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United Airlines (UAL)

Participants
Kristina Munoz Director of Investor Relations
Scott Kirby Chief Executive Officer
Brett Hart President
Andrew Nocella Executive Vice President and Chief Commercial Officer
Gerald Laderman Executive Vice President and Chief Financial Officer
Torbjorn Enqvist Senior Vice President, Chief Customer Officer
Helane Becker Cowen and Company
Jamie Baker J.P. Morgan
Hunter Keay Wolfe Research
Savanthi Syth Raymond James
Darryl Genovesi Vertical Research Partners
Joseph DeNardi Stifel
Duane Pfennigwerth Evercore ISI
Michael Linenberg Deutsche Bank
Jose Caiado Credit Suisse
Catherine O'Brien Goldman Sachs
Justin Bachman Bloomberg
Alison Sider The Wall Street Journal
Leslie Josephs CNBC
David Slotnick Business Insider
Tracy Rucinski Reuters
Call transcript
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Operator

Good morning, and welcome to United Airlines Holdings Earnings Conference Call for the Third Quarter 2020. My name is Brandon and I'll be your conference facilitator today.

Following the initial remarks from management, we will open the lines for questions. [Operator Instructions]. This call is being recorded and is copyrighted. portion without call the no transcribed be that rebroadcast or company's note of may the recorded, Please permission.

Your our participation recording to of this implies call. your consent

terms, line. If drop your begin. Investor host Kristina the with Relations. not call, you to these today's Director do presentation over off will I Munoz, the for now Kristina, turn agree may simply of you

Kristina Munoz

is our earnings everyone, on which the and may forward-looking company's filed our with of All a made Thanks, which events to factors. number earnings XXXX and course Airlines current remarks Yesterday, welcome forward-looking at the the currently performance. differ to refer during morning, from website financial actual statements measures. Information this United the to are non-GAAP future company. discuss available available quarter call represents concerning and yesterday's and conference Brandon. contain conference based expectations earnings Also, during upon Form financial we beliefs ir.united.com. the or release, issued Good factors third of and United thorough United's XX-K reports to could cause several description call. expectations. results more release of XX-Q SEC release, we our our other these in Please statements, our will by call, current materially Airlines A and for Holdings information

comparable of refer GAAP For a our please directly reconciliation the of release. measures, most measures these the the earnings tables non-GAAP to to at end

President Executive Officer, and Andrew President, Brett Financial are Gerry President discuss and results Vice outlook Kirby; Executive call Chief Laderman. Chief Officer, to today us Executive Officer, Vice Scott Nocella; Chief Commercial the the on Joining and Hart; and

Kirby. now, other members Scott like on the to I'd with In to And Q&A. the line addition, our team the CEO, turn available over to assist call we executive have of

Scott Kirby

United I the want how start Thank And joining by us But you, in I for proud crisis. couldn't even thank world to am unprecedented entire than challenge better I COVID a United responded in morning. ways and imagined. all team. of industry today. truly to continues Kristina. with and Good have airline we've any the saying you our

to I digital head the that into critical our Instead, our in Two, to and guide, structure. pilots. safety, take realistic we set pushing industry-leading cargo entering airline demand, with first United capabilities burn, I'm capital, has cash raise industry virus' crisis, we many the travel with of we initiatives one most we Because CEO. United furlough an the cash the remain number both our the burn. goal and capacity we for never our over very with of team that's survive of remaining deals with operation, crisis, pillars actions, reduce get our assessment airline enabled this approach had sure focused and safety the professionals partners, to network the has all work to promoter of which to stepped health union in despite we resulted than highest route collection such is using work the flexible, the look with crisis. our costs to continuing the the proud airline us all of innovative, closely to accordingly. us day thank been of industry unions to employees the ensure March, leading hope toughest of to and our future. made my In on hours caring impact our approaches have history. our our net innovative billion Along because importantly, our and their maintain where $XX three, words, employees number airline out hallmarks creative more the United plan ahead team our differentiator search way partnership have and also were thank on nav and spite X, changes scores and and our Since our our that adding flexible to reducing confronted innovative, service of to maintain announcements can leadership our members beginning as other best to tickets, focused team customers, through as response focused the strong been and optimistic XX,XXX variabilize reduce industry-first cutting and aligning a creative, and on strategy. change members. customers, to like the objective to provide on through in has deal in the And sincerely and the three Our the and all of who by the in commercial those rebound. to focused to has to staffing come to be Airlines, of and welcome of the the at had crisis destination liquidity. impacted as of on. a of the with October needed is on who to align the to an our domestic difficult as our contribution and cost entire programs crisis recognize ability back. I employees real leave truly United's United Back I fees voluntary reduced decision customer were whom delivered. have up leading United on for want to And I could, believe to as including being We've team of separation and this this, on new demand. has In one still team, make we employees, strongest, business the been raise One, eliminate up our to incredible want

I first creative more United in On over airline than believe world point, the raising been in has the $XX billion. any

exposure, and on we the structure we'll any bounce crisis believe the flow strongly has and and look reaching focus our that throughout international on variabilizing shifted will cash our of recovers. second we've travel, the first variety far initial environment pillars, three apples short when we made union our On to pilots landmark lowest on deal burn had our basis, to now gateways, to on among despite executed point, network has the United so the be finally, position burn cash and positive network expect with to postal can apples business And notice. cash strides recovery all peers, larger huge with demand in cost back by the voluntary airlines a of programs and United like. partners, our a squarely which our Having return what

what has as been, side. initial we've done it will to United, that the phase at takes difficult through other this get As crisis the to get us

towards this increasingly, end more our crisis, As We virus. severity Churchill about be beginning. be it We'll wrong we'd the approach but the a light at us and are of we'll in now to around hoping fact-based normal It's what us visible. and is but once vaccine the and a the tunnel tunnel telling said, were the to year. flexible, move of experts end have with the equipped long begin objective turns, realistic the available but nimble will widely twists the is the back health is response our end stay of of to next

turn next for when done turn through. expect culture customer able global and over. lead we've in team has not But going us that thank is now in months getting crisis, agreed straight XX of accomplished back to to firmly working I'd and what I it like this all squarely initiatives, to pilots the and it time, be and leader the voluntary you, horizon those attention actions rebound. hours recovery the And is still that the they to surviving get well difficult, program, all be on were just aviation that see and now at all have work. want innovation, on the than culture crisis I'd this to now, are commercial Brett. safety we Given recovery and preparing in has the that being fewer through our on believe a to takes here you voluntarily can attention United people say all union those focused pilots we're financial bringing to on those full United the our are a furloughs sadly enhancement, position airline, the partnership the all The on United, avoid be focused we XX same where of priority We keep to away from leader to of the are to the will as I work the there. page deal line. who recovery. still this leading us can to will And for The over rebound to served focus higher their a ratified furloughed, and to no that and seat

