美國航空 (AAL) 2022 Q4 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's Fourth Quarter 2022 Earnings Call. (Operator Instructions)

感謝您的支持，歡迎來到美國航空集團 2022 年第四季度財報電話會議。 （操作員說明）

I would now like to hand the call over to Managing Director of Investor Relations, Scott Long. Please go ahead.

我現在想將電話轉交給投資者關係董事總經理 Scott Long。請繼續。

Thank you, [Atif]. Good morning, everyone, and welcome to the American Airlines Group Fourth Quarter and Full Year 2022 Earnings Conference Call. On the call this morning, we have our CEO, Robert Isom; our Vice Chair, President of American Eagle and Strategic Adviser, Derek Kerr; and our new CFO, Devon May. A number of our other senior executives are also on the call for the Q&A session.

謝謝你，[Atif]。各位早上好，歡迎來到美國航空集團 2022 年第四季度和全年收益電話會議。在今天早上的電話會議上，我們的首席執行官 Robert Isom 出席了會議；我們的副主席、American Eagle 總裁兼戰略顧問 Derek Kerr；以及我們的新首席財務官 Devon May。我們的許多其他高級管理人員也參加了問答環節。

Robert will start the call this morning with an overview of our performance and our 2023 priorities. Derek will follow with details on the fourth quarter and full year. And Devon will then outline our operating plans and outlook going forward. After Devon's comments, we'll open the call for analyst questions, followed by questions from the media. To get in as many questions as possible, please limit yourself to 1 question and 1 follow-up.

羅伯特將在今天早上開始電話會議，概述我們的表現和 2023 年的優先事項。德里克隨後將提供第四季度和全年的詳細信息。然後德文郡將概述我們的運營計劃和未來展望。在 Devon 發表評論後，我們將開始徵集分析師問題，然後是媒體提問。要盡可能多地提出問題，請將自己限制在 1 個問題和 1 個跟進。

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, the 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. In addition, we'll be discussing certain non-GAAP financial measures this morning, which exclude the impact of unusual items.

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，眾多的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，請參閱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。此外，我們將討論某些非 GAAP今天上午的財務措施排除了異常項目的影響。

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

這些數字與 GAAP 財務措施的對賬包含在收益新聞稿中，可以在我們網站的投資者關係部分找到。此電話會議的網絡廣播也將存檔在我們的網站上。我們今天早上在電話中提供給您的信息是截至今天的日期，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。

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

有了這個，我將把電話轉給我們的首席執行官 Robert Isom。

Thanks, Scott. And good morning, everyone. Thanks for joining us. This morning, American reported a fourth quarter GAAP net income of $803 million and a full year net income of $127 million.

謝謝，斯科特。大家早上好。感謝您加入我們。今天上午，美國航空公司報告第四季度 GAAP 淨收入為 8.03 億美元，全年淨收入為 1.27 億美元。

Excluding net special items, we reported a fourth quarter net income of $827 million and a full year net income of $328 million. Our performance in the fourth quarter and for the full year was driven by continued strength of demand and revenue environment and incredible efforts of the American Airlines team. We're tremendously proud of what the team has accomplished over the past year. We're committed to running a reliable operation, and we're delivering.

不包括淨特殊項目，我們報告第四季度淨收入為 8.27 億美元，全年淨收入為 3.28 億美元。我們在第四季度和全年的業績是由持續強勁的需求和收入環境以及美國航空公司團隊的難以置信的努力推動的。我們為團隊在過去一年中取得的成就感到無比自豪。我們致力於運行可靠的操作，並且我們正在交付。

Coming out of the holidays, American had the best completion factor of any major U.S. airline. We also said we would return American to profitability, and we've done that as well. Our team has delivered a third consecutive quarterly profit and fourth quarter margins that are higher than the fourth quarter of 2019 despite our fuel price increasing by approximately 70%.

假期結束後，美國航空公司的完工率在所有美國主要航空公司中名列前茅。我們還說過我們會讓美國航空恢復盈利，我們也做到了。儘管我們的燃油價格上漲了約 70%，但我們的團隊已經連續第三個季度實現了高於 2019 年第四季度的利潤和利潤率。

We generated nearly $2.4 billion in pretax profits over the past 3 quarters. And we're pleased to report a full year profit for the first time since 2019. In addition to running a reliable operation and generating sustained profits, we're making significant progress on repairing our balance sheet.

我們在過去三個季度創造了近 24 億美元的稅前利潤。我們很高興自 2019 年以來首次實現全年盈利。除了可靠運營和持續盈利外，我們在修復資產負債表方面也取得了重大進展。

We recently prepaid a $1.2 billion term loan a year before scheduled maturity date, and we have now reduced our total debt by more than $8 billion from peak levels in mid-2021. This puts us well past the halfway point of our $15 billion total debt reduction goal, only 18 months into the program. Derek will talk more about our deleveraging plans in just a few minutes.

我們最近提前一年提前償還了一筆 12 億美元的定期貸款，現在我們的總債務已從 2021 年年中的峰值水平減少了超過 80 億美元。這使我們遠遠超過了 150 億美元的總債務削減目標的一半，距離該計劃僅 18 個月。德里克將在幾分鐘內詳細討論我們的去槓桿化計劃。

Let's talk more about the fourth quarter and full year results. We produced revenues of $13.2 billion in the fourth quarter, an increase of 16.6% versus 2019 and the highest fourth quarter revenue in company history. Notably, we achieved this record revenue while flying 6.1% less capacity than we did in the fourth quarter of 2019.

讓我們更多地談談第四季度和全年的業績。我們第四季度的收入為 132 億美元，比 2019 年增長 16.6%，是公司歷史上最高的第四季度收入。值得注意的是，我們實現了創紀錄的收入，同時運力比 2019 年第四季度減少了 6.1%。

American also produced record revenues of $49 billion for the full year, which is a 7% increase over 2019, while flying 8.7% less capacity. Demand remains strong. And our revenue performance is in line with our expectations following our strong holiday performance. Post holiday bookings are off to a strong start.

美國航空全年的收入也達到了創紀錄的 490 億美元，比 2019 年增長了 7%，而運力下降了 8.7%。需求依然強勁。在我們強勁的假期表現之後，我們的收入表現符合我們的預期。假期後的預訂有一個良好的開端。

In fact, this is our best-ever post holiday booking period with broad strength across all entities and travel periods. Demand for domestic and short-haul international travel continues to lead the way. We expect a strong demand environment to continue in 2023 and anticipate further improvement in demand for long-haul international travel this year.

事實上，這是我們有史以來最好的假期後預訂期，在所有實體和旅行期間都有廣泛的實力。對國內和短途國際旅行的需求繼續引領潮流。我們預計 2023 年將繼續保持強勁的需求環境，並預計今年對長途國際旅行的需求將進一步改善。

Now turning to the operation. The American Airlines team delivered a fantastic performance in the fourth quarter. We operated more than 475,000 flights in the quarter with an average load factor of approximately 84%, where we ranked first in completion factor among the 9 largest U.S. carriers.

現在轉向操作。美國航空隊在第四節打出了精彩的表現。我們在本季度運營超過 475,000 個航班，平均載客率約為 84%，完成率在美國 9 大航空公司中排名第一。

Our team delivered an even stronger performance over the holidays, despite challenging conditions in many parts of the country. American outperformed the industry over the December holiday period, ranking first in completion factor. Key to our success has been sizing our airline for the resources we have available and the operating conditions we expect to encounter. And we will continue to do that going forward.

儘管該國許多地區的條件充滿挑戰，但我們的團隊在假期中的表現更加出色。美國航空在 12 月假期期間表現優於行業，完成度排名第一。我們成功的關鍵是根據我們可用的資源和我們預期遇到的運營條件來調整我們航空公司的規模。我們將繼續這樣做。

We're doubling down on our efforts to run a reliable operation in 2023, including investing in our team, our fleet and technology to support our operations. And we're seeing this work pay off as our operation is off to a strong start, just a few weeks into 2023, including the best on-time arrival performance of the 9 largest U.S. carriers so far this year. America is proud to operate the simplest, youngest and most efficient fleet among U.S. network carriers.

我們正在加倍努力以在 2023 年實現可靠運營，包括投資於我們的團隊、車隊和技術以支持我們的運營。我們看到這項工作得到了回報，因為我們的運營開局良好，距離 2023 年僅幾週時間，包括今年迄今為止美國 9 家最大航空公司的最佳準點率。美國很自豪能夠在美國網絡運營商中運營最簡單、最年輕和最高效的機隊。

In August, we began taking deliveries of new 788 aircraft from Boeing for the first time in 15 months. In the fourth quarter, we took delivery of 5 788s, and we expect to receive the remaining 4 in the first half of 2023. Our Boeing 789s are expected to be delivered starting in 2024. During the fourth quarter -- I'm sorry about that. Okay. During the fourth quarter, we also took delivery of 7 A321neos, 3 175s and 3 -- and 5 737-800s from long-term storage. Devon is going to talk more about that.

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。在第四季度，我們交付了 5 架 788，我們預計將在 2023 年上半年收到剩餘的 4 架。我們的波音 789 預計將從 2024 年開始交付。在第四季度——我很抱歉那。好的。在第四季度，我們還從長期存儲中交付了 7 架 A321neo、3 175 架和 3 架以及 5 737-800 架。 Devon 將就此進行更多討論。

But what I'd like to say is that the results the American Airlines team produced in 2022 and what we are projecting in 2023 are proof positive that the actions we have taken in the recent years have put us in a position of strength and allowed us to take full advantage of the recovery. We spent more than 5 years on the most complex integration in the history of the airline industry. Three years navigating the pandemic and making the airline more efficient. And now we're poised to drive the business forward in 2023 and beyond. We have simplified and harmonized our fleet, modernizing our facilities, fine-tune our network to focus on the most profitable [flight], develop new partnerships, introduced new tools for our customers and team and hired tens of thousands of people. During all, the American Airlines team has gone above and beyond to deliver strong operational and financial results.

但我想說的是，美國航空公司團隊在 2022 年取得的成果以及我們在 2023 年的預測都證明了我們近年來採取的行動使我們處於有利地位並使我們能夠充分利用恢復。我們花了 5 年多的時間來完成航空業歷史上最複雜的整合。三年來應對大流行並提高航空公司的效率。現在，我們準備在 2023 年及以後推動業務向前發展。我們簡化和協調了我們的機隊，使我們的設施現代化，微調我們的網絡以專注於最有利可圖的[航班]，發展新的合作夥伴關係，為我們的客戶和團隊引入新工具並僱用了數万人。總而言之，美國航空團隊已經超越自我，實現了強勁的運營和財務業績。

Now before I turn it over to Derek to provide more detail on our 2022 financial performance, I want to thank him for his partnership over the past 20 years as CFO. He is a great friend, and he's been a trusted adviser throughout my career. Quite simply, he's the best CFO in the history of the airline industry.

現在，在我將其轉交給 Derek 提供有關我們 2022 年財務業績的更多詳細信息之前，我要感謝他在過去 20 年擔任首席財務官期間的合作夥伴關係。他是我的好朋友，在我的整個職業生涯中，他都是值得信賴的顧問。很簡單，他是航空業歷史上最好的首席財務官。

This financial leadership has helped create the largest airline in the world through the mergers of America West and U.S. Airways in 2005, and U.S. Airways and American in 2013. Derek was instrumental in raising $25 billion of capital during the pandemic to ensure American would not just survive, but also be in a position to thrive on the other side of it. I'm very pleased that Derek will remain at American, a Vice Chair and continue to lead our American Eagle and Cargo teams and serve as a strategic adviser to the company.

這種財務領導力通過 2005 年美國西部航空公司和美國航空公司的合併以及 2013 年美國航空公司和美國航空公司的合併幫助創建了世界上最大的航空公司。德里克在大流行期間籌集了 250 億美元的資金，以確保美國航空公司不僅生存，但也能夠在它的另一邊茁壯成長。我很高興 Derek 將繼續留在美國，擔任副主席，並繼續領導我們的 American Eagle 和 Cargo 團隊，並擔任公司的戰略顧問。

As we look forward to 2023, we remain focused on running a reliable operation, achieving sustained profitability and reducing debt. We have made tremendous progress in all 3 of these areas, thanks to Derek's leadership. And we will continue to sharpen that focus with Devon May as our CFO. And on behalf of the entire American Airlines team, I want to thank Derek for his leadership and tremendous contributions to the airline as our CFO.

展望 2023 年，我們將繼續專注於可靠運營、實現持續盈利和減少債務。在 Derek 的領導下，我們在這三個領域都取得了巨大進步。我們將繼續加強這一重點，讓德文·梅擔任我們的首席財務官。我代表整個美國航空公司團隊，感謝 Derek 作為我們的首席財務官所表現出的領導才能和對航空公司的巨大貢獻。

And now I'll hand it over to Derek.

現在我將把它交給 Derek。

Thank you, Robert. Thanks for your kind words. I really appreciate it. It's been an honor -- tremendous honor to serve as CFO of American U.S. Airways and America West over the past 20 years. I'm incredibly proud of what the team has accomplished in that time.

