"Domestic fundamentals are certainly being impacted by excess capacity and some slowing of the economy. However, I believe the biggest culprit is undisciplined pricing behavior, particularly the loss of Saturday night stay restrictions, weakening of advance purchase requirements, and secondary airport LCC pricing polluting primary airport city pairs."

"In addition to continuous improvement of our flight network, we are also tackling a very focused effort on optimizing our MileagePlus asset."

"The industry has evolved greatly since MileagePlus was introduced over 25 years ago...and past practices frankly don't align very well with today's current realities."

"We are re-evaluating all aspects of the MileagePlus program to ensure that it is not only rewarding for our most important and frequent customers, but make sure that we also do it in a way that provides full economic sense" (emphasis mine)

"We will improve those features of the program that reinforce profitable customer behavior while minimizing over-delivery of benefits for low-margin activity." (emphasis mine)

"Look for further economically-motivated improvements in MileagePlus as we continue to drive higher profitability."

"Product unbundling...is another area that we believe contains much opportunity for further revenue generation. Unbundling produces new streams while at the same time prioritizing scarce resources for our most important customers. Our first unbundling initiatives focused on upsell revenue. They proved extremely successful..."