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    Stephen Trent • Citigroup Inc.

    Stephen Trent's questions to Corporacion America Airports SA (CAAP) leadership

    Stephen Trent's questions to Corporacion America Airports SA (CAAP) leadership • Q1 2025

    Question

    Stephen Trent of Citigroup Inc. inquired about the company's M&A strategy, specifically asking about interest in opportunities in the Americas, such as the former CCR airports. He also followed up on potential investments in the Middle East, referencing a past possibility of partnering with an investment fund.

    Answer

    CFO Jorge Arruda confirmed that the company is actively evaluating the former CCR airport portfolio in a confidential process, acknowledging both its opportunities and challenges. Regarding broader strategy, Mr. Arruda stated that the company is actively seeking new opportunities globally, including in the Middle East, and has expanded its new business team to enhance these efforts.

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    Stephen Trent's questions to Corporacion America Airports SA (CAAP) leadership • Q4 2024

    Question

    Stephen Trent questioned how the company weighs potential growth opportunities, asking if they prioritize geographic diversity or specific regulatory models like single-till or dual-till. He also asked if more concession contract extensions are likely in the coming years.

    Answer

    Executive Martin Francisco Eurnekian responded that the company is opportunistic and disciplined, analyzing each potential acquisition on a case-by-case basis for its ability to be accretive, rather than preferring a specific regulatory scheme or geography. Regarding extensions, he affirmed that their teams are always looking for ways to create value for all stakeholders, and contract extensions are a key method to achieve this, suggesting it is an ongoing part of their strategy.

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    Stephen Trent's questions to Copa Holdings SA (CPA) leadership

    Stephen Trent's questions to Copa Holdings SA (CPA) leadership • Q1 2025

    Question

    Stephen Trent followed up on the passenger mix, asking if it had changed year-over-year, particularly given the absence of Venezuelan market feed. He also sought clarification on the cash flow from investing activities for the quarter.

    Answer

    CEO Pedro Heilbron confirmed the traffic mix has not changed materially. CFO Peter Donkersloot Ponce clarified that the cash from investing was primarily financial investments, along with approximately $115 million in pre-delivery payments (PDPs) for new aircraft.

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    Stephen Trent's questions to Copa Holdings SA (CPA) leadership • Q4 2024

    Question

    Stephen Trent inquired if Copa faces significantly higher jet fuel costs in any specific outlier markets and asked about the potential for expanding its long-standing partnership with United Airlines.

    Answer

    CEO Pedro Heilbron explained that Copa is not at a cost disadvantage for jet fuel, particularly in its Panama hub, which is a competitive market for fuel. Regarding the United partnership, he described it as "very strong" and "pretty complete," encompassing codesharing and frequent flyer reciprocity. He highlighted collaborative planning, such as United's new San Francisco-Panama service, and indicated satisfaction with the current state of the relationship.

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    Stephen Trent's questions to Copa Holdings SA (CPA) leadership • Q3 2024

    Question

    Stephen Trent asked for an update on provisions for unredeemed ticket revenue and inquired about the long-term strategy for optimizing owned versus leased aircraft amid supply chain challenges.

    Answer

    CFO Jose Montero clarified that a Q2 adjustment for unredeemed tickets was a one-time catch-up and no similar items occurred in Q3. CEO Pedro Heilbron detailed their proactive fleet strategy, which includes buying aircraft off lease, retaining older planes, pre-emptively purchasing spare engines, and bringing some maintenance in-house to ensure operational reliability. Montero added this demonstrates the flexibility of their fleet plan.

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    Stephen Trent's questions to Embraer SA (ERJ) leadership

    Stephen Trent's questions to Embraer SA (ERJ) leadership • Q1 2025

    Question

    Stephen Trent from Citigroup inquired about the state of the supply chain, asking if previous issues with components like fasteners have improved or if bottlenecks have shifted elsewhere.

