conjunction with the presentation are furnished herewith as Exhibit 99.2 and Exhibit 99.3 and are incorporated herein by reference.

The information included under Item 7.01 of this report (including the exhibits) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

The information furnished in this Item 7.01 shall not be deemed “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which represent our management's beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs and interest rates; our ability to implement our growth strategy; our significant fixed obligations and substantial indebtedness; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on high daily aircraft utilization; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our reliance on a limited number of suppliers; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this press release, could cause our results to differ materially from those expressed in the forward-looking statements. Potential factors that could affect our results include, in addition to others not described in this press release, those described in Item 1A of our 2017 Form 10-K under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry". In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release dated October 23, 2018 of JetBlue Airways Corporation announcing financial results for the third quarter ended September 30, 2018.
99.2	Investor Update dated October 23, 2018 of JetBlue Airways Corporation.
99.3	Earnings Presentation dated October 23, 2018.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			JETBLUE AIRWAYS CORPORATION
			(Registrant)
Date:	October 23, 2018	By:	/s/ Alexander Chatkewitz
			Vice President, Controller, and Chief Accounting Officer (Principal Accounting Officer)

EX-99.1

JETBLUE ANNOUNCES THIRD QUARTER 2018 RESULTS

NEW YORK (October 23, 2018) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the third quarter 2018:

• Reported diluted earnings per share of $0.16, inclusive of $112 million in one-time costs related to the E190 fleet transition and the recently-signed pilot contract. Excluding these costs, adjusted diluted earnings per share of $0.43⁽¹⁾. This compares to JetBlue’s third quarter 2017 diluted earnings per share of $0.55.

• GAAP pre-tax income of $68 million. Excluding the one-time costs, adjusted pre-tax income of $180 million⁽¹⁾, a decrease of 39.5% from the third quarter of 2017.

• Pre-tax margin of 3.4%, inclusive of the one-time costs. Excluding these one-time costs, adjusted pre-tax margin of 9.0%⁽¹⁾, a 7.4 point decrease year over year.

Highlights from the Third Quarter 2018

• Third quarter 2018 revenue per available seat mile (RASM) increased 1.7%, year over year, including 0.4 points of negative impact from severe weather during September.

• Operating expenses per available seat mile, excluding fuel (CASM ex-fuel) growth of 3.2%, at the lower end of the updated guidance range of 3.0% to 5.0%. CASM ex-fuel for the third quarter includes a 2.0 point headwind related to recurrent costs of the pilot contract, effective as of August 1^st.

Key Guidance for the Fourth Quarter and Full Year 2018:

• Capacity is expected to increase between 7.5% and 9.5% year over year in the fourth quarter 2018. The fourth quarter guidance includes a previously-announced 2.0 point ASM reduction to mitigate the impact of higher fuel prices. For the full year 2018, JetBlue expects capacity to increase between 6.5% and 7.0%.

• RASM growth is expected to range between 1.0% and 4.0% for the fourth quarter 2018 compared to the same period in 2017.

• CASM ex-fuel is expected to decrease between (3.5)% and (1.5)% for the fourth quarter of 2018. CASM ex-fuel for the fourth quarter includes a 3.0 point headwind related to the pilot contract. For the full year 2018, JetBlue expects year over year CASM ex-fuel to be between 0.75% and 1.75%. The headwind from the pilot contract to CASM ex-fuel for the full year 2018 is expected to be equal to 1.3 points.

For further details see the latest Investor Update and the Third Quarter 2018 Earnings Presentation available via the internet at http://investor.jetblue.com.

JetBlue will conduct a conference call to discuss its quarterly earnings today, October 23, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at http://investor.jetblue.com.

(1) Note A provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.

Executing our Plan to Reach our EPS Commitments

“I’d like to thank our 22,000 Crewmembers, for all their hard work delivering the JetBlue experience to our Customers. Our financial performance was impacted by fuel prices that increased approximately 37% year over year. We are on track to hit our 2018 CASM ex-fuel guidance, despite pulling capacity in both the third and fourth quarters to adjust to higher fuel prices.

In the short term, we are focused on improving our earnings, particularly in the areas we can control, and have a plan to improve margins in 2019, and again in 2020. We are taking actions to recapture higher fuel costs through price - both with fare increases over recent months and through higher ancillary revenue initiatives. At our Investor Day in early October, we showed how our five building blocks will help us improve our margins and achieve our earnings target between $2.50 and $3.00 per share by 2020”, said Robin Hayes, JetBlue’s Chief Executive Officer.

“Since 2014 we have a track record of executing our plans - and we have a path to continue improving our relative margins, starting in 2019. We have the culture, the brand and the geography we need to be successful,” said Joanna Geraghty, JetBlue’s President and Chief Operating Officer.

