DAL - Earnings call transcript Q4 2017

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Operator

Please standby. Good morning, everyone. And welcome to the Delta Air Lines December Quarter and Full Year Financial Results Conference. My name is Ebony, and I will be your coordinator today. At this time, all participants are in a listen-only mode until we conduct a question-and-answer session following the presentation.

call recorded. today’s reminder, a is being As I to Investor Jill like to Relations. conference over turn the Greer, would now Vice President of Please ma’am. go ahead,

Jill Greer

us and Good our Ebony. morning, and for Thanks, everyone, December year full joining quarter earnings call. thanks for

CEO, today Hauenstein; CFO, from Jacobson. our our Bastian; are us President, Ed Joining Paul Atlanta Glen and

represent will revenue leadership entire Ed in of open get and call the here financial will review conclude an Delta’s for with overview the flow. as in room performance of Our the is then performance, will Paul our Glen To many the All could and question questions environment and team session. brief differ the address contains cause give a Q&A cash cost risks follow-up. statements Q&A, please possible that expectations materially to from the discussion involve that and beliefs future about statements. limit our yourself forward-looking and or events. a the during to uncertainties Today’s results one statements forward-looking actual as forward-looking

the results Some All in also measures. financial factors are unless otherwise. discuss non-GAAP filings. described such Delta’s noted SEC differences special We’ll of items, exclude may cause that

fourth pilot retroactive of on also better XXXX the We’re basis in expense quarter XXXX. contract our the as we comparisons normalized from to matches the incurred quarters this providing a cost appropriate

that, a turn the our can IR to non-GAAP with of ir.delta.com. reconciliation And I’ll You page call find measures on at the Ed. over

Ed Bastian

these our far significant XX.X% to for that Operationally, month that impact $X.XX. and drove people pre-tax Together snowstorm experience. advantage. teams And water $XX difficult December thus people year our out southeastern JFK X,XXX results, joining these a east customers, while competitive an to reflects available are We past billion the rounds outage. thank and ahead profit month taking you billion quarter storm care a Delta events everyone. and incredible Good in strongest several persevered the with But this profit we in customers’ and $X.X the of to the at main year thanks, work in this a coast Well, from making Once events. want break the unique reported Atlanta sat their have consensus, morning, tools the which roughly weekend. power importance the it and operating $X.XX that again, recovering improve pre-tax of through of December also today I including challenges, of they appreciate December cancellations. our at of a the morning. January, Airport margin. a presented us a the call Jill. significant our hit with the our million demonstrated enhance These and of and EPS infrastructure the full our employees quarter Delta’s $X investments Earlier are to airport culture earlier Delta

at the For year to the their are will With the ways to our outstanding fourth the improve foundation, of which with profit on $X we this paying $X team operational culture the be year, work, performance. in we billion pleased over recognize consecutive sharing billion. Delta our focused are

X-X, We XXXX of including on ended single and cancellation, days in no time keeping are best without XXX mainline XX-day mainline the arrivals domestic the running with a XX.X%. operation cancellations, mainline streak, industry while a at

Airline the our work by operations days perfect XX% year. platform by more brand system On-Time cancellations on in days XXXX’s in resulted Delta FlightGlobal. them with extraordinary XX entire had also than The Delta entire as over we call or XXXX Most team last being We no named Global

conducted as distinction. customer efficiency. also paper, by determined Delta the named airline see And thorough Street has top as but U.S. a we are time earned XXXX Running drives first analysis cost only a the to not great airline operation this Wall pleased satisfaction of today’s in by Journal. The a

with the in our year, high our of a this performance made of including promoter reaching operating XX.X% score net Our the driven an investments improvement our and we’ve combined month X-point people, in facilities fleet, have all-time products for November.

XXXX XXXX its while investment And enabling very it solid challenges, was momentum. and Day month, Customer at So a as with certainly last Delta’s employee Investor produced financial out strong, and results, are future. laid successful satisfaction remains we we had significant year. we entering solid in

mindful However, jet rising fuel we prices. of are

Our million December year. XX% in the are jet higher and prices fuel expense than $XXX nearly by fuel last rose quarter current market

helped industry does spend it we’ve that to through prices our long combined and economic run, I’d costs and feel fuel the those business grow a our path on revenues. demand recover Glen company minutes environment. for fuel the in take our Paul through our higher to a with stability flexibility this create higher recalibrate built XXXX. business, over to and details, but take environment we backdrop into time short-term couple well-positioned the solid But, for the with greater While the and earnings strengthen in address our you like will to

to topline have our keep we growing. First,

a revenue increase, while to X% maintaining growth. capacity X% prudent X% system targeting X% We’re to

entities and all December first XXXX. currently the the in positive are momentum best time early we years quarter We seeing revenue were had since the five was

remains very gaining ground demand and strong. initiatives are our We with commercial

and In after set we revenue system new the number Thanksgiving. a one on domestic record Sunday fact,

in our from relationships. as we’ll outlook. Second, several own global to through growth, the of our response partner and as improved our shrinking position international to After years dollar, economic our weakness capacity the leverage in well benefit by international opportunities we’re good strong

WestJet. the and Korean, $X Virgin we years of the We’ll the asset Air essentially a and airline joint with the out globe. leading brands portfolio enhanced built is investments our ventures, that we of value will around billion includes be through have JVs of over France-KLM drive integration Atlantic complete some and and deeper building Our coming Aeromexico,

trajectory year. It priority change the for top growth costs the our our non-fuel team. finance the is must we on CASM on to for deliver guide and X% unit Third, zero

but the invest is also cost advantage. of And aircraft new technology decisions XX to efficiency in produce sustainable. contributed is they up-gauging delivered and to Delta’s play cost over not gains in to strategy With This ones, to source are XXXX to role we restrain the history our an for capacity this Our the our year. unit X% in be in of business the some right year, key growing level. returning greatest set on and focused a will better a improving competitive making were finally,

earnings have service, on deliver of will from earlier laid a transformation, path revenue from And digital these a midst strengthening we the expect to significant to Investor benefits the guidance and will this customer produce more enhance as brand and in per With grow further now of our about additional initiatives share our at out in personalized $X.XX $X.XX are customer that themes, which have our pipeline premium. optimism a based a our long-term, that supporting per to tax interactions We but and year Day the performance, unique we an and improvement powerful grade and to our culture, our will XXXX, think future reliability, share differentiators reform. we business the Put the unrivaled continue leverage operational that together, industry results. balance advantages why sheet. call key It’s our year our competitive these I and It’s moats, network, economic investment Delta’s only those also our the our loyalty leading ensure our success, domestic that, improve not With confidence ahead. combination. provide our sustain are foundation to build I’ll upon for brand, over and turn to upon Glen. we

