美國航空 (AAL) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group Second Quarter 2023 Earnings Call.

感謝您的耐心等待，歡迎參加美國航空集團 2023 年第二季度財報電話會議。

(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.

（操作員指示）我現在想將電話轉給投資者關係和企業發展副總裁 Scott Long。請繼續。

Thank you, [Atif.] Good morning, everyone, and welcome to the American Airlines Group Second Quarter 2023 Earnings Conference Call.

謝謝，[Atif.] 大家早上好，歡迎參加美國航空集團 2023 年第二季度收益電話會議。

On the call this morning with prepared remarks, we have our CEO, Robert Isom; and our CFO, Devon May. A number of our other senior executives are also in the room for the Q&A session. Robert will start the call this morning with an overview of our performance. And Devon will follow with details on the second quarter and will outline our operating plans and outlook going forward. After our prepared remarks, we will 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.

今天早上的電話會議上，我們的首席執行官羅伯特·伊索姆 (Robert Isom) 發表了事先準備好的講話。以及我們的首席財務官德文·梅 (Devon May)。我們的其他一些高級管理人員也出席了問答環節。羅伯特將在今天早上的電話會議中概述我們的表現。德文郡將隨後提供第二季度的詳細信息，並將概述我們的運營計劃和未來展望。在我們準備好的發言之後，我們將開始徵求分析師提問，然後是媒體提問。為了盡可能多地提出問題，請將自己限制在 1 個問題和 1 個後續問題。

Now before we begin today, we must state that today's call contains forward-looking statements, including statements concerning future revenues, costs, forecast of capacity and fleet plans. These statements represent our predictions and expectations of future events, but numerous risks and uncertainties could cause actual results to differ from those projected. Information about some of these risks and uncertainties can be found in our earnings press release that was issued this morning as well as our Form 10-Q for the quarter ended June 30, 2023.

在今天開始之前，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、運力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預期，但許多風險和不確定性可能導致實際結果與預測不同。有關其中一些風險和不確定性的信息可以在我們今天上午發布的收益新聞稿以及截至 2023 年 6 月 30 日的季度的 10-Q 表格中找到。

In addition, we'll be discussing certain non-GAAP financial measures this morning, which exclude the impact of unusual items. A reconciliation of those numbers to the GAAP financial measures is included in the earnings press release, which can be found on the Investor Relations section of our website. A webcast of this call will also be archived on our website. The information we're giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently. Thank you for your interest and for joining us this morning. And with that, I'll turn the call over to our CEO, Robert Isom.

此外，我們今天上午將討論某些非公認會計準則財務指標，其中排除了異常項目的影響。這些數字與 GAAP 財務指標的對賬包含在收益新聞稿中，您可以在我們網站的投資者關係部分找到該新聞稿。本次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向您提供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。感謝您的關注並今天早上加入我們。接下來，我會將電話轉給我們的首席執行官羅伯特·伊索姆 (Robert Isom)。

Thanks, Scott, and good morning, everyone. The summer is well underway, and the American Airlines team is firing on all cylinders. We continue to build on the strong foundation we have laid over the past year and remain focused on reliability, profitability, accountability and strengthening our balance sheet.

謝謝斯科特，大家早上好。夏天即將到來，美國航空團隊正全力以赴。我們繼續鞏固過去一年所奠定的堅實基礎，並繼續關注可靠性、盈利能力、責任感和加強我們的資產負債表。

That focus is showing up in our results. Everything we have said we would do at the start of the year, we have done. Our operation is performing at historically strong levels. And this morning, we reported adjusted pretax earnings of approximately $1.8 billion for the second quarter. These earnings were well above the high end of our latest EPS guidance range, marking our fifth consecutive quarterly profit. At the start of the recovery, we told you that returning to profitability hinged on running a reliable airline. American continues to run a strong operation in an evolving environment in which we are very well positioned because of the hard work our team has done in recent years.