Revenue Performance and Outlook

Third quarter RASM increased 1.7%. Excluding the 0.4 point impact from severe weather during September, RASM was above the mid-point of our updated guidance of 1.0% to 3.0%. During the quarter we saw close-in demand trends improve across the network,” said Marty St. George, JetBlue’s EVP Commercial and Planning.

“We continued to grow our capacity on the lower end of our mid to high single digit range. For the fourth quarter, we expect capacity growth between 7.5 and 9.5 percent. Given the 2.9 points of lost capacity from hurricanes in the fourth quarter of 2017, our schedule-to-schedule capacity growth is approximately 6 percent for the fourth quarter of 2018. We expect to see some revenue benefits from the network changes and the ancillary revenue changes launched during the third quarter.”

Cost Performance, Outlook and Balance Sheet

Third quarter CASM ex-fuel was 3.2%, at the low end of the updated guidance of 3.0% to 5.0%, driven by improvements in unit maintenance costs. “We are on track to hit our 2018 plan despite the added pressure from reducing our capacity in the second half. We will continue to find opportunities to mitigate these pressures, in addition to the savings from the Structural Cost Program that build each quarter,” said Steve Priest, JetBlue’s EVP Chief Financial Officer.

“We continue to see sequential improvement in our underlying non fuel costs, and reached an inflection point during the second half this year, as we execute our Structural Cost Program. We are confident we can deliver on our 2019 commitments made at Investor Day, and are on track to achieve our 0-1 CASM CAGR through 2020.”

Capital Allocation and Liquidity

JetBlue ended the quarter with approximately $937 million in unrestricted cash and short term investments, or about 12.6% of trailing twelve month revenue. In addition, JetBlue maintains approximately $625 million in undrawn lines of credit. 

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In its commitment to maintaining a balanced approach to capital allocation, JetBlue executed an additional $125 million in share repurchases during the quarter.

During the third quarter, JetBlue repaid $54 million in regularly scheduled debt and capital lease obligations, and raised $261 million in net proceeds in secured aircraft debt. JetBlue anticipates paying approximately $45 million in regularly scheduled debt and capital lease obligations in the fourth quarter and approximately $223 million for the full year 2018. JetBlue anticipates maintaining a 30-40% adjusted debt to cap range and liquidity between 10% and 12%.

Fuel Expense and Hedging

The realized fuel price in the quarter was $2.32 per gallon, a 36.6% increase versus third quarter 2017 realized fuel price of $1.69.

JetBlue entered into forward fuel derivative contracts to hedge approximately 7.7% of its fuel consumption during the fourth quarter of 2018. Based on the fuel curve as of October 15^th, JetBlue expects an average price per gallon of fuel of $2.48 in the fourth quarter of 2018.

About JetBlue

JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale - Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 40 million customers a year to 103 cities in the U.S., Caribbean, and Latin America with an average of 1,000 daily flights. For more information please visit www.jetblue.com.

Notes

(1) Consolidated operating cost per available seat mile, excluding fuel and related taxes, and operating expenses related to other non-airline businesses (CASM Ex-Fuel) is a non-GAAP financial measure that we use to measure our core performance. Note A provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which represent our management's beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; our significant fixed obligations and substantial indebtedness; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated

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by reference in this press release, could cause our results to differ materially from those expressed in the forward-looking statements. Potential factors that could affect our results include, in addition to others not described in this press release, those described in Item 1A of our 2017 Form 10-K under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry". In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur.

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
	Three Months Ended											Nine Months Ended
	September 30,								Percent			September 30,								Percent
	2018				2017(1)				Change			2018				2017(1)				Change
OPERATING REVENUES
Passenger	$	1,941			$	1,753			10.8			$	5,490			$	5,075			8.2
Other	67				65				3.5			200				179				11.2
Total operating revenues	2,008				1,818				10.5			5,690				5,254				8.3
OPERATING EXPENSES
Aircraft fuel and related taxes	515				347				48.4			1,423				994				43.1
Salaries, wages and benefits	515				466				10.5			1,500				1,397				7.4
Landing fees and other rents	114				104				9.7			323				301				7.4
Depreciation and amortization	125				114				10.4			362				328				10.6
Aircraft rent	27				26				7.8			75				75				(0.4	)
Sales and marketing	72				69				4.6			214				198				8.2
Maintenance, materials and repairs	168				149				12.9			498				467				6.6
Other operating expenses	277				229				20.5			797				691				15.3
Special items	112				—				n/a			431				—				n/a
Total operating expenses	1,925				1,504				28.1			5,623				4,451				26.3
OPERATING INCOME	83				314				(73.6	)		67				803				(91.7	)
Operating margin	4.1			%	17.3			%	(13.2	)	pts.	1.2			%	15.3			%	(14.1	)	pts.
OTHER INCOME (EXPENSE)
Interest expense	(23		)		(23		)		2.7			(67		)		(72		)		(7.1	)
Capitalized interest	2				3				(5.9	)		7				7				(4.8	)
Interest income and other	6				3				101.0			11				5				131.4
Total other income (expense)	(15		)		(17		)		(13.0	)		(49		)		(60		)		(18.2	)
INCOME BEFORE INCOME TAXES	68				297				(77.0	)		18				743				(97.5	)
Pre-tax margin	3.4			%	16.3			%	(12.9	)	pts.	0.3			%	14.2			%	(13.9	)	pts.
Income tax expense (benefit)	18				116				(84.7	)		(1		)		273				(100.2	)
NET INCOME	$	50			$	181			(72.1	)		$	19			$	470			(96.0	)
EARNINGS PER COMMON SHARE:
Basic	$	0.16			$	0.56						$	0.06			$	1.42
Diluted	$	0.16			$	0.55						$	0.06			$	1.41
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	308.7				326.1							314.8				330.8
Diluted	310.3				327.8							316.4				332.4