    Answer

    CEO Francisco Gomes Neto explained that while overall supply chain management has improved, bottlenecks persist and tend to move between different components. He highlighted current issues with some fuselage parts and certain engine types but reaffirmed confidence in meeting the 2025 delivery guidance.

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    Stephen Trent's questions to Embraer SA (ERJ) leadership • Q4 2024

    Question

    Stephen Trent of Citigroup asked about specific, stubborn pain points in the aerospace supply chain that are taking a long time for the industry to resolve.

    Answer

    CEO Francisco Neto identified specific engines as a continuing, though improving, issue. He also highlighted that structural suppliers and fasteners are becoming a significant challenge as OEMs increase production rates. He reiterated that Embraer's production plan and guidance are built with these market limitations in mind.

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    Stephen Trent's questions to Embraer SA (ERJ) leadership • Q2 2024

    Question

    Stephen Trent asked for commentary on the competitive environment for business jets and whether a potential decline in interest rates could stimulate sales in the small and mid-cabin segments.

    Answer

    CFO Antonio Carlos Garcia stated that demand remains strong across Embraer's entire business jet portfolio, with all models selling well. He noted that the primary challenge is not a lack of sales but rather ramping up production and delivery rates to meet the robust demand.

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    Stephen Trent's questions to Air Lease Corp (AL) leadership

    Stephen Trent's questions to Air Lease Corp (AL) leadership • Q1 2025

    Question

    Stephen Trent asked if the outlook for flattish net margins for the year had changed, and questioned the divergence between the year-over-year increase in pretax margin and the decrease in pretax return on common equity.

    Answer

    EVP & CFO Greg Willis stated there is no change to their profitability expectations for the year. He explained that the difference between margin and ROE trends is because ROE is a trailing 12-month figure, which can be skewed by the timing of aircraft sales throughout the period.

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    Stephen Trent's questions to Air Lease Corp (AL) leadership • Q4 2024

    Question

    Stephen Trent from Citi inquired if potential aircraft tariffs could favor leasing over purchasing and asked if the company's outlook on the multi-year aircraft supply shortage has changed.

    Answer

    Executive Chairman Steven Udvar-Hazy clarified that lessees are typically responsible for tariffs and that the global nature of aircraft manufacturing complicates tariff application. CEO John Plueger affirmed their view has not changed, stating they are 'quite convinced' the aircraft supply shortage will persist for a 'fairly long period of time' due to OEM production constraints.

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    Stephen Trent's questions to Air Lease Corp (AL) leadership • Q3 2024

    Question

    Stephen Trent of Citigroup asked about the long-term optimal mix of fixed versus floating-rate debt and whether recent market events have prompted changes to Air Lease's risk management policies.

    Answer

    CFO Gregory Willis confirmed the long-term target remains 80% fixed and 20% floating-rate debt. CEO John Plueger and Mr. Willis explained that risk is managed daily with an increased focus on geopolitical factors, noting a deliberate reduction in China exposure. They emphasized that the business is designed for a high-yield customer base, with risk mitigated by strong security packages, diversification, and a fleet of highly in-demand aircraft.

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    Stephen Trent's questions to Frontier Group Holdings Inc (ULCC) leadership

    Stephen Trent's questions to Frontier Group Holdings Inc (ULCC) leadership • Q1 2025

    Question

    Stephen Trent of Citi asked about the strategic focus on ancillary revenue versus total RASM and inquired about the potential for more airline alliances or codeshare agreements.

    Answer

    CEO Barry Biffle explained that the company has shifted its focus from isolated ancillary revenue to total revenue per passenger, using its cost advantage to provide value through bundled products. On partnerships, Biffle responded 'Absolutely,' stating that their existing alliance has been successful and that they are actively looking at new partnerships, especially given the increased focus on loyalty.

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    Stephen Trent's questions to FTAI Aviation Ltd (FTAI) leadership

    Stephen Trent's questions to FTAI Aviation Ltd (FTAI) leadership • Q1 2025

    Question

    Stephen Trent inquired if tariff discussions have affected the timeline for potential M&A in Southeast Asia and asked about the long-term accounting treatment for the SCI partnership.

