United Airlines (UAL)

Kristina Munoz Director, IR
Scott Kirby CEO
Brett Hart President
Andrew Nocella EVP and Chief Commercial Officer
Gerry Laderman EVP and CFO
Conor Cunningham MKM Partners
Jamie Baker JP Morgan
Savi Syth Raymond James
David Vernon Bernstein
Helane Becker Cowen and Company
Duane Pfennigwerth Evercore ISI
Sheila Kahyaoglu Jefferies
Catherine O'Brien Goldman Sachs
Michael Linenberg Deutsche Bank
Andrew Didora Bank of America
Myles Walton UBS
Hunter Keay Wolfe Research
Alison Sider Wall Street Journal
Leslie Josephs CNBC
Justin Bachman Bloomberg
Dawn Gilbertson USA Today
David Slotnick TPG
Call transcript
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Good morning, and welcome to United Airlines Holdings Earnings Conference Call for the Fourth Quarter and Full Year 2021. 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. Please note that no portion of the call may be recorded, transcribed or rebroadcasted without the Company's permission.

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

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

Kristina Munoz

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

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

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

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

Scott Kirby

and Thanks today. you, Thank good for morning everyone. us joining Kristina,

and White this created the of the to Verizon what recent year approach AT&T in wasn't some follows for brief severe quarter severe resolved rollout in -- we’re XX countries the been we'll the confident do can been resolved collaboratively, rollout here quite in importantly drive FAA while people United ahead, our would and about into the And has the posed Before country. an we a and operations of the I problem observations share finding This of the yet, and heard a rollout can have CEOs XG. there. want and Secretary, the about details to fourth of solutions. how wanted get underscore be thank by mostly significant Buttigieg, the first collaborative disruption that the aviation I'm final I This been around I of resolution without to Mostly, get issue House XG world, United the same but the to engaged sense avoided developments allowing the for around impact common this together risks airlines. has cargo regarding thinking from Every November, the a XG fulsome issue about have Since thing an don't dictated more by -- has passenger rules States. consensus and to XXX% FAA. carrier we we been aviation in bring and agreeing to to

With equipment will criteria the these a and but administration and near-term set for also and turn now once of results agreeing Secretary airports. thank by voluntarily levels, DOT to Buttigieg, AT&T that, that I'll of the happened at Verizon aircraft I significant and this airlines impact again of news manufacturers, telecoms. we to major CEOs And confident without I'm you soon the have discussing is and highest it part the rollout I'll have good of the aviation. allow particular XG to While close full comments a objective engaged, to everyone a wish restrictions the we'll earlier, our outlook. clear my FAA near thanking

last headwinds made historic of XXXX aviation challenges, improved crisis other on history thank about outlook, unique, world's to a and the impact up to United real process spite came the is the We accomplished for our team future. the that made we've Next But of leading service. confident long-term improve in I best-in-class we're we changes the together all results But structural fleet a as discuss people the incredible of and COVID, customers. and done performance we In want get also and to remain the worst airline versus and Omicron. have persevered to saw But for in to of Over projections once to airline term. grow in lead from the the NPS the our technology, the on progress and impacting in the brag the laying the points we United through by but team since action return as we the and ourselves side. also March before United once take of XXXX. be Omicron the our spite near-term minute year, again, near United’s XX set through and full foundation is, believe going we capacity, taking to to to the product introduced XXXX, which CASM-ex

It XXXX, change. United expecting CASM-ex one think XXXX understood transformational changes a others exit that sounds is most at the below a of very to rate the different I than perhaps expectation that least run competitive is an industry industry. is in

So, a we seen the impacting competitive in so on our and the future. course puts a in we've over experience near by to and costs, our to COVID, us cases can exact control while far position of completely we're of and remaining of posed the our customer Omicron significant control the in outperform the surge term, is variant. however, different disruption in biggest that short Omicron timing the but performance impact we in operational was people, term, risk responsive improve COVID to the the can't holidays. demand In it led fueled Omicron the

period As no tough vaccinated vaccinated still because losing are to any hospitalized. longer vaccine has and as our don't of employees have that I'm been, employees we grateful particularly COVID, requirement, this we

Our has truly lives. vaccine saved requirement

long-term As remains But demand, in beyond, for we base look and as happen. will be continue reducing to the moving close by now, manage to of demand, United the strong for result. XXXX, continue remainder forward. of including continued be we're thanking is our a to company throughout as our crisis March the we recovery and world's team. United I'll things and a and case we Brett. hope as a impacting going have society, I'll and Omicron give airline amazing near-term the capacity happens bookings future they've once again what believe of capacity. leading point on what important once and quarter this hope But Gerry over that target United. will international year and are we They've on you changing actually is laid it done the foundation But business. to again the CASM-ex began, certainly we'll since and this hand and And more We on to the the instead of COVID. remain crisis stage and and confident the responsive endemic to be into we're Andrew what specifics we

Brett Hart

our Omicron variant. recently, their both requirements; are and the work With travel holidays, international like from of impacting impact the pandemic, the the In I'd serve employees season the start to Scott. team Omicron by we thanking and since our employees hard in the quarter. to and them. weather for our with the most our pulled disruptions travel changing the Thanks, grateful of team from busiest to together the start rest country over customers, dealt events; our

mentioned, on quarter. recovery having has in latest caused a this Scott the first delay bookings As impact in variant an and expected the

quickly subside. we confident that as rebound However, travel cases will remain

a half expect and of strong We with expectations XXXX, our consistent summer pre-Omicron. second

Andrew we've United to plans and Next we we on XXXX changes United moment, to in are forward pilots. of mind, a network generation and financial term While targets. in the the outline will near just made next capacity our confident With hiring in XXXX our committed look the

