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DAL Delta Air Lines

Participants
Ed Bastian Chief Executive Officer
Julie Stewart Vice President, Investor Relations
Glen Hauenstein President
Dan Janki Chief Financial Officer
Tim Mapes Senior Vice President and Chief Marketing & Communications Officer
Savi Syth Raymond James
Andrew Didora Bank of America
David Vernon Bernstein
Ravi Shanker Morgan Stanley
Mike Linenberg Deutsche Bank
Jamie Baker JPMorgan
Duane Pfennigwerth Evercore ISI
Sheila Kahyaoglu Jefferies
Conor Cunningham MKM Partners
Myles Walton UBS
Hunter Keay Wolfe Research
Mary Schlangenstein Bloomberg News
Alison Sider Wall Street Journal
Leslie Josephs CNBC
Edward Russell Skift
David Slotnick TPG
Robert Silk Travel Weekly
Call transcript
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Operator

Good morning, everyone and welcome to the Delta Air Lines December Quarter and Full Year 2021 Financial Results Conference Call. My name is Cody and I will be your coordinator. [Operator Instructions] As a reminder, today’s call is being recorded. I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations. Please go ahead.

Julie Stewart

Cody. you, Thank and quarter everyone joining for us Good full thanks year December and XXXX our morning, for earnings call.

statements take from remarks, our Dan cost a sheet. and statements. Ed so will to differ provide Joining represent of from ask move President, actual yourself will the uncertainties expectations or Delta’s one risks performance brief question events. with discuss today Atlanta our update we we as and And Ed of results the the analyst Q&A, CEO, to you to After analyst us Glen can strategy Bastian; our many an media with Glen forward-looking questions beliefs overview Hauenstein; as balance open on after that CFO, and possible. limit statements will Janki. future an follow-up involve will forward-looking forward-looking our about and that we Dan questions. will get and All prepared the call materially cause Today’s we could are you contains our please revenue and discussion the to

filings. such Some in SEC described may of cause differences Delta’s the that factors are

noted. results non-GAAP exclude will and We unless otherwise also financial measures, special discuss all items,

to of Investor non-GAAP And over the turn You ir.delta.com. can find a reconciliation page Ed. Relations will call our the at measures on with I that,

Ed Bastian

today. Julie. morning, appreciate Good joining everyone. you, thank us really Well, I you

and quarter the minutes into getting want results the December I discussing a to environment. Before of outlook, spend current couple

face combination our X the frontline the the as travel extreme and most well the no winter need where that society parts people, to team they we our of as variant do rapid significantly to variant the I experiencing. and a continue period our operation matter of and to country, spread customers, appreciative of aware, incredibly of of strong over weeks. the our quickly of and the of of circumstances. is Omicron in our done holiday some most As great The be has conditions to in am possible, the condition parts the the last difficult that help created peak get as at everyone work demand as impacted remember ever customers has safely

news Our head teams to these we affected, have lives. the Omicron-affected of stabilized appreciate challenging X daily mainline And your customers in patience X,XXX cancellations. difficulties good want work cancellations is understanding. own Omicron-related only in a very our has impact cancellations, while XX since we our days, on, the your your nearly faced Sunday, thank around managing had two the are the of X% that been impacting also our a every their of over day period. The of past only And member To fact, team of and out the about operation yesterday, And have flights. for flights. I during with who Delta number Omicron-related virus

how on not we few new to maybe amongst followed that cases Based risen, days, happen already by own medical steep expects variant counts our done, is in team the it peak that behind the a U.S. quickly So, in worst see while starting our appears us. cases. next the the case And decline over the have to are staff.

Capital December the normalized a Markets When to Omicron, us. seasonal being of first accelerate virus, and a ahead COVID-XX a of season this risk more. trajectory severity shift travel impacted, to as from And pandemic month that is of and the lower Day, path we and transmissibility high mark which resume move the to environment. a are know will ordinary travel year Today, a manageable in XX unknown. spoke as we confident pace President’s variant spring a last its about are strong Day be days a weekend was and we should lot we while summer likely the lot the Omicron Given at the recovery into of will

we was a for reflect year it Delta. as XXXX, like So other on no

the crisis profit we of billion loss through rate our work extremely of against At February we of sharing their billion why XX% On happy $X,XXX. This I years from nearly resulted highlighted ahead employees. recovery. special of improved efforts. competitive a position vast year much XXXX all XXXX, made the the the to our of payment our for the morning challenging, success is $XX the profitability by for XXXX revenue all profit past year we entire while us versus of and of we well-earned the December. year XX, proud significant of global in momentum have $X.X have is restoration have positions $XX close that year of for obviously half over U.S. only million that exited done This results nearly at of improved culture, Markets start accelerating of XXXX and the a pre-tax recognition Capital are Delta’s of full a While This And receive Day, still announce significant will as foundation. $XXX billion. people in our past billion work we demonstrates Delta included for have incredible for payment major performance $X.X financial airline the second is only continued as they in year. our as which year achieve the to we measured X a majority around recovery XXXX this us, pre-tax to one of progress the a and in this strengths to of a XX%, through Sharing our deepened team our the pillars airline of from and XX% of second our the half move recovery. with or Full course am the

our recorded in quarter, to outlook, fourth we million. and the quarter pre-tax March Turning a of profit highlights $XXX December

on million We been up the quarter. impact the in points and quarter in estimate This our of the started was X the from levels, the significant that with $XXX would Excluding passenger improvement recover we disruptions, saw of was revenue the pricing XXXX segments. demand by variant, Omicron impacts the lingering in encouraged XX% profitability that to prior we to approximately have our quarter. but September each throughout quarter

The pre-tax most. January Turning losses impacting before expect solid recovery returning the March months in business March. of travel to case surge outlook, the profitability and to incur is the of international in the Omicron and month February to we

office and put countries in back postponed place. canceled, are planned reopenings restrictions meetings are As

that, is On consumer industry booking with our is the counts prominence some subside behavior seeing of we side, the until are near-term that in lives. and And reliability COVID daily and the industry the facing, challenges operational are operational restored. combined case consumers delaying hesitation given travel

