美國航空 (AAL) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's First Quarter 2023 Earnings Call. (Operator Instructions) I would now like to hand the call over to Scott Long, Vice President of Investor Relations and Corporate Development. Please go ahead.

感謝您的支持，歡迎來到美國航空集團 2023 年第一季度財報電話會議。 （操作員說明）我現在想將電話轉交給投資者關係和企業發展副總裁 Scott Long。請繼續。

Thank you, Latif, and good morning, everyone. Welcome to the American Airlines Group First Quarter 2023 Earnings Conference Call. On the call this morning with prepared remarks, we have our CEO, Robert Isom; our CFO, Devon May, and a number of our other senior executives are also in the room for the Q&A session. Robert is going to start the call this morning with an overview of our performance, and Devon will follow with details on the first quarter and will outline our operating plans and outlook going forward. After our prepared remarks, we'll open the call for analyst questions followed by questions from the media.

謝謝 Latif，大家早上好。歡迎來到美國航空集團 2023 年第一季度收益電話會議。在今天早上的電話會議上，我們的首席執行官 Robert Isom 發表了事先準備好的講話。我們的首席財務官 Devon May 和我們的其他一些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，概述我們的業績，德文郡將緊隨其後提供第一季度的詳細信息，並將概述我們的運營計劃和展望。在我們準備好的評論之後，我們將開始徵求分析師的問題，然後是媒體的問題。

To get in as many questions as possible, please limit yourself to one question and one follow-up. 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 plan. These statements represent our predictions and expectations of future events.

為了盡可能多地提出問題，請將自己限制在一個問題和一個跟進中。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。這些陳述代表了我們對未來事件的預測和期望。

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 March 31, 2023. 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.

眾多風險和不確定性可能導致實際結果與預期結果不同。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 2023 年 3 月 31 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。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。

A webcast of this call will also be archived on our website. The information we are giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently. Thank you for your interest in joining us this morning. And with that, I'll hand the call over to our CEO, Robert isom.

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。感謝您今天早上有興趣加入我們。有了這個，我將把電話交給我們的首席執行官羅伯特·伊索姆。

Thanks, Scott, and good morning, everyone. American is off to a fantastic start in 2023. This year, we remain focused on reliability, profitability, strengthening our balance sheet and holding ourselves accountable along the way. This morning, American reported a first quarter profit for the first time in 4 years, an improvement of almost $2 billion versus the first quarter of 2022.

謝謝，斯科特，大家早上好。美國航空在 2023 年開局良好。今年，我們仍然專注於可靠性、盈利能力、加強我們的資產負債表並在此過程中對自己負責。今天上午，美國航空公司 4 年來首次公佈第一季度利潤，與 2022 年第一季度相比增加了近 20 億美元。

Our performance in the first quarter was driven by continued strength in demand and the tremendous work of our team. American entered the year in a position of strength after the outstanding results our team delivered in 2022, and we've built on that momentum in the first quarter. The American Airlines team ran a reliable operation for our customers and delivered a profit for the quarter, beating our initial EPS guidance of approximately breakeven. Let's talk more about our first quarter results.

我們在第一季度的業績是由持續強勁的需求和我們團隊的巨大工作推動的。在我們的團隊在 2022 年取得出色成績後，美國航空進入了今年的強勢地位，我們在第一季度鞏固了這一勢頭。美國航空公司團隊為我們的客戶提供了可靠的運營，並在本季度實現了盈利，超過了我們最初的盈虧平衡 EPS 指導。讓我們更多地談談我們的第一季度業績。

We produced record first quarter revenues of nearly $12.2 billion, an increase of 37% versus 2022, a 9.2% more capacity year-over-year. Demand for our product remains strong. We continue to be very pleased with our domestic and short-haul international unit revenue performance. We've also seen noticeable strength in long-haul international demand, where we have allocated approximately 80% of our second quarter capacity growth year-over-year and continue to see strong yield performance curing into the summer months. Demand for our premium cabin has been remarkable across all entities with premium paid load factor and RASM exceeding 2019 levels.

我們創造了創紀錄的第一季度收入近 122 億美元，比 2022 年增長 37%，產能同比增長 9.2%。對我們產品的需求依然強勁。我們繼續對我們的國內和短途國際單位收入表現感到非常滿意。我們還看到了長途國際需求的顯著增長，我們已經分配了第二季度約 80% 的運力增長，並繼續看到強勁的收益率表現持續到夏季。所有實體對我們的高級客艙的需求都非常顯著，高級付費載客率和 RASM 超過 2019 年水平。

We're well on our way to a fully recovered business, but we aren't there yet. The recovery is still unfolding and the current demand environment remains dynamic. We continue to learn about evolving customer preferences and changing demand patterns. And we've spent the past 3 years building a resilient airline that can adjust to the variability in demand.

我們正朝著完全恢復業務的方向發展，但我們還沒有到那一步。復甦仍在進行中，當前的需求環境仍然充滿活力。我們繼續了解不斷變化的客戶偏好和不斷變化的需求模式。在過去的 3 年裡，我們一直在打造一家能夠適應需求變化的彈性航空公司。

We remain nimble and continue to adapt to customer behaviors, both in terms of when and where customers book travel and how we service them. Importantly, customers continue to show a preference for our direct channels and travel rewards program. Our co-brand growth continues to outperform consumer spending in line with AAdvantage enrollment, which are now approximately 60% higher than 2019 on capacity that is not yet fully restored to 2019 levels.

我們保持靈活並繼續適應客戶的行為，包括客戶預訂旅行的時間和地點以及我們如何為他們提供服務。重要的是，客戶繼續偏愛我們的直接渠道和旅行獎勵計劃。我們的聯合品牌增長繼續優於消費者支出，符合 AAdvantage 註冊人數，目前在尚未完全恢復到 2019 年水平的運力方面比 2019 年高出約 60%。

The American Airlines co-brand portfolio is delivering the fastest growth since the inception of our current agreement with double-digit growth in sales versus the first quarter of 2022. Now let's turn to the operations. The American Airlines team delivered a stellar performance in the first quarter. We operated more than 476,000 flights in the quarter with an average load factor of 80%. We delivered our best ever first quarter completion factor and controllable completion factor, safely completing more flights and more on-time flights than anyone in the industry.

美國航空公司的聯合品牌組合實現了自我們當前協議簽署以來最快的增長，銷售額與 2022 年第一季度相比實現了兩位數增長。現在讓我們談談運營。美國航空公司團隊在第一季度表現出色。我們在本季度運營了超過 476,000 個航班，平均載客率為 80%。我們交付了有史以來最好的第一季度完成係數和可控完成係數，安全完成的航班和準點航班比業內任何人都多。

We're performing better than ever from an operational perspective. We delivered this strong performance in the first quarter despite the nationwide ground stop in mid-January due to the (inaudible) and several disruptive weather events that impacted our hubs across the country. Our largest hub DFW was greatly impacted by winter storms in January and February and tornadoes and severe thunderstorms in March.

從運營的角度來看，我們的表現比以往任何時候都好。儘管 1 月中旬由於（聽不清）和一些破壞性天氣事件影響了我們在全國各地的樞紐，但我們在第一季度實現了這一強勁表現。我們最大的樞紐 DFW 受到 1 月和 2 月的冬季風暴以及 3 月的龍捲風和強雷暴的嚴重影響。

Our strong operational performance is driven by our team's focus on running a safe and reliable airline and taking care of what we can control. Investments in our operation have enabled us to anticipate the operating conditions ahead of us and recover quickly when the unexpected happens. And we'll continue to invest in our team, fleet and technology so that we're well prepared heading into the summer and the rest of the year.

我們強大的運營業績是由我們的團隊專注於運營一家安全可靠的航空公司並處理我們可以控制的事情所推動的。對我們運營的投資使我們能夠預測我們面前的運營條件，並在意外發生時迅速恢復。我們將繼續投資於我們的團隊、車隊和技術，以便我們為進入夏季和今年剩餘時間做好充分準備。

I also want to thank and acknowledge the DOT and the FAA for their efforts to reduce congestion in New York, which will certainly help the industry deliver more reliably for customers this summer. And now over to Devon to share more about our first quarter results and the outlook for the second quarter.

我還要感謝並認可 DOT 和 FAA 為減少紐約擁堵所做的努力，這肯定會幫助該行業在今年夏天為客戶提供更可靠的服務。現在請德文郡分享更多關於我們第一季度業績和第二季度前景的信息。

Thank you, Robert. I'm tremendously proud of what the American Airlines team accomplished during the first quarter. As Robert mentioned, we run a great operation and delivered on our financial guidance for the quarter, keeping us on track with the full year plan we outlined in January.

謝謝你，羅伯特。我為美國航空公司團隊在第一季度取得的成就感到無比自豪。正如羅伯特所提到的，我們的運營非常出色，並交付了本季度的財務指導，使我們能夠按照我們在 1 月份概述的全年計劃走上正軌。

During the first quarter, excluding net special items, we reported net income of $33 million or adjusted earnings per diluted share of $0.05. This result is better than the initial guidance we provided in January, driven by strong revenue production and slightly lower fuel expense during the quarter. As Robert mentioned, we produced record first quarter revenue of $12.2 billion, up 37% year-over-year.

在第一季度，不包括淨特殊項目，我們報告的淨收入為 3300 萬美元或調整後每股攤薄收益為 0.05 美元。這一結果好於我們在 1 月份提供的初步指導，這是由於本季度收入增長強勁且燃料費用略有下降。正如羅伯特所提到的，我們第一季度的收入達到創紀錄的 122 億美元，同比增長 37%。

Unit revenue was 25.4% higher in the quarter on 9.2% more capacity. Unit costs for the quarter, excluding net special items and fuel, were 1.4% lower year-over-year in line with the midpoint of our initial guidance range. We generated adjusted operating income in the quarter of $451 million, resulting in a first quarter adjusted operating margin of 3.7%.

本季度單位收入增長 25.4%，產能增加 9.2%。本季度的單位成本（不包括淨特殊項目和燃料）同比下降 1.4%，符合我們最初指導範圍的中點。我們在本季度產生了 4.51 億美元的調整後營業收入，導致第一季度調整後的營業利潤率為 3.7%。

We have made significant investments in our fleet over the past decade, and these investments are paying off. The refleeting of the airline and the reconfiguration of our narrowbody interiors have greatly improved the customer experience, simplified our mainline fleet from 8 aircraft types to 4, and aligned our narrowbody density with our network competitors. American continues to operate the simplest and youngest fleet among U.S. network carriers.

在過去十年中，我們對機隊進行了大量投資，這些投資正在取得回報。航空公司的機隊重組和我們窄體機內飾的重新配置極大地改善了客戶體驗，將我們的干線機隊從 8 種機型簡化為 4 種，並使我們的窄體機密度與網絡競爭對手保持一致。美國航空繼續運營著美國網絡運營商中最簡單、最年輕的機隊。

We continue to expect to reactivate 9 737s from long-term storage and take delivery of 23 new aircraft in 2023. We took three deliveries in the first quarter and expect 9 in the second quarter; 5 in the third quarter; and 6 in the fourth quarter. 13 of the deliveries are already financed, and we expect to finalize financing agreements for the remaining 10 this quarter.

我們繼續期望在 2023 年從長期存儲中重新激活 9 737 架飛機並接收 23 架新飛機。我們在第一季度交付了三架飛機，預計第二季度交付了 9 架； 5在第三季度；第四季度有6個。其中 13 筆交付已經獲得融資，我們預計將在本季度完成其餘 10 筆的融資協議。

Based on the latest delivery guidance from Boeing and Airbus, our 2023 aircraft CapEx is expected to be approximately $1.5 billion, and non-aircraft CapEx is expected to be approximately $800 million. In the first quarter, we generated operating cash flow of $3.3 billion. Our adjusted net investing cash flows were $317 million, resulting in record quarterly free cash flow generation of $3 billion. We ended the quarter with $14.4 billion of total available liquidity, $2.4 billion more than our year-end 2022 liquidity balance, driven by bookings strength and ATL growth in the quarter.

根據波音和空客的最新交付指南，我們 2023 年的飛機資本支出預計約為 15 億美元，非飛機資本支出預計約為 8 億美元。第一季度，我們產生了 33 億美元的運營現金流。我們調整後的淨投資現金流為 3.17 億美元，創造了創紀錄的 30 億美元季度自由現金流。本季度末，我們的可用流動資金總額為 144 億美元，比我們 2022 年底的流動資金餘額多 24 億美元，這主要得益於本季度的預訂量和 ATL 增長。

We continue to make progress on strengthening our balance sheet, reducing total debt by more than $850 million in the quarter. This debt reduction, combined with the improvement in liquidity, resulted in a $3.4 billion decrease in net debt during the first quarter. We now have reduced total debt by more than $9 billion from peak debt levels in mid-2021. Importantly, we ended the first quarter with a net debt-to-EBITDA ratio of 4.5x, which is lower than our net debt-to-EBITDA ratio at the end of 2019.

