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Alaska Air Group, Inc. (ALK) CEO Brad Tilden on Q1 2020 Results - Earnings Call Transcript

May 05, 2020 6:23 PM ETAlaska Air Group, Inc. (ALK)
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Alaska Air Group, Inc. (NYSE:ALK) Q1 2020 Earnings Conference Call May 5, 2020 11:30 AM ET

Company Participants

Emily Halverson - Director, Investor Relations

Brad Tilden - Chairman and Chief Executive Officer

Ben Minicucci - President

Shane Tackett - Executive Vice President Finance and Chief Financial Officer

Nat Pieper - Senior Vice President of Fleet, Finance and Alliances, and Treasurer

Andrew Harrison - Executive Vice President and Chief Commercial Officer

Chris Berry - Vice President, Finance and Controller

Diana Rakow - Vice President, External Relations

Conference Call Participants

Savi Syth - Raymond James

Mike Linenberg - Deutsche Bank

Joseph DeNardi - Stifel

Jamie Baker - JPMorgan

Helane Becker - Cowen

Catherine O'Brien - Goldman Sachs

Mike Maugeri - Wolfe Research

Duane Pfennigwerth - Evercore ISI

Darryl Genovesi - Vertical Research


Good morning. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Alaska Air Group First Quarter Earnings Release Conference Call. Today's call is being recorded, and will be accessible for future playback at alaskaair.com.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session for analysts [Operator Instructions]. Thank you.

I would now like to turn the call over to Alaska Air Group's Director, Investor Relations, Emily Halverson.

Emily Halverson

Thank you, Chris. Good afternoon, and thank you for joining us for our first quarter 2020 earnings call. This morning Alaska Air Group reported first quarter GAAP net loss of $232 million. Excluding onetime cost and mark-to-market adjustments, Air Group reported an adjusted net loss of $102 million. Onetime costs incurred this quarter include approximately $160 million of asset impairment charges that were triggered as a result of the significant decline in demand for air travel and market conditions. These impairments included approximately $145 million

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