美國航空 (AAL) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's Third Quarter 2022 Earnings Call. Today's call is being recorded. (Operator Instructions) And now I'd like to turn the call over to your moderator, Head of Investor Relations, Mr. Scott Long. Please go ahead.

感謝您的支持，歡迎參加美國航空集團 2022 年第三季度財報電話會議。今天的電話正在錄音。 （操作員說明）現在我想將電話轉給您的主持人，投資者關係主管 Scott Long 先生。請繼續。

Thanks, Latif. Good morning, everyone, and welcome to the American Airlines Group Third Quarter 2022 Earnings Conference Call. On the call this morning, we have our CEO, Robert Isom; and our Vice Chair and CFO, Derek Kerr. A number of our other senior executives are also on the call for the Q&A session. Robert will start the call this morning with an overview of the third quarter, and 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)

謝謝，拉蒂夫。大家早上好，歡迎參加美國航空集團 2022 年第三季度收益電話會議。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 Derek Kerr。我們的一些其他高級管理人員也參加了問答環節。羅伯特將在今天早上開始電話會議，概述第三季度，德里克將跟進該季度的詳細信息以及我們的運營計劃和未來展望。在 Derek 發表評論後，我們將打開分析師提問電話，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 that was issued this morning as well as our Form 10-Q for the quarter ended September 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 9 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 in the Investor Relations section of our website. A webcast of this call will also be archived on our website. And the information we're giving you on this 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. And with that, I'll turn the call over to our CEO, Robert Isom.

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。本次電話會議的網絡廣播也將在我們的網站上存檔。我們在今天上午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。有了這個，我將把電話轉給我們的首席執行官羅伯特·伊索姆。

Thanks, Scott. Good morning, everybody. Thanks for joining us. This morning, American reported a third quarter GAAP net income of $483 million. Excluding net special items, a third quarter net income of $478 million. We produced revenues of $13.5 billion, which sets a new record for any quarter in the history of American Airlines.

謝謝，斯科特。大家早上好。感謝您加入我們。今天上午，美國航空報告第三季度 GAAP 淨收入為 4.83 億美元。不包括淨特殊項目，第三季度淨收入為 4.78 億美元。我們創造了 135 億美元的收入，創下美國航空公司歷史上任何一個季度的新紀錄。

When I took on the CEO role in March, I told you American was going to do 2 things this year: run a reliable operation and return to profitability. It has taken us a bit longer than we would have liked to get where we want on the operations side, but we're pleased with how the airline is performing today, and we know we're on the right trajectory.

當我在 3 月份擔任 CEO 時，我告訴過你美國航空公司今年將做兩件事：運營可靠的運營並恢復盈利。在運營方面，我們花費的時間比我們希望的要長一些，但我們對航空公司今天的表現感到滿意，我們知道我們正走在正確的軌道上。

As far as profitability, we have now delivered 2 profitable quarters in a row and we're forecasting a profitable fourth quarter with continued strength in demand. We could not have made either of those commitments or ensure we deliver that item if it weren't for the hard work of the American Airlines team. They do a phenomenal job every day taking care of our customers and each other. Their teamwork, resiliency and determination allow us to continue our focus of running a reliable operation and sustaining profitability.

就盈利能力而言，我們現在已經連續兩個季度實現盈利，我們預計第四季度將實現盈利，需求持續強勁。如果不是美國航空公司團隊的辛勤工作，我們就無法做出這些承諾或確保我們交付該項目。他們每天都在照顧我們的客戶和彼此之間做著非凡的工作。他們的團隊合作、應變能力和決心使我們能夠繼續專注於運行可靠的運營和保持盈利能力。

We keep that focus because in our business, reliability is everything. It's the foundation of the service we provide our customers. A predictable solid operation changes the entire work experience of our team. Reliability also enables our long-term profitability and achieving sustained profitability is how we will meet our debt reduction targets and continue to invest in our team and deliver the network products and services our customers want.

我們保持專注，因為在我們的業務中，可靠性就是一切。這是我們為客戶提供服務的基礎。可預測的穩健運營改變了我們團隊的整個工作經驗。可靠性還使我們能夠實現長期盈利，實現持續盈利是我們實現減債目標並繼續投資於我們的團隊並提供客戶所需的網絡產品和服務的方式。

With that in mind, let's talk more about the third quarter specifically. Our record quarterly revenue of $13.5 billion is a 13% increase over 2019. Notably, we achieved this record revenue while flying nearly 10% less capacity than we did in the third quarter of 2019. And we're pleased to have exceeded our initial guidance on both revenue and pretax margin in the third quarter despite constraints still facing American and the rest of the industry.

考慮到這一點，讓我們具體談談第三季度。我們創紀錄的季度收入 135 億美元，比 2019 年增長 13%。值得注意的是，我們實現了創紀錄的收入，同時飛行的運力比 2019 年第三季度減少了近 10%。我們很高興超過了我們的初步指導儘管美國和其他行業仍面臨限制，但第三季度的收入和稅前利潤率均有所下降。

America's third quarter results, including our record revenue performance are significant, considering their macroeconomic uncertainty facing so many people. Demand remains strong, and it's clear that our customers in the U.S. and other parts of the world continue to value air travel and the ability to reconnect post pandemic.

考慮到許多人面臨的宏觀經濟不確定性，美國第三季度的業績（包括我們創紀錄的收入表現）意義重大。需求依然強勁，很明顯，我們在美國和世界其他地區的客戶繼續重視航空旅行和大流行後重新連接的能力。

Importantly, many of the demand trends we saw emerge during the pandemic are becoming more consistent and shaping our commercial focus for 2023 and beyond. Leisure and business revenue remain incredibly strong, again, surpassing 2019 levels in the third quarter. Demand for small- and medium-sized businesses and customers traveling for a combination of business and leisure continue to outpace the recovery of managed corporate travel.

重要的是，我們在大流行期間看到的許多需求趨勢正在變得更加一致，並塑造了我們 2023 年及以後的商業重點。休閒和商業收入仍然非常強勁，在第三季度再次超過了 2019 年的水平。中小型企業和商務和休閒相結合的客戶的需求繼續超過有管理的商務旅行的複蘇。

As that revenue continues to build, it will be additive to an already strong base of business demand, led by small and medium business and blended trips. That as well as the return of long-haul international travel leaves us very bullish about overall demand even in an uncertain economic environment. The changing nature demand provides an opportunity to rework our commercial offerings to better meet the needs of our customers and create a more resilient and profitable business. We continue to develop the most comprehensive airline network in the world.

隨著收入的持續增長，它將增加以中小型企業和混合旅行為主導的本已強勁的業務需求基礎。再加上長途國際旅行的回歸，即使在不確定的經濟環境下，我們也非常看好整體需求。不斷變化的自然需求為重新設計我們的商業產品提供了機會，以更好地滿足客戶的需求並創造更具彈性和盈利能力的業務。我們繼續發展世界上最全面的航空公司網絡。

As we have shared on previous calls, over the past few years, we have made the decision to greatly simplify our fleet and network focusing on our flying on where we can create outsized customer value and working with our partners to create choices and value in areas where it's cost prohibitive to do so ourselves. This means prioritizing the flying that can best generate a return today, not bringing back flying it was only marginally profitable before the pandemic or that we had hoped would one day generate a return. It also means using our partners to fill in the gaps and deliver a seamless network to our customers. That work continues, particularly with our Northeast alliance with JetBlue, our West Coast international alliance with Alaska and our Atlantic and Pacific joint businesses.

正如我們在之前的電話會議中所分享的那樣，在過去的幾年裡，我們已決定大大簡化我們的機隊和網絡，專注於我們可以創造超大客戶價值的飛行，並與我們的合作夥伴一起在領域創造選擇和價值我們自己這樣做的成本太高了。這意味著優先考慮今天最能產生回報的飛行，而不是恢復飛行，它在大流行之前只有微薄的利潤，或者我們曾希望有一天會產生回報。這也意味著使用我們的合作夥伴來填補空白並為我們的客戶提供無縫網絡。這項工作仍在繼續，特別是我們與捷藍航空的東北聯盟、我們與阿拉斯加的西海岸國際聯盟以及我們在大西洋和太平洋的聯合業務。

To better match our product offering to customers and network, we recently announced in (inaudible) our long-haul fleet that will give American an unrivaled premium experience among U.S. carriers. Starting in 2024, customers will see new Flagship Suite seats on our Boeing 777-300ER aircraft as well as on our new Boeing 787-9 and Airbus A321XLR deliveries. With these new interiors, premium seating on our long-haul aircraft will grow by more than 45% by 2026.

為了更好地將我們的產品與客戶和網絡相匹配，我們最近在（聽不清）我們的長途機隊中宣布，這將為美國航空公司提供在美國航空公司中無與倫比的優質體驗。從 2024 年開始，客戶將在我們的波音 777-300ER 飛機以及我們新交付的波音 787-9 和空客 A321XLR 上看到新的旗艦套房座位。憑藉這些新內飾，到 2026 年，我們長途飛機上的高級座位將增長 45% 以上。

We're working to give our customers better choices and more access to the world's largest and best travel rewards program, and that's AAdvantage. It's clear that customers want more when they shop for travel, more choices on ways to earn and use miles and more incentives to earn miles even when they don't travel.

我們正在努力為我們的客戶提供更好的選擇，讓他們有更多機會參與世界上最大、最好的旅行獎勵計劃，這就是 AAdvantage。很明顯，客戶在旅行購物時想要更多，在贏取和使用里程的方式上有更多選擇，即使在不旅行時也需要更多獎勵來贏取里程。

So turning to our operations. As I mentioned at the asset, operating reliably is critical to everything we do. We have the youngest fleet and the best network and partners in the industry, but we can't take full advantage of those assets if we aren't running reliably. That's why we continue to invest in our operations with additional resources and new technology, and those efforts are paying off.

所以轉向我們的運營。正如我在資產中提到的，可靠運行對我們所做的一切都至關重要。我們擁有業內最年輕的機隊以及最好的網絡和合作夥伴，但如果我們運行不可靠，我們就無法充分利用這些資產。這就是為什麼我們繼續用額外的資源和新技術投資於我們的運營，這些努力正在得到回報。

Despite a challenging operating environment with hurricanes in Florida and Caribbean, and flooding in Dallas-Fort Worth region, we restored our operating reliability to pre-pandemic levels in the third quarter. And we did it while flying a schedule that was 25% larger than our closest competitor. We have delivered record on-time arrival rate and completion factor so far in October and expect to carry that momentum through the upcoming holiday season and beyond.

儘管佛羅里達和加勒比地區的颶風以及達拉斯-沃思堡地區的洪水帶來了充滿挑戰的運營環境，但我們在第三季度將運營可靠性恢復到了大流行前的水平。我們做到了這一點，同時比我們最接近的競爭對手大 25% 的時間表。到目前為止，我們已經在 10 月份交付了創紀錄的準時到達率和完成率，並希望在即將到來的假日季節及以後繼續保持這種勢頭。

Hurricane Fiona and Ian were devastating for so many, including the communities we serve in the places our team and customers call home. The American Airlines team stepped up in amazing ways to take care of our customers and each other during the very challenging circumstances. Through our AAdvantage program and the partnership with the Red Cross, almost $4 million has been raised to support victims of the storms, and American continues to support our team through the American Airlines Family Fund.

颶風菲奧娜和伊恩對許多人來說都是毀滅性的，包括我們在我們的團隊和客戶稱之為家的地方所服務的社區。在極具挑戰性的情況下，美國航空公司的團隊以驚人的方式挺身而出，照顧我們的客戶和彼此。通過我們的 AAdvantage 計劃以及與紅十字會的合作，我們籌集了近 400 萬美元來支持風暴受害者，美國航空繼續通過美國航空家庭基金支持我們的團隊。

The storms moved through quickly, but they had an outsized impact on American given the size of our operation in Florida. We had to cancel more than 1,500 flights the last 4 days of September, given the impact of Hurricane Ian. We estimate right now that these storms reduced revenue by about $40 million. As we close out the year and look to the first quarter, we continue to size the airline for the resources we have available and the operating conditions we face. This approach and our strong operational performance in September and so far in October give us a lot of confidence as we head into the busy travel holiday season.

風暴很快就過去了，但考慮到我們在佛羅里達州的業務規模，它們對美國航空產生了巨大的影響。鑑於伊恩颶風的影響，我們不得不在 9 月的最後 4 天取消了 1,500 多個航班。我們現在估計，這些風暴使收入減少了約 4000 萬美元。當我們結束今年並展望第一季度時，我們將繼續根據我們可用的資源和我們面臨的運營條件來調整航空公司的規模。這種方法以及我們在 9 月和 10 月迄今為止的強勁運營表現讓我們在進入繁忙的旅遊假期時充滿信心。

In closing, we remain very encouraged by the continued strength in demand and the trends we're seeing across the business. American has the best team and most efficient assets in the industry, and we have built an airline that can be successful in many different demand and economic environments. Looking ahead, we're focused on investing in our operations, our network and our partnerships to ensure we can continue to deliver for our customers. And of course, we'll do so while remaining focused on achieving sustained profitability and reducing our debt. And with that, I'll hand it over to Derek.

