WEBVTT - Ed Bastian and George Mattson Talks Delta-Wheels Up Collaboration

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Well, last month, Delta Airlines forecast profit in sales that

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<v Speaker 2>fell short of Wall Street's estimates for the final months

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<v Speaker 2>of the year, suggesting a slow recovery from a challenging

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<v Speaker 2>summer travel season. For an update on the business and

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<v Speaker 2>the latest on Delta's partnership with the private on demand

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<v Speaker 2>aviation provider wheels Up, we bring in Ed bast And,

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<v Speaker 2>CEO of Delta Airlines and George Mattson, CEO of wheels Up,

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<v Speaker 2>both joining us from Atlanta. We should note that Delta

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<v Speaker 2>does own close to forty percent of wheels Up. That's

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<v Speaker 2>according to Bloomberg Data. Guys, thanks so much for joining us.

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<v Speaker 2>We're going to get to the wheels Up partnership and

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<v Speaker 2>the exciting news that you guys have when it comes

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<v Speaker 2>to new aircraft. But I wanted to ask each of

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<v Speaker 2>you the same question that I've asked every CEO that

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<v Speaker 2>I've spoken to over the last week, and I want

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<v Speaker 2>to start with you, what does a second Trump administration

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<v Speaker 2>mean for Delta Airlines.

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<v Speaker 3>Well, I think you've seen from the market's reaction there's

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<v Speaker 3>a lot of optimism in the corporate community. I know

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<v Speaker 3>for Delta specifically, and aviation industry. The president, the former

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<v Speaker 3>president now the current president elect, knows our industry quite well,

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<v Speaker 3>was very supportive as we worked with him in his

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<v Speaker 3>previous administration, particularly as we went through COVID, got the support.

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<v Speaker 3>We are the original industry that got the Cares Act started,

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<v Speaker 3>and the support to keep our employees employed, and we

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<v Speaker 3>look forward to continuing to work with him in a

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<v Speaker 3>second administration.

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<v Speaker 2>What about ED when it comes to regulation during the

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<v Speaker 2>next administration, because I think many people would say that

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<v Speaker 2>Biden administration took what some would call it hostile stance

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<v Speaker 2>on airline M and A. Do you expect that to

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<v Speaker 2>change under Trump? Will it lead to a new round

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<v Speaker 2>of airline consolidation.

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<v Speaker 4>I don't know about consolidation.

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<v Speaker 3>I guess as possible, but I can tell you that

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<v Speaker 3>the Biden administration, particularly the Department of Transportation, who we

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<v Speaker 3>work most closely with, we were quite frustrated with the

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<v Speaker 3>amount of regulatory overreach that we saw continuously through the

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<v Speaker 3>last four years. And we hope there's a new sentiment

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<v Speaker 3>that's pro employee, pro consumer, pro business, and a good

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<v Speaker 3>balance between the three.

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<v Speaker 5>And George, let's ask that same question to you you

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<v Speaker 5>think about a second Trump administration, what would that mean

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<v Speaker 5>for Wheels Up?

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<v Speaker 4>Yeah, thanks, Kate.

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<v Speaker 1>I think as Ed said, you know, the prior administration,

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<v Speaker 1>we're in the prior administration. Obviously, there was a strong

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<v Speaker 1>support for aviation in general, US aviation in particular. And

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<v Speaker 1>you know, what really drives our business as much as

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<v Speaker 1>anything else, is a good, solid, strong economy. Obviously, the

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<v Speaker 1>markets have reacted very positively to the results of the election,

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<v Speaker 1>and the economy appears to be quite strong and resilient,

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<v Speaker 1>and I think ultimately that's going to support our business

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<v Speaker 1>plan went forward.

