United Airlines Holdings (NASDAQ:UAL) reported second-quarter financial results on Thursday. The transcript from the company's second-quarter earnings call has been provided below.
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Summary
United Airlines Holdings Inc reported a strong financial performance with a 16% increase in second quarter revenues, driven by robust demand and successful brand loyalty strategies.
The company adjusted its guidance to account for recent fuel price increases, impacting EPS by $1.12, but anticipates full recovery by Q4 if prices normalize.
Operationally, United achieved record passenger numbers and top-tier on-time performance, with significant improvements at its Newark hub.
Strategic initiatives include the accelerated rollout of free Starlink Wi-Fi, expected on 1,000 aircraft by year-end, and plans for fleet expansion with new aircraft models like the Max 10 and A321XLR.
Management expressed confidence in achieving double-digit pre-tax margins by 2027, citing structural changes in the industry and United's brand loyalty strategy as key factors.
Full Transcript
Regina, OPERATOR
Good morning and welcome to United Airlines Holdings earnings conference call for the second quarter 2026. My name is Regina and I will be your conference facilitator today. Following the initial remarks from management, we will open the lines for questions at that time. If you'd like to ask a question, simply press Star, then the number one on your telephone keypad. To withdraw your question, press Star one again. In order to get to as many questions as possible, we kindly ask that you please limit yourself to one question and one follow-up.
This call is being recorded and is copyrighted. Please note that no portion of the call may be recorded, transcribed, or rebroadcast without the company's permission. Your participation implies your consent to our recording of this call. If you do not agree with these terms, simply drop off the line. I will now turn the presentation over to your host for today's call, Christina Edwards, Managing Director of Investor Relations. Please go ahead.
Christina Edwards, Managing Director of Investor Relations
Thank you, Regina. Good morning everyone and welcome to United's second quarter 2026 earnings conference call. Yesterday we issued our earnings release which is available on our website at ir.united.com. Information in yesterday's release and the remarks made during this conference call may contain forward-looking statements which represent the Company's current expectations and are based upon information currently available to the company. A number of factors could cause actual results to differ materially from our current expectations.
Please refer to our Earnings Release Form 10-K & 10-Q and other reports filed with the SEC by United Airlines Holdings and United Airlines for a more thorough description of these factors. Unless otherwise noted, we will be discussing our financial metrics on a non-GAAP basis on this call and historical operational metrics will exclude pandemic years of 2020-2022. Please refer to the related definitions and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures at the end of our earnings release.
Joining us today to discuss our results and our outlook are our Chief Executive Officer Scott Kirby, President Brett Hart, Executive Vice President and Chief Commercial Officer Andrew Nisella, and Executive Vice President and Chief Financial Officer Mike Luskinen. We also have other members of the executive team on the line available for Q and A. And now I'd like to turn the call over to Scott.
Scott Kirby, Chief Executive Officer
Thank you, Christina, and good morning everyone. I want to start by thanking the United team for staying focused on taking care of our customers and running a best-in-class airline and not letting the conflict in Iran distract from the consistent execution we've become accustomed to. 2026 is once again demonstrating the durability and strength of the United business model. Our focus on building brand loyalty is evident in our strong top-line performance with second quarter revenues of 16%, recovering about half the increase in fuel price for the period.
The significant increase in fuel in just the past week is also proof that our strategy is resilient. At this time last week, I was planning to tell you that we had a good line of sight to growing earnings year over year based on what we expected our guidance to be at the time, but fuel has gone up a lot in the last week and we've decided to once again be a leader by changing our guidance policy on fuel. We feel we owe it to investors to update our practice and provide guidance to reflect the most current fuel prices.
The fuel price spike this month is equal to $1.12 of EPS, so if fuel goes back to where it was earlier this month, we expect to be above the high end of the guidance range. While our multiples don't yet reflect it, we believe this industry has structurally changed as demonstrated by the quickness of the fuel recovery for United but also at an industry level. Perhaps the most important structural change in the industry has been the significant inflation and harmonization in non-fuel costs like airport fees, labor, and maintenance costs.
Inflation is what is driving fares higher, though fares still remain 13% lower in real terms compared to pre-pandemic. In the quarters ahead, I expect yields to continue returning to reasonable pre-Covid levels that will ultimately allow the industry to earn its cost of capital. The impact of structural changes is just now beginning to be felt. Demand remains robust as we expect both 3Q and 4Q RASM to grow faster than 2Q's 12% and yields for the fourth quarter are currently booked about 14 points higher for 4Q than at the same point in time for 3Q.
Demand is strong and the overall cost pressures continue forcing fares higher. United has proven that our brand loyal strategy is working and we're using today's environment to accelerate our investment in all aspects of the customer experience from nose to tail. My conviction in building a brand loyal airline is stronger than ever and I'm encouraged by the consistent share gains we've seen across the board and the corresponding financial results.
The more brand loyalty we have, the stronger we expect our earnings will be during good times and the more resilient our earnings will be during industry shock events. And I can already see and hear from customers that getting Starlink on all our aircraft is going to be a step function increase and are attractive to those customers. With that, I'll hand it over to Brett.
Brett Hart, President
Thank you, Scott, and good morning everyone. Second quarter is always an important moment for United as we accelerate into the busy summer travel season and our employees once again rose to the occasion. Across the operation, our teams delivered a safe, reliable experience for our customers with the care, professionalism, and commitment that show how good leads the way every day. In the quarter, United carried 10 of our highest passenger days in company history with the highest being over 640,000 customers carried on June 18th.
We had top-tier on-time departures for the sixth consecutive quarter, ranking second amongst our largest US competitors and representing our best on-time departure rate in the second quarter since the pandemic. We also had our lowest second quarter seat cancellation rate in company history. Notably, we saw meaningful improvements at our Newark hub, our busiest global gateway. For the month of June, Newark ranked number one in on-time arrivals, delivered its best on-time departure rate ever, and its lowest seat cancellation rate since 2018.
These results reflect the continued strength of our operation and the work our teams are doing across the network to solve problems in real time, adjust as conditions change, and deliver a safe, reliable experience for our customers and our customers noticed. We had our highest second quarter net promoter score since the pandemic in the second quarter. Starlink is another example of how we are investing in a better customer experience and differentiating United.
