Delta vs Southwest: A Case Study Analysis

Makenzie Rudy
Course Section #2956
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Delta Air Lines, Inc.
versus
Southwest Airlines, Co.
A PROFESSIONAL SUMMARY OF THE SEMESTER CASE STUDY

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Table of Contents
Introduction.................................................................................................................................................3
Company Snapshot.................................................................................................................................3
Corporate History...................................................................................................................................4
Corporate Profile ....................................................................................................................................6
Corporate Leadership Team..................................................................................................................7
Board of Directors...................................................................................................................................8
Overview............................................................................................................................................10
Why Delta Air Lines?...........................................................................................................................10
Benchmark Selection ............................................................................................................................11
Industry Overview ................................................................................................................................12
General Environment...........................................................................................................................13
Competitive Environment....................................................................................................................15
Major Trends & Events in the Industry.............................................................................................16
Technological Advances ...................................................................................................................17
Self-Service Airports.........................................................................................................................17
Qualitative Analysis..................................................................................................................................17
Organizational Citizenship ..................................................................................................................18
Employee Relations...............................................................................................................................19
Customer Relations...............................................................................................................................20
Competitor Relations............................................................................................................................22
Relationships with Directors................................................................................................................23
Government Relations..........................................................................................................................24
Environmental Record .........................................................................................................................24
Community Relations ...........................................................................................................................25
Stockholder Satisfaction.......................................................................................................................26
Communication with the Public ..........................................................................................................27
Public Persona.......................................................................................................................................28
Vendor Relations...................................................................................................................................29
Strategic Positioning.............................................................................................................................30

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Vision and Mission................................................................................................................................31
Competitive Advantage ........................................................................................................................31
General Environment...........................................................................................................................32
Innovation..............................................................................................................................................33
Plans and Progress................................................................................................................................34
Quantitative Analysis................................................................................................................................34
Profit Equity and Share Value Management .....................................................................................35
Profit Management ...........................................................................................................................35
Equity Management..........................................................................................................................36
Share Value Management ................................................................................................................37
Debt Management.................................................................................................................................38
Cash Management ................................................................................................................................39
Asset Management................................................................................................................................41
Comprehensive Summary........................................................................................................................42
Summary: Qualitative Performance ...................................................................................................42
Organizational Citizenship...............................................................................................................42
Strategic Positioning .........................................................................................................................44
Summary: Quantitative Performance.................................................................................................45
Profit, Equity, and Share Value Management:..............................................................................46
Debt Management.............................................................................................................................47
Cash Management ............................................................................................................................48
Asset Management............................................................................................................................49
Final Thoughts ..........................................................................................................................................49
Bibliography..............................................................................................................................................51
Appendix....................................................................................................................................................57

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Introduction
Delta Air Lines, Inc. is a major American airline offering flights to over 350 destinations
on six continents.1
Delta is one of the world’s largest airlines that helps more than 160 million
travelers get to their desired destination each year.2
The company utilizes more than 750
aircrafts in their fleet (excluding aircraft owned or leased by a third party contract carrier). Not
only a prized airline in its industry, Delta Air Lines has been acclimated to be one of the most
admired companies in the world.3
The following professional summary will provide a background of the corporate
operations at Delta Air Lines, including their successes and points of defeat and the reasoning
behind each. Furthermore, it will expand on how the company is soaring into the future. This
summary will analyze from both the quantitative and qualitative perspective, focusing on
organizational citizenship, strategic positioning, profitability, debt, cash, and asset management.
Delta’s performance will be analyzed in parallel with its best-matched competitor, Southwest
Airlines Co., which is a benchmark corporation for this industry.
Company Snapshot4
As of 04/22/2015
Ticker Symbol DAL
Listed Exchange NYSE
Last Trade ($) $45.73
52 Week High/Low $ 51.06 / $ 30.12
Markey Cap ($ Bil.) 37.32
Beta 1.15
Shares Outstanding (Mil.) 8.81
Earnings Per Share ($) 1.40
1
(Delta Air Lines, Inc., 2011)
2
3
4
(NASDAQ, 2015)

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Corporate History
Delta Air Lines started with humble roots, interestingly enough, under the name “Huff
Daland Dusters;” as a crop dusting operation founded in Macon, Georgia in 1924. They were the
first commercial agricultural flying company in existence, applying pesticides through way of
air.5
In 1925, the company moved their headquarters to Monroe, Louisiana were they serviced
cotton farmers in the Mississippi Delta. Being only a seasonal business, the Dusters went in
search for other markets where their services were applicable.6
Huff Dalands’s fleet was 18
strong at this point and were the largest privately owned in the world. The company ran
operations from Florida, Arkansas, California, and Mexico. Just two years after, in 1927, the
company expanded their dusting services into Peru. Following, in 1928, they operated the first
international mail and passenger route on the west coast of South America. This was in
collaboration with Pan Am subsidiary Peruvian Airways.
Shortly after, Huff Daland Dusters was being scouted by C.E. Woolman (founder of
Delta Air Lines, Inc.) in a movement to purchase the company. Under President D.Y. Smith and
Vice President C.E. Woolman, Huff Daland Dusters was renamed Delta Air Service where it
served in the Mississippi Delta region.7
Right away, in 1929, Delta began operating flights from
Dallas, TX to Jackson, MS via Shreveport and Monroe, La. Travel Air S-6000B airplanes.
These first planes held five passengers and one pilot. During the 1930’s continued to expand
their service destinations. The company was renamed to Delta Air Corporation and then changed
5
6
(Ganzel, 2015)
7

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again in 1934 to Delta Air Lines. Following, the airline expanded to night services and aircrafts
operated by two pilots.8
In the 1940’s along with changing their name to officially be recognized as Delta Air
Lines, Inc., the company added stewardesses and continued to expand their destinations and their
fleet of aircraft. The company also contributed to the war efforts at this time; they modified
aircrafts and trained army pilots and mechanics. During the time from 1940 to 1980 the company
focused its efforts in expansion in terms of fleet, customers, and destinations. Delta launched
their frequent flier program in 1981, offering points and rewards for flying often. Delta merged
with Western Airlines in 1987, to become the fifth largest world carrier.9
After this, in 1991
Delta made the largest acquisition of flights in airline history, by purchasing Pan Am’s trans-
Atlantic routes and the Pan Am Shuttle, becoming a global carrier.
In 2000, Delta made a global move, creating a global alliance called SkyTeam. This
partnered Delta with AeroMexico, Air France, and Korean Air. Following the September 11th
attacks in 2001, U.S. airspace was shut down and carriers were prohibited from flying. During
the 2000’s the company expanded in terms of technology and customer service. In 2005, Delta
Air Lines declared bankruptcy due to a compilation of management missteps. The company had
pulled itself out of this situation by 2007.10
In 2008, Delta became the first U.S. airline to
announce on board Wi-Fi for domestic fleet in this same year. More recently, in 2010, Delta
announced its plan to upgrade within the decade; a $2 Billion dollar investment geared at
improving customer experience. The company continued to improve facilities and their
8
9
10
(Foust, 2009)

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technological resources allocated to customers. Starting as just a small dusting company, Delta
Air Lines, Inc., and has become a major player in the airline industry.11
Corporate Profile
Delta is one of the world leading airlines offering over 350 destinations to more than 160
million customers. They provide scheduled air transportation for passengers as well as cargo
throughout the United States and to six continents around the world. They hold a major
domestic and international market presence provided by their global network route. Their major
hub and international gateway airports are currently operating in Amsterdam, Atlanta, Detroit,
Los Angeles, Minneapolis-St. Paul, New York-LaGuardia, New York-JFK, Paris-Charles de
Gaulle, Salt Lake City, Seattle and Tokyo-Narita. Their fleet contains aircraft that vary in size
and capabilities, allowing Delta flexibility in adjusting aircraft to network.12
The company is incorporated under the laws of the State of Delaware, with principal
executive offices serving out of Hartsfield-Jackson International Airport in Atlanta, Georgia.
After filing bankruptcy in September of 2005, Delta reopened their trading stock in 2007, with
an initial price of $21.75 per share.13
The company is publically traded for the service industry
on NASDAQ under the ticker symbol “DAL.” Their fiscal year comes to a close on December
31. As of January 31, 2015 there were 824 million shares of common stock. Delta currently
employs nearly 80,000 employees and maintains their largest hub in Atlanta Georgia, with nearly
1,000 daily departures.
11
12
(Ernst & Young LLP, 2015)
13
(The Associated Press, 2007)

