Thanks, guys. And indeed, I mean, we can't talk about it enough, and maybe we need to talk about it more. Discounted offers are only available to new members. With respect to the NEA and I guess, the Justice's concern about potential consumer harm, have you put out any numbers about what you have done from a consumer benefit perspective since it's now been up and running, I think, for some time, or is that something that we just won't find out about until September? Yeah. So thanks, Mary. That is one where the -- throughout the pandemic, even though airline revenues fell, our co-branded revenues never fell nearly to the same degree. 
And we've got some pretty cool new technology that really focuses on how we manage to do that. Steve Johnson -- Executive Vice President and Strategic Advisor. What we are encouraged by is as we have rolled through March, there's simply more demand inside of 14 and more business and business and leisure demand. Thank you. We're ready for the summer, and we have sized the airline for the resources we have available. And our next question comes from Savi Syth with Raymond James. Yes. Understandably as the pandemic wore on, we would have periods of time where everybody showed for a flight in periods of time where the show rate could be as low as 70% of what was booked. Outside of 14, indeed, there is a significant level of fare strength across any competitive O&D grouping there might be. And I'm confident that the quality of life and the compensation for pilots is something that's going to attract a lot of people to the industry. I guess, maybe just to put a finer point on it. I was looking for a net number. We're way ahead of it. Managements Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. And just right off, we haven't had much interaction with customers that have said they want to do anything different. We're certainly not taking anything for granted. We also inducted eight dual-class regional aircraft and parked three 50-seat Embraer 145s. OK. I'd like to turn the call back to Robert Isom for closing remarks. And as we look forward into the coming months, that continues to be the case. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Thank you. Thank you. Hey, David, we're going to start with Maya Leibman and talk about some of the things we've done.
For the year ahead, we are resolute in achieving two key goals above all else, running a reliable operation and returning to profitability. So most everything is in place to fly. Hi. Do you have any historical perspective on consumer demand at these levels of inflation? So I think this is a forward guide, which we think is where we're going to get and be profitable for the quarter. I mean, -- I think the numbers Derek talked about, the 600, that was this year alone.
And indeed, it's not far from that right now. First, demand continues to grow and grow at a meaningful pace. Take care. Indeed, on our card with Barclays, our spend is growing at a greater rate than inflation. American and its regional partners operated more than 500,000 flights in the quarter, an 8% increase over the second quarter of 2021, with an average load factor of 87%, which is 10 points higher than the second quarter of 2021. So what we're seeing in the last four to six weeks, it's improved by several factors. Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved. Hey, good morning. Are you -- if someone doesn't want to fly they're immunocompromised, are you just giving refunds? [Operator instructions] And our first question comes from Alison Sider with Wall Street Journal. American Airlines Group Inc. is the largest airline internationally. One is on minimum liquidity. Second-quarter revenue of $13.4 billion was up 12% from before the pandemic, even though American flew 8.5% less than the same period of 2019, the airline said. Yes. Despite a challenging operating environment in June, Americans on-time departure rate, on-time arrival rate and completion factor for the second quarter of 2022 were each improved versus the second quarter of 2019. And fourth -- to achieve profitability for the year, I can -- I guarantee it, we need to be profitable in the second quarter.
