Capital Allocation and Debt Reduction
Q: How will you deploy increased free cash flow?
A: With our net leverage at 2.7x, back to pre-pandemic levels , we plan to prioritize deleveraging. We aim to pay down $1.8 billion of high-coupon MileagePlus debt yielding over 10%, which becomes prepayable in July. After reducing debt, we'll have more flexibility to consider other uses of free cash.

Structural Competitive Advantages
Q: What drives your strong domestic PRASM growth?
A: The industry has structurally changed, and we've built a moat around our business. Our advantages include a better product, network, and loyalty program. Eliminating change fees attracted more customers, especially domestic road warriors. Offering a competitive basic economy product with higher gauge aircraft allows us to sell profitably to price-sensitive customers. These are structural changes leading to higher margins.

United Next Strategy and Fleet Plans
Q: Are you on track with United Next growth plans despite delays?
A: Our market share across all hubs is improving faster than capacity share. We're focused on delivering the United Next plan and building connectivity in our Mid-Continent hubs, which is paying dividends. Despite aircraft delivery delays, we've adjusted our delivery schedule to approximately 100 aircraft per year to level out capacity and reduce complexities.

Premium Revenue Growth
Q: How are you enhancing premium revenue streams?
A: We're increasing our premium mix, up 1.1 points year-over-year in revenue. New aircraft deliveries come with more premium seats. We're successfully growing both premium and basic economy segments, diversifying revenue. Our global network is second to none, being #1 across the Atlantic and Pacific.

Capital Expenditure and Free Cash Flow
Q: How are you managing long-term CapEx and free cash flow?
A: We expect CapEx of $7 to $9 billion in 2025 and beyond. This range accounts for uncertainty in aircraft delivery schedules and production rates. We're balancing growth with generating free cash flow and will adjust aircraft retirements and deliveries based on economic conditions.

Safety and Operational Excellence
Q: How are you addressing recent safety concerns?
A: Safety is our #1 priority. Recent high-profile events are an opportunity to elevate our already high standards. We're embracing this by enhancing training, systems, and reporting culture, ensuring aviation remains the safest mode of travel.

MileagePlus Program Value
Q: What are your plans for the MileagePlus program?
A: MileagePlus is a crown jewel asset for us. We're focused on growing its value and providing more disclosure and transparency. If the market doesn't recognize its value, we'll consider more aggressive actions.

Operational Adjustments and Profit Maximization
Q: How are you optimizing capacity for profitability?
A: In Q1, we prioritized profitability over maximizing aircraft utilization. We adjusted our network, focusing on high-demand markets like Florida and Las Vegas, which was effective. We rescheduled during off-peak periods to avoid unproductive capacity.

Corporate Demand Recovery
Q: Is corporate travel contributing to strong results?
A: Yes, corporate demand was strong across the board. We saw 9 of our top 10 corporate booking days this year. Strength was seen in professional services, tech, and industrials, with every sector up.

International Inbound Demand
Q: Are you seeing improvements in ex-U.S. point of sale?
A: We're seeing progress globally, especially in markets like Germany and core Europe. We're optimistic about rebalancing and being less dependent on the U.S. consumer to drive the global network.