Welcome!

News Feed Item

Delta Air Lines Announces March Quarter Profit

ATLANTA, April 23, 2014 /PRNewswire/ -- Delta Air Lines (NYSE: DAL) today reported financial results for the March 2014 quarter.  Key points include:

  • Delta's pre-tax income for the March 2014 quarter was $444 million, excluding special items1, an increase of $363 million over the March 2013 quarter on a similar basis.  
  • Delta's net income for the March 2014 quarter was $281 million, or $0.33 per diluted share, excluding special items1.  This is $196 million higher year over year despite $163 million of non-cash tax expense now recognized after the reversal of the company's valuation allowance.
  • On a GAAP basis including special items, Delta's pre-tax income was $335 million and net income was $213 million, or $0.25 per diluted share.
  • Delta cancelled more than 17,000 flights due to severe weather in January and February, double the number of flights cancelled for weather in 2013.  These cancellations resulted in $90 million of lost revenue and $55 million lower pre-tax income.
  • Results include $99 million in profit sharing expense in recognition of Delta employees' contributions toward achieving the company's financial goals.
  • Delta generated $951 million of operating cash flow and $390 million of free cash flow in the March 2014 quarter.  This strong cash generation allowed the company to reduce its adjusted net debt to $9.1 billion, contribute more than $600 million of funding to its defined benefit pension plans, and return $176 million to shareholders through dividends and share repurchases.
Delta Air Lines and the Delta Connection carriers offer service to nearly 370 destinations on six continents. For more information visit news.delta.com

"The March quarter's record results in the face of unprecedented weather show the strength and resilience of Delta.  By delivering the industry's best customer service, operational reliability and financial performance, Delta people continue to show that they are the very best in the business," said Richard Anderson, Delta's chief executive officer.  "Our work is not finished, and there is great opportunity ahead as we expect the June quarter to produce 14% - 16% operating margins.  We are transforming Delta into a high-quality S&P 500 company that consistently delivers strong earnings growth and shareholder returns." 

Revenue Environment
Delta's operating revenue improved 5 percent, or $416 million, in the March 2014 quarter compared to the March 2013 quarter, despite $90 million of lost revenue due to weather-related cancellations.  Traffic increased 3.5 percent on a 1.7 percent increase in capacity.

  • Passenger revenue increased 5 percent, or $357 million, compared to the prior year period. Passenger unit revenue (PRASM) increased 3.2 percent year over year with a 1.3 percent improvement in yield.
  • Cargo revenue decreased 9 percent, or $21 million, driven by lower freight volumes and lower yields.
  • Other revenue increased 8 percent, or $80 million, driven by higher joint venture and SkyMiles revenues.

Comparisons of revenue-related statistics are as follows:





Increase (Decrease)





1Q14 versus 1Q13





Change

Unit



Passenger Revenue

1Q14 ($M)


YOY

Revenue

Yield

Capacity


Domestic

3,734


9.4 %

7.4 %

5.3 %

1.8 %


Atlantic

1,008


(1.0) %

0.5 %

(0.3) %

(1.5) %


Pacific

827


(5.3) %

(5.0) %

(5.4) %

(0.3) %


Latin America

655


18.1 %

(0.1) %

(1.6) %

18.3 %


     Total mainline

6,224


6.2 %

3.6 %

2.1 %

2.5 %


Regional

1,453


(0.5) %

3.8 %

0.1 %

(4.1) %


     Consolidated

7,677


4.9 %

3.2 %

1.3 %

1.7 %

 

"March quarter's top line growth of 5 percent shows the strength of Delta's revenue momentum even through the revenue loss from weather and a shift of the Easter holiday traffic into April," said Ed Bastian, Delta's president. "We see continued revenue strength as we move through the year from corporate revenue gains, the benefits of the Virgin Atlantic joint venture and improved ancillary revenues.  These initiatives, coupled with a solid demand environment, should lead to unit revenue growth in the mid-single digits for the June quarter."

Cost Performance
Total operating expense in the quarter increased $18 million year-over-year driven by the impact of employee investments including $79 million higher profit sharing expense.  These cost increases were almost fully offset by lower fuel expense, savings from Delta's structural cost initiatives, and receipt of a $25 million insurance claim related to Superstorm Sandy. 

