Delta provided reconciliations of certain financial measures for the periods ended December 31, 2008 and December 31, 2007. Key points:
- Delta's 2008 results include Northwest Airlines from the October 29, 2008 merger date onward, while 2007 results are separate.
- Delta provides combined results for both periods as if the merger occurred at the start, for comparability.
- Reconciliations exclude special items like merger costs to evaluate recurring operational performance. Fuel hedge losses are also excluded from some measures.
- Combined results show PRASM and costs on a per ASM basis for both periods excluding items for better year-over-year comparison. Forecast excludes items from projected costs.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. Note: The following tables show reconciliations of certain financial measures. The reasons Delta
uses these measures are described below.
• Because Delta completed its merger with Northwest Airlines on October 29, 2008, Delta’s financial results
under generally accepted accounting principles (GAAP) for 2008 and the December 2008 quarter include the
results of Northwest Airlines for the period October 30, 2008 through December 31, 2008.
Under GAAP, Delta does not include in its financial results the results of Northwest Airlines prior to the
completion of the merger. Accordingly, Delta’s financial results under GAAP for the December 2007 quarter
do not include the results of Northwest Airlines for that period. This impacts the comparability of Delta’s
financial statements under GAAP for the December 2008 and 2007 quarters.
Delta presents its financial results for the December 2008 and December 2007 quarters under GAAP as well
as on a “combined” basis. “Combined” basis means the company combines the financial results of Delta and
Northwest as if the merger had occurred prior to the beginning of the applicable period. For example, Delta’s
financial results on a combined basis for the December 2008 quarter include the financial results of Northwest
Airlines for the period October 1, 2008 through December 31, 2008. Similarly, Delta’s financial results on a
combined basis for the December 2007 quarter include the financial results of Northwest Airlines for the
period October 1, 2007 through December 31, 2007. Delta believes presenting this financial information on a
combined basis provides a more meaningful basis for comparing Delta’s year-over-year financial performance
than the GAAP financial information.
The year-over-year guidance comparisons assume the 2008 financial statements for the applicable periods
were prepared on a combined basis, excluding special items and out-of-period fuel hedge losses. Delta is
unable to reconcile certain forward-looking projections to GAAP, including projected Mainline non-fuel CASM,
as the nature or amount of special items cannot be estimated at this time.
• Delta excludes special items because management believes the exclusion of these items is helpful to
investors to evaluate the company’s recurring operational performance.
• Delta excludes mark-to-market (MTM) adjustments on fuel hedges settling in 2009 in order to more
consistently reflect fuel expense for the respective period. Under normal hedge accounting, these MTM
adjustments would be included within accumulated other comprehensive income and not impact the
statement of operations until the month of settlement.
• Delta excludes fuel hedge losses on contracts that settled in 2008 because management believes the
volatility in fuel prices mask the progress toward achieving business plan targets.
• Delta presents Mainline CASM excluding fuel expense and related taxes because management believes the
volatility in fuel prices mask the progress toward achieving business plan targets.
• Mainline cost per available seat mile (CASM) excludes $221 million and $123 million for the years ended
December 31, 2008 and 2007, respectively, and Combined Mainline CASM excludes $303 million and $406
million for the years ended December 31, 2008 and 2007, respectively, in transactions with third parties as
these costs are not associated with the generation of a seat mile. These transactions include expenses
related to Delta’s providing maintenance services, staffing services and freight operations as well as Delta’s
vacation wholesale operations.
• Delta presents length of haul adjusted passenger revenue per available seat mile (PRASM), including
adjustments for other airline revenue and certain other revenue, because management believes this provides
a more meaningful comparison of the company’s PRASM to the industry.
2. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
December 31, 2008
Three Months Ended Year Ended
December 31, 2008 December 31, 2008
(in millions, except per share data)
Net loss $ (1,438) $ (8,922)
Items excluded:
Impairment of goodwill and other intangible assets - 7,296
Merger-related expenses 969 978
Restructuring and related items 18 139
MTM adjustments to fuel hedges settling in 2009 91 91
Write-down in value of auction rate securities 20 20
Termination of contract carrier arrangements - 14
Income tax benefit associated with intangible assets - (119)
Net loss excluding special items and
MTM adjustments to fuel hedges settling in 2009 $ (340) $ (503)
Basic and diluted weighted average shares outstanding 682 468
Basic and diluted loss per share excluding special items and
MTM adjustments to fuel hedges settling in 2009 $ (0.50) $ (1.08)
Three Months Ended
(in millions) December 31, 2008
Net loss excluding special items and
MTM adjustments to fuel hedges settling in 2009 per above $ (340)
Items excluded:
Fuel hedge losses on contracts that settled in 2008 507
Net income excluding fuel hedge losses, special items and
MTM adjustments to fuel hedges settling in 2009 $ 167
Passenger and operating revenue Delta Northwest Combined
Three Months Ended October 1, 2008 to Three Months Ended Passenger
(in millions) December 31, 2008 October 29, 2008 December 31, 2008 Mile Yield PRASM
Passenger:
Domestic $ 2,639 $ 420 $ 3,059 13.31 ¢ 11.14 ¢
Atlantic 1,129 134 1,263 12.02 9.26
Latin America 308 2 310 14.92 10.93
Pacific 452 185 637 11.71 9.90
Total mainline 4,528 741 5,269 12.91 10.50
Regional carriers 1,207 181 1,388 22.99 17.56
Total passenger revenue 5,735 922 6,657 14.21 11.46
Cargo 230 55 285
Other, net 748 78 826
Total operating revenue $ 6,713 $ 1,055 $ 7,768
Passenger
Three Months Ended December 31, 2007 Mile Yield PRASM
(in millions) Delta Northwest Combined
Passenger: 13.38 ¢ 10.71 ¢
Domestic $ 1,930 $ 1,409 $ 3,339 11.87 9.52
Atlantic 797 346 1,143 13.35 10.36
Latin America 277 19 296 11.22 9.47
Pacific 48 533 581 12.73 10.22
Total mainline 3,052 2,307 5,359 22.30 16.94
Regional carriers 1,015 337 1,352 13.93 11.11
Total passenger revenue 4,067 2,644 6,711
Cargo 132 242 374
Other, net 484 221 705
Total operating revenue $ 4,683 $ 3,107 $ 7,790
Year Ended December 31, 2008
Delta Northwest
PRASM 11.82 ¢ 12.52 ¢
Length of haul adjustment, including adjustments for
other airline and passenger revenue 0.22 (0.25)
Length of haul adjusted PRASM, including adjustments for
other airline and passenger revenue 12.04 ¢ 12.27 ¢
Industry average PRASM 11.92 ¢ 11.92 ¢
Percentage of industry average 101% 103%
3. Three Months Ended December 31,
(in millions) 2008 2007
Operating expense $ 7,810 $ 4,685
Items excluded:
Merger-related items (969) -
Restructuring and related items (18) -
MTM adjustments to fuel hedges settling in 2009 (91) -
Operating expense excluding special items and 6,732 4,685
MTM adjustments to fuel hedges settling in 2009
Northwest results for the period from October 1 to October 29, 2008
and three months ended December 31, 2007, respectively 1,641 3,020
Items excluded:
Merger-related items (249) -
MTM adjustments to fuel hedges settling in 2009 (210) 21
Combined operating expense excluding special items and
MTM adjustments to fuel hedges settling in 2009 $ 7,914 $ 7,726
Combined operating expense including special items and
MTM adjustments to fuel hedges settling in 2009 $ 9,451 $ 7,705
Three Months Ended December 31,
2008 2007
Mainline CASM 14.83 ¢ 11.18 ¢
Items excluded:
Merger-related items (2.22) -
MTM adjustments to fuel hedges settling in 2009 (0.21) -
Transactions with third parties and other (0.51) (0.39)
Fuel expense and related taxes (4.67) (4.00)
Operating expense excluding fuel expense and related taxes,
special items and MTM adjustments to fuel hedges settling in 2009 7.22 ¢ 6.79 ¢
ASMs 43,532 31,358
Three Months Ended December 31,
(in millions, except per cent data) 2008 2007
Combined Mainline CASM
Mainline operating expense $ 6,457 $ 3,507
Northwest results for the period from October 1 to October 29, 2008
and three months ended December 31, 2007, respectively 1,542 2,689
Combined Mainline operating expense $ 7,999 $ 6,196
Combined Mainline CASM 15.94 ¢ 11.82 ¢
Merger-related items (2.43) -
MTM adjustments to fuel hedges settling in 2009 (0.60) 0.04
Transactions with third parties and other (0.60) (0.77)
Fuel expense and related taxes (5.02) (4.00)
Combined Mainline CASM excluding fuel expense and related taxes,
special items and MTM adjustments to fuel hedges settling in 2009 7.29 ¢ 7.09 ¢
