美國航空 (AAL) 2022 Q2 法說會逐字稿

Good morning, and welcome to the American Airlines Group Second Quarter 2022 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

早上好，歡迎參加美國航空集團 2022 年第二季度收益電話會議。今天的電話正在錄音。 （操作員說明）

And now I would like to turn the conference over to your moderator, Head of Investor Relations, Mr. Scott Long.

現在我想把會議交給你們的主持人，投資者關係主管 Scott Long 先生。

Thank you, Olivia. Good morning, everyone, and welcome to the American Airlines Group Second Quarter 2022 Earnings Conference Call. On the call this morning, we have our CEO, Robert Isom, and our Vice Chair and CFO and President of American Eagle, Derek Kerr. Also on the call for Q&A are David Seymour, Vasu Raja and a number of other senior executives.

謝謝你，奧利維亞。大家早上好，歡迎參加美國航空集團 2022 年第二季度收益電話會議。在今天早上的電話會議上，我們有我們的首席執行官 Robert Isom 以及我們的副主席兼首席財務官兼 American Eagle 總裁 Derek Kerr。參與問答的還有 David Seymour、Vasu Raja 和其他一些高級管理人員。

Robert will start the call this morning with an overview of the second quarter. Derek will follow with details on the quarter and our operating plans and outlook going forward. After Derek's comments, we'll open the call for analyst questions, followed by questions from the media. (Operator Instructions)

羅伯特將在今天早上開始電話會議，概述第二季度。 Derek 將跟進本季度的詳細信息以及我們未來的運營計劃和展望。在 Derek 發表評論後，我們將打開分析師提問的電話，然後是媒體提問。 （操作員說明）

And before we begin today, we must state that today's call contains forward-looking statements, including statements concerning future revenues, costs, forecast of capacity and fleet plans. These statements represent our predictions and expectations of future events, but numerous risks and uncertainties could cause actual results to differ from those projected. Information about some of these risks and uncertainties can be found in our earnings press release, which was issued this morning, as well as our Form 10-Q for the quarter ended June 30, 2022.

在我們今天開始之前，我們必須聲明今天的電話會議包含前瞻性陳述，包括有關未來收入、成本、容量預測和機隊計劃的陳述。這些陳述代表我們對未來事件的預測和預期，但許多風險和不確定性可能導致實際結果與預測結果不同。有關其中一些風險和不確定性的信息可以在我們今天上午發布的收益新聞稿以及我們截至 2022 年 6 月 30 日的季度的 10-Q 表格中找到。

In addition, we'll be discussing certain non-GAAP financial measures this morning, which exclude the impact of unusual items. A reconciliation of those numbers to the GAAP financial measures is included in the earnings press release, which can be found on the Investor Relations section of our website.

此外，我們今天上午將討論某些非公認會計準則財務指標，其中不包括異常項目的影響。這些數字與 GAAP 財務指標的對賬包含在收益新聞稿中，該新聞稿可在我們網站的投資者關係部分找到。

A webcast of this call will also be archived on our website. The information we're giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently. Thank you for your interest and for joining us this morning.

本次電話會議的網絡廣播也將在我們的網站上存檔。我們在今天早上的電話會議上向您提供的信息截至今天，我們不承擔隨後更新信息的義務。感謝您的關注和今天早上加入我們。

With that, I'll turn the call over to our CEO, Robert Isom.

有了這個，我將把電話轉給我們的首席執行官 Robert Isom。

Thanks, Scott, and good morning, everyone. Thanks for joining us. I want to start by thanking the American Airlines team, which has done an amazing job of running our airline, especially during very challenging operating conditions in the past few months. They managed significant weather, both thunder storms and extreme heat in many parts of the country.

謝謝，斯科特，大家早上好。感謝您加入我們。首先，我要感謝美國航空公司的團隊，他們在運營我們的航空公司方面做得非常出色，尤其是在過去幾個月非常具有挑戰性的運營條件下。他們管理了該國許多地區的重要天氣，包括雷暴和極端高溫。

Customers continue to come back to travel in record numbers, and our team has adapted to one of the busiest summers that we've ever experienced and then done so with grace, professionalism and a level of commitment to our customers and each other. It is second to none. Every single day, I hear from our customers about something incredible that our team has done. We're so proud of their work and grateful for their support.

客戶繼續以創紀錄的數量回來旅行，我們的團隊已經適應了我們經歷過的最繁忙的夏天之一，然後以優雅、專業和對客戶和彼此的承諾水平做到了這一點。這是首屈一指的。每天，我都會從客戶那裡聽到我們團隊所做的令人難以置信的事情。我們為他們的工作感到自豪，並感謝他們的支持。

I also want to thank and acknowledge our key partners in the U.S. government. Secretary Mayorkas, Secretary Buttigieg and their teams at the FAA, TSA, CBP as well as the air traffic controllers at NATCA. They've been right there with us and have worked through these difficult operating conditions. The extraordinary surge in demand for air travel has significantly impacted them as well, and we appreciate their consistency and professionalism.

我還要感謝並感謝我們在美國政府中的主要合作夥伴。 Mayorkas 部長、Buttigieg 部長及其在 FAA、TSA、CBP 的團隊以及 NATCA 的空中交通管制員。他們一直與我們同在，並在這些困難的運營條件下工作。航空旅行需求的異常激增也對他們產生了重大影響，我們讚賞他們的一貫性和專業性。

All of us have to acknowledge that there are challenges in the national airspace, particularly in high traffic locations like Florida and the Northeast, but I'm grateful for the sheer commitment that we have in the public and private sectors and management on the front line to facilitate the efficient return of travel.

我們所有人都必須承認，國家領空存在挑戰，特別是在佛羅里達州和東北部等交通繁忙的地區，但我很感激我們在公共和私營部門以及一線管理層的承諾以促進旅行的高效返回。

American served 53 million customers in the quarter, and we couldn't have done that without everyone pulling together. As we have shared previously, we have 2 primary goals this year: running a reliable operation; and returning to profitability, and that's the entirety of our focus. We've made a lot of progress on running a reliable airline, but we have still some work to do, and I'll touch up on that more in a moment.

美國航空在本季度為 5300 萬客戶提供服務，如果沒有大家齊心協力，我們不可能做到這一點。正如我們之前分享的，今年我們有兩個主要目標：運行可靠的操作；並恢復盈利，這就是我們的全部重點。我們在運營一家可靠的航空公司方面取得了很大進展，但我們還有一些工作要做，稍後我會再談一談。

The big news is this, we're really pleased to report a quarterly profit for the first time since the start of the pandemic, that's 2.5 years, that's driven by the strong demand environment and the hard work of our team. We're also pleased to have hit our pretax margin guidance, despite a challenging end of the quarter and a significant run-up in oil prices.

大新聞是，我們非常高興地報告自大流行開始以來的第一次季度利潤，那是 2.5 年，這是由強勁的需求環境和我們團隊的辛勤工作推動的。儘管本季度末充滿挑戰且油價大幅上漲，但我們也很高興達到我們的稅前利潤率指導。

American reported second quarter GAAP net income of $476 million. Excluding net special items, we reported a second quarter net income of $533 million. American produced revenues of $13.4 billion in the second quarter, and that's an increase of 12.2% versus 2019 and a record for any quarter in the company's history. And let me repeat that, that's a record for any quarter in our company's history.

美國航空報告第二季度 GAAP 淨收入為 4.76 億美元。不包括淨特殊項目，我們報告第二季度淨收入為 5.33 億美元。美國航空第二季度的收入為 134 億美元，與 2019 年相比增長了 12.2%，創下該公司歷史上任何一個季度的紀錄。讓我重複一遍，這是我們公司歷史上任何一個季度的記錄。

These results were achieved while flying 8.5% less capacity than we did in 2019. Importantly, these results are an indication that our actions are producing the expected results.

這些結果是在飛行運力比 2019 年減少 8.5% 的情況下取得的。重要的是，這些結果表明我們的行動正在產生預期的結果。

Early in the pandemic, we made a conscious decision to simplify our fleet network, focusing our flying where we could create outsized customer value and using partnerships to augment that service. In the second quarter, some 70% of our flying was in American's areas of strength, our Sunbelt hubs, Mexico, Caribbean, Latin America and London.

在大流行初期，我們有意識地決定簡化我們的機隊網絡，將我們的飛行重點放在我們可以創造巨大客戶價值的地方，並利用合作夥伴關係來增強這項服務。在第二季度，我們大約 70% 的飛行是在美國的優勢領域、我們的 Sunbelt 樞紐、墨西哥、加勒比海地區、拉丁美洲和倫敦。

This flying outperformed the industry as we offer customers more options than any other airline. Our domestic partnerships are also producing for our customers and for us. As a matter of fact, our unit revenue performance in JFK and Los Angeles outperformed the system in the second quarter.

由於我們為客戶提供的選擇比任何其他航空公司都多，因此這次飛行的表現優於行業。我們的國內合作夥伴也在為我們的客戶和我們生產。事實上，我們在肯尼迪國際機場和洛杉磯的單位收入表現在第二季度優於該系統。

Customers are flying in different patterns than they have previously, and that's creating opportunities for us. System business revenue is now fully recovered compared to 2019, with revenue from small and medium businesses and customers exhibiting a blended behaviors that were traditionally associated with both business and leisure continuing to outpace the recovery of our managed corporate revenue. The majority of this revenue growth has come directly through our website, bypassing traditional channels.

客戶的飛行模式與以前不同，這為我們創造了機會。與 2019 年相比，系統業務收入現已完全恢復，中小型企業和客戶的收入表現出傳統上與商務和休閒相關的混合行為，繼續超過我們管理的企業收入的恢復速度。大部分收入增長直接來自我們的網站，繞過了傳統渠道。

Further, leisure demand surpassed 2019 levels in the second quarter, and customers continue to see us through increasing appetite for travel. Enrollments in our loyalty program continue at record levels, and spend on our co-brand cards is growing at a greater rate than ever before.

此外，休閒需求在第二季度超過了 2019 年的水平，客戶繼續通過不斷增加的旅行需求看到我們。我們忠誠度計劃的註冊人數繼續保持創紀錄水平，我們的聯名卡消費正以前所未有的速度增長。

Looking forward, we will limit capacity to the resources we have and the operating conditions we face. We will continue to orient our flying to create value for our customers. And as always, we will remain nimble to ensure that we are best positioned to capitalize on continued demand strength.

展望未來，我們將限制我們擁有的資源和我們面臨的運營條件的能力。我們將繼續定位我們的飛行，為我們的客戶創造價值。與往常一樣，我們將保持敏捷，以確保我們處於最佳位置，以利用持續的需求強度。

Now turning back to reliability. After running a solid operation in April and May, headlined by a strong Memorial Day, we had challenges in June. June was a difficult month for the entire industry from an operational perspective, with extreme weather impacting every major hub and air traffic control challenges in certain parts of the country.

現在回到可靠性。在 4 月和 5 月以強大的陣亡將士紀念日為主題的穩健運營之後，我們在 6 月遇到了挑戰。從運營角度來看，6 月對整個行業來說是艱難的一個月，極端天氣影響了該國某些地區的每個主要樞紐和空中交通管制挑戰。

At American, we encountered significant weather on 27 of the 30 days in June. That weather resulted in ramp closures, ground stops, ground delay programs, airspace flow programs, which had a ripple effect throughout our operations. Despite the challenging operating environment in June, our D0, that's departures on time, made 14 arrivals within 14 minutes. And completion factor for the full quarter were better than the second quarter of 2019. Our team achieved this while flying a second quarter schedule that was more than 25% larger than our closest competitor on a departure basis.

在美國航空，我們在 6 月的 30 天中有 27 天遇到了惡劣天氣。這種天氣導致停機坪關閉、地面停留、地面延誤計劃、空域流量計劃，這在我們的整個運營過程中產生了連鎖反應。儘管 6 月份的運營環境充滿挑戰，但我們的 D0，即準時出發，在 14 分鐘內完成了 14 次到達。整個季度的完成率優於 2019 年第二季度。我們的團隊實現了這一目標，同時執行的第二季度計劃比我們最接近的競爭對手大 25% 以上。

American operated more than 0.5 million flights in the quarter. That's an 8% increase over the second quarter of 2021, with a load factor of 87%, which is 10 points higher than the second quarter of 2021.

美國航空本季度運營超過 50 萬次航班。這比 2021 年第二季度增加了 8%，載客率為 87%，比 2021 年第二季度高出 10 個百分點。

While June was challenging, we have seen improvements so far in July, including over the busy Independence Day weekend. American finished the holiday period with a combined D0 A14 in completion factor, all above goal and in line with our pre-pandemic performance, while operating a July 4 holiday schedule that was 30% larger than our competitors as measured by total departures.

雖然 6 月充滿挑戰，但到目前為止，我們已經看到 7 月的改善，包括在繁忙的獨立日週末。美國航空以 D0 A14 的綜合完成係數結束了假期期，均高於目標並符合我們在大流行前的表現，同時運營 7 月 4 日的假期時間表，按總出發人數衡量，比我們的競爭對手多 30%。

Our operational performance for the full quarter and the results we have delivered in the first few weeks of July give us confidence moving forward, but we still aren't where we need to be. And we have a lot of flying ahead of us still in the summer, so we are investing in our operation to ensure we meet our reliability goals and deliver for our customers.

