2023 Q1 Form 10-K Financial Statement

#000002790423000003 Filed on February 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $12.76B $13.44B $50.58B
YoY Change 36.49% 41.87% 69.18%
Cost Of Revenue $7.087B $7.190B $28.76B
YoY Change 16.49% 36.51% 56.7%
Gross Profit $5.672B $6.245B $21.82B
YoY Change 73.77% 48.58% 89.0%
Gross Profit Margin 44.45% 46.48% 43.15%
Selling, General & Admin $3.958B $3.850B $14.36B
YoY Change 26.13% 26.11% 33.06%
% of Gross Profit 69.78% 61.65% 65.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $564.0M $2.108B $2.108B
YoY Change 11.46% 318.25% 5.51%
% of Gross Profit 9.94% 33.76% 9.66%
Operating Expenses $5.085B $4.893B $18.29B
YoY Change 25.49% 23.69% 28.85%
Operating Profit -$277.0M $1.352B $3.537B
YoY Change -64.62% 447.37% 87.54%
Interest Expense -$105.0M -$420.0M -$1.832B
YoY Change -75.06% -39.57% 17.44%
% of Operating Profit -31.07% -51.8%
Other Income/Expense, Net -$229.0M $70.00M $185.0M
YoY Change -45.08% -22.22% -112.43%
Pretax Income -$506.0M $1.120B $1.914B
YoY Change -57.83% -383.54% 380.9%
Income Tax -$143.0M $292.0M $596.0M
% Of Pretax Income 26.07% 31.14%
Net Earnings -$363.0M $828.0M $1.318B
YoY Change -61.38% -302.94% 370.71%
Net Earnings / Revenue -2.85% 6.16% 2.61%
Basic Earnings Per Share -$0.57 $2.07
Diluted Earnings Per Share -$0.57 $1.292M $2.056M
COMMON SHARES
Basic Shares Outstanding 641.2M shares 638.0M shares
Diluted Shares Outstanding 639.0M shares 641.0M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.611B $6.534B $6.534B
YoY Change -33.59% -42.27% -42.27%
Cash & Equivalents $3.215B $3.266B $3.266B
Short-Term Investments $3.396B $3.268B $3.268B
Other Short-Term Assets $2.187B $1.877B $1.877B
YoY Change 52.51% 67.74% 67.74%
Inventory $1.379B $1.424B $1.424B
Prepaid Expenses
Receivables $3.224B $3.176B $3.176B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.40B $13.01B $13.01B
YoY Change -14.75% -18.38% -18.38%
LONG-TERM ASSETS
Property, Plant & Equipment $40.32B $40.15B $40.15B
YoY Change 7.67% 11.56% 11.56%
Goodwill $9.753B $9.753B
YoY Change 0.0% 0.0%
Intangibles $5.990B $5.992B
YoY Change -0.15% -0.15%
Long-Term Investments $2.249B $2.128B $2.128B
YoY Change 12.51% 24.3% 24.3%
Other Assets $993.0M $1.246B $1.246B
YoY Change -23.56% -29.72% -59.37%
Total Long-Term Assets $59.73B $59.26B $59.26B
YoY Change 2.94% 4.86% 4.86%
TOTAL ASSETS
Total Short-Term Assets $13.40B $13.01B $13.01B
Total Long-Term Assets $59.73B $59.26B $59.26B
Total Assets $73.13B $72.28B $72.28B
YoY Change -0.83% -0.25% -0.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.754B $5.106B $5.106B
YoY Change -1.16% 20.42% 20.42%
Accrued Expenses $5.555B $5.782B $5.782B
YoY Change 7.09% 17.86% 17.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.830B $2.359B $2.359B
YoY Change 120.22% 57.06% 32.38%
Total Short-Term Liabilities $28.42B $25.94B $25.94B
YoY Change 18.11% 23.73% 23.73%
LONG-TERM LIABILITIES
Long-Term Debt $18.49B $20.67B $20.67B
YoY Change -19.39% -12.34% -17.77%
Other Long-Term Liabilities $3.614B $19.21B $19.21B
YoY Change -15.74% 336.72% -14.51%
Total Long-Term Liabilities $38.46B $39.88B $39.88B
YoY Change -17.65% -16.23% -16.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.42B $25.94B $25.94B
Total Long-Term Liabilities $38.46B $39.88B $39.88B
Total Liabilities $66.87B $65.82B $65.82B
YoY Change -5.49% -4.01% -4.01%
SHAREHOLDERS EQUITY
Retained Earnings $807.0M $1.170B
YoY Change -174.17% -890.54%
Common Stock $11.54B $11.53B
YoY Change 0.72% 0.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $313.0M
YoY Change 10.99%
Treasury Stock Shares 10.54M shares
Shareholders Equity $6.260B $6.456B $6.456B
YoY Change
Total Liabilities & Shareholders Equity $73.13B $72.28B $72.28B
YoY Change -0.83% -0.25% -0.25%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$363.0M $828.0M $1.318B
YoY Change -61.38% -302.94% 370.71%
Depreciation, Depletion And Amortization $564.0M $2.108B $2.108B
YoY Change 11.46% 318.25% 5.51%
Cash From Operating Activities $2.235B $1.189B $6.364B
YoY Change 26.2% 113.85% 94.98%
INVESTING ACTIVITIES
Capital Expenditures $1.000B -$2.200B -$6.366B
YoY Change -156.63% 80.62% 96.06%
Acquisitions
YoY Change
Other Investing Activities -$2.000M -$2.536B -$559.0M
YoY Change -166.67% -443.63% -1846.88%
Cash From Investing Activities -$1.100B -$4.736B -$6.925B
YoY Change 46.86% 886.67% 671.16%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $0.00
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.179B -305.0M -4.535B
YoY Change -19.02% -73.86% 17.73%
NET CHANGE
Cash From Operating Activities $2.235B 1.189B 6.364B
Cash From Investing Activities -$1.100B -4.736B -6.925B
Cash From Financing Activities -$1.179B -305.0M -4.535B
Net Change In Cash -$44.00M -3.852B -5.096B
YoY Change -89.86% 253.07% 242.93%
FREE CASH FLOW
Cash From Operating Activities $2.235B $1.189B $6.364B
Capital Expenditures $1.000B -$2.200B -$6.366B
Free Cash Flow $1.235B $3.389B $12.73B
YoY Change -65.08% 91.04% 95.52%