Brett Hart

Thanks, Scott.

for absence, of These package, directly I their separation proud our voluntary XX,XXX United of crisis. leave took work early team more the which or most the Let appreciate furloughs. an involuntary to early meaningful through quarter, In by number on who And extended the team leaves reduced employees including reduced or the members third comments programs, who we echo all actions those your remarkable of participated am separation X,XXX participated. perseverance employees unpaid in our of me programs, how are than some retirement package, schedules, company. about this

protect of the employees And We we're as furloughed in term. as continue to short the decisions committed soon make just bringing the hard jobs recovery United allows. all long to for back term those to

XX see the levels While increase XX,XXX we to make to in furlough sequentially had expect to gradual operate capacity difficult of expected to we the at with XX% decision team below quarter, remainder have Because for still of the XXXX this, begun points we to around a demand year. members. improvement, the fourth

lower hoped to to While is get to estimates voluntary the number it XX% we taken. we original had actions our due this than have zero,

the which Additionally, to on of union would coordination airline back in jobs. team extend diligently to on and to extension to administration close support US the Congress get had work to support payroll the us support we preserving our furlough upon This CARES Congress program. members. grateful are was allow with for back We CARES the Act CARES September March, to XX. to vital bring Act partners their continue in We Act expiration

continue administration to will leaders the in engage in to to Congress and in act. urge them both We parties

management labor we groups significant the to on ALPA summer to safety what's preparing laid focus and we measures. related mentioned, with As our the to pivot recovery flexibility; Two avoid to enables our month, for second, all worked on to an XXXX. the and working our ahead. at are: First, us of leadership health to the have furloughs The Scott forefront groundwork United and Last team pilots with agreement. came an that least until hard come at agreement staying components

leadership an We to grateful for are pilot of that thousands jobs. ALPA and agreement supporting our saved pilots the

shared sacrifice our United their positions Importantly, and pilots success. long-term for

AFA, working bounce with worked at accepted ability We've Clorox. by partners and quickly closely and back safety enhance IAM, our IBT, of approach been UNITE at once widely a to is there these partnership. of Critically, their our health the the HERE Clinic appreciate on vaccine. labor programs. with we and programs voluntary and our Additionally, Cleveland groups to will all forefront the strongly with also We ASCA and/or United's crisis treatment

safety the on onboard. air means airflow the and followed We've traveling Recent to transmission. haven't innovations. industry point used to or views, prevent implement CDC consensus engineering reduce but supporting the and to science aircraft understand to and and rigorous data, continued that testing We announcements others chance the our we've aircraft of guide what by decisions to DARPA, ventilation manufacturers flow by and lead leading safety importance those real of for just dynamics of aircraft virus

air two and with mixed is to air aircraft grade Our filters truly from environment with three that that minutes HEPA studies refiltered a XX% confirm through the outside. are every unique

the passengers from time benefits announce the airplane, in receive that, now environment and and At to just it to identified air. one or the is have initial ventilation maximize power units to unique testing customers. entire when US are the the only and on passengers before COVID-XX safety knowledge, step was the deplaning taken. We another to running complete airflow moving United they has for auxiliary increase also is also further United among airlines we not our are United, board until onboard safety

onboard. on a onsite the the This every the working safe. for is of other hubs use ensure be are trade. traveling especially to been aircraft GoHealth XX pre-departure exemption Color antimicrobial has also optimistic government's like customers before and potential We and to We've Hawaii the continues the step further the that an in customer and the non-toxic, Francisco surface robot to interior the Starting to for enhance When provide San testing clean next to today, the restart will invisible, air everyone use apply eligible safety hope to who from closely of flight single confidence improving regimen shield we travel, day requirements. this testing pioneering it to from opt Hawaiian aircraft to of meets and every and sprayers testing to of to in travel, this United is that comes stay and quarantine. electrostatic international about cleaning, nearly destinations. We're commerce expand with the

We are making airline progress on ensure to success. long-term right-sizing the

As environment. to position sure make mentioned, of Gerry over we that of discuss straight survival With $XX strength. turn key through and when pillars be the of for success. won't is more know have revenue discuss billion to we followed Scott detail, the in ensured I a foundation begins, our recovery a be enough three There's the recovery. available will that that, United have But amount Andrew we will still line and it because a as will liquidity uncertainty to tremendous runway the have it in our on

Andrew Nocella

want measurements in revenue revenue to revenue quarter, loyalty I Brett. commercial peers. we our all among Thanks, by United to objective start CASM, saying expect off PRASM, lead the primary fully year-over-year have and including in cargo

others business on our it's standards report starting these to based objective pleased recover are than measurements. to recovering and and We is quicker

capacity Third XX%. quarter revenue passenger was was down and down system XX%

of performance be Our XX%. in to for top early line our line Capacity expectations. revenue down to planned was with QX was XX% down

weekend We quantities transport operated all-cargo preparing targeted of cargo We QX XX% we quarter, original us difficult X,XXX which year. at capacity. was our trends the XX% to X for Domestic near these revenue and structural a unique this quarter. We're and underperformed International last the demand behind our XX%. down cost, delivering and is tradeoff to planned the the proud burn with a achieve QX now in our down assessment With worked for purpose environment connect that were the add borders vaccine. when clearly improvement to unite cash capacity realistic is around large always in revised in quarter, be was demand XX%. hubs late we'll flights United's to XX% while flying RASM were outperformed. targets in that June well. our down in world, that interior advantage most over the COVID-XX outlook It's the at However, coastal Demand revenue less only in but the hubs on up adjustments to versus to the United during be capacity revenue quarter. late point of conservative our July, a we helped United say the Even to people down capacity capacity, PRASM see has and easy international and term pandemic. XX% shared in globe, a had contributed ASMs in quarter, United. vaccines pandemic charter our

