Duane Pfennigwerth • Evercore ISI

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CEO Jeff Donnelly expressed his hope that reduced political turmoil post-midterms could boost corporate confidence and private fixed investment, which, combined with low supply growth, should drive RevPAR acceleration. EVP & CFO Briony Quinn added that the refinancing provides both operational flexibility, by removing lender consents, and transactional flexibility, as all debt is now prepayable without penalty.

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CEO Jeffrey Donnelly expressed his belief that reduced political turmoil could boost corporate investment, which, combined with low new supply, should lead to RevPAR acceleration. CFO Briony Quinn explained the refinancing provides both operational flexibility, by removing lender consents, and transactional flexibility, as all debt is now prepayable without penalty.

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CEO Jeff Donnelly described the group business as a mix of associations and corporate, typically for their 200-250 room hotels, leading to smaller, shorter-term bookings. He highlighted Denver and Salt Lake City as markets with significant strength in group pacing and noted a post-renovation uptick in San Diego.

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CEO Jeff Donnelly projected that Q1 RevPAR growth would be the softest quarter due to weakness in the resort-heavy portfolio, with the remaining quarters expected to be in the 2-3% range. President & COO Justin Leonard stated there was 'no magic bullet' for expense control, attributing success to a disciplined focus on productivity, leveraging new data tools to identify and replicate labor management best practices across the portfolio.

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CEO Jeff Donnelly explained the booking curve cadence is due to difficult year-over-year comparisons for major group hotels like Chicago in the back half of 2025, while smaller hotels are booking more group business in the first half. On CapEx, he cited specific examples for the reduction, such as re-scoping F&B and lobby work at the Bourbon Orleans and achieving budget savings on the Westin San Diego rooms renovation, reflecting a broader focus on capital efficiency.

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CEO Pedro Heilbron noted that stronger Latin American currencies are a positive but not significant driver for revenue. CFO Peter Donkersloot added that costs are largely dollar-based, minimizing FX impact. Heilbron also detailed a 3-4 year expansion plan for PTY airport, including runway work and 10-12 new gates, securing growth capacity for at least another decade.

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CFO Peter Donkersloot Ponce stated that more savings from their distribution strategy are expected, noting 85% of sales are now direct or via NDC. CEO Pedro Heilbron added that utilization remains steady at around 12 hours and that the impact of new aircraft deliveries will be more significant in 2026 due to their back-loaded schedule this year.

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CEO Pedro Heilbron explained that the yearly RASM guidance assumes a continuation of trends from H2 2024, which were impacted by currency weakness and increased industry capacity. He acknowledged that while the guidance is for "more of the same," a positive inflection in the second half is possible if factors like currency, demand, or capacity trends improve.

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CFO Jose Montero quantified the full-year margin impact from the Venezuela situation at approximately 0.5 percentage points and the MAX 9 grounding at around $40 million. He explained the interest expense item was a periodic IFRS adjustment that fluctuates with interest rates. Regarding 2025, Montero noted that while they don't provide multi-quarter guidance, the year-over-year comps for Q1 could be similar to Q4.

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CFO Joan Bottarini clarified that core SG&A is guided to decline year-over-year, with any increase driven by acquisitions, demonstrating cost discipline. CEO Mark Hoplamazian stated there is no specific remaining asset sale target amount, reiterating that "everything is for sale" but the company will not get to zero owned assets.

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President and CEO Mark Hoplamazian confirmed an increase in Canadian travelers is boosting all-inclusive results, while the U.S. remains the dominant and consistent source market. Regarding dispositions, he noted that timing is currently less predictable due to capital market volatility affecting buyer financing, but they still expect to close on some of the previously mentioned assets.

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CFO Joan Bottarini confirmed a strong outlook, with group pace at 7% for 2025, continued momentum in business transient, and sustained strength in leisure. President and CEO Mark Hoplamazian added that corporate group is outpacing association group, and business transient recovery is broad-based across key sectors like IT, finance, consulting, and pharma.