We're Academy play Arizona. recruiting role opening next training will in generation we'll United pilot Next week, the facility Goodyear, our of host the world-class our preparing Aviate of a and grand about excited the in pilots. United

critical consists near In class which in fact, women hold. is of to XX% we our sure staffed recovery students, takes this as executing of we fully plan are term, or December, the whom are XX making In we the welcomed inaugural of as color. the are people

that and customers were, a to As returning are through difficult are steps taken as we management We've disruptions normalized additional operation. holidays incentives. ensure for our minimized the capacity to

ever. in impacting have those we've since in ability and challenges, with have in impact, easier and operate are highest-ever labor beyond. do mainline the percentage ability the currently make lowest the environment, our for is the misconnected we while are year, customers We history, the we planning hiring due recent And that and than of Net our XXXX. from achieve technological Omicron's pockets the which XXX,XXX flying achieved current that more half than merger. small of of the capacity of impact the our A Despite customers confident undoubtedly to Score team's us XXXX advancements have Promoter feel improvements hiring of This in ConnectionSaver. not at examples. the growth level planning supports second United the our to not benefited couple to is Regarding service that XXXX

the now includes lounges. ever We hours. travel available the our onboard XXXX are on expanded Our greater to Code. U.S. and the incur expect clubs in international wine ready our year. with incorporates costs, in on the is well, snack PayPal reflects nearly easier our elevated labor Polaris this we're and made the and six Also, budget over offering expense inflationary all beer, pressures our of flights for as seen to return will to rest order detail but by fully it we X as XXXX country provide QR back, the Gerry than

that the us reach fleet plan. putting will in United quarter fourth in on changes to of us XXXX the Next however the of flying this track cost we the below Importantly, CASM-ex by our our goals and year, long-term mix give achieve confidence

greenhouse gas the new environment invest to company to delayed in to we green additional aircraft hydrogen regional solutions. emissions act United the by through by is in XXX% engines macro recovery, a eliminating continued leading our aviation airline initiatives hydrogen electric largest towards equity XXXX. stake on goal zero-emission on a electric for now ZeroAvia, become the While focused

invest the round industry us, solidifies program. sustainability. With in United's behind areas near-term second the We position to of the plan airline responding products as now leader continuing XXXX while believe our corporate our others, the it that coming transform participants for control, of among each will volatility plan in our these United revenue can to discuss Next to I with with announced in of will also initiatives, the people years. Eco-Skies we And We business over further Alliance the as Andrew and we're to we the turn that, environment. in

Andrew Nocella

at fourth end range for quarter less 'XX. on down revenue the and Total quarter Brett. Thanks, period. of our X.X% finished same XX% versus fourth down TRASM the finished in versus XX% the high capacity of quarter the

on XXXX We delayed in variant and by the high on our track and did close versus fourth deliver negative Prior quarter end -- XXXX. has were guidance, impact a we fourth recovery demand versus months. Omicron anticipated a reach the revenues have of are TRASM flat to pleased to few to to quarter around Omicron, but revenue the QX of unit X-point the revenue or results

was in recent from as XXX% was again our quarter quarters, for cargo 'XX record at versus United. the -- quarter the and third a to the the Just Fourth cargo operation X% Total quarter other full revenue for quarter revenue and 'XX fourth year $X.X $XXX of billion. quarter fourth up of loyalty million. revenue the delivered in finished up

with and are to turning our and our March largely on demand for February track late outlook. first Now expectations. quarter Leisure bookings

and Bookings in to sharply disrupted close-in regions, in demand leisure fell now are cancellations early cancellations did and versus Omicron across demand starting most However, return Business to December. normal. increase. January January

rebound book Given that's remain as through strong business the the quarter, a travel, although demand virus. the we'll closer linked tends we to optimistic to clearly to progress we that see

variant our demand surge. the December demand in approximately Our trends early in of same February Delta revenue Leisure the where projections us in for first have by business quality later we XX% rebounds we've assume versus the the with observed were or travel versus period to successfully down to experience quarter XXXX manage of yield that our XXXX. allowed end

result, this we optimistic while focused a at As on remain and point. that will significant, be January impact, Omicron's February

is be we smaller additional there a as expectation first down will quarter can't Delta XX% revenue can the variant say variant. capacity and what impact 'XX, Omicron in now of versus is smaller possible the the revenue and future, have our of if on time We XX% we in to that future say widespread XX%. variants each our While to will expect and over impact compared XX% be to the total between XQ down XXXX that with

of We have utilization We've aircraft in XXXX outlook a QX moderated down and our in growth Lower the from XXXX near term plan the capacity 'XX certain X% demand planes. return results expected moderated the by a October. latest service back lower to we in delaying capacity capacity having in Omicron. our XXXX. along lower reflecting result This QX, lowering plans in to our anticipated versus more the with as conservative capacity than full-year is

trapped is of of We've year, into aircraft from have certain again of narrowbody in now with the half normal lowered detail to March shortages. new XXXX, overall aircraft delayed of planned utilization XXX gauge, RJs, and ASMs pilot shortly. These addressing levels phasing XXXX. jets service the by QX capacity, mainline XXXX jets mainline regional starting well measurable for and typical lower of and of changes, the also in changes, jets be will expected -- the utilization the of particularly fully [ph] of utilization our ground return second impact reenter for expected with to are jets typical idle remainder November. service then quarter on Our of our gradually fly the Gerry and each a these The this larger CASM-ex is which until below will

'XX. international versus strong We the half to long-haul margin second of expect cycle our that period a flights also last enter of continue enter will the improvement we as

India expect for future. mostly We will that to Asia to offset East new Africa, the foreseeable Middle lower capacity and capacity the

international in XXXX. a have watch shorter we the same to to booking expect demand for than The continue in post-Omicron. Atlantic XXXX, but demand for record We and proved close-in carefully, expect a recovery curve usual performance

to As Atlantic season the and of we've the some England. Israel on seen are travel border track, for now, bookings and for peak in controls relaxation

and superior create on jets, consistent Xs, taken the the remainder interior. feel. with also fleet And of 'XX, the to with have early believe interior. network. back Virgin we now closely partnership to introducing this our with this as great modify allow United We've We're will We the partners new to we by Australia, to and our look MAX year, flight a carrier plan delivery more progress are entire that working on products and leading track onboard build making Australia. by is signature this Australia. United’s partnership XX our XXX international global announced profitably us our to late resume quickly last schedule U.S. we and narrowbody our mainline We're best of the will so

customers United and an XXXX. leisure with impact records premium seat to amount Our traffic fully by to to Next XX% does will represents up trend in have quarter revenue 'XX, It to event by products cushion premium the can the new business that sell in leisure also and generated already more mix This of upgrades our worth of future departure in customers. potential it help upside seats our plans to noting return. meaningful increased per a the revenue in North fleet fourth is premium of America we've started ancillary produce by

of We win putting efforts increasing women corporate it procurement and team. leaders cabin continue. their XXXX, we work see in that of be from industry. the United Late business in be in we change by global we Thanks structural ever right Next the outlook. pleased pleased class results hard business, flight, every United completed their signify BTN have several in a competitors rewarded leaders. long-haul into of improved United expect our we're bulk a and on international hand latest our industry share our again result, to these were believe reduced to business, that, to off of our plan. the about to to which their is the the separating as These to component category, survey and discuss that XX% And we are is saw entire I'll results service. recognized long-haul the to the And core and size As clearly with we Gerry by -- of largest financial there a