我們整個季度的運營業績和我們在 7 月前幾週交付的結果使我們有信心繼續前進，但我們仍然沒有達到我們需要的水平。在夏天，我們還有很多飛行任務，所以我們正在投資於我們的運營，以確保我們達到我們的可靠性目標並為我們的客戶提供服務。

We've taken proactive steps to build additional buffer into our schedule for the rest of the year. As I said a minute ago, we're sizing the airline for the resources we have available and the operating conditions we face, and we will make other changes as needed. Even with these adjustments, American still offers customers the largest network of any U.S. airline with an average of more than 5,400 daily departures.

我們已採取積極措施，在今年餘下的時間里為我們的日程安排額外的緩衝。正如我在一分鐘前所說，我們正在根據我們可用的資源和我們面臨的運營條件調整航空公司的規模，我們將根據需要進行其他更改。即使進行了這些調整，美國航空仍然為客戶提供美國航空公司中最大的網絡，平均每天有超過 5,400 班航班。

So I want to close by reiterating that I'm tremendously excited about what lies ahead for American. We're encouraged by the trends we're seeing across the business, and we've built an airline that can be successful in a number of different demand and economic environments.

最後，我想重申一下，我對美國人的未來感到非常興奮。我們對我們在整個業務中看到的趨勢感到鼓舞，我們已經建立了一家可以在許多不同的需求和經濟環境中取得成功的航空公司。

Our second quarter results and strong revenue production, despite challenging conditions, demonstrates that our plan to return to profitability and deliver a good operation for our customers is working. We have the strongest assets in the industry, and the work that our team has accomplished to build and deliver the most comprehensive network in the business is paying off.

儘管條件充滿挑戰，但我們第二季度的業績和強勁的收入增長表明，我們恢復盈利並為客戶提供良好運營的計劃正在奏效。我們擁有業內最強大的資產，我們的團隊為建立和交付業內最全面的網絡所做的工作正在取得成效。

And with that, I'll turn it over to Derek.

有了這個，我會把它交給德里克。

Thanks, Robert, and good morning, everyone. Before I begin, I want to thank the American Airlines team for their continued dedication to our customers during this busy summer travel season.

謝謝，羅伯特，大家早上好。在開始之前，我要感謝美國航空公司團隊在這個繁忙的夏季旅行季節繼續為我們的客戶提供服務。

This morning, we reported a second quarter GAAP net income of $476 million or earnings of $0.68 per diluted share. Excluding net special items, we reported a net income of $533 million or earnings of $0.76 per diluted share.

今天上午，我們報告了第二季度 GAAP 淨收入 4.76 億美元或每股攤薄收益 0.68 美元。不包括淨特殊項目，我們報告的淨收入為 5.33 億美元或每股攤薄收益 0.76 美元。

We talk a lot about our goal of returning the airline to profitability, and our second quarter performance is a result of that focus. Profitability in the quarter was driven by record revenue performance. As Robert noted, our second quarter revenue was $13.4 billion, was 12.2% higher, despite flying 8.5% less capacity than the same period in 2019.

我們經常談論使航空公司恢復盈利的目標，而我們第二季度的表現正是這種關注的結果。本季度的盈利能力受到創紀錄的收入表現的推動。正如羅伯特所指出的，我們第二季度的收入為 134 億美元，增長了 12.2%，儘管運力比 2019 年同期減少了 8.5%。

Leisure demand continued to lead the way, but the acceleration of business and long-haul international demand contributed to the strength we saw in the quarter. Operating earnings improved sequentially through the quarter, in line with the growth in revenue, despite rising fuel costs.

休閒需求繼續引領潮流，但商業和長途國際需求的加速推動了我們在本季度看到的強勁勢頭。儘管燃料成本上升，但與收入增長一致，整個季度的營業收入連續增長。

We continue to reap the benefit of the past investments in our fleet and are well positioned for the future. In the second quarter, we took delivery of 5 A321neos and reactivated 9 Boeing 737-800s from long-term storage. We continue to work closely with Boeing and the timing of our delayed 788s, and we expect to begin taking delivery of those aircraft this quarter. We now expect to receive 9 788s this quarter and 4 this year and 4 in the first part of 2023.

我們繼續從過去對我們機隊的投資中獲益，並為未來做好準備。第二季度，我們接收了 5 架 A321neo，並從長期存儲中重新啟用了 9 架波音 737-800。我們將繼續與波音公司密切合作，以及我們推遲的 788 飛機的時間安排，我們預計將在本季度開始接收這些飛機。我們現在預計本季度將收到 9 788 架，今年將收到 4 架，2023 年上半年將收到 4 架。

Lastly, based on our latest guidance from Airbus, we are now expecting our A321XLRs to be delivered starting in the first quarter of 2024, instead of the third quarter of 2023. This will shift planned aircraft capacity out of 2023 into future years. Our 2023 aircraft CapEx is now expected to be $1.9 billion.

最後，根據我們來自空客的最新指導，我們現在預計我們的 A321XLR 將於 2024 年第一季度而不是 2023 年第三季度開始交付。這將使計劃的飛機運力從 2023 年轉移到未來幾年。我們現在預計 2023 年飛機的資本支出為 19 億美元。

We ended the second quarter with $15.6 billion of total available liquidity. During the quarter, we generated operating cash flow of $1.7 billion and free cash flow of more than $800 million.

我們以 156 億美元的總可用流動資金結束了第二季度。本季度，我們產生了 17 億美元的經營現金流和超過 8 億美元的自由現金流。

Total debt reduction remains a top priority. We remain on track with our target of reducing overall debt levels by $15 billion by the end of 2025. In the near term, we will continue to keep up -- keep our liquidity at elevated levels, with a plan to step down to $10 billion to $12 billion when we are confident the recovery has fully taken hold. At that time, any excess liquidity will be prioritized to reduce debt.

全面削減債務仍然是重中之重。我們仍按計劃實現到 2025 年底將總體債務水平減少 150 億美元的目標。在短期內，我們將繼續保持高水平的流動性，併計劃降至 100 億美元當我們確信復甦已經完全站穩腳跟時，增加到 120 億美元。屆時，將優先考慮任何過剩的流動性以減少債務。

During the quarter, we made $1 billion in scheduled debt and finance lease payments, including paying off the remaining outstanding balance of our $750 million unsecured senior notes that matured in June.

在本季度，我們支付了 10 億美元的定期債務和融資租賃付款，包括償還 6 月到期的 7.5 億美元無擔保優先票據的剩餘未償餘額。

To date, we have reduced overall debt levels by $5.2 billion from peak levels in the second quarter of 2021. This means that after only 12 months, we have completed more than 1/3 of our $15 billion total debt reduction target. This progress affords us tremendous flexibility as to when and how we bring down the remaining $10 billion in total debt by the end of 2025.

迄今為止，我們已將總體債務水平從 2021 年第二季度的峰值水平減少了 52 億美元。這意味著僅 12 個月後，我們就完成了 150 億美元總債務削減目標的 1/3 以上。這一進展為我們在何時以及如何在 2025 年底之前減少剩餘的 100 億美元總債務提供了極大的靈活性。

As we have said previously, moving forward, we will continue to balance our total liquidity with the expected demand recovery, debt reduction opportunities and investment in the business. We expect to make $375 million of scheduled debt payments in the third quarter, which includes the scheduled payoff and unencumbering of 8 CRJ-700 aircraft.

正如我們之前所說，展望未來，我們將繼續平衡我們的總流動性與預期的需求復蘇、減債機會和對業務的投資。我們預計第三季度將支付 3.75 億美元的預定債務，其中包括預定的償付和 8 架 CRJ-700 飛機的無負擔。

As we look to the remainder of the year, we are making targeted investments to ensure operational reliability. With recent schedule adjustments, we now expect full year 2022 capacity to be recovered to 90.5% of 2019 levels.

展望今年剩餘時間，我們正在進行有針對性的投資，以確保運營可靠性。隨著最近的時間表調整，我們現在預計 2022 年全年產能將恢復到 2019 年水平的 90.5%。

Consequently, we now expect our full year CASM, excluding fuel and net special items, to be up between 10% and 12% versus 2019. The increase in unit cost is driven by lower planned capacity and other investments to support the operation, including wage premiums and regional pilot pay. These unit cost increases represent near-term investments that will drive long-term value. We are confident that unit costs will improve as we increase asset utilization to historical levels.

因此，我們現在預計我們的全年 CASM（不包括燃料和淨特殊項目）將比 2019 年增長 10% 至 12%。單位成本的增加是由較低的計劃產能和其他支持運營的投資推動的，包括工資保費和區域試點工資。這些單位成本的增加代表了將推動長期價值的近期投資。我們相信，隨著我們將資產利用率提高到歷史水平，單位成本將有所改善。

In the third quarter, we expect to be profitable, despite the continuation of elevated fuel prices. Pretax margins are expected to be between 2% and 4% for the quarter based on the current demand trends and our latest fuel price forecast.

儘管燃油價格持續上漲，但我們預計第三季度將實現盈利。根據當前的需求趨勢和我們最新的燃料價格預測，本季度的稅前利潤率預計在 2% 至 4% 之間。

We currently expect total revenue to be 10% to 12% higher versus the third quarter of 2019 on 8% to 10% lower capacity. On this revenue strength, we expect total revenue per ASM to be 20% to 24% higher in the third quarter versus the same period in 2019.

我們目前預計總收入將比 2019 年第三季度增長 10% 至 12%，而產能下降 8% 至 10%。基於這一收入實力，我們預計第三季度每份 ASM 的總收入將比 2019 年同期增長 20% 至 24%。

We expect our third quarter CASM, excluding fuel and net special items, to be up between 12% and 14% compared to 2019. Lower planned capacity and the investment in the reliability of the operation that I mentioned previously are driving unit costs higher for the quarter.

我們預計我們的第三季度 CASM（不包括燃料和淨特殊項目）將比 2019 年增長 12% 至 14%。我之前提到的較低的計劃產能和對運營可靠性的投資正在推動單位成本上漲四分之一。

Our current forecast for the third quarter assumes fuel between $3.73 and $3.78 per gallon, an increase of more than 80% versus the price of fuel in the third quarter of 2019.

我們目前對第三季度的預測假設燃料在每加侖 3.73 美元至 3.78 美元之間，與 2019 年第三季度的燃料價格相比上漲了 80% 以上。

In conclusion, demand is strong, and we remain focused on our key objectives of operational reliability and profitability. While we've made investments in our operation that will impact near-term costs, we are confident that we're very well positioned as we move into 2023 because of our network, our fleet, our team and the actions we have taken.

總之，需求強勁，我們仍然專注於運營可靠性和盈利能力的關鍵目標。雖然我們已經對我們的運營進行了投資，這將影響近期成本，但我們相信，由於我們的網絡、我們的車隊、我們的團隊和我們所採取的行動，我們在進入 2023 年時處於非常有利的位置。

With that, we will open up the line for analyst questions.

有了這個，我們將為分析師的問題開闢道路。

(Operator Instructions) And our first question coming from the line of Michael Linenberg with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Michael Linenberg。

Yes. Good job this quarter and good outlook. I guess, Derek, first to you on the $5.2 billion debt reduction that you've been able to do thus far, presumably, you're not including any sort of reduction in the pension obligation.

是的。本季度工作良好，前景良好。我想，Derek，首先向你介紹迄今為止你已經能夠做到的 52 億美元的債務減免，大概你沒有包括任何形式的養老金義務減免。

And just given the run-up in interest rates and sort of thinking where the discount rate would go, can you just give us a sense of maybe the potential tailwind on that from a deleveraging perspective, sort of where things stand and how you're thinking about that pension obligation?

考慮到利率的上升以及貼現率的走勢，你能否讓我們從去槓桿的角度了解這方面的潛在順風，比如事情的現狀以及你現在的情況考慮養老金義務？

Yes. Two things. One is that we look at that at the end of the year, so there was some benefit in the pension. The reduction in '21 -- there was a slight reduction in '21 of the pension obligation. As we look at where we're at now as of June 30, the actual pension status or funding ratio has gone up to about 81%. The liabilities have dropped over $3.5 billion due to the interest rate change, and it's a higher interest rate, which has more than offset the asset reduction.

是的。兩件事情。一個是我們在年底看，所以養老金有一些好處。 '21 年的減少 - '21 年的養老金義務略有減少。當我們查看截至 6 月 30 日的情況時，實際的養老金狀況或資金比率已上升至約 81%。由於利率變化，負債減少了超過 35 億美元，而且是更高的利率，足以抵消資產減少。

So it's actually in a much better spot than it was before, not the way we want to get there, without a doubt, but it is in a better spot from a pension liability standpoint. But we have not yet added that in for anything in 2022. But if we did, it'd be -- right now, it would be about $1 billion lower from a liability perspective, from a debt perspective than it would be before.

所以它實際上比以前更好，而不是我們想要到達那裡的方式，毫無疑問，但從養老金負債的角度來看，它處於更好的位置。但是我們還沒有在 2022 年將其添加到任何內容中。但如果我們這樣做了，那麼現在，從負債的角度來看，從債務的角度來看，它會比以前少 10 億美元。

So we are managing it the way we would any other time, staying very conservative in our pension and watching it. But the interest rate has actually driven the liability much, much lower than what the reduction in the asset class has been.

因此，我們以任何其他時候的方式管理它，在養老金方面保持非常保守並密切關注它。但實際上，利率對負債的推動作用遠低於資產類別的減少程度。

Okay. That's helpful. And then the second question, and this is probably more for Vasu. Derek, you said that you're going to get 9 787s this quarter, and I know that everybody's been -- that, that has slipped multiple times.

好的。這很有幫助。然後是第二個問題，這可能更適合 Vasu。 Derek，你說你將在本季度獲得 9 787，我知道每個人都經歷過——那個，已經下滑了很多次。

And assuming that it does slip again, when I look in the fourth quarter, it does look like you have the 787 scheduled in -- it's in your timetable. If, for some reason, that were to slip again, like how many points of capacity do those airplanes account for in the back part of the year?

