JETBLUE AIRWAYS CORP

Previous wording

In the first quarter of 2026, we had an operating loss of $224 million, compared to an operating loss of $174 million in the 2025 period. The increase in operating loss is primarily driven by higher operating costs, including increased fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruptions during the quarter including multiple winter storms and airspace constraints. These increases were partially offset by higher revenue driven by stronger demand and increased pricing.

Current wording

In the second quarter of 2026, we had an operating loss of $141 million, compared to an operating income of $6 million in the 2025 period. The increase in operating loss is driven by higher operating expenses, primarily due to higher fuel prices. The increase in operating expenses was partially offset by higher revenue driven by stronger demand and increased pricing.

Previous wording

Our first quarter 2026 highlights include the following:

Current wording

Our second quarter 2026 highlights include the following:

Previous wording

•First quarter 2026 system available seat miles ("ASMs" or "capacity") decreased by 1.7% year-over-year.

Current wording

•Second quarter 2026 system available seat miles ("ASMs" or "capacity") increased by 3.2% year-over-year.

Previous wording

•Operating revenue for the first quarter of 2026 was $2.2 billion, a 4.7% increase year-over-year.

Current wording

•Operating revenue for the second quarter of 2026 was $2.7 billion, a 14.5% increase year-over-year.

Previous wording

•Operating expense and operating expense, excluding special items(1) for the first quarter of 2026 was $2.5 billion, a 6.5% increase year-over-year.

Current wording

•Operating expense, excluding special items(1) for the second quarter of 2026 was $2.8 billion, a 22.0% increase year-over-year.

Previous wording

•Operating expense per available seat mile ("CASM") for the first quarter of 2026 increased by 8.3% year-over-year to 16.06 cents compared to the first quarter of 2025.

Current wording

•Operating expense per available seat mile ("CASM") for the second quarter of 2026 increased by 17.0% year-over-year to 16.53 cents compared to the second quarter of 2025.

Previous wording

•Excluding fuel, special items, and operating expenses related to our non-airline businesses, our cost per available seat mile ("CASM ex-fuel")(1) increased by 6.6% to 12.21 cents in the first quarter of 2026 compared to the first quarter of 2025.

Current wording

•Excluding fuel, special items, and operating expenses related to our non-airline businesses, our cost per available seat mile ("CASM ex-fuel")(1) increased by 2.4% to 11.12 cents in the second quarter of 2026 compared to the second quarter of 2025.

Previous wording

The sections below highlight some additional actions made to support these priority moves during the quarter.

Current wording

The sections below highlight some actions made to support these priority moves during the quarter.

Previous wording

We remain focused on delivering safe, reliable, and caring service for our customers. Despite a challenging operating environment, including severe weather, airspace constraints, and other external disruptions, we maintained our focus on supporting our customers and delivering reliable operations. On-time performance, as defined by the DOT, is arrival within 14 minutes of scheduled arrival time. In the three months ended March 31, 2026, our system-wide on-time performance was 68.8% compared to 75.1% for the same period in 2025. Our completion factor was 95.0% for the three months ended March 31, 2026 compared to 98.6% for the same period in 2025. JetForward includes multiple initiatives to improve our on-time performance, and we believe it will continue to improve in future periods despite the difficult operating environment during the first quarter of 2026.

Current wording

We remain focused on delivering safe, reliable, and caring service for our customers. On-time performance, as defined by the DOT, is arrival within 14 minutes of scheduled arrival time. In the three months ended June 30, 2026, our system-wide on-time performance was 78.2% compared to 77.3% for the same period in 2025. Our completion factor was in line with the prior period at 99.5% for the three months ended June 30, 2026 compared to 99.6% for the same period in 2025.

Previous wording

During the quarter, we continued to make enhancements to our customer experience by increasing the value of our product offerings and customer experience.

Current wording

During the second quarter of 2026, we continued to enhance our products and services by increasing the value of our loyalty program, expanding premium offerings, and introducing additional benefits designed to improve the customer experience.

Previous wording

We continue to invest in our premium offerings, including our BlueHouse lounge network, with a second location expected to open in Boston, and the planned introduction of domestic first class, both expected to begin in the second half of 2026.