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Delta Air Lines, Inc. provides industry-leading service, being named FORTUNE
magazine’s top 50 World’s Most Admired Companies, along with being the most admired airline
for four out of five years. This company prides itself on being a leader but also a team player as
it is a founding member of the SkyTeam global alliance, as well as being a participant in the
trans-Atlantic joint venture with Air-France-KLM, Alitalia, and newly formed venture with
Virgin Atlantic. Having a strong focus on enhancing customer experience, Delta has invested
large sums of money to ensure successful and well-seasoned encounters both in the air and on
the ground.14
Corporate Leadership Team15
The names, positions, and dates of employment of Delta’s corporate leadership team are
listed below. Eleven members currently hold leadership roles at Delta Air Lines. All
information is as of January 2015.
1. Richard H. Anderson – Chief Executive Officer, April 2007
2. Edward Bastian – President, July 2005
3. Glen Hauenstein – Executive Vice President and Chief Revenue Officer, August 2005
4. Richard Ben Hirst – Executive Vice President and Chief Legal Officer, 2008
5. Paul Jacobson – Executive Vice President and Chief Financial Officer, March 2012
6. Andrea Newman – Senior Vice President: Government Affairs, October 2008
7. Holden Shannon – Senior Vice President: Corporate Real Estate, November 2010
8. Kevin Shinkle – Senior Vice President and Chief Communications Officer, May 2014
9. Joanne Smith – Executive Vice President and Chief Human Resources Officer, 2002
14
15

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10. Gil West – Executive Vice President and Chief Operating Officer, March 2008
11.Theresa Wise – Senior Vice President and Chief Information Officer, 1993
Board of Directors16
Name Position at
Delta
Age Other Positions held
externally
Primary
Company17
Richard H. Anderson Member of the
Board of
Directors and
CEO
58 BOD – Medtronic, Inc.
and Cargill
Delta Air Lines,
Inc.
Edward H. Bastian Member of the
Board of
Directors and
President
56 BOD – Aeromexico,
GOL, and Virgin
Atlantic
Delta Air Lines,
Inc.
Daniel A. Carp Chairman of the
Board
(Since 2007)
65 Director of Norfolk
Southern Corp. and
Texas Instruments, Inc.
Delta Air Lines,
Inc.
Roy J. Bostock Vice Chairman
(Since 2008)
73 Principal of Sealedge
Investments, LLC
Sealedge
Investments,
LLC.
Kenneth B. Woodrow Member of the
Board of
Directors
69 Director of Visteon
Corporation from 2004
to 2010
Delta Air Lines,
Inc.
Paula P. Reynolds Member of the
Board of
Directors
57 President and CEO of
PreferWest, LLC. &
Director of BAE
Systems plc and
TransCanada
Corporation
PreferWest,
LLC.
&
AGL Resources,
Inc.
Kenneth C. Rogers Member of the
Board of
Directors
53 (Internal):
Delta Pilot of Boeing
767ER aircraft
Delta Air Lines,
Inc.
David G. DeWalt Member of the
Board of
Directors
49 CEO, Director, and
Chairman of the Board
of Directors for
FireEye, Inc.
FireEye, Inc.
David R. Goode Member of the
Board of
Directors
73 Director of Caterpillar
Inc. from 1993 to 2013
& Director of Texas
NPS Property
Consultants Ltd.
16
17
(Bloomberg, L.P., 2015)

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Instruments Inc. from
1996 to 2011
John S. Brinzo Member of the
Board of
Directors
72 Director of AK Steel
Holding Corporation
AK Steel
Holding
Corporation
Mickey Foret Member of the
Board of
Directors
68 Director of
SpartanNash and URS
Corporation
SpartanNash
Company
George N. Mattson Member of the
Board of
Directors
48 Partner and Co-Head of
Global Industrials
Group in Investment
Banking at Goldman,
Sachs & Co. from 2002
to 2012
The Boys’ Club
of New York
William Easter Member of the
Board of
Directors
64 Director of Concho
Resources, Inc. &
director of
Baker Hughes Inc.
Concho
Resources, Inc
&
Baker Hughes,
Inc.
Francis S. Blake Member of the
Board of
Directors
65 Chairman of The Home
Depot Board of
Directors from 2007 to
2015 & Director of
Procter & Gamble and
Georgia Aquarium
Home Depot
U.S.A., Inc.
Sergio Rial Member of the
Board of
Directors
54 CEO of Marfrig Global
foods from 2012 to
2015 & Chairman of
the Board of Directors
of Banco Santander
Brasil & Director of
Cyrela Brazil Realty
S.A.
Marfrig Global
Foods S.A.
Thomas E. Donilon Member of the
Board of
Directors
59 Partner and Vice Chair
of O’Melveny &
Meyers, LLP.
O’Melveny &
Myers, LLP
Shirley C. Franklin Member of the
Board of
Directors
68 Chair of the Board of
Directors and CEO of
Purpose Built
Communities, Inc. &
Visiting Professor at
University of Texas,
LBJ School of Public
Affairs &
Director of Mueller
Water Products, Inc.
Purpose Built
Communities,
Inc.
&
Mueller Water
Products, Inc.

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Overview
Delta Air Line’s board consists of 17 members; two woman and fifteen men. Additional
women on the board have the potential to improve the company’s financial performance and
social perspective. In addition, the size of this board is significantly larger than usual boards.
This could be problematic as larger boards are viewed as generally less productive and less
effective.18
Their ages range from 48 to 73 with a median age of 64 and a mean age of 62. Each
member comes from a diverse, experienced corporate background. Twelve out of fifteen of the
members centralize their primary attention to companies other than Delta Air Lines. Having a
larger “outside director ratio” holds the potential that the members are not as familiar with the
company and possibly are not as qualified to represent the interests of the shareholders.19
Why Delta Air Lines?
Let’s take a minute and be honest with ourselves; there is no way that you can possibly
ensure every traveler will walk away happy at the end of a trip. Traveling, and more specifically
flying can be an aggravating and sometimes quite time-consuming experience. Making this
process as gratifying as possible should be an airline’s top priority; from buying your ticket, to
the time you step out of the terminal, you should feel like your airline is concerned about your
experience. Delta has spent decades becoming well equipped to handle their customer base. The
company seems to really care about how their customers are feeling and their needs.
Personally, when selecting a company to analyze I first chose an industry. My first
ambitious goal in life was to be a pilot. I wanted to fly for commercial airlines, work with
18
(VanNess, 2014)
19
(VanNess, Management Strategy & Performance, 5th Ed., 2014)

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people, and be in the air as much as possible. I had only flown a few times in my life, but I loved
every minute of it. I was never nervous and I even enjoyed the landing. The concept of having
such a large machine in the air was just astonishing to me. However, I found a different route for
my life, and it has been rewarding thus far. I have personally flown with 4 airlines throughout
my life. Delta is the one that I have had the best experiences with. There have been many times
flying out of Syracuse, NY that I have endured incidences where I was delayed (mostly due to
snow), and Delta was so accommodating and willing to get me where I needed to go. They are
one of the top three airlines in my opinion and I feel that they have earned their spot. For this
report, I wanted to investigate further in order to solidify my opinion, and be sure that I was
dealing with a well-rounded company.
Benchmark Selection
The best comparable match to your company should determine the proper selection for a
benchmark. Although no two companies will ever be exactly alike, or completely different,
finding the closest match will ensure that the result will be a highly useful performance
comparison.20
Southwest Airlines, Co. targets the same market as Delta Air Lines, and service is
similar and comparable.
Southwest started similar to Delta, under a different name: Air Southwest Co. The
Company was incorporated in 1967 and in in 1971, they officially become Southwest Airlines,
Co. This company had trouble with commencing service since their beginning, but in 1971, they
finally opened their Dallas base and began servicing.21
Over the next 40+ years, Southwest has
spent their efforts, much like Delta, in expanding their customer base, along with their selection
20
(VanNess, Management Strategy & Performance, 2014)
21
(Southwest Airlines, Co., 2015)