So rate approximately season, as decline. seeing internationally. travel, And levels versus a are in from a nearly of XX% improvement equally strong result, while expect ‘XX counts spring summer with demand been were and business travel of once we significant to both and and we begin down February where has case step we consumer remain recovery in pent-up in for to downturn We domestically U.S. rapid confident an and the months in demand XX% January the the December. quick,

recovery multi-year that in about for the were XX% of on our Based December, shortly. costs in are to and the of profit better Despite recovery accelerates XXXX recovery reopening markets, We our in of year the is be that we revenue are lift. return through the year. environment, March lead uniquely we seeing for from will the to we XX% at to a return positioned month confident full quarter is first expect current and business we unchanged. to spring for recovery international prepared of Delta last benefit trajectory which the loss-making will Markets out summer. than challenges plan Delta month walk restrictions the one travelers we as quarter will spring only as in is that full the as revenue on environment Dan also generate to the the the we this the to will current start we the and detail Glen skies. expect to optimistic And outlook, Day talk of meaningful laid the resulting quarter. resumes No Capital the recovery the greater

discussed future for month Our financial building remain three people last brand; unchanged: core planet. and performance better consumer a priorities foundation; our our and restoring our trusted and fortifying

senior Sustainability Officer, Pam recently As this, C-level Motors and we Pam fighting towards track to zero as world that part aviation. Fletcher, goals, forward record ESG our free of including announced change leader our developing the moving values hiring General and committed and enable first of the net We help industry’s firmly an customer Chief history to and remain an only emissions. extensive commitment a has established at new products putting the our CSO. future of impressive of the a climate to of

lead as airline the but final expand am years So, ahead. we than not position in as the past pandemic, continue choice that strengthen will the we before, I stronger our of our premium to industry our the move to emerge phase only in confident of the and trajectory

puts we the our value Our to closer us turn create to the Everything achieving with ambition. significant you is to crisis long-term transcend over have during Thank ambition of industry again. call will long done I and that, for And Glen. this all that stakeholders.

Glen Hauenstein

what want you, people payout to and good much deserved And Thank I XXXX. their receiving Ed, people be congratulate be Delta will Like month. everyone. sharing morning profit special during prouder accomplished of our next later they I couldn’t on Ed the

revenue. we the This over the onset consumer X% quarter billion above generated December from strong X% was improvement quarter, expectations $X.X in the up the the driven During a of by holidays. at Total of yield. RASM demand our on quarter, September was

below about in December the are strengths versus last results. month industry disciplined the quarter, approach capacity we The XX% Day capacity. talked at was quarter have our restored restoring a XXXX, Capital maintained as points we to X For evident our Markets

XX% First, demand X% period. holiday we strong were finishing more up very versus than Domestic particularly and the results holiday recovered. during with PRASM saw passenger with strong, revenue XXXX a

as more trends the November December in Second, bookings. our reopened and half restrictions impacted October in of second were and positive resulted borders lifted. momentum This stringent Omicron long-haul stalled in and restrictions variant the as international

we better more of continued continued XX% products travel, premium XXX% Third, December than remain Fourth, Fifth, of volumes XXXX resilient. the Cabin. restored our recovered Amex points quarter restored domestic our was during Main was Domestic during December progression business XXX% was XX% quarter. approaching to versus remuneration than well. levels. X revenue than more the revenue and ‘XX, diverse quarter streams cargo perform premium saw with revenue

to with new also up engagement very loyalty X% for downloads and the Delta XXXX from members, quarter, levels. December Fly We SkyMiles see strong for record continued X.X app In consumer sign-ups we quarter our another million program. added

we ‘XX, of engagement added brand preference all demonstrates Delta on X.X SkyMiles million desire For XXXX. growing members. new to travel strong and in our customers’ This

cases near-term rise an has the recent been than bookings. discussed, and impact Ed in waves. As Omicron demand COVID is previous on having different

in expect in thankfully infections days. counts in expect severe booking cases, high decline, few XX quickly. resulting begin to rebound With and to next increase a case swift counts to XX Once less the peak revenues rebound case to days, While its within counts within we expected most we short-term demand. U.S. case to are levels transmissibility impacting is

and canceled we Additionally, trips. agile we up nimble our be of how decline February fly we all the approach network. in January recaptured along, with and in customers demand remaining expect Consistent for make our as some future are to

our expect and This be long-haul between expect a XX% between to that be XX to be points we to industry. initial we the the flying For includes points we a conservative capacity quarter, international approach restored than expect XX few expectation. and more – lower our XX% March below to to

regional We impact operational regional to our have capacity do also actioned ensure our providers not integrity. labor at constraints

ease the in half year. of the constraints We expect will second these

recovered progression year, XX% but XXXX, weighted ultimately XXXX, versus of demand. year the be expect to this to full our the half For with capacity approximately will we determined back by still the be

the next loyalty diversification. on investing phase focused our As outlined the competitive position at recovery. revenue our why Delta extending for the remain is Capital We and products, Day global commercial of by we last have airline The Delta time our premium advantages Delta again choice. people Markets month, time our improving and ecosystem increasing of and proven is in well-positioned growing

And to keeping a are over that, exceed with XXXX path by the We the demand call to recovery accelerate on financial confident performance the Dan. will XXXX. as variant turn I that subsides, us will

Dan Janki

environment I special thank payment. executed that want Glen, in thank remains in people congratulate dynamic, hard our them XXXX an their Great. to profit work, Delta for very on sharing well-earned well team The a you.

from of $XXX X% So, of margin We let a quarter, me $X.XX $X.X quarter. start revenue representing share, with profitable per the pre-tax the income fourth highlights reporting delivered million total December on a a of and earnings billion.

increase to X.X% the fuel X% from expense sequentially a quarter. was is a $XX during This the the a compared weeks to impacted cancellations capacity X.X% operational primarily X% the disruptions renewal, per both close in increased fuel the by to Non-fuel improvement was of X million. fuel expense driven restoration from due refinery. results from and the in XXXX. continued increased costs supported Total a during weeks the from our billion it a to Embedded airline. of a our compared benefit benefit third quarter, from X year, by lower $X.XX Total included efficiency continued fleet quarter per of X.X% While up quarter CASM $X.X as fourth cost Fuel operating were expenses of billion, gallon the strong fuel to pre-tax which the $X.XX. gallon included non-fuel fuel last prices impact last XXXX. $X.X

year Now, in billion We to $XXX billion. $XXX debt with we and sheet, operating turning million million. liquidity quarter. We ended $XX.X flows $X.X of the billion $XX.X and into business debt repaid the net and balance December cash the adjusted of generated of we the of flow cash invested

