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CEO Drew Wilkerson clarified that customer optimism stems from having more clarity on tariffs, which allows for better planning. CSO Jared Weisfeld and CEO Drew Wilkerson described AI as a long-standing tool, particularly in pricing, with productivity up 45% over two years. They stated RXO is in the "very early innings" of AI's potential and is currently staffed for future growth.

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CEO Drew Wilkerson positioned RXO as a sales channel and partner for LTL carriers, focusing on growing RXO's own volume, which is currently 25% of total but could grow significantly. CFO James Harris explained that synergy increases come from technology integration, real estate consolidation, and procurement savings from combining vendor contracts, which will yield a strong return on the cash outlay.

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CSO Jared Weisfeld explained their low-to-mid single-digit rate forecast is based on current data, but a sharper market recovery could lead to higher rates, which RXO would capture via its strong spot market presence. CFO Jamie Harris clarified that Coyote's distinct Q4 seasonality is primarily driven by a single large customer with significant contractual volume during that period.

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CEO Barry Biffle outlined the path to improved profitability, citing improving forward booking trends, a reduction in competitive capacity in Frontier's markets, benefits from maturing routes, and incremental revenue from loyalty and premium products. Regarding 2026 capacity, Biffle stated that plans have not been set and will depend on how the broader industry adjusts its capacity in the coming months.

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CEO Barry Biffle directed investors to company filings for long-term projections but noted that at 10% margins on a potential $5 billion revenue base, the math is straightforward. Regarding premium products, he stated that beyond positive survey feedback, the company has hard data from its UpFront Plus product, which achieved over 70% sold load factors in Q4, proving customers are willing to pay for a premium experience. Chief Commercial Officer Bobby Schroeter added that Frontier can deliver these products at a lower cost, making them accretive.

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CEO Barry Biffle stated that the path to double-digit margins is driven by maturing revenue initiatives, including the network, 'The New Frontier' premium products, and loyalty programs. Biffle emphasized that the most misunderstood factor is the maturation of the network, where 20% of capacity was redeployed and is expected to see a 20-30% RASM improvement, contributing 4-5% to overall RASM. He also cited a favorable industry capacity backdrop as a significant tailwind.

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President and CEO Gregory Anderson declined to provide a 2026 EPS target but stated that key initiatives should lead to materially improved earnings. SVP & CCO Drew Wells cautioned against viewing Q3 as 'normal,' explaining that they expect a demand recovery pattern similar to 2024 but starting from a lower base, which mutes the overall benefit.

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Chief Commercial Officer Drew Wells explained that the growth strategy leverages existing infrastructure, where the marginal cost is low, to drive absolute earnings. President and CEO Gregory Anderson stated the 'by summer' timeline for Sunseeker is their best estimate, providing a buffer to secure the optimal deal, but noted it could conclude in early summer.

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President & CEO Phillip Yeager explained that tech projects involve retiring legacy systems and building AI-driven tools on top of new platforms to enhance decision-making, with a focus on Final Mile and brokerage. He confirmed these initiatives have specific productivity targets that underpin the company's cost-saving goals. He clarified that reaching the high end of guidance depends on the successful ramp-up of $150 million in new annualized Final Mile revenue and the duration of the strong West Coast demand.

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CEO Mario Harik quantified recent AI gains, including a low-to-mid single-digit reduction in normalized line haul miles, a double-digit cut in empty miles, and an 80% reduction in diversions. He noted that while some initiatives like route optimization and labor productivity tools are transferable to Europe, others like line haul optimization and pricing technology are not, due to differences in network scale and pricing structures (pallet vs. class/weight).

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CFO Kyle Wismans noted that XPO's own CapEx as a percentage of revenue is expected to moderate but that the company can remain flexible. Executive Mario Harik explained the predictive software is an AI-driven demand forecasting model that uses current volumes, seasonality, and the sales pipeline to project tonnage up to 90 days out. This enables service centers to optimize labor planning and improve productivity, even in soft volume environments.

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CFO Kyle Wismans noted that XPO's own LTL CapEx as a percentage of revenue is expected to moderate this year and beyond, toward a long-term range of 8-12%. CEO Mario Harik explained that their proprietary 'crystal ball' is an AI-driven demand forecasting model that analyzes volumes, seasonal trends, and the sales pipeline to predict tonnage up to 90 days out, enabling service centers to optimize labor in real-time.

