I apologize for being a couple minutes late. The five minutes between sessions is just not working with the bathrooms here, and I was thinking, and actually Dennis Tajer suggested this. I really need a flight attendant to follow me with a galley cart, you know, and block it. Like, you know, I'm kind of one of the pilots of this event. I'd like to be able to, you know.
I would.
use the
Yeah
facilities. Yeah, I shouldn't start out with, "Let's talk about the bathrooms." Ben, it's great to see you. Thank you so much for-
Yeah
... for making the trip. You're certainly no stranger to the J.P. Morgan Industrials Conference. It's great to have you back. We've gotten several updates from your competitors this morning. The narrative is pretty good. In fairness, the first quarter really didn't have that, you know, given the refining lag, not that many days of really elevated fuel. That's clearly been a challenge for Alaska in the past. How should we be thinking about the first quarter in light of everything going on in the world right now?
Yeah. Well, thanks for having me, Jamie. Great to be here with everybody. You know, at this point in time, we're not gonna change our Q1 guidance. Just to give you some context, if not for the conflict in the last few weeks, we would've been better than our midpoint on our Q1 guidance.
Good.
I would say consistent with the commentary of others, demand is the bright spot. It continues to be for Alaska. Let's talk about fuel for us. You know what? Fuel we're a little disadvantaged on the West Coast, 'cause of refinery margins. I'm frustrated in California. Two refineries closed in the last 6 months, one recently in San Francisco, one in L.A., which really drives that volatility for us having fuel, you know, maybe $0.20 a gallon more than everyone else. The bright spot was, you know, we know we got, with the acquisition of Hawaiian, we got fuel from Singapore, and we pay less per gallon for Hawaii fuel getting tankered there than we do on the West Coast.
If you just paused that, you'd say like, "How could that be?" That's just to give you the context of the disparity. That's where we're at with fuel. A few things that we're gonna do on fuel is, you know, prior to Hawaiian, 60%-65% of our fuel came from West Coast.
Okay.
Post-Hawaiian, it's 56%, and now we've got an initiative over the next two years to take that reliance down to somewhere in the low to mid-40s. How we're gonna do that is tanker fuel from Singapore to the Pacific Northwest to Seattle. Right now we're working with some partners to build the infrastructure to how to tanker fuel to bring that reliance down and reduce our gap of what we pay per gallon down from the rest of the industry. It's an audacious plan that we're working on, but we could see somewhere in the order of hopefully a $0.10 impact per gallon within two years if it works. We'll keep you guys posted, but what we have to do is really try and mitigate this disadvantage that we have.
Is there any expectation that West Coast refining spreads would just sort of normalize on their own as more production comes online? Or, I mean, is it better to plan the business around the assumption that you're always gonna be paying something of a penalty out there?
You know, I wish there were more production coming online. At this point, that's nothing that we see, you know, with refinery margins coming in line with the rest of the country. We hope. I mean, hope is not a strategy, unfortunately, so that's why we're taking matters into our own hands. I think we'll see it stabilize. At this point, we don't see it going lower than the rest of the country.
That's-
I think it's something we said, "Look, we gotta live. It's gonna be part of our business model, but how do we reduce that risk?" This is what we're gonna do, is we're gonna try and build up some capacity for tankering from Singapore. I mean, right now, Singapore fuel is higher than
Yeah
... than West Coast fuel. But that'll normalize as well.
Remind me, did you disclose what your embedded fuel price assumptions or range of assumptions were as part of the full year guide?
Yeah
350 to 650?
Yeah. As we exited 2025 and, you know, January of 2026, we were in the $2.50s, somewhere in the $2.50 range, $2.50-ish. That's basically midpoint of the guide would assume like a $2.50-ish cost per gallon. We'll see where it lands right now.
Right
I mean, the good thing is there's, as you know, there's been a couple of fare increases that have stuck and. You know, the fun math, you know, I always like keeping airline economics math simple, when we talk in the boardroom about stuff. So, you know, we spend about 100 million gallons of fuel a month, you know, 1.2 billion gallons a year, so 100 million gallons of fuel a month. So if it goes up a dollar, it's $100 million of extra additional cost. It's a massive amount. Then when you balance that with the coupon revenue, we produce about $1 billion of coupon revenue a month, right? Roughly $12 billion excluding loyalty, cargo, and everything else.