這種關注體現在我們的結果中。我們在年初說過要做的一切，我們都已經做到了。我們的運營表現處於歷史強勁水平。今天早上，我們報告了第二季度調整後的稅前收益約為 18 億美元。這些收益遠高於我們最新每股收益指導範圍的上限，標誌著我們連續第五個季度實現盈利。在經濟復甦之初，我們曾告訴過您，恢復盈利取決於運營一家可靠的航空公司。美國航空在不斷變化的環境中繼續保持強勁的運營，由於我們的團隊近年來所做的努力，我們處於非常有利的位置。

Our sustained profitability is tied to our leading network rewards program and operation. We have a tremendous network and we operate in a reliable and efficient way, and we reward our customers for using it. Now let's talk more about our financial results. We produced total revenue of $14.1 billion in the second quarter, the highest quarterly revenue in our company's history. This was driven by broad-based demand across all entities with a particular strength in demand for international travel leading into the summer. Throughout the recovery, we have made structural changes to enhance our customers' travel experiences and position the airline for success. We have simplified and harmonized our fleet to create a more nimble and more flexible network that is focused on our most profitable flying.

我們的持續盈利能力與我們領先的網絡獎勵計劃和運營息息相關。我們擁有龐大的網絡，並以可靠、高效的方式運營，我們會獎勵使用該網絡的客戶。現在讓我們更多地談談我們的財務業績。第二季度我們的總收入達到 141 億美元，這是我們公司歷史上最高的季度收入。這是由所有實體的廣泛需求推動的，特別是進入夏季的國際旅行需求特別強勁。在整個複蘇過程中，我們進行了結構性變革，以增強客戶的旅行體驗並幫助航空公司取得成功。我們簡化和協調了我們的機隊，以創建一個更靈活的網絡，專注於我們最有利可圖的飛行。

American strength is our network, which is uniquely positioned to capitalize on the demographic changes in the U.S. More people have moved to the Sunbelt region, which is where some of our largest hubs are located. DFW, Charlotte, Miami and Phoenix are very well positioned now and for the future. Our strong regional network provides service to smaller accounts and connects them with our hubs across the country, and our global partnerships are a great complement to our own flying. As a result, we are able to offer customers the most comprehensive network of any U.S. carrier.

美國的優勢在於我們的網絡，該網絡具有獨特的優勢，可以利用美國的人口變化。越來越多的人搬到陽光地帶地區，這裡是我們一些最大的樞紐所在地。達拉斯沃斯堡國際機場、夏洛特、邁阿密和菲尼克斯現在和未來都處於有利位置。我們強大的區域網絡為較小的客戶提供服務，並將他們與我們遍布全國的樞紐連接起來，我們的全球合作夥伴關係是對我們自己的飛行的一個很好的補充。因此，我們能夠為客戶提供美國運營商中最全面的網絡。

We continue to adapt our offerings to our customers' evolving preferences. We are taking customers to where they want to go and meeting them where they want to do business. We are servicing more of our customers through our direct channels and driving engagement in our advantage program and credit card portfolio. Our Travel Rewards program is the largest among the U.S. network carriers, and it continues to grow. We are making terrific progress in training our pilots and improving the utilization of both our mainline and regional fleet. Our young fleet and low near-term CapEx requirements enable us to generate free cash flow to reinvest in the business and strengthen our balance sheet.

我們不斷調整我們的產品以適應客戶不斷變化的偏好。我們將客戶帶到他們想去的地方，並在他們想要開展業務的地方與他們會面。我們通過直接渠道為更多客戶提供服務，並推動我們的優勢計劃和信用卡組合的參與度。我們的旅行獎勵計劃是美國網絡運營商中規模最大的，並且還在不斷發展。我們在培訓飛行員和提高幹線和支線機隊的利用率方面取得了巨大進展。我們年輕的機隊和較低的近期資本支出要求使我們能夠產生自由現金流，用於對業務進行再投資並加強我們的資產負債表。

Now turning to the operations. The American Airlines team has delivered strong operational results over the past year, and it continued as we achieved record second quarter completion factor. We operated nearly 0.5 million flights in the quarter with an average load factor of approximately 86%. In the second quarter, we also delivered 11 more combined 0 canceled days in the same period of a year ago. The summer peak started strong with our team delivering our record Memorial Day weekend mainline completion factor while operating our largest mainline Memorial Day weekend schedule ever. The momentum has continued into July. We delivered the best Independence Day holiday operation in our history, with traffic levels we haven't seen since July of 2019.

