Investor Presentaiton
Non-GAAP Financial Measures
Adjusted Net Debt. Delta uses adjusted total debt, including aircraft rent, in addition to adjusted debt and finance leases, to present estimated financial obligations. Delta
reduces adjusted total debt by cash, cash equivalents and short-term investments, resulting in adjusted net debt, to present the amount of assets needed to satisfy the debt.
Management believes this metric is helpful to investors in assessing the company's overall debt profile.
(in billions)
Debt and finance lease obligations
Plus: sale-leaseback financing liabilities
Adjusted debt and finance lease obligations
Plus: 7x last twelve months' aircraft rent
Adjusted total debt
Less: cash, cash equivalents and short-term investments
Adjusted net debt
EA
(Projected)
March 31, 2022
~26
~2
-28
-3
~31
~(10)
~21
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