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CEO Barry Biffle asserted that the current environment is a domestic oversupply issue, not a flaw in the ULCC model. He believes Frontier will be a primary beneficiary as competitors are forced to cut capacity, positioning Frontier as the 'last man standing' with its low costs and strong balance sheet. He also affirmed that significant untapped, stimulative markets still exist for future growth.

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CEO Barry Biffle refuted a structural model issue, citing strong 19% YoY RASM growth in January before a 'demand shock' hit. He acknowledged they were flying too much on off-peak days, a problem they are now correcting, and declined to comment on M&A. CFO Mark Mitchell clarified that the company extended leases on 14 aircraft due to attractive economics and strategic alignment with maintenance schedules.

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CEO Barry Biffle stated that revenue trends are performing well due to network initiatives started in mid-2024, with more tailwinds expected from premium seating and loyalty programs. He affirmed the company will maintain over a 40% cost advantage. President James Dempsey added that network adjustments, such as focusing on peak-day flying and maturing the 13-base out-and-back network, are improving unit revenue. Chief Commercial Officer Bobby Schroeter highlighted the success of UpFront Plus seating and the significant long-term value opportunity in the loyalty program, which is currently generating under $3 per passenger compared to peers at over $30.

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CFO Bill Trousdale confirmed an annual step-up in the Amazon contract and noted a final rate increase just kicked in, with Q3 being the first full quarter at the new, higher rates. CEO Jude Bricker explained the strategy is to maintain a strong balance sheet and execute well, staying ready to seize organic growth opportunities that may arise from industry disruptions.

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Grant Whitney (executive) explained that while Q1 strength came from ad hoc flying, it's built on strong customer relationships and operational reliability. CEO Jude Bricker reiterated the cargo revenue doubling target for September. Regarding the buyback, Bricker stated it was an opportunistic tool to use if the stock price becomes dislocated, allowing them to act rather than sit on the sidelines.

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CEO Jude Bricker responded that the summer schedule will see cuts to marginal routes, particularly those added to counter competitive incursions last year, which is expected to drive substantially higher fares. President and CFO David Davis projected that scheduled capacity would shrink through Q3 2025 before rebounding in Q4 and growing into 2026, likely returning to early 2025 levels by mid-2026.

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President and CFO David Davis updated the outlook, stating the scheduled service capacity shrink is now expected to be in the mid-single-digit range, less than the previously guided 10%, due to better pilot availability. CEO Jude Bricker added that this is a floor and capacity could increase as staffing becomes clearer. Davis clarified that comments on the booking profile reflect the natural lag of leisure travel, not a change in inventory strategy, and that booked fares are showing positive year-over-year trends.

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EVP & CMO John Brooks identified three main areas impacted by tariffs: cross-border steel, which is practically shut down; automotive, which has seen 'choppy' volumes but where CPKC's superior service product has insulated it by driving continued growth; and international intermodal, which sees ebbs and flows. He noted that despite these headwinds, the company's self-help initiatives, strong bulk franchise outlook, and disciplined pricing provide confidence for the second half of the year.

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EVP & COO Mark Redd detailed that the company first targets cost take-outs regardless of union wage increases. He noted the stability from new 4-year deals in Canada and progress on hourly agreements in the U.S. southern region, which allow for more flexible crew bases and longer runs, contributing to efficiency gains.

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EVP and COO Mark Redd explained that productivity efforts are tailored to each region. In the U.S., the focus is on enabling year-round capital work to avoid seasonal furloughs. In Mexico, change will be more incremental over time, focusing on areas like locomotive and fuel optimization to capture upside. He noted that hourly agreement negotiations are still ongoing on the legacy KCS property.

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Joseph Adams, Chairman, CEO & Director, stated that the final application for the third and most significant PMA part was submitted in May, with historical precedent suggesting a six-month review, pointing to a potential October approval. Regarding the airline deal, he clarified it involved full performance restorations, which contributed high dollar value but at lower margins than typical, and expects margins to normalize as the product mix reverts.

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CEO Joseph Adams confirmed the year-end 3x leverage target. CFO Eun Nam added that the SCI model accelerates this goal, positioning FTAI for a 'strong BB' credit rating. Regarding the Pratt & Whitney partnership, Adams reported that they have put 'quite a few' V2500 engines through the network, are very happy with the relationship, and confirmed the margins are not dilutive to the aerospace products business.

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CEO Joe Adams stated that FTAI is betting on these platforms running longer due to new aircraft delivery shortfalls and new engine technology issues. COO David Moreno added that airlines are extending these assets for 5-8 years because of their durability and predictable costs. Regarding contracts, Moreno described a mix of spot deals and multi-year programs, noting that the SCI will create a significant contractual backlog with an average duration of about four years. He reiterated that every customer who tries their product returns for more.

