Delta Air Lines Inc at JPMorgan Industrials Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jamie Baker - JPMorgan Chase & Co - Analyst : To kick it off, we have a lot of people in the audience. So John, if somebody wants to shoot up their hand. So Ed, at a high level, if you could change one single perception that analysts and investors have about either the industry or specifically Delta, what would that be? So for example, if somebody asked me the question, like the adage that low costs always win, I never agreed with that, always bristled at that. That's the kind of answer that I'm potentially looking for.

Question: Jamie Baker - JPMorgan Chase & Co - Analyst : You think you'd ever win back the confidence of the Berkshire Hathaway, your former top shareholder?

Question: Jamie Baker - JPMorgan Chase & Co - Analyst : Quick question for Glen, because I definitely want the audience to be able to ask questions. But for the last several days, including overnight, I keep getting the question, how much capacity do you think will be cut at the conference? And I know you can only speak to Delta, obviously but my REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 11, 2025 / 11:30AM, DAL.N - Delta Air Lines Inc at JPMorgan Industrials Conference understanding is that the internal bar to make a decision on summer capacity in mid-March is very high. Is that perception accurate? It just seems like you'd have to have a ton of conviction now to start --?

Question: Jamie Baker - JPMorgan Chase & Co - Analyst : One for Glen and then one for Ed. And Glen, I don't want to be labeled as a permeable by asking this question. But if the US consumer is delaying their travel planning for summer and in the event that consumer confidence is restored by further changes in Washington, I mean, is there a scenario where summer yields are actually higher because of the delay that people are taking in booking summer? Or is that just too wildly optimistic?

Question: Jamie Baker - JPMorgan Chase & Co - Analyst : And then Ed, do you -- and I don't know how you would analytically answer this question. So it may just be, do you have a gut feel? But at what point does the pain in the stock market begin to drive a change in premium consumer behavior? How much more pain before people start trading down? And again, I don't even know how I would answer the question with limited data that I have, you've got a lot more than that.

Question: Jamie Baker - JPMorgan Chase & Co - Analyst : Well, on that, thank you very much.