假設它確實再次下滑，當我查看第四季度時，看起來您確實安排了 787 - 它在您的時間表中。如果由於某種原因再次下滑，比如這些飛機在今年下半年佔了多少點？

Yes. Well, 2 things, Mike. I corrected that, I think, in my comments, but it is 9 for the year. We will have 2 coming in, I think, in early August. The first 2 will come earlier, and we don't have any of them built into the schedule until November time frame.

是的。好吧，兩件事，邁克。我認為，我在評論中更正了這一點，但今年是 9。我想，我們將在 8 月初有 2 個進來。前 2 個將更早到來，我們在 11 月的時間框架之前沒有將它們中的任何一個納入時間表。

So if those do slip from August a little bit, we have put in almost a 2-month pad in those coming in. But we don't think it will impact the fourth quarter a lot. If they slip a lot further, where the impact is going to be into 2023, not a lot into 2022.

因此，如果這些確實比 8 月有所下滑，我們已經為那些進來的人添加了近 2 個月的墊底。但我們認為這不會對第四季度產生太大影響。如果它們進一步下滑，影響將持續到 2023 年，而不是到 2022 年。

And Mike, presuming that all 9 do deliver, call that roughly about deploying of capacity in a month.

而邁克，假設所有 9 個都交付，大致稱其為在一個月內部署容量。

Our next question coming from the line of Helane Becker with Cowen.

我們的下一個問題來自 Cowen 的 Helane Becker。

So just 2 questions. The first question, Robert, I saw you on CNBC this morning, and you talked about the pilot contract. And I know you guys don't like to talk about it, but you did present your pilots with an offer that would increase pay by 17% by 2025, I think. Could you just talk about what happens next and the status of that?

所以只有2個問題。第一個問題，羅伯特，我今天早上在 CNBC 上看到了你，你談到了試點合同。而且我知道你們不喜歡談論它，但我認為你們確實向你們的飛行員提出了到 2025 年將加薪 17% 的提議。你能談談接下來會發生什麼以及它的狀態嗎？

Sure. So Helane, thanks for the questions. Look, it's really important for us to take care of our pilots. You know that throughout the pandemic, we had put an offer on the table that would have made our pilots the most highly paid pilots in the industry.

當然。 Helane，謝謝你的提問。看，照顧我們的飛行員對我們來說真的很重要。你知道，在整個大流行期間，我們已經提出了一項提議，這將使我們的飛行員成為業內薪酬最高的飛行員。

We never pulled that back, even throughout the pandemic. But United went out and put out a better offer. And we thought it was really important to get to the table and make sure that our pilots know that we were going to take care of them. So we've done that. And now we are negotiating very closely and actively, and my hope is that we make progress over the coming weeks and months.

即使在整個大流行期間，我們也從未收回這一點。但是曼聯出去並提出了更好的報價。我們認為坐到談判桌前並確保我們的飛行員知道我們會照顧他們是非常重要的。所以我們已經做到了。現在我們正在非常密切和積極地進行談判，我希望我們在未來幾周和幾個月內取得進展。

Now how that bakes into financial forecast, we haven't put anything in yet. We don't know exactly where we'll end up. And then the point I'd just make is that with every contract, not only are there changes to compensation and quality of life, but we think that when we get to a contract, we'll have a contract that is -- that operates very efficiently for the company as well.

現在這如何影響財務預測，我們還沒有投入任何東西。我們不知道最終會在哪裡。然後我要說的一點是，每一份合同，不僅會改變薪酬和生活質量，而且我們認為，當我們簽訂合同時，我們將有一份合同——對公司也非常有效。

Okay. Great. That's really helpful. And then just a follow-up question on London. I know Phil asked you about that, too. And I heard Scott say last night that London operations will call him up and tell him a day or 2 in advance they're canceling flights.

好的。偉大的。這真的很有幫助。然後只是關於倫敦的後續問題。我知道菲爾也問過你這個問題。昨晚我聽到斯科特說倫敦業務部門會打電話給他，提前一兩天告訴他他們要取消航班。

I don't think you guys have as many flights to London as they do, but are you seeing the same issues? And is that -- and maybe how does that get fixed? Or is it more a British Air problem and a partner problem?

我不認為你們有那麼多飛往倫敦的航班，但你們看到同樣的問題嗎？那是 - 也許這是如何解決的？還是更多的是英國航空公司的問題和合作夥伴的問題？

No. Let me start with this. First off, we have a really sizable operation in London Heathrow with our Atlantic joint business partner, BA. We offer the largest schedule into London Heathrow, so it's very important to us.

不，讓我從這個開始。首先，我們在倫敦希思羅機場與我們的大西洋聯合業務合作夥伴 BA 開展了非常大規模的業務。我們提供進入倫敦希思羅機場的最大時間表，因此這對我們來說非常重要。

One of the things that we've done is we've been able to isolate American's operations into T3, and so that has allowed us with our team to make sure that we're doing everything possible.

我們所做的其中一件事是我們已經能夠將美國航空的行動隔離到 T3 中，這使我們能夠與我們的團隊一起確保我們正在盡一切可能。

Now all that said, there's so much that you can do with your own team members. There's infrastructure, like bag systems that you're dependent on Heathrow. And then, of course, BA is incredibly dependent on Heathrow as well.

綜上所述，您可以與自己的團隊成員一起做很多事情。有基礎設施，例如您依賴希思羅機場的行李系統。當然，BA 也非常依賴希思羅機場。

To that end, we're working as a group with our oneworld carriers to make sure that we match our capacity to the resources that are there. That will take some time to work our way through. And to that end, maybe I'll have Nate Gatten, our Head of Government Affairs and Corporate Real Estate add to what's going on and the prognosis for that.

為此，我們正與我們的 oneworld 航空公司合作，以確保我們的能力與現有資源相匹配。這將需要一些時間來解決我們的問題。為此，也許我會讓我們的政府事務和企業房地產主管 Nate Gatten 補充正在發生的事情和對此的預測。

Yes. Thanks, Robert. Helane, what we worked for the last week on extremely short notice to cancel departing flights as a way to help manage airport crowding. And as Robert said, we've found that request to be quite disappointing and frustrating on many levels mostly because of the significant burn that would put on our customers under short notice with few options for rebooking given the -- some of those.

是的。謝謝，羅伯特。 Helane，上週我們在極短的時間內完成了取消離港航班的工作，以幫助管理機場擁擠情況。正如羅伯特所說，我們發現該請求在許多層面上都非常令人失望和沮喪，主要是因為在短時間內會給我們的客戶帶來重大損失，因為其中一些重新預訂的選擇很少。

What we did then was work with how to limit the capacity on our departing flights by capping loads on certain flights. We've rebooked passengers over other European points departure, did things like limit nonrev travel, et cetera. And as Robert mentioned, we did that in conjunction with our oneworld and JV partners.

我們當時所做的是研究如何通過限制某些航班的負載來限制我們離港航班的運力。我們已經在其他歐洲點出發重新預訂了乘客，做了限制非旅行旅行等事情。正如羅伯特所提到的，我們與 oneworld 和合資夥伴合作完成了這項工作。

It's important to understand that these procedures will be in place until the beginning of next week, at which point a new procedure for limiting passengers at Heathrow is going to be instituted this time by the slot coordinators. And we don't have the full details on how that's going to work yet, but the new arrangement would probably continue to impact all the airlines serving Heathrow through the second week in September.

重要的是要了解這些程序將在下週開始之前到位，屆時航班時刻協調員將製定一個限制希思羅機場乘客的新程序。我們還沒有關於如何運作的完整細節，但新的安排可能會在 9 月的第二周繼續影響為希思羅機場服務的所有航空公司。

So I would just say we're very disappointed in the circumstances. We have high load factors this summer. Again, we're told by the airport at the very last minute that they can't handle the passengers and that we need to reduce the capacity.

所以我只想說我們對這種情況感到非常失望。今年夏天我們的載客率很高。再次，機場在最後一刻告訴我們，他們無法處理乘客，我們需要減少容量。

And just final point, fortunately, we don't see these same kinds of caps on the horizon in the United States, but we do expect to face similar issues and challenges that additional international locations through the summer.

最後一點，幸運的是，我們並沒有在美國看到這些相同類型的上限，但我們確實預計整個夏天都會面臨與其他國際地點類似的問題和挑戰。

And Helane, I'll just close with this. Look, we're going to put these measures in place, work with the airport authorities. At the end of the day, we've got to match capacity to the resources that are available, and we're going to push hard to make sure that all of the airports that we work with get the resources they need to serve our operations at the size that it should be. So thanks for the question.

還有 Helane，我將就此結束。看，我們將採取這些措施，與機場當局合作。歸根結底，我們必須使容量與可用資源相匹配，我們將努力確保與我們合作的所有機場都能獲得為我們的運營服務所需的資源在它應該的大小。所以謝謝你的問題。

Our next question coming from the line of Jamie Baker with JPMorgan.

我們的下一個問題來自摩根大通的 Jamie Baker。

I guess, since Helane brought up London, I flew back on American yesterday, nothing but positive things to say. I'll take that up with Scott offline.

我想，自從 Helane 提到了倫敦，我昨天飛回美國，除了積極的事情外，沒什麼可說的。我將與 Scott 離線討論。

First question for Vasu. So last quarter, you brought up a phenomenon of corporate travelers combining business with pleasure, extending trips, bringing the spouse, that sort of thing. With another 90 days of corporate recovery under your belt now, I mean, is the trend any different? And to the extent that this is sustainable, is there a way to actually monetize it? Or is it just sort of gravy, if it happens, great; if not, no biggie?

Vasu的第一個問題。所以上個季度，你提出了一種商務旅行者將商務與娛樂結合起來的現象，延長旅行時間，帶上配偶，諸如此類。我的意思是，現在企業又經歷了 90 天的複蘇，趨勢有什麼不同嗎？如果這是可持續的，有沒有辦法真正將其貨幣化？或者它只是一種肉汁，如果發生的話，太好了；如果沒有，沒什麼大不了的？

Jamie, thanks for the question, and this is a topic which is very frequently on our minds here because, indeed, in the last 90 days and be the 9 months or 12 months before that, the trends have not abated. In fact, they've grown even stronger.

傑米，謝謝你的問題，這是一個經常出現在我們腦海中的話題，因為事實上，在過去的 90 天以及之前的 9 個月或 12 個月，趨勢並沒有減弱。事實上，他們變得更加強大。

I mentioned in our last call when you asked the question that it used to be as much as 70%, 75% of our revenues could be both identified and would self-classify itself very binary as traveling only for business or only for leisure, and now that's only 50%. And that other 50% that's there indeed is still there.

我在上次電話會議中提到，當你問到過去高達 70%、75% 的收入可以被識別並自我分類為僅用於商務旅行或僅用於休閒旅行時，我曾提到過，並且現在只有 50%。其他的 50% 確實仍然存在。

It tends to be higher yielding. It comes to us directly through our dot-com and mobile. And it's looking for -- and it does that largely because it's looking for travel experiences and journeys and things like that, which the industries haven't been able to make available through the very antiquated technologies and things like that, that we've been prone to using.

它的產量往往更高。它直接通過我們的 dot-com 和移動設備提供給我們。它正在尋找——它這樣做主要是因為它正在尋找旅行體驗和旅程之類的東西，這些行業無法通過我們一直以來的非常過時的技術和類似的東西來提供容易使用。

So yes, this really has opened our eyes to creating a lot of value for these kinds of customers, who are a growing number. Like all of our advantage enrollments are coming out of that population, they're disproportionately concentrated in places where American has just a lot of natural strength. Think of the Sunbelt, the Midwest, the Southeast.

所以，是的，這確實讓我們大開眼界，為這些越來越多的客戶創造了很多價值。就像我們所有的優勢招生都來自那個人群一樣，他們不成比例地集中在美國人只有很多自然力量的地方。想想陽光地帶、中西部和東南部。

So we're really encouraged by what we see. And indeed, it's proven through the pandemic to be a very durable source of demand that's both high yielding and wants a lot more in the airline product than just a single transaction. So it is very much on our minds, and it's probably going to shape a lot of view in the months and quarters ahead.

所以我們真的對我們所看到的感到鼓舞。事實上，通過大流行證明，它是一個非常持久的需求來源，既能帶來高收益，又能在航空產品中獲得更多，而不僅僅是單筆交易。因此，我們非常關注它，並且可能會在未來幾個月和幾個季度中塑造很多觀點。

Okay. Great. And then second question, probably for Derek or Robert. But the demand data is obviously super encouraging. You're smaller than you were pre-COVID, but you're generating more revenue.

好的。偉大的。然後是第二個問題，可能是針對 Derek 或 Robert。但需求數據顯然非常令人鼓舞。您比 COVID 之前更小，但您正在產生更多收入。

I mean that's a great strategy for many businesses, I suppose, but your margins aren't recovered, and you weren't satisfied with your pre-COVID margins to begin with. So simple question, what are the drivers of higher margins from here?

我的意思是，我想這對許多企業來說是一個很好的策略，但你的利潤並沒有恢復，而且你一開始就對 COVID 之前的利潤不滿意。這麼簡單的問題，從這裡提高利潤率的驅動因素是什麼？

Well, Jamie, let me start with just from the top, and then Derek can go into more detail. Look, there's more margin growth at American. We've resourced this airline to fly a larger airline, just plain and simple. We've built in a lot of redundancies. And even in June, those redundancies weren't enough. But over time, we know that we can utilize our assets a lot harder than we have been able to, to this point.