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President and CEO Mark Hoplamazian explained that Hyatt's strategy is to add distinct, non-overlapping brands and that converting hotels between brands is challenging with third-party owners. He clarified that the new organizational groups for luxury and lifestyle are intended to hyper-focus on specific customer segments and sharpen brand definitions, rather than to consolidate or eliminate brands.

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CEO Bryan Giglia explained that the recovery of the Kaanapali submarket is stabilizing rates and driving an acceleration in leisure bookings for Q4 at the Wailea Beach Resort. He confirmed the resort's renovation was completed early in the year, allowing them to sell a new product into the recovering market.

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CEO Bryan Giglia explained that the Wailea property faced short-term headwinds as the nearby, more value-oriented Kaanapali market reopened, causing some guest trade-down. He noted this is a temporary 'growing pain' and expects a return to growth later in the year, citing strong group pace. For San Francisco, he described it as a continuing success story with strong business transient demand in their submarket, good pace for the rest of the year, and a positive outlook for the coming quarters.

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Bryan Giglia, Chief Executive Officer, explained that the guidance assumes continued solid group performance (pacing up 10%), steady business transient demand, and leisure activity similar to the previous year. Giglia noted that the leisure segment represents the most significant area for potential upside or risk to the 2025 forecast, particularly with the recovery in Maui.

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CEO Bryan Giglia clarified that the October guidance update was solely for San Diego. Maui's underperformance in Q3 and Q4 stemmed from a slower-than-expected leisure travel rebound. He confirmed there was no relief business in the current comps, as it has been fully lapped. He noted positive signs including strong 2025 group pace and increased December airline capacity.

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CEO Barry Biffle confirmed that the strong forward sales are primarily driven by higher yields, with revenue per passenger showing double-digit increases, supplemented by a few points of load factor improvement. Regarding network performance, he noted that Las Vegas has been a challenging market, while VFR (Visiting Friends and Relatives) markets have been performing very strongly.

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CEO Barry Biffle clarified that recent weakness is less about specific routes and more about off-peak days, particularly Tuesdays and Wednesdays, which have 'dried up.' He noted that during the March/April demand freeze, lowering fares failed to stimulate demand. On the order book, Biffle explained that selling positions would require negotiation, but subleasing existing aircraft is a more straightforward way to moderate capacity.

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President Jimmy Dempsey explained that the December schedule adjustments were minor, related to finalizing the network around some shifts in aircraft delivery timing. Regarding delivery positions, CEO Barry Biffle declined to comment on confidential commercial terms but stated that the company has worked with Airbus to smooth out its delivery schedule and is very comfortable with the current profile.

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EVP & COO Patrick Chaffin explained that the group mix is expected to normalize in 2026, which is already showing a higher corporate mix on the books. He noted that cancellations were elevated in Q1 due to macro concerns but returned to normal levels in Q2. President & CEO Mark Fioravanti added that much of the Q1 cancellation activity was tied to government-related contracts.

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Executive Patrick Chaffin explained that 'in the year, for the year' demand is composed of leisure bookings (within a 30-90 day window) and corporate group business. Executive Jennifer Hutcheson clarified that attrition and cancellation revenue is recognized only when collected, and the low end of the guidance range incorporates conservatism for potential increases in this activity and associated room night declines.

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EVP and CFO Mark Fioravanti explained that while ICE admissions were flat, there was a decrease in overnight stays, suggesting some customers traded down to day visits. Chairman and CEO Colin Reed stressed that overall December leisure revenue remains exceptionally strong compared to pre-pandemic levels. EVP and COO Patrick Chaffin added that consumer research indicated heightened economic sensitivity, and noted that the company is focusing on attracting financial and tech clients, though corporate growth is broad-based.

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CFO Leeny Oberg stated the improvement is global, helped by easier comps in China, in addition to calendar shifts and stronger group pace in the U.S. for Q4. She noted that while the fall is a seasonally stronger period for business transient, the outlook assumes steady economic activity rather than a fundamental pickup. President & CEO Anthony Capuano highlighted that visibility into transient remains very short, with booking windows under 20 days.

