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. "