we mitigation are will is between million March points quarter This estimate remains the impact normalizing and we million. In X by disruption, to environment, now as on non-fuel expect reduced magnifying March has through to $XX weakest of people. this points, higher March XX% a this our our XX% capacity driven the quarter Ed which is as of is by our current the quarter, protect first quarter costs cancellations year. fewer ASMs. staffing XXXX quarter are previously be reduction Absent seasonally challenges environment is We XXXX. than outlook, our step up $XX higher and Now, quarter XXXX to and XX% operational the non-fuel the is XXXX first the time and our that we our Omicron to ASMs recovery. the sequential of first maintenance with that The COVID-related paying recovered noted, seasonality crew Glen majority smaller. March over premiums and capacity to variant network from as to comparison outlook CASM and impacting challenges, CASM quarter The disruptions by few expected in levels. our normal work The non-fuel XX% to to in from due December also CASM

benefit XXXX a total related point As to due X point X we flying to last XXXX depressed inflects there restored. XXXX, CASM in is maintenance non-fuel to year when a about was This comparing flying. talked headwind to as month, in

basis, fourth maintenance in and quarterly of about X the the Our be first points specifically quarter no quarter the of tailwind benefit XXXX was XXXX. there will progression in

Additionally, ASM yet efficiency. with from we are – the flat sequentially essentially and benefiting the sequentially, scale not

and efficiency be This second to restored, the our of we and half we year last the full while exit benefit out scale will the at scale Markets of comparisons costs for expect mid half the will realize to As and the averaging is and our are guidance to efficiency progresses to that XXXX Capital CASM Underlying fully with close and improve. first we ASM the month as single-digits we XXXX the to mid-teens, restoration versus in restored X Day. laid framework up and guidance, in low year, the year non-fuel XX cost subside. ‘XX transition consistent

last to of framework to confident unfold did a we CASM Omicron-related and our the expect guidance And month. lot remain and equates non-fuel both operational the year demand. laid the in we we While not disruptions, still there out is capacity as it previously

quarter, same gallon months XXXX. estimated and and loss expected period X% a provided, a with combined When outlook February price of Fuel fuel March better between be to approximately is we $X.XX. Glen in revenue in For our month the to efficiency the $X.XX to be profitability per adjusted is March. return to expect the January than in

not million June, compares positioned CapEx Now, includes X% aircraft looking and CASM in and challenging we a year, of CapEx, This and modification be the in metrics to billion. remain XX% ground are and $X with The in point at of we quarter the deliveries, the of to $X.X of will billion. CapEx delivery Day. Capital our approximately this healthy to given The a to the related year technology March year, meaningful $X profit March month capacity XX remainder resort profit March of to billion and beyond $XXX largest At up beyond for in gross costs. quarter, aircraft projects. XX% even XX quarters, $X.X of with billion December last The XXXX. is guidance $X.X XXXX quarter including providing at delivery resulting non-fuel full resulting XXXX, billion in additional start the September generate includes Markets

debt remains reducing a Now, priority. top financial

planned by debt a During and XXXX, our contribution assets. return Act maturities, XXXX, billion, In expected CapEx adjusted the basis, with on we pension billion quarter. to debt we quarter. to billion with $XX billion have heavier in $X.X current increase first in net debt the billion in quarter, $X.X $X.X we With a our Protection a fully $X reduced gross XX% funded a Pension on

to making that generation metrics months, reducing balance will by investment next return As and XXXX. grade manage we to progress towards debt sheet, to $XX continue target end opportunistically we our XX achieve adjusted the debt net sustained billion XX to the of over cash

our our and So, over path the Capital of competitive the in financial in next path closing, full strong trajectory and conviction us give Markets the X our recovery at brand, we outlined the the strength priorities The of financial advantage power the recent Day, years. to recovery.

So me Q&A. to turn with for it let back Julie that,

Julie Stewart

Cody, queue the a question? how and please up to first our analysts for can go Dan. to you Thanks, question remind

Operator

And with Absolutely. from question Savi [Operator ahead. we’ll Instructions] take Syth you. Please our Thank Raymond James. first go

Savi Syth

fairly year. just the maybe a impact there early is of just everyone. Omicron of morning – And some bookings. Glen if the the was also, forward-looking curious I kind any is trends, important just different And the is for good an if it’s Hey, there rest close-in is into different booking entities maybe on color time January impacting for on impacting – it the four only of of here? how kind is the

Glen Hauenstein

Sure.

impacting I I One as of really has terms pick lightest time time this to concerned been of have fourth spring intents impacting delayed, On out time period this in got remains profile more sometime in of impact impacted – the very, those than of seeing of summer. an variant Omicron or February, so perspective, business we we they yet for surge, indicated, the and think week here. summer. magnitude all next because a pick demand slightly will close-in really you feel And some we think robust And about still for weeks to of or summer. would come we them vacation the weeks very recover it bookings biggest could plenty demand the easy unique And for if few of demand. that is spring third the X We we the very that are of it’s for much have Asia in weeks are the don’t of constrained. X that to travel. January, components come two and are in the these it’s not If time a deferral purposes, we year, it’s a probably X, regional for bookings believe to the have while further of year. March,

we’ve of through restrictions. seen restoration same to to that And very some time, imposing summer countries some Asia we’ve trying at And our is the countries continue. expect minimal. We lift more seen Europe, restrictions. the

were added, course, the in restrictions saw were Of they UK, and removed. you

further few restrictions. has We’re of listening the over even anticipating Ireland the come less weeks to restrictions out UK. next much with those

And for last lead restored So and will travel at mirror, the everybody the long very, to than to and Latin summers, for performing really was the the leisure rearview much of for two that I in be improve. we Latin haul off lot restrictions countries. think markets demands what in clearly, and America continuing is be more come should has a more summer. preparing will continued think strong then Omicron And any be for those point this transatlantic be healthy that resilient. to travel Those are it the this summer well of very are have to and short-haul

So hopefully, need. that gives you the color you

Savi Syth

second into go helpful, coming these much kind super well hirings levels into being ease know the summer heading of And the think of into you’ve you issues pilot kind maybe especially the I flight wondering last attendants built with Glen. is this into alluded a up if of and that of as up well. your on hiring also operational the color could capacity just help provide as you summer. That’s you are of like been summer how lot and employees of since kind the just Slack as to I I should year. some some because half

Glen Hauenstein

How much Slack, Savi? you mean What do Slack? by

Savi Syth

also it’s I per In if you’re I you guess, but hiring, employee capacity. your like the are aircraft sense – just or like increasing that, don’t know

something just peak like have like bit the handle if get another if I next of, to the guess, a we curious ratios So that of that, something kind more reserve or little into if or will kind summer we and period. we come variance

Glen Hauenstein

we We had getting did we’re staffing. a in leave a on ‘XX ‘XX. lot people better lot positioned So hire because in of of people

lot of term airline while longer those our hiring with the a pipeline advance we’re that ‘XX. in get and glad attendants. for A be Yes, include at Pilots I And is quick. shut looking comfortable flight going get because are over to can’t people down in there – days. overnight where it’s But the several you I I’m to to levels. the in up going comes think plan to like time. we’re We’re take very more thousand have there, the through be we the XX bookings. staffing really in to world in going for something Omicron decides And this place staffing think

Your earlier question, the to a ‘XX relative bookings look very and good in post haven’t at President’s really all expectations impact that. Day looking seen forward major

think it’s So be to quick rebound. we a going

Savi Syth

Thank Make sense. you.

