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President and CEO Gregory Anderson confirmed that they plan to schedule an Investor Day, likely within the next year, as the business simplifies. Regarding M&A, he stated that while industry consolidation could be positive, Allegiant's primary focus is on improving its own margins and returning Q3 to profitability, which he believes can be achieved without M&A. However, they always evaluate all opportunities to drive shareholder value.

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CEO Greg Anderson reported that the MAX's dispatch reliability is a full point above the system average. Financially, he noted the MAX fleet generated a 35% higher EBITDA per aircraft in Q1 compared to a similarly configured A320. CFO Robert Neal added that the MAX also benefits from a maintenance honeymoon. Regarding expenses, Neal explained the decline in sales and distribution was primarily driven by a one-time settlement with a credit card processor, along with reduced advertising spend.

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Chief Commercial Officer Drew Wells reported that the middle weeks of March are booking well, though the Easter shift creates a headwind for the last week. He explained that merchandising Allegiant Extra as a separate ancillary product provides tax advantages and greater flexibility, a strategy the company plans to maintain for the foreseeable future.

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Chief Commercial Officer Drew Wells stated that the vast majority of the Navitaire system's financial benefits will be realized upon the full cutover in the second half of 2025. Executive Micah Richins explained the 'airlines within an airline' strategy involves isolating fleet types by base to mitigate operational complexity, noting the new MAX aircraft will be deployed on higher-utilization routes.

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CEO Jude Bricker emphasized that the business is run for EPS and that free cash flow will be balanced between shareholder returns, opportunistic asset deals, and maintaining dry powder for potential industry shakeups. CFO Bill Trousdale added that inflationary pressures on aircraft assets are a consideration. Bricker noted the World Cup would likely be a slight negative.

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CEO Jude Bricker stated the new Synchrony deal, launching in Q3, will significantly improve revenue share but the full P&L impact won't be felt until 2026. He noted the pilot shortage is over, with near-zero attrition, and the focus is on improving captain upgrades. CFO William Trousdale added that total cost per block hour (ex-fuel) is expected to grow in the low single digits for the year, indicating good cost control.

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CEO Jude Bricker and President and CFO David Davis clarified that the 30% growth figure is based on the passenger fleet, stemming from the redelivery of currently leased aircraft and improved utilization. Regarding new focus cities, management noted investments in markets like Milwaukee and Dallas but stated the priority for the next two years is restoring the network to 2024 levels after the cargo expansion, with new city growth being a longer-term opportunity.

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CEO Jude Bricker confirmed that 7-day trailing fares are up year-over-year across all future selling months with significant volume. He highlighted a favorable holiday calendar and late Easter as positive tailwinds for the winter season, with strong booking trends in key markets. For 2026 cargo seasonality, Bricker explained that the cargo business is very stable year-round, with the main variance driven by aircraft maintenance schedules, not demand, and this stability is expected to continue.

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CEO Joanna Geraghty explained that the incremental EBIT benefit from the JetForward plan is expected to be spread evenly across its four priority moves, with network ramping being a key driver in the second half of the year. President Marty St. George noted that customer trends mirror the industry, with strength in international and premium travel. He highlighted that despite network reductions on business routes, corporate revenue was flat year-over-year, a positive sign.

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President Martin St. George stated that he expects the gap between premium and core RASM not to widen, hoping that core RASM will improve as industry capacity adjusts to demand. On Latin America, he noted that VFR traffic has held up well, with no significant drops observed, particularly in key markets. He expressed cautious optimism that this segment remains resilient despite broader economic concerns.

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President Marty St. George noted that overall competitive capacity in Fort Lauderdale is down and that JetBlue is performing well there. CEO Joanna Geraghty highlighted the company's long-standing free Viasat Wi-Fi. CFO Ursula Hurley detailed that of the $1.4 billion in 2025 CapEx, 15% is for non-aircraft items like technology and ground equipment, while 85% is for aircraft-related investments.

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President Marty St. George reported that the Blue Basic carry-on bag addition has performed above expectations. He also called the seasonal rotation of Mint aircraft a 'fantastic formula,' successfully shifting planes from the Atlantic in summer to strong winter markets like Phoenix. CEO Joanna Geraghty defended the food change, describing the new cold meal as a 'fantastic core product' that is 'far superior' to competitor offerings, allowing for cost savings while maintaining a premium experience.

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President & CEO Chip Childs and CCO Wade Steel both asserted that demand from small and mid-sized communities is stronger than ever, with supply chain issues being the primary constraint, not demand. On capital allocation, CFO Robert Simmons and CCO Wade Steel highlighted the company's flexibility, stating they have numerous options including share repurchases and extending the life of the existing CRJ fleet to maintain growth.