    Answer

    CEO Joseph Adams explained that while Southeast Asia is a long-term option, the near-term priority is integrating the new Rome facility, which can serve that market. CFO Eun Nam confirmed they currently use the equity method for SCI and will continue to do so, with disclosures based on materiality. Adams added that management fees from SCI could become a significant, separately reported income stream in the future.

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    Stephen Trent's questions to FTAI Aviation Ltd (FTAI) leadership • Q4 2024

    Question

    Stephen Trent asked for an update on the status of insurance claims related to assets stranded in Russia. He also posed a hypothetical question about whether potential future import tariffs could indirectly benefit FTAI by pushing airlines toward more leasing.

    Answer

    CEO Joe Adams reported significant positive progress on insurance claims, with $11 million recovered in Q4 and another $22 million in Q1 2025. He expects the remaining claims against the original $88 million write-off to settle soon and potentially exceed the written-off value. Regarding tariffs, Adams acknowledged the theory, stating that while the impact is uncertain, any factor that makes new aircraft more expensive would be an advantage for FTAI's used-asset-focused business model.

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    Stephen Trent's questions to FTAI Aviation Ltd (FTAI) leadership • Q3 2024

    Question

    Stephen Trent from Citigroup requested an update on the progress of insurance settlements and asked if management has considered a stock split given the stock's strong performance.

    Answer

    CEO Joe Adams detailed three lawsuits: one small deal is agreed upon, a second has seen settlement overtures, and the third is progressing with individual insurers discussing settlements. He expects an ultimate total recovery of around $150 million. Regarding a stock split, Adams acknowledged it has been raised recently and he is open to considering it if presented with convincing data that it would enhance shareholder value, but remains unconvinced so far.

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    Stephen Trent's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership

    Stephen Trent's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q1 2025

    Question

    Stephen Trent of Morgan Stanley inquired about potential travel rerouting to Mexico from regions beyond Canada and asked if air traffic adjustments at Mexico City's airports could impact GAP's fee structure.

    Answer

    Executive Raul Musalem confirmed a noticeable trend of Canadian airlines adding slots for Mexican destinations but stated it is too early to observe a similar shift from the U.S. market. Regarding Mexico City, he noted that while there are public discussions about increasing airport slots, no official changes have been made, and GAP is closely monitoring the situation and the growth of new routes from Felipe Ángeles Airport.

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    Stephen Trent's questions to AerCap Holdings NV (AER) leadership

    Stephen Trent's questions to AerCap Holdings NV (AER) leadership • Q1 2025

    Question

    Stephen Trent asked whether to expect a shift in the CapEx mix toward more engines and helicopters. He also requested context on the 84% lease renewal rate for the quarter and how that figure has evolved over time.

    Answer

    CEO Aengus Kelly clarified that aircraft will continue to dominate CapEx. The recent increase in engine investment was a temporary surge to support higher production rates of new-tech narrow-bodies and is not a new run-rate. On renewals, he explained that the 84% rate, while slightly below the ~90% of recent quarters, is exceptionally high compared to the historical 50% average. The slight dip was a strategic choice to move some 787s to a new customer for better credit and higher rents rather than extending with the incumbent.

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    Stephen Trent's questions to AerCap Holdings NV (AER) leadership • Q4 2024

    Question

    Stephen Trent asked if there would be a tangible benefit, such as tighter spreads, from pushing the company's credit rating higher than its current BBB+. He also questioned if potential U.S. tariffs were causing U.S. airlines to alter their sale-leaseback strategies.

    Answer

    CFO Pete Juhas acknowledged that while higher ratings are welcome, the company's debt spreads are already at historically tight levels, making the incremental benefit of an upgrade to A- uncertain. CEO Aengus Kelly stated that the company has not observed any change in airline behavior related to potential tariffs, as the situation remains too uncertain for strategic shifts.

