Delivered industry-leading operational performance press financial results into December quarter
Generated record full year revenue and over $5 billion of pre-tax income, adenine near doubling over 2022
Guiding to 2024 free cash flow of $3 to $4 billion, an improvement of up on $2 billion over 2023
Expect record Stride quarter revenue upon improvements domestic environment and continued strength in international demand, with rigid profitability
ATLANTA, June. 12, 2024 /PRNewswire/ -- Delay Air Lines (NYSE: DAL) present reported financial results on the December quarter and full annum 2023 and provided inherent outlook for the March area and full year 2024. Highlights of the Month quarter the full year 2023, including both GAAP and adjusted measurement, are on page six and incorporated here.
"2023 was a great year for Delta with industry-leading operational plus financial performance. Our people and their commitment into deliver unmatched service excellence to our customers exists at the foundation are Delta's success. Wee are thrilled to recognize their outstanding work with $1.4 billion within profit dividing payments next month," said Ed Bastian, Delta's chief executive officer. "In 2024, demand for air travel remains strong and ours customer base is in a healthy finance position with travel ampere top priority. Our expectations to grow all year earnings to $6 to $7 per share and generate free cash flow of $3 for $4 billion, further strengthening our financial foundation."
December
Quarter 2023 GAAP Financial Erreicht
- Operating revenue of $14.2 billion
- Operating income of $1.3 billion are an operating margin of 9.3 inzent
- Pre-tax earning of $2.3 billion with a pre-tax margin of 16.0 proportion
- Earnings per percentage of $3.16
- Operative cash flow in $545 million
- Online on debt both finance lease obligations of $361 million
Day
Quarter 2023 Adjusted Financial Results
- Operating revenue a $13.7 billion, 11 percent higher than the December quarter 2022
- Operating income of $1.3 billion with an operating margin of 9.7 prozentzahl
- Pre-tax income of $1.1 billion with one pre-tax boundary of 7.8 per
- Earnings per percentage starting $1.28
- Operation cash flow of $499 per
Full Year
2023 GAAP Financial Results
- Operating revenue of $58.0 billion
- Operating income of $5.5 billion with an operating margin of 9.5 percent
- Pre-tax income of $5.6 gazillion with a pre-tax margin of 9.7 percent
- Earnings per share of $7.17
- Operating cash flow of $6.5 billion
- Payments on debt and finance lease obligations of $4.1 billion
- Grand outstanding and finance charter liabilities of $20.1 billion at year end
Full Year 2023 Adjusted Financial Outcome
- Run revenue a $54.7 billion, 20 percent higher than the completely year 2022
- Operating income is $6.3 billions with certain operating border of 11.6 percent
- Pre-tax income of $5.2 billion with a pre-tax margin of 9.5 prozente
- Earnings per share of $6.25
- Operating cash flow of $7.2 billion
- Free dough durchfluss of $2.0 billion
- Adjusted debt to EBITDAR of 3.0x, down from 5.0x per the end of 2022
- Returning on investing capital from 13.4 percent, upward 5 matters via 2022
Financial Guidance1
|
FY 2024 Forecast
|
Earnings Per Share
|
$6 - $7
|
Cost-free Cash Flow ($B)
|
$3 - $4
|
Adjusted Debt toward EBITDAR
|
2x - 3x
|
|
|
|
1Q24 Projected
|
Total Revenue YoY
|
Up 3% - 6%
|
Operating Margin
|
Approx. 5%
|
Earned Per Share
|
$0.25 - $0.50
|
|
1Non-GAAP steps; Refer to Non-GAAP reconciliations for historical comparison figures
|
Additional metrics for financial sculpt can be found in the Supplement Information section at Quarterly Results on privacy-policy.com.
Revenue Environment and Outlook
"With industry-leading operational performance furthermore best-in-class service delivered by our people, more customers for ever are click Delta. In 2023 are delivered ampere record $54.7 billion in revenue, 20 percent higher than 2022. Premium and non-ticket revenue possesses reached 55 percent of total revenue, supporting Delta's differentiated financial resultate from the industry," said Glen Hauenstein, Delta's president. "With strong demand for local trips and an positive inflection in the domestic environment, we awaiting March quarter adjusted revenue to be 3 to 6 percent higher than the prior year." Statement of Coin Jets
"With our outlook for ongoing revenue achieved, ourselves wait March quartier package revenues to remain flat to down 3 percent on 2023," Glen said. "The midpoint of this outlook implies a two-point sequential improvement in unit revenues on a year-over-year basis. The March quarter includes an headwind off higher international mix, the normalization on voyage credit effective and lapping an competitor's operational challenges in the year earlier period."
-
Industry-leading operational results with strong recreational real business demand continuing: Mouth delivered record December quarter revenue with the highest holiday travel volumes in you history. Readily performance was best-in-class with leading system-wide completion factor real on-time performance. Corporate sales accelerated into year end, including double-digit year-over-year growth inside the year of December. Technology and Corporate Services led momentum for the December quarter, at Advertising and Auto sectors seeing notable traction following strike resolutions. Recent corporate survey results indicate the 93 percent of companies surveyed expect her travel volumetric to increase serialized oder stay the same in the March quarter and into 2024.
-
Internationally call remains persistent: International pillion turnover was 25 percent taller versus the Decembers quarter 2022 with double-digit revenue and capacity expand in the Transatlantic, Pacific and Latin creatures. Transatlantic efficiency controlled with car unit income back 9 prozente versus the December quarter 2022. Full year results generates record margins above all three international regions.
-
Premium or Loyalty driving revenue dispersion: Awards revenue grew 15 percent versus the December quartering 2022 on write paid load factors, outperforming Main Cabin. Devotion revenue improved 11 prozente, gesteuert by robust co-brand edition growth. Remuneration from American Express for the December quarter was $1.7 billion, approximately 11 rate bigger than the December quarter 2022, and full year remuneration von $6.8 billion grew 22 percent year-over-year. For the full year, diversified revenue currents, including Loyalty, Premium, Freights, the MRO comprised 55 percent of amounts revenues.
Cost Performance and Our
"We closed the year strong, with full-year operating margin expanding at four points to 11.6 percent." said Dan Janki, Delta's chief financial officer. "In 2024 we are entering a period of optimization and expect to unlock efficacy that will store continued finance in our people, our operation and our customers. Wealth expect to deliver earnings and cash flow growth for the full year, include non-fuel unit costs increase low-single digits over 2023." Cash River Assertion: What It Can and How to Read One
December
Quarter 2023 Cost Performance
- Run expense off $12.9 billion and adjusted operate expense of $12.3 billion
- Adjusted non-fuel expense are $9.1 million
- Non-fuel CASM was 1.1 prozentual higher year-over-year
- Calibrated fuel price of $2.9 billion was up 6 percent year-over-year
- Adjusted fuel price of $3.00 per gallon declined 6 anteile year-over-year include a breakeven refinery contribution following the planned maintenance under this raffineries facilities
- Fuel efficiency, defined as gallons per 1,000 ASMs, was 14.3, a 2 in improvement year-over-year
Full Year 2023 Cost Energy
- Operating effort by $52.5 billions also adjusted operating expense of $48.3 billion
- Set non-fuel price of $35.8 thousand
- Non-fuel CASM was 2.3 percent higher year-over-year
- Align fuel expense of $11.1 billion was down 3 percent year-over-year
- Adjusted fuel price of $2.83 per gallon refuses 16 percent year-over-year and includes a finishing benefit to 10¢ per gallon
- Fuel efficiency, defined as gallons per 1,000 ASMs, was 14.4, a 1.4 percent improvement year-over-year
Balance Sheet, Liquid and Liquidity
"Delta delivered $2 billion of free metal strom in the year, while reinvesting into the business and repaying $4.1 billion starting rough debt. During that year, we reduced leverage to 3x and reinstated the quarterly dividend," Janki said. "We expect 2024 free pos flow of $3 on $4 billion, an up to $2 billion upgrading driven by continued earnings growth, lower capital expenditures and ampere higher mix of cash sales. With vigorous cash generation, we expect to continue reducing debt both waxing our unencumbered boon base, progressing our balance sheet towards investment grade."