我們在加強資產負債表方面繼續取得進展，本季度總債務減少了超過 8.5 億美元。這一債務減少，加上流動性的改善，導致第一季度的淨債務減少了 34 億美元。我們現在已經將總債務從 2021 年年中的峰值債務水平減少了超過 90 億美元。重要的是，我們在第一季度結束時的淨債務與 EBITDA 比率為 4.5 倍，低於我們在 2019 年底的淨債務與 EBITDA 比率。

By the end of 2023, we continue to expect our total debt to be $10 billion to $11 billion lower than peak debt levels in mid-2021, and we remain committed to our goal of reducing total debt by $15 billion by the end of 2025. Additionally, a constructive financing environment in February allowed us to proactively refinance a 2025 maturity. Our $1.75 billion term loan, primarily collateralized by our South America portfolio of [slots], gates and routes. The refinancing transaction efficiently derisked our 2025 debt maturity tower by nearly 20%.

到 2023 年底，我們繼續預計我們的總債務將比 2021 年年中的峰值債務水平低 100 億至 110 億美元，我們仍然致力於到 2025 年底將總債務減少 150 億美元的目標。此外，2 月份的建設性融資環境使我們能夠主動為 2025 年到期的再融資。我們的 17.5 億美元定期貸款，主要由我們南美的 [slots]、登機口和航線組合作為抵押。再融資交易有效地降低了我們 2025 年債務到期塔的風險近 20%。

We will continue to balance debt reduction opportunities and investments in the business while meeting appropriate liquidity levels. We continue to see a constructive demand environment in the second quarter and summer and bookings remain strong. Revenue intakes in the past months are well ahead of the same booking period in 2019, including robust international bookings as customers return to long-haul international travel this summer.

我們將繼續平衡債務削減機會和業務投資，同時滿足適當的流動性水平。我們繼續看到第二季度和夏季的建設性需求環境，預訂量依然強勁。過去幾個月的收入遠遠超過 2019 年的同一預訂期，包括隨著客戶今年夏天重返長途國際旅行，國際預訂量強勁。

Compared to the historically strong unit revenue we produced in 2022, we expect second quarter TRASM to be down 2% to 4% year-over-year on 3.5% to 5.5% more capacity. We expect second quarter CASMx to be up 3.5% to 5.5% year-over-year. This projection includes the impact of an anticipated pilot agreement. We continue to expect the full year impact of all anticipated labor agreements to be approximately 3 points of CASMx.

與我們在 2022 年產生的歷來強勁的單位收入相比，我們預計第二季度 TRASM 將同比下降 2% 至 4%，產能將增加 3.5% 至 5.5%。我們預計第二季度 CASMx 將同比增長 3.5% 至 5.5%。該預測包括預期試點協議的影響。我們繼續預計所有預期勞資協議的全年影響約為 CASMx 的 3 個百分點。

Our current forecast for the second quarter assumes a fuel price of between $2.65 and $2.75 per gallon, which is $1.30 per gallon lower year-over-year. We expect to produce an operating margin of between 11% and 13% in the second quarter based on our current demand and fuel price forecast. Excluding special items, we expect to produce earnings of between $1.20 and $1.40 per diluted share in the second quarter. These strong results keep us on track to execute on our full year earnings guidance of between $2.50 and $3.50 per diluted share. Now I'd like to hand it back to Robert for further remarks.

我們目前對第二季度的預測假設燃油價格在每加侖 2.65 美元至 2.75 美元之間，比去年同期每加侖低 1.30 美元。根據我們當前的需求和燃料價格預測，我們預計第二季度的營業利潤率將在 11% 至 13% 之間。不包括特殊項目，我們預計第二季度每股攤薄收益為 1.20 美元至 1.40 美元。這些強勁的業績使我們有望執行每股攤薄收益 2.50 美元至 3.50 美元的全年收益指引。現在我想把它交還給羅伯特進一步評論。

Thanks, Devon. And to close, I'd like to take just a few minutes to highlight why I'm so excited about the future of the industry and the future of American Airlines in particular. Our industry has been through the biggest crisis in its history and is now on the other side. Airlines have navigated a lot over the last few years, concerns about the economy and demand recovery, the banking crisis, the interest rate environment, supply chain issues and yet, here we are.

謝謝，德文。最後，我想花幾分鐘時間強調一下為什麼我對行業的未來，尤其是美國航空公司的未來如此興奮。我們的行業經歷了其歷史上最大的危機，現在正處於另一端。在過去的幾年裡，航空公司經歷了很多，對經濟和需求復甦的擔憂、銀行業危機、利率環境、供應鏈問題，然而，我們到了。

The industry is in an excellent position and benefiting not only from the recovery and evolving travel patterns, but also from consumers changing preference of experiences over hard goods. And I'd like to underscore, we have strong demand environment this summer, and we're highly confident that, that will continue going forward. If there's one thing that the pandemic has taught us is that people innately desire to travel. And in America, the actions that we've taken in the recent years are producing returns.

該行業處於有利地位，不僅受益於復蘇和不斷變化的旅行模式，還受益於消費者對體驗而非硬商品的偏好改變。我想強調，今年夏天我們有強勁的需求環境，我們非常有信心，這將繼續向前發展。如果說這場大流行病教會了我們一件事，那就是人們天生就渴望旅行。在美國，我們近年來採取的行動正在產生回報。

We simplified and harmonized our fleet to provide more flexibility to our network, which is nimbler and more focused on our most profitable flying. And our Sun Belt hubs are uniquely positioned to take advantage of demographic changes going on in the U.S. right now. We've built partnerships that are a great complement to our network and enable us to provide even more unique O&Ds to our customers.

我們簡化並協調了我們的機隊，為我們的網絡提供更大的靈活性，該網絡更加靈活，更加專注於我們最有利可圖的飛行。我們的 Sun Belt 中心具有獨特的優勢，可以利用美國目前正在發生的人口變化。我們建立的合作夥伴關係是對我們網絡的重要補充，使我們能夠為客戶提供更加獨特的 O&D。

Our fleet, which is younger than our network peers drives low CapEx requirements in the near term, enabling us to generate free cash flow that can be used to reinvest in the business and strengthen our balance sheet. We've also made investments to modernize our facilities and introduce new technology throughout the airline. These initiatives are producing the results that we had hoped for.

我們的機隊比我們的網絡同行更年輕，在短期內推動了較低的資本支出要求，使我們能夠產生可用於對業務進行再投資並加強我們的資產負債表的自由現金流。我們還進行了投資，使我們的設施現代化，並在整個航空公司引入新技術。這些舉措正在產生我們所希望的結果。

And we have a number of opportunities in front of us to deliver even more value. We're making terrific progress training pilots, getting our regional fleet back up on the air and getting more out of our mainline fleet as well. That means that there is real and significant upside in terms of the utilization of our existing assets. We're also very encouraged by our operational focus and our ability to grow the airline efficiently, all while completing more flights on schedule, generating more revenue and reducing costs.

我們面前有許多機會可以提供更多價值。我們在培訓飛行員方面取得了巨大進步，讓我們的支線機隊恢復正常飛行，並從我們的主線機隊中獲得更多收益。這意味著在我們現有資產的利用方面存在真正且顯著的優勢。我們也對我們的運營重點和我們有效發展航空公司的能力感到非常鼓舞，同時按時完成更多航班，產生更多收入並降低成本。

On the commercial side, we're building on our premier loyalty program and the changes we have made are having a real impact on how customers are spending and engaging with us. There's even more we'll do in the coming years to grow AAdvantage and our co-brand offerings. We're meeting our customers where they want to do business and bringing more people into our direct channels. We'll continue to adapt our offerings based on evolving customer preferences.

在商業方面，我們正在建立我們首要的忠誠度計劃，我們所做的改變對客戶的消費方式和與我們的互動方式產生了真正的影響。在未來幾年，我們將做更多工作來發展 AAdvantage 和我們的聯合品牌產品。我們在客戶希望開展業務的地方與他們會面，並將更多人帶入我們的直接渠道。我們將繼續根據不斷變化的客戶偏好調整我們的產品。

Finally, we are driving a technology-first mindset at America, not only with existing processes, but also with the introduction of new tools for our customers and teams. And we look forward to sharing more on all of this as the year progresses. Looking ahead, we feel great about the industry and what's to come from America. The actions that we have taken have pushed in a position of strength that have allowed us to capitalize on the recovery.

最後，我們正在美國推動一種技術至上的思維方式，不僅是現有流程，而且還為我們的客戶和團隊引入了新工具。隨著時間的推移，我們期待就所有這一切分享更多信息。展望未來，我們對這個行業以及美國的未來感到滿意。我們採取的行動使我們處於有利地位，使我們能夠利用複蘇。

We'll continue to hold ourselves accountable to produce stronger margins, generate free cash flow, strengthen our balance sheet and run a reliable operation, ultimately creating more value for our customers and shareholders. And with that, operator, please open the line for analyst questions.

我們將繼續對自己負責，以產生更高的利潤率、產生自由現金流、加強我們的資產負債表並運行可靠的運營，最終為我們的客戶和股東創造更多價值。有了這個，接線員，請打開分析師問題的線路。

(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伯恩斯坦的大衛弗農。

I wonder if you could talk a little bit about intra-quarter trends and how second quarter sort of is shaping up from a booking perspective. I think investors are -- have been very sensitive to potential sort of disruptions or changes in maybe business travel trends kind of as we've gone through the banking crisis here. I'm wondering if you could just kind of give us a sense for what you're seeing day-to-day in the booking curve and how that is impacting your confidence in the outlook for summer travel?

我想知道您是否可以談談季度內趨勢以及第二季度從預訂的角度來看是如何形成的。我認為投資者 - 一直對潛在的破壞或商務旅行趨勢的變化非常敏感，就像我們在這裡經歷的銀行業危機一樣。我想知道您是否可以讓我們了解您每天在預訂曲線中看到的情況，以及這如何影響您對夏季旅行前景的信心？

Thanks, David. I'm going to send that straight to Vasu.

謝謝，大衛。我要把它直接發給 Vasu。

Look, we remain encouraged by the demand environment that's out there. We see strong bookings strength really across the airline network International, of course, long-haul international is seeing a lot more bookings come in a lot sooner, really reflecting the pent-up demand that's been there in many markets they really haven't been open for the better part of 4 years. Domestic, we continue to see historically strong booking and indeed, a resumption of a lot of -- a lot more people looking further in advance than what they had last year, certainly, more people willing to go and shift from a peak time flight to a trough time play, which reflects changes in work schedules through the week. But by and large, we remain encouraged by what we see out there. And I'll add to that, too, that consistent with a lot of the trends that we've seen in past quarters, we are -- we continue to see a shift from a traditional business style trip, the more blended trips and more discretionary trips. In Q1, about 35% of our volume was leisure discretionary based trips; 35% blended trips; and 30% business trips. That compares to first quarter '19 where it was more like 30% leisure, 30% blended 40% business, but we remain encouraged by it. Though we're seeing that shift, we find that very often, the blended yields that we see are coming in at values that are 8% to 10% higher than the very traditional business trips that they replaced. So we remain encouraged and see a lot of the same trends we've been talking about for the last few quarters.

看，我們仍然對那裡的需求環境感到鼓舞。我們看到整個航空公司網絡的預訂量確實強勁開放了 4 年的大部分時間。在國內，我們繼續看到歷史上強勁的預訂，事實上，很多人都在恢復——比去年更遠的人，當然，更多的人願意去，從高峰時間的航班轉移到低谷時間遊戲，反映了一周內工作時間表的變化。但總的來說，我們仍然對我們在那裡看到的感到鼓舞。而且我還要補充一點，與我們在過去幾個季度看到的許多趨勢一致，我們 - 我們繼續看到傳統商務旅行的轉變，更多混合旅行等等酌情旅行。在第一季度，我們約 35% 的流量是基於休閒的全權委託旅行； 35% 混合旅行；和 30% 的商務旅行。相比之下，19 年第一季度更像是 30% 的休閒，30% 混合 40% 的業務，但我們仍然對此感到鼓舞。雖然我們看到了這種轉變，但我們經常發現，我們看到的混合收益的價值比它們所取代的非常傳統的商務旅行高出 8% 到 10%。因此，我們仍然感到鼓舞，並看到了過去幾個季度我們一直在談論的許多相同趨勢。

And Devon, could I ask you to talk a little bit about the maturities coming up in the next couple of years on the debt [taxes]? You mentioned you're going to be paying down around $2 billion of debt this year. How should we be looking from a liquidity perspective at the end of 2023 based on the guidance? And then what does that -- and how does that compare to the maturities in a kind of a 2- to 3-year time frame?

