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2021-10-13

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Delta Air Lines shares fell nearly 1% after reporting quarterly earnings<blockquote>达美航空公布季度收益后股价下跌近 1%</blockquote>

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This is a 109.09 percent increase over losses of $(3.30) per share from the same period last year. The company reported quarterly sales of $8.28 billion which missed the analyst consensus estimate of $8.40 billion by 1.42 percent. This is a 170.44 percent increase over sales of $3.06 billion the same period last year.<blockquote>达美航空公司公布的季度收益为每股0.30美元，比分析师普遍预期的0.17美元高出76.47%。这比去年同期每股亏损 (3.30) 美元增加了 109.09%。该公司公布季度销售额为 82.8 亿美元，比分析师普遍预期的 84 亿美元低 1.42%。这比去年同期 30.6 亿美元的销售额增长了 170.44%。</blockquote> Delta Air Lines shares fell nearly 1% after reporting quarterly earnings.<blockquote>达美航空公司公布季度收益后股价下跌近 1%。</blockquote> <img src=\"https://static.tigerbbs.com/1063dbcba71126f4f851d84e483ab4c6\" tg-width=\"848\" tg-height=\"621\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> September quarter 2021 GAAP pre-tax income of $1.5 billion, pre-tax margin of 16.7 percent and earnings per diluted share of $1.89 on total revenue of $9.2 billion<blockquote>2021 年 9 月季度 GAAP 税前收入为 15 亿美元，税前利润率为 16.7%，稀释后每股收益为 1.89 美元，总收入为 92 亿美元</blockquote> September quarter 2021 adjusted pre-tax income of $216 million, adjusted pre-tax margin of 2.6 percent and adjusted earnings per diluted share of $0.30 on adjusted operating revenue of $8.3 billion<blockquote>2021 年 9 月季度调整后税前收入为 2.16 亿美元，调整后税前利润率为 2.6%，调整后稀释每股收益为 0.30 美元，调整后营业收入为 83 亿美元</blockquote> September quarter 2021 remuneration from American Express exceeds September quarter 2019 levels<blockquote>美国运通 2021 年 9 月季度薪酬超过 2019 年 9 月季度水平</blockquote> Delta Air Lines (NYSE:DAL) today reported financial results for the September quarter 2021 and provided its outlook for the December quarter 2021. &nbsp;Highlights of the September quarter 2021 results, including both GAAP and adjusted metrics, are on page six and are incorporated here.<blockquote>达美航空公司（纽约证券交易所股票代码：DAL）今天公布了2021年9月季度的财务业绩，并提供了2021年12月季度的展望。2021 年 9 月季度业绩的亮点，包括 GAAP 和调整后的指标，位于第六页，并包含在此处。</blockquote> \"Our September quarter marked an important milestone in our recovery, with our first quarterly profit since the start of the pandemic,\" said Ed Bastian, Delta's chief executive officer. &nbsp;\"Our revenues reached two-thirds of 2019 levels thanks to the industry-leading operational performance our people delivered through a busy summer, once again showing why they are the best in the business.\"<blockquote>达美航空首席执行官埃德·巴斯蒂安 (Ed Bastian) 表示：“我们的 9 月份季度标志着我们复苏的一个重要里程碑，自大流行开始以来我们首次实现季度利润。”“由于我们的员工在繁忙的夏季取得了行业领先的运营业绩，我们的收入达到了 2019 年水平的三分之二，再次表明了为什么他们是业内最好的。”</blockquote> \"While demand continues to improve, the recent rise in fuel prices will pressure our ability to remain profitable for the December quarter. &nbsp;As the recovery progresses, I am confident in our path to sustained profitability as we continue to provide best-in-class service to our customers, strengthen preference for our brand, while creating a simpler, more efficient airline.\"<blockquote>“虽然需求继续改善，但最近燃油价格上涨将给我们 12 月份季度保持盈利的能力带来压力。随着复苏的进展，我对我们实现持续盈利的道路充满信心，因为我们将继续为客户提供一流的服务，加强对我们品牌的偏好，同时创建更简单、更高效的航空公司。”</blockquote> September Quarter Financial and Operating Results<blockquote>九月季度财务和经营业绩</blockquote> <ul> <li>Adjusted pre-tax income of $216 million excludes a $1.3 billion net benefit related to the second payroll support program extension (PSP3) partially offset by debt extinguishment charges and mark-to-market adjustments on our investments</li> <li>Adjusted operating revenue of $8.3 billion, which excludes refinery sales, was 66 percent recovered versus September quarter 2019 on capacity that was 71 percent restored.&nbsp; Sequentially versus the June quarter 2021, adjusted operating revenue improved by $1.9 billion, or 30 percent, on an 11 percent increase in capacity</li> <li>Total operating expense, which includes the remaining $1.8 billion of benefit related to PSP3, decreased $3.5 billion compared to the September quarter 2019.&nbsp; Adjusted for the benefit related to PSP3 and costs from third-party refinery sales, total operating expense decreased $2.6 billion or 25 percent in the September quarter 2021 versus the comparable 2019 period</li> <li>Remuneration from American Express in the quarter was just over $1 billion, up 1 percent compared to September quarter 2019</li> <li>Generated $151 million of operating cash flow and invested $619 million back in the business</li> <li>At the end of the September quarter, the company had $15.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities</li> <li>Led the industry on key operating metrics, including a record combined completion factor of 99.72 in August for both mainline and Delta Connection. &nbsp;These operating results and other enhancements to the customer experience supported domestic net promoter scores above September quarter 2019 levels</li> </ul> <img src=\"https://static.tigerbbs.com/1c67050978516068087ab8eb65e870b8\" tg-width=\"1751\" tg-height=\"447\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>调整后的税前收入为 2.16 亿美元，不包括与第二次工资支持计划延期 (PSP3) 相关的 13 亿美元净收益，部分被债务清偿费用和我们投资的市价调整所抵消</li><li>调整后的营业收入为83亿美元，不包括炼油厂销售，与2019年9月季度相比恢复了66%，产能恢复了71%。与2021年6月季度相比，调整后的营业收入增加了19亿美元，即30%，产能增加了11%</li><li>总运营费用（包括与 PSP3 相关的剩余 18 亿美元收益）与 2019 年 9 月季度相比减少了 35 亿美元。根据与 PSP3 相关的收益和第三方炼油厂销售的成本进行调整后，2021 年 9 月季度的总运营费用比 2019 年同期减少了 26 亿美元或 25%</li><li>美国运通本季度的薪酬略高于 10 亿美元，比 2019 年 9 月季度增长 1%</li><li>产生 1.51 亿美元的运营现金流，并向业务投资 6.19 亿美元</li><li>截至 9 月份季度末，该公司拥有 158 亿美元的流动资金，包括现金和现金等价物、短期投资和未提取的循环信贷额度</li><li>在关键运营指标上处于行业领先地位，包括 8 月份 mainline 和 Delta Connection 的综合完成率达到创纪录的 99.72。这些经营业绩和客户体验的其他增强支持国内净促销员得分高于 2019 年 9 月季度的水平</li></ul></blockquote> Revenue Environment<blockquote>收入环境</blockquote> \"Generating a profit for the quarter even with a majority of our corporate and international customers still to return is a great achievement. &nbsp;I am also encouraged by our relative revenue performance, as we expect a record September quarter unit revenue premium.&nbsp; Our ability to deliver a sustained unit revenue premium throughout the pandemic demonstrates the success of our customer-centric and revenue diversification strategies,\" said Glen Hauenstein, Delta's president.<blockquote>“尽管我们的大多数企业和国际客户仍未回归，但本季度仍实现盈利是一项伟大的成就。我也对我们的相对收入表现感到鼓舞，因为我们预计 9 月份季度单位收入溢价将创下历史新高。我们有能力在整个疫情期间提供持续的单位收入溢价证明了我们以客户为中心和收入多元化战略的成功，”达美航空总裁 Glen Hauenstein 说道。</blockquote> \"Our revenue recovery has shown strong progression through the course of the year as our customers return to the skies. &nbsp;With robust holiday demand and an expected improvement in corporate and international demand, we expect total December quarter revenue to recover to the low 70s percentage relative to 2019.\"<blockquote>“随着我们的客户重返天空，我们的收入复苏在这一年中显示出强劲的进展。随着强劲的假日需求以及企业和国际需求的预期改善，我们预计 12 月季度总收入将恢复到 70% 的低点相对于 2019 年。”</blockquote> Operating revenue, adjusted of $8.3 billion for the September quarter 2021 improved 30 percent, or $1.9 billion from June quarter 2021. &nbsp;Compared to the same period in 2019, operating revenue, adjusted was 66 percent restored, in line with the company's initial revenue guidance even as case counts from the COVID-19 variant impacted demand in August and early September.&nbsp; Total passenger revenue was 63 percent recovered in the September quarter 2021 compared to September quarter 2019 on system capacity that was 71 percent restored compared to 2019 levels.<blockquote>2021 年 9 月季度调整后的营业收入为 83 亿美元，比 2021 年 6 月季度增长 30%，即 19 亿美元。与2019年同期相比，调整后的营业收入恢复了66%，符合公司最初的收入指导，尽管新冠肺炎变体的病例数影响了8月和9月初的需求。与2019年9月季度相比，2021年9月季度的总乘客收入恢复了63%，与2019年9月季度相比，系统容量恢复了71%。</blockquote> Compared to the June quarter 2021, system yields improved 4 percent and system load factors improved 11 points to 80 percent. &nbsp;As a result, total unit revenue, adjusted improved 17 percent sequentially.<blockquote>与2021年6月季度相比，系统产量提高了4%，系统负载系数提高了11个百分点，达到80%。因此，调整后的单位总收入环比增长了 17%。</blockquote> Revenue-related Highlights:<blockquote>收入相关亮点：</blockquote> <ul> <li>Domestic and Latin continue to lead recovery, Transatlantic improved the most:Domestic passenger revenue was 72 percent restored compared to September quarter 2019, a 17 point improvement in the rate of recovery versus the June quarter 2021. International passenger revenue recovered to 42 percent of September quarter 2019 levels, a 16 point improvement sequentially. Latin is the most restored entity with passenger revenues 84 percent recovered, followed by Transatlantic at 35 percent restored versus September quarter 2019, up 20 points quarter over quarter driven by border reopenings. Pacific passenger revenue remains the slowest to return at 20 percent recovered with traffic largely still limited to essential travel.