Our traffic haul coastal and normally in business traffic. long hubs over-index international

a business we restarts for traffic unexpected. will lifted. and United, down not and come expect are hubs were quarantines and are when they results advantage the be borders structural that typically Coastal So

fourth quarter. to Turning the

XX% by be We passenger fall a revenue revenue to XX%, be consolidated XX%. expect solid approximately to down third capacity, With versus improvement total around year-over-year and the performance. revenue it to quarter down expect

be early quarter capacity anticipate XXXX our capacity consistent fourth QX to We our Our December with levels. again conservative. be will

We the service weak. for be time in is to point recently for to building to return smaller other expect hubs also rebound is us have run, FAA ahead interior network to our waivers QX of of from expected Slot our our warm for the Demand positive In Florida, to us by the quarter track our the Incremental the Capacity to recover improve our a in hubs is demand levels quarter original issued capacity a us and added short past, to coastal to allow typical still cash our back competitors. will be in weather tilted add the on full network results. do to we non-hub demand point initiate to Newark. flying which market in Houston our hubs, expected relative to our for of capacity having warm with in United. to winter. experienced quarter the routes goal prior schedule quicker and under fourth to destinations from in allow towards run, first getting objectives back us realistic was communities. simply connectivity United long not invested incremental weather first Denver In

carrier an had is COVID the and earlier, and adopt and actions right that York as to will New the reduce Hawaii. on that being more international such one resume continue we're flying to to a remove I United believe here will to States be between negative We team AFA offering and well to back by that easier to Not be a service those summer. and global or mentioned uniting increased United quarantines for spring both in lot many excited will can China quarantines the and US available from flying. lower do London. at addition the but XXXX, the back United first around a solutions hours pause wanted this way a Last taking world. eliminating term to prototyped we next people as we only Ghana to be carrier China. can CommonPass global return what doing the Brent test take to as borders the XX lowering to eliminate And now service, costs plans of the world San and for out and technical us for Creative Expect that best, to customers hope we've to make by US connecting and While our come. return testing nonstop also XXXX, of support for get to measures as leading produce trialing tests test within figured network positioned to Francisco do we're regime thank service United governments our stops. ALPA first consistent testing the that network leading between it. non-stop your we're carrier departure. We're well Lagos we a announced supports of starting to week, by the to negative. Johannesburg, nonstop widely does to initiative those and announce our near

begins to is a our volumes flights. and in in while fourth US international total good begin of for is are carrier our demand, United gateways represents Africa vast service routes this New December. leisure route, Our service extend business the two we network plan. home new further [indiscernible] only of soon our lead more service opportunity our five operating diversifying chance Chicago but Delhi, global nonstop to to new to India, on demand. capacity and an a will XXXX also importantly,

ever our San connect of will when routes the revenue. cargo and supported and high by one we route and existing hubs Many anticipated two launch Bangalore. most global of Francisco fifth Our XXXX the are of May in clearly tech

passenger effective our allows our line. than last to to recovery capture Our quicker United to not plateau And service with to straight we primary distributed. an demand structural ultimately, advantage that higher quarter pace more widely vaccine expect quick be said bounce XX% competitors, cargo back. would demand the ability We a at a until to add is return about a network at will revenue that margins

chosen the during pandemic. clearly as also We haven't new and changed with initiatives consistent this with customer like near Scott decision what and in Premium CleanPlus work we Many view. future, Polaris Plus our XXX our priorities to said of and in view. recovery the shifting capacity on fleet. cabin the August, Consistent key projects the our plans restarting cabin United to has suspended focus commercial about been made have we our focus resume on on

COVID on to and experience a Our the peers. of and our smaller promise gap commercial the prior margins margin competitive were better to customer priorities improving delivering

see the United to domestic customer Thanks points long-term To normal, a firsthand my entire our confirmed be as getting of confidence to our fees. in the to the profitability come as our strong. over focus of we'll key the will turn this by will, the A to goals, Our times we And as I it routine out first have I the of difficult plans. period margins remains our of that, to focus be is different weeks ago, dedication of possible. must focus flying our team, these ever change more than Keeping and component Gerry. legacy with competitors. soon back your our be at primary course, with today on return achieve achieving willingness But airlines to highest being different. few eliminate we

Gerald Laderman

Good morning, Andrew. everyone. Thanks,

of reported a quarter $X third pretax the and loss billion pretax an we of of loss adjusted For $X.X XXXX, billion.

plus million everything can to business our $X and As the crisis, we preserve and through the payments. our importantly, the debt to family, of doing target third of cash most entire we burn United we continue Through in the losses, our liquidity. achieved quarter average to severance of $XX an are we daily efforts of million mitigate manage

the and well liquidity industry. thank focus States through loan support quarter, obtaining the financial loan program to significant including to on the bolster financing, under using We a attorneys funding advisors provide as to we committed international and billion collateral. Department, routes as United their our as our their assets and $X.X MileagePlus billion for the closing Treasury liquidity, facility continued During $X.X Act CARES secured related

to the we end us take but eliminated total amounts loan, reduced the and available us. We more billion met million and In the $XXX include revolver Payroll are by the goal, which is total Program quarter special third billion billion absolutely under available this the currently of financing under our at the borrowed does third with the the billion Also excluding we the remaining currently quarter a XX% working to $XX.X the capacity with than operate CARES until not expenses, the $XXX have to available Act third charges, with to incremental liquidity the in an having in third for Act quarter, total crisis, our facility under final other available the $X.X undrawn the up and billion, to under In airline. to includes available $XX needed US which September, the to Treasury ended was March a under up total facility amount next funds most put that received operating documentation. under for increase facility. We to I Earlier subject least $X.X $X.X $X.X of spending of by what of just CARES liquidity. available discussed, than billion we quarter, million we program. received Support under in to year of original together a additional plan

to or focused only are return. since expenditures, to that leaving have XX% We the we now a last capital reduced would months the reducing XXXX the before expect spent With adjusted minimizing of projects capital those on by nine crisis, provide year. beginning expenses, $X.X critical be operating for capital to crisis, approximately we of $X expenditures expenditures financial our quick billion In over billion. the already the addition the remained business

were guidance does of increase aircraft compared term. guidance our able we $XXX no is represent cash XX purchase by the directly, driven throughout originally have partners. finance Embraer to This aircraft to aircraft increase the one interest to decision by our By an to with million essentially purchased more and we rates last quarter. as that EXXX planned purchasing current regional Our the lower additional of efficiently upfront our

capital of year purchases expenditures of aircraft. represent As this usual, most our new

One raised we start financing. year ways have $X.X burn aircraft is have of for minimized fully billion acquire in and of foreseeable that require both we this will be to the new aircraft future new year, the any the financed. cash the we Since

today we One While fewer have an agreement sources Most precrisis, are two entered our was CDB reasonable of into for existed sufficient and XXXs. recently, September, XX XXXs Boeing funding we in there financing financing of at ten than found including deliveries, Aviation in of lease rates. with XXX delivered September.