Current wording

We continue to invest in our premium offerings, including our BlueHouse TM lounge network, with the second location expected to open in Boston in August 2026. BlueFirst TM, our planned domestic first-class product is our largest individual JetForward initiative, and an important next step in evolving our product offering. We plan to launch sales in the fall of 2026, with the majority of the retrofit work expected to be completed by the end of 2027.

Previous wording

At March 31, 2026, we had $2.4 billion in liquidity, which included unrestricted cash, cash equivalents, and investment securities. In addition, we have a $600 million Citibank undrawn line of credit.

Current wording

At June 30, 2026, we had $2.2 billion in liquidity, which included unrestricted cash, cash equivalents, and investment securities. In addition, we have a $600 million Citibank undrawn line of credit.

Previous wording

In July 2023, Pratt & Whitney, a division of RTX Corporation, announced the requirement, mandated by the FAA, for removal of certain engines for inspection due to a rare condition involving powdered metal used in the production of certain engine parts on the PW1100G and PW1500G engine types. These engines power our Airbus A321neo and Airbus A220 fleets. The powdered metal affects engines manufactured between October 2015 and September 2021. Those engines are now required to be inspected after they have reached a reduced number of cycles dependent on the fleet type. As a result of these required inspections and other engine durability deficiencies, as of March 31, 2026, we had four aircraft grounded due to lack of engine availability. The Company currently expects each removed engine to take approximately 200 days for the PW1500G engines and approximately 300 days for the PW1100G engines to complete a shop visit and return to a serviceable condition.

Current wording

In July 2023, Pratt & Whitney, a division of RTX Corporation, announced the requirement, mandated by the FAA, for removal of certain engines for inspection due to a rare condition involving powdered metal used in the production of certain engine parts on the PW1100G and PW1500G engine types. These engines power our Airbus A321neo and Airbus A220 fleets. The powdered metal affects engines manufactured between October 2015 and September 2021. Those engines are now required to be inspected after they have reached a reduced number of cycles dependent on the fleet type. As a result of these required inspections and other engine durability deficiencies, as of June 30, 2026, we had four aircraft grounded due to lack of engine availability. The Company currently expects each removed engine to take approximately 200 days for the PW1500G engines and approximately 300 days for the PW1100G engines to complete a shop visit and return to a serviceable condition. We believe we are past the peak number of groundings and expect the number of aircraft on the ground due to lack of engine availability to be in mid-single digits for the remainder of 2026.

Previous wording

In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. In 2026, we continue to sell our owned E190 aircraft pursuant to these agreements. During the first quarter of 2026, we sold Embraer E190 airframes, engines and related spare parts, and recorded a net gain of $22 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft during the quarter. As of March 31, 2026, we had one permanently parked owned Embraer E190 aircraft. We expect to complete the sale of the remaining E190 aircraft in the second quarter of 2026.

Current wording

In 2025, as part of the Company's fleet transition plan, we retired our remaining Embraer E190 aircraft and entered into definitive agreements to sell the remaining E190 fleet. During the six months ended June 30, 2026, we sold our remaining owned Embraer E190 airframes, as well as certain Embraer E190 engines and related spare parts, and recorded a net gain of $30 million, which is included in other operating expenses on our consolidated statements of operations. We also returned our remaining leased E190 aircraft. As of June 30, 2026, one Embraer E190 engine and certain related spare parts remained available for sale.

Previous wording

Our reported results for the three months ended March 31, 2026 and 2025 included the effects of certain gains on investments. Adjusting for these items, our adjusted net loss(1) was $322 million, adjusted operating loss(1) was $224 million, adjusted operating margin(1) was (10.0)%, and adjusted loss per share(1) was $0.87 for the three months ended March 31, 2026. This compares to an adjusted net loss(1)of $209 million, adjusted operating loss(1) of $174 million, adjusted operating margin(1)of (8.2)%, and adjusted loss per share(1)of $0.59 for the three months ended March 31, 2025.