We have 12,000 more team members on, all ready to fly the summer -- the spring and summer schedule, I feel really great about it and I'm very, very confident that we're going to fly a reliable airline as we did, and we proved over the year-end holidays, better than a lot of our competition and as we have in the first three months of this year too. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the companys stock is included in the S&P 500. But I would -- there is upside to the cash flow or something for a settlement with the Boeing team. Thank you. Running a reliable operation this summer will be critical to the continued recovery, and we have taken numerous steps to ensure we are well prepared to deliver for our customers. Does it still make sense for American Airlines to have an award chart just given where demand is and kind of how hard it is to find seats with awards these days, with miles these days? As we look at the second quarter, we expect to be profitable despite the expectation of continued elevated fuel prices. Thanks for taking the questions. And I want to thank everybody for their time today. American posted a second-quarter profit of $476 million, up from $19 million a year earlier, though the airline was still benefiting from federal coronavirus payroll support last year. No, that's exactly -- we just pegged it two days ago. I can start and others can add. And then, my second question, just really quick. Making the world smarter, happier, and richer. This is a long game. Helane Becker -- Cowen and Company -- Analyst. We anticipate overall business revenue to be around 90% recovered in the second quarter. Good morning. Thank you so much for the time. I would emphasize though that in keeping with our commitment to create a welcoming environment for everyone who travels with us, customers and team members may, of course, choose to continue to wear masks at their own discretion. Are you buying your fuel more in the Gulf Coast, L.A., New York. There are also certain industry constraints on growth in the near term, notably related to pilot and aircraft supply.
Now, before we begin today, I must state that today's call contains forward-looking statements, including statements concerning future revenues, costs, forecast of capacity and fleet plans. So the 600 is just for this year, and that's well ahead of pace where we set our expectations to.
And we feel really, I think, excited about the prospects of winning our lawsuit with the DOJ. American Airlines Group (AAL) Q2 2022 Earnings Call Transcript, Why Airline Stocks Are Down Today Even After 2 Big Carriers Turned Profitable, Why Airline Stocks Are Rising Again Today, Why American Airlines Is Losing Altitude Today, Cumulative Growth of a $10,000 Investment in Stock Advisor, 2 Nasdaq 100 Stocks to Buy Hand Over Fist and 1 to Avoid Like the Plague, 3 No-Brainer Dividend Stocks to Hold for Retirement, The CHIPS Act Could Boost These 3 Semiconductor Stocks, Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. And the best way to ensure an on-time arrival is to make sure you depart on time. Despite the quarterly loss in a difficult January and February due to the effects of Omicron, March results were markedly different. American Airlines swung to a profit in the last quarter. And this is Nate. So as it stands, we're still really encouraged by having an award chart. Yes, it's an excellent question.
I know United and Delta have talked to generating a profit for -- in 2022, just given where demand is. This article is a transcript of this conference call produced for The Motley Fool. So all of which is to say that the consumer is clearly responding to it. Your line is open. I guess, you're starting in the order of the biggest second quarter miss. David Seymour -- Senior Vice President, Chief Operating Officer.
If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. In the second quarter, the company made $1.0 billion in scheduled debt and finance lease payments, including paying off the remaining $433 million outstanding balance of its $750 million unsecured senior notes that matured in June. But if we learned anything in the last 20 to 24 months, we can adjust just about anything and do it pretty quickly. So it may take some time to work out. Thank you for that. The American Airlines team has stepped up to meet the surge in demand for air travel while running a reliable operation in very challenging conditions. In addition to that, we're scheduling the airline, employing tools that are different than we had before. We know you're going to get it right over the long term. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. And is that all related to the shortage of pilots on the regional level? Jamie, I'm going to start with this, which is the outcome in on-time arrival we know is the biggest driver of customer satisfaction, as I've said before, it makes the food taste better. I'm just trying to get a sense for kind of what the mix is within the guidance that you're giving us. American ended 2021 with our strongest operating performance in the company's history. On the call this morning, we have our CEO, Robert Isom, and our CFO, Derek Kerr.