德文郡，我能否請你談談未來幾年債務 [稅收] 的到期日？你提到你今年將償還大約 20 億美元的債務。根據指南，我們應該如何從 2023 年底的流動性角度來看待？那是什麼 - 與 2 到 3 年時間框架內的到期日相比如何？

So to start this year, we have talked about our total debt paydown being at approximately $10 billion to $11 billion from our peak levels of summer of 2021. For this year, we expect total debt to be down about $3 billion versus 2022. In terms of where our cash will be at the end of the year, obviously, we've talked a lot about a $10 billion to $12 billion target for liquidity. We're well ahead of that at the end of the first quarter. When we think 10 to 12, I generally think of it as -- and we'd like to be around $10 billion of liquidity as we are late in the year at the full point for liquidity that arises to $12 billion during the year. At this point, we're well ahead of our target liquidity. I expect we would definitely be on the high end of target liquidity if we hit the midpoint of our guidance this year. And then just longer term, 2024, we have a little bit of a step-up in maturities. I think most people understand in 2025, we have a higher debt tower. We proactively addressed some of that with refinancing in the first quarter. The remainder of it, we will seek to either pay down or refinance a portion of it depending on our cash flow production over the next couple of years.

因此，從今年開始，我們談到我們的總債務償還額比 2021 年夏季的峰值水平約為 100 億至 110 億美元。今年，我們預計總債務將比 2022 年減少約 30 億美元。關於到年底我們的現金將在哪裡，顯然，我們已經談了很多關於 100 億至 120 億美元的流動性目標。我們在第一季度末遙遙領先。當我們想到 10 到 12 時，我通常認為它是 - 我們希望流動性約為 100 億美元，因為我們在今年晚些時候達到了年內流動性達到 120 億美元的全部點。在這一點上，我們遠遠領先於我們的目標流動性。如果我們今年達到指導的中點，我預計我們肯定會處於目標流動性的高端。然後從長遠來看，到 2024 年，我們的期限會有所提高。我想大多數人都明白，到 2025 年，我們的債務會更高。我們在第一季度通過再融資積極解決了其中的一些問題。其餘部分，我們將根據未來幾年的現金流量生產，尋求償還或再融資其中的一部分。

Our next question comes from the line of Helane Baker -- I'm sorry, Helane Becker of Cowen.

我們的下一個問題來自 Helane Baker——對不起，Cowen 的 Helane Becker。

Just two questions. One, I'm wondering on operations, Robert, you mentioned in the quarter that you were, I think, at the top of on-time performance and so on. I'm wondering if you could talk about some of the learnings that you've had in being -- with like the Dallas storms and the no TAM shutdown and then what happened in Fort Lauderdale earlier this month. Just how that will carry through to prepare yourselves for the summer, which is likely to be pretty difficult? And then my second question is, I'm wondering if Vasu, you can talk about the changes you made to NDC and Travel Agent bookings and how that's being received?

只是兩個問題。第一，我想知道運營，羅伯特，你在本季度提到你在準時表現等方面處於領先地位。我想知道你是否可以談談你從中學到的一些東西——比如達拉斯風暴和沒有 TAM 關閉，然後是本月早些時候在勞德代爾堡發生的事情。這將如何為夏季做好準備，這可能非常困難？然後我的第二個問題是，我想知道 Vasu 是否可以談談你對 NDC 和旅行社預訂所做的更改以及如何收到這些更改？

And good to hear from you. Hey, we've learned a lot over the last year. Let's face it, summer 2022 is pretty rocky. And during that time, we got right to work to make sure that we plan the airlines that -- for the resources that we have. And that's played out over the course of this past year. We got stronger and stronger as the 2022 closed. And as we progressed throughout 2023, what I'm most encouraged about is really when conditions permit, we fly an exceptional airline. We complete nearly every flight. And that bodes well for the summer. I know that there are going to be issues, and we're going to have to stay on top of things. But we've never been more prepared from the perspective of having the right resources in the right place. And that's everything from gate to the station level to pilot and flight attendants to mechanics. So we feel really good about where we're heading. But your question about, hey, issues happen. So we're planned well. But in terms of those issues and disruptions, they're going to happen. We had [to bear] thunder storms here in DFW last night, but we have new tools in place to allow us to build back from any disruption in a lot better fashion and one that, quite frankly, protects more passengers. So our misconnection rates are very, very manageable right now. And as we take a look going forward, the tools that we've put in place, a system called Heat, that is appropriately named as heat builds up, the thunderstorms happen and disruptions happen. What we do is we actually put in place delay programs and cancellation programs to protect the system and protect the most number of customers that ultimately allow us to recover quicker. Now this is part of a bigger, longer-range plan, and I'm probably going to give more of an answer here than you need. But after the last 5 years of integration and the pandemic, we're at a point where we can really do a lot more with the assets that we have. We have a new CIO here, Ganesh Jayaram. And I want him to just talk quickly about a technology-first mindset that we've introduced that is really going to get at the heart of those questions that you're bringing up about operational reliability. Ganesh?

很高興收到你的來信。嘿，我們在過去的一年裡學到了很多東西。讓我們面對現實吧，2022 年的夏天非常艱難。在那段時間裡，我們正確地工作以確保我們為航空公司製定計劃——利用我們擁有的資源。這在過去的一年中得到了體現。隨著 2022 年的結束，我們變得越來越強大。隨著我們在整個 2023 年取得進展，最讓我感到鼓舞的是，在條件允許的情況下，我們乘坐一家出色的航空公司。我們幾乎完成了每一次飛行。這對夏天來說是個好兆頭。我知道會有問題，我們將不得不掌握一切。但從在正確的地方擁有正確的資源的角度來看，我們從未像現在這樣做好準備。這就是從登機口到站級到飛行員和空乘人員再到機械師的一切。因此，我們對前進的方向感覺非常好。但是你的問題是，嘿，問題發生了。所以我們計劃得很好。但就這些問題和中斷而言，它們將會發生。昨晚我們在 DFW 不得不 [忍受] 雷雨，但我們有新的工具可以讓我們以更好的方式從任何中斷中恢復過來，坦率地說，可以保護更多乘客。所以我們的誤接率現在非常非常可控。當我們展望未來時，我們已經部署的工具，一個名為 Heat 的系統，當熱量積聚、雷暴發生和破壞發生時，它被恰當地命名為。我們所做的是，我們實際上實施了延遲計劃和取消計劃，以保護系統並保護最大數量的客戶，最終讓我們能夠更快地恢復。現在這是一個更大、更長期計劃的一部分，我可能會在這裡給出比你需要的更多的答案。但在過去 5 年的整合和大流行之後，我們正處於可以利用現有資產做更多事情的地步。我們這裡有一位新的 CIO，Ganesh Jayaram。我希望他能快速談談我們引入的技術至上的思維方式，這將真正成為您提出的有關運營可靠性問題的核心。像頭神？

Yes. Thanks, Robert. So the past 7 months that I've been in this role, our technology team has refined our playbook to work better and faster with our partners in the priority areas of operations and commercial to deliver technology solutions that need and exceed the expectations of our customers and team members. So going forward, we're really excited that we bring new digital solutions to the market in a much more agile manner than in the past to improve our customers' ability to self-serve all the needs with American as well as solutions like heat that improve the resilience of our daily flight operations. Lastly, as a technology team. We are working very closely with Devon and the finance team business appropriately and modernizing our technology stack to help us deliver the additional capabilities for the future. I can now turn it over to Vasu and David to share some examples of solutions that we're excited to bring to the market in the rest of the year.

是的。謝謝，羅伯特。因此，在我擔任這個職位的過去 7 個月裡，我們的技術團隊改進了我們的劇本，以便在運營和商業的優先領域與我們的合作夥伴更好更快地合作，以提供需要並超出客戶期望的技術解決方案和團隊成員。因此，展望未來，我們真的很高興我們以比過去更敏捷的方式將新的數字解決方案推向市場，以提高我們的客戶通過美國自助服務所有需求的能力以及像熱這樣的解決方案提高我們日常航班運營的彈性。最後，作為一個技術團隊。我們正在與 Devon 和財務團隊業務密切合作，並對我們的技術堆棧進行現代化改造，以幫助我們為未來提供額外的功能。我現在可以把它交給 Vasu 和 David 來分享一些我們很高興在今年餘下時間推向市場的解決方案示例。

I can pick up a little bit on the technology point, but let me speak very directly to your question about distribution. It's really important to understand our changes through the lens of how our customers have changed because that is our true north. Understanding them and building our enterprise around that is how, of course, we create value. And so earlier, I mentioned how the transaction mix has changed and has been changing. But what's really important is beyond that transaction mix, how our customers consume our product has changed materially. So if you go back to 2019 and look at all the unique customers took a business trip, the top 60% of business traveling customers produced well over 80% of all the business travel revenue at American Airlines. When you look at that in 2023, that same population of unique customers is actually spending 15% more on flight revenue with the airline. However, the mix of their trips has changed materially. It used to be that over 50% of their trips were purely for business purposes. Now less -- well less than 40% of their trips are purely business purposes. That, let's call it, 10 to 15 points of shift has gone pretty much entirely to blended style trips, but it's gone entirely out of the travel agency distribution channel into our direct channels like dot com and app. And so that's been a thing we've been observing really for the better part of the last year the trends continue to accelerate. So -- and you've seen that all across our commercial changes. We've actively repositioned the network where we fly less in short-haul markets like, say, New York to Chicago, but we started a new market like New York to Tulsa. We've done things with our loyalty program, our advantaged Travel Rewards program to make it easier to go and earn miles for things which aren't just taking a historical business trip, which were fewer of those travelers are doing it. But the next and very important part is how we sell and service our product. And what we've realized is so many of those customers are going direct, frankly, because they're used to a consumer experience than any other retailer where it's -- they can buy the product and shop digitally, and they can service it themselves. So when you look at us through that lens, our changes are really kind of simple. By the end of Q2, we'll -- anything that we sell in a U.S. point of origination, a customer will be able to go and service, buy and service digitally through our dot-com and our app, which is a huge change from where the airline has been, a market difference from where many of our competitors are. However, traditional travel agency technology doesn't enable us to roll those same services out through it. But some of the new travel agency technology that's there, the people like Sabre and Amadeus and Travel Porter offering, enable us to do exactly that. So as the summer rolls on, you'll see us rolling more of our selling and servicing tools into this new distribution capability. And that's something which ultimately should be beneficial to travel agencies. That will enable really forward-thinking agencies to serve our joint customers a whole lot better. And so far, we've been actually extremely encouraged. We've had 3 or 4 weeks now where we've been migrating more services and more of our fair products into this new distribution technology and the results have been extremely encouraging. So if you look at first quarter, about 10% of our revenue was booked by travel agencies. We're now -- virtually all of their future bookings are coming through new distribution technologies. We've also seen new travel agency competitors emerge and they're growing at an exponential week-to-week rate. And they're really disrupting the traditional travel management company model. At their current rate of bookings, they will be as any of the three largest travel management companies in terms of booked a revenue probably by this summer. And what we're really encouraged by is every day a new corporate customer is coming to us asking about how they can connect directly to us or which -- how they go and best source all the fair content of American Airlines. So the important thing is really, for us, we are making our changes really in service of where our customers are going. We think it's something which can be great for the travel agency community, but above all, the end consumer is going to benefit from more competition, better services, lower cost of sale. So we're encouraged with where this is going.