Glen Hauenstein

Ed, morning, you, good and everyone. Thank

XXXX, increased the many Revenues X% customers, operational With the we’ve and the people Benji out our done than power of growth, during Atlanta everything driven XXXX it’s this especially the team the quarter are take Storm to These the momentum challenges better results Winter go we truly backdrop with by included revenue entire incredible $XX from broad-based built make and difference. to modest starting a thanks revenue care seen have who in we’ve ancillary outage. throughout contribution. improvement My strong in they years. for capacity year million our impact a

strong million driven yields. revenues passenger For by business improving the and increased quarter, $XXX demand or X%

at an as Delta Business consecutive gain was Travel aimed seventh for traction travelers named in Airline unprecedented the News to survey investments Best Our continued year. corporate

and Our volume improvements. fourth both quarter corporate revenue with average growth was passenger fare our since highest XXXX,

Going forward, we to expect continue. momentum corporate

of year’s the numbers travel improvement spend Our in a last their years. XX% be outlook survey we’ve most in corporate X-point last is XXXX. seen managers more is increased project showed than from and or three maintained positive This will

the in continued our revenue This have quarter of in the revenues also first consecutive a cargo and third quarter. with other cargo XX% improvement, off six caps in up of double-digit year contributing increases December in We years. strength cargo

in credit card $XX enrolled year, American an through a SkyMiles quarter. value with the produced Express XX% was over prior outpacing versus we partnership the XXXX third quarter. as incremental Our up of industry enrollment. new X the In annual the reported million million growth Co-brand for spend record accounts,

million solid another with our year expect an We agreement XXXX. American in of growth from XXX incremental Express

positive in Turning to as underlying with unit a the point include results we positive X.X% improvements the from up saw revenues, XQ all throughout about territory and These demand revenue system and for entities X.X quarter. third closing with PRASM year was for quarter domestic year-over-year consecutive solid hubs adjustment. its produced one-time The of unit revenue business results. positive delivered quarter entity a PRASM all the leisure, both

XQ. XX XXX territory end XX% We of in continued business markets to with at positive the see business top up of from markets improvements in yield the now

maintain outperforming saw domestic stage entity we gauge. absorbing highest Internationally again the Our and of trends the the unit with improving and average expect this stands to increase XXX% we revenue domestic premium revenues length for performance, at in industry industry’s quarter. while

to strong a currency from the Foreign tailwind three our foreign we performance transatlantic, increased revenues on in exchange XXXX. from unit In exchange to system after foreign of business years tailwind. PRASM exchange international class are on weighing benefit the positioned X.X% X.X-point was revenue and a booking tailwind

customers European product the over introducing basic in our led now selling to a March. economy the in products transatlantic market routes. look of We in experience of providing fare branded Our forward travel with select tailored premium industry XX%

and by approval the making venture in our about unit DOT trans-Pacific impact progress upside encouraging quarter. of hurricane the the of the full we positive of in entity launch we to alliance for in will spite AXXX Atlanta-Seoul. with especially the X% four important opportunities. the The saw also these Delta stage as results are retirement season, and for half has six length. AXXXs entity portfolio X%, sixth disruptive introduced of We and and from transformation particularly grew joint first U.S. Pacific with first time very Airlines yields Premium unit the the of successful for already increase are returned award integration Detroit-Beijing venture first and PRASM year-over-year joint several XXXX, including and revenues years. quarter enter we the a Korean within been One revenue. final milestones a the deliveries is a we the strong demand the included routes, achieved the year the Latin of Aeromexico strong suite This of excited AXXX the with multiyear winning and as additional with the our demand lingering products. on the of In The quarter across including be Our on Delta select consecutive XXXs region In both trends positive

ensure our recapture looking to that connecting in recapture and prices sorry, drive momentum be Our accelerate trends, length point gauge. the to by is stage up to expected fuel this entities March With to strong market encouraging. this includes in we and fuel X to the four focus and Based four revenues. in a quarter. volume, first point we global forward, long-term cover expect historical on quarter confident increase are XX% X.X% I which X.X% TRASM geographic able to process. economic X% increase will all have that core structure capacity increase year-over-year, medium X we in am is hubs must industry’s continue to remains increase the remains we best we growth, higher through Demand the the

at solid environment increasingly TRASM roughly through a quarterly year, the with despite expect benefits We combined comps. initiatives this from demand tougher level our will produce

exciting outlook think will is Delta’s as drive As we XXXX really the Day, we earnings Investor growth. and platforms revenue three at shared that about for

first efficient is The to airlines. continuing more one global build and

the structure AXXXneos our into connecting MDXXs. XX% opportunity enable lower best the have as pipeline continues decade hubs continued and current core domestic XXXX four This of volume, Our cost than that the fuel employment, in the next for drive domestic the expansion the up-gauging. are is foundation to efficient begin margin The future. more for of delivery

coming efficient million over on in In in that by positioned have are will further been are the narrow we we The upside departures fruition. and $XXX large XXXX. domestic partnerships our have seat an -- body efforts into even come. we most we type to expected greater XXXX, gauge, place, to of aircraft XX% globalization Our in have leverage value focus the driving with working

we customer experience. improve Second, and the brand strengthen our will

next have and Over billion the Lake Salt facility in Atlanta, projects Seattle. decade, $XX planned than LaGuardia, we Angeles, an in more airport City Los

an our customer segmentation and technologies of $XXX finally, improving fare build quarter. our the Delta experience. we as to incremental We the continues to the Branded will airport are generated anticipating strive And choice future travel to in evolution has the future initiatives. trends fleet continue support we enable million as to continue

upsell post-purchase economy. capability we premium mid-year quarter launch. incremental growth to $XX of from million seats expect deliveries Comfort+ driven following $X.X billion and $XXX up expanding in in XX% and revenues for and million fare annually, XXXX Class aircraft by First basic contribution, new to X% In grew a in drove revenue the XX% its XXXX, branded

good favorable with topline laid have Delta in macroeconomic our I the tailwinds international we path solid from growth environment, great to the and am that, to for of turn combined the service initiatives, Jacobson. like and I’d Paul over benefits beyond. With call commercial XXXX with -- And people, a friend, my a