Operator

Thank you.

We will take next of Andrew question our from with Bank Didora America.

Andrew Didora

have over, on say, new hire, next your many start to other your to guess everyone. think hire maybe little a it’s bit feed morning, hiring follow-up new I becoming years need good ability others. you color more when know if hard all? carriers give to start capacity you to a of And to time at a of how from the and and little X pilots hire airlines we’re plans? airlines Savi’s bit Regional pilots it can in the airline beginning finding would maybe I your hit pilots these your do that you impact a a And XXXX, if pilots. chatter Hi, into difficult But and question, regional mainline to hear to attract kind to as often

Glen Hauenstein

Andrew. Thanks,

mainline to into of period that the to at. to industry expect everyone we’re too. ‘XX hiring, else but of month some we XXX between XXX hiring get want And don’t continue presently pace and time, We’re the for far that’s and the hiring a We certainly is at that ourselves, pace in ‘XX. ahead too somewhere through

So it’s Delta. just not

problem it having of in But you want all to general, at at the That’s having mentioned. is for, regionals, particularly not the come thrilled which as impact but work premium pools pilots candidates. airline viewed and are we’re the at any hiring employees that great Delta getting We as that.

the regional regional of The challenges of own primarily is first year the of is staffing in Endeavor. hiring. down We pilot carriers some which work we are half some our flying because given on of we’re with, that the largest the facing,

actually of period that mitigate working and on is going is that’s we’re help process. the next So this of normal going attention us the to to time, it’s I’d to and their we’ve of regional the be good at It’s have the the and think we good. make needs. there rather to to closely disruption pay going enable at through the all order time. issue to same that sure through, But mainline. some been I the crisis them It’s the But – down a with the carriers through churn much pulling meet

Andrew Didora

did bit $X And of a equity partners. your But Capital new bit, were into just little this to talked just capital December, announce billion of other putting you me, about one about three Understood. wanted you question I at mentioned you a for then that – you little the Markets international Day. back in

thoughts, large a focus maybe important is curious such why follow all? do have similar is at equity get Just there or investment such Just it Thanks. think so smaller on airlines wanted to one strategy. to none your to Why a Delta why other – to opposed why you a you there? as don’t a

Glen Hauenstein

I Well, for can’t speak other airlines.

when them ask sit unless the out international And in Delta really to competitive to when think that. international in hard for natural try hard. is the that to international you you is the very the with for have has You’d marketplace. borders closely growth, it’s it’s But right when difficult. own, the in partners expansion, question. And the your strong airline and going to there is good, very about think working advance to International, our and about future, opportunity about think International a that I arena, on you you set go do had U.S. us, some Long-term, opportunities strategy. know it’s international. it

over of the preference. we that to a have and inside influencing the objectives joint the center – seat great to we’re means at as going their in you’re of we their the And the the Air is we etcetera. the growth also it’s just you’ve have here those opportunities And the we’ve Virgin, time head trying and – customer own because own – on Korean, company, grow partners to they fortunate customer found and contract to done international very international that ventures airlines domestically that very have marketplace, compared based just it’s room, customer customer through Callanan, and to if interest or We’re to it in sit desires. know France, best experience enhance Mexico, to decision quality the in But a our preference, through us grow the have try the for be LATAM, do will, solely now contractual as to market. customer if you difficult provide preference that very, service of everything putting big as ensure seen, what on being Air

in that made And us to actually significant recoup given the the well, that generate So we’re thrilled each past as we in returns. investments are the to one fact by making. to candidly, made certain some We’ve past, investments the allow of already financial that investments staying expect those investment invested with easier we’ve out we’re going they If paper. good significant companies. of on pencil it’s investments

Andrew Didora

Great. for Ed. that, Thank you

Operator

Thank you.

We David will take question from next with Bernstein. our Vernon

David Vernon

booking And through leisure there? quarter kind the the into up sort look you of business what and Glen, past Hi, activities then guys, of little question. can in you seeing talk thanks Day, the for and bit you’re specifically, good moved Year. sequentially of the the taking Presidents’ front as you yields Happy a morning, out kind on of first about quarter? shaping how New terms in

Glen Hauenstein

forward, usually business yield down digits. sitting the and then. past on the September talked I that yields, don’t was don’t we the while and with which the quarter, We single frame, I about I but then really at our and where pleased that low say to XX, anything since we think bottom were changed think being move through comment can future Day, up of has as And structure Investor about we the was was moved minus time that in

I the outlook is fine the We you, back. traffic the that’s think we give think would that structure I is need now. So

David Vernon

business have travel the any of anything discussions there the Okay. front? Is And plans their year? travelers do remainder you that updates share budgeting for on can about you then with on for

Glen Hauenstein

Yes, absolutely.

will as thought in have we we that or into indicated, would are the people did the business summer, and corporate expecting, you fourth it than clients they they as pushed And our respondents travel regular same it slightly. in what quarter when first who to quarter. thought Investor as corporate and or more we and right more was the the But we Ed Day demand before know. routine feel travel quarter right of was that the went down we this XX% But we customers same very know, the robust see would travel first they we it travel you out, did did survey often. still before As the safe a get pulse been call. Office of spring reopenings And percentage in that get back traveling. saw for

really to in optimistic about the future. about head and those going we optimistic this think where is not-too-distant So results

Ed Bastian

are here are is Ed. They to see. I read business I’d on of with to going a Omicron. and They travel, are to people crest first, open. encouragement counts of hit country to those that, came. way than we’re certain David, say are back, they realize them understand that and the watching variant and trying trying The sooner our of all had to giving start what’s their best news this country parts And And when the understand early first in that’s case wait are is in news declining if good the kind get – the maybe characterize decisions and were making that going are they their thinking back going the open be in, when as to is offices here. they to not offices when they able Omicron their to they get peak

spring, as trajectory the in the nice place. pretty over as Day, much small the is us. small corporate space big we big about And just it’s from December pool left in open we we quarter, we you something historically, really and think the saw the growth is we as but businesses, corporates. we And off Investor going a fourth haven’t a well it’s starting those up there. grow in out saw we’re talked both business, in a at about So where pointed as for pick offices when then business good as think to When

David Vernon

Thanks, Ed. Great.

