ALK | ALK | earnings call 2026-09-02
Verbatim transcript (source: faster-whisper-small.en)

retrofits complete, we're on track to sell all 1.3 million incremental premium seats across the network ahead of the peak summer travel season. Encouragingly, first-class revenue continues to produce positive unit revenues even as capacity increases 5%. Internationally, the relevance of our network continues to drive strong results as guests are choosing to fight with us in more ways than ever before. Seattle-Tokyo reached profitability in March. Less than a year after its launch and load factors for both Seattle to Tokyo and Seoul exceeded 90%. We're extending this momentum with the launch of Rome next week followed by London and Reykjavik next month. Early booking trends are tracking in line with expectations with demand building nicely and premium cabins performing particularly well. Notably, more than 70% of guests booked on our new Rome service are at most members, materially higher than the rest of our network. Managed corporate travel was exceptionally strong, up 19% in the first quarter. Our international expansion has meaningfully increased Alaska's relevance with corporate customers. As a result, we are competing for, and in some cases exceeding, our fair market share in business travel on these long-haul routes, particularly in the US point of sale. We're also seeing improved domestic corporate relevance as global connectivity strengthens our value proposition for corporate travelers. Managed corporate demand remains robust in the queue too, with held revenue over the next 90 days up almost 30%. We are seeing broad-based strength across all industries, in particular manufacturing, financial services and technology, and are beginning to see traction through greater signups for small and medium businesses in our utmost for business platform. Turning to loyalty, growth remains a priority for Alaska. Every major initiative we're executing on is driving relevance and growth for our members. These large-scale enablers, such as the Hawaiian acquisition and resulting domestic and international network expansion,