最後，我們仍然對需求的持續強勁和我們在整個業務中看到的趨勢感到非常鼓舞。美國航空擁有業內最優秀的團隊和最高效的資產，我們建立了一家可以在許多不同需求和經濟環境中取得成功的航空公司。展望未來，我們專注於投資於我們的運營、我們的網絡和我們的合作夥伴關係，以確保我們能夠繼續為我們的客戶提供服務。當然，我們將在繼續專注於實現持續盈利和減少債務的同時這樣做。有了這個，我會把它交給德里克。

Thank you, Robert, and good morning, everyone. I want to start by thanking the American Airlines team for their efforts during the third quarter. Our airline success during the quarter was only possible because of the hard work of our team during a challenging summer. This morning, we reported a third quarter GAAP net income of $483 million, excluding net special items, we reported a net income of $478 million, both equate to earnings of $0.69 per diluted share.

謝謝你，羅伯特，大家早上好。首先，我要感謝美國航空公司團隊在第三季度所做的努力。由於我們團隊在充滿挑戰的夏季的辛勤工作，我們的航空公司在本季度取得了成功。今天上午，我們報告了第三季度 GAAP 淨收入 4.83 億美元，不包括淨特殊項目，我們報告了淨收入 4.78 億美元，均等於每股攤薄收益 0.69 美元。

Since the beginning of the year, we have been focused on returning the airline to sustained profitability. We are pleased that our third quarter results build on that progress we made in the second quarter. We beat the high end of our initial earnings expectations due to the continuation of the strong demand environment.

自今年年初以來，我們一直致力於使航空公司恢復持續盈利。我們很高興我們的第三季度業績建立在我們在第二季度取得的進展的基礎上。由於強勁的需求環境持續，我們超出了最初盈利預期的高端。

The third quarter was our highest quarterly revenue in company history, beating the second quarter of this year. The domestic and short-haul international entities continue to lead the revenue recovery, and we expect further improvement in long-haul international as we continue to grow back our capacity. The investments we have made to renew and simplify our fleet position us well for the future. We continue to operate the youngest, most fuel-efficient fleet among U.S. network carriers.

第三季度是我們公司歷史上最高的季度收入，超過了今年第二季度。國內和短途國際實體繼續引領收入復甦，隨著我們繼續恢復運力，我們預計長途國際將進一步改善。我們為更新和簡化我們的機隊所做的投資為我們的未來奠定了良好的基礎。我們將繼續運營美國網絡運營商中最年輕、最省油的機隊。

In August, we began taking deliveries of new 788 aircraft from Boeing for the first time in 15 months. In the third quarter, we took delivery of 4 788s, and we expect to receive 5 the remainder of this year and 4 in the first half of 2023. Our Boeing 789s are still expected to be delivered starting in 2024.

8 月，我們開始從波音公司接收新的 788 飛機，這是 15 個月來的第一次。第三季度，我們接收了 4 架 788，我們預計今年剩餘時間將接收 5 架，2023 年上半年接收 4 架。我們的波音 789 仍有望在 2024 年開始交付。

During the quarter, we also took delivery of 3 A321neos and reactivated 6 737-8s from long-term storage. In the fourth quarter, we now expect to take delivery of 8 A321neos, 3 E175, in addition to the 5 788s I mentioned previously. Based on our latest guidance from Boeing, we now expect to take delivery of 19 737 MAX 8s in 2023 compared to the 27 deliveries that we were previously expected.

本季度，我們還接收了 3 架 A321neo，並從長期存儲中重新啟用了 6 架 737-8。在第四季度，除了我之前提到的 5 788 之外，我們現在預計將接收 8 架 A321neo、3 架 E175。根據我們來自波音公司的最新指導，我們現在預計將在 2023 年接收 19 737 MAX 8，而我們之前預計的交付量為 27 架。

This change in timing will shift planned CapEx out of 2023 into future years. Our 2023 aircraft CapEx net of leases is now expected to be $1.6 billion. We ended the third quarter with $14.3 billion of total available liquidity, which is $700 million higher than our initial third quarter forecast due to continued forward booking strength seen throughout the quarter.

這一時間變化將把計劃中的資本支出從 2023 年轉移到未來幾年。我們的 2023 年飛機資本支出扣除租賃淨額現在預計為 16 億美元。我們在第三季度末的總可用流動資金為 143 億美元，比我們最初的第三季度預測高出 7 億美元，原因是整個季度持續的遠期預訂實力。

This level of liquidity is more than double the amount we had at the year-end of 2019. Reducing total debt continues to be a top priority, and we remain on track with our target of reducing overall debt levels by $15 billion by the end of 2025. As of the end of the third quarter, we have reduced total debt by $5.6 billion versus the 2021 peak. And as I mentioned last quarter, we expect further benefit from a reduction in our pension liability that will make -- reflected at the end of the year.

這一流動性水平是我們在 2019 年底時的兩倍多。減少總債務仍然是重中之重，我們仍有望實現到年底將總債務水平減少 150 億美元的目標。 2025 年。截至第三季度末，與 2021 年的峰值相比，我們的總債務減少了 56 億美元。正如我上個季度提到的那樣，我們預計養老金負債的減少將進一步受益，這將在年底反映出來。

In the fourth quarter, we expect to make approximately $540 million of scheduled debt and finance lease payments freeing up additional collateral in the process. We maintained our elevated liquidity position throughout the third quarter and continue to balance appropriate target liquidity levels with the expected recovery, debt reduction opportunities and investment in the business. We'll continue to target $10 billion to $12 billion in total liquidity in the medium term and intend to utilize excess liquidity above that level to accelerate our deleveraging initiative at the appropriate time.

在第四季度，我們預計將支付約 5.4 億美元的預定債務和融資租賃付款，從而在此過程中釋放額外的抵押品。我們在整個第三季度保持較高的流動性頭寸，並繼續在適當的目標流動性水平與預期的複蘇、減債機會和業務投資之間取得平衡。我們將繼續將中期總流動性目標定為 100 億至 120 億美元，並打算利用高於該水平的過剩流動性在適當的時候加速我們的去槓桿計劃。

Looking forward, our next term loan maturity is our $1.2 billion term loan, which does not mature until December of 2023. Looking to the fourth quarter, we expect to produce an operating margin of between 7.5% -- 5.5% and 7.5% based on the current demand and fuel price forecast. We currently expect to produce total revenues that are 11% to 13% higher than the fourth quarter of 2019 on capacity that is 5% to 7% lower than 2019 levels.

展望未來，我們的下一個定期貸款期限是 12 億美元的定期貸款，直到 2023 年 12 月才到期。展望第四季度，我們預計營業利潤率將在 7.5% - 5.5% 和 7.5% 之間，基於當前的需求和燃料價格預測。我們目前預計總收入將比 2019 年第四季度高出 11% 至 13%，而產能比 2019 年水平低 5% 至 7%。

This continued strength in demand is expected to result in total revenue per available seat mile that is 18% to 20% higher than 2019. Our fourth quarter CASM, excluding fuel and net special items, is expected to be up between 8% and 10% compared to 2019. These higher unit costs versus 2019 are primarily driven by inflationary pressure and lower relative asset utilization.

這種持續強勁的需求預計將導致每可用座位英里的總收入比 2019 年高出 18% 至 20%。我們的第四季度 CASM（不包括燃料和淨特殊項目）預計將增長 8% 至 10%與 2019 年相比。與 2019 年相比，單位成本較高的主要原因是通脹壓力和較低的相對資產利用率。

Our current forecast for the fourth quarter assumes fuel between $3.51 and $3.56, which is approximately 70% higher than 2019 levels. Finally, while we are still in the process of building our 2023 operating plans, I'd like to share a few thoughts on our approach. We continue to believe that 2023 demand for air travel will be robust. We currently see no signs of demand slowing as we move into the new year. But as always, we will continue to keep a close eye on the macroeconomic environment and will adjust these plans, if necessary.

我們目前對第四季度的預測假設燃料價格在 3.51 美元至 3.56 美元之間，比 2019 年的水平高出約 70%。最後，雖然我們仍在製定 2023 年運營計劃，但我想分享一些關於我們方法的想法。我們仍然相信，2023 年的航空旅行需求將十分強勁。隨著我們進入新的一年，我們目前沒有看到需求放緩的跡象。但一如既往，我們將繼續密切關注宏觀經濟環境，並在必要時調整這些計劃。

Importantly, we will continue to size the airline for the resources we have with a focus on reliability and profitability. As we move into 2023, the constraints facing our business today will remain. Those constraints are slower than planned aircraft deliveries and lower utilization of our fleet largely driven by regional pilot constraints. Therefore, based on our preliminary plans, we expect our 2023 capacity will be between 95% and 100% of 2019 levels.

重要的是，我們將繼續根據我們擁有的資源調整航空公司的規模，重點關注可靠性和盈利能力。隨著我們進入 2023 年，我們今天的業務面臨的限制將依然存在。這些限制比計劃的飛機交付速度要慢，而且我們機隊的利用率較低，主要是由於地區飛行員的限制。因此，根據我們的初步計劃，我們預計 2023 年的產能將在 2019 年水平的 95% 至 100% 之間。

We believe this approach to capacity will produce strong profitability and free cash flow reliable operating performance and allow appropriate levels of flexibility in this very fluid environment. In conclusion, demand for our product is strong and we remain nimble in our planning and execution to ensure we optimize for the environment we are operating in. As we close out 2022 and move into 2023, we're confident in our ability to continue to deliver on our stated objectives of operational reliability and sustained profitability because of our world-class network, efficient fleet and incredible team. With that, I will open up the line for analyst questions.

我們相信這種產能方法將產生強大的盈利能力和自由現金流可靠的運營業績，並在這個非常多變的環境中提供適當的靈活性。總而言之，對我們產品的需求強勁，我們在規劃和執行方面保持靈活，以確保我們優化運營環境。隨著 2022 年結束並進入 2023 年，我們有信心繼續憑藉我們世界級的網絡、高效的車隊和令人難以置信的團隊，實現我們既定的運營可靠性和持續盈利的目標。有了這個，我將為分析師提出問題。

(Operator Instructions) Our first question comes from the line of David Vernon of Bernstein.

（操作員說明）我們的第一個問題來自 Bernstein 的 David Vernon。

I was wondering maybe if you could talk a little bit about how the fleet changes you guys have made through the pandemic are sort of impacting operational performance. Obviously, it's going to have an impact on reliability. But also when you think about sort of scheduling the network, maybe getting better utilization, maybe taking some peaks out of the schedule being unconstrained by the directionality of some of the equipment constraints that are in there. Can you just talk a little bit about how that -- those fleet changes have impacted overall productivity and the early signs there.

我想知道您是否可以談談你們在大流行期間所做的機隊變化如何影響運營績效。顯然，它會對可靠性產生影響。但是，當您考慮對網絡進行某種調度時，可能會獲得更好的利用率，可能會在不受某些設備約束的方向性約束的情況下從時間表中消除一些高峰。你能談談這是怎麼回事嗎——這些車隊的變化影響了整體生產力和那裡的早期跡象。

David, thanks for the question, too. And we're really proud of what we were able to do over the pandemic. A bunch of different projects went into place. You know the story about rationalizing the fleet, getting down really from a mainline perspective, down to to 2 types of narrow bodies and 2 types of wide bodies. We did the same thing in our regional fleet as well. But during the pandemic as well, we accelerated our cabin consistency project, that Oasis project where we were able to upsize the 737s and then also make sure that our A320 family were consistent in terms of seating as well. All that work is done.

大衛，也謝謝你的問題。我們真的為我們能夠在大流行中做的事情感到自豪。一系列不同的項目開始實施。你知道關於合理化艦隊的故事，從主線的角度真正下降，下降到 2 種窄體和 2 種寬體。我們在區域艦隊中也做了同樣的事情。但是在大流行期間，我們也加快了我們的客艙一致性項目，即 Oasis 項目，我們能夠擴大 737 的尺寸，然後還確保我們的 A320 系列在座位方面也保持一致。所有這些工作都完成了。

So it's freed up a tremendous amount of resources. But then just in terms of operating, think about everything from not having to carry as many (inaudible) in inventory. Think about pilot training and what's required from going from an FO on one equipment type to another and the simulators that are required for that, the training that's required for that. So look, as we get back to full utilization of our resources that's going to be something that I think pays dividends. You'll start to see it as we get back really to full utilization. And I think that that's something that plays well long into the future. We see it already. I know it's producing better reliability. It's easier for our team. And from a revenue perspective, I'll hand it off to Vasu. I can tell you it's making his job easier.

因此，它釋放了大量資源。但就運營而言，想想一切，從不必攜帶盡可能多的（聽不清）庫存。想想飛行員培訓，從一種設備類型的 FO 到另一種設備類型的 FO 以及為此所需的模擬器，所需的培訓。所以看，當我們重新充分利用我們的資源時，我認為這將是有回報的。當我們真正恢復到充分利用時，您將開始看到它。而且我認為這在未來很長一段時間內都會發揮作用。我們已經看到了。我知道它產生了更好的可靠性。這對我們的團隊來說更容易。從收入的角度來看，我會把它交給 Vasu。我可以告訴你，這讓他的工作更輕鬆。

Yes. I'll pick up right there, David. I think it's a great question. As we went through the pandemic, a major principle in how we've been planning the airline is to build it in a way where it is as nimble and responsive to demand and is resilient in basic crisis. And as you look at that over time, really the wide-body fleet for American Airlines was a strange kind of liability because that's the most volatile part of our business. It's part of our business that our customers have just valued a lot less than our short-haul network. And so for us, as you look out there, we took jets out. And so look at the fourth quarter schedule, we are 15% smaller long-haul airline.