</li> <li>Premium cabins outperformed main cabin in the most recovered entities:Domestic and short-haul Latin premium product revenue continued to outperform with recovery outpacing main cabin by approximately 10 points. This was driven by an increase in paid premium cabin load factors relative to September quarter 2019, despite business travel being less than 50 percent recovered. This relative outperformance is expected to be reflected at a system level as premium revenue in other entities improves with the return of business and international travel at scale.</li> <li>Corporate demand stable despite delay in return to office:Corporate volumes improved in July but paused at approximately 40 percent recovered for the September quarter 2021 compared to September quarter 2019 as corporations delayed the reopening of offices due to the COVID-19 variant. This was a 10 point improvement sequentially from the June quarter, but below expectations set at the outset of the quarter. With the decline in COVID-19 case counts, Delta saw improving domestic corporate volumes exiting September, and that improvement continues in October. Small and Medium Enterprises continue to lead the recovery in business travel.</li> <li>American Express remuneration exceeded 2019 levels:American Express remuneration in the quarter exceeded 2019 levels on co-brand spend that was nearly 15 percent higher than 2019 and acquisitions that were approximately 95 percent restored to 2019. Strong portfolio spend more than offset travel-related remuneration. The company expects total remuneration to remain above December quarter 2019 levels in the December quarter 2021.</li> <li>Cargo revenue continues to improve on yield strength:Cargo revenue increased to $262 million, a 39 percent improvement compared to the September quarter 2019. This represents the fourth consecutive quarter of growth compared to 2019 comparable periods. Cargo strength relative to 2019 is expected to continue in the December quarter 2021 as constraints in global air cargo capacity during the peak holiday shipping period support continued yield strength.</li> </ul> Cost Performance<blockquote><ul><li>国内和拉丁美洲继续引领复苏，跨大西洋改善最大：与2019年9月季度相比，国内客运收入恢复了72%，与2021年6月季度相比，恢复率提高了17个百分点。国际客运收入恢复至2019年9月季度水平的42%，环比改善16个百分点。Latin是恢复最多的实体，客运收入恢复了84%，其次是Transatlantic，与2019年9月季度相比恢复了35%，在边境重新开放的推动下，环比增长了20个百分点。太平洋航空的客运收入恢复速度仍然最慢，仅恢复了 20%，客运量仍主要局限于基本旅行。</li><li>在复苏最多的实体中，高级客舱的表现优于主舱：国内和短途拉丁优质产品收入继续跑赢大盘，复苏速度超过主舱约10个百分点。尽管商务旅行的恢复不到 50%，但与 2019 年 9 月季度相比，付费保费客舱载客率有所增加。随着商务和国际旅行规模的恢复，其他实体的保费收入有所改善，这种相对优异的表现预计将在系统层面得到反映。</li><li>尽管复工延迟，企业需求稳定：与2019年9月季度相比，7月份企业业务量有所改善，但暂停在2021年9月季度恢复的约40%，原因是企业因新冠肺炎变种而推迟了办公室的重新开放。这比 6 月份季度环比改善 10 个百分点，但低于季度初设定的预期。随着 COVID-19 病例数的下降，达美航空 9 月份国内企业业务量有所改善，这种改善在 10 月份仍在继续。中小企业继续引领商旅复苏。</li><li>美国运通薪酬超过2019年水平：美国运通本季度的薪酬超过了2019年的水平，联合品牌支出比2019年高出近15%，收购约95%恢复到2019年。强大的投资组合支出足以抵消与旅行相关的薪酬。该公司预计 2021 年 12 月季度的总薪酬将保持在 2019 年 12 月季度的水平以上。</li><li>货运收入因产量强劲而持续改善：货运收入增至 2.62 亿美元，比 2019 年 9 月季度增长 39%。与 2019 年同期相比，这是连续第四个季度增长。相对于 2019 年的货运强劲预计将在 2021 年 12 月季度持续，因为假日运输高峰期全球航空货运能力的限制支撑了持续的收益率强劲。</li></ul>性价比</blockquote> \"Leading the industry on operational performance and achieving our goal of profitability for the quarter with an adjusted pre-tax profit of $216 million are great accomplishments and a testament to the perseverance of the Delta people,\" said Dan Janki, Delta's chief financial officer. &nbsp;\"Our focus remains on restoring the airline to prepare for the next leg of the recovery, building upon our leadership position for the years ahead.\"<blockquote>达美航空首席财务官 Dan Janki 表示：“运营业绩领先行业，并实现本季度盈利目标，调整后税前利润为 2.16 亿美元，这是一项伟大的成就，也证明了达美航空员工的毅力。”“我们的重点仍然是恢复航空公司，为下一阶段的复苏做好准备，并巩固我们未来几年的领先地位。”</blockquote> Total operating expenses, adjusted of $7.8 billion in the September quarter 2021 increased 12 percent sequentially, primarily driven by non-fuel costs from the continued restoration of the airline.&nbsp; Compared to September quarter 2019, total operating expenses, adjusted were down $2.6 billion or 25 percent.<blockquote>2021年9月季度调整后的总运营费用为78亿美元，环比增长12%，主要是由航空公司持续恢复的非燃料成本推动的。与2019年9月季度相比，调整后的总运营费用下降了26亿美元，降幅为25%。</blockquote> Fuel expense, adjusted increased 5 percent compared to the June quarter 2021 as lower fuel prices partially offset an 11 percent increase in capacity during the September quarter 2021.&nbsp; Adjusted fuel price of $1.94 per gallon was down 8 percent compared to the June quarter 2021 driven primarily by a refinery contribution versus a loss in the June quarter 2021.&nbsp; Carbon offsets expensed during the quarter drove a 4¢ impact on fuel prices as Delta fulfills its commitment to be a global carbon neutral airline by pursuing high quality, verified offsets.&nbsp; During the September quarter 2021, fuel efficiency, defined as gallons per 1,000 ASMs, improved 4.2 percent versus the same period in 2019 as a result of our fleet renewal efforts.<blockquote>与2021年6月季度相比，调整后的燃料费用增加了5%，因为较低的燃料价格部分抵消了2021年9月季度11%的运力增长。调整后的燃料价格为每加仑1.94美元，与2021年6月季度相比下降了8%，这主要是由于炼油厂的贡献与2021年6月季度的亏损相比。本季度支出的碳抵消对燃油价格产生了4美分的影响，因为达美航空通过追求高质量、经过验证的抵消来履行其成为全球碳中和航空公司的承诺。在2021年9月季度，由于我们的机队更新工作，燃油效率（定义为每1,000个ASM的加仑数）比2019年同期提高了4.2%。</blockquote> Non-fuel costs, adjusted of $6.3 billion increased 14 percent sequentially on an 11 percent increase in capacity and a 30 percent increase in adjusted revenue.&nbsp; Additionally, there was an increase in maintenance, training and other people-related costs required to support the restoration of the airline in the quarter as the company positions for further demand recovery in 2022.&nbsp; Compared to the September quarter of 2019, non-fuel unit costs (CASM-Ex) were 15 percent higher.<blockquote>调整后的非燃料成本为63亿美元，环比增长14%，运力增长11%，调整后收入增长30%。此外，随着公司为2022年需求进一步复苏做好准备，本季度支持航空公司恢复所需的维护、培训和其他人员相关成本也有所增加。与2019年9月季度相比，非燃料单位成本（CASM-Ex）高出15%。</blockquote> Non-operating expense for the September quarter 2021 was $673 million including mark-to-market losses on certain of our investments and losses on the extinguishment of debt. &nbsp;Non-operating expense, adjusted was $219 million, $6 million lower than June quarter 2021 driven by lower net interest expense, partially offset by other non-operating expenses.<blockquote>2021 年 9 月季度的非运营支出为 6.73 亿美元，包括我们某些投资的市值损失和债务清偿损失。调整后的非运营支出为 2.19 亿美元，比 2021 年 6 月季度减少 600 万美元，原因是净利息支出下降，部分被其他非运营支出抵消。</blockquote> Balance Sheet, Cash and Liquidity<blockquote>资产负债表、现金及流动资金</blockquote> \"Balance sheet management remains a key priority for Delta as we chart our return to investment grade metrics in the coming years,\" Janki said. &nbsp;\"Over the last 12 months, we have reduced our financial obligations by $12 billion. &nbsp;During the September quarter, we used excess cash to reduce gross debt and interest expense while rebuilding unencumbered assets and managing our debt maturity profile.\"<blockquote>Janki 表示：“资产负债表管理仍然是达美航空的首要任务，因为我们将在未来几年绘制投资级回报率指标。”“在过去 12 个月中，我们已减少了 120 亿美元的财务义务。在 9 月份季度，我们使用多余现金来减少总债务和利息支出，同时重建无负担资产并管理我们的债务到期状况。”</blockquote> At the end of the September quarter 2021, the company had total debt and finance lease obligations of $27.8 billion with adjusted net debt of $19.3 billion.&nbsp; The company's total debt had a weighted average interest rate of 4.2 percent at September quarter-end.&nbsp; In addition to maturities and normal amortization of nearly $184 million, the company completed a $1 billion debt tender offer, acquired aircraft with cash rather than financing those acquisitions and executed $276 million of open market debt repurchases in the September quarter 2021.<blockquote>截至2021年9月季度末，该公司的债务和融资租赁义务总额为278亿美元，调整后的净债务为193亿美元。截至9月季度末，该公司的总债务加权平均利率为4.2%。除了近1.84亿美元的到期和正常摊销外，该公司还完成了10亿美元的债务要约收购，用现金而不是为这些收购融资购买飞机，并在2021年9月季度执行了2.76亿美元的公开市场债务回购。</blockquote> Since October 2020, Delta has reduced its financial obligations by $12 billion in aggregate via pension contributions and paydown of debt, including normal amortization.&nbsp; These actions have driven interest savings, freed up previously secured collateral, fully funded the pension on a Pension Protection Act basis and improved the company's debt maturity profile.<blockquote>自2020年10月以来，达美航空通过养老金缴款和债务偿还，包括正常摊销，总共减少了120亿美元的财务义务。这些行动推动了利息节省，释放了以前担保的抵押品，根据《养老金保护法》为养老金提供了全额资金，并改善了公司的债务期限。</blockquote> Operating cash flow during the quarter was $151 million. &nbsp;Free cash flow was negative $463 million for the quarter with net capital expenditures reinvested in the business of $619 million.<blockquote>本季度运营现金流为 1.51 亿美元。本季度自由现金流为负 4.63 亿美元，业务再投资净资本支出为 6.19 亿美元。</blockquote> The company's Air Traffic Liability was $6.4 billion at September quarter-end, $562 million lower than at the end of the June quarter due to the impact the variant had on cash sales and normal seasonality.&nbsp; Travel credits at September quarter-end accounted for approximately 40 percent of the Air Traffic Liability and represented approximately 8 percent of average daily bookings during the quarter.<blockquote>截至9月季度末，该公司的空中交通负债为64亿美元，比6月季度末减少5.62亿美元，原因是该变体对现金销售和正常季节性的影响。截至9月季度末，旅行积分约占空中交通负债的40%，约占该季度日均预订量的8%。</blockquote> Delta ended the September quarter with $15.8 billion in liquidity, including $2.6 billion in undrawn revolver capacity.<blockquote>达美航空在 9 月份季度末拥有 158 亿美元的流动性，其中包括 26 亿美元的未提取左轮手枪产能。</blockquote> Fleet<blockquote>舰队</blockquote> Today the company announced the incremental acquisition of two used A350 aircraft with deliveries planned for the December quarter 2021.