To offset $100 million of fuel cost on $1 billion of coupon revenue, you essentially 10% increase-
Yeah
in coupon revenue, and that 10% on our average fare.
It's sort of a big number.
It's a big number. On average fare of $200, it's $20. Now, some people might say, "Well, $20 is nothing," especially when you consider what people spend at an airport, you know, on an airplane, you know-
Yeah
... their Starbucks and a muffin, you know, I'm sure it's $20. You would say, "Well, that's nothing," but $20 on fare. The question is, right now it's sticking-
Yeah
You could see and say going forward, you know, we're not touching guys because look, right now it's sticking and there's a possibility offsetting, even if it's $1 per gallon at the worst case, but it would have to stick. I think that's the question. Does it, you know, fares have to go up to offset fuel? You know, we've been pleased that we've been able to get people to buy at the higher level so far.
A question that I've asked others at the conference, are consumers purchasing tickets any differently given the reality of higher fuel? Is there a run on the bank? I guess that wouldn't really be the right term, but are people pulling forward their decisions because they have come to the conclusion that the longer they wait, the more expensive it becomes? Or is that just giving the U.S. consumer a little bit too much credit? I'm not trying to discredit them by that, but I just don't know how the average person thinks in this regard.
It's an intuitive comment. I think when prices did spike, we did see a spike in demand. Maybe some folks were saying, look, we're going to go on vacation anyway. Spring break is coming. You know, but I think for Q2, I think we saw some likely accelerated bookings. You know, I think they've leveled off now, but I think people got this initial, wow, if this thing is going to go crazy, I better book my fare now before fares go up. I think we did see a little bit of that, just to be honest.
Okay. You know, you have a very small international footprint at this point, but are those flights subject, you know, domestic fuel surcharges aren't permitted internationally. They exist, particularly across the North Atlantic. Is your handful of international capacity right now subject to that? Is that helping accelerate the recapture because of the formulaic nature?
You know, it is subject to that. We have seen higher fares, quality fares from our international, you know, the flights that we do have. I will say I am pleased with our international now that you mention it. You know, we launched out of Seattle, you know, Tokyo and Seoul last year. You know, in less than a year, you know, for the spring breaks, we're seeing load factors into the 90s%. We're super excited about that. Even more excited that, you know, the cabin isn't even ideal right now. We've got a lie-flat cabin, but there's not a premium economy yet in the 787s, which we're working on in the next two years, which will be further tailwinds for us. But we're seeing strong international demand. Rome launches in five weeks.
I think you guessed it last time we met when I was trying to be cagey and Minicucci. Where does Minicucci want to fly out of Seattle?
Well, it was funny. We had an event out in Seattle and I was like, oh, I bet the next market is Rome. Ben wouldn't look me in the eye.
I'd be like.
That's when I knew I might be right.
Shane, my CFO, was like giving me the little, don't do it. Don't fall for it. No, we're excited. Rome's booking fantastic. We're seeing a ton of fantastic redemptions on it. Look, this was our thesis going in. We have massive loyalty in the Pacific Northwest. We were part of oneworld, but this is just an amplification of that where we're putting our own metal. You know, people love us and they're excited. Every time I meet people in the Seattle community, that's the first thing they tell me. Hey, I booked a flight to London. I booked a flight to Rome. I'm on Keflavík. I'm going to Tokyo, Seoul. We're excited. We're just in the initial stages of this.
You know, like my view is that this is where, you know, the big carriers have made money leaning into premium and international in the last few years. We saw premium. We're well ahead of premium. You know, our premium story is strong. International for me is something we're building from the foundation. You know, we'll have over 12 flights a day. We'll have like 40 wide bodies at Alaska by 2027 into early 2030. We've got 30 wide bodies today building up to 40, a fleet of 787s and 330s that will be super well configured and help, again, diversify our revenue streams going forward. Feel really good about the strategy.
I guess you don't really have a baseline to compare it to. I mean, you flew to Russia, what, 35-40 years ago.
Something like that.
I would think that given the advent of loyalty, that the international markets would ramp more quickly than they otherwise would. Because presumably, to your point, a measurable percentage of your passenger base is already going to London. They've just not been doing it on you. Now they have that option. Is that the way, as we think about the ramp of each international spoke you add from Seattle, is that how we should be thinking about it, sort of an accelerated timeline? Is that reading too much into the loyalty component?
