You are to do a full Horizontal Analysis (on the Balance Sheet and on the Income Statement) for the years presented using the oldest year as your base year and rolling forward that base year to most recent year. In other words, for the Balance Sheet which contains 2 years of data, you compare the oldest year to the most recent year. Easy. But for the Income Statement, there should be 3 years

disregard the horizontal analysis.

Provide comments on the Cash Flow statement and list them as bullet points only no long narratives. Note which observations are the good (if any) and any that are not so good indicators. Do not comment on anything you do not understand in this statement. Saying that an item increased or decreased. I expect at least 7-10 notes/observations from you on the Cash Flow statement.

NOTE: You are not to comment AT ALL on ANY of the details within the Cash Flow from Operating Activities section. Id like you to include a comment on the grand total Cash Flow from Operating Activities as one of your 7-10 comments (that would be appreciated) but No Remarks At All on the details within that section.

JetBlue Airways Corporation Consolidated Balance Sheets ASSETS CURRENT ASSETs Cash and cash Investment socuritios 538 Recevablos loss allowanoe (2017-$1:2016-s5) 245 47 Inventories, less allowance (2017-$14; 2016-$12) Prepaid exponses and othor 1403 7,868 8.091 Total current assets PROPERTY AND EQUIPMENT 8.980 Flight equipmont 204 .184 Total hight equipment and predolivory dleponits, grons Less accumulated depreciation Total flight equipment and predelivery deposits, net Other property and equipment Less accumulated depreciation ,050 1,041 6,268 972 345 627 Total othor property and equipmont, net Assets conatructed for others Less accumulated depreciation 636 561 561 376 Total assets constructed for others, net 8,049 7.271 Total property and equipmont, net OTHER ASSETS Investment securities Restricted cash Other 62 56 468 526 S 9,781 649 Total other assets TOTAL ASSETS etBlue Airways Corporation Consolidated Statements of Cash Flows Years Ended 2017 miions) CASH FLOWS FROM OPERATING ACTIVITIES Net income Adustments to reconcile net income to net cash provided by operating s 1.1 759 S 677 Deterred income taxes 1313 377 337 58 zation 5T Stock-based Collsteral returned for derivative instruments 52 in certain operating assets and labilites: Increase) decrease in receivables (21) increasel in inventories, prepaid and other 15 80 64 67 Increase in air traffic lability 53 Increase in accounts payable and other accrued liabilities Other, net 1,632 Net cash provided by operating activilies CASH FLOWS FROM INVESTING ACTIVITIES 837 (104) Capital expenditures Predelivery deposits for fight equipment 1.074) (128) 850) (161) 276) Purchaso of held-to-maturity invostments 244 Procoeds from the maturities of held-to-maturity investments 242 Purchase of availablo-for-salo socurition 517 Proceeds from the sale of available-for-sale securities Other net 1,134) (1.045) Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Procoeds from Issuance of common stock Repayment of 47 (194) 368) (134) 241) Long-torm debt and capital lease oblgations Acquistion of treasury stock Other, net (472) 115 318 S 433 (23) 341 Net cash used in financing activities INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of period (130) 433 S 303