Gerry Laderman

to Thanks, New welcome Year. Andrew. of our and Good the morning, first call everyone,

While continue will this our with see long-term would to you have all we the be for from along results great June. XXXX preferred further are goals in that progress positioned last for we make to to and the recovery, since have year we forecast and you well discussed achieve

Turning numbers. to the

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

XXXX, quarter $XXX $XXX pretax million fourth loss million. of and loss pretax adjusted the an For of of we reported

XX% CASM-ex both of Our on increased quarter down XXXX. the capacity XX%, fourth versus

within CASM-ex as quarter, higher our slightly the was range midpoint guidance a Omicron-related result than expenses. the was for it of While

quarter two are CASM-ex. major our XXXX, Looking there of factors impacting the to first

downwards to done we've of Andrew because align throughout consistent with we agile adjusting mentioned, First, as crisis. Omicron, the with are capacity the pivoting demand,

first expect versus inefficiencies. about quarter XXXX aircraft XXXs reduction our remain the our currently flying down mostly first does utilization This will and keeps cost Pratt-powered we quarter. XX Secondly, through the that additional grounded drive in in XX%

versus which be associated expected Omicron to up with ASMs XXXX. together with First MAX XXXs run of addition versus structural XX%, this we identified pressure fourth flying to to up expense, first by fourth up the our we and between up our driven however, points fourth CASM-ex between in Omicron-related past the summer, added fewer our near schedule billion be reduction, and XXXX, the of factors, about rate XX% base expected over quarter XXXX is versus would of X% capacity in the larger quarter expected, XXXX. X the These the that originally and our is in the XXXX by versus compared flying around down gauge up and XXX driving this case quarter quarter. with of capacity year, case and of In first achieve drive together of in XX around scenario, material CASM-ex change CASM-ex year is XXXs of of reach math expected with of expect XX% in to performance than points would full of the this year the down utilization XX% By a benefit and and XXXX. the this quarter quarter are quarter to quarter the the levels $X.X to assumption return quarter CASM-friendly course with first XX% each fourth XXXX cost The around XX% the aircraft. X% from in XX%

be As flying. around I assumption committed outlined, figures as to our base will current to are recovery. the XXXX of our we Andrew mentioned, and But these aligning [Technical pace uncertainty our the Difficulty] given case represent continue flexible we for

a scenarios. As XXXX year our of CASM-ex results in this for full anywhere range a we fall result could the of uncertainty, expect

be around October, XXXX, CASM-ex versus up in lower recall, may XXXX. XXXX for X% set our with than capacity we would You planned

this CASM-ex were and our XXXX X% though, put flat between capacity utilization the for expect ASMs. second fewer CASM-ex figures Most Our some XXXX. to if year outlook, to capacity about about those to well is spread CASM-ex impact on as below To year expect remains be gauge materially be outlook expect XXXX, our further we up will year CASM-ex to of be importantly, up our XXXX run believe on costs Most we provide year take will CASM-ex our the noted full United plan levels, basis. a for for into to importantly, throughout CASM-ex would X% below year end versus X% our must the versus we will If quarter expect capacity XXXX earlier. CASM-ex XXXX, X% the over expected as full now the improve our we adjust to improve expect year below fixed land and XXXX rate prior consistent us with account Next since with half XXXX. cost for our levels, the on We beyond. the track in aircraft and for we results I fourth bookend,

fleet. to of XXX aircraft XXX We aircraft during expect currently XX delivery MAX to year. take and X Turning the

the expected contributing XXX aircraft summer As the longer our less of to plan. on XXX calls, of we noted were our points expect in We until the first now deliver capacity XXXX, half X.X about aircraft to previous originally to earnings versus XXXX. after no the take original

expect total that we this year. our CapEx the full billion Given XXXX driven have of since aircraft CapEx about last CapEx and for our simply timing, To years shift, been together delays. be adjusted plan has of a changed adjusted $X.X by around $X.X a to not of There year. clear, timing now the delivery for June XXXX adjusted total for into of be $X.X about XXXX plus billion 'XX moved billion, in XXXX out

continue and aircraft of financing, on depending the our to leases market while expect to leverage cash We of to tracking use fund acquisition debt conditions Next United mix towards target. new a

manage flexible undrawn over position billion we in a revolver, our to remainder in Importantly, team a have to environment. navigate strong crisis. plan a thank closing, [Technical worked financial two as Difficulty] quickly like to my ended the they I'd evolving continue liquidity, of finance countless including years over response to create the to In last the hours and $XX cash

and endemic we our capacity COVID-XX business business impact focus variant to of XXXX our continue And on our our to confident start United to financial will years. back power observed in and long iteration. the We the to our and coming We've that future. earnings pass And target efficiently. Kristina for in continue with each become XXXX I'll maximize back decreased trajectory on managing term Q&A. each it to has in the appropriately that, the expect remain rebuilding to We with Next the

Kristina Munoz

Thank you, Gerry.

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


Instructions] [Operator MKM Kristina. And Thanks, go from Cunningham. have we Partners, Please Conor ahead.