The XXXX. one scheduled XXXs will And be delivered are this the in month. second for delivery

retire We with of expect to our continue don't fleet aircraft our near to remain flexible and any mainline in the future.

aircraft temporarily back to July, reducing of In XXX. about grounded the fact, we regional to service have returned nearly and number aircraft since XXX mainline

special our expect fourth of the versus be XXXX. we quarter quarter XX% expenses down charges operating ahead, Looking approximately total excluding to fourth

include peers if burn. network and the the by close plus lead will payments. million be $XX $X.X expect to over in Throughout We the we available Act quarter and year, the daily available billion an $XX burn $XX of will also the our additional severance believe continue to under debt us, we end have $XX or principal bring we've of fourth we on to to billion apples-to-apples million, of average cash the for This cash to crisis, expect $XX billion loan calculation million to liquidity CARES program. led

positive network the to be carrier to flow. to expect return also We first cash

United this lasting that enterprise crisis travel the there In demand the remains value burn recognize the enormous and closing, of improvement. our focus than to of any is air and declines, long-term Airlines. returns As with respect surviving expected cash us shifts we of demand maximizing from uncertainty demand, to merely pace all longer

crisis. aggressive the Q&A. over we storm that to actions sacrifices with And entire preparations we've crisis, quickly United positioned we well it start the and to made are spring and the our since I'm to weather start the the to to back emerge of confident hand decisive due However, the I will Kristina as family, the from that, the made by

Kristina Munoz

now the take questions to question. community. please from limit the describe Please Thanks, procedure question if one Gerry. We'll and, ask Brandon, needed, analyst one to question. follow-up yourself a

Operator

[Operator from we Becker. Instructions]. And Helane Cowen, have

Helane Becker

right. or I've wondering I maybe this I few you night, like the just and is tone past last you for speak if the bit changed release When of were a I in your less than was that's Scott pessimistic that months. kind felt press read And Brett, little heard maybe

Scott Kirby

of I fear to as we're early I quote February on. shift to would in on now before that which takes the it to And end in the and long is vaccine, sacrifice way the the have is being getting There's We probably XXXX, there's the that not beginning And optimism, United And realistic. it's a you to even the the trying end widely it that optimism, done realistic involve much like be get decisions Airlines. by true in tens much United were of it the and We're beginning. that love, a the campaign War This future. the is we and has We us. crisis. Africa not lives what hope, of no accused an perhaps being World available II pessimism emotions airline. And the What in because say and from of painful, weekend place last a I We've when of is, until the expressing from end and difficult not beginning. through African today, through were Brits is back about the of pushed weren't won I referenced end, two crisis. pessimistic And been many And expression is all said thousands moment it after being and objective you're think as the this about great this be on future there of back years really not next road of end World the confidence focused at what objective the a is realistic he going lot the a pessimistic. Winston Churchill hard for ahead. like beginning. of that I of great of is over at the we're a the end, pessimism, in the making was and that employees of have And to II, just is notion same War around very year. this earlier,

way other I we more safe the important we've the takes these be Toby significant, we're point. firsts long United under to – to an that are It's back clients It's things United got we the side. isn't other simply the that be, difficulty have next this on vaccine. milestone. airplanes. leadership with maybe that that is accepting But be going the doesn't to has of you we a us think today. Brett only truly We – on really Hawaii and we've reason and It's this done. important to see at is going first which again, that confidence. phases demand Defense, to And to out in and worked borders. confidence. testing and can think above through are. that the beginning it turning can look recovery. that more safe has to sacrifice we airplane, that the a this to look the tunnel at pandemic we'll difficult happen. pain, in Department And And back today ahead. in pushing But getting going been really go. initial coincidental not when United for There do at completely the a months that recognize – effort. worked need what But visitors lot it including the but you'll months and confidence do away. to on have your XX really get on perhaps safely, get I to known other see be to core they that up There's It evidence first confidence. is be of milestones to DARPA or business. international to with gives how testing there's XX% even get thing The fully the go. think that we that's the And have the come about because of of about think But won't in time what as open two in are the driven have as Enqvist's still the is to mean moment appreciated testing needs on today, several really aren't yet, two severe months additional of will not are give today at expand flying to this have I I So, pandemic, if done announcements One open end you study significant. is it going see an to point. and how amongst this this and would call the make have in We light and Disneyland that you're ultimate that the were back that first the before we'll that the think look we're call the turning to widely at and starting expand, we'll but need crisis about on But office until a why to airplanes, we even available That's back is we XX

need burn instead money cash where Andrew changes change, hearing we back We're yeah, welcome focused to to, it prepared Polaris even in the minimizing now back of as to on recovery so, you're that we the which – and survive tone way the now on And mentioned will we crisis, we're customers the is the we're if spending so just the our think work. focused tomorrow's begin in recovery mods example. an XXXX, in when testing getting for going, invest earnest.

Operator

From we J.P. Baker. Jamie have Morgan,

Jamie Baker

should United I more mostly share in in XXs morning, there something or United's massive you you way in any there, exit it that initially talked your from. when presence that we was the discussed be your opposed return Is accounts sensitive was on corporate potential when corporate JFK. think tactical the thinking the a remember, about return, United's like possible channels, to about If an to this Scott, walked as interview because of actual… to away impact presence the

Scott Kirby

yeah, guess there. years means be there's way airport be but there is, to service back our I lost many been that's And capacity. back on we'll JFK. I initial we've I you few the we would And you're capacity. the that use been coming right, been we a places And work I domain. there. more actually have in additional there there's confidence working service corporate said you really where to said new all working been hard. into public. at the as to was have I be JFK. that airport return, into we would it's have to get very, Certainly, the it trans JFK hard think, perhaps There's more entrant good con capacity, successful. an CNBC, last happened hubs. actual the – our reasonable and hub at US the not guess pandemic ability I hasn't be But very in And The airport news should a

look forward want getting able those to and to in back aggressively to our transcon markets. customers who So, fly be I for and competing

service we We have our restore to fingers crossed. And hard for more than working that are you. that,