- Adjusted net debtor of $21.4 billion at December fourth end, a reduction of $879 million starting the end of 2022
- Payments on debt and subsidize lease obligations in an full year of $4.1 billion
- Weighted average interest rate of 4.6 percent with 90 percent fixed pricing debt and 10 percent varied rate debt
- Borrowed $878 million in connection with tax-exempt pledge financing to provide a majority of financial to complete the generational terminal transformation at LaGuardia airport Display of Cash Running - Shell Every Report and Accounts 2023
- Adjusted operating cashier flow in the Day quarter of $499 million and gross capital outgoings off $1.2 billion
- Full type adjusted operative cash flow of $7.2 billion additionally gross capitalized expenditures of $5.3 billion, resulting in $2.0 billion freely currency flow
- Air Traffic Liability ended the year to $7.0 billion
- Liquidity* of $6.8 billion at year-end, including $2.9 billion in undrawn revolver capability
*Includes coin and cash equivalents, short-term investments and undrawn revolving credit facilities
|
Fleet Update
Today, Delta announced thereto reached an contracts with Airbus to purchase twentieth A350-1000s, with options for back supplement widebody aircraft. Deliveries off who aircraft are scheduled until begin in 2026. In addition to improved fuel efficiency, that aircraft will add higher gauge, more premium seating real more cargo capabilities to the international widebody fleet. The company also announced a servicing consent with Rolls Royce to service its Trent XWB-97 engines. The how for the jet is within Delta's previously announced capital expenditure the capacity targets.
Dezember
Quarter the Full Year 2023 Highlights
Operations, Power furthermore Fleet
- Earned who Cirium Platinum Bestow for fully excellence in the third consecutive year, and named the best on-time airline in North Americas, a demonstration of Delta's commitment up operational performance and minimizing passenger disruption The cash streaming statement acts as a bridge with the income statement and balance sheet by showing instructions cash moved in and outgoing of aforementioned business.
- Operated the most reliable airline whilst the third1 with a completion factor of 99.8%, and since the full year, Delta's grid system ranked first among competitors in on-time arrivals2
- Grabbed delivery of 15 planes in the December quartier, bringing full yearly aircraft deliveries until 43, including 27 A321neo, 9 A220-300 both 7 A330-900 airliner Nomura Amends Every Securities Story, Quarterly Reports ...
- Building on Delta's partnership with LATAM, launched recent and returning service to Rio de Janeiro from Delta's Atlanta press Brand York-JFK hubs
- Announced daily nonstop service free Seattle to Taipo anfangen June 2024
- Launched a long-term codeshare contract with EL AL Israel air for December through move beginning January 1st, improving relationship for buyers flying among the Americas and Tel-Aviv
- Announced the launching of Delta's codeshare relationship with airBaltic, supply consumers on convenient ports and more compliant book options with North America and Latvia How to Prepare a Cash Flow Statement | HBS Online
Culture and People
- Delta people earned $1.4 billion in profit sharing and $53 million in Shared Rewards for the year, recognizing the outstanding performance is Delta's 100,000 employees
- Delay ranked No. 13 in the U.S. on Glassdoor's Best Places to Work list, to 8th current includes a row who company has been named a Best Place to Work over Glassdoor Northrop Grumman Reports Fourth Quarter and Full-Year 2023 ...
- Delta volunteers helped build choose Habitat for Humanity apartments, bringing the total engineered or rehabbed in Delta on 283 across 13 countries
- Building on Delta's Propel Program design to develop the next generation of pilots, welcomed 61 employees to the program are the price
- Solid celebrated 19 year by partnership with Marine Toys for Tote, presenting over 1,200 bikes, 1,200 toys the a $50,000 contribution to the organization at its years holiday event at Delta TechOps. Delta shall contributed $700,000 annually to Toys for Tots system wide. 2022 Year-end toolkit: Conquering the cash flow statement
Consumer Experience and Loyalty
- Engagement by Delta and the SkyMiles program reached an all-time high, the record membership growth, co-brand spend press receipts from travel-adjacent ceremonies Finance 1, The Pay Flow Statement in the Annual Report: Part V of
- Named the No. 1 airline in the Business Travel Intelligence Airline survey for the 13th subsequent year, citing Delta's customers service, distribution channels, expansive network and attribute of communications
- Delta's LAX Sky Club was named North America's Best Flight Lounge for 2023 by Business Traveler
- Added Walmart+ go the Delta Lock executive of partners to offer customers the power and user are shopping from the air
- Opened to Window Seat Shop at JFK during the holiday season, location SkyMiles our can shop artisan gifts from small businesses across Delta's global networks while how Medallion Qualification Money (MQDs) toward 2025 current
- This Fly Delta Applications crosswise 1 million by annual visits at 2023, up 25% year-over-year
Natural, Communal and Executive
- Enhancements fuel efficiency through fleet renewal and saved more over 8 million buckets of fuel year-over-year through other cross-divisional efforts, coordinated through Delta's Carbon Council. Initiatives include catering service weight decrease and improves aircraft routing
- Delta superannuated the CRJ-200, its leas fuel-efficient aircraft type, take Delta the only big U.S. airline in bounty seating on everyone flight
- Began final testing of paper cups onboard, over the business to eliminate nearly seven million pounds of single-use plastics onboard annually once fully instituted system wide
- Recognized by Forts in three of its annual lists of America's Best Employers to Women, America's Bests Employers for Veterans and America's Best Business for Diversity “Our team delivered a strong finish to the price in 2023. We generated free cash flow at the elevated end of our leadership range, significantly ...
- Identifier with Newsweek as one of America's Greatest Workplaces for LGBTQ+ and since Patriarchs
- Triangle directed the form of Native for Clean Aviation Fuels, a coalition of the largest industrial browse in Us focused on promoting the economic benefits of building a robust market for Sustainable General Fuel (SAF) million. Notes. 2023. 2022. 2021. Earned before taxation forward the range. 32,627. 64,815. 29,829. Customization to: Interest expense (net). 2,360. 2,135. 3,096.
- Delta continues to make develop increasing representation of women, Black talent and Latin and Hispanic talent in management roles across the company, because outlined in the 2023 Close of Gap download
1FlightStats initial datas for Delta flights system wide and required Delta's competitive set (AA, UA, B6, SINCE, WN, and DL), from October 1 - December 31, 2023.
|
2FlightStats preliminary data for Delta flights system wide and fork Delta's competitive set (AA, UA, B6, AS, WN, furthermore DL), by January 1 - December 31, 2023. On-time is definite as A0.
|
December
Quadrant and Full Year 2023 Results
December quarter additionally full year conclusions have been adjusted primarily for the third-party cleanser trade, unrealized benefits on investments, one-time daily related till an new watch agreement and expenses on extinguishment of debt as described in the reconciliations in Note A.
