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    Tom Fitzgerald

    Vice President and Equity Research Analyst at TD Cowen

    Tom Fitzgerald is a Vice President and Equity Research Analyst at TD Cowen, specializing in the airlines and air-related industries across the US and Canadian markets. He covers major companies including United Airlines, American Airlines, Copa Holdings, Air Canada, and Southwest Airlines, and is recognized for a 69% success rate and an average return of 13% per rating according to TipRanks, with a top single-rating return of 66.8% on Air Canada. Fitzgerald began his equity research career in 2021 when he joined TD Cowen, following rigorous academic and industry training, and holds the CFA charter. He is a prominent commentator on sector trends in major media outlets and participates frequently in industry outlook events.

    Tom Fitzgerald's questions to Copa Holdings (CPA) leadership

    Tom Fitzgerald's questions to Copa Holdings (CPA) leadership • Q2 2025

    Question

    Tom Fitzgerald from TD Cowen asked about the role of technology, such as dynamic pricing, in Copa's revenue strategy and requested an update on the progress of its seat densification program.

    Answer

    CEO Pedro Heilbron explained that Copa has invested in 'homemade' digital tools for its website and app to drive ancillary revenue cost-effectively. He noted the company is in its 'infancy' with advanced dynamic pricing but is pursuing it with an ROI-focus. He also stated that 30 aircraft are still pending for seat densification, a project delayed by aircraft delivery schedules.

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    Tom Fitzgerald's questions to Frontier Group Holdings (ULCC) leadership

    Tom Fitzgerald's questions to Frontier Group Holdings (ULCC) leadership • Q2 2025

    Question

    Tom Fitzgerald asked for the expected run rate for 'other revenue' and how Frontier would manage the risk of another domestic capacity glut next spring.

    Answer

    CCO Robert Schroeter detailed several initiatives poised to boost 'other revenue,' including loyalty, first-class seating, and NDC distribution, suggesting the current run rate will grow. CEO Barry Biffle addressed the risk by stating that a persistent glut would force more competitors to exit markets, ultimately benefiting Frontier as the 'last man standing' due to its low-cost structure and strong balance sheet.

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    Tom Fitzgerald's questions to United Airlines Holdings (UAL) leadership

    Tom Fitzgerald's questions to United Airlines Holdings (UAL) leadership • Q2 2025

    Question

    Tom Fitzgerald from TD Cowen requested an update on the Connected Media initiative and its potential contribution by 2026. He also asked about the current aircraft delivery situation and the expected timing of the associated aircraft gauge benefit.

    Answer

    EVP & CCO Andrew Nocella stated that United aims to double media revenue in 2025 and that the combination of new seatback screens and Starlink connectivity will unlock significant value in the 2026-2027 timeframe. EVP & CFO Mike Leskinen reported that narrowbody MAX deliveries from Boeing are ahead of schedule, while widebody 787s are delayed. He projects a 2% increase in aircraft gauge for 2026, with acceleration expected in 2027.

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