This document provides a reconciliation of GAAP financial measures to non-GAAP financial measures for Delta Air Lines for various periods in 2007 and 2006. It excludes certain items from key metrics like CASM, PRASM, EBITDAR, and free cash flow that management believes are not indicative of underlying operational performance, such as reorganization costs, accounting adjustments, and fuel price fluctuations. The excluded items provide a more meaningful comparison of Delta's performance to prior periods and the industry.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
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where can I find a legit pi merchant onlineDOT TECH
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Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
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BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Transkredit Finance Company Products Presentation (1).pptx
delta air line 2007 4th
1. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
December 31, 2007
(Successor) (Predecessor) (Combined) (Predecessor) (Predecessor)
Three Three Year Year Year
Months Ended Months Ended Ended Ended Ended
December 31, December 31,
December 31, 2007 December 31, 2006 2007 2006 December 31, 2005
(in millions)
Net income $ 1,612
Items excluded
Accounting adjustments -
Reorganization items, net (1,215)
Interest earned due to bankruptcy 12
Post emergence bankruptcy related professional fee 9
Total items excluded (1,194)
Net income excluding reorganization related items $ 418
(in millions)
Pre-tax (loss) income $ (2,706) $ 1,819 $ (6,968)
Items excluded:
Accounting adjustments - - 310
Reorganization items, net 2,521 (1,215) 6,206
Interest earned due to bankruptcy - 12 -
Post emergence bankruptcy related professional fees 9 -
Total items excluded 2,521 (1,194) 6,516
Pre-tax (loss) income excluding reorganization related
and certain items $ (185) $ 625 $ (452)
(in millions)
Operating income $ 1,096
Items excluded:
Post emergence bankruptcy related professional fee 9
Total items excluded 9
Operating income excluding emergence related items $ 1,105
Operating Margin 5.8%
(in millions)
Revenue change year-over-year $ 437 $ 1,622
Items excluded:
Accounting adjustments - (189)
Capacity related and insourcing growth (133) (406)
Emergence related items (70) (188)
Total items excluded (203) (783)
Revenue change year-over-year excluding emergence
related and certain items $ 234 $ 839
Passenger mile yield 13.34 ¢
Items excluded:
Accounting Adjustments 0.07
Total items excluded 0.07
Passenger mile yield excluding certain items 13.41 ¢
PRASM 11.15 ¢ 10.47 ¢ 9.31 ¢
Items excluded:
Accounting Adjustment - 0.05 -
Total items excluded - 0.05 -
PRASM excluding certain items 11.15 ¢ 10.52 ¢ 9.31 ¢
Adjustment for charter and other airline revenue (0.01) (0.03)
PRASM excluding charter and other airline revenue 11.14 ¢ 9.28 ¢
Length of haul adjustment (0.33) (0.64)
Length of Haul adjusted PRASM excluding charter
revenue and other airline revenue 10.81 ¢ 8.64 ¢
Industry average PRASM 11.40 ¢ 9.93 ¢
Percentage of industry average 95% 86%
CASM 12.52 ¢ 11.77 ¢ 11.90 ¢ 11.80 ¢
Items excluded:
Aircraft maintenance to third parties (0.24) (0.21) (0.20) (0.16)
Staffing services to third parties (0.09) (0.08) (0.09) (0.07)
CASM excluding items not related to ASMs 12.19 ¢ 11.48 ¢ 11.61 ¢ 11.57 ¢
Items excluded:
Accounting Adjustments - - - (0.08)
Profit sharing - - (0.10) -
Post emergence bankruptcy related professional fee - - (0.01) -
Total items excluded - - (0.11) (0.08)
CASM excluding certain items 12.19 ¢ 11.48 ¢ 11.50 ¢ 11.49 ¢
Fuel expense and related taxes (3.62) (2.93) (3.09) (2.99)
CASM excluding fuel expense and related taxes
and certain items 8.57 ¢ 8.55 ¢ 8.41 ¢ 8.50 ¢
2. (Successor) (Predecessor) (Combined) (Predecessor)
Three Three Year Year
Months Ended Months Ended Ended Ended
December 31, December 31,
December 31, 2007 December 31, 2006 2007 2006
Mainline CASM 11.18 ¢ 10.77 ¢ 10.68 ¢ 10.75 ¢
Items excluded:
Aircraft maintenance to third parties (0.28) (0.25) (0.25) (0.19)
Staffing services to third parties (0.11) (0.10) (0.10) (0.09)
Mainline CASM excluding items not related to ASMs 10.79 ¢ 10.42 ¢ 10.33 ¢ 10.47 ¢
Items excluded:
Accounting Adjustments - - - (0.10)
Profit sharing - - (0.12) -
Post emergence bankruptcy related professional fee - - (0.01) -
Total items excluded - - (0.13) (0.10)
Mainline CASM excluding certain items 10.79 ¢ 10.42 ¢ 10.20 ¢ 10.37 ¢
Fuel expense and related taxes (4.00) (3.21) (3.40) (3.23)
Mainline CASM excluding fuel expense and related
taxes and certain items 6.79 ¢ 7.21 ¢ 6.80 ¢ 7.14 ¢
Emergence related items (0.14)
Mainline CASM excluding fuel expense and related
taxes, emergence related and certain items 6.65 ¢
(in millions)
EBITDAR
Net (loss) income as reported $ (70) $ 1,612
Items excluded:
Non-operating expenses 103 492
Income taxes (35) 207