我可以從技術角度談一點，但讓我非常直接地回答你關於分發的問題。通過客戶的變化來了解我們的變化非常重要，因為那是我們真正的方向。當然，理解它們並圍繞它們建立我們的企業是我們創造價值的方式。所以早些時候，我提到了交易組合是如何變化的，並且一直在變化。但真正重要的是，除了交易組合之外，我們的客戶消費我們產品的方式也發生了重大變化。因此，如果你回到 2019 年，看看所有出差的獨特客戶，前 60% 的商務旅行客戶創造了美國航空公司所有商務旅行收入的 80% 以上。當您在 2023 年查看時，相同數量的獨特客戶實際上在航空公司的航班收入上花費了 15%。然而，他們的旅行組合發生了重大變化。過去，他們超過 50% 的旅行純粹是出於商務目的。現在更少了——不到 40% 的旅行純粹是出於商業目的。那，讓我們稱之為，10 到 15 個轉變點幾乎完全轉向混合式旅行，但它完全從旅行社分銷渠道進入我們的直接渠道，如 dot com 和應用程序。因此，在去年的大部分時間裡，我們一直在觀察這一趨勢，趨勢繼續加速。所以 - 你已經看到我們所有的商業變化。我們積極重新定位我們在短途市場（例如紐約到芝加哥）飛行較少的網絡，但我們開始了一個新市場，例如紐約到塔爾薩。我們已經通過我們的忠誠度計劃、我們有優勢的旅行獎勵計劃來做一些事情，讓人們更容易去旅行並賺取里程，而不僅僅是進行歷史性的商務旅行，而現在很少有旅行者這樣做了。但下一個也是非常重要的部分是我們如何銷售和服務我們的產品。我們已經意識到，坦率地說，這些客戶中有很多是直接購買的，因為他們比任何其他零售商都更習慣於消費者體驗——他們可以購買產品和數字購物，並且可以自己提供服務.所以當你通過那個鏡頭看我們時，我們的改變真的很簡單。到第二季度末，我們將——我們在美國原產地銷售的任何產品，客戶將能夠通過我們的網絡和應用程序以數字方式進行服務、購買和服務，這是一個巨大的變化從航空公司所在的地方來看，與我們許多競爭對手所在的市場存在差異。然而，傳統的旅行社技術並不能使我們通過它推出這些相同的服務。但一些新的旅行社技術，如 Sabre 和 Amadeus 以及 Travel Porter 產品，使我們能夠做到這一點。因此，隨著夏季的到來，您會看到我們將更多的銷售和服務工具投入到這種新的分銷能力中。這最終應該對旅行社有利。這將使真正具有前瞻性思維的機構能夠更好地為我們的共同客戶提供服務。到目前為止，我們實際上受到了極大的鼓舞。我們已經有 3 到 4 週的時間將更多的服務和更多的公平產品遷移到這種新的分銷技術中，結果非常令人鼓舞。所以如果你看看第一季度，我們大約 10% 的收入是由旅行社預訂的。我們現在 - 幾乎所有他們未來的預訂都來自新的分銷技術。我們還看到新的旅行社競爭對手出現，而且它們每週都以指數級的速度增長。他們確實在顛覆傳統的差旅管理公司模式。按照他們目前的預訂率，他們可能會在今年夏天的預訂收入方面與三大差旅管理公司中的任何一家一樣。我們真正感到鼓舞的是，每天都有新的企業客戶來找我們，詢問他們如何直接與我們聯繫，或者他們如何去最好地採購美國航空公司的所有公平內容。因此，對我們來說，真正重要的是，我們正在真正為客戶的去向服務而做出改變。我們認為這對旅行社社區來說是一件好事，但最重要的是，最終消費者將從更多的競爭、更好的服務和更低的銷售成本中受益。所以我們對這件事的進展感到鼓舞。

I appreciate you letting us go along on that because you can tell your question gets to the heart of everything that we're doing from a strategic perspective operationally and commercially.

我很感激你讓我們繼續這樣做，因為你可以說你的問題是我們從運營和商業的戰略角度所做的一切的核心。

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

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

I have a network question, maybe a little bit of a philosophical one for Vasu or Robert, as we think back to historical periods for the airline industry, there were definitely periods where international growth was funded by domestic capacity cuts when international growth prospects were more attractive. And if we think about the experience through the pandemic where everyone was domestically focused and Florida focused because that was the only thing open. Now slowly market by market, the rest of the world has gradually become Florida too, you all now have a much larger opportunity set. So why don't you think we're seeing some of the domestic bets, which were totally appropriate in the pandemic context being rolled back? And what do you think the set of circumstances that would drive a better portfolio outcome by funding international growth with domestic cuts and appreciate the long-winded philosophical question.

我有一個網絡問題，對於 Vasu 或 Robert 來說可能有點哲學問題，因為我們回想航空業的歷史時期，當國際增長前景更加光明時，肯定存在國際增長由國內運力削減資助的時期吸引人的。如果我們考慮一下大流行期間的經歷，每個人都關注國內，而佛羅里達州則關注，因為那是唯一開放的地方。現在一個市場一個市場慢慢地，世界其他地方也逐漸成為佛羅里達州，你們現在都有更大的機會集。那麼你為什麼不認為我們正在看到一些在大流行背景下完全合適的國內賭注被撤回？您如何看待通過國內削減為國際增長提供資金來推動更好的投資組合結果的一系列情況，並理解這個冗長的哲學問題。

I'll start with, I think, some realities in the business. And then Vasu can do more from the philosophical standpoint. But first, I just think it's important for people to know that American is growing less than anybody else this year. And it's not necessarily by choice. I mean, let's face it. We've run into issues with the constraints that we are all aware of. Manufacturers haven't been able to deliver aircraft on time, and we've had pilot constraints that have gotten in the way. And that has, to some degree, shaped what we've been able to do. So we have, I think, almost 150 regional aircraft that are still on the ground, and we're not serving a lot of small cities that really have lost service and we'd like to get back into. And so I think that, that's an opportunity for us. And then in regard to international, Vasu will talk more about it, but that is absolutely the largest portion of our growth in this coming year, but it's largely been constrained by our other issues. Vasu?

我認為，我將從業務中的一些現實開始。然後瓦蘇可以從哲學的角度做更多的事情。但首先，我認為讓人們知道美國人今年的增長低於其他任何人是很重要的。而且不一定是選擇。我的意思是，讓我們面對現實吧。我們遇到了眾所周知的約束問題。製造商無法按時交付飛機，而且我們遇到了飛行員的限制。在某種程度上，這塑造了我們能夠做的事情。因此，我認為，我們有將近 150 架支線飛機仍在地面上，我們並沒有為很多真正失去服務但我們想重新進入的小城市提供服務。所以我認為，這對我們來說是一個機會。然後關於國際，Vasu 會更多地談論它，但這絕對是我們來年增長的最大部分，但它在很大程度上受到我們其他問題的限制。瓦蘇？

Yes, that's right. I'll pick up from there. And I appreciate your long-winded philosophical question. My boss tells me that I'm (inaudible) to be long-winded and philosophical, but I will be very focused and philosophical for this one. Because this is a topic that we've thought about for really a long time since the start of the pandemic. First, to pick up where Robert left off, when you look out, though our capacity mix is about 75% to 80% short haul versus long haul, 80% of our growth as we head into the next quarter is really all the -- what we call the build back of the long-haul network on a more efficient fleet base. So we -- that's the start of more -- as indeed more airplanes come from Boeing. But also what's very important to note is we very consciously went and built our fleet and our network through the pandemic so that it can go and be nimble and produce a level of earnings growth across the business cycle. So importantly, when you look at us, right, versus 2019, we are about 45 widebodies smaller, 45 narrowbodies larger. That's material because in the long-haul business, and we've seen this over time, it's the most volatile part of a relatively volatile business. It's most capital-intensive part of a capital-intensive business, and it can be very complex operationally too. So what we found is that actually by being a very focused operator, a simplified fleet, things like that, that enables us to go and respond to demand a lot more appropriately. So further to that, to what Robert said, the way we go about doing that is actually by making as many unique origin and destination markets as we can. And our primary asset for doing that is the large narrowbody, whether it fills widebody jets or fill regional jets. And the more of that connectivity we can make, the better it is. So what you'll see in our international network, you see it already, is really an orientation around places where we can leverage our domestic strength. For example, Dallas Fort Worth or Charlotte, which will have four trips to London this summer or markets where we can leverage our partnership network. We will fly JFK to Doha where we're able to connect to the entirety of the Qatar Airways network, for example. And we grade that performance really on, are we generating as a system? Are we generating more industry revenue, more of our share of industry revenue versus capacity share? When you look back at the last 4 or 5 quarters, that's certainly been the case. At large, we're able to collect more revenue than the capacity share that we're flying. So we're encouraged by that. This summer in long haul is going to be a seasonally -- and probably historically strong long-haul summer. Overtime, that is going to go and normalize, and we will be able to grow into that and we'll have a fleet that will enables us to go serve it and [add on] where the demand is.

恩，那就對了。我會從那裡接。我很欣賞你冗長的哲學問題。我的老闆告訴我，我（聽不清）長篇大論和哲學，但我會非常專注和哲學。因為這是自大流行開始以來我們已經思考了很長時間的話題。首先，從羅伯特離開的地方開始，當你往外看時，雖然我們的運力組合大約是短途和長途的 75% 到 80%，但進入下個季度時我們 80% 的增長實際上都是——我們稱之為在更高效的車隊基礎上重建長途網絡。所以我們 - 這是更多的開始 - 實際上更多的飛機來自波音公司。但同樣需要注意的非常重要的一點是，我們非常有意識地在大流行期間建立了我們的機隊和我們的網絡，這樣它就可以變得靈活，並在整個商業周期中產生一定程度的盈利增長。所以重要的是，當你看我們的時候，與 2019 年相比，我們的寬體飛機減少了 45 架，窄體機增加了 45 架。這很重要，因為在長途業務中，隨著時間的推移，我們已經看到了這一點，這是相對不穩定的業務中最不穩定的部分。它是資本密集型業務中資本最密集的部分，而且在運營上也可能非常複雜。所以我們發現，實際上通過成為一個非常專注的運營商，一個簡化的機隊，諸如此類的事情，這使我們能夠更適當地去響應需求。因此，除此之外，正如羅伯特所說，我們這樣做的方式實際上是盡可能多地建立獨特的始發地和目的地市場。我們這樣做的主要資產是大型窄體機，無論是寬體噴氣機還是支線噴氣機。我們可以建立的連接越多，它就越好。因此，您將在我們的國際網絡中看到的，您已經看到的，實際上是圍繞我們可以利用我們國內實力的地方的定位。例如，達拉斯沃思堡或夏洛特，今年夏天將四次前往倫敦或我們可以利用我們的合作夥伴網絡的市場。例如，我們將肯尼迪國際機場飛往多哈，在那裡我們能夠連接到卡塔爾航空公司的整個網絡。我們真的對性能進行評分，我們是作為一個系統生成的嗎？我們是否正在產生更多的行業收入，我們在行業收入中的份額與產能份額相比更大？回顧過去 4 或 5 個季度，情況確實如此。總的來說，我們能夠獲得比我們飛行的運力份額更多的收入。所以我們對此感到鼓舞。從長途航線來看，今年夏天將是一個季節性的——而且可能是歷史上最強勁的長途航線夏季。隨著時間的推移，這將成為常態化，我們將能夠發展到這一點，我們將擁有一支艦隊，使我們能夠為其提供服務並 [add on] 在需求所在的地方。

Duane, just one other piece of kind of real news on top of that. It's just that to add to that O&D base, I mentioned the 150 aircraft that we're not flying from a regional perspective, I think that we've seen the low point of supportability. And as we take a look through the rest of the year, that's going to be built back. And I don't know if we'll be back to probably 100 aircraft down, but I look out over certainly in the next 18, 24 months, to be in a much better position just for utilization and also being able to service these smaller cities and contributing to what Vasu just said from a philosophical perspective.

杜安，除此之外，還有一則真實新聞。只是為了增加 O&D 基地，我提到了我們沒有從區域角度飛行的 150 架飛機，我認為我們已經看到了支持能力的低點。當我們回顧今年餘下的時間時，將會重建。我不知道我們是否會恢復到可能減少 100 架飛機的水平，但我肯定會在接下來的 18、24 個月內展望未來，以便在利用率方面處於更好的位置，並且能夠為這些較小的城市，並從哲學的角度為 Vasu 剛才所說的做出貢獻。

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。

Maybe sticking with the philosophical a little bit. I'm sure this is still a real tough time to give some revenue projections. I guess when you sit down with your -- when we sat down with your team over the last couple of weeks, which entities today are easier to forecast than maybe some others aren't?

也許堅持哲學一點。我敢肯定，現在仍然很難給出一些收入預測。我想當你坐下來與你的 - 當我們在過去幾週與你的團隊坐下來時，今天哪些實體比其他一些實體更容易預測？

That's an excellent question. And look, this business is nothing if not dynamic. Look, in our system probably -- there's probably a lot more forecast clarity in our short-haul network than our long-haul network. Do not exactly to any particular demand trends, but just simply to the fact that we've been operating a big domestic system for a really long time. So if you go back and look at last year, the demand environment in domestic, it was strong as we headed into the second quarter. It was made stronger by the fact that so many long-haul markets were -- they were either closed or it was really difficult for customers to go through. But by being big last year and by continuing to being much bigger than what many other airlines were, it gave us a better sense for any amount of demand projections, but things such as how far from departure the booking curve is, how we can position our network based on demand changes, changing customer profiles and tastes. So right now, there's probably a little more accuracy around the short-haul network than the long-haul network.