&nbsp; Year to date and including today's announcement, the company has finalized several fleet transactions, including the exercise of 55 A321neo options scheduled to deliver between 2022 and 2027 and agreements to acquire 38 gently used aircraft in the secondary market. &nbsp;These opportunistic acquisitions are consistent with the broader fleet strategy, complementing other actions taken over the last 18 months as the company accelerates fleet renewal efforts and prepares for continued recovery. &nbsp;Renewal efforts progress Delta towards a simpler, more efficient and sustainable fleet while also elevating product and customer experience.<blockquote>今天，该公司宣布增量收购两架二手A350飞机，计划于2021年12月季度交付。今年迄今为止，包括今天的公告，该公司已经完成了几笔机队交易，包括行使计划在2022年至2027年间交付的55架A321neo选择权，以及在二级市场上收购38架二手飞机的协议。这些机会主义收购与更广泛的机队战略一致，补充了过去 18 个月采取的其他行动，因为公司加快了机队更新工作并为持续复苏做好了准备。更新工作推动达美航空走向更简单、更高效和更可持续的机队，同时提升产品和客户体验。</blockquote> Other Highlights from the September Quarter<blockquote>九月季度的其他亮点</blockquote> Culture and People<blockquote>文化与人民</blockquote> <ul> <li>Increased vaccination rates to approximately 90 percent of employees, as of October 12, 2021, as Delta continues to prioritize the health and safety of our people</li> <li>Safely transported 9,000 evacuees from harm's way in Afghanistan on Delta aircraft, in partnership with the Department of Defense under the Civil Reserve Air Fleet (CRAF) program</li> <li>Partnered with the American Red Cross to transport 40,000 pounds of supplies, including American Red Cross blankets and comfort kits for evacuees on CRAF flights</li> <li>Contributed $350,000 to the American Red Cross for disaster relief efforts during the quarter – this contribution is in addition to the $1 million grant to the American Red Cross as an Annual Disaster Giving Program member</li> <li>Awarded the Travel Partner of the Year – Global Airline accolade in the U.K. for recognition of our commitment to the health and safety of our customers during the pandemic</li> </ul> Customer Experience and Loyalty<blockquote><ul><li>截至 2021 年 10 月 12 日，达美航空继续优先考虑员工的健康和安全，将疫苗接种率提高到约 90%</li><li>与国防部合作，根据民用后备机队 (CRAF) 计划，使用达美航空飞机安全运送了 9,000 名阿富汗 harm's way 撤离人员</li><li>与美国红十字会合作，为 CRAF 航班上的撤离人员运送 40,000 磅物资，包括美国红十字会毛毯和舒适包</li><li>本季度向美国红十字会捐款35万美元，用于救灾工作——这笔捐款是作为年度赈灾计划成员向美国红十字会捐款100万美元之外的额外捐款</li><li>荣获英国年度旅游合作伙伴——全球航空公司奖，以表彰我们在疫情期间对客户健康和安全的承诺</li></ul>客户体验和忠诚度</blockquote> <ul> <li>Continued to lead the industry in operational reliability across key operating metrics.&nbsp; In August, achieved record completion factor performance of 99.72 for both mainline and Delta Connection</li> <li>Achieved 116 Brand Perfect Days as of October 11, 2021, on par with pre-pandemic levels. &nbsp;Brand Perfect Days are defined as those days when there are no cancellations across Delta's mainline and regional operations</li> <li>Hired more than 8,000 employees across the organization since the beginning of 2021 to bolster customer service, reduce customer wait times and improve reliability in the summer operation</li> <li>For the fifth year in a row, Delta's SkyMiles program secured the No. 1 spot against all global airlines in U.S. News &amp; World Report's annual ranking of airline loyalty programs</li> <li>Selected by customers as the Skytrax Best Airline in North America for 2021 and recognized for its health, hygiene and safety protocols during the COVID-19 pandemic</li> <li>Announced or launched network changes in response to increasing travel demand, including:</li> <ul> <li>Nonstop service from Boston to Tel Aviv and Athens beginning in 2022</li> <li>New flights to Boston's top 20 Domestic markets with launch of DFW and CLT in October and BWI, DEN and SAN in July 2022</li> <li>Doubled flights from August to September 2021 to Canada's biggest markets following the country's reopening to fully vaccinated American</li> <li>Resumed nonstop service to Johannesburg, South Africa, restoring Delta service to all pre-COVID markets in Africa</li> </ul> <li>Implemented the following changes to enhance Delta's customer experience:</li> <ul> <li>Increased flexibility for our customers by extending waivers for Basic Economy fares&nbsp;through the end of 2021 and by eliminating same-day standby fees</li> <li>Led the industry as the only U.S. airline to extend Medallion Status and key SkyMiles benefits to January 2023 to give our most loyal customers more flexibility as travel resumes</li> <li>Resumed&nbsp;hot meal service in the premium cabin on coast-to-coast flights, partnering with Souvla, Union Square Events and chefs Jon+Vinny to serve fresh meals in Delta One</li> <li>Announced a new Spotify partnership to provide curated playlists, podcasts and elevated audio experience to Delta Studio for a more personalized experience</li> <li>Equipped more than 100 aircraft with fast streaming&nbsp;Viasat&nbsp;connectivity and on track for more than 300 aircraft to be equipped by year-end 2021</li> <li>Reopened full&nbsp;network of&nbsp;Delta Sky&nbsp;Clubs&nbsp;by&nbsp;July 2021&nbsp;and&nbsp;re-introduced signature hot food items&nbsp;in Clubs&nbsp;throughout the summer</li> </ul> </ul> Environmental, Social and Governance<blockquote><ul><li>在关键运营指标的运营可靠性方面继续领先业界。8月份，主线和三角洲连接的完工系数均达到创纪录的99.72</li><li>截至2021年10月11日，实现了116个品牌完美日，与疫情前的水平持平。品牌完美日定义为达美航空干线和区域运营均未取消航班的日子</li><li>自2021年初以来，整个组织雇佣了8,000多名员工，以加强客户服务、减少客户等待时间并提高夏季运营的可靠性</li><li>达美航空的SkyMiles计划连续第五年在美国所有全球航空公司中排名第一。《新闻与世界报道》航空公司忠诚度计划年度排名</li><li>被客户评选为2021年Skytrax北美最佳航空公司，并因其在COVID-19大流行期间的健康、卫生和安全协议而得到认可</li><li>为应对日益增长的旅行需求，宣布或启动网络变更，包括：</li><ul><li>2022 年开始提供从波士顿到特拉维夫和雅典的直达服务</li><li>10 月开通 DFW 和 CLT，2022 年 7 月开通 BWI、DEN 和 SAN，开通飞往波士顿前 20 个国内市场的新航班</li><li>2021 年 8 月至 9 月，加拿大向完全接种疫苗的美国人重新开放后，飞往加拿大最大市场的航班数量增加了一倍</li><li>恢复直飞南非约翰内斯堡的服务，恢复达美航空在非洲所有新冠疫情前市场的服务</li></ul><li>实施以下变更以增强达美航空的客户体验：</li><ul><li>通过将基本经济舱票价豁免延长至2021年底，并取消当日候机费，为客户增加灵活性</li><li>作为唯一一家将奖章身份和关键 SkyMiles 优惠延长至 2023 年 1 月的美国航空公司，引领行业，在旅行恢复时为我们最忠实的客户提供更大的灵活性</li><li>恢复东海岸航班高级客舱的热餐服务，与 Souvla、Union Square Events 和厨师 Jon+Vinny 合作，在达美一号提供新鲜餐食</li><li>宣布与 Spotify 建立新的合作伙伴关系，为 Delta Studio 提供精选播放列表、播客和高级音频体验，以实现更个性化的体验</li><li>为100多架飞机配备了快速流媒体Viasat连接，并有望在2021年底前为300多架飞机配备</li><li>于二零二一年七月前重新开放达美天空俱乐部的全部网络，并在整个夏季于俱乐部重新推出招牌热食项目</li></ul></ul>环境、社会及管治</blockquote> <ul> <li>Accelerated fleet renewal efforts by exercising options for 30 incremental A321neos in July 2021, which are expected to be 20 percent more efficient than the aircraft being replaced and begin deliveries in 2022</li> <li>Partnered with Chevron and Google to analyze sustainable aviation fuel (SAF) emissions data and increase industry transparency</li> <li>Signed an agreement with Aemetis for 250 million gallons of SAF to be delivered over the 10-year term of the agreement. &nbsp;With this announcement, Delta anticipates more than 80 million gallons of SAF available for annual consumption beginning in 2025</li> <li>Announced our commitment to work with the Science Based Targets initiative (SBTi) to set a net-zero 2050 target and an interim emissions intensity target for our airline operations, consistent with recently issued SBTi guidance for the aviation sector</li> <li>Announced plans to join three key climate coalitions - the UN's Race to Zero initiative, the LEAF Coalition and the World Economic Forum's Clean Skies for Tomorrow initiative – bolstering our commitment to a future of zero impact aviation</li> <li>Continuing commitment to enhanced Inclusion Training with more than 55,000 employees completing DEI (Diversity, Equity &amp; Inclusion) training classes in the last year</li> <li>Issued the 2021 \"Close the Gap\" report, demonstrating our commitment to transparency in our journey to becoming a more diverse, equitable, anti-racist and anti-discrimination organization</li> </ul> Payroll Support Program / Government Grant Accounting<blockquote><ul><li>通过在 2021 年 7 月行使增量 30 架 A321neo 的选择权，加快机队更新工作，预计这些飞机的效率将比被替换的飞机提高 20%，并于 2022 年开始交付</li><li>与雪佛龙和谷歌合作分析可持续航空燃料 (SAF) 排放数据并提高行业透明度</li><li>与 Aemetis 签署协议，在 10 年协议期限内交付 2.5 亿加仑 SAF。通过这一公告，达美航空预计从 2025 年开始每年将有超过 8000 万加仑的 SAF 可供消费</li><li>宣布我们承诺与科学目标倡议 (SBTi) 合作，根据最近发布的 SBTi 航空业指南，为我们的航空运营设定 2050 年净零排放目标和临时排放强度目标</li><li>宣布计划加入三个主要气候联盟——联合国的“零排放竞赛”倡议、“树叶联盟”和世界经济论坛的“明天清洁天空”倡议——加强我们对零影响航空未来的承诺</li><li>持续致力于加强包容性培训，去年有超过55,000名员工完成了DEI（多元化、公平与包容性）培训课程</li><li>发布2021年《缩小差距》报告，展示我们在成为一个更加多元化、公平、反种族主义和反歧视组织的过程中对透明度的承诺</li></ul>薪资支援计划/政府补助会计</blockquote> In the September quarter 2021, the remaining $1.8 billion of PSP3 was recognized as a contra-expense, which is reflected as \"government grant recognition\" on the Consolidated Statements of Operations.<blockquote>在2021年9月季度，PSP3的剩余18亿美元被确认为反费用，这在合并经营报表中反映为“政府补助确认”。