Thank you. And it looks like Jamie is one that we've actually spent a lot of time understandably thinking about. Thank you. So our expectation as we move forward and we bring back the aircraft and utilize our fleet and get us back to 100% of 2019, that it comes at a significant reduction in the CASM calculation as we go forward. This is Steve Johnson. Thanks so much for doing this today. We are encouraged by the trends were seeing across the business, and we remain well-positioned for the continued recovery.. But do you have a count on how many of that American has banned? Thank you. So at 100 -- it was 107. Just trying to get a sense of -- I know those are the really most profitable hubs. Hey, good morning, everyone. We're simply sizing the airlines for the products we have. First one for Derek, just to confirm the updated CASM outlook that does not include any new labor deals, excuse me. So as we go and as Robert said in his comments, our CASM will get better and better throughout the year as we head back to flying. So we're going to get out there and make it happen. As for full year 2022 capacity, we now expect to be recovered to 92% to 94% of 2019 levels. And we expect that many will continue to do so. Hey, David, this is Maya. Just wondering if with your background, Robert, and having ascended to the top seat, is that still the metric that you have prioritized, let's say? System business demand is now about 80% recovered, with small to medium business revenue approaching a full recovery and corporate revenue now around 50% recovered. There's clearly a level of demand for our product and future anticipation of travel, which is very promising. And what that relationship might be telling us?
Sure. Thank you. Your line is open. Robert, let me just add to that. Our next question comes from Andrew Didora with Bank of America.
Yes, Mike, it's an excellent question.
So we don't have a specific time frame in mind, it's just something we continue to work on. Your line is open. Our next question comes from Helane Becker with Cowen. But as we look at it right now, leisure trips or blended business leisure trips are coming in at yield levels that are anywhere from 75% to 80% in aggregate of what inside 14 corporate negotiated trips are coming in at. You brought it up. We've certainly learned from issues. So creating congestion on the ramp, or if we do have inclement weather, at the end of the day, if we have flights that you may be able to get out on time, but you ought to hold for connecting passengers, we do so. On this revenue strength, we expect total revenue per available seat mile to be 14% to 16% higher in the second quarter versus the same period of 2019. This morning, we reported a first quarter GAAP net loss of $1.6 billion, or a loss of $2.52 per share. And you guys have been working on some technology to help you guys reaccommodate customers, work on this issue of not having enough seats on the plane overselling that kind of stuff. American Airlines CEO Robert Isom: We're trimming capacity in the coming quarters, Alaska Airlines will move to all Boeing fleet in 2023, says CEO Ben Minicucci. Our next question comes from Mike Linenberg with Deutsche Bank.
And those markets, such as London and long-haul South America, are recovering pretty quickly, too. OK, David, your line is open. We have the trainers coming in. Hi, David. And with the technologies that we've got proactively moving customers off so that we don't have the same level of denied boarding expense that we had in times past. Short way to say it is we are seeing a lot of strength in a fair environment with customers who frankly value quality of product that we have and are willing to pay us at flat. American produced revenues of $8.9 billion in the first quarter, including industry-leading passenger revenues of $7.8 billion. I don't know, because we haven't talked about it. So while the regional carriers are able to source pilots at this time, we just can't get them up to speed, and in the position, fast enough. Certainly, one that we spend a lot of time thinking through and working on. And indeed, we're able to generate more revenue through the overbooking flights. The American team has done an incredible job of setting up the airlines to take advantage of the rebound, pointing our network to where our customers want to fly, establishing partnerships in more challenging areas and making sure efficiency is top of mind.
Again, we sized the airline for the resources that we have available. I guess, in a couple of days since that policy has changed, have you seen any evidence of any kind of shift in bookings, increased bookings or decreased? What level of restoration in international flying does the revenue guide embed? For additional financial forecasting detail, please refer to the companys investor update, filed with this press release with the SEC on Form 8-K. In the first quarter, we took delivery of nine Airbus 321neos and reactivated seven previously stored Boeing 737-800s. It seems more comfortable, service more friendly, all that. Great. We expect to make $1 billion of scheduled debt payments in the second quarter, which includes the remaining outstanding balance of the unsecured senior notes. American is proud to offer customers the youngest fleet among U.S. network carriers and the largest network of any U.S. airline, with an expected average of more than 5,400 daily departures for the remainder of the summer. Cost basis and return based on previous market day close.
Calculated by Time-Weighted Return since 2002. It's still very early to tell and really difficult to draw very much of a conclusion. I couldn't be more proud and confident in the team that we have from a senior leadership perspective. 2 Total debt includes debt, finance leases, operating lease liability and pension obligations. Excellent.