Operator

Thank you.

We will take Stanley. our next question from Ravi Shanker with Morgan

Ravi Shanker

everyone. Thanks. Good morning,

few pandemic, up therapeutics availability with disruption last is herd to the I from of point. kind and that the weeks the last of real immunity and kind just else. mean, especially boosters and everything So pick on next of hopefully,

light fly of having real like with if service you Do – the of aircraft? of like like So you the guess planes full on big restored in a that? can regulators are there kind like time on masks a genuinely without tunnel, end line, the on – at the being light and we the have when is timing conversations has

Glen Hauenstein

positions will doing the be airlines. that’s experts when by it’s XXXX think speculate on of planes, is largely we going going we were of we’re on terms And masks aggressively. yes, to next X months, premature, service springtime, in say by our pandemic But kitchens it. move going going we’ve the start particularly terms rapid of of internationally. substantial you customers Took were the going when from good. the that ownership about spec, to back to It’s you. word, change are in and again to big make right with opportunity be to variant, the taken really were be we improved I continue Ravi, pretty in the that to The And in driven mentioning and on medical you’re to course restored Well, their agree where traveling from service to in X who’s over And improvements. to they see the it’s restoring not the ‘XX. thing follow I patterns I not restored, Obviously, planes. restored delighted the guidance. the make And the whole where and be during providing to changes catering the

push fast, normalized environment there to since of silver that – us into it, is thing many think I have all going so into this lining here would liked. a are the so people a sooner that infectious, real moving is pandemic it’s so it’s getting than is we here,

Day, Markets I presents. So while numbers Good we about to is we’re the the were about that we at think and travel talked that going Omicron patterns. uncertainty news uncertainty together to think in is more normalization, we our the when confident Capital it be even ‘XX short-lived. And path

That’s all sure. not negative. it’s So for

Ravi Shanker

And me XX this, it forgive update back? an past, relative to was the how and would the COVID on expect I year, that in fourth is come running in cabin missed but just And especially follow-up, Understood. cabin a quarter? if think the national points there ahead. look like trend you premium what you’ve main percentage to as through Thanks. do said I

Glen Hauenstein

yes. Well,

very about we’re fourth excited quarter So the results.

was continue comments We offer. I something what that believe, think we stay. and And we we is ahead it services and trends exploit those and we for the the think was fourth of for it lay X about the want forward and service plans to quarter, cabin us headline we that’s main to products leisure, we to that here in that points see how customers the entire is we premium continuing. out – moving our as

Ravi Shanker

Great. you. Thank

Operator

you. Thank

with comes Linenberg Mike Bank. question next Our from Deutsche

Mike Linenberg

Hey, morning, quick quick just two – one good Hey, everyone. one for Glen.

guidance normally the big quarter. I number. assume, similar a a spreads that $X of last given – it’s Should crack billion just this quarter. March maybe It will you revenue quarter March On but sales the where refinery the give there, be are, it know magnitude? is for was been piece we refinery, don’t

Glen Hauenstein

that’s way think think to right I about Yes, the it.

same will the output. refinery Our be jet consumption about in the

consistent, yes. it keep So

Mike Linenberg

if Ed, right an I now their pilot the most airlines, think Okay. are across contracts look Very good. have And then amendable second industry opened. I point. question you now, They think to Ed at been here.

included. Yours

I competitors Can quick didn’t the update context, of maybe do you you’re just think extension. you different pandemic, of furlough this I a within sort from you guess, one approaching I sort of a trying is And during an so you. Thank mean, of perspective. are? where anybody type the your give to X-year us

Ed Bastian

Pilots pandemic. in during furlough well, and we’re our competitors similar employee Mike. any some pilot of Thanks, not the as Yes, I the contract. large did included. relative to position, We a are particularly guess,

During to airlines the feel that for it of – to very the union future. was for confident in or pandemic, the any the matter difficult projecting

to we’re trying to we’re not reengage, box all industry where an on across So hold. I and will the probably we have But no, think anything. put that But expedited getting see ready now do goes.

people. We’re real trying our to get contract with a

Mike Linenberg

Thank good. Very you.

Operator

Thank you.

JPMorgan. question take with will from our We Baker Jamie next

Jamie Baker

morning. good Hey,

not? that asking as First expand during example, specifically X-day impediments for quarter? the U.S. transborder your testing requirement you from in that For to going as question the guide anticipate sort on question testing assume improve, get to asked that do only answer back we incremental to could headlines move for your Glen, levels reentering, to whether the of you be to a ease testing X-day these or a impediments? forecast? to I’m Is a that’s guidance because we’re November is eight back of Savi’s

Glen Hauenstein

what with us reacted Since more putting has seen requirements. and of like the seen on relaxing pretty that onerous that Omicron, we’ve the color relax. like relax We’ve testing on think further are on started those countries along is little – the by everybody now we’ve that UK, backside Israel margin. I seen who’s in Well, some a and the initially, Ireland restrictions, we’ve now other seen countries

travel It’s with that’s when easy I don’t the to U.S. proctor traveling would imposed X-day think So who’s customer overseas. a we that that all. you that has test I think pretty take what you requirement the is a expect. for testing

they restrictions forward the go easing back the whether I policy. be But variant, in think world towards So looking to that that have I speak that again, the off started backed I the is handle a couldn’t whole government on was the and general, once U.S. comfortable here. going feel to governments would to think they move we have as that previous something

Jamie Baker

to I ATL saw We decline. for XXXX. going there recently in Okay. ticket I’m we a pretty I’m the forgotten credits? change sequential bought million of any for Ordinarily, note, the and strong third think passenger few been Delta travel other credits, air mean color liability to $XXX quarter, this. unusual. in a to decline influence forward? through accounting existing What side to any And can’t travel even are that some how credit breakage the and then trying quarter there And only a traffic into from is I having has hundred should how a than that’s about experience believe million might flat having read Dan, just there? that Any on you of implications bookings? fourth apply

Dan Janki

that quarter that talked Well, this the apply one, case think in call quarter proved remind little I saw. be a and that we in about as change, bit maybe – airline. fourth you But we the the historical to third And right? restoring won’t no you’re travel what the and seasonalities

I see think similar that to going you’re grow. liability air in traffic quarter. a Normally, will dynamic first

second quarter restoration additional see that would progress the You’ve as changes got that you impacts. to account – of towards seasonal for you that

So just take that into consideration.

change proof in historical the growth. really the think fourth and the practice. practices, I but restoration the just airline that’s can’t to due is it’s not dynamic on quarter with of point It’s that good take the you going just a underlying

Jamie Baker

okay, perfect. Okay, it’s

Ed Bastian

don’t know And it credit. if I to not. question week your this – the on this on we or – Jamie, on is Ed question announced

Dan Janki

we Yes, did.