Conor Cunningham

Hey, everyone. for looks the When and opportunity about out. we you, Thanks set ahead talk international most sputter what international the -- think landscape people clearly about of the time. is United the that's pandemic to as the

Just restrictions summer curious on demand right and going starting terms in going international. Clearly, be your time. of quickly cases bullish is to pent-up changed European But demand spring now -- time some Asia frame. to for super which is to expectations ease have decline, for are as the the take countries

changed curious process. things from your high a just So, on level have how thought from

Andrew Nocella

pointed Thanks, of Conor. a it's We've based recovery. in of can the It's lot this definitely spring booked Andrew. on anticipation across tell spring It's capacity a a perspective Atlantic we've and really something ahead you, passenger good flights summer everything those in incremental this on question, and strongly and seen. for and summer we're revenue believe we this I from fact, already. in

And about this we're really our to We get ready but importantly, to good we of Omicron in more kept past do all fleet. our jets widebody latest so, feel And the future. wave, get need we flying.

class operate bar gateways aircraft. of business best a we the new consistent We product we none. so the from have the And continue our with in cabins, United the modify across States, them range to

of we tremendous that is very us. believe in front opportunity So, do there international strongly growth

cabin back and fact, those XXXs AXXXs force. admit, We also well Asia. particular. And Atlantic our to there's come in this in forward have of year. we foreseeable competitors. up the as future But you of structural retired for United look -- bullish I been be have our and regions full changes. have the we're slower in coming future to recovery going coming for we the world flights. very about to back. the business us States And be a fewer can't Many from in in that believe of significant stated, slower in is been redeployed other to Asia the anticipation by larger is class Smaller planes We incredibly sets to

a have we from So, think well. as revenue we under P&L control of and that point view

arena, of really the to bullish all So And think our growth. is that potential international it we comes competition. to about in superior United's future when

Conor Cunningham

when on and Okay, the or wrong, out great. United And pie. Mid-Con as think And Next, right lot then, huge of a just airline strategies that. investors you loyalty embarked laid was big a one component view of loyalty I

sign-ups on. conversion from about curious how if been unique or over So, if card, program so just you could seen has talk United new credit or that other maybe you any as and or the the sign-ups loyalty have for airlines have figures improved operations years the

the thanks time. So, again for

Andrew Nocella

this year, the for up MileagePlus which airline. record million X.X is new a members signed We Sure.

that, of the the are program part shows by be the want to We program. United. prosperity be it and really and pleased of part in people that growth And and

be could any So, we don't think it better.

year In acquisitions, we this XXXX. versus new in accounts, were in half terms second where of up are the of we card credit

incredibly well going as that's So, well.

we're X.X to the So we're with now new new year, those to million really it's couldn't members, optimistic few -- And then about we per million particularly, were numbers. million. up years and members just particular doing ago, a X we X.X

it's United, in I great more our we and our MileagePlus brand, where program. fly, more interested joining a the So think tribute customers are to


ahead. Baker. we have Morgan, Please From go JP Jamie

Jamie Baker

or better therefore, by a there's obviously the of Are to premium experience for are the are supporting are large demand? if important as mean, pent-up seeing in how is strength? So, extent Are your across cabin a an broad sustainability. to flight driven overall its that the skewing but better phenomenon back example, club refuse ever former, elsewhere they'll thesis truly debate temporary segment leisure the the commensurate return new you consumers I topic, I'm evidence that travel strength card So, to acquisitions ribbon? to it is a of experience. some wondering and a is pursuing to memberships permanently it's showing the the consumers just craving the this card? the infinity just

Andrew Nocella

I is say I some Jamie, to going Well, that to what prove time out. think need we're would

is I about strong. the it have somewhat numbers mean, think debatable. been really We feel it. good incredibly I

sit even product last the And begin the more have Our seat travel want we choice strongly the it people this we to quarter higher. about we're entire aircraft. about going to a that to great. has into journeys. segmenting and before business going Next fleet, to throughout And we're in where seats that's on experience they United never it, feel transform airplane do been onboard and do Everybody really they choice, what premium want which giving our deserves the upgrades and

I of memberships, you memberships terms club through to premium come would club the the of are our co-brand card tell portfolio. is In bulk what

measure cards hard lower share new be will it So, to in year. two because that we've introduced

So skewed the our numbers are gateway new card, example. for by

little total cabins almost is down there PRASM in and to we performance number in quarters that has And a demand. going domestically been more question clearly quarter, in our same Everything But row, now say really of PRASM this the the premium cabin class that good. difficult -- premium where a leisure a see other you this strong from whereas it's to for seen also terms is the first bit in flat, we So, crisis, would two tell that the And is thing in we've business the true. particularly see I'll been answer PRASM. right in the while has now. I Europe, throughout

in terms So as opinion. go again, in we a number through this demand, of that's remarkable my premium crisis

Jamie Baker

Thank you, Andrew.

the for question corporate consumers like. like booking curve that, similar look to what It increasingly As a feels to on follow-up pricing. used so to is a

closer booking are business but travelers it booking now like feels consumers further in, out. So, are

First, that's fair you do I or fare corporate lower that imply still fences is And the a buyer two, booking characterization? guess, a pre-COVID you yields? Are achieve sufficient corporate a place, in think further yields? could does question.

Andrew Nocella

to TBD, be of Some that’s honest.

would is the bit substantially. is quite we a I It last year. in improved what down say business traffic as So, quarter had were that

where from or they in or will a curves from think booking X little the And I X be so unreliable now. X months bit are

than would we've What we'll to I -- particularly back is to total level wait comeback remarkable we -- and for bit channels, just longer the of those the of business year in business think calculations little really week were differently. business demand to in be until versus traffic where that, bookings with traffic, our total a I three demand have total bookings. and yield say one year normalcy a the going for of all comes across week And and a little seen already some bit just are that. So,

cancellation less So, early a we're see in And more or to And are from mid-February. well we're would week rates back our I to way. return XXXX think I a going standards. hope sometime this perspective, things on actually normal to booking already

have moved dramatically last X.X, X So, things weeks. just in the


we From Raymond James, have Syth. ahead. Savi go Please

Savi Syth

to cargo And capacity be XXXX. have that's I'm curious in than there you coming lot revenue a would seems guessing in dedicated held the expected on earlier well, on. Just side, of better what

sure to terms of expect of cargo -- it you longer term? And be I'm there's what lost was any space. if year? something you of making So, kind curious changed in revenue structurally trends belly up I this for if for not seems maybe

Andrew Nocella

I'll to take Sure, that. try

globe. been around what we're a seeing think is in supply I disruption there's chains the

And for available, amount the to so, go the need it relative that's and up. or air has to freight the increased of yields increased of caused use capacity has

QX be I by year still And obviously, the it's we our trends think QX our early in driven but year, are As of last quarter in yields. performance in performance pretty expect to look QX, into the strong similar. we those this fact, excess

team, So, the that chain XXXX. cargo into to supply likely ports, the the the backups tell look our as would these things you continue foreseeable disruptions, if they future head at degree to talk and we some you to for

staggering. to that because our So, is great are that year. to our we're And just numbers up team relative to competition cargo entire going another have cargo are we optimistic kudos the putting