謝謝你，羅伯特。謝謝你的美言。我真的很感激。在過去的 20 年裡擔任美國美國航空公司和美國西部航空公司的首席財務官是一種榮幸 - 巨大的榮幸。我為團隊在那段時間所取得的成就感到無比自豪。

Now on to the business of the morning. Excluding special items, we reported a fourth quarter net income of $827 million or earnings of $1.17 per diluted share. We produced our best fourth quarter pretax margin since 2016, when we produce roughly the same results at fuel prices that were nearly double the price per gallon lower than 2022.

現在開始上午的工作。不包括特殊項目，我們報告第四季度淨收入為 8.27 億美元或每股攤薄收益 1.17 美元。我們產生了自 2016 年以來最好的第四季度稅前利潤率，當時我們在燃料價格方面取得了大致相同的結果，每加侖價格比 2022 年低了近一倍。

Throughout 2022, you heard us talk about our focus on returning the airline to profitability, and we have done that. We achieved a full year profit due to continued demand, strength and the hard work of our team despite a $1.9 billion pretax loss in the first quarter. Excluding net special items, we produced a full year net income of $328 million or $0.50 per diluted share. Fourth quarter revenue far exceeded our initial guidance due to continued strong demand.

整個 2022 年，您都聽到我們談論我們致力於讓航空公司恢復盈利，而我們已經做到了。儘管第一季度稅前虧損 19 億美元，但由於持續的需求、實力和我們團隊的辛勤工作，我們實現了全年利潤。不包括特殊項目淨額，我們的全年淨收入為 3.28 億美元或每股攤薄收益 0.50 美元。由於需求持續強勁，第四季度收入遠超我們最初的指引。

Revenue in the fourth quarter was higher than any fourth quarter in company history. As Robert mentioned, the domestic and short-haul international entities continue to lead the way. And we expect further improvement in long-haul international as we continue to grow back our capacity. Costs for the quarter, excluding fuel came in at the high end of our initial guidance range, primarily due to higher profit sharing expense driven by higher earnings in the quarter. American is proud to operate the simplest, youngest and efficient fleet among U.S. network carriers.

第四季度的收入高於公司歷史上任何第四季度。正如羅伯特所提到的，國內和短途國際實體繼續引領潮流。隨著我們繼續恢復運力，我們預計長途國際航線將進一步改善。本季度的成本（不包括燃料）處於我們初始指導範圍的高端，這主要是由於本季度收益增加導致利潤分享費用增加。美國航空以在美國網絡承運人中運營最簡單、最年輕和高效的機隊而自豪。

In August, we began taking deliveries of our new 788 aircraft from Boeing for the first time in 15 months. In the fourth quarter, we took delivery of 5 788s, and we expect to receive the remaining 4 in the first half of 2023. Our Boeing 789s are 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。在第四季度，我們接收了 5 788 架飛機，我們預計將在 2023 年上半年接收剩餘的 4 架飛機。我們的波音 789 飛機預計將於 2024 年開始交付。

During the fourth quarter, we also took delivery of 7 A321neos, 3 E175s and reactivated 5 737-8s from long-term storage. In 2023, we expect to take delivery of 2 A321neos, and we plan to reactivate 9 more 738s from long-term storage. Based on our latest guidance from Boeing, we now expect to take delivery of 17 737 MAX 8s in 2023 compared to Boeing's contractual commitment of 27 deliveries. This change in timing will shift planned CapEx out of 2023 and into future years.

在第四季度，我們還接收了 7 架 A321neo、3 架 E175 並從長期存儲中重新啟用了 5 737-8。 2023 年，我們預計將接收 2 架 A321neo，併計劃從長期存儲中重新激活另外 9 架 738。根據波音的最新指導，我們現在預計 2023 年將交付 17 737 MAX 8，而波音的合同承諾為 27 架交付。這種時間上的變化將使計劃的資本支出從 2023 年轉移到未來幾年。

Our 2023 aircraft CapEx is now expected to be approximately $1.5 billion. Repairing our balance sheet remains a top priority, and our actions in the fourth quarter show our commitment to debt reduction. In the fourth quarter, we repaid $1.2 billion term loan secured by domestic slots. This prepayment increased estimated first [lien] borrowing capacity to $10.3 billion and addressed our most significant 2023 maturity. With the actions we have taken, we have now reduced our total debt by $8.2 billion or more than half of our goal to reduce total debt by $15 billion by the end of 2025, only 18 months into our deleveraging program.

我們 2023 年的飛機資本支出現在預計約為 15 億美元。修復我們的資產負債表仍然是重中之重，我們在第四季度的行動表明了我們對削減債務的承諾。第四季度，我們償還了 12 億美元的國內老虎機擔保定期貸款。這筆預付款將估計的第一[留置權]借款能力增加到 103 億美元，並解決了我們最重要的 2023 年到期問題。通過我們採取的行動，我們現在已經將總債務減少了 82 億美元，即我們到 2025 年底將總債務減少 150 億美元的目標的一半以上，我們的去槓桿化計劃僅實施了 18 個月。

We ended the year with $12 billion of total available liquidity. We will continue to balance both, debt reduction opportunities and investments in the business, while meeting appropriate target liquidity levels. We will target $10 billion to $12 billion of total liquidity in the medium term and intend to utilize excess liquidity to accelerate our deleveraging initiative at the appropriate time with no meaningful maturity towers until 2025, we have the flexibility as to how and when we begin to address those instruments.

我們以 120 億美元的總可用流動資金結束了這一年。我們將繼續平衡債務削減機會和業務投資，同時滿足適當的目標流動性水平。我們的中期目標是 100 億至 120 億美元的總流動性，並打算利用過剩的流動性在適當的時候加速我們的去槓桿化計劃，直到 2025 年沒有有意義的到期塔，我們可以靈活地決定如何以及何時開始處理這些文書。

With that, I'm happy to turn the call over to our new CFO, Devon May, who will share our outlook for 2023. Devon has more than 20 years of airline industry experience across finance, operations, network planning and alliances. And he is the perfect person to lead our finance organization going forward. He has been an integral part of our executive team for more than a decade and has built a great team around him. The CFO transition has been and will continue to be a seamless one.

有了這個，我很高興將電話轉給我們的新首席財務官 Devon May，他將分享我們對 2023 年的展望。Devon 在金融、運營、網絡規劃和聯盟方面擁有超過 20 年的航空業經驗。他是領導我們的財務組織向前發展的完美人選。十多年來，他一直是我們執行團隊不可或缺的一部分，並圍繞他建立了一支優秀的團隊。 CFO 的過渡已經並將繼續是無縫的。

With that, I'll turn it over to Devon.

有了這個，我會把它交給德文郡。

Thank you, Derek. And good morning, everyone. Before we get into our guidance, I want to start by thanking Derek for his leadership over the past 20 years. I've had the privilege of working with Derek since 2002 when I joined America West Airlines. He has been a close friend and mentor during this time, and our airline is set up well for the future because of his leadership. I'm honored to be taking on the CFO role and being part of an incredible senior leadership team. I look forward to leading the finance team and building on the progress we've made on our financial priorities.

謝謝你，德里克。大家早上好。在我們進入我們的指南之前，我想首先感謝 Derek 在過去 20 年中的領導。自 2002 年加入美國西部航空公司以來，我一直有幸與 Derek 共事。在這段時間裡，他一直是我的密友和導師，我們的航空公司在他的領導下為未來奠定了良好的基礎。我很榮幸擔任首席財務官一職，並成為令人難以置信的高級領導團隊的一員。我期待著領導財務團隊，並在我們在財務優先事項方面取得的進展的基礎上再接再厲。

For 2023, we will continue to size the airline for the resources we have with a focus on reliability and sustained profitability. We continue to expect to produce capacity that is 95% to 100% of 2019 levels or up approximately 5% to 8% year-over-year. We are on track to hire over 2,000 mainline pilots in 2023. And we expect to achieve our run rate level of training throughput in the back half of this year, allowing for further aircraft utilization improvements in 2024.

到 2023 年，我們將繼續根據我們擁有的資源調整航空公司規模，重點放在可靠性和持續盈利能力上。我們繼續預計產能將達到 2019 年水平的 95% 至 100%，或同比增長約 5% 至 8%。我們有望在 2023 年聘用 2,000 多名幹線飛行員。我們預計將在今年下半年達到我們的訓練吞吐量運行率水平，從而在 2024 年進一步提高飛機利用率。

We continue to expect regional pilot affordability to be constrained throughout this year and next. Demand for air travel strengthened as we went through 2022. And we expect industry revenue will return to its historical share of GDP in 2023. Given our level of capacity production, the strength of our network and industry supply constraints, we expect total unit revenue to be up low single digits year-over-year.

我們繼續預計今年和明年區域試點的負擔能力將受到限制。隨著我們度過 2022 年，航空旅行需求增強。我們預計行業收入將在 2023 年恢復到其占 GDP 的歷史份額。鑑於我們的產能生產水平、我們的網絡實力和行業供應限制，我們預計總單位收入將同比增長低個位數。

For the full year, we expect CASM ex to be up 2% to 5% versus 2022. These projections include the estimated impact of anticipated labor agreements, which account for roughly 3 points of CASM ex fuel. For the full year, we expect to produce earnings of $2.50 to $3.50 per diluted share. Using the midpoint of that EPS guidance, we are forecasting operating cash flows of approximately $5.5 billion and free cash flow of nearly $3 billion.

對於全年，我們預計 CASM ex 將比 2022 年增長 2% 至 5%。這些預測包括預期勞工協議的估計影響，這約佔 CASM ex fuel 的 3 個百分點。對於全年，我們預計每股攤薄收益為 2.50 美元至 3.50 美元。使用該 EPS 指導的中點，我們預測運營現金流約為 55 億美元，自由現金流約為 30 億美元。

Looking to the first quarter, we expect to produce an operating margin of between 2.5% and 4.5% based on our current demand and fuel price forecast. And while we are eager to get new labor agreements ratified given where we are at in the quarter and the time required for ratification, we do not anticipate ratifying new contracts prior to the end of the first quarter. If that does occur, we will update our guidance accordingly.

展望第一季度，根據我們當前的需求和燃料價格預測，我們預計營業利潤率將在 2.5% 至 4.5% 之間。鑑於我們在本季度所處的位置和批准所需的時間，儘管我們渴望批准新的勞工協議，但我們預計不會在第一季度末之前批准新合同。如果確實發生這種情況，我們將相應地更新我們的指南。

In the first quarter, continued strength in demand is expected to result in total revenue per available seat mile that is 24% to 27% higher year-over-year. Our first quarter CASM, excluding fuel and net special items, is expected to be flat to down 3% year-over-year. The current fuel forecast for the first quarter assumes a fuel price of between $3.33 and $3.38 per gallon and a full year price of between $3 and $3.10 per gallon.

在第一季度，需求的持續強勁預計將導致每可用座位英里的總收入同比增長 24% 至 27%。我們第一季度的 CASM（不包括燃料和淨特殊項目）預計將持平或同比下降 3%。目前對第一季度的燃料預測假設燃料價格在每加侖 3.33 美元至 3.38 美元之間，全年價格在每加侖 3 美元至 3.10 美元之間。

As Derek noted earlier, we'll continue to focus on debt reduction, and I'm proud of the progress we have made to date. In 2023, we expect to make further progress on our $15 billion debt reduction goal. We will use our free cash flow to pay down $3.3 billion in debt amortization this year, and we expect that by the end of 2023, we will have reduced total debt by $10 billion to $11 billion from peak levels in mid-2021.

正如德里克早些時候指出的那樣，我們將繼續專注於減少債務，我為我們迄今取得的進展感到自豪。到 2023 年，我們預計將在 150 億美元的債務削減目標上取得進一步進展。今年我們將使用自由現金流償還 33 億美元的債務攤銷，我們預計到 2023 年底，我們的總債務將從 2021 年年中的峰值水平減少 100 億美元至 110 億美元。

Based on the forecast I just provided, we expect that by the end of the first quarter, we will have lower net debt and better net debt to EBITDAR than we did at the end of 2019. And by the end of the year, we anticipate having the lowest net debt-to-EBITDAR ratio we have had since 2017.

根據我剛剛提供的預測，我們預計到第一季度末，與 2019 年底相比，我們的淨債務和對 EBITDAR 的淨債務將更低。到今年年底，我們預計擁有自 2017 年以來最低的淨債務與 EBITDAR 比率。

In conclusion, in 2023, we will continue to focus on delivering on our stated objectives. We are set up to run a reliable airline, grow margins and strengthen the balance sheet. Importantly, American is uniquely positioned to deliver substantial free cash flow in 2023. The confidence in our ability to execute on these goals is due to our world-class network and incredible team.

總之，在 2023 年，我們將繼續專注於實現既定目標。我們旨在經營一家可靠的航空公司、增加利潤並加強資產負債表。重要的是，美國航空處於獨特的位置，可以在 2023 年提供可觀的自由現金流。我們對實現這些目標的能力充滿信心，這要歸功於我們世界一流的網絡和令人難以置信的團隊。

With that, let's open the line for analyst questions.

