United Airlines Holdings, Inc.

Good morning and welcome to United Airlines Holdings earnings conference call for the fourth quarter and full year 2021. 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 followed by one 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 redirected 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 Mudos, Director of Investor Relations. And, Christina, you may begin.

Thank you, Brandon. Good morning, everyone, and welcome to United's fourth quarter and full year 2021 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. This represents the company's current expectations or beliefs concerning future events and financial performance. All forward-looking statements are based on 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 PEN2 and other reports filed with the SEC by United Airlines Solutions and United Airlines for a more thorough description of these factors. Also, during the course of our call, we will discuss several non-GAAP change 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 release. Joining us on the call today to discuss our results and outlook are Chief Executive Officer Scott Kirby, President Brett Hart, Executive Vice President and Chief Commercial Officer, Andrew D'Souza, and Executive Vice President and Chief Financial Officer, Jerry Letterman. 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 Scott.

Thank you, Christina, and good morning, everyone. Thanks for joining us today. Before I get into the details of our fourth quarter and how we're thinking about the year ahead, I wanted to share some brief observations about the recent developments regarding the rollout of 5G. Mostly, I want to thank the White House, Secretary Buttigieg, and the CEOs of AT&T and Verizon for finding and agreeing to an approach that mostly avoided what would have been severe disruption to pasture and cargo operations in this country. This wasn't an issue created by the airline. Every carrier follows the rules dictated by the FAA. Since we first heard from the FAA about this issue in November, United has been 100% engaged to underscore the severe risk with the 5G rollout posed to aviation, but more importantly, to bring people together and drive consensus around common-sense solutions. And while we don't have a final resolution quite yet, I'm confident we'll get there. This problem has been resolved collaboratively, allowing a fulsome rollout of 5G without significant impact to aviation in 40 countries around the world, and we can do the same thing here in the United States. While I wish it had happened earlier, the good news is we now have everyone engaged, the FAA and DOT at the highest levels, the equipment aircraft manufacturers, airlines, and the telecoms, and I'm confident we'll soon have a clear set of objective criteria that allow a full rollout of 5G without significant impact to aviation. I'll close this part of my comment by once again thanking the administration and Secretary Buttigieg, but also a particular thank you to the CEOs, of AT&T and Verizon for voluntarily agreeing to these near-term restrictions near major airports. With that, I'll turn to discussing our results at Outlook. Over the last year, the United team persevered through the impact of COVID, but also made incredible progress laying the foundation for the future. Omicron is once again impacting the near-term, but as we've done since March 2020, we're taking action on capacity and we remain confident in the long-term projections in spite of the near-term headwinds from mobile crime. But before we discuss our results and outlook, I want to take a minute to thank and brag about all that the people of United accomplished in 2021. In spite of the historic challenges, United came together as a team to get through the worst crisis in the history of aviation and set ourselves up to be the world's leading airline on the other side. We saw our NPS improve by 30 points versus 2019 and introduced United Next to grow the airline and improve the product for customers