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<v Speaker 5>And let's also talk, of course about the relationship between

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<v Speaker 5>your two companies, Delta and Wheels Up. And Ed, I'll

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<v Speaker 5>ask you this question. Delta, according to our data, owns

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<v Speaker 5>more than a third of Wheels Up. You've also supported

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<v Speaker 5>Wheels Up with credit and access to capital. Why own

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<v Speaker 5>so much of Wheels Up? What is in it for Delta?

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<v Speaker 3>Well, what's in it for Delta is the opportunity to

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<v Speaker 3>create a new level of premium in commercial aviation that

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<v Speaker 3>hasn't previously existed in terms of a partnership. And more

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<v Speaker 3>than just a partnership, it's an ecosystem that's linked between

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<v Speaker 3>private and commercial. We know many of our private aviation

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<v Speaker 3>consumers also fly commercial fly in Delta, and we want

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<v Speaker 3>to make it easier for them to make those choices

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<v Speaker 3>when they have the opportunity to fly private and vice versa.

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<v Speaker 3>When there's private aviation consumers that may occasionally need a

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<v Speaker 3>commercial flight, whether it's going to Europe or some other place,

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<v Speaker 3>we want Delta to be their airline of choice.

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<v Speaker 1>Ed.

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<v Speaker 2>Would you consider buying the company completely?

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<v Speaker 4>No, that's not in the carts.

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<v Speaker 3>We deliberately wanted to make certain we had investors with

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<v Speaker 3>us when we made this decision, and I think having

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<v Speaker 3>the external validation of investors beyond just Delta was helpful.

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<v Speaker 2>Hey, George, I want to talk about the fleet because

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<v Speaker 2>there was big news last month when Wheels ups it

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<v Speaker 2>would buy the Embray or Phenom fleet of from Grand

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<v Speaker 2>View Aviation. It's one hundred and five million dollars deal.

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<v Speaker 2>It's part of this three year plan to transition to

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<v Speaker 2>Embraer and Bombardier challenger aircraft. You're also though, moving away

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<v Speaker 2>from Cessna citations. What's the thinking behind this apart from

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<v Speaker 2>just a newer fleet.

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<v Speaker 4>Yeah, thanks Tim.

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<v Speaker 1>When I arrived here just over a year ago. Have

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<v Speaker 1>you spent eleven years on the Delta board. We obviously

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<v Speaker 1>had a number of first aid priorities, but one of

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<v Speaker 1>the priorities over this first year was building a long

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<v Speaker 1>term strategic plan and a fleet plan that supports that plan.

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<v Speaker 1>We have a significant, loyal, strong member base, a really

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<v Speaker 1>strong brand. Most of our members have been individual leisure customers.

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<v Speaker 1>We are increasingly becoming a provider of choice to corporate customers.

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<v Speaker 1>I think through our Delta partnership that's only going to

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<v Speaker 1>become more important going forward. As we looked at our fleet,

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<v Speaker 1>it was a little older than we wanted it to be,

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<v Speaker 1>and it was a little bit more complex than we

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<v Speaker 1>wanted it to be, with four fleet types operating, which

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<v Speaker 1>we've now distilled down to two fleet types. And in

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<v Speaker 1>deciding to modernize the fleet, what we did is we

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<v Speaker 1>basically selected the two most popular aircraft types in their

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<v Speaker 1>respected categories, with the deepest install bases the largest secondary

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<v Speaker 1>markets in order to be able to buy those aircraft

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<v Speaker 1>at fleet scale over a period of time.

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<v Speaker 4>This is going to.

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<v Speaker 1>Really significantly transform the product offering we're able to deliver

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<v Speaker 1>the customers, the experience, the reliability, the efficiency that comes

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<v Speaker 1>both with the aircraft themselves and also the simplification of

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<v Speaker 1>the fleet. We're going to enhance that fleet with best

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<v Speaker 1>in class connectivity. I think Delta was a real leader

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<v Speaker 1>in providing free, high speed satellite Wi Fi on the

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<v Speaker 1>air aircraft.

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<v Speaker 4>We've announced a commercial partnership with Go.