Savi Syth

into kind small markets change least of strategy changing not push kind need for this or the as regional the ago. of markets, of kind and get term, is the near you it's long United kind a or small service comes lines, here, operation cuts there see big something like some when market of Do itself a resolving you small the to is issue something, it at XXXX operations? of Along the to of to

Andrew Nocella

on And to here. out impact We we're to we time, communities try And communities, in deal. that's as a few States disappointed that. away questions in to know hand communities. already few cut say would the first to the big from Again, it's these we've big -- we all to alert ahead Sure. know service I'll do deal. them the a questions take we XX is months. a small and last take But, the we taking I'm that. United I need we my of know what really colleagues. service of that all, I

to on a XXXX. we for expect we aircraft. regional are pilot However, mainline our the rest our continue pilot facing of not including shortage on that for while, aircraft, shortage And the

We're there have So, from a will of will where for we have of remove we kind network. are. we that's we be do we out that unfortunately, expect, those the a lot the that And But communities more will still foreseeable details. future. working aircraft underutilize to few

really perspective, business acceleration what's plan, reduce RJs about happens fleet, deal acceleration, had our we're our of acceleration, of next from the not of to a internal United to is plan, this had plans. an just about seeing we has number of these perspective, terms months recognized what planning serve We an on going RJ for. And we business pilot ago, is and unexpected from when is what an happening but shortage accounted year already the these community to we the over all with been or kind talked for trends. X and In planned the But it revenue already two. an in is Next the what unfortunately, we're


David Bernstein, Please ahead. have From we Vernon. go

David Vernon

foundation exit much Can start us like increases. recovery, of CASM-ex. gauge. if increasing? sequentially gauge out going to CASM growth building it's Because It just which help sounds of talk the -- wondering outlook of you XXXX? good how you year be of much getting the the I of coming kind there's rate was volume of gauge is separate of I the that Gerry, think that we're out to not could much know And of on how how sort because about trying dependent, is better kind about volume what's than some sequentially out a to start the of a for in is that

Gerry Laderman

benefits that MAX start that been the one really, We've plan in Next mainline. will the ways, some when next particularly gauge. under-gauged And help the the increase order, question. last since with solve unique June that's XX the clear We've of United in Good MAX our United to year, is on problem. been

so reasons and we've as for said, comfortable of math. next the the will provide the the one six year of as color been with and is going XX% additional more But just great going guidance first continue quarter we numbers. fourth it's we're we the months, you quarter, gauge to improvement This have year just why that, next to on CASM year. one we last we'll gauge. our to for next we advantages expect So from year, give into But saying in then those

David Vernon


quarters, there up So kind really schedule that pops sequentially, deliveries an of is inflection the to change? through as or gauge the we go tied point when

Gerry Laderman


in still quarter. us the out second well all XXXs as most half, X half of well, second that won't there, the -- half So, two -- XX until the the And XXXs, MAXes, things. year. of the second second be the effectively impacting the majority as start year, One, will in vast then hanging the which the a are

gauge. So, on a first huge there half the and is difference second between half

David Vernon

me. last one That's right. All super helpful. And for one then,

million per of up should Are or [ph] X/X number? around line thinking line, XXX so what of budget at for just OpEx sequentially I per The some XXXX be the quarter? wondering other should to if line. about level cost kind of of quarters. absolute or we last for We're quarter OpEx for a there's that's structural be that we line a quarter XX% take number getting would that for assume XXXX X out that Like of in that on other XX%, levels at looking OpEx we other bumped how there. I'm And

Gerry Laderman


about I we've you've a think dollars. of hundred hit million the run within rate right couple --


From Helane Cowen have Becker. go we and ahead. Please Company,

Helane Becker

two? coming we be fuel about you're thinking newer a how between have But should pricing up $XX. to gone fuel going in. about over So, oil with lot And way the of the prices there's I are and the efficiency that think know the vis-à-vis lag aircraft

Andrew Nocella

pass-through. point said we high where Helane. and a fuel degree the believe I that Sure, we I had think times Traditionally, a that had I'll And to in gotten confidence is many start. past, I've that. continue the of to

on we the that with utilization is always relationships and done quite has crisis, we based agile of of place. come is the fuel on past. where we balance, like those And decisions QX But have think supply-demand During supply, to back to in make we price out what to as equation going happen I got continue we'll demand see and of the the balance. hopefully, the that into fleet, of given into what out think look beyond,

to still we're is bit time equation I that a prove but like our on So, need little well feel the way. more we back valid,

Helane Becker

And but that I can there's other question that this, of know how traffic Okay. know in then, but is I lot coming is soon, cargo back my Asia to a don't not do think about you market. anytime

they're it that Asia, part that on to agreement your if full after if like signed. so you, bilateral they're Asia. mean, two you in allowing so wondering I list capacity to -- And when like they do not sense I'm has think them of rest not you complement difficult what of feel doing, of violation the is Chinese makes and there. of and beyond flights, think the So, rebuilding have But doing think with what China or with as one the kind are cities quarantine maybe about on, countries rules Southeast the of and Olympics about versus the being about you of I

should So, answer sure that. not who

Scott Kirby

manage But plans. But the They've there's our are their around don't let to Helane, other different feeling than what are read say look, specific doing and restrictions, changing. I COVID, world then had talk I'd approach governments standards constantly their in anything best is and environment. about restrictions think it, are different start, Asia all of all uncertain these western. countries I'll Andrew a the on to Well, different an way China, set of in bigger some into the than

geopolitical sort into it. So, to aircraft I'll I are. back talk what Andrew questions kind of about read macro wouldn't turn our timing And of to any for it then, plans and

Andrew Nocella

productive thing And -- a slower aircraft those add that recognize in be world, have have moved the only seems can. I really where we've Japan we we look moved be forward China future we we some full elsewhere we in to recovery. And and is to going and at will schedule believe resuming that they're to The them would the point when to Asia to. our


Pfennigwerth. we go From Duane Evercore Please have ISI, ahead.