(1) Prior period results have been recast to reflect the adoption of ASC 606 Revenue from Contracts with Customers.

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JETBLUE AIRWAYS CORPORATION
COMPARATIVE OPERATING STATISTICS
(unaudited)
	Three Months Ended								Nine Months Ended
	September 30,						Percent		September 30,						Percent
	2018			2017			Change		2018			2017			Change
Revenue passengers (thousands)	11,050			10,227			8.0		31,854			30,251			5.3
Revenue passenger miles (millions)	13,362			12,180			9.7		38,271			35,712			7.2
Available seat miles (ASMs) (millions)	15,551			14,306			8.7		44,713			42,131			6.1
Load factor	85.9		%	85.1		%	0.8	pts.	85.6		%	84.8		%	0.8		pts.
Aircraft utilization (hours per day)	12.0			11.8			1.7		11.8			11.9			(0.8	)
Average fare(2)	$	175.66		$	171.36		2.5		$	172.36		$	167.77		2.7
Yield per passenger mile (cents)(2)	14.53			14.39			1.0		14.35			14.21			0.9
Passenger revenue per ASM (cents)(2)	12.48			12.25			1.9		12.28			12.05			1.9
Revenue per ASM (cents)(2)	12.91			12.70			1.7		12.73			12.47			2.0
Operating expense per ASM (cents)(2)	12.38			10.51			17.8		12.58			10.56			19.0
Operating expense per ASM, excluding fuel (cents)(1)(2)	8.27			8.02			3.2		8.36			8.14			2.7
Departures	95,119			90,021			5.7		274,853			265,980			3.3
Average stage length (miles)	1,093			1,069			2.2		1,093			1,072			2.0
Average number of operating aircraft during period	247.5			234.3			5.6		245.7			231.7			6.0
Average fuel cost per gallon, including fuel taxes	$	2.32		$	1.69		36.6		$	2.23		$	1.66		34.2
Fuel gallons consumed (millions)	222			205			8.6		637			598			6.6
Average number of full-time equivalent crewmembers									17,767			17,051			4.2
(1) Refer to Note A, Consolidated operating cost per available seat mile, excluding fuel (CASM Ex-Fuel) at the end of our Earnings Release for more information on this non-GAAP measure. CASM Ex-Fuel excludes fuel and related taxes, special items, and operating expenses related to other non-airline businesses.
(2) Recast to reflect the adoption of ASC 606 Revenue from Contracts with Customers.

JETBLUE AIRWAYS CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in millions)
	September 30,		December 31,
	2018		2017
	(unaudited)
Cash and cash equivalents	$	454	$	303
Total investment securities	484		392
Total assets	10,147		9,781
Total debt	1,568		1,199
Stockholders' equity(1)	4,414		4,732
(1) Prior period results have been recast to reflect the adoption of ASC 606 Revenue from Contracts with Customers.

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Note A - Non-GAAP Financial Measures

JetBlue sometimes uses non-GAAP measures that are derived from the Consolidated Financial Statements, but that are not presented in accordance with generally accepted accounting principles (“GAAP”). JetBlue believes these non-GAAP measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not a substitute for, our results prepared in accordance with GAAP. We believe certain charges included in our operating expenses on a GAAP basis make it difficult to compare our current period results to prior periods as well as future periods and guidance. The tables below show a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures.  It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. 

