CAPA Live December 2021_Outlook for 2022 - Americas

Transcript

Speaker 2:

Hey everybody. Welcome to CAPA Live in December 2021. As we're approaching the holidays, we're really blessed today to have with us, Christina Cassotis who's the CEO of the Allegheny County Airport Authority, which runs Pittsburgh and also Allegheny County Airport.

Speaker 2:

We also have Andrew Watterson who's EVP and Chief Commercial Officer, Southwest Airlines. Both of them have terrific backgrounds that you're going to be able to get in your materials.

Speaker 2:

But suffice to note, they know all about network planning. They know all about leadership, extensive time, both at their locations. I think Christina, you were also at Massport for a good while. I know Andrew, you've done a long stint at Southwest, but also I think in Hawaiian, right? That's a nice warm get to think about right now.

Speaker 2:

Let's talk. There's so much going on in the aviation industry. We've got so little time, but I wanted to talk to you first. Maybe Christina, if you could start us off, lay the groundwork extraordinary time in aviation.

Speaker 2:

We thought we were spooling back up after 20 very difficult months where domestic has come back, international has been shut down. Now we have a new variant and its difficult times it seems again. But how do you manage through the crisis, and how does a leader at a major airport manage through a crisis like this?

Christina Cassotis:

First of all, thank you for inviting me. I'm honoured to be here with you and with Andrew, who's certainly one of our most important partners here at Pittsburgh. I'm excited to be here and having this conversation. How do you manage?

Christina Cassotis:

We do different things. We don't do them differently, that's what I say. We have been able to manage our internal team, our stakeholders, all the folks who rely on this organisation and in all communities, airports are incredibly important the role that they play.

Christina Cassotis:

Throughout the pandemic, we have been reminding people, our own teams, folks who work on the campus and people who rely on this airport, what we're doing and why it has been a long haul. People are fatigued. People are tired.

Christina Cassotis:

It has been tough on front lines who don't get to work remote, to make sure that they understand what they're doing every day. Supporting our military, supporting the ability for cargo to get in and out of this airport and supporting families, being able to reunite get back together or in the early days, just get home.

Christina Cassotis:

That's what we've been doing is I would say communicating relentlessly. I held calls every Wednesday for I think a year, all three shifts. To tell people what was going on, to tell them what we did know what we didn't know and to answer questions and to remind everybody that the work we do is incredibly important and that they are incredibly important.

Speaker 2:

Communication is key, isn't it? In a crisis like this, people have anxiety. They're frustrated. They don't know if they're going to be laid off, especially in the aviation industry at Furlough. Just basic communication, frequent communication is a key, no?

Christina Cassotis:

Frequent and authentic. You actually have to say things like I don't know, or this is what we know so far. What I can tell you so far is the first question everybody asked is what about me? And that's fair because they all have families that are relying on them, and they all have people they're worried about.

Christina Cassotis:

We told them what we knew at the time and then we said and it could change. What we have been relying on is frequent communication, authentic communication, making sure that we are listening as much as we're talking.

Christina Cassotis:

I would say that, that's been the key to our approach. It's pretty representative of how we lead anyway, so that wasn't new. It's just that the frequency stepped up.

Speaker 2:

Andrew, do these things bring true as well at Southwest? Obviously, Southwest has this history of fantastic leaders that starts at the very top, who are known for both frequent and informal communication as well in person communication. Is this something that's been key to Southwest'S ability to navigate this turbulence?

Andrew Watterson:

Yeah. Obviously I support what Christina said about communication. From the get go, we gave confidence and communication. We said that there would be no layoffs and no pay cuts until the end of 2020. We were early days in the pandemic. We managed our finances very conservatively.

Andrew Watterson:

We have a balance sheet that can withstand a lot of turmoil, and so we knew that we could say that to start with, get everybody comfortable. And then the communication every week, a regular communication you can count on every Monday, Tuesday. Some communication coming up, letting everyone know what's the status of things.

Andrew Watterson:

And then from then you have to get people pointing in the right direction. It took an approach of 30, 60, 90 day plan, so wherever you are in the company, set up a 30, 60, 90 day plan and act on it. We don't know how the world's going to change.

Andrew Watterson:

Your plans could come to not, but everyone focus on 30, 60, 90 until we could get back to where we had the luxury of looking longer term, from most of our plans. That was our approach and it kept us focused on the here and now, because if you start getting lost in the world of what ifs, then you almost become paralysed. Confidence, communication and action.