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of destinations. They have earned their place as a top airline, and are the best match to Delta Air
Lines as a benchmark company.
Industry Overview
The industry and sector a company falls under is vital in regards to determining what
kind of predicaments they may find themselves in as well as being able to determine where their
most durable and vulnerable qualities lie. Delta falls under the “Service” industry sector but its
primary sector is “Airlines” industry. It is important to know the specific industry in order for
companies to monitor the behavior of one another and react quickly in order to remain
competitive.
From the time that air travel was invented, the airline industry was booming. It began
with the delivery of mail in the early twentieth century, facilitated by the Air Mail Act in 1925.
Thereafter, through the Air Commerce Act, government was able to license pilots, enforce
regulations, and certify aircrafts; all this snowballing into what became the first commercial
airlines. Within ten years, major players such as Southwest, United, and Delta Air Lines had
emerged. In order to maintain the growing industry, the Civil Aeronautics Board was established
to serve several functions, the most significant being regulation of prices and determining
airlines routes for travel. In 1958, the Federal Aviation Agency was created to manage safety
operations; they are now known as the Federal Aviation Administration.22
By the twenty-first century, the airline industry was well established but continued to be
ever expanding. The industry did however feel the effects of the economic dip; there was a
significant decrease in travel, and an equivalent increase in fuel and labor costs. In 2001, the
22
(Harris, 2015)

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terrorist attacks of 9/11 had a direct and significant cost to airlines. The federal government shut
down all U.S. airports and air travel, which caused thousands of canceled flights, and thousands
of dollars in losses for airlines. After the airports were reopened there was a sense of caution
amongst customers, as the demand for air travel decreased by thirty percent. Business travel, one
of the airlines most profitable segments, was cut significantly as businesses temporarily
suspended non-imperative travel.
Interestingly enough, some argue that the airline industry needed this change in order to
better themselves. The argument was that the airlines were becoming sloppy and that the
industry needed reorganization. This change was needed sooner or later, and the attacks pushed
the airlines to revamp their companies, by finding ways to maintain themselves and be a key
player competitively.23
General Environment
The general environment of an industry is a subcategory of the external environment.
Companies’ have little to no control over the general environment, which is subdivided into five
factors. These include sociocultural issues (individual lifestyles, values, belief systems, etc.),
demographic (age, population, income, etc.), economic changes (inflation/deflation rates,
economic growths, unemployment rates, etc.), technological advances (innovation/development
of products to consumers), and political and legal implications (rules and regulations that impact
businesses).24
The factors listed above have an impression on Delta, being able to affect their
23
(Logan, n.d.)
24
(VanNess, Management Strategy & Performance, 2014)

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operations. However, this information is crucial for a company to satisfy their objectives and
goals that they have set forth for themselves.
Sociocultural and demographic factors have a considerable impact on any company, but
especially those in the service industry; ones that work consistently with people as their main
source of revenue. It is pertinent that companies are aware and understanding of the trends in
these categories. This includes knowing the general age of their customer base, and marketing
towards them. In addition, understanding the needs of their main consumers; and knowing the
times that the demand for flight will increase, including holidays and peak vacation times.
Keeping in mind the income of their customers is also important in terms of the range of price
from which they choose when distributing tickets.
Economically, the airlines are more exposed because they rely on the change of the
economy. When there were financial crises in the U.S., the airlines were impacted significantly.
Some declared bankruptcy and others took a heavy financial hit. As the economy shifted down,
so did the demand for air travel. Being observant towards the economic trends became critical
for airlines in order to keep their heads above water, and maintain their customer loyalty.
Technology is a significant factor for airlines. It is an ever-changing, ever-evolving field,
and it is a company’s responsibility to be able to keep up and excel in order to remain
competitive. In terms of airlines, they implement this by giving customers the most current
technology that they can. This ranges from phone applications, to on-board Wi-Fi, and moves to
in-flight television and revolutionary seating. As technology carries more and more weight and
importance in today’s society, airlines are finding ways to match the need and sometimes even
throw in some new surprises.

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Legal and political implications do factor in for airlines. There are several rules for
which an airline must abide by and if not they will face repercussions. There are special
regulations for aircrafts, which Southwest neglected in 2006 and is now facing a lawsuit by the
federal government. These regulations are put in place to keep passengers, pilots, ground men,
etc. safe.25
Airlines also have in place regulations on what passengers can bring on board
including the 3-1-1 Liquids rule and maintaining a list of prohibited items. 26
Competitive Environment
Though different from the general environment, the competitive environment is equally
as important for companies to consider. The company has more control over this environment,
however the management teams need to keep a close eye on the happenings, and evolving trends.
This environment is made up of nine factors including customers, suppliers, unions, associations,
new entrants, interest groups, substitutes, competitors, and creditors. 27
While analyzing the
competitive environment, in addition to the nine factors, Michael Porter’s Five Forces Model
must be considered. In this model, Porter examines what he believes to be the five driving forces
in the competitive environment. These include rivalry among competing firms, threat of new
entrants, degree of current competition, influence of buyers, and influence of suppliers.28
Delta’s
main concerns in the competitive environment are as follows:
Customers are the most important factor in the competitive environment; without
customers you cannot have a successful business. This is especially true in the airline industry
because their entire company is about serving people by providing them with air travel to any
25
(The Associated Press, 2014)
26
(Department of Homeland Security, 2014;2015)
27
(VanNess R. K., 2014)
28
(VanNess R. K., Management Strategy & Perfomance, 5th Ed., 2014)

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destination they wish to travel. This ties into Porter’s influence of buyers’ force. The consumers
have the power to lower prices and even when payments must be made. Customers are the most
important part of a company, as noted before, and they will have the most say in the external
environment.
Another factor that effects Delta’s competitive environment is associations, mainly the
Department of Transportation, and more specifically, the Federal Aviation Administration. This
association is recognized for its integrity, safety, and innovation. The FAA regulates all groups
of aviation to ensure that “all air and space travelers arrive safely at their destinations.”29
In
addition, the Transportation Security Administration regulates airport safety. There are rules and
regulations in place, as described before, including liquid checks, prohibited items, and baggage
restrictions.30
Competitors are factors that airlines know in the external environment all too well. Most
airlines are relatively the same in terms of price and location. What really sets an airline apart is
their quality of service. Because of the lack of differentiation, there is a rivalry among
competing firms. This lowers revenue and increases cost for the companies involved.31
This is
why the airlines are so focused on their customer service; they make certain that their customers
know and feel that the carrier they choose cares them for.
Major Trends & Events in the Industry
The airline industry is always changing and evolving. The major trends in the industry
are discussed below.
29
(U.S. Dept of Transportation, 2010)
30
(Dept. of Homeland Security, 2015)
31
(VanNess R. K., Management Strategy & Performance, 2014)

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Technological Advances
Airlines have been making technological strides for many years, however it is just
recently that they have made more game changing advances. These include air and land side
coordination by consolidating data, leading to better slot planning and increased airport asset
efficiency.32
Airlines have also used technology to reduce their fuel costs. Advanced technology
has helped to improve aircrafts, more specifically the wings, and in turn has reduced the cost of
fuel for airlines significantly.33
Self-Service Airports
Airlines are buying into the fact the consumers are technologically advanced. They are
now providing phone applications that allow customers to choose a flight, check the status of any
flight, and even check themselves in. Also, a new trend includes self-serve kiosks in front of the
ticket counters in the airport. These allow the customers to check themselves in at the desk, and
answer all related questions such as number of bags and seating arrangements. This takes about
one to three minutes, which is significantly faster than it would take any personnel at the desk.34
Qualitative Analysis
The qualitative, or non-financial, analysis of a company is just as critical as the
quantitative, or financial, aspects when evaluating the performance of a company. By analyzing
qualitative factors, the comparison of the company based on their business model and
32
(PWC, 2014)
33
(Cederholm, 2014)
34
(Hanna, 2013)

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relationships becomes clear. The two main areas of focus in the qualitative analysis are
organizational citizenship and strategic positioning.
Organizational Citizenship
The Organizational Citizenship digs deep into the culture affiliated with a company and its top
management team (TMT). It analyzes the various relationships with stakeholders and looks at
how TMTs are building relationships as they pursue their objectives.35
The connections that a
company has must be kept positive. Delta has thrived in several areas of the analysis about to be
discussed, however there are areas in need of improvement also. Organizational citizenship is
looking for the outliers that have the potential to harm the corporation, but also ways to improve
these through the efforts of a top management team.36
Delta currently maintains a “Rules of the
Road” concept for the beliefs and values of the culture:
“Strong core values and a clear set of unifying behaviors provide a solid foundation for Delta’s culture. Our
values are the basis for everything we do. When Delta people encounter situations, they use their values and
professionalism, along with training and experience to guide their actions and decisions. Each of us has the
opportunity every day to be a leader in how we represent Delta, how we handle difficult and unpredictable
situations, how we use Delta’s resources and how we take care of our customers, our shareholders and each
other. So clearly, being a leader is not confined to those who hold a certain title. Rules of the Road outlines our
expectations of what it means to live out our values and leadership behaviors every day. While some of what is
written here was originally intended for those who formally lead teams, in today’s business environment we all
have a responsibility to protect and preserve Delta’s culture. Rules of the Road reflects what we expect of you
and those who are privileged to lead you. Our “rules of the road” are timeless.”37
35
(VanNess R. K., Management Strategy & Performance, 5th Ed., 2014)
36
37
(PricewaterhouseCoopers LLP, 2014)