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CEO Tony Capuano suggested that reduced uncertainty would boost consumer confidence, leading to an uptick in leisure and business transient demand. CFO Leeny Oberg attributed the resilience of high-end demand to demographic shifts, with the 55+ age group holding a significantly larger share of household net worth. Mr. Capuano added that luxury had the strongest occupancy and ADR growth in Q1.

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CFO Leeny Oberg confirmed that business transient travel has recovered to 2019 levels overall, driven by small and medium businesses, though large corporate travel still lags. CEO Tony Capuano explained the major co-brand partnerships are multiyear domestic agreements with JPMorgan Chase & Co. and American Express, supplemented by local bank partnerships internationally, and did not signal any imminent renewals.

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CFO and EVP, Development Leeny Oberg attributed the 2024 trends to a normalization, with flat leisure demand being offset by growth in business transient and group, resulting in a 1% rise in U.S. room nights year-to-date. President and CEO Tony Capuano added that the continued strength of the group segment has been a particularly encouraging sign, driven by strong appetite from corporate and association meeting planners.

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SVP & CCO Drew Wells confirmed the five-point headwind was a fair year-to-date estimate and expected it to improve slightly. SVP & CFO Robert Neal described the MAX cost leverage as being in the 'early innings,' with MAX ASMs expected to reach 20% in 2026 and route optimization still to come. President & CEO Gregory Anderson added that ASM per gallon is expected to improve by 2-4% in 2026.

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President and CEO Greg Anderson stated that optimizing margins is the company's "true North," and they will aggressively manage capacity and costs. He confirmed Q3 is seasonally the weakest quarter but noted the goal is to improve upon last year's results. Regarding Sunseeker, Anderson confirmed the sale process remains on track for completion by summer 2025. Executive Micah Richins added that the resort's food and beverage revenue is split 70/30 between hotel guests and locals, a model he described as sustainable and driven by strong group business.

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Chief Financial Officer Robert Neal clarified that the debt was repaid using cash from operations, asset sales, and a loan repayment, not through new financing, to provide maximum flexibility. President and CEO Gregory Anderson stated that a competitive process for a sale or stake sale is underway with a goal to conclude by summer 2025, noting promising interest from several high-quality investors.

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Chief Commercial Officer Drew Wells clarified that Airbus jets are reconfigured from 186 to 180 seats to add 36 premium seats, with all revenue recorded in the ancillary bucket. Regarding Sunseeker, President and CEO Gregory Anderson and executive Micah Richins confirmed that while some group business was pushed to 2025, the resort is actively working with FEMA and seeing 'decent production' from recovery-related stays.

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CFO Sean Dell'Orto explained the company is working with banks on a two-phase process to address 2026 debt maturities, starting with commitments for a revolver or other financing, followed by a potential mortgage on the Bonnet Creek property. Chairman and CEO Thomas Baltimore added this strategy provides optionality. Regarding asset sales, Baltimore acknowledged the challenging market but expressed confidence in meeting the $300M-$400M disposition target for the year, citing active discussions with buyers.

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Chairman and CEO Thomas Baltimore identified Hawaii (post-strike ramp-up), Orlando, Key West, New York City, and Puerto Rico as expected leaders. Regarding New York, he noted that while there is some softness in international travel, it represents only 10% of Park's total business, and the impact from any single country is not significant to the overall portfolio.

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Chairman and CEO Thomas Baltimore outlined that Hawaii will have a soft Q1 but expects a significant ramp-up in Q3 and Q4, driven by domestic travel and recovering Japanese tourism. CFO Sean Dell'Orto explained that strong group pace is positive but displaces some transient business, resulting in high single-digit RevPAR growth for an asset like Waikoloa, which contributes to overall portfolio performance.

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Chairman and CEO Thomas Baltimore projected a mid-to-high single-digit group revenue pace for 2025, highlighting expected strength in Denver, Orlando (Bonnet Creek), and a significant rebound at Hilton Waikoloa (pace up nearly 77%). For Orlando, he emphasized the market's macro strengths and the complex's expanded meeting space but did not provide a specific pre-renovation RevPAR index comparison.