So whatever we -- you hear us talk about business, we are talking about, for example, somebody who travels, one person on the itinerary, no checked bags, things like that, right? Thank you for your interest and for joining this morning.
But so far, there's nothing to indicate that it's materially up or materially down. In conclusion, with the actions we have taken and the commitment of our team, we remain very well positioned. Right now, if you go look in published schedules, about 65%, 70% of the airlines flying really what we call our Sunbelt hubs and short-haul Caribbean kind of markets, where the airline has a unique level of strength. In particular, the consequences of the coronavirus outbreak to economic conditions and the travel industry in general and the financial position and operating results of the company in particular have been material, are changing rapidly, and cannot be predicted. And we are really appreciative of the announcement yesterday from the acting FAA administrator, Billy Nolen, who said that the zero-tolerance policy against unruly passengers is here to stay as we anticipate. And so, we are seeing, first and foremost, that -- we look at it really outside of 14 versus inside of 14. And we hired, I think, almost 20,000 people. And at American, we have completed a $1.3 billion cost reduction program. We believe that the U.S. can safely follow countries that are progressing through the pandemic, including Canada, the U.K. and Ireland, which have, we think, safely evolved the scope of their entry requirements and moved away from predeparture testing. We look at it both and what is out there selling, but importantly, what is netted back to us after we deduct the cost of sale from it. The information we are giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently. The reduction in full year capacity from our prior guide is largely due to 788 delivery delays that I touched on earlier. This capacity guidance is, of course, subject to future demand environment and fuel prices. And we're confident we're going to prevail no matter what we face going forward. Hey, guys.
But so far, it's been promising.
We're doing things like we have full flat beds on all of our transcon markets, which is a thing that American Airlines is -- has long dreamed of and now through this partnership with JetBlue we're able to make it happen. Robert will start the call this morning with an overview of the first quarter and our priorities for the year. And we're seeing that as things start to recover. And look there's a lot that we're seeing today, which is kind of breaking from a lot of historical trends, much like the question earlier about how fuel prices are bleeding into fare. David Vernon -- Sanford C. Bernstein -- Analyst. If we maintain this level, what we have said is we would take a step down to somewhere in the $10 billion to $12 billion range. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law.
And we've got some pretty cool new technology that really focuses on how we manage to do that. Steve Johnson -- Executive Vice President and Strategic Advisor. What we are encouraged by is as we have rolled through March, there's simply more demand inside of 14 and more business and business and leisure demand. Thank you. We're ready for the summer, and we have sized the airline for the resources we have available. And our next question comes from Savi Syth with Raymond James. Yes. Understandably as the pandemic wore on, we would have periods of time where everybody showed for a flight in periods of time where the show rate could be as low as 70% of what was booked. Outside of 14, indeed, there is a significant level of fare strength across any competitive O&D grouping there might be. And I'm confident that the quality of life and the compensation for pilots is something that's going to attract a lot of people to the industry. I guess, maybe just to put a finer point on it. I was looking for a net number. We're way ahead of it. Managements Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. And just right off, we haven't had much interaction with customers that have said they want to do anything different. We're certainly not taking anything for granted. We also inducted eight dual-class regional aircraft and parked three 50-seat Embraer 145s. OK. I'd like to turn the call back to Robert Isom for closing remarks. And as we look forward into the coming months, that continues to be the case. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Thank you. Thank you. Hey, David, we're going to start with Maya Leibman and talk about some of the things we've done. For the year ahead, we are resolute in achieving two key goals above all else, running a reliable operation and returning to profitability. So most everything is in place to fly. Hi. Do you have any historical perspective on consumer demand at these levels of inflation? So I think this is a forward guide, which we think is where we're going to get and be profitable for the quarter. I mean, -- I think the numbers Derek talked about, the 600, that was this year alone.