Consolidated unit cost excluding fuel expense, profit sharing and special items (CASM-Ex2), was 0.3 percent higher in the March 2014 quarter on a year-over-year basis, driven by the impact of employee investments and 1 point of pressure from weather-related cancellations.  GAAP consolidated CASM decreased 1.4 percent.

Fuel expense, excluding mark-to-market adjustments, declined $167 million as a result of lower market fuel prices and better settled hedge performance. Delta's average fuel price3 was $3.03 per gallon for the March quarter, which includes $107 million in settled hedge gains.  On a GAAP basis, consolidated fuel expense for the March quarter decreased $109 million year-over-year, driven by lower market fuel prices and mark-to-market adjustments on fuel hedges. 

Operations at the Trainer refinery produced a $41 million loss for the March quarter as a result of the same lower market fuel prices that lowered Delta's overall fuel spend.  During the quarter, one of the major crude units at the refinery was taken offline for scheduled modifications which lowered throughput levels.  These modifications will yield a higher level of jet and diesel distillates going forward and improve the profitability of Trainer.  In addition, refinery profitability was negatively impacted by an increase in Renewable Identification Numbers (RINs) expense.    

Non-operating expense for the quarter increased by $66 million, driven by a $31 million seasonal loss associated with Delta's 49% ownership stake in Virgin Atlantic, an $18 million loss on extinguishment of debt driven by Delta's debt reduction initiatives, and $39 million higher foreign exchange impact, including a $23 million loss associated with the devaluation of the Venezuelan currency.  These losses were offset by $34 million lower interest expense.

"The March quarter marks another quarter with non-fuel unit cost growth below 2 percent, and the growing momentum of our domestic refleeting and other cost initiatives provide the platform to maintain this performance," said Paul Jacobson, Delta's chief financial officer.  "We are addressing all parts of our cost base through executing our structural cost initiatives, lowering our fuel expense with the refinery and hedging, and reducing our interest burden with additional debt reduction."

Cash Flow
Cash from operations during the March 2014 quarter was $951 million, driven by the company's March quarter profit and the normal seasonal increase in advance ticket sales.  Cash from operations is net of $605 million of contributions made by Delta to its defined benefit pension plans during the quarter.  The company generated $390 million of free cash flow.

Capital expenditures during the March 2014 quarter were $570 million, including $514 million in fleet investments. During the quarter, Delta's net debt maturities and capital leases were $353 million.

In the March quarter, the company returned $176 million to shareholders.  On March 14, the company paid $51 million to shareholders, which represents a $0.06 per share quarterly dividend.  In addition, the company repurchased four million shares at an average price of $30.94 for a total of $125 million.  The company has completed $375 million of the $500 million share repurchase plan authorized by Delta's Board of Directors in May 2013.

Delta ended the quarter with $5.6 billion of unrestricted liquidity and adjusted net debt of $9.1 billion.  The company has now achieved nearly $8 billion in net debt reduction since 2009. 

June 2014 Quarter Guidance
Following are Delta's projections for the June 2014 quarter:


2Q 2014 Forecast



Operating margin

14% – 16%

Fuel price, including taxes, settled hedges and refinery impact

$2.97 - $3.02




2Q 2014 Forecast

(compared to 2Q 2013)



Consolidated unit costs – excluding fuel expense and profit sharing

Up 0% – 2%

System capacity

Up 2% – 3%

 

Company Highlights
Delta has a strong commitment to its employees, customers and the communities it serves.  Key accomplishments in the March 2014 quarter include:

  • Recognizing the achievements of Delta employees toward meeting the company's financial and operational goals with $114 million of incentives so far this year, including $99 million in employee profit sharing and $15 million in Shared Rewards;
  • Ranking in Fortune's Top 50 of the World's Most Admired Companies for the first time in the company's history, and named as World's Most Admired Airline for the third time in four years;
  • Unveiling of new SkyMiles program that will take effect in 2015 that will better reward our most valuable customers for what they spend instead of distance flown.  Delta is the first of the legacy carriers to make this transition to a revenue-based model;
  • Launching of immunized joint venture with Virgin Atlantic allowing coordination on pricing and scheduling, and also co-locating London Heathrow departures to Boston, New York JFK, and Seattle to Terminal 3 at Heathrow to enhance the customer experience.
  • Supporting the communities served through the Habitat for Humanity International partnership and building 10 homes in four days on a Global Build in the Philippines.  This marks the ninth year that Delta has partnered with Habitat for Humanity on a Global Build.