Ed Bastian

news. did. We Good

the of date through ‘XX. extended So expiration we end the

fine. So you’ll be

Dan Janki

it, You use Jamie. can

Jamie Baker

Thank Okay. it. very Thank it. particularly I worried about you. appreciate wasn’t I you much.

Operator

Thank you.

our will We question next with ISI. Pfennigwerth take Evercore from Duane

Duane Pfennigwerth

Maybe there, those trends have Thanks. the questioning on revenue breakage quarter how Jamie’s what was continue percent in a kind to of time? tell of as of you line changed over fourth us and just can

Dan Janki

they actually that. give but to don’t breakage are consistent, haven’t The and report Yes. trends we changed

Duane Pfennigwerth

travel Have question, it’s to a to seen XQ, a travel your of initial in business fourth a recovery seeing the recovery broader in is do you a as between and you That’s you a not see decoupling return you meaningful were And quarter. January recovery? question. thinking? – to the business guidepost that’s return not any to relative XX at as back just then And that think started you Okay. look the office – office

Ed Bastian

Yes.

makes business companies do not And a one closed, is correlation. to lot for big think that. the But that It’s A by more particularly cause the the visit fact corporates, companies. that triggered our the pretty amount a fact there and of there don’t of it is to correlated, closely to travel overall tightly actually a are numbers the I I fairly are corporate effect going demand, volume difficult it it’s indicates little is seen is know, real we’ve return correlated level a but and maybe coincidence the there, or reopenings not, of Duane. one. the

Duane Pfennigwerth

an Okay. just a to higher back I going than utility office, if wondered thoughts. I we the found but travel appreciate has

Glen Hauenstein

We only No. the do office Yes. not thing. have is –

We have a that lot of people traveling back yet. aren’t into office

probably of So and a there is choppiness. the numbers, a lot lot in noise we of have

traveling. And the and as sign don’t be variant strong you future. going a are to for new I own people, with spring waiting opportunities this summer. their the just a is of with customers, the course invest have think saying that be like and to visit XXXX their be get be clear all make the The to or course, is felt just three As our that various good two over variants. you progress. with good news corporates continuing with all back can’t are of the wait we pandemics are to navigated to as we people – they But about are for you and They worry it

Duane Pfennigwerth

It makes you. Thank sense.

Operator

Thank you.

from with question next Sheila our take Kahyaoglu Jefferies. will We

Sheila Kahyaoglu

time. guys. Thank your you for morning Good

about you like about ramp and that how think you capacity see year? how you you fleet metrics what your up, would as back international we international capacity to points XX industry. can through for plays capacity to being about Maybe talk QX path than the to points the XX progress So, into it talked lower

Glen Hauenstein

Sure.

starting have is taking What is of outline – be haven’t now otherwise say bed winter be yet. changed back and once we – that we that safe comments we a will. remain said this don’t we confident services see low we some we it because as we had think occur. moving have remain international to in see later agile. how And developing, some changed travel, in remainder are Ed demand said, will the certain – we restoration the in what We coming And it’s it we a we winter a ability think once the year. those off gave will the to as all the the international. would where dates we And today’s to we I think of seasonal get season, pretty good we that I they we accelerate feel extent, down. summer faster, we the from have And done very in people to and I if previous will is very, might that growth And expect IATA. And to we start IATA, up than early. still pull thought in if earlier would that

are the We restored still the largely in XX% Latin deviated from So really restored than the in we really, yet. very it’s probably we less haven’t – summer. And and that previously. XX% about outlined America. a optimistic And in to XX% expect that’s transatlantic, we Pacific be to what

Sheila Kahyaoglu

supply order U.S. follow-on a from a domestic for the into you just How market? market, recent maybe think about coming that. seeing the risks And come do Okay. additional with of are on a carrier. you the capacity low-cost In

Glen Hauenstein

came where some And a up premium like with have highest including to of We LCCs we for different ULCCs. been against couple ULCCs strategies, I to our many our return say that’s competed markets strategy. I years. and that have think of And would straight historically really many,

those are stand think very think products our is really different different afraid to we a not going And are product customer and And own. we it So, markets. a they I after. in very their than compete on

Sheila Kahyaoglu

you. Thank Okay.

Operator

Thank you.

hear Cunningham Partners. with next Conor will MKM from We

Conor Cunningham

for over here? clearly the used the In couple that the expectations Markets there gains of gains was just for if I there? Day factor from curious, I isn’t, next there pandemic share share pandemic. domestic interesting years the time. Capital Hi have what’s side your And share during growing the somewhat to the you your everyone. on gating corporate minimal been those Thanks. from the found One Thanks point is just year-over-year, your advantage. you but was past, a

Ed Bastian

our really have we the the this They outsized Conor, as and right. gain. is appreciated on amongst tend did did corporates the you meaningful a an for it or the share Ed. seats Yes, focused middle premium. entire Delta, when that’s corporates active. find the around work And And is while a big come blocking which to length companies We to we they not are what leave, pandemic Delta quite thing. to come was customers is of good

share the really to tends to and so we that hard that. we sticky, work maintain ensure And be

had in gains me have share We the Don’t past. good wrong. get

it. markets. We pre-pandemic. than level share share kind plateaued a of those had natural we in at And have is higher are We in our significantly seat

that not level for next we to And think you maintain. the work of So, at I are if we But see additional will. it, years. expect to I wouldn’t couple sure can growth, make we going hard we grow to