Consolidated operating cost per available seat mile, excluding fuel and related taxes, certain non-airline operating expenses, and special items (“CASM Ex-Fuel”). CASM is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline business, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating cost per available seat mile to determine CASM Ex-Fuel. During the periods presented below, special items include the impairment and one-time costs related to the Embraer E190 fleet exit as well as one-time costs related to the ratification of our pilots' union contract. We believe CASM Ex-Fuel provides investors the ability to measure financial performance excluding items beyond our control such as fuel costs, which are subject to many economic and political factors beyond our control or not related to the generation of an available seat mile, such as operating expenses related to other non-airline businesses. We believe this measure is more indicative of our ability to manage costs and is more comparable to measures reported by other major airlines.

NON-GAAP FINANCIAL MEASURE
RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL
(in millions, per ASM data in cents)
(unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2018				2017				2018				2017
	$		per ASM		$		per ASM		$		per ASM		$		per ASM
Total operating expenses(1)	$	1,925	$	12.38	$	1,504	$	10.51	$	5,623	$	12.58	$	4,451	$	10.56
Less:
Aircraft fuel and related taxes	515		3.31		347		2.42		1,423		3.18		994		2.36
Other non-airline expenses	12		0.08		10		0.07		32		0.07		28		0.06
Special items	112		0.72		—		—		431		0.97		—		—
Operating expenses, excluding fuel	$	1,286	$	8.27	$	1,147	$	8.02	$	3,737	$	8.36	$	3,429	$	8.14
(1) Prior period results recast to reflect the adoption of ASC 606 Revenue from Contracts with Customers.

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Reconciliation of Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding special items

Our GAAP results in the applicable periods include charges that are deemed special items that we believe make our results difficult to compare to period periods as well as future periods and guidance. During the periods presented below, special items include the impairment and one-time costs related to the Embraer E190 fleet exit as well as one-time costs related to the ratification of our pilots union contract. We believe our special items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of special items. The table below provide a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding special items.

NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS
(in millions, except per share amounts)
(unaudited)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018			2017
Total operating expenses	1,925		$	1,504	5,623			$	4,451
Less: Special items	112		—		431			—
Total operating expense excluding special items	$	1,813	$	1,504	$	5,192		$	4,451
Operating income	$	83	$	314	$	67		$	803
Add back: Special items	112		—		431			—
Operating income excluding special items	$	195	$	314	$	498		$	803
Income before income taxes	$	68	$	297	$	18		$	743
Add back: Special items	112		—		431			—
Income before income taxes excluding special items	$	180	$	297	$	449		$	743
Income before income taxes excluding special items	$	180	$	297	$	449		$	743
Less: Income tax expense (benefit)	18		116		(1		)	273
Less: Income tax related to special items	28		—		107			—
Net Income excluding special items	$	134	$	181	$	343		$	470
Earnings Per Common Share:
Basic	$	0.16	$	0.56	$	0.06		$	1.42
Add back: Special items, net of tax	0.27		—		1.03			—
Basic excluding special items	$	0.43	$	0.56	$	1.09		$	1.42
Diluted	$	0.16	$	0.55	$	0.06		$	1.41
Add back: Special items, net of tax	0.27		—		1.02			—
Diluted excluding special items	$	0.43	$	0.55	$	1.08		$	1.41

CONTACTS

JetBlue Investor Relations

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Tel: +1 718 709 2202

ir@jetblue.com

JetBlue Corporate Communications

Tel: +1 718 709 3089

corpcomm@jetblue.com

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EX-99.2

Investor Update

Investor Update: October 23, 2018

This update provides JetBlue’s investor guidance for the fourth quarter and full year ending December 31, 2018.

Recent Announcements

JetBlue has recently announced new service between the following city pairs:

City Pair	Frequency	Start Date
Boston (BOS) - Rochester (ROC)	1x daily	January 8, 2019
Fort Lauderdale (FLL) - Guayaquil, Ecuador (GYE)*	1x daily	February 28, 2019*
Fort Lauderdale (FLL) - Sint Maarten (SXM)	1x daily	February 14, 2019
Fort Lauderdale (FLL) - Phoenix (PHX)	1x daily	February 14, 2019
Providence, Rhode Island (PVD) - West Palm Beach (PBI)	1x daily	February 14, 2019
Boston (BOS) - Palm Springs (PSP)	2x weekly (seasonal)	February 14, 2019

*Subject to Government approval

JetBlue has recently announced exiting service between the following city pairs:

City Pair	Frequency	Start Date
New York (JFK) - Portland, Maine (PWM)	3x daily (seasonal only)	January 8, 2019
Boston (BOS) - Washington Dulles (IAD)	3x daily	January 8, 2019
New York (JFK) - Washington Dulles (IAD)	3x daily	January 8, 2019
New York (JFK) - Daytona Beach (DAB)	1x daily	January 8, 2019
Fort Lauderdale (FLL) - Long Beach (LGB)	1x daily	January 8, 2019
Baltimore-Washington (BWI) - Fort Lauderdale (FLL)	2x daily	January 9, 2019
Detroit (DTW) - Fort Lauderdale(FLL)	1x daily	January 9, 2019
Pittsburgh (PIT) - Fort Lauderdale (FLL)	1x daily	January 9, 2019
Baltimore-Washington (BWI) - Orlando (MCO)	1x daily	January 8, 2019
San Juan (SJU) - Santiago, Dominican Republic (STI)	1x daily	January 8, 2019
San Juan (SJU) - Saint Croix (STX)	1x daily	January 8, 2019

Capacity

Fourth quarter 2018 available seat miles (ASMs) are estimated to increase 7.5% to 9.5% year-over-year.  Full year 2018 ASMs are estimated to increase 6.5% to 7.0% year-over-year.

JetBlue estimates the following distribution as a percentage of total ASMs by aircraft type:

Fourth Quarter 2018				Full Year 2018
A320	A321 All-Core	A321 Mint	E190	A320	A321 All-Core	A321 Mint	E190
53%	16%	20%	11%	55%	14%	20%	11%

Average stage length is projected to increase year-over-year by approximately 3.0% for the fourth quarter 2018 and increase by approximately 2.2% for the full year 2018.

1

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

Investor Update

Operational Outlook

	Fourth Quarter	Full Year
	2018	2018
Operating Expense Year-Over-Year Percentage Change
Unit Operating Expense Excluding Fuel (CASM Ex-Fuel)(1)	(3.5) - (1.5)%	0.75 - 1.75%
Operating Expenses Related to other Non-Airline Businesses(2) (in millions)	$8 - $13	$37 - $47

¹ CASM Ex-Fuel excludes fuel and related taxes, special items and operating expenses related to other non-airline businesses. With respect to JetBlue’s CASM Ex-Fuel and guidance, JetBlue is not able to provide a reconciliation of the non-GAAP financial measure to GAAP because the excluded items have not yet occurred and cannot be reasonably predicted. The reconciling information that is unavailable would include a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors beyond our control. Beginning with the first quarter of 2018, Operating Expenses Related to other Non-Airline businesses include JetBlue Travel Products and equivalent prior period costs. Full year 2018 CASM Ex-Fuel excludes the non-cash impairment charge related to the Embraer E190 Fleet review, as well as other E190 exit costs and certain costs associated with the ALPA contract. We believe these special items distort our overall trends.

² Operating Expenses Related to other Non-Airline businesses will be excluded from prior periods. As a result, this change has minimal impact on the projected growth rate.

	Fourth Quarter		Full Year
	2018		2018
Fuel Expense
Estimated Consumption (gallons)	211 million		847 million
Estimated Fuel Price per Gallon, Net of Hedges 1	$2.48	2
¹Includes fuel taxes.
²JetBlue utilizes the forward Brent crude curve and the forward Brent crude to heating oil crack spread to calculate the unhedged portion of its prompt quarter.  As of October 15, 2018, the forward Brent crude per barrel price was $81 and the crack spread averaged $17 per barrel for the fourth quarter of 2018.

Fuel Hedges

As of October 15, 2018 JetBlue’s advanced fuel derivative contracts are as follows:

	Gallons	Estimated Percentage of Consumption	Price
4Q18	16 million	7.7%	● 7.7% in USGC Jet bull call spreads at an average strike price of $2.25/gal x $2.45/gal
1Q19	16 million	7.6%	● 7.6% in USGC Jet calls at an average strike price of $2.25/gal
2Q19	16 million	7.4%	● 7.4% in USGC Jet calls at an average strike price of $2.25/gal

2

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

Investor Update

Other Income (Expense)

JetBlue estimates total Other Income (Expense) to be between ($20) and ($25) million in the fourth quarter 2018 and between ($65) and ($75) million for the full year 2018.

Tax Rate

JetBlue expects an effective tax rate of approximately 26% for the fourth quarter. However, the actual tax could differ due to a number of factors.

Capital Expenditures

(In millions)

Fourth Quarter 2018			Full Year 2018
Aircraft	Non-aircraft	Total	Aircraft	Non-aircraft	Total
$290 - $470	$40 - $60	$330 - $530	$895 - $1,075	$105 - $125	$1,000 - $1,200

Aircraft Delivery Schedule

As of September 30, 2018 JetBlue’s fleet was comprised of 130 Airbus A320 aircraft, 25 Airbus A321 All-Core aircraft, 34 Airbus A321 Mint aircraft, and 60 EMBRAER 190 aircraft, for a total of 249 aircraft.