好吧，Jamie，讓我從頂部開始，然後 Derek 可以進入更多細節。看，美國的利潤增長更多。我們已經為這家航空公司提供了資源，讓其運營一家更大的航空公司，簡單明了。我們已經建立了很多冗餘。即使在六月，這些裁員也不夠。但隨著時間的推移，我們知道，到目前為止，我們可以比以往更難地利用我們的資產。

And as you take a look going forward in terms of margins, I know that the third quarter, look, we've pulled out some additional flying, and that's fine that we would rather do. You know that we have regional aircraft that aren't in the air. And while we may not have the pilots, we have the other resources to actually fly those aircraft. So the key to us is ultimately to be able to use our assets at a higher rate.

當你看一下利潤率方面的前景時，我知道第三季度，看，我們已經取消了一些額外的飛行，這很好，我們寧願這樣做。你知道我們有沒有在空中的支線飛機。雖然我們可能沒有飛行員，但我們有其他資源來實際駕駛這些飛機。所以對我們來說，關鍵是最終能夠以更高的速度使用我們的資產。

But Derek, go ahead.

但是德里克，繼續。

No, I was going to say the exact same things. And Jamie, as we look at the second quarter, we talked about 100 regional aircraft being out on the ground, and we had probably about 40 mainline aircraft -- equivalent aircraft on the ground. So you're talking about 150 -- 140, 150 aircraft that aren't being utilized.

不，我要說完全相同的話。傑米，當我們看第二季度時，我們談到了 100 架支線飛機在地面上，我們可能有大約 40 架幹線飛機——相當於地面上的飛機。所以你說的是150-140、150架沒有被使用的飛機。

So 2 things have to happen is the resources come, and we put those aircraft back up in the air. We've got to get out of those aircraft. So we really want to fly all those. We want to get back to the utilization that we were at, and that is where the margin comes because, as Robert said, we are built from a cost perspective to fly those aircraft. And today, we're not.

所以有兩件事必鬚髮生，資源來了，我們把那些飛機放回空中。我們必須離開那些飛機。所以我們真的很想飛所有這些。我們希望恢復到原來的利用率，這就是利潤的來源，因為正如羅伯特所說，我們是從成本的角度來建造這些飛機的。而今天，我們不是。

So that's where it's at, and that's where we believe as we get ourselves back up to ASM levels in the 2019, it comes at a much cheaper cost because the assets are here.

所以這就是它所在的地方，這就是我們相信當我們在 2019 年恢復到 ASM 水平時，它的成本要便宜得多，因為資產就在這裡。

And Jamie, just to add one other point, just from even a second quarter perspective. The month of June was really hard on the airline. 27 out of 30 days, we had severe weather that resulted in ramp closures, ground staff, ground delay programs, aerospace flow programs. And in some, we flew at least a percentage point or more less than we would have otherwise.

傑米，只是補充一點，甚至從第二季度的角度來看。六月對航空公司來說真的很艱難。 30 天中有 27 天遇到惡劣天氣，導致停機坪關閉、地勤人員、地面延誤計劃、航空流量計劃。在某些情況下，我們的飛行量至少比其他情況下少了一個百分點或更多。

June and the second quarter would have been better had we seen a more normal type close to the quarter. So that gives me optimism that there's not only utilization that we can work our way out of, but also more normal operating conditions are going to benefit us as we go forward as well.

如果我們在接近季度的時候看到更正常的類型，六月和第二季度會更好。因此，這讓我樂觀地認為，我們不僅可以擺脫利用，而且隨著我們的前進，更正常的運營條件也將使我們受益。

Our next question coming from the line Savi Syth with Raymond James.

我們的下一個問題來自 Raymond James 的 Savi Syth。

If I might on -- just a kind of a follow-up to Jamie's question there. So if you look at versus 2019, just how much has kind of inflation been built in? I know you have kind of this regional pilot pay that's kind of built in there.

如果我可以的話 - 只是對 Jamie 的問題的一種跟進。因此，如果你看一下與 2019 年相比，到底有多少通貨膨脹？我知道你有一種內置的區域試點工資。

So how much of these kind of increases are structural versus what could we -- like if I take your either 3Q or your kind of full year unit cost, like how much is structural versus how much could we see kind of go away as you get back to kind of 2019 level capacity?

那麼，這些增長中有多少是結構性的，而我們可以增加多少——比如如果我計算你的第三季度或全年單位成本，比如有多少是結構性的，而我們可以看到多少會隨著你的變化而消失回到2019年的那種產能？

Well, I would say as we look at the cost structure, the cost tradings we talked about is built to fly another 150 aircraft. So we did add cost in. So if you take the third quarter over the second quarter, the increase is really driven by 3 things, which is mainline salaries due to putting in some of the pilot contract issues. The maintenance is up year-over-year just because of engine overhauls and things that we're seeing throughout the summer and then the regional pilot pay that's put into place.

好吧，當我們查看成本結構時，我想說的是，我們談到的成本交易是為了再飛 150 架飛機而建立的。所以我們確實增加了成本。所以如果你把第三季度比第二季度計算，增長實際上是由三件事推動的，這是由於一些試點合同問題導致的主線工資。由於發動機大修和我們在整個夏天看到的事情以及隨後實施的區域飛行員工資，維護量同比增長。

So the regional pile-up is put into place to get more aircraft up in the air, so that -- hopefully, that is there. It's there to stay. The higher cost to fly regional and the new contract that we put in place regionally is there. That hopefully drives more aircraft back up in the air.

因此，區域性堆積是為了讓更多的飛機升空，所以 - 希望就在那裡。它可以留下來。區域飛行成本較高，我們在區域內簽訂的新合同就在那裡。這有望推動更多的飛機重新升空。

We'll see where that goes. If it doesn't, then that cost doesn't come. So I think those things are built in. They're going to be there as we move forward. So it's important for us to get the utilization back up and get the aircraft in the air.

我們會看到它的去向。如果沒有，那麼這個成本就不會到來。所以我認為這些東西是內置的。隨著我們前進，它們將在那裡。因此，對我們來說，恢復利用率並使飛機起飛對我們來說很重要。

That makes sense. And if I can ask just a follow-up on that regional pilot pay. The pay was surprising, and I understand that at least part of it is a bonus that supposedly kind of rolls off in 2024.

那講得通。如果我可以詢問有關該地區試點薪酬的後續行動。薪水令人驚訝，而且我知道其中至少有一部分是獎金，據說會在 2024 年遞減。

But given how kind of much the gap versus mainline pay has been narrowed or, in some cases, even higher than mainline pay, just -- is that sustainable from an economic standpoint for those markets because you're flying them with small aircraft, fuel is a bigger impact on those smaller markets?

但考慮到與主線薪酬的差距縮小了多少，或者在某些情況下，甚至高於主線薪酬，從經濟角度來看，這對這些市場來說是可持續的，因為你用小型飛機飛行，燃料對那些較小的市場有更大的影響嗎？

Is that sustainable long term? Or is it the right move right now because -- maybe because capacity is out of those markets and fares are high or you just need to get this capacity back up? I was just kind of curious as the kind of thinking behind that big of a pay increase.

這是長期可持續的嗎？或者它現在是正確的舉動，因為 - 也許是因為這些市場的容量已經超出並且票價很高，或者你只需要恢復這種容量？我只是有點好奇，這麼大的加薪背後的想法。

Savi, let me start and then I know some others might want to jump in. The answer to that is yes. Look, the regional network to American Airlines is incredibly important. And whether it's 50 or 65 or 76-seat aircraft, being able to serve those markets in a way that connects to our hubs and then unleashes the breadth of the rest of our network, that's a really compelling offering that achieves higher yields.

薩維，讓我開始吧，然後我知道其他人可能想加入。答案是肯定的。看，美國航空公司的區域網絡非常重要。無論是 50 座、65 座還是 76 座的飛機，都能夠以連接到我們的樞紐的方式服務於這些市場，然後釋放我們網絡其餘部分的廣度，這是一個非常引人注目的產品，可以實現更高的收益。

And so even though pilot expense for those regional aircraft will be going up, we're confident that the yields that will be introduced will take that into account. But one thing I want to make clear, though, is as we take a look at regional pilot pay, but it costs quite a bit of money to become a pilot.

因此，即使這些支線飛機的飛行員費用會增加，我們相信將引入的收益將考慮到這一點。但是，我要澄清的一件事是，當我們看一下地區飛行員的工資時，但成為一名飛行員要花很多錢。

And the expectations for a pilot coming out and saying taking that first job, right, they have changed over time. So as we look forward, I do think that as an industry, pilot wages are going to increase. And that's something that the industry as a whole is going to have to digest. And ultimately, that will show up through our cost structure and be a factor in terms of how we try to monetize our product.

並且對飛行員的期望出來並說接受第一份工作，對，隨著時間的推移，他們已經改變了。因此，正如我們所期待的那樣，我確實認為作為一個行業，飛行員的工資將會增加。這是整個行業必須消化的東西。最終，這將通過我們的成本結構體現出來，並成為我們嘗試將產品貨幣化的一個因素。

Yes. This is Vasu. I'll just add that to what Robert said in this, but for our airline in particular, so much of how we create value and drive margins is by creating as many unique O&Ds as we can. And you've seen it through many quarters now where we've flown more capacity in the industry that can produce higher, but there are good nominal PRASM, at least as good, if not better than what our network competitors are, certainly in domestic and short haul. And a major part of that is the regional jet.

是的。這是瓦蘇。我只是將這一點添加到羅伯特在此所說的內容中，但特別是對於我們的航空公司而言，我們創造價值和提高利潤的方式很大程度上是通過盡可能多地創造獨特的 O&D。而且您已經在許多季度看到了這一點，我們在該行業中飛行了更多可以生產更高的產能，但是名義上的 PRASM 很好，至少與我們的網絡競爭對手一樣好，甚至更好，當然在國內和短途。其中很大一部分是支線飛機。

In this last quarter, we flew 20% -- we had 20% more O&Ds than what our next largest network competitor did. And in those markets, we are seeing yields that are 25% greater than what happened to the rest of the system. Indeed, that's what's really driving the yield growth that's there.

在上個季度，我們飛了 20%——我們的 O&D 比我們的下一個最大的網絡競爭對手多 20%。在這些市場中，我們看到的收益率比系統其他部分高出 25%。事實上，這才是真正推動那裡的產量增長的原因。

Many of those markets are where we see the high-value blended demand that Jamie asked about earlier. So indeed, not only is it something sustainable. It's something which is a unique feature of what we do and always will be.

其中許多市場是我們看到 Jamie 早些時候提出的高價值混合需求的地方。因此，確實，它不僅是可持續的。這是我們所做的事情的一個獨特特徵，並且永遠都是。

And our next question coming from the line of Duane Pfennigwerth with Evercore ISI.

我們的下一個問題來自 Duane Pfennigwerth 和 Evercore ISI。

Maybe we'll start where Savi just left off. So I guess, anybody could do what you're doing on the pay side, so it's hard to see how that's a unique benefit. So historically, on the regional side, that pay arbitrage was one of the reasons that profitability worked.

也許我們將從 Savi 剛剛停止的地方開始。所以我想，任何人都可以在薪酬方面做你正在做的事情，所以很難看出這是一個獨特的好處。因此，從歷史上看，在地區方面，薪酬套利是盈利能力發揮作用的原因之一。

So why is -- why are pay increases like this the right answer from a profitability perspective? I understand why they might be the right answer from a small market, market share perspective. But why is that a better answer than your peers from a margin perspective?

那麼為什麼——從盈利能力的角度來看，為什麼像這樣的加薪是正確的答案呢？我理解為什麼從小市場、市場份額的角度來看它們可能是正確的答案。但是，從利潤率的角度來看，為什麼這比您的同行更好呢？

Duane, let me start. First off, again, the days of being able to go out and attract a pilot for wages that are $40,000 a year, okay, are gone. I don't think that we're going to return to an environment where that is the type of compensation that regional pilots make.

杜安，讓我開始吧。首先，再一次，能夠以每年 40,000 美元的工資吸引飛行員的日子已經一去不復返了。我不認為我們會回到那種地方飛行員所做的補償類型的環境。

It's a different world. And for pilots coming in, we're still not talking about exorbitant salaries. And I think that, that is something that, no matter the carrier, they're going to face the issues of having to pay higher rates for pilots.

這是一個不同的世界。對於進來的飛行員，我們仍然不是在談論過高的薪水。而且我認為，無論航空公司如何，他們都將面臨不得不為飛行員支付更高費用的問題。

That said, there is a uniqueness about American Airlines network that allows us to use on our regional network and our regional pilots in a fashion that produces outsized yield. That's what will differentiate us. It's not that, hey, we're going to go out and be able to have a slight difference in terms of pilot wages, and that's going to make the difference in terms of the margin we make as a company.

也就是說，美國航空公司的網絡有一個獨特之處，它使我們能夠以產生超額收益的方式在我們的區域網絡和我們的區域飛行員中使用。這就是我們與眾不同的地方。並不是說，嘿，我們要出去並能夠在飛行員工資方面略有不同，這將在我們作為一家公司的利潤率方面產生差異。

Vasu, do you want to add something?

瓦蘇，你想補充點什麼嗎？

Yes, I'll just add to it very simply, Duane, in an industry that has struggled for a long time to be able to pass its cost into revenue, at least for us, what we've seen time and time again with the regionals is anytime there has been a cost increase, that is the one part of the business where we can most consistently pass it through to revenues. And we do it because of what it does. It creates a unique product for customers that increasingly nobody else but American Airlines can go and do.