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CEO Jude Bricker explained that cost pressures from unproductive assets and fixed overhead will constrain margins as the cargo business grows, with a return to scheduled service growth expected around Q2 2026. CFO Bill Trousdale provided the Q3 block hour breakdown: cargo up 40-50%, scheduled service down high-single digits, and charter up single digits.

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CEO Jude Bricker explained that the cargo expansion is a multi-year process that temporarily shifts pilot resources, impacting system block hour growth. He noted near-term cost headwinds from staffing up for aircraft inductions that can be variable. Regarding the broader industry, Bricker stated his belief that the U.S. leisure space needs to shrink through reorganizations or M&A to restore pricing power.

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CEO Jude Bricker explained that the ATL build was influenced by a larger Q1 schedule, TRASM tailwinds, and a strategic decision to hold capacity further out, resulting in higher fares. President and CFO David Davis confirmed the cargo expansion timeline is unchanged, with the first aircraft entering service in late March and all eight operational by the end of August 2025, with rate escalations proceeding as planned.

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President and CFO David Davis clarified that the new cargo agreement's rate changes are not fully implemented, with two more increases scheduled for 2025 as new aircraft arrive. He confirmed eight new freighters are expected to ramp up between late Q1 and early Q4 2025. CEO Jude Bricker added that to support this cargo growth, scheduled service capacity, particularly non-Minneapolis flying, will likely shrink in summer 2025, and no new markets are planned.

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EVP & CFO Sourav Ghosh explained that while the full-year 2025 forecast for group room nights was slightly reduced due to short-term Q3 softness, the longer-term outlook is strong. Ghosh confirmed that group pace for 2026-2028 has improved since the last quarter, and group rates booked in Q2 for the second half of 2025 remain very strong.

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EVP and CFO Sourav Ghosh provided an updated EBITDA bridge for Maui, noting that the estimated operational improvement for 2025 has been raised from $15-30 million to $30-40 million. This increases the full-year EBITDA projection for Maui to approximately $100 million at the midpoint, a $10 million increase from prior guidance, largely driven by Q1 outperformance. He noted Q1 and Q4 are expected to be the strongest quarters.

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President and CEO James Risoleo attributed the cautious guidance to uncertainties around the Maui recovery and the international travel imbalance. EVP and CFO Sourav Ghosh added that Q1 benefited from one-time events and the Easter calendar shift, which will create a tough comparison for Q2. Regarding flow-through, Ghosh stated that a 4.3% RevPAR growth would be the breakeven point for margins, given projected expense growth.

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EVP and CFO Sourav Ghosh specified that for Host's San Francisco portfolio, they have 220,000 group room nights on the books for 2025, up nearly 30% year-over-year. President and CEO James Risoleo reiterated that capital allocation will remain opportunistic across all levers—internal ROI projects, acquisitions, and share repurchases—supported by the company's low leverage and significant dry powder.

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Chairman & CEO Jon Bortz stated that LA should improve through the year, aided by easier Q4 comps. For San Francisco, he confirmed sustained progress and a 'blowout' Q4 convention calendar, driven by major events like Dreamforce and Microsoft Ignite. Co-President & CFO Raymond Martz added that while SF occupancy is improving significantly year-over-year, it remains well below 2019 levels, indicating substantial runway for growth.

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CEO Jon Bortz identified leading indicators for L.A.'s recovery as a return of bookings from traditional sources like the entertainment, fashion, and tech industries, noting that the pace of pickup is already returning to normal. On 'drive-to' demand, he explained that while not precisely measured, most of the company's resorts are strategically located in drive-to markets. Executive Raymond Martz added that a 10% year-over-year increase in resort parking revenue in Q1 serves as an encouraging, albeit imperfect, indicator of this demand.

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Jon Bortz, Chairman and CEO, described the mood among government workers as one of 'high anxiety' but highlighted several positive demand drivers for hotels. These include the presidential inauguration, increased legislative activity from a new Congress, and corporate travel to meet new officials. He also noted that back-to-office mandates are boosting downtown activity. Raymond Martz, Executive, added that direct government business constitutes only a mid-single-digit percentage of their D.C. hotels' demand.