這是一個很好的問題。看，如果不是動態的，這項業務就什麼也不是。看，在我們的系統中可能——我們的短途網絡可能比我們的長途網絡有更多的預測清晰度。不完全是針對任何特定的需求趨勢，而只是針對我們已經運行一個大型國內系統很長時間的事實。因此，如果你回顧去年，國內的需求環境在我們進入第二季度時表現強勁。由於有如此多的長途市場——它們要么關閉，要么客戶真的很難通過，這一事實使它變得更加強大。但是，通過去年的規模擴大以及繼續比許多其他航空公司規模大得多，它讓我們對任何數量的需求預測有了更好的認識，但諸如預訂曲線離出發點有多遠，我們如何定位等事情我們的網絡基於需求的變化，不斷變化的客戶概況和品味。所以現在，短途網絡可能比長途網絡更準確。

Great. That's helpful. And then just a second question here, I guess more near term, just any update this morning. I know you reiterated your full year capacity and earnings goals, but nothing around revenues or costs. Have your thoughts here changed at all? Or are you just kind of holding in the historical revenue fuel relationship?

偉大的。這很有幫助。然後這裡只是第二個問題，我想更近期，只是今天早上的任何更新。我知道你重申了你的全年產能和盈利目標，但沒有提到收入或成本。你的想法在這裡有什麼改變嗎？還是您只是持有歷史收入燃料關係？

Yes. I'd just say we're pretty early in the year for an update on either revenue or fuel. So we're leaving those out. I will say on the our CASMx fuel basis, we still feel really good about our initial guidance of CASM, up 2% to 5% for that period. And I think we'll be right around the midpoint of that at least as we sit here today.

是的。我只是說我們在今年年初就可以更新收入或燃料。所以我們將這些排除在外。我會說，在我們的 CASMx 燃料基礎上，我們對 CASM 的初始指導仍然感覺非常好，在此期間上漲 2% 至 5%。我認為至少在我們今天坐在這裡的時候，我們將恰好在中間點附近。

Our next question comes from the line of Ravi Shanker of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

It feels like the next kind of 12 to 18 months are going to be pretty important for managed corporate as a lot of the kind of old grandfathered enterprise corporate contracts come up for renewal. And you obviously have a few more competitors potentially to enter the game and maybe the size of the pie is also a little bit smaller, at least in the short term. How are you guys thinking about where American is positioned relative to kind of some of the enterprise historical competitors as well as maybe some of the new entrants and kind of going off of that managed corporate share?

感覺接下來的 12 到 18 個月對於託管公司來說將非常重要，因為許多舊的祖父企業公司合同需要續簽。而且你顯然有更多的競爭對手可能進入遊戲，也許餡餅的大小也變小了一點，至少在短期內是這樣。你們如何考慮美國人相對於一些企業歷史競爭對手以及一些新進入者和管理公司份額的定位？

Ravi, this is Vasu. And I'll pick up your question with reference to some of my early comments here, and our customers have changed. And probably where that change is the greatest is with contract and corporations. So in 1Q '19, our mix of business revenue, I said we were 40%. That was kind of a 2:1 split between non-contracted customers and contracted customers. Now what we're seeing and what we've been seeing is that relationship is more like a 3:1 split between non-contracted customers and contracted customers. So there's -- the nature of the travel that's out there has changed a lot. But also the way in which we think about corporates has changed as customer tastes have changed. And if you think about it for so many corporates, really when companies aren't back to work, it's really hard to go and get people back on the road, and we see that. So where we are today, 95% of our corporate accounts are telling us that they're not enforcing a travel policy, in which they require an employee to fly one airline versus another. And across our contracted base, over 60% of our corporate contracts don't fulfill the volume and share goals that we've set out, which is completely understandable. The marketplace has changed. If companies are struggling to bring people back to the office, it's practical to think that it's difficult to get them back on the road. But that said, among that -- to refer to my earlier comments, that same base of customers though they may be traveling less on a contracted deal, they're actually spending more money traveling on the airline. And indeed, that base of customers are doing things -- they're the ones who are most likely to acquire our credit card or where they have our credit card. They're the ones most likely to go and drive up spending on it. So we're actually really encouraged as contracts come up for renewal because it's a chance between us and some of these corporates to really figure out how we go and structured deals that are fit for the purposes that these corporations have today and tomorrow. So we're encouraged by that. We think that the marketplace is changing very much, and we're looking forward to changing with it.

拉維，這是瓦蘇。我會參考我在這裡的一些早期評論來回答你的問題，我們的客戶已經改變了。變化最大的地方可能是合同和公司。所以在 19 年第一季度，我們的業務收入組合，我說我們是 40%。非簽約客戶和簽約客戶之間的比例為 2:1。現在我們所看到的和我們一直看到的是，這種關係更像是非簽約客戶和簽約客戶之間的 3:1 分裂。因此，那裡的旅行性質發生了很大變化。但隨著客戶口味的變化，我們看待企業的方式也發生了變化。如果你為這麼多公司考慮一下，真的當公司沒有恢復工作時，真的很難讓人們重新上路，我們看到了這一點。因此，我們今天所處的位置，95% 的公司客戶告訴我們，他們沒有執行旅行政策，在該政策中，他們要求員工乘坐一家航空公司而不是另一家航空公司。在我們的合同基礎上，超過 60% 的公司合同沒有達到我們設定的數量和份額目標，這是完全可以理解的。市場已經改變。如果公司正在努力讓人們回到辦公室，那麼實際上很難讓他們回到路上。但這就是說，其中 - 參考我之前的評論，相同的客戶群雖然他們可能在合同交易中旅行較少，但他們實際上在航空公司旅行上花費了更多的錢。事實上，這些客戶群正在做事——他們是最有可能獲得我們信用卡的人，或者他們擁有我們信用卡的地方。他們是最有可能去推動支出的人。因此，當合同即將續籤時，我們真的很受鼓舞，因為這是我們和其中一些公司之間的一個機會，可以真正弄清楚我們將如何進行並構建適合這些公司今天和明天的目的的交易。所以我們對此感到鼓舞。我們認為市場正在發生很大變化，我們期待著隨之改變。

Understood. That's really helpful. And maybe as a quick follow-up. I know there's been some commentary on kind of the domestic network on this call already. But just to put a fine point on it, I guess, given your U.S. domestic exposure relative to your network peers, I think there's been a lot of talk/speculation on the strength of the U.S. domestic traveler kind of -- any kind of definitive work that you can say about whether you're seeing that strength in demand continuing, the strength in RASM continuing? Are you starting to see cracks or people potentially kind of delaying or putting off trips domestically, that would be helpful?

明白了。這真的很有幫助。也許作為快速跟進。我知道在這個電話會議上已經有一些關於國內網絡的評論。但我想，為了說明一點，考慮到你在美國國內相對於你的網絡同行的曝光率，我認為已經有很多關於美國國內旅行者實力的討論/猜測 - 任何一種明確的你能說說你是否看到需求強勁，RASM 持續強勁的工作？您是否開始看到裂縫或人們可能會延遲或推遲國內旅行，這會有幫助嗎？

Look, I would say this, Ravi, what we see out there is demand for travel has never been probably more aspirational nor more intentional. That is we see not just people continuing to book further in advance. They're doing things where they want to go put more spending on credit cards. They want to go earn more miles because they're aspiring to take future trips that are out there. And they're keen to find more ways to go and do that, especially as they may be -- they're the companies may be requiring them to travel less. But there's also just a lot of intentionality about, right? Like what we've seen across our system is -- if you look at our traffic composition, it's not just that there's no more same-day trips, we've shifted about 3 points of our traffic mix from round trips to one ways where people are sometimes willing to pay a flexibility premium so that they can structure their trip and their fair product in the manner that they like. That's all to say that we do continue to see strength in the demand environment. It's year-over-year comps may be a little bit odd because purely idiosyncratic issues, right? Last year, domestic was benefited by the fact that long-haul markets were shut down, for example. But so far, we still see a really favorable demand environment, and we see at the actually unique customer level, a great degree of desire to travel.

聽著，拉維，我要說的是，我們所看到的旅行需求可能從未像現在這樣雄心勃勃，也從未如此有意為之。也就是說，我們不僅看到人們繼續提前預訂。他們正在做他們想做的事情，把更多的錢花在信用卡上。他們想要贏得更多里程，因為他們渴望在未來進行更多旅行。他們渴望找到更多的方法來做到這一點，尤其是他們可能會這樣做——公司可能會要求他們減少旅行。但也有很多意向性，對吧？就像我們在我們的系統中看到的那樣——如果你看一下我們的流量構成，這不僅僅是因為沒有更多的當天行程，我們已經將大約 3 點的流量組合從往返行程轉移到一種方式人們有時願意支付靈活性溢價，以便他們可以按照自己喜歡的方式安排他們的旅行和他們的公平產品。這就是說我們確實繼續看到需求環境的力量。它的年度比較可能有點奇怪，因為純粹是特殊問題，對吧？例如，去年，國內航班因長途市場關閉而受益。但到目前為止，我們仍然看到一個非常有利的需求環境，我們看到在真正獨特的客戶層面，有很大程度的旅行願望。

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。

The pushback I get on the free cash flow production on American is that it's somewhat temporary as CapEx kind of picks up again in the future and nothing to the magnitude that you had before in the refleeting phase. But why aren't we talking more about a long-term return on invested capital target? Like what goes into that thought process for you guys? Or maybe we're just too early in the balance sheet recovery phase. Just any thoughts there would be helpful.

我對美國自由現金流生產的反對是，它有點暫時，因為資本支出在未來會再次回升，而且不會達到你之前在反射階段的規模。但為什麼我們不更多地談論投資資本目標的長期回報呢？像你們這樣的思考過程是什麼？或者也許我們在資產負債表恢復階段還為時過早。任何想法都會有所幫助。

Listen, to start, we are really excited about our potential for free cash flow production in 2023. And you're right, this is a year where we have lower CapEx than an average year and lower CapEx than we wanted to have this year. We planned to spend a little bit more on aircraft CapEx. We just weren't able to get the deliveries in that we wanted. But this year, we will be something approaching $3 billion of free cash flow. That is inclusive of our labor agreements, which [do have] the potential of some sort of bonus pay. So we're proud of what we're producing this year. Next year, I think we're going to have a really nice free cash flow story, again, even though our aircraft CapEx does step up a little bit. And then longer term, I think this is a story that we -- hopefully we'll continue to talk about. We don't expect to have a need to go through a kind of massive CapEx cycle, again, we expect a more normalized cycle of capital expenditures. And in that world, we should be able to produce free cash flow each year. And as for metrics like a return on invested capital metric, yes, it is early in the recovery, but that's something that we would expect to talk more about in the coming years.

聽著，首先，我們對 2023 年產生自由現金流的潛力感到非常興奮。你是對的，這一年我們的資本支出低於平均水平，資本支出也低於我們今年的預期。我們計劃在飛機資本支出上多花一點錢。我們只是無法按我們想要的方式交貨。但今年，我們的自由現金流將接近 30 億美元。這包括我們的勞動協議，這些協議 [確實] 有可能提供某種獎金。因此，我們為今年的成果感到自豪。明年，我認為我們將再次擁有一個非常好的自由現金流故事，即使我們的飛機資本支出確實有所提高。然後從長遠來看，我認為這是一個我們——希望我們能繼續談論的故事。我們預計不需要經歷大規模的資本支出週期，同樣，我們預計資本支出週期會更加正常化。在那個世界裡，我們應該能夠每年產生自由現金流。至於投資資本回報率等指標，是的，現在還處於復蘇初期，但我們希望在未來幾年更多地討論這一點。

Okay. And then you talked a fair bit about managed corporate travel. But I was just curious if you could talk a little bit about the small and medium business traveler out there. Obviously been a huge important segment for you guys in the near term. Just curious if there have been any changing in trends or tendencies given the choppy macro backdrop? Just any thoughts there would be helpful.