Speaker 2:

But aviation's a bit different than a lot of industries. Even for someone like me as an outside council, or if you're an investment banker, or if you're in even real estate sales, sometimes you can do so much of this in a virtual way.

Speaker 2:

I can sit at my desk and write a brief and file something in court virtually. Aviation, you're putting yourselves and your teammates in the front lines in direct contact with customers who face it obviously, quite a few of them probably could have COVID at any point in time. How does that make navigating this different for you Andrew and Southwest?

Andrew Watterson:

That's part of the confidence I talked about. The first confidence people want to know is, is my job secure? Am I going to be okay financially individually? That was the first one.

Andrew Watterson:

Then as we learned more about the health nature of the crisis, then we put in place, we call the Southwest Promise. Other airlines maybe did their version of it, which is a multilayered approach to protecting our people and our customers.

Andrew Watterson:

Getting information about here's how the virus is transmitted that we know of today, this will change. Here's the layers of protection we're using, and we're asking of you to do it to protect yourself and to protect our customers.

Andrew Watterson:

That was the big crux of it. That was a lot towards our frontline workforce. For our back office workforce, those are the ones we did ask to work remotely, because as an airline, you have a control centre that you must operate or you can't do business.

Andrew Watterson:

You have a training centre which you must operate or you have to shut down. You don't want to have super spreader events on those two. In fact, if you came to our headquarters, you would see that those two facilities are hard to withstand tornadoes, because once again you lose them you're out of business.

Andrew Watterson:

That's what we do to protect the back office. Those people we asked to keep coming in everyday but to protect them, we asked those who were not essential to work remotely for the most part.

Andrew Watterson:

There were some activities that could not be remoted, some leadership that we wanted to have in person. But the people that work remotely for us was mainly to protect those who had to come to headquarters for us to keep operating.

Speaker 2:

Christina, you don't have flight attendants flight crew, but you do have people on the ramp. You've got a lot of vendors that need to come to work and be there. You've got a lot of employees providing both overall strategy, as well as constant operations and maintenance. In some cases, construction, terminal development. How do you deal with that?

Christina Cassotis:

I appreciate what Andrew said. I liked his characterization of confidence. That is exactly how we looked at is first, let's make sure people understand where they stand in their ability to keep their job and then it became what about me? Am I going to be okay?

Christina Cassotis:

The way that we approached it, I remember because I'm sure we all have our stories. But as soon as Tom and Rita got sick and the World Health Organisation declared the pandemic, we were ready to go.

Christina Cassotis:

We had all gathered about a week before senior leadership, and we just created a whole tactical plan for how we were going to do this. One of the first things that we did, is decided to peg our rotation of our executive team in 14 day increments, because that was perceived at the time we knew would be incubation period.

Christina Cassotis:

We did not use the word essential, we said everybody's essential. Try to not get paid someday. Trust me, every part of this organisation is essential. We talked about essential onsite and essential remote.

Christina Cassotis:

Essential onsite with stationary engineers, the electricians, the heavy equipment operators. Those folks have to work here as do the front lines of customer service, et cetera.

Christina Cassotis:

We actually changed job function. We actually changed the way that folks do jobs. No more two guys, two people riding in a truck. It was one truck per person. If it was a four person cab, you had to have a diagonal windows open masks on.

Christina Cassotis:

We changed the way we did work for the front lines. And then for those of us who did not need to be here every day, what we did for the executive team is the first half of the month team one was in and the second half the month team two was in.

Christina Cassotis:

I did not see half of my team for 18 months, because what [inaudible 00:10:21] no matter what, we would have folks who could operate this airport and that we kept people physically separated in those rotations.

Speaker 2:

That's the day to day, but both of you are very senior leaders requiring vision and strategic vision, and needing to make network planning decisions long term terminal development decisions.

Speaker 2:

Andrew, you saw some carriers, I don't like spirit really grew in what they thought was an opportunist way, adding routes and trying to be aggressive to maybe take advantage of changes in the marketplace.

Speaker 2:

How did Southwest change or alter if at all its own strategic vision on its network strategy? Have you needed to be a battlefield commander in effect, being able to throw out the business plan, once you see the battlefield changing?

Andrew Watterson:

We adapted our approach over the course of let's say the first six, nine months of the pandemic. When we initially were shutting down as a country, as an industry, we had a hypothesis that this could be like SARS as experienced in Asia.