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Chief Commercial Officer Wade Steel reassured that the fundamental protections in their contracts, such as minimum utilization, remain strong despite optimizations made during the pilot crisis. President and CEO Russell A. Childs stated that SkyWest's culture is not suited for large-scale M&A, referencing past negative experiences. He emphasized that SkyWest's strategy is focused on organic growth, acquiring assets, and acting as a strategic partner to help major airlines de-risk their business, rather than acquiring competitors.

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Chief Commercial Officer Wade Steel outlined a stable fleet post-2026 with 278 E175s and fully deployed CRJ550s under long-term contracts. President and CEO Chip Childs added that the long-term strategy relies on fleet flexibility and strong partner relationships, hinting at potential future E175 orders. Chief Financial Officer Rob Simmons clarified that the non-operating benefit in Q4 was a one-time event from asset sales and should not be modeled on a run-rate basis.

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Chief Commercial Officer Wade Steel noted that while some 76-seat aircraft opportunities have been filled, strong demand remains, particularly in the small RJ scope. Chief Financial Officer Robert Simmons stated that the company is not considering reinstating a dividend at this time. CEO Chip Childs expressed strong optimism for the charter business, citing significantly higher bookings for the upcoming winter season and a continued commitment to pursuing community authority.

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CCO Andrew Harrison attributed the success to a combination of factors, including network connectivity synergies and stable industry capacity. CEO Ben Minicucci emphasized that Hawaiian's first profitable quarter since 2019 exceeded expectations, highlighting asset optimization like repositioning A330s. CFO Shane Tackett confirmed the expectation for continued profit improvement from Hawaiian assets in 2026.

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Executive Andrew Harrison acknowledged competitive capacity pressure in San Francisco but highlighted that San Diego has performed "very, very well," prompting further investment there. Regarding the premium product, Harrison stated he is "very excited" about the retrofits, as the first-class cabin has been largely unaffected by the macro environment and the additional seats are needed for the growing number of elite loyalty members.

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EVP & Chief Commercial Officer Jason Berry stated that the cargo business is in its early days of integration but that Q4 performance was driven by new 737 freighters and the start of new Amazon business. He expects all 10 Amazon freighters to be operational by April. CCO Andrew Harrison noted that growth in San Diego has been absorbed well, while intra-California has been softer. He added that transcon routes from California are performing well.

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CCO Andrew Harrison responded that the new Mexico routes are mostly expanding the core U.S. leisure, point-of-sale business. He noted these are 100% new revenue sources and are strategically timed to begin in December/January to bolster performance during the weaker winter period in the first quarter.

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CEO Robert Isom described the New York franchise as specialized and strong, centered on LaGuardia and the oneworld hub at JFK, with growth potential via upgauging. Regarding P&L impacts, he stated that the sponsored satellite Wi-Fi partnership with AT&T should mitigate financial headwinds, and that investments in the premium product are already factored into the capital plan and will not have a material impact.

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Vice Chair Steve Johnson described business travel as "pretty vibrant" across the board with no significant pullback yet. CEO Robert Isom detailed advocacy efforts with the government on improving travel infrastructure, including reducing visa wait times and modernizing air traffic control.

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CEO Robert Isom expressed no concern about free WiFi, stating American will remain competitive and that having a high-quality, high-speed product, which they are expanding, is the first priority. On capital allocation, CFO Devon May said they feel good about their $15 billion debt reduction goal and will evaluate options for 2025 maturities, including accelerated paydown, based on free cash flow and liquidity at the time.

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Holger Blankenstein, EVP of Airline Commercial & Operations, responded that demand trends have been constructive, with potential for cross-border traffic to recover, leading to stronger demand and better TRASM outcomes in the second half. Regarding the 'Altitude' program, he explained it is designed to reward repeat travel but is not expected to have a material financial impact in 2025, as the immediate focus is on scaling member enrollment.

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President and CEO Enrique Beltranena indicated a preliminary outlook of 'low single-digit growth' for 2026, emphasizing the current focus on managing 2025 capacity. Airline Executive Vice President Holger Blankenstein added that they are observing capacity moderation from peers, which they expect will support a TRASM recovery.

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Chief Financial Officer Jaime Pous clarified that aircraft ownership costs would be higher in 2025 than the Q4 run rate. He explained that while FX currently impacts the right-of-use asset, future financing costs will benefit as grounded planes become productive without adding new fleet, thus not requiring deleveraging.

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CFO Jaime Pous projected that other operating income will be slightly lower in 2025 as the number of grounded aircraft decreases. Airline EVP Holger Blankenstein described bookings as solid into the Q4 high season, with a healthy fare environment expected to continue into Q1 2025 as new trans-border capacity matures.