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<v Speaker 1>Go to provide a similar low Earth orbit satellite Wi

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<v Speaker 1>Fi capability on all of our aircraft. We're very excited

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<v Speaker 1>to I've been able to jumpstart this fleet transition by

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<v Speaker 1>acquiring brand View, which has the largest.

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<v Speaker 4>Fleet of on demand feed on three hundred and three

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<v Speaker 4>hundred e's.

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<v Speaker 1>In the market, and that tr transaction is going to

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<v Speaker 1>close very very soon, and we're going to immediately be

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<v Speaker 1>able to offer that at fleet scale to both our

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<v Speaker 1>charter customers but also our programmatic member customers.

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<v Speaker 4>And I think when you look.

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<v Speaker 1>Forward at the progress we're making financially in the first year,

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<v Speaker 1>this fleet modernization is an important unlock for the next

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<v Speaker 1>phase of that of that profitability journey as well.

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<v Speaker 5>And I also want to talk of course about Delta's

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<v Speaker 5>fleet and ed we have to talk about Boeing. You're

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<v Speaker 5>a major Boeing customer, and to put it mildly, the

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<v Speaker 5>company has had a lot of problems. They've recently raised

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<v Speaker 5>new capital though they've gotten past the workers strike. But

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<v Speaker 5>that being said, how quickly do you expect Boeing to

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<v Speaker 5>actually get back on a normal production schedule here? And

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<v Speaker 5>are you anticipating further delays when it comes to deliveries

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<v Speaker 5>and certifications.

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<v Speaker 3>Were, as you may know, not anticipating any Boeing deliveries

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<v Speaker 3>because we have none outstanding in the next couple of years,

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<v Speaker 3>so in the immediate term we're not impacted at all.

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<v Speaker 3>But I do believe that they have made the right

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<v Speaker 3>decisions around raising capital to invest in their business, around

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<v Speaker 3>a concerting, Their employees are properly taken care of and compensated,

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<v Speaker 3>and so they can get back focus on delivering high

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<v Speaker 3>quality airplanes to our industry. I think it's going to

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<v Speaker 3>be a number of years before you see a steady

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<v Speaker 3>stream of airplanes starting to return, and well, hopefully sooner,

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<v Speaker 3>but I think we are all realistic that this is

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<v Speaker 3>going to be a very challenging turnaround still to come.

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<v Speaker 2>When you say a number of years, would you count

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<v Speaker 2>that number on one hand or two hands?

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<v Speaker 3>A couple fingers?

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<v Speaker 4>Okay, so a.

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<v Speaker 2>Couple I like that Hey, we're speaking with that Bashion,

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<v Speaker 2>CEO of Delta Airlines and George Mattson, CEO of Wheels Up,

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<v Speaker 2>both joining us from Atlanta. Ed, well, we have you

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<v Speaker 2>give us an update on capacity in the market.

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<v Speaker 3>Here.

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<v Speaker 2>We hear it's improving, but is it improving for both

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<v Speaker 2>premium and economy seats right now?

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<v Speaker 3>The market has rationalized. I think this past summer we

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<v Speaker 3>saw in the US marketplace there were a lot of

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<v Speaker 3>seats for sale, had a pretty big impact on pricing.

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<v Speaker 3>A number of the airlines, particularly those on the lower

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<v Speaker 3>end of the price scale, have been struggling. They all

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<v Speaker 3>most of them have lost money this year, lost money

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<v Speaker 3>in the in the peak summer even and have had

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<v Speaker 3>to implement a number of self help measures to ensure

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<v Speaker 3>that they can find better balance between supply and demand.

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<v Speaker 3>On the premium side, that's where growth has been in

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<v Speaker 3>the industry, and Delta has led the way. And you know,

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<v Speaker 3>any of the airlines, there's a couple of us out

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<v Speaker 3>there that are more focused on premium have done quite

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<v Speaker 3>well over the past couple of years over those that

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<v Speaker 3>are that are more in the commodity sense. We're price

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<v Speaker 3>is the principal determinate of the consumer purchase. They've struggled

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<v Speaker 3>and they continue to struggle, and that's why you see

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<v Speaker 3>the supply and being rationalized.