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Delta Air Lines shares fell nearly 1% after reporting quarterly earnings<blockquote>达美航空公布季度收益后股价下跌近 1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; 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Newspress \n2021-10-13 19:32\n</div>\n</a>\n</h4>\n</header>\n<article>\nDelta Air Lines&nbsp;reported quarterly earnings of $0.30 per share which beat the analyst consensus estimate of $0.17 by 76.47 percent. This is a 109.09 percent increase over losses of $(3.30) per share from the same period last year. The company reported quarterly sales of $8.28 billion which missed the analyst consensus estimate of $8.40 billion by 1.42 percent. This is a 170.44 percent increase over sales of $3.06 billion the same period last year.<blockquote>达美航空公司公布的季度收益为每股0.30美元，比分析师普遍预期的0.17美元高出76.47%。这比去年同期每股亏损 (3.30) 美元增加了 109.09%。该公司公布季度销售额为 82.8 亿美元，比分析师普遍预期的 84 亿美元低 1.42%。这比去年同期 30.6 亿美元的销售额增长了 170.44%。</blockquote> Delta Air Lines shares fell nearly 1% after reporting quarterly earnings.<blockquote>达美航空公司公布季度收益后股价下跌近 1%。</blockquote> <img src=\"https://static.tigerbbs.com/1063dbcba71126f4f851d84e483ab4c6\" tg-width=\"848\" tg-height=\"621\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> September quarter 2021 GAAP pre-tax income of $1.5 billion, pre-tax margin of 16.7 percent and earnings per diluted share of $1.89 on total revenue of $9.2 billion<blockquote>2021 年 9 月季度 GAAP 税前收入为 15 亿美元，税前利润率为 16.7%，稀释后每股收益为 1.89 美元，总收入为 92 亿美元</blockquote> September quarter 2021 adjusted pre-tax income of $216 million, adjusted pre-tax margin of 2.6 percent and adjusted earnings per diluted share of $0.30 on adjusted operating revenue of $8.3 billion<blockquote>2021 年 9 月季度调整后税前收入为 2.16 亿美元，调整后税前利润率为 2.6%，调整后稀释每股收益为 0.30 美元，调整后营业收入为 83 亿美元</blockquote> September quarter 2021 remuneration from American Express exceeds September quarter 2019 levels<blockquote>美国运通 2021 年 9 月季度薪酬超过 2019 年 9 月季度水平</blockquote> Delta Air Lines (NYSE:DAL) today reported financial results for the September quarter 2021 and provided its outlook for the December quarter 2021. &nbsp;Highlights of the September quarter 2021 results, including both GAAP and adjusted metrics, are on page six and are incorporated here.<blockquote>达美航空公司（纽约证券交易所股票代码：DAL）今天公布了2021年9月季度的财务业绩，并提供了2021年12月季度的展望。2021 年 9 月季度业绩的亮点，包括 GAAP 和调整后的指标，位于第六页，并包含在此处。</blockquote> \"Our September quarter marked an important milestone in our recovery, with our first quarterly profit since the start of the pandemic,\" said Ed Bastian, Delta's chief executive officer. &nbsp;\"Our revenues reached two-thirds of 2019 levels thanks to the industry-leading operational performance our people delivered through a busy summer, once again showing why they are the best in the business.\"<blockquote>达美航空首席执行官埃德·巴斯蒂安 (Ed Bastian) 表示：“我们的 9 月份季度标志着我们复苏的一个重要里程碑，自大流行开始以来我们首次实现季度利润。”“由于我们的员工在繁忙的夏季取得了行业领先的运营业绩，我们的收入达到了 2019 年水平的三分之二，再次表明了为什么他们是业内最好的。”</blockquote> \"While demand continues to improve, the recent rise in fuel prices will pressure our ability to remain profitable for the December quarter. &nbsp;As the recovery progresses, I am confident in our path to sustained profitability as we continue to provide best-in-class service to our customers, strengthen preference for our brand, while creating a simpler, more efficient airline.\"<blockquote>“虽然需求继续改善，但最近燃油价格上涨将给我们 12 月份季度保持盈利的能力带来压力。随着复苏的进展，我对我们实现持续盈利的道路充满信心，因为我们将继续为客户提供一流的服务，加强对我们品牌的偏好，同时创建更简单、更高效的航空公司。”</blockquote> September Quarter Financial and Operating Results<blockquote>九月季度财务和经营业绩</blockquote> <ul> <li>Adjusted pre-tax income of $216 million excludes a $1.3 billion net benefit related to the second payroll support program extension (PSP3) partially offset by debt extinguishment charges and mark-to-market adjustments on our investments</li> <li>Adjusted operating revenue of $8.3 billion, which excludes refinery sales, was 66 percent recovered versus September quarter 2019 on capacity that was 71 percent restored.&nbsp; Sequentially versus the June quarter 2021, adjusted operating revenue improved by $1.9 billion, or 30 percent, on an 11 percent increase in capacity</li> <li>Total operating expense, which includes the remaining $1.8 billion of benefit related to PSP3, decreased $3.5 billion compared to the September quarter 2019.&nbsp; Adjusted for the benefit related to PSP3 and costs from third-party refinery sales, total operating expense decreased $2.6 billion or 25 percent in the September quarter 2021 versus the comparable 2019 period</li> <li>Remuneration from American Express in the quarter was just over $1 billion, up 1 percent compared to September quarter 2019</li> <li>Generated $151 million of operating cash flow and invested $619 million back in the business</li> <li>At the end of the September quarter, the company had $15.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities</li> <li>Led the industry on key operating metrics, including a record combined completion factor of 99.72 in August for both mainline and Delta Connection. &nbsp;These operating results and other enhancements to the customer experience supported domestic net promoter scores above September quarter 2019 levels</li> </ul> <img src=\"https://static.tigerbbs.com/1c67050978516068087ab8eb65e870b8\" tg-width=\"1751\" tg-height=\"447\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>调整后的税前收入为 2.16 亿美元，不包括与第二次工资支持计划延期 (PSP3) 相关的 13 亿美元净收益，部分被债务清偿费用和我们投资的市价调整所抵消</li><li>调整后的营业收入为83亿美元，不包括炼油厂销售，与2019年9月季度相比恢复了66%，产能恢复了71%。与2021年6月季度相比，调整后的营业收入增加了19亿美元，即30%，产能增加了11%</li><li>总运营费用（包括与 PSP3 相关的剩余 18 亿美元收益）与 2019 年 9 月季度相比减少了 35 亿美元。根据与 PSP3 相关的收益和第三方炼油厂销售的成本进行调整后，2021 年 9 月季度的总运营费用比 2019 年同期减少了 26 亿美元或 25%</li><li>美国运通本季度的薪酬略高于 10 亿美元，比 2019 年 9 月季度增长 1%</li><li>产生 1.51 亿美元的运营现金流，并向业务投资 6.19 亿美元</li><li>截至 9 月份季度末，该公司拥有 158 亿美元的流动资金，包括现金和现金等价物、短期投资和未提取的循环信贷额度</li><li>在关键运营指标上处于行业领先地位，包括 8 月份 mainline 和 Delta Connection 的综合完成率达到创纪录的 99.72。这些经营业绩和客户体验的其他增强支持国内净促销员得分高于 2019 年 9 月季度的水平</li></ul></blockquote> Revenue Environment<blockquote>收入环境</blockquote> \"Generating a profit for the quarter even with a majority of our corporate and international customers still to return is a great achievement. &nbsp;I am also encouraged by our relative revenue performance, as we expect a record September quarter unit revenue premium.&nbsp; Our ability to deliver a sustained unit revenue premium throughout the pandemic demonstrates the success of our customer-centric and revenue diversification strategies,\" said Glen Hauenstein, Delta's president.<blockquote>“尽管我们的大多数企业和国际客户仍未回归，但本季度仍实现盈利是一项伟大的成就。我也对我们的相对收入表现感到鼓舞，因为我们预计 9 月份季度单位收入溢价将创下历史新高。我们有能力在整个疫情期间提供持续的单位收入溢价证明了我们以客户为中心和收入多元化战略的成功，”达美航空总裁 Glen Hauenstein 说道。</blockquote> \"Our revenue recovery has shown strong progression through the course of the year as our customers return to the skies. &nbsp;With robust holiday demand and an expected improvement in corporate and international demand, we expect total December quarter revenue to recover to the low 70s percentage relative to 2019.\"<blockquote>“随着我们的客户重返天空，我们的收入复苏在这一年中显示出强劲的进展。随着强劲的假日需求以及企业和国际需求的预期改善，我们预计 12 月季度总收入将恢复到 70% 的低点相对于 2019 年。”</blockquote> Operating revenue, adjusted of $8.3 billion for the September quarter 2021 improved 30 percent, or $1.9 billion from June quarter 2021. &nbsp;Compared to the same period in 2019, operating revenue, adjusted was 66 percent restored, in line with the company's initial revenue guidance even as case counts from the COVID-19 variant impacted demand in August and early September.&nbsp; Total passenger revenue was 63 percent recovered in the September quarter 2021 compared to September quarter 2019 on system capacity that was 71 percent restored compared to 2019 levels.<blockquote>2021 年 9 月季度调整后的营业收入为 83 亿美元，比 2021 年 6 月季度增长 30%，即 19 亿美元。与2019年同期相比，调整后的营业收入恢复了66%，符合公司最初的收入指导，尽管新冠肺炎变体的病例数影响了8月和9月初的需求。与2019年9月季度相比，2021年9月季度的总乘客收入恢复了63%，与2019年9月季度相比，系统容量恢复了71%。</blockquote> Compared to the June quarter 2021, system yields improved 4 percent and system load factors improved 11 points to 80 percent. &nbsp;As a result, total unit revenue, adjusted improved 17 percent sequentially.<blockquote>与2021年6月季度相比，系统产量提高了4%，系统负载系数提高了11个百分点，达到80%。因此，调整后的单位总收入环比增长了 17%。</blockquote> Revenue-related Highlights:<blockquote>收入相关亮点：</blockquote> <ul> <li>Domestic and Latin continue to lead recovery, Transatlantic improved the most:Domestic passenger revenue was 72 percent restored compared to September quarter 2019, a 17 point improvement in the rate of recovery versus the June quarter 2021. International passenger revenue recovered to 42 percent of September quarter 2019 levels, a 16 point improvement sequentially. Latin is the most restored entity with passenger revenues 84 percent recovered, followed by Transatlantic at 35 percent restored versus September quarter 2019, up 20 points quarter over quarter driven by border reopenings. Pacific passenger revenue remains the slowest to return at 20 percent recovered with traffic largely still limited to essential travel.</li> <li>Premium cabins outperformed main cabin in the most recovered entities:Domestic and short-haul Latin premium product revenue continued to outperform with recovery outpacing main cabin by approximately 10 points. This was driven by an increase in paid premium cabin load factors relative to September quarter 2019, despite business travel being less than 50 percent recovered. This relative outperformance is expected to be reflected at a system level as premium revenue in other entities improves with the return of business and international travel at scale.