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Employee Relations
Overall, a company is only as successful as its employees. To the naked eye, Delta
appears to be a sound workplace; if you look to the company itself they will fluff you up with all
of the benefits that the company provides to ensure that they keep happy and hardworking
employees. This is also supported by Delta being named Fortune’s Most Admired Airline in the
U.S in 2014, to which they owe their accomplishment to their 80,000 employees.38
The airline
has improved ten-fold over the past years. This is reflected in their achievements.
However, digging deeper, we find that there are different cases where Delta’s employee
relations is in fact crumbling. Starting in June of 2014 when a Minnesota supervisor was
indicted for approving $22 Million in phony invoices for the past nine years. He was in cahoots
with a Northwest supervisor from Eagan; the two used invoices "requesting payment from
Northwest for goods and services purportedly provided by Airborne, when in fact, as both
[Anderson and Yedor] knew, Airborne was not providing any goods or services" to the airline.39
It is concerning that this endeavor went on for so long and that Delta was unaware.
In addition, in October of 2014, a longtime labor activist and Delta employee came
forward to speak about raising minimum wage at the airline. He was promptly fired for the
interview because “his remarks violated the airline’s Advocacy Policy, which prohibits ‘untrue
or disparaging’ public comments about the company.” Immediately following was a protest in
the location of the happening; an upset band of airport workers coming together for their peer.40
38
39
(Webb, 2014)
40
(Collins, 2014)/ (Nelson & Collins, 2014)

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Also in 2014 the airline had a plan to cut 400 employees from the Minneapolis St. Paul
International Airport41
, 24 employees in Memphis, Tennessee42
, and in late December of 2014,
an announcement of an additional 84 employees will be laid off in February of 2015. This came
from a decision for Delta to drop destinations from Memphis. This, however, has been occurring
since 2013 when Delta pulled the Memphis’ “hub” status.43
What isn’t apparent is what Delta
offers these employees, and the company does not necessarily disclose this information for the
public. On the offset of this, in 2014 Delta hired 1,800 flight attendants in anticipation for
expected growth in 2015.44
Overall, employee relations received a rating of 3.5. The company seems to be keeping
their employees satisfied, with a few hiccups here and there. Overall there was not a prominent
feeling of discontent from employees. Out of the company’s 80,000 employees, 18% are
engaged in Unions including ALPA, PAFCA, AFA, and DISTWU.45
The company is accepting
of and engaged in the culture of the employees, and from the “Rules of the Road” they are
invested in who the employees are and how they represent Delta Air Lines.
Customer Relations
Delta is a company that really excels at customer service. Although not very apparent
through their webpage, the company has proven themselves to be customer satisfaction oriented,
as they recognize that customers are the number one priority for their success.
41
(Jim, 2014)
42
(WMC Action News 5, 2014)
43
(Poe, 2014)
44
(Yamanouchi, 2014)
45
(Ernst & Young, LLP, 2015)

21 | P a g e
Delta leads the airline industry in customer satisfaction. In a survey taken in April of
2014, they were recognized for continuing with a trend that has lasted years, improving their
quality of service significantly. Since 2008, following the merger of Delta and Northwest, their
score has improved by over 27% in satisfaction surveys.46
Delta is able to not only keep up with
competitors but excel in terms of customer service. That which, is arguably the most important
piece to a company’s success.
The company communicates with customers through multiple media channels. All
customers are welcome to sign up for email distribution at any point, and are prompted to do so
when they are purchasing a ticket. In addition, there is an option to complete a demographic
questionnaire, the result being promptly enrolled in My Delta and signed up for the SkyMiles
program. The website is user friendly, and interactive. After signing up, Delta sends an email
to confirm, and welcome the new customer to the programs.
Additionally on the website there is a “need help?” option for customers to be able to
communicate with a representative from Delta. This includes email, phone, and even twitter.
The company operates on the twitter platform as @DELTAASSIST, and is used for assistance,
tips, and updates.47
It is important for Delta to reach out to their customers and make sure that
they are up to par with how massive technology is becoming.
Feedback is essential for a company to know and assess how they are doing. This can be
helpful on the corporate level but it is even more pertinent on a lower scale, in airports and on the
aircrafts where the top management teams might not be able to monitor at all times. Delta offers
a page on their website “Comment/Complaint?” This includes a four step process where they
46
(Reed, JetBlue And Delta Lead, While United Lags, In Customer Satisfaction Survey, 2014)
47

22 | P a g e
ask about the topic of the matter, about the customer, the details of the flight, and finally the
comment or complaint.48
Again, promptly after filling this information out an email is sent to the
customer, thanking them for their opinion. Delta takes the time to let customers voice their
opinion about the airline, which is one of their strong suits.
Delta really knows their customer needs and wants. They respond to their opinions and
make the necessary changes. Since airlines are virtually indistinguishable on paper, they have
made sure that customers return to their company through user friendly technology, comfort,
engaged and friendly employees, and dedication to customer service. For all of these reasons,
the score for customer relations was a 5.0. The awards and feedback really uphold the image
that Delta is the most admired airline.49
Competitor Relations
The service industry sector is by nature, competitive; the airline industry is no different.
With companies like Southwest, JetBlue, Virgin America, Alaska, and American Airlines, it is
vital for Delta to keep their contact with competitors in good taste. Delta competes with various
commercial airlines, as well as coordinates with them in order to provide customers with a
numerous amount of destinations.
In recent years, as airlines have been expanding, there have been certain “turf wars” for
locations in airports in order to have destinations more accessible. A well-known example of
this is the battle between Delta and Alaska Airlines in Seattle, WA. The Seattle-Tacoma Airport
is the main hub for Alaska airlines, from which they fly out to 79 destinations in North America.
48
49

23 | P a g e
Both companies plan to increase the amount of flights from this location and as a result, there has
been somewhat of a deadlock. This has proven to be beneficial to customers, however, as the
number of destinations increases and also the amount of deals customers receive for their loyalty
to the company. Interestingly enough, Delta and Alaska Airlines are partnered in a pledge to
work together to serve the flying public. The ever aggressive Delta Air Lines plan to expand has
the potential to backfire, but also to become costly for both companies trying to compete.50
In the “Rules of the Road” program, Delta notes that employees should “know the
competition, respect the competition, and be humble.” The idea being that the competitors in the
industry have some aspect where they are superior. Delta encourages employees to not be
dismissive of their competitors, because they believe that doing so lets a guard down and
eventually leads to being beat. The program concludes with a quote from Delta founder, C.E.
Woolman, saying “…no good comes from running down any type of competition. When you sell
Delta, sell on facts and not comparisons.”51
Delta maintains that it is a friendly competitor.
They understand that the competition is there to stay and as a result, try to work with competitors
as a way to stay in the game. Delta received a score for competitor relations of 4.5.
Relationships with Directors
There are 17 directors on the board for Delta, as noted before; 2 women and 15 men.
Delta avoids duality, as the CEO is not also Chairman of the Board. This is beneficial because as
a company practices duality, power and influence over the board tends to shift over to the
management. Delta also has twelve out of seventeen members that are external, meaning that
they are not employees of the company or do not receive significant non-board related
50
(Oregon Small Business Association, 2014)
51
(PWC, 2014)

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compensation.52
The director relations received a score of 4.0 because of the amount of outside
directors. However, there is no publicized discontent or excellence regarding Delta’s board of
directors.
Government Relations
Delta is regulated by the Federal Aviation Administration, under the Department of
Transportation. There are no publicized problems with the government. However it is important
to note that in order for Delta to expand their presence in airports, Delta must be approved. For
example in 2010 Delta was approved by the Port Authority Board for a $1.2 Billion construction
plan for renovations at the Kennedy International Airport.53
This requires Delta to comply with
any regulations and have patience and persistence with any type of government. Delta received a
score of 4.0 due to these facts, and taking into consideration the lack of any prominent awards
pertaining to government relations.
Environmental Record
Environmental responsibility is a main concern for Delta. Right from the website, there
is a page named “Corporate Responsibility” which explores all of the ways Delta is striving to
operate in a socially and environmentally responsible way.54
From there, users are able to click
onto Delta’s “Carbon Emissions Calculator,” a way to see what carbon emissions are associated
with any given trip. Delta has a program set up to allow customers to donate to rain forests in an
52
53
(DKC, 2015)
54

