The numbers show that UAX had a net loss, but that doesn't account for feed.

What percentage of those UAX pax connected to mainline flights, including international? My guess is at least 60%, probably more like 70%

Take away that feed and you lose some lucrative long-range pax, because most are not going to drive to the hub...the competetion will provide feed to THEIR hub.

Actually I think the question today is not one of profit, but of loss...ie what is going to lose LESS money? 12% less is probably pretty good these days