Investor Presentaiton
Updated March Quarter Outlook
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Expect positive Free Cash Flow in the March quarter on strong spring and summer travel demand
March quarter Air Traffic Liability expected to grow by more than $2 billion from the December quarter 2021
Expected March quarter pre-tax loss consistent with initial expectations
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Expect a solid pre-tax profit in the month of March as higher fuel cost is offset by stronger revenue
No change to March quarter non-fuel CASM outlook of up 15% versus March quarter 2019
March Quarter Guidance
Updated
Initial
Capacity vs. 2019
~83%
83-85%
Total Revenue
~78%
72-76%
Adj. vs. 20191
Adj. Fuel Price
($/gal)
~$2.80
$2.35 - $2.50
Adj. Net Debt
~$21 Billion
~$22 Billion
1
1 Adj. Total Revenue is a non-GAAP financial measure and excludes Third Party Refinery sales which are expected to be ~$1.3 Billion in the March quarter
Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix
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