25 | P a g e
effort to offset the impact of travels. Currently, in April of 2015, they have offered to match any
donation made up to $25,000.
Delta understands that the jet fuel of air travel is the largest source of carbon emissions.
To be specific, it makes up more than 98.5% of their total carbon footprint. They now are
focusing their efforts to order more efficient planes, with winglets in order to offset their
impact.55
Some of Delta’s most recent efforts to reduce their environmental impact include
improving fuel efficiency of their aircraft and ground support equipment, reducing and recycling
operational waste, evaluating alternative fuels, providing commute options for employees, and
creating opportunities for customers to offset greenhouse gas emissions associated with their
flights.56
It is clear that this company acknowledges and understands that they have a significant
impression on the environment. As a result of the programs set in place, and the steps Delta has
taken to reduce their burden, the score for their environment record is 5.0.
Community Relations57
There are fourteen ways Delta focuses on communities on their company website alone.
They offer that it is their civil obligation to give back to the communities that they live and work
for. Some of the causes that Delta employees contribute their time, energy, and money to are as
follows:
55
56
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26 | P a g e
Delta Employees Give Life: Delta works consistently with the American Red Cross as one of
the top donors in blood. They have partnered together for over 70 years. In 2014, the employees
at Delta reached a total of over 6,000 pints of blood.
Delta Employees Give their Time: In conjunction with Habitat for Humanity, Delta employees
have helped to build homes for those in need. In 2014, over 2,000 Delta employees contributed
to build 10 families places to call home. Over the span of their relationship with Habitat, Delta
has built over 200 homes.
Delta Leaders Sleep Outside to Raise Awareness of Youth Homelessness: In November of each
year, leaders of Delta emerge to participate in the “Covenant House’s Executive Sleep Out.”
Leaders all across the country spend nights outside with homeless children in an effort to raise
awareness and funds to support the Covenant House.
These are just a few of the ways that Delta has given back to the communities. It is
apparent that they really care for and become involved with people. For their continued efforts,
Delta received a 5.0 in the community relations category.
Stockholder Satisfaction
Having dealt with both an economic crisis in 2001 and in 2008, Delta has proven
themselves worthy to their stockholders. Proving value to investors takes maintaining
appropriate risk level while producing recurrent above average returns on their investments.58
In
the past five years, investors have seen an increase in stock price, from $6.90 on January 1, 2009
58

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to 30.61 on January 1, 2014.59
Between 2013 and 2014, their dividend payout has increased from
.010 to .380.60
In terms of common stock, during the 2013 Fiscal year, Delta recorded a low of $11.97 in
the first quarter, and a high of $29.44 in the fourth quarter. For the second fiscal year, 2014,
Delta shows a low in the first quarter of $27.26 per share and a high of $50.16 per share in the
fourth quarter. As of January 31, 2015, there were approximately 3,130 common stock
holders.61
Delta does not seem to have any discontent from their stockholders. Their dividends
have increased throughout the years, as well as having stock price growth. Since there is no real
change in the market position and no other excellent news, stockholder satisfaction received a
score of 4.0.
Communication with the Public
Through various forms of media, information is easily accessible to the public. Delta
takes full advantage of these platforms, although some they have no control over. The company
has a website where they disclose news related to the airline, although you will be hard pressed
to find a juicy scandal. The website mainly focuses on the good Delta is doing along with any
awards or recognitions they receive. From numerous articles throughout the internet, it can be
concluded that Delta tries to remain in the public eye, answering to any mishaps that might
occur. They are sure to get their word in on any issue they are able to.
59
(Yahoo! Finance, 2015)
60
Chart 1.17
61
(Ernst & Young, LLP., 2014)

28 | P a g e
In addition, like stated previously, Delta is open about their company downfalls. This
includes the carbon footprint they are leaving on the environment. This is really important, as
some companies would try to hush the issue or turn it around to make themselves look better.
Delta is making strides and not hiding their faults in this case, which is most definitely note-
worthy.
Delta is open to their current and potential investors as well. Through the investor
relations page you can find all of the financial information about the company you might need
including SEC filings that are made available to the public. Because of their openness with the
community, Delta received a 5.0 for communication with the public.
Public Persona
Delta Air Lines, Inc. definitely has gained a positive public image. They are widely
recognized as a top airline, and have received several awards for their efforts. The score for
public persona is 5.0. For the 2013 and 2014 fiscal years, Delta has received the following
awards:
201362
62
Organization: Award:
The Advertising Club of
Metropolitan Washington
Three Gold ADDY Awards for the Delta Kiosk
Aircraft Technology Engineering
& Maintenance Magazine
Best Airframe MRO Provider in the Americas
Air Transport Rating Agency No. 1 ranking in the Holistic World Safety Awards
American Academy of
Hospitality Sciences
Five Star Diamond Award for the new Terminal 4 at New York - JFK
The Cannes Lions International
Festival of Creativity
Bronze Lion for The Fly Delta app
Fortune Magazine Most Admired Airline Worldwide in the 2013 World's Most Admired Companies
Airline Industry list

29 | P a g e
2014
Vendor Relations
In terms of working with other companies, Delta has a great handle on things. They are
partnered with several other airlines in an “Airlines Partner” program. This allows their
customers to fly to several other destinations, expanding their options of location and airline.
Some of these partners include AeroMexico, Virgin Australia, China Eastern, Hawaiian, and
J.D. Power and Associates:
North American Airline
Satisfaction Study
2nd among Major Network Airlines
The ONE Show Pencil Award for Mobile Applications/Sites/Services/Utilities for the Fly Delta
app
Stevie Awards for Sales &
Customer Service
Gold, Silver and Bronze Stevies for Delta Reservations in Frontline Customer
Service Professional of the Year – Transportation
Gold Stevie for @DeltaAssist in the eCommerce Customer Service Award
Gold Stevie for Delta Sales Support and Silver Stevie for Reservations and
Customer Care in Customer Service Department of the Year – Airlines,
Distribution & Transportation
TravelAge West Best Domestic Airline
Travel+Leisure Top U.S. airline for Best Overall Use of Social Media
Organization: Award:
Airfinance Journal Airline of the Year and Commercial Loan Deal of the Year
Air Transport World
Magazine
2014 Airline of the Year
American Express
Delta, Air France-KLM and Alitalia named the American Express Travel and Lifestyle
Services Air Supplier of the Year
Fortune Magazine
Named to the top 50 2014 Wold's Most Admired Companies list; Most Admired Airline
Worldwide in the 2014 World's Most Admired Companies Airline Industry list
The Freddie Awards The Impact Award for Delta's Crossover Rewards program with Starwood
Latin Trade
"Most Improved Overall" and "Best Partnerships and Alliances" at the Best of Travel
Annual Awards 2014
OneAero MRO
Delta TechOps selected Best Total Solutions Provider in OneAero MRO's annual Top
Shop Awards; Delta TechOps was also a finalist for the Best Engine Overhaul Repair
award
TravelAge West
Best Domestic Airline; "Editor's Pick" for Best Domestic Economy Class and Best
Domestic Business/First Class

30 | P a g e
Korean Air.63
This appears to be a sharing of the wealth, as Delta does not keep their customers
to themselves. They understand that they need help from other companies that can satisfy the
needs of their consumers.
In addition, Delta has partnered with American Express, allowing customers to earn
money back and miles when they fly with Delta using their AmEx card. Signing up with the one
of the Delta Credit Cards from American Express will land you with some great benefits to start
out with included a checked bag free of charge and up to 30,000 bonus miles (as long as you
make a purchase of $1,000 or higher).64
This is a beneficial relationship as each company is
making money, and earning new customers and their loyalty.
Lastly, Delta has entered into a fairly recent endeavor with an oil company called
ConocoPhillips. They purchased a refinery in 2012, as prices for fuel were increasing. In
addition to this, they created a three year agreement with BP to supply crude oil to the refinery.
The company was finding ways around their current problem of fuel costs, however CEO
Richard Anderson said that the investment was a modest one, and would in turn reduce the
company’s annual fuel cost by $300 million.65
For vendor relations, Delta received a 4.5.
Strategic Positioning
Second in the qualitative analysis is an overview of a company’s strategic position.
“Assessing Strategic Positioning means determining how effective management has been with
these functions and to what extent it has demonstrated vision, imagination, ingenuity, creativity,
and adaptability.”66
The strategic positioning of a firm relative to its competitors in the industry
63
64
(American Express Company, 2015)
65
(Mouawad, 2012)
66
(VanNess R. K., Management Strategy & Performance, 2014)