During the quarter, we accelerated the rollout of free Starlink Wi-Fi and now expect to have close to 1000 Starlink equipped aircraft by the end of this year. Early customer feedback has been very strong and Wi-Fi satisfaction scores on Starlink equipment are more than double the scores of other Wi-Fi operating aircraft. On labor, we are pleased that our flight attendants ratified a new agreement in May. This agreement is an important investment that is included in our outlook for the third quarter and full year 2026 and we remain committed to reaching much-deserved agreements across all work groups.
United Next continues to be the right plan for the company. We are building a United that is more reliable, more elevated, more global, and more customer-focused, strengthening the experience we deliver today and positioning us well for the future. We believe that our ability to remain nimble and proactively respond to evolving industry headwinds such as higher fuel maximizes our earnings potential, improves how we have structurally changed for the better.
Thank you again to the entire United team for delivering for our customers and each other. With that, I'll turn it over to Andrew to discuss the revenue environment.
Andrew Chang, Managing Director - United Airlines Ventures, Corporate Development
Thanks Brett. Overall revenue performance was exceptional in the quarter, improved. Once again, United's ability to quickly adjust to an ever-changing environment. I think our outlook for the rest of 2026 validates. Our commercial plans are working well. United's revenue accelerated across the board in Q2 with total operating revenue up 16%. $17.7 billion TRASM was up 12.1% year over year with load factors up slightly, which indicates strong demand for United's product.
We observed minimal to no negative impact on demand from higher price points, a trend we see continuing. Domestic passenger revenue was up 20.3% with PRASM up 12.2%. International PRASM was also up 12%. Pacific led the way with PRASM up 14%, Atlantic up 12.1% and Latin up 10.7%. Cargo revenues were also strong, up 22.6% and loyalty revenue was up 11.3%. Mileage Plus program changes have been very effective in building momentum in new co-brand accounts, spend engagement and membership.
As expected, new co-branded credit card accounts reached a record level for the second quarter, up 22% with Q2 card spend increasing 14%. Mileage Plus enrollments were up 9%, outpacing capacity by 5 points. We saw the largest increase in membership in Chicago and in New York. Premium revenues were up 16.4% and premium PRASM up 11.6% in the quarter. RASM specific to the Polaris and premium plus cabins was up even more at 13.6% in the quarter. Main cabin RASMs were up 11.5% in the quarter.
This is the second quarter in a row where we've seen main cabin RASMs positive after years of below-average performance at an industry level. While main cabin RASMs turned the corner in 2026, our main cabin fares remain far behind inflation driven by all costs, not just fuel. We are now just seeing a necessary catch-up in pricing. In fact, to put these current fare levels in context, the average main cabin fare today is minimally up versus 2024, well short of inflation, which is up nearly 7%.
Close-in business travel was exceptionally strong in Q2. Contracted business revenues flown up an impressive 27% year over year and bookings up 30%. Led by technology, financial services and professional services in Q2, United grew corporate share year over year in all of our hubs. The same positive business demand trends continued into early July and we expect to continue for the remainder of the year. We have adjusted our revenue management posture to save more seats for close-in business demand.
The load factor contribution of business travel from all channels in the quarter was up about half a point year over year. Our outlook for the remainder of 2026 assumes demand strength from Q2 is consistent in Q3 and in Q4. Looking ahead, the pricing environment remains strong across the entire network, with selling yields up mid to high teens year over year in recent weeks, setting up a strong double-digit increase in year over year RASM. Currently, we're booked about 58% through Q3 and given current selling yields and strong demand, we do expect year over year RASM in Q3 and Q4 to exceed Q2.
Consolidated Q4 yield is currently tracking up a strong 19% year over year, while Q3 yield at the same point in the booking curve sat up only 5%. United continues to gain local share in each of our seven hubs. Passenger share in our hubs has increased seven points from 2019, by far the largest increase of any airline from their respective hubs. United's Q3 schedules are largely final. United's Q4 domestic schedules are not final and will be adjusted downward when finalized.
While we are not providing capacity guidance anymore, we will make a final determination on Q4 capacity as we get closer to the quarter where we can properly consider the latest fuel and demand trends. United's efforts to decommoditize our revenue streams and create more consumer choice are accelerating as we head into 2027. New fleet and product initiatives position the business to RASM and margin gains in 27 and beyond, and we're particularly excited to get Relaxro and the CRJ 450 out for sale.
We also have a very clear path to larger gauge in 2027 as well, which we expect will be accretive to results in a tailwind to CASM X. We have renewed optimism that we'll take delivery of our first Max 10 in mid to late 2027. The Max 10 has more premium seats than the aircraft it replaces, along with the best in class CASM. We've absorbed an increase in gauge from 104 to 126 seats since we announced United Next, but we're still about 10 seats from our goal of 136 seats in North America.
We can also now see the horizon on the horizon completion of key aircraft modification programs including fast and free Starlink, Wi-Fi seatback entertainment, larger overhead bins and our refreshed onboard branding. Our UnitedNext plan will be largely done in 2027, but we have many new commercial and product initiatives coming. We will begin to rapidly spool up our flying on our new Premium 321s, the XLR and the Coastliner later this year and into 2027 we anticipate a fleet of 100 premium configured 321s by the end of At United, we're rewriting the definition of what a premium global airline looks like every day.
By late 2027, we'll provide a consistent and elevated experience for all customers in all cabins unmatched by anyone. I wanted to say thanks to the entire United team for delivering these excellent results across the spectrum. And with that, I'll hand it over to Mike.
Mike Lindenberg
Thanks Andrew. The second quarter provided yet another proof point of the strength and resilience of our business and our United Next strategic plan. We've decommoditized United Airlines by earning an ever-growing proportion of brand loyal customers, which in turn then allow us to generate durable financial results, especially during tough environments for the broader industry. Our strategy continues to deliver margins at the top end of the industry, a strengthening balance sheet and an overall financial position that allows us to focus in the long term our confidence in our ability to deliver double-digit pre-tax margins in 2027 and mid-teen pre-tax margins beyond that has never been higher. We delivered second quarter earnings per share of $1.99 at the high end of our guidance range of $1 to $2 and pre-tax margin of 4.8%. Despite a $2.3 billion year over year headwind from fuel, second quarter CASM X was up 6.1% year over year which reflected pressure from labor deals and capacity reductions, all consistent with our expectations. We remain focused on driving greater efficiency without compromising the investments in our people, customers and product that underpin our growing brand loyal customer base.