And indeed, it's not far from that right now. First, demand continues to grow and grow at a meaningful pace. Take care. Indeed, on our card with Barclays, our spend is growing at a greater rate than inflation. American and its regional partners operated more than 500,000 flights in the quarter, an 8% increase over the second quarter of 2021, with an average load factor of 87%, which is 10 points higher than the second quarter of 2021. So what we're seeing in the last four to six weeks, it's improved by several factors. Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved. Hey, good morning. Are you -- if someone doesn't want to fly they're immunocompromised, are you just giving refunds? [Operator instructions] And our first question comes from Alison Sider with Wall Street Journal. American Airlines Group Inc. is the largest airline internationally. One is on minimum liquidity. Second-quarter revenue of $13.4 billion was up 12% from before the pandemic, even though American flew 8.5% less than the same period of 2019, the airline said. Yes. Despite a challenging operating environment in June, Americans on-time departure rate, on-time arrival rate and completion factor for the second quarter of 2022 were each improved versus the second quarter of 2019. And fourth -- to achieve profitability for the year, I can -- I guarantee it, we need to be profitable in the second quarter. We have 12,000 more team members on, all ready to fly the summer -- the spring and summer schedule, I feel really great about it and I'm very, very confident that we're going to fly a reliable airline as we did, and we proved over the year-end holidays, better than a lot of our competition and as we have in the first three months of this year too. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the companys stock is included in the S&P 500. But I would -- there is upside to the cash flow or something for a settlement with the Boeing team. Thank you. Running a reliable operation this summer will be critical to the continued recovery, and we have taken numerous steps to ensure we are well prepared to deliver for our customers. Does it still make sense for American Airlines to have an award chart just given where demand is and kind of how hard it is to find seats with awards these days, with miles these days? As we look at the second quarter, we expect to be profitable despite the expectation of continued elevated fuel prices. Thanks for taking the questions. And I want to thank everybody for their time today. American posted a second-quarter profit of $476 million, up from $19 million a year earlier, though the airline was still benefiting from federal coronavirus payroll support last year. No, that's exactly -- we just pegged it two days ago. I can start and others can add. And then, my second question, just really quick. Making the world smarter, happier, and richer. This is a long game. Helane Becker -- Cowen and Company -- Analyst. We anticipate overall business revenue to be around 90% recovered in the second quarter. Good morning. Thank you so much for the time. I would emphasize though that in keeping with our commitment to create a welcoming environment for everyone who travels with us, customers and team members may, of course, choose to continue to wear masks at their own discretion. Are you buying your fuel more in the Gulf Coast, L.A., New York. There are also certain industry constraints on growth in the near term, notably related to pilot and aircraft supply.
Now, before we begin today, I must state that today's call contains forward-looking statements, including statements concerning future revenues, costs, forecast of capacity and fleet plans. So the 600 is just for this year, and that's well ahead of pace where we set our expectations to.
And we feel really, I think, excited about the prospects of winning our lawsuit with the DOJ. American Airlines Group (AAL) Q2 2022 Earnings Call Transcript, Why Airline Stocks Are Down Today Even After 2 Big Carriers Turned Profitable, Why Airline Stocks Are Rising Again Today, Why American Airlines Is Losing Altitude Today, Cumulative Growth of a $10,000 Investment in Stock Advisor, 2 Nasdaq 100 Stocks to Buy Hand Over Fist and 1 to Avoid Like the Plague, 3 No-Brainer Dividend Stocks to Hold for Retirement, The CHIPS Act Could Boost These 3 Semiconductor Stocks, Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. And the best way to ensure an on-time arrival is to make sure you depart on time. Despite the quarterly loss in a difficult January and February due to the effects of Omicron, March results were markedly different. American Airlines swung to a profit in the last quarter. And this is Nate. So as it stands, we're still really encouraged by having an award chart. Yes, it's an excellent question.
I know United and Delta have talked to generating a profit for -- in 2022, just given where demand is. This article is a transcript of this conference call produced for The Motley Fool. So all of which is to say that the consumer is clearly responding to it. Your line is open. I guess, you're starting in the order of the biggest second quarter miss. David Seymour -- Senior Vice President, Chief Operating Officer.