是的。我去那裡接，大衛。我認為這是一個很好的問題。在我們經歷大流行病的過程中，我們規劃航空公司的一個主要原則是以一種靈活、對需求做出響應並在基本危機中具有彈性的方式來構建它。隨著時間的推移，隨著時間的推移，美國航空公司的寬體機隊確實是一種奇怪的責任，因為這是我們業務中最不穩定的部分。這是我們業務的一部分，我們的客戶對我們的短途網絡的重視程度要低得多。所以對我們來說，當你向外看的時候，我們把噴氣機拿出來了。所以看看第四季度的時間表，我們的長途航空公司規模縮小了 15%。

But very importantly, what we've also done right is when we have such a big fleet of narrowbodies, we have a lot more flexibility in how we send them. So we've changed our capacity mix pretty materially from pre-pandemic. As we were entering the fourth quarter in 2019, we were about a 70-30 short-haul, long-haul airline. As we enter the fourth quarter now, we're something a lot closer to an 80-20 short-haul, long-haul airline. And that airline that we have is something which is a lot more dynamic. There's fewer fleet types like Robert said, if demand changes, we're much more able to adjust. And quite frankly, the short-haul business is and has been for the last 20 years, a much more durable part of it. And frankly, you see it right now. Right now, long haul is doing well. At some point in time, it will come down, but short haul remains pretty consistently strong across the business cycle.

但非常重要的是，我們也做得對的是，當我們擁有如此龐大的窄體機隊時，我們在發送它們方面有更大的靈活性。因此，與大流行前相比，我們已經大大改變了我們的產能組合。當我們在 2019 年進入第四季度時，我們大約是一家 70-30 的短途、長途航空公司。隨著我們現在進入第四季度，我們更接近於 80-20 的短途、長途航空公司。我們擁有的那家航空公司更具活力。羅伯特說的車隊類型越來越少，如果需求發生變化，我們更有能力進行調整。坦率地說，在過去的 20 年裡，短途業務一直是其中一個更加持久的部分。坦率地說，你現在就看到了。目前，長航表現不錯。在某個時間點，它會下降，但短線在整個商業周期中仍然相當強勁。

And as you think about that plan to get back to 95% to 100% next year, is that going to get you the full benefit of utilizing the new fleet? Or are we still going to be carrying some additional sort of productivity headwinds from training or resourcing or just underutilization from an hours per aircraft per day kind of thing.

當您考慮明年恢復到 95% 到 100% 的計劃時，這會讓您充分利用新機隊的好處嗎？或者，我們是否仍將承受來自培訓或資源配置的某種額外的生產力逆風，或者只是由於每天每架飛機的工作時間不足而導致生產力不足。

David, I'll start. Derek can chime in here, too. It's a good question, but we look at it as upside for the airline. We know that we can find more out of the assets that we have. There are constraints out there, notably pilot constraints, both for the regional side and just the massive amount of training that we have to do on the mainline side. Those constraints are going to be out there. Over time, they'll break free. But we're confident that we can actually get more utilization out of the current fleet to actually get us beyond flying at 100% of 2019 levels. And that's where I think the cost story as the airline gets really interesting. But it's going to take a little bit of time to get to that point.

大衛，我要開始了。德里克也可以在這裡插話。這是一個很好的問題，但我們認為這對航空公司有利。我們知道我們可以從我們擁有的資產中找到更多。那裡有一些限制，特別是試點限制，無論是在區域方面，還是我們必須在主線方面進行的大量培訓。這些限制將在那裡。隨著時間的推移，他們會掙脫。但我們有信心，我們實際上可以從當前機隊中獲得更多利用率，從而真正讓我們超越 2019 年 100% 的飛行水平。這就是我認為航空公司的成本故事變得非常有趣的地方。但要達到這一點還需要一點時間。

Our next question comes from the line of Savi Syth of Raymond James.

我們的下一個問題來自 Raymond James 的 Savi Syth。

Could you please talk about a little bit more on the hiring and kind of training side on the mainline, where you are on that and kind of expectations as you head into 2023?

您能否多談談主線的招聘和培訓方面的內容，以及您在進入 2023 年時的期望？

Sure, Savi. I appreciate the question. Look, we're hiring more pilots this year than we ever have in our history in a given year. So we're looking at hiring almost 2,000 pilots. We're on track to actually accomplish that from a mainline perspective. So I feel really great about that. But let's face it. Training that many pilots is something we've never done before coming out of the pandemic. We've had to make sure that resources are all in the right spot whether that's additional simulators, resources like that or even things like instructors. So that's all working its way through, and we feel very confident that over time, that our pilot pipeline for the mainline is very strong and our training resources are absolutely going to match the needs that we have going forward.

當然，薩維。我很欣賞這個問題。看，我們今年招聘的飛行員比我們歷史上某一年的任何時候都多。因此，我們正在考慮招聘近 2,000 名飛行員。從主線的角度來看，我們有望真正實現這一目標。所以我對此感覺非常好。但讓我們面對現實吧。培訓這麼多飛行員是我們在擺脫大流行之前從未做過的事情。我們必須確保資源都在正確的位置，無論是額外的模擬器、類似的資源，甚至是教師等。所以這一切都在進行中，我們非常有信心，隨著時間的推移，我們的主線試點管道非常強大，我們的培訓資源絕對能夠滿足我們未來的需求。

The regional side of the business is a little bit different. We didn't hire -- and let's face it, well, we didn't hire for 2 years during the pandemic at all. And then not only that, people didn't come into the business. And so we've got to work our way through that. And you got a supply issue that I think is coming back online. I feel really confident about it. We're facilitating that through things like our cadet program and creating financing vehicles for people that want to get into the business. That's all going well. But then the other issue is what's your run short, you actually have issues of getting kind of pilots from the right seat to the left seat and there are hours requirements that have to -- that you have to fulfill.

業務的區域方面略有不同。我們沒有招聘——讓我們面對現實吧，好吧，在大流行期間我們根本沒有招聘 2 年。不僅如此，人們並沒有進入這個行業。所以我們必須努力解決這個問題。你有一個供應問題，我認為它正在重新上線。我對此感到非常有信心。我們正在通過我們的學員計劃來促進這一點，並為想要進入這個行業的人們創造融資工具。這一切都很順利。但是另一個問題是你的短跑是什麼，你實際上有讓飛行員從右座到左座的問題，並且有幾個小時要求 - 你必須滿足。

We're working our way through that. That's going to take a little bit longer by opinion. That's maybe 2, 3 years to work out versus the mainline side, which I think is something from a training perspective, we really get fully caught up over the course of the next year.

我們正在努力解決這個問題。根據意見，這將需要更長的時間。與主線方面相比，這可能需要 2、3 年的時間來鍛煉，我認為從訓練的角度來看，我們真的會在接下來的一年中完全趕上。

That's helpful. If I might, just a following up on that. So I appreciate the kind of the thoughts on where capacity could be next year. Any way you could help us think about the cost side of things and how much of the headwinds that you're seeing today, we might see kind of go away as you kind of get through next year?

這很有幫助。如果可以的話，只是跟進一下。所以我很欣賞關於明年產能可能在哪裡的想法。你有什麼辦法可以幫助我們考慮事情的成本方面以及你今天看到的逆風有多少，我們可能會看到你明年度過難關？

Well, Savi, I mean we're still going through our planning process. So we gave the guide for the ASMs, but we're we're not ready to guide costs yet. We will in the January call. We're working through our budget. We're in that today. So that -- the CASM will depend on what we fly, but we will go through that on the January call.

好吧，薩維，我的意思是我們仍在進行規劃過程。所以我們為 ASM 提供了指南，但我們還沒有準備好指導成本。我們將在一月份的電話會議上。我們正在通過我們的預算工作。我們今天就在其中。因此，CASM 將取決於我們的飛行內容，但我們將在 1 月份的電話會議上進行討論。

Our next question comes from the line of Jamie Baker of JPMorgan.

我們的下一個問題來自摩根大通的 Jamie Baker。

Two quick questions for Derek and then a follow-up for Vasu. Derek, why the pivot from pretax to operating margin guidance? And second, what's the increase in interest expense year-on-year at the current forward curve for your floating rate debt?

給 Derek 的兩個快速問題，然後是 Vasu 的後續問題。德里克，為什麼要從稅前轉向營業利潤率指導？其次，您的浮動利率債務在當前遠期曲線上的利息支出同比增加多少？

Okay. Just no reason for the pivot. I mean we're just -- could be inconsistent with the rest of the airlines from an operating perspective. That's what we're focusing on. And then on the interest rate, I mean, our cost of debt has gone probably from about 4% to 5% and our fixed floating is 70-30. So as we look into next year, our interest expense is -- this quarter was around $494 million. So that go up in the fourth quarter to about $530 million. So it's probably about $40 million from the third to fourth quarter on an interest expense basis. But that's totally offset right now with the cash levels we have on interest income. So it was offset in the third quarter interest income depends on where cash is in the fourth quarter. And you can see that our guide for non-op is pretty even quarter-over-quarter.

好的。只是沒有理由轉向。我的意思是，從運營的角度來看，我們只是 - 可能與其他航空公司不一致。這就是我們所關注的。然後在利率方面，我的意思是，我們的債務成本可能已經從大約 4% 下降到 5%，我們的固定浮動利率是 70-30。因此，當我們展望明年時，我們的利息支出是 - 本季度約為 4.94 億美元。所以這在第四季度上升到大約 5.3 億美元。因此，從第三季度到第四季度的利息支出可能約為 4000 萬美元。但這完全被我們的利息收入現金水平所抵消。所以它在第三季度被抵消的利息收入取決於第四季度的現金在哪裡。您可以看到我們的非運營指南幾乎是季度環比。

Yes. Okay. That's why -- I appreciate that. So Vasu, as I continue to think through how American needs to adapt to new travel patterns. And look, maybe you don't aside from just shifting some capacity to certain days of the week, maybe Thanksgiving return peak shifts a bit. But I keep thinking there's more that can be done fair fences, promotions, advantage. Just to better capture these new travel patterns out there or is it just as simple as adjusting the dayality of schedules? Not sure if dayality is an American term, but I trust you know what I mean.

是的。好的。這就是為什麼——我很感激。所以瓦蘇，我繼續思考美國人需要如何適應新的旅行模式。看，也許你不只是將一些容量轉移到一周中的某些日子，也許感恩節返回高峰會有所變化。但我一直在想，還有更多可以做的事情是公平的圍欄、促銷和優勢。只是為了更好地捕捉這些新的旅行模式，還是就像調整日程安排一樣簡單？不確定白天是否是一個美國術語，但我相信你知道我的意思。

I think you just made a term, Jamie. That's fine. Keep going.

傑米，我想你只是做了一個術語。沒關係。繼續。

Well, we use it at Air Mike. So -- but that was a long time ago. Just really wondering if there's more than just pure scheduling nuances to best monetizing all these new travel patterns that are emerging, certainly much to my personal post-COVID surprise?

好吧，我們在 Air Mike 使用它。所以——但那是很久以前的事了。只是真的想知道除了純粹的日程安排細微差別之外，是否可以通過所有這些新出現的旅行模式來最好地貨幣化，這當然讓我個人在 COVID 後感到驚訝？

Yes. That's a great question, Jamie. And let me start with just some context setting for just how indeed the world has changed. First of all, we are, in general, really encouraged by what is happening with aggregate demand. As we say, the demand for travel and for air travel, in particular, has never been higher and remains strong in the kind of all future periods. But the shape of that, the composition has changed a lot. Now we're in a place for the quarter where 45% of our revenue came from blended trips, about 30% from discretionary or what we historically called leisure trip. And the remaining 25% from nondiscretionary that we've historically called business trips.

是的。這是一個很好的問題，傑米。讓我從一些背景設置開始，了解世界確實發生了怎樣的變化。首先，總的來說，我們對總需求正在發生的事情感到非常鼓舞。正如我們所說，對旅行，尤其是航空旅行的需求從未如此高漲，並且在未來所有時期都保持強勁。但是那個形狀，構圖發生了很大的變化。現在，我們本季度的收入中有 45% 來自混合旅行，約 30% 來自自由支配或我們歷史上所謂的休閒旅行。剩下的 25% 來自我們歷來稱為商務旅行的非自由裁量權。

Importantly, within business, about 17 to 20 points of that is coming actually from noncontracted unmanaged businesses. The remaining kind of 5 to 8 points are from contracted corporations. That's meaningfully small, call it, 4, 5 points smaller than historic. And that is the thing that is actually really encouraging for us for a couple of reasons that, that big category of blended demand, which is growing. First and foremost, that unmanaged business is coming in at yield values where their gross yields are similar to the corporate contracted transactions that are not there. But very importantly, they're net yields, not of their cost of sale is actually very often higher than what we spilled off.

重要的是，在企業內部，其中大約 17 到 20 個點實際上來自非合同非託管企業。剩下的 5 到 8 分來自簽約公司。這是有意義的小，稱之為，比歷史記錄小 4、5 個點。這實際上對我們來說是真正令人鼓舞的事情，原因有兩個，那就是大類的混合需求正在增長。首先，非託管業務以收益率值進入，其總收益率與不存在的公司合同交易相似。但非常重要的是，它們是淨收益，而不是它們的銷售成本，實際上往往比我們溢出的要高。

But two, and kind of more directly related to your question, what we find is that that indeed, this blended demand uses our airline network in a very economical way. Almost half of that demand is using O&D markets in our system where American's network is uniquely advantaged. But additionally, we've seen across our system, not just for blended demand, 2 points of traffic shift from what we'll call the peak business periods in the day. That's pre 0800 and post 1600 and into the body of the day, the 800 to 1600 window. So if you think about that, historically, we've done a lot to kind of peak our schedules for the ends of the day, but now we're seeing a lot of really high-yielding demand in the places where it's most economical to frankly go and run the airline.