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has a great impact of the company’s ability to produce above-average returns. The five
components assessed to determine Delta’s strategic position are: Vision and Mission, General
Environment, Competitive Advantage, Innovation, and Plans and Progress,
Vision and Mission
Neither the vision nor mission statement for Delta Air Lines was readily available on
their company website. They speak a lot about their dedication to the communities and the
environment but neither their vision nor mission are anywhere to be found. The closest to any
type of these was under the subheading “General” on the company’s 10-K where they describe
their business; “We provide scheduled air transportation for passengers and cargo throughout the United
States and around the world. Our global route network gives us a presence in every major domestic and
international market… Each of these operations includes flights that gather and distribute traffic from markets
in the geographic region surrounding the hub or gateway to domestic and international cities and to other hubs
or gateways. Our network is supported by a fleet of aircraft that is varied in size and capabilities, giving us
flexibility to adjust aircraft to the network.” 67
This is in no way sufficient for the customer to really
grasp what the company is striving for, and for that reason, Delta received a grade of 1.0.
Competitive Advantage
Delta has a competitive advantage, but it doesn’t. They are able to compete in their
industry because they understand the major trends and are able to provide the kind of service that
sets them apart. However, in this industry it is difficult to keep a loyal customer base. At any
point a customer could turn to another airline for just about the same service, maybe less the
perks of flying with Delta, for the same price or possibly lower.
67
(Ernst & Young, LLP., 2014)

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On the better side of the competitive field, Delta is rated the top in the American
Customer Satisfaction Index (ACSI). They are number one out of the four legacy carriers:
JetBlue, Southwest, Delta, and American Airlines.68
Because this is the ticket item that sets
airlines apart, Delta does have the competitive advantage. They are thriving with customers, and
that means they are able to retain their loyalty and remain successful.
This company has not seen a change in market share since 2012. They have remained at
a 16.3% market share, and although it is one of the highest, the lack of movement is
disheartening. In these same years, Southwest has gained market share; moving from 15.1 to
15.7.69
Despite the fact that this is not a large improvement, one could say at least they are
moving up. Because they are competing in terms of customer satisfaction, and taking into
account their position in the market, Delta received a 4.5 for competitive advantage.
General Environment
In the general environment Delta neither fails nor excels. They appear to do everything
in their power to keep their customers satisfied including technology and customer service,
however all other airlines arguably do the same.
To touch on Southwest for just a moment; this company has a new marketing campaign
happening. It is a campaign with the slogan “Heart sets us apart,” and is based around a new
look for Southwest that is “inspired by our love of People.”70
This is a big change for the
68
(Ausick, 2014)
69
(Ausick, 2014)
70

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company and is something that will attract customers. Delta has not had a large campaign such
as this in the previous years.
It is important that Delta stay on top of the trends of the airline environment, along with
watching competition like Southwest Airlines. They have a strong name in the industry but
keeping up and getting ahead competitively is what will drive them to excel. Delta is neither
succeeding nor dropping in the competitive environment and therefore received a score of 3.5.
Innovation
To start with an idea that is completely innovative, Delta began a program in 2014 called
“Innovation Class.” This is a program where Delta pairs an expert with an up and coming
professional, giving both free first class tickets to their destination. This is an effort to bring
people succeeding in their field with people that are experts. The experience is known as “a
mentoring program at 35,000 feet.”71
What an interesting idea!
In terms of customer needs, Delta has proved themselves as an innovative leader. They
have progressed with technology and customer service, including mobile use with Facebook and
Twitter, along with the applications mentioned previously. The company has made changes to
aircrafts for a lesser overall impact on the environment, and also changes inside in order to make
certain their customers are comfortable as they reach fantastic heights.72
Throughout the analysis thus far, it can be fairly assumed that Delta has excelled in terms
of being innovative. They pride themselves on being ahead and making moves in order to get
ahead of competitors. For these reasons, Delta received a 5.0 for innovation.
71
(Grenoble, 2014)
72
(Pillsbury, 2012)

34 | P a g e
Plans and Progress
Every company wants to further progress themselves, and Delta is no different. Whether
successful or not, they have a plan each year and strive to reach that goal. Coming from 2012
and moving into 2013, Delta’s CEO was very optimistic, saying that “We enter 2013 as a
stronger airline, ready to continue improving our performance and executing on our key strategic
initiatives. With many of our competitors still focused on significant integration or restructuring
efforts, 2013 is the year for Delta to advance its position around the world.”
At the time, he was referring to the potential merge between American and United
Airlines and competition with United-Continental, as Delta fell second in largest airline size to
them. He also made sure to take the time to thank his employees for making the progress
possible.73
This is a noble action to take, as he understands and appreciates that without the
employees, progress is not possible. Delta is always looking for ways to progress themselves,
and they continuously make their plans known to all parties involved, so for Plans and Progress,
they scored a 5.0.
Quantitative Analysis
As an equally important analysis, the quantitative focuses on the financial stability and
position of a company. To analyze Delta Air Line’s financial performance relative to Southwest
Airlines Co., data from the respective 2014 (FY14) and 2013 (FY13) fiscal years, ending in
December 31 each year will be used. The quantitative analysis will be evaluated by comparing
four main areas: Profit, Equity, and Share Value Management, Debt Management, Cash
73
(Jean, 2012)