If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. In the second quarter, the company made $1.0 billion in scheduled debt and finance lease payments, including paying off the remaining $433 million outstanding balance of its $750 million unsecured senior notes that matured in June. But if we learned anything in the last 20 to 24 months, we can adjust just about anything and do it pretty quickly. So it may take some time to work out. Thank you for that. The American Airlines team has stepped up to meet the surge in demand for air travel while running a reliable operation in very challenging conditions. In addition to that, we're scheduling the airline, employing tools that are different than we had before. We know you're going to get it right over the long term. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. And is that all related to the shortage of pilots on the regional level? Jamie, I'm going to start with this, which is the outcome in on-time arrival we know is the biggest driver of customer satisfaction, as I've said before, it makes the food taste better. I'm just trying to get a sense for kind of what the mix is within the guidance that you're giving us. American ended 2021 with our strongest operating performance in the company's history. On the call this morning, we have our CEO, Robert Isom, and our CFO, Derek Kerr.
Thank you. And it looks like Jamie is one that we've actually spent a lot of time understandably thinking about. Thank you. So our expectation as we move forward and we bring back the aircraft and utilize our fleet and get us back to 100% of 2019, that it comes at a significant reduction in the CASM calculation as we go forward. This is Steve Johnson. Thanks so much for doing this today. We are encouraged by the trends were seeing across the business, and we remain well-positioned for the continued recovery.. But do you have a count on how many of that American has banned? Thank you. So at 100 -- it was 107. Just trying to get a sense of -- I know those are the really most profitable hubs. Hey, good morning, everyone. We're simply sizing the airlines for the products we have. First one for Derek, just to confirm the updated CASM outlook that does not include any new labor deals, excuse me. So as we go and as Robert said in his comments, our CASM will get better and better throughout the year as we head back to flying. So we're going to get out there and make it happen. As for full year 2022 capacity, we now expect to be recovered to 92% to 94% of 2019 levels. And we expect that many will continue to do so. Hey, David, this is Maya. Just wondering if with your background, Robert, and having ascended to the top seat, is that still the metric that you have prioritized, let's say? System business demand is now about 80% recovered, with small to medium business revenue approaching a full recovery and corporate revenue now around 50% recovered. There's clearly a level of demand for our product and future anticipation of travel, which is very promising. And what that relationship might be telling us?
Sure. Thank you. Your line is open. Robert, let me just add to that. Our next question comes from Andrew Didora with Bank of America.
Yes, Mike, it's an excellent question.
So we don't have a specific time frame in mind, it's just something we continue to work on. Your line is open. Our next question comes from Helane Becker with Cowen. But as we look at it right now, leisure trips or blended business leisure trips are coming in at yield levels that are anywhere from 75% to 80% in aggregate of what inside 14 corporate negotiated trips are coming in at. You brought it up. We've certainly learned from issues. So creating congestion on the ramp, or if we do have inclement weather, at the end of the day, if we have flights that you may be able to get out on time, but you ought to hold for connecting passengers, we do so. On this revenue strength, we expect total revenue per available seat mile to be 14% to 16% higher in the second quarter versus the same period of 2019. This morning, we reported a first quarter GAAP net loss of $1.6 billion, or a loss of $2.52 per share. And you guys have been working on some technology to help you guys reaccommodate customers, work on this issue of not having enough seats on the plane overselling that kind of stuff. American Airlines CEO Robert Isom: We're trimming capacity in the coming quarters, Alaska Airlines will move to all Boeing fleet in 2023, says CEO Ben Minicucci. Our next question comes from Mike Linenberg with Deutsche Bank.