有了這個，讓我們打開分析師問題的線路。

(Operator Instructions) Our first question comes from the line of Helane Becker of Cowen.

（操作員說明）我們的第一個問題來自 Cowen 的 Helane Becker。

Derek, I'm going to miss you, but good to know that you'll still be at the company. Sorry about Michigan. So here's is -- yes. So here's my question actually. Two, the first one is on CapEx. The one -- the guidance that you gave for CapEx seems low in light of the fact that you're taking 4 787-8s this year. Is that a mix where it's leased versus owned in there?

德里克，我會想你的，但很高興知道你仍會留在公司。對不起密歇根。所以這裡是——是的。所以這實際上是我的問題。二，第一個是資本支出。一個 - 鑑於您今年採用 4 787-8 的事實，您為資本支出提供的指導似乎很低。這是租賃還是擁有的混合體？

Helane, this is Devon. That is what's happening with CapEx this year. So we're taking delivery of 23 airplanes, 4 of those are 788s, which are directly leased. So those 4 are not included in the CapEx guidance.

海蘭，這是德文郡。這就是今年資本支出的情況。所以我們接收了 23 架飛機，其中 4 架是直接租賃的 788。所以這 4 個不包括在資本支出指南中。

Okay. All right. That's very helpful. And then just for my follow-up question. As you're thinking about long haul international, do you see in your bookings -- I think you mentioned that you think it will improve as the year goes on, do you see that in bookings that's already starting to occur at some point in first or second quarter?

好的。好的。這很有幫助。然後只是我的後續問題。當你在考慮長途國際航班時，你是否在預訂中看到——我想你提到過你認為隨著時間的推移它會有所改善，你是否看到在預訂中已經開始在某個時候開始出現還是第二季度？

Helane, this is Vasu. And yes, is the short answer. We very much see it in bookings. It's -- we started seeing it, frankly, in Q4 of last year. In Q1, we see continued strength across all of the geographies that we have and that's continuing out into the summer. So we are very encouraged by the trends that we're seeing, all the more encouraged because it is coming often at lower cost of sale. And we're still filling business class cabins and things like that.

Helane，這是 Vasu。是的，這是簡短的回答。我們在預訂中經常看到它。這是 - 坦率地說，我們在去年第四季度開始看到它。在第一季度，我們看到我們擁有的所有地區都在持續走強，而且這種情況一直持續到夏季。因此，我們對所看到的趨勢感到非常鼓舞，更令人鼓舞的是，它通常以較低的銷售成本出現。而且我們仍在為商務艙和類似的東西加油。

Our next question comes from the line of Catherine O'Brien of Goldman Sachs.

我們的下一個問題來自高盛的 Catherine O'Brien。

I also want to add my congrats to Derek on a wonderful career. And then just on your operational performance really stood out during the issues the industry experienced over the holidays. Obviously, it wasn't anything geographical considering what happens to some of your peers. So can you walk us through what you think drove it? Were there investments being made behind the scenes over the last couple of years that maybe just got smaller billing in the aircraft investments?

我還想祝賀 Derek 的出色職業生涯。然後就您的運營績效而言，在假期期間行業遇到的問題中確實脫穎而出。顯然，考慮到你的一些同齡人發生的事情，這與地理無關。那麼你能告訴我們你認為是什麼推動了它嗎？在過去的幾年裡，是否有一些幕後投資可能只是在飛機投資中獲得了較小的費用？

Catherine, thanks. We're really proud of the operating performance. I'll tell you, it's something that we've been working on a long time. And it starts with making sure that we have the resources available to fly the schedule and we don't put out a schedule that we're not confident that we can really fly. That's where we start. And then, yes, it's investments in so many different places. We benefit from having the youngest, most efficient fleet of aircraft. We spent a tremendous amount of time investing in technology to make sure that we can identify where our crews and our planes and our maintenance requirements are. But really, I want to give credit to the team here. We have so much experience on board that we're just really watchful, and it all came together over the holidays. The investments that we've made, the team that we have out there, making sure that we have the right schedule. I've got David Seymour here as well. I probably want to add to it. Look, there's a lot of good decision-making going on out there, too.

凱瑟琳，謝謝。我們對經營業績感到非常自豪。我會告訴你，這是我們長期以來一直在努力的事情。首先要確保我們有可用的資源來執行時間表，並且我們不會制定一個我們不確定我們是否真的可以執行的時間表。這就是我們開始的地方。然後，是的，這是在許多不同地方的投資。我們受益於擁有最年輕、最高效的機隊。我們花費了大量時間投資於技術，以確保我們能夠確定我們的機組人員和飛機的位置以及我們的維護要求。但實際上，我想讚揚這裡的團隊。我們在船上有很多經驗，我們真的很警惕，這一切都在假期裡匯集在一起。我們所做的投資，我們擁有的團隊，確保我們有正確的時間表。 David Seymour 也在這裡。我可能想補充一下。看，那裡也有很多好的決策。

Yes, Robert, emphasizing the point you talked about. But another key item here is for these storms and we've been very focused on recovery after that because it's so critical to us is one that I think throughout this year, we're doing better and better on and we certainly showed that over the holiday. But the key for us, along with having more new positions that we put in that are focused when we have storms like this. We've changed a lot of our processes and procedures that we -- how we manage these. And then we've also been partnering with our IT group and really enhancing some of the technology resources that we have to manage through these events because they change very dynamically and very quickly, and we have to stay in front of them. But more importantly is the recovery. We started looking at the forward look of what the storm potentially could be and started building our recovery plan before the storm hit, and that's where we're very focused on.

是的，羅伯特，強調你所說的重點。但這裡的另一個關鍵項目是針對這些風暴的，我們一直非常關注在那之後的恢復，因為這對我們來說非常重要，我認為這一年全年，我們做得越來越好，我們肯定在過去一年中證明了這一點假期。但對我們來說，關鍵是當我們遇到這樣的風暴時，我們會集中更多的新職位。我們已經改變了很多流程和程序，我們如何管理這些流程和程序。然後我們也一直在與我們的 IT 團隊合作，並真正增強我們必須通過這些事件管理的一些技術資源，因為它們變化非常動態且非常迅速，我們必須保持在它們的前面。但更重要的是恢復。我們開始展望風暴的潛在可能性，並在風暴襲來之前開始製定我們的恢復計劃，這是我們非常關注的地方。

So again, as Robert said, very proud of the team, very proud of the partnership with all -- the whole airline because it's not just operations. It's a lot of our support groups that are very critical to us getting through these. So there's a great job. We're going to continue to improve on that.

因此，正如羅伯特所說，再次為團隊感到自豪，為與所有人的合作夥伴關係感到自豪——整個航空公司，因為這不僅僅是運營。我們的很多支持小組對我們度過難關至關重要。所以有一份很棒的工作。我們將繼續改進這一點。

And Catherine, just -- it speaks to what we're going to be focused on going forward as well. It's still reliability and profitability here, and we're going to try to get better every day. Today, we have another 5,000-plus flights and 0.5 million customers that we have to service. And so we make it our business to take care of people every day. So we're back out there in business. Thank you.

而凱瑟琳，只是 - 它說明了我們也將專注於前進。這裡仍然是可靠性和盈利能力，我們將努力每天變得更好。今天，我們還有 5,000 多個航班和 50 萬客戶需要服務。因此，我們將每天照顧人們作為我們的職責。所以我們又回來了。謝謝你。

That's great. That's a (inaudible) color. If I could just sneak one more in, maybe for Vasu. Can you just help us think about some of the assumptions that drive your full year revenue outlook? Like what are the assumptions on business international recovery? Is there an assumption in there that the industry is going to pass on higher price of labor and fuel on a one-to-one basis? Just any thoughts to drive the full year revenue outlook.

那太棒了。那是一種（聽不清）顏色。如果我能再偷偷進去一個，也許是為了 Vasu。您能否幫助我們考慮一些推動您全年收入展望的假設？比如對商業國際復甦的假設是什麼？那裡是否假設該行業將一對一地轉嫁更高的勞動力和燃料價格？任何推動全年收入前景的想法。

Absolutely. I would be happy to do that. Look, first of all, in our revenue forecast, we don't assume any change to some of the fundamentals of airline demand. We presume that airline industry revenues will regain its historical relationship with GDP, roughly about 1 point of percent. We also presume the same historical relationship between revenue and fuel prices. But what is very important is that as we've talked about for some time, what's different about us is that we have used the last few years to really materially change our network, our partnerships and our fleet, and that really bleeds through in our forecast for next year. If you compare our capacity mix just in future schedules that we have published to what we did in 2019. We've taken 5 points of capacity out of our lowest RASM, lowest-margin long-haul flights, and we've grown 5 points of capacity in our highest-margin short-haul flights.

絕對地。我很樂意這樣做。首先，在我們的收入預測中，我們不假設航空公司需求的某些基本面有任何變化。我們假設航空業收入將恢復其與 GDP 的歷史關係，大約為 1 個百分點。我們還假設收入和燃油價格之間存在相同的歷史關係。但非常重要的是，正如我們已經討論了一段時間，我們的不同之處在於，我們在過去幾年中真正地改變了我們的網絡、我們的合作夥伴關係和我們的機隊，這確實滲透到我們的明年的預測。如果您將我們發布的未來計劃中的運力組合與我們在 2019 年所做的進行比較。我們從最低 RASM、最低利潤的長途航班中減少了 5 個運力點，並且增加了 5 個點我們利潤率最高的短途航班的運力。

Additionally, within the short-haul system, we've taken 5 points of capacity from some of our lowest performing, lowest RASM market and redeployed it into our Sunbelt hub, which are not just our highest RASM market but some of the highest RASM markets in the industry. So when you think about that, that's 10 points of capacity mix that we've taken from truly the lowest RASM, lowest margin things and put into some of the highest margin things that are out there. And you're seeing some of that trend already through '20. So that was a thing that have been in our past schedules. You see it in our quarter 1 schedules, and that drives a lot of our revenue performance. Now to put that into a bit of focus, 10 points of capacity in an airline of our size. You can think of that as larger than just about any airline hub with the exception of DFW, Charlotte and maybe 1 or 2 other hubs that our competitors operate. So that is a material reworking of our airline network over the last few years.

此外，在短途系統中，我們從一些性能最低、RASM 最低的市場中提取了 5 個運力點，並將其重新部署到我們的 Sunbelt 樞紐，這不僅是我們最高的 RASM 市場，而且是一些最高的 RASM 市場在行業中。因此，當您考慮這一點時，我們從真正最低的 RASM、最低利潤的東西中提取了 10 個容量組合，並投入了一些最高利潤的東西中。你已經看到了 20 世紀的一些趨勢。所以這是我們過去的日程安排中的事情。您會在我們的第一季度時間表中看到它，這極大地推動了我們的收入表現。現在重點關註一下，像我們這樣規模的航空公司有 10 個運力點。您可以認為它比幾乎任何航空公司樞紐都大，除了 DFW、夏洛特和我們的競爭對手運營的其他 1 或 2 個樞紐。因此，這是過去幾年我們航空公司網絡的重大改造。

But what's just as important is how we have done it, which is really to a significant amount of fleet simplification. So we -- over the last few years, we've shed 50 long-haul capable airplanes, many of which were really inefficient like the 757 to 767. We've upgauged both, the regional jet and the main lines that we've got. And we've simplified the airline down to 4 fleet types. So what that enables us to do is in the fleet that's left, we can much more dynamically alter schedules to follow where the demand is. But we can produce schedules that, as you heard David and Robert talk about, are a lot more operable and frankly, a lot more efficient. So we've seen the benefits of that in our recent revenue performance, and we anticipate the benefits of that in the year ahead.

但同樣重要的是我們是如何做到的，這實際上是在很大程度上簡化了機隊。所以我們——在過去的幾年裡，我們已經淘汰了 50 架長途飛機，其中許多飛機效率非常低，比如 757 到 767。我們已經升級了支線噴氣式飛機和我們擁有的干線飛機得到了。我們已將航空公司簡化為 4 種機隊類型。因此，這使我們能夠做的是在剩下的機隊中，我們可以更動態地改變時間表以遵循需求所在的位置。但是，正如您聽到 David 和 Robert 所說的那樣，我們可以製定出更具可操作性的時間表，坦率地說，效率更高。因此，我們在最近的收入表現中看到了這樣做的好處，我們預計來年也會帶來好處。

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傑米貝克。

First, Derek, what a run you've had, just wanted to wish you the very best from the JPMorgan team as you transition. I still remember hanging up on you on October 24, 2003. Apologies again for that. Hopefully, it's (inaudible) right now. A question for Vasu. So Southwest cited passenger cancellations didn't book away as part of its first quarter guide this morning. I'm wondering what the benefit for American in Dallas and Chicago might look like? And whether you see share tapering back to pre-December levels in March? Or do you think there's possibly a longer tail to any Southwest benefit that you might be picking up? After all, I mean you're on time and completion factors obviously speak for themselves over the holidays.

