United Airlines Holdings, Inc.

Good morning and welcome to United Airlines Holdings earnings conference call for the first quarter 2020. My name is Brandon and I'll be your conference facilitator today. Following the initial remarks from management, we will open the lines for questions. At that time, if you have a question, please press star 1 on your touchtone phones. 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, Michael Eskinen, Vice President of Corporate Development and Investor Relations. Please go ahead, sir.

Thank you, Brandon. Good morning, everyone, and welcome to United's first quarter 2020 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 or beliefs concerning future events and financial performance. All forward-looking statements 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, and other reports filed with the SEC by United Airlines Holdings and United Airlines for a more thorough description of these factors. Also, during the course of our call, we will discuss several non-GAAP financial measures. For reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the tables at the end of our earnings release, which is available on our website. Joining us on the call today to discuss our results and outlook are Chief Executive Officer Oscar Munoz, President Scott Kirby, and Executive Vice President and Chief Financial Officer Jerry Laderman. In addition, we have other members of the executive team on the line available to assist with Q&A. And now I'd like to turn the call over to Oscar.

Thanks, Mike, and my thanks to all of you for joining us today. While somewhat unorthodox, I think this event of our days have forced us to do this, but appreciate you joining us. The outbreak and response to the COVID-19 crisis that has clearly impacted not only every company, but every sector of our economy and certainly nearly every aspect of our daily lives. And while in that regard, United is no exception, I do believe, firmly believe that our team's response has proven exceptional. That's true of our management team who put United in the vanguard of responding to this crisis, taking early and aggressive action to mitigate the financial impact to our business, to protect the health of our customers and employees, and to help accelerate a consensus amongst policymakers in D.C. for what you saw labeled as the CARES Act. I also believe the actions of our employees, the grace under extraordinary pressure, has been nothing less than exceptional. They have taken care of our customers and kept us flying and, importantly, flying safe. They've also been out in front working to use the incredible capabilities of our airline to support the communities we serve in the fight against COVID-19. Though our service is somewhat curtailed, our commitment to be an of service is in full view. Some examples, we've operated more than 130 repatriation flights, bringing in more than 18,500 Americans home who were stranded abroad. We've also flown over more than 800 cargo-only flights worldwide, bringing more than 28 million pounds of a variety of cargo goods. such as food, healthcare-related items, and supplies to destinations worldwide. You can see why we're all so proud to be part of this united family. Unfortunately, during this time, we are all facing uncertainty. Still, there are two things of which we are certain. First, it is certain that demand will return. Unfortunately, we just don't know when. No one does. But there's no question that at some point in time, people will be ready to travel again. Second, and I'm somewhat biased here, there is no group of people in the world that I would rather be in the trenches with to tackle the most disruptive crisis in the history of the aviation business than the men and women of United Airlines. Not just the members of the management team who you all know who have been literally working around the clock to mobilize United's early, aggressive, and in many cases, industry-leading response, but also our frontline employees who have been out daily taking care of our customers and taking care of each other. Now, Scott and Jerry will go into great detail about the many actions we have taken, from raising liquidity to slashing our capital expenditures and operating costs, to working to ensure our teams and customers have effective cleaning and safety procedures in place every day. The team is addressing every issue and looking at the long term, building scenario plans for whatever difficult decisions may be ahead. But before we take you through those points, let me close on a personal note. As you know, as many of you know, on this call, this will be the final time I speak with all of you as CEO of United. I want to thank all of you in the investor community, not only the analysts and voices that are often here on these calls, but our shareholders and all our stakeholders, everyone we serve who counts on us. The United team has built an incredible foundation together in the nearly past five years. And I never, or we never could have expected where we would all be tested as we're being tested now by this crisis. But With every action our employees take to share and shoulder in the burdens, they provide more proof that the fundamentals of what we built together remain strong. And ultimately, I believe that's our greatest asset. And that's what I'm so proud to leave to my incredibly capable successor, Scott Kirby, who will be taking over the reins here at the end of the month. And so to go into further detail on these actions we're taking, I want to hand it over to our future CEO, Scott Kirby.