	Airbus A320			Airbus A321			EMBRAER 190
	Aircraft	Mortgage	Lease	Aircraft	Mortgage	Lease	Aircraft	Mortgage	Lease
4Q18	—	—	—	4	—	—	—	—	—
Total at Year End 2018	130	48	12	63	18	1	60	29	30

Airbus Order Book

As of October 23, 2018 JetBlue's Airbus order book:

Year	Airbus A220**	Airbus A321ceo & neo	Total
2018	—	3*	3*
2019	—	13	13
2020	5	15	20
2021	4	16	20
2022	8	15	23
2023	19	14	33
2024	22	12	34
2025	2	—	2
Total	60	88	148

*3 remaining A321ceo deliveries in 2018 (1 delivered after September 30, 2018)

**Expected delivery schedule subject to finalization

3

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

Investor Update

Share Count

Share count estimates for calculating basic and diluted earnings per share are as follows:

	Fourth Quarter	Full Year
	2018	2018
Basic Share Count	306.0 million	312.9 million
Diluted Share Count	307.8 million	314.5 million

These share count estimates do not include any additional share repurchases that may occur throughout 2018 under JetBlue's share buyback program.  The number of shares used in JetBlue’s actual earnings per share will likely be different than those stated above.

This Investor Update contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which represent our management's beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; our significant fixed obligations and substantial indebtedness; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year.

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Investor Update, could cause our results to differ materially from those expressed in the forward-looking statements. Potential factors that could affect our results include, in addition to others not described in this Investor Update, those described in Item 1A of our 2017 Form 10-K under "Risks Related to JetBlue" and "Risks Associated with the Airline Industry". In light of these risks and uncertainties, the forward-looking events discussed in this Investor Update might not occur.

4

JetBlue Airways Investor Relations • (718) 709-2202 • ir@jetblue.com

EX-99.3

3Q 2018 EARNINGS PRESENTATION OCTOBER 23, 2018 1

SAFE HARBOR This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management's beliefs and assumptions concerning future events. When used in this presentation document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; our significant fixed obligations and substantial indebtedness; volatility in fuel prices, maintenance costs and interest rates; our reliance on a high daily aircraft utilization; our ability to implement our growth strategy; our limited number of suppliers; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; the spread of infectious diseases; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Further information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to, the Company's 2017 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this presentation might not occur. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this presentation. The following presentation also includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934. We refer you to the reconciliations made available in our Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K (available on our website at jetblue.com and at sec.gov) and in our third quarter earnings call (furnished on October 23rd, 2018), which reconcile the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. 32

3Q 2018 EARNINGS UPDATE ROBIN HAYES CEO

EXECUTING OUR PLAN TO REACH $2.50-$3.00 EPS BY 2020 PRE-TAX MARGINS JBLU VS PEERS* KEY INITIATIVES 3Q 2018** TTM** FY 2017** • Capacity adjustments in response to higher oil with previously 13.0% 12.8% announced 2 point reduction in 4Q 2018 11.6% GROWTH • Cautious approach to 2019 capacity; expect ASM growth between 5 9.9% to 7% during 2019 9.0% 8.3% • In line to hit full year 2018 cost goals despite reduced capacity plan; tracking CASM CAGR 0-1 goal for 2018-2020 COSTS • Anticipated run rate savings of $173 million by 2020 driven by 3.4% STRUCTURAL progress in four pillars of Structural Cost Program (Non- (Non- (Non- (GAAP) GAAP) GAAP) GAAP) • Network reallocations to strengthen Focus City relevance; expect $100-120 million revenue benefit by 2020 Peers Peers Peers • Modest benefit begins in 4Q 2018 from ancillary changes launched *Average of peer set (AAL, ALK, DAL, LUV, SAVE, UAL), consensus, guidance and reported results COMMERCIAL in 3Q to address higher oil prices; expect annual revenue benefit of Superior Margins defined as the simple average of LUV, SAVE, ALK $50 million starting in 2019 **Pre-Tax Margins for FY 2017 under new accounting standards for Revenue from Contracts with Customers (Topic 606), where available. 3Q 2018 Non-GAAP figures exclude one-time costs related to E190 transition and pilot contract 44 Refer to GAAP vs non-GAAP reconciliation in Appendix section

COMMERCIAL UPDATE & OUTLOOK MARTY ST. GEORGE EVP COMMERCIAL AND PLANNING

FOCUSING CAPACITY PLANS ON POINTS OF STRENGTH ASM YOY GROWTH − Recent network reallocations adding frequencies to leisure and VFR markets from New York City airports NYC − Continuing growth through up-gauging in constrained airports (JFK) − Adding breadth and depth to existing cities; funded through route and 7.5 – 9.5% 8.7% city closures BOS − Similar to NYC, up-gauging leisure markets, including restyled A320s 6.5 – 7.0% − Optimizing network to strengthen margin and build relevance FLL − Outperforming system RASM growth for 6th consecutive quarter − Recent redeployments providing RASM benefits in Intra-West − Transcon remains strong, both Mint and non-Mint MINT / TCON / MINT − Adjusting capacity to reflect close-in peak demand 3Q 2018 4Q 2018E 2018E − Markets remain strong, on the heels of recent network changes in LATIN the region 66 Note: dotted lines denote guidance

