Investor Presentaiton
Non-GAAP Reconciliations
Adjusted Net Debt and Adjusted Net Debt and Pension Liability. Delta uses adjusted total debt and adjusted net debt and pension liability, including aircraft rent, in addition
to adjusted debt and finance leases, to present estimated financial obligations, including pension liability. Delta reduces adjusted total debt by cash, cash equivalents, short-
term investments and hedge margin receivable, resulting in adjusted net debt, to present the amount of assets needed to satisfy the debt. Management believes these metrics
are helpful to investors in assessing the company's overall debt profile and financial obligations.
(in billions)
December 31,
2009
2010 - 2014
Total¹
2015-2019
Total
June 30,
2022
2Q22 vs 2009
Change
Debt and finance lease obligations
17
63
45
25
Plus: sale-leaseback financing liabilities
2.2
Plus: unamortized discount/(premium) and debt issue cost, net and other
Adjusted debt and finance lease obligations
1
2
0
0
18
$
65
$
46
27
Plus: 7x last twelve months' aircraft rent
Adjusted total debt
Less: cash, cash equivalents and short-term investments
Less: hedge margin receivable
Adjusted net debt
Number of years
Average adjusted net debt
3
10
12
3
22
75
58
31
(5)
(18)
(16)
(11)
(1)
(0)
17
$
56
$
41
20
5
5
$
11
$
8
Pension Liability
Adjusted Net Debt and Pension Liability
9
26
1
$
21
$
(6)
1 Represents the total of amounts as of December 31 for each year included within the range
Adjusted Operating Income per Available Seat Mile ("ASM"). We present this metric because management believes it is helpful to investors to show the company's operating
results on unit basis adjusted for certain non-recurring items to provide comparability between reporting periods.
(in cents)
Year Ended
December 31, 2009
2010 - 2014
2015-2019
Three Months Ended
Total
Total
June 30, 2022
Operating income per ASM
Adjusted for:
(0.14)
5.12
12.69
2.58
Restructuring charges
0.18
0.96
0.01
(0.00)
MTM adjustments and settlements on hedges
Operating Income per ASM, adjusted
0.86
(0.82)
(0.12)
0.04
6.94
11.87
2.45
Number of years
5
5
Average adjusted operating income per ASM
1.39
2.37
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