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<v Speaker 5>So that's the view on the commercial airline demands. George,

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<v Speaker 5>give us a peak inside what demand for air space

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<v Speaker 5>looks like, because you think about coming out of the pandemic,

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<v Speaker 5>we know that there was a big uptick when it

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<v Speaker 5>comes to private jet travel. What are you seeing right now,

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<v Speaker 5>especially as we head into some of these peak travel

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<v Speaker 5>demand periods.

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<v Speaker 1>Yeah, I think in general, I would just say that

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<v Speaker 1>the industry remains quite healthy.

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<v Speaker 4>We certainly saw.

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<v Speaker 1>A very big sort of demand bubble from COVID, and

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<v Speaker 1>when people did start returning to flying, a lot of

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<v Speaker 1>folks who hadn't flown private started to fly private, and

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<v Speaker 1>so we've seen that, I would say normalize. The industry

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<v Speaker 1>feels relatively stable here, but I think when you look

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<v Speaker 1>kind of medium and longer term, has really strong macro headwinds.

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<v Speaker 3>Right.

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<v Speaker 1>I think you know, the vast majority of of aircraft

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<v Speaker 1>private jet aircraft are.

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<v Speaker 4>Still wholly owned by individuals or.

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<v Speaker 1>Corporations, and so the opportunity for on demand and fractional

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<v Speaker 1>providers to continue to grow I think remains very strong

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<v Speaker 1>uh as as as commercial aviation becomes in some ways

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<v Speaker 1>more challenging with congestion and other and other challenges, I

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<v Speaker 1>think it becomes a more a more interesting alternative. And

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<v Speaker 1>I think one of the really interesting things about what

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<v Speaker 1>we're doing with Delta is really trying to break down

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<v Speaker 1>the barrier that has always historically existed between commercial and

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<v Speaker 1>private aviation into one, you know, seamless aviation solution.

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<v Speaker 4>And so I think as we are successful in doing that,

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<v Speaker 4>we're going to draw more.

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<v Speaker 1>Participants into the industry hopefully through our offering and expand

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<v Speaker 1>expand the market in the in the process. But to

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<v Speaker 1>answer your specific question, I think generally things feel quite

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<v Speaker 1>healthy right now.

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<v Speaker 2>Yeah, So George, help us understand the profile for somebody

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<v Speaker 2>who would you know, maybe they're a Delta one customer,

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<v Speaker 2>but they're also able to fly wheels up. What is

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<v Speaker 2>that look like from an income perspective, a net worth

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<v Speaker 2>perspective where they'd actually make the jump and they'd make

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<v Speaker 2>that choice the most recent Bitcoin rally not necessarilywithstanding.

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<v Speaker 1>Yeah, Look, there's different there's different cuts at what at

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<v Speaker 1>sort of what level of income or net worth constitutes

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<v Speaker 1>the ability to fly private.

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<v Speaker 4>I've seen numbers in the mid single digit millions of

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<v Speaker 4>dollars of networth. I've seen numbers that are higher.

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<v Speaker 1>I've seen a study that suggests ninety percent of people

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<v Speaker 1>who can afford to fly private under that definition have

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<v Speaker 1>never flown private. So and so you know, you have

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<v Speaker 1>if you think about our partnership with Delta Airlines, a

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<v Speaker 1>couple of really big pools of potential customers. One is

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<v Speaker 1>the forty five thousand or so Delta corporate customers, where

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<v Speaker 1>Delta is often the leading provider of travel period to

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<v Speaker 1>that company. And so we're offering this within that framework

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<v Speaker 1>as an additional alternative, as a sleeve, if you.