首先，Derek，你的表現非常出色，只是想祝愿你在過渡期間從摩根大通團隊中獲得最好的結果。我還記得我在 2003 年 10 月 24 日掛斷了你的電話。再次向你道歉。希望現在（聽不清）。瓦甦的問題。因此，西南航空在今天上午的第一季度指南中提到乘客取消並沒有取消預訂。我想知道美國在達拉斯和芝加哥的福利是什麼樣的？你是否看到 3 月份的份額回落到 12 月之前的水平？或者您是否認為您可能獲得的任何西南利益可能有更長的尾巴？畢竟，我的意思是你準時完成，假期中完成的因素顯然不言而喻。

Jamie, thanks for the question. Look, we don't see any recognizable benefit from what other airlines are doing. For us, it really is as simple as when we go put the flights in places people want to go and operate it well, the bookings come, the revenue materializes. And there's really not a lot of facts that we can point to beyond that very simple truth.

傑米，謝謝你的提問。看，我們看不到其他航空公司正在做的事情有任何明顯的好處。對我們來說，這真的很簡單，就像我們把航班放在人們想去的地方並好好運營一樣，預訂來了，收入就實現了。除了這個非常簡單的事實之外，我們真的沒有太多可以指出的事實。

Okay. Fair enough. And a follow-up, Doug wasn't shy in discussing hub profitability. L.A., Miami and JFK being the real drags on margin. D.C., Charlotte, Dallas, the obvious standouts. And L.A. has obviously seen some rationalization. You have any contribution up here in my neck of the woods. I'm just wondering whether your internal model shows the range between your most and least profitable hubs narrowing? And if so, what the specific drivers might be?

好的。很公平。隨後，Doug 毫不避諱地討論了樞紐的盈利能力。洛杉磯、邁阿密和肯尼迪國際機場才是真正拖累利潤率的因素。 D.C.、夏洛特、達拉斯，明顯的佼佼者。洛杉磯顯然已經看到了一些合理化。你在我這片樹林的脖子上有任何貢獻。我只是想知道您的內部模型是否顯示利潤最高和最低的中心之間的範圍在縮小？如果是這樣，具體的驅動因素可能是什麼？

Yes. So the short story is we do see an improvement in very many of our hubs as we've gone and restructured the network. And in some cases, like look, as you think about partnerships for us, we don't see those very differently from how we think about our own airline network. But when you put a Codeshare flight number or an American Airlines operated flight number, it has the same effect of creating more network for customers, and there's a real benefit for it. But as much as anything, there's 2 things going on. One, demographically, we see so much growth in the interior of the country. And two, what is really driving our hub profitability is for a great number of cities, American Airlines has the best network for so many customers. There's 300 cities that we serve today.

是的。所以簡而言之，我們確實看到了很多中心的改進，因為我們已經離開並重組了網絡。在某些情況下，比如看，當你為我們考慮合作夥伴關係時，我們認為這些與我們對自己的航空公司網絡的看法並沒有太大不同。但是，當您輸入代碼共享航班號或美國航空公司運營的航班號時，它具有為客戶創建更多網絡的相同效果，並且具有真正的好處。但最重要的是，有兩件事正在發生。第一，在人口方面，我們看到該國內陸地區的增長如此之快。第二，真正推動我們的樞紐盈利能力的是大量城市，美國航空公司擁有為眾多客戶提供的最佳網絡。今天，我們為 300 個城市提供服務。

In 2019, we served roughly the same amount of cities. Most of our competitors have actually shrunk the number of cities that we've served. But furthermore, within the city that we have in about 200 of those 300 cities, we have a material schedule advantage to other airlines that operate there. So that creates an effect that is actually really beneficial across all of the hubs in our network. And indeed, some of how we see hub profitability and how these hubs work together has changed materially through the pandemic. And to my earlier comment, that's why we've restructured so much of the airline network as we have.

2019 年，我們服務的城市數量大致相同。我們的大多數競爭對手實際上已經縮減了我們服務的城市數量。但此外，在我們在這 300 個城市中的大約 200 個城市中，我們比在那裡運營的其他航空公司具有實質性的時間安排優勢。因此，這會產生一種效果，實際上對我們網絡中的所有中心都非常有益。事實上，我們對樞紐盈利能力的看法以及這些樞紐如何協同工作的一些方式在大流行期間發生了重大變化。對於我之前的評論，這就是為什麼我們重組瞭如此多的航空公司網絡。

Jamie, you mentioned Los Angeles. So I'd like to pass you to expand on that a little bit. Look, in Los Angeles, we're within a limited amount of gates. And let's face it, we need to use those. We need to use those in a way that's profitable. We've taken a look at that. But we can tell you the kind of changes we make. Well, yes, look, in L.A. much like in New York, through our partnerships, we've been able to create something really cool for customers where -- if you think about it in the times past, we flew 50 seaters and small RJs in markets where we didn't really have a scheduled proposition for customers. And in both of those markets, take it L.A. and New York. Effectively, what we've done is we've turned 50 seaters, which are not particularly efficient and long haulers. 777s that are flying a whole lot further. So we've upgauged in both of those markets materially. We've been able to use partnerships to go and offer a much broader network for customers. And now we're in this place where lo and behold, we're adding a third LA Heathrow because it's really -- it's Robert's point, a very efficient way to go use gates and leverage what we've got with customers.

傑米，你提到了洛杉磯。所以我想通過你來擴展一下。看，在洛杉磯，我們的大門數量有限。讓我們面對現實吧，我們需要使用它們。我們需要以有利可圖的方式使用它們。我們已經看過了。但是我們可以告訴您我們所做的更改類型。嗯，是的，看，在洛杉磯很像在紐約，通過我們的合作夥伴關係，我們已經能夠為客戶創造一些非常酷的東西——如果你想一想過去，我們飛過 50 個座位和小型 RJ在我們沒有真正為客戶提供預定建議的市場中。在這兩個市場中，以洛杉磯和紐約為例。實際上，我們所做的是將 50 個座位變成了 50 個座位，這些座位不是特別高效和長途運輸。 777 飛得更遠。因此，我們在這兩個市場上都進行了實質性的升級。我們已經能夠利用合作夥伴關係為客戶提供更廣泛的網絡。現在我們在這個地方，你瞧，我們正在添加第三個洛杉磯希思羅機場，因為它真的 - 這是羅伯特的觀點，這是一種使用大門和利用我們與客戶的關係的非常有效的方式。

In New York, so much of our growth is actually powered by long-haul flights that are flying within the partnerships that we have with Qatar, British Airways. And the net effect of that has been really positive. Outside of really good financial results, which we see in our revenue trends.

在紐約，我們的大部分增長實際上是由長途航班推動的，這些航班在我們與卡塔爾、英國航空公司的合作夥伴關係中飛行。其最終效果非常積極。除了我們在收入趨勢中看到的非常好的財務業績。

For the first time ever, our top two markets for Advantage enrollments are New York and Los Angeles. We're signing up more credit cards there. We are originating -- we're having growing originating market share in those places. So a lot of what we've done is, frankly, upgauge in those markets. We've gotten a lot smarter about what we do for customers. Yet at the same time, there are partnerships we can offer them so much more.

有史以來第一次，我們 Advantage 招生的前兩個市場是紐約和洛杉磯。我們正在那裡註冊更多的信用卡。我們正在起源——我們在這些地方的起源市場份額正在增長。因此，坦率地說，我們所做的很多事情都是在這些市場上進行的。我們為客戶所做的事情變得更加聰明。但與此同時，我們可以為他們提供更多的合作夥伴關係。

I'll sound like a broken record, but thank you yet again for such a thorough response.

我聽起來像是一張破唱片，但再次感謝您如此詳盡的回复。

Our next question comes from the line of Scott Group of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Scott Group。

So if I just look at the first quarter TRASM guide versus Q4 implies a much sort of bigger drop than normal sequentially Q4 to Q1. And just any thoughts, color there? And then I want to kind of ask that in the context of fuel. So spots obviously a lot higher than what you're guiding to. What's your confidence that you can recapture fuel with higher TRASM than you're already guiding to for the year?

因此，如果我只看第一季度的 TRASM 指南與第四季度的對比，則意味著比第四季度到第一季度的正常連續跌幅要大得多。還有什麼想法，顏色嗎？然後我想在燃料的背景下問這個問題。所以點顯然比你引導的要高很多。你有什麼信心可以用比你今年已經指導的更高的 TRASM 重新獲取燃料？

Yes. Scott, this is Vasu. I'll start. I think Devon we'll finish this one out. Look, first and foremost, as we're starting this year, we have been really encouraged by demand trends. Historically, the first 3 weeks coming out of the holiday season are our strongest sales weeks these first 3 weeks have been the strongest that we've seen in the post-merger airline. And we're really encouraged by that. And you see that, of course, in our TRASM guide out there.

是的。斯科特，這是瓦蘇。我會開始。我想德文郡我們會完成這個。看，首先，當我們從今年開始時，我們真的受到需求趨勢的鼓舞。從歷史上看，假期結束後的前 3 周是我們最強勁的銷售週，這前 3 周是我們在合併後的航空公司中看到的最強勁的銷售週。我們對此感到非常鼓舞。當然，您會在我們的 TRASM 指南中看到這一點。

Now what is interesting though is as we are building first quarter, what is different from times past is we have been very conscious in Q1 about how we use the airlines resources. It's people, it's planes, it's facilities, everything, largely so that we can have as much of that capacity for the summer peak as possible. So when you look at our Q1, we have peaked the airline a lot less than what we had historically. It's at a lower percentage of Q2 than what it's historically been. And that's really a conscious design. And you see that is really what you see in our Q4 to Q1 change that's there. And that's sort of a unique thing. And to my earlier point, we don't presume any change to the historical relationship between airline revenues and fuel prices. But Devon may want to add more to that, too.

現在有趣的是，在我們建設第一季度時，與過去不同的是，我們在第一季度一直非常清楚我們如何使用航空公司的資源。是人，是飛機，是設施，一切，主要是為了讓我們能夠在夏季高峰期擁有盡可能多的容量。因此，當您查看我們的第一季度時，我們的航空公司達到的峰值比我們歷史上的要少得多。它在第二季度的百分比低於歷史水平。這真的是一個有意識的設計。你看到的確實是你在我們的 Q4 到 Q1 中看到的變化。這是一種獨特的東西。就我之前的觀點而言，我們不認為航空公司收入與燃油價格之間的歷史關係會發生任何變化。但 Devon 可能也想添加更多內容。

Just really quick other comment on fuel price. So our -- fuel price forecast is based on Friday's close, where Brent was trading almost exactly where it's at today and then using the forward curve for Brent and he crack from there. So I think our forecast that we have delivered today is pretty much in line with where you always have or feel of that today.

關於燃油價格的其他評論真的很快。因此，我們的燃料價格預測是基於週五的收盤價，當時布倫特的交易價格幾乎與今天的價格完全相同，然後使用布倫特的遠期曲線，他從那裡開始突破。因此，我認為我們今天做出的預測與您今天一直擁有或感受到的情況非常一致。

Okay. And then just separately, can you just give any color on what you're assuming for the cargo and other revenue and then the non-op expense is up a good amount from the Q4 run rate? Any color there?

好的。然後單獨說一下，你能不能給你對貨物和其他收入的假設給出任何顏色，然後非運營費用比第四季度的運行率高出很多？那裡有什麼顏色？

Yes, this is Devon. So just on cargo revenue, we are expecting it to be down slightly year-over-year. When it comes to non-op, the largest change we're seeing in non-op is due to a noncash pension credit that we got last year based on the prior year's market performance of our pension assets, and what we're relatively low interest rates. This year, we saw interest rates increase. Pension assets came down and so this noncash credit that was fairly significant in 2022 is much smaller in 2023. And that's something that I'm sure you're hearing from other companies and you see it in other industries.

是的，這是德文郡。因此，僅就貨運收入而言，我們預計它會同比略有下降。在非運營方面，我們在非運營中看到的最大變化是由於去年根據我們養老金資產的前一年市場表現以及我們相對較低的非現金養老金信貸利率。今年，我們看到利率上升。養老金資產下降，因此這種在 2022 年相當重要的非現金信貸在 2023 年要小得多。我相信你會從其他公司聽到這種情況，並且你會在其他行業看到它。

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。

Derek, I'm going to miss you. I know you're going to still do the company, but we've had a lot of fun over the years. Anyway, just -- I have two here, if I could just start off with Vasu because I think we're trying to get our arms around the run-up in fuel and the pass-through. And I think Delta is out there sort of guiding to 50 -- well, to exceed 60% of their revenue in premium and ancillary. And I think right now, they're in the mid 50s. And when I think about those revenue segments, many of them come with a price elasticity of demand that's less than 1. Many of them are the types of segments where you can have a fuel surcharge. And so Vasu, as you think about it, like sort of what percentage of your routes maybe are subject to fuel surcharges, whether they're international long haul or which ones are premium corporate, cargo. How should we think about like in round numbers, maybe what percent of your revenue where you stand a very good chance of passing on 100% of horizon fuel. Sort of where do you sit there? And just any color on how you guys think about it?