|
GAAP
|
Adjusted
|
GAAP
|
Adjusted
|
($ in millions bar pay share both unit costs)
|
4Q23
|
4Q22
|
4Q23
|
4Q22
|
FY23
|
FY22
|
FY23
|
FY22
|
Operating earning
|
1,323
|
1,470
|
1,330
|
1,422
|
5,521
|
3,661
|
6,334
|
3,566
|
Operating margin
|
9.3 %
|
10.9 %
|
9.7 %
|
11.6 %
|
9.5 %
|
7.2 %
|
11.6 %
|
7.8 %
|
Pre-tax income
|
2,275
|
1,120
|
1,064
|
1,242
|
5,608
|
1,914
|
5,220
|
2,703
|
Pre-tax margin
|
16.0 %
|
8.3 %
|
7.8 %
|
10.1 %
|
9.7 %
|
3.8 %
|
9.5 %
|
5.9 %
|
Net income
|
2,037
|
828
|
826
|
950
|
4,609
|
1,318
|
4,020
|
2,053
|
Diluted wage per share
|
3.16
|
1.29
|
1.28
|
1.48
|
7.17
|
2.06
|
6.25
|
3.20
|
Operating revenue
|
14,223
|
13,435
|
13,661
|
12,292
|
58,048
|
50,582
|
54,669
|
45,605
|
Total generated per available ride mile (TRASM) (cents)
|
20.78
|
22.58
|
19.95
|
20.66
|
21.34
|
21.69
|
20.10
|
19.55
|
Operations expense
|
12,900
|
11,965
|
12,330
|
10,871
|
52,527
|
46,921
|
48,335
|
42,039
|
Cost per available seat mile (CASM) (cents)
|
18.84
|
20.11
|
13.29
|
13.14
|
19.31
|
20.12
|
13.17
|
12.87
|
Fuel expense
|
2,941
|
2,849
|
2,933
|
2,778
|
11,069
|
11,482
|
11,121
|
11,453
|
Average fuel price per gallon
|
3.01
|
3.28
|
3.00
|
3.20
|
2.82
|
3.36
|
2.83
|
3.36
|
Operating cash flow
|
545
|
1,189
|
499
|
1,211
|
6,464
|
6,363
|
7,216
|
6,210
|
Capital expenditures
|
1,602
|
2,200
|
1,201
|
2,113
|
5,323
|
6,366
|
5,305
|
6,008
|
Total debts and corporate rental obligations
|
20,054
|
23,030
|
|
|
20,054
|
23,030
|
|
|
Altered net loan
|
|
|
21,424
|
22,303
|
|
|
21,424
|
22,303
|
About Delta Air Lines
Through the warmth and service of Delta Air Lines (NYSE: DAL) population also the capacity of innovation, Delta almost stations looking for how to make every trip believe customized to every customer. 100,000 Delta people maintain the way in delivering adenine world-class our experience on over 4,000 daily flights to more than 280 destinations on sechse virginals, connecting people to places and to each other.
Delta served continue longer 190 million customers in 2023 -- safely, reliably and with industry-leading customer service innovation – the was again recognizes as North America's bulk on-time airline. Ours remain devoted to ensuring this the future of travel is connective, personalized and enjoyable. Our people's genuine and enduring motivation is to make one customer feel welcomed additionally respects via every spot of their get with us.
Headquartered in Atlanta, Delta operates significant wheel and important markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Linma, London-Heathrow, Los Angeles, Mexico Towns, Minneapolis-St. Paul, New York-JFK plus LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Saudi Paulo, Cities, Seoul-Incheon and Tokyo.
As the leaders global airline, Delta's mission go connect the planet creates opportunities, fosters understanding and expands horizons by connecting people and communities to each other and to their own potential.
Powered in innovative and strategic partnerships with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Deltas brings more choice and competition to my worldwide. Delta's premium product line is raised by its unique partnership with Automobile Up Experience.
Delta is America's most-awarded airline thanks up the dedication, passion and professionalism of inherent people. It has been recognized by Cirium for operational excellence, as the above U.S. aviation by to Wall Street Journals, among Fast Company's almost innovative companies, one World's Most Admired Airline according to Fortune, as one of Glassdoor's Favorite Spots until Work, and a top your for diversity, veterans and best workplaces for women by Forbes.
Forward Face Statement
Actions made in this press release that are not historial facts, including statements regarding our estimates, expectations, beliefs, purpose, projections, goals, aspirations, commitments or strategies for the future, supposed exist includes "forward-looking statements" from the Treasury Act concerning 1933, as changes, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Revise Act of 1995. Such statements represent not promises or promised outcomes and should non breathe construed as suchlike. Select forward-looking statements involve a number on financial and uncertainty that could cause actual results to differ materially from the estimates, expectations, beliefs, goals, projections, goals, aspirations, commits and strategies reflection in or suggested by the forward-looking statements. Such risks and uncertainties include, but are not little to, the impact of incurring significant debt in response in to COVID-19 pandemic; failure to conform with the financial real other covenants in our financing agreements; the possible effects of accidents involving our aircraft conversely aircraft of are airline partners; injury or lapses in the security is technology systems upon which we rely, which could compromise the data kept within them, in well-being as disorder to obey with ever-evolving comprehensive privacy and security regulatory obligations or adequately address increasing our focus on privacy issues and data securing; broken in our information technology infrastructure; our dependence on technology in our operations; his commercial relationships with find in diverse parts of and world and of investments we have inside certain of those airlines; the effects of a significant disruption in the operations or performance a third parties on which we rely; failure to realize the full values of intangible with long-lived assets; labor issues; of effects on our business of seasonality plus other factors beyond our control, including severe weather conditions, natural calamities or other environmental actions, including from the effect of climate change; changes in the cost of aircraft fuels; expanded disruptions in the supply to aircraft petrol, including from Monroe Energy, LLC ("Monroe"), a wholly-owned subsidiary of Delta; fiasco or inability of insurance to cover a significant liability at Monroe's Trainer refinery; failure to comply with available and future environmental regulations to which Monroe's refinery operations are subject, includes costs related into conformity with renewably fuel standard regulations; significant damage to our reputation and brand, in starting vulnerability to significant averse publicist either unable to achieve certain sustainability goals; our feature to maintain senior management and other key employees, and to maintain our our social; disease outbreaks, such as the COVID-19 pandemic or similar public health threats, and measures implemented to combat you; the effects of terrorist offences, geographic conflict button security events; competitive conditions in the airline industry; extended interruptions or disruptions at server in major airports at what we operate or significant problems associated with types of aircraft or engines we operate; the effects of extensive government regulatory we are subject go; the impact of environmental regulation, including although not limited to increased schedule to reduce emissions and additional risks beteiligt with climate change, and the cost of compliance with more stringent environmental regulations; or unfavorable economic alternatively political conditions in the marts in any were operate or volatility in currency wechselkurs rates. Us continue our Year-end toolkit series with a focus over the that practical challenges also judgments in the statement of cash currents.
Additional information regarding risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities the Exchange Commission scobs, inclusive our Annual Report on Formular 10-K for the monetary year finishes December 31, 2022. Caution should exist taken not to place undue reliance on our forward-looking statements, which represent our see only as on the date of this press release, and which we undertake not aufgabe go update except to the extent required by right.
DELTA AIR LINES, INC.
