Alaska Air Group, Inc. (NYSE:ALK) Q2 2024 Earnings Conference Call June 18, 2024 11:30 AM ET

Company Participants

Ryan St. John - Vice President, Finance, Planning and IR
Ben Minicucci - President and CEO
Andrew Harrison - Chief Revenue Officer and CCO
Shane Tackett - Chief Financial Officer

Conference Call Participants

Jamie Baker - JPMorgan
Duane Pfennigwerth - Evercore ISI
Scott Group - Wolfe Research
Andrew Didora - BofA Global Research
Dan McKenzie - Seaport Global
Ravi Shanker - Morgan Stanley
Conor Cunningham - Melius Research
Mike Linenberg - Deutsche Bank
Savi Syth - Raymond James
Tom Fitzgerald - Cowen & Company
Stephen Trent - Citigroup
Chris Stathoulopoulos - Susquehanna Financial Group

Operator

Good morning, ladies and gentlemen. And welcome to the Alaska Air Group 2024 Second Quarter Earnings Call. At this time, all participants have been placed on mute to prevent background noise. Today’s call is being recorded and will be accessible for future playback at alaskaair.com. After our speaker’s remarks, we will conduct a question-and-answer session for analysts.

I would now like to turn the call over to Alaska Air Group’s Vice President of Finance, Planning and Investor Relations, Ryan St. John.

Ryan St. John

Thank you, Operator, and good morning. Thank you for joining us for our second quarter 2024 earnings call. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com.

On today’s call, you’ll hear updates from Ben, Andrew, and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

This morning, Air Group reported second quarter GAAP net income of $220 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted net income of $327 million.

As a reminder, our comments today will include forward-looking statements about future performance, which may differ materially from our actual results. Information on risk factors that could affect our business can be found within our SEC filings.

We will also refer to certain non-GAAP financial measures, such as adjusted earnings and unit costs excluding fuel. And as usual, we have provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today’s earnings release.

Over to you, Ben.

Ben Minicucci

Thanks, Ryan, and good morning, everyone. As we closed out another strong quarter, we remain steadfast in executing on the key pillars that are paramount to our success, safety and operational excellence, financial strength, and taking care of our guests and employees.