In the quarter we were able to recapture 50% of the increase in fuel expense and accounting for the sharp rise in fuel recently, we expect to recover 80 to 90% in the third quarter and full recovery by the fourth quarter. At today's prices, fuel remains almost $6 billion higher for the year compared to our outlook at the start of the year. Our focus on efficiency has helped offset some of the fuel headwinds, but our ability to drive higher yields has been critical in helping cover the heightened cost of our operation.
And as Andrew mentioned, United has not seen a measurable demand impact based on the higher fares. In fact, if you zoom out to consider price inflation for travel over the last 10 and 20 years, airfare stands out as a tremendous value. Our customers increasingly desire a better travel experience and we believe they will continue to pay reasonable prices for it. That's why we invest billions of dollars into our business. It's why our margins have been near the top of the industry and it's why we expect to continue to deliver strong top-line revenue growth and mid-teens margins in the years to come.
Looking ahead, we expect third quarter earnings per share to be between $2.50 and $3.50 underpinned with an all-in fuel price of approximately $3.69 and based on Tuesday's curve. Given the recent run-up in oil, we felt it prudent to adjust our outlook to reflect the current environment for the full year. We are tightening our guidance range to the high end of our previous guide and expect earnings per share between $9 and $11. Since early July, fuel prices have increased 15 to 20% and our guidance reflects that pressure.
However, if fuel prices return to prior levels, we expect to be above the high end of both ranges. Additionally, given oil volatility, we expect crack spreads to remain elevated for the remainder of the year. In a year where the industry is experiencing a multi-billion dollar shock from oil, this would be a fantastic outcome that demonstrates United's ability to absorb and manage through times of uncertainty and meaningful financial pressure on cost.
Specifically, our plan volume adjusted has remained consistent with our expectation at the start of the year. The pressure on our unit costs in the first half of the year was solely driven by our close-in capacity adjustments and will remain a headwind to unit costs for the remainder of the year. We've consistently demonstrated that we will adjust capacity when necessary rather than operate flying. That does not make economic sense. These actions reflect our focus on maximizing long-term profits and cash flow.
With this in mind, in 2027 we plan to retire at least 80 aircraft as we continue to renew and up-gauge our fleet, a step up from the last few years. Turning to the balance sheet as the quarter began, the industry faced significant risk and uncertainty driven by the hostilities with Iran and the closure of the Strait Hormuz. Given that heightened volatility, we proactively secured additional funding to build extra liquidity to manage through a scenario where oil remained higher for longer.
We raised capital through a series of private bank transactions that raised $3.7 billion of new debt that is attractively priced at a fixed rate equivalent in the low 5% range, pricing well inside of our most expensive existing debt. Once oil prices stabilize, our intent is to use this newly raised debt to prepay more expensive debt and to purchase aircraft with cash. Our ability to raise this quantum of debt at these terms further demonstrates United's improved financial position and progress towards investment grade.
Since the beginning of the second quarter, we have prepaid approximately $1 billion of higher cost legacy aircraft debt and PSP debt. We will continue to closely monitor the situation in the Middle East, but interim, this capital provides us plenty of flexibility. We ended the quarter with $19.6 billion of available liquidity. We remain focused on achieving investment grade credit rating metrics and remain optimistic for our prospects later this year to wrap up.
Demand for the United product is as strong as ever. Our customers continue to demonstrate a preference for the value our products provide. This supports our relative financial performance and reinforces our confidence in the durability of our strategy and our ability to deliver mid-teens margins in the future. I'll turn it to Christina to kick off the Q and A.
Regina, OPERATOR
Thanks, Mike. We will now take questions from the analyst community. Please limit yourself to one question and, if needed, one brief and related follow-up question. Regina, please describe the procedure to ask a question. Thank you. The question and answer session will be conducted electronically. If you'd like to ask a question, please press Star then the number one on your telephone keypad. Please hold for a moment while we assemble our queue. Our first question will come from the line of Katherine O'Brien with Goldman Sachs.
Please go ahead.
Katherine O'Brien, Analyst at Goldman Sachs
Hey, good morning team. Thanks so much for the time. I know we're not going to get an actual RASM guide, but I had a couple of questions all related to the fact that 3Q RASM should accelerate into 3Q versus 2Q. Can you just help us think what that looks like for each of your regions? RASM, you know, system RASM comp that's fairly comparable to 2Q but domestic has a tougher comp and then the three international regions have easier comps. And I guess just anything we should also be aware of on other revenue or cargo as we make our assumptions on RASM acceleration.
Just trying to get a sense of the puts and takes. Thanks.
Scott Kirby, Chief Executive Officer
Good morning. You know, when we look across the system, as I said in my script, we see strength just about everywhere. In Q2, I think we're particularly proud of our performance across the board, but really in the Atlantic and Pacific. If you look at those numbers year over year, we're even more proud. We've got it really dialed in on those entities, and we see continued strength in both of those entities in Q3. Internationally, Latin America year over year will be the standout in Q3 considering it definitely has an easy comp.
But the number for Latin in Q3 for PRASM growth year over year will be off the charts. Cargo had a really strong quarter. Most of the gains in cargo were yield related, not volume related, and I expect that to continue into Q3 as well. So I think a really good outlook. The only place I can find that has lower yields than I would otherwise expect is Hawaii. But other than that, I think the system is firing on all cylinders. We've done a really good job with our capacity planning group, putting capacity where it needs to be, and I think that shows up in our results and the outlook for Q3 and what we've told you about the outlook for Q4.
Regina, OPERATOR
Our next question will come from the line of Andrew Didora with Bank of America. Please go ahead.
Andrew Didora, Analyst at Bank of America
Hi, good morning everyone. First question, Mike. I see 2026 CapEx came down a little bit, I know on some delivery changes. As we think about modeling your free cash flow the next few years, what year do you see as sort of peak CapEx and when do you begin to see it bend down a bit more significantly?
Mike Lindenberg
Andrew, thanks very much for the question. You know we're focused on free cash flow, uniquely focused on free cash flow. We've talked about a 50% conversion rate for the next few years heading to 75% as we exit the decade. The CapEx is going to vary based on our results. We're determined to get to double-digit margins as I said in my script, mid-teens margins longer term. As we get there faster, we may allow CapEx to be a little bit higher. As we get there more slowly, we'll manage CapEx appropriately, but what we're committed to is those free cash conversion figures.
