

To date, we have not seen an impact to travel demand from the conflict in Ukraine, but we, of course, are monitoring this closely. Domestic consumer revenues are exceeding 2019 levels and the recovery in business travel, revenue has accelerated as offices reopen and business travelers rebuild face-to-face relationships.ĭemand for long-haul international is growing, as travel restrictions lift, led by the Transatlantic. In March, we had our first month in two years of positive unit revenue compared to 2019, and we achieved record co-brand acquisitions, co-brand spend, and cargo revenue. With the rebound in demand, the month of March was the best cash sales month in Delta's history, outpacing our prior record from spring of 2019 despite offering 10% fewer seats. These actions align with Delta's long-standing values of shared success with our people. We rewarded our people with a special profit-sharing payout in February based on the second half of 2021 profitability and announced a 4% pay increase that's going to be effective May 1. And I know, our teams have been working incredibly hard, and I want to thank all of them for what they're doing for our customers and for each other. Restoring capacity during a period of rapid demand recovery has proven challenging for all of us in the industry but Delta people continued to lead the way, I want to thank our customers for their patience and understanding as we navigate the challenges of ramping up operations into the peak travel period. This results from the dedication, professionalism and hard work of Delta's more than 75,000 people worldwide. Delta continues to provide best-in-class operational, customer, and financial results in a dynamic environment. As omicron receded, we saw a surge in demand, supporting an inflection to a solid profit in the month of March. As expected, January and February generated operating losses.

Our revenue recovery in the March quarter reached 79% of 2019 levels, five points ahead of the midpoint of our initial guidance.
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We generated $200 million of free cash flow in the quarter and a 10% operating margin in the month of March. This morning, we reported March quarter results, marking another important step forward in our recovery. At Delta, we've provided meaningful financial and operational support to assist the people of the region in connection with our partnership through the International Red Cross. We are proud to have raised the Ukrainian flag at our global headquarters in Atlanta in solidarity with the people of Ukraine. Before we begin, I want to acknowledge the humanitarian crisis in Ukraine.
