Investor Presentaiton
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Reducing Cash Burn and Boosting Liquidity
Minimizing cash burn is the most valuable action to preserve liquidity
Daily cash burn in June quarter to date better than original expectations in April
Driven by strong cost performance and an improvement in net sales
Average Daily Cash Burn
$100M
With improved cash burn, $5 billion slots/gates/routes secured financing, $1.25
billion unsecured financing and other liquidity actions, we expect to have over $15
billion of liquidity by the end of June
Includes $4.9 billion from CARES Act Payroll Support Program through end of
June, with additional $0.5 billion to come in July
Maintain access to additional capital through our own efforts or the CARES Act
secured loan program under which Delta is eligible for up to $4.6 billion
Additional unencumbered collateral - primarily aircraft with some engines and
spare parts
Flexibility to de-lever by paying cash for 2021 maturities
Last two weeks
of March
Liquidity
$6B
$6B
Targeting $10 Billion Of Liquidity And Breakeven Cash Burn By Year End
$30M
June
> $15B
YE19
1Q20
2Q20E
▲ DELTA
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