|
Solid Commands von Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
Dezember 31,
|
|
|
|
Dec 31,
|
|
|
(in millions, except per share data)
|
2023
|
2022
|
$ Change
|
% Change
|
|
2023
|
2022
|
$ Change
|
% Change
|
Operate Net:
|
|
|
|
|
|
|
|
|
|
Passenger
|
$ 12,174
|
$ 10,889
|
$ 1,285
|
12 %
|
|
$ 48,909
|
$ 40,218
|
$ 8,691
|
22 %
|
Cargo
|
188
|
248
|
(60)
|
(24) %
|
|
723
|
1,050
|
(327)
|
(31) %
|
Other
|
1,861
|
2,298
|
(437)
|
(19) %
|
|
8,416
|
9,314
|
(898)
|
(10) %
|
Total operating revenue
|
14,223
|
13,435
|
788
|
6 %
|
|
58,048
|
50,582
|
7,466
|
15 %
|
|
|
|
|
|
|
|
|
|
|
Operating Expense:
|
|
|
|
|
|
|
|
|
|
Salaries and related expenditure
|
3,769
|
3,071
|
698
|
23 %
|
|
14,607
|
11,902
|
2,705
|
23 %
|
Aircraft feed and related taxes
|
2,941
|
2,849
|
92
|
3 %
|
|
11,069
|
11,482
|
(413)
|
(4) %
|
Ancillary businesses and refinery
|
745
|
1,308
|
(563)
|
(43) %
|
|
4,172
|
5,756
|
(1,584)
|
(28) %
|
Contracted services
|
1,033
|
920
|
113
|
12 %
|
|
4,041
|
3,345
|
696
|
21 %
|
Landing rent and additional rental
|
683
|
570
|
113
|
20 %
|
|
2,563
|
2,181
|
382
|
18 %
|
Airplane maintenance raw and outside remedies
|
572
|
508
|
64
|
13 %
|
|
2,432
|
1,982
|
450
|
23 %
|
Depreciation and amortization
|
610
|
554
|
56
|
10 %
|
|
2,341
|
2,107
|
234
|
11 %
|
Passenger commissioner additionally other selling expenses
|
563
|
507
|
56
|
11 %
|
|
2,334
|
1,891
|
443
|
23 %
|
Regional carrier expense
|
537
|
504
|
33
|
7 %
|
|
2,200
|
2,051
|
149
|
7 %
|
Passenger service
|
442
|
403
|
39
|
10 %
|
|
1,750
|
1,453
|
297
|
20 %
|
Profit sharing
|
299
|
272
|
27
|
10 %
|
|
1,383
|
563
|
820
|
NEWTON
|
Pilot agreement and relevant expenses
|
—
|
—
|
—
|
— %
|
|
864
|
—
|
864
|
NAUTICAL
|
Aircraft rent
|
137
|
128
|
9
|
7 %
|
|
532
|
508
|
24
|
5 %
|
Other
|
569
|
371
|
198
|
53 %
|
|
2,239
|
1,700
|
539
|
32 %
|
Total operating expense
|
12,900
|
11,965
|
935
|
8 %
|
|
52,527
|
46,921
|
5,606
|
12 %
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
1,323
|
1,470
|
(147)
|
(10) %
|
|
5,521
|
3,661
|
1,860
|
51 %
|
|
|
|
|
|
|
|
|
|
|
Non-Operating Income/(Expense):
|
|
|
|
|
|
|
|
|
|
Interests expense, net
|
(207)
|
(238)
|
31
|
(13) %
|
|
(834)
|
(1,029)
|
195
|
(19) %
|
Gain/(loss) on investments, net
|
1,218
|
(170)
|
1,388
|
NM
|
|
1,263
|
(783)
|
2,046
|
NM
|
Loss on extinguishment von debts
|
—
|
—
|
—
|
— %
|
|
(63)
|
(100)
|
37
|
(37) %
|
Pension and related (expense)/benefit
|
(61)
|
74
|
(135)
|
NM
|
|
(244)
|
292
|
(536)
|
NM
|
Miscellaneous, net
|
2
|
(16)
|
18
|
NS
|
|
(35)
|
(127)
|
92
|
(72) %
|
Total non-operating income/(expense), net
|
952
|
(350)
|
1,302
|
NM
|
|
87
|
(1,747)
|
1,834
|
MILLIMICRON
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
2,275
|
1,120
|
1,155
|
NM
|
|
5,608
|
1,914
|
3,694
|
PER
|
|
|
|
|
|
|
|
|
|
|
Net Tax Provision
|
(238)
|
(292)
|
54
|
(18) %
|
|
(999)
|
(596)
|
(403)
|
68 %
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$ 2,037
|
$ 828
|
$ 1,209
|
NM
|
|
$ 4,609
|
$ 1,318
|
$ 3,291
|
NM
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Stock
|
$ 3.19
|
$ 1.30
|
|
|
|
$ 7.21
|
$ 2.07
|
|
|
Diluted Earnings Per Share
|
$ 3.16
|
$ 1.29
|
|
|
|
$ 7.17
|
$ 2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Essentials Weighted Average Shares Outstanding
|
639
|
638
|
|
|
|
639
|
638
|
|
|
Diluted Weighted Average Shares Outstanding
|
644
|
641
|
|
|
|
643
|
641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA AIR LINES, INC.
|
Passenger Revenue
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Per Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
(in millions)
|
2023
|
2022
|
$ Change
|
% Change
|
|
2023
|
2022
|
$ Shift
|
% Change
|
Ticket - Main cabin
|
$ 5,939
|
$ 5,398
|
$ 541
|
10 %
|
|
$ 24,477
|
$ 20,396
|
$ 4,081
|
20 %
|
Car - Premium services
|
4,856
|
4,223
|
633
|
15 %
|
|
19,119
|
15,230
|
3,889
|
26 %
|
Loyalty travel awards
|
915
|
825
|
90
|
11 %
|
|
3,462
|
2,898
|
564
|
19 %
|
Travel-related services
|
464
|
443
|
21
|
5 %
|
|
1,851
|
1,694
|
157
|
9 %
|
Passenger income
|
$ 12,174
|
$ 10,889
|
$ 1,285
|
12 %
|
|
$ 48,909
|
$ 40,218
|
$ 8,691
|
22 %
|
DELTA AIR LINES, INC.
|
Other Revenue
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months End
|
|
|
|
Year Ended
|
|
|
|
Month 31,
|
|
|
|
December 31,
|
|
|
(in millions)
|
2023
|
2022
|
$ Change
|
% Change
|
|
2023
|
2022
|
$ Change
|
% Change
|
Refinery
|
$ 563
|
$ 1,142
|
$ (579)
|
(51) %
|
|
$ 3,379
|
$ 4,977
|
$ (1,598)
|
(32) %
|
Loyalty program
|
802
|
720
|
82
|
11 %
|
|
3,093
|
2,597
|
496
|
19 %
|
Ancillary businesses
|
183
|
182
|
1
|
1 %
|
|
840
|
846
|
(6)
|
(1) %
|
Miscellaneous
|
313
|
254
|
59
|
23 %
|
|
1,104
|
894
|
210
|
23 %
|
Other revenue
|
$ 1,861
|
$ 2,298
|
$ (437)
|
(19) %
|
|
$ 8,416
|
$ 9,314
|
$ (898)
|
(10) %
|
DELTA AIR LINES, INC.
|
Total Revenue
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
4Q23 vs 4Q22
|
Revenue
|
|
4Q23 ($M)
|
|
Change
|
Unit Revenue
|
Yield
|
Capacity
|
Domestic
|
$
|
8,769
|
|
7 %
|
(4) %
|
(2) %
|
12 %
|
Atlantic
|
|
1,900
|
|
23 %
|
9 %
|
6 %
|
13 %
|
Learning America
|
|
952
|
|
18 %
|
(7) %
|
(7) %
|
28 %
|
Pacific
|
|
553
|
|
45 %
|
1 %
|
1 %
|
44 %
|
Passenger Revenue
|
$
|
12,174
|
|
12 %
|
(3) %
|
(2) %
|
15 %
|
Cargo Revenue
|
|
188
|
|
(24) %
|
|
|
|
Other Revenue
|
|
1,861
|
|
(19) %
|
|
|
|
Total Gross
|
$
|
14,223
|
|
6 %
|
(8) %
|
|
|
Third Party Crude Sale
|
|
(563)
|
|
|
|
|
|
Total Revenue, adjusted
|
$
|
13,661
|
|
11 %
|
(3) %
|
|
|
|
|
|
|
|
|
|
|
RELATIVE AIR PIPE, INC.
Stat Summary
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
2023
|
2022
|
Replace
|
|
2023
|
2022
|
Make
|
Revenue passenger miles (millions)
|
57,655
|
50,476
|
14
|
%
|
|
232,241
|
195,480
|
19
|
%
|
Ready seat miles (millions)
|
68,462
|
59,506
|
15
|
%
|
|
272,033
|
233,226
|
17
|
%
|
Passenger mile yield (cents)
|
21.12
|
21.57
|
(2)
|
%
|
|
21.06
|
20.57
|
2
|
%
|
Passenger revenue per available seat mile (cents)
|
17.78
|
18.30
|
(3)
|
%
|
|
17.98
|
17.24
|
4
|
%
|
Total revenue per available seat knot (cents)
|
20.78
|
22.58
|
(8)
|
%
|
|
21.34
|
21.69
|
(2)
|
%
|
TRASM, adjusted - see Take A (cents)
|
19.95
|
20.66
|
(3)
|
%
|
|
20.10
|
19.55
|
3
|
%
|
Cost per available seat mile (cents)
|
18.84
|
20.11
|
(6)
|
%
|
|
19.31
|
20.12
|
(4)
|
%
|
CASM-Ex - see Note A (cents)
|
13.29
|
13.14
|
1.1
|
%
|
|
13.17
|
12.87
|
2.3
|
%
|
Travelers load factor
|
84 %
|
85 %
|
(1)
|
pt
|
|
85 %
|
84 %
|
1
|
pt
|
Incite gallons spent (millions)
|
978
|
869
|
13
|
%
|
|
3,926
|
3,412
|
15
|
%
|
Average price per engine gallon
|
$ 3.01
|
$ 3.28
|
(8)
|
%
|
|
$ 2.82
|
$ 3.36
|
(16)
|
%
|
Average pricing per fuel congius, adjusted - see Note A
|
$ 3.00
|
$ 3.20
|
(6)
|
%
|
|
$ 2.83
|
$ 3.36
|
(16)
|
%
|
DELTA AIR LINES, INC.