德里克，我會想念你的。我知道你仍然會做公司，但這些年來我們玩得很開心。不管怎樣，我有兩個，如果我能從 Vasu 開始的話，因為我認為我們正試圖讓我們的手臂繞過燃料和直通。而且我認為達美航空正在指導 50 - 好吧，超過他們收入的 60% 來自保費和輔助。我想現在，他們都在 50 年代中期。當我考慮這些收入細分時，其中許多的需求價格彈性小於 1。其中許多是可以收取燃油附加費的細分類型。所以 Vasu，正如你所想的那樣，比如你的航線中有多少可能需要繳納燃油附加費，無論是國際長途航線還是優質企業貨運。我們應該如何考慮整數，也許你的收入中有多少百分比很有可能傳遞 100% 的地平線燃料。你坐在哪裡？你們是怎麼想的？

Yes. Mike, it's a great question. Look, I would actually even simplify it further. Look, in the airline network business, if you can offer something unique to the customer, they pay you a premium for it. It is as simple as that. And so -- and we see it time and time again, we've seen it do the pandemic. The most unique thing we can offer customers is to take them to places where our competitors can't and have better schedules than what our competitors can do. So as long as that's the case, we find that those routes regardless of whether customers purchase a transaction, which is first class or an economy or fly for leisure business, they always have yields that index to the top of our system.

是的。邁克，這是一個很好的問題。看，我什至會進一步簡化它。你看，在航空公司網絡業務中，如果你能為客戶提供一些獨特的東西，他們就會為此支付額外費用。它是如此簡單。所以——我們一次又一次地看到它，我們已經看到它造成了大流行。我們可以為客戶提供的最獨特的東西是將他們帶到我們的競爭對手無法到達的地方，並且比我們的競爭對手有更好的時間表。因此，只要是這種情況，我們就會發現，無論客戶購買的交易是頭等艙還是經濟艙，還是休閒商務艙，他們的收益率總是在我們的系統中名列前茅。

So if you think about us, to my earlier point, in 200 of the 300 cities that we served in the Western Hemisphere, we have a material schedule advantage. But when you look at it on the number of origin and destination markets that we make and that turns into like something like 65% to 70% of our origin and destination markets. We have a material advantage over what our competitors are. That is what drives our revenue performance. And unsurprisingly, demand at large for the airline product is relatively inelastic. But in so many of those places, it is inelastic. We're also further benefited by just general trends that we're seeing so much of what is driving the economy and likely to continue to do so, are markets in the Sunbelt and the interiors of the country and less so the coastal markets, which creates an immediate benefit for American Airlines. So we've benefited from that. We've benefited from how we can uniquely serve it are likely to continue to be able to uniquely serve it. And when fuel prices rise, it's a really simple thing for us. But any number of ways to go and manage capacity down so as the airline continues to produce.

因此，如果您考慮一下我們，就我之前的觀點而言，在我們服務於西半球的 300 個城市中的 200 個中，我們擁有重要的時間安排優勢。但是，當你看一下我們製造的始發地和目的地市場的數量時，它就變成了我們始發地和目的地市場的 65% 到 70%。與我們的競爭對手相比，我們擁有物質優勢。這就是推動我們的收入表現的原因。毫不奇怪，對航空產品的需求總體上相對缺乏彈性。但在很多這樣的地方，它是沒有彈性的。我們還進一步受益於總體趨勢，我們看到很多推動經濟發展的因素，並且可能會繼續推動經濟發展，陽光地帶和該國內陸的市場，而不是沿海市場，為美國航空公司創造直接利益。所以我們從中受益。我們已經從我們如何獨特地服務它中受益，很可能會繼續能夠獨特地服務它。當燃油價格上漲時，這對我們來說是一件非常簡單的事情。但是，隨著航空公司繼續生產，有許多方法可以降低運力並管理運力。

Very good. And then just second question to Robert. All the talk about capacity constraints across the aviation ecosystem. And as I think about American, it feels like things like pilots and mechanics. Maybe that's not an issue. If you sort of think about like what are the big hurdles that you have from a constraint issue? And is it just that maybe you don't have enough wide-body airplanes and therefore, it's an issue with the OEMs delivering the airplanes that you need? Is it air traffic control, like where are you -- sort of where are the roadblocks that you're running into with respect to constraint in the aviation ecosystem?

非常好。然後是羅伯特的第二個問題。所有關於整個航空生態系統容量限制的討論。當我想到美國人時，感覺就像飛行員和機械師一樣。也許這不是問題。如果你想一想你在約束問題上遇到的最大障礙是什麼？是否只是因為您沒有足夠的寬體飛機，因此交付您需要的飛機的原始設備製造商存在問題？是空中交通管制，比如你在哪裡——你在航空生態系統的約束方面遇到的障礙在哪裡？

Yes. Mike, thanks for that. And yes, we're in a environment of a lot of constraints coming out of the pandemic. We certainly saw everything last year, it's just things that we never thought we would have issues with pillows and blankets and food and fuelers and things like that. We've gotten our arms around a lot of that. But what we have now is aircraft manufacturers that are just starting to get their feedback under them.

是的。邁克，謝謝你。是的，我們正處於一個因大流行而受到很多限制的環境中。去年我們確實看到了一切，只是我們從未想過我們會在枕頭、毯子、食物和燃料等方面遇到問題。我們已經掌握了很多。但我們現在所擁有的是飛機製造商，他們才剛剛開始根據他們的意見獲得反饋。

I mentioned that Boeing is starting to deliver aircraft to shout out to the Boeing team and Dave Calhoun, we need them to keep it up. but there's constraints out there in terms of engines and aircraft. With -- at American right now, we have really an issue with regional aircraft and then some issue with mainline aircraft.

我提到波音公司開始交付飛機是為了向波音團隊和戴夫·卡爾霍恩大聲喊叫，我們需要他們繼續保持下去。但在發動機和飛機方面存在限制。有了 - 現在在美國，我們確實在支線飛機方面遇到了問題，然後在幹線飛機方面遇到了一些問題。

On the regional side, it's largely a pilot constraint. And we're not flying the fleet that we'd like to. Vasu would actually like to deploy more aircraft. Now on that front, it's pretty explainable. It's just a shortfall in pilots. We didn't attract people into the business for a couple of years, and we're working our way through that as we have retirements that are coming out the other side.

在區域方面，這主要是試點限制。而且我們並沒有駕駛我們想要的機隊。瓦蘇實際上想部署更多的飛機。現在在這方面，這是非常可以解釋的。這只是飛行員的短缺。我們已經有幾年沒有吸引人們進入這個行業了，我們正在努力解決這個問題，因為我們即將退休。

American took the monumental step last year of greatly increasing regional pilot pay. And I think that, that is the biggest thing that any company can do and has done to actually get the pump prime and people flowing back in. And we're seeing that. We're seeing that we've stabilized the pilot ranks at our regionals, and we see potential growth as we come through the end of the year.

美國航空公司去年邁出了里程碑式的一步，大幅提高了支線飛行員的薪酬。而且我認為，這是任何公司可以做的並且已經做過的最重要的事情，以實際獲得泵注和人員回流。我們正在看到這一點。我們看到我們已經穩定了我們地區的試點隊伍，並且我們看到了到今年年底的潛在增長。

Now from a mainline perspective, look, we're going through the greatest training cycle of pilots that we've ever experienced. We had, I think, almost 900 retirements last year, probably nearly the same number this year. So we're stretching our training resources like we've never before. But fortunately, we plan for this. And so from an equipment perspective, like simulators, we've got those in place.

現在從主線的角度來看，我們正在經歷我們經歷過的最大的飛行員培訓週期。我認為，去年我們有將近 900 人退休，今年的人數可能幾乎相同。因此，我們正在以前所未有的方式擴展我們的培訓資源。但幸運的是，我們為此做好了計劃。因此，從設備的角度來看，比如模擬器，我們已經準備好了。

One of the things that we're really working on is to make sure that we have the people resources and having the check pilots that we need to really address all of our training needs. And I'm hopeful that as we work with the APA and we get a new contract, but we'll be able to give even more flexibility. But overall, I do see from a mainline perspective, we should be through the constraints that related to pilots as we progress through the year. Regionals probably take a couple of years. But as we've said, we have aircraft that we can deploy and will, and it's going to be done in a very efficient fashion.

我們真正在做的事情之一是確保我們擁有人力資源並擁有真正滿足我們所有培訓需求所需的檢查飛行員。我希望當我們與 APA 合作並獲得一份新合同時，我們將能夠提供更多的靈活性。但總的來說，我確實從主線的角度來看，隨著我們這一年的進展，我們應該克服與試點相關的限制。區域性可能需要幾年時間。但正如我們所說，我們擁有可以部署並且將會部署的飛機，而且將以非常有效的方式完成。

You mentioned some other areas that are absolutely positively out on the horizon, the large airports all have constraints, whether that's at the gate or on the airfield. And then we have aerospace issues. That clearly, we need to address. And that's going to take leadership. And fortunately, we're working with the DOT and FAA. And I know that the Secretary Butejich has an interest like we all do in making sure that we can invest for the future. And it's going to take a long-term view. But overall, look, these constraints right now are things that we're managing through. I think it bodes well, at least from a demand environment and being able to ensure that we can achieve profitability. And over the long run, we're going to make sure that we have a business model that works in any demand environment with any set of constraints.

你提到了其他一些絕對積極的領域，大型機場都有限制，無論是在登機口還是在機場。然後我們有航空航天問題。很明顯，我們需要解決這個問題。這需要領導力。幸運的是，我們正在與 DOT 和 FAA 合作。我知道 Butejich 部長和我們所有人一樣，有興趣確保我們可以為未來投資。它將採取長遠的眼光。但總的來說，現在這些限制是我們正在管理的事情。我認為這是個好兆頭，至少從需求環境來看是這樣，並且能夠確保我們能夠實現盈利。從長遠來看，我們將確保我們的業務模型適用於任何需求環境和任何約束集。

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。

Congrats, Derek and Devon. It's great to hear. Just back to Jamie's question on the operation and maybe some of the Southwest issue. I'm just curious if you could speak to the converse, how your conversation with your corporate partners has evolved given your just operational strength. Like I would imagine it would be a lot easier in these days, but can you just talk about how that's how that's changed at all and what your expectation is for new contracts and so on?

恭喜，德里克和德文郡。很高興聽到。回到傑米關於行動的問題，也許還有一些西南問題。我只是很好奇你是否可以反過來說，鑑於你的運營實力，你與公司合作夥伴的對話是如何演變的。就像我想像的那樣，現在會容易得多，但你能談談這到底是如何改變的嗎，你對新合同的期望是什麼等等？

Conor, I'll start, and I'm going to hand it straight off to Vasu. But I'll tell you what. One thing that hasn't changed is that reliability, it translates into likely to recommend. It translates into Net Promoter Scores. And we see it. Over the holidays and as we really progressed through last year and got reliability to a really high level, our scores have improved to the highest levels that we've seen. So those are the kind of things that I think that our corporate customers are interested in as well. Vasu?

Conor，我會開始，我會直接把它交給 Vasu。但我會告訴你什麼。沒有改變的一件事是可靠性，它轉化為可能推薦。它轉化為淨推薦值。我們看到了。在假期裡，隨著我們在去年取得真正的進步並將可靠性提高到一個非常高的水平，我們的分數已經提高到我們所見過的最高水平。因此，我認為我們的企業客戶也對這些感興趣。瓦蘇？

Yes. Robert, it's 100% right. And -- so first, I'll say, for our customers at large, they clearly benefit from a better operation, and we see it -- for the year, we -- as Robert said, we posted our best likelihood to recommend scores by a meaningful amount in any time post-merger. And that's no action. That is the operation. But what's really important out there is, yes, many of our corporate partners are encouraged. But what's really important, and this links back to some of the other questions is that also the marketplace has changed very meaningfully. As I mentioned on our last call, we see the same trends where roughly 30% of our revenues are coming from what we've historically called leisure. About 45% are blended trips. Only about 25% of what we've historically called business trips. And of that 25% -- historically, that number would have been about 35%. So it shifted a lot. And within the 25% only about 5 to 7 points of that are coming from contracted corporations. The rest are non-contracted, unmanaged businesses who are flying on us.

是的。羅伯特，100% 正確。而且 - 首先，我要說，對於我們的廣大客戶來說，他們顯然會從更好的運營中受益，而且我們看到了這一點 - 今年，我們 - 正如羅伯特所說，我們發布了推薦分數的最佳可能性在合併後的任何時間都有可觀的數量。那不是行動。那就是操作。但真正重要的是，是的，我們的許多企業合作夥伴都受到了鼓勵。但真正重要的是，這與其他一些問題相關聯的是，市場也發生了非常有意義的變化。正如我在上次電話會議中提到的那樣，我們看到了相同的趨勢，即我們大約 30% 的收入來自我們歷來所謂的休閒活動。大約 45% 是混合旅行。只有大約 25% 的我們過去稱之為商務旅行。在這 25% 中——從歷史上看，這個數字應該是 35% 左右。所以變了很多。而在這 25% 中，只有大約 5 到 7 個點來自簽約公司。其餘的是非合同的、不受管理的企業，它們在我們身上飛行。

And what we see amongst those contracted corporations is quite striking. Almost 2/3 to 75% of our corporate contracts are actually not fulfilling the terms of their contracts for understandable reasons. For so many companies, if you're struggling to bring people back to the office, it's hard to compel them to go do a day trip to Chicago or New York. And so we see that broadly. And so even though many customers are happy with our service and many corporate travel buyers are very happy with our service. The reality is same-day corporate business trips, which used to be 3% to 4% of our traffic is less than 1% of our traffic. And that's been out there for a while, and we are planning that that's going to be the new one.