0:11:56.840 --> 0:11:58.920
<v Speaker 4>Will, of an existing broad corporate agreement.

0:11:59.200 --> 0:12:01.720
<v Speaker 1>And then when you look at the individual customer, which

0:12:01.760 --> 0:12:05.440
<v Speaker 1>is sort of just your question, you know there are

0:12:05.559 --> 0:12:08.040
<v Speaker 1>many If you believe that ninety percent of people who

0:12:08.160 --> 0:12:10.319
<v Speaker 1>can afford to fly private never flowing private, well where

0:12:10.320 --> 0:12:12.080
<v Speaker 1>are they? They're in the front of the cabin generally

0:12:12.120 --> 0:12:14.400
<v Speaker 1>at the commercial airlines, and you know there may not

0:12:14.520 --> 0:12:18.160
<v Speaker 1>be you know, flying private every time. But again, this

0:12:18.280 --> 0:12:20.640
<v Speaker 1>idea of a solution that could be commercial, or it

0:12:20.679 --> 0:12:22.319
<v Speaker 1>could be private, or it can be a hybrid of

0:12:22.360 --> 0:12:25.760
<v Speaker 1>the two. Is where I think we're going to find

0:12:25.920 --> 0:12:29.640
<v Speaker 1>demand for those for those customers from those customers, and

0:12:29.679 --> 0:12:30.920
<v Speaker 1>I think there's a lot of them out there who

0:12:30.960 --> 0:12:33.040
<v Speaker 1>don't quite know how to access our industry quite yet,

0:12:33.040 --> 0:12:33.679
<v Speaker 1>and we're trying.

0:12:33.480 --> 0:12:34.160
<v Speaker 4>To fly that.

0:12:34.920 --> 0:12:37.840
<v Speaker 2>Hey, Ed, I got to another capacity question for you,

0:12:37.880 --> 0:12:40.480
<v Speaker 2>because I know that you're already thinking about how things

0:12:40.520 --> 0:12:43.400
<v Speaker 2>look in twenty twenty five. We're already looking forward to

0:12:43.440 --> 0:12:47.079
<v Speaker 2>spring break in summer peak flying season. With Boeing's recent

0:12:47.120 --> 0:12:50.280
<v Speaker 2>strike your turbofan maintenance, do you see a shortage of

0:12:50.320 --> 0:12:53.040
<v Speaker 2>capacity across the industry or at least at your airline.

0:12:54.920 --> 0:12:57.640
<v Speaker 3>I would expect for for the next year, though we

0:12:58.240 --> 0:13:01.560
<v Speaker 3>haven't given guidance for next year. Actually stay tuned next

0:13:02.360 --> 0:13:04.960
<v Speaker 3>next week, next Wednesday, we have our investor Day in

0:13:05.040 --> 0:13:07.360
<v Speaker 3>New York, so maybe you can get it, you can

0:13:07.360 --> 0:13:11.400
<v Speaker 3>get some insight. Then I expect the industry is going

0:13:11.480 --> 0:13:14.240
<v Speaker 3>to move as the economy moves. Is an industry that's

0:13:14.280 --> 0:13:18.280
<v Speaker 3>driven by the economy, not just US, but on a

0:13:18.280 --> 0:13:21.440
<v Speaker 3>global scale. And for those carriers that are premium, such

0:13:21.440 --> 0:13:24.360
<v Speaker 3>as Delta, we have the ability to drive probably a

0:13:24.400 --> 0:13:27.760
<v Speaker 3>little higher capacity than the broaduct economic growth.