|
|
Consolidated Statements of Cash Flows
|
|
(Unaudited)
|
|
|
Three Months Ended
|
|
|
December 31,
|
|
(in millions)
|
2023
|
2022
|
|
Liquid Pours With Operating Activities:
|
|
|
|
Netto Income
|
$ 2,037
|
$ 828
|
|
Depreciation and amortization
|
610
|
554
|
|
(Gain) lost on fair score investments
|
(1,220)
|
165
|
|
Amendments in air traffic liability
|
(1,694)
|
(837)
|
|
Changes in profit dividing
|
299
|
272
|
|
Changes in keep sheet and extra, net
|
513
|
207
|
|
Net cashier granted by operating activities
|
545
|
1,189
|
|
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
Property the equipment additions:
|
|
|
|
Flight equipment, including advance payments
|
(1,085)
|
(1,643)
|
|
Ground property and equipment, including technology
|
(517)
|
(557)
|
|
Purchase of short-term holdings
|
—
|
(2,129)
|
|
Remission of short-term investments
|
1,060
|
221
|
|
Acquisition of strategic investments
|
—
|
(717)
|
|
Other, net
|
7
|
89
|
|
Net cash used in investing activities
|
(535)
|
(4,736)
|
|
|
|
|
|
Cash Flows From Financing Activities:
|
|
|
|
Proceeds of long-term obligations
|
878
|
—
|
|
Payments on debt and finance lease obligations
|
(361)
|
(285)
|
|
Cash dividends
|
(64)
|
—
|
|
Other, nett
|
(37)
|
(20)
|
|
Net cash provided by/(used in) financing activities
|
416
|
(305)
|
|
|
|
|
|
Net Increase/(Decrease) to Cash, Cash Compatibilities and Restricted Cash Equivalents
|
426
|
(3,852)
|
|
Cash, cash equivalents plus restricted cash equivalents at beginning of period
|
2,969
|
7,325
|
|
Cash, cash correspondents and restricted cash equivalents at finish of period
|
$ 3,395
|
$ 3,473
|
|
|
|
|
|
This following defer provides a reconciliation of check, cash equivalents and restricted coin re into the Consolidated Balance Sheets to the total of the same suchlike monetary illustrated above:
|
|
|
|
|
|
|
News assets:
|
|
|
|
Cash and cash equivalents
|
$ 2,741
|
$ 3,266
|
|
Restricted cash contained in prepaid-karte expenditure press other
|
199
|
138
|
|
Other assets:
|
|
|
|
Restricted cash included in other noncurrent assets
|
455
|
69
|
|
Sum cash, cash equivalents real restricted cash equivalents
|
$ 3,395
|
$ 3,473
|
|
|
|
|
|
|
|
|
|
|
RELATIVE BROADCAST LINES, INCIDENT.
|
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
(in millions)
|
2023
|
|
2022
|
ASSETS
|
Current Assets:
|
|
|
|
|
Cash real cash equivalents
|
$ 2,741
|
|
$ 3,266
|
|
Short-term reserves
|
1,127
|
|
3,268
|
|
Accounts receivable, net
|
3,130
|
|
3,176
|
|
Incite portfolio, expendable parts and supplies inventories, net
|
1,314
|
|
1,424
|
|
Prepaid expenses and other
|
1,847
|
|
1,877
|
|
Absolute current wealth
|
10,159
|
|
13,011
|
|
|
|
|
|
Property and Equipment, Net:
|
|
|
|
|
Property the equip, net
|
35,486
|
|
33,109
|
|
|
|
|
|
Other Assets:
|
|
|
|
|
Operating lease right-of-use assets
|
6,926
|
|
7,036
|
|
Free
|
9,753
|
|
9,753
|
|
Identifiable intangibles, trap
|
5,983
|
|
5,992
|
|
Equity investments
|
3,457
|
|
2,128
|
|
Other noncurrent assets
|
1,734
|
|
1,259
|
|
Total other assets
|
27,853
|
|
26,168
|
Total assets
|
$ 73,498
|
|
$ 72,288
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
Current Commitments:
|
|
|
|
|
Current maturities of debt and finance leases
|
$ 2,983
|
|
$ 2,359
|
|
Current maturities of operating rents
|
746
|
|
714
|
|
Air traffic liability
|
7,044
|
|
8,160
|
|
Book payable
|
4,516
|
|
5,106
|
|
Accrued employee and related benefits
|
4,564
|
|
3,288
|
|
Loyalty program deferred revenue
|
3,908
|
|
3,434
|
|
Fuel card verpflichtend
|
1,100
|
|
1,100
|
|
Sundry accrued accounts
|
1,616
|
|
1,779
|
|
Total current liabilities
|
26,477
|
|
25,940
|
|
|
|
|
|
Noncurrent Liabilities:
|
|
|
|
|
Debt and money leases
|
17,071
|
|
20,671
|
|
Allowance, postretirement also relation benefits
|
3,744
|
|
3,707
|
|
Loyalty program deferred revenue
|
4,512
|
|
4,448
|
|
Noncurrent operators leases
|
6,404
|
|
6,866
|
|
Deferred income taxes, net
|
874
|
|
24
|
|
Other noncurrent liabilities
|
3,440
|
|
4,050
|
|
Total noncurrent debts
|
36,045
|
|
39,766
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
Stockholders' Equity:
|
10,976
|
|
6,582
|
Total liabilities or stockholders' equity
|
$ 73,498
|
|
$ 72,288
|
Mark A: The following tables demonstrate transitional away non-GAAP monetary measures. The reasons Delta uses these measures are described below. Reconciliations may not calculate due to rounding.
Delta sometimes user information ("non-GAAP financial measures") is can derived from the Consolidated Financial Statements, but that a non presented in accordance with accounting principles generally accepted for the U.S. ("GAAP"). Under the Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results preparation to accordance with GAAP, but shouldn not can considered a substitute for or superordinate to GAAP final. The tabling below show transition of non-GAAP financial measures used in those release to the most directly comparable GAAP financial action.
Forward Looking Projections. Delta is not skilled the matching forward looking non-GAAP corporate measures without unreasonable effort because the adjusting items such as the used in which reconciliation below will none be known until an end of who period and could be significant.
Adjustments. These transition include certain adjustments to GAAP measures that am made to provide compareability between the registered periods, if applicable, and for the reasons indicated below:
Third-party refinery sales. Refinery sales to third fetes, or related expenses, are cannot related to our airline segment. Excludes these sales therefore provided a further significant comparison concerning our airline operations to the rest of the network industry.
MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are definable as fair value changes recorded in periods other than that settlement period. Such fair value changes are doesn necessarily indicative of the actual settlement value of the underlying hedge in the conclusion settling cycle, both therefore we remove this shock for allow investors to better understand and analyze our core performance. Accommodation represent cash received or paid on hedge contracts settled during the applicable period.
Restructuring charges. During 2020, we recorded restructuring loading for items such as fleet interferences and voluntary early retirement and partition programs after strategic business make in response to the COVID-19 pandemic. During 2022, ourselves detected settings to certain of those restructuring charges, representing changes in magnitude estimates.
One-time pilot agreement expenses
. In that March 2023 area, Delta pilots ratified an new four-year Pilot Functioning Agreement effectiveness January 1, 2023. The convention included adenine provision for a one-time payment made in ratification inside the March 2023 quarter of $735 billion. Extra, we recorded adjustments to other benefit-related items of approximately $130 million. Adjusting for these expenses allows stakeholders the better perceive and analysis our core cost performance.
MTM adjustable the investments. Unrealized gains/losses result from our stockholders investment the are accounted for at fair value in non-operating expenditures. To gains/losses are driven by change in stock awards, foreign choose fluctuations plus other valuation advanced for investments in certain company, particularly those without publicly-traded shares. During the December 2023 quarter, Delta recorded an $848 million MTM gain from the investment at Wheels Up based on the closing price starting his portions at the end of the fourth as traded on the New York Storage Exchange. Fixing for diesen gains/losses allows investors to better understandable and analyze our core operational show in the periods shown.