Current wording

Our reported results for the three months ended June 30, 2026 and 2025 included the effects of certain gains on investments. For the three months ended June 30, 2025, our reported results also included the effects of special items. Adjusting for these items, our adjusted net loss(1) was $247 million, adjusted operating loss(1) was $141 million, adjusted operating margin(1) was (5.2)%, and adjusted loss per share(1) was $0.66 for the three months ended June 30, 2026. This compares to an adjusted net loss(1)of $58 million, adjusted operating income(1) of $30 million, adjusted operating margin(1)of 1.3%, and adjusted loss per share(1)of $0.16 for the three months ended June 30, 2025.

Previous wording

Passenger revenue is our primary source of revenue, which includes seat revenue and baggage fees, as well as revenue from our ancillary product offerings such as EvenMore®. Passenger revenue increased 4.0% for thethree months ended March 31, 2026 compared to the same period in 2025. This was mainly drivenby a 3.9% higher yield and a 0.7% increase in revenue passengers than the prior period.

Current wording

Passenger revenue is our primary source of revenue, which includes seat revenue and baggage fees, as well as revenue from our ancillary product offerings such as EvenMore®. Passenger revenue increased 14.1% for thethree months ended June 30, 2026 compared to the same period in 2025. This was mainly drivenby a 9.6% higher yield and a 5.1% increase in revenue passengers than the prior period.

Previous wording

Other revenue increased$21 million, or 12.5%, primarily due to higher customer spend related to loyalty revenue from the non-transportation elements of the sale of TrueBlue® points. Other revenue also includes revenue from the sale of vacation packages, airport concessions, charters, advertising, and lounge revenue.

Current wording

Other revenue increased$33 million, or 18.6%, primarily due to higher customer spend related to loyalty revenue from the non-transportation elements of the sale of TrueBlue® points. Other revenue also includes revenue from the sale of vacation packages, airport concessions, charters, advertising, and lounge revenue.

Previous wording

Aircraft fuel increased by$62 million, or 12.1%, for the three months ended March 31, 2026 compared to the same period in 2025. The average fuel price increased by 15.2% to $2.96 per gallon and fuel consumption decreased by 2.7%, or 5 million gallons.

Current wording

Aircraft fuel increased by$407 million, or 80.7%, for the three months ended June 30, 2026 compared to the same period in 2025. The average fuel price increased by 76.3% to $4.23 per gallon and fuel consumption increased by 2.5%, or 5 million gallons.

Previous wording

Landing fees and other rents increased by $10 million, or 5.9%, for thethree months ended March 31, 2026 compared to the same period in 2025, primarily due to rate increases in certain cities and a decrease in airport rent credits received.

Current wording

Landing fees and other rents increased by $12 million, or 7.1%, for thethree months ended June 30, 2026 compared to the same period in 2025, primarily due to rate increases in certain cities and a decrease in airport rent credits received.

Previous wording

Depreciation and amortization increased by $11 million, or 6.5%, for thethree months ended March 31, 2026 compared to the same period in 2025. This increase was primarily driven by the induction of new aircraft and spare engines, partially offset by the retirement of the Embraer E190 fleet as part of the Company's fleet transition plan.

Current wording

Depreciation and amortization increased by $12 million, or 6.9%, for thethree months ended June 30, 2026 compared to the same period in 2025. This increase was primarily driven by the induction of new aircraft and spare engines, partially offset by the retirement of the Embraer E190 fleet as part of the Company's fleet transition plan.

Previous wording

Aircraft rent decreased by $4 million, or 22.9%, in thethree months ended March 31, 2026 compared to the same period in 2025, as a result of fewer leases for Airbus A320 aircraft and Embraer E190 aircraft. As part of the Company's fleet transition plan, Embraer E190 aircraft leases reached their lease expiration and were returned to the lessor. The decrease was partially offset by an increase in the number of leased engines.

Current wording

Aircraft rent decreased by $5 million, or 23.7%, in thethree months ended June 30, 2026 compared to the same period in 2025, primarily due to fewer leases for Airbus A320 aircraft and Embraer E190 aircraft. As part of the Company's fleet transition plan, Embraer E190 aircraft leases reached their lease expiration and were returned to the lessor. The decrease was partially offset by an increase in the number of leased engines.