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Executive Mario Harik asserted that they are not done improving, with a goal to be best-in-class and reduce the damage claims ratio to 0.1%. He noted that while they have seen significant improvement in third-party surveys, the most important metric is direct customer feedback and their willingness to pay for better service, which is reflected in the company's strong yield and margin performance.

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EVP and CMO John Brooks attributed the strong growth to a successful sales effort for a superior, truck-like service. He highlighted key drivers including a new, sizable automotive parts contract and the ramp-up of refrigerated business with partner Americold, stating he expects the growth trajectory to continue.

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President & CEO Keith Creel asserted that the company never takes a 'wait and see' approach. He emphasized their ability to see volume changes weeks in advance and react quickly by adjusting crew starts, fleet sizes, and yard expenses, stating the company is always prepared for a downturn even if not planning for one.

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EVP and CMO John Brooks agreed it is a maturation of the service, resulting from a natural sales cycle and a proven track record of performance. He gave an example of a customer who tested the service extensively before awarding a significant piece of business. Brooks noted the progress is impressive given the challenging trucking market and stated that new offerings via the Meridian Speedway to CSX and NS will continue to open up the portfolio of options for shippers, leading to more growth.

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EVP & CFO Adam Satterfield expressed confidence that the current environment is cyclical, based on customer conversations. He acknowledged a temporary share shift to the truckload market, where carriers are operating at or below cost, and expects that freight to return to LTL when the truckload market tightens and rates increase. He affirmed ODFL is well-positioned with capacity to capture that returning volume.

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EVP & CFO Adam Satterfield acknowledged a temporary share shift to truckload has occurred, driven by TL carriers operating at or below cost. He believes this is cyclical, not structural, and expects this freight to shift back to LTL as the truckload market tightens and rates increase, as multi-stop freight is not the preferred business for TL carriers.

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CFO Adam Satterfield explained that with over 30% excess capacity in their service center network from recent investments, the company chose to defer certain real estate and equipment projects. This decision was made to manage depreciation costs amid economic uncertainty, while still ensuring capacity for future growth.

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CFO Adam Satterfield clarified the reduction is a strategic deferral of projects, not a cancellation, made to manage depreciation costs amid economic uncertainty. He noted that with over 30% network capacity, ODFL has sufficient service center, fleet, and personnel capacity to handle a business reacceleration.

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CFO Adam Satterfield stated that ODFL already employs a strategic mix of self-insurance and third-party coverage, which has kept costs historically stable as a percent of revenue. Regarding capacity, he expressed confidence that ODFL is well-positioned to gain share in an upcycle, regardless of competitors' actions, based on customer feedback and service advantages.

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CFO Adam Satterfield stated he was pleased the Mastio results confirmed a maintained, sizable service gap between ODFL and its competitors. He emphasized that ODFL will not 'rest on its laurels' and will stick to its proven, long-term strategy of service-backed value, regardless of temporary pricing decisions made by others.

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President & CEO-Elect Seth Runser expressed confidence that the new business is sticky. He explained that ArcBest acts as a strategic advisor, helping customers navigate uncertainty with solutions that provide cost efficiency and supply chain stability. This partnership model, he argued, differentiates ArcBest from competitors and fosters long-term relationships across all solutions, not just LTL.

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President Seth Runser addressed the freight environment, noting the length of the cycle and uncertainty from weather and potential regulations, but stated ArcBest is well-positioned for any environment. Chief Strategy Officer Christopher Adkins handled the pricing question, reaffirming the company's long-standing discipline of securing contractual rate increases regardless of the market to offset cost inflation, supported by the premium service customers value.

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Chairman & CEO Derek Leathers described the court ruling as a significant win but cautioned against viewing it as a 'tidal wave' of tort reform, emphasizing that state-by-state efforts are still crucial. Regarding consumer demand, Leathers confirmed that Werner's non-discretionary and discount retail customers remain resilient, with some even showing volume growth, as the company's engineered solutions are deeply integrated with these clients.

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CEO Derek Leathers attributed the cautious guidance to the volatile operating environment, particularly around trade policy, while affirming the positive underlying market trends. On insurance, Leathers emphasized continued investment in in-cab technology like side-view cameras, driver training, and legal reform. He also noted that safety technology improvements in passenger cars are a significant positive factor for the industry.