現在轉向操作。美國航空團隊在過去一年中取得了強勁的運營業績，並且我們繼續取得了創紀錄的第二季度完成率。本季度我們運營了近 50 萬個航班，平均客座率約為 86%。第二季度，我們還比去年同期多交付了 11 個 0 取消天數。夏季高峰開始強勁，我們的團隊創造了創紀錄的陣亡將士紀念日週末主線完成率，同時運營著我們有史以來最大的主線陣亡將士紀念日週末時間表。這種勢頭一直持續到七月。我們實現了歷史上最好的獨立日假期運營，客流量達到了 2019 年 7 月以來的最高水平。

At American, we're focused on taking care of what we can control. Our purposeful approach to planning, along with our investments in our team, fleet and technology has set us up for success during the busy summer travel season and beyond. And now I'll hand it over to Devon who will share more about our second quarter results and the outlook for the remainder of the year.

在美國航空，我們專注於處理我們能夠控制的事情。我們有針對性的規劃方法，以及對團隊、機隊和技術的投資，使我們能夠在繁忙的夏季旅行季節及以後取得成功。現在我將把它交給德文郡，他將分享更多有關我們第二季度業績和今年剩餘時間的前景的信息。

Thank you, Robert. The focus and dedication of the American Airlines team has resulted in strong operational performance which is helping to produce solid financial results. Once again, we delivered on our guidance for the second quarter. Excluding net special items, we reported second quarter net income of $1.4 billion or adjusted earnings per diluted share of $1.92.

謝謝你，羅伯特。美國航空團隊的專注和奉獻帶來了強勁的運營績效，有助於產生穩健的財務業績。我們再次公佈了第二季度的指導。不計淨特殊項目，我們報告第二季度淨利潤為 14 億美元，調整後每股攤薄收益為 1.92 美元。

Our strong operational performance resulted in slightly higher capacity production for the quarter and CASMx performance better than the midpoint of our forecast. Unit revenues remained strong, resulting in an operating margin and EPS that outperformed the high end of our guidance provided in May. As Robert mentioned, American produced record revenue of $14.1 billion in the second quarter, up nearly 5% year-over-year. This revenue performance led to our highest ever adjusted operating income of $2.2 billion resulting in a second quarter adjusted operating margin of 15.4%.

我們強勁的運營業績導致本季度產能略有增加，CASMx 業績好於我們預測的中值。單位收入依然強勁，導致營業利潤率和每股收益超出了我們 5 月份提供的指導上限。正如羅伯特提到的，美國航空第二季度營收達到創紀錄的 141 億美元，同比增長近 5%。這一收入表現使我們調整後的營業收入達到有史以來最高的 22 億美元，第二季度調整後的營業利潤率為 15.4%。

Unit revenue in the quarter was down just 0.5% versus a historically strong 2022 on 5.3% more capacity. Domestic unit revenue was down 1.9%, while international unit revenue was up 18.3% year-over-year. Our unit cost for the quarter, excluding net special items and fuel, was up 3.7% year-over-year. That's better than the midpoint of our initial guidance range due to slightly higher than planned capacity production driven by our strong operational performance. I want to spend a few minutes updating you on our fleet. Our young and simplified fleet differentiates American from our U.S. network peers and provides network flexibility, enhanced efficiency and an improved customer experience. These benefits are the result of the refleeting we pursued from 2014 to 2019 and accelerated during the pandemic.

與歷史上強勁的 2022 年相比，本季度單位收入僅下降 0.5%，產能增加 5.3%。國內單位收入同比下降 1.9%，而國際單位收入同比增長 18.3%。我們本季度的單位成本（不包括淨特殊項目和燃料）同比增長 3.7%。這比我們最初指導範圍的中點要好，因為我們強勁的運營業績推動了產能產量略高於計劃。我想花幾分鐘向您介紹我們機隊的最新情況。我們年輕且簡化的機隊使美國航空與我們的美國網絡同行區分開來，並提供網絡靈活性、更高的效率和更好的客戶體驗。這些好處是我們從 2014 年到 2019 年追求的快速轉變的結果，並在大流行期間加速了這一轉變。