</li> <li>Corporate demand stable despite delay in return to office:Corporate volumes improved in July but paused at approximately 40 percent recovered for the September quarter 2021 compared to September quarter 2019 as corporations delayed the reopening of offices due to the COVID-19 variant. This was a 10 point improvement sequentially from the June quarter, but below expectations set at the outset of the quarter. With the decline in COVID-19 case counts, Delta saw improving domestic corporate volumes exiting September, and that improvement continues in October. Small and Medium Enterprises continue to lead the recovery in business travel.</li> <li>American Express remuneration exceeded 2019 levels:American Express remuneration in the quarter exceeded 2019 levels on co-brand spend that was nearly 15 percent higher than 2019 and acquisitions that were approximately 95 percent restored to 2019. Strong portfolio spend more than offset travel-related remuneration. The company expects total remuneration to remain above December quarter 2019 levels in the December quarter 2021.</li> <li>Cargo revenue continues to improve on yield strength:Cargo revenue increased to $262 million, a 39 percent improvement compared to the September quarter 2019. This represents the fourth consecutive quarter of growth compared to 2019 comparable periods. Cargo strength relative to 2019 is expected to continue in the December quarter 2021 as constraints in global air cargo capacity during the peak holiday shipping period support continued yield strength.</li> </ul> Cost Performance<blockquote><ul><li>国内和拉丁美洲继续引领复苏，跨大西洋改善最大：与2019年9月季度相比，国内客运收入恢复了72%，与2021年6月季度相比，恢复率提高了17个百分点。国际客运收入恢复至2019年9月季度水平的42%，环比改善16个百分点。Latin是恢复最多的实体，客运收入恢复了84%，其次是Transatlantic，与2019年9月季度相比恢复了35%，在边境重新开放的推动下，环比增长了20个百分点。太平洋航空的客运收入恢复速度仍然最慢，仅恢复了 20%，客运量仍主要局限于基本旅行。</li><li>在复苏最多的实体中，高级客舱的表现优于主舱：国内和短途拉丁优质产品收入继续跑赢大盘，复苏速度超过主舱约10个百分点。尽管商务旅行的恢复不到 50%，但与 2019 年 9 月季度相比，付费保费客舱载客率有所增加。随着商务和国际旅行规模的恢复，其他实体的保费收入有所改善，这种相对优异的表现预计将在系统层面得到反映。</li><li>尽管复工延迟，企业需求稳定：与2019年9月季度相比，7月份企业业务量有所改善，但暂停在2021年9月季度恢复的约40%，原因是企业因新冠肺炎变种而推迟了办公室的重新开放。这比 6 月份季度环比改善 10 个百分点，但低于季度初设定的预期。随着 COVID-19 病例数的下降，达美航空 9 月份国内企业业务量有所改善，这种改善在 10 月份仍在继续。中小企业继续引领商旅复苏。</li><li>美国运通薪酬超过2019年水平：美国运通本季度的薪酬超过了2019年的水平，联合品牌支出比2019年高出近15%，收购约95%恢复到2019年。强大的投资组合支出足以抵消与旅行相关的薪酬。该公司预计 2021 年 12 月季度的总薪酬将保持在 2019 年 12 月季度的水平以上。</li><li>货运收入因产量强劲而持续改善：货运收入增至 2.62 亿美元，比 2019 年 9 月季度增长 39%。与 2019 年同期相比，这是连续第四个季度增长。相对于 2019 年的货运强劲预计将在 2021 年 12 月季度持续，因为假日运输高峰期全球航空货运能力的限制支撑了持续的收益率强劲。</li></ul>性价比</blockquote> \"Leading the industry on operational performance and achieving our goal of profitability for the quarter with an adjusted pre-tax profit of $216 million are great accomplishments and a testament to the perseverance of the Delta people,\" said Dan Janki, Delta's chief financial officer. &nbsp;\"Our focus remains on restoring the airline to prepare for the next leg of the recovery, building upon our leadership position for the years ahead.\"<blockquote>达美航空首席财务官 Dan Janki 表示：“运营业绩领先行业，并实现本季度盈利目标，调整后税前利润为 2.16 亿美元，这是一项伟大的成就，也证明了达美航空员工的毅力。”“我们的重点仍然是恢复航空公司，为下一阶段的复苏做好准备，并巩固我们未来几年的领先地位。”</blockquote> Total operating expenses, adjusted of $7.8 billion in the September quarter 2021 increased 12 percent sequentially, primarily driven by non-fuel costs from the continued restoration of the airline.&nbsp; Compared to September quarter 2019, total operating expenses, adjusted were down $2.6 billion or 25 percent.<blockquote>2021年9月季度调整后的总运营费用为78亿美元，环比增长12%，主要是由航空公司持续恢复的非燃料成本推动的。与2019年9月季度相比，调整后的总运营费用下降了26亿美元，降幅为25%。</blockquote> Fuel expense, adjusted increased 5 percent compared to the June quarter 2021 as lower fuel prices partially offset an 11 percent increase in capacity during the September quarter 2021.&nbsp; Adjusted fuel price of $1.94 per gallon was down 8 percent compared to the June quarter 2021 driven primarily by a refinery contribution versus a loss in the June quarter 2021.&nbsp; Carbon offsets expensed during the quarter drove a 4¢ impact on fuel prices as Delta fulfills its commitment to be a global carbon neutral airline by pursuing high quality, verified offsets.&nbsp; During the September quarter 2021, fuel efficiency, defined as gallons per 1,000 ASMs, improved 4.2 percent versus the same period in 2019 as a result of our fleet renewal efforts.<blockquote>与2021年6月季度相比，调整后的燃料费用增加了5%，因为较低的燃料价格部分抵消了2021年9月季度11%的运力增长。调整后的燃料价格为每加仑1.94美元，与2021年6月季度相比下降了8%，这主要是由于炼油厂的贡献与2021年6月季度的亏损相比。本季度支出的碳抵消对燃油价格产生了4美分的影响，因为达美航空通过追求高质量、经过验证的抵消来履行其成为全球碳中和航空公司的承诺。在2021年9月季度，由于我们的机队更新工作，燃油效率（定义为每1,000个ASM的加仑数）比2019年同期提高了4.2%。</blockquote> Non-fuel costs, adjusted of $6.3 billion increased 14 percent sequentially on an 11 percent increase in capacity and a 30 percent increase in adjusted revenue.&nbsp; Additionally, there was an increase in maintenance, training and other people-related costs required to support the restoration of the airline in the quarter as the company positions for further demand recovery in 2022.&nbsp; Compared to the September quarter of 2019, non-fuel unit costs (CASM-Ex) were 15 percent higher.<blockquote>调整后的非燃料成本为63亿美元，环比增长14%，运力增长11%，调整后收入增长30%。此外，随着公司为2022年需求进一步复苏做好准备，本季度支持航空公司恢复所需的维护、培训和其他人员相关成本也有所增加。与2019年9月季度相比，非燃料单位成本（CASM-Ex）高出15%。</blockquote> Non-operating expense for the September quarter 2021 was $673 million including mark-to-market losses on certain of our investments and losses on the extinguishment of debt. &nbsp;Non-operating expense, adjusted was $219 million, $6 million lower than June quarter 2021 driven by lower net interest expense, partially offset by other non-operating expenses.<blockquote>2021 年 9 月季度的非运营支出为 6.73 亿美元，包括我们某些投资的市值损失和债务清偿损失。调整后的非运营支出为 2.19 亿美元，比 2021 年 6 月季度减少 600 万美元，原因是净利息支出下降，部分被其他非运营支出抵消。</blockquote> Balance Sheet, Cash and Liquidity<blockquote>资产负债表、现金及流动资金</blockquote> \"Balance sheet management remains a key priority for Delta as we chart our return to investment grade metrics in the coming years,\" Janki said. &nbsp;\"Over the last 12 months, we have reduced our financial obligations by $12 billion. &nbsp;During the September quarter, we used excess cash to reduce gross debt and interest expense while rebuilding unencumbered assets and managing our debt maturity profile.\"<blockquote>Janki 表示：“资产负债表管理仍然是达美航空的首要任务，因为我们将在未来几年绘制投资级回报率指标。”“在过去 12 个月中，我们已减少了 120 亿美元的财务义务。在 9 月份季度，我们使用多余现金来减少总债务和利息支出，同时重建无负担资产并管理我们的债务到期状况。”</blockquote> At the end of the September quarter 2021, the company had total debt and finance lease obligations of $27.8 billion with adjusted net debt of $19.3 billion.&nbsp; The company's total debt had a weighted average interest rate of 4.2 percent at September quarter-end.&nbsp; In addition to maturities and normal amortization of nearly $184 million, the company completed a $1 billion debt tender offer, acquired aircraft with cash rather than financing those acquisitions and executed $276 million of open market debt repurchases in the September quarter 2021.<blockquote>截至2021年9月季度末，该公司的债务和融资租赁义务总额为278亿美元，调整后的净债务为193亿美元。截至9月季度末，该公司的总债务加权平均利率为4.2%。除了近1.84亿美元的到期和正常摊销外，该公司还完成了10亿美元的债务要约收购，用现金而不是为这些收购融资购买飞机，并在2021年9月季度执行了2.76亿美元的公开市场债务回购。</blockquote> Since October 2020, Delta has reduced its financial obligations by $12 billion in aggregate via pension contributions and paydown of debt, including normal amortization.&nbsp; These actions have driven interest savings, freed up previously secured collateral, fully funded the pension on a Pension Protection Act basis and improved the company's debt maturity profile.<blockquote>自2020年10月以来，达美航空通过养老金缴款和债务偿还，包括正常摊销，总共减少了120亿美元的财务义务。这些行动推动了利息节省，释放了以前担保的抵押品，根据《养老金保护法》为养老金提供了全额资金，并改善了公司的债务期限。</blockquote> Operating cash flow during the quarter was $151 million. &nbsp;Free cash flow was negative $463 million for the quarter with net capital expenditures reinvested in the business of $619 million.<blockquote>本季度运营现金流为 1.51 亿美元。本季度自由现金流为负 4.63 亿美元，业务再投资净资本支出为 6.19 亿美元。</blockquote> The company's Air Traffic Liability was $6.4 billion at September quarter-end, $562 million lower than at the end of the June quarter due to the impact the variant had on cash sales and normal seasonality.&nbsp; Travel credits at September quarter-end accounted for approximately 40 percent of the Air Traffic Liability and represented approximately 8 percent of average daily bookings during the quarter.<blockquote>截至9月季度末，该公司的空中交通负债为64亿美元，比6月季度末减少5.62亿美元，原因是该变体对现金销售和正常季节性的影响。截至9月季度末，旅行积分约占空中交通负债的40%，约占该季度日均预订量的8%。</blockquote> Delta ended the September quarter with $15.8 billion in liquidity, including $2.6 billion in undrawn revolver capacity.<blockquote>达美航空在 9 月份季度末拥有 158 亿美元的流动性，其中包括 26 亿美元的未提取左轮手枪产能。</blockquote> Fleet<blockquote>舰队</blockquote> Today the company announced the incremental acquisition of two used A350 aircraft with deliveries planned for the December quarter 2021.