Andrew Didora, Analyst at Bank of America
Okay, understood. And then just as a quick follow-up here, investment grade, obviously a big goal of yours this year. When you couple that with that path to double-digit margins, kind of the CapEx comments you just had, how do you think about target leverage and future capital return potential as that kind of CapEx maybe decelerates from the peak?
Mike Lindenberg
We've had significant consultations with the rating agencies. I expect and we plan for net debt to be below two turns. I think if you normalized our earnings this year for fuel, we would already be there. As we look into 2027, we will absolutely trend below two turns. And in addition to the actual metrics, what we've proven through this fuel crisis is the resiliency of this business. And we think that at least for the airlines that have a brand loyal strategy, we've proven a resilience that would earn us a higher rating for the industry and the business itself.
So you put those meaningful factors together and I think the market is already recognizing us with investment grade type terms and I think the rating is right on the precipice.
Regina, OPERATOR
Our next question will come from the line of Sheila Kealu with Jefferies. Please go ahead.
Sheila Kealu, Analyst at Jefferies
Good morning, guys and thank you so much. Maybe just to start it off, can you talk about Starlink? You've now installed it on 450 aircraft out of your thousand aircraft fleet, and that's expected by year-end or nearly most of your fleet. You know, how do you think about monetizing the addition of Starlink and the advantage versus your peers? And I guess, how do you think about new product introductions more broadly? You mentioned Max 10 finally coming into the fleet at the end of 2027 and the XLRS.
Scott Kirby, Chief Executive Officer
Well, thanks, Sheila. We've been doing a lot in the past five, six years to really invest in the customer experience. And we look at the disaggregated market share data, every single one of our hubs, like just incredible growth from the local customers. And it's been the right strategy. I think Starlink is probably going to be the biggest of everything that we've done. The feedback I get from customers is just unbelievably good when they get on a flight.
We're doing everything we possibly can, including taking aircraft out of service. As fast as Starlink can produce the antennas for us, we're going to get them on the airplane. And I think particularly for many of the premium customers, but all customers, it is going to lead to big share gains for us. We're excited about it, proud of it, and it's just the next step forward for us at United. We can already tell it's going to be big.
Sheila Kealu, Analyst at Jefferies
Great. And just on the new product introductions, with the Max 10 coming in, how do you think about that more broadly?
Scott Kirby, Chief Executive Officer
Well, we've been waiting a really long time for the Max 10 and hopefully that wait is coming to an end. We have our first implementation going down the line for, I think, a July delivery of next year. So we're anxious to see that. With the Max 10, you'll see us stop taking delivery of Max 9 shortly thereafter. The Max 10 will be superior in every way, a little bit larger and far less cost on the incremental side. So the marginal CASM is very low flying the bigger aircraft, and that goes towards our CASM X goal.
I think it's going to be a really great aircraft for making sure we have efficient growth into the future across the board. The products look great on these aircraft. However, the XLR and Coastliner, which are the 321neo platform, are arriving this year. They have a lot of premium seats on board those aircraft, and you'll see us deploy them rapidly as we go into 2027, which will increase our premium seating faster than our main cabin seating for a bit, and we're really excited about that.
These aircraft will have Starlink on board. They'll fly our most premier routes within the United States and, of course, to smaller destinations in Europe and Latin America, and I think will be a game changer. We have about 100 of these coming before the end of the decade, far more than any of our primary competitors. So we're really leaning into the premium narrowbody. We think it's going to be a structural advantage for United and we're excited about that.
And then last, the elevated 789, we have this fly in the studio suite that's performing unbelievably well, and we are excited to rapidly increase the size of the elevated 789 fleet in 2027. We won't have an infinite number of aircraft with that many premium seats. That's a really large complement on board. But we'll have enough to fly key routes in Asia into London Heathrow, where that plane makes appropriate sense. Our customers and the NPS scores show that they really love the amenities on board the aircraft.
So that all adds up to a lot of different product features. And there's more to come, and we will let you know what those are at the appropriate point in time.
Regina, OPERATOR
Our next question will come from the line of Connor Cunningham with Melius Research. Please go ahead.
Connor Cunningham, Analyst at Melius Research
Thank you, Mike. It seems like we're going to face peak cost pressures in 3Q this year. I know it's early and you're still investing heavily in the product and the customer experience, but it just seems like you have the biggest opportunity on costs come next year. So maybe you could just talk about the puts and takes there and just why shouldn't we already be penciling in United leading on costs in 2027?
Mike Lindenberg
Thanks, Connor. And to answer the question simply, I think you should. As we roll into 2027, we remain committed and expect the CASM X in the 2 to 3% range. Core CASM X. That includes some investment, continued investment in the consumer. I also think you are thinking about the pacing of CASM Max in 2026 correctly. I expect Q3 will be peak and everything is working to plan. We're doing a great job of managing core CASM Max. We're investing in the customer and the gauge growth that reaccelerates in 27 is going to get us right back on that 2 to 3% core CASM X path.
Connor Cunningham, Analyst at Melius Research
Okay, great. And then you guys have obviously done a very good job of managing the business this year and your conviction level around double-digit pre-tax margins next year only seems to get a bit stronger. But if I still think about the opportunity set in front of you, you have Starlink unlocking NPS scores, ad businesses and so on. You know, gauge premium merchandising. It just, you have a ton of stuff and a lot of that ramps actually past 27.
So if you could just talk a little bit about how you view the long-term margin profile of the business. And it just seems like we are at a much different place than we've been ever before.
Scott Kirby, Chief Executive Officer
Yeah, well, thanks Connor. I'm afraid to answer that because you said it all so well. I don't want to screw it up, but here's what I think the margin path is for United and it's just consistent with what I've said in the past. I think we're on a trajectory to get low double-digit margins with no structural changes in the industry. Just everything that you just talked about. The path that we're on gets us to low double-digit margins. And by the way, somebody may ask it later but we're going to exit 2026 at a revenue run rate here in the second half.
That would just on its own imply double-digit margins for next year, which I also expect. But we'll get to low double-digit margins with no other kind of structural changes in the industry. I do however think that, and I think getting to mid-teens margins requires is likely to require some more structural changes in the industry. And I do think that's going to happen. I mean it doesn't happen immediately, it takes time. But economic gravity always wins.