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COO David Moreno linked backlog to repeat customers, who make up 66% of volume and provide long-term schedules, giving visibility. He stated margins are sustainable due to the OEM's pricing umbrella and FTAI's focus on cost reduction. CEO Joe Adams differentiated their model from MROs by noting they only work on their own engines, creating a high-volume, standardized manufacturing process. CFO Eun Nam identified the upcoming redemption of Series B preferred stock as a capital priority, with no other major needs foreseen and no debt maturities until 2028.

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CEO Jim Vena explained that Union Pacific's strategy is to simplify the movement of products by removing touchpoints and leveraging technology to create a more fluid, less-touching railroad. He noted that reducing the number of times a car is handled, for example between the L.A. Basin and Minneapolis, improves service consistency and cost efficiency, which is a key part of their 'secret sauce' and a win for customers.

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EVP Kenny Rocker stated the company is staying close to customers and expects some softness but will remain agile. EVP of Operations Eric Gehringer detailed the operational response, explaining they would promptly adjust resources like locomotives and crews using adaptive planning tools, prioritizing filling latent capacity on existing trains before reducing services.

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EVP of Marketing and Sales Kenny Rocker confirmed this directly. He stated that business development wins are critical for outpacing the market, highlighting successes in structurally challenged markets like coal, emerging markets like renewable diesel, and growth markets like petrochemicals, all enabled by a strong service product.

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CFO Jennifer Hamann explained that the Industrial segment, which has a high average revenue per car, has been down all year, contributing to negative mix. She also noted mix shifts within the Bulk segment, such as shorter-haul grain to Mexico. EVP Kenny Rocker added that the company will not apologize for accepting a 33% increase in intermodal volume, as they were prepared for it.

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EVP & CFO Mike Leskinen stated that he expects free cash flow to continue to expand in 2026 and 2027. He anticipates that operating cash flow will grow at a faster rate than capital expenditures, even as CapEx normalizes, ensuring the sustainability of free cash flow generation.

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EVP and CCO Andrew Nocella defined brand loyal customers by metrics like total and local origin market share in hubs, co-brand card penetration, and share with global travel agencies, all of which are increasing. He defended the capacity plan as proven, focused on peak times, and the best path for United, while noting they have already made adjustments and remain open to future changes for September and beyond.

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EVP and CFO Mike Leskinen confirmed they are 'more bullish' on the MAX 10. EVP and CCO Andrew Nocella added that gauge will increase significantly regardless, driven by the MAX 9 and A321. For 2025, Nocella said the domestic focus is on building connectivity in the Chicago, Houston, and Denver hubs.

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EVP & CFO Mike Leskinen described the CapEx as 'absolutely integral' to the United Next strategy, as it enables competitive advantages like the Basic Economy product. He introduced a free cash flow conversion target of 50% for the next 2-3 years and 70-75% later in the decade, confirming this is within the context of the $7B-$9B annual CapEx plan.

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Darren Field, President of Intermodal, explained that the Eastern network has different balance dynamics. Its shorter length of haul results in significantly lower costs to reposition empty equipment. Furthermore, the business mix is more consistent year-round, avoiding the large empty-flow surges common in the Transcon network, thus putting less pressure on repositioning costs.

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Darren Field, President of Intermodal, confirmed some business was lost due to pricing discipline but stated he did not want to overplay its magnitude. Brad Hicks, President of Dedicated, reinforced this, noting it demonstrates a willingness to walk away from business that doesn't meet return targets, particularly in high-demand headhaul markets.

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Darren Field, President of Intermodal, confirmed that significant underutilized capacity exists, creating a cost headwind. He specified that the acquired Walmart equipment is currently in storage awaiting modification and will be integrated into the fleet as demand grows, with the immediate focus on utilizing their existing 122,000 containers.

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President & CEO Raj Subramaniam acknowledged that FedEx implements, rather than makes, trade policy. He emphasized that in a dynamic and complex environment with shifting trade flows, the scale of FedEx's physical and digital global network becomes a key competitive advantage in executing for customers.

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President & CEO Raj Subramaniam acknowledged Fred Smith's pro-free trade stance but emphasized that FedEx's role is to implement policy, not make it. He stressed that in a complex and dynamic trade environment, the scale of FedEx's physical and digital network provides a key competitive advantage in executing for customers.

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EVP and CCO Brie Carere noted that the Q4 forecast is prudent and incorporates customer feedback. She stated FedEx has not seen a significant pull-forward of inventory. President and CEO Rajesh Subramaniam added that FedEx's global network provides flexibility as supply chains shift, and its structured data offers new value to customers navigating complex trade environments.