UNIT REVENUE: STRONG CLOSE TO PEAK SEASON RASM YOY GROWTH • 3Q RASM as expected, strong close-in demand 1.0 – 4.0% − RASM sitting at mid-point of prior guidance of 1-3%, excluding negative impact from severe weather of 0.4 points − Peak season period driven by strong close-in demand across network; solid off-peak close-in trends • 4Q demand expected solid, comps get tougher 2.2% − Temporarily tougher comp (4Q 2017) equal to 1 point 1.7% − Ancillary revenue initiatives (e.g., bag and change fees) in place to strengthen RASM; strong progress and run rate anticipated in 4Q 2018 − Long Beach network reallocation phasing in through 4Q; next phase of network reallocation scheduled to begin in 1Q 2019 1H 2018 3Q 2018 4Q 2018E 77 Note: dotted lines denote guidance

FINANCIAL UPDATE & OUTLOOK STEVE PRIEST EVP CHIEF FINANCIAL OFFICER

3Q 2018 RESULTS IMPACTED BY HIGHER FUEL PRICES RASM CASM EX-FUEL* PRE TAX MARGIN* EARNINGS PER SHARE* (US$ cents) (US$ cents) (US$ cents) 12.91 16.3% 12.70 55 43 8.02 8.27 9.0% 16 3.4% (Non (Non(Non- (Non- (GAAP) GAAP) GAAP)GAAP) (GAAP) GAAP) 3Q 2017 3Q 2018 3Q 2017 3Q 2018 3Q 2017 3Q 2018 3Q 2018 3Q 2017 3Q 2018 3Q 2018 • RASM guide improved during • YoY growth at the lower end • Non-GAAP margin largely • Non GAAP EPS impacted by higher quarter of guidance range impacted by higher fuel price fuel price; partially offset by share repurchases • Continued progress in Tech • GAAP margin impacted by one- Ops driving improvements time costs related to E190 transition and pilot contract 99 *Refer to GAAP vs non-GAAP reconciliation in Appendix section

UNIT COSTS: TRACKING TO FULL YEAR GUIDANCE GOALS CASM EX-FUEL YOY GROWTH* UNDERLYING CASM EX-FUEL YOY GROWTH** Guidance as of 1/25/18 Actuals and Guidance as of 10/23/18 3.2% 1.5% – 3.5% 2.5% 0.0% – 2.0% 0.0% – 2.0% 0.75 – 1.75% 0.6% – 1.6% (3.5) – (1.5)% 3Q 2018 4Q 2018E 2018E 2019E 1H 2018E 2H 2018E 1H 2018A 2H 2018E • 3Q CASM Ex-Fuel at low end of 3 to 5% guidance • Underlying CASM Ex-Fuel tracking to 2018 plan • Headwind from pilot deal (recurring costs, effective 8/1/2018): • On track to achieve expected inflection in 2H 2018 despite 2 points (3Q); 3 points (4Q); 1.3 point (FY 2018), annualized lower capacity headwind is equal to 3 points **CASM ex-fuel, ex-impact of hurricanes Irma & Maria, tax reform bonus paid to *Refer to GAAP vs non-GAAP reconciliation in Appendix section crewmembers, impact of pilot contract (effective 8/1/2018) and special items 10 10 Note: dotted lines denote guidance

ACCRETIVE FLEET GROWTH AND REINVESTMENT CONTINUES FLEET* CAPITAL EXPENDITURES Aircraft Non-Aircraft 253 243 245 247 249 35 $1.3 - $1.5b 32 34 34 34 21 21 23 25 28 $1.0 - $1.2b 130 130 130 130 130 $40m - $60m 60 60 60 60 60 $290m - $470m 2017 1Q 2018 2Q 2018 3Q 2018 4Q / 2018E 4Q 2018E 2018E 2019E E190 A320 A321 HD A321 Mint *Refer to anticipated aircraft delivery book in Appendix section Guidance as of 10/23/18 11

BALANCED APPROACH TO CAPITAL ALLOCATION SOURCES / USES OF CASH CAPITAL ALLOCATION FRAMEWORK (US$ millions) General Guidelines SOURCES USES • Strive to maintain investment grade financial metrics Net share Debt 338 540 repurchases • Aim for balanced approach to growth, reinvestment and raise 252 Debt capital return to shareholders repayments • We believe E190 transition among best and highest use Cash from operations 1,249 1,076 CAPEX of capital and other • Support EPS growth via share repurchases Beginning cash, End cash, equivalents equivalents Priorities and short 814 937 and short term term • Investments in fleet to support organic growth and investments investments improve returns (e.g., cabin restyling, E190 transition and TTM 3Q 2018 TTM 3Q 2018 lease buy-outs) • Return-accretive non-aircraft CAPEX to support margin commitments and structural cost savings 1212