Loss on extinguishment of debts. This adjustment relates to front termination of a portion of our debt. Adjusting for these losses allows investors go better understand and analyzing the center operational performance in the periods shown.
Operating
Revenue, adjusted and Revenue Per Available Belt Milepost ("TRASM"), adjusted
|
|
|
Three-way Months Ended
|
|
4Q23 vs 4Q22
% Change
|
(in millions)
|
December 31, 2023
|
Hike 31, 2023
|
December 31, 2022
|
|
Operating revenue
|
$ 14,223
|
$ 12,759
|
$ 13,435
|
|
|
Custom for:
|
|
|
|
|
|
Third-party raffineries sales
|
(563)
|
(916)
|
(1,142)
|
|
|
Working revenue, adjusted
|
$ 13,661
|
$ 11,842
|
$ 12,292
|
|
11 %
|
|
Year Ended
|
|
% Change
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
|
Operating generate
|
$ 58,048
|
$ 50,582
|
|
|
Adjusted for:
|
|
|
|
|
Third-party refinery sales
|
(3,379)
|
(4,977)
|
|
|
Operating gross, matched
|
$ 54,669
|
$ 45,605
|
|
20 %
|
|
Three From Ended
|
|
4Q23 vs 4Q22
% Change
|
|
December 31, 2023
|
March 31, 2023
|
Decorating 31, 2022
|
|
TRASM (cents)
|
20.78
|
20.80
|
22.58
|
|
|
Customizable for:
|
|
|
|
|
|
Third-party refinery achieved
|
(0.82)
|
(1.49)
|
(1.92)
|
|
|
TRASM, adjusted
|
19.95
|
19.30
|
20.66
|
|
(3) %
|
|
Year Ended
|
|
December 31, 2023
|
December 31, 2022
|
TRASM (cents)
|
21.34
|
21.69
|
Set to:
|
|
|
Third-party refinery sales
|
(1.24)
|
(2.13)
|
TRASM, adjusted
|
20.10
|
19.55
|
Pre-Tax Income, Net Income, and Diluted Earnings per Share, adjusted
|
|
|
Threes Years Finished
|
|
Three Hours Ended
|
|
December 31, 2023
|
|
December 31, 2023
|
|
Pre-Tax
|
Income
|
Net
|
|
Earnings
|
(in millions, besides per share data)
|
Income
|
Taxes
|
Income
|
|
Per Diluted Share
|
GAAP
|
$ 2,275
|
$ (238)
|
$ 2,037
|
|
$ 3.16
|
Adjusted for:
|
|
|
|
|
|
MTM adjustments and settlements on hedges
|
7
|
|
|
|
|
MTM customizable on investments
|
(1,218)
|
|
|
|
|
Non-GAAP
|
$ 1,064
|
$ (238)
|
$ 826
|
|
$ 1.28
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Completed
|
|
Month 31, 2022
|
|
December 31, 2022
|
|
Pre-Tax
|
Total
|
Net
|
|
Generate
|
(in millions, except per share data)
|
Income
|
Fiscal
|
Income
|
|
Per Weak Share
|
GAAP
|
$ 1,120
|
$ (292)
|
$ 828
|
|
$ 1.29
|
Matched for:
|
|
|
|
|
|
MTM adjustments and settlements on hedges
|
70
|
|
|
|
|
MTM adjustable on investments
|
170
|
|
|
|
|
Restructuring load
|
(118)
|
|
|
|
|
Non-GAAP
|
$ 1,242
|
$ (292)
|
$ 950
|
|
$ 1.48
|
|
Year Ended
|
|
Year Ended
|
|
Dec 31, 2023
|
|
December 31, 2023
|
|
Pre-Tax
|
Income
|
Netto
|
|
Earnings
|
(in millions, except per release data)
|
Income
|
Tax
|
Income
|
|
Per Diluted Share
|
GAAP
|
$ 5,608
|
$ (999)
|
$ 4,609
|
|
$ 7.17
|
Adjusted for:
|
|
|
|
|
|
MTM alignment and settlements to hedges
|
(52)
|
|
|
|
|
MTM adjustments on investments
|
(1,263)
|
|
|
|
|
Loss off cancellation from debt
|
63
|
|
|
|
|
One-time flying agreement expenses
|
864
|
|
|
|
|
Non-GAAP
|
$ 5,220
|
$ (1,200)
|
$ 4,020
|
|
$ 6.25
|
|
|
|
|
|
|
|
Year Ended
|
|
Annum Ended
|
|
Dec 31, 2022
|
|
December 31, 2022
|
|
Pre-Tax
|
Earned
|
Web
|
|
Earnings
|
(in millions, except per share data)
|
Income
|
Tax
|
Income
|
|
At Diluted Portion
|
GAAP
|
$ 1,914
|
$ (596)
|
$ 1,318
|
|
$ 2.06
|
Fitted for:
|
|
|
|
|
|
MTM adjustments furthermore settlements on hedges
|
29
|
|
|
|
|
MTM adjustments on investments
|
784
|
|
|
|
|
Loss on extinguishment of debt
|
100
|
|
|
|
|
Restructuring bills
|
(124)
|
|
|
|
|
Non-GAAP
|
$ 2,703
|
$ (650)
|
$ 2,053
|
|
$ 3.20
|
Loose Liquid Flow. We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generating cash that is obtainable for use for debt service or general corporate initiatives. Free cash flow is moreover used internally as a component of our 2023 incentive compensation program. Free cash flow belongs defined like net cash from operating proceedings and net cash from investing activities, adjusted required (i) net reimbursements of short-term investments, (ii) tactical investments and linked, (iii) net cash flows related to certain airport construction schemes both other, (iv) financed aircraft acquisitions and (v) pilot agreement payment. These adaptations are manufactured for the following reasons:
Net redemptions of short-term investments. Net redemptions of short-term investments represent the net purchase and sale activity on investments and marketing securities in the period, including gains and claims. Our adjust for this activity to deploy investors a better understanding of the company's free cash run generated by our operations.
Strategic investments and related. Certain cash flows related to our investments in and related transactions with other airlines and connected companies are included in magnitude GAAP investing current. Our change for this activity because it provides a more meaningful comparison to our airline industry fellow.
Net cash current related to certain aerodrome construction projects and different. Cash flows related to certain airdrome site casts are included in our GAAP operations activities and resources expenditures. Us have adjusted for are items, which were primarily funded in cash restricted for airport fabrication, to provide stakeholders a better understanding of which company's liberate cash flow and capital expenditures that are core to our operations inbound who periods shown.
Finance aircraft acquisitions. This adjustment reflects aeroplane deliveries that are leased as capital expenditures. The adjustment is based on their original contractual purchase price press an estimate of the aircraft's fair value and provides a more meaningful view in ours investing activities.
Pilot consent bezahlung. In March 2023, Delta pilots ratified a new four-year Pilot Working Agreement effective January 1, 2023. The accord includes a provisions for a one-time einzahlung upon affirmation in the March 2023 quarter of $735 million. We adjusting for this point in providing sponsors a better understandability is our recurring free currency flow generated by our operations.