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Management, and Asset Management. These four categories will provide a detailed analysis of
the financial position and also their effectiveness Delta’s business model relative to Southwest’s.
Scores were based on the following grading scale, taking into account that not all increased
outputs are desirable (the use of a 3.0 score was omitted in an effort to receive distinct numbers):
1.0: Delta performed worse than itself the previous year and worse than Southwest
2.0: Delta performed worse than itself the previous year and better than Southwest
4.0: Delta performed better than itself the previous year and worse than Southwest
5.0: Delta performed better than itself the previous year and better than Southwest
Profit Equity and Share Value Management
Profit Management
Profit management is centralized around the initiative a company takes in an effort to
generate net income and increase wealth that is returned to shareholders. The most desirable
way to measure profitability is to analyze margins. The two best ratios to use when determining
profit is net margin and price earnings ratio (P/E ratio).74
Delta’s profit margin decreased
significantly, from 0.279 in the FY13 to 0.016 in the FY14. It is favorable for this number to be
increasing, such as Southwest’s, with an increase from 0.043 in the FY13 to 0.061 in the FY14.
Looking at the P/E ratio, Delta has also fallen short of a desirable outcome. They are showing a
significant increase from 2.2 in the FY13 to a whopping 62.1 in the FY14. The benchmark also
increased but only by about 8.0. The performance scorecard notes that a larger number could
indicate a confidence in the firm by investors. If this is the case, Delta’s investors are VERY
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confident. However it can also mean that this stock price is too high for Delta and is in turn
costing them.
Equity Management
Equity management is measured primarily by the Return on Equity (ROE). This is a ratio
that is analyzed by the industry and can gauge a company’s ability to efficiently utilize equity
investments.75
Once again, Delta has shown a decrease in their numbers; going from 0.905 in
the FY13 to 0.075 in the FY14. In comparison, Southwest increased their ratio from 0.103 -
FY13 to 0.168 - FY14. The performance scorecard notes that an increase in this number is
favorable; meaning that Delta has performed less than adequately. Investors keep a close eye on
the ROE in order to determine how well their investment is performing relative to other
securities within the same risk pool.
Derivation of financial worth is the second way for evaluating Delta’s equity
management performance. This evaluates the portion of paid-in capital versus the portion of
earned capital. This information will allow an investor to determine whether the company has
high net worth because the company has the ability to generate profit through normal business
activities or because investors are contributing a significant amount of capital.76
On the
performance scorecard, direct your attention to graphs 1.06 and 1.07, as these display the two
ratios in a comparative way. From these graphs it can be determined that Delta contributes
significantly more than they earn and their “earned” is also in a negative; both are described on
75
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the PSC as unfavorable. On the other hand, Southwest is contributing more than they are earning
in both the FY13 and FY14.
Share Value Management
This section mainly focuses on the management of a company’s share performance.
Delta Air Lines, Inc. is traded on the NYSE under the ticker symbol DAL. Share value
management of Delta was analyzed taking earnings per share (EPS), the price to earnings ratio
(P/E), and historical stock prices into account. Earnings per share measures the amount of
earnings a company has generated for every share outstanding during the period, and drives a
demand for the stock. EPS is broken down into two subcategories: basic EPS and diluted EPS.
Referring to graph 1.09: “Earnings Per Share,” it is evident that Delta has once again had
a decrease. The company held a $12.41 EPS in the FY13 and dropped a large amount to $0.79
EPS in the FY14. A decrease in earnings per share can indicate that it is time to sell a stock,
which some Delta investors may do. Looking at Southwest, they increased the EPS from $1.06 –
FY13 to $1.65 – FY14. The increase can be a signal that the share prices will increase as well.77
Looking to graph 1.13: “Diluted EPS/Basic EPS,” Delta has not actually decreased more than
Southwest.
As mentioned before, Delta’s P/E ratio has significantly increased between the two fiscal
years. This, to me indicates that the investors are more than confident in their company. The
price of the stock closely matches that of the benchmark, however, Delta is performing lower
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than Southwest and this could indicate that the company has set the share price at too high of a
rate. Delta received a low score in both categories for the previously mentioned reasons.
Debt Management
Debt management is a vital financial piece for the top management team to analyze in
terms of the company’s long term health. It will include addressing current financial needs while
also considering the long term effects these immediate decisions might have. Large amounts of
debt can create a case where a company goes bankrupt; on the other side, not enough debt or
excessive amounts of capital can end in loss of ownership/ hostile takeover bids of a company.78
It is important to benchmark the current debt to total debt of a company. If they are
inconsistent with the benchmarks changes, this is considered undesirable. Delta’s percentages
went from 34.8% - FY13 to 37.3% - FY14. In contrast, Southwest percentages decreased from
47.3 % - FY13 to 44.1% - FY14. The increase in percentage can happen for a variety of reasons.
It could be because the company desires an increase in current debt, and estimates that they will
be able to pay this off rather than endure the charges when making it long term. Delta’s long
term decreased between the years’ time, in contrast with Southwest, who increased. Delta’s
short term debt increase, which Southwest’s decreased between the fiscal years. This section of
the PSC was scored negatively but not at the lowest level because they performed worse than
themselves in the previous year and were inconsistent with the benchmark.
Debt management is also analyzed by looking at the “times interest earned” element.
This shows how a company is managing their debt and their ability to pay their bills as they
come due. In addition, it measures the firm’s ability to cover its capital costs and the number of
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times a firm’s earnings cover its financial costs. Delta received the lowest score in this section as
their number had decreased and was lower than the benchmarks. This shows that there is not a
significant ability to cover the capital costs of their operations.
A current cash coverage ratio will assess the ability of a firm to generate enough cash
from operations to cover current debts. Negative outcomes in this field shows that a company is
using cash rather than producing cash from its operations, which is a negative thing. Delta’s
ratio remained positive from FY13 to FY14, however the ratio did decrease from 0.32 to 0.29.
Southwest shows an increase from 0.44 to 0.49. In order to turn this ratio around, Delta will
need to earn more cash.
Payment period days is the last number to be analyzed in debt management. A decrease
in payment period days means that a company is able to pay their current bills in less of a time
period. Delta’s average days increased from 56 to 59, contrasting Southwest again, whose
average days decreased from 64 to 59. Delta is lacking in this ranking, and therefore received
the lowest grade on the performance score card.
Cash Management
Cash management is described as an asset that is often misunderstood and maligned.
This particular asset yields little to no returns to the company. There is a right amount of cash
for every company, servicing their needs as opposed to contributing in a direct way to its
profitability.79
There are a few factors that determine if a company has an adequate amount of
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cash or if they are holding on to too much. Avoiding being seen as a takeover target is of utmost
importance to a company.
The current ratio is the first determinant of a company’s success is the cash management
asset. This ratio is very basic; a company’s current assets divided by current liabilities to
measure the short term debt paying abilities. Delta’s current ratio is 0.7; Southwest has a 0.7. A
company with a current ratio of 1:1 is said to have a risk of insolvency, and is undesirable. This
shows that Delta is in fact using cash rather than producing, which is unfavorable. They also
saw no change in this number from FY14, in contrast with the benchmark which saw a decrease.
For these reasons, Delta received the lowest score for current ratio.
The cash flow from operating activities to revenue ratio is the next asset analyzed in cash
management. This ratio measures the relationship between the firm’s revenue and the cash it
generates from normal operating activities. An increasing percentage in the case is desirable,
and a negative one is highly undesirable. Delta’s current ratio is 12%, no change since the
previous FY13. Southwest improved their ratio from 14% - FY13 to 16% - FY14. This means
that the firm has been producing and using consistent amount of cash between the fiscal years.
Since they have neither improved, nor gotten worse, Delta received a 2.0 for the cash flow from
operating activities to revenue ratio.
Lastly, cash emphasis is to be analyzed for cash management. This is the amount of
importance a management team places on cash. It is the amount of total assets committed to
cash assets. Delta’s current cash emphasis is 3.9%. Because there has been a sudden decrease
from the previous fiscal year, it can be concluded that large payments have taken a toll on the
firm, or that customer payments are coming in slower than usual. Southwest also saw a decrease

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in this asset, however not as drastic of a change. When a management team is not managing
cash properly, this can lead to insolvency and is detrimental to the company.
Asset Management
Asset management is the final section of the financial four. This sector explains the
importance of asset management and the tight control over all assets, with the exception of cash.
Current and non-current assets are included with asset management.
The current assets to total assets is a measure of the distribution of asset investments by
the company. An increasing number is desired by the performance score card because generally
speaking, an increase shows that a company is moving towards improving their financial
condition. Delta has seen a decrease in this percentage from 81.5% to 77%. This shows that
they are moving further away from any improvement of their financial conditions. Southwest has
seen an increase in this percentage. Delta scored a 2.0 for this section.
Secondly, analyzing the revenue to total assets ratio will show the number of revenue
dollars produced for each dollar of assets for the company. An increasing amount is desirable
here as it shows that the company is utilizing its assets well and also shows a positive asset
productivity. For this section, Delta increased from FY13 to FY14; 0.723 to 0.746. Although
the change is not very large, they are showing improvement which is an indicator that the
company is finding better ways of utilizing their assets. They received a 4.0 for this section
because although they improved personally, so did Southwest, with a higher generated number.
Another important ratio for observing asset management is the return on assets (ROA).
Similar to the revenue to total assets ratio, ROA is measuring asset utilization and productivity,
but also highlighting how many dollars in profits there are for every dollar in asset invested in

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the business. Return on assets is also considered a profitability measure. Delta produced a highly
undesirable percentage, dropping 19% between the fiscal years. This shows that they in fact do
need to improve the ways they are utilizing their assets in terms of generating profit. Delta’s
percentage reduced significantly and Southwest showed improvement, so they received a 1.0 for
this section.
Comprehensive Summary
This analysis of Delta Air Lines, Inc. has taken into all accounts, both qualitative and
quantitative aspects, ensuring that every side of the business practice is considered. Delta has
excelled in some areas of their business model, and is failing in others. The following
comprehensive summary will recap both of the qualitative and quantitative analysis, as well as
provide final thoughts about the business practices of Delta and looking to their future.
Summary: Qualitative Performance
The qualitative performance is meant to analyze the non-financial side of a company’s
business model. In addition is it sure to take into account the two main aspects, Organizational
Citizenship and Strategic Positioning, and the end result is an ability to understand the company
in terms of their non-financial position. To really grasp how a company operates, it is important
to put financials aside for a moment and focus on the relationships within the company as well as
outside; also taking into account the company’s culture and futuristic strategy.
Organizational Citizenship
Organizational citizenship, as stated before, is a joined group of critical aspects that dip
deep into the manner in which the company manages their relationships. These organizational

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citizenship aspects include customer, employee, competitor, director, and government
relationships, as well as the environmental record, community relations, stockholder satisfaction,
communication with the public, public persona, and vendor relations. All aspects are equally
important for a company’s success, and Delta has proved themselves in several of these
categories.
Delta’s number one strength is their customer relationships. They have a real sense of
customer service and they make certain that their customers know this. Delta’s customer
experience includes a friendly staff and user friendly services. They make sure to keep up with
technology that their consumer is utilizing so that they are as comfortable as possible.
Customers are Delta’s number one priority for several reasons. It is imperative in the airline
industry to differentiate amongst competitors. Delta has been able to keep a great relationship
with their customers, and in turn keeping an advantage.
Employees are also very important to Delta. Although there are single issues here and
there (as you would probably find with other companies), they are proud of who they employ
and the relationships they have with these people. There are several different careers that Delta
offers, from down on the ground to 35,000 feet above; and Delta is sure to keep these employees
content. There is a certain trickle-down effect that employees have on customers. If your
employees are not happy, this translates into their everyday work and in turn effects the
customer. Both customers and employees are maintaining their happiness and continuing to
work with Delta. The work environment of Delta Air Lines, Inc. is definitely one to be admired.
In any industry, a company is going to be faced with competitors at one point or another.
It is an important quality to be able to maintain a neutral air between the two. Competitive wars,
bashings, and hostile rivalries are very much looked to as a negative aspect. Delta seems to have