但是兩個，與您的問題更直接相關的是，我們發現確實，這種混合需求以非常經濟的方式使用我們的航空公司網絡。幾乎一半的需求是使用我們系統中的 O&D 市場，美國的網絡具有獨特的優勢。但此外，我們在整個系統中看到，不僅僅是混合需求，2 個點的流量從我們稱之為一天中的業務高峰期發生了變化。那是 0800 之前和 1600 之後以及進入當天的主體，即 800 到 1600 窗口。因此，如果您考慮一下，從歷史上看，我們已經做了很多工作來使我們的日程安排在一天結束時達到頂峰，但現在我們在最經濟的地方看到了很多真正高收益的需求坦率地說去經營航空公司。

And that takes me to the third point, which is where you're starting to go. But as you -- as we start to contract, and we've done a lot of this, where we -- when you don't look at the transaction, look at the customer behind it, what we're finding is that a customer who has a blended trip in their profile is twice as likely to go and enroll in the AAdvantage program. They are 3x more likely to sign up for one of our co-branded credit cards, they don't already have it. Those who have a credit card spend 40% more than a typical business customer. And these customers are overwhelmingly going to aa.com because it's frankly the only place where you can go and price and shop for a blended trip.

這將我帶到第三點，這就是你要開始的地方。但是當你——當我們開始簽約時，我們已經做了很多這樣的事情，我們——當你不看交易，看交易背後的客戶時，我們發現在個人資料中包含混合旅行的客戶參加 AAdvantage 計劃的可能性是其兩倍。他們註冊我們的一張聯合品牌信用卡的可能性要高出 3 倍，但他們還沒有。擁有信用卡的人比典型的商業客戶多花費 40%。這些客戶絕大多數都去 aa.com，因為坦率地說，這是您可以去的唯一地方，可以為混合旅行定價和購物。

So that is very much influencing how we're thinking in a couple of meaningful ways, as you say, that first and foremost, the value that we can deliver to these customers through our loyalty program, as we call them, our currency partnerships with people such as Citi are paramount importance to our customers, and therefore, to us. And then there's a lot about the selling and distribution model that the airlines have operated on certainly that we've operated under that warrant some change that we can go in certain customer demand.

因此，這在很大程度上影響了我們以幾種有意義的方式思考的方式，正如你所說，首先，我們可以通過我們的忠誠度計劃為這些客戶提供價值，我們稱之為我們的貨幣合作夥伴關係像花旗這樣的人對我們的客戶至關重要，因此對我們來說也是如此。然後有很多關於航空公司運營的銷售和分銷模式，當然我們已經在這種模式下運營，我們可以根據某些客戶需求進行一些改變。

That's super helpful. My risk is acing the right thing down at both the type and I hadn't thought about the loyalty angle. I appreciate it.

這非常有幫助。我的風險是在這兩種類型上都做對了，而且我沒有考慮過忠誠度的角度。我很感激。

Our next question comes from the line of Duane Pfennigwerth of Evercore ISI.

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

And my compliments on that pronunciation, better than many earnings calls. On the $95 million to $100 million for next year, I wanted to ask you how that might compare to a theoretical upper limit. How much of this is conservatism just given fuel and kind of macro uncertainty versus just your modeling of the staffing constraints. So if you really wanted to step on the gas, if the environment warranted, how much higher could you push than that 100%?

我對這個發音的讚美，比許多財報電話要好。關於明年的 9500 萬到 1 億美元，我想問你這與理論上限相比如何。這其中有多少是保守主義，只是考慮到燃料和宏觀不確定性，而不是僅僅對人員配置限制進行建模。所以如果你真的想踩油門，如果環境允許，你能比那個 100% 推高多少？

Duane, thanks for the question. Look, for us right now, we're going to size the airline for the resources that we have and the demand environment that we face. There's a lot of variability in just about everything that we deal with right now. But the thing that I think that Vasu will tell you, Derek and our finance team will tell you, the best thing we could do is make sure that we have a predictable, stable airline, something that we can point to in the future. That's what we're trying to do, given all the constraints that we face right now. So from the perspective of what is a limiting factor, probably try to fly a little bit more, you know what, we've got pilot constraints that are going to take a while to work their way through. Notably, we talked about what's happening on the regional side of things. So in terms of an upper bound, I don't have a number there. I can -- I don't know if we've actually gone out and calculated the max level.

杜安，謝謝你的提問。看，現在對我們來說，我們將根據我們擁有的資源和我們面臨的需求環境來調整航空公司的規模。我們現在處理的幾乎所有事情都有很多可變性。但我認為 Vasu 會告訴你的事情，Derek 和我們的財務團隊會告訴你，我們能做的最好的事情就是確保我們擁有一家可預測、穩定的航空公司，這是我們未來可以指出的。鑑於我們現在面臨的所有限制，這就是我們正在嘗試做的事情。所以從什麼是限制因素的角度來看，可能嘗試多飛一點，你知道嗎，我們有飛行員的限制，需要一段時間才能解決。值得注意的是，我們討論了區域方面正在發生的事情。所以就上限而言，我沒有數字。我可以——我不知道我們是否真的出去計算了最高水平。

No, no. I think, Duane, as we talked about on the last call, we do have some unsupportable aircraft at this point in time. as things change on the regional side, it's all dependent on pilot hiring and how much the main line hired from the regionals. And so we're just -- we're trying to be prudent in what we do as we saw in the summer, making some of those kind of assumptions was not easy. So I think we're being prudent on it. If there is more capability for us to fly from a regional perspective and a mainline perspective, because those constraints come down, then we'll be able to -- we could fly more with the fleet that we have, put it that way. So is that a couple of percent Probably. If we flew the whole thing, we could get somewhere in the 5% to 10% range from the fleet that we have. But I think those constraints are going to be there. As Robert said, the regional constraints are going to be there for a longer period of time. We're working through them, and hopefully, there's other options that we have to bring that flying back up.

不，不。我認為，杜安，正如我們在上次通話中談到的那樣，目前我們確實有一些無法支撐的飛機。隨著地區方面的情況發生變化，這完全取決於飛行員的招聘以及從地區招聘的主線數量。所以我們只是 - 正如我們在夏天看到的那樣，我們正在努力謹慎行事，做出一些這樣的假設並不容易。所以我認為我們對此持謹慎態度。如果從區域和主線的角度來看，我們有更多的飛行能力，因為這些限制減少了，那麼我們將能夠——我們可以用我們擁有的機隊飛行更多，這麼說吧。大概是百分之幾。如果我們全飛，我們可以從我們擁有的機隊中獲得 5% 到 10% 的範圍。但我認為這些限制將會存在。正如羅伯特所說，區域限制將持續更長的時間。我們正在努力解決這些問題，希望還有其他選擇可以讓我們重新振作起來。

That's helpful perspective. And then just for a quick follow-up on ops. Can you quantify the savings or the assumed savings from running a better operation in your 4Q guide? And it's an American question, frankly, it's an industry question. What have we learned or institutionalized from this summer that gives you confidence that sort of these ops -- better ops will sustain. Maybe in fourth quarter, frankly, it's just -- it's less peak. It's fewer ASMs, maybe that's the driver and the confidence. But if you can help us understand what's been institutionalized from this summer. That would be helpful.

這是有用的觀點。然後只是為了快速跟進操作。您能否在 4Q 指南中量化運行更好的運營所節省的費用或假設的節省費用？這是一個美國人的問題，坦率地說，這是一個行業問題。我們從今年夏天學到的或製度化的東西讓你相信這些行動——更好的行動將持續下去。坦率地說，也許在第四季度，這只是 - 它沒有達到高峰。 ASM 更少，也許這就是驅動力和信心。但是，如果您能幫助我們了解今年夏天以來的製度化情況。那會很有幫助。

Yes. Duane, that's something we talk a lot about. And look, we talk about utilization and getting more out of it, but there's always an offset to that utilization with running an airline that is potentially less reliable. So what we've done right now is we've taken a look at and given that the pandemic brought so much variability in just about every input to the business, okay? Everything from partners, at airports to aerospace limitations to Boeing and Airbus, delivering aircraft, our pilots and flight attendants. What we're trying to do is build in at least a little buffer in a number of areas right now. And that is absolutely something that we're carrying on into the fourth quarter. Where does it show up? It shows up in higher reserve levels for pilots and flight attendants. Or does it show up? It shows up in terms of maybe not running even some of the aircraft that we have is hardest hard as you would. It shows up in terms of making sure that we're trying to take into account restrictions that we have in the airports and with aerospace as well. So we're putting that all in. My hope is that as the airline gets up to speed and our other partners and vendors get up to speed, but that's something that we can slowly take a look at. But to the point that you brought up, this airline, American Airlines, the industry as a whole, we need to get back to reliability levels that we have pre pandemic and even higher. That's the focus, and you're going to see us success in that, whether it's through putting in degrees of safety factor and things or just making sure that we fly the outer line appropriate for demand and operating conditions.

是的。杜安，這是我們經常談論的話題。看，我們談論利用率並從中獲得更多收益，但是運營一家可能不太可靠的航空公司總是會抵消這種利用率。因此，我們現在所做的是我們已經查看並考慮到大流行給業務的幾乎所有投入都帶來瞭如此多的可變性，好嗎？從合作夥伴、機場到航空航天限制，再到波音和空中客車公司、交付飛機、我們的飛行員和空乘人員，應有盡有。我們現在正在嘗試做的是在一些領域至少建立一點緩衝。這絕對是我們在第四季度進行的事情。它出現在哪裡？它顯示在飛行員和空乘人員的更高儲備水平。還是出現了？它顯示為可能甚至無法運行我們擁有的某些飛機，這可能是最難的。它體現在確保我們正在努力考慮我們在機場和航空航天領域的限制。所以我們全力以赴。我希望隨著航空公司跟上速度，我們的其他合作夥伴和供應商也跟上速度，但這是我們可以慢慢研究的東西。但就您提出的觀點而言，這家航空公司、美國航空公司、整個行業，我們需要恢復到大流行前甚至更高的可靠性水平。這是重點，你會看到我們在這方面取得成功，無論是通過提高安全係數和其他東西，還是只是確保我們飛行適合需求和運營條件的外線。

Our next question comes from the line of Michael Linenberg of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Michael Linenberg。

I want to kind of touch on this as sort of a follow-on on Jamie's question about sort of structural change here. And I don't know if it's to Robert or Vasu. Robert, you talked about 45% more premium seating in your fleet. And when I look at some of the numbers, you can correct me if I'm wrong, but it looks like you're like 7879, the premium seats are going to go up by 60%. And when I look at where you will be on an absolute basis post this new product rollout, you'll be pretty well ahead of United and Delta. And I'm just -- it feels like it's a bit of a bet and it is maybe more of a secular shift to have that much premium seating. And I'm just -- I'm thinking what is the potential downside risk, sort of how you think about that? And it also looks like, I guess, we're going to see the retirement of the first class on the 777s. Is that right?

作為 Jamie 關於結構性變化的問題的後續，我想談一談。我不知道是給羅伯特還是瓦蘇。羅伯特，您談到您的機隊中的高級座位增加了 45%。當我看一些數字時，如果我錯了，你可以糾正我，但看起來你就像 7879，高級座位將上漲 60%。當我看到你在這個新產品推出後的絕對位置時，你會遠遠領先於美聯航和達美航空。我只是 - 感覺這有點像賭注，擁有這麼多高級座位可能更像是一種世俗的轉變。我只是 - 我在想潛在的下行風險是什麼，你是怎麼想的？而且看起來，我猜，我們將看到 777 的頭等艙退役。那正確嗎？

Yes. Vaus, go ahead to start this one.

是的。 Vaus，繼續開始這個。

Yes. Mike, thanks for the question. It's a very good one. I'll answer your second one first. Yes, the first class will not exist on the 777 or for that matter, at American Airlines for the simple reason that our customers aren't buying it. The quality of the business class C has improved so much. And frankly, by removing it, we can go provide more business class seats, which is what our customers most want or most willing to pay for. But look, a really important thing to your first question, starts actually with the structure of the network that's here now versus what was their pre-pandemic. And though we've talked about it on a lot of calls, it probably can't be emphasized enough. And it's something which you can see through all the successive schedules -- on the quarterly schedules through COVID and even into what we published through the rest of this year and early next. But again, remember, for us, we're running a long-haul business now that is 15% smaller than what existed pre-COVID. And so -- and furthermore, of that, about 70-ish percent of our -- presume we're an 80-20 short-haul, long-haul split. But for us, very importantly, 70% of our capacity almost 70% is in our core hubs. What's not there is really in some really strong international markets that are very premium-heavy. Heathrow long-haul South America, eventually Tokyo, places like that or else in really long-haul markets where, frankly, through the strength of our partnerships, we're able to go and make a larger premium cabin work. So because of that, we -- the airline has actually arced itself to a place where there's a lot more demand for its premium seats. The last thing I'll say and this actually picks up right where my answer to Jamie left off, too. And what we're really encouraged by right now is actually long-haul profitability for American Airlines is better than what has historically been pre 2019 on a margin basis, in some cases, on an absolute basis. What it's being driven by is not just the premium cabin. But interestingly, it's being driven by blended customer demand there. I mean it used to be that large contract in corporations were as much as 50% of what filled those seats. Now between 40% and 50% of it is blended demand, and the rest of it is actually leisure demand that is willing to go and pay more for the quality of the business class seat. All of that is coming at a higher net yield values than what was there before. So we're really encouraged about what the future holds. And that's a lot of the context behind some of these bets we're making with the long-haul configuration.

