So having a 14% financial savings on gas burn relative to the next-gen aircraft is still very significant and very vital. As we now have flights we operated fewer of our less fuel-environment friendly aircraft which led to a slight improvement 12 months-over-year. And even after our financing transactions thus far, we still have over $6 billion an unencumbered aircraft and roughly $2 billion in other unencumbered assets, such as actual property, spare engines and floor equipment to name a couple of. Hope you are properly? While you contemplate the debt maturities you're dealing with in the coming years and the issues you've had with the MAX, how do you suppose in regards to the attractiveness of a whole bunch of lightly used NGs coming obtainable on a global basis over the next few years? Gary, I was hoping you could communicate to what you might have seen coming out of prior downturns. Another enjoyable reading, old pal, I am going to verify you out again soon. I simply wish to level out that there is not motion associated to our hedging positions or premium prices in 2020. There's simply noise within the metrics associated to the numerous discount in fuel gallon as a result of capability cuts. Regardless of the ongoing grounding of the gas-efficient MAX fleet, our first quarter fuel efficiency improved 0.9% yr-over-yr due to lowered capability in March.
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I was wondering if you can simply body those out for me to high degree either via capacity or revenue by way of type of -- I do know you are not going to make any predictions right here, however what are the numbers round those three basic recovery scenarios that you would be comfortable sharing with us, as you concentrate on contingency planning? Okay. Tammy, thanks. After which, Gary, you talked about, you and Tom together engaged on some excessive level inputs on the three -- well, you talked about three fundamental restoration scenarios. We do not know how this crisis will proceed to evolve and we do not know what the restoration will look like, from air travel to the broader economy, but we got here into this crisis as one of the best prepared US airlines and we plan to emerge as one of the best prepared US airlines, both financially and operationally. I do know you guys are an enormous fan of Saavn the music streaming app. And simply keep in mind that regardless that gasoline prices are at low levels, fuel price -- gas value, as you know is our second largest cost part. 0.05 per gallon within the second quarter final year.
And we should see additional improvement year-over-12 months and second quarter for a similar reasons. I feel it is fair to say for June at this point and hopefully we're too pessimistic there, however by, hopefully by July, August, we're beginning to see some enchancment that will encourage us in terms of which plan to lock down on, but I think the fundamental report is we've obtained to be prepared here -- proceed to be prepared and we acquired to be prepared for nearly any adverse state of affairs. We have seen very gradual enchancment in weeks two and three. Our goal is so as to add capital in a means that protects the steadiness sheet and our investment grade rating, while addressing liquidity challenge, so that we are ready for any state of affairs well into 2021. We are the only home airline to be rated funding grade by all three ranking companies. Good morning all people. How are you?
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Good. How are you? With that Chad, we are ready to take analysts questions. Hi, Hunter. How are you doing? Yeah, certain, Hunter. And I believe they're really themes, one can be the current developments continue, so it is an L-shaped restoration. We urge you to evaluation your current marketing plans and make changes as needed. 2. Evaluate Functions: Rehome will notify you each time somebody exhibits curiosity in your pet. Men will face so many challenges down the road if they judge themselves, or are judged, for opening up. While generic manufacturers are typically cheaper at face value, they're far less more likely to ever go on sale. Hopefully we won't must face those scenario, but if we do, we'll have a plan. And then I'll just additionally point out that we even have flexibility on the opposite facet, which is to retire. After which thirdly, can be a U-shaped restoration beginning, as an instance, maybe in the fourth quarter. We ended first quarter with cash and short-time period investments of $5.5 billion and we currently have a cash steadiness of over $9 billion. Despite our first quarter net loss, we nonetheless generated pre-tax return on invested capital of 18.1% or 14.3% after tax on a trailing 12 month foundation.
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As I discussed, the net cash burn without working capital changes in April is $900 million. We stay laser focused on reducing our cash burn and evaluating other sources of liquidity to further bolster our cash reserves. In closing and to reiterate our comments today, we're centered on protecting our workers and customers protected, conserving cash, adjusting our flight schedules and fleet as needed, and leveraging our sturdy stability sheet and monetary place to additional boost our liquidity. Mike is working on the fleet plan and bringing in used equipment is more work and it's -- it carries some additional risk, but we're not in a position right now the place we're pondering that we wish to grow the fleet anyway. In order that work is under approach and I believe Hunter, the way that I would want you all to consider that is, we have acquired a commitment by way of September 30 with the PSP of the CARES Act to not involuntarily downsize the airline. So we just need to be very prepared with what our choices are, Tom and I would say by mid-summer season.