Truncated ops/ Travel restrictions to impact profitability With domestic air travel resuming only from May 25 th at 1/3rd of approved 2020 summer schedule (nearly 2 months after being grounded), we expect 1Q performance to be adversely impacted due to 1) loss of peak summer travel days 2) truncated size of operations 3) little to no ancillary revenues (except for cargo operations) and 4) travel restrictions by state governments adding to confusion, thereby further denting consumer confidence. With the introduction of price brands based on flying time, we expect yields to...