是的，我只是簡單地補充一下，杜安，在一個長期以來一直在努力將成本轉化為收入的行業，至少對我們來說，我們一次又一次地看到無論何時，只要有成本增加，Regionals 就會出現，這是我們最能始終如一地將其轉化為收入的業務部分。我們這樣做是因為它的作用。它為客戶創造了一種獨特的產品，除了美國航空公司之外，沒有其他人可以去做。

And when you look through our system, right, there's many of those markets that you simply couldn't upgauge. And even if you did upgauge it, flying to large cities, Birmingham, Alabama, Wilmington, North Carolina, once a day of a 737 doesn't really create a lot of utility for some of those really big metro areas in the U.S.

而且，當您查看我們的系統時，您會發現其中有許多市場是您根本無法衡量的。即使你確實升級了它，飛往大城市，伯明翰，阿拉巴馬州，威爾明頓，北卡羅來納州，每天一次的 737 並不能真正為美國一些真正的大都市地區創造很多實用性。

So for us, this is actually a place where by doing it, and frankly, by doing it through our wholly owned regional jets, which themselves are very massive airlines, it creates a lot of unique value for our customers, which turns into revenue for us.

所以對我們來說，這實際上是一個地方，坦率地說，通過我們全資擁有的支線飛機，它們本身就是非常龐大的航空公司，它為我們的客戶創造了許多獨特的價值，這轉化為收入我們。

Appreciate that perspective. And then just one thing that's a little confusing to me. Can you clear up the difference in characterization on corporate? A couple of your peers call it sort of 80% recovered.

欣賞這種觀點。然後只有一件事讓我有點困惑。你能澄清一下企業特徵的差異嗎？你的幾個同行稱它恢復了 80%。

Perhaps, you carried kind of less of that premium traffic going in. Maybe differences in hub geography explains it. But why do you see it as sort of fully recovered versus the 80%? And if much more of it is coming through your own distribution, how do you know it's corporate?

也許，您帶來的優質流量較少。也許樞紐地理的差異可以解釋這一點。但是為什麼你認為它與 80% 相比是完全恢復的呢？如果更多的內容來自您自己的發行版，您怎麼知道它是公司的？

Yes. Thanks, Duane, and I think this is an important clarification because I think that, maybe throughout the industry, people use a lot of different words or the same words to mean different things.

是的。謝謝，杜安，我認為這是一個重要的澄清，因為我認為，也許在整個行業中，人們使用很多不同的詞或相同的詞來表示不同的事物。

Let me be really specific about what we do. When we talk about business, we talk about a trip type that is business. And this is Jamie's question. We're able to go and calibrate it on -- we ask customers, did you actually buy for business, and we can actually go and look at it. Was it a single person in the itinerary? They didn't check a bag. They did a day trip, likely business, right?

讓我具體談談我們的工作。當我們談論商務時，我們談論的是商務旅行類型。這是傑米的問題。我們可以去校準它——我們問客戶，你真的是為了生意買的，我們實際上可以去看看。行程中是一個人嗎？他們沒有檢查行李。他們做了一日遊，可能是生意，對吧？

And so business revenue is that. And for us, historically, that business revenue has been 40% to 45%. Of that, a component of it, historically, there is a 60-40 split between what we consider unmanaged or small businesses and really managed businesses. These are large corporations that contract travel globally typically, right? They use large travel agencies to help them manage the program.

所以業務收入就是這樣。對我們來說，從歷史上看，該業務收入一直是 40% 到 45%。其中，從歷史上看，我們認為非託管或小型企業與真正託管的企業之間存在 60-40 的差距。這些是通常在全球範圍內承包旅行的大公司，對吧？他們使用大型旅行社來幫助他們管理該計劃。

And so for us, what we see is that business revenue is indeed 40% to 45% recovered. The nature of it has changed materially, though, where that unmanaged business is 125% to 130% recovered. And that managed or contracted corporate business is indeed about 75% to 80% recovered, maybe consistent with other things that you've heard.

所以對我們來說，我們看到的是業務收入確實恢復了 40% 到 45%。然而，它的性質發生了重大變化，未管理的業務恢復了 125% 到 130%。託管或承包的公司業務確實恢復了大約 75% 到 80%，這可能與您聽到的其他事情一致。

That, of course -- and that's the thing that we've been seeing for some time. This seems to be a relatively durable trend and one that will continue, which is that there's going to be more and more unmanaged businesses out there. And indeed, we see even with those accounts that are contracted corporate accounts, as we emerge from the pandemic, fewer and fewer of them are enforcing travel policies, are doing a lot of the things that they contracted to begin with anyway. So that's a trend, which we anticipate will continue. And hopefully, that clarifies the point, too.

當然，那是我們一段時間以來一直看到的事情。這似乎是一個相對持久的趨勢，並且將繼續下去，那就是那裡將有越來越多的不受管理的企業。事實上，即使是那些簽約的公司賬戶，我們也看到，隨著我們從大流行中走出來，執行旅行政策的人越來越少，無論如何他們都在做很多他們一開始就簽約的事情。所以這是一種趨勢，我們預計這種趨勢將繼續下去。希望這也能澄清這一點。

And our next question coming from the line of David Vernon with Bernstein.

我們的下一個問題來自 David Vernon 與 Bernstein 的對話。

So Robert and Derek, I want to talk a little bit about the rate of recovery in sort of either pretax or operating margins. You were down on pretax sort of 390 bps closer to ['19] in the second quarter. It looks the same on a September level.

所以羅伯特和德里克，我想談談稅前或營業利潤率的恢復率。在第二季度，您在接近 ['19] 時的稅前下降了 390 個基點。它在 9 月的水平上看起來是一樣的。

And I'm just trying to get a sense for when we should start to expect to see those pretax margins kind of recover. And is that all 100% driven by volume recovery? Or is there something to do on the revenue side or the cost side to kind of accelerate the rate of change in the profit margin?

我只是想了解我們何時應該開始期望看到這些稅前利潤率有所恢復。這都是 100% 由容量恢復驅動的嗎？還是在收入方面或成本方面有什麼可做的，以加快利潤率的變化速度？

Well, I'll just start, David. Look, this gets back to the question that's asked earlier. We have a lot of redundancy built into the business. Utilization Isn't where we need it. I think that as we take a look to the future, we're depending on a couple of things.

好吧，我就開始吧，大衛。看，這又回到了之前提出的問題。我們在業務中內置了很多冗餘。利用率不是我們需要的地方。我認為，當我們展望未來時，我們依賴於幾件事。

One is, fortunately, we're in a really strong revenue environment. And as we're looking to the third quarter, anticipating

一個是，幸運的是，我們處於一個非常強勁的收入環境中。當我們展望第三季度時，預計

(technical difficulty)

（技術難度）

a good revenue environment. And as we're looking to the third quarter, anticipating 20% to 24% increases in TRASM versus 2019.

良好的收入環境。當我們展望第三季度時，預計 TRASM 與 2019 年相比將增長 20% 至 24%。

From a cost perspective, that's where we would like to see unit cost come in lower. And the big driver to that is making sure that we fly a more fulsome schedule and take out the redundancy that we have built in. And it gets back again to how quickly we can get these jets back up, from a regional perspective, get the 787s back in.

從成本的角度來看，這就是我們希望看到單位成本降低的地方。最大的驅動力是確保我們飛行更充實的時間表並消除我們已經建立的冗餘。從區域的角度來看，這又回到了我們可以多快讓這些噴氣式飛機恢復運行，獲得787 回來了。

And my view is that, that's the name of the game for us as we go forward. And as we take a look into the rest of 2022 and 2023, our goal is to make sure that we're utilizing our assets as hard and fast as we can.

我的觀點是，這就是我們前進的遊戲名稱。當我們展望 2022 年和 2023 年的剩餘時間時，我們的目標是確保我們盡可能快速地利用我們的資產。

And if I'm going to play devil's advocate and say this isn't necessarily the case that we're thinking about, but in a world where we don't get that capacity recovery, the conversation within the company or the Board around maybe restructuring that asset level, that resource level to some new level of lower.

如果我要扮演魔鬼的擁護者並說這不一定是我們正在考慮的情況，但是在我們無法恢復產能的世界中，公司或董事會內部的對話可能重組即資產水平，即資源水平降低到某個新的水平。

Not saying that's the base case, but I'm just wondering, as you guys think about managing the organization through the next couple of years here, if we end up in a world where that next 10% of ASM, the demand just isn't there. What are the levers that you could pull to maybe get the resource level down?

並不是說這是基本情況，但我只是想知道，當你們考慮在未來幾年在這裡管理組織時，如果我們最終進入一個 ASM 的下一個 10% 的世界，那麼需求只是'那裡。您可以利用哪些槓桿來降低資源水平？

David, I mean, you've nailed it. We will size the airline for the demand that's out there. So right now, there's more demand than we'd like to be servicing. We have the capacity to be able to do it. But as time goes forward, if that demand doesn't materialize, what we will do is we will size the airline appropriately.

大衛，我的意思是，你已經成功了。我們將根據需求調整航空公司的規模。所以現在，需求比我們想要的要多。我們有能力做到這一點。但隨著時間的推移，如果這種需求沒有實現，我們要做的就是適當調整航空公司的規模。

We have flexibility within our fleet to be able to take out, I believe, everything that we would need to in terms of matching demand going forward. And on top of that, then we would size the resources around it, including all of the people resources.

我相信，我們的機隊擁有靈活性，能夠在匹配未來需求方面採取一切必要措施。最重要的是，我們會調整它周圍的資源，包括所有的人力資源。

Now on that front, we have great flexibility because we're hiring so many folks just to make sure that we can run the airline as we need to. So whether it's a people perspective, whether it's a fleet perspective, we have the ability to size the airline for the demand that's out there.

現在在這方面，我們有很大的靈活性，因為我們僱傭了很多人，只是為了確保我們可以按照我們的需要經營航空公司。因此，無論是從人的角度，還是從機隊的角度來看，我們都有能力根據現有需求調整航空公司的規模。

Yes. And I'll add some numbers there, David. In 2023, we've got 95 lease renewals; 2024, 72 lease renewals. We have unencumbered aircraft of over 200 aircraft. We have deliveries coming in, in 2023. We have 31. In 2024, 47.

是的。我會在那裡添加一些數字，大衛。 2023 年，我們有 95 次續租； 2024 年，72 次續租。我們有超過 200 架飛機的空載飛機。我們將在 2023 年交付。我們有 31 個。2024 年，47 個。

So that is exactly right. What you said is what we would do. We're not there yet because we believe that the demand is there to get more of these aircraft up. But if we see that, then that is what we would do is not renew leases, push deliveries like we have in the past.

所以這是完全正確的。你說的就是我們會做的。我們還沒有到那裡，因為我們相信需要讓更多的這些飛機上升。但如果我們看到這一點，那麼我們要做的就是不再像過去那樣續租，而是推動交付。

You saw us last quarter push out some deliveries on the 789s and make sure that we rightsize those. And then we would take some of the unencumbered assets, and we would move those and sell those and not put them back up in the air. So that's where we would go. You're exactly right.

您在上個季度看到我們在 789 上推出了一些交付，並確保我們調整了這些尺寸。然後我們會拿走一些未設押的資產，我們會轉移這些資產並出售它們，而不是把它們放回空中。這就是我們要去的地方。你完全正確。

And our next question coming from the line of Daniel McKenzie with Seaport Co.

我們的下一個問題來自 Seaport Co. 的 Daniel McKenzie。

Going back to the commentary of more margin growth over time, setting aside market expectations for a recession and just putting a finer point on a prior commentary, all else equal, based on what you see today, are the initiatives in place to offset the structurally higher costs in this next cycle?

回到隨著時間的推移更多的利潤增長的評論，拋開市場對衰退的預期，只是對先前的評論提出更精細的觀點，根據你今天所看到的，所有其他條件都相同，這些舉措都是為了抵消結構性的下一個週期的成本更高？

So just putting a finer point on getting back to margins in the last cycle or actually exceeding those because, in the past, the commentary seemed pretty bullish for doing a little bit better than what you've done on your historical margins.

因此，只需在上一個週期中恢復利潤率或實際超過利潤率，因為在過去，評論似乎非常樂觀，因為做得比你在歷史利潤率上所做的要好一點。

Daniel, thanks for the question, and others might chime in here, too. I'll bring us back a little bit because I think the -- what we're focusing on right now is getting back to sustained profitability. So we've reported within guide this quarter, despite really challenging operating conditions, we're expecting profitability as we go into the third quarter. And our intent is to stay in the black, okay?

丹尼爾，謝謝你的問題，其他人也可能在這裡插話。我會把我們帶回來一點，因為我認為 - 我們現在關注的是恢復持續盈利能力。因此，儘管運營條件確實具有挑戰性，但我們在本季度的指導範圍內進行了報告，但我們預計進入第三季度時將實現盈利。我們的意圖是保持盈利，好嗎？

That's job #1. As we go out, it's still a murky environment out there, right? We're recovering from the pandemic, and we're doing so well. We know that demand now is back and back strong. There are so many constraints out there in terms of aircraft deliveries, in terms of just people and pilots that, look, we think that we're going to be in a position where we have the ability to improve revenue performance and get higher utilization out in the assets that we have.