Duane Pfennigwerth

anyway, and the you where questions. One, our changeability, headed on just But call we're there. resources things respect with I it's an weird ask to is in perhaps and wanted center a you sort that can of to weird improving, was on time. obviously, of impact couple refresh there is but changeability. a still. which probably operations But and industry a It's recollection time

term? intermediate pure So, the kind of strain much the some demand Again, to too changeability a over all about environment, of are you of guys normal thinking is of frictionless a at more maybe that support? in kind

Andrew Nocella

was frankly. the would should changes of We have to we've we've quite we made had with way think years right years it elimination themselves. change is, I ago. done thing we the Well, including that fees done dealt We crisis, I describe And as think that do. ago, wish a this of number the

that. least with are. And so, we United, we we've at think are adjusted to we make change don't or where can we And deal to resources our going that's sure

to to we're great they feature than past, help going do stance doing other changes happen. think of more carriers make to long and Our let us we have for ability the we needed ago. so. it's And And time, in a with country, customers the to and that are kind did competitive we're the to now versus committed pleased again us, relative it's in fully our and which it. It's about

Duane Pfennigwerth

where a thoughts. markets have like to maybe a fair there perspective. it those sense. now it Not category or about wondered if didn't I follow-up mean, appreciate frequency, make wasn't be the you that. you've advance, I are where do in anecdotes? talk push anecdotes any you that going from constraints. you just default, just could maintained fair imply swapped category you into on of new some markets but me something to And have or If addressable. sort Do Does question a no any maybe that then, more Savi's does But I it, lower maybe you've broadly regional tell longer it of that out? network by a markets? some

Scott Kirby

faster adjust The at to big anticipated than the formula. part, this to there Again, here classified places maybe pushes I we most it continue places months don't new and difference this. occurring into the have unfortunately fewer this, as no we've six we are flights. And But, markets. flights that pace there us that is are anticipated ago. a have for nine is think we

that will flights, it it's XXXX, United communities the in again, be that where where our said So, and XXXX. aircraft. communities there fewer and don't don't few ago, kind service -- I we'll don't expect plan have have with But United to improve And and a going to Next just go minutes accelerating we're outlook. communities go we will really see be fewer will of the be that this in in future. to. have unfortunately there there We we materially And that's flights bigger


Please From Sheila Jefferies, have we ahead. Kahyaoglu. go

Sheila Kahyaoglu

about Maybe changed could the do But past how targets? about they're the you're far targets, know those Next they've we United if baking six into think think your I over expectations months? And out. how we inflationary

Andrew Nocella

expected this our for structure next year we've the more our numbers That's a than it's guidance that inflationary in might have fair over for year. ago. Sheila, comfort our to and last Well, incorporated we six say months, seen year and

think we're you Clearly, like where vendors, airport that anyone have all that taken I that. side, seeing higher the in vendor flight, no prices, on we've other food of seeing go managing And else. becomes into you too our always tell we're but food pressures, we're account. that, So, can to prices. beef chicken. we're terms you're higher seeing we We're on supermarket, if through else, different expensive, I suppliers, And inflationary everybody than those when the seeing


have From Please Goldman Sachs, O'Brien. go ahead. we Catherine

Catherine O’Brien

year be on a end So, mode But one your like of get about still this range we which being back back international with to be of I is driver growth that? thinking know to bigger demand. as to there going we for capacity up that's we outcomes underlying be this you based down should on should expect ends, are later the So capacity, domestic year? if book your

Andrew Nocella

will say plans I the still are agile.

than We too going I just each early to expected just to domestic. Whether are international few less a proportional XXX% we're we it's fly going tell. less to but other, fly to months in also think ago, to

going question. So, answer I'm refrain an to that from exact to giving you

Catherine O’Brien

I it. to Got enough. choices. don't Okay. demand then, into outlook, on much your word read Fair just want too the forward And

what over hear more looking next today. four excited to of five the stronger you're summer, or on spring about like as just summer. I as consumers you're the get months, bookings or now, right to we got love books this many time the about read how on and would what Should by based just are this the you've we about kind are maybe you seeing in COVID bookings optimistic release, seeing think than spring in you're the for optimistic said come

Andrew Nocella

declined is Sure. really thing for of But I'll that, give net Omicron -- it really a a total out. impact also happened, far but as the travel, all spike say that first of and a try. and what I'll was not close-in as What cancellations particularly was the bookings that. result in felt close declined that when bookings peaked, result -- of happened that

count continues perspective blunt. the the are to we March, through continuing March always that of for in entire obviously normally so, process, Omicron from at example, all the our way future And be we’re positive yields summer, example, including from And to passenger the beyond booked book throughout where, to look a quarters for which from the Atlantic revenue a booked is for Atlantic. PRASM ahead and head the our we the we’re perspective, means

What really come And So, for start what good. spike and in over seen it's that you reduction the to back last all cancellations can tell few Omicron that is bookings, a caused in near-term line. travel. I particularly already did, business we've the weeks, near-term in

For down XX%. XX%. XX% date, two year, week were example, three, XXXX And In in week in we week were one, we of total to down versus down we're for this week now bookings.

And really back as second I we And this are are into seeing come very our said coming back point, normalcy. also earlier, cancellations so, the quickly. now

beyond as that based in hole looks of And coming quickly. can't definitely again, -- because back trends. again, quarter, be bit will So, But normal sometime to normal back February. are March QX really, of by that this a a at close or there's fill we really in just a on the it's this a and we middle these in where bookings there's in, and January too the of hole at really somewhat point February of stance the we least were well. Hopefully, middle


And from ahead. Linenberg. Please have Michael Deutsche go we Bank,

Michael Linenberg

specifically, here. Thank number you. loaded? front-end on it And it more refresh and of the pilots year? can us throughout hiring XXXX, how is One, mechanics? spread for just Two ramp? plans the Is Is you your

Brett Hart

I'll the were think lot moving next our Look, half the issues, in of And we have Mike, it's of really first, meeting a in in year no we goals. hiring Brett. back we'll say, successful those this year, mainline on goals. our particular -- obviously,

approximately back pilots, year, X,XXX instance, In terms this pilots. half of we of in for hired

think that in year. continue trend So, we the will next

for But this out at numbers we year, numbers overall Our with put next point our line needs. time. we expect be in in don't to specific

Michael Linenberg

It Okay, guiding your just you. quickly, competition. cargo to Is favorable. catch the maybe the than challenging bigger seasonally looked quarter sort revenue driving the was I for historically much changes that kind you narrow to the Really of given Thank more you more the and release, it last gap with you least then network been relative ancillary, what others, March reflect all great. when were it year? curious over the And Andrew, good. And has to March that competitors, at above? what's guidance, piece, saw up a allowing the your of quarter of does