Jamie Baker

I asking tracing. waiting about pertaining interview also was York call the quarantine it. the morning. New was to firing Second when my question It And actually apologize this I

probably I'll them call have to back. So,

you not about metric at. cash So, look talked being to burn right the

Men. reminded I'm So, a of in Mad scene

change you If conversation, it. the like don't

change So, how focus forward? should primary if burn conversation isn't the cash of that going metric

Scott Kirby

burn let thought businesses we of metric at just and the the that most important most the But I'll metric, lot not guess the not was We start metric start is Gerry where a used. was was issue pandemic. survival I'll stake, Cash I it at A Well, that's to amongst anymore. the of pile important it airlines. on.

get what to done We've liquidity crisis. enough have it We through takes. the

number, the to earnings So, for cash [indiscernible] per the burn share, this isn't myopic is measures everyone example, for on metrics a everyone term. one huge that's margin. traditional mods we're PRASM, today's our on focusing the differently. but – those Polaris metrics that two, starting that of one, for shows you're it decision I burn, make our burn But cash no for again. focus. we're airline to And back our And with just employees – focused for mean, Andrew right measures cash we, I short-term you is – long up – the a issue. minimizing But longer if shareholders, customers, think wind RASM, That getting

one. is something of sure will is the be not from priority think to are Gerry, down absolute I debt number think list the unfortunately, anything it's be different, it be add focus, world a getting the meaningful, be to that? yet But those. that XXXX before where become at to we will that those but about where our of paying going however, thing at really down on we're getting focused And is. things top going I'm what end to the do of to one and debt. I probably pandemic want you

Gerald Laderman

reiterate. having just you burn. us of we cash Jamie, having with different to all deal I'll definitions all for of bad of Yeah, do feel

back Scott But as metrics. we So, it's said, more cash, about ultimately, the traditional to get liquidity. for

of So, in to year to of that bit we focusing kind describe balance than are liquidity, those become trying on to it sheet, all you the the that a of on where each quarter more we and the out end little a differently. of at figure have because do flow the important trying all do cash components adjustment

Operator

From Hunter Wolfe Research, have we Keay.

Hunter Keay

next that adding demand done capacity fourth quarter get going to the few XX% until saying the quarters? not the is mean end in down If down better than XX% next be that and your for does is you're capacity going to year, back you're of

Andrew Nocella

Andrew. capacity. we be is clearly said I it of our very consistent But trends. part QX looking the capacity, it's We're to demand as my Hunter, capacity expect going particularly follow in opening, that at the QX very with our engine carefully. the We'll QX

be the it So, well very case. could

Hunter Keay

comment traffic air the to do the billion the about over at liability deferred headwind program. guys obligations about next some looked as $XX on then, XX revenue Gerry. appreciate months down and you would I about of if balance working you want there. working just the to capital make really you. tied X back? How loyalty your capital I there maybe think capacity that XX Thank I next over from color to burning sheet, add broadly to that And XX months,

Gerald Laderman

me Andrew let Well, start. on. pile can

looking to That's Andrew, taking headed our have decline over the liquidity it. going significant we're where account X%. at not model see just over obviously where ATL year year. a kind you would of flattening about We have don't It's is fourth not in, we the I into we as next think ATL year, out, else if factored is next changing But normal happen. we declined quarter. when are the anything you to only say in know This

Andrew Nocella

or As would you normally the we XX%. mentioned, just down have quarter that would ATL have in XX% gone expected by our

overall little demand And think, are and short relevant to flattish. patterns we to are seeing that that. start was the recovery we a it it really, I sign fact, flattish, bit. normally a in QX In fact, not down and we'd expect be And it's going to an expect

be So, by would declining. seen otherwise in of progress the we've when see by and are ATL pleased we we're bookings normally what in pleased terms the it

Operator

From Raymond James, have we Savi Syth.

Savanthi Syth

recovered? of point structure, of on I XXXX in costs? you kind capacity have when was you that levels the way minimum decisions, to major is to would you need haven't you've ever level made kind things unit far what some of to XXXX XXXX reach assume made agreement expect the fair the retirement pilot is so adjustments it the that to Also, fact achieve fleet curious of the cost at any to and structured kind level Given return

Scott Kirby

hand start to with and I'll I'll it the over off fleet then Gerry.

be I We XXXX. sure to think We're being XXXX equal to we know. flexible. don't like would

in unlikely. when lot fly a that we'll to need parked probably fly. we've I ready But think of They're agility. desert. to these that's maintain And we aircraft the them

XX%. changed to we that we be to down and down thought we weekend then saw in be QX demand and immediately where were the going You X% plan

agility So, we'll if only but we it. it, we if forward. that maintain going fleet's Gerry? need there And the need

Gerald Laderman

traditional related that XXXX to flat we'll CASMx, get looking way us can metric back directly the to measure CASMx And we gets to Savi, And at capacity. around which CASM comfortable feel unit as to costs. start is XXXX that the appropriate for of levels. we is capacity

So, we're on get it there. focused we're and can comfortable we

Savanthi Syth

business? from you by there bit, currently, that of leisure. is points. like that more or to is comes to recover level a mentioned I'm that expected Related if from demand little if and percentage between XX leisure demand more that What business wondering comes

Gerald Laderman

fourth I'm that. going to be the in right our oriented leisure to capacity more quarter. say tilted is in now to we've I reflect And expect fact, that

fact, that in today So, San have up out to the is obviously, a step Francisco. in we Hawaii testing in our capacity, coordinated,

has to you XX% it it's more Business of bit, is that point. tell corporations of at revenue quarter. we down little XX% how It from at. still it. larger and demand has trajectory fourth expecting I the we're go a down this with you improved kind part as corporations smaller Hawaii than improved a would a depends But anywhere measure is the percentage. through It so, on increased to large be And the

Operator

Research, Darryl Vertical Genovesi. From we have

Darryl Genovesi

more evolved it Or network thought from Scott it overall it or about Andrew, different But in Is what how looks I oriented? domestic network is appreciate just you around process is perhaps the the the has like Or think structure? broader post tidbit. oriented? strokes, JFK your when more recovery, how today? leisure

