Some notes from the call

- "Little to no" domestic growth in the first half of 2024
- Europe in 2024 will be mostly the same as 2023, to allow the 2022-2023 expansions to "mature"
- No "material" changes to the 2025 Premier program. Definitely a swipe at Delta but good news nevertheless
- Guiding no TLV service for the remainder of October, possibility to resume service incrementally as situation develops, but TLV accounts for 2% of UAL business, and those costs are essentially fixed
- 12 737 and A321 deliveries pushed into 2024 due to delivery delays
- 757/767 fleet to retire "later this decade" "for sure"
- Frequent references and guiding caution as to economic conditions deteriorating
- Nocella had a lengthy prepared answer to Jamie Baker's question about comparing United's results to LCCs, basically that United's model can support higher gauge as it is incremental growth in existing markets, correcting for years of being under-gauged, and capturing revenue that was spilled to competitors, not chasing growth in new markets with large capacity which depresses yields
- Focus on Asia growth will resume as it represents an opportunity to score strong returns quickly
- Widebodies just ordered for 2028 and beyond deliveries, to "pivot to global growth" and not domestic. Also because of "persistent" supply chain delays

United is also forecasting a 2% hit in 4Q capacity due to a lack of Captain upgrades. Prior to ratifying the new pilot contract, United was seeing captain vacancies go unfilled, as pilots hesitated to upgrade over dissatisfaction with work rules under the old contract, and uncertainty of a new deal. Now that the contract passed, this issue will start to sunset, but will take a few quarters to catch up.