Andrew Nocella

the and But are. in say the our but And nature do on given many our higher, overall results a think relative and around goals where on has path West of Thanks, one has you -- all our we QX path in less long-term QX results here years. in said all will of things us competitors. lot United I just future that here of moving wish there's long But I to will lot factors and Mike. a pretty East gap making these dramatically of improvement our could particularly, kind margin year. we're we of global we right or gaps that, going and domestically. a many, this help the an nature pieces at close in guidance of QX because to together in of we're to for of right I course, QX been move QX for Obviously, and QX, us term, made our impact our working long-haul are the well the QX our really, on be


we ahead. From go Please have Bank America, Andrew Didora. of

Andrew Didora

the of it expect creep CASM go did so issue. regionals potentially to given is bit growth have eventually do of if creep your that of this to question target? hiring the I kind of different you your longer-term pilot can wanted would plans, the in, -- And mainline a back a if just that little shortages, into some its particularly to you guys ahead or I way if regional a be kind you? could pilot have risk of this And to ask experiences

Andrew Nocella

pilot which United that pilots we're into the is it Aviate of business are, had highlighted the for confident increases. this the the of the new coming going I'll absolutely And them done, Airlines Academy, one we salaries where this very, career students, United lot many is a very our that's jobs. happen. to potential, working process. the of we've course, we're a very world no hiring bringing diverse, early give things in into is trouble And given point, hard of Maybe great we've are to try. sure point mainline At make where supply second And

there's for think any we make our time the that into And more mainline haven't sure so, to or impact we're back where supply, abilities. do of hiring all we this pilots the a case. But at working point, balance. needs proper year to And to this long-term plenty have is seen which we get

Andrew Didora

just that, basically think that a hire it's mainline easier into to you do guess -- than kind pay into the I why So of scales? Is as the follow-up to just regionals? curious it what what is? disconnect

Andrew Nocella

I wouldn't...

Scott Kirby

Well, I'll take a Andrew. it, shot at

today job the it. the great call, appreciate a on I done way. by You've

Andrew Nocella

at a take it. to you want I shot No,

Scott Kirby

the an They're United, not at is is difference that for this careers. think us mainline important at jobs. the create big I point. And Look, we just

gate what's that's their flight left the one and average just of just agent, your at have have there where hire think the rate benefits a year, day, whole send of career with makes college the jobs, a Our can are we It's at security. of careers the instead create reason top X-digit few that you and places here people spend a X-digit because great scale jobs the the we once get And in ramp contract family today. to union a is back can the in that and it's of can hourly the a -- attendant they normal end support seniority can mainline income I full with worker, income -- the great make the few where kids benefits.


From Please ahead. UBS, Walton. Myles we have go

Myles Walton

targeting full Scott, maybe, I quarter, do going 'XX, of answering -- relative that some one a CNBC comment you or if for Scott, to for hope curious, the that, have And pretax I know, you're you're it, think be year, profitability? on this plan of with did think line a just point, while sight capacity you're answering for then profitable. there's you profitable said the previous to Obviously, second first you instances airspace. things Russia to disruptive would that shut done is to Asia in that it's limited at has sanctions get your response But their down so not how big deal. maybe be? I'm

Scott Kirby

predict the we point the to quarter, good have to add get going asking. in to It's we fourth downs at point number to the in too where say, on went CNBC this quarter. week, third too short of trying you're track what's trajectory in on which I those described, a this me XQ? least for it. good than forecasting trajectory, in -- that's and second, I of to the from up, fourth guess are a short-term point. term really short but at of down on a first to If try in in probably the fine question, So, the is third impossible XX% first at out back to tried I getting XX% we're the and both ups on and because add haven't bookings COVID confidence Andrew fine second, been very we to the very term. to if been happen week the what it's continue profitable at that We've down up the But, be are probably to loss That's greater business

in world. I'm We'll flag the to at On not the continue United the around be point, way, United, exposed yet. -- way a lines to as in good going a on for up, the exposed Russia we geopolitics bad -- States that speculate bearer

everyone, Ukraine them happens. them pay attention good But And a closely the responding have situation in to follow eye we how something we're, history and keeping and develops. so, of and when like on a close the it


Keay. have we Research, Wolfe From Hunter

Hunter Keay

and completely margin, for year? be are also capacity for X% the the reiterating X% next X pretax CASM-ex still to 'XX to CAGR down Just you clear, X% the

Gerry Laderman

that. all Hunter, it's Hey confirming Yes, we're Gerry.

Hunter Keay

to got or like as it premium top the think to But was I Asia. XX% your like about think you were And you're that. most customers tech Thank adding, said Okay, I seats be then, of think it. going you flying you. something corporates

how a an argue challenged that and maybe be likely it, tech sort at could back mind? line are like to whatever timing want SFO your You mean and forever, wide-bodies this is call just you that? business, or it going geographically both fewer do of does come And to you segments square in of Asia the issue to most more

Andrew Nocella

Well, anticipate redeployed Hunter, future, I'm so smaller and airplanes think Pacific elsewhere foreseeable across the to the going clearly, having can I it forever. they the don't for a be for forever agree where business. more footprint a we being is productive It's long those time,

So while. things to that's in bounce continue going back there. a ready Asia, change for be to when And we'll

have We Japan and China Air with Asia, in in great ANA in partners particularly China.

class you, in across to no tell we're returns, to to America. So when one South our ready well we to of cabin go the predict. we demand can It's But There's Asia. the as it's well Atlantic but business doubt, difficult just did suits. I did and strong

but And be particular, across capacity be years next wide-body Asia can class earlier, by business perspective, globe. it And we're I Airlines being that the the where capacity from business to going cabin. so, competitors feel bullish that few we're the seeing to United redeploy definitely is tamed primary used for fruitful as in we the the fruitful, for jets and said smaller our again, in going

capacity And so, total, in business in that cabin. but only brings not the capacity less class significantly in less

Atlantic moving. you is dramatically I try the there should it that out. than you it as XXX%, to if that demand would business square And tell is are circle could capacity less plenty be scenarios So, -- But traffic all work less where has there out all XXX%. movements across it, different may is of many supply and what to a than


media. will we questions ahead. At now Please concludes Street Q&A. Thank time, Sider. of have the Okay. go this [Operator Wall from Journal, And our we you. the this Instructions] part investor take Alison And from

Alison Sider

the the anticipate you any something this with turmoil so shortage there? do any all are pilot kind kind carriers? health curious, survive, regionals and thinking Thanks of or your just much. Hi. I'm regional about about Is there, consolidation all talking of of how they substantial you can issues or the financial

Andrew Nocella

themselves let I I'll that. our respond it's Alison, Andrew. -- for I regional speak to carriers can't on situation. their just financial

Alison Sider

mentioned I issues kind training in for the the any how logjams pipeline seeing of level, I trouble just your or And of you guess, you mean, at having but mainline in Are any pilots hiring process? delays you any not are about sort mechanics? training? And seeing

Andrew Nocella

things From a but training training I under perspective, well really center speak it, flight we think Denver, have control let to And are Brett there. our Colorado. in I'll

Brett Hart

training We're And with any on the issues hiring to process. seeing certainly just issues to any not not the Yes. seeing again, respect emphasize side. we're

anticipate board plan So, across stay issues need with any to that to mainline we respect don't make hiring any operations. on to we with the our in order


we Leslie Josephs. CNBC, have go Please From ahead.