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EVP, Treasurer & CFO Chris Wikoff explained that the health insurance claims were uniquely elevated in the quarter, impacting EPS by over $0.05, but noted their inherent volatility. Chairman & CEO Derek Leathers added that recent rate increases targeted the most distressed freight and that while it's too early to predict the magnitude of 2025 rate hikes, the market is showing signs of tightening and the time for increases is approaching.

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CEO Joanna Geraghty explained the implementation will be staged, with earn/burn and interline sales coming sooner (in 2026) and the Paisley integration later, with a full run-rate not expected until 2028. President Marty St. George stated he is more concerned about industry capacity than a drop in demand. CEO Geraghty added that JetBlue has a proven playbook to react quickly to demand shifts by cutting costs and capacity.

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President Martin St. George confirmed that March was the weakest trough period, while April benefited from a strong peak period with high single-digit RASM growth. He noted that revenue management is focused on maximizing revenue during these peaks. Regarding secondary cities, he explained that these markets had long-standing demand for JetBlue's service, and the brand's strong value proposition and improved product quality are resonating very well with customers, leading to strong bookings.

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President Marty St. George described the transatlantic market as still in ramp-up but expressed optimism, citing strong growth in Mint premium cabin yields. He noted that most transatlantic aircraft deliveries are deferred, stabilizing the network. He confirmed the $95 million revenue initiative beat is currently viewed as a pull-forward of future benefits, though he remains optimistic about all JetForward initiatives.

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Alain Bedard, President, CEO & Chairman, detailed several internal initiatives to improve margins, including implementing Optum software for P&D, reducing claims ratios, and leveraging AI for labor efficiency. He noted that tariff instability has slowed U.S.-Canada trade, impacting their most profitable LTL lanes, and has caused U.S. industrial truckload customers to pause, depressing volumes.

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Executive Alain Bedard explained that significant internal cost reduction work remains, particularly at TForce Freight and the recently acquired Daseke. He noted that without market improvement, cost optimization alone could bring EPS closer to the $7.00-$7.25 range. Bedard stated that TFI is not providing 2025 guidance due to the 'foggy' and difficult market environment, characterized by a deep freight recession at the start of the year.

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CEO Alain Bedard explained that TFI's focus is on improving its internal cost base and service levels in U.S. LTL, acknowledging that service is currently subpar according to a Mastio survey. He noted efforts to move more freight from rail to road and improve claims ratios. Bedard confirmed that due to challenging market conditions, the full-year 2024 EPS is now expected to be similar to 2023's performance.

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CEO Jim Vena responded that customers have always been consistent in their needs: reliable service to their markets, clear options, and a competitive price. He emphasized that by delivering on these fundamentals—growing the business, increasing revenue, and operating efficiently—Union Pacific aligns with its customers, who want to partner with a railroad that opens up opportunities for them.

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CEO Adam Miller explained that the used equipment market can be volatile and that Q2 results were impacted by being short on inventory for certain in-demand items. CFO Andrew Hess added that the company's capital expenditures are back-end loaded for the year, which will result in more used equipment becoming available for sale in the second half, supporting the higher Q3 guidance.

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Executive Adam Miller explained the conservative outlook is based on direct feedback from dozens of large customers. He categorized them into three groups: one-third proceeding as normal, one-third in a 'wait-and-see' mode drawing down inventory, and one-third who have actively canceled or stopped orders from China. This customer sentiment and their volume forecasts are what's driving the cautious guidance. Executive Andrew Hess added that customers' actions are a reaction to tariff costs, not a weakened view of the consumer.

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Adam Miller, an executive, responded that it is too soon to draw sweeping conclusions from recent data, especially with weather disruptions making trends difficult to read. He stated the guidance is based on what they believe is achievable now. While acknowledging positive signs like higher rejections and less truck availability, Miller emphasized the need for more sustained data before adopting a more aggressive market view.

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Executive Adam Miller confirmed the cyclical shift towards asset-based carriers is occurring but highlighted that a new, significant driver is cargo security. He explained that rising cargo theft is causing shippers to prioritize the robust security of large asset players over small cost savings from brokers, a dynamic not as prevalent in past cycles.