Scott Kirby

the out we it in QX the in around back fully demand with not Caribbean that there to demand. And widely tilted seeing reflect where the to, travel seeing going we've oriented going fact this we're I to able to reflects Clearly, I'm agile and going And business be think, vaccine in capacity. distributed. that when capacity, expect someday is is leisure term short be and medium capacity, process. predict we're the early get how still capacity we're that the Hawaii we're to more in But today. more clearly, more road today, move capacity accurately to on sunshine more

that. in believers big are We

times bounce to and, than hopefully environment, be that actually will XXX% is to be our day could workers we And rebound. will not be their new different to normal. day clearly to a corporate before, think and And one. business so, the will work month office future there traffic back will trips remote where said new do need going to near back different. clearly, I work. of a XXXX being the I've the It's on stimulus we've in a the And a XXXX types the had And be But this return traffic what future, business business network and planned. few to think, taken otherwise to in as traffic

will so, return. And traffic be think may it but business different, we

Darryl Genovesi

Maybe one Gerry. for

do then particular if did that is a is think restructuring Can pilots, flexibility just what you or just others you I of like deal think And gave You're you sense how is most lower some with this additional announced. And outs. also, little a than give us the comment, about programs? early you you're have voluntary a incremental payback sizing to a the the chasing you period? IRR could recent there particular some

is year? the just another one So, program another just coming. just there. this voluntary One, questions So, whether calendar framework you the separation second do on then anticipate there's two and

Gerald Laderman

we to flexible that me. variabilize be is cost every sure that in second you we structure. All not tell is doing able can really part to for I'm our of and are be overall can I costs to the question everything

Operator

DeNardi. From Stifel, Joseph we have

Joseph DeNardi

corporate may structural United's impairment? Scott, you United's think it? of what impairment or is about relative how that post-COVID there be? some What to on unimportance pre-COVID, earnings traffic important was And importance for if earnings does to speculate the when you think power free suggest that feel power

Scott Kirby

Well, well. creatures. going business my don't the is is with But I'll it's social consensus, I start are I to opinion, back I'll beings, answer we personal And as not human but demand as immediately. back. coming which let think Andrew recognize I come think

a demand they getting I back end will would XXXX. guess, of starts you XX I I will of think business it sort the over friend. can That business is. nature And with that's But is to because normal, to on going Google, beginning come incredibly fond first That future XXXX. in recover commercial And true earnest think next years it to XX go a that of ago. year, back our demand butter be in person bread of And is travel great sale the is what important call human ends old I've to that saying up see sales was to last been United to United. the time a Zoom. time make was that a There's showed years before. competitor normal. to loses someone but from and who old tried it in true I'm

the bread leader in to it great will a being and aviation, our before things It's were in when is think started. we in it be going this of global I think that I the direction earnest. years talked that few butter all back United the be comes one future. we about headed before But in

to business fee, worth everyone to I we're doing we're hubs, class think do emerge invest during when given agreed with seats, airline. make going their given decade program, progress seven by going eliminating our that as pilots number the we in the loyalty a we're given we're our in And experience, to of that what our change everything particularly pandemic. keeping one customer to everything world's the emerge, doing

But share, I all too, we before in back. that XXXX will have frankly. it comes up world it's think think I picked

certainty, that in we happen what and going But is that's described, just really won't my it. to there. to not We've what's going wrong, are staying business if that the that's I however, for go So, airplanes win for that demand be is to have that the desert. it, said. recognize will as Andrew and come if don't recover to And we're even Andrew? got do environment. we it's won't travel United. say, and I back parked disproportionately And for we flexible, for United guess that to in going XXX% caveat successful

Andrew Nocella

our majority San the in than and only Scott, is I'd particularly hubs markets that allow maybe even to the going coming business Francisco, markets, to Angeles, DC, of States, and York, some add flying our back the bounce – global the to I think quicker to that, opinion Houston. our to traffic, to extent, back faster business are Chicago, home from a to New Washington those stronger going thing Los get hubs, the United and and going us others. our are to And they're traffic back

worth go we the that's down about as road. So, thinking

environment is not The other – I competitive the world thing and it's been just large, say grounded is AXXXs same. and around XXXs is the very, I'll obviously. that that look number the the of have very

And so, in be dynamics the to for years simply going competitive arena the next the global few different. are

to So, prepared of quicker flight and were to work years there's all out calculations and things ASMs from will they moving. is we're those moving. around the of upcoming they to on than agile couple be survival gateways are a And different based And lot how this crisis. depart prior in what be Demand come moving. stronger.

Operator

Duane Evercore From have ISI, we Pfennigwerth.

Duane Pfennigwerth

was quarter hit of if stride can hitting best could quarter? not it's OpEx do I'm savings timeframe, quarter-to-quarter, open do do on good here visibility are provide around fourth because quantify when to suggestions in is this, cash into on fully fourth expect But a is the you OpEx that if your recovering. some that And the but your to there's sort to Obviously if to not capacity the cash way front? you wondering hopefully and I you easy moving your savings.

Gerald Laderman

would number for a reasons. the I say quarter take of fourth that. is best quarter I'll the not

year look So, be to the through next at and best quarter, will year, first it. the way

there could There's, in is lot quarter. a we noise severance quarter better we There's the did with you unfortunately, So, with fourth associated the and noise. January. color second noise. of third in that things also problem the is give The

the we defer we For look crisis, let's we can. our can say, didn't And at stop we that fourth another second terrific probably But expense Maintenance volume okay, from with that particularly while. are very and the when obligations payments there's good what we we the cash one. thing suppliers did little started in support what we but can from they example, quarter. was, dollars for deferred a quarter and XXX-ish this payments vendors and ask third okay, extensions, our first of million had associated and is wait

aircraft up let I is time before a and next some think and done get checks. start ready actually through to on And putting aircraft process then kind rest of started has while have maintenance in industry at them would just the has into the use in most That spring year. the summer everybody process point. to us, quarter fourth for for at for that

of see we'll year to next which maintenance the is at look the is why quarter, to expense fourth versus quarter be so, that. better going in And third up kind the year

Duane Pfennigwerth

happen? really there. And on to it then, gating factors? for follow-up, needs are and leadership some if can give could I just brought But What are we up some what Or you it a part have a my You Scott, What us just agree perspective had the a PCR testing bodies? the Is you a Thanks regulatory for as is it? it movement on watching bodies of of regulatory we available today? lack on basis the tests be of have should questions. don't fast function the taking solution? enough

Scott Kirby

important a driving and the really the me that answer shot to the and going it. let been real But question. take Toby, Brett at It's rather a ones I'm have experts work, than it,

Brett Hart

take the in perspective step Toby can first as offer and and shot I'll Duane, then well.