是的。邁克，謝謝你的問題。這是一個非常好的。我先回答你的第二個。是的，777 或美國航空公司不存在頭等艙，原因很簡單，因為我們的客戶不購買它。商務艙C的質量提高了很多。坦率地說，通過刪除它，我們可以提供更多的商務艙座位，這是我們的客戶最想要或最願意支付的。但是，對於您的第一個問題來說，一個非常重要的事情實際上是從現在的網絡結構與大流行前的網絡結構開始的。儘管我們已經在很多電話會議上討論過它，但它可能無法得到足夠的強調。您可以通過所有連續的時間表看到這一點——通過 COVID 的季度時間表，甚至是我們在今年剩餘時間和明年初發布的內容。但是，請再次記住，對我們而言，我們現在經營的長途業務比 COVID 之前的業務規模小 15%。因此 - 此外，其中大約 70% 的人 - 假設我們是 80-20 的短途、長途分裂。但對我們來說，非常重要的是，我們 70% 的產能幾乎 70% 都在我們的核心樞紐中。在一些非常強大的國際市場中確實沒有什麼是非常高溢價的。希思羅長途南美，最終是東京，像這樣的地方，或者在真正的長途市場，坦率地說，通過我們的合作夥伴關係，我們能夠去製造更大的高級客艙。因此，正因為如此，我們——這家航空公司實際上已經把自己帶到了一個對其高級座位有更多需求的地方。我要說的最後一件事，這實際上也是在我對傑米的回答停止的地方。我們現在真正感到鼓舞的是，美國航空公司的長途盈利能力實際上好於 2019 年之前的利潤率，在某些情況下，絕對值。它所驅動的不僅僅是高級客艙。但有趣的是，它是由那裡的混合客戶需求驅動的。我的意思是，過去公司的大合同佔這些席位的 50%。現在40%到50%是混合需求，剩下的其實是休閒需求，願意去為公務艙座位的質量付出更多。所有這些的淨收益率都比以前更高。因此，我們對未來的發展感到非常鼓舞。這就是我們在長途配置下進行的一些賭注背後的很多背景。

Very helpful, Vasu. If I can just sneak in one other one. And just on the regional side. You guys seem to be doubling down on adding more regional service, including 50 seaters. And I know in the past, you've talked about how that historically has been -- those markets have been fairly high yield. But how does that square with just the rising costs that we're seeing on regional labor, other input costs for the regionals? And is maybe the offset that you have this sort of unique from a network perspective, you among all the carriers may be the only game in town in so many of these markets that you're still able to make it up in revenue. How do you square that?

很有幫助，瓦蘇。如果我可以偷偷溜進去另一個。而且只是在區域方面。你們似乎正在加倍努力增加更多的區域服務，包括 50 個座位。而且我知道在過去，您曾談到歷史上的情況——這些市場的收益率相當高。但是，這與我們看到的地區勞動力成本的上升以及地區的其他投入成本有什麼關係呢？從網絡的角度來看，也許是您擁有這種獨特性的抵消，在所有運營商中，您可能是所有這些市場中唯一的遊戲，您仍然能夠彌補收入。你怎麼算的？

Vasu, let me start and then you jump in. First off, look, just in terms of the 50 seaters that we have, we've reduced the number of 50-seaters that we've had in place over time. I don't have the exact number hand. But what we have is a network that's ideally suited for servicing a number of regional markets. And you know what, 50 seaters is going to have in place in our system. But right now, the big focus is getting the aircraft that we have back up in the air. There's not a doubling count it say, "Hey, this made sense before. It makes a lot of sense now. Especially given what we're seeing with the rest of the marketplace." Vasu, go ahead. .

Vasu，讓我開始，然後你開始。首先，看，就我們擁有的 50 個座位而言，隨著時間的推移，我們已經減少了 50 個座位的數量。我沒有確切的數字手。但我們擁有的是一個非常適合為多個區域市場提供服務的網絡。你知道嗎，我們的系統將有 50 個座位。但現在，最大的焦點是讓我們擁有的飛機重新升空。沒有加倍計數，它說：“嘿，這在以前是有道理的。現在很有意義。尤其是考慮到我們在其他市場上看到的情況。”瓦蘇，繼續。 .

Yes, that's right. I'll add a couple of doses of back to that too. that what we -- especially that I was really encouraged by is when we crossed over from the summer into September, which is historically a weaker demand time for the airlines. What we found is that historically, in, let's call it, September of 2019, only about 20% to 25% of our revenue was coming from places where our O&D markets where our network was advantaged. When we got in September of this year, it was somewhere between 30% to 33% coming from places where our network was advantaged. And indeed, we see this over and over again, that we make 30% more O&Ds than our competitors, 30% more O&Ds and markets that where we consider them to be advantaged. And by that, I mean either O&Ds, we're the only ones who serve it or we serve it with the most convenient schedule. And so for us, there's a -- we see that very much. I mean, the way our network is just structurally built we are the very best at serving all of the small cities of the Western Hemisphere and connecting customers there to the global marketplace. Others are a whole lot better at flying long haul to Asia, or whatever the case might be. But for that reason, there are some really unique things to American Airlines, where we have a lot of value in a range of equipment types from the smallest 50- or 75-seat RJs to a 200-seat narrow-body, whereas for a lot of others, a lot more of their value may be and having multiple flavors of a 300 feet wide line.

是的，這是正確的。我也會加幾劑回來。我們——尤其是我真正受到鼓舞的是，當我們從夏季跨入九月時，從歷史上看，這是航空公司需求疲軟的時期。我們發現，從歷史上看，我們稱之為 2019 年 9 月，只有大約 20% 到 25% 的收入來自我們的網絡優勢所在的 O&D 市場。當我們在今年 9 月到達時，大約 30% 到 33% 來自我們網絡優勢的地方。事實上，我們一遍又一遍地看到這一點，我們的 O&D 比我們的競爭對手多 30%，我們認為他們具有優勢的 O&D 和市場多 30%。我的意思是，要么是 O&D，我們是唯一提供服務的人，要么是我們以最方便的時間表提供服務。所以對我們來說，有一個 - 我們看到了很多。我的意思是，我們的網絡只是在結構上構建的方式，我們在為西半球的所有小城市提供服務並將那裡的客戶與全球市場聯繫起來方面做得最好。其他人在飛往亞洲的長途飛行方面要好得多，或者無論如何。但出於這個原因，美國航空公司有一些真正獨特的東西，我們在從最小的 50 或 75 座 RJ 到 200 座窄體的一系列設備類型中具有很大價值，而對於還有很多其他的，它們的價值可能更多，並且具有 300 英尺寬的線的多種口味。

Mike -- go ahead, go ahead, Derek.

邁克——去吧，去吧，德里克。

Mike, the only thing I was going to add is we have 3 wholly owns, Piedmont is going to fly 50, 50 seaters. That's what they have today. We're growing those back for sure. In boys getting out of the 50 seaters over time, we'll fly some next year. They're going to move. But I know you're referring probably to the Air Wisconsin transaction. in a market where there's difficulty in pilot supply, Air Wisconsin has a a great network. We've worked with them before. They have a very good pilot supply and comply out of Chicago. And so I think it's an opportunistic transaction to do that in an environment where there's a pilot constraint on the regional side.

邁克，我唯一要補充的是我們有 3 個全資擁有者，皮埃蒙特將飛行 50、50 個座位。這就是他們今天所擁有的。我們肯定會恢復這些。隨著時間的推移，男孩們從 50 個座位中脫穎而出，我們明年會飛一些。他們要搬家了。但我知道你可能指的是威斯康星航空公司的交易。在飛行員供應困難的市場中，威斯康星航空公司擁有強大的網絡。我們以前和他們合作過。他們有很好的飛行員供應，並遵守芝加哥以外的規定。因此，我認為在區域方面存在試點限制的環境中這樣做是一種機會主義交易。

Our next question comes from the line of Conor Cunningham of Melius Research. .

我們的下一個問題來自 Melius Research 的 Conor Cunningham。 .

Just on Savi's question from a hiring standpoint. I don't think you actually gave a number on 2023. Is there a stated goal from a pilot standpoint. The only reason why I asked as your headcount, I think, is down 2%, you're talking about capacity being flat to down 5%. So basically, you're there from a hiring from an employee standpoint. So I'm just trying to figure out what we're talking about until into next year.

從招聘的角度來看薩維的問題。我認為您實際上沒有給出 2023 年的數字。從試點的角度來看，是否有明確的目標。我認為我問你們員工人數的唯一原因是下降了 2%，你說的是產能持平到下降 5%。所以基本上，你是從員工的角度招聘的。所以我只是想弄清楚我們在談論什麼直到明年。

Derek, go ahead.

德里克，繼續。

Yes. I think, Conor, we're going to have the schoolhouse pull all next year. So my assumption is if we hired 2,000 this year, we'll be hiring the same amount next year as we bring back the mainline fleet. So I would expect the school has to be full and us to train as about as many pilots in 2023 as we are in 2022.

是的。我想，康納，我們明年要把校舍全部拆掉。所以我的假設是，如果我們今年僱傭了 2,000 人，明年我們將僱傭與我們帶回主線機隊相同的數量。所以我預計學校必須滿員，我們在 2023 年培訓的飛行員數量與 2022 年一樣多。

And Conor, I'd just add that some of that as well. We still have considerable retirements due to age 65. We're at the peak levels. So while we're hiring 2,000, it doesn't mean that there's a net incremental of 2,000 pilots by any means.

還有康納，我也想補充一下。由於 65 歲，我們仍然有相當多的退休年齡。我們處於巔峰水平。因此，雖然我們正在招聘 2,000 名飛行員，但這並不意味著無論如何都會有 2,000 名飛行員的淨增量。

Yes, I think we retired somewhere in the neighborhood of 700, 750 pilots next year. So a lot of that's retirement.

是的，我認為明年我們將在大約 700、750 名飛行員附近退休。所以很多都是退休。

Okay. And then the progress being made on profitability is obviously great to see. But I think the question a lot of folks have is just around profitability with new labor deals. I'm not trying to get you guys to cost me that publicly, but just how do you think about profitability into '23? Is it just more of like the demand picture is just so much better that we can absorb a lot of the pilot pay increases or labor deals and all that stuff. Just any high-level thoughts that you may have, that would be great.

好的。然後在盈利能力方面取得的進展顯然很值得一看。但我認為很多人的問題只是圍繞新勞動力交易的盈利能力。我並不是想讓你們公開讓我付出那樣的代價，而是你們如何看待 23 年的盈利能力？是不是更像是需求情況好得多，以至於我們可以吸收大量的試點加薪或勞務交易等等。只要你有任何高層次的想法，那就太好了。

Well, I'll start like certainly, anything that we do with our pilots or flight attendants or any of the other team members that we're currently negotiating with, we do -- we negotiate with a mine to making sure we take care of our team that we take of the company as well. When we think about the deals that we have, we're going to make sure that they fit with an economic perspective of making money. And I'm confident we can do that. And it's the best interest of our pilots and flight attendance and mechanics and everybody in this company. So there's win-win deals that will be had out there. I'm confident that we can do it. And it's in an environment where, yes -- we take a look at travel coming back, being something that just in terms of where people want to spend money is a change from prior to the pandemic. We take a look at the amount of growth that the general economy has had and yet the airline business is still -- American Airlines 10% smaller. And then on top of that, we know that travel is a bargain still general inflation is running about 5% and ticket prices are up since 2019, about 3% -- or less than 3% on an annual basis. So I look at all that and think that the kind of momentum that we have experienced in the third and fourth quarter carry in. And certainly, they're offsetting costs that are built in, in terms of redundancies that we have in place. But as we get the fleet back up and as Derek mentioned a little bit earlier, it may take us a while to get the regionals back up and maybe through 2023 to get the mainline fully back up as well. But we will have efficiencies that come with upgauging that we did -- we've done and will come with the incremental utilization that we can get out of our aircraft -- and quite frankly, some of the things that Vasu's talked about in terms of network, in terms of marketing and then also in terms of engaging our customers in a way that they will pay us for things like credit cards. The relationship is deepening. So on all those fronts, I feel really confident that we can put together an airline that can cover increased labor expenses and still make margins that that we think are appropriate positive for the airline.

好吧，我肯定會開始，我們與我們的飛行員或空乘人員或我們目前正在與之談判的任何其他團隊成員所做的任何事情，我們都會這樣做 - 我們與礦山談判以確保我們照顧好我們公司的團隊也是如此。當我們考慮我們擁有的交易時，我們將確保它們符合賺錢的經濟視角。我有信心我們可以做到。這是我們的飛行員、飛行出勤人員和機械師以及這家公司的每個人的最大利益。所以會有雙贏的交易。我有信心我們可以做到。是的，在這樣的環境中——我們看看旅行的回歸，就人們想要花錢的地方而言，與大流行之前相比，這是一種變化。我們來看看總體經濟的增長量，但航空業務仍然——美國航空公司小了 10%。最重要的是，我們知道旅行很划算，但總體通脹率仍保持在 5% 左右，票價自 2019 年以來上漲了約 3% - 或每年不到 3%。因此，我考慮了所有這些，並認為我們在第三和第四季度所經歷的那種勢頭會繼續存在。當然，就我們現有的裁員而言，它們正在抵消內置的成本。但隨著我們恢復機隊並且正如 Derek 早些時候提到的那樣，我們可能需要一段時間才能讓區域性恢復，並且可能要到 2023 年才能完全恢復主線。但是我們將擁有我們所做的升級帶來的效率 - 我們已經完成並將帶來我們可以從飛機上獲得的增量利用率 - 坦率地說，Vasu 談到的一些事情網絡，在營銷方面，然後在吸引我們的客戶方面，他們會為信用卡等東西付費。關係正在加深。因此，在所有這些方面，我非常有信心，我們可以組建一家能夠支付增加的勞動力費用的航空公司，並且仍然可以獲得我們認為對航空公司有利的利潤率。

Our next question comes from the line of Helane Becker of Cowen.