我們在這些簽約公司中看到的情況非常引人注目。由於可以理解的原因，我們幾乎 2/3 到 75% 的公司合同實際上沒有履行合同條款。對於很多公司來說，如果你正在努力讓人們回到辦公室，就很難強迫他們去芝加哥或紐約一日遊。所以我們廣泛地看到了這一點。因此，儘管許多客戶對我們的服務感到滿意，而且許多商務旅行買家對我們的服務也非常滿意。現實是當天的公司商務旅行，過去占我們流量的 3% 到 4% 現在不到我們流量的 1%。這已經存在了一段時間，我們正在計劃這將是新的。

Okay. Great. That's one. And then on the -- if you're talking about free cash flow, again, that's obviously great to hear. I'm just curious how your expectation for future aircraft deliveries has changed. Are you -- should we expect that we're going to start paying cash for these planes going forward? I realize that your CapEx budget is lower. But just curious on how you're thinking about financing those aircrafts in the future.

好的。偉大的。那是一個。然後 - 如果你再次談論自由現金流，那顯然很高興聽到。我只是好奇您對未來飛機交付的期望發生了怎樣的變化。你——我們是否應該期望我們將開始為這些飛機支付現金？我意識到您的資本支出預算較低。但只是想知道您將來如何為這些飛機融資。

Yes. This year is a low point for aircraft CapEx. We'll see it come up a little bit next year and then get back to a type capital expenditures as we get out into 2024, 2025.

是的。今年是飛機資本支出的低點。我們會在明年看到它出現一點點，然後在我們進入 2024 年、2025 年時回到某種類型的資本支出。

In terms of financing, it's going to be dependent on where the market is at. And so -- yes, there is potential opportunity that we may pay cash for some airplanes, but it's dependent on what sort of free cash flow we are delivering and what sort of market rates we're able to achieve.

在融資方面，這將取決於市場的位置。所以——是的，我們有可能為某些飛機支付現金，但這取決於我們提供什麼樣的自由現金流以及我們能夠達到什麼樣的市場利率。

Our next question comes from the line of David Vernon of Bernstein.

我們的下一個問題來自伯恩斯坦的大衛弗農。

Robert, I wanted to ask you about how we're exiting 2023 on the cost side. You guys have been running a pretty clean operation and the margins are obviously pretty healthy. I'm just wondering how much baggage are you carrying in the 2023 outlook from lower productivity, more full training classrooms. Is there a way to think about what that penalty would be from a unit cost perspective because of some of those lingering effects of restoring the network embedded inside of the 2023 guidance.

羅伯特，我想問你關於我們如何在成本方面退出 2023 年。你們一直在進行非常乾淨的操作，利潤率顯然非常健康。我只是想知道您在 2023 年的前景中背負著多少低生產力、更全面的培訓教室的包袱。有沒有辦法從單位成本的角度考慮這種懲罰是什麼，因為 2023 年指南中嵌入的恢復網絡的一些揮之不去的影響。

Well, I'm going to ask Devon to help me ask. But David, I would tell you that I think the biggest issue that we have right now is that we have aircraft that we could be utilizing it at a much higher level. And you -- absolutely positively. We're going through some training cycles that are just unprecedented and the hiring that's going on at American right now, that is going to, over time, stabilize, and we won't have to work those assets quite as hard. Biggest thing right now is aircraft. Devon, do you want to give some numbers on what you think that...

嗯，我去找德文幫我問問。但是大衛，我想告訴你，我認為我們現在面臨的最大問題是我們擁有可以在更高水平上利用它的飛機。而你——絕對積極。我們正在經歷一些前所未有的培訓週期，美國航空目前正在進行的招聘，隨著時間的推移，將會穩定下來，我們將不必那麼努力地使用這些資產。現在最大的事情是飛機。德文郡，你想給出一些數字來說明你認為...

Yes. I'd just say for aircraft utilization, we are just starting to approach historical levels. So just starting to approach our 2019 levels of aircraft utilization as we get through this year. So like we've talked about, this is a fleet that should be able to produce higher aircraft utilization than the fleet we had prior to the pandemic. Just recall prior to the pandemic, we had a lot of older aircraft, smaller sub fleets that have really high spare ratios. So even though we will likely put more into operational support than we would have planned to a year or two ago, we still think this is a fleet that can produce significantly higher utilization than what we're doing today.

是的。我只想說，對於飛機利用率，我們才剛剛開始接近歷史水平。因此，隨著今年的到來，我們開始接近 2019 年的飛機利用率水平。因此，就像我們已經談到的那樣，這支機隊應該能夠產生比大流行之前的機隊更高的飛機利用率。回想一下在大流行之前，我們有很多老式飛機、較小的子機隊，它們的備件率非常高。因此，儘管我們可能會投入比一兩年前計劃更多的運營支持，但我們仍然認為這是一個可以產生比我們今天所做的更高利用率的機隊。

Okay. I mean the leverage on the aircraft ownership cost is pretty straightforward. But as you think about increasing that utilization, can you talk about the impact on the -- at the margin on costs and things like labor and the rest of the business? I'm just trying to get a lot of questions about scalability and how unit cost should be moving as we're thinking about -- not just '23, but also '23 and '24. Any added color there would be helpful.

好的。我的意思是對飛機擁有成本的影響非常簡單。但是，當您考慮提高利用率時，您能否談談對成本以及勞動力和其他業務等方面的影響？我只是想問很多關於可擴展性的問題，以及我們正在考慮的單位成本應該如何移動——不僅僅是'23，還有'23 和'24。任何添加的顏色都會有所幫助。

Yes. I think just as Robert said, there's certainly some more operating leverage in the business. And I'm asking specifically about the salary line or the training headwinds. I think that is absolutely a part of it. As we get through this year and get our training throughput to a level that it should be. I think we are going to see some efficiencies on that side.

是的。我認為正如羅伯特所說，業務中肯定有更多的運營槓桿。我特別詢問工資線或培訓逆風。我認為這絕對是其中的一部分。隨著我們度過今年並將我們的培訓吞吐量提高到應有的水平。我認為我們將在這方面看到一些效率。

Through the rest of the P&L, yes, there's opportunities as we increase aircraft utilization in areas like airport rent and landing fees. And that -- and in maintenance. When you have aircraft that sit on the ground, especially within our regional fleets, it's not as if those don't require maintenance. So look, the fleet meant to be flown and whether it's things like rents and landing fees, maintenance, those are the areas that I would probably look to most as being opportunities for us to see much greater efficiency.

在其餘的損益表中，是的，隨著我們在機場租金和著陸費等領域增加飛機利用率，我們有機會。而且 - 並且在維護中。當你的飛機停在地面上時，尤其是在我們的地區機隊中，它們並不是不需要維護的。所以看，機隊是要飛行的，無論是租金和著陸費、維護費，這些都是我最可能認為是我們提高效率的機會的領域。

All right. And then one last real quick one. Free cash flow should be something like 130% of net income -- in this -- based on the guidance today. As you think about the go-forward look, I'm just curious about the -- whether you're able to use the losses in the last couple of years. How long is that going to affect sort of cash taxes? And where do you think cash taxes are going to start to become a part of the equation here? Is that a '24, '25, '26 thing? Or is that like any sense of when that might kick in?

好的。然後是最後一個真正快速的。根據今天的指導，自由現金流應該大約是淨收入的 130%。當你考慮向前看時，我只是好奇——你是否能夠利用過去幾年的損失。這將影響某種現金稅多久？您認為現金稅將從哪裡開始成為等式的一部分？那是 24 年、25 年、26 年的事情嗎？或者這就像什麼時候可能開始的感覺？

Yes. We don't expect to be CapEx payers in that period for at least through 2026.

是的。我們預計至少到 2026 年期間不會成為資本支出的支付者。

Our next question comes from the line of Andrew Didora of Bank of America.

我們的下一個問題來自美國銀行的 Andrew Didora。

It's Andrew Didora. Just in terms of the balance sheet and the debt pay down, how the $8 billion gross paydown done thus far? Am I doing my calculations right, is about $3.5 billion of that coming from the pension? And then of the $15 billion kind of total gross debt paydown number, how much of that do you assume is just a reduction of pension benefit?

是安德魯·迪多拉。就資產負債表和債務償還而言，到目前為止 80 億美元的總償還額是如何完成的？我的計算是否正確，其中約有 35 億美元來自養老金？然後，在 150 億美元的總債務償還總額中，您認為其中有多少只是養老金福利的減少？

Yes. So that is the right calculation. So in the summer of 2021, when we had historically low interest rates, our pension obligation is obviously significantly higher. It's been around $2 billion at the end of 2022. By the end of 2025, where we've set our $15 billion goal is still right around that number, maybe a little bit lighter based on expected asset returns and the pension contributions going to make.

是的。所以這是正確的計算。所以在 2021 年夏天，當我們的利率處於歷史低位時，我們的養老金義務顯然要高得多。到 2022 年底，這一數字約為 20 億美元。到 2025 年底，我們設定的 150 億美元目標仍然在這個數字附近，根據預期資產回報和養老金繳款，可能會略微減少一些.

Got it. And I know you've answered a lot of questions in terms of asset utilization, hiring and things like that. But as you sit here today for your 2023 capacity plan, do you have the pilots and the aircraft in-house to hit that plan? Or does the plan require additional hiring and additional kind of deliveries from the OEMs relative to plan in order to hit that capacity goal?

知道了。我知道你已經回答了很多關於資產利用、招聘和類似問題的問題。但是，當您今天坐在這裡制定 2023 年容量計劃時，您是否擁有內部飛行員和飛機來實現該計劃？或者該計劃是否需要 OEM 相對於計劃進行額外的招聘和額外類型的交付以實現該產能目標？

We'll be hiring pilots throughout the year. We feel really good, though, about the hiring forecast we have and what we're expecting for training throughput. In terms of deliveries, as we talked earlier, we do expect to take 23 aircrafts this year. Those deliveries would be required to hit this plan. I think we've taken a pretty conservative approach to what we have for in-service dates. And we feel like this is the plan we're going to be able to hit.

我們將全年招聘飛行員。不過，我們對我們的招聘預測以及我們對培訓吞吐量的期望感覺非常好。在交付方面，正如我們之前所說，我們預計今年將接收 23 架飛機。這些交付將需要達到這個計劃。我認為我們對服務日期採取了相當保守的方法。我們覺得這就是我們能夠實現的計劃。

Yes. And Andrew, that's -- look, this is Vasu and Devon get together to build the network and work with David Seymour on our operating capacity we're being really mindful of making sure that we have the resources to fly the schedule. So there's a confidence factor that we're using in that as well.

是的。 Andrew，那是——看，這是 Vasu 和 Devon 聚在一起建立網絡並與 David Seymour 合作提高我們的運營能力，我們非常注意確保我們有足夠的資源來完成時間表。因此，我們也在其中使用了一個信心因素。

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。

Congrats to Derek and Devon. Just to follow-up, just where you left off there. I think at one point last year, I believe you paused mainline hiring because of the pilot training throughput and the pilot training lead times. Can you just mark to market like did you restart hiring? When did you restart hiring? And how many incremental do you need to hire to hit your growth plan this year?

恭喜德里克和德文郡。只是為了跟進，就在你離開的地方。我認為去年的某一時刻，我相信你暫停了主線招聘，因為飛行員培訓吞吐量和飛行員培訓提前期。你能像重新開始招聘一樣盯市嗎？你什麼時候重新開始招聘的？你需要雇傭多少增量人才才能實現今年的增長計劃？

Yes. So we were hiring ahead of needs and training throughput as we got later in the year. So we did pause hiring for most of the month of December, I believe. That hiring has resumed here in January. Our expectations are we're going to hire around 2,000 pilots for this year and probably a little bit on the higher end as we get through the year and training capacity continues to increase.

是的。因此，我們在今年晚些時候獲得了超出需求和培訓吞吐量的招聘。因此，我相信我們確實在 12 月份的大部分時間暫停了招聘。招聘已於 1 月在這裡恢復。我們的期望是今年我們將僱用大約 2,000 名飛行員，隨著我們度過這一年並且培訓能力繼續提高，可能會僱用更多的飛行員。

Okay. And then just most of my questions have been asked, but just an aircraft financing question. So hypothetically, if you had $100 million in aircraft CapEx and you debt finance that, where do you see LTVs? So is it -- is it $80 million or $85 million that would go on the balance sheet. Where do you see LTVs and cost of debt today? And alternatively, if you lease that $100 million of growth CapEx how much would go on the balance sheet in the form of an operating lease liability?