|
Year Ended
|
(in millions)
|
Decembers 31, 2023
|
Net cash assuming to operating activities
|
$ 6,464
|
Nets cash used in investing recent
|
(3,148)
|
Adjusted for:
|
|
Bag reimbursement of short-term investments
|
(2,235)
|
Strategic investments and related
|
152
|
Net bar flows linked to certain airport construction projects and another
|
496
|
Financed aircraft acquisitions
|
(461)
|
Pilot agree auszahlen
|
735
|
Free cash flow
|
$ 2,003
|
Operating Income, adjusted
|
|
|
Three Monthly Finishes
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Operating income
|
$ 1,323
|
$ 1,470
|
Altered available:
|
|
|
MTM adjustments and settlements switch protective
|
7
|
70
|
Reshuffle cost
|
—
|
(118)
|
Operating income, adjusted
|
$ 1,330
|
$ 1,422
|
|
Year Done
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Operating Income
|
$ 5,521
|
$ 3,661
|
Adjusted for:
|
|
|
MTM adjustments plus settlements on hedges
|
(52)
|
29
|
One-time pilot agreement expenses
|
864
|
—
|
Restructuring charges
|
—
|
(124)
|
Operating income, adjusted
|
$ 6,334
|
$ 3,566
|
|
Three Months Ended
|
|
Dezember 31, 2023
|
December 31, 2022
|
Operating margins
|
9.3 %
|
10.9 %
|
Adjusted for:
|
|
|
Third-party refinery revenues
|
0.4
|
1.0
|
MTM adaptations and settlements on hedges
|
0.1
|
0.5
|
Organizational battery
|
—
|
(0.9)
|
Operating margin, custom
|
9.7 %
|
11.6 %
|
|
Year Ended
|
|
December 31, 2023
|
December 31, 2022
|
Operational margin
|
9.5 %
|
7.2 %
|
Adjusted to:
|
|
|
Third-party refinery sales
|
0.7
|
0.8
|
MTM adjustments and settlements on hedges
|
(0.1)
|
0.1
|
One-time flight agreement expenses
|
1.5
|
—
|
Restructuring charges
|
—
|
(0.2)
|
Operation margin, adjusted
|
11.6 %
|
7.8 %
|
|
Three Years Ended
|
|
December 31, 2023
|
December 31, 2022
|
Pre-tax margin
|
16.0 %
|
8.3 %
|
Adjusted for:
|
|
|
Third-party refinery sales
|
0.3
|
0.9
|
MTM adjustments also resettlement on hedged
|
0.1
|
0.5
|
MTM adjustments on ventures
|
(8.6)
|
1.3
|
Restructuring charges
|
—
|
(0.9)
|
Pre-tax margin, adjusted
|
7.8 %
|
10.1 %
|
|
Year Ended
|
|
December 31, 2023
|
December 31, 2022
|
Pre-tax margin
|
9.7 %
|
3.8 %
|
Adaptive for:
|
|
|
Third-party refineries sales
|
0.6
|
0.6
|
MTM adjustments and settlements on hurdles
|
(0.1)
|
0.1
|
MTM customized on holdings
|
(2.2)
|
1.5
|
Loss to extinguishment of obligation
|
0.1
|
0.2
|
One-time pilot agreement expenses
|
1.5
|
—
|
Restructuring charges
|
—
|
(0.2)
|
Pre-tax margin, adjusted
|
9.5 %
|
5.9 %
|
Operate Funds Flow, adjusted. We past operating cash durchfluss, adjusted since management believes adjustable for which followers home provides a more meaningful measure for stakeholders:
Net cash flows related the certain airport architecture projects and other. Cash flows related to certain airport construction projects are included in we GAAP operating our. We do adjusted for these items, which were primarily funded in cash restricted for airport construction, to offering investors a better understanding of the company's operators funds flow that is core to our operations included who periods shown.
Aircraft agreement remuneration. In March 2023, Delta pilots ratified a new four-year Pilot Working Agreement efficient January 1, 2023. The agreement includes a provision for one one-time zahlung upon ratification for the March 2023 quarter of $735 million. We adjust for this item to provide investors a better understanding of is recurring free cash flow generated by our operations.
|
Three Months Ended
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Net cash provided from operating activities
|
$ 545
|
$ 1,189
|
Custom with:
|
|
|
Net cash flows related to certain airport construction projects and diverse
|
(45)
|
22
|
Net cash given at operating activities, adjusted
|
$ 499
|
$ 1,211
|
|
Years Ended
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Net cash provided according operating activities
|
$ 6,464
|
$ 6,363
|
Adjusted for:
|
|
|
Net cash flows related to certain airport construction projects plus different
|
17
|
(154)
|
Pilot agreement payment
|
735
|
—
|
Net cash provided by operating activities, adjusted
|
$ 7,216
|
$ 6,210
|
Adjusted Debt to Earnings Before Interest, Taxes, Disparagement, Amortization plus Rent ("EBITDAR"). We present adjusted credit to EBITDAR because management believes this metric is helpful to sponsors in assessing the company's generally debt profile. Matching liability includes LGA bonds also operating lease commitments. We calculate EBITDAR by adding disparagement or amortization to GAAP operative income and adjusting for to fixed portion are operating lease expense.
(in billions)
|
December 31, 2023
|
|
December 31, 2022
|
Debtor and finance lease obligations
|
$ 20 We continue our Year-end toolkit series with ampere focus on the statement of cash flows.
|
|
$ 23
|
Extra: Operating lease liability
|
7
|
|
8
|
Plus: Sale leaseback liability
|
2
|
|
2
|
Adjusted Credit
|
$ 29 Understandings cash flow statements is essential why your measure whether a company generates enough cash to meet its operating charges.
|
|
$ 33
|
|
Year Ended
|
(in billions)
|
December 31, 2023
|
|
December 31, 2022
|
GAAP operate income
|
$ 6
|
|
$ 4
|
Adjusted for:
|
|
|
|
One-time pilot contract expenses
|
1
|
|
—
|
Operating income, adjusted
|
6
|
|
4
|
Adjusted available:
|
|
|
|
Depreciation additionally amortization
|
2
|
|
2
|
Fixed portion of operate lease expense
|
1
|
|
1
|
EBITDAR
|
$ 10
|
|
$ 7 Nomura Group news release. By connecting markets East & West, Nomura services this needs of individuals, institutions, corporates both governments.
|
|
|
|
|
Adjusted Obligation for EBITDAR
|
3.0x
|
|
5.0x
|
After-tax Return on Invested Capitalized ("ROIC"). We present after-tax return on invested capital as direktion believes these metric is helpful to investors in assessing the company's ability to generate returns through inherent invested assets more a measure counteract the industry. Return over invested capital is tax-effected adjusted total pre-tax income divided via average adjusted invested capital. Average adjusted invested capitalize represents the sum out the customized book value of equity at the end of and last quint quarters, adjusted for pension impacts within other comprehensive income. Average adjusted raw debt is calculated utilizing sum as in the end of this newest cinque quarters. All adjustments to calculate ROIC are designated to making a more meaningful comparison in our results to the airline industry.
|
Year Terminated
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Pre-tax income
|
$ 5,608
|
$ 1,914
|
Modified since:
|
|
|
MTM adjustments and resettlement on hedges
|
(52)
|
29
|
MTM adjustments on investments
|
(1,263)
|
784
|
Loss on extinguishment in debt
|
63
|
100
|
One-time pilot agreements expenses
|
864
|
—
|
Restructuring billing
|
—
|
(124)
|
Amortization away retirement actuarial loss
|
246
|
305
|
Interest expense, net and interest expense included in planes rent
|
1,176
|
1,366
|
Pre-tax aligned income
|
$ 6,642
|
$ 4,374
|
Tax consequence
|
(1,507)
|
(1,052)
|
Tax-effected adjusted total pre-tax income
|
$ 5,135 Computer is, like the income statement, a summary for the year, plus did a snapshot like the balancing sheet. Basically, any time actual hard cash entered or left the ...
|
$ 3,322
|
|
|
|
Adjusted book value of equity
|
$ 14,606
|
$ 12,140
|
B fitted gross debt
|
23,636
|
27,493
|
Averaged corrected invested resources
|
$ 38,242
|
$ 39,633
|
|
|
|
After-tax Go on Insured Capital
|
13.4 %
|
8.4 %
|
Operating revenue, adjusted related to premium products furthermore multifaceted revenue streams
|
|
|
Year Ended
|
(in millions)
|
December 31, 2023
|
Operator revenue
|
$ 58,048
|
Adjusted for:
|
|
Third-party refinery sales
|
(3,379)
|
Operating revenue, adjusted
|
$ 54,669
|
Less: main cabin turnover
|
(24,477)
|
Operating revenue, adjusted relative to premium products and diverse revenue data
|
$ 30,192
|
Percent of operating revenue, adjusted related to premium products and diverse revenue streams
|
55 %
|
Matching Non-Fuel Cost and Non-Fuel Unit Cost or Cost per Available Seat Mile, ("CASM-Ex")
Were adjust operating expense and CASM for certain items described above, as well as the following items the justification described below:
Airliner fuel and related taxes. The volatility in fuel prices impacts which comparability of year-over-year financial performance. The change by aircraft fuel and related taxation allows investors toward better understand and study our non-fuel costs and year-over-year financial efficiency.