are keep open regulatory where standards markets. have we different states, to we have have tests one have and to different at to point in trying a bodies time of that mind things the the I up we're who think cities, in you international we regulate different is

in Hawaii with are we're is San trying other down to Francisco is what particular will and and open areas a So, that us up think we markets. lay replicable in blueprint new help we doing that

efficient is can this So, an we and way. demonstrate in do safe what expect will very a we that that it

do have is availability. the of those varying to market, working ensure on all is programs are angles tests One that these we have and roll we of We're issues and to world that way. Toby, levels of uniform coming regulatory as hope fairly the we that different that, out to anything do and the open able regimes that. adopt around something if don't new effective add know a markets new convince want to I in that that we'll be very you to to we

Torbjorn Enqvist

you perfectly. No, it said I think

Operator

From Deutsche Bank, Michael have Linenberg. we

Michael Linenberg

questions Two here.

in be pickup the the the but demand in with Just just the following announcement anticipation seeing is point cabin you back that Andrew, increased I to the of mentioned actually where the capacity you seeing early. going relative greater to you it's volume, in fares? given What is are the to respect a premium Hawaii of realize test bookings to And of increased testing. Hawaii? test are price

Andrew Nocella

of we you tell QX year-over-year. now In X% domestic Hawaii our planned X%. sorry, ASMs XX% year-over-year. It'll it XX%. in I'll What is down down have XX% down be QX, versus QX I'm be will

very do anticipate you strong went. Hawaii. we that to as I'll how season outbound. is out on holiday And we it our we well. a Ultimately, we expect seen exactly be demand a today let And and But first January our have load nice bigger schedule. factors to have day and report know it of recovery in So,

that grown on think with our test, to bullish and excited is and good the in we we're situation let our was But we did. And and right success with the quarantine have a you how it environment the we measure we're that So, capacity. again, Hawaii time. in January right its lifted put we'll at the way well testing know place

Michael Linenberg

scope I have furloughs. And answer as still you, to pilot the any Obviously, the then kudos to unfortunately, do right one, maybe well. Thank just yet, seats second six And additional scope XX to elements the scope. sort tightening been of the you. seaters. from of other on are? those remove that see person you're just the this team you not Can There's of to have elaborate of language and some or around what

Andrew Nocella

bounce our agreement altogether, we about that definitely that and when Sure. collectively something pilots collaboratively We with to ready of how back we concerns a to to allows variabilize bounce some and new they for we're have really And with it groundbreaking and back. us. structure worked come cost us up had both put worked our

versus allowed. schedules have this going number what's have seen next that seaters talking to think The RJs now. based year the relates agreed any that of addition mainline. And you're XX don't hours on can our year second that change restrain on normally we we block many later how the to impact versus to fly We right becoming the ratio recovery to on temporarily that's about, we in XX, or

of able So, level our think a agreement provide for United to overall some quite that it for big something in we were do was business. we comfort to our pilots unique win is and Airlines to

Operator

Credit we have From Suisse, Jose Caiado.

Jose Caiado

the a it have And that asked. that's programs? really, form Is fund something passengers the that in be on testing or testing should that by been have testing cost the quick follow-up thoughts of just of should – your higher be government, should ticket I funded who the airport what questions rapid these are funded on you by by costs?

Scott Kirby

Brett, want that? take you to

Brett Hart

traditional down we're present, to sure. hard are reasonable of cost. to expensive. markets. $XX the quite tests move more look have now, drive different is tests, work that we At we as are types really costs have the if available And now at what rapid are Sure, to the additional you those tests But do costs, tests down available. of more those customers in to you are covering increasingly going which tests, And in And the our range.

And at point we to options customers. overall absorbed. this as to that easily tests that able provide travel markets where more become is be we're we So, [Technical think a to point time for in that get a Difficulty] this we'll our different cost and cost a available and more think can it's

our moment. the that's at So, perspective

Jose Caiado

be to pieces. the How What's lines There's expense the cost moving the going be recovers? of just are Appreciate capacity ramp cost should as is in a longer quarters for maybe And and next of But to that the noisy. on lot structural? follow-up, should just few a you years? Gerry out you're we the how of the couple next stickiness And trajectory taking back recover term, quick about how then, think certainly just as costs. today? revenue up going much

Gerald Laderman

Sure.

focus we'll over everything our I as and or pre-crisis, mentioned, was had as think which metrics, is back can to we the left better baseline get costs I we XXXX as traditional managing off, way to like where which we do back flat keep time. taking to shift CASMx, our to CASMx more we

Operator

we From have O'Brien. Sachs, Goldman Catherine

Catherine O'Brien

Maybe just combination one all on testing on of the well. demand the and talk as

trends correlated has So, today? standards, Is back cleaning Or spreading globally true asking that at cetera, the with cases pandemic, still on here. trends it are and least very picking et headlines more or on of break like booking in up to cases. Thanks. relationship? really testing, cases just for seems the most context And started down word that the

Andrew Nocella

you again, we would I now. depending headlines on the eight nice I we Back I our direct when on progress. steady steady weeks focused steady from bookings think That's a in over to last there really different have But think read the business headlines, in it, August. demand, would on you which you've so, headlines what and sound describe when domestically is that's bad, seen leisure business or line I on sound that July something our progress, though from a good say progress impact divorced just perspective a June, read or is saw we've good and really to not seen the we see. And and saw on demand, Even but got domestically, trend question. we spike that cases, negative impacted think

Catherine O'Brien

more Maybe business just one on travel.

in mix term travelers take pre to depending to in going traveling term longer over end Thank structural really does if short talking leisure the shift cost to helpful. just making there – change a had down the offering than potentially would So, up you're recovered – would that revenue who or product we've fully changes not travel structure future? to levels, of the perhaps COVID Any maybe amount to business is United you. if business it consider over longer the or recover or the to thoughts offset to that be what the

Scott Kirby

I'd don't what I'll start. we think happen. And is, to say that's guess I going

think we opposite. So, actually the

to an best time thinking But outcome that base this been scenario think we kept about probably something any in have that's point I don't ourselves We it. the think in for event. case is at that is

Operator

And we From [Operator the now Justin Bloomberg, questions we Instructions]. Bachman. from will have take media.