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President and CEO Raj Subramaniam explained that DRIVE has evolved into a new, data-driven business architecture for the entire company, instilling rigor, disciplined execution, and a digital-first mindset. He noted this transformation is foundational for future initiatives like Network 2.0 and improving European performance. Subramaniam stated that of the $4 billion in total DRIVE savings, approximately $1.8 billion is a direct result of new technology implementation.

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President and CEO Raj Subramaniam acknowledged the weak industrial economy's impact but stressed a 'deep sense of urgency' on controllable factors like the proven DRIVE program. CFO John Dietrich provided examples including staffing optimization, post-USPS network changes, and centralized procurement. CCO Brie Carere added that new, additive pricing actions will primarily impact the second half of the year.

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CFO Baris Oran attributed the EBITDA ramp to maturing start-ups, ongoing productivity initiatives, and synergies from the Wincanton integration. Regarding Chinese imports, he noted that for the U.S. consumer business, slightly less than a quarter of the product originates from China, and customers have significantly diversified their supply chains.

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CEO Malcolm Wilson stated the competitive landscape remains stable, with fewer competitors for large, complex automated solutions, which allows for better margins and longer-term contracts. He noted GXO focuses on these value-added deals rather than low-tech, highly competitive manual warehousing. CFO Baris Oran confirmed that the volume environment with existing customers has gradually improved each quarter and is expected to continue improving in Q4, though still slightly negative year-over-year.

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CEO Tracy Robinson confirmed these conversations are intensifying, as Canada seeks to diversify its markets, positioning CN as an obvious partner with its access to three coasts. CCO Remi Lalonde added that this includes national conversations about infrastructure investment to support diversification, such as developing the Port of Contrecoeur and potentially exporting crude from the West Coast.

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Chief Field Operations Officer Derek Taylor credited the company's disciplined, scheduled operating model for enabling rapid and organized network shutdowns and restarts. He noted that with fewer disruptions expected in 2025, they anticipate continued productivity improvements, particularly from standardized work gangs in the engineering department.

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President and CEO Tracy Robinson deferred a detailed breakdown, stating that the company is focused on finishing the current year. She promised to provide a more detailed layout of the 2025 plan and its components during the January earnings call.

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President Martin St. George explained that the current downturn is particularly 'trough adverse,' prompting aggressive capacity cuts on off-peak days to match demand. Financial Officer Ursula Hurley added that they are trying to provide advanced notice for capacity pulls to capture labor savings and are re-evaluating the plan to extend 30 A320s. She indicated they will likely scale back the extensions, which would result in maintenance savings.

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President Marty St. George confirmed that product and pricing changes, such as preferred seating fees and the revised Blue Basic baggage policy, have been the most impactful drivers, outperforming expectations. CEO Joanna Geraghty stated that the primary lever for future profitability is the continued execution of the JetForward plan, which has more initiatives in the pipeline. She added that favorable movements in fuel, competitor capacity, or the AOG situation would serve as additional tailwinds.

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CEO Benito Minicucci defended the buyback, stating the company is convicted in its long-term plan and will not repeat the "mistake" of only buying back stock at high prices. He asserted the balance sheet is strong enough for both buybacks and other opportunities. On competition, Executive Andrew Harrison noted that industry capacity is generally being reduced and that Air Group is focused on playing to its strengths.

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CEO Benito Minicucci emphasized the focus on executing the integration and capturing synergies from connecting the networks. CCO Andrew Harrison added that with low overall capacity growth, the focus is on optimizing aircraft placement, noting the rebanking strategy is already yielding significant benefits. On corporate travel, Harrison confirmed it was up 8% in Q4, driven by West Coast traffic, and that held managed corporate revenues for the next quarter were up 20%.

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Executive Adam Miller responded that the company is continuously making adjustments to its brands but is avoiding making major strategic decisions at the 'trough of a trough' cycle. Regarding Intermodal, he expressed confidence in the team and the progress made, stating it's a service customers value. He indicated that the business's performance should be evaluated in a more balanced market environment before considering any drastic changes, emphasizing that the current focus is on navigating the market and returning all businesses to normalized earnings.

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CFO Adam Satterfield defended ODFL's strategy, arguing that while some fringe freight may shift to truckload, core LTL shipments require the specialized network and service that ODFL provides. He emphasized that ODFL has maintained market share and pricing discipline, which will create significant operating leverage when the economy recovers.

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COO John Orr stated he wants to see trip plan compliance in the 80s and 90s, but noted that as they tighten standards, the metrics may show variability. The ultimate goal is reliable customer delivery. CCO Ed Elkins confirmed that the spring bid season has been encouraging, with customers looking to save money by using their trusted service, and he expects the trend of highway conversions to continue.