2018 GUIDE SUMMARY CAPACITY RASM CASM EX-FUEL* ALL-IN FUEL PRICE 4Q 2018 FY 2018 4Q 2018 FY 2018 4Q 2018 FY 2018 4Q 2018 FY 2018 7.5 – 9.5% 6.5 – 7.0% 1.0 – 4.0% N/A (3.5) – (1.5)% 0.75 – 1.75% $2.48 / gal N/A CAPEX AIRCRAFT CAPEX NON-AIRCRAFT OTHER INCOME / (EXPENSE) JTP / JTV (EXPENSES) 4Q 2018 FY 2018 4Q 2018 FY 2018 4Q 2018 FY 2018 4Q 2018 FY 2018 $290 - 470m $895m – 1,075m $40 – 60m $105 – 125m ($20) – (25)m ($65) – (75)m ($8) – (13)m ($37) – (47)m 13 *Refer to GAAP vs non-GAAP reconciliation in Appendix section

APPENDIX A: 3Q 2018 FINANCIAL RESULTS US$ Millions 3Q 2018 3Q 2017 Var % Total Operating Revenues 2,008 1,818 10.5 Aircraft fuel and related taxes 515 347 48.4 Salaries, wages and benefits 515 466 10.5 Landing fees and other rents 114 104 9.7 Depreciation and amortization 125 114 10.4 Aircraft rent 27 26 7.8 Sales and marketing 72 69 4.6 Maintenance, materials and repairs 168 149 12.9 Other operating expenses 277 229 20.5 Special items 112 - - Operating Income 83 314 (73.6) Other Income (Expense) (15) (17) (13.0) Income before taxes 68 297 (77.0) Income tax expense 18 116 (84.7) *Adjusted for one-time NET INCOME costs related to E190 50 181 (72.1) transition and pilot Pre-Tax Margin 3.4% 16.3% (12.9) pts contract Earnings per Share (EPS) $0.16 $0.55 Refer to GAAP vs non- Pre-Tax Margin* 9.0% 16.3% (7.4) pts GAAP reconciliation in Appendix section Earnings per Share (EPS)* $0.43 $0.55 15

APPENDIX B: HURRICANE IMPACT FROM 2017 3Q 2017 4Q 2017 2017 ASM (2.7%) (2.9%) (1.4%) RASM +0.2 pts (0.7) pts (0.2) pts CASM ex-Fuel +2.6 pts +2.4 pts +1.3 pts Pre-Tax Margin (1.5%) (2.2%) (0.9%) EPS Impact (6c) (9c) (15c) 16

APPENDIX C: ANTICIPATED DELIVERY SCHEDULE CURRENT AIRBUS ORDERS A220** A321 CEO/NEO Total 2018 - 3* 3* 2019 - 13 13 2020 5 15 20 2021 4 16 20 2022 8 15 23 2023 19 14 33 2024 22 12 34 2025 2 - 2 Total 60 88 148 Delivery schedule as of October 23rd, 2018 *3 remaining A321 CEO deliveries in 2018 ** Expected delivery schedule subject to finalization 17

APPENDIX D: RELEVANT JETBLUE MATERIALS www.investor.jetblue.com/investor-relations DOCUMENT LOCATION Investor Presentations http://blueir.investproductions.com/investor-relations/events-and-presentations/presentations Earnings Releases http://blueir.investproductions.com/investor-relations/financial-information/quarterly-results Annual Reports http://blueir.investproductions.com/investor-relations/financial-information/reports/annual-reports SEC Filings http://blueir.investproductions.com/investor-relations/financial-information/sec-filings Proxy Statements http://blueir.investproductions.com/investor-relations/financial-information/reports/proxy-statements Investor Updates http://blueir.investproductions.com/investor-relations/financial-information/investor-updates Traffic Reports http://blueir.investproductions.com/investor-relations/financial-information/traffic-releases ESG Reports* http://blueir.investproductions.com/investor-relations/financial-information/reports/sustainable-accounting-standards-board-reports * Environmental, Social, and Governance Reports 18

APPENDIX E: NOTE ON NON-GAAP FINANCIAL MEASURES Note A within our quarterly earnings release (provided in our Current Report on Form 8-K furnished to the Securities and Exchange Commission on October 23, 2018) provides a reconciliation of non-GAAP financial measures used in this presentation and provides the reasons management uses those measures. 19