&nbsp; Year to date and including today's announcement, the company has finalized several fleet transactions, including the exercise of 55 A321neo options scheduled to deliver between 2022 and 2027 and agreements to acquire 38 gently used aircraft in the secondary market. &nbsp;These opportunistic acquisitions are consistent with the broader fleet strategy, complementing other actions taken over the last 18 months as the company accelerates fleet renewal efforts and prepares for continued recovery. &nbsp;Renewal efforts progress Delta towards a simpler, more efficient and sustainable fleet while also elevating product and customer experience.<blockquote>今天，该公司宣布增量收购两架二手A350飞机，计划于2021年12月季度交付。今年迄今为止，包括今天的公告，该公司已经完成了几笔机队交易，包括行使计划在2022年至2027年间交付的55架A321neo选择权，以及在二级市场上收购38架二手飞机的协议。这些机会主义收购与更广泛的机队战略一致，补充了过去 18 个月采取的其他行动，因为公司加快了机队更新工作并为持续复苏做好了准备。更新工作推动达美航空走向更简单、更高效和更可持续的机队，同时提升产品和客户体验。</blockquote> Other Highlights from the September Quarter<blockquote>九月季度的其他亮点</blockquote> Culture and People<blockquote>文化与人民</blockquote> <ul> <li>Increased vaccination rates to approximately 90 percent of employees, as of October 12, 2021, as Delta continues to prioritize the health and safety of our people</li> <li>Safely transported 9,000 evacuees from harm's way in Afghanistan on Delta aircraft, in partnership with the Department of Defense under the Civil Reserve Air Fleet (CRAF) program</li> <li>Partnered with the American Red Cross to transport 40,000 pounds of supplies, including American Red Cross blankets and comfort kits for evacuees on CRAF flights</li> <li>Contributed $350,000 to the American Red Cross for disaster relief efforts during the quarter – this contribution is in addition to the $1 million grant to the American Red Cross as an Annual Disaster Giving Program member</li> <li>Awarded the Travel Partner of the Year – Global Airline accolade in the U.K. for recognition of our commitment to the health and safety of our customers during the pandemic</li> </ul> Customer Experience and Loyalty<blockquote><ul><li>截至 2021 年 10 月 12 日，达美航空继续优先考虑员工的健康和安全，将疫苗接种率提高到约 90%</li><li>与国防部合作，根据民用后备机队 (CRAF) 计划，使用达美航空飞机安全运送了 9,000 名阿富汗 harm's way 撤离人员</li><li>与美国红十字会合作，为 CRAF 航班上的撤离人员运送 40,000 磅物资，包括美国红十字会毛毯和舒适包</li><li>本季度向美国红十字会捐款35万美元，用于救灾工作——这笔捐款是作为年度赈灾计划成员向美国红十字会捐款100万美元之外的额外捐款</li><li>荣获英国年度旅游合作伙伴——全球航空公司奖，以表彰我们在疫情期间对客户健康和安全的承诺</li></ul>客户体验和忠诚度</blockquote> <ul> <li>Continued to lead the industry in operational reliability across key operating metrics.&nbsp; In August, achieved record completion factor performance of 99.72 for both mainline and Delta Connection</li> <li>Achieved 116 Brand Perfect Days as of October 11, 2021, on par with pre-pandemic levels. &nbsp;Brand Perfect Days are defined as those days when there are no cancellations across Delta's mainline and regional operations</li> <li>Hired more than 8,000 employees across the organization since the beginning of 2021 to bolster customer service, reduce customer wait times and improve reliability in the summer operation</li> <li>For the fifth year in a row, Delta's SkyMiles program secured the No. 1 spot against all global airlines in U.S. News &amp; World Report's annual ranking of airline loyalty programs</li> <li>Selected by customers as the Skytrax Best Airline in North America for 2021 and recognized for its health, hygiene and safety protocols during the COVID-19 pandemic</li> <li>Announced or launched network changes in response to increasing travel demand, including:</li> <ul> <li>Nonstop service from Boston to Tel Aviv and Athens beginning in 2022</li> <li>New flights to Boston's top 20 Domestic markets with launch of DFW and CLT in October and BWI, DEN and SAN in July 2022</li> <li>Doubled flights from August to September 2021 to Canada's biggest markets following the country's reopening to fully vaccinated American</li> <li>Resumed nonstop service to Johannesburg, South Africa, restoring Delta service to all pre-COVID markets in Africa</li> </ul> <li>Implemented the following changes to enhance Delta's customer experience:</li> <ul> <li>Increased flexibility for our customers by extending waivers for Basic Economy fares&nbsp;through the end of 2021 and by eliminating same-day standby fees</li> <li>Led the industry as the only U.S. airline to extend Medallion Status and key SkyMiles benefits to January 2023 to give our most loyal customers more flexibility as travel resumes</li> <li>Resumed&nbsp;hot meal service in the premium cabin on coast-to-coast flights, partnering with Souvla, Union Square Events and chefs Jon+Vinny to serve fresh meals in Delta One</li> <li>Announced a new Spotify partnership to provide curated playlists, podcasts and elevated audio experience to Delta Studio for a more personalized experience</li> <li>Equipped more than 100 aircraft with fast streaming&nbsp;Viasat&nbsp;connectivity and on track for more than 300 aircraft to be equipped by year-end 2021</li> <li>Reopened full&nbsp;network of&nbsp;Delta Sky&nbsp;Clubs&nbsp;by&nbsp;July 2021&nbsp;and&nbsp;re-introduced signature hot food items&nbsp;in Clubs&nbsp;throughout the summer</li> </ul> </ul> Environmental, Social and Governance<blockquote><ul><li>在关键运营指标的运营可靠性方面继续领先业界。8月份，主线和三角洲连接的完工系数均达到创纪录的99.72</li><li>截至2021年10月11日，实现了116个品牌完美日，与疫情前的水平持平。品牌完美日定义为达美航空干线和区域运营均未取消航班的日子</li><li>自2021年初以来，整个组织雇佣了8,000多名员工，以加强客户服务、减少客户等待时间并提高夏季运营的可靠性</li><li>达美航空的SkyMiles计划连续第五年在美国所有全球航空公司中排名第一。《新闻与世界报道》航空公司忠诚度计划年度排名</li><li>被客户评选为2021年Skytrax北美最佳航空公司，并因其在COVID-19大流行期间的健康、卫生和安全协议而得到认可</li><li>为应对日益增长的旅行需求，宣布或启动网络变更，包括：</li><ul><li>2022 年开始提供从波士顿到特拉维夫和雅典的直达服务</li><li>10 月开通 DFW 和 CLT，2022 年 7 月开通 BWI、DEN 和 SAN，开通飞往波士顿前 20 个国内市场的新航班</li><li>2021 年 8 月至 9 月，加拿大向完全接种疫苗的美国人重新开放后，飞往加拿大最大市场的航班数量增加了一倍</li><li>恢复直飞南非约翰内斯堡的服务，恢复达美航空在非洲所有新冠疫情前市场的服务</li></ul><li>实施以下变更以增强达美航空的客户体验：</li><ul><li>通过将基本经济舱票价豁免延长至2021年底，并取消当日候机费，为客户增加灵活性</li><li>作为唯一一家将奖章身份和关键 SkyMiles 优惠延长至 2023 年 1 月的美国航空公司，引领行业，在旅行恢复时为我们最忠实的客户提供更大的灵活性</li><li>恢复东海岸航班高级客舱的热餐服务，与 Souvla、Union Square Events 和厨师 Jon+Vinny 合作，在达美一号提供新鲜餐食</li><li>宣布与 Spotify 建立新的合作伙伴关系，为 Delta Studio 提供精选播放列表、播客和高级音频体验，以实现更个性化的体验</li><li>为100多架飞机配备了快速流媒体Viasat连接，并有望在2021年底前为300多架飞机配备</li><li>于二零二一年七月前重新开放达美天空俱乐部的全部网络，并在整个夏季于俱乐部重新推出招牌热食项目</li></ul></ul>环境、社会及管治</blockquote> <ul> <li>Accelerated fleet renewal efforts by exercising options for 30 incremental A321neos in July 2021, which are expected to be 20 percent more efficient than the aircraft being replaced and begin deliveries in 2022</li> <li>Partnered with Chevron and Google to analyze sustainable aviation fuel (SAF) emissions data and increase industry transparency</li> <li>Signed an agreement with Aemetis for 250 million gallons of SAF to be delivered over the 10-year term of the agreement. &nbsp;With this announcement, Delta anticipates more than 80 million gallons of SAF available for annual consumption beginning in 2025</li> <li>Announced our commitment to work with the Science Based Targets initiative (SBTi) to set a net-zero 2050 target and an interim emissions intensity target for our airline operations, consistent with recently issued SBTi guidance for the aviation sector</li> <li>Announced plans to join three key climate coalitions - the UN's Race to Zero initiative, the LEAF Coalition and the World Economic Forum's Clean Skies for Tomorrow initiative – bolstering our commitment to a future of zero impact aviation</li> <li>Continuing commitment to enhanced Inclusion Training with more than 55,000 employees completing DEI (Diversity, Equity &amp; Inclusion) training classes in the last year</li> <li>Issued the 2021 \"Close the Gap\" report, demonstrating our commitment to transparency in our journey to becoming a more diverse, equitable, anti-racist and anti-discrimination organization</li> </ul> Payroll Support Program / Government Grant Accounting<blockquote><ul><li>通过在 2021 年 7 月行使增量 30 架 A321neo 的选择权，加快机队更新工作，预计这些飞机的效率将比被替换的飞机提高 20%，并于 2022 年开始交付</li><li>与雪佛龙和谷歌合作分析可持续航空燃料 (SAF) 排放数据并提高行业透明度</li><li>与 Aemetis 签署协议，在 10 年协议期限内交付 2.5 亿加仑 SAF。通过这一公告，达美航空预计从 2025 年开始每年将有超过 8000 万加仑的 SAF 可供消费</li><li>宣布我们承诺与科学目标倡议 (SBTi) 合作，根据最近发布的 SBTi 航空业指南，为我们的航空运营设定 2050 年净零排放目标和临时排放强度目标</li><li>宣布计划加入三个主要气候联盟——联合国的“零排放竞赛”倡议、“树叶联盟”和世界经济论坛的“明天清洁天空”倡议——加强我们对零影响航空未来的承诺</li><li>持续致力于加强包容性培训，去年有超过55,000名员工完成了DEI（多元化、公平与包容性）培训课程</li><li>发布2021年《缩小差距》报告，展示我们在成为一个更加多元化、公平、反种族主义和反歧视组织的过程中对透明度的承诺</li></ul>薪资支援计划/政府补助会计</blockquote> In the September quarter 2021, the remaining $1.8 billion of PSP3 was recognized as a contra-expense, which is reflected as \"government grant recognition\" on the Consolidated Statements of Operations.<blockquote>在2021年9月季度，PSP3的剩余18亿美元被确认为反费用，这在合并经营报表中反映为“政府补助确认”。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DAL":"达美航空"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106568038","content_text":"Delta Air Lines reported quarterly earnings of $0.30 per share which beat the analyst consensus estimate of $0.17 by 76.47 percent. This is a 109.09 percent increase over losses of $(3.30) per share from the same period last year. The company reported quarterly sales of $8.28 billion which missed the analyst consensus estimate of $8.40 billion by 1.42 percent. This is a 170.44 percent increase over sales of $3.06 billion the same period last year.