Paul Jacobson

pretty team in for like the start I’d to Good joining take Delta to Ed all in and care morning, customers thank through us. and each last and Glen by some echoing the you they’ve year. unprecedented Glen. our for everyone, of done thanking challenges Thanks, other

about our For December by up the includes investments the were the total expenses This depreciation, and quarter, costs unit up $XX $X the of million for business. a billion, quarter in higher in which hit Non-fuel December operating fuel year. X.X% driven for half X.X% continued accelerated we point. full and back increased were pressured sustain of in are benefits. mentioned three-tenths level by of already over The and year operation, the our our time. and But product, fleet CASM cannot this our cost before, people unit made elevated important, as driving year full investments and growth we at a we

of of in X% expense order first, X%. on to quarter growth March In are a CASM for unit the year. our non-fuel incurring X% the front with be of path up our cost to costs pay costs full to get there, increase. a and achieve with non-fuel We employee happen the growth year half lap peak expect year, growth we X% April zero the The we began should majority last to to will the we year

up give depreciation is million alone. million $XXX of the half increase trail will we half off in facilities. of that be and Second, on the depreciation fleet as first the the $XXX to back for of To the expense annualize accelerated markedly year, year XXXX depreciation in expected some our on this, perspective with

efficiency Finally, maintenance to initiatives. aircraft To remaining and weighted we the been towards of targets up-gauging has of primarily delays a extensions Series. required we’ll as deliveries the have summer gear as the been our up year half expense result look flying that for and our cost the our meet some and of C front

greatest project the Day, launched As history will savings efficiency million at drive enterprise efficiencies with scale. Ed detailed in year an organization said, leverage of XXXX $XXX non-fuel the and gains delivery our in I alone. drive over we to across of Delta’s as expected XX level have Then, some aircraft Investor this the in

the manage cost business. differently year things this $XXX of and the changing billion, We a of will On be at is achievable. on definitely we how base we rules believe $XX looking million savings

fleet complexity equipment reduced In For or example, our more January, markets we’re optimizing have with how manage by we year-over-year. four network. XX% types in been

summer in driving in million based efficiencies by have staffing Atlanta $XX alone. and will MDXXs all also this maintenance We approximately

just good and identified us we of the scheduling, network other of opportunities we transportation. opportunities in at have feel spend ahead this we process. and the have are we Additionally, some These stage hotel where in about examples are

expense the quarter, XX% third our XX% higher fuel fuel, prices to were increased market year. prior quarter and higher Turning total the million as in than $XXX than

$XX Some of the refinery, was contributed in and for that the pressure which million $XXX year. full million offset by quarter the

fourth being in X% the losses, quarter be the fuel able will in benefit by of new Importantly, we Furthermore, drive aircraft the XXXX. team. quarter marks to see hedge deliveries last fuel are really our that’s the generated going efficiency legacy to gains our so

all-in to our recent prices. up $X.XX For run the in includes which quarter, we expect the price be fuel March to $X.XX, fuel

of to with to deliver Now EPS solid trajectory cost for by a benefits the allow Day. growth this year XXXX, to versus forecasted non-fuel our takes further the EPS tax XX% $X.XX will earnings turning XX% from XXXX. year, topline growth as full up our improved $X.XX, at to we rate, with Glen significantly us lower This along corporate to highlighted Investor improvement discussed

generated flow which generation margin allow of through on technology investment We $X reinvestment for CapEx aircraft, and $X.X business to to sheet of the in cash billion billion finally, related allowed our execute grade balance and the to X%. X% the quarter, our However, investment to quarter. Delta will $X.XX quarter see up per the earnings CASM both during which therefore the a and our share. recent impact ability growth in We range expect $X.XX peak pre-tax grow non-fuel share will fuel to the per of prices, in to operating EPS And in strong of the our March for cash opportunities. equates This run ground.

Air million also XX% a to stake invested France-KLM. $XXX in purchase We

continue CapEx capital we at expect flow. our operating to and Looking cash target at XX% roughly in of spending year, $X of XXXX billion the full

returned generated a of the at flow total free dividends. remain of returned During continue quarter, least $X.X and million cash cash billion flow that we to We third strongly XXXX, million the target returns year our and used pay to million $XXX the XX% of of level our our free $XXX forward. shareholder own consecutive in we $XXX in going towards of we to owners capital to and shares repurchase committed

our on billion pension pension $X.X We level also XX%, $X.X at our adjusted with down status XXXX, year With billion the and since target as unfunded net $X funded our debt year-over-year. ended balance our we path that’s we achieving strengthen remain liability we was pension the highest to in maintaining billion, hard committed to continue and rating to so investment funding are that worked our to achieve. sheet well grade our

on a communities for serve. our that shareholders we back tremendous the and our Looking people, year for for XXXX, had our customers, we

poised that And call build begin turn I’ll can back on in we with We’re success Q&A. to Jill, XXXX. to the that, so the over

Jill Greer

questions the you for Ebony, if analysts, give from we’re them ready now instructions. could

Operator

Thank question America. take you. we’ll Didora first ahead. from with our [Operator Please Instructions] And Andrew of go Bank

Andrew Didora

on much stand stemming you travel demand the in give from tax -- where cuts? for Hi. an think, in I XX% questions. guide benefit were Good I first, of guess, Glen, about I business think, roughly where of business us taking return they is morning, for previously now corporate I XQ of business a really everyone, and you -- can your your guess, PRASM it’s contracted thank have a your talked the how a below return how update you and they fares, had XXXX.

Glen Hauenstein

we very business increased the about are potential cuts. with tax for the business excited Well, -- demand

first can’t our it that expect that, materialize because that haven’t but yet have we to and guide We not we does in seen see yet. quarter the materialize

they are points have only stabilized the fare But than trough. levels few in and to the started were levels higher improve. a percentage So fare

a think, as moving lot continues to I forward So, of improve. demand there’s opportunity

Andrew Didora

question Great. there guess, the And did second EPS Day? timing Paul, your just side. what to quarters costs, And you the period, is Brent from a and of there? that Thanks. other secondly, Investor of something missing harder just XQ cost network run the is or in for expecting assumption just then, ahead then, terms maintenance maintenance guidance else I in busy one, is is first of from why two on I are change your am new spend different summer

Paul Jacobson

those for Thanks Andrew. morning, questions. Good Sure.

question, maintenance would first a the quarters. higher it’s say, On than I traditional bit little

mitigation seen, existing that fleet we’ve more As the you the do the Series we’re the of know, the bit aircraft schedule. with a summer expecting that we’ve to deliver for C versus work new delays on the -- going got to little

bit little wouldn’t perspective So disproportionately that you first and I would question, say it’s repeat from sorry? if mind, a your weighted

Andrew Didora

guide what your assumption Brent year in did full No. change Day? it was since I and for Investor your -- Thanks. just curious your

Paul Jacobson

Yeah. Yeah.