Leslie Josephs

if I that are that And year? workgroups that to there workers? there track was offer going throughout wages higher see getting country trend any markets do various signing having if the the where you those? around are or you're incentives where And in curious to are are any bonuses,

Brett Hart

Brett This is Hart. Hi. Yes.

of in information we But and, small that what what our making this across are market some way, in more and out specific needs it. can organization, and specific market. I we taking But way being markets. micro there take are, for that the the understand industry our we adjusting economic to we're a And is readily there in try time, but We to approach industries. those frankly, at factors be difficulty in adjustments we macro some in consistency different are is maintain where hiring, And markets, other both at is call are play, employers it we're to done I available. pockets market. mean, And that quite pretty think just and determine same impacted other to parts across that seeing necessary our country certainly, we're by We those.


from Bloomberg, Bachman. we have And Justin

Justin Bachman

things the in back. demand Boeing which are that to Thanks. year and I'm Gerry, little delays I'm pushed what pilot are you might where not various of if sort Could sure. the being But of the about the from of contributing XXX a could be regional plans, capacity variant terms of discuss a as issues, in sort question wondering coming areas issues, those you discuss buckets and This full far for that as bit ways?

Andrew Nocella

that I'm understand number So, Justin, original for us guidance categories off it's XXXX. caused There be try. a Andrew. are completely X% I'll I sure if not question. to of the from the

The first is those as that kind and know. of of the the hit Omicron one demand fact the has industry, you variant

reflect just we -- some at so, that. we've to fact take be plan And and to needed to we that, done

has normally XXXs of different of you that I represent slide what's slide the in have XXXs, categories but business don't I a that when a and is at numbers, front in grounding happening, total. aircraft, somewhere the are those does, So me grounded XX% the look XX our of have that about

flying And QX force quarters. in in so, this versus full first in three force be the they're for going full to year flying

big a So, that's deal.

that it's in return we've of the so a significant number. in in QX, of a of think is exact storage. neighborhood lower still The aircraft. the in narrowbodies really bunch number, or second don't service we one was have it And but that but delayed have to I I XX the QX, than slightly number,

services. category big ASM a also that's of in So, terms

fly ASMs, on those jets, quite that they we regional then we in the environment. again of beyond aircraft short measure when because Third, the have actually the to reflect smaller just demand And are lower distances, that, impact plan terms capacity their is small. utilization

a question? has I your describe those else how of unless three, Does larger category So somebody the I'm I that that. answer I that's are buckets, think, missing, think

Justin Bachman

was Yes. about. Yes, of what hear Andrew. to that's lot, hoping I Thanks kind no, a


From Dawn USA we Today, Please ahead. go have Gilbertson.

Dawn Gilbertson

Economy. Economy. talk Basic I'm waivers swath at economy. while you're update And that, you the changeable. extend about the guys all related no been out released any an what if a a rather to budget the you'd you like are travelers It's in of plans broad deadline. since I know are bookings current a but Basic beyond on to that's changed wonder like pandemic you in seeing And percentage on slide on credit any figures wondering since and longer wonder I if are I and could lifted Andrew, whether travel of basic have they're Delta of did trends give Polaris, there kind

Andrew Nocella

voice, your hear Dawn. to Good

is I I the somewhere it's in sold domestically. digits throughout tickets single the at think would the today, what varied has of say significantly percentage crisis, basic And United. high

the got before it as well crisis, During XX%. crisis, And low X%. over the was it as

different a of a result, is has of really And all much -- today, speak our so, around I based as kinds as system is number And we than on sales think all can things. moving percentage ticket a that's it say. I this it But is smaller been our it in pre-crisis. domestic historically

that this of But about terms In are that currently the our we I'll are year. more the of the valid evaluating tickets, through now. in have say future. to tickets end

have there burn credits Airlines. out find still on and to United So, ton their of people time a them


And Slotnick. David go ahead. Please from TPG, we have

David Slotnick

overall, I about them off they little are far? announced, with main? are international from bookings fall. think you the of What have I the you And earlier that routes, new they bookings are international in five a the from kind so or question the seeing a bit tracking was it routes

Andrew Nocella

that. take I'll

depending -- are And exactly their bookings expected. international those booking XXXX each is going. markets running has We on seen impact that this and the curve, will of ahead And booking I are really new where our the Omicron for future are of beyond, long-haul Atlantic of particular all markets each new for expectations. travel. demand across point curve So, different market levels. or Atlantic on at virus across say April the a new at not have in our we're the we travel

David Slotnick

Francisco believe to Express regional that jets We've Okay. from the impact went then just divert Thanks. handful continued that -- just from follow-up of jets anticipate the And you have There even it Do a question from San of issues? been United today, to network earlier. was couple to I XG the seen a affected. have questions RJ from a been had there from a Reno.

Scott Kirby

significant are was to But I time. scheduled be they without rollout from think lot still as real of modest to that nearly agreement yet reached. more impacts XG. not to come. there's the were They're It's There the a determined. as very still be

and the I the answer to reduce full telecoms We don't with impact. hopefully, whole process the But the work, yet. FAA through further know will the


Munoz back and closing you. remarks. turn it will now Ladies gentlemen, Thank we to Kristina for

Kristina Munoz

further questions. today. call everyone, Thanks, Investor contact if look forward Relations you for have quarter. we the joining next talking Media to you any Please and And to


for Ladies now today's concludes gentlemen, may you. joining. and you conference. disconnect. Thank you And this Thank