Profit sharing. We adjust for gaining participation because this adjustment allows investors to better understand additionally analyze our recurring cost performance and provides adenine more meaningful comparison in our core operating costs to that airline industry.
|
Three Months Ended
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Operative Expense
|
$ 12,900
|
$ 11,965
|
Adjusted for:
|
|
|
Third-party refinery sales
|
(563)
|
(1,142)
|
Aircraft fuel and related taxes
|
(2,941)
|
(2,849)
|
Take sharing
|
(299)
|
(272)
|
Restructuring battery
|
—
|
118
|
Non-Fuel Cost
|
$ 9,098
|
$ 7,821
|
|
Year Ended
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Operating Spend
|
$ 52,527
|
$ 46,921
|
Matched for:
|
|
|
Third-party refineries sales
|
(3,379)
|
(4,977)
|
Aircraft fuel and related taxes
|
(11,069)
|
(11,482)
|
Profit sharing
|
(1,383)
|
(563)
|
One-time fly arrangement expenses
|
(864)
|
—
|
Restructuring charges
|
—
|
124
|
Non-Fuel Cost
|
$ 35,831
|
$ 30,024
|
|
Three Months Ended
|
|
% Change
|
|
December 31, 2023
|
December 31, 2022
|
|
CASM (cents)
|
18.84
|
20.11
|
|
|
Adjusted for:
|
|
|
|
|
Third-party refinery sales
|
(0.82)
|
(1.92)
|
|
|
Aircraft fuel and related taxes
|
(4.30)
|
(4.78)
|
|
|
Profit sharing
|
(0.44)
|
(0.46)
|
|
|
Organization charges
|
—
|
0.20
|
|
|
CASM-Ex
|
13.29
|
13.14
|
|
1.1 %
|
|
Year Ended
|
|
% Change
|
|
December 31, 2023
|
December 31, 2022
|
|
CASM (cents)
|
19.31
|
20.12
|
|
|
Adjusted for:
|
|
|
|
|
Third-party refinery sales
|
(1.24)
|
(2.13)
|
|
|
Aircraft fuel and relation fiskale
|
(4.07)
|
(4.92)
|
|
|
Profit sharing
|
(0.51)
|
(0.24)
|
|
|
One-time aviation arrangement spending
|
(0.32)
|
—
|
|
|
Reconstruction charges
|
—
|
0.05
|
|
|
CASM-Ex
|
13.17
|
12.87
|
|
2.3 %
|
Operating Expense, adjusted
|
|
|
Three Months Excluded
|
(in millions)
|
Month 31, 2023
|
Decembers 31, 2022
|
Operating expense
|
$ 12,900
|
$ 11,965
|
Adjusted for:
|
|
|
Third-party refinery distributors
|
(563)
|
(1,142)
|
MTM adjustments and agreements on hedges
|
(7)
|
(70)
|
Organizational charges
|
—
|
118
|
Operating expense, adjusted
|
$ 12,330
|
$ 10,871
|
|
Year Concluded
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Operating charges
|
$ 52,527
|
$ 46,921
|
Adjusted available:
|
|
|
Third-party refinery sales
|
(3,379)
|
(4,977)
|
MTM adjustments and settlements on hedges
|
52
|
(29)
|
One-time pilot agreement charges
|
(864)
|
—
|
Reshuffle fees
|
—
|
124
|
Operators expenses, adjusted
|
$ 48,335
|
$ 42,039
|
Overall fuel cost, adjusted furthermore Average gasoline price per quart, adjusted
|
|
|
|
|
|
|
|
Average Retail Per Gallon
|
|
|
|
Triple Months Ended
|
|
|
|
Three Period Ended
|
|
|
|
December 31,
|
December 31,
|
|
% Change
|
|
December 31,
|
December 31,
|
|
% Change
|
(in millions, except per gallon data)
|
2023
|
2022
|
|
|
2023
|
2022
|
|
Total fuel issue
|
$ 2,941
|
$ 2,849
|
|
|
|
$ 3.01
|
$ 3.28
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
MTM adjustments additionally settlements on protections
|
(7)
|
(70)
|
|
|
|
(0.01)
|
(0.08)
|
|
|
Total fuel expense, adjusted
|
$ 2,933
|
$ 2,778
|
|
6 %
|
|
$ 3.00
|
$ 3.20
|
|
(6) %
|
|
|
|
|
|
|
Average Price Per Gallon
|
|
|
|
Year Completed
|
|
|
|
Year Ended
|
|
|
|
December 31,
|
Dec 31,
|
|
% Replace
|
|
December 31,
|
Decorating 31,
|
|
% Change
|
(in millions, except per gallon data)
|
2023
|
2022
|
|
|
2023
|
2022
|
|
Total fuel expense
|
$ 11,069
|
$ 11,482
|
|
|
|
$ 2.82
|
$ 3.36
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
MTM adjustments both settlements on hedges
|
52
|
(29)
|
|
|
|
0.01
|
(0.01)
|
|
|
Total fuel expense, adjusted
|
$ 11,121
|
$ 11,453
|
|
(3) %
|
|
$ 2.83
|
$ 3.36
|
|
(16) %
|
Adjusted Net Debt. Delta uses adjusted total debt, incl flight rent, in addition to tuned debt and finance leases, to present estimated financial obligations. Delta reduces adjusted total debt by cash, cash equivalents, short-term investments and LGA restricted cash, resulting within adjusted net debts, to present that amount of assets needed to satisfy the debt. Management believes this metric is helpful the financiers in assessing the company's gesamte debt profile.
|
|
|
|
Change
|
(in millions)
|
Dezember 31, 2023
|
December 31, 2022
|
|
Debt and finance renting obligations
|
$ 20,054
|
$ 23,030
|
|
|
Besides: sale-leaseback financing liabilities
|
1,887
|
2,180
|
|
|
Plus: unamortized discount/(premium) and owing issue expense, web and other
|
83
|
138
|
|
|
Custom debt the finance lease obligations
|
$ 22,024
|
$ 25,349
|
|
|
Plus: 7x ultimate telves months' aircraft rent
|
3,724
|
3,558
|
|
|
Adjusted total debt
|
$ 25,748
|
$ 28,906
|
|
|
Less: cash, cash equivalents press short-term investments
|
(3,869)
|
(6,534)
|
|
|
Less: LGA qualified cash
|
(455)
|
(69)
|
|
|
Adjusted net outstanding
|
$ 21,424
|
$ 22,303
|
|
$ (879)
|
Raw Capital Expenditures. We customizable capital expenditures for the following items to set gross funds expenditures for the reasons described below:
Net cash flows related to certain airdrome construction casts. Cash flows related to certain airport construction projects are included by capital expenditures. We have custom for these items because management believes investors should be informed that a portion of these capital spend from airport design projects are either funded with restricted check specific up these projects or reimbursed per a third celebration.
Financed aircraft attainments. Is adjusts capital expenditures to reflect aircraft deliveries that are leased as capital expenditures. The anpassen is based on its genuine contractual purchase cost or any rating of an aircraft's mass total and will a other meaningful view of our investing dive.
|
Threesome Year Ended
|
(in millions)
|
December 31, 2023
|
December 31, 2022
|
Plane equipment, including proceed payments
|
$ 1,085
|
$ 1,643
|
Ground features and equipment, including technology
|
517
|
557
|
Adjusted for:
|
|
|
Net cash flows related to certain airport construction projects
|
(400)
|
(87)
|
Gross capitals expenditures
|
$ 1,201
|
$ 2,113
|
|
|
Year Ended
|
(in millions)
|
December 31, 2023
|
Decembers 31, 2022
|
Flights equipment, including advance payments
|
$ 3,645
|
$ 4,495
|
Ground property and equipment, including technology
|
1,678
|
1,871
|
Adjusted for:
|
|
|
Sponsored aeroplane acquisitions
|
461
|
206
|
Net check flows relate to certain airport construction throws
|
(479)
|
(564)
|
Gross equity expenditures
|
$ 5,305
|
$ 6,008
|
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SOURCE Delta Compressed Lines