好的。然後你談到了一些關於託管公司旅行的問題。但我只是想知道您能否談談那裡的中小型商務旅客。顯然，在短期內對你們來說是一個非常重要的部分。只是好奇在動蕩的宏觀背景下趨勢或趨勢是否有任何變化？任何想法都會有所幫助。

Yes, that's a great question. And probably it's a segment of travel, which is maybe neglected historically. Look, we see a lot of growth. I mean, clearly, it's not just that people are traveling less on contracted accounts, but we're seeing people who are taking business style trips or even blended trips who have no corporate -- no recognized contract and corporate affiliation. And really the -- probably the biggest thing to note there is that there's just a different set of buying criteria. There's value on flexibility, to my earlier point that a lot more of those non-contracted customers are -- will look to buy one-way trips in order to blend it or construct what they need to do. And also for those customers, there's a material -- they reflect a lot of the economic dynamics of the country. And Robert kind of alluded to it in his earlier remark to the top of this, so much of that demand is originating out of Sunbelt markets, Arizona, Texas, the Carolinas, Florida, places where we just have an inherent level of strength, and we endeavor to go build a fleet and the network structure to capitalize on.

是的，這是一個很好的問題。這可能是一段旅行，在歷史上可能被忽視了。看，我們看到了很多增長。我的意思是，很明顯，不僅人們減少了合同賬戶的旅行，而且我們看到人們正在進行商務旅行，甚至是混合旅行，他們沒有公司——沒有公認的合同和公司隸屬關係。真的 - 可能最值得注意的是，只有一套不同的購買標準。靈活性是有價值的，就我之前的觀點而言，更多的非簽約客戶 - 將尋求購買單程旅行以混合它或構建他們需要做的事情。對於這些客戶，還有一種材料——它們反映了該國的許多經濟動態。羅伯特在他早些時候對這一點的評論中提到了這一點，其中很大一部分需求來自亞利桑那州、德克薩斯州、卡羅來納州、佛羅里達州的陽光地帶市場，這些地方我們具有固有的實力水平，而且我們努力去建立一個艦隊和網絡結構來利用。

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 have two quick ones here. Just Vasu, following on Helane's point on your answer to your question. What was the split between direct and indirect sales in 2019? Where are you today? And where do you think you are, say, 1.5 years, 2 years out?

我這裡有兩個快速的。只是 Vasu，按照 Helane 對你問題的回答的觀點。 2019 年直接銷售和間接銷售之間的比例是多少？你今天在哪？你認為你在哪裡，比方說，1.5 年，2 年？

We are -- today, we are a little over 60% going direct, which is about a 10 to 12 points improvement versus where we were in quarter 1 of '19. We anticipate being about 10 points larger than that by quarter 2. Now importantly, we consider being sold through our new distribution technologies also as direct because we're able to provide -- for us, direct is really, how do we provide the right level of retail experience, selling and servicing to the customer? So we anticipate that will grow and potentially be as much as 80-plus percent of the airline by the end of the year. And where we certainly are doing all that we can to both encourage and incentivize people to make it something greater than that. So we're -- we remain pleased with how it's rolled out there to bolster that and to come back to some points that Robert and Ganesh mentioned. Part of what we're doing also is we're just -- we're simplifying what we sell. There's a lot of cases where we've created a lot of revenue products for a customer that -- for customer behaviors that just don't exist anymore, but required a lot of complications in servicing. Now we can be a lot more simple. We can provide flexibility in a lot more ways, which ultimately will be a thing that is great for any travel agency looking to serve a customer. But understandably, those are only made possible through contemporary technology. And so we anticipate that will also further fuel a change amongst customer behavior and ideally agency behavior, too.

我們 - 今天，我們有超過 60% 的直接，這比我們在 19 年第一季度的水平提高了 10 到 12 個百分點。我們預計到第 2 季度將比這個數字高 10 個百分點。現在重要的是，我們認為通過我們的新分銷技術進行銷售也是直接的，因為我們能夠提供——對我們來說，直接就是我們如何提供正確的零售經驗、銷售和客戶服務水平？因此，我們預計到今年年底，這一比例將增長並可能達到航空公司的 80% 以上。我們當然會盡一切努力鼓勵和激勵人們做出比這更偉大的事情。所以我們 - 我們仍然對它如何在那裡推出以支持它並回到羅伯特和加內甚提到的一些觀點感到滿意。我們正在做的部分工作也是我們只是 - 我們正在簡化我們銷售的產品。在很多情況下，我們為客戶創造了很多收入產品——針對不再存在的客戶行為，但在服務方面需要很多複雜性。現在我們可以簡單得多。我們可以通過更多方式提供靈活性，這最終對於任何希望為客戶提供服務的旅行社來說都是一件好事。但可以理解的是，這些只有通過現代技術才能實現。因此，我們預計這也將進一步推動客戶行為和理想的代理行為之間的變化。

Yes. And just to clarify, you threw out 80%. But I guess, to be clear, it's almost -- that's obviously the NDC piece, but it's almost a bit of a hybrid direct because the GDSs are part of that solution, right? Am I -- is that my interpretation right?

是的。澄清一下，你扔掉了 80%。但我想，需要明確的是，它幾乎 - 這顯然是 NDC 部分，但它幾乎有點混合直接，因為 GDS 是該解決方案的一部分，對吧？我——我的解釋對嗎？

Yes, that's correct. And you're very much right, Mike. And the reality is what the split is that takes us from 60 to 80 between direct and indirect, we don't entirely know yet. And if we look at it certainly from the last 3 or 4 weeks that we've been really producing content for new distribution channels. We've actually seen -- the primary growth outlook has actually been our app and our dot-com. So we -- as things change, it remains to be seen. And again, so much of this is dictated by the taste of the customer. Many of those noncontracted business customers that we -- that I spoke about in the last question, would love to go and purchase and consume our product through the app. So as our app improves, we anticipate there will be more and more of a shift.

對，那是正確的。你說得很對，邁克。而現實是直接和間接之間的分裂是什麼，我們從 60 到 80，我們還不完全知道。如果我們從過去 3 或 4 週的時間來看，我們確實在為新的分發渠道製作內容。我們實際上已經看到——主要的增長前景實際上是我們的應用程序和我們的網絡。所以我們 - 隨著事情的變化，它還有待觀察。而且，這在很大程度上取決於客戶的口味。我在上一個問題中談到的許多非合同商業客戶都願意通過該應用程序購買和消費我們的產品。因此，隨著我們應用程序的改進，我們預計會有越來越多的轉變。

Great. That's great. And then, Devon, just a quick one. The $211 million profit sharing accrual, I guess that covers part of last year, but was that entirely incurred in the March quarter of 2023? And when you give us CASMx, is that CASMx fuel? Or is your -- is it CASMx fuel and profit sharing? I just want to clarify that.

偉大的。那太棒了。然後，德文，只是一個快速的。 2.11 億美元的應計利潤分享，我想這涵蓋了去年的一部分，但這是否全部發生在 2023 年三月季度？當你給我們 CASMx 時，那是 CASMx 燃料嗎？或者是你的 - 是 CASMx 燃料和利潤分享嗎？我只想澄清一下。

Okay. So the CASMx guidance is just CASMx fuel. As for the $211 million, that is for our profit sharing program for the year ended March 31. We do have a profit churn program for 2023 that started January and goes for the entire 12 months of this year. So the $211 million is for effectively the 9 months -- last 9 months of 2022 and the first 3 months of 2023, and that is going to be paid out in May.

好的。所以 CASMx 指南只是 CASMx 的燃料。至於 2.11 億美元，這是我們截至 3 月 31 日止年度的利潤分享計劃。我們確實有一個 2023 年的利潤流失計劃，該計劃從 1 月開始，持續到今年的整個 12 個月。因此，2.11 億美元實際上用於 9 個月——2022 年的最後 9 個月和 2023 年的前 3 個月，並將在 5 月支付。

Okay. But was that incurred 100% in the March quarter of ...

好的。但這是否在 3 月份的季度發生了 100%...

No, it wasn't. That was accrued throughout 2022.

不，不是。這是在整個 2022 年累積的。

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。

So Vasu, continuing on the corporate question. We understand the shift to NDC and credit is absolutely due to American for having the IT capabilities that not all of your competitors do. But what I can't reconcile is the way that you appear to be backing away from corporates, and that's based on high conversations with travel managers across the country, what I've seen in the press. I mean, it feels like the new philosophy is that you're not pursuing corporates with the same vigor as in the past because to me, that suggests the potential for share shift to United and Delta.

Vasu，請繼續討論公司問題。我們知道轉向 NDC 和信用絕對歸功於美國航空擁有並非所有競爭對手都具備的 IT 能力。但我無法接受的是，你似乎正在遠離企業，這是基於與全國各地旅行經理的高度對話，我在媒體上看到的。我的意思是，感覺新的理念是你不再像過去那樣充滿活力地追求企業，因為對我來說，這表明股票有可能轉移到聯合航空和達美航空。

And the lens to see a lot of our changes is through the actual user of the airline product -- the end consumer, and that's been a thing where. If you just think about the big history of the airlines, it's been hard just to mask the data and see technologically like who the customer is. We distribute our product based on whether it was a fast schedule or a low price. And so much of what we did was try to get people to go buy the faster schedule because there is a premium on it, but the changes have been meaningful. And none of the top 25 companies who were there in 2019 are any more than about 65% return to travel. However, the top customers, to my earlier point, are travel -- they're spending more on the airline than ever before. Now what that means for us is, especially in many cases where accounts aren't fulfilling or things like that. The nature of the corporate discount and the corporate contract is just changing. Maybe the best example that I can give is through many of our contracts over the years, we granted a level of loyalty status to customers. Well, now what we find is people are willing to actually -- especially noncontracted customers, many cases, the actual customer in the corporation is looking to go and earn more miles. They want more -- and when they earn miles, they want to be able to redeem them. They want to be able to get their status benefits. They want all of those things to take place. However, at our peak, we were giving away as much as 35% of our status members were through corporate exceptions. So that's a material amount when you think about it, that's actually curtailing the customer experience of those people who are most using our project -- our product. Some of whom work in the exact same corporation, but didn't travel as much before. They traveled less than some of the people who are receiving the exception. So a lot less of this is backing away from it, but the marketplace has changed. And there's something that we can do with a lot of these travel managers, which could be a much better experience for all of their customers through all of these changes, they can have access to, frankly, a much more seamless and simple servicing solution where they can also go and get some distribution cost savings, too. So look, change is never a thing, which is all the way easy, but it is something where our customers are speaking and they -- for them, it's necessary.

看到我們很多變化的鏡頭是通過航空公司產品的實際用戶——最終消費者，這已經成為現實。如果你只是想一想航空公司的悠久歷史，就很難僅僅掩蓋數據並從技術上了解客戶是誰。我們根據產品是快速交貨還是低價來分銷我們的產品。我們所做的大部分工作都是試圖讓人們去購買更快的時間表，因為它有溢價，但這些變化是有意義的。 2019 年排名前 25 位的公司中，沒有超過 65% 的人重返旅行。然而，就我之前的觀點而言，最大的客戶是旅行——他們在航空公司上的花費比以往任何時候都多。這對我們來說意味著什麼，尤其是在許多賬戶無法兌現或類似情況的情況下。公司折扣和公司合同的性質正在發生變化。也許我能舉出的最好的例子是通過我們多年來的許多合同，我們授予客戶一定程度的忠誠度。好吧，現在我們發現人們實際上願意——尤其是非合同客戶，在很多情況下，公司的實際客戶希望去贏得更多里程。他們想要更多——當他們賺取里程時，他們希望能夠兌換里程。他們希望能夠獲得身份福利。他們希望所有這些事情都發生。然而，在我們的巔峰時期，我們放棄了多達 35% 的身份會員是通過公司例外。所以當你考慮它時，這是一個實質性的數量，這實際上減少了那些最常使用我們的項目——我們的產品的人的客戶體驗。其中一些人在完全相同的公司工作，但以前出差不多。他們旅行的次數少於一些獲得例外情況的人。因此，很少有人放棄它，但市場已經發生了變化。我們可以與這些差旅經理一起做一些事情，通過所有這些變化，這可能會為他們的所有客戶帶來更好的體驗，坦率地說，他們可以獲得更加無縫和簡單的服務解決方案，其中他們也可以去節省一些分銷成本。所以看，改變從來都不是一件容易的事，但這是我們的客戶正在談論的事情，他們 - 對他們來說，這是必要的。

Jamie, it's important for me to weigh into, hey, I know this is probably not the case. So the nature of your question suggests that's what our competitors are saying about us in the marketplace. And I'd just like to underscore that, yes, "hey! look! we're going about things in a little bit different fashion". We're looking to better service, offer less -- much less complex product seamlessness across the board. That benefits our relationship with the corporate customers. And we're out there in force, and we're making sure that we're appealing to our largest customers in the way that they want to do business. And if there are changes we need to make, we're going to do it. But right now, I think that more than anything else, what we're doing is actually having an impact and I'm pleased with where we're headed.