0:13:28.600 --> 0:13:33.720
<v Speaker 2>Okay, and Ed, I know that well I don't know. Actually,

0:13:33.720 --> 0:13:36.480
<v Speaker 2>it doesn't seem like there's still any lingering effects. When

0:13:36.520 --> 0:13:40.000
<v Speaker 2>it comes to the crowd strike issue that you had

0:13:40.080 --> 0:13:42.120
<v Speaker 2>over the summer, I know you recently filed a lawsuit

0:13:42.120 --> 0:13:45.760
<v Speaker 2>against CrowdStrike. You've said you've suffered about five hundred million

0:13:45.760 --> 0:13:48.960
<v Speaker 2>dollars in financial impact from that event. As the dust

0:13:48.960 --> 0:13:51.960
<v Speaker 2>has settled, what are the long term applications, what's the

0:13:51.960 --> 0:13:54.920
<v Speaker 2>financial implication, Well.

0:13:54.800 --> 0:13:56.680
<v Speaker 3>The implication is exactly what you said. There was a

0:13:56.720 --> 0:14:00.400
<v Speaker 3>five hundred million dollars immediate impact from those five days,

0:14:00.480 --> 0:14:04.839
<v Speaker 3>and there were additional damages on obviously the brand and

0:14:05.520 --> 0:14:10.240
<v Speaker 3>the remaining impact as it took some time for our

0:14:10.280 --> 0:14:14.920
<v Speaker 3>customers that were really disappointed to come back to Delta.

0:14:14.960 --> 0:14:18.120
<v Speaker 3>So all of that's included in the lawsuit that has

0:14:18.200 --> 0:14:21.000
<v Speaker 3>been filed and will be pursuing vigorously.

0:14:21.600 --> 0:14:26.400
<v Speaker 4>But from a go forward basis, we learned a lot.

0:14:27.080 --> 0:14:30.480
<v Speaker 3>We thought we were surrounded by the very best that

0:14:30.520 --> 0:14:34.320
<v Speaker 3>you can protect yourself with both CrowdStrike and Microsoft, and

0:14:34.560 --> 0:14:37.920
<v Speaker 3>we realize that you can take these guys at anywhere

0:14:37.960 --> 0:14:39.920
<v Speaker 3>close to face value in terms of what they tell

0:14:39.960 --> 0:14:43.040
<v Speaker 3>you they're responsible for. So we've all learned to dig

0:14:43.080 --> 0:14:45.800
<v Speaker 3>in deeper as to how these systems and processes flow.

0:14:45.840 --> 0:14:47.800
<v Speaker 3>And it's not just Delta. I think it's the world

0:14:47.800 --> 0:14:51.680
<v Speaker 3>at large, thousands and thousands of companies that were impacted

0:14:51.720 --> 0:14:55.840
<v Speaker 3>on a global scale, not realizing how CrowdStrike was injecting

0:14:56.200 --> 0:14:59.920
<v Speaker 3>directly into the kernel of the operating systems, potentially fall

0:15:00.000 --> 0:15:02.800
<v Speaker 3>health code which is and then Microsoft distributes it. So

0:15:03.160 --> 0:15:05.360
<v Speaker 3>that was a huge learning for us, and we've done

0:15:05.400 --> 0:15:08.800
<v Speaker 3>the audits immediately and we'll be we've already made made

0:15:08.840 --> 0:15:12.960
<v Speaker 3>some pretty significant changes in our technology security infrastructure to

0:15:13.080 --> 0:15:14.560
<v Speaker 3>prevent that from ever happening again.

0:15:15.040 --> 0:15:18.720
<v Speaker 5>Well, really appreciate the detail that you gave us there.

0:15:18.760 --> 0:15:20.800
<v Speaker 5>We'll keep an eye on that lawsuit, but while we

0:15:20.840 --> 0:15:23.080
<v Speaker 5>still have you guys, only a couple of minutes left.

0:15:23.560 --> 0:15:26.200
<v Speaker 5>Most people think about commercial and then they think about private.