\nDelta Air Lines shares fell nearly 1% after reporting quarterly earnings.\n\nSeptember quarter 2021 GAAP pre-tax income of $1.5 billion, pre-tax margin of 16.7 percent and earnings per diluted share of $1.89 on total revenue of $9.2 billion\nSeptember quarter 2021 adjusted pre-tax income of $216 million, adjusted pre-tax margin of 2.6 percent and adjusted earnings per diluted share of $0.30 on adjusted operating revenue of $8.3 billion\nSeptember quarter 2021 remuneration from American Express exceeds September quarter 2019 levels\nDelta Air Lines (NYSE:DAL) today reported financial results for the September quarter 2021 and provided its outlook for the December quarter 2021.  Highlights of the September quarter 2021 results, including both GAAP and adjusted metrics, are on page six and are incorporated here.\n\"Our September quarter marked an important milestone in our recovery, with our first quarterly profit since the start of the pandemic,\" said Ed Bastian, Delta's chief executive officer.  \"Our revenues reached two-thirds of 2019 levels thanks to the industry-leading operational performance our people delivered through a busy summer, once again showing why they are the best in the business.\"\n\"While demand continues to improve, the recent rise in fuel prices will pressure our ability to remain profitable for the December quarter.  As the recovery progresses, I am confident in our path to sustained profitability as we continue to provide best-in-class service to our customers, strengthen preference for our brand, while creating a simpler, more efficient airline.\"\nSeptember Quarter Financial and Operating Results\n\nAdjusted pre-tax income of $216 million excludes a $1.3 billion net benefit related to the second payroll support program extension (PSP3) partially offset by debt extinguishment charges and mark-to-market adjustments on our investments\nAdjusted operating revenue of $8.3 billion, which excludes refinery sales, was 66 percent recovered versus September quarter 2019 on capacity that was 71 percent restored.  Sequentially versus the June quarter 2021, adjusted operating revenue improved by $1.9 billion, or 30 percent, on an 11 percent increase in capacity\nTotal operating expense, which includes the remaining $1.8 billion of benefit related to PSP3, decreased $3.5 billion compared to the September quarter 2019.  Adjusted for the benefit related to PSP3 and costs from third-party refinery sales, total operating expense decreased $2.6 billion or 25 percent in the September quarter 2021 versus the comparable 2019 period\nRemuneration from American Express in the quarter was just over $1 billion, up 1 percent compared to September quarter 2019\nGenerated $151 million of operating cash flow and invested $619 million back in the business\nAt the end of the September quarter, the company had $15.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities\nLed the industry on key operating metrics, including a record combined completion factor of 99.72 in August for both mainline and Delta Connection.  These operating results and other enhancements to the customer experience supported domestic net promoter scores above September quarter 2019 levels\n\n\nRevenue Environment\n\"Generating a profit for the quarter even with a majority of our corporate and international customers still to return is a great achievement.  I am also encouraged by our relative revenue performance, as we expect a record September quarter unit revenue premium.  Our ability to deliver a sustained unit revenue premium throughout the pandemic demonstrates the success of our customer-centric and revenue diversification strategies,\" said Glen Hauenstein, Delta's president.\n\"Our revenue recovery has shown strong progression through the course of the year as our customers return to the skies.  With robust holiday demand and an expected improvement in corporate and international demand, we expect total December quarter revenue to recover to the low 70s percentage relative to 2019.\"\nOperating revenue, adjusted of $8.3 billion for the September quarter 2021 improved 30 percent, or $1.9 billion from June quarter 2021.  Compared to the same period in 2019, operating revenue, adjusted was 66 percent restored, in line with the company's initial revenue guidance even as case counts from the COVID-19 variant impacted demand in August and early September.  Total passenger revenue was 63 percent recovered in the September quarter 2021 compared to September quarter 2019 on system capacity that was 71 percent restored compared to 2019 levels.\nCompared to the June quarter 2021, system yields improved 4 percent and system load factors improved 11 points to 80 percent.  As a result, total unit revenue, adjusted improved 17 percent sequentially.\nRevenue-related Highlights:\n\nDomestic and Latin continue to lead recovery, Transatlantic improved the most:Domestic passenger revenue was 72 percent restored compared to September quarter 2019, a 17 point improvement in the rate of recovery versus the June quarter 2021. International passenger revenue recovered to 42 percent of September quarter 2019 levels, a 16 point improvement sequentially. Latin is the most restored entity with passenger revenues 84 percent recovered, followed by Transatlantic at 35 percent restored versus September quarter 2019, up 20 points quarter over quarter driven by border reopenings. Pacific passenger revenue remains the slowest to return at 20 percent recovered with traffic largely still limited to essential travel.\nPremium cabins outperformed main cabin in the most recovered entities:Domestic and short-haul Latin premium product revenue continued to outperform with recovery outpacing main cabin by approximately 10 points. This was driven by an increase in paid premium cabin load factors relative to September quarter 2019, despite business travel being less than 50 percent recovered. This relative outperformance is expected to be reflected at a system level as premium revenue in other entities improves with the return of business and international travel at scale.\nCorporate demand stable despite delay in return to office:Corporate volumes improved in July but paused at approximately 40 percent recovered for the September quarter 2021 compared to September quarter 2019 as corporations delayed the reopening of offices due to the COVID-19 variant. This was a 10 point improvement sequentially from the June quarter, but below expectations set at the outset of the quarter. With the decline in COVID-19 case counts, Delta saw improving domestic corporate volumes exiting September, and that improvement continues in October. Small and Medium Enterprises continue to lead the recovery in business travel.\nAmerican Express remuneration exceeded 2019 levels:American Express remuneration in the quarter exceeded 2019 levels on co-brand spend that was nearly 15 percent higher than 2019 and acquisitions that were approximately 95 percent restored to 2019. Strong portfolio spend more than offset travel-related remuneration. The company expects total remuneration to remain above December quarter 2019 levels in the December quarter 2021.\nCargo revenue continues to improve on yield strength:Cargo revenue increased to $262 million, a 39 percent improvement compared to the September quarter 2019. This represents the fourth consecutive quarter of growth compared to 2019 comparable periods. Cargo strength relative to 2019 is expected to continue in the December quarter 2021 as constraints in global air cargo capacity during the peak holiday shipping period support continued yield strength.\n\nCost Performance\n\"Leading the industry on operational performance and achieving our goal of profitability for the quarter with an adjusted pre-tax profit of $216 million are great accomplishments and a testament to the perseverance of the Delta people,\" said Dan Janki, Delta's chief financial officer.  \"Our focus remains on restoring the airline to prepare for the next leg of the recovery, building upon our leadership position for the years ahead.\"\nTotal operating expenses, adjusted of $7.8 billion in the September quarter 2021 increased 12 percent sequentially, primarily driven by non-fuel costs from the continued restoration of the airline.  Compared to September quarter 2019, total operating expenses, adjusted were down $2.6 billion or 25 percent.\nFuel expense, adjusted increased 5 percent compared to the June quarter 2021 as lower fuel prices partially offset an 11 percent increase in capacity during the September quarter 2021.  Adjusted fuel price of $1.94 per gallon was down 8 percent compared to the June quarter 2021 driven primarily by a refinery contribution versus a loss in the June quarter 2021.  Carbon offsets expensed during the quarter drove a 4¢ impact on fuel prices as Delta fulfills its commitment to be a global carbon neutral airline by pursuing high quality, verified offsets.  