傑米，這對我來說很重要，嘿，我知道情況可能並非如此。所以你的問題的性質表明這就是我們的競爭對手在市場上對我們的評價。我只想強調一點，是的，“嘿！看！我們正在以一種有點不同的方式處理事情”。我們正在尋求更好的服務，提供更少——更簡單的產品無縫無縫。這有利於我們與企業客戶的關係。而且我們在那裡有效，我們確保我們以他們想要開展業務的方式吸引我們最大的客戶。如果我們需要做出改變，我們會去做。但現在，我認為最重要的是，我們正在做的事情實際上正在產生影響，我對我們的前進方向感到滿意。

Okay. Very interesting. And Devon, just a quick question on the labor cost accruals. I want to make sure I understand correctly, those accruals -- well, do the accruals include any changes in profit sharing formula is anywhere else in the P&L? Or is it simply a wage-based accrual? Given your answer to Mike's question, I think that's the right answer. It's just a wage-based exercise.

好的。很有意思。德文郡，只是一個關於人工成本應計的快速問題。我想確保我理解正確，那些應計費用——好吧，應計費用是否包括損益表中其他任何地方的利潤分享公式的任何變化？還是僅僅是基於工資的應計？鑑於您對邁克問題的回答，我認為這是正確的答案。這只是一個基於工資的練習。

Yes. So for what's in the second quarter, based on where we're at in negotiations and an assumption that we actually reached a tentative agreement this quarter, what we have in our guidance is an assumption that we will be at higher wages for our pilot work group, fourth quarter. Other work groups, we expect to reach tenant agreements later in the year. So they -- there's no impact from those groups in the second quarter. And as for profit sharing, yes, no expected profit sharing changes this quarter, but we do have an expectation for a change in profit sharing for those work groups in the back half of the year.

是的。因此，對於第二季度的情況，基於我們在談判中所處的位置以及我們本季度實際上達成了初步協議的假設，我們在指導中的假設是我們將以更高的工資進行試點工作組，第四節。其他工作組，我們預計將在今年晚些時候達成租戶協議。所以他們 - 第二季度這些團體沒有影響。至於利潤分享，是的，本季度沒有預期的利潤分享變化，但我們確實期望這些工作組在下半年改變利潤分享。

And Jamie, this let me add on here, too. I know that there was a question about real P&L items. But at the end of the day, we're going to end up with a contract that not only takes care of our pilots from a compensation perspective, but also quality of life. But the good news on that front is that, look, I think that we're going to be in a position where the changes that we're making are going to benefit not only our pilots, but the airline as well. So I look to changes that are being made is something that we'll be able to accommodate over time without a lot of impact to productivity.

傑米，這也讓我在這裡補充一下。我知道有一個關於真實損益項目的問題。但歸根結底，我們將簽訂一份合同，不僅從薪酬的角度照顧我們的飛行員，而且從生活質量的角度來看。但在這方面的好消息是，看，我認為我們將處於這樣一種境地，即我們所做的改變不僅有利於我們的飛行員，也有利於航空公司。因此，我認為正在進行的更改是我們能夠隨著時間的推移進行調整，而不會對生產力產生太大影響。

We will now take questions from media. (Operator Instructions) And our first question comes from the line of Alison Sider of WSJ.

我們現在將接受媒體提問。 （操作員說明）我們的第一個問題來自《華爾街日報》的 Alison Sider。

Yes. Just sort of curious on Boeing deliveries, kind of what's coming next, what you're hearing on Dreamliner deliveries and whether 737 late this summer are going to cause any issues? Are you having to thin out routes or cancel any routes or any kind of customer impact there?

是的。只是對波音的交付感到好奇，接下來會發生什麼，你聽到的關於夢想飛機交付的消息，以及今年夏末的 737 是否會引起任何問題？您是否必須減少路線或取消任何路線或對那裡的客戶產生任何影響？

I'll start and Devon can give you some particulars. But between the MAXs and 787s, I think we have approximately 20 some-odd -- 23 deliveries planned for this year. And certainly, we've had some delays in that, and we are concerned about potential delays impacting the summer as well. It looks like we're going to be minimally impacted. But I'd just underscore this that any time that there's a delay in delivery, especially for an airline like American right now, where we've really built an efficient fleet over the years. If this is -- this results in a real impact to the airline and to our customers, we expected to fly those planes. We expect it to fly in on time. And when we have to make schedule changes. It impacts hundreds if not thousands of customers. Fortunately, with this latest issue with the MAX, we haven't had to make too many changes, but I'd just like to underscore this. Boeing has been a great partner. Airbus is a great partner. But look, at the end of the day, we need them to be incredibly reliable. We need them to be better than what they've been. And I communicate very frequently with the Boeing senior management team. And we need them to get their act together. We need a very, very strong Boeing, and we need them to be an incredible partner, and we have all the confidence that they'll get there. Devon, did you want to add anything else in terms of particulars?

我會開始，德文可以給你一些細節。但在 MAX 和 787 之間，我認為我們今年計劃交付大約 20 架 - 23 架。當然，我們在這方面有一些延誤，我們擔心潛在的延誤也會影響夏季。看起來我們將受到最小的影響。但我要強調的是，任何時候都有延遲交付，特別是對於像美國航空公司這樣的航空公司來說，多年來我們真正建立了一支高效的機隊。如果這是 - 這會對航空公司和我們的客戶產生真正的影響，我們希望駕駛這些飛機。我們希望它能準時飛來。以及何時我們必須更改時間表。它會影響數百甚至數千名客戶。幸運的是，在最新一期的 MAX 中，我們不必進行太多更改，但我只想強調這一點。波音一直是一個很好的合作夥伴。空客是一個很好的合作夥伴。但是，歸根結底，我們需要它們非常可靠。我們需要他們比過去更好。而且我與波音高級管理團隊的溝通非常頻繁。我們需要他們齊心協力。我們需要非常非常強大的波音公司，我們需要他們成為令人難以置信的合作夥伴，我們完全相信他們會實現這一目標。 Devon，你想補充什麼細節嗎？

Just a reminder, we have 4 787 deliveries this year, we took one in the first quarter. We expect the next 3 in the next 30 days or so. And on the MAXs, we have 17 remaining. Those will start to deliver over the next [handful] of weeks. The last two deliveries for this year are both neos and we got both of those in the [first] quarter.

提醒一下，我們今年有 4 787 架飛機交付，我們在第一季度交付了一輛。我們預計在接下來的 30 天左右會出現接下來的 3 次。在 MAX 上，我們還剩下 17 個。這些將在接下來的[少數]週內開始交付。今年最後兩次交付的都是 neos，我們在 [第一] 季度就得到了這兩個。

And if I could just follow up on sort of all the business travel talk on this call. You talked about it a lot, but we have heard companies and agencies sort of complaining about some of the changes American has made. Are you -- is it that -- are you seeing any market share shift? Or is it that it just doesn't really matter in the same way it might have at one point?

如果我可以跟進此電話中的所有商務旅行談話。你談了很多，但我們聽到公司和機構抱怨美國航空所做的一些改變。您是否 - 是 - 您是否看到任何市場份額變化？還是它在某個時候可能並不重要？

This is Vasu. Thanks for the question. Look, from a given agency to or another, we may see a little bit. But in aggregate, we're really encouraged by the revenue trends that we see. Indeed, what we're seeing -- and while probably many people in traditional travel distribution are adjusting to these changes, but we also see in other cases, end consumers really responding favorably. So I mentioned earlier how many of our sales are going direct, but one of the things that we're encouraged by is by the end of this month, over 60% of our servicing transactions are coming digitally. And we anticipate by the end of the year, 100% of our transactions could be done digitally. And so that's a really meaningful change. Again, when you think about who those customers are that are increasingly traveling, whether they're traveling on a blended trip or a business trip or a leisure trip, is kind of a second order issue. The more that we can give them a contemporary retailing experience, like what they get anything else they buy, the more they value. We're seeing that over and over again. Our best channel for driving upsell is actually dot-com and the app. And it's consistent across our system. I'll give a for example. This will be relevant for you even for Jamie's comment. It's not just a function of our domestic marketplace. But when we're seeing 10 to 15 points of transaction share shift out of travel agencies and into the direct channel, it applies in our long-haul network, too. So London Heathrow, which, for us, has -- our peak flights in London Heathrow could -- the entirety of the premium cabin could have been sold outside of the dot-com at one point in time in the past. As we're -- as we finish the first quarter here, about 40% of our sales in London Heathrow premium cabin is coming through our direct channel. And so much of what's happening when they're doing that is -- when customers are buying that, is they're buying a product that they can go service themselves, they can change their seat assignment. They get the full value of not just the flexibility of the fair product, but the entirety of the servicing experience. So actually, so many of our changes we want to make that same thing available to all of our retail outlets. Wherever a customer wants to shop, we want them to be able to have that experience as well. And we know that many of our travel agency partners and our corporates want the exact same thing, but it calls for a different approach. And so we are doing a little bit of innovation to go and get it to a different approach. But ultimately, it's something which benefits the end customer, and it's going to create more choices for them and a (inaudible) more competition on how they buy travel.

這是瓦蘇。謝謝你的問題。看，從一個給定的機構到另一個機構，我們可能會看到一點點。但總的來說，我們對所看到的收入趨勢感到非常鼓舞。事實上，我們所看到的——雖然傳統旅遊分銷中的許多人可能正在適應這些變化，但我們也看到在其他情況下，最終消費者確實反應良好。所以我之前提到過我們有多少銷售是直接進行的，但我們感到鼓舞的一件事是到本月底，我們超過 60% 的服務交易都是數字化的。我們預計到今年年底，我們 100% 的交易都可以通過數字方式完成。所以這是一個非常有意義的變化。同樣，當您考慮越來越多地旅行的客戶是誰時，無論他們是混合旅行、商務旅行還是休閒旅行，都是次要問題。我們越能為他們提供現代零售體驗，就像他們購買的任何其他東西一樣，他們就越看重。我們一遍又一遍地看到這一點。我們推動追加銷售的最佳渠道實際上是網絡和應用程序。它在我們的系統中是一致的。我舉個例子。即使是 Jamie 的評論，這也與您相關。這不僅僅是我們國內市場的功能。但是，當我們看到 10 到 15 個點的交易份額從旅行社轉移到直接渠道時，它也適用於我們的長途網絡。因此，對我們來說，倫敦希思羅機場擁有——我們在倫敦希思羅機場的高峰航班可能——在過去的某個時間點，整個高級客艙都可以在互聯網以外的地方出售。正如我們 - 當我們在這裡完成第一季度時，我們在倫敦希思羅機場高級客艙的銷售額中約有 40% 來自我們的直接渠道。當他們這樣做時發生的很多事情是——當客戶購買時，他們購買的是一種他們可以自己維修的產品，他們可以改變他們的座位分配。他們不僅獲得了公平產品的靈活性的全部價值，還獲得了整個服務體驗的全部價值。所以實際上，我們的許多改變都希望讓我們所有的零售店都可以使用同樣的東西。無論客戶想在哪裡購物，我們都希望他們也能夠擁有這種體驗。而且我們知道，我們的許多旅行社合作夥伴和我們的公司都想要完全相同的東西，但這需要不同的方法。因此，我們正在做一些創新，以採用不同的方法。但最終，這是有利於最終客戶的事情，它將為他們創造更多選擇，並在他們購買旅行的方式上產生更多（聽不清）競爭。

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

我們的下一個問題來自彭博社的 Mary Schlangenstein。

I wanted to ask what are Americans plans for taking advantage of the waivers that were offered in New York and D.C. by the FAA? And then my second question is, Robert, you were talking about the park regional jets and said, potentially, you might be able to get 100s of them back in service by the end of this year. So realistically, how many of those planes do you think will return to use and will a large percentage of them perhaps never be that flying for American?