Depreciation and amortization 288 1,164
Aircraft rent 60 246
Reorganization items, net - (1,215)
Post emergence bankruptcy related professional fee - 9
Total items excluded 416 903
EBITDAR excluding reorganization and certain items $ 346 2,515
Run-up in fuel prices (in excess of plan) 340
EBITDAR excluding reorganization, certain items
and the run-up in fuel prices $ 2,855
(in millions)
Free Cash Flow
Net cash provided by operating activities $ 1,359
Adjustments:
Payments to ALPA and PBGC for bankruptcy related obligations 875
Change in short-term investments (476)
Adjusted net cash provided by operating activities 1,758
Net cash used in investing activities (625)
Adjustment:
Financing of CRJ-900s (124)
Adjusted net cash used in investing activities (749)
Total Free Cash Flow $ 1,009
Average price per fuel gallon $ 2.21
Items excluded:
Emergence related items (0.02)
Total items excluded (0.02)
Average price per fuel gallon excluding
emergence related items $ 2.19
FORECAST
(Successor) (Successor)
Three Months Ending Year Ending
March 31, 2008 December 31, 2008
Projected Range Projected Range
Mainline CASM projection 11.80 ¢ 11.94 ¢ 11.18 ¢ 11.31 ¢
Items excluded:
Aircraft maintenance and staffing services to third parties (0.34) (0.34) (0.36) (0.36)
Mainline CASM projection excluding items not
related to ASMs 11.46 ¢ 11.60 ¢ 10.82 ¢ 10.95 ¢
Items excluded:
Profit sharing - - (0.11) (0.11)
Total items excluded - - (0.11) (0.11)
Mainline CASM projection excluding certain items 11.46 ¢ 11.60 ¢ 10.71 ¢ 10.84 ¢
Fuel expense and related taxes (4.13) (4.13) (3.97) (3.97)
Mainline CASM projection excluding fuel expense
and related taxes and certain items 7.33 ¢ 7.47 ¢ 6.74 ¢ 6.87 ¢
Change year-over-year in Mainline CASM excluding
fuel expense and related taxes and certain items 4% 6% -1% 1%
(Successor) (Predecessor)
Eight Months Four Months
Ended Ended
December 31, 2007 April 30, 2007
Revenue Passenger Miles (RPMs)
Consolidated 85,029 37,036
Mainline 72,164 31,288
Available Seat Miles (ASMs)
Consolidated 104,427 47,337
Mainline 88,082 39,667
3. Note: In connection with its emergence from bankruptcy on April 30, 2007, Delta adopted fresh start reporting in accordance with
American Institute of Certified Public Accountants’ Statement of Position 90-7, “Financial Reporting by Entities in Reorganization under
the Bankruptcy Code.” The adoption of fresh start reporting results in Delta’s becoming a new entity for financial reporting purposes.
Accordingly, Delta’s consolidated financial statements after April 30, 2007 are not comparable to its financial statements for any period
prior to emergence. However, to provide a basis of comparison to prior year results, Delta has combined the results for the four months
ended April 30, 2007 with the eight months ended December 31, 2007. References in these reconciliations to quot;Successorquot; refer to Delta
on or after May 1, 2007, giving effect to fresh start reporting. References to quot;Predecessorquot; refer to Delta prior to May 1, 2007.
The above tables show a reconciliation of certain combined GAAP measures adjusted for the following items:
• Cost per available seat mile (CASM) excludes $123 million and $104 million for the three months ended December 31, 2007 and
2006, respectively, and $445 million and $345 million for the years ended December 31, 2007 and 2006, respectively, in expenses related
to Delta's providing maintenance and staffing services to third parties as these costs are not associated with the generation of a seat mile.
• Delta excludes reorganization related and certain items because management believes the exclusion of these items is helpful to investors
to evaluate the company’s recurring operational performance.
• Passenger revenue per available seat mile (PRASM) excludes the impact of fresh start reporting as management believes the
exclusion of this item is helpful to investors to evaluate the company's recurring operational performance
• Delta presents length-of-haul adjusted PRASM excluding charter and other airline revenue because management believes this provides
more meaningful comparison of the company’s PRASM to the industry.
• Delta presents mainline cost per available seat mile (CASM) excluding fuel expense and related taxes because management believes
high fuel prices mask the progress that achieved toward it business plan targets.
• Delta excludes profit sharing expense from CASM because management believes the exclusion of this item provides a more meaningful
comparison of the Company's CASM to the industry.
• EBITDAR has been presented as management believes it is helpful to investors in utilizing EBITDAR as a proxy for operating cash
flow on a period over period basis.
• Delta presents free cash flow because management believes this metric is helpful to investors to evaluate factors causing changes in the
company’s liquidity position.