Special Items
Delta recorded a net $68 million special items charge in the March 2014 quarter, including:

  • a $31 million charge associated with Delta's domestic fleet restructuring;
  • a $21 million mark-to-market adjustment on fuel hedges; and
  • a $16 million charge for debt extinguishment and other.

Delta recorded a net $78 million special items charge in the March 2013 quarter, including:

  • a $102 million charge for facilities, fleet and other, primarily associated with Delta's domestic fleet restructuring; and
  • a $24 million mark-to-market adjustment on fuel hedges.

Other Matters
Included with this press release are Delta's unaudited Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013; a statistical summary for those periods; selected balance sheet data as of March 31, 2014 and December 31, 2013; and a reconciliation of non-GAAP financial measures.

About Delta
Delta Air Lines serves nearly 165 million customers each year. This year, Delta was named the 2014 Airline of the Year by Air Transport World magazine and was named to FORTUNE magazine's top 50 Most Admired Companies in addition to being named the most admired airline for the third time in four years. With an industry-leading global network, Delta and the Delta Connection carriers offer service to 319 destinations in 57 countries on six continents. Headquartered in Atlanta, Delta employs nearly 80,000 employees worldwide and operates a mainline fleet of more than 700 aircraft. The airline is a founding member of the SkyTeam global alliance and participates in the industry's leading trans-Atlantic joint venture with Air France-KLM and Alitalia as well as a newly formed joint venture with Virgin Atlantic. Including its worldwide alliance partners, Delta offers customers more than 15,000 daily flights, with hubs in Amsterdam, Atlanta, Cincinnati, Detroit, Minneapolis-St. Paul, New York-JFK, New York-LaGuardia, Paris-Charles de Gaulle, Salt Lake City and Tokyo-Narita. Delta has invested billions of dollars in airport facilities, global products, services and technology to enhance the customer experience in the air and on the ground. Additional information is available on delta.com, Twitter @Delta, Google.com/+Delta, Facebook.com/delta and Delta's blog takingoff.delta.com.

End Notes

(1)

Note A to the attached Consolidated Statements of Operations provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.



(2)

CASM - Ex: In addition to fuel expense, profit sharing and special items, Delta believes excluding ancillary business costs is helpful to investors because ancillary business costs are not related to the generation of a seat mile. These businesses include aircraft maintenance and staffing services Delta provides to third parties and Delta's vacation wholesale operations. The amounts excluded were $184 million and $185 million for the March 2014 and March 2013 quarters, respectively. Management believes this methodology provides a more consistent and comparable reflection of Delta's airline operations.



(3)

Average fuel price per gallon: Delta's March 2014 quarter average fuel price of $3.03 per gallon reflects the consolidated cost per gallon for mainline and regional operations, including contract carrier operations, and includes the impact of fuel hedge contracts with original maturity dates in the March 2014 quarter. On a GAAP basis, fuel price includes $34 million in fuel hedge mark-to-market adjustments recorded in periods other than the settlement period. The net refinery loss for the quarter was $41 million.  See Note A for a reconciliation of average fuel price per gallon to the comparable GAAP metric.

Forward-looking Statements

Statements in this press release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements.  These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the availability of aircraft fuel; the impact of posting collateral in connection with our fuel hedge contracts; the impact of significant funding obligations with respect to defined benefit pension plans;  the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptions or disruptions in service at one of our hub airports; our dependence on technology in our operations; disruptions or security breaches of our information technology infrastructure; the ability of our credit card processors to take significant holdbacks in certain circumstances; the possible effects of accidents involving our aircraft; the effects of weather, natural disasters and seasonality on our business; the effects of an extended disruption in services provided by third party regional carriers; failure or inability of insurance to cover a significant liability at the Trainer refinery; the impact of environmental regulation on the Trainer refinery, including costs related to renewable fuel standard regulations; our ability to retain management and key employees; competitive conditions in the airline industry; the effects of extensive government regulation on our business; the effects of terrorist attacks; the effects of the rapid spread of contagious illnesses; and the costs associated with war risk insurance.  

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2013.  Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of April 23, 2014, and which we have no current intention to update.

 

DELTA AIR LINES, INC.