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EVP & CFO Sean Pelkey projected 'Other Revenue' at $115-120 million per quarter, noting Q2 benefited from a non-recurring reduction in freight-in-transit reserves. He also identified a net favorable impact of about $20 million in 'Purchased Services and Other' from items like casualty results, which will create a headwind in Q3.

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EVP and CCO Kevin Boone confirmed that coal contracts have pricing floors and that current prices are above those levels. CFO Sean Pelkey advised that the Q1 'Other Revenue' figure of approximately $115 million serves as a good run rate for the remainder of the year, with some potential variability.

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EVP and CCO Kevin Boone stated that customers are excited about the significant investments being made, which will allow them to reach new markets. CEO Joe Hinrichs added that despite disruptions, customer Net Promoter Scores reached all-time highs in Q3 and Q4. He attributed this to proactive communication and a commitment to finding solutions, which builds long-term confidence and drives volume growth.

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Interim Chief Commercial Officer Janet Drysdale explained that in the short term, customers in areas like metals are using CN's network to create alternative intra-Canada and intra-US supply chains. In the long term, customers are exploring ways to reduce exposure to the U.S. market and increase offshore exports, a strategic conversation CN is actively engaged in with them.

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CEO Tracy Robinson stated that very few, if any, projects have been delayed, with most customers in a "wait-and-see" mode. CCO Remi Lalonde provided a specific example, noting Dow paused its Path to Zero project investment, but clarified this was not expected to impact CN's volumes until 2028 anyway. Conversely, he highlighted strength in other areas, like a new frac sand facility, showing a balanced pipeline.

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President and CEO Tracy Robinson stressed the importance of being nimble. Chief Commercial Officer Remi Lalonde added that both ports have ample room to grow and that CN is already making significant investments, such as adding bridge capacity at Prince Rupert, to enhance flow and service reliability for customers.

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President and CEO Tracy Robinson stated that CN-specific initiatives are expected to contribute about 50% of volume growth, enabling the company to grow faster than the overall economy. She noted that this growth can be 'choppy' and will provide a more detailed view for 2025 in January.

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SVP of Finance Brad Delco attributed the convergence primarily to the current market cycle, noting Dedicated is performing closer to its margin targets than Intermodal is. Intermodal President Darren Field and Dedicated President Brad Hicks both acknowledged the friendly internal competition, with each expressing confidence in their segment's growth and path to target margins.

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Brad Hicks, President of Dedicated, said the market is not more competitive than it has been, with their focus remaining on private fleet conversions. Darren Field, President of Intermodal, clarified that 'margin repair' is the goal and will likely take more than one bid cycle to fully achieve, particularly given the current excess capacity in the network.

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Darren Field, President of Intermodal, stated unequivocally, "I don't believe BNSF is implementing PSR." He emphasized that their joint dialogue is focused on efficiency and customer needs, which is different from a PSR strategy, and that BNSF is committed to growing its Intermodal business.

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President Glen Hauenstein noted the industry has impressively removed about four points of domestic capacity since April, with September seats expected to be down year-over-year, calling it a significant reduction in a non-recessionary environment. Regarding cabin segmentation, Hauenstein explained the goal is to replicate the success of Main Cabin segmentation in premium cabins, offering more choices and price points to customers.

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President Glen Hauenstein responded that the industry has done an "amazing job" reducing domestic capacity, noting a four-point reduction by September, which he has rarely seen in a non-recessionary environment. Regarding cabin segmentation, he explained the goal is to provide more choices and price points across all cabins, using the Main Cabin segmentation as a successful template for premium products.

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CEO Ed Bastian reflected that every downturn is different and this one is unique as it feels "self-imposed" due to trade issues, but the management team is experienced in navigating adversity. President Glen Hauenstein stated that European point of origin is about 20% of transatlantic revenue and that historically, there has been enough global demand to resell that capacity if needed.

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President Glen Hauenstein expressed high confidence that the European strength is incremental, driven by the strong U.S. dollar, and not a pull-forward. He explained that Delta's strategy is to decouple premium pricing from the main cabin to control its own destiny, focusing on driving premium growth through higher load factors to encourage customer trial and adoption.

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President Glen Hauenstein expressed encouragement with the industry's capacity discipline and hypothesized that more capacity would likely be removed from Q1 schedules. CFO Dan Janki reiterated that the primary focus remains on consistent cash generation, reinvestment, and debt paydown to further strengthen the balance sheet.