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Jon Bortz, Chairman and CEO, highlighted business travel (both group and transient) and the continued normalization of leisure demand as key growth drivers. On the lagging urban markets, he stated that the on-the-ground reality regarding safety and cleanliness has 'dramatically improved' and is now better than the perception. He believes it will take a couple of years for perception to catch up with this reality, not 5-10 years.

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President Marty St. George detailed that Paisley operates as a high-margin, low-capital 'leads business,' earning commissions on non-air ancillary products like hotels and rental cars. He stated the EBIT margin is in the 50s, climbing towards the 60s. For the United partnership, JetBlue will add a massive volume of leads and split the resulting commissions, though the specific split was not disclosed. He also noted they are in discussions with other potential partners.

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President Martin St. George explained that booking trends deteriorated in February and March after a strong January, leading to aggressive capacity cuts. He noted that demand has plateaued over the last 3-4 weeks and the Q2 guidance assumes this stability continues. St. George also highlighted that data from partners like Mastercard indicates the demand slowdown is more pronounced in the Northeast and on the West Coast, influencing their strategy to cut trough capacity on Tuesdays, Wednesdays, and Saturdays.

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CFO Ursula Hurley stated she expects a step-down in CASM ex-fuel growth in Q2 from Q1 levels, aided by a more positive capacity environment, though the pilot wage rate headwind will persist until August. President Marty St. George reported that Latin America has fully recovered and is a strong point, with robust fundamental demand, despite some capacity-driven pressure in San Juan.

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President Marty St. George explained that the election impact, which was factored into their forecast, includes depressed travel during election week and a 7-10 day period of slower booking activity. Regarding the Caribbean, he noted it has always been a strong, above-system-average market for JetBlue. While too early to provide a specific Q1 RASM forecast, he expressed confidence in the region's performance, supported by recent capacity additions to San Juan.

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CCO Wade Steel and CFO Robert Simmons indicated that while they are not providing specific 2026 guidance yet, growth opportunities remain intact due to the reactivation of parked CRJ aircraft and overall fleet flexibility, regardless of tariff outcomes. Simmons confirmed a non-operating gain of approximately $10 million, or $0.20 per share, from mark-to-market equity investments and opportunistic asset sales.

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President and CEO Russell A. Childs explained that while historically partners use regional jets strategically during economic shifts, there have been no conversations about a 'massive pivot' yet, as schedules are set far in advance and demand for their specific services remains strong. Chief Commercial Officer Wade Steel stated that utilization increases are currently driven by partner demand, as SkyWest has communicated that its staffing is stable and it can support partners scheduling aircraft as they see fit, leading to very good utilization for the summer.

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CCO Andrew Harrison provided anecdotes of successful wide-body deployment, such as on the Anchorage-Seattle route, and noted that reconfiguring the A330s with more premium seats will be a significant revenue generator. CFO Shane Tackett stated that while fleet simplification is a long-term goal, there are no imminent plans, as the current diverse fleet is well-suited to its respective missions.

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Executive Shane Tackett clarified that their tone was not intentionally different and that they have seen stabilization in demand. Executive Andrew Harrison stated that from a demand perspective, the impact of the Maui fires is "somewhat behind us," with capacity restored. He noted booking curves are holding, though yield is being used to maintain pace. CEO Benito Minicucci concluded that Hawaii is a "bright spot" for the company.

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CCO Andrew Harrison detailed the wide-body delivery schedule, with flights to Narita and Incheon launching in May and October, respectively. CEO Benito Minicucci added that the future international network will be a mix of year-round and seasonal routes. Regarding competitive capacity, Harrison stated he is not seeing anything abnormal, noting that overall industry capacity growth is very low and the environment is stable, with some relief seen in the Neighbor Islands starting in April.

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CCO Andrew Harrison acknowledged that competitive capacity was elevated in Q2, citing over 20% growth in the Alaska long-haul market. However, he noted a significant reduction ahead, with seats in September and October looking flat to low-single-digits up. Regarding the 65% booked figure, Harrison explained it is in line with the past year or two, typically ranging from the mid-60s to high-60s at this point.