我們的下一個問題來自 Cowen 的 Helane Becker。

Helane?

海倫？

Can you hear me now?

你能聽到我嗎？

Yes. We can hear you now.

是的。我們現在可以聽到你的聲音了。

I'm not sure exactly what happened there because I was not on mute. So one question for clarification. What's the paid load factor in business versus upgrades in business class?

我不確定那裡到底發生了什麼，因為我沒有靜音。所以有一個問題需要澄清。商務艙的付費載客率與商務艙的升級費用是多少？

Helane, this is Vasu. Look, off the top of my head, I don't know well enough to go and tell you, but I will say this that our payloads in business are growing as a percentage of what they've been historically, but it changed a lot between July and September, as being shifted over. But a major part for that is simply changes that we've made with our upgrade program that we used to have a lot of different, what I'll call cottage upgrade concepts that could be had through different certificates through our loyalty program, do things like that. We've been trying to go and simplify that for our customers, digitize a whole lot more of it and frankly, offer more fair products to customers. So we're now getting to a place where it's probably our lowest of time as little as 60% could have been paid. Now we're in a place where, indeed, like in the domestic system, something closer to 80 or so.

海蘭，這是瓦蘇。看，在我的腦海中，我不太清楚可以告訴你，但我要說的是，我們在業務中的有效載荷正在增長，與歷史上的百分比相比，但它發生了很大變化在 7 月和 9 月之間，因為被轉移了。但其中的一個主要部分只是我們對升級計劃所做的改變，我們過去有很多不同，我稱之為山寨升級概念，可以通過我們的忠誠度計劃通過不同的證書獲得，做事像那樣。我們一直在努力為我們的客戶簡化它，將更多的數字化，坦率地說，為客戶提供更公平的產品。因此，我們現在正處於一個可能是我們最少的時間的地方，只有 60% 可以得到支付。現在我們所處的位置，確實，就像在國內系統中一樣，接近 80 左右。

Okay. That's very helpful. And then if I could follow up a question on the aircraft deliveries and the schedule. So Derek, you talked about the under on the number of aircraft you actually have on for delivery schedule for next year. So how are you scheduling the airline? Are you assuming, I suppose, a lower level of deliveries? Or are you -- could you just walk me through how you plan the network, not knowing how many aircraft you're actually going to have available to fly.

好的。這很有幫助。然後我是否可以跟進有關飛機交付和時間表的問題。所以 Derek，你談到了明年交付計劃中實際擁有的飛機數量。那麼你是如何安排航空公司的呢？我想，您是在假設交付水平較低嗎？或者你是——你能告訴我你是如何規劃網絡的，不知道你實際上有多少架飛機可以飛行。

Yes. I think as we look into 2023, we didn't have a lot of deliveries anyway. We probably had 32 deliveries. What we've done is we know the 4 788s are coming in. We know what those dates are, so we can plan that. And neos coming -- the 1 neo coming in, we know that. The MAXs, we've worked with Boeing to put our level of ops together. We were supposed to get 27 aircraft. We've now taken that down to 19, and we have the delivery schedule that we believe that Boeing will meet. They need to meet those dates for us to hit the level of apps, but that's the way we're planning it. The good news for us is that we don't have a lot of deliveries next year. Our CapEx is way down. We know what our fleet is. The uncertainty for us from a level of operations perspective is probably more on the regional side. And what we're doing is being conservative on the regional side to plan 3 months out. We'll put a level of ops together for the full year of what we -- where we think we are. And if the constraints fall off. We have more ability to fly. We'll add those back into the schedule as we move throughout the year. But we'll plan at the level that we gave you, which is the 100. That assumes the push in the MAXs to only 19 aircraft and that they come in a little bit later. And we'll plan to schedule that way. We do have capabilities of putting the schedule out, and we can change it every 3 months and things like that. So you may see an adjustment to our plans as we go forward. but we were sticking the stake in the ground with this level, with this aircraft, a lot easier to do this year than it has in the past, not knowing when the are coming, but still just the murkiest part for us is really the regional side and making sure that we can do the regionals at the levels we have them today.

是的。我認為當我們展望 2023 年時，無論如何我們都沒有大量交付。我們大概有 32 次交貨。我們所做的是我們知道 4 788 即將到來。我們知道這些日期是什麼，所以我們可以計劃。 Neos 來了——我們知道 1 個 Neo 來了。 MAX，我們與波音合作，將我們的運營水平整合在一起。我們應該得到 27 架飛機。我們現在已將其減少到 19 個，並且我們有我們相信波音會滿足的交付時間表。他們需要滿足這些日期才能達到應用程序的水平，但這就是我們計劃的方式。對我們來說，好消息是明年我們的交貨量不會很多。我們的資本支出大幅下降。我們知道我們的艦隊是什麼。從運營層面來看，我們的不確定性可能更多地出現在區域方面。我們正在做的是在區域方面保守地計劃 3 個月。我們將在我們認為的情況下將全年的運營水平放在一起。如果約束消失。我們有更多的飛行能力。隨著我們全年的活動，我們會將這些重新添加到日程表中。但是我們會按照我們給您的水平進行計劃，即 100。這假設 MAX 只推到 19 架飛機，而且它們會稍晚一些。我們將計劃以這種方式進行安排。我們確實有能力製定時間表，我們可以每 3 個月更改一次，諸如此類。因此，隨著我們的發展，您可能會看到我們的計劃有所調整。但是我們用這個級別把賭注釘在了地上，有了這架飛機，今年比過去容易得多，不知道什麼時候會到來，但對我們來說最模糊的部分仍然是區域性的並確保我們可以在我們今天擁有的級別上進行區域比賽。

I'll just add to something that Derek said there, really consistent with our principle of just making the airline as nimble and resilient as possible. One of the things that -- and a huge credit to Brian's Newtons and Aaron many people in our network and operations team. But we figured out ways where effectively, instead of building to a fictitious delivery plan. We can build what we know and add, as we call them lines of flying and on top of it, whether that is for regional jets for main lines. And if you go out and look at schedules at a time when so many airlines cut capacity closed in probably at least the only 1 that I've seen in published schedules being able to add capacity back as American Airlines. And so we're finding more ways to do it. It's doing that puts us in a much better place to go manage the airline operationally and financially. It makes it a little bit harder to go and manage things like the peak days after Thanksgiving, but it's a much more practical way to go manage through some of these infrastructure uncertainties that we've got.

我將補充一下 Derek 在那裡所說的內容，這與我們讓航空公司盡可能靈活和有彈性的原則完全一致。其中一件事 - 非常感謝 Brian's Newtons 和 Aaron 我們網絡和運營團隊中的許多人。但我們找到了有效的方法，而不是建立一個虛構的交付計劃。我們可以建造我們所知道和添加的東西，我們稱它們為飛行線路，在它之上，無論是用於乾線的支線噴氣式飛機。如果你在這麼多航空公司削減運力的時候出去看看時間表，這可能至少是我在公佈的時間表中看到的唯一一家能夠像美國航空公司一樣增加運力的航空公司。所以我們正在尋找更多的方法來做到這一點。這樣做使我們能夠更好地管理航空公司的運營和財務。這使得去管理感恩節後的高峰期等事情變得有點困難，但這是一種更實用的方法來管理我們所擁有的一些基礎設施不確定性。

Our next question comes from the line of Stephen Trent of Citi.

我們的下一個問題來自花旗的斯蒂芬·特倫特。

Most of my questions have been answered. I just had one quick question about fleet. I know you guys have gone through all of that operational dislocation with the next grounded in 2019. And as you think about longer term, any high-level view sort of what's optimal for American Airlines with respect to owning versus leasing versus sale leaseback, an ideal mix when you consider what's happening with interest rates and aircraft residual values, we just love to hear some color on that.

我的大部分問題都已得到解答。我只是有一個關於艦隊的快速問題。我知道你們已經在 2019 年經歷了所有的運營混亂。當你考慮長期的時候，任何高層次的觀點都是美國航空公司在擁有、租賃和銷售回租方面的最佳選擇，一個當您考慮利率和飛機殘值的情況時，理想的組合，我們只是喜歡聽到一些顏色。

Yes, Stephen, I mean, the one thing I will say is we are very happy that we did our fleet replacement program at a time where we could finance aircraft at 3% level. So our -- as we look back at what we've done and where others have to go in this 6% to 7% range, we're very happy where we're at with the financing of our aircraft. As we look forward, we don't have many aircraft in 2023. So that's good news. We only have about 32 aircraft. We already have 5 of them financed. We look at all markets. We look at the WTC market, the sale-leaseback market, the mortgage market, and we are getting attractive pricing in those markets today. So our focus will be on the back half of 2023 and to finance those aircraft. We're all good through 2022. We're all good through the first half of 2023 with very attractive financing. And hopefully, as we go forward, we don't have a significant amount of aircraft. We have 24 next year, and then we go into 50 and 50 to 2 years after that. So we've done our fleet replacement program. under really, really good rates that are going to be with us for a long time. So we're very happy where we're positioned now from an aircraft financing perspective.

是的，斯蒂芬，我的意思是，我要說的一件事是，我們很高興我們在能夠以 3% 的水平為飛機融資的時候完成了我們的機隊更換計劃。所以我們 - 當我們回顧我們所做的事情以及其他人必須在這 6% 到 7% 的範圍內去哪裡時，我們對我們的飛機融資情況感到非常高興。正如我們所期待的那樣，我們在 2023 年沒有多少飛機。所以這是個好消息。我們只有大約 32 架飛機。我們已經資助了其中的 5 個。我們著眼於所有市場。我們著眼於世貿中心市場、售後回租市場、抵押貸款市場，今天我們在這些市場中獲得了有吸引力的定價。因此，我們的重點將放在 2023 年下半年並為這些飛機提供資金。到 2022 年我們都很好。到 2023 年上半年，我們都很好，融資非常有吸引力。希望隨著我們的前進，我們沒有大量的飛機。明年我們有 24 個，然後我們進入 50 個和 50 到 2 年後。所以我們已經完成了我們的車隊更換計劃。在非常非常好的價格下，我們將長期存在。因此，從飛機融資的角度來看，我們很高興我們現在所處的位置。

Our next question comes from Sheila Kahyaoglu of Jefferies.

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

Maybe if we could talk about just revenue trends to start. Q3 was the first quarter where international passenger revenue outperformed domestic. Any color on how you could how you think about that trend going forward and potentially the impact on the U.S. dollar strength.

也許我們可以從收入趨勢開始。第三季度是國際客運收入表現優於國內的第一季度。關於你如何看待未來趨勢以及對美元走強的潛在影響的任何顏色。

Vasu, go ahead and start, and I want to add something at the end, too, okay?

Vasu，繼續開始，我也想在最後添加一些東西，好嗎？

Yes, absolutely. Absolutely. Well, look, we -- as mentioned before, the long-haul business is -- if you look back at over any time period you want, it's a much more volatile line of business to be than the short-haul business. We think that's absolutely the case. That said, we're really encouraged where things are right now. there is clearly demand that's out there for the long-haul product. That too is taking shape in a very different way than what was there before the pandemic but coming in at levels that are far greater than what was there before the pandemic. What's less known is that we're still in a place where so many markets are still opening up. As a practical matter, Japan really only opened up last week. So there's some major parts of the international systems that are coming back yet. They're still any number of inefficiencies there, which I know Robert can talk to a lot more that are going to yet be a bit of a drag. But over the long run, we're really excited for it, so much so that even though I've said that the airline is going to be an 80-20 short-haul, long-haul carrier. Nonetheless, we're taking 787s steps. We still have an order for XLRs and things like that out there because we do think that the long-haul business will come back and come back in a way, which can be really beneficial certainly to us and our customers.

是的，一點沒錯。絕對地。好吧，看，我們 - 如前所述，長途業務是 - 如果你回顧任何你想要的時間段，它比短途業務更具波動性。我們認為絕對是這樣。也就是說，我們真的很受鼓舞。顯然對長途產品有需求。這也以與大流行之前完全不同的方式形成，但達到的水平遠遠高於大流行之前的水平。鮮為人知的是，我們仍處於許多市場仍在開放的地方。實際上，日本上週才真正開放。因此，國際體系的一些主要部分正在回歸。他們仍然存在許多效率低下的問題，我知道羅伯特可以與更多的人交談，但這會有點拖累。但從長遠來看，我們對此感到非常興奮，以至於即使我說過該航空公司將成為一家 80-20 短途、長途航空公司。儘管如此，我們正在採取 787 的步驟。我們仍然有 XLR 之類的訂單，因為我們確實認為長途業務會以某種方式回歸，這對我們和我們的客戶來說肯定是非常有益的。

There's things that we're doing as a country that are actually hindering the recovery of demand internationally. It could be stronger, a lot stronger. And I want to make sure that people are aware of that. Right now -- in the past, in 2019, 43% of international visitation into the U.S. that came from countries where you had to have a Visa to come into the United States. And back then in 2019, for people that wanted to come in for a first-time Visa to attend a big event meeting or kind of a convention. You maybe had to go and spend a few weeks to get a visa. So you can actually buy a ticket with some reasonable assurance that you'd actually be able to travel. Well, now that process of getting a Visa is -- can be over a year, well over a year and really important big travel markets like countries like Brazil and Mexico and India. And when I talk about that 43% of inbound travel of international visitation, it's not like they're just -- it's not like we're limiting ourselves just on airfares and ticket prices and airline revenue, those people spent $120 billion when they came into the United States. So the country as a whole is hard. Here's what we're trying to do about it because we need to get at this. You just -- the international recovery would be so much stronger if we got this out of the way. We're working with the state department. We've got to make sure that we respond to the situation to do so quickly. And it really comes in to making sure that B1 and B2 applicants, why come the United States participating in meetings that they're eligible to do so instead of taking their travel someplace else, which is what they're doing right now. So anyway, I just want to make that point, Vasu, that international travel could be stronger.