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CEO Frank Lonegro described combating theft as a constant defensive effort, confirming investment in AI-based tools that are showing success. Regarding a potential surge, he noted Landstar thrives in volatility but that uncertainty in U.S. trade policy with Mexico and Canada remains a headwind. Executive James Applegate added that the company's long-term strategic initiatives in areas like heavy haul and cross-border provide a strong foundation regardless of short-term swings.

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CEO Chris Urmson described the feedback as universally enthusiastic, noting it has crystallized partner conversations. CFO David Maday added that customer interest is very high. On scaling, Urmson cited operational execution and exercising the full product suite as the current focus. Maday stated that development metrics like ARM and API will be retired, with future reporting focused on value demonstration, including driverless miles and revenue.

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CEO Malcolm Wilson stated there is no concern of a renewal cliff, citing a gradual renewal process and high customer satisfaction. Chief Strategy Officer Kristine Kubacki confirmed that the first non-pilot cost savings from AI were recorded in Q1, noting that while the 2025 financial impact is immaterial, it creates a 'flywheel' for significant future savings.

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CEO Malcolm Wilson stated GXO is relatively agnostic to the sales channel, as its omnichannel warehouses are designed to fulfill orders for both brick-and-mortar and e-commerce from common stock. Chief Strategy Officer Kristine Kubacki addressed the robotics question, confirming significant customer interest. She highlighted GXO's capital-efficient pilot programs with partners like Agility and Reflex Robotics to develop real-world use cases for humanoids, positioning GXO at the forefront of this emerging technology.

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EVP & Group President Jim Filter explained that during allocation events, they clearly state their market assumptions to customers, allowing for further discussion if conditions change. CEO Mark Rourke responded to the Aurora question by expressing respect for their capability and confirming Schneider's ongoing engagement, currently hauling lanes in Texas with a safety driver. He stated they will continue to explore use cases for the technology.

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CEO Mark Rourke stated that while it's very early in the renewal season, discussions are more constructive than in the past two years. He noted a significant spot price increase from Thanksgiving through January. EVP and Group President Jim Filter added that customers understand the need to cover cost inflation, like insurance, and are locking in rates to secure capacity.

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CEO Mark Rourke outlined a multi-pronged strategy to improve network profitability, focusing on rate restoration, growing owner-operator capacity through the new Freight Power platform, and minimizing network volatility by expanding the Dedicated and Intermodal segments. EVP Jim Filter stated that there have not been significant customer discussions about a pre-tariff pull-forward, as their current focus is on the normal holiday replenishment cycle.

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Executive Shane Tackett positioned Hawaii as a "durable premium market" and a great alternative as international travel normalizes. Executive Andrew Harrison stated that loyalty momentum will "continue to accelerate" with the upcoming single loyalty program and new premium card. CEO Benito Minicucci added that they have just "scratched the surface" on the loyalty opportunity, expecting it to grow as integration progresses.

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CCO Andrew Harrison provided a clear timetable, stating the single loyalty process will be complete by October and the single passenger service system by April of the following year, calling them 'hard dates.' CFO Shane Tackett noted the Q1 fuel price is tracking around $2.65. He explained that Hawaiian has a different cost structure supplied from Singapore but that the company's overall hedging program has been suspended, resulting in minimal recognized hedge expense this year.

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CCO Andrew Harrison explained the incremental premium customer comes from "all of the above"—main cabin conversions, partners, and competitors—driven by better merchandising and a strong appetite for the product. Both Harrison and CEO Benito Minicucci confirmed there are no lingering impacts from the grounding, with Minicucci highlighting the company's 2023 DOT ranking for the lowest customer complaints as a testament to their operational strength.

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Chief Operating Officer Andrew Watterson explained that Southwest constantly surveys its customers and that recent sentiment has evolved positively as customers better understand the new policies. He noted that engaged customers realize their benefits are preserved or enhanced, and the company has seen no evidence of 'Bookaway' in its real-time data, with customer satisfaction exceeding his expectations.