And the reality is this year, you know, four of the eight publicly traded commercial airlines are probably going to lose money. They have an awful lot of flying that loses money, you know, on an individual route basis and one way or another that gets resolved over time. I'm not going to try to predict when, I'm not going to predict exactly what happens. But I think that probably drives us into the mid-teens margins range. So on our own, even if none of that happens, we're on a pretty straightforward path.
I think to low double-digit margins. You get to add several points onto that. Structural changes happen in the industry.
Regina, OPERATOR
Our next question will come from the line of Jamie Baker with JP Morgan. Please go ahead.
Jamie Baker, Analyst at JP Morgan
Good morning, everybody. Scott. On fuel, you know, one concern we all hear quite often, particularly in light... You may recall that back in 2015 and 2016, I actually criticized you. Well, I mean, not you personally, but we felt, okay, I knew you could take it. We felt American under your leadership did just that. And, you know, used fuel cost savings at that time, you know, as a way to sort of hammer some of your competitors, particularly discounters. So that's the basis of my question.
Do you think the industry has evolved to the point that this is less of a risk or is this something that, you know, analysts and investors should still fret about?
Scott Kirby, Chief Executive Officer
Thanks. So let me start with why prices have gone up. It's not fuel price. Fuel price was, you know, accelerated a little. It's not fuel price and it's not capacity. It is what I said in my script. Probably the biggest structural change that's happened in the industry coming out of COVID is cost inflation and cost harmonization. And the harmonization is really important. And what has happened is airport fees have gone up something like 60% since COVID.
Labor costs have escalated dramatically. Maintenance is off the charts in terms of escalation. And those are all costs that every single airline pays the same. And that has driven. That is why four of eight airlines are going to lose money this year. It's why one airline went out of business this year. That is the underlying driver of price increases. And even with fares up this year, you know, I said earlier this morning or in my script, airfares are down still 13% in real terms compared to where they were in 2019.
And that's just basic economics. Any industry has to pass along the price increases. So if I look at kind of where prices are right now, I would say 10% of the price increase, you know, 10% of price here in the second quarter was less capacity growth in second, third quarter. 90% of it is the structural change that happened with cost increases. There was another fare increase this week as airfares as fuel started to go back up and there were no fare decreases when fuel went down.
And so if you're an investor, what's different this time in 2016 is the cost harmonization across the industry. It's a dramatic structural difference and so, you know, I think it's fair to be arguing about what the 10% is going to be. By the way, I think capacity for the fourth quarter is likely to come down. That's what happens every quarter, likely to come down. But even if it doesn't, you know, you're really talking about 10% of the fare increase that's sort of at risk and the 90% is probably not done yet because all those costs haven't yet been recovered.
This is about a structural change in the cost side of the business which is forcing a structural change in the pricing and revenue side of the business.
Jamie Baker, Analyst at JP Morgan
Excellent. Thank you for the color and then for Mike, you know, on this capital raise in the quarter, how does this play into management's overall conservatism excuse? I mean, you know, Mark's, in my view is that you didn't need to be this proactive. You have tight unsecured access, you've got access to WTCs. I guess we're just kind of wondering why you pre fund all this capex when other options seem to exist.
Mike Lindenberg
Jamie, thanks for the question. And look, we just, we have a track record and we're going to maintain that of being proactive. We are right on the precipice of investment grade. That's going to unlock a lot of options for us. And this was a very cost effective and the net cost as we invest the proceeds in money markets is very low. And so this was a very cost effective way of adding some extra insurance in a way that will bring down overall cost of carrying as we prepay the more expensive debt. So it was, it was truly a no regrets move and I'm really proud of the treasury team for the execution.
Regina, OPERATOR
Our next question will come from the line of Tom Fitzgerald with TD Cowan. Please go ahead.
Tom Fitzgerald, Analyst at TD Cowan
Hi everyone, thanks very much for the time. Two for me on loyalty. Just one. Would you just update us on your latest thinking about the timeline on that contract renegotiation? I know that's one of the longer term upside drivers for you guys and then just my follow up is, you know, I know you redid the credit card program back in March just to further incentivize and align with the credit card holders. I'm wondering how what the early learnings from that's been, if that's been having the intended result. Thanks for the time.
Scott Kirby, Chief Executive Officer
Sure. In terms of duration, you know, it'll say I think, I think it's out there on the Internet somewhere. But we're in the sunset phase of the current contract but we have not started to reengage. Would our bank partner Chase at this point. But you know, soon we'll, we'll do so. But I think, I think we're, I can describe it as a sunset phase in terms of the program changes. Look, I, you know, I gave a bunch of stats on my opening remarks and we're really happy with the changes we did.
Some of them were new and unique for the industry, but I think it's had the desired effect. You know, I think the credit card space is most interesting, complicated and also full of a lot of upside for United Airlines as we grow and take advantage of these opportunities. As we grow our business core of our business, it allows us to grow the credit card business even more. So we're super excited about it. I think the numbers are all moving in the right direction.
You know, just, just to point out, we did have a, out of period one time adjustment in loyalty other revenue in the quarter that made our number look a little bit lower than it otherwise would be. It showed just under 8 when without that one time adjustment it would have been over 13. So if you're looking at those numbers and thinking that the revenue slowed a bit in the quarter, they did not. We expect strong numbers in Q3 as well. So I think we're really set up well.
I couldn't be prouder of the changes. That was a year and a half of research and investigation and technology changes. But they're all implemented. They were implemented flawlessly and are doing really well. I'll also point out we implemented a lot of changes on united.com and how we sell tickets, how we sell nested fares. All those changes are really critical to our evolving and more complex product mix. They were also implemented flawlessly. The technology worked perfectly and I'm really proud of the team for delivering all that.
And I think the nested selling is also delivering exactly what I wanted to deliver in the very early stages here.
Regina, OPERATOR
Our next question will come from the line of Ravi Shanker with Morgan Stanley. Please go ahead.
Ravi Shanker, Analyst at Morgan Stanley
Morning everyone. Scott, it's interesting that you tied the industry wide fare increases to overall cost inflation rather than fuel. And you said there was another round of increase this month despite fuel not hitting a new high watermark. I think that's a demonstration of that. So as investors or analysts, what do we think is the new benchmark for when United could raise pricing going forward in the coming years? Is it a certain number of points of chasm, inflation?
Is it specific cost catalyst like a new labor contract or trying to get a sense of how many. What are the opportunity for pricing ex fuel benchmark for the industry going forward?