Conor Cunningham

relative why to competitors time. wave? workforce learned quickly. lessons I like to of Okay. just work speak wave was ability I Thanks then turned is going Great. could your directly And That of just wave the of with during your pretty this it question. has a current you Each actually to your some your you other for different. around seems reason move. maybe there cases as another that operation side The ask benefited big Ravi’s been again take assume some point. But actually the to at to just be is

Ed Bastian

weeks do. Yes. alliaceous But that it is We need there. quickly. important, needs they strong served where Thanks, whatever be. It do that’s to ensure are very, do learnings customers taken was recovered was so not that yes, a workforce three Conor. was to direct through. to operational integrity care being some news back shown and fact I and the good am of proud and very the and well the definitely easy we of flexible – have are we will airline of our team, got to in But and to the that it there

things last was pandemic. holidays, strong. to things this to that. and going the as the me prior really One getting And the doctors what But have much got each And that’s and is are surge were really live be customers be couldn’t with planes. more few just taking – course, getting having it’s – are think and the resilience the of we and people the that think the didn’t because and that it up are that manage so built we the I going I used we their successive capability was technologies, interest willingness Cancellations that Omicron to in all is about clear, stronger. fact It’s of to here. into the as wave travel cancellations. a I going that’s we And to, manage and mean to seasonal once into is each this have of the wind it that demand was weeks time, interesting to virus. but staff I that the we virus think and is going be what are see – of and was occurs, going we the over a going can we to confidence tools seeing believe all to not

Conor Cunningham

Ed. Thanks, Okay.

Operator

Thank you.

next comes Walton Our question with UBS. Myles from

Myles Walton

out just course still morning. you endemic to year mode? case be the you think can move to clearly make Ed, with I think do COVID because Thanks. smaller respect the plays just through China them maybe Good But business? how case policy piece. COVID know pandemic it’s zero curious policy the in a zero what would in of the wondering, your was I

Ed Bastian

it policy been is China. Myles, somewhat a the grade, manage lot That’s around we world differently. watched all a question, seemingly above It’s in the pay of interesting as my way national have nations

of it to be part We a As and see going a pretty It’s couple a next least at it been. not historically network. you years that. to the part, us, big of it China small be hasn’t network of would our relates like for right. bigger to will part beyond are is our but we

is where One now. is and things up demand. we U.S. And demand not mettle the the we there of between look China and going at strong do put we our

it. to they the out talked to seasonal to figure how just think tools the move that office, Singapore, it’s I are a situation Japan, So, technologies alarming But don’t Kong and all going to not that to they and hopefully, I China, – or got need that’s us. but and and Japan to manage it’s virus it’s but Hong And Asia other about. just

I going think just longer to it’s a be road.

very feel in We have growth have Asia here. fortunately, got flying great in And can partner meantime in to downward the rates for we Korea us. some a as do for a that time that

Myles Walton

the whether pension or Okay. it’s just XXXX. expense expense, interest parts? other out for there And moving space, follow-up, non-operating Anything throw on to other Dan,

Dan Janki

No.

XXXX, that I it – you about just slightly pension. at around with interest look when you was total $XXX think above level, million for the take the to when year actually. the you expense be It’s going

move and then ‘XX that down billion start less $XX And adjusted to you will going interest that to really debt to a pension ‘XX income. line our are in little down see have target. expense You net coming as

Myles Walton

Okay. Thank you.

Julie Stewart

time moving Cody, analyst question media Q&A. one we more to for before then have

Operator

Thank will final take with Hunter you. the side analyst question Wolfe I from our on Keay Research.

Hunter Keay

Hey. for Good most it think Thank And interviewed had you about Sandeep that obviously, need, can your him? a what team? you for I Glen. morning. Laurence like you you. Scott couple help Glen, A is how I him But when it me. know with the leaving.

Glen Hauenstein

Listen, we But very executive. think industry performance us value going individual is reasons. Scott I And over bring some seasoned don’t time. or he to comment well a additional on think I individual is

next gets week, when We believe. will I here, see he starting

Hunter Keay

Tang Dr. to plan talk planners capacity you your do then And Okay. the schedule? when

Ed Bastian

schedule Tang Every day. approved. is now Every

Hunter Keay

you much. Thank very it. Got

Ed Bastian

Hunter. Thank you,

Julie Stewart

turn wrap I now will Communications Marketing questions. of Officer, the Mapes, the start it call. over our That Chief media analyst Tim to will portion and the to

Tim Mapes

members Julie, for XX the minutes conversations have with of we about media.

to process one minutes If hour, one please. and try that are you that. get about everyone and question to moving everybody we the to XX this end after And the remind queue would keep would, the remind going please do follow-up in with for I

Operator

first will question Bloomberg [Operator our Instructions] from Mary with take I Schlangenstein News.

Mary Schlangenstein

– if passengers rebook those many travel were those to that canceled about and that what December, Good Can flights percentage? I wanted the or holidays? travel, complete comment Hi. morning. see how percentage could whatever, of of the of talk during complete you you during actually who had able to that

Ed Bastian

we is destinations. Hi front majority that numbers space Mary, had able to in that other on But flights to we rebooked, me. this had Ed. I of of the don’t vast get them be have to customers the their accommodate to the were

to for need So, get to it’s that we enjoy were to not be people but something they holidays. the doing, able where we

Mary Schlangenstein

Okay.

of So, no amount that? notable lost noteworthy or revenue through

Ed Bastian

flying, travel. decided Well, customers some there was to not and

But least there travel a $XX a there million estimated If we them got wanted on Delta, that. certainly, So, not was there. that’s to hit substantial. – no, we customers we is at may for

Mary Schlangenstein

you Thank Okay. much. very

Operator

Thank you.