Previous wording

Interest income decreased by $15 million, or 40.1%, for thethree months ended March 31, 2026 compared to the same period in 2025, driven by lower short-term investment balances.

Current wording

Interest income decreased by $16 million, or 47.3%, for the three months ended June 30, 2026 compared to the same period in 2025, driven by lower short-term investment balances.

Previous wording

Gain on investments, net resulted in a $3 million gain for the three months ended March 31, 2026, compared to a$1 million gain forthe same period in 2025, primarily due to higher current year gains related to our JetBlue Technology Ventures LLC ("JBV") equity investments.

Current wording

Gain on investments, net resulted in a $1 million gain for the three months ended June 30, 2026, compared to a $3 million gain for the same period in 2025, primarily due to lower current year gains related to our JetBlue Technology Ventures LLC ("JBV") equity investments.

Previous wording

We reported a net loss of $319 million, operating loss of $224 million and an operating margin of (10.0)% for the three months ended March 31, 2026. This compares to a net loss of $208 million, an operating loss of $174 million and an operating margin of (8.2)% for the three months ended March 31, 2025. Our loss per share was $0.86 for the first quarter of 2026 compared to a loss per share of $0.59 for the same period in 2025. Net loss increased $111 million year-over-year primarily due to an increase in fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the quarter, as well as a lower income tax benefit. The increases in expense were partially offset by higher revenue driven by stronger demand and increased pricing.

Current wording

We reported a net loss of$566 million, an operating loss of $365 million and an operating margin of (7.4)% for the six months ended June 30, 2026. This compares to a net loss of $282 million, an operating loss of $168 million and an operating margin of (3.7)% for the six months ended June 30, 2025. Our loss per share was$1.51 for the six months ended June 30, 2026 compared to a loss per share of $0.79 for the same period in 2025. Net loss increased$284 million year-over-year primarily due toan increase in fuel expense and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the year, lower current year net gains related to asset sale transactions, as well as a lower current year income tax benefit. The increases in expense were partially offset by higher revenue driven by stronger demand and increased pricing.

Previous wording

Other income decreased by $4 million, or 42.0%, for thethree months ended March 31, 2026 compared to the same period in 2025. This decrease was primarily due to lower income recorded related to our share of equity method investees' financial results compared to the prior year.

Current wording

Other income decreased by $14 million, or 78.9%, for the six months ended June 30, 2026 compared to the same period in 2025. This decrease was primarily due to lower income recorded related to our share of equity method investees' financial results compared to the prior year.

Previous wording

For the three months ended March 31, 2026, we recorded an income tax benefit of$17 million, compared to an income tax benefit of$63 million for the same period in 2025, with the decrease primarily due to a valuation allowance reflected in the current year forecasted annual effective tax rate.

Current wording

For the six months ended June 30, 2026, we recorded an income tax benefit of $41 million, compared to an income tax benefit of $83 million for the same period in 2025, with the decrease primarily due to a valuation allowance reflected in the current year forecasted annual effective tax rate.

Previous wording

The following table sets forth our operating statistics for the three months ended March 31, 2026 and 2025:

Current wording

The following table sets forth our operating statistics for the three and six months ended June 30, 2026 and 2025:

Previous wording

(2) This table includes aircraft that have been temporarily removed from service, including four aircraft impacted by the Pratt & Whitney engine groundings. All aircraft temporarily removed from service are expected to return to operation in the future.

Current wording

(1)This table includes aircraft that have been temporarily removed from service, including four aircraft impacted by the Pratt & Whitney engine groundings. All aircraft temporarily removed from service are expected to return to operation in the future.

Previous wording

At March 31, 2026, we had unrestricted cash, cash equivalents, and investment securities of$2.4 billion. We also have a$600 million Citibank undrawn line of credit. We believe this will be sufficient to satisfy our liquidity needs for at least the next twelve months from the date of this Report, and we expect to meet our long-term liquidity needs with our projected cash from operations, available lines of credit and debt financing.

Current wording

At June 30, 2026, we had unrestricted cash, cash equivalents, and investment securities of$2.2 billion. We also have a$600 million Citibank undrawn line of credit. We believe this will be sufficient to satisfy our liquidity needs for at least the next 12 months from the date of this Report, and we expect to meet our long-term liquidity needs with our projected cash from operations, available lines of credit and debt financing.