No, I think it's exactly how you should be reading it is. Look, I think I always tell people, and this is why our employees, 30,000, are so excited about what we're doing about our strategy. We have the highest engagement scores. The community is excited every time I go out. You know, we have the loyalty, and right now when they go international, they're giving the loyalties to someone else.
Somebody else.
Just to give you a sense, just out of the Seattle hub, and not even from Portland and all the small communities we fly to, is we have 2x the domestic capacity than any competitor there. They're flying us domestically, and they're loyalty members, and they're gaining all these domestic miles. You know, they're gonna redeem those, you know, going international. What we're seeing from corporate side, the corporate side is building as well.
Mm-hmm.
Because now they're saying, "Well, okay, Alaska flies to Tokyo, and they fly to Seoul. They're going to London." With our Oneworld partnership, the connections through London, through different cities that we can fly from there, it's just building and growing, which makes this super exciting for us. You know, the one thing, like, I tell people, "What makes you so excited?" It's rare, you know, that you have. We have 30,000 people. We're not, we're the fifth largest airline, but it's still pretty big. You know, $15 billion in revenue. I can tell you, every time I fly, I can't tell you how engaged our people are. They wanna make this thing work.
They're saying, "What can I do to help to make this work?" They're excited about the vision, but they know that it's gonna take work. When you don't do anything bold and audacious without saying, "It's gonna take work to build this international muscle, this international know-how." But everyone has rolled up their sleeves. They're with us. We have, if not the highest Net Promoter Scores in the industry. We've had them for 15 years. We've had the best operations in the industry overall in the last 15 years. You know, we've had strong financial performance. We have, you know, a fantastic balance sheet. Everything's in our favor to go make this thing work, and so I feel really good about it.
Okay. Actually building on that, and your observations about the workforce, something that has come up at today's event, you know, Delta for years has talked about the moats around their business, and, you know, largely non-union workforce, employment costs in Atlanta, the MRO. You know, there are things that make that franchise different. United has begun discussing that in recent years. What do you think are the moats around Alaska that separate, that differentiate the franchise from your competitors?
You know, one, and I know everyone says this one definitely our people and our culture. I think when people fly us, I get it over and again. You know, we feel the difference. I just got an email from a customer who was loyal to another airline and said, "You know, I flew you guys a few times, and the culture and the service is palpable on your airline." He says, "People are nice." I don't take that lightly. It's nice is a nice statement, but one of our core values is be kind and caring.
We hire for that, and the interview process is made to look at a person's core DNA to say, "Is this person, at the end of the day, kind and caring, and do they really wanna be in the customer service business?" If we don't, we don't hire that person, you know? Sometimes we miss, you know. People get through. Having that kind and caring culture engenders loyalty, and so that's a big part of it. A big part is, you know, we know that having scale, relevance, and loyalty matter.
Okay.
We've focused on the West Coast. The Pacific Northwest, we have that moat. We've been, you know, going toe-to-toe with the largest competitor in the whole world for the last 10 years, protecting what we say.
Yep
is our home. That's our hometown, and we will never give it up, and we've done it. We have 2x domestic capacity. We've continued to build loyalty. We've launched a new loyalty program called Atmos Rewards, which, you know, at the launch of a premium credit card, we already have 90,000 signups on a premium credit card that is doing fantastic for us. Loyalty is the other big moat for us in the geography we fly. The acquisition of Hawaiian. You know, we had a $1 billion franchise and said, "Look, this is a fantastic franchise that we can build." It went from a $1 billion franchise to a $4 billion franchise. This is a premium leisure market where we fly 60 times a day from the West Coast, from our hubs.
All our hubs from Seattle, Portland, SFO, LAX, San Diego, 60 times a day to Hawaii, owning that West Coast traffic. Again now with this introduction of international and now bringing some of those business and corporate travelers that maybe we lost because we didn't have that international.
Right
... that moat continues to widen. We feel like we're making that moat deeper and wider. It was deep and wide, but we're making it deeper and wider with the things that we've done and continuing to lean in on what we've always done well, and but actually adding, you know, new elements, you know, to our product and to our brand.
All right. Let's talk about the path to $10.
Uh-huh.