Consolidated Statements of Operations

Unaudited







Three Months Ended Mar. 31,

(in millions, except per share data)

2014

2013

$

Change

%

Change

Operating Revenue:





Passenger:





Mainline

$

6,224


$

5,860


$

364


6

%

Regional carriers

1,453


1,460


(7)


%

Total passenger revenue

7,677


7,320


357


5

%

Cargo

217


238


(21)


(9)

%

Other

1,022


942


80


8

%

Total operating revenue

8,916


8,500


416


5

%






Operating Expense:





Aircraft fuel and related taxes

2,226


2,289


(63)


(3)

%

Salaries and related costs

1,969


1,911


58


3

%

Regional carrier expense





Fuel

473


519


(46)


(9)

%

Other

846


880


(34)


(4)

%

Aircraft maintenance materials and outside repairs

448


491


(43)


(9)

%

Depreciation and amortization

442


405


37


9

%

Contracted services

427


401


26


6

%

Passenger commissions and other selling expenses

373


357


16


4

%

Landing fees and other rents

341


323


18


6

%

Passenger service

173


164


9


5

%

Profit sharing

99


20


79



NM

Aircraft rent

51


60


(9)


(15)

%

Restructuring and other items

49


102


(53)



NM

Other

379


356


23


6

%

Total operating expense

8,296


8,278


18


%






Operating Income

620


222


398



NM






Other (Expense) Income:





Interest expense, net

(165)


(178)


13


(7)

%

Amortization of debt discount, net

(21)


(42)


21


(50)

%

Loss on extinguishment of debt

(18)



(18)


(100)

%

Miscellaneous, net

(81)


1


(82)



NM

Total other expense, net

(285)


(219)


(66)


30

%






Income Before Income Taxes

335


3


332



NM






Income Tax (Provision) Benefit

(122)


4


(126)



NM






Net Income

$

213


$

7


$

206



NM






Basic Earnings Per Share

$

0.25


$

0.01




Diluted Earnings Per Share

$

0.25


$

0.01









Basic Weighted Average Shares Outstanding

844


848




Diluted Weighted Average Shares Outstanding

853


855




 

DELTA AIR LINES, INC.

Selected Balance Sheet Data


(in millions)

March 31,
 2014

December 31,
 2013


(Unaudited)


Cash and cash equivalents

$

2,699


$

2,844


Short-term investments

959


959


Restricted cash, cash equivalents and short-term investments

125


122


Total assets

52,167


52,252


Total debt and capital leases, including current maturities

11,044


11,342


Total stockholders' equity

11,641


11,643


 

DELTA AIR LINES, INC.

Statistical Summary

(Unaudited)



Three Months Ended March 31,


2014

2013

Change

Consolidated:




Revenue passenger miles (millions)

44,601


43,078


4

%

Available seat miles (millions)

53,904


53,022


2

%

Passenger mile yield (cents)

17.21


16.99


1

%

Passenger revenue per available seat mile (cents)

14.24


13.80


3

%

Operating cost per available seat mile (cents)

15.39


15.61


(1)

%

CASM-Ex - see Note A (cents)

9.77


9.75


%

Passenger load factor

82.7

%

81.2

%

1.5

 pts

Fuel gallons consumed (millions)

881


875


1

%

Average price per fuel gallon, adjusted - see Note A

$

3.03


$

3.24


(6)

%

Number of aircraft in fleet, end of period

909


719


190


Full-time equivalent employees, end of period

78,870


73,430


7

%





Mainline:




Revenue passenger miles (millions)

39,567


38,018


4

%

Available seat miles (millions)

47,361


46,202


3

%

Operating cost per available seat mile (cents)

14.33


14.53


(1)

%

CASM-Ex - see Note A (cents)

9.09


9.03


1

%

Fuel gallons consumed (millions)

729


716


2

%

Average price per fuel gallon, adjusted - see Note A

$

3.00


$

3.22


(7)

%

Number of aircraft in fleet, end of period

745


719


26



Note: except for full-time equivalent employees and number of aircraft in fleet, consolidated data presented includes operations under Delta's contract carrier arrangements.

 

Note A: The following tables show reconciliations of non-GAAP financial measures. The reasons Delta uses these measures are described below.

Delta sometimes uses information ("non-GAAP financial measures") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with accounting principles generally accepted in the U.S. ("GAAP").  Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results.  The tables below show reconciliations of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures.