Andrew Watterson:

And SARS as experience in Asia was a sharp drop in demand and activity, followed not too much longer afterwards with a sharp rebound in activity. Therefore, we were preparing ourselves for that. And then the summer came along [crosstalk 00:12:02].

Speaker 2:

Shaped recovery.

Andrew Watterson:

And that's the way it was for SARS, the original SARS in Asia. We brought our network down, which actually bring your network down to just essential service is harder than just shutting it down, by the way we learned that, because just shutting it down you just park it. Keeping everything going [crosstalk 00:12:19].

Speaker 2:

Shut it down.

Andrew Watterson:

Then we saw the case counts come down. We had the false dawn of summer of '20 and then so we were bringing back our activity level, and we put a stake in the ground by the end of the year we're going to be. That would have put us in a good position.

Andrew Watterson:

Then we saw the summer of '20 the summer wave came back and then we realised this is not going to be like SARS. This is something completely different, so now let's adapt our strategy.

Andrew Watterson:

At that point, we went back to a version of what we've done in previous recessions is when a recession, whether it's caused by health or just economic crisis, you have reduced demand everywhere you fly. Every city payer you're flying has reduced demand.

Andrew Watterson:

Therefore, you can't keep the same amount of capacity. That means you cut flights. You could do that and then have idle people and idle aircraft and we've never laid anybody off. We've never had involuntary pay cut.

Andrew Watterson:

We were we don't want to do that, so let's look for what we call new revenue pools to redeploy these people and these assets. Then from summer of '20 onwards, we opened up 18 new cities, did a big expansion to Hawaii and connected some other dots we weren't connecting.

Andrew Watterson:

About 125 plus of our aircraft, we redeployed in new uses out of about 730 that we were flying around that time, if my memory serves me right. That allowed us to keep the people busy, keep their jobs and keep the planes busy, and then also minimise our cash burn.

Andrew Watterson:

We ended up coming out of the pandemic with a much stronger cash position than other airlines. In fact, our cash position versus our debt what often referred to as net debt improved from before the pandemic to after the pandemic, whereas our competitors it got worse.

Speaker 2:

I'd like to know how you did that because obviously, especially on new routes, we've got to be marketing them and in the pandemic demand falling off, you've got to have very low load factors, very low yields because the business driver's not back either, so how'd you pull that one up?

Andrew Watterson:

One of the things you have to look at as a business person, it says what's a cash and a non-cash cost. Cash burn is just cash cost. We already own the aircraft. If you did a fully burdened P&L you might come to one outcome. But if you say what's truly variable, we're going to keep paying our people no matter what.

Andrew Watterson:

Salaries are fixed, airport rents are fixed for the most part, mortgage payments and aircraft are fixed. What's truly variable? And then it's actually a very small percentage of your costs that are variable in a distress situation like that.

Speaker 2:

Can I interrupt you? Is your aircraft acquisition non-lease strategy a key to that?

Andrew Watterson:

We own the vast majority of our aircraft.

Speaker 2:

Which is very unique among major aircrafts.

Andrew Watterson:

And so it's part of our conservative nature as far as our finances go. You start these new routes and if you look at the 18 new cities, you draw a line from the new city back to where the flight started, it's a city where we have a very large customer base.

Andrew Watterson:

We started Myrtle Beach and guess what? The people of Pittsburgh love Myrtle Beach and they love Southwest Airlines. It came on like that. Those are the type of things [crosstalk 00:15:40].

Speaker 2:

Compliment at all, because your commonality was 737 so much? Your ability to drop frequencies down in one market and open up somewhere else, but it might be some dropping the 787 and going RJs is a lot more difficult in terms of managing your own flight crews, but you don't have that problem.

Andrew Watterson:

I think that could help at some point. Our competitors who outsource a lot of their flying to regional operators, ended up using their regional operators a lot, which were lower pay rates and smaller aircraft.

Andrew Watterson:

I don't know if it comes down that it helped us or hurt us as far as our aircraft type versus their aircraft types. But we knew that we had to act quickly and decisively to keep our cash burn in order, and so that's what led us to this.

Speaker 2:

And now you see American announced in the last 48 hours pulling back a lot of their non stops, particularly in international markets they had planned, blaming it on the 787 lack of production and deliveries.