那是工作#1。當我們出去時，那裡仍然是一個陰暗的環境，對吧？我們正在從大流行中恢復過來，而且我們做得很好。我們知道現在的需求來回強勁。在飛機交付方面存在很多限制，就人員和飛行員而言，看，我們認為我們將處於一個有能力提高收入表現並獲得更高利用率的位置在我們擁有的資產中。

That bodes well for the future, but I'm reluctant to look too far out into 2023,and say that there are certain margins that we will or will not hit. And I'll leave it at that, unless anybody else wants to chime in.

這對未來來說是個好兆頭，但我不願意將 2023 年看得太遠，並說我們會或不會達到一定的利潤空間。除非有其他人想插話，否則我會就此打住。

No. But I would say, yes, that is our goal and that we know where we were in 2019. We know what those pretax EBITDA margins are. Getting the asset utilization back up where the demand environment is would get us back to those levels.

不。但我會說，是的，這是我們的目標，我們知道我們在 2019 年的情況。我們知道稅前 EBITDA 利潤率是多少。在需求環境所在的地方恢復資產利用率將使我們回到這些水平。

So it is all about moving forward, getting the asset utilization where it needs to be, get the aircraft back up in the air, and we can reach those levels for sure.

因此，一切都是為了向前邁進，將資產利用到需要的地方，讓飛機重新升空，我們肯定可以達到這些水平。

And Dan, let me pick up where Derek left off, too. In this way, if you think about American Airlines prior to the pandemic, we flew more capacity than many of our competitors, but we've produced certainly lower nominal PRASM than what many of our -- certainly, what the industry leader at the time was.

還有丹，讓我也從 Derek 離開的地方繼續。這樣，如果您考慮一下大流行之前的美國航空公司，我們的運力比我們的許多競爭對手都多，但我們生產的名義 PRASM 肯定比我們的許多——當然，當時的行業領導者曾是。

And through the pandemic, we've done a lot. In fact, this is Robert's commentary really. We didn't just simplify the fleet. We also concentrated the network where 70% to 75% of it is flying in places where we can create really outsized consumer value, Sunbelt, NC, L.A., Heathrow.

在大流行期間，我們做了很多工作。事實上，這確實是羅伯特的評論。我們不僅簡化了車隊。我們還將 70% 到 75% 的網絡集中在我們可以創造真正超大消費者價值的地方，例如 Sunbelt、NC、L.A.、Heathrow。

And we've really leaned hard into partnerships to create value where we couldn't organically. And now we're in a place where, really for a couple of quarters, we can fly 5% to 15% more capacity than the 2019 PRASM leader, but produced PRASMs that are pretty comparable to that.

我們真的很努力地建立合作夥伴關係，以創造我們無法有機地創造價值。現在我們處於這樣一個地方，實際上在幾個季度內，我們可以比 2019 年的 PRASM 領導者多飛行 5% 到 15% 的容量，但生產的 PRASM 與此相當。

So that's when we say getting asset utilization up and running, it's a meaningful thing, but the thing not to be lost is that doesn't mean we're putting back 2019. Like there's not a world where we're going to go back into flying money and losing flights for strategic purposes or things like that.

所以當我們說讓資產利用率啟動並運行時，這是一件有意義的事情，但不能丟失的是，這並不意味著我們要推遲 2019 年。就像沒有一個我們要回去的世界一樣出於戰略目的或類似的目的而飛錢和失去航班。

There's not a world where we go and complicate it. But there is one where we've really realized the more unique O&Ds we create, the more that turns into real revenue production for the airline. And that's the basis to go build off of and, from that, a lot more as possible and will be.

沒有一個世界可以讓我們去複雜化它。但我們真正意識到，我們創造的獨特 O&D 越多，就越能轉化為航空公司的實際收入。這就是構建的基礎，並且從這個基礎上，盡可能多地進行。

Yes. Understood. A question on the regional operation. What does it look like 1 to 3 years from now, same size, smaller? And as you look at the percent of the regional network that's competing against mainline aircraft, where is that today? And is -- where would you like to see it? And is that an opportunity for helping to drive margin expansion? .

是的。明白了。關於區域操作的問題。從現在開始 1 到 3 年會是什麼樣子，同樣大小，更小？當您查看與乾線飛機競爭的區域網絡的百分比時，今天在哪裡？而且是——你想在哪裡看到它？這是幫助推動利潤率擴張的機會嗎？ .

Daniel, it's absolutely been an opportunity to drive margin expansion. First goal is to just get all the aircraft that we have back up and flying. And so our fleet is -- our regional aircraft is roughly 600 aircraft. Love to get those back up.

丹尼爾，這絕對是一個推動利潤率擴張的機會。第一個目標是讓我們備份並飛行的所有飛機。所以我們的機隊是——我們的支線飛機大約有 600 架飛機。喜歡讓那些備份。

And over time, there will be changes in terms of mix to that fleet, but it will be based on how effective it supports our hubs and the rest of the mainline operation, too. So first goal and one that I think will take the next couple of years for sure is to get to all 600 back up and flying.

隨著時間的推移，該機隊的組合將會發生變化，但這將取決於它對我們的樞紐和其他幹線運營的支持程度。所以第一個目標，我認為未來幾年肯定會實現的目標是讓所有 600 人都恢復正常飛行。

Our next question coming from the line of Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

I echo Jamie's comments. I don't know if you guys were screening for airline analysts going into Heathrow, but my experience of American was pretty good.

我贊同傑米的評論。我不知道你們是否正在篩選進入希思羅機場的航空公司分析師，但我在美國的經歷非常好。

All right. That's what I'd like to hear.

好的。這就是我想听到的。

Maybe just talking to your other large hubs. If you could talk about unit revenue in JFK and LAX, you mentioned in your prepared remarks it's outperforming the total system. Can you maybe provide some color on that? Is that relative to 2019 or on an absolute unit revenue basis across the system?

也許只是與您的其他大型集線器交談。如果您可以談論 JFK 和 LAX 的單位收入，您在準備好的評論中提到它的表現優於整個系統。你能提供一些顏色嗎？這是相對於 2019 年還是以整個系統的絕對單位收入為基礎？

Thanks for the question. This is Vasu, and the answer is both. To Robert's specific point, that is compared to our system in absolute, but let me provide a little bit of context behind the point.

謝謝你的問題。這是瓦蘇，答案是兩者兼而有之。就羅伯特的具體觀點而言，這與我們的系統進行了絕對的比較，但讓我提供一點背後的背景。

For us, historically, in New York, especially New York Kennedy and L.A., American Airlines typically produce unit revenues that were, let's call it, 90% of what the industry produce to its domestic system. And now those are starting to get -- both in New York Kennedy and in Los Angeles, we're starting to produce unit revenues that are much more in line with the domestic system.

對我們來說，從歷史上看，在紐約，尤其是紐約肯尼迪和洛杉磯，美國航空公司通常產生的單位收入，我們姑且稱之為，該行業為其國內系統生產的收入的 90%。現在這些都開始了——在紐約肯尼迪和洛杉磯，我們開始產生更符合國內系統的單位收入。

This is material for us because our largest hubs where our capacity concentration is still great are able to produce unit revenues at a real advantage to what our competitors are able to do. So we were able to go and serve these markets with higher unit revenues as it bleeds through. It's something that we tend to look at really, really closely.

這對我們來說很重要，因為我們的產能集中度仍然很高的最大樞紐能夠以我們競爭對手的真正優勢產生單位收入。因此，我們能夠以更高的單位收入去服務這些市場，因為它正在流失。這是我們傾向於非常非常仔細地看待的事情。

But what we're really most encouraged about in New York and L.A. is this isn't just a function of going in there and cutting a bunch of flights or growing RASM. We've improved the consumer proposition that's there. In New York, certainly, we -- between American Airlines and JetBlue, our Northeast Alliance has put back more capacity sooner than anybody else.

但在紐約和洛杉磯，我們最受鼓舞的是，這不僅僅是進入那裡並削減大量航班或增加 RASM 的功能。我們已經改進了現有的消費者主張。當然，在紐約，我們——在美國航空公司和捷藍航空之間，我們的東北聯盟比其他任何人都更快地恢復了更多的運力。

We've launched new routes. We've taken the American Airlines metal in the market like Doha and India that 2 or 3 years ago would have been relatively unthinkable, and our consumers are responding. We're seeing originating market share, both in that partnership and also our West Coast partnership with Alaska. And that's coming directly away from our large network competitors.

我們推出了新路線。我們已經在多哈和印度等市場上購買了美國航空公司的金屬，這在 2 或 3 年前是相對不可想像的，我們的消費者正在做出回應。我們在該合作夥伴關係以及我們與阿拉斯加的西海岸合作夥伴關係中看到了原始市場份額。這直接來自我們的大型網絡競爭對手。

So we're encouraged by the whole thing. And really, the context for it is this consumer proposition is starting to bleed its way into the unit revenue results, and that's most encouraging of all.

所以我們對整個事情感到鼓舞。實際上，它的背景是這種消費者主張開始滲透到單位收入結果中，這是最令人鼓舞的。

Great. And then maybe just following up on the regional questions. Is there any way to think about the current impact of subdued regional operations on the mainline operation and the traffic you're missing out on?

偉大的。然後也許只是跟進地區問題。有什麼方法可以考慮目前低迷的區域運營對主線運營的影響以及您錯過的流量？

I'm sorry. Could you repeat the question, Sheila? We missed a part of it.

對不起。你能重複一下這個問題嗎，希拉？我們錯過了一部分。

Sorry. Can you -- just talking about the regional operations, is there any way to quantify how much you're missing out on traffic because of subdued regional operations?

對不起。您能否僅談論區域運營，有什麼方法可以量化您因區域運營低迷而錯過了多少流量？

Because of subdued regional operations, got it. It's really difficult to do, and we've actually taken a couple of cuts at it because the reality is that this is such a sort of unprecedented time of the industry where there are so many constraints on the infrastructure, so many issues with aircraft deliveries, resources, things like that, that it's hard to really isolate what affected it .

由於區域業務低迷，得到了它。這真的很難做到，我們實際上已經削減了幾次，因為現實情況是，這是一個前所未有的行業時代，基礎設施受到如此多的限制，飛機交付存在如此多的問題，資源，諸如此類的東西，很難真正隔離影響它的因素。

In fact, when we look at it, what we find is through the pandemic, we've been able to sustain a lot more of the connectivity of our system through the regional jets. And those places where we've sustained the connectivity are really what's driving our yield growth. And it's bringing in new customers that are not in necessarily large coastal metro areas.

事實上，當我們審視它時，我們發現通過大流行，我們已經能夠通過支線噴氣式飛機維持我們系統的更多連通性。而那些我們維持連通性的地方確實是推動我們產量增長的因素。它帶來的新客戶不一定在大型沿海都會區。

So it's hard to kind of isolate it just because there are so many variables at play, but from Robert and Derek's commentary, the regional jet, especially the wholly owned regional jet, is really key to helping our mainline fleet grow and recover its utilization.

所以很難僅僅因為有太多變數在起作用，但從羅伯特和德里克的評論來看，支線飛機，尤其是全資擁有的支線飛機，對於幫助我們的干線機隊增長和恢復其利用率確實至關重要。

And our next question coming from the line of Andrew Didora with Bank of America.

我們的下一個問題來自美國銀行的 Andrew Didora。

Vasu, just a question on your 3Q revenue guide. When I look at other airlines, I think you guys are now the one that's not pointing to a sequential acceleration in total revenue growth 2Q to 3Q. Why do you think that is? And are you just trying to be a little bit more conservative given what's going on out there in the macro environment right now?

Vasu，只是關於您的 3Q 收入指南的問題。當我查看其他航空公司時，我認為你們現在沒有指出 2Q 到 3Q 總收入增長的連續加速。你認為這是為什麼？鑑於目前宏觀環境中正在發生的事情，您是否只是想更加保守一點？

Well, let me start by saying we're actually really encouraged by demand. I mean, the demand for our products has been high in like a historical way. That continues. And indeed, the way demand is coming back is both really encouraging and somewhat different than what was there before from my earlier commentary.

好吧，讓我首先說我們確實受到需求的鼓舞。我的意思是，對我們產品的需求以歷史的方式一直很高。這繼續。事實上，需求回升的方式既令人鼓舞，又與我之前的評論有所不同。

But really, when you see when you go from 2Q to 3Q it is, first of all, just a change in capacity production. We're taking a more conservative view of just how we size the airlines and the resources we have, per Robert's comments, and that impacts a lot of it.

但實際上，當你看到從 2Q 到 3Q 時，首先，它只是產能的變化。根據羅伯特的評論，我們對航空公司的規模和我們擁有的資源採取了更為保守的看法，這對其產生了很大影響。

And then beyond that, really, there's a wide range that we have in unit revenue production because we're really encouraged by the trends that we see. But if we've learned anything over the last couple of quarters, things could go change a lot. But right now, our optimism -- we see nothing really materially that would dilute our optimism in any way.

然後除此之外，實際上，我們在單位收入生產方面的範圍很廣，因為我們看到的趨勢真的讓我們感到鼓舞。但是，如果我們在過去幾個季度中學到了什麼，事情可能會發生很大變化。但是現在，我們的樂觀主義——我們沒有真正看到任何實質性的東西會以任何方式削弱我們的樂觀主義。

Okay. Understood. And then I've just been thinking, given the operational challenges across the entire industry, do you think that all -- that's going to influence the way maybe corporate's willingness to travel come the fall? Have you or Robert have had any conversations with kind of your big managed corporate clients that have maybe expressed concerns over this operational reliability? Just curious your thoughts on that.