Scott Kirby, Chief Executive Officer
Well, I'm not going to answer a question on pricing, but I think the way to think about pricing what's happened this year is sort of cleaning up the core basic pricing environment. That's the 90% that I talked about relative to capacity. You know, there's no more $9 fares from Houston to Central America or $4 tickets from Los Angeles to Cabo. And some of the crazy stuff that just doesn't exist anymore. I don't think it's ever going to exist again.
And so the core basic fare structure is in a much more reasonable place today and it continues to go up as it has this week. The capacity side of the equation is really yield management. How often you sell the lowest fare versus higher fares in the market. And that's sort of the 9 to 10 ratio that I think exists. But I think really the way for investors think about this is to think about that 9:10 ratio and the cost structure, inflation and the harmonization, meaning everyone's costs have gone up on those things that are outside of our control is 90% of the driver.
Regina, OPERATOR
Our next question will come from the line of Scott Group with Wolf Research. Please go ahead.
Scott Group, Analyst at Wolf Research
Hey, thanks. Good morning. Just two quick things. The comment booked yields 14% higher for Q4. Like any way to help us think like what that actually means for our models. Like is the implication rasm accelerates further Q3 to Q4. I just don't know how to like actually what to do with that comment. And then Mike, you said retiring 80 aircraft next year. How much capacity is that? Any like preliminary early directional thoughts about capacity growth next year? Thank you.
Scott Kirby, Chief Executive Officer
Well, I'll start. Look, you know, we kind of, we don't give RASM guidance, but I did give a lot of hints and that Q3 and Q4 would be above Q2. So we obviously think we're in a really good year over year round set up for the remainder of the year. In terms of that particular comment, I think it's a reflection that, you know, the incredibly low fares as Scott pointed out from LA to Cabo of 4 or $14, I think $14 is the accurate numbers are no longer out there. So leisure yields far out in the booking curve are actually seeing the highest year over year change because of their incredibly low base and their reset during this current situation. So that's why that number seems so high.
So I think we've given you the appropriate revenue guidance. I think It's a really good revenue outlook and I'll leave it at that and hand it over, Mike, for the second half.
Mike Lindenberg
Thanks, Andrew and Scott. Thanks for the question. Look, we've seen an acceleration in production for the OEMs, so we do expect to see more new narrow bodies and a few new additional wide body aircraft delivered next year. The aircraft we're retiring are older, less fuel efficient, they have older cabins. And so this refresh of the fleet is going to be an important driver to help drive a chasm tailwind to get us to that 2 to 3% range that I spoke about. So we're excited about it. Some of the aircraft frankly would have been retired sooner if there hadn't been so many OEM delays.
Regina, OPERATOR
Our next question will come from the line of John Godden with Citigroup. Please go ahead.
John Godden, Analyst at Citigroup
Hey guys, thanks for taking my question. Scott, you mentioned structural change a few times on the call. I think there's broad recognition that, that carriers like United are leading the charge in that. But that's obviously not the case for all the carriers. So the pushback we sometimes hear is that the industry structure is only as good as the least rational carrier. And the least rational carrier can be pretty irrational. I'm just curious how you address that. Maybe you could just kind of reflect on that and how you see that playing out from here. Obviously you're making the right moves, but you're not in control of what other irrational moves others make.
Scott Kirby, Chief Executive Officer
Okay, I'll try. There's two structural changes I've talked about. The first one I've talked about which is going to be the focus. The answer to your question is cost harmonization. And that the short answer on that is it's not about doing something rational or irrational like when your costs go up. Like you either make your revenue go up or you get fired and the next person makes your revenue go up or you go out of business. And so that's like, that's not about like people making dumb decisions about where they fly and stuff.
Like they just don't have a choice. And that's the sort of 90% on cost. They do have a choice on the 10% and sometimes they make bad decisions there. But again, it's like it's the 10% of pricing. I think that that matters for. And that's the most important structural change for anyone trying to model the industry. You know, looking out for the rest of this year, 27 to 28. There's a second point which is, I think the second most important structural change that's happened is the emergence of brand loyal airlines.
And there's two of us. It took it, you know, took us a decade to get there, a decade of investment. You know, we look at our market share, you know, even take a place. I'm not trying to pick on them, but it's true in every one of our hubs in a place like Chicago where, you know, in 2016 we had a four point deficit with local customers to our biggest competitor here and we now have something like a 16 point premium. It grew again in the latest data even with all the capacity that's been added.
You know, we just, brand loyalty wins. That does give us a level of not 100%, does give us immunity to what happens from a competitive perspective, but it gives us a lot of resistance to it. Much less exposed to what happens from a competitive perspective because the competitive capacity stuff impacts the commodity portion of the business, has much smaller impact on the brand loyal part of the business. And so those two trends, the cost harmonization is I think incredibly important.
And then for United specifically, you know, the emergence, you know, the brand loyalty is a second structural trend that's permanent. It's already said structural and irreversible.
Regina, OPERATOR
Our next question will come from the line of Mike Lindenberg with Deutsche Bank. Please go ahead.
Mike Lindenberg
Oh yeah, hey, good morning everyone here. I just, you know, we saw that flight caps were extended in Chicago I think a week ago through now the fall of 2027. How does that impact profitability? I know on one hand you could argue there's less consumer choice. On the other though, it allows you to run maybe just a more reliable hub and helps connectivity. And then as a related follow up, I saw recent caps being imposed in San Francisco. What's behind that?
And is that a permanent change to the San Fran operation? And does that have an impact as far as profitability?
Andrew Chang, Managing Director - United Airlines Ventures, Corporate Development
Well, thanks for taking my question. Hey Mike, it's Andrew. I'll start off, but you know, so in Chicago the FAA recently put out an order that extends the caps for a year. You know, I, quite frankly, I don't know what's going to happen in 12 months where that's going to change because the construction projects at O'Hare extend out almost indefinitely. And so we'll see. But you know, our current plan given these caps is to fly 650 flights per day, which is what we're approved to fly almost indefinitely.
And so that does change the dynamics of the hub. We will seek to upgage it in the years to come to facilitate growth and like, I don't think these changes are going to in any way hurt our profitability. So it is what it is. I think we're a little bit disappointed, but we now have certainty, I think, as to what it's going to look like for an extended period of time. We will strive to gain as much market share, put as many large aircraft in here and expand through creative measures.