作為一個國家，我們正在做的一些事情實際上阻礙了國際需求的複蘇。它可能更強大，更強大。我想確保人們意識到這一點。現在——過去，在 2019 年，43% 的美國國際訪問來自必須持有簽證才能進入美國的國家。那時在 2019 年，對於那些想要首次獲得簽證來參加大型活動會議或某種會議的人來說。你可能不得不去花幾個星期才能拿到簽證。因此，您實際上可以在合理保證您實際上能夠旅行的情況下購買機票。好吧，現在獲得簽證的過程可能會超過一年，甚至超過一年，並且是非常重要的大型旅遊市場，例如巴西、墨西哥和印度等國家。當我談到 43% 的國際訪問的入境旅行時，他們不僅僅是——這並不是說我們只是在機票、機票價格和航空公司收入上限制自己，這些人來的時候花了 1200 億美元進入美國。所以整個國家都很難。這就是我們正在嘗試做的事情，因為我們需要解決這個問題。你只是 - 如果我們解決這個問題，國際復甦將會更加強勁。我們正在與國務院合作。我們必須確保我們對這種情況做出快速反應。這真的是為了確保 B1 和 B2 申請人，為什麼來美國參加他們有資格參加的會議，而不是去其他地方旅行，這就是他們現在正在做的事情。所以無論如何，我只想說明這一點，Vasu，國際旅行可能會更強大。

No, that's great color, guys. And maybe just one follow-up for Vasu and his comments earlier on the loyalty program and credit card spend. How are you thinking about the loyalty program? Has there been a change in how America is viewing it and it's important to the operation relative to 2019? .

不，這是很棒的顏色，伙計們。也許只是 Vasu 的後續行動以及他早些時候對忠誠度計劃和信用卡支出的評論。您如何看待忠誠度計劃？與 2019 年相比，美國對它的看法是否發生了變化，這對運營是否很重要？ .

Short answer, yes. Absolutely. We've seen it in any number of ways that -- look, so much of the marketplace has changed. Maybe the simplest way to think of it is this, those customers who are blending travel value travel, whereas for a lot of our customers prior to the pandemic, they might have traveled because their employer made them or they had to go and do it. So we're seeing people travel with a lot more intentionality. And when that happens, those same customers are much more willing to go and earn miles so that they can go and take their family on vacation, for example. So that's where we see like Advantage enrollments are growing record levels everywhere. As our partnerships expand, we're seeing growth in places like the West Coast and the Northeast. Levels that we've never seen before. But importantly, people are doing things like spending on their credit card. We did something where we counted credit card spending towards status, and that's been something really, really well received by our customers, too. So -- and the last thing I'll say to this is we just see a lot of upside here. If you compare our print out there in the sort of traditional network business, we're in a place where domestically in Latin America, we can be 10% to 20% larger than our competitors and produce unit revenues that are 5% to 10% larger than what they are. And that's a really good place to be in. But even still, compared to one of our largest network competitors, we -- they run 90% the airline that we do, but they produce $1 billion more to their co-brand credit card program. So we're really focused on that because we think it's a huge value driver for our customers, a very obvious one for us. We're really encouraged by the progress we've made with our partner in Citi. But as we look forward, we see that as a really key place where we need to have a strategic partnership in order to really create the value that's there.

簡短的回答，是的。絕對地。我們已經以多種方式看到了它——看起來，市場已經發生了很大變化。也許最簡單的思考方式是，那些融合旅行的客戶重視旅行，而對於大流行之前我們的許多客戶來說，他們可能已經旅行了，因為他們的雇主讓他們或者他們不得不去旅行。因此，我們看到人們旅行的目的性更高。當這種情況發生時，這些客戶更願意去贏取里程，例如，他們可以帶家人去度假。因此，我們看到 Advantage 的註冊人數在各地都在增長創紀錄的水平。隨著我們合作夥伴關係的擴大，我們在西海岸和東北部等地看到了增長。我們以前從未見過的水平。但重要的是，人們正在做一些事情，比如在信用卡上消費。我們做了一些將信用卡消費計入身份的事情，這也得到了客戶的好評。所以 - 我要說的最後一件事是我們在這裡看到了很多好處。如果您將我們的印刷品與傳統網絡業務進行比較，我們位於拉丁美洲國內的地方，我們可以比競爭對手大 10% 到 20%，並產生 5% 到 10% 的單位收入比它們大。這是一個非常好的地方。但即便如此，與我們最大的網絡競爭對手之一相比，我們 - 他們經營著我們所經營的 90% 的航空公司，但他們為他們的聯合品牌信用卡計劃多生產了 10 億美元.所以我們非常關注這一點，因為我們認為這對我們的客戶來說是一個巨大的價值驅動因素，對我們來說是一個非常明顯的驅動因素。我們與花旗的合作夥伴取得的進展讓我們深受鼓舞。但正如我們展望的那樣，我們認為這是一個非常關鍵的地方，我們需要建立戰略夥伴關係才能真正創造那裡的價值。

That concludes the analyst Q&A. We will now take questions from the media. (Operator Instructions) Our first question from the media comes from Alison Sider of Wall Street Journal.

分析師問答到此結束。我們現在將接受媒體的提問。 （操作員說明）我們的第一個媒體問題來自華爾街日報的 Alison Sider。

Curious, you ever has been talking about sort of these different travel patterns or blended travel, you have different types of leisure trips. And I'm just curious, do those trends -- do they kind of fully offset the loss of managed corporate travel that you're still seeing? Like if there was sort of a stall in the corporate recovery with these kind of new leisure type or blended type bookings to make up for it? .

好奇，你曾經談論過這些不同的旅行模式或混合旅行，你有不同類型的休閒旅行。而且我很好奇，這些趨勢是否完全抵消了您仍然看到的託管商務旅行的損失？就像這種新的休閒類型或混合類型的預訂來彌補企業復甦的停滯？ .

Absolutely. It has way more than offset it. And then you can see it in the results, right? We have -- the contracted corporations are 80% recovered, but this is the second quarter in a row where revenues have never been higher in our history. And indeed, that's on the strength of this blended demand that's there and unmanaged business-related demand, all of which is coming in at higher yield values, all of which tends to attach itself to really high-margin ancillary products like premium cabin seats, the credit card, loyalty programs, things like that. So we're very much seeing a shift that's there and one that's really encouraging. All the more encouraging because as we look forward, really the airline revenue -- or airline revenues haven't totally recovered to their historical level. Historically, they would be about 1% of GDP. We're still not all the way there. And so we think there's yet a lot of headroom that's there. We are really encouraged and absolutely, Ali, we are very much seeing that the managed corporate hasn't come back yet. It's more than being offset. And the last thing I'll say to you is, though managed corporate hasn't come back, the really critical word in that sentence is the word yet. As more countries open up, as the visa inefficiencies that Robert talked about get rectified, there's -- that can really unlock yet a lot of demand that's out there, which is kind of what are the upside for the travel business.

絕對地。它的作用遠不止抵消它。然後你可以在結果中看到它，對吧？我們已經 - 簽約公司已經恢復了 80%，但這是連續第二個季度，我們的歷史上收入從未如此高。事實上，這是基於這種混合需求和不受管理的業務相關需求的力量，所有這些都以更高的收益率進入，所有這些都傾向於將自己附加到真正高利潤的輔助產品上，比如高級客艙座椅，信用卡，忠誠度計劃，諸如此類。因此，我們非常看到了一種轉變，這種轉變確實令人鼓舞。更令人鼓舞的是，正如我們所期待的那樣，航空公司的收入——或者說航空公司的收入還沒有完全恢復到歷史水平。從歷史上看，它們將佔 GDP 的 1% 左右。我們還沒有走到那一步。所以我們認為還有很多空間。我們真的很受鼓舞，絕對是，阿里，我們非常看到託管公司還沒有回來。這不僅僅是被抵消。我要對你說的最後一件事是，雖然託管公司還沒有回來，但那句話中真正關鍵的詞是這個詞。隨著越來越多的國家開放，隨著羅伯特談到的簽證效率低下得到糾正，這確實可以釋放大量需求，這對旅遊業務來說是一種好處。

Got it. And I guess, just what -- you mentioned the GDP relationship, so maybe that's part of the answer, but what gives you the confidence that these are real permanent shifts and not just spill over for the summer and eventually, just the inflationary pressures will get speed too much and people will just travel spending will fall by the late side just like other spending categories are seeing?

知道了。我猜，正是你提到了 GDP 關係，所以這可能是答案的一部分，但是是什麼讓你相信這些是真正的永久性轉變，而不僅僅是在夏季蔓延，最終，通脹壓力將速度太快，人們只會像其他支出類別一樣，旅行支出會下降嗎？

Yes. Ali, look, it's a great question, and there's probably maybe 3 parts to the answer. First, it's not a thing that we've just observed recently. We've been seeing this and talking about this probably for a couple of quarters now, and it is a real and a meaningful shift. Two, it's not that we see the data in aggregate. We get the luxury of seeing it in particular. So for example, in 2021 and 2022, those customers on a blended trip who enrolled in our advantage program in 2022 are producing our revenue -- their revenues to us are about 10% higher than customers who traveled in '21 and '22 but didn't enroll the program. We see meaningful shifts. When people actually go and spend on the credit card, they are more likely to go and fly on the airline and vice versa. So there's a lot of things out there which are quite striking in the data that we see and are very consistent. Then the last thing that (inaudible) mentioned is yes, even though other consumer -- demand for other consumer products is changing. -- just never forget for us, in real dollars, the price of airfares are less now than what they were in 2019. So you can still go out there and now it's not like the depth of the pandemic where there were 29 one-way fares but now they're $49 one-way fares. So air travel has never been the bargain that it is today. And we -- that's going to be a thing that lasts for quite a while going forward. Frankly, to the good of our customers and our business.

是的。阿里，看，這是一個很好的問題，答案可能有 3 個部分。首先，這不是我們最近才觀察到的事情。我們已經看到這一點並談論它可能已經有幾個季度了，這是一個真實而有意義的轉變。第二，我們看到的不是匯總的數據。我們特別有幸看到它。因此，例如，在 2021 年和 2022 年，參加 2022 年我們的優勢計劃的混合旅行客戶正在為我們創造收入——他們對我們的收入比在 21 年和 22 年旅行但沒有旅行的客戶高出約 10%不要註冊該計劃。我們看到了有意義的轉變。當人們真正去信用卡消費時，他們更有可能去航空公司飛行，反之亦然。所以有很多東西在我們看到的數據中非常引人注目並且非常一致。然後（聽不清）提到的最後一件事是肯定的，即使其他消費者——對其他消費品的需求正在發生變化。 - 對我們來說永遠不要忘記，以實際美元計算，現在的機票價格低於 2019 年的價格。所以你仍然可以去那裡，現在不像大流行的深度有 29 個單程票價，但現在是 49 美元的單程票價。因此，航空旅行從未像今天這樣便宜。而我們——這將是一件持續相當長一段時間的事情。坦率地說，為了我們的客戶和我們的業務。

Our next question comes from Leslie Josephs of CNBC.

我們的下一個問題來自 CNBC 的 Leslie Josephs。

I was just wondering if -- how you're thinking about the Advantage program and with so many people getting cards, lots of sign-ups, very high spend and accruing loss of miles. How you're thinking about just the sheer number of people that have so many miles and whether you can deliver a product that entices more people to remain in the program and to keep using it. And I'm thinking like competition for upgrades and things like that?

我只是想知道是否 - 您如何考慮 Advantage 計劃以及這麼多人獲得卡、大量註冊、非常高的支出和累積的里程損失。您如何考慮擁有如此多里程的人數，以及您是否可以提供一種產品來吸引更多人留在計劃中並繼續使用它。我在想升級之類的競爭？

And then my second question, in 2023, you said 95% to 100% back to 2019 levels. If you do have the aircraft, do you want to fly more? Or is there a concern that, that would drive down fares in revenue?

然後我的第二個問題，在 2023 年，你說 95% 到 100% 回到 2019 年的水平。如果你有飛機，你想飛更多嗎？還是擔心會降低票價收入？

Leslie, this is Vasu. I can start into that and others may want to join in for the second part of your question. So look, as we like to say it, burn begets burn. And the most important thing is people are earning more miles, we want to keep continuing to do it. It's valuable to them. They want to be able to unlock future travel opportunities. And the really important thing is for that to happen, they need to be able to burn their miles. So stay tuned for more, but we're looking at a lot of ways where we can make status more rewarding and more meaningful and also where we can do more things where people can use their miles more. We were really encouraged this summer. We actually experimented with a lot of ways where we went and expanded availability for award redemption and things like that. And we found the take rates amongst our customers to be really promising. And so we see a lot of opportunities for that, both within AA, but also in conjunction with many of our partners. So more on that soon. And that -- if you could just repeat your second question.