Sorry about that.

a the it long know of as year. we we the it to rapid obviously price very that, changed we for is go and haven’t of I but obviously the curve in but appreciation. forward early closely. we We It’s about is XXXX say feel right our pace watching assume we we’re that slightly okay now, volatile, way expectations would But ahead the in full did guide. But have year do. what of where always were we’re the terms

Andrew Didora

Thank Great. you.

Operator

Our Bank. Linenberg will with go Please from Michael next come question ahead. Deutsche

Michael Linenberg

Yeah. Hey.

like the recently, the on surcharges? that back talked a that, looks in to update fuel you What Glen, they’re unit a It that? give showing into up question about return seeing are have just you coming the international increased some now they impact. positive Just of us having about can revenue FX you Pacific,

Glen Hauenstein

we Yes. level. to that we’ve or at if level seen and Clearly, stabilizes higher internationally, fuel higher fuel expect the due fuel of increases to continue surcharge this

Michael Linenberg

the method? -- own question equity you bankruptcy, from as is piece a for the Just that that, being what is you of accounted a to recall I believe Paul, percent I the under and Republic can

Paul Jacobson

That it the all -- equity, itself so doesn’t through flow value in an impact P&L. the ownership changes the there on have No. - all doesn’t

Michael Linenberg

believe? own But is of that, it Okay. own what you I XX% -- -- you what

Paul Jacobson

Yes. Yeah. It’s in the range. XX%-ish

Michael Linenberg

Okay.

Okay. That’s just being run non-op. through the

Thanks, Okay. Great. Paul.

Operator

our take next… will we And

Paul Jacobson

Hey, Mike. No.

it’s it non-op to run publicly the does balance not traded. am clarify clarify runs Just I that, through no, not sheet, to because operator. through sorry, -- Mike, it just yeah,

Michael Linenberg

Okay.

Okay. That’s No. helpful. that. appreciate Thanks. I

Operator

Baker come will from JP Please Morgan. question next go Our Jamie with ahead.

Jamie Baker

everybody. morning, Good Hey.

view First, Paul, memory you’re returned on I serves. to now in, two but your the time backwardization market first a half for obviously as know, hedging, has I don’t if know years, trailing aware, the and

if your topic, this wondering influence this on the might hedging Just thinking topic?

Paul Jacobson

Jamie, thanks change. No. for no There’s question. the

-- to to said, behind the the where losses be am think I about I’ve able us say feel relieved as I good legacy are are we we competitively… and

Jamie Baker

Okay.

Paul Jacobson

the the in is and about the …especially work position hasn’t the both some we’ve seen refinery, I of of fuel across into time. our good the put side benefits supply parity industry also is that that looking but it, harvesting and level stations self-supply think at at feel input quite multiple it a where costs on

Jamie Baker

I Glen, for second surcharges good one, they’re was question Mike’s And on not a domestically. permitted fuel Okay. thought

regulatory the seconds, and took would couple this about? at fuel year you current to back that. unsuccessfully thinking It in of Mike, XX the is anything wonder that began on it should does climate, we only a stab the that political in potentially legion receptive I last perhaps, I thanks, a to the a me more think revise domestic that be wonder given have was of surcharges, years Washington about make topic and

Ed Bastian

toss because… going our to think that I to General I Carter, Peter am Counsel

Jamie Baker

Perfect. Okay. Yeah.

Peter Carter

general there I and issue has thought, hi. frankly, Jamie, Trump the business. very much think, been that no say that administration given is Good but particular industry open And in question would morning. haven’t to the I airline we

and question it. I interesting So appreciate

Jamie Baker

gentlemen. Take Fair enough. care. Okay. Thanks,

Operator

ISI. go take Pfennigwerth from ahead. Evercore Duane question with our Please We next will

Duane Pfennigwerth

you little sorry geographies Hi. you the you Thanks. in the comment wonder rates level And Glen, how it, comp, your growth to would unit do Good playing expect you rates revenue of revenue guidance growth a rank a morning. willing I -- about March bit tougher and on terms unit of I keeping that the if can see out? missed March at your be quarter? expand in despite

Glen Hauenstein

Sure.

first second it’s because I think start me Let the with the easiest. one

Pacific number would be I Latin number to be think we number and domestic three be number to be transatlantic four. to to two, the one, expect

pretty that’s the easy So what second am question a sorry? question I again, was, and

Duane Pfennigwerth

comment in think I made you prepared… a the

Glen Hauenstein

predicated on is unit X% capacity plan unit revenue. and right X% around growth business total equates that and to our passenger growth X.X%, increase X% passenger -- a revenue a or X% around So to X.X%,

to we’re throughout the we kind the year. rate treading generate at So get need that that to of revenue

sit very get year so to good we is that feel we we different And need in we achieve pretty we remember, were versus plan, the when than last if which the because where territory started what today to we you about last business were where we to plan, negative was positive momentum, had to much and keeping year same lift had quarter then as to call but that and you year when through the we call, move fourth what had really a that out the heavier we moving. just playing go baseline than the just

feel need and from positive. growth about to sight revenue to little negative be we December don’t that where we So we to getting from a lot better year be things a year now and bit unit I of a expect know where think to we we not we there But line are feel that. last between challenging, a of little bit better, of not not that the and won’t versus next it’s turning

Duane Pfennigwerth

could operating if cash your what capital in was drove Glen. flow Thanks, year-over-year And talk $XXX like questions. you Looks the I for had on million Thanks a more Paul, sneak in that? benefit, about up taking about one you quarter. the can materially working fourth

Paul Jacobson

was investment a mentioning that as sheet. our of think bears result it things, also balance number but a grade Well, it I of

things and with extend working to do initiative with chain done to our and vendors out terms drive capital to proactively an supply in some go have We the the payment work other of business. our

on consciously. very we So that focusing were

Duane Pfennigwerth

you. Thank

Operator

Research. come will go from question ahead. Please with next Our Hunter Keay Wolfe

Hunter Keay

me? Sorry. Can hear you guys

Paul Jacobson

now. can We

Glen Hauenstein

Hunter. We you hear

Hunter Keay

that? market Sorry. I prevailing number, it apologize revenue recognition frequent guide static how that to I think, in the is the or a about for had the can that. or million, are called, expecting flyer $XXX I that Are headwind about from around rate you in the it’s a heard change, change EPS for thinking is whatever airline you factored

Paul Jacobson

This Paul. is Hunter. Hey,

yeah, So, at on we expect Day, revenue the year-over-year Investor year materially talked changes recognition from as full we about basis. don’t

Hunter Keay

you. And then… Okay. Thank

Paul Jacobson

Yeah.