And we will do so. We've done it in the past in New York and we'll do it in Chicago if that's the new reality. And I think I'll pass it over to Toby to briefly describe what's happening in San Francisco.
Toby
All right, so real quickly, the FAA has changed the approach into San Francisco, which lowered the rates. We have worked hand in hand with them to try to come up with a new approach which will get the landing rates up again. I'm not so 100% sure yet that we can get back to 100% where we were before. But you should see an improvement in landing rates in San Francisco over the next two to three weeks. There's also been a runway construction this summer, so that's a big driver.
And that will finish in October. Yeah, and it's also part of that. Mike. The last thing I'll add is that at the same time the government extended the order in New York, so we are under similar levels of caps in Newark for another year. And again, you know, my expectations, that's likely to continue. You know, we're simply out of runway space in many of these key airports. And it's why our long term plan is to focus on gauge growth, which our fleet plan sets up really nicely.
Regina, OPERATOR
Our next question will come from the line of Brandon Oglenski with Barclays. Please go ahead.
Brandon Oglenski (Analyst at Barclays)
Hi, good morning and thanks for taking the question. And Andrew, maybe this is a good follow up to that conversation there on the fleet plan. And maybe this is one from Mike as well. Just like how do you leverage the newer and the older aircraft in the fleet? And I appreciate the increased disclosure today of 80 retirements, but even then it looks like you're going to have, you know, a mix of old and new. So are you looking to maybe leverage certain portions of the fleet at peak periods and maybe on non-peak periods?
If you could speak to both those, I appreciate it.
Andrew Chang, Managing Director - United Airlines Ventures, Corporate Development
Well, you know, I think we're spending a lot of time understanding how much relative increase in capacity we offer in peak times. And we've talked about this on other calls and I've been disappointed by our relative third quarter, for example, earnings and RASM's and we worked really hard this third quarter to make that a more durable quarter than it normally has. Obviously the price of fuel kind of hides some of the progress we've made. But overall I think we're less excited about pushing the airline super hard in any particular week or quarter that happens to be a period of increased demand.
Because you know, we're worried about the increased cost of a 30 day peak or 60 day peak as we run those cost structures throughout all 12 months of the year don't make as much sense anymore as they used to. So we're taking a look at that. So overall, hopefully that gives you a little bit of color on the way we're thinking about it. I think we're going to be really careful on how we pick the airline in any given peak period.
Scott Kirby, Chief Executive Officer
But Brandon, I think it's a really insightful question, so thank you for it. I think a barbell approach when it comes to fleet makes a ton of sense. Having a modern, larger gauge fuel efficient fleet for trunk routes and for a core of the fleet makes a ton of sense. And we've got great pricing, great financing. It maximizes not only profits but it maximizes return on invested capital to have some of these, a larger amount of these younger, more fuel efficient aircraft.
Without a doubt. But as we think about modulating capacity in the short and medium term based on the economics we talk about, we're going to match demand to supply. Having some older aircraft that have a lower capital cost that we can use to peak and or to we can sit down cost effectively if the demand environment doesn't justify makes a ton of sense. And so that's exactly how we're managing the fleet. We're going to make sure as we think about the aircraft we're ordering and we're taking delivery of that, we always have an element of that barbell approach so that we can remain nimble in many environments.
Regina, OPERATOR
Our next question will come from the line of Dwayne Finigworth with Evercore ISI. Please go ahead.
Dwayne Finigworth
Hey, good morning. Thank you. Good call and good outlook. I wanted to dive a little bit deeper on the corporate travel recovery. I think that 27 or 28% growth number you put out. I don't know if you can get this granular but I assume when you talk about contracted business travel that skews more towards larger corporate accounts, larger enterprises. Do you have any insight into the growth in small and medium sized businesses which I assume were probably impacted more significantly by tariffs last year?
And then just along those lines, staying on the corporate theme, just geographically, any standout hubs or markets where the corporate growth rates are tracking higher?
Scott Kirby, Chief Executive Officer
Sure, Duane, I'll start off. Look, it was a standout quarter to say the least. And you know, I'll go back in time. Just after the pandemic we found our large corporates actually trail in the smaller corporates by a pretty significant amount. And I think you're correct. In the last few quarters the large corporates have accelerated well, you know, above the smaller corporates, but not by a lot. They're just above. And I think if you looked at it over a long period of time, they're just the large corporates are just kind of catching up with the small and probably even haven't got close to catching up yet.
I haven't looked at that particular number, but I do agree the large corporates were a little bit more robust this time around than the smaller ones. But really a standout quarter. It looks to continue into this quarter. It's a higher percentage of our load factor, which is nice to see. Although to give you an idea, it's still five points of our load factor lower than it used to be in pre-Covid. So if corporate travel continues to accelerate and closes that gap would, you know, basically an 80% yield premium versus leisure.
That's a significant amount of upside in the plan. We're not assuming that, but the half a point of load factor growth we saw was great. It's also great I was looking at across the Atlantic in Polaris to see our load factor up and our load factor was up in business premium and our load factor was up in leisure premium at the same exact time. That is just the trifecta. I guess I need a third one to make it a trifecta, but it is really great. And so if we can continue to drive premium leisure growth as we drive corporate growth.
Wow, that's a lot of upside. And it's one of the reasons I think we're bullish for late this year and into 2027. So hopefully that answers the question.
Regina, OPERATOR
Our next question comes from the line of David Vernon with Bernstein. Please go ahead.
David Vernon (Analyst at Bernstein)
Hey guys, good morning. Thanks for taking the question. So Andrew, you mentioned earlier that you're sort of you were very satisfied with the way that the nested selling strategy was kind of working out within the premium cabinets. I think that's related maybe to load factor but can you give us some
Dwayne Finigworth
Color around, you know what exactly that's giving to you in terms of buy-ups or better utilization and where you are sort of in the process of implementing that fare strategy across the markets that you serve. Sure. We rolled it out a few months ago. Again, it was a lot of research, consumer testing, and then technology changes to make that happen. Fundamentally, it provides consumers more choice. They get to pick the aspects of the journey they find the most value in.
So we think it's a win for consumers. Right now, it is early days, and if I go back to the start of basic economy, I think we learned a lot over a period of years on how to best merchandise things and refine those very effectively over time. And so I would say we're in the very early innings of this. The buy-up rate to the standard premium Polaris ticket is actually, I'm not going to give you the number, but the number is high. In fact, it's higher than I expected by a lot.