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COO Andrew Watterson and CEO Bob Jordan conveyed a belief that the industry capacity backdrop will remain constructive for years due to OEM constraints at both Boeing and Airbus. On the premium cabin initiative, CEO Bob Jordan highlighted the recently amended Chase co-brand agreement as a key milestone. COO Andrew Watterson added that the successful launch of dynamic pricing for upgraded boarding serves as a technological proof point for the new products.

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Vice Chair Steve Johnson responded that the share recovery currently appears resilient to macro factors, with business traffic remaining strong. CEO Robert Isom acknowledged a material impact from the accident in Q1 but stated no future impact is anticipated.

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Vice Chair Steve Johnson explained that economics were adjusted for about 24% of corporate customers to be more competitive, and the resulting revenue is still highly accretive. CEO Robert Isom clarified that new long-haul international aircraft will feature new Flagship Suites with seatback screens, while the domestic fleet will focus on providing high-speed satellite WiFi across all mainline and dual-class regional jets.

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EVP and CFO Mike Leskinen and EVP and CCO Andrew Nocella both expressed high confidence in the loyalty business, citing its resilience during the pandemic and the strengthening effect of growing the brand-loyal customer base. Leskinen confirmed the fuel price assumption is the same in both scenarios, acknowledging that a recession could provide a further, un-modeled tailwind from lower fuel prices.

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EVP and CCO Andrew Nocella described Starlink as a 'game changer' for enhancing the customer experience and growing the MileagePlus program. EVP and CFO Mike Leskinen stated that while an Investor Day is an important tool, the timing is still under discussion, as they find earnings calls effective for communicating their long-term strategy.

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President and CEO Rajesh Subramaniam stated that a minority of the company's export revenue base is covered under the de minimis exemption, with the majority linked to B2B volumes. He did not directly confirm profitability for Europe but highlighted the $600 million in DRIVE savings achieved there this fiscal year with more expected.

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CEO Jude Bricker stated that strong transatlantic demand is a net positive, as it leads to a reallocation of competitor capacity away from Sun Country's markets, with no evidence of demand shifting from their core destinations. President and CFO David Davis added that the margin and CASM trajectory will follow a typical seasonal pattern, influenced by the delivery timing of new Amazon cargo aircraft. Jude Bricker also highlighted that Q2 2025 has the most upside relative to the prior year due to favorable capacity shifts and the timing of Easter.

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President and CFO David Davis confirmed the five Oman aircraft will be added to Sun Country's fleet but noted that lease extensions into 2026 are likely for some of them due to OEM delays affecting other airlines, which aligns with Sun Country's cargo growth timeline. CEO Jude Bricker addressed the RASM question, stating that while booking trends are positive through April 2025, there is not yet meaningful booking volume beyond that point to provide a full-year outlook.

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CFO Brian Dykes estimated that Amazon represents around 20% of U.S. volume. Regarding returns, he and Chief Commercial and Strategy Officer Matthew Guffey expressed confidence in UPS's position, citing the convenience of its 5,200-store physical footprint and the enhanced digital experience from the Happy Returns acquisition, which offers a 'no box, no label' solution. CEO Carol Tomé provided further context on the volume glide down, noting it will accelerate from 250k packages/day/year to 1.25M packages/day/year.

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CEO Carol Tomé justified the higher number by noting that this year's volume is expected to be positive, unlike last year's decline, but stressed that UPS will only hire what is needed and has the technological flexibility to adjust hiring plans instantly. Executive Nando Cesarone added that the hiring mix is more favorable, with a 10% increase in seasonal helpers who improve driver productivity.

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CEO Mark George characterized the situation as one of 'uncertainty' and believes the net volume impact will likely be a 'wash' over time, as the network is now nimble enough to handle shifts between imports and domestic production. CMO Ed Boyle agreed, adding that over 75% of the business is tied to the domestic economy and the sales force is prepared to respond to any changes.

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CMO Ed Elkins expressed confidence in the ability to price above inflation in core markets due to increasing service value. CEO Mark George clarified that for the key Merchandise segment, the strong service product supports pricing power. However, Intermodal pricing is dependent on the truck market, and coal pricing follows external indices.

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Ed Elkins, Chief Marketing Officer, explained that with the ILA contract deadline approaching, shippers are hedging by increasing activity to the West Coast. He believes a shortage of seaborne containers will lead steamship lines to limit inland moves from the West Coast, thereby creating a surge in demand for domestic intermodal services from that region.

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