Hunter Keay

on … what? sorry, guide, Paul, XXXX the pardon,

Paul Jacobson

No…

Hunter Keay

Sorry.

On the XXXX…

Paul Jacobson

I ahead, was just Hunter, supplementing that. Go appreciate…

Hunter Keay

is know don’t or know my phone phone if don’t hear if up you. I breaking -- Okay. my I I can’t

back So, else? the is on out the low it? range reason, where most of opportunity to drifting yourself do end if you incremental it you the non-fuel find or something whatever guide, costs, Is is the XXXX for think it get you earnings revenue it have of in

Ed Bastian

mean, X%, be non-fuel it’s to Ed. flat X%. is I’ll is really to to me going demand our the we our have to optimistic say XXXX to is given this the rolling in is to heard costs take I my out. We guide that. expectation zero Hunter, closer than with seen how getting premature but the before, and feel commitment speculating years. you’ve environment back healthiest zero And be

do And you look early. bump wouldn’t of confident it’s bit little the like few way is a how gotten pretty card We’ll the we year-over-year see EPS how on seems We’ll some levers, there. last But so, It it’s see XX% a XX% and that that manage I roughly -- a the over out. months. settles I think the fuel that wild has out. plays where is market feel to get of our into best too overheated

Hunter Keay

Okay. Thanks

Operator

next will Genovesi come question Please ahead. UBS. with Our from Darryl go

Darryl Genovesi

starts savings that that XXXX at incremental basically that to passed when Reform Tax looking you’re time. be there perhaps or something that guys. for cash the XXXX be passed if you your be for At the Hi, would if had Is until kind that pension on hold -- to Day, of Investor Thanks contributions. were tax appear? would suggested some

Paul Jacobson

‘XX, the the status fully-funded to of from savings But We cash level paying since any would hopefully and don’t anticipating in paying XXXX obviously we going get sources taxes in we the taxes would possible. taxes ordinarily Reform a reduced that in and to proceeds several pay, between become of to we as a right, over and still Tax continue close fund we anticipate any weren’t taxpayer next That’s see not as Darryl. are for those as to ‘XX. be years one ‘XX pension

the list. on priority high So that to me would be

Darryl Genovesi

would and some guess, to speculation Airbus you bit would the already you’ve terms anticipate Thanks a Bombardier little years? over in away then, media airspace Embraer for being suppliers of your and fleet this last you’ll but supplier are And -- mean, few you deal consolidated in costs that ask get Boeing this, Is that. about benefit glitch with consolidation. the got couple manage Okay. manufacturer now you proposed of aerospace years that for just problem on and how way, talking, I over I wanted you appear the you’ve next would seen I like and some and a the It others.

Glen Hauenstein

a being that issue. significant anticipate don’t We

only actually not commitments Series mentioned, and with you this that going As we that come we’ve that supportive we to not for is a in have Delta performance to With competitive us within set will and service their that think market. the them, ability and all their are disadvantage. conversations harmed Delta, we’re of to levels Airbus-Bombardier any OEMs supplier consolidation C deal that, for received certain the OEMs, to enhance is the we the around put expectations enhance we from of further and those respect to ensure

Darryl Genovesi

Thanks Great. very much.

Operator

Our Please from with ahead. come go Oglenski Brandon Barclays. next question will

Brandon Oglenski

for taking and everyone, question. thanks morning, my Good

has So, prepared Ed, higher Glen, to think drive revenue for fuel you done. talking run back I stability industry, But saying the talked about wanted remarks to historically the one long that of greater prices. also accelerating I recapture the your can then, about were how fuel come industry in

are as not volatility same do your things know for fuel the down specifically and Hunter’s fuel So, push so can I guess, of question, are Delta really drive we recapture to help investors? what do costs it’s that that revenue here, the some higher but

Ed Bastian

ability a fuel us. to in that’s I down outside volatility push to fuel the front manage control. that’s of We Well, our is, our little think, environment our best do

are in biggest think going have is initiatives a optimism. coming fruition. our with XXXX of economy we I to that list strong in significant got lot a of the a thing favor commercial We’ve

strong environment, a of have a We years. number seen we international haven’t which in

being fuel. in the has reductions in and able recapture capacity. terms So fuel always to focus Historically, managed by in the that’s main of industry recover offsetting spikes

on capacity next we lever tear, to will deal the well. look biggest think going But and it continue that’s this how to manage few start is and that premature with will the I environment. XXXX prepared forward, impact plans. know the and have to prices I as do as it’s early to think be But economy that think we’ll adjust we benefit using be we’ll fuel the fuel unfold, I certainly our to the months an yet

Brandon Oglenski

my good not talking Glen, either, revenue three that. might about Okay. you expansion. platforms here were phone is for I be but it too just appreciate And,

but think I was airport what am and that. I heard I simplifying maybe investments, up-gauging

So back us really term there? initiatives those to longer are revenue of keys come the in you can some on and what focus

Ed Bastian

Sure.

of and strategy domestically the that the have the of for the so us successful the a level products is that think services is benefits one marketplace. I up-gauge been in provides continued and higher premium key that

we how enhanced -- still every they’re They’re many started established in products domestically, we’ve think then the Class those products you products. to ago They’re three, If ways very Economy where well, long and continue do and we think years. selling young five some First mature, way now. very year the with four, in only marketplace we years then since a about introducing come

we of the able some are products horizon we ways are buy which to and exciting And different the be think on things those really to have services.

year that First, fleet those in -- ability offer end you able of moving also about in control people post to opens who now $XXX by the greater in So, for buy be and and this we’re year sit of this think allowed doesn’t of to for you the to itself for available seat if travel you think And that in aperture summer, experience Economy we that provides anticipating products XXXX post sale. going your alone that this buy drive in first revenues a to travel million that company’s key in example, the X% or that’s the your availability to just six forward. miles how purchase services. our premium premium By those products to allow services, and and we to if being sold plan purchase Premium, almost months to being plan and to we want

years and So things the have evolution, we we And And different points do them only our we that products path. now market in we’ve the purchase a the we actually are those so the not in who of years. on but and the expanding at really to different and the have next we as digital could who products coming that ways discerning but in months not in services. the about excited in work the people is have can to that that services we’re at and and see for And we to pipeline buy base the are you. buy premium year bottom once been want to continue that flyer, premiums really end to forefront driving commodity to

drive the good too Delta. We play our have of that to cornerstone and a premium view continue how revenues going that’s next to at really of the long? ability very years out over Is that’s couple to

Brandon Oglenski

Thank you.

