Delta Air Lines, Inc. · NYSE:DAL
Delta Air Lines — Cowen and Company 12th Annual Global Transportation Conference (September 2019)
10 slides from Delta Air Lines's conference presentation, Sep 4, 2019
Slide 1: Delta Air Lines
Delta Air Lines Cowen and Company 12th Annual Global Transportation Conference Paul Jacobson, Chief Financial Officer September 4, 2019
Slide 2: Safe Harbor
Safe Harbor Statements in this presentation that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995
Slide 3: Running a Strong Operation Through Record Summer Demand
Running a Strong Operation Through Record Summer Demand • Consistently running the industry’s best operation with record load factors, strong brand momentum and growing loyalty base − Enabled by our employees and unique culture, Delta’s strongest competitive advantage − Rewarding our people for indu
Slide 4: Momentum Building Following Transformational Decade
Momentum Building Following Transformational Decade Established Strengthened Accelerating Solid Foundation Competitive Advantages Our Momentum • Created a more customer- • Pioneered multi-class product • Diversifying revenue stream focused operation segmentation including robust Amex growth • Improv
Slide 5: Results Underscore Magnitude of Transformation
Results Underscore Magnitude of Transformation Established Strengthened Accelerating Solid Foundation Competitive Advantages Our Momentum ~$8.5B $5.8B ~$6B $4.5B $1.4B ($1.1B) 2009 2014 2019E Pre-Tax Income Operating Cash Flow Note: Non-GAAP financial measures reconciled in Appendix 4
Slide 6: Increasingly Diversified Top Line Improves Resiliency
Increasingly Diversified Top Line Improves Resiliency Total Revenue Components • Larger portion of our revenue is now generated by more diverse, higher-margin 2018 revenue streams 31% 2011 Main Cabin • Since 2011, both premium ticket revenue and American Express have more than doubled, 63% Premium P
Slide 7: The Delta Difference
The Delta Difference Top-Line Growth Culture Global Fortress Margin Expansion + Network Balance Sheet Balanced Capital Operational Customer Allocation Reliability Loyalty Unmatched Competitive Long-Term Value A Powerful Brand Advantages Creation 6
Slide 8: Non-GAAP Reconciliations Q&A
Non-GAAP Reconciliations Q&A 7
Slide 9: Non-GAAP Reconciliations
Non-GAAP Reconciliations Non-GAAP Financial Measures The following tables show reconciliations of non-GAAP financial measures. The reasons Delta uses these measures are described below. Reconciliations may not calculate due to rounding. Delta sometimes uses information ("non-GAAP financial measures"
Slide 10: Non-GAAP Reconciliations
Non-GAAP Reconciliations Operating Cash Flow, Adjusted We adjust operating cash flow for hedge margin because this adjustment removes the impact of current market volatility on our unsettled hedges and allows investors to better understand and analyze the company’s core operational performance in th