Previous wording

Subsequent to March 31, 2026, on April 1, 2026, the Company paid in full its 0.50% convertible senior notes due 2026, including $325 million of principal and $1 million of interest. A portion of this payment was funded using amounts previously held in escrow pursuant to the Company's revolving credit facility agreement with Citibank. Following this repayment, the Company has no remaining obligations under these notes.

Current wording

On April 1, 2026, the Company paid in full its 0.50% convertible senior notes due 2026, including $325 million of principal and $1 million of interest. A portion of this payment was funded using amounts previously held in escrow pursuant to the Company's revolving credit facility agreement with Citibank. Following this repayment, the Company has no remaining obligations under these notes.

Previous wording

Subsequent to March 31, 2026, on April 14, 2026, the Company entered into an agreement providing for up to $500 million in debt financing, secured by certain owned A320 and A220 family aircraft. The financing is expected to be funded in two or more tranches, with maturities ranging from 2033 through 2037 and interest rates based on U.S. Treasury rates plus an applicable margin. The agreement requires an initial funding to occur no later than April 30, 2026, with a minimum aggregate borrowing amount of $300 million, subject to the satisfaction of customary closing conditions. In addition, the agreement also provides for the potential to obtain up to an additional $250 million in incremental aircraft-secured financing beyond the initial $500 million commitment, subject to agreed upon terms.

Current wording

On April 14, 2026, the Company entered into an agreement providing for up to $500 million in debt financing, secured by certain owned A321, A320, and A220 aircraft. As of June 30, 2026, the Company borrowed an aggregate of $500 million under the agreement. The borrowings have maturities ranging from 2033 through 2036 and interest rates based on U.S. Treasury rates plus an applicable margin. In addition, the agreement provides for the potential to obtain up to an additional $250 million in incremental aircraft-secured financing beyond the initial $500 million commitment, subject to agreed upon terms.

Previous wording

We use operating cash flows to provide working capital for current and future operations. Cash flows provided by operating activities were $120 million and $114 million for the three months ended March 31, 2026 and 2025, respectively. The increase in operating cash flows is primarily due to the net change in working capital, particularly higher air traffic liability driven by current quarter sales, partially offset by an increase in operating losses driven by higher fuel costs and higher salaries, wages and benefits and other operating expenses, largely attributable to operational disruption events during the quarter.

Current wording

We use operating cash flows to provide working capital for current and future operations. Cash flows used in operating activities were $35 million and $1 million for the six months ended June 30, 2026 and 2025, respectively. The increase in cash flows used in operating activities is primarily due to higher operating losses driven by increased fuel costs, salaries, wages and benefits, and other operating expenses, including costs associated with operational disruption events. These impacts were partially offset by higher revenue, driven by stronger demand and pricing, and favorable changes in working capital, particularly an increase in air traffic liability.

Previous wording

During the three months ended March 31, 2026, flight equipment capital expenditures included $79 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $14 million in spare part purchases and $15 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $33 million. Investing activities for the current year also included $9 million in net proceeds from investment securities and $40 million of proceeds primarily from the sale of Embraer E190 airframes, Embraer E190 engines, and other flight equipment.

Current wording

During the six months ended June 30, 2026, flight equipment capital expenditures included $251 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $34 million in spare part purchases and $27 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $49 million, software purchases for $12 million, and a $2 million deposit for the purchase of LaGuardia slots. Investing activities for the current year also included $21 million in net proceeds from investment securities, $71 million of proceeds primarily from the sale of Embraer E190 airframes, Embraer E190 engines, and other flight equipment, and net $6 million for other investing activities.

Previous wording

During the three months ended March 31, 2025, flight equipment capital expenditures included $125 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $20 million in spare part purchases and $11 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $31 million. Investing activities also included $500 million in net proceeds from investment securities and $44 million of proceeds from the sale of assets and sale-leaseback transactions.