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a well-functioning and on-going relationship with its competitors, making sure that all of their
employees know the manner in which to treat them. They understand that a company will not
succeed by any type of comparison, but instead by keeping relevant with its own facts. A noble
trait, Delta takes a realistic and mature approach to their competitive relations.
An area that Delta could improve upon is their shareholder satisfaction. Although the
stock price has increased in the past year, the dividend payout for shareholders has not increased
a significant amount. This could have something to do with the P/E ratio decreasing between the
fiscal years. Delta needs to take into account that shareholders are there to make great returns on
their investments, in a reliable way.
One last aspect of organizational citizenship that is noteworthy to mention is Delta’s
environmental record. The company has made some seriously excelling moves. They are open
with the public (which also ties to the communication with the public) about their effect on the
environment. They are not trying to sugar coat it but instead are making strides in an effort to
reduce their impact. In this industry it is important to be open and honest about the downfalls of
using the service, but also to be optimistic and creative in ways to try and offset them.
Strategic Positioning
The second aspect of the qualitative performance is strategic positioning. This aspect
looks at how the company positions and maintains itself to hold a competitive advantage. Delta
has excelled in their strategic position, but has also fallen short.
The vision and mission statement is where Delta is failing the most in their strategic
position. As noted earlier, neither pieces are readily available, if even in existence, for potential
customers or stakeholders. The vision and mission statement are important in that they show

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people where the company stands and what they are moving towards. Most companies have this
information readily available. However, their benchmark also does not have their vision and
mission readily available to the public. The closest thing is a slogan on their website; “Without a
Heart, it’s just a machine,” in an effort to promote their new heart campaign.80
Delta has a competitive advantage with their customers and in terms of technology and
innovation. The company is driven with the intention to be innovative and ahead of the game.
For the most part Delta is able to maintain their high ranking in their competitive environment.
Concerning the general environment, Delta neither excels or fails, they just are. The company
keeps up with trends in their environment but in comparison with their benchmark and other
companies in the industry, Delta is not doing more than others.
In terms of innovation, planning, and progress Delta is on top of their game. They make
an effort to be constantly trying to improve on their services. These are the categories of
strategic positioning at which Delta excels. They are more than prepared for the future and are
planning in coordination.
Summary: Quantitative Performance
The quantitative performance of a company focuses on various financial measures and
really looks at a company’s overall financial health. Through this analysis, investors are able to
see how the company has performed over the past two years and how it has performed relative to
a benchmark company. While evaluating the financial health of a company, a wide variety of
financial statistics should be considered. A quantitative performance includes four major areas of
80

46 | P a g e
focus: profit, equity and share value management, debt management, cash management and asset
management.
Profit, Equity, and Share Value Management:
Companies are all looking to make money; this is especially true in order to keep their
shareholders happy. The analysis of these management really showcases how a firm is doing
through an analysis of ratios generated from their financial statements. Overall, Delta performed
very poorly in comparison to their benchmark, Southwest.
Profit, in simplest terms, is spending less than the company makes. Delta’s profits have
decreased in the fiscal year 2014 compared to 2013. The ratios that were utilized in analyzing
this were P/E and net profit margin. Both were decreasing for Delta from 2013 to 2014. The
decrease in the P/E ratio could mean that investors are optimistic about the company and are
putting forth more. It could also be due to a price of stock being too high. It is uncertain which
the case is at this time because the shareholders had much to be confident in throughout 2013
financially, and non-financially in 2014. Their net margin profit decreased significantly also
which could indicate that the company is not making enough money, which is supported by their
increase in operating expenses for the 2014 fiscal year.
Equity management is analyzed using the Return on Equity (ROE), and the Derivation of
financial worth. Again, Delta’s performance decreased in the current fiscal year. Their ROE
plummeted from 0.905 to 0.075. This means that the investors are receiving far less returns on
their investments which shows that Delta is not efficiently using their equity investments. In
regards to the Derivation of financial worth, Delta contributed more than they earned (which was
in the negatives) for both fiscal years. In contrast, Southwest earned more than they contributed

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and remained positive for the duration. This shows that Southwest is earning more and is on the
right track financially, while Delta is falling far behind.
Lastly the share value management looks at the earnings per share (EPS), in both basic
and diluted terms, as well as the P/E ratio. The basic EPS can be considered an important tool
when doing this analysis. Delta’s basic EPS and diluted EPS both decreased from the FY13 to
the FY14. The decrease in the basic EPS indicates that the share value might decrease, which is
viewed negatively. However, the diluted EPS decreased in order to be as close to basic as
possible. It is .01 point of a difference between the two, which is considered favorable.
Debt Management
An appropriate level of financial leverage allows a company to have sufficient capital for
expansion projects and profitable operations while not taking out excessive capital to burden the
company with a high amount of debt. The top management teams has a duty to monitor this
relationship very closely to make sure the company does not become insolvent.
Delta’s current debt to total debt increased between the fiscal years. This is considered
undesirable. If a company’s non-current assets to total assets is also increasing, this can lead to
serious failure for the firm. Delta does not show an increase in their non-current assets to total
assets, so for now they are not looking at that problem. The benchmark shows a decrease in this
ratio, inconsistent with the target company, which is unfavorable.
A company’s ability to pay their debts is very important. Continuation of a debt can lead
to even more costs for the firm. Delta has shown an increase in their payment periods. This
could be a factor of their decrease in revenue, and ability to pay off their debt. In order to

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bounce back from this, Delta needs to avoid furthering their debt anymore in order to be able to
pay off their current debt.
Cash Management
When a company manages their cash well there is neither a hoarding nor excess on hand.
A successful company with utilize the amount of cash they have to take advantage of things like
cash discounts, and other bargaining techniques that only cash can provide. Cash management is
best assessed by the current ratio, cash flow from operating activities, and cash emphasis.
Delta did not perform as bad in terms of cash. Their current ratio remained the same,
which is a favorable thing. However, their ratio is less than 1 in the FY14 and FY13, which is
unfavorable. They showed no change in the cash flow from operating activities between the
fiscal years. The number is also positive, showing that the firm is producing cash more than it is
using cash, which is favorable. Lastly, Delta’s cash emphasis has decreased between the fiscal
years. This is a red flag for the company; large increases or decreases in these numbers may be
red flags and can be a signal of new management or change in the ways business is being
operated. There has not been a significant change in the way business is operating, and the
management has been consistent. Overall, Delta needs to place less of an emphasis on cash, and
find better ways to gain cash from operating activities such as getting the money they are owed
quicker. This can be done with incentive plans to pay back earlier or creating a late fee policy
that will hold those responsible for paying back money in a reasonable amount of time.

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Asset Management
Asset Management gives a company the ability to manage both current and non-current
assets within this domain. Property, facilities, equipment (PP&E) and other assets should be
maintained at an optimum level to secure optimum asset management.
The ratios focused on in asset management are current assets to total assets and return on
assets in terms of utilizing assets to generate profit. Delta has performed well in their current
assets to total assets. This increase in percentage is viewed as a positive, and usually ends
favorably for shareholders. For the ROA, Delta performed poorly with a decrease, showing that
they are utilizing their assets to generate profit poorly. The significant decrease in ROA shows
that the company is not operating productively in terms of assets. Compared to the benchmark,
who has seen an increase in the returns on assets between the two fiscal years. In an effort to
turn asset management around, Delta could consider the following options: leasing more of their
airplanes instead of purchase, improving on the life of their current assets by updating their
technologies, and even possibly, as stated before, initiate a quicker pay back program for cash
owed.
Final Thoughts
When I first looked through the various airlines in the U.S. I thought Delta would be the
most successful. They hold great qualities in terms of their organizational citizenship and
strategic positioning. The relationships that this company has with all parties involved are
widely known. For this aspect, I would choose to fly with Delta. However, on the financial side
of the spectrum, Delta is at a decline. They have seen a decrease in their financials between the
two fiscal years. In terms of investing, I would not recommend putting money into this company

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at the current time. They definitely have financial hardships that they need to work through, and
I would recommend keeping a close eye, as I have faith that they have the ability to bounce back.
Delta’s efforts in the upcoming years are sure to reflect their most current slogan, “Keep
Climbing.”81
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