萊斯利，這是瓦蘇。我可以開始討論，其他人可能想加入你問題的第二部分。所以看，正如我們喜歡說的那樣，燃燒導致燃燒。最重要的是人們正在賺取更多里程，我們希望繼續這樣做。對他們來說很有價值。他們希望能夠開啟未來的旅行機會。真正重要的是要做到這一點，他們需要能夠燃燒自己的里程。所以請繼續關注更多信息，但我們正在尋找很多方法來讓狀態更有價值和更有意義，以及我們可以做更多事情，讓人們可以更多地使用他們的里程。這個夏天我們真的很受鼓舞。實際上，我們嘗試了很多方法，並擴大了獎勵兌換和類似事情的可用性。我們發現我們的客戶中的接受率非常有希望。因此，我們看到了很多機會，無論是在 AA 內部，還是與我們的許多合作夥伴一起。所以很快就會更多。那——如果你可以重複你的第二個問題。

Vasu, this is me, I'll add into that. Look, whether or not we're -- the AAdvantage members are outpacing the growth in advanced members that are outpacing our ability to service them. Leslie, that's where we talk about what we're doing with our premium seats and making sure that we have the ability to serve customers but -- as well, we're creating world-class product as well in so many different places. Take our LaGuardia labs. If you haven't been there, please go see it. best domestic lounge in the country. And it's only going to be beaten when we open up our new DCA lounge. And you'll see that we're doing this kind of thing to make sure that we can accommodate a much broader group. And we're going to spend for it. It's worthwhile to do that, and we're tracking the right customers. So then the last thing is, would we be flying more right now if we -- if these constraints weren't out there, we'd be find a little bit more we'll take a look at that for next year. But as I said before, the biggest thing for us is making sure that we have certainty in terms of our schedule. And so we're going to make sure that we don't outpace what we have either in terms of aircraft deliveries if that's the constraint or if it's pilots at a regional level or our ability to train pilots from a mainline perspective.

瓦蘇，這是我，我會補充的。看，無論我們是否——AAdvantage 成員的增長速度都超過了高級成員的增長速度，而高級成員的增長速度超過了我們為他們提供服務的能力。 Leslie，這就是我們談論我們在高級座位上所做的事情並確保我們有能力為客戶服務的地方，但是——同樣，我們也在許多不同的地方創造世界級的產品。以我們的拉瓜迪亞實驗室為例。如果你沒去過，請去看看。國內最好的休息室。只有當我們開設新的 DCA 休息室時，它才會被打敗。你會看到我們這樣做是為了確保我們能夠容納更廣泛的群體。我們將為此花錢。這樣做是值得的，我們正在跟踪正確的客戶。所以最後一件事是，如果我們 - 如果這些限制不存在，我們現在會飛得更多，我們會發現更多，明年我們會看看。但正如我之前所說，對我們來說最重要的是確保我們的日程安排有確定性。因此，如果這是限制因素，或者是地區層面的飛行員或我們從主線角度培訓飛行員的能力，我們將確保我們在飛機交付方面不會超過我們現有的水平。

Our next question comes from the line of Mary Schlangenstein of Bloomberg.

我們的下一個問題來自彭博社的 Mary Schlangenstein。

Yes. I'm not muted. Can you hear me?

是的。我沒有靜音。你能聽到我嗎？

Yes.

是的。

Excellent. Great. Vasu, for a long time, the thinking in the industry was that the domestic market was mature. And so the best opportunities for growth were outside of the U.S., and that seems to be the exact opposite of what you're doing now. And I wanted to see if you could comment on whether there was some sort of change, whether that belief across the industry was just an error or a misreading of the industry?

出色的。偉大的。瓦蘇，一直以來，業界的想法是國內市場已經成熟。所以最好的增長機會是在美國以外的地方，這似乎與你現在所做的完全相反。我想看看你是否可以評論是否有某種變化，整個行業的這種信念是否只是一個錯誤或對行業的誤讀？

And then the second question was on the 80/20 short-haul, long-haul mix. Is that 20 a base for you in terms of long haul? Or could we see that potentially fall further going forward?

然後第二個問題是關於 80/20 短途和長途組合。就長途而言，這 20 對你來說是一個基礎嗎？或者我們是否可以看到未來可能進一步下降？

Thanks, Mary. The second of your question, it's pretty unlikely that it falls further going forward. How we build it back over time kind of remains to be seen. That's a big part of our 2023 and beyond planning. But it will be pretty surprising at this point about anything materially lower than that. And indeed, through so many of these partnerships, we probably see more ways to grow it than any desire to shrink it. Then to the first of your question that, yes, look, what I'd say is that North America, as an originating market, is a very mature market, but it's also the highest area of airline demand, the highest yielding marketplace that's anywhere in the world. And what we find is, indeed, so much of what's happened, especially post pandemic across the U.S. is there's a significant amount of demand growth and economic growth outside of the historically large big coastal cities that are there, places like Phoenix Arizona, Austin, Texas, Oklahoma City, places like that are growing at a pretty meaningful level. And with that, there's just a lot of people who want to be able to come in and travel. And what we do great is we connect them into the global marketplace. Whether that is New York or Heathrow or whatever the case might be. Maybe to put a bit of an example on that, like take a market like New York City, New York City is a place where there's more flights a day to Paris than there are at Little Rock, Arkansas. Well, American Airlines out of the first flight from Little Rock to New York. And it was made possible through our partnership with JetBlue and the -- but by having that, we've created opportunities for customers that they wouldn't have had before. So we see yet a lot of opportunities to do that. And indeed, the results kind of speak for it, the more that we do, the more encouraged we are that our customers value and are willing to pay for it.

謝謝，瑪麗。你的第二個問題，它不太可能進一步下降。我們如何隨著時間的推移重建它還有待觀察。這是我們 2023 年及以後計劃的重要組成部分。但在這一點上，任何實質上低於此值的東西都會令人驚訝。事實上，通過如此多的合作夥伴關係，我們可能會看到更多的方式來發展它，而不是任何縮小它的願望。那麼對於你的第一個問題，是的，聽著，我想說的是，北美作為一個始發市場，是一個非常成熟的市場，但它也是航空公司需求最高的地區，是任何地方收益最高的市場在世界上。我們發現，確實發生了很多事情，尤其是在美國大流行之後，在歷史悠久的沿海大城市之外，如亞利桑那州鳳凰城、奧斯汀、得克薩斯州、俄克拉荷馬城等地正在以相當有意義的水平增長。有了這個，只有很多人希望能夠進來旅行。我們做得很好是將他們連接到全球市場。無論是紐約還是希思羅機場或其他任何情況。也許舉個例子，就像紐約市這樣的市場，紐約市是一個每天飛往巴黎的航班比阿肯色州小石城更多的地方。嗯，美國航空公司出了從小石城到紐約的第一班航班。通過我們與 JetBlue 的合作夥伴關係，這成為可能 - 但是通過這樣做，我們為客戶創造了他們以前不會擁有的機會。所以我們看到了很多這樣做的機會。事實上，結果有點說明問題，我們做的越多，我們就越鼓勵我們的客戶重視並願意為此付費。

Our next question comes from the line of Kyle Arnold of Dallas News.

我們的下一個問題來自達拉斯新聞的凱爾·阿諾德。

Can you guys talk a little bit about how the blended travel trend is going to play into the holidays, whether you're seeing more people shift into earlier in the week outside of that, maybe pre-Thanksgiving day? And is there a different kind of cadence to that? In the summer versus the winter or maybe the winter where those peak days are a little tighter?

你們能否談談混合旅行趨勢將如何影響假期，是否有更多的人在除此之外的一周早些時候轉移到假期，也許是感恩節前？並且有不同的節奏嗎？夏季與冬季相比，或者可能是那些高峰日更緊的冬季？

Kyle, this is Vasu. And yes, we do see a little bit of that day of week shift. Not only do we see it just in general, a time of day ship for people who are coming out of what we call the peak business travel time channels and into the body of the airline Day. We're seeing more growth happening on things like Wednesday evenings or Thursday morning, places where -- while there was demand, it was traditionally not as great as what it would be on a Thursday evening at 6:00. And so with that in mind, yes, we are indeed anticipating that it's not just that the Thanksgiving weekend, for example, will be peak, but even the days around it, we'll have a level of demand. In fact, if you go look at our Thanksgiving schedule right now, there's less peak-to-trough variability there than certainly I've seen in the schedule for a number of years.

凱爾，這是瓦蘇。是的，我們確實看到了一周中的那一天的一點變化。我們不僅在一般情況下看到它，它還為那些從我們所謂的商務旅行高峰時間通道出來並進入航空公司日的人們提供了一天中的時間。我們看到在周三晚上或週四早上這樣的地方出現了更多的增長——雖然有需求，但傳統上它不如周四晚上 6:00 的情況那麼好。因此，考慮到這一點，是的，我們確實預計不僅感恩節週末將是高峰，而且即使在它周圍的日子裡，我們也會有一定的需求水平。事實上，如果你現在去看看我們的感恩節時間表，那裡的峰谷變化肯定比我多年來在時間表中看到的要小。

So Kyle, I'll add. Vasu's organization has our revenue management team in it. They -- every now they take me through the worm charts that show us how we're booking at various points in the year. And I'll tell you this, what I saw earlier this week is compared to 2019 and the prior years, look, the holidays are booking really well. And so I think that, that bodes well. But what I think Vasu, you also probably note is that getting the seat is something that's going to be hard. So it's going to place it there's going to be a move in terms of where people can fly just based on availability.

所以凱爾，我會補充的。 Vasu 的組織中有我們的收入管理團隊。他們——每時每刻都帶我瀏覽蠕蟲圖表，向我們展示我們在一年中的不同時間點是如何預訂的。我會告訴你，我本週早些時候看到的是與 2019 年和前幾年相比，看，假期預訂得很好。所以我認為，這是個好兆頭。但我認為 Vasu，您可能還注意到，獲得席位是一件很困難的事情。因此，它將在人們可以根據可用性飛行的地方採取行動。

Absolutely right.

絕對正確。

Which is a good thing. And Scott, is that on the last question? Is that right? So I'll just close with this, which is, if you can't tell, we're pleased with our results. It's been a heck of a few years in the pandemic. And it's great to be at a point where -- not only are we reporting profits on a quarterly basis, but looking at into the future as well. Demand remains strong. We're very optimistic. And American is really in a position to taking full advantage of the recovery. It's because of the things that we've done with our network, with our partnerships, with our fleet, getting the airline really situated to fly what we can do best. We are focused on reliability. And that is something that everybody in the company has top of mind. I'm really pleased with how we're performing here in October and in September and as we closed out August as well. And my confidence is bolstered by a number of things. Just first, I look at the metrics that we run every day. So things like aircraft out of service at the start of the morning, we're running record all-time lows. I got to give a shout out to our technical operations team for having our aircraft in better shape than they've ever been in but as well as things like reserve levels for our pilots and flight attendants and just making sure things are ready to go, I feel really confident the way that we recovered post the horrific hurricanes in the flooding that was here in DFW back in August. It gives me great confidence that even when you throw enormous disruption that we can get back on our feet really quickly. that reliability translates into profitability. And yes, we said it over and over again. We have to be profitable in order to really serve the needs of our communities, our customers and the shareholders of this company. We're intent on doing it, and we're going to make sure that this airline is 1 that you can count on in terms of producing profits, ultimately reducing debt over time and being sustainable from a profitability perspective. So we're hard at work. We're going to get back to it as soon as we get off this call. And I appreciate everybody spending time with us, and thanks.

這是一件好事。斯科特，這是最後一個問題嗎？那正確嗎？因此，我將就此結束，也就是說，如果您無法分辨，我們對我們的結果感到滿意。疫情已經好幾年了。很高興能夠達到這樣的地步——我們不僅要按季度報告利潤，還要著眼於未來。需求依然強勁。我們非常樂觀。美國航空確實能夠充分利用經濟復甦的機會。這是因為我們通過我們的網絡、我們的合作夥伴關係和我們的機隊所做的事情，讓航空公司真正處於能夠飛行我們最擅長的地方。我們專注於可靠性。這是公司每個人都最關心的事情。我對我們在 10 月和 9 月以及我們在 8 月結束時的表現感到非常滿意。很多事情都增強了我的信心。首先，我看看我們每天運行的指標。因此，諸如飛機在早上開始停止服務之類的事情，我們正在創下歷史新低。我必須向我們的技術運營團隊大聲疾呼，因為我們的飛機比以往任何時候都更好，但也為我們的飛行員和空乘人員預留了水平，並確保一切準備就緒，我對我們在 8 月份 DFW 洪水中可怕的颶風後恢復的方式充滿信心。這讓我非常有信心，即使你造成巨大的破壞，我們也可以很快重新站起來。這種可靠性轉化為盈利能力。是的，我們一遍又一遍地說。我們必須盈利，才能真正滿足社區、客戶和公司股東的需求。我們打算這樣做，我們將確保這家航空公司在產生利潤方面是您可以信賴的第一家，最終隨著時間的推移減少債務並從盈利能力的角度來看是可持續的。所以我們很努力。我們一結束這個電話就會回到它。我感謝大家花時間和我們在一起，謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。