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    Stephen Trent's questions to AerCap Holdings NV (AER) leadership • Q3 2024

    Question

    Stephen Trent asked for an updated timeline on reducing portfolio exposure to the Chinese market. He also questioned if aircraft lessors are positioned to continue gaining market share from airlines and OEMs.

    Answer

    CEO Aengus Kelly reported that China exposure is down from a peak of 21% to 13.5% and will continue to trend down. He also expressed strong confidence that the market share of lessors will continue to grow as airlines increasingly focus on more efficient capital allocation and move away from owning fleets, noting lessors already own over 50% of the world's fleet by value.

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    Stephen Trent's questions to JetBlue Airways Corp (JBLU) leadership

    Stephen Trent's questions to JetBlue Airways Corp (JBLU) leadership • Q1 2025

    Question

    Stephen Trent asked for color on Latin America RASM, specifically if performance in Puerto Rico could be separated from the rest of the region. He also inquired about the company's tolerance for potential tariffs on aircraft.

    Answer

    President Martin St. George explained that while Puerto Rico's RASM growth isn't as high due to competitive capacity, JetBlue's value proposition is strong, and the company remains bullish on the market. Financial Officer Ursula Hurley addressed tariffs, stating that the vast majority of the 18 remaining aircraft deliveries for the year are assembled in the U.S. For the three aircraft coming from Germany, she said they are exploring all options to mitigate any impact.

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    Stephen Trent's questions to JetBlue Airways Corp (JBLU) leadership • Q4 2024

    Question

    Stephen Trent asked about the potential for new overseas alliances, particularly in Latin America, and whether the early retirement offers for pilots would result in a significant cash event or cost impact.

    Answer

    President Marty St. George highlighted that JetBlue has over 50 existing alliance partners and continues to grow this portfolio, separate from any domestic partnership efforts. CEO Joanna Geraghty and CFO Ursula Hurley clarified that the pilot early retirement program is a tool to manage labor costs amid aircraft groundings and is not expected to cause a material cash outflow.

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    Stephen Trent's questions to JetBlue Airways Corp (JBLU) leadership • Q3 2024

    Question

    Stephen Trent inquired whether the focus on premium leisure customers would lead to adjustments in the TrueBlue frequent flyer program and asked what portion of the program's growth comes from customers switching from other airlines.

    Answer

    President Marty St. George and CEO Joanna Geraghty both addressed this. Marty stated the program is already well-suited for leisure customers and has seen major growth in Mosaic members and credit card spend. Joanna added that recent enhancements like lounges and a premium card are aligned with the JetForward plan to serve premium customers. While they did not provide a specific number for customer attrition from competitors, they emphasized their focus is on creating a high-value program that attracts members organically.

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    Stephen Trent's questions to LATAM Airlines Group SA (LTM) leadership

    Stephen Trent's questions to LATAM Airlines Group SA (LTM) leadership • Q1 2025

    Question

    Stephen Trent from Citigroup asked if LATAM's guidance for the Brazilian domestic market assumes the competitive environment remains stable for the rest of the year. He also questioned why the fuel guidance of $90/barrel was not adjusted, given Q1 performance and current spot prices.

    Answer

    CEO Roberto Alvo Milosawlewitsch affirmed that the outlook is based on a good demand environment and relatively disciplined capacity in the Brazilian market, expressing confidence in LATAM's established strengths. Executive Andrés Eitel explained that while spot prices are currently lower, the price has been volatile, and the $90/barrel forecast for the full year remains a confident estimate based on the current curve.

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    Stephen Trent's questions to LATAM Airlines Group SA (LTM) leadership • Q4 2024

    Question

    Stephen Trent asked for LATAM's view on the adequacy of aviation infrastructure and air traffic control in its key markets, and inquired about the current maturity and progress of the joint business agreement with Delta Air Lines.