During the September quarter 2021, fuel efficiency, defined as gallons per 1,000 ASMs, improved 4.2 percent versus the same period in 2019 as a result of our fleet renewal efforts.\nNon-fuel costs, adjusted of $6.3 billion increased 14 percent sequentially on an 11 percent increase in capacity and a 30 percent increase in adjusted revenue.  Additionally, there was an increase in maintenance, training and other people-related costs required to support the restoration of the airline in the quarter as the company positions for further demand recovery in 2022.  Compared to the September quarter of 2019, non-fuel unit costs (CASM-Ex) were 15 percent higher.\nNon-operating expense for the September quarter 2021 was $673 million including mark-to-market losses on certain of our investments and losses on the extinguishment of debt.  Non-operating expense, adjusted was $219 million, $6 million lower than June quarter 2021 driven by lower net interest expense, partially offset by other non-operating expenses.\nBalance Sheet, Cash and Liquidity\n\"Balance sheet management remains a key priority for Delta as we chart our return to investment grade metrics in the coming years,\" Janki said.  \"Over the last 12 months, we have reduced our financial obligations by $12 billion.  During the September quarter, we used excess cash to reduce gross debt and interest expense while rebuilding unencumbered assets and managing our debt maturity profile.\"\nAt the end of the September quarter 2021, the company had total debt and finance lease obligations of $27.8 billion with adjusted net debt of $19.3 billion.  The company's total debt had a weighted average interest rate of 4.2 percent at September quarter-end.  In addition to maturities and normal amortization of nearly $184 million, the company completed a $1 billion debt tender offer, acquired aircraft with cash rather than financing those acquisitions and executed $276 million of open market debt repurchases in the September quarter 2021.\nSince October 2020, Delta has reduced its financial obligations by $12 billion in aggregate via pension contributions and paydown of debt, including normal amortization.  These actions have driven interest savings, freed up previously secured collateral, fully funded the pension on a Pension Protection Act basis and improved the company's debt maturity profile.\nOperating cash flow during the quarter was $151 million.  Free cash flow was negative $463 million for the quarter with net capital expenditures reinvested in the business of $619 million.\nThe company's Air Traffic Liability was $6.4 billion at September quarter-end, $562 million lower than at the end of the June quarter due to the impact the variant had on cash sales and normal seasonality.  Travel credits at September quarter-end accounted for approximately 40 percent of the Air Traffic Liability and represented approximately 8 percent of average daily bookings during the quarter.\nDelta ended the September quarter with $15.8 billion in liquidity, including $2.6 billion in undrawn revolver capacity.\nFleet\nToday the company announced the incremental acquisition of two used A350 aircraft with deliveries planned for the December quarter 2021.  Year to date and including today's announcement, the company has finalized several fleet transactions, including the exercise of 55 A321neo options scheduled to deliver between 2022 and 2027 and agreements to acquire 38 gently used aircraft in the secondary market.  These opportunistic acquisitions are consistent with the broader fleet strategy, complementing other actions taken over the last 18 months as the company accelerates fleet renewal efforts and prepares for continued recovery.  Renewal efforts progress Delta towards a simpler, more efficient and sustainable fleet while also elevating product and customer experience.\nOther Highlights from the September Quarter\nCulture and People\n\nIncreased vaccination rates to approximately 90 percent of employees, as of October 12, 2021, as Delta continues to prioritize the health and safety of our people\nSafely transported 9,000 evacuees from harm's way in Afghanistan on Delta aircraft, in partnership with the Department of Defense under the Civil Reserve Air Fleet (CRAF) program\nPartnered with the American Red Cross to transport 40,000 pounds of supplies, including American Red Cross blankets and comfort kits for evacuees on CRAF flights\nContributed $350,000 to the American Red Cross for disaster relief efforts during the quarter – this contribution is in addition to the $1 million grant to the American Red Cross as an Annual Disaster Giving Program member\nAwarded the Travel Partner of the Year – Global Airline accolade in the U.K. for recognition of our commitment to the health and safety of our customers during the pandemic\n\nCustomer Experience and Loyalty\n\nContinued to lead the industry in operational reliability across key operating metrics.  In August, achieved record completion factor performance of 99.72 for both mainline and Delta Connection\nAchieved 116 Brand Perfect Days as of October 11, 2021, on par with pre-pandemic levels.  Brand Perfect Days are defined as those days when there are no cancellations across Delta's mainline and regional operations\nHired more than 8,000 employees across the organization since the beginning of 2021 to bolster customer service, reduce customer wait times and improve reliability in the summer operation\nFor the fifth year in a row, Delta's SkyMiles program secured the No. 1 spot against all global airlines in U.S. News & World Report's annual ranking of airline loyalty programs\nSelected by customers as the Skytrax Best Airline in North America for 2021 and recognized for its health, hygiene and safety protocols during the COVID-19 pandemic\nAnnounced or launched network changes in response to increasing travel demand, including:\n\nNonstop service from Boston to Tel Aviv and Athens beginning in 2022\nNew flights to Boston's top 20 Domestic markets with launch of DFW and CLT in October and BWI, DEN and SAN in July 2022\nDoubled flights from August to September 2021 to Canada's biggest markets following the country's reopening to fully vaccinated American\nResumed nonstop service to Johannesburg, South Africa, restoring Delta service to all pre-COVID markets in Africa\n\nImplemented the following changes to enhance Delta's customer experience:\n\nIncreased flexibility for our customers by extending waivers for Basic Economy fares through the end of 2021 and by eliminating same-day standby fees\nLed the industry as the only U.S. airline to extend Medallion Status and key SkyMiles benefits to January 2023 to give our most loyal customers more flexibility as travel resumes\nResumed hot meal service in the premium cabin on coast-to-coast flights, partnering with Souvla, Union Square Events and chefs Jon+Vinny to serve fresh meals in Delta One\nAnnounced a new Spotify partnership to provide curated playlists, podcasts and elevated audio experience to Delta Studio for a more personalized experience\nEquipped more than 100 aircraft with fast streaming Viasat connectivity and on track for more than 300 aircraft to be equipped by year-end 2021\nReopened full network of Delta Sky Clubs by July 2021 and re-introduced signature hot food items in Clubs throughout the summer\n\n\nEnvironmental, Social and Governance\n\nAccelerated fleet renewal efforts by exercising options for 30 incremental A321neos in July 2021, which are expected to be 20 percent more efficient than the aircraft being replaced and begin deliveries in 2022\nPartnered with Chevron and Google to analyze sustainable aviation fuel (SAF) emissions data and increase industry transparency\nSigned an agreement with Aemetis for 250 million gallons of SAF to be delivered over the 10-year term of the agreement.  With this announcement, Delta anticipates more than 80 million gallons of SAF available for annual consumption beginning in 2025\nAnnounced our commitment to work with the Science Based Targets initiative (SBTi) to set a net-zero 2050 target and an interim emissions intensity target for our airline operations, consistent with recently issued SBTi guidance for the aviation sector\nAnnounced plans to join three key climate coalitions - the UN's Race to Zero initiative, the LEAF Coalition and the World Economic Forum's Clean Skies for Tomorrow initiative – bolstering our commitment to a future of zero impact aviation\nContinuing commitment to enhanced Inclusion Training with more than 55,000 employees completing DEI (Diversity, Equity & Inclusion) training classes in the last year\nIssued the 2021 \"Close the Gap\" report, demonstrating our commitment to transparency in our journey to becoming a more diverse, equitable, anti-racist and anti-discrimination organization\n\nPayroll Support Program / Government Grant Accounting\nIn the September quarter 2021, the remaining $1.8 billion of PSP3 was recognized as a contra-expense, which is reflected as \"government grant recognition\" on the Consolidated Statements of 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