It's off on a rocky start given last year, given what's happening with oil prices right now. When I kind of think back to when you first articulated that target, I'm trying to think about at the industry level and specific to Alaska, what's gotten better, what's gotten worse, what perhaps hasn't changed at all. I would think that corporate momentum may be in excess of what you embedded in your forecast. I put corporate into the good category. Domestic capacity has only tightened since the time you articulated that. Again, I don't know what your underlying assumption was from the outset, I would put the domestic capacity environment into the good category. I think that labor rate escalation is probably in the neutral to bad category.
I'd be interested, particularly some of the work rule challenges that you're gonna be facing with the flight attendants. Of course, the buyback was not at least publicly articulated, might have been in the internal plan. What are the other buckets in getting to $10 that fall into those two categories, better and worse?
It's a great question. What I will say is when we put Alaska Accelerate into place, what got us there was $1 billion of additional pre-tax profit.
Mm-hmm
that was gonna be generated through synergies, revenue initiatives, and cost savings. Roughly a third by year. We are on track or better on that. What I would say is the Hawaiian acquisition is doing extremely well for us, and if not for that, I think we'd be in a worse position for that.
Okay
It's doing extremely well. What's changed in our assumption is the macro. Last year, you know what, from the industry backed up.
Yeah
The macro was a $500 million-$600 million headwind for us.
Right.
For that macro, we would've been right on track. Now, the assumption to 2026 is we're gonna recover maybe not all of that macro, that $600 million+ what it would've been going forward.
Right.
We'll recover.
Sorry to interrupt but.
All of it?
Yeah.
Well, it was just an assumption in terms of our guide that we would recover.
Oh, okay. I see. Yeah, sure.
A portion of it.
Sure. Sure.
Our guide would say, "Look, if you get all the macro, and plus, of course.
Right
you get to the right side of the guide.
Got it.
The midpoint of the guide would have been an assumption that you
Yeah
...recover some portion of that macro. If the macro recovers and fuel stays relatively, you know, on the exit rate of the $2.50-$2.60 range, you know, we hit. We continue to execute on our initiatives and with the buyback on top of it.
Mm-hmm
there, the math just falls into place.
Yeah
says you should get to a $10 EPS. Now, the reality is the reality, right? We're facing right now $3.50 a gallon fuel, not before the fare increases. We'll see how that pans out. The macro, again, is on target, I think.
Mm-hmm.
The macro we feel pretty good about so far. The reason we had our range as wide as we did, we said, "Look, there's just a lot of volatility, right? And we don't know, so we wanted to give ourselves some leeway to be in that range." We are still resolute on the $10 EPS, and we're gonna do everything we can control to go get that $1 billion of pre-tax. On the share buyback, we did $570 million last year. We're $100 million into this year.
Okay.
We're gonna do up to $250 million this year by midyear, so we'll have $750 million out of the $1 billion done. We'll see where the economic picture looks like by the second quarter where fuel's at, if we wanna continue to accelerate you know in 2026 or do something different. What I would say and you talked about labor. Well, let me talk about the integration. We have one.
Yeah, please.
major big integration milestone coming up. This is the one where you integrate both reservation systems from both airlines. That's happening in April. April 22nd, I think. A big, big milestone, and three big integration milestones will have been done. We'll have done single operating certificate-
Yep
We'll have done single loyalty, single reservation system, and the last one, which is always a big one, is.
I would say the biggest.
It's one that's tough, right? It's joint collective bargaining agreement, and each union moves at a different pace.
Yeah
depending where they are. Again, we're the only airline that's done the last two acquisitions, it's Alaska. We know what we're doing. We're good at it. Discussions are all in progress with our unions, and they'll take, you know, from 12-36 months to get done.
Right.
Our view with labor is, look, we're gonna pay, you know, we're a global airline now. We're a large domestic airline. We're gonna pay competitively with the Big Four.
Yeah.
We're not gonna be at a disadvantage from a labor, but not like we were 15 years ago. We had-
Yeah
...an advantage. Now, look, we realize, you know, we're a big player and we gotta pay our employees competitively.
If I'm not mistaken, the wage differential between Alaska and Hawaiian in the cockpit is not particularly material.
No.
I mean, you'll still have to, you know, work out, you know, seniority, integration, what have you, and that can always be time-consuming. There are some fairly material differences in flight attendant work rules.
Yeah. On our flight attendant work rules, the big difference is at Alaska, we pay by trip versus, you know, by hour, traditionally. So-
Yeah
Hawaiian has what everyone does and our contract is pays by trip. It's just like Southwest does, and that's a legacy thing.