Operator

Denardi Our will ahead. with come go next Stifel. Joseph question from Please

Joseph Denardi

card and much. Yeah. of partnership record Glen, the about strength you talked the Thank very acquisitions. you AMEX

-- you a the based point think guys is I there billion upside trends the know, been to have on $X by ago, target, this the billion years don’t XXXX $X strong how just couple that gave at I recently?

Ed Bastian

close yet having potential a $X say I’ll I at think, who upside well. again, there great I’d partner success, Joe, and go is yeah, trajectory that take this we’re fully I got -- to billion committed and to we’ve as AMEX good there’s is that. Ed. to we to too. got get

But ahead the deal did expectations. to see couple years over from next when of running say a we’ll of it’s years. safe So we several the ago we’re

Joseph Denardi

it. Got

Paul, on related to the in year, explicitly your EPS anything there equity is for guidance the then, guidance for And Okay. the investments? adjustments mark-to-market just

Paul Jacobson

timing out we of all be that putting so and That’s period, wouldn’t in. No.

Joseph Denardi

you. Thank Okay.

Operator

from Our Stephens. Please go will next come ahead. question Jack with Atkins

Jack Atkins

question everyone. potential Reform. I morning, a this good for investors competed if you sort a guess, time. Ed, I’ve could ask been Good Thanks to for is away getting bit questions. conceptual from taking of over I the Tax around question my about get

tax book the are already the most And it some but thought seeing that we’re taxpayers bonuses. some you from airlines more of the the not but U.S. to would industry Tax so savings given taxpayers when take are think several about airlines time think P&L cash lower competing that related the next airline perhaps Delta not have I giving years would how who cash and to not that others that, cash do you rate over the Reform, about Corporate away potentially do

years. for So get this I savings next competed potential thoughts am book the to your of the tax just get curious over couple on away

Ed Bastian

to Well, Jack, intent the tax savings. compete we have away no

We the we’re reinvest I U.S. the will industry of is tax moment. certainly of use one this core right. pension to airline balance in sheet. savings the by being that the is paid to the cash tax But little the business mentioned at There’s question very focused strengthen on. things your

am to on comment the So I to the to don’t I something for airlines cash won’t employees employees. That’s and their you see glad away that. have. hard great bonuses it’s compete other away giving

plan others we pay profit the how We that have been bonuses far out cash that’s any of given have over has any sustainable long-term sharing employees. to and that the our a superior

the I But So I it’s concern. compete you the understand to what don’t hard pretty question. understand have.

Jack Atkins

fair. other Aeromexico? level from a or with NAFTA definitely question, U.S. would Yeah. your high withdrawal partnerships No. That’s One impact WestJet

Ed Bastian

don’t into not am speculation. I to get going I know.

Jack Atkins

Okay.

time. Okay. Thank for you the

Operator

will our Savi We Please Raymond Syth question take with from next go James. ahead.

Savi Syth

Hey. Good morning.

see kind when and start and two, with kind strengthened, growth entity of could flow recently entities, you curious the been the by expectations on I the that year, upside? the for to capacity then, drive JVs Just more was of should one, that the kind we revenue if of through have share, of

Paul Jacobson

we’ll JV capacity seeing on inherent job But has team the of the give P&L done those Delta from region So, you obviously, those of international in lines we’re the the But but seeing that some we it a revenue as period, morning. coming think some the and level. work sharing, see on benefits There’s on into with by both We also with benefits, in get terrific a start don’t through network. the the in now, through synergies those detailed issues. Savi, that good that XXXX. -- I building the ramp-up we

Savi Syth

your refinery, for on the quick XXXX? if Paul, And there might I it. just expectations what’s Got a question

Paul Jacobson

So, on the refinery, a so turnaround XXXX is year.

still provide year, We’re But in this down especially XXXX, expecting when it’s towards obviously, quarter expect are period a where to but of from the have of that $X.XX it a quarter-by-quarter we’ll it’s early continue to to but we running. very benefit have and similar some based kind back on end contribution currently cracks year. small $X.XX the

Savi Syth

right. All it. Got Thank you.

Operator

Becker with will Please ahead. Company. move Helane to Cowen go and next We

Helane Becker

about percentage or is questions. team. Hi, for time. mainline very two is One just much percentage about Operator. that’s XXX% and aircraft the when up-gauging, there I a is that talk have Thanks are a you taking you’re talking that mainline Thanks, that’s regional? you talking,

Paul Jacobson

mostly at point, Helane. this It’s mainline

Helane Becker

Okay.

Ed Bastian

that. that not as know, at And Helane, just also which the been regionals, the you fleet to has we’ve contributed shrinking

we XXX that down at evolution, think point jets had time half of believe mix almost our you now. of the about one If regional than where fleet we’re less I and in

reliance the the fleet. the gauge mainline, regional only growing but at of it’s the So not reducing

Glen Hauenstein

in next we’ve MDXXs. We up-gauge and over well MDXXs have years -- big to the as the the those XXXs, XXXs over bringing by be retirement that next got that of couple all the is those well. XXX as some up here them of as we’re still XXXX flying and The we’ll the and retiring

of up-gauge bulk the where that’s So the is.

Helane Becker

Okay. Perfect. Yeah.