好的。明白了。然後我一直在想，考慮到整個行業的運營挑戰，你認為這一切 - 可能會影響企業在秋季出差的意願嗎？您或羅伯特是否曾與您的大型管理企業客戶進行過任何對話，這些客戶可能對這種運營可靠性表示擔憂？只是好奇你對此的想法。

Look, I'll start and then others can pick up, too. Part of it -- and this kind of goes to some of my earlier commentary. One of the things that we're seeing is that like large corporate -- large contracted corporations are starting to just use different tools than what they had before. Prior to the pandemic, if corporations wanted to go and manage travel behavior, they could create more elaborate travel policies and hire a range of consultants and other firms to help manage that.

看，我會開始，然後其他人也可以接聽。部分原因——這與我之前的一些評論有關。我們看到的一件事是，像大型公司一樣——大型簽約公司開始使用與以前不同的工具。在大流行之前，如果企業想要管理旅行行為，他們可以製定更詳細的旅行政策，並聘請一系列顧問和其他公司來幫助管理。

But now through the pandemic, video conferencing has become normalized. There's a lot more flexibility in the workplace and things like that. And so what we see actually is, in a lot of cases, corporations, though they may be -- they may not be enforcing travel policies as much as there was before, there is a lot more latitude.

但是現在通過大流行，視頻會議已經正常化。工作場所和類似的事情有更多的靈活性。所以我們實際上看到的是，在很多情況下，公司，雖然他們可能 - 他們可能不像以前那樣執行旅行政策，有更多的自由度。

And so we'll see customers who will often just fly out of their travel policy, will pay more for a service that might have been there before, but they might be traveling less if they're worried about, for example, issues at London Heathrow.

因此，我們會看到那些經常會退出旅行政策的客戶，會為以前可能存在的服務支付更多費用，但如果他們擔心，例如倫敦的問題，他們可能會減少旅行希思羅機場。

So at large, we're really encouraged by what we see. But the way corporations are probably going to go and manage as a practical matter, it's probably going to be very different than what was there. And we see that in the data, right? There's fewer people who are very unconforming to a travel policy. It's hard to see how that changes. But that's not necessarily a bad thing because we continue to see demand come in, and we're encouraged about where it may go, even if it goes to -- if it comes back differently.

所以總的來說，我們對我們所看到的感到非常鼓舞。但是，作為實際問題，公司可能會去管理的方式，它可能會與那裡的情況大不相同。我們在數據中看到了這一點，對吧？很少有人非常不遵守旅行政策。很難看出這是如何變化的。但這不一定是壞事，因為我們繼續看到需求進來，我們對它可能去向感到鼓舞，即使它去向——如果它以不同的方式回來。

And Andrew, I'll just add one other point, and it's just this. Look, travel is coming back in record numbers, which is fantastic. And we have set really, really high standards for ourselves in terms of operational reliability. We, look, start out every day doing everything we can to get every single passenger, every flight to where it used to go on time.

安德魯，我再補充一點，就是這樣。看，旅行正在以創紀錄的數量回歸，這太棒了。我們在操作可靠性方面為自己設定了非常非常高的標準。看，我們每天都在盡我們所能讓每一位乘客，每趟航班都能準時到達過去的目的地。

But if you take a look at really what's going on in the second quarter, okay, we're not that far in terms of overall operating performance from where we have been historically. As a matter of fact, in the second quarter, American did better than it did in 2019. And if you take a look back at prior quarters of history, we're not that far off from other points as well.

但是，如果您真正了解第二季度的情況，好吧，就整體運營業績而言，我們與歷史上的水平相差不遠。事實上，在第二季度，美國航空的表現比 2019 年要好。如果你回顧前幾個季度的歷史，我們與其他方面也相差不遠。

The fact of the matter is, is that, look, we have operating conditions that we have to be sensitive, too. I can't nor can anyone else do anything about 27 out of 30 days of really severe weather in a number of our hubs that just ultimately result in flight canceling and that rolling from day to day.

事實是，看，我們也有必須敏感的操作條件。在我們的一些樞紐中，30 天中的 27 天非常惡劣的天氣，最終導致航班取消，並且每天都在滾動，我不能也不能做任何事情。

And when we talk about weather, please understand this. It's not weather, it's safety, okay? When there are air traffic control programs, when there's weather, when there's -- we're doing -- we're taking access to make sure that we ensure the safety of our folks, of not just our customers, but also the people on the ground.

當我們談論天氣時，請理解這一點。不是天氣，是安全，好嗎？當有空中交通管制計劃時，當有天氣時，當有 - 我們正在做 - 我們正在確保我們確保我們的人員的安全，不僅是我們的客戶，還有乘客地面。

When ramps close, it's due to widening strikes. And so those kind of things are things that we're always going to take into account. And you know what? There will be seasonal variability to what we do.

當坡道關閉時，這是由於罷工擴大。所以這些事情是我們總是要考慮的事情。你知道嗎？我們所做的事情會有季節性變化。

Everybody is working very hard. I know that our government partners are working very hard. The airlines are working very hard, and I know that the rest of the world will get to where the United States is, which, in the scheme of things, United States is doing very well compared to the rest of the world.

每個人都非常努力。我知道我們的政府合作夥伴正在努力工作。航空公司工作非常努力，我知道世界其他地區將到達美國所在的位置，從整體上看，與世界其他地區相比，美國做得非常好。

And our next question coming from the line of Stephen Trent from Citi.

我們的下一個問題來自花旗的 Stephen Trent。

I just wanted to go back to something you mentioned earlier about investments that you've been making that have affected your near-term cost. I think people are pretty aware that you guys are making a big effort on the pilot side, and that makes sense. But could you elaborate maybe outside of crew whether you're making digital-type investments or other processes that can improve your throughput?

我只是想回到你之前提到的關於你一直在進行的投資，這些投資影響了你的近期成本。我認為人們很清楚你們在試點方面付出了巨大的努力，這是有道理的。但是，您能否在工作人員之外詳細說明您是在進行數字型投資還是其他可以提高吞吐量的流程？

Yes. Let me ask Maya Leibman, our Chief Information Officer, to step in here.

是的。讓我請我們的首席信息官瑪雅·萊布曼 (Maya Leibman) 介入。

We're super excited about a lot of the digital enhancements that we've been making. I'll separate them, as Robert said, into our main goals of operational reliability and profitability.

我們對我們一直在進行的許多數字增強功能感到非常興奮。正如羅伯特所說，我將把它們分成我們的主要目標，即運營可靠性和盈利能力。

On the reliability side, we've done so much to really shore up how we're responding in irregular operation to bring our crews back together. We've also really enhanced some focus on how we do gating at some of our larger airports, like Dallas and Charlotte. And when we get better at that, what happens is we reduce the taxi times. So we save fuel. We dedicate more time to the turn, and we better utilize our assets.

在可靠性方面，我們已經做了很多工作來真正支持我們如何在不正常的操作中做出響應，以使我們的工作人員重新團結起來。我們還確實加強了對我們如何在達拉斯和夏洛特等一些較大機場進行門控的關注。當我們在這方面做得更好時，我們會減少出租車時間。所以我們節省燃料。我們將更多時間投入到轉彎中，並且更好地利用我們的資產。

We've also done some interesting work in creating algorithms that help us, especially in markets like Charlotte, where we get these pop-up thunderstorms, where we can actually slow down the operation a little bit rather than use sort of a blunt force instrument, like canceling an entire bank. So while flights may get a little bit delayed, at least they arrive as opposed to what we were doing previously.

我們還在創建對我們有幫助的算法方面做了一些有趣的工作，特別是在夏洛特這樣的市場，我們會遇到這些彈出式雷暴，我們實際上可以稍微減慢操作速度，而不是使用某種鈍力工具，就像取消整個銀行一樣。因此，雖然航班可能會有點延誤，但至少它們會到達，而不是我們之前所做的。

On the profitability side, we've done so much in terms of putting new products in the market like the ability to upsell to a higher cabin, which gives us -- we'd have more flexibility in how we price that product and the channels that can be purchased in. We've done a lot of improvements in overbooking technology. In a world where there's no change fee, there's a lot more volatility when it comes to cancels, closing cancels and no-shows, and we have to have a better overbooking strategy for that.

在盈利能力方面，我們在將新產品推向市場方面做了很多工作，比如向更高艙位追加銷售的能力，這給了我們——我們在如何定價產品和渠道方面擁有更大的靈活性可以購買。我們在超額預訂技術方面做了很多改進。在一個沒有改簽費的世界裡，取消、關閉取消和未出現的波動性更大，我們必須為此制定更好的超額預訂策略。

You've heard Vasu mention how important our partnerships are and how we rely on them for revenue generation, where we need to create a much more seamless experience for our customers when they're traveling on us and for example, JetBlue or Alaska.

您聽說 Vasu 提到了我們的合作夥伴關係的重要性，以及我們如何依靠它們來創收，我們需要為我們的客戶創造更加無縫的體驗，例如捷藍航空或阿拉斯加航空。

And finally, you also heard Vasu talk about the loyalty program and how we have used it to really grow. Our co-brand spend, our enrollments are up, and engagement with the program is really up. So those are just a few of the things that we're doing.

最後，您還聽到 Vasu 談到了忠誠度計劃以及我們如何利用它來真正實現增長。我們的聯合品牌支出、我們的註冊人數都在增加，並且對該計劃的參與度確實在增加。所以這些只是我們正在做的一些事情。

And I will now turn the call back over to Mr. Isom for any closing remarks.

現在，我將把電話轉回給 Isom 先生，讓我發表任何結束語。

Well, I'll just -- I'll close with -- pardon me. We're going to go to media next. Okay. Great. Media next.

好吧，我會 - 我會結束 - 請原諒我。我們接下來要去媒體。好的。偉大的。接下來是媒體。

(Operator Instructions) First question coming from Alison Sider.

（操作員說明）Alison Sider 提出的第一個問題。

Just curious if you could share anything if you're seeing any delay or disruptions that are tied to not having enough spare parts or engines, if there's any kind of supply chain types of issues you're seeing there.

如果您發現與沒有足夠的備件或引擎有關的任何延遲或中斷，如果您在那裡看到任何類型的供應鏈類型的問題，只是好奇您是否可以分享任何內容。

Thanks, Ali. I'll have our Chief Operating Officer, David Seymour, take that one.

謝謝，阿里。我會讓我們的首席運營官 David Seymour 接手那個。

Yes. Ali, appreciate the question there. Yes, that's something throughout the pandemic that we've been monitoring very closely working with our large OEM partners throughout to stay ahead of that. And so we've been doing a lot to provide forward look at what our requirements are.

是的。阿里，感謝那裡的問題。是的，在整個大流行期間，我們一直在密切監控，與我們的大型 OEM 合作夥伴合作，以保持領先地位。因此，我們一直在做很多工作來前瞻性地了解我們的要求。

So while we know the supply chain systems are tight, we've taken a lot of steps throughout the pandemic to stay ahead of that. And so right now, we're not experiencing those. But again, we know that they're not far away, and we're going to continue to monitor the coast.

因此，雖然我們知道供應鏈系統很緊張，但我們在整個大流行期間採取了很多措施來保持領先地位。所以現在，我們沒有經歷這些。但同樣，我們知道它們並不遙遠，我們將繼續監測海岸。

Yes. And Ali, I'll just say the biggest supply chain issue has been the aircraft manufacturers themselves. We haven't had the kind of delivery certainty that we'd like. So we know that our friends at Boeing and Airbus are working hard to get that back on track.

是的。而阿里，我只想說最大的供應鏈問題是飛機製造商本身。我們還沒有我們想要的那種交付確定性。因此，我們知道我們在波音和空中客車公司的朋友正在努力讓這一切重回正軌。

And then I guess, just on hiring, do you still have a lot of hiring left to do? Or has it shifted more towards just training and getting everyone up to speed and sort of up to the level of experience?

然後我想，就招聘而言，你還有很多招聘要做嗎？或者它是否更多地轉向了培訓，讓每個人都加快速度並達到經驗水平？

So Ali, I'll start on this. Look, at American Airlines, I know we have 12,000 more team members in position, but that resulted -- is a result of 20,000 team members that we've had to bring on board and get up to speed. We're behind 2,200 pilots, both this year and next year. We've done a great job, I think, in just about every other rank within our team to get the right people on board.

所以阿里，我將從這個開始。看，在美國航空公司，我知道我們還有 12,000 名團隊成員在位，但結果是 - 是我們必須引進 20,000 名團隊成員並跟上進度的結果。今年和明年，我們都落後於 2,200 名飛行員。我認為，我們在團隊中幾乎所有其他級別的工作中都做得很好，可以讓合適的人加入。

So from an American Airlines perspective, we're doing a good job. Of course, we'd like for the regionals to have more supply of new pilots, but we're working hard on that. Over the long run, though, coming to American Airlines is -- it's not only a great career, great competition, great benefits. The time to get here is now because if you ever want to get in and build seniority or take on a new role and lead, it's a good time to come to America.

所以從美國航空公司的角度來看，我們做得很好。當然，我們希望地區有更多的新飛行員供應，但我們正在努力實現這一目標。不過，從長遠來看，加入美國航空公司不僅是一項偉大的職業、激烈的競爭和巨大的利益。現在是時候來到這裡了，因為如果你想進入並建立資歷或擔任新角色和領導，現在是來美國的好時機。

Our next question coming from the line of Mary Schlangenstein with Bloomberg.

我們的下一個問題來自彭博社的 Mary Schlangenstein。

Derek, I wanted to see if you could clarify one thing. You said you have 140 to 150 planes on the ground, but you referred to mainline equivalent aircraft. So can you be a little more specific? You've got 100 regional jets. And then what makes up the rest of that number?