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COO John Orr targeted trip plan compliance in the 80-90% range but noted that tightening standards can cause variability. CCO Ed Elkins confirmed they are successfully converting freight from highway, as customers leverage Norfolk Southern's improved, reliable service to reduce their supply chain costs.

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COO John Orr described the new plan as the next step in continuous improvement, focused on tightening standards for terminal connections and train performance. The goal is to leverage recent speed gains to improve asset utilization, reduce handlings, run longer trains, and right-size the car and locomotive fleets to drive further productivity.

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CEO Mark George reaffirmed the long-term sub-60% OR target, contingent on cost cuts and top-line recovery. He stated the focus is on execution, not major structural changes, emphasizing a culture of operational excellence, two-way communication, and deeper customer collaboration to accelerate share gains.

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Mark George, CFO, clarified that any large land sales would be considered non-GAAP items to strengthen the balance sheet and are not in the OR guidance. He noted the typical annual run-rate for property gains included in OR is $30-$40 million. Ed Elkins, CMO, added that coal rates are expected to drift slightly lower, though seaborne prices should remain above $200.

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CFO Sean Pelkey confirmed that Q2 results will be better than Q1 but avoided committing to a specific magnitude of margin improvement. He clarified that resource additions are minor and that improved fluidity ultimately saves costs and unlocks revenue opportunities. The pace of recovery, he noted, will depend on both operations and the macro environment.

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CEO Joe Hinrichs described the Howard Street Tunnel as one of the company's most important projects, which has been accelerated from a three-year to a one-year timeline. He explained that its completion will enable double-stack service along the East Coast, a major competitive advantage. This will unlock significant growth opportunities in 2026 and 2027, supporting the company's long-term targets.

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CEO Joseph Hinrichs explained the decision was a strategic move to foster a positive 'ONE CSX' culture and avoid the turmoil of the last negotiation cycle. He emphasized that securing a voluntary agreement early improves employee retention and allows the company to focus on long-term discussions about safety, efficiency, and work rules without the distraction of national wage bargaining.

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President Glen Hauenstein explained that building up off-peak flying during growth periods provides a strategic first line of defense to cut during downturns, as this capacity has high recapture rates. CFO Dan Janki confirmed incremental retirements are planned (30+ this year) which, along with cutting high-cost flying, will generate additional maintenance savings.

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CEO Ed Bastian clarified that the immediate goal of new partnerships is not monetization but creating a long-term, experience-based platform to grow the value of SkyMiles membership and deepen loyalty. CFO Dan Janki detailed cost control levers, including better asset utilization, moderating headcount growth below capacity growth, normalizing maintenance expenses, and future technology-driven efficiencies.

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President Glen Hauenstein explained that after strengthening coastal gateways, the focus is now on restoring core hubs like Atlanta by using larger aircraft to drive efficiency. CFO Dan Janki and CEO Ed Bastian added that while recent airport investments have increased costs, the bulk of this spending is complete, creating a future opportunity to leverage these assets for better utilization and a competitive advantage.

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CEO Drew Wilkerson explained that the low earnings are primarily due to industry-wide gross profit per load compression at the bottom of the cycle, not a loss of share. He reminded that legacy RXO's 2024 bid strategy anticipated a market recovery that didn't materialize, impacting volume. He clarified the Q4 contractual mix increase was driven by a large, seasonally-weighted Coyote customer, not a strategic shift away from spot freight.

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CFO Brian Dykes explained that CapEx is being reduced by operating with fewer vehicles, aircraft, and buildings, but is still fully funding the 'Network of the Future' automation. He suggested future CapEx would be managed in line with depreciation. CEO Carol Tomé defended the capital allocation, noting a strong liquidity position and that the dividend payout ratio is distorted by non-cash pension expenses. She explained the $1 billion share repurchase is intended to offset dilution from compensation plans and could be debt-financed favorably.

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CEO Carol Tomé confirmed the glide down with their largest customer is ongoing, attributing 100% of the Q3 air volume decline to that single customer trading down to ground. CFO Brian Dykes stated that the 'Fit to Serve' program is expected to deliver approximately $70 million in incremental savings in the fourth quarter.

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CEO Robert Isom reaffirmed Investor Day commitments, stating the airline is now positioned to go on offense by monetizing customer experience investments like satellite WiFi, premium lounges, and new seats. CFO Devon May clarified that productivity gains come from reengineering initiatives and technology investments, not directly from the labor agreements, and these efforts will drive efficiency into 2026.

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President and CEO Gregory Anderson clarified the focus is on restoring utilization to 2019 levels specifically during peak demand periods. Regarding Sunseeker, Anderson and executive Micah Richins conveyed optimism, noting holiday bookings look good and that Q1 2025 is expected to be EBITDA positive, with group room bookings for the quarter nearly double the prior year's actuals.

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