RJs the I with Northeast delays you this a what are to summer question the feel to they, guys are here operator for then think largest of was is question our in is the because you for New thinking point biggest get, the respect my a in last one York, those maybe, delays on world. in you that ground year air this Boston plan York as markets, traffic adjusting control that problem like about at maybe we capacity Ed, and the basis? months, And stops allow New for daily were I in you, second corridor

Ed Bastian

to traffic to problematic the delays. the our as respect at employees take what corridor as operational hard it’s account. integrity our you that be It’s deliver the well at Helane, our incredibly customers, predict we to do, and some extent important, We into core to with to we to know We But level Northeast of our take time. there control It of there continues air we’re as work very as closely But to environment. that transparency it’s when for with a with all of partners stay for the the up everybody we intel, and challenging can. very storms a occur. getting best we out through-put period ensure and will challenging

Helane Becker

it. you Thank I your help. for appreciate Okay. very much

Ed Bastian

be Sorry. optimistic. I can’t more

Operator

will question with from Our Stanley. Rajeev come next Lalwani Morgan ahead. Please go

Rajeev Lalwani

the Thanks on that where we’re it couple then on questions more side, more that, is for in Hi. you time. a on side? gives international plus for of And what or Good some to think, we’re relating you not you just mean, I the side of about put I have Glen, confidence, the confidence the morning. at X to sort peak, supply going demand do PRASM.

Glen Hauenstein

seeing I itself. Well, all synchronized we’re headlines what economic about global of you the when expansion, the kind think that’s manifesting read

entities well. we’ve an seen So we’ve there core in as business the but realized international the also only in increase in uptick seen fare demand of not average an travel

gives that. we the is when going And year, think Pacific, the to substantiate so and as U.S. about accelerating in would the you when advances you still lot move that you how I this through you to our a still think confidence continue the that think think growth, about is probably growing improve about and of and economies Europe, when it

have we so that decelerating. it’s pretty give domestic good international, it because a visibility on earlier little than accelerating rather bit books two a those and us more combinations than generally confidence level So

Rajeev Lalwani

think the the keep And to tax fair as it to bit would a domestic able reform do benefits to from international do well? come is through you be demand perspective, a extent that start that should up to or better say side

Glen Hauenstein

arriving also didn’t least great in tailwind in or also dollar And been having I two a for fighting earlier is three favor we’ve mention so Well, that not year, -- now for our I which foreign exchange of which, the years international. tailwind answer bullish the becomes running another that international question am this about of is year. this and

Ed Bastian

to think see a I that also terms to fair as say, receive Rajeev, consumers further of in corporations invest to Reform lower facilitates. that tax benefits paycheck should Tax start business to of the U.S. deductions take the as it’s corporations the domestic start benefit lower rates certainly advantage

as receive international. say much least a at it’s as that domestic I fair benefit to think should

Rajeev Lalwani

helpful. Thank you. Very

Jill Greer

analysts. more Ebony, question from we’ve got time for the one

Operator

Thank you.

McKenzie Our Research. go with from ahead. Please Dan next Buckingham question will come

Dan McKenzie

the squeezing I tied some earlier for Good case. full to outlook, course, Glen, questions Hey. of are Thanks its couple expected wasn’t kind that me have year a the morning. trim of of Delta these questions, in and here. and to guys just would but

that growth can if anything, back little more of has just outlook bit I Day? am been driving your JV on guess, So versus changed to what and I Investor global the and improvement the Investor international probe I there observation has wondering also a partners Day, surcharges is demand, an since going if fuel your about in synchronous the

Glen Hauenstein

turn level guidance, over is Paul? the to that tune complete so going am with of because in to more the he I Paul

Paul Jacobson

to about in forward, a the think, relates the economic America and I just year-over-year from in not environment Well, synergies, going from Latin but the as from improvement partners appreciation. Aeromexico. it expect our own Yeah. lot good GOL we to spoken their in performance particular some We’ve

forward, cost look headed we side. a has from We it’s on the Ed the revenue contributing The But, overall it. as to hit where fuel in good as I a mentioned, too lot right about the environment direction. panic year they’re hit prices. of the So to at button piece think, going early can momentum we feel

at a it those watch driver, continue to it’s So our to of I really the the down variables. day and plan the execute ability comes on to but think end external

Ed Bastian

reasonably is know where the But that three we over Dan, fuel for capacity on months months. have And if six or nine a level months the a I prices. don’t adjust numbers hit start this our level. if we based with demonstrated could cover or fuel over an new adjust our medium-term, to at quickly a over $XX, the well basis. higher to moment, I profitable will industry as in or were decisions the short-term weigh we industry making If on that’s barrel. fuel Ed. is Don’t ability time I week-over-week think $XXX don’t forget

optimistic, important we’re within or customer the employees really confident, business levers service that’s of are our got in forever all the which best the control, going we’re most So best the and us. the fuel we’ve to cover

Dan McKenzie

ties just That’s the start out to of of this seem bad, in great. November changed the the Thanks here. quarter to course, question for that, part Ed. and all pretty I business December. here, clunky then, since basic my And We pretty dramatically was guess, economy pretty on just second that

about smarter market the confidence did to little economy demand really uptick And throughout so as the cut or simple that in look it the during how as occurred increased perhaps is at we quarter, a the as basic consumer industry the get around tax quarter?

Ed Bastian

don’t we do lowest in contributor the of market. out it think economy, and the into base. of three as we that the and our fees roll transatlantic, there basic to now fares that’s a smallest baggage a we driver first selling to But are as as stated incremental We the matter track, we’ve products huge the and the attached carrier from is to ancillary internationally, have transatlantic U.S. into will we is the really past, move for revenue selling in and that benefits continue a flying as see, it significant them in fact,

segment the with optimistic how will to that be and and are And to similar and be to not although, with for more itself some that’s making so play we fare in to need the great incremental that the terms our tool competitive where the very ULCCs for very how that revenues we’re we’re drive in a we’re looking out big competitive transatlantic. the ULCCs we Consumer domestically, investments. And of to really be about us competitive

Dan McKenzie

guys. Thanks, terrific. That’s

Jill Greer

Communications now portion Okay. over to That’s up to Walker, Ned to turn going the call. the wrap it Chief I analyst of our am going Officer.

Ned Walker

Thanks, Also accommodate that process please. we be media ready review to Hey. Go yourself question. the for Ebony, please the question media questions. for for Would Q&A. of media, should to the request way a your Ebony, you ahead we’d most we’re ahead, the able go one quick follow-up. Jill. to limit as you and a That

Operator

Thank take Instructions] go ahead. with you, sir. will question Koenig from AP. David [Operator We our Please first

David Koenig

law. Yeah. Glen Hi. To about portion the clarify on that the tax analyst said something

can you increase you though how think in you even law revised EPS full that it’s not don’t So anything and the taxes? business your is is going pay help since about more going cash travel to to year you say guide

Ed Bastian

Ed. stimulated law deliver is we it’s yet given that the What early we coming talking don’t is for in will revenue couple was expectations do our with we improvements travel demand the just our we this same the last have so David, haven’t and there’s of the evidence Glen seen over about the revenue going to anticipate Reform. Tax optimistic that be -- the help out at that us from we time are weeks. seeing But year guide, do factored on law and

away the the that question not tax believe competing seeing your of part around I or was benefits, second The cash.