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CFO Devon May indicated that the domestic market will see the most improvement through Q3, while the transatlantic will be softer in July and August before recovering. He noted some pressure in Latin America. He stated that while there is potential for positive system unit revenue in Q4, it is not in the guide. He also mentioned that early deliveries might add a small amount of capacity in Q4 but it would not be a huge amount.

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Vice Chair Steve Johnson explained the benefit is "overwhelmed by the weakness in our main cabin demand," with CEO Robert Isom adding that government business has also declined. Johnson clarified that the Chicago growth strategy is separate from Charlotte, which is operating near its capacity limits.

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CEO Robert Isom stated that LaGuardia and DCA will see their largest schedules since the pandemic and that restoring the regional fleet will benefit Philadelphia and Chicago. Vice Chair Steve Johnson added the goal is to return Philadelphia to its pre-pandemic size. Regarding competition, Robert Isom emphasized a focus on profitability over reacting to competitor capacity, noting American's young fleet provides flexibility.

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CEO Robert Isom confirmed that 2025 capacity is impacted by delivery delays and that growth would have been higher otherwise. He noted that utilization expansion next year will be most material for regional aircraft. Vice Chair Steve Johnson specified that the previous strategy hurt the most in large, highly-competed markets like New York, Los Angeles, and Chicago, and that these are the areas where the recovery is now beginning to take hold.

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Holger Blankenstein, EVP of Airline Commercial & Operations, stated that demand improvements began mid-Q2 as VFR travel resumed and confirmed the recovery is balanced between U.S. and Mexican points of sale. For Q3, he guided to ASM growth of approximately 4-5% in the domestic market and mid-teens growth in the international market.

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Airline Executive Vice President Holger Blankenstein explained that March was weak but April TRASM improved due to the Easter shift. He noted no difference in point-of-sale demand between the U.S. and Mexico. He clarified the Copa codeshare is for Mexico-South/Central America connectivity and will not change Volaris's existing Central America to U.S. VFR-focused operation.

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Airline Executive Vice President Holger Blankenstein identified the Easter shift to April as a primary driver of the Q1 TRASM decline, alongside FX changes, and projected a mid-single-digit TRASM decline for the full year. CFO Jaime Pous stated full-year CASM ex-fuel should be similar to 2024 levels. CEO Enrique Beltranena detailed engine repair throughput challenges, noting a recent slowdown. Jaime Pous added that P&W compensation in 2025 would be 'substantially similar' to 2024.

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Chief Financial Officer Jaime Pous confirmed that mid-teens capacity growth is a reasonable assumption for the first half of 2025. CEO Enrique Beltranena added that they expect policy continuity from the new government, having already engaged with new authorities on topics like promoting sector development and consolidating the Mexico City airport system.

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EVP & CCO Andrew Nocella explained that while international margins are strong, the biggest opportunity for margin expansion lies in closing the gap with domestic margins by improving connectivity and gauge in the domestic network. EVP & COO Torbjorn Enqvist asserted that pilot staffing has been well-balanced for some time, and they are neither overstaffed nor understaffed. CFO Mike Leskinen added that proper staffing levels contribute to better cost performance.

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CEO Scott Kirby highlighted the book's lesson on thinking against consensus and focusing on supply constraints, which informs his bullish long-term view on international markets. EVP and CFO Mike Leskinen emphasized two points: maintaining discipline on CapEx to ensure returns exceed the cost of capital, and using buybacks opportunistically when shares are undervalued. EVP and CCO Andrew Nocella noted the book reinforces the importance of supply constraints at major airports.

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EVP and CCO Andrew Nocella attributed Q1 improvement to a rising brand, disciplined capacity deployment, returning corporate traffic, and Europe's emergence as a year-round destination. He stated that while international margins are currently higher and will lead, he is more optimistic about domestic margin growth closing the gap as mid-continent hubs mature.