好的。然後我的大部分問題都被問到了，但只是飛機融資問題。所以假設，如果你有 1 億美元的飛機資本支出並且你通過債務融資，你在哪裡看到 LTV？資產負債表上的金額是 8000 萬美元還是 8500 萬美元。你今天在哪裡看到 LTV 和債務成本？或者，如果您租賃這 1 億美元的增長資本支出，資產負債表上有多少會以經營租賃負債的形式出現？

Okay. There's a lot to that. I'll say our treasury team right now, we have 23 deliveries, 12 of which are already financed. So our financing requirements for the remainder of this year, are pretty limited. But those are all the factors they're going to be looking at is what sort of rates are embedded in the operating leases that are in the market today, what the LTV, we can get on the debt. What's happening with the rest of the balance sheet and our free cash flow and they're going to make the right economic decision. So we have a great treasury team. They're looking at these remaining 9 aircraft we need to finance for this year and looking out to 2024 as well.

好的。這有很多。我現在會說我們的財務團隊，我們有 23 筆交付，其中 12 筆已經融資。因此，我們今年剩餘時間的融資需求非常有限。但這些都是他們要考慮的所有因素，即當今市場上的經營租賃中包含什麼樣的利率，LTV 是多少，我們可以獲得債務。資產負債表的其餘部分和我們的自由現金流發生了什麼，他們將做出正確的經濟決策。所以我們有一個很棒的財務團隊。他們正在研究我們今年需要資助的剩餘 9 架飛機，並展望 2024 年。

Okay. I mean, fair enough. It's not like if you will, or if you won't. It's -- if you do debt finance $100 million in CapEx, where is the market in terms of that LTV and cost of debt today?

好的。我的意思是，很公平。這不是你願意或不願意的問題。它是 - 如果你在資本支出中進行 1 億美元的債務融資，那麼今天的 LTV 和債務成本的市場在哪裡？

Yes. It's something that obviously, we expect is going to move around over the next handful of months. I don't have a number that I'm ready to give right here today, but it's something we're going to stay tight with. And we have a team that knows the market well.

是的。很明顯，我們預計這將在接下來的幾個月內發生變化。今天我還沒有準備好給出的數字，但這是我們要堅持的事情。我們有一個非常了解市場的團隊。

Our final analyst question before we open the line to media comes from Ravi Shanker of Morgan Stanley.

在我們向媒體開放線路之前，我們的最後一個分析師問題來自摩根士丹利的 Ravi Shanker。

So one short-term and one long-term question. The short-term question is -- it's good to hear that you said you're having your best ever post-holiday booking period so far this year. Can you just expand a little bit more? Are you seeing any changes in customer behavior? Are they flying to different destinations? Are they looking to maybe kind of downgrade their tickets or look for more flexibility, kind of any signs at all of any change in customer behavior or kind of in where macro is?

所以一個短期問題和一個長期問題。短期問題是 - 很高興聽到您說今年迄今為止您擁有有史以來最好的節後預訂期。你能再擴大一點嗎？您是否看到客戶行為有任何變化？他們飛往不同的目的地嗎？他們是否正在尋求降級機票或尋求更大的靈活性，是否有任何跡象表明客戶行為發生任何變化或宏觀在哪裡？

Yes, we are seeing some changes in customer behavior. People are -- especially leisure travelers are looking even further out. We see that the blended customers are also much more willing to book further out. And third, we see that customers, especially blended customers or people purchasing a blended trip are more willing to buy higher-value fair products and shop direct with us. So we continue to see a world where roughly 60-ish percent of our revenues are coming direct to us through our .com and mobile app, and we see that continuing to grow. Furthermore, as those blended trips come in to our, as we call them, owned channels, of the people shopping for the lowest fare end up buying a higher fare than that. So we're encouraged by that. And then as far as where people are flying, I suppose that's pretty simple, too. They're flying everywhere they possibly can, except for places in Asia.

是的，我們看到客戶行為發生了一些變化。人們——尤其是休閒旅行者正在尋找更遠的地方。我們看到混合客戶也更願意預訂更遠的地方。第三，我們看到客戶，尤其是混合客戶或購買混合旅行的人更願意購買價值更高的公平產品並直接在我們這裡購物。因此，我們繼續看到一個世界，其中大約 60% 的收入是通過我們的 .com 和移動應用程序直接給我們的，而且我們看到這個數字還在繼續增長。此外，隨著這些混合旅行進入我們的（我們稱之為自有渠道），購買最低票價的人最終會購買比這更高的票價。所以我們對此感到鼓舞。然後就人們飛向何處而言，我想這也很簡單。除了亞洲以外，他們飛遍了所有可能的地方。

That's great to hear. And maybe just a follow-up. You guys have come a really long way kind of in the last year kind of since where everyone was doing the pandemic. But the markets may be not recognizing that. So I'm wondering if there's any plan to kind of host an Analyst Day to kind of give us a kind of a long-term plan on strategic priorities, long-term financial guidance as such?

聽到這個消息我很高興。也許只是一個後續行動。自從每個人都在大流行以來，你們在去年取得了很大的進步。但市場可能沒有意識到這一點。所以我想知道是否有任何計劃舉辦分析師日，為我們提供一種關於戰略重點的長期計劃，長期財務指導等？

Ravi, thanks for that question. The answer to that is, look, we've been really pleased with the work that we've done throughout the pandemic and setting American up. And the answer to your question is yes, we're going to get out and make sure that people know our story. More details on that as time progresses, but you'll hear more from us on that.

拉維，謝謝你提出這個問題。答案是，看，我們對我們在整個大流行期間所做的工作和建立美國人的工作感到非常滿意。你的問題的答案是肯定的，我們要出去確保人們知道我們的故事。隨著時間的推移，會有更多詳細信息，但您會從我們這裡聽到更多相關信息。

At this time, we'd like to open the line to our media questions. (Operator Instructions) Our first question comes from the line of Mary Schlangenstein of Bloomberg.

在這個時候，我們想為我們的媒體問題開通熱線。 （操作員說明）我們的第一個問題來自彭博社的 Mary Schlangenstein。

Congratulations to Derek and Devon. I wanted to ask a couple of business-related questions quickly. On your business travel, whether it's corporate managed or not, do you anticipate any impact from the growing number of companies that are laying off workers, particularly in high tech, but also now extending to some manufacturing companies? And then my second question is, is your expectation that this shift to blended trip is, in fact, the structural change within the industry and will not diminish going forward in terms of at least as far out as you can see?

祝賀德里克和德文郡。我想快速問幾個與業務相關的問題。關於您的商務旅行，無論是否由公司管理，您是否預計越來越多的公司正在裁員，特別是在高科技領域，而且現在還擴展到一些製造公司，這會產生什麼影響嗎？然後我的第二個問題是，您是否期望這種向混合旅行的轉變實際上是行業內的結構性變化，並且至少在您所看到的範圍內不會減弱？

Thanks, Mary. This is Vasu. And I'll answer the questions in reverse order. First, look, there is -- we do see a meaningful change in the trip purposes that people are booking that there's a lot more blended trips even so many people who are searching for what conventionally would have been a business diltinerary. We see it in our .com end up selecting something which is pretty unconventional or they stay a Saturday night or they book another person for a midweek trip or something like that. So we do see that. And our credit card partners at Citi see the same thing, too. That demand for travel is still a really strong category and as preserved -- a travel at large has preserved its relationship with GDP, if not somewhat grown a little bit. So that -- there is a meaningful thing we're coming out of the pandemic. There's clearly a value the consumer is placing on travel.

謝謝，瑪麗。這是瓦蘇。我會以相反的順序回答問題。首先，看，有——我們確實看到人們預訂的旅行目的發生了有意義的變化，即有更多的混合旅行，即使有這麼多人正在尋找傳統意義上的商業旅行。我們在我們的 .com 中看到它最終選擇了一些非常非常規的東西，或者他們在周六晚上住宿，或者他們預訂另一個人進行周中旅行或類似的事情。所以我們確實看到了。我們在花旗的信用卡合作夥伴也看到了同樣的事情。對旅行的需求仍然是一個非常強勁的類別，並且保持不變——旅行總體上保持了它與 GDP 的關係，如果不是有所增長的話。所以——我們從大流行中走出來是一件有意義的事情。消費者對旅行的重視程度顯然很高。

Then as far as how layoffs are impacting things, look, what's really important to note about business travel is -- yes, it's 25% of our revenues, but those companies are intending to do the largest the biggest, largest ones tend to buy on a corporate contract. And that's -- so much of that business just really hasn't recovered. And we haven't built an airline plan around it. However, non-contracted business is 100% recovered, contracted business is about 75% recovered. And we don't presume that it grows much further than that. So we aren't seeing a really significant impact, but we also aren't building a plan based on a lot of that demand returning.

那麼就裁員對事情的影響而言，看，關於商務旅行真正需要注意的是——是的，它占我們收入的 25%，但那些公司打算做最大的，最大的那些往往會購買公司合同。那就是——很多業務真的還沒有恢復。我們還沒有圍繞它制定航空公司計劃。但非承包業務100%回收，承包業務約75%回收。而且我們不認為它會比這增長得更多。因此，我們沒有看到真正重大的影響，但我們也沒有根據大量需求返回制定計劃。

And is that 75% recovery for contract? Is that down from prior estimates I thought that you had said perhaps 80% in the past?

那是合同的 75% 回收率嗎？這是否低於之前的估計，我認為你過去曾說過可能是 80%？

It's hovered in the -- sorry, Mary. It's hovered in the 75% to 80% range. And to be conservative, we build our plan around the lower end of that.

它徘徊在——對不起，瑪麗。它徘徊在 75% 到 80% 的範圍內。並且為了保守起見，我們圍繞低端制定我們的計劃。

Okay. And that's revenue?

好的。這就是收入？

Correct.

正確的。

Our next question comes from the line of Leslie Josephs of CNBC.

我們的下一個問題來自 CNBC 的 Leslie Josephs。

Just curious if what your hiring needs are outside of the unionized groups like the offices? And if you're seeing any one apply or maybe you can benefit from some of the tax layoffs, and then secondly, with your plans to do this High J configuration cabin, are you planning to increase staffing at all of cabin crews to kind of handle the more high touch service and more passengers in that cabin.

只是好奇您的招聘需求是否在像辦公室這樣的工會組織之外？如果你看到有人申請或者你可以從一些稅收裁員中受益，然後其次，你計劃做這個高 J 配置客艙，你是否計劃增加所有機組人員的工作人員處理更高接觸的服務和該機艙中的更多乘客。

Leslie, I'll start and Cole Brown, our Chief People Officer, can help me. Look, the hiring in American is really unprecedented levels. You mentioned our pilot hiring, yes, we anticipate 2,000 pilots this year. But over the last 2 years, and Cole, correct me, I think we've hired almost 40,000 people, which is across all groups. We have a view that we're going to bring folks in, make sure that they're really well trained. But it really is throughout all of our operations and headquarters and administrative staff, and we're going to bring the best and the brightest in. So Cole, do you want to add anything to that?

萊斯利，我會開始，我們的首席人事官科爾布朗可以幫助我。你看，美國的招聘真是前所未有的水平。你提到我們的飛行員招聘，是的，我們預計今年有 2,000 名飛行員。但在過去的 2 年裡，Cole，糾正我，我認為我們已經僱傭了近 40,000 名員工，涵蓋所有部門。我們有一個觀點，我們將把人們帶進來，確保他們真的訓練有素。但這確實貫穿於我們所有的運營、總部和行政人員，我們將聘請最優秀和最聰明的人。科爾，你想補充什麼嗎？

Yes, Robert. I would just [push] what your point that we are taking a hard and thoughtful look as it relates to any hiring outside of operations making sure that we're bringing in the best and brightest, but also that we're thinking through not only what our needs are today or where we're going tomorrow. And some of those skill sets might evolve and change. We have an exciting new CIO that's come on board and is taking a really important look at our IT organization. And so more to come. But right now, we feel like we are focused on the right things and being very thoughtful and measured in where we are hiring at the corporate level. And certainly, the focus is the areas that we've previously discussed as well.

是的，羅伯特。我只想[強調]你的觀點，即我們正在認真審視與運營以外的任何招聘相關的問題，以確保我們引進最優秀和最聰明的人才，而且我們正在考慮的不僅是我們今天的需求是什麼，或者我們明天要去哪裡。其中一些技能組合可能會發展和改變。我們有一位令人興奮的新 CIO 上任，他對我們的 IT 組織進行了非常重要的審視。還有更多。但現在，我們覺得我們專注於正確的事情，並且在公司層面的招聘方面非常周到和慎重。當然，重點也是我們之前討論過的領域。

Got it. And then on the staffing for the High J?

知道了。然後是關於 High J 的人員配置？

We're really -- this is Vasu. We're really excited for the new High J product. Our customers love our new business class. And we've gotten great feedback as we've shared concept designs with some of our most loyal customers and our flight attendants. But we haven't yet determined a number of things with how it operates, where it operates, things like that too. So it's a little bit premature right now.