We are pleased we built our fleet in a low interest rate environment and at a time when the supply chain wasn't as challenged as it is today. In 2023, we expect to take delivery of 23 new mainline aircraft which are all now financed. We took 13 deliveries in the first half of the year and expect 10 more aircraft to be delivered by year-end. For our regional fleet, this quarter, we entered into agreements to purchase 7 new Embraer 175 aircraft and 7 used Bombardier CRJ 900 aircraft that will be delivered starting in the fourth quarter of this year. We're excited to have these aircraft into service and to further bolster our regional connectivity. Based on the latest delivery guidance from Boeing and Airbus, along with our new and used regional aircraft purchase commitments, our 2023 aircraft CapEx is now expected to be approximately $1.7 billion. Our non-aircraft CapEx is still expected to be approximately $800 million. We anticipate our 2024 total CapEx to be between $3 billion and $3.5 billion.

我們很高興我們在低利率環境下建立了我們的機隊，當時供應鏈沒有像今天這樣面臨挑戰。 2023 年，我們預計將接收 23 架新幹線飛機，這些飛機現已全部融資。上半年我們交付了 13 架飛機，預計到年底將再交付 10 架飛機。對於我們的支線機隊，本季度，我們簽訂了購買 7 架新的巴西航空工業公司 175 飛機和 7 架二手龐巴迪 CRJ 900 飛機的協議，這些飛機將於今年第四季度開始交付。我們很高興這些飛機投入使用並進一步增強我們的區域連通性。根據波音和空客的最新交付指南，以及我們新的和二手支線飛機的採購承諾，我們 2023 年的飛機資本支出目前預計約為 17 億美元。我們的非飛機資本支出預計仍約為 8 億美元。我們預計 2024 年的資本支出總額將在 30 億美元至 35 億美元之間。

Looking beyond 2024, we continually review our medium- and long-term fleet plans. Due to the young age of our aircraft, our fleet replacement needs are very limited. Therefore, we expect aircraft CapEx for the next several years and likely through the end of the decade to average approximately $3.5 billion per year. Moving to the balance sheet. Yesterday, Fitch upgraded Americans credit rating. This is the first step towards our goal of BB credit metrics by the end of 2025, and it's nice to see our progress being recognized. We continue to maintain strong liquidity. In the second quarter, we generated operating cash flow of nearly $1.8 billion. Our adjusted net investing cash flow was approximately $550 million, resulting in quarterly free cash flow of $1.2 billion.

展望 2024 年以後，我們將不斷審查我們的中長期機隊計劃。由於我們的飛機還很年輕，我們的機隊更換需求非常有限。因此，我們預計未來幾年乃至本十年末飛機資本支出平均每年約為 35 億美元。轉向資產負債表。昨天，惠譽上調了美國信用評級。這是我們實現 2025 年底 BB 信用指標目標的第一步，很高興看到我們的進展得到認可。我們繼續保持強勁的流動性。第二季度，我們產生了近 18 億美元的運營現金流。我們調整後的淨投資現金流量約為 5.5 億美元，季度自由現金流量為 12 億美元。

We have produced $4.3 billion of free cash flow in the first 6 months of the year and expect full year free cash flow to be approximately $3 billion. We ended the second quarter with approximately $14.9 billion of total available liquidity. We continue to make progress on strengthening our balance sheet in the second quarter by reducing total debt by $387 million. This debt reduction, combined with the improvement in liquidity, resulted in a decrease in net debt of approximately $955 million during the second quarter. We have now reduced total debt by approximately $9.4 billion from peak debt levels in 2021, which is significant progress towards our goal of reducing total debt by $15 billion by the end of 2025. By the end of 2023, we expect our total debt to be approximately $11 billion lower than peak debt levels in 2021.