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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Net Income Loss
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CY2021 us-gaap Earnings Per Share Basic
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CY2021 us-gaap Earnings Per Share Diluted
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CY2020 us-gaap Earnings Per Share Diluted
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2020 us-gaap Dividends
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CY2021Q4 us-gaap Stockholders Equity
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CY2022 us-gaap Net Income Loss
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CY2022Q4 us-gaap Stockholders Equity
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CY2022 dal Weighted Average Price Per Treasury Share Withheld For Taxes
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CY2021 dal Weighted Average Price Per Treasury Share Withheld For Taxes
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates.</span></div>
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CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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CY2021Q4 us-gaap Capitalized Computer Software Net
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We review flight equipment, ROU assets and other long-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired. Factors which could be indicators of impairment include, but are not limited to (1) a decision to permanently remove flight equipment or other long-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment. For long-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell. <div style="text-indent:13.54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To determine whether impairments exist for aircraft used in operations, we group assets at the fleet type level or at the contract level for aircraft operated by third-party regional carriers (i.e., the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel and labor costs and other relevant factors. If an asset group is impaired, the impairment loss recognized is the amount by which the asset group's carrying amount exceeds its estimated fair value. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available. Due to the impacts of the COVID-19 pandemic, during 2020 we removed a significant portion of our mainline and regional aircraft from active service and evaluated our fleet for impairment, determining that only certain fleet types were impaired, as the future cash flows from the operation of these fleet types through the respective retirement dates were lower than the carrying value. </span></div><div style="text-indent:13.54pt"><span><br/></span></div><div style="text-indent:13.54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the recovery in demand that we experienced throughout 2021 and 2022, we decided not to retire any additional aircraft and returned to service a majority of the aircraft that were temporarily parked in 2020. We recorded no further impairments during 2021 or 2022. See Note 15, "Government Grants and Restructuring," for additional details regarding these impairments and related charges.</span></div>
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Files In Submission

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