David Koenig

Well, it is…

Ed Bastian

What?

David Koenig

anything in is about more No. was that maybe law? the there’s you are help going in law else the faster expensing or something to if else talking just provisions the other the in It you,

Ed Bastian

for a stronger for economic law Yeah. a in to to outlook outlook it’s the I stronger Delta. providing provide mean, much addition consumers, our going economic

probably level. will be $XXX our million benefit at the expect year We a current about earnings

you’ll and payer that payer a cash as we years the in be off not next tax the are NOLs we a work so have. tax we today, that ramp value of remaining see will but last We cash couple

it So and significant Delta be owners. a for our will benefit

David Koenig

Okay Thanks.

Operator

from go come with Bloomberg Please ahead. Sasso Michael Our next will question News.

Michael Sasso

that is, some part roll the that, that you that of what that costs, Paul think impacts routes delay you you the the wiggle all having or with your are Yeah. own ways you me latest when maintenance -- I is actually it’s back having boosting the the not impacts can --can doing, you operations for I to making C for but when C you’ll are Ed. just tell Series? thinking certain tell Good own you’re having to there’s Can some some this what that know delay? are you’re Series, morning. room in you’re what anticipated? Maybe second Yeah. your you for cope by trying take having the expect to me, had is assumptions mentioned take what are And those it’s

Ed Bastian

waiting is Council Trades of Well, to hear end January. we’re of to the results the International scheduled before that rule the

I hear question, prove it’s expected to your So Michael, harm. in really I’d respond -- say, the we fully which to was Boeing can’t to be until results able

With have aircraft, longer in particularly the little and And what then the all spring. delivery C we once otherwise tariff that we around that respect to will them So experiencing, already current I what don’t which according end to taking plans Series know anticipating. we invest we had know were do will to some any taking keep that to we we there be incremental set to maintaining we impacts is, is not we’d if a than actual bit be, will this are accordingly. yes, the schedule, at our MDXXs know that be

Michael Sasso

And anticipated just follow, the you’re or next changing have you in just and delay had how had routes it that to certain is you year flying two?

Ed Bastian

make are. the We those we know decisions what rules once will

Operator

Street from next with will Carey Journal. Wall Our Susan ahead. come go question Please

Susan Carey

outage, the thinking go was the or after true on there everybody. the power is of includes it Georgia is Atlanta for $X Power year of second was some to that? morning, speculation your EPS cuts? full new F questions, going there little Delta that -- for your And Two Good tax question, kind that airport/City ‘XX any still

Paul Jacobson

on of and to current estimate Your with number Tax here that EPS. Atlanta first the airport to we is benefit the $X rolled in the one, value the we learn and all second in of persevered very your time authority those the We our question, structure, again Susan, Power, putting the we’ll question, Georgia having productive any December protect and compensation. and as ensure cost the we with well us City never It Atlanta the with with the yes, With long-term right at have that the the respect happens power and source parties. and respect -- conversations conversations in ballpark are about, experience. million Reform appropriate both that certain from short the making into as design have $XX to in around

Susan Carey

you. Thank

Ned Walker

Ebony, for questions. two have more we’ll time

Operator

Thank you.

with come Alana go will Reuters. Wise Our next ahead. question from Please

Alana Wise

Hi. Good for morning, Thanks question. much so taking everybody. my

duties the C it the revisit doesn’t of that At quickly wanted unlikely I some just recommend So question to won’t this ITC the point seem sort. of Series.

this tax Delta wondering to off if I case? much. put so tax curious you’ve was with I just to Reform share know Delta not that not put that Thanks some still and but buybacks willing to having secondly, am curious said the I savings I And that of the said willing savings some for Tax past bill, previously would was use bill? would be would So used the was Delta, the you’re be passed, in

Glen Hauenstein

first your no. question The answer to is,

We subsidies. Reform Tax tariffs using are to not pay and

given second the intent couple We years from have NOLs, the incremental shares Tax we is a in seeing of to that C again, benefit cash any with. that next are go have cash to Series. no there’s pay question the not we Reform tariffs buy And no given on

Alana Wise

much. so Thanks

Ned Walker

question, please, Ebony. Final

Operator

sir. Yes,

Edward ahead. Russell Our from with come go Please will final question FlightGlobal.

Edward Russell

wondering I and still perhaps? could implementation the for you regulatory yet us status if on track approvals this Korean Korea Hi. on of the you was update are venture? sought joint year Have you Air in

Glen Hauenstein

We received currently approval move to and we’re working… DOT from Yeah. the forward

Edward Russell

Yeah.

Glen Hauenstein

half Korean anticipate of what together Korean authority year, us. Air. the We is the hopefully with … this in tells counsel Korean our authorities sometime receiving first with

Edward Russell

year in Okay. then And XXXX? or before implementation the the end of

Glen Hauenstein

move approval As soon we’ll as we get to implementation rapidly.

Edward Russell

you. Thank Great.

Ned Walker

Yamanouchi. more Ebony, going newspaper, Kelly and actually, from And question from that’s we’re a one take hometown to local our

Operator

Kelly Perfect. Please ahead. go Atlanta Journal-Constitution. with Yamanouchi The

Kelly Yamanouchi

$XX in the that on the impact storm much in. just and for revenue $XX million, squeezing to cost so you Thank check, -- I of of be impact? wanted and airport Benji, it $XX winter so from me would was outage million the million impact $XX

Ed Bastian

$XX million and the Ed. million is storm. rough outage impact impact this rough the winter the of was Kelly, was from $XX the

Kelly Yamanouchi

see. I Oh!

Okay. the storm impact Atlanta And hub? on of was most winter the

Ed Bastian

On which the cancellations, that the most in no, it was took if had were you -- day. We impact. But the in biggest of Atlanta -- the as obviously, Atlanta recall. we hub, Southeast, X,XXX

Kelly Yamanouchi

you Great. Okay. much. Thank so

Ned Walker

Quarter Hey. again April. Thanks, the Paul We That it. Peter. Thanks, Glen, appreciate Ed, Earnings XXXX and in We’ll December concludes talk Call. everyone.

Operator

concludes This today’s your participation. Thank conference. you for

now disconnect. may You

Delta Air Lines (DAL) 11 Jan 182017 Q4 Earnings call transcript