Current wording

During the six months ended June 30, 2025, flight equipment capital expenditures included $358 million related to the purchase of aircraft and spare engines as well as aircraft interior modifications. Flight capital expenditures also included $44 million in spare part purchases and $23 million in aircraft pre-delivery deposit payments. Other property and equipment capital expenditures included ground equipment purchases and facilities improvements for $71 million. Investing activities also included $804 million in net proceeds from investment securities and $121 million of proceeds from the sale of assets and sale-leaseback transactions.

Previous wording

Financing activities for the three months ended March 31, 2025 primarily consisted of $81 million in payments on our outstanding debt and finance lease obligations.

Current wording

Financing activities for the six months ended June 30, 2026 primarily consisted of $495 million in net proceeds from issuance of long-term debt, $570 million in payments on our outstanding debt and finance lease obligations, and issuance of common stock of $19 million related to our crewmember stock purchase plan.

Previous wording

Financing activities for the three months ended March 31, 2026 primarily consisted of $112 million in payments on our outstanding debt and finance lease obligations.

Current wording

Financing activities for the six months ended June 30, 2025 primarily consisted of $228 million in payments on our outstanding debt and finance lease obligations and issuance of common stock of $30 million related to our crewmember stock purchase plan.

Previous wording

We had a working capital deficit of $1.4 billion at March 31, 2026 and working capital deficit of $1.2 billion at December 31, 2025, respectively. Our working capital decreased by $283 million due to an increase in air traffic liability and accounts payable, as well as a decrease in cash and cash equivalents. The decrease was partially offset by an increase in investment securities and inventory.

Current wording

We had a working capital deficit of $1.4 billion at June 30, 2026 and working capital deficit of $1.2 billion at December 31, 2025, respectively. Our working capital decreased by $213 million due to an increase in air traffic liability and decreases in cash and cash equivalents and current portion of restricted cash. These impacts were partially offset by lower current maturities of long-term debt following the repayment of our 0.50% convertible senior notes due in 2026, as well asincreases in investment securities and inventory.

Previous wording

We expect to meet our obligations as they become due through available cash, investment securities, and internally generated funds, supplemented, as necessary, by financing activities which may be available to us. However, we cannot predict what the effect on our business might be from future developments related to the extremely competitive environment in which we operate, or from events beyond our control, such as volatile or increasing fuel prices, economic conditions, the effectiveness and timing of our efforts to increase fees and fares to align with volatile input costs, weather-related disruptions, airport infrastructure challenges, the spread of infectious diseases, the impact of other airline bankruptcies, restructurings or consolidations, U.S. or international military actions, acts of terrorism, or other external geopolitical events and conditions. We believe there is sufficient liquidity available to us to meet our cash requirements for at least the next twelve months.

Current wording

We expect to meet our obligations as they become due through available cash, investment securities, and internally generated funds, supplemented, as necessary, by financing activities which may be available to us. However, we cannot predict what the effect on our business might be from future developments related to the extremely competitive environment in which we operate, or from events beyond our control, such as volatile or increasing fuel prices, economic conditions, the effectiveness and timing of our efforts to increase fees and fares to align with volatile input costs, weather-related disruptions, airport infrastructure challenges, the spread of infectious diseases, the impact of other airline bankruptcies, restructurings or consolidations, U.S. or international military actions, acts of terrorism, or other external geopolitical events and conditions. We believe there is sufficient liquidity available to us to meet our cash requirements for at least the next 12 months.

Previous wording

(3) Includes obligations for one Airbus A321neo XLR variant aircraft which is expected to sell following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.

Current wording

(3) Includes obligations for one Airbus A321neo XLR variant aircraft which is expected to be sold following delivery of the aircraft. The aircraft is anticipated to deliver in the third quarter of 2026.

Previous wording

We have$59 million of restricted cash pledged under standby letters of credit related to certain leases that will expire at the end of the related lease terms. Approximately 61% of our owned property and equipment and intangible assets at net book value were pledged or committed to be pledged as security under various loan agreements.

Current wording

We have$58 million of restricted cash pledged under standby letters of credit related to certain leases that will expire at the end of the related lease terms. Approximately 67% of our owned property and equipment and intangible assets at net book value were pledged or committed to be pledged as security under various loan agreements.