我想問美國人計劃如何利用美國聯邦航空局在紐約和哥倫比亞特區提供的豁免？然後我的第二個問題是，羅伯特，你在談論公園支線噴氣式飛機，並說，到今年年底，你可能會讓其中的 100 架噴氣式飛機重新投入使用。所以實際上，您認為這些飛機中有多少會恢復使用，並且其中很大一部分可能永遠不會為美國飛行？

Let me take that -- the last one first, which is, look, we would be flying virtually all of those planes today, if we could. And you take a look at small cities throughout the country. Vasu can give you a exhaustive list than this. But places like Green Bay and Santa Fe and Springfield, Missouri, Panama City, those are all places that would demand more service right now, and they really can only be served with regional jet. Now at the end of the day, we do that to connect into the larger part of our network, so -- which then impacts our hubs and our mainline aircraft and international flying and everything else. So it's a positive overall. But -- and to that end, the largest issue that we are facing is the shortfall in pilots. But we've seen great uptake in terms of people coming into the business because of some of the changes we made in compensation last year. And we're getting to the point where we have enough captains to build hours with first officers to get aircraft back up in the air. And when we take a look at where we'll eventually be, I would anticipate that, firstly, all those aircraft would be back into the system outside of the retirements that we would make for aging aircraft. So that's the answer to that. The first question again?

讓我先說最後一架，看，如果可以的話，我們今天幾乎可以駕駛所有這些飛機。你看看全國的小城市。 Vasu 可以給你一個比這更詳盡的清單。但是像格林灣、聖達菲、斯普林菲爾德、密蘇里州、巴拿馬城這樣的地方，這些地方現在都需要更多的服務，而且它們真的只能由支線飛機提供服務。現在，歸根結底，我們這樣做是為了連接到我們網絡的大部分，因此——這會影響我們的樞紐、我們的主線飛機和國際飛行以及其他一切。所以總體來說是積極的。但是——為此，我們面臨的最大問題是飛行員短缺。但由於我們去年在薪酬方面做出的一些改變，我們已經看到很多人進入這個行業。我們已經到了這樣的地步：我們有足夠多的機長與副駕駛一起工作數小時，讓飛機重新起飛。當我們看看我們最終會在哪裡時，我預計，首先，所有這些飛機都會在我們為老化飛機進行的退役之外重新進入系統。這就是答案。又是第一個問題？

Yes. Regarding New York FAA, I can start, Mary, and [Nate Gattan] may want to add as well. But the short answer is, we're really encouraged by what the FAA did. For us, we've taken some advantage of it, but for us, so much of our growth in New York is really in JFK flying long haul. I think Kennedy to Delhi or Kennedy to Doha. And so a lot of the benefits are more going to be borne out on people who fly shorter haul markets, higher frequency where those issues can come and bite them more. So when we go into our summer, our New York will be about 10 or 15 departures down versus what we had in the plan 3 or 4 months ago. But our overall seat capacity is up and across the [NEA], it is up and will continue to be up, as we both get more people to New York, through, New York and from New York.

是的。關於紐約聯邦航空局，我可以開始了，Mary，[Nate Gattan] 可能也想補充。但簡短的回答是，美國聯邦航空局的所作所為讓我們深受鼓舞。對我們來說，我們已經利用了它的一些優勢，但對我們來說，我們在紐約的增長很大一部分實際上是在肯尼迪國際機場的長途飛行中。我認為肯尼迪到德里或肯尼迪到多哈。因此，很多好處將更多地體現在那些飛越短途市場、頻率更高的人身上，這些問題可能會出現，並給他們帶來更大的麻煩。因此，當我們進入夏季時，與 3 或 4 個月前的計劃相比，我們的紐約航班將減少 10 或 15 次。但是我們的整體座位容量在 [NEA] 範圍內增加了，並且會繼續增加，因為我們都有更多的人前往紐約，通過紐約和來自紐約。

I would just add, Robert mentioned it this morning, but we appreciate the FAA's leadership here to proactively take steps like this one to improve our air space. Certainly, we've seen since the pandemic that the New York area airports have struggled to return to normal operations. A lot of that is because of workforce challenges and the other system constraints at those airports. So this step, we welcomed -- Vasu mentioned our ability to take advantage of this is limited to some extent by NEA. I would just say, as a part of the NEA, we committed to capacity targets for New York airports, and we expect to fulfill those commitments. And I would just add since we're on the subject that we also want to commend the FAA for their guidance around commercial space launches, which will now take into consideration the impact that these -- the major launches, in particular, will help on air travel. It's a collaborative effort to address an issue that really challenges the system. And hopefully, it's something that's going to have wide-ranging benefits to the traveling public.

我只想補充一點，羅伯特今天早上提到了這一點，但我們感謝美國聯邦航空局在這裡發揮領導作用，積極採取這樣的措施來改善我們的領空。當然，自大流行以來，我們已經看到紐約地區的機場一直在努力恢復正常運營。這在很大程度上是因為這些機場的勞動力挑戰和其他系統限制。因此，我們歡迎這一步——Vasu 提到我們利用這一點的能力在某種程度上受到 NEA 的限制。我只想說，作為 NEA 的一部分，我們致力於實現紐約機場的容量目標，並且我們期望履行這些承諾。我只想補充一點，因為我們談到了這個主題，我們也想讚揚美國聯邦航空局對商業太空發射的指導，現在將考慮這些——特別是主要發射——將有助於航空旅行。這是解決真正挑戰系統的問題的協作努力。希望它能為旅行的公眾帶來廣泛的好處。

And so it sounds like you're not taking full advantage of the slot waivers offered by the FAA. Is that correct?

所以聽起來你沒有充分利用 FAA 提供的插槽豁免。那是對的嗎？

Mary, this is Vasu. That is correct. But that largely is due to the fact that we have less flying in the sort of high frequency markets that would most benefit from it.

瑪麗，這是瓦蘇。那是對的。但這主要是因為我們在最能從中受益的高頻市場中的飛行次數較少。

Right. But as Devon said, you're not cutting under the NEA?

正確的。但正如 Devon 所說，您沒有根據 NEA 削減開支？

No. Indeed, we're actually growing seats. When you look at American Airlines this summer, we're growing seats indeed growing them at a greater rate than anybody else. The NEA is growing at a greater rate than anybody else, but that's really a response to consumer demand. And what you are seeing from us is flying fewer departures with more seats per departure. So we're able to, across the NEA operate schedules that we can deliver on.

不，事實上，我們實際上在增加席位。當你看看今年夏天的美國航空公司時，我們確實在增加座位，其增長速度確實比其他任何人都快。 NEA 的增長速度比其他任何人都快，但這確實是對消費者需求的回應。你從我們這裡看到的是，每次起飛的航班更少，座位更多。因此，我們能夠在整個 NEA 運行我們可以交付的時間表。

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 what the time frame is for the new suites to the widebodies and I guess the (inaudible) here yet, are you still expecting those to debut in 2024? And if there's any change to the retrofit schedule as we've seen some issues with supply chain? And then also, do you have any detail on what the upsell has been to more premium cabins, whether it's more extra legroom seats or paid [for some] in business class?

只是好奇新套件到寬體機的時間框架是什麼，我猜（聽不清）在這裡，你是否仍然期待它們在 2024 年首次亮相？如果我們看到供應鏈存在一些問題，改造計劃是否有任何變化？然後，您是否有任何關於更多高級客艙的追加銷售的詳細信息，無論是更多的額外腿部空間座位還是付費的商務艙？

Leslie, this is Vasu. I can answer both. So the first question, no change to plans. We anticipate taking -- installing the new seat on retrofits as planned and putting them on new deliveries as planned also, and we're really excited for it because it's going to be a really great product for our customers and a much simpler seat to go operate and deliver. To your second question about upsell rates. Look, a year or two ago, one of the questions in our mind to the earlier point about philosophically, how do we think about the long-haul business. But one of our great concerns was, what was the future of premium cabin, premium economy, things like that be? Now that we've had a year of seeing how people use this even in a world where we have less corporate contracts flying, we've been actually really encouraged and probably never been more encouraged by premium cabin performance. So if you look at us in the first quarter, our premium cabin revenues across the system are up 20% versus the same period in 2019, but our premium cabin seats are basically flat to what they were in 2019. That's the level of growth, which exceeds what we see in the economy cabin. And we see it categorically across every entity that's there. Domestic short haul, Caribbean, London even the Pacific, we see that. So actually, we've been very positively surprised by premium cabins by the flexibility and the upsell that ends up happening. And indeed, to my earlier comments through the call, the fact that so many customers are willing to go and purchase it is frankly what makes us more encouraged about any number of the commercial changes we're making.

萊斯利，這是瓦蘇。我可以回答兩個。所以第一個問題，計劃沒有改變。我們預計將按計劃在改裝件上安裝新座椅，並按計劃將它們用於新交付，我們對此感到非常興奮，因為這對我們的客戶來說將是一個非常棒的產品，而且座椅使用起來要簡單得多操作和交付。關於加售率的第二個問題。看，一兩年前，我們腦海中的一個問題是從哲學上講，我們如何看待長途業務。但我們最關心的問題之一是，高級客艙、高級經濟艙等的未來會怎樣？現在我們已經有一年的時間看到人們如何使用它，即使在我們飛行的公司合同較少的世界裡，我們實際上真的很受鼓舞，而且可能從未像現在這樣被高級客艙性能所鼓舞。因此，如果您在第一季度看一下我們，我們整個系統的高級客艙收入與 2019 年同期相比增長了 20%，但我們的高級客艙座位基本上與 2019 年持平。這就是增長水平，這超過了我們在經濟艙看到的。我們在每個存在的實體中都明確地看到它。國內短途、加勒比海、倫敦甚至太平洋，我們看到了這一點。所以實際上，我們對高級客艙的靈活性和最終發生的追加銷售感到非常驚喜。事實上，根據我之前通過電話發表的評論，坦率地說，這麼多客戶願意去購買它這一事實讓我們對我們正在進行的任何數量的商業變革更加鼓舞。

I would now like to turn the conference back to Robert Isom for closing remarks. Sir?

我現在想把會議轉回 Robert Isom 作閉幕詞。先生？

Thank you very much, and thanks for the interest. Look, we're really pleased with the progress that we've made at American. We set out with the goal of becoming a more reliable airline and becoming profitable. And we've done a remarkable job. Our team has done a remarkable job over the last year of getting us into this position. Industry-leading, operational reliability and then profitability, which is our fourth quarter in a row, record revenue production.

非常感謝，也感謝您的關注。看，我們對我們在美國航空取得的進步感到非常滿意。我們的目標是成為一家更可靠的航空公司並實現盈利。我們做得非常出色。在過去的一年裡，我們的團隊做了出色的工作，使我們進入了這個位置。行業領先的運營可靠性和盈利能力，這是我們連續第四個季度創下創紀錄的收入。

When I take a look year-over-year, it's astounding that we're $2 billion in terms of pretax better than we were just a year ago. As we project out for the year, we anticipate record revenues in the second quarter. So all that is very positive, but I did ask questions about, why isn't our stock price performance moving in alignment with seemingly improved prospects? And in fact, our guidance for the year in terms of EPS, analysts would be 25% below where we're guiding.

當我逐年查看時，令人震驚的是，我們的稅前收入比一年前多了 20 億美元。正如我們今年的計劃，我們預計第二季度的收入將創紀錄。所以所有這些都是非常積極的，但我確實提出了問題，為什麼我們的股價表現與看似改善的前景不一致？事實上，我們對今年每股收益的指導，分析師將比我們的指導低 25%。

And I just say to that right now, no book. It's due to people not knowing the American story, possibly. And in that case, we've got to get out and do a better job of letting folks know what we see and where things are headed. And if it's not that, they don't believe our story. And in that case, we're just going to keep producing. Every quarter that we have a chance we're going to talk about those things that are most meaningful to creating shareholder value, and that's earnings and generating free cash flow. And we'll keep producing until people do believe.

我現在就說，沒有書。這可能是因為人們不了解美國的故事。在這種情況下，我們必須走出去，更好地讓人們知道我們看到了什麼以及事情的發展方向。如果不是這樣，他們就不會相信我們的故事。在這種情況下，我們將繼續生產。每個季度我們都有機會討論那些對創造股東價值最有意義的事情，那就是收益和產生自由現金流。我們將繼續生產，直到人們相信為止。

And for those that just want to see another chapter of the book and have some concerns about some issues that we may encounter over the next 3, 6 months or so, hey, we'll play that out too. We're really confident no matter what comes our way that will react in a fashion that still preserves our focus on making sure we run reliably and ultimately, profitably as well. So I appreciate everybody's interest, and we'll get back to work. Thanks very much.

對於那些只想看本書的另一章並對我們在接下來的 3、6 個月左右可能遇到的一些問題有一些擔憂的人，嘿，我們也會解決這個問題。我們真的很有信心，無論發生什麼事情，我們都會以一種方式做出反應，這種方式仍然保持我們專注於確保我們可靠地運行並最終實現盈利。因此，我感謝大家的興趣，我們將重新開始工作。非常感謝。

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。