    Answer

    CEO Roberto Alvo Milosawlewitsch acknowledged ongoing infrastructure challenges but noted significant improvements and less complexity compared to the U.S. or Europe, highlighting the upcoming new Lima airport. Regarding the Delta JV, he described it as being in a 'maturing' phase after 18-24 months of significant capacity investment, with the current focus shifting to enhancing customer satisfaction and seamless connectivity between the airlines.

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    Stephen Trent's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership

    Stephen Trent's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q1 2025

    Question

    Stephen Trent asked about the potential for share repurchases given the stock's low valuation and inquired about regional differences in jet fuel pricing across Volaris's serviced airports.

    Answer

    President and CEO Enrique Beltranena stated that the company's priority is cash preservation and maintaining a strong balance sheet, so share buybacks are not being considered. He also confirmed that fuel prices vary by airport, with locations like Tijuana and Guadalajara being more expensive than Mexico City, impacting the total economic fuel cost.

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    Stephen Trent's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q3 2024

    Question

    Stephen Trent questioned the long-term outlook for the proportion of U.S. dollar collections and cash balances, and asked if future growth could come from converting international bus passengers, particularly on cross-border routes.

    Answer

    CFO Jaime Pous clarified their goal is to increase U.S. dollar collections from 41% to 50% while keeping over 90% of cash in USD. Airline Executive Vice President Holger Blankenstein confirmed they already serve many niche VFR routes that convert bus travelers and see this as a continued opportunity for growth.

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    Stephen Trent's questions to American Airlines Group Inc (AAL) leadership

    Stephen Trent's questions to American Airlines Group Inc (AAL) leadership • Q1 2025

    Question

    Stephen Trent of Citigroup inquired about the anticipated impact of the 2026 World Cup and the current percentage of international revenue derived from U.S. point of sale.

    Answer

    CEO Robert Isom expressed high expectations for the World Cup, noting American is a sponsor and the strongest carrier in most host cities, viewing it as a unique demand driver. Vice Chair Steve Johnson confirmed that approximately 75% of international revenue is from U.S. point of sale.

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    Stephen Trent's questions to American Airlines Group Inc (AAL) leadership • Q3 2024

    Question

    Stephen Trent asked about American's maintenance strategy, specifically if they are exploring new technologies like engine module swaps or drones. He also questioned if any adjustments are being contemplated for the AAdvantage frequent flyer program, such as making miles non-expiring like some competitors.

    Answer

    CEO Robert Isom and COO David Seymour explained that American is well-positioned with its in-house maintenance capabilities and is actively exploring new technologies like drones and high-definition cameras to improve efficiency. Regarding the loyalty program, Robert Isom stated that while they constantly evaluate the program, they believe an AAdvantage mile provides more value to customers than competitor programs, suggesting major structural changes like non-expiring miles are not an immediate focus.

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    Stephen Trent's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership

    Stephen Trent's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q1 2025

    Question

    Stephen Trent asked for a breakdown of Tulum's traffic mix between commercial and charter flights and inquired about how future dividends would be sourced given the large current payout from retained earnings.

    Answer

    Adolfo Castro Rivas explained that Tulum's traffic includes charter flights that have switched from Cancun due to proximity, as well as commercial flights from airlines like American and United. Regarding dividends, he reiterated that the current payout reflects past performance and accumulated cash, and future dividends will be based on future financial results.

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    Stephen Trent's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q4 2024

    Question

    Stephen Trent questioned if there were any noticeable shifts in international traffic patterns, such as from Canada, and asked about potential traffic flow from the new Felipe Angeles Airport (IFA).

    Answer

    Executive Adolfo Castro Rivas responded that all international regions showed negative growth in the quarter, with Canadian traffic nearly flat. He attributed the decline in U.S. traffic to cannibalization from the new Tulum airport rather than political factors. He added that traffic from IFA is primarily directed to Tulum and Cancun.

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    Stephen Trent's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q3 2024

    Question

    Stephen Trent asked for clarification on the full-year CapEx outlook, noting the 9-month spend was significantly below the MDP commitment, and inquired about the mix of MDP vs. non-MDP spending.