0:15:26.360 --> 0:15:29.160
<v Speaker 5>But George, I'm really interested to hear about how you're

0:15:29.160 --> 0:15:34.040
<v Speaker 5>thinking about these charter operators such as JSX, for example,

0:15:34.080 --> 0:15:37.720
<v Speaker 5>where you can get on a thirty seat jet at

0:15:38.160 --> 0:15:41.320
<v Speaker 5>an airport, either a private airport or a commercial airport,

0:15:41.720 --> 0:15:44.280
<v Speaker 5>and they seem to be a lot cheaper than of

0:15:44.320 --> 0:15:48.200
<v Speaker 5>course chartering a private jet. Is that a threat to

0:15:48.720 --> 0:15:53.160
<v Speaker 5>your business? You think about the convenience and the affordability

0:15:53.160 --> 0:15:55.440
<v Speaker 5>of some of these operators, and they seem to be

0:15:55.480 --> 0:15:57.800
<v Speaker 5>picking up steam.

0:15:57.960 --> 0:15:58.200
<v Speaker 4>Yeah.

0:15:58.280 --> 0:16:01.400
<v Speaker 1>No, Look, there's certainly been there's certainly been some progress

0:16:01.400 --> 0:16:04.280
<v Speaker 1>made in the introduction of this sort of hybrid commercial

0:16:04.400 --> 0:16:05.720
<v Speaker 1>private by the seat.

0:16:06.920 --> 0:16:08.080
<v Speaker 4>Product or alternative.

0:16:08.920 --> 0:16:12.880
<v Speaker 1>It's still quite different than private aviation, really more kin

0:16:12.960 --> 0:16:16.680
<v Speaker 1>to commercial aviation frankly, in that you know you're buying

0:16:16.680 --> 0:16:19.680
<v Speaker 1>a seat. It's not private, it's scheduled on their schedule

0:16:20.520 --> 0:16:21.480
<v Speaker 1>and so on.

0:16:22.000 --> 0:16:23.480
<v Speaker 4>So look, there may be a place for it.

0:16:23.520 --> 0:16:26.400
<v Speaker 1>I mean, it's operating under a fairly unique set of

0:16:27.800 --> 0:16:29.560
<v Speaker 1>regulations called Part three eighty.

0:16:29.600 --> 0:16:31.080
<v Speaker 4>It's a bit of a different construct.

0:16:31.080 --> 0:16:35.040
<v Speaker 3>It's being looked at in different ways by different folks.

0:16:35.120 --> 0:16:39.000
<v Speaker 4>But look, we see it as an alternative that certainly

0:16:39.000 --> 0:16:42.120
<v Speaker 4>people consider. Look, if you're one person or two.

0:16:42.040 --> 0:16:45.560
<v Speaker 1>People traveling and you're looking for something other than commercial,

0:16:45.600 --> 0:16:47.360
<v Speaker 1>and you know you don't want to get your own plane, it.

0:16:47.560 --> 0:16:49.520
<v Speaker 4>Sort of fits that niche of the market. If you

0:16:49.560 --> 0:16:52.760
<v Speaker 4>will you're traveling with your family or a larger group. Frankly,

0:16:53.200 --> 0:16:55.400
<v Speaker 4>private aircraft of your own can make as much economic

0:16:55.440 --> 0:16:56.520
<v Speaker 4>sense as that alternative.

0:16:57.200 --> 0:17:00.320
<v Speaker 1>But look, there certainly has been some growth within that

0:17:00.400 --> 0:17:02.240
<v Speaker 1>segment and it remains to kind of be seen where

0:17:02.240 --> 0:17:02.800
<v Speaker 1>it goes from here.

0:17:03.520 --> 0:17:06.240
<v Speaker 2>Hey, guys, really appreciate you both joining us and spending

0:17:06.320 --> 0:17:08.000
<v Speaker 2>quite a bit of time with us this afternoon. Know

0:17:08.000 --> 0:17:11.400
<v Speaker 2>you're both busy. That was Wheels Up CEO George Mattson,

0:17:11.760 --> 0:17:16.199
<v Speaker 2>also with Delta CEO Ed Baston, both joining us from Atlanta.