我們真的——這是 Vasu。我們對新的 High J 產品感到非常興奮。我們的客戶喜歡我們的新商務艙。當我們與一些最忠實的客戶和我們的空乘人員分享概念設計時，我們得到了很好的反饋。但是我們還沒有確定很多事情，比如它是如何運作的，它在哪裡運作，等等。所以現在還為時過早。

Next question comes from the line of Claire Bushey of Financial Times.

下一個問題來自金融時報的克萊爾·布希。

I was wondering if you're at all concerned about new regulation in response to perceived increasing unreliability of air travel.

我想知道您是否完全擔心新的監管以應對航空旅行日益增加的不可靠性。

Claire, I'll just start. Look, our primary focus is making sure that we run the best airline we possibly can. That's the way that ultimately we address customers' needs and ensure that our customers are being treated fairly. Of course, we'll work with government authorities to make sure that we're taking care of people in the right fashion. Nate, do you want to add anything? No? Good. Okay.

克萊爾，我要開始了。看，我們的主要重點是確保我們盡可能地經營最好的航空公司。這就是我們最終滿足客戶需求並確保我們的客戶得到公平對待的方式。當然，我們會與政府當局合作，確保我們以正確的方式照顧人們。 Nate，你想補充什麼嗎？不？好的。好的。

Our next question comes from the line of Doug Cameron of WSJ.

我們的下一個問題來自《華爾街日報》的道格卡梅倫。

Okay. I've got a hugely loaded question for Devon and Derek and a super quick follow-up for Vasu if you'll let me. The loaded one. You must be relieved that you don't have to finance the 100 planes this year given where interest rates are in the (inaudible) of supplier delays. Just on that latter point, what sort of complication does the uncertainty of when you actually get planes as opposed to contractually gating them. What does that do to your ability and choices for aircraft finance options?

好的。如果你允許的話，我有一個非常多的問題要問 Devon 和 Derek，還有一個非常快速的 Vasu 跟進。加載的那個。考慮到供應商延誤的（聽不清）利率，您今年不必為 100 架飛機融資，您一定會感到寬慰。就後一點而言，與合同中的飛機門控相比，您實際獲得飛機的時間不確定性會帶來什麼樣的複雜性。這對您的飛機融資方案的能力和選擇有何影響？

Well, you're right. I am happy that we're taking 23 airplanes and 12 of them are already financed this year. I will say we did go through a huge wave of investment prior to the pandemic. And over that period, I think that the timing is obviously fortunate we're in a nice economic environment, a really good environment for financing those airplanes. As we look out to this year, I don't think the timing of the deliveries as it sits today is too concerning with how we're going to finance the airplane -- more than anything, we just want to make sure the airplanes are delivered and in schedule so we can run a great operation and have really solid schedules for our customers. So what we've done on that front is we have planned conservatively within service base that we believe are coming in far later than when we'll actually take delivery of the airplane. And that's something that's going to be really great for customers.

嗯，你是對的。我很高興我們購買了 23 架飛機，其中 12 架今年已經融資。我會說在大流行之前我們確實經歷了巨大的投資浪潮。在那段時間裡，我認為時機顯然是幸運的，我們處於一個良好的經濟環境中，一個為這些飛機融資的非常好的環境。展望今年，我不認為今天的交付時間與我們如何為飛機融資有關——最重要的是，我們只想確保飛機是交付並按計劃進行，因此我們可以進行出色的運營並為我們的客戶提供真正可靠的時間表。因此，我們在這方面所做的是，我們在服務基地內進行了保守的計劃，我們認為這些服務基地的到來時間遠遠晚於我們實際接收飛機的時間。這對客戶來說真的很棒。

Yes. And we continue to work with both Airbus and Boeing to make sure that we encourage them in an appropriate fashion to deliver on time. And I know that they're working hard to make sure that they can meet our needs.

是的。我們將繼續與空客和波音合作，以確保我們以適當的方式鼓勵他們按時交付。我知道他們正在努力工作以確保能夠滿足我們的需求。

That's great. And just quickly for Vasu. Vasu, are you seeing any kind of (inaudible) on the fare and schedule or scheduling front, just given how competitive capacity trends are going? Or is demand just that strong that you aren't seeing anything anywhere?

那太棒了。對 Vasu 來說很快。 Vasu，考慮到競爭能力趨勢如何發展，您是否在票價和日程安排或日程安排方面看到任何類型的（聽不清）？還是需求如此強勁以至於您在任何地方都看不到任何東西？

Thanks for the question. We don't comment on fare and competitive scheduling trends. But I will say we are really encouraged with the demand trends that we see and are very confident in the airline we've set up to go and take care of our customers along the way.

謝謝你的問題。我們不評論票價和有競爭力的調度趨勢。但我要說的是，我們對我們看到的需求趨勢感到非常鼓舞，並且對我們已經建立的航空公司非常有信心去一路照顧我們的客戶。

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

我們的下一個問題來自達拉斯晨報的凱爾阿諾德。

You've had some cuts at the regional level or service to some smaller cities. What's your strategy behind the regional served locations right now? And do you think there'll be further cuts as we continue to go through this pilot shortage at the regional level?

你在區域層面或一些較小城市的服務上有所削減。您現在在區域服務地點背後的策略是什麼？您認為隨著我們繼續在區域層面解決試點短缺問題，還會進一步削減開支嗎？

Kyle, I'll just start on this. Look, it's really unfortunate that we've had to reduce service anywhere most -- especially to some of the smaller communities. That's certainly a result of the issues that we faced with pilot staffing at our regional airlines. As I mentioned before, we're working really hard on it. American, I think, has taken the biggest step to get people into the industry of anyone, and I know others have followed us there. That's going to have an impact. We've seen the benefits of those efforts, and we're stabilizing the fleet, and I think that we just grow back from here.

凱爾，我要開始了。看，我們不得不減少大部分地方的服務，這真的很不幸——尤其是一些較小的社區。這當然是我們在支線航空公司面臨飛行員人員配置問題的結果。正如我之前提到的，我們正在為此努力。我認為，美國人已經邁出了最大的一步，讓人們進入任何人的行業，而且我知道其他人已經跟隨我們。這會產生影響。我們已經看到了這些努力的好處，我們正在穩定艦隊，我認為我們只是從這裡重新成長起來。

Is there any outlook on how long there might be constraints at that level?

對於該級別可能存在多長時間的限制，是否有任何展望？

Yes. So I think from a regional perspective, it takes time to get people back into the industry. But again, for anybody that is listening and reading, it's a great time to come into aviation. These are careers. Our pilot careers are ones that are -- can be great quality of life, and also very lucrative as well. And so I think it's an opportunity that as we look to the future, that there are communities that haven't typically been places where we sourced pilots that we're going to look to in the future, we're showing great progress in hiring pilots of color and also female pilots. And I look at that as an opportunity going forward that's going to greatly benefit and really change the face of our flight crews and really looking forward to it. I think it's something that's probably over the course of the next couple of years.

是的。所以我認為從區域的角度來看，讓人們回到這個行業需要時間。但同樣，對於任何正在聽和讀的人來說，現在是進入航空業的好時機。這些都是職業。我們的飛行員職業是 - 可以是高品質的生活，而且也非常有利可圖。因此，我認為這是一個機會，當我們展望未來時，有些社區通常不是我們尋找未來飛行員的地方，我們在招聘方面取得了很大進展有色人種飛行員和女飛行員。我認為這是一個向前發展的機會，它將大大受益並真正改變我們機組人員的面貌，我真的很期待。我認為這可能會在未來幾年內發生。

Our next question comes from the line of Ted Reed of Forbes.

我們的下一個問題來自福布斯的 Ted Reed。

My question is for Robert. Robert, we've been hearing you say for a long time that you're going to make a reliable airline and a profitable airline and you seem to have done that this year or last year. So now I want to know what is the vision for the future? Can American be restored being the greatest airline as it once we perceive? And do you have a path to do that now that you've started to accomplish your other goals?

我的問題是給羅伯特的。羅伯特，很長一段時間以來，我們一直聽到您說您將成為一家可靠的航空公司和一家盈利的航空公司，今年或去年您似乎已經做到了。所以現在我想知道未來的願景是什麼？美國航空能否像我們想像的那樣恢復為最偉大的航空公司？既然你已經開始實現你的其他目標，你有辦法做到這一點嗎？

Ted, great to hear from you. Let me just start with this. I'm really pleased with three profitable quarters and producing a profit for the full year in 2022. The things that we've talked about doing are the right things. Getting customers to where they want to go, having the broadest network and doing it in a fashion that can produce profits, pay down debt is exactly where we need to go. And off of that platform, I see great things. But what you're going to see from us as certainly in the near term is more of the same, intense focus on reliability and profitability and accountability. And for our customers, that's going to mean we're going to deliver for them, deliver with the best network that Vasu has talked about, making sure that we have a travel rewards program that's best in the industry. We're going to operate with excellence, and it's going to require even greater planning and day-to-day execution. And when things don't go right, and let's face it. We're in a business where all sorts of things can happen. We got to be the best at recovering and you're going to see us continue to invest in that. And along the way, we have the opportunity to really make better use of technology to further digitalize our operations and our customer experience. And Ganesh Jira, who's our new CIO, has been charged with executing exactly that. And ultimately, put this all together in a business model that is incredibly efficient improves margins and reduces debt. That's what we're focused on right now. I want to keep the team and their head in the game every day. And really excited about what that means for the future because I do think it means that American is not just more competitive out in the marketplace, but we're going to be more competitive in terms of stock performance as well.

泰德，很高興收到你的來信。讓我從這個開始。我對三個盈利季度和 2022 年全年盈利感到非常滿意。我們談論的事情是正確的。讓客戶到達他們想去的地方，擁有最廣泛的網絡並以可以產生利潤的方式進行，償還債務正是我們需要去的地方。在那個平台之外，我看到了很棒的東西。但是，您肯定會在短期內從我們這裡看到更多相同的內容，即對可靠性、盈利能力和問責制的高度關注。對於我們的客戶，這意味著我們將為他們提供服務，提供 Vasu 所說的最佳網絡，確保我們擁有業內最佳的旅行獎勵計劃。我們將以卓越的方式運營，這將需要更多的計劃和日常執行。當事情不順利時，讓我們面對現實吧。我們所處的行業可能會發生各種各樣的事情。我們必須在恢復方面做到最好，你會看到我們繼續投資於此。在此過程中，我們有機會真正更好地利用技術來進一步數字化我們的運營和客戶體驗。我們的新 CIO Ganesh Jira 負責執行這項工作。最終，將所有這些整合到一個非常高效的商業模式中，可以提高利潤率並減少債務。這就是我們現在關注的重點。我想讓球隊和他們的頭腦每天都在比賽中。並且對這對未來意味著什麼感到非常興奮，因為我確實認為這意味著美國航空不僅在市場上更具競爭力，而且我們在股票表現方面也將更具競爭力。

Let me just ask a follow-up to that. When you look back at the history of the industry, the people who've been considered the greatest leaders have been the ones who have expanded the airline, Wolfe, Crandall. And going forward, I don't mean right away, but over the years, can this airline expand maybe more in Asia or places where you're perceived this week?

讓我問一個後續問題。當你回顧這個行業的歷史時，被認為是最偉大領導者的人是那些擴大了航空公司的人，沃爾夫和克蘭德爾。展望未來，我不是說馬上，但多年來，這家航空公司是否可以在亞洲或您本週看到的地方進一步擴張？

Ted, just first off, just in terms of [ego] around here, look, we are focused on business and really making sure that we have the capacity to address the opportunities in the marketplace. American has been around for 9 to 6 years now. We're coming up on our 100th anniversary in 2026. And I want American to be the airlines that meet the needs of our customers, our communities and our shareholders as well. And so we're focused on that right now. And look, we're really encouraged by what we're seeing.

泰德，首先，就這裡的[自我]而言，看，我們專注於業務，真正確保我們有能力應對市場上的機會。 American 已經存在 9 到 6 年了。我們將在 2026 年迎來我們的 100 週年紀念日。我希望美國航空成為滿足客戶、社區和股東需求的航空公司。所以我們現在專注於此。看，我們真的對我們所看到的感到鼓舞。

Thank you. That concludes the media Q&A. I will now turn the call back over to Robert Isom for closing remarks.

謝謝你。媒體問答到此結束。我現在將把電話轉回給 Robert Isom 作結束語。

Thanks for that. Thanks, everybody, for listening in. Look, American is in a position of strength, especially as we take a look at coming out of the pandemic. We're poised to recover. We're going to focus on our goals, reliability, profitability, making sure that we reduce our leverage and put American in a position to take advantage of opportunities that come about. We're really encouraged by the results and excited about the opportunities ahead. Thank you very much.

感謝那。謝謝大家收聽。看，美國人處於強勢地位，尤其是在我們考慮從大流行中走出來的時候。我們準備好恢復。我們將專注於我們的目標、可靠性、盈利能力，確保我們降低我們的影響力，讓美國航空公司能夠利用出現的機會。我們對結果感到非常鼓舞，並對未來的機會感到興奮。非常感謝你。

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。