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EVP & CCO Andrew Nocella stated that coastal hubs are currently stronger than interior hubs for corporate recovery, led by tech and financial services. EVP & CFO Mike Leskinen reiterated a downward bias for 2025 CapEx due to OEM delays and noted that 2025 capacity plans will be guided later, with a focus on maximizing profitability.

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President Glen Hauenstein suggested that aggregate credit card data can be misleading as it combines different consumer segments, noting Delta's higher-end customer base remains strong. Regarding the co-brand card, he emphasized its unique value proposition, including benefits like club access and airline status that non-airline cards cannot replicate, leading to record-high cardholder satisfaction.

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President Glen Hauenstein suggested that broad credit card data often misses the nuances of Delta's higher-end consumer base. He emphasized that the co-brand card's advantage lies in its unique, airline-specific benefits like club access and status, which drive record-high customer satisfaction and cannot be replicated by general premium cards.

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President Glen Hauenstein and CFO Dan Janki clarified that cuts will focus on domestic Main Cabin during off-peak times and will involve accelerating retirements of older aircraft like the 757s, 767s, and older A319s/A320s. On loyalty, Hauenstein revealed that the vast majority of growth comes from increased spend by existing cardholders, with new acquisitions contributing only 3-4 percentage points.

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President Glen Hauenstein attributed the Q4 revenue beat to a distinct uptick in demand post-election rather than holiday timing. Regarding the LATAM partnership, he explained that while not yet in 'harvest mode,' Delta is reducing its investment as the necessary network connections are now largely in place, moving the venture to a more mature phase.

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President Glen Hauenstein noted a shift in long-haul international travel from peak summer months to September and October. CFO Dan Janki and CEO Ed Bastian explained that Delta is in the 'early innings' of productivity recovery, highlighting efficiency gains from growing into its workforce, with further benefits expected from maintenance, crew optimization, and technology.

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CEO Paul Abbott noted that while Americas growth (3%) was slightly behind EMEA (4%) and APAC (7%), the larger theme was slower domestic travel versus international. He confirmed that after normalizing for Easter, growth rates have been stable through March and April. He added that GBTG has minimal direct government exposure but noted that business and professional services were growing at an average rate for the company.

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CFO Karen Williams attributed the TTV-revenue spread to a higher international mix and premium cabin pricing, noting only 30% of revenue is directly tied to TTV. She clarified that improved free cash flow was primarily due to significant interest expense reduction post-refinancing, with CapEx changes reflecting productivity gains rather than project cuts. CEO Paul Abbott confirmed that the window between transaction booking and travel is very short, making quarterly transaction data a reliable indicator of activity within that same period.

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COO Andrew Watterson stated that managed business travel, excluding government, was up and stable, with corporate earnings holding up. CEO Bob Jordan clarified the timeline for new seating products, stating they will be sold in Q3 2025 for flights in Q1 2026, making it a 2026 benefit. Watterson elaborated that the monetization comes from multiple 'zones' in the cabin, including extra legroom and preferred seating, creating several buy-up opportunities.

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CEO Bob Jordan affirmed that achieving sustained low single-digit CASM-X growth is "absolutely doable" long-term, pointing to the 2025 exit rate as the goal and noting labor rate certainty from recent contracts. Regarding the new seating, Jordan updated that cabin layouts are finalized, with key FAA certifications expected in Q1 and Q2, which will enable aircraft retrofits to begin mid-year as planned.

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CFO Tammy Romo and CEO Bob Jordan both confirmed that the fleet monetization plan includes both potential outright sales and sale-leasebacks to maximize value. Regarding 2025 costs, Tammy Romo stated that specific CASM-X guidance would be provided on the next earnings call but affirmed that the operating margin targets from Investor Day remain unchanged.

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CEO Michael O'Leary and CFO Neil Sorahan explained the change aims to increase the liquidity of the ADSs by lowering the absolute share price. They do not expect it to close the valuation gap with ordinary shares until EU ownership restrictions are resolved. Executive Juliusz Komorek added that the company is trending towards 50% EU ownership, which would permit the restoration of voting rights for non-EU shareholders.

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