And those markets, such as London and long-haul South America, are recovering pretty quickly, too. OK, David, your line is open. We have the trainers coming in. Hi, David. And with the technologies that we've got proactively moving customers off so that we don't have the same level of denied boarding expense that we had in times past. Short way to say it is we are seeing a lot of strength in a fair environment with customers who frankly value quality of product that we have and are willing to pay us at flat. American produced revenues of $8.9 billion in the first quarter, including industry-leading passenger revenues of $7.8 billion. I don't know, because we haven't talked about it. So while the regional carriers are able to source pilots at this time, we just can't get them up to speed, and in the position, fast enough. Certainly, one that we spend a lot of time thinking through and working on. And indeed, we're able to generate more revenue through the overbooking flights. The American team has done an incredible job of setting up the airlines to take advantage of the rebound, pointing our network to where our customers want to fly, establishing partnerships in more challenging areas and making sure efficiency is top of mind.
Again, we sized the airline for the resources that we have available. I guess, in a couple of days since that policy has changed, have you seen any evidence of any kind of shift in bookings, increased bookings or decreased? What level of restoration in international flying does the revenue guide embed? For additional financial forecasting detail, please refer to the companys investor update, filed with this press release with the SEC on Form 8-K. In the first quarter, we took delivery of nine Airbus 321neos and reactivated seven previously stored Boeing 737-800s. It seems more comfortable, service more friendly, all that. Great. We expect to make $1 billion of scheduled debt payments in the second quarter, which includes the remaining outstanding balance of the unsecured senior notes. American is proud to offer customers the youngest fleet among U.S. network carriers and the largest network of any U.S. airline, with an expected average of more than 5,400 daily departures for the remainder of the summer. Cost basis and return based on previous market day close.
Calculated by Time-Weighted Return since 2002. It's still very early to tell and really difficult to draw very much of a conclusion. I couldn't be more proud and confident in the team that we have from a senior leadership perspective. 2 Total debt includes debt, finance leases, operating lease liability and pension obligations. Excellent.
So whatever we -- you hear us talk about business, we are talking about, for example, somebody who travels, one person on the itinerary, no checked bags, things like that, right? Thank you for your interest and for joining this morning.
But so far, there's nothing to indicate that it's materially up or materially down. In conclusion, with the actions we have taken and the commitment of our team, we remain very well positioned. Right now, if you go look in published schedules, about 65%, 70% of the airlines flying really what we call our Sunbelt hubs and short-haul Caribbean kind of markets, where the airline has a unique level of strength. In particular, the consequences of the coronavirus outbreak to economic conditions and the travel industry in general and the financial position and operating results of the company in particular have been material, are changing rapidly, and cannot be predicted. And we are really appreciative of the announcement yesterday from the acting FAA administrator, Billy Nolen, who said that the zero-tolerance policy against unruly passengers is here to stay as we anticipate. And so, we are seeing, first and foremost, that -- we look at it really outside of 14 versus inside of 14. And we hired, I think, almost 20,000 people. And at American, we have completed a $1.3 billion cost reduction program. We believe that the U.S. can safely follow countries that are progressing through the pandemic, including Canada, the U.K. and Ireland, which have, we think, safely evolved the scope of their entry requirements and moved away from predeparture testing. We look at it both and what is out there selling, but importantly, what is netted back to us after we deduct the cost of sale from it. The information we are giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently. The reduction in full year capacity from our prior guide is largely due to 788 delivery delays that I touched on earlier. This capacity guidance is, of course, subject to future demand environment and fuel prices. And we're confident we're going to prevail no matter what we face going forward. Hey, guys.
But so far, it's been promising.
We're doing things like we have full flat beds on all of our transcon markets, which is a thing that American Airlines is -- has long dreamed of and now through this partnership with JetBlue we're able to make it happen. Robert will start the call this morning with an overview of the first quarter and our priorities for the year. And we're seeing that as things start to recover. And look there's a lot that we're seeing today, which is kind of breaking from a lot of historical trends, much like the question earlier about how fuel prices are bleeding into fare. David Vernon -- Sanford C. Bernstein -- Analyst. If we maintain this level, what we have said is we would take a step down to somewhere in the $10 billion to $12 billion range. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law.