Speaker 2:

But are those markets you expanded into now with the Omicron variant, are you now pulling back frequencies on that? Or are you exiting some of those that you began?

Andrew Watterson:

No, we're very happy with all of them. We just published our summer schedule coming up here this week. And you'll see that Myrtle Beach Pittsburgh goes back to daily next summer. We're pleased with that.

Andrew Watterson:

If you look at recessions, whether its caused by a health crisis or otherwise, it takes a number of years before business travel gets back fully to where it was before. We knew that no matter what, it would take a number of years for us to be required to restore our business frequencies.

Andrew Watterson:

Our business frequencies are what's missing right now, and business travels what's missing right now. It will take some time for that to come back. Therefore, we're going to pace the replacement of those missing frequencies over the next year or two, with the pace of business demand returning.

Andrew Watterson:

Therefore, we want to keep those all those new markets, because it's a leisure world right now, until we get the corporations fully travelling again.

Speaker 2:

Christina, you answered the first question about how you have managed to stay on track with long term strategy and terminal development. Things you need to do regardless of the visitors of travel. But Pittsburgh is probably known better as a business travel market than as a pure leisure market like Myrtle Beach. Does that concern you? Does that trouble you? Does that make you rejigger your strategic planning?

Christina Cassotis:

First of all, Southwest could drop a pin in any place in the United States, connected to Pittsburgh and people would show up. They love Southwest in this market. I appreciate the strategy that Andrew and his team have taken, because Pittsburgh is absolutely going to respond.

Christina Cassotis:

And while we're not necessarily known as an inbound leisure destination, we have a whole lot of people who want to go to leisure destination. It is right, leisure is king coming out of any of these incidents that we've faced, whether it's 911, or the recession, et cetera, leisure comes back first.

Christina Cassotis:

We've seen that here we're back to about 75, 80% of our pre pandemic traffic and growing every month. I'm not worried. We have people who are travelling for business. They're not necessarily broadcasting it or announcing it, but they are travelling for business. I'm back on the road.

Christina Cassotis:

But let me get to the first part of your question, how did we maintain the big picture stuff through the crisis? What we did is we actually created a stat team. We created a team of folks cross-functionally from every department, to focus on the day to day crises and the day to day reactions that needed to happen as a result of the pandemic.

Christina Cassotis:

And then we were in Andrew's case, we have lots of really smart people here. We were working on some pretty big initiatives and we kept working on them.

Christina Cassotis:

Throughout the course of the pandemic, we actually came out of the pandemic with a new airline operating agreement, which we thank our partners for, because we've been working with them monthly for five years to get that operating agreement done and get the approval for the new terminal.

Christina Cassotis:

We were able to break ground on the new landside terminal finished design. We actually opened a micro grid. I think we're the first site hardened airport in the world.

Speaker 2:

I wanted to talk about that.

Christina Cassotis:

And that was no cost to us. That was a great public private partnership, lowered our carbon footprint, lowered the cost of energy and our billings, obviously to the airlines and made us fully resilient and redundant.

Christina Cassotis:

We move forward on Neighbourhood 91, which is an advanced manufacturing production site on our property. We actually sold out the first phase and we have been moving forward on a number of other key strategic initiatives.

Christina Cassotis:

What we found was that we actually did have the bandwidth to manage the day to day, as well as to move forward on all of our initiatives. And then even to come up with new ones like our xBridge, which is 10000 square feet of innovation space at the end of one of our terminals.

Christina Cassotis:

We can test every single new possible technology and the materials for the new terminal. We don't want to open with baggage systems that don't work.

Speaker 2:

And you weren't quite as reliant on a lot of the international traffic, because some hubs were right that have suffered a big pullback from some of their carriers. And so that's [crosstalk 00:21:23].

Christina Cassotis:

We haven't been a hub for 15 years. Just to be clear, as a strong origin and destination market that was rebuilding international. Listen, I am very happy to not have service that we can't support. I do not want anybody coming into this market if we can't fill the planes, because I don't want them to have to make a different decision in the future.

Christina Cassotis:

This is a community that when the hub went away in '04, a lot was lost and we care a lot about the integrity of the service that we have and our ability to support it.

Christina Cassotis:

Myrtle Beach, any day all day, that's going to work. One of the things I learned when I moved to Pittsburgh is evidently Myrtle Beach is Pittsburgh for five months out of the year. We have lots of opportunity to continue to put people on aeroplanes and we just want to put them on the right ones.

