Q1
in M$ in M$ in M$
Jan. Feb. Mar. Jan. Feb. Mar. Jan. Feb. Mar.
Operating Revenues 1,638 1,692 1,748 Cash and equivalents 1,565 1,599 1,635 Accounts Payable 363 371 379
Operating Expenses: Accounts receivable 1,141 1,166 1,192 Air traffic liability 502 513 524
Salaries, wages and benefits 580 599 619 Fuel inventory 92 94 96 Accrued liabilities 117 120 122
Aircraft fuel and taxes 480 496 512 Parts and supplies inventory 102 104 107 Cu
. maturities of LTD 118 121 123
Landing fees and other rents 101 104 108 Prepaid expenses 44 45 46 Other cu
ent liabilities 32 33 33
Depreciation/amortization 120 124 128 Total Cu
ent Assets 2,944 3,009 3,075 Total Cu
ent Liabilities 1,132 1,157 1,182
Maintenance and repairs 100 103 107 Property, Plant & Equipment 4,158 4,249 4,343 LTD and lease obligations 253 259 264
Other operating expenses 44 45 47 Allowance for depreciation 2,121 2,168 2,215 Pension obligations 163 167 170
Total Operating Expenses 1,425 1,472 1,521 Net PP&E 2,037 2,082 2,128 Defe
ed revenue 252 258 263
Operating Income 213 220 227 Goodwill 198 202 207 Non-cu
ent operating leases 401 410 419
Other income/(expense) 22 23 23 Other assets 322 329 336 Other long term liabilities 104 106 109
Income before taxes 235 243 251 Total Assets 5,501 5,622 5,746 Stockholder's equity 3,196 3,266 3,338
Income tax expense 44 45 47 Total Liab. and equity 5,501 5,622 5,746
Net Income 191 197 204
Key Ratios
Jan. Feb. Mar.
Days Receivable
Days Inventory
Operating Cycle
Days Payable
Cash Cycle
Q2
a) Effective Annual Rate (EAR) b) Average Collection Period
Notional purchase 1,000.00 Gross revenue 10,000,000
Discount (%) 1.25% Avg. receivables before new policy
Days difference 30
alfonso canella: alfonso canella:
Difference in days from paying to get discount to paying with no discount % paying early 25.0%
Avg. receivables after new policy
Discount ($) Change in receivables
Rate (%) Cost of capital 8.0%
Days difference in 1 year Projected savings in capital costs
minus: discounts
EAR Projected savings net of discounts
Gross margin 20.0%
Gross revenues must rise by:
- in dollars
- in percent
v. MAR 22
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