Yeah
from a long, long time ago, and that's gonna take time to merge. That's the one that's probably gonna take the longest.
Okay.
We'll get there. Like, you know, we have a great group of people talking about it. The good part is people wanna go execute this vision to go international, and they realize that. You know, we're not reinventing, you know, the rules on how flight attendants have to run it internationally. There are big airlines doing it out there, so there's a template, and we just have to figure out how the new combined airline needs to work within that template.
Excellent. Mark Streeter, you got a question?
Yes, I do. Ben, you mentioned that Alaska has had success consolidating the industry. When you look at the Hawaiian going well, you obviously have the Virgin acquisition before that, so forth. How should we think about, you know, the future for further U.S. industry consolidation? You know, is there a green light that turns on in the executive suite that says, "We're ready to consider a new deal because we've reached, you know, these?
The consolidation light?
Yeah. The consolidation light turns green.
I love it.
because you've further integrated Hawaiian or you've reached your milestones. How should we think about that?
There's a.
You know, there's a button under my table. Just where I sit, there's a green light.
Yeah
red light, and I just.
We're gonna send you a lamp.
Yeah.
Just so you understand why.
Okay, Mark, you just gave me a beautiful visual. I'll share it with my team when I see them this week. No, look, I'll say a couple things on that. Number one, we're focused on Alaska Accelerate and $10 of EPS. It's we've gotta complete this integration. We're not gonna get distracted, and that is first and foremost what we're gonna do. The second thing I'll say is, and this is you know the discussion we have at our board meetings is Alaska, for as long as I've been there, for over 20 years, is we've always done what's best. No matter what goes on in the industry, we said, "What is best for all the stakeholders of Alaska, shareholders, employees.
Mm-hmm
customers, and the communities we serve?" We're a little unique there because State of Alaska, I think that's why we did so well with the acquisition of Hawaiian. We understood how unique and special Hawaiian was, but we will always do what's in the best interest of all our stakeholders. As you know, this industry, you know, whether it changes, it evolves, we're gonna look at it and say, "What is best for all the stakeholders for Alaska?
Great. Let me ask one follow-up, because you led me there with the discussion of the share repurchase program, and the $1 billion, $750 million and so forth. When you and Shane and the board sit down and talk about the long-term balance sheet goal to be investment grade or not, you know, we've got sort of a very binary camp, right? We've got United.
Mm-hmm.
We want it. We're going for it. We're trying to grab that investment grade ring. You've made, comments in the past like, "Being investment grade would be great," but clearly, you've chosen in the near term to buy back more stock rather than push for upgrade. What's the debate like in the boardroom about this?
Yeah, I think the question is both. We definitely within, you know, by the time we achieve Alaska Accelerate 2027, we wanna be at, like, we're a notch below with two agencies for investment grade. The goal is to get to investment grade. I think with a $10 EPS, with, you know, strong cash flows, paying down debt and reducing our net leverage is what we're gonna be focused on going to the next couple years. You know, right now the balance sheet is strong. I would say whatever happens, like we got $3 billion in liquidity. We've got $18 billion of unencumbered assets between, you know, over 100 airplanes and our loyalty program, which was actually priced at before Hawaiian.
You could say that value is even higher. We feel like we're in a great financial position, and we're just sequencing what we wanna do. Given where the stock price is at, some of the regrets we've had is we should have taken advantage of the lows. What we're doing now is we're taking advantage of the lows, knowing that the long-term goal is to get to investment grade. As the plan continues to execute, that's the goal to get there.
Well, in a follow-up on that, your share price has lost more than 30% in fewer than 30 trading days, which historically is a buy signal for most airline stocks. On the other hand, there's a fuel problem at the industry level right now. Should you be leaning into the buyback more aggressively in light of the chart, or does fuel sort of sober up that desire, well, and temper your desire or willingness, I should say?
Yeah, I think we're gonna do $250 this year. Given the price, you'll probably see us do it a little quicker than we thought.
Two months ago, you placed your largest aircraft order in history. We don't have good line of sight into retirements and/or. You don't have a lot of leased aircraft.
No.
Yeah. We don't have good line of sight into retirements. What should we think about sort of a longer-term capacity CAGR, and what internal measures do you look at before deciding to grow the franchise?
I'm really pleased with the last big order we put with Boeing. You know, with all the lack of slots available from the OEMs, we wanted to tie in the next 10 years.