Speaker 2:

As a golfer with and Andrew's I think behind me with my son, I'm all in favour of the Myrtle Beach service. Let's talk about the environmental issue, which you raised. I think micro grid Andrew, there's been a change in administration.

Speaker 2:

There's been a change almost a sea change in global thinking, obviously with Glasgow now behind us on the need to rid ourselves of fossil fuel reliance, and to dramatically reduce carbon emissions.

Speaker 2:

Seeing an upward trajectory of traffic by the major carriers internationally and being in the upper atmosphere, challenges of sustainable aviation fuels and tweaking the last drop out of engine technology.

Speaker 2:

How is it for Southwest and a major carrier today, to try to meet commitments or promises to be carbon neutral by X state? How can you really sustainably increase your operations in an environmentally friendly manner, without ruining your economics? It's a very daunting challenge for the airline industry, how is Southwest dealing with it?

Andrew Watterson:

It's something those events have made focused attention, but it's been a trend for a while of increasing consciousness and desire to improve our carbon footprint, or reduce our carbon footprint. For the industry as whole and then for us, there's a part of this which overlaps directly with doing business.

Andrew Watterson:

The U.S. domestic aviation industry burns less fuel in total than it did 10, 20 years ago. I can't remember the exact date. The idea that we would continue to burn less fuel while growing, is reasonable based on history.

Andrew Watterson:

We have a big order book with Boeing, with the Max jet, it's much more fuel efficient in this process about 14%. You get a natural tailwind from that and some other items you can do, but the big step change you need over time is sustainable aviation fuel.

Andrew Watterson:

If I just start with aviation fuel, aviation fuel is actually not a big industry for the big oil companies around the world. For them to want to invest in improving that product is a big ask. Part of us is we've been trying to get that attention, but what's needed is some help from the government to get it jump started.

Andrew Watterson:

The blender's tax credit that's in one of the bills as a way to incent the oil companies to put more of their R&D and management bandwidth towards sustainable aviation fuels, because those are proven those do work.

Andrew Watterson:

We just need to scale them up, so you can get to the point where the volume is available and the cost is reasonable. The government has a role in jump starting that. Just like the government's jump started a lot of technologies over time.

Speaker 2:

Would you like to see the government actually doing more in its own expenditures? NASA does a lot of aeronautical research. As a former FAGCA, I work with them very closely and they've been key and they're doing stuff today on supersonic travel.

Speaker 2:

They're doing things on Vital, they're doing things on electronic aircraft. Is this something that the government itself should be undertaking not just providing tax incentives, but actually providing its own research and development think tanks and partnerships, to come up with a more sustainable aviation fuel?

Andrew Watterson:

I think our primary research is always the bare wick of the government to do that. But prior or primary research has led us to the point of these sustainable aviation fuels being technically proficient available.

Andrew Watterson:

Now it's more about the economics of it. I think there's a get the economics to where it's reasonable, which really is about a volume about a learning curve effect. You see with every fuel, every mechanical process and chemical process, you got to get down that volume curve.

Andrew Watterson:

Getting the government helping industry get down that, will get a sustainable aviation fuel. There's next generations of sampling fuels such as power to liquid, where you take green energy from windmills, let's say capture carbon, combine it with water and you can get aviation for a lot of that.

Andrew Watterson:

That requires maybe more R&D the government can work with industry on. That's more of the 20 to 30 years out, the zero to 15 years is with the current technology, getting it cost effective. I think there's a path here. We just need a little bit of a jump start from the government.

Speaker 2:

Christina, can you touch on that briefly because I'm going to switch to innovation, but to my mind, you're really one of the real leaders in environmental sustainability. I'm not aware of any airport, at least in the U.S. system, that has weaned itself and been so completely reliant on clean energy sources. How have you done it?

Christina Cassotis:

I love everything that Andrew just said and I'll tell you first of all, the industry has been paying attention to this for a long time, but it hasn't necessarily been talking about it in ways that people understand.

Christina Cassotis:

I think we have a better job to do as an ecosystem to come together and talk about first of all, all the benefit of aviation, because we're not putting that toothpaste back in the tube. We all want to keep flying.

Christina Cassotis:

Let's make sure that these guys don't get taxed to the point where they can't make the investments going forward, and then people stop parking at my airport and going through security and buying food at the concession.