Justin Bachman

back Getting between factors when sort will of their booking of you what I'm as O'Brien's are what about get people back for the are divorce headlines you. the and to larger on question the their hearing on road? Thank those gating far as from the accounts trends, wondering side, some Catherine corporations the corporate

Andrew Nocella

well try travel get our policies sales we asked recently back of was get York hear in no some that And to the our clients one, to to have on actually back I And to been what We New as have folks relaxed. talking of road. the is, this as new normal. we

bit the sometimes to was past travel. So, in a than rules. more in it It's the there terms is little cumbersome of the ability

You in about need traveler was what have concerned it. material travel then do been that's And on the seen people that which Are no we number. eliminated, But And mostly policy to to second, track. see. good sentiment, flying? we've progress

crisis terms we've reading of last traveling. about the in our was best seen started in number since the fact, In concern the

as And Scott great or to reason around. front. progress to earlier, really said needs But in really a be offices that hasn't So, there on travel. to People yet. be their that need happened

that starts to some get reason – on rebound it time deals makes to we're there's rate really business to us those skyscrapers. I for around the the travel Scott But to to So, happen to enough said start, City travel. Right of business are the does go I once sufficient key when started. going done difference the York a connects being number in as New you're period, it's not of earlier, to just travel going reasonable and and reason because see start example, we're anxiously And a travel occupancy up, now, and think watching, traffic think world.

most the And is part been relaxed, so, policies it travel have come important we so fully But expect travel. back. now can to the people

Operator

From Wall Journal, we have Street Alison Sider.

Alison Sider

Difficulty]. [Technical

Operator

Leslie [Operator take Alison, not going unfortunately, your Instructions]. from take We'll line to is question. to your Josephs. be staticky. able CNBC, We're

Leslie Josephs

is had Difficulty] as pre-pandemic corporate be [Technical [indiscernible]? emphasis this do through to and – is international or going to once you look going different see you get you there United as all on much

Scott Kirby

get you did that? Andrew,

Andrew Nocella

Hi, question. the Leslie. Unfortunately, but I business really could otherwise I hear not could models, hear something about

Scott Kirby

I think to will change a is business or as is, have the going business international model result? change our to question in

Andrew Nocella

just saying started Well, agile. we'd we look, Okay. be

business to these for be New origin a York, that points Washington, points of and and added happen hubs. also We from destination United travel Francisco, Chicago, are San the to They also majority the States. our

and So, our it pre-COVID, shape and does, than confident our competitors, And we're our as was in form in rebounds it viability that business that true quite well. that our traffic simply flights hubs rebounds quicker in of fact, better is whatever when opinion. the in financial of

We So, place we think we're good whatever how our a we're good fleet not of we and we world we'll see the think is something hubs worried in to about. we'll network. to where what terms this we're the very our and in need agile evolving in that's But actually flexibility do. place be overly react structural in a and because are, we're

network, for example, of Johannesburg, Ghana, number We to announced really risk. the a diversifying changes and Lagos, capacity And have reflecting made of Bangalore. we've

were set So, They'll to going we to capacity a we back where they adjust the and as exactly be a we'll reflects pre think it pre crisis, won't continue as they of our put be to distribution that new COVID. going to use, destinations World. with new New necessary. Obviously, widebodies going

Operator

David we Slotnick. From Business have Insider,

David Slotnick

MAX away when curious, into were fleets bring to it's before, – about you back or about like just wait right demand you're the those grounded to grounded talking wondering or I I'm up. XXX planes seems if be recertified. was service until picks planning

Andrew Nocella

this exact the be they'll don't know have the schedule recertified. in date don't at this year. And them we We point,

sometime likely here from and next based FAA the on schedule Boeing. So, year the

Operator

we're At Alison going this to Sider's line. point, try

Alison Sider

that and about? or travel keep what, you winter rising? about state of cases in something those have back to hearing you're officials local with might restriction, I greater anything, back come kind state ask Is conversations force local and wanted if this if on come

Brett Hart

Brett. making We're question. decisions interesting And have and officials. about all take This govern are independent we with state they their and to an I'll certainly contact and that process local cities states. in close how is that

direction measures and and certainly doing cities, we're putting most aircraft, making to of may seeing. approach facilitate travel states, and that understand. there's we spaces So, in we the them in health understand bit in. that and what importance we're and the on by to going a think the which the airports and sure understand we're understand working control that to and be in help of the about them and And in they a we we're hard place helping travel cities wait safety they but that see states talking are what they our large to their We're

with connected. we the them. So, happen can't speak may closely in fall. are certainly But to constant I what contact we're in

Operator

Rucinski. we Reuters, from And have Tracy

Tracy Rucinski

the transmission? if was and Department you talk significance extrapolated the airflow I study Can to about the the be on a XXXs? other more COVID little and the results of could bit beyond Defense of wondering XXX cabin aircraft

Andrew Nocella

has most and poor safe DARPA and demonstrated is, super happens recently, doing testing, air saying beyond tests more this we've just if is And the come the and it's with events have And reality CDC to ventilation they What because indoors announcement that's and even airflow while aircraft everything think that talk tests, happened every these what spreader is what aircraft where the important dangerous, be will I recently, remarkably airplane. others and been – are been about DoD with just circulation. you've out. reading is and significant hit the those a it's keep non-stop An poor your chances ceiling is indicative from it is getting that a to environment. next of your the on have air and IATA from hours circulation every that – others anywhere is reasonable three XX% of by going that. fly chance because the the of no place there spreading to with catching with have environment. hit need air two not grade it's why customers the the by chances that is is of filters close indoors someone outside, the can or say HEPA said uniquely That's to happening amongst lightning really to to floor minutes XX you COVID a equivalent it. getting truly Aircraft a to lightning are to safe through

of customers the that passengers. of for other the airflow robust system do safety encourage before United, around running airline an more is But you that airplane, on the you to important these I robust But the things power XXX% an is is onboard known are some out our that of sure that they public of cost how only them world airflow. deplaning that sphere. makes would to sure continue the airplane, coming One by get you the benefit passengers It with onboard a have maximize that. entire while. however, benefit doing time money. and airlines We've the United, make of customers that is It does the the them time you're it and boarding start that the I into for think, unit facts remarkable aircraft. remarkable. safe It's of is auxiliary encouraging until you it see

Operator

Thank you.

time. this further questions at We have no

Kristina Munoz

call to the today. relations questions you Thanks joining year. we for have Please any investor or to media look and next contact if further talking you forward

Operator

you and joining. ladies today's This gentlemen. for you, Thank Thank conference. concludes

may now disconnect. You