Productivity Recovery
Q: What inning are we in for productivity recovery, and what metrics should we watch?
A: We're still in the early innings of our productivity recovery. With workforce growth up only 1.5% while the network grew over 5%, we're seeing efficiency gains as we grow into our resources. Continued improvements are expected as we optimize maintenance, crew utilization, and benefit from technology investments.

CASM Outlook
Q: What are the puts and takes for CASM next year?
A: We'll share more at Investor Day, but we'll continue investing in our workforce and brand while benefiting from efficiency gains as we grow into our workforce. This consistent approach should help us manage CASM effectively.

Premium Cabin Performance
Q: How long will premium cabins outperform main cabins, and will main cabin catch up?
A: It's a bit of both. Main cabin underperformance drove industry capacity cuts. As these cuts take effect, main cabin should improve, but we believe there's still more upside in premium products.

Balance Sheet and Cash Returns
Q: How do you think about continued debt paydown versus cash return?
A: We'll focus on generating cash and reinvesting in the business, with a primary focus on debt reduction. Strengthening the balance sheet effectively returns capital to investors through equity value accretion.

Capacity Plans for Hubs
Q: Can you discuss your strategy for increasing capacity in Atlanta next summer?
A: We're refocusing on our core hubs like Atlanta, having solidified positions in coastal cities. With regional jets returning to full utilization, we'll drive efficiency and expect capacity to exceed pre-COVID levels.

Corporate Demand Recovery
Q: How does potential corporate demand recovery in 2025 influence your network?
A: We have room for business customers on our network. As premium products are outperforming coach, we anticipate momentum picking up and can adjust capacity allocation accordingly without major network changes.

Industry Capacity Reductions
Q: How do you feel about industry capacity plans for Q1; is more reduction needed?
A: We're encouraged by where the industry is finishing this year. There's likely more capacity to come out in Q1, but that's a hypothesis, not a fact.

Revenue Outlook Beyond Elections
Q: Can you provide color on unit revenue projections by entity beyond the elections?
A: Domestic and transatlantic are leading the way and will continue to do so. We're excited about transatlantic performance this winter due to capacity adjustments and robust off-season demand.

Transatlantic Revenue Potential
Q: How does transatlantic revenue potential rank among your entities for 2025?
A: Domestic will be quite strong given current capacity levels, with transatlantic following closely. We expect all entities to turn positive next year, with domestic and transatlantic being the strongest.

Becoming Cash Taxpayer
Q: When will you start paying cash taxes, and what is the expected cash tax rate?
A: We expect to start paying some cash taxes next year as we utilize deferred tax assets. The stabilized cash tax rate may progress to the high teens or low 20s, depending on tax policy.

Regional Feed Recovery
Q: Can you give an overview of your regional feed recovery post-pandemic?
A: Pilot constraints initially reduced regional capacity to 35%-40%. Recently, it's been 65%-70%, and by next summer, we expect to return to 100% of 2019 capacity levels as pilot availability normalizes.

Distribution Cost Strategy
Q: Is distribution cost a potential tailwind into 2025 with recent GDS agreements?
A: Over time, we've seen a decrease in distribution costs, but future reductions depend on consumer behavior. Our strategy is to meet customers where they are and ensure best-in-class products across all channels.