Combined ASMs 50,194 52,420
Three Months Ended December 31,
(in millions) 2008 2007
Total other expense, net $ (341) $ (103)
Northwest results for the period from October 1 to October 29, 2008
and three months ended December 31, 2007, respectively (43) (101)
Items excluded:
Write-down in value of auction rate securities 20 -
Loss on sale of interest in affiliate - 14
Combined Total other expense, net excluding special items $ (364) $ (190)
Three Months Ended
December 31, 2008
Average price per fuel gallon $ 3.01
Items excluded:
MTM adjustments to fuel hedges settling in 2009 (0.11)
Average price per fuel gallon excluding
MTM adjustments to fuel hedges settling in 2009 $ 2.90
FORECAST
March 2009 Quarter Full Year 2009
Projected Range Projected Range
Mainline CASM projection 12.36 ¢ 12.50 ¢ 11.62 ¢ 11.76 ¢
Items excluded:
Transactions with third parties and other (0.53) (0.53) (0.54) (0.54)
Profit Sharing - - (0.08) (0.08)
Fuel expense and related taxes (3.83) (3.83) (3.45) (3.45)
Mainline CASM projection excluding fuel expense
and related taxes and special items 8.00 ¢ 8.14 ¢ 7.55 ¢ 7.69 ¢
Change year-over-year in Mainline CASM excluding
fuel expense and related taxes and special items 7% 9% 5% 7%
4. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
December 31, 2008
Three Months Ended
(in millions) December 31, 2008
Net cash provided by financing activities $ 3,513
Adjustments:
Merger with Northwest, net of cash acquired (2,441)
Decrease in short-term investments (726)
Decrease in restricted cash (607)
Northwest results for the period from October 1 to October 29, 2008 (143)
Combined property and equipment additions $ (404)
Three Months Ended
(in millions) December 31, 2008
Flight equipment, including advance payments $ (225)
Proceeds from sales of flight equipment 44
Northwest results for the period from October 1 to October 29, 2008 (150)
Combined net expenditures for flight equipment $ (331)
5. DELTA AIR LINES, INC.
Unaudited Combined Statements of Operations
Excluding Special Items
Delta Northwest Combined Delta Northwest Combined
Three Months Three Months Three Months Three Months Three Months
Ended October 1, 2008 Ended Ended Ended Ended
December 31, Through Special December 31, December 31, December 31, Special December 31,
(in millions) 2008 October 29, 2008 Items 2008 2007 2007 Items 2007
OPERATING REVENUE:
Passenger:
Mainline 4,528 741 - 5,269 3,052 2,307 - 5,359
Regional carriers 1,207 181 - 1,388 1,015 337 - 1,352
Total passenger revenue 5,735 922 - 6,657 4,067 2,644 - 6,711
Cargo 230 55 - 285 132 242 - 374
Other, net 748 78 - 826 484 221 - 705
Total operating revenue 6,713 1,055 - 7,768 4,683 3,107 - 7,790
1 6
Aircraft fuel and related taxes 2,294 750 (301) 2,743 1,356 936 21 2,313
2
Salaries and related costs 1,533 245 (25) 1,753 1,070 735 - 1,805
3 7
Contract carrier arrangements 884 77 - 961 851 234 - 1,085
Aircraft maintenance materials and outside repairs 333 49 - 382 245 222 - 467
Contracted services 370 65 - 435 246 210 - 456
Passenger commissions and other selling expenses 298 72 - 370 212 211 - 423
Depreciation and amortization 374 39 - 413 288 128 - 416
Landing fees and other rents 285 43 - 328 175 114 - 289
Aircraft rent 106 17 - 123 60 53 - 113
Passenger service 129 20 - 149 88 58 - 146
4
Restructuring and merger-related items 987 224 (1,211) - - - - -
Other 217 40 - 257 94 119 - 213
Total operating expense 7,810 1,641 (1,537) 7,914 4,685 3,020 21 7,726
OPERATING (LOSS) INCOME (1,097) (586) 1,537 (146) (2) 87 (21) 64
Interest expense (277) (39) - (316) (138) (126) - (264)
Interest income 19 5 - 24 39 51 - 90
5 8
Miscellaneous, net (83) (9) 20 (72) (4) (26) 14 (16)
Total other expense, net (341) (43) 20 (364) (103) (101) 14 (190)
LOSS BEFORE INCOME TAXES (1,438) (629) 1,557 (510) (105) (14) (7) (126)
INCOME TAX BENEFIT - - - - 35 6 - 41
NET LOSS $ (1,438) $ (629) $ 1,557 $ (510) $ (70) $ (8) $ (7) $ (85)
1
$301 in out-of-period fuel hedges
2
$25 of retention payments related to the merger
3
Contract carrier arrangements expense includes $337 million for aircraft fuel and related taxes for the three months ended December 31, 2008.
4
$1,193 in merger-related charges and $18 in facilities restructuring
5
$20 write-down in value of auction rate securities
6
$21 in out-of-period fuel hedges
7
Contract carrier arrangements expense includes $397 million for aircraft fuel and related taxes for the three months ended December 31, 2007.
8
$14 loss on sale of interest in affiliate
We reclassified prior period amounts to conform to current presentations.
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