    Answer

    Adolfo Castro Rivas confirmed the company must spend the difference between the MXN 1.9 billion spent in the first nine months and the full-year commitment of MXN 3.7 billion in Q4. He also stated the ratio of MDP to non-MDP spending would likely remain consistent, with minimal commercial investments.

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    Stephen Trent's questions to Southwest Airlines Co (LUV) leadership

    Stephen Trent's questions to Southwest Airlines Co (LUV) leadership • Q3 2024

    Question

    Stephen Trent asked about 2025 cost per available seat mile (CASM) goals and how potential gains from sale-leasebacks might be impacted by Boeing delivery delays.

    Answer

    CEO Bob Jordan noted that one-time cost pressures will be lapped and highlighted efficiency initiatives, but stated it was too early to provide 2025 guidance due to Boeing uncertainty. CFO Tammy Romo added that the company has flexibility to conduct sale-leasebacks on its existing fleet, not just new deliveries.

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    Stephen Trent's questions to United Airlines Holdings Inc (UAL) leadership

    Stephen Trent's questions to United Airlines Holdings Inc (UAL) leadership • Q3 2024

    Question

    Stephen Trent inquired about how United's reduced leverage aligns with its credit strategy, including the potential for an investment-grade rating, and asked if future growth will be driven more by partnerships or organic expansion.

    Answer

    EVP & CFO Mike Leskinen stated that with a target of sub-2x net debt and double-digit margins, they expect to have investment-grade metrics and will work to earn the corresponding rating. EVP & CCO Andrew Nocella described the growth strategy as 'balanced,' leveraging both 'incredibly important' partnerships and organic growth opportunities enabled by United's unique global hubs.

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    Stephen Trent's questions to Delta Air Lines Inc (DAL) leadership

    Stephen Trent's questions to Delta Air Lines Inc (DAL) leadership • Q3 2024

    Question

    Stephen Trent of Citigroup Inc. asked for more detail on how Delta plans to deploy innovative technology solutions, such as AI and drones for inspections, across its business.

    Answer

    CEO Ed Bastian explained that Delta is in the early stages of exploring AI's potential for predictive modeling in both revenue and cost management. He emphasized that the company has been focused on building a clean and reliable technology foundation, which is essential for scaling such innovations effectively in the future.

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    Stephen Trent's questions to Central North Airport Group (OMAB) leadership

    Stephen Trent's questions to Central North Airport Group (OMAB) leadership • Q2 2024

    Question

    Stephen Trent of Citi asked if OMA is considering international expansion projects, similar to its competitors, and if such a move would be made jointly with its partners.

    Answer

    CEO Ricardo Duenas confirmed that while OMA is always evaluating international opportunities, which would require a joint decision with its partners, the company is not currently involved in any active international tender or bidding process.

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    Stephen Trent's questions to Central North Airport Group (OMAB) leadership • Q2 2024

    Question

    Stephen Trent asked if OMA is considering international expansion projects, similar to its competitors, and whether this would be a joint effort with its partner, VINCI Airports.

    Answer

    CEO Ricardo Duenas confirmed that while OMA continually evaluates international opportunities, it is not currently involved in any active bidding processes. He emphasized that any such move would require a joint decision with VINCI.

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    Stephen Trent's questions to Alaska Air Group Inc (ALK) leadership

    Stephen Trent's questions to Alaska Air Group Inc (ALK) leadership • Q2 2024

    Question

    Stephen Trent inquired about any parallel adjustments to the mobile app or distribution channels to support the premium product increase. He also asked about the long-term possibility of the Embraer E2 playing a larger role in the fleet.

    Answer

    CCO Andrew Harrison confirmed that after updating the website, the mobile app will be updated within the next month to better merchandise premium products, acknowledging upside in this channel. Regarding the fleet, CFO Shane Tackett stated they are not currently looking at the Embraer E2, as the focus is on executing their existing Boeing order book, particularly getting the MAX 10 integrated into the fleet.

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