Yeah.
This last order gave us 10 years. We go from 400 airplanes to 500 airplanes over 10 years. You know, 41 of those wide-bodies and the rest narrow-bodies. That gives us a 4% growth rate per year, including somewhere in the order of 75 retirements. That's kind of how you should think about it. We have the capacity to go 4% now. We can modulate that quicker or slower depending what's going on from a cash perspective. The idea is, you know, we wanted to level set, you know, $1.5 billion of CapEx a year, give or take as we go through.
Okay.
Now there's renewals of fleets. You know, we've got an older 717 fleet that we have to address in the state of Hawaii that does inter-island flying. We have some older. It's funny, when you join the airline, you're like, gosh, I remember bringing that airplane in when I was in maintenance, and pretty soon I'm gonna have to retire that airplane. It's kind of sobering. It's like, I've been here a long time. You know, some of those older airplanes are going away. We got rid of our 900s. Some of the 800s are getting older. We just have a really good narrow body fleet renewal program. The wide bodies are coming in exactly when we want them to come in.
It all makes sense in terms of how we're gonna manage, you know, cash flows and CapEx over the next 10 years.
Since you brought up the 717, Mark and I were recently skiing with a former Hawaiian executive, and we were talking about the 717s, and this individual's view was that the optimal aircraft was a 145-seat turboprop. Of course, that aircraft doesn't exist. That's gonna be a long wait for that airplane. In light of that reality. Good to see you, Charles. What do you think is the most logical replacement for the E2? Or
Yeah
I'm sorry.
No
The witness.
No, no. Listen, listen.
Damn it.
It's I've been clear with my people, is I'm a maintenance and engineering guy from training, right? I said, "The one thing I care about, you know, as you guys are giving options, I want an engine that can last.
Mm.
That thing does a ton of cycles, and it's gotta be a bulletproof engine, and not an engine that's gonna cost us a fortune, that's not reliable. As we know, the new engines of today, you know, they save a lot of gas. We'll see what the maintenance costs are on those engines from a life cycle perspective. I want a bulletproof engine. That is my number one requirement, bulletproof engine, and it's gotta serve the needs of the residents of Hawaii in terms of seats and frequencies. It needs to fall into our cost profile.
Mm-hmm. Obviously
of the overall Alaska. I built the box, and I said, "Go solve the problem." Their job is to come back to me here in the next, you know, 12 months. I think we have a little time on the 717s, but not that much time to figure out, you know, what our options are, going forward.
I'll lead the witness one last time if there are no hands going up in the audience. Hopefully you'll join us again next year. I'm going to ask you next year what role, what influence AI had since you and I last sat here, which is now. What do you think your answer will be next year?
Yeah.
It may not be my opening question next year.
No, you know what, and I hope to be here next year.
I'll start with a guide.
Well, look.
You know, as we do. You know.
Let-
Know your audience.
Yeah, no. Look, I'm super excited what we're doing with AI. You know, a couple things when you're an airline, you're so busy running an airline that it's hard to devote a lot of resources to AI, so we've partnered with a company called UP.Labs. They're a company that creates companies to go solve problems for the industry or for a certain company. For me, it's we're focused on, you know, a few parts of the business. One, safety, operational efficiency, the guest experience, back office, and the commercial side of our business. Those are five. There's seven-
Mm
mini companies that we've started that are focused on those five areas right there. They're all in different phases of where they are, and I'm super excited on the safety one, for example. This is, you know, how people report, how the data gets analyzed, how the data predicts where some of your safety issues are gonna be. That's just one example that's close to launch in the next six months that I hope to say, "Look, this is.
Okay
This is a tool." We've got a few more that are making a ton of progress. I hope to say, "Look, these were seven projects," and I know not all of them are gonna work. I'm just saying if I do seven and three work and three end up bringing $100 million of benefit to the bottom line, which is not contemplated in the long-term goal.
Right
I do believe AI is gonna bring savings, you know, that's what I'm looking for. I'm super excited about this. We've got a dedicated team, small team working with this UP.Labs. I'm saying, "Look, let's not distract us running what we have to do, but let's work this in parallel and integrate it with the airline as it comes in." I'll give you an update in 12 months.
All right. We'll see you then.
All right.
I'm sure I'll talk to you before then, but thank you, Ben. Really appreciate it.
All right.
Thanks, everybody.