And so we have a lot of work to do to get things to and optimize things. But again, early innings, really happy with it and more to come as we offer more products and our technology evolves to best sell these products. So, you know, we're really far down this segmentation path, but there's a lot more path ahead of us is what I would tell you.
Regina, OPERATOR
Our next question will come from the line of Savvy Site with Raymond James. Please go ahead.
Savvy Site, Analyst at Raymond James
Hey, good morning. I was just wondering if you could just follow up on an earlier question on kind of capacity growth. I wonder if you could provide a little medium-term color on how you're thinking about it in terms of domestic versus international, given what you're planning on retiring and what you're seeing coming in.
Dwayne Finigworth
Sure, I'll start. Others who may want to chime in. I think the domestic market is far more mature in my opinion, and so the growth rates need to reflect that. Ultimately with GDP, the international market is different. I think it's been more lucrative for United. Quite frankly, our hubs are optimal locations for international growth and the relationship to GDP for the international flying, it seems to me, is different than domestic. So that's a long way of saying that I expect our international growth rate in the coming years to be above our domestic growth rate.
Savvy Site, Analyst at Raymond James
That's helpful. And just if I might follow up on that, just, you know, Blue Tech premium capacity was up 4% in 2Q. How do you expect that to trend over the next 12 to 18 months as you're kind of adding all these premium products and getting kind of larger gauge aircraft with the higher mix of premium?
Dwayne Finigworth
So the premium capacity will clearly grow faster than the main cabin capacity. I'm not going to give the numbers today, but that's fundamentally what our fleet plan. And with the premium A321s that are coming online, that's going to happen. It's by design. We're happy with that and pleased with that. However, that does not mean that we're going to step away from basic economy. It does not mean we're going to step away from the main cabin. You know, there's a life cycle of the customer.
We need to start with the customers that sit in the back of the aircraft and pay lower fares, so ultimately someday they can sit in the front of the aircraft and pay higher fares. We know the full lifecycle of the customer and we're not going to forget that everybody matters on the airplane and we're going to give an elevated experience to everybody on the aircraft. And I think we have a lot of proof points to say we're actually executing on that.
Regina, OPERATOR
Our next question will come from the line of Chris Weatherby with Wells Fargo. Please go ahead.
Chris Weatherby, Analyst at Wells Fargo
Yeah, hey, thanks. Good morning. It's late in the call. Just keep it at one. So I guess you guys talk about capacity in the fourth quarter, I think, and then you're thinking about adjusting it relative to cost inputs, fuel, potentially other things. Is there a way to sensitize that? I mean, what are the sort of levels that you're looking at that give a. Give you a view on how you think about capacity in the fourth quarter? Any help that you can give us around benchmarks would be great. Thank you.
Dwayne Finigworth
I'll start. Look, as we were, I think, at the J.P. Morgan Conference and the price of oil was spiking, we made some aggressive changes to Q3, and you can actually see them in our cell in file. We think that was the right thing to do and we would do it again if necessary. We wouldn't change anything. As we think about Q4, we think about the same exact framework. I will say, just for a little bit of color. The reason our schedules are loaded the way they are currently in Q4 is we have been waiting on the FAA to issue the orders for Newark and Chicago, which just came out.
So they will allow us to adjust our capacity now sometime next week and a few weeks after that as we get everything firmly in place for Q4. So for all of you waiting to see what our Q4 capacity will be, you won't have to wait all that much longer.
Brett Hart, President
Chris, I do want to pile on Andrew's statements just philosophically. We at United are driving towards margins in cash flow generation and we're going to match supply with demand, whether that's Q4, 2027 or beyond. We've built a good track record of that. You've seen when we've grown rapidly, we've done it in a way that does not dilute TRASM.
Regina, OPERATOR
And we will now move on to the media portion of the call. If you'd like to ask a question, please press Star, then the number one on your telephone keypad. We kindly ask that you please limit yourself to one question. Please hold for a moment while we assemble our queue. Our first question will come from the line of Allison Seider with Wall Street Journal. Please go ahead.
Allison Seider, Wall Street Journal
Hi, thanks so much. I was wondering if you could talk a little bit about LAX. Just sort of what the state of competition is there. You know, does it feel like it's becoming more of a battleground or is this kind of just the way it's always been? Just sort of curious how you see that playing out?
Dwayne Finigworth
You know, LAX is interesting. It's one of our seven hubs. We're firmly committed to it. We're growing, has been a battleground, but so is New York, so is Chicago, so is San Francisco. I feel we're in an incredibly competitive industry. The dynamics of an LA are clearly at least four large US carriers with similar shares. I expect that to be true a year from now, five years from now, and ten years from now. Like, you know, it's a very competitive marketplace and we're in it to win it as well.
But I expect it'll be competitive for the foreseeable future.
Regina, OPERATOR
Our next question will come from the line of Leslie Josephs with CNBC. Please go ahead.
Leslie Josephs, CNBC
Hi, good morning. Wondering if you have any count on how many customers have defected, I guess, from other airlines and they're now United Flyers, loyal United Flyers. And then just broadly on your growth, the US is a pretty mature market and just wondering if you had a few thoughts on that. Thanks.
Dwayne Finigworth
Look, we look at the market shares not every day, but quite often. And you know, I spend more time looking at RASM's than market shares, to be honest. But that being said, we track the market shares, we look at it quarterly from the government data that's issued, we're gaining in all our hubs in the Bay Area. For example, in Q1, we were up 3.4 points year over year. That was the best performing share gain. Hub for United, but we gained in all of our hubs.
We've done that consistently year after year. And I think it's simply we're offering a product that our customers love and more and more people love it every day. So I think we're really happy with that. And then I said it a few minutes ago. I think the domestic market is far more mature than the international market. The appetite for American consumers to travel overseas seems really high to me, whether it's Southern Europe or Japan or anywhere else around the world.
I think the desire to explore is growing and it's one of the reasons we're excited more about international growth in the coming years than domestic. But that's kind of where I think we are.
Christina Edwards, Managing Director of Investor Relations
I will now turn the call back over to Christina Edwards for closing remarks. Thanks, everyone. We appreciate your time today. Best of luck to everyone navigating the rest of earnings season. Safe travels and please contact Investor Media Relations if you have any further questions. We'll speak to you next quarter.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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