Forward Looking Projections. Delta is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of special items cannot be estimated at this time.

Net Income and Pre-Tax Income, excluding special items.  Delta excludes special items from net income and pre-tax income because management believes the exclusion of these items is helpful to investors to evaluate the company's recurring core operational performance in the periods shown. Therefore, we adjust for these amounts to arrive at more meaningful financial measures. Special items excluded in the tables below showing the reconciliation of net income are:

(a)  Mark-to-market adjustments on fuel hedges recorded in periods other than the settlement period ("MTM adjustments"). MTM adjustments are based on market prices at the end of the reporting period for contracts settling in future periods. Such market prices are not necessarily indicative of the actual future value of the underlying hedge in the contract settlement period. Therefore, excluding these adjustments allows investors to better understand and analyze the company's core operational performance in the periods shown.

(b)  Restructuring and other items. Because of the variability in restructuring and other items, the exclusion of this item is helpful to investors to analyze the company's recurring core operational performance in the period shown.

(c)  Loss on extinguishment of debt and other. Because of the variability in loss on extinguishment of debt and other, the exclusion of this item is helpful to investors to analyze the company's recurring core operational performance in the period shown.

(d)  Income tax. We project that our annual effective tax rate for 2014 will be approximately 38%.  Accordingly, this adjustment represents the income tax effect associated with our special items.  We believe this adjustment allows investors to better understand and analyze the company's core operational performance in the periods shown.

 


Three Months ended 




March 31, 2014


Net Income

Per Diluted Share


Pre-Tax

Income

Net


Three Months ended 


Income

Tax

Income


March 31, 2014

GAAP

$   335

$   (122)

$  213


$      0.25

Items excluded:






  MTM adjustments

34

(13)

21



  Restructuring and other items

49

(18)

31



  Loss on extinguishment of debt and other

26

(10)

16



Total items excluded

109

(41)

68


0.08

Non-GAAP

$   444

$   (163)

$  281


$      0.33














Three Months ended 




March 31, 2013


Net Income

Per Diluted Share


Pre-Tax

Income

Net


Three Months ended 


Income

Tax

Income


March 31, 2013

GAAP

$       3

$         4

$       7


$      0.01

Items excluded:






  MTM adjustments

(24)

-

(24)



  Restructuring and other items

102

-

102



Total items excluded

78

-

78


0.09

Non-GAAP

$     81

$         4

$    85


$      0.10

 

Fuel Expense, Adjusted and Average Fuel Price per Gallon Adjusted.  The tables below show the components of fuel expense, including the impact of the refinery and hedging on fuel expense and average price per gallon.  We then exclude MTM adjustments from total fuel expense and average price per gallon because, as described above, excluding these adjustments allows investors to better understand and analyze Delta's costs for the periods reported.

 

Consolidated:








Average Price Per Gallon





Three Months Ended


Three Months Ended





March 31,


March 31,

(in millions, except per gallon data)



2014

2013


2014

2013

Fuel purchase cost



$              2,731

$            2,844


$       3.09

$              3.25

Airline segment fuel hedge gains



(73)

(58)


(0.08)

(0.06)

Refinery segment impact



41

22


0.05

0.02

Total fuel expense



$              2,699

$            2,808


$       3.06

$              3.21

MTM adjustments



(34)

24


(0.03)

0.03

Total fuel expense, adjusted



$              2,665

$            2,832


$       3.03

$              3.24










Mainline:





















Three Months Ended

March 31,








2014

2013




Mainline average price per gallon



$                3.05

$              3.19




MTM adjustments 



(0.05)

0.03




Mainline average price per gallon, adjusted



$                3.00

$              3.22




 

Cost per Available Seat Mile or Non-Fuel Unit Cost ("CASM-Ex").  We exclude the following items from consolidated and mainline CASM to evaluate the company's core cost performance:

  • Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year non-fuel financial performance. The exclusion of aircraft fuel and related taxes (including our regional carriers under capacity purchase arrangements) allows investors to better understand and analyze our non-fuel costs and year-over-year financial performance.
  • Ancillary businesses. Our ancillary businesses include aircraft maintenance and staffing services we provide to third parties and our vacation wholesale operations.  Because these businesses are not related to the generation of a seat mile, we exclude the costs related to these businesses to provide a more meaningful comparison of the costs of our airline operations to the rest of the airline industry.
  • Profit sharing. We exclude profit sharing because this exclusion allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.
  • Restructuring and other items and MTM adjustments.  We exclude restructuring and other items for the same reasons described above under the heading Net Income and Pre-Tax Income, excluding special items.