Journal. will We Sider take Alison Street our next with Wall question from

Alison Sider

Hi. Thanks so much.

just saw, peak planning a you entering and much. periods? be holiday your up willingness to future sort impact all kind peak kind the it’s staff people’s that or brief, that how this change doesn’t going schedule, plan would new but If about where How change phase for talked process? of seasonal, necessarily and does it there more becoming travel that pandemic is you a smaller like have way dramatic flare we You of does to of

Ed Bastian

our we demand. meeting Well, that are is customer Ali, ensure goal, to

They customers’ analyst interest don’t demand to are holidays. But peak There feel Omicron, disruption change learning being periods see most in from I call. deciding during traveling cancellations. are on still I people see are important need and them. Omicron with And we country were they that sick headline that we probably serve know so there the getting saw And the or mass from the didn’t the throughout to and as the we was they I industry airline that, can was Omicron, sure and mentioned travel. didn’t when to determined that go, make We that’s didn’t the wasn’t learnings resilient. it – experiencing even travelers And were from people traveling. We right.

that tools we there pandemic move cause they years And and but don’t are the fact be life what we period flu – behaviors, tools Flu what less is don’t technologies also to and masks lot and really normalcy But of death people to order is, nice by hopefully, of another new antivirals to see now to knows, set know right doing with. significant have are enter think that mitigations to don’t keep we of a of this is couple having and do going believe seasonal there to the live take seeing type And through. yet technologies virus virus think are going wearing environment. with are humbled create a who and I think general. a may manage. learned that in can in a this have awaiting know to will to being that country, was in you And that historically. last around able what manage And we we particularly, know things we moving. into to travel we then manage phase going similar different help – so to have and us, and of we we themselves become very we pretty because another In I this a but be it the our with is that passed of over category I no the

We are are of point to a efforts think, getting an to the risk. this and population we that with are to live on immunocompromised are interest general willing that exhibiting at I people But the at learning small is focus and percent where our risk. Ali, most going

Alison Sider

Thanks.

Operator

you. Thank

We with CNBC. Josephs next Leslie from hear will

Leslie Josephs

Hi, everyone. good morning

are of having that on there any update can the attract attracting are workers? us question you there or is to geography, a on problems you just either number want group And that. anywhere to I offering work salaries love you hear if is that Thanks. Just increased or would to And you on workers, detail hiring, people perks that hire?

Ed Bastian

year. people as a the past know, Yes. Leslie, we hired you number substantial of in

it think X,XXX. around was I

is how to say, We people shapes going range hiring this X,XXX the, demand and to back. less on this X,XXX be year. depending comes But number in are still

to are the come some terms a in very to yes, some We markets, any for are Northeast. meaningful in of order to in any And But talent. team having this the higher bringing job particularly Regionally, we put getting having out not difficulty together. not attract there are cost very, are work company. impact people there points pressure of doing the we unusual of good perks no, in

Leslie Josephs

Thanks.

Ed Bastian

great always ability a had to and that free travel The at Delta. is perk have we

Operator

you. Thank

We will take with our Russell next Edward question Skift. from

Edward Russell

Thank you. Hi.

of the that first terms flying half, mitigate what doing doing asked, the you Delta regional in to is Leslie are reductions on Following what in that?

Glen Hauenstein

XX% the Well, regional well the first – mainline that our flying we have right to to taken flow-through pilots of and counting down the in half we year. from back we get are things XX% people those of it year as the stems right two as part getting that And are the on training at as really I carriers. seat think the resolve themselves. is regional the about the to And to of the

can moved, the are pretty transitions the this that will during year. the the communities of by the we you So, shortage full down transactions how be through how the small one details is to to more and have be many get or will actually year, the we And you we we the first half in have seat, pull of that you those happen. working all restore get of I half really things and had trained, can now a hours medium-sized confident and think are of able second in that lot pipelines of

actually But are to this we back we the that half sure meeting this and catch year. now, again right get very we we make to on of feel really can confident as weekly the materialize. So, can daily back up that

Edward Russell

regional aircraft Okay. result exit a follow-on. Thank you as any had park or you. to Have one any markets? And

Glen Hauenstein

on seat. handful We of have had markets. to those are Mostly exit a per

So, they Delta. weren’t directly scheduled by

And our the over, So, partners we have. have what Delta was had not as although that that now, of any closed scheduled of second stations, part control things question?

Edward Russell

Have a to as any you regional result? park aircraft had

Glen Hauenstein

half regional year. back sky, return of But the the into I now. to are we said earlier, There parked expect right those as second airplanes the in

Edward Russell

much. Thank you very

Operator

Thank you.

next from Slotnick take with We will our TPG. question David

David Slotnick

premium question. does today. like who which Markets and Good more wanted Delta the Thanks economy the you in little bit for leisure, a Capital that taking else? Day or to the morning. that more mentioned to widespread I again about Is talk look at What pay something affordable Is One? people Is Delta long-haul market premium particularly? One that are take? for able that a more

Glen Hauenstein

as got marketplace. long-haul be ubiquitous that the don’t Select, transatlantic higher-end the have a This And year, travelers Delta specifically corporate policies in big will Delta introducing premium designed we product, flatbed leisure for is as product. for really our Well, leisure plans travel include One Premium sector. new well whose to we

as are But and phenomenal, So, about we early that to are And closely, that report expectations. will excited that. our returns on we we get you. far will above back monitor ubiquity, to we

come on long developed the products, seats to or safely needs talked flatbed it’s and the are more we luxury time, we products the of the lot just basic getting transportation whether that enhancements premium years in excited a not have with with on there think fit luxurious a amenities over haul. existing spring and of Ed and for as the the we that We customers, to that. really about products about and summer suite great And of get the that

So, a started, with And we flatbed if a product. and wide started you we coach spectrum. of just where think a

that by marketplace. now in ‘XX. suite all So, And transatlantic offer our five extend the a will we can that have products of full to we internationals of

Tim Mapes

we up. please, final have Ed question, we before one have it wrap for time Cody,

Operator

you. Thank

will Robert with question take Weekly. Travel from our We final Silk

Robert Silk

morning guys. Good

more pilot the just So, the back more happen or the think coming the into to I get to as sort year of that to pilots people Explain itself shortage, to flow-through you guess system. expect to expect said you progresses. get how me you I resolve

Glen Hauenstein

through It’s into right and of of matter wanting are training to with pilots hours. really a partners. there no seat or the getting number shortage regional Really, getting right to our to of them the us come the

what we to we that again. position to when be resolve to take players as look in is catch regional staffing are really up we that’s will So, working and through those a long the there, issues current how start growing does

Robert Silk

Okay.

answers Thank that my guess I So, you. question.

Ed Bastian

are payment, be and morning. have this here for thank are I us. get it. to in last time special most has of There important making particularly want really your award that sharing move you, this but wrap course Congratulate we and is – of been profit thank appreciate thrilled the want challenging they the to year. to them we have Delta through to employees up with, and the work And for Thank views. over we period them able quickly once fastly everyone. that Well, realize on which to of this you I done Omicron a joining to learned amazing again stabilization going new this this one our progress. findings time, good point from of we findings. a is thing are

that, of thank all champions. and us the today. national congratulate have them with go of the that our you over dogs, State close for to we Georgia, we the And are employees, So joining – in being

Operator

We you today’s conclude That all for your you. now you Thank may thank disconnect. does and do conference. participation