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President Glen Hauenstein reported that Fetcher's solutions are now deployed on about 3% of the domestic network, with a goal to reach 20% by year-end, emphasizing a careful, data-driven rollout. Regarding corporate demand, he noted that surveys indicate stable to higher spending, with banking, consulting, and technology sectors performing favorably, while autos and manufacturing are lagging.

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President Glen Hauenstein revealed that Fetcher's solutions are now deployed on about 3% of the domestic network, with a goal of 20% by year-end, noting they are in a heavy testing phase with encouraging results. Regarding corporate demand, he said survey results indicate stable to growing spend, with banking, consulting, and technology as favorable sectors, while autos and manufacturing are lagging.

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President Glen Hauenstein expressed confidence that Delta's strong brand gives it "first call" on customers, which puts more pressure on lower-end carriers. CFO Dan Janki addressed the tariff risk by noting that Delta's supply base is 85% service-related, and the goods it procures are predominantly sourced in the U.S., mitigating direct impact.

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President Glen Hauenstein reported that 'boomers' are currently driving premium demand, with strong trends across both leisure and corporate travel, noting corporate sales were up 10% in Q4. While declining to give hub-specific data, he expressed confidence in the competitive dynamics across Delta's hubs, highlighting Boston's resilience.

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CEO Ed Bastian stated that Delta is focused on providing value to customers through personalization, not monetizing them with ads. CFO Dan Janki confirmed that the fuel guide includes a headwind of a 'few cents loss' from the refinery.

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CFO Peter Donkersloot Ponce and CEO Pedro Heilbron explained that ConnectMiles revenue growth is steady and driven by expanding relationships with various non-air partners, particularly banks in new countries. Regarding the fleet, Heilbron outlined that of the 57 pending MAX deliveries, 13 are due this year, 6 in 2026, and the remainder over the following four years.

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CEO Pedro Heilbron clarified that the company prices in U.S. dollars but is exposed to translational FX impact on its net assets. He noted that Copa hedges half of its sales in Brazil to mitigate this risk. Regarding corporate travel, he stated that the share of business traffic is expected to remain flat year-over-year, with overall growth tied to capacity increases rather than a change in revenue mix.

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President James Dempsey stated they are 'quite encouraged' by performance in large markets like LAX and JFK, noting strong leisure and VFR traffic on the still-maturing routes. CCO Robert Schroeter declined to provide specific sign-up numbers but revealed that co-brand credit card spend was up 30% year-over-year, with overall program growth tracking to expectations.

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President James Dempsey explained that while the typical evaluation period is 6-12 months, the decision can be made much sooner based on booking trends or competitive dynamics, calling the process 'very fluid.' Chief Commercial Officer Bobby Schroeter stated that recent changes have attracted more business travelers and that incomes and FICO scores for new credit card applicants have gone up 'fairly dramatically,' indicating the new products are appealing to their target demographics.

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CEO Barry Biffle estimated that reaching the $5 to $7 per passenger loyalty revenue target would likely take a couple of years. Regarding fuel efficiency, he explained that the metric is heavily impacted by stage length. The recent reduction in average stage length has masked some of the neo's efficiency gains, as benefits are most pronounced during the cruise phase of longer flights, while taxi and climb times remain fixed.

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COO Andrew Watterson clarified that the cabin layout was refined to better monetize the entire cabin, concentrating extra legroom seats where they are most attractive and creating a 'preferred' seating zone elsewhere to maximize revenue per square foot. CEO Bob Jordan reiterated that Southwest has the strongest domestic network and most loyal customers, and will continue to evolve to meet their needs without dismissing the core differentiators like hospitality and operational excellence.

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COO Andrew Watterson confirmed that new revenue management systems and processes implemented in Q2 are now providing a tailwind, driving yield growth on high-demand flights. He also stated that Hawaii RASM is increasing significantly, for both inter-island and mainland routes, with CEO Bob Jordan adding that future network changes should provide further benefits.

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EVP and CCO Andrew Nocella expressed bullishness on international markets, citing strong Q1 results and future growth supported by the order book. CEO Scott Kirby added that long-term international outperformance is likely due to structural supply constraints in aircraft and airport capacity. Regarding Starlink, Nocella highlighted its importance for the customer experience and its link to the MileagePlus program, noting it's part of a broader, effective investment strategy.

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CEO Scott Kirby highlighted GenAI's use in improving customer communications during disruptions and interpreting complex labor contracts, calling it a key technology embedded throughout the organization. EVP and CCO Andrew Nocella stated that while the Florida franchise is successful, the company's focus remains on maximizing growth and connectivity at its seven existing hubs.

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EVP & CFO Mike Leskinen clarified that 2025 is an 'investment phase' for Kinective, with material contribution not expected until 2026 and beyond. EVP & CCO Andrew Nocella added that MileagePlus is performing well, with revenue from Premier members up 9%, but noted Kinective's activities have been too small to generate customer reaction yet.

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