Christina Cassotis:

We have a big vested interest in the airlines being supported, and we're looking at some carbon capture startup out of CMU that are getting VC funded and bringing them into our xBridge to see how we can help.

Christina Cassotis:

We also are looking at why can't we be using LNG as a transition fuel, while we get to the amount and the cost of sustainable aviation fuel. Because what I want to make sure of is that we continue to earn our right to grow as an industry.

Christina Cassotis:

And we continue to demonstrate the benefits of this industry to people who rely on it, which by the way, is everybody. Nobody doesn't rely on aviation. I'm really passionate about this and we want to be part of the solution.

Speaker 2:

We want to also avoid the more punitive measures, the carbon taxing, emissions trading schemes that are quite elaborate and have cost to them. Let's get to innovation, because you guys are both doing a tonne of innovation.

Speaker 2:

We've seen other carriers, Andrew JetBlue, United is investing directly in their own venture funds, or in JV aviation for vertical takeoff and landing systems. Southwest has long been an innovator, particularly in its website and having customers go to southwest.com not using online travel agents.

Speaker 2:

But are airlines becoming more technology leaders versus followers, and what Southwest up to in this area? Do you want to JV with people to further take it to another level?

Andrew Watterson:

I would say that the innovation that we're focused on is more continuous improvement type innovation. These moonshot innovations, there's room for venture capitals and others to do the speculative stuff.

Andrew Watterson:

I should give American Airlines credit for developing spinoff sabre. But since then, I can't think of an airline who's met investment that's come up roses. What we focus on is the innovation in our back office technology, and the process optimization in our frontline.

Andrew Watterson:

It's that more continuous improvement day to day, not moonshot. Each company has its own profile. As I mentioned earlier about our finances, we're super conservative in our finances, so you're not going to see us plunking down cash for something super speculative.

Andrew Watterson:

Now, if it's needed to get something tangible across the line of course, but I think this is more of go small as far as day to day innovation goes versus moonshots.

Speaker 2:

And Christina, tell us a little bit more about experts and that technology and what you're trying to do there?

Christina Cassotis:

First of all, huge endorsement to Andrew's perspective. I think that we are not going to innovate for the sake of innovation. We are focused on innovation that drives to a business result.

Christina Cassotis:

The xBridge is all about testing and looking at how do we solve problems that are tied to cost efficiency, customer satisfaction, employee engagement, revenue generation?

Christina Cassotis:

For example, we were looking at wait time technology and the costs were very big for the existing systems. We thought let's build our own and let's improve on it. Instead of buying an off the shelf TSA wait time technology platform, we built one with a local startup out of CMU added cameras to it and now it's predictive.

Christina Cassotis:

Actually, we built it for 10 grand, I just want to be clear, $10000 instead of spending a million. We have wait time technology that gives you wait times within a minute of accuracy and is predictive, which means at some point soon, you'll be able to say I want to get through security at 1:30 what time should I leave my house? Because it'll be tied into a traffic app.

Christina Cassotis:

That's what we mean by innovation. What we are looking for is with all of the great innovators in this community, because of Carnegie Mellon and Pitt, and all of these universities, how do we work with them to bring them in and work with our front lines and our teams to say what do we need to know? And how do we build it? Does it exist already? Can we improve upon it? That's what we mean by innovation and that's what the xBridge is all about.

Andrew Watterson:

Similar we have a warehouse where we've mocked up cabins and gate areas. We tried different processes, different technologies to see what's going to be the impact.

We go to certain airports and test it out. We have camera technology, video technology that helps us measure the results and so it's that type of stuff. Just like what Christina is talking about. That's the key to getting better every single day.

Speaker 2:

I'm trying to work in a lot of advanced biometrics and making the one travel experience a lot more seamless, a lot more efficient, not gathering people in huge crowds, which is itself a counter terrorism at risk issue.

Speaker 2:

There's a lot of room for improvement, but I guess as you say Andrew, more success and manageable chunks, versus a moonshot. Listen, we can talk all day on these issues. We're very blessed that you guys have taken the time in your very busy schedules to be with us at CAPA Live.

Speaker 2:

It's going to be a wonderful CAPA Live this year. We're all looking forward to a fantastic holiday season. I'd like to thank Andrew and thank Christina and turn it back over to our CAPA Live. Everyone have a happy holidays and a Merry Christmas and a very happy New Year. God bless.

Andrew Watterson:

Thank you.

Speaker 1:

Thank you. That was great.

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