 

Consolidated CASM-Ex:





Three Months Ended





March 31, 2014


March 31, 2013

CASM (cents)



15.39


15.61

Items excluded:






Aircraft fuel and related taxes 



(5.01)


(5.28)

Ancillary businesses



(0.34)


(0.35)

Profit sharing


(0.18)


(0.04)

Restructuring and other items


(0.09)


(0.19)

CASM-Ex



9.77


9.75















Mainline CASM-Ex:










Three Months Ended





March 31, 2014


March 31, 2013

CASM (cents)



14.33


14.53

Items excluded:






Aircraft fuel and related taxes 



(4.69)


(4.95)

Ancillary businesses



(0.33)


(0.35)

Profit Sharing


(0.21)


(0.04)

Restructuring and other items


(0.01)


(0.16)

 Mainline CASM-Ex



9.09


9.03

 

Adjusted Net Debt: Delta uses adjusted total debt, including aircraft rent, in addition to long-term adjusted debt and capital leases, to present estimated financial obligations. Delta reduces adjusted total debt by cash, cash equivalents, and short-term investments, resulting in adjusted net debt to present the amount of assets needed to satisfy the debt. Management believes this metric is helpful to investors in assessing the company's overall debt profile.

 




Three Months Ended


Year Ended

(in billions)


March 31, 2014


December 31, 2009

Debt and capital lease obligations


$       11.0



$           17.2


Plus: unamortized discount, net 


0.4



1.1


Adjusted debt and capital lease obligations



$        11.4



$       18.3

Plus: 7x last twelve months' aircraft rent



1.4



3.4

Adjusted total debt



12.8



21.7

Less: cash, cash equivalents and short-term investments


(3.7)



(4.7)

Adjusted net debt



$          9.1



$       17.0

 

Free Cash Flow: Delta presents free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives.

 





Three Months Ended

(in millions)



March 31, 2014

Net cash provided by operating activities 

$                     951

Net cash used in investing activities and other

(561)

Total free cash flow



390

 

Capital Expenditures, Net: Delta presents net capital expenditures because management believes this metric is helpful to investors to evaluate the company's investing activities.

 




Three Months Ended

(in millions)


March 31, 2014

Flight equipment, including advance payments (GAAP)

$                             514

Ground property and equipment, including technology (GAAP)

100

Adjustment:



Virgin Atlantic distribution


(44)

Capital expenditures, net


$                             570

 

Net Debt Maturities and Capital Leases: Delta presents net debt maturities and capital leases because management believes this metric is helpful to investors to evaluate the company's debt related activities and cash flows.

 




Three Months Ended

(in millions)



March 31, 2014

Payments on long-term debt and capital leases

$                            412

Proceeds from long-term obligations


(59)

Net debt maturities and capital leases


353

 

Logo- http://photos.prnewswire.com/prnh/20090202/DELTALOGO

SOURCE Delta Air Lines

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
For years the world's most security-focused and distributed organizations - banks, military/defense agencies, global enterprises - have sought to adopt cloud technologies that can reduce costs, future-proof against data growth, and improve user productivity. The challenges of cloud transformation for these kinds of secure organizations have centered around data security, migration from legacy systems, and performance. In our presentation, we will discuss the notion that cloud computing, properl...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Digital Transformation is well underway with many applications already on the cloud utilizing agile and devops methodologies. Unfortunately, application security has been an afterthought and data breaches have become a daily occurrence. Security is not one individual or one's team responsibility. Raphael Reich will introduce you to DevSecOps concepts and outline how to seamlessly interweave security principles across your software development lifecycle and application lifecycle management. With ...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Your job is mostly boring. Many of the IT operations tasks you perform on a day-to-day basis are repetitive and dull. Utilizing automation can improve your work life, automating away the drudgery and embracing the passion for technology that got you started in the first place. In this presentation, I'll talk about what automation is, and how to approach implementing it in the context of IT Operations. Ned will discuss keys to success in the long term and include practical real-world examples. Ge...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.