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Investor Presentaiton

Strengthening Delta's Liquidity Position - - - Cash Preservation Expense reduction has driven significant improvement in daily rate of cash burn Reduced planned capex by ~$3.5 billion in 2020 - Deferred new aircraft deliveries, aircraft mods, IT initiatives and ground equipment refresh Extending payment terms with airports, vendors and lessors Implementing working capital initiatives, lowering working capital to preserve liquidity Suspended share repurchases and dividend payments - Deferred voluntary pension funding - - - Financing and Liquidity Ended March quarter with $6 billion, expect to end June quarter with over $15 billion in liquidity Raised over $14 billion since early March, in addition to receiving $3.8 billion in CARES Act PSP funds to date - $3 billion term loan secured by aircraft; $1.2 billion aircraft sale leasebacks; $1.1 billion EETC; $1.25 billion unsecured notes $3.5 billion senior secured notes and $1.5 billion first lien term loan secured by slots, gates and routes Drew down $3 billion under existing revolving credit facilities Additional unencumbered collateral - primarily aircraft with some engines and spare parts ADELTA 5
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