Derek，我想看看你能不能澄清一件事。您說您在地面上有 140 到 150 架飛機，但您指的是主線等效飛機。那你能說得具體一點嗎？你有 100 架支線飛機。然後是什麼構成了這個數字的其餘部分？

Yes. The mainline equivalent, our mainline aircraft, but what we've done is, instead of pulling aircraft out of the schedule, we lowered the utilization on those aircraft. So if you normally fly 10 hours a day, we now fly 9 hours a day. And if you take that hour across the entire fleet, it's equivalent to about 44, 45 aircraft. So we haven't really pulled anything out of the schedule. We've floated.

是的。與主線相當，我們的主線飛機，但我們所做的是，我們沒有將飛機從計劃中拉出來，而是降低了這些飛機的利用率。因此，如果您通常每天飛行 10 小時，我們現在每天飛行 9 小時。如果你把這個小時花在整個機隊上，就相當於大約 44、45 架飛機。所以我們並沒有真正把任何事情從日程表中拉出來。我們飄了。

Now as we look forward, I think the right answer is we pulled down capacity in the third and fourth quarter, is to probably take some of those aircraft out and utilize them for spares and for maintenance lines and utilize them to make the reliability better in the airline.

現在展望未來，我認為正確的答案是我們在第三季度和第四季度降低產能，可能是將其中一些飛機拿出來用作備件和維修線，並利用它們來提高可靠性航空公司。

So I think as we go forward, we'll do it a little bit differently than we have and not -- and we'll raise the utilization on the rest of the fleet, but take some aircraft out to provide relief for David and his operating team to have more aircraft for maintenance and more aircraft for spares.

所以我認為，隨著我們的前進，我們會採取與以往有所不同的做法——我們會提高機隊其他成員的利用率，但會派出一些飛機為大衛和他的人提供救援運營團隊有更多的飛機進行維修和更多的飛機備件。

Okay. Great. And how long do you expect that conditions in the industry are going to require American to limit its capacity?

好的。偉大的。您預計該行業的狀況將要求美國人限制其產能多久？

Well, look, Mary, if I knew the answer to that one, we're getting really good in position. But look, I think it's dependent on the supply chains, aircraft manufacturers and, ultimately, pilot supply to get all back in sync.

好吧，看，瑪麗，如果我知道那個問題的答案，我們的位置就很好了。但是看，我認為這取決於供應鏈、飛機製造商以及最終的飛行員供應，以使一切恢復同步。

We're doing our part. And as we've talked, we look at, from a mainline perspective, kind of getting everything back fully utilized over the course of this next year or so. And then from a regional perspective, it's just going to take a little bit longer than that, maybe 2 or 3 years, to kind of get the supply chain for pilots back to where we need it to be. So that's the way I look at it.

我們正在盡我們的一份力量。正如我們所說的，我們從主線的角度來看，在明年左右的時間裡讓所有東西都得到充分利用。然後從區域的角度來看，將需要更長的時間，可能需要 2 或 3 年，才能讓飛行員的供應鏈回到我們需要的地方。所以這就是我看待它的方式。

Overall, I am confident that everybody is getting back to work, and the variability will hopefully be reduced. And the kind of operating performance will improve from where it was even pre pandemic.

總體而言，我相信每個人都會重新開始工作，並且希望減少變化。而且這種經營業績甚至會比大流行前有所改善。

Right. And when you refer to supply chains, are you actually talking about physical, like assets, like supplies that Ali asked about? Or are you talking more and predominantly about pilots alone?

正確的。當你提到供應鏈時，你實際上是在談論物理的，比如資產，比如阿里問過的供應嗎？或者您是在談論更多且主要是關於飛行員的事情嗎？

So well, pilots are one piece. But what I'm speaking of is, Mary, there's not a day that goes by where we don't have issues with provisioning our aircraft with pillows, blankets, plastic cups, food. At various times, we have issues with fueling. It's just -- the concessionaires at the airport. It's just a myriad of things that have to -- that all have to come together to put an aircraft in the air.

好吧，飛行員是一體的。但我要說的是，瑪麗，沒有哪一天我們在為我們的飛機配備枕頭、毯子、塑料杯和食物方面遇到問題。在不同的時候，我們都會遇到加油問題。只是——機場的特許經營商。這只是無數的事情——所有的事情都必須聚集在一起才能讓飛機升空。

And yes, the supply chain for aircraft parts is one thing that we monitor closely. But it's all these other things that we really are dependent on so many other parts of the system. And then, again, I mentioned our government partners, it's our airport partners, and it's so many others. We -- aviation touches just a broad swath of the economy. And we need it all to get back to working really well.

是的，飛機零部件的供應鍊是我們密切關注的一件事。但是，我們真正依賴於系統的許多其他部分的是所有這些其他的東西。然後，我再次提到了我們的政府合作夥伴，這是我們的機場合作夥伴，還有很多其他合作夥伴。我們——航空只涉及廣泛的經濟領域。我們需要這一切才能恢復正常工作。

And our next question coming from the line of Kyle Arnold with Dallas Morning News.

我們的下一個問題來自達拉斯晨報的凱爾·阿諾德。

You mentioned the capacity trim in the third and the fourth quarter. Considering that July is almost over and the summer travel season, you have about a month left in it, where are you looking at making those costs? Are they going to be coming after the peak summer demand is over? And what kind of demand, I guess, are you seeing for the fall? And does that play into these capacity cut decisions?

您提到了第三季度和第四季度的產能削減。考慮到七月快結束了，夏季旅遊旺季，你還有一個月左右的時間，你打算在哪裡做這些費用？他們會在夏季需求高峰結束後到來嗎？我猜，你在秋季看到什麼樣的需求？這會影響這些產能削減決策嗎？

Yes. Kyle, thanks. This is Vasu. So first, a number of the cuts that we talked about have already been loaded into our published schedules that are there. And then as we go into fall, effectively, we're going to take capacity in places where it can create the most operational benefit, which means, one, it can go and turn into the best quality -- the best level of reliability for our customers and also where we can reaccommodate people the best. So we've minimized any passenger disruption.

是的。凱爾，謝謝。這是瓦蘇。所以首先，我們談到的一些削減已經加載到我們發布的時間表中。然後當我們進入秋季時，有效地，我們將在可以創造最大運營利益的地方增加產能，這意味著，第一，它可以轉化為最好的質量 - 最好的可靠性水平我們的客戶，也是我們可以最好地重新容納人們的地方。因此，我們已將任何乘客干擾降至最低。

And then as we go forward into later September, October and deeper into the winter, we have time yet to go and figure out how that goes. There's still a number of things that we're looking at before we make that determination.

然後，隨著我們進入 9 月下旬、10 月和更深的冬天，我們還有時間去弄清楚這是怎麼回事。在做出決定之前，我們還有很多事情需要考慮。

Our next question is coming from the line of Holden Wilen with Dallas Business Journal.

我們的下一個問題來自達拉斯商業雜誌的 Holden Wilen。

I just wanted to, I guess, get your thoughts on elasticity and if you have any concerns about that going forward. We're seeing fares continue to go up. Do you have any concerns about as shares go up, what effect that might have on elasticity going forward?

我想，我只是想了解一下您對彈性的看法，以及您是否對此有任何擔憂。我們看到票價繼續上漲。您是否擔心隨著股價上漲，這可能會對未來的彈性產生什麼影響？

Thanks for the question. This is Vasu. And no, we don't spend a lot of time worrying about it just for one simple reason that what we try to do is create the most value for our customers. And when they like it, they pay us for it.

謝謝你的問題。這是瓦蘇。不，我們不會僅僅因為一個簡單的原因而花很多時間擔心它，我們試圖做的是為我們的客戶創造最大的價值。當他們喜歡它時，他們會付錢給我們。

And so a lot of what you see out there is so much demand that's surging back into travel. As people went through the pandemic, the -- you see in tons of data that consumers create experiences, and there's no experience like the experience of travel. And it's bringing a lot of people back. And a lot of people are coming back and doing things for very different reasons than before. And so that's what's really driving things as much as anything.

所以你看到的很多東西都有如此多的需求，這些需求正在重新湧入旅行。隨著人們經歷大流行，您會在大量數據中看到消費者創造體驗，而沒有像旅行體驗這樣的體驗。它讓很多人回來了。很多人回來做事的原因與以前截然不同。所以這才是真正推動事情發展的原因。

And concepts such as the elasticity of our demand, while it's probably intellectually satisfying to talk about it, the reality of it is that consumers really like what they're getting, being able to go and travel the world again, and they're taking advantage of it. And that's turning into relatively higher fares.

還有諸如我們需求的彈性之類的概念，雖然談論它可能在智力上令人滿意，但現實是消費者真的很喜歡他們得到的東西，能夠再次環遊世界，他們正在接受的優勢。這正在變成相對較高的票價。

And then just a second -- my other question. You talked earlier about the issues at Heathrow. Just curious about maybe if you could talk about where you're sort of at overall from a recovery standpoint within international travel.

然後等一下——我的另一個問題。您之前談到了希思羅機場的問題。只是好奇你是否可以從國際旅行中恢復的角度談談你的整體狀況。

Yes. I can pick that up, too. So look, this -- the second quarter was very robust. Even though we didn't have all of our -- the wide-bodies that we had planned to take, nonetheless, those that we had performed extremely well.

是的。我也可以撿起來所以看，這 - 第二季度非常強勁。儘管我們沒有我們計劃的所有寬體，但我們表現非常出色的那些。

We have -- there's a lot of pent-up demand for people going internationally, wherever that might be, transpacific, transatlantic and long-haul South America. And we anticipate that, that will continue through the year.

我們有很多被壓抑的國際需求，無論在哪裡，跨太平洋、跨大西洋和長途南美。我們預計，這種情況將持續到今年。

Now in the summer, the international testing requirement was dropped. And while we saw some benefit of that, it was dropped pretty deep into the booking curve. We anticipate there will be -- that they'll have a much more significant impact on travel demand as we go into the fall. And already, we're seeing indications of it.

現在在夏天，國際測試要求被取消了。雖然我們看到了一些好處，但它已經深深地陷入了預訂曲線。我們預計，隨著我們進入秋季，它們將對旅行需求產生更大的影響。我們已經看到了它的跡象。

And last but not least, short-haul international, Mexico, Central America, the Caribbean, has been and remains extremely strong for American Airlines, and we anticipate that will be the case going forward.

最後但並非最不重要的一點是，短途國際航線、墨西哥、中美洲、加勒比海地區對美國航空公司來說一直並且仍然非常強勁，我們預計未來情況將如此。

Our next question coming from the line of Lori Aratani with Washington Post.

我們的下一個問題來自華盛頓郵報的 Lori Aratani。

I wondered if you could go over the hiring numbers again, how many folks you've brought on, how close that gets you to where you want to be. And as a question on that, how much of the staffing issues are hiring versus training?

我想知道你是否可以再看一遍招聘人數，你帶來了多少人，這讓你離你想去的地方有多近。作為一個問題，招聘與培訓有多少人事問題？

Thanks for that question. Look, our staffing issues are really making sure that we can cover the variability that's in the operations today. We have more people per flight hour per flight than we have ever had in our company's history on duty. What we're dealing with right now is just a lot of variability in the operating environment.

謝謝你的問題。看，我們的人員配備問題確實確保我們能夠涵蓋當今運營中的可變性。每個航班每飛行小時的人數比我們公司歷史上值班的人數還要多。我們現在正在處理的只是操作環境中的大量可變性。

To get to the point where we are now, we've added 12,000 positions, gone out and hired 20,000 people to actually fill those and cover for other attrition. The only shortfall that we have right now is really among our regional pilots.

為了達到現在的水平，我們增加了 12,000 個職位，並聘請了 20,000 人來實際填補這些職位並為其他人員減員提供保障。我們現在唯一的短缺實際上是我們的區域試點。

Of course, we're going to do things to make sure that we run the airline as reliably as possible and also take into account more extreme variability in operating conditions. We're doing that by pulling the schedule down a little bit as we go into the third quarter. But we hope that all the work that we've done puts us in a position where we can restore service, get back up to speed as quickly as possible.

當然，我們將採取措施確保我們盡可能可靠地運營航空公司，並考慮運營條件的更多極端變化。當我們進入第三季度時，我們通過將時間表拉低一點來做到這一點。但我們希望我們所做的所有工作都能使我們能夠恢復服務，盡快恢復正常運行。

And that does conclude the media Q&A. I will now turn it back to Mr. Robert Isom for closing remarks.

這確實結束了媒體問答。現在，我將把它轉回給 Robert Isom 先生的閉幕詞。

Thank you so much. And I'll just close with this. I am so proud of our team after fighting through this global pandemic for the last 2.5 years, battling every step of the way, persevering, caring for customers and each other every single day.

太感謝了。我將就此結束。在過去 2.5 年與這場全球大流行抗爭之後，我為我們的團隊感到非常自豪，他們每一步都在奮戰，堅持不懈，每天都在照顧客戶和彼此。

We set a couple of goals. One is to return to profitability and to run the most reliable airline we could. And I am so pleased to report that we have returned to profitability. We intend to stay that way. And I know that our team is intent on making sure that we produce the kind of products that we're all proud of and that our customers want to fly.

我們設定了幾個目標。一是恢復盈利並經營我們能做到的最可靠的航空公司。我很高興地報告我們已經恢復盈利。我們打算保持這種狀態。而且我知道我們的團隊致力於確保我們生產出我們都引以為豪並且我們的客戶想要飛行的產品。

So thanks for listening in, and we'll talk to you next quarter.

因此，感謝您的收聽，我們將在下個季度與您交談。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect. Good day.

女士們先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。再會。