3rd qtr 2020 8K.pdf

From the SEC 8K

Pillar 2 – Minimizing Cash Burn
• Reduced total operating costs by 59 percent versus the third quarter of 2019. Excluding special charges , reduced
operating costs by 48 percent versus the third quarter of 2019.
• Achieved target average daily cash burn during the third quarter of $21 million plus $4 million of average debt principalpayments and severance payments per day, compared to second-quarter average daily cash burn of $37 million plus $3 million of debt principal payments and severance payments per day.

Pillar 3 – Variabilizing Cost Structure

1. Reduced non-labor operating expenses, excluding special charges and depreciation, by 63 percent in the third quarter, against a capacity reduction of 70 percent.
2. Restructured and significantly reduced our management and administrative functions. These reductions are expected to be largely permanent, even as demand recovers.
3. Reached a landmark agreement with its pilot group that avoids furloughs by securing flexibility in work hours while also reaching agreements to provide a path to early retirement and reduce expense through voluntary leave of absence programs. These agreements position the company to rebound quickly when demand returns.