今年前 6 個月我們創造了 43 億美元的自由現金流，預計全年自由現金流約為 30 億美元。第二季度結束時，我們的可用流動資金總額約為 149 億美元。第二季度，我們通過減少總債務 3.87 億美元，繼續在強化資產負債表方面取得進展。此次債務減少加上流動性的改善，導致第二季度淨債務減少約 9.55 億美元。目前，我們已將總債務比 2021 年的債務峰值水平減少了約 94 億美元，這是我們在實現到 2025 年底將總債務減少 150 億美元的目標方面取得的重大進展。到 2023 年底，我們預計我們的總債務將比 2021 年的債務峰值水平減少約 110 億美元。

Importantly, we ended the second quarter with a net debt-to-EBITDA ratio of 3.8x, which is lower than it was at the end of 2019. Now turning to our guidance. Bookings remain strong, and we continue to see a constructive demand environment. We saw record revenue for the fourth of July holiday period and booked load factors for the third quarter are in line with what we saw in 2022. International entities continue to lead the way in terms of year-over-year performance, and we are encouraged by domestic business demand, notably from small- and medium-sized enterprises. As the recovery continues to unfold, the strong unit revenue environment in 2022 represents an increasingly difficult comparison. As a result, we expect third quarter TRASM to be down 4.5% to 6.5% year-over-year on 5% to 7% more capacity.

重要的是，我們第二季度末的淨債務與 EBITDA 比率為 3.8 倍，低於 2019 年底的水平。現在轉向我們的指導。預訂量依然強勁，我們繼續看到建設性的需求環境。我們看到 7 月 4 日假期期間的收入創歷史新高，第三季度的預訂載客率與 2022 年的情況一致。國際實體在同比業績方面繼續處於領先地位，我們受到國內業務需求（尤其是中小企業的需求）的鼓舞。隨著復甦的繼續展開，2022 年強勁的單位收入環境意味著越來越難以進行比較。因此，我們預計第三季度 TRASM 將同比下降 4.5% 至 6.5%，運力增加 5% 至 7%。

We expect third quarter CASMx to be up 2% to 4% year-over-year. Our current forecast for the third quarter assumes a fuel price between $2.55 and $2.65 per gallon. Based on our current demand and fuel price forecast, we expect to produce an adjusted operating margin between 8% and 10% in the third quarter and adjusted earnings per diluted share between $0.85 and $0.95, excluding special items. For the full year, we continue to expect to produce capacity that is 5% to 8% higher than 2022. Our full year forecast for unit revenue continues to be up low single digits year-over-year. We now expect our full year CASMx to be up 2% to 4% versus 2022. Notably, our expectations for capacity TRASM and CASMx are all consistent with the initial guidance we provided on our January earnings call. That said, our estimate for full year fuel expense has changed.

我們預計第三季度 CASMx 將同比增長 2% 至 4%。我們目前對第三季度的預測假設燃油價格在每加侖 2.55 美元至 2.65 美元之間。根據我們當前的需求和燃油價格預測，我們預計第三季度調整後營業利潤將在 8% 至 10% 之間，調整後每股攤薄收益將在 0.85 美元至 0.95 美元之間（不包括特殊項目）。對於全年，我們繼續預計產能將比 2022 年高出 5% 至 8%。我們對全年單位收入的預測繼續同比增長較低的個位數。我們現在預計全年 CASMx 將比 2022 年增長 2% 至 4%。值得注意的是，我們對 TRASM 和 CASMx 產能的預期均與我們在 1 月份財報電話會議上提供的初步指導一致。也就是說，我們對全年燃油費用的估計已經改變。

We now expect to pay between $2.70 and $2.80 per gallon, a reduction from our initial guidance. The full year update further highlights the positive environment we are operating in. Based on our demand and fuel cost assumptions, we expect to produce a full year adjusted operating margin of between 8% and 10% and adjusted EPS of between $3 and $3.75. We are very proud of the progress the American Airlines team has made, but we believe there is more opportunity ahead of us. We will continue to focus on delivering in 2023 and unlocking even more value in 2024 and beyond. I'll now turn it back to Robert for closing remarks.

我們現在預計每加侖支付 2.70 至 2.80 美元，比我們最初的指導有所減少。全年更新進一步凸顯了我們所處的積極環境。根據我們的需求和燃料成本假設，我們預計全年調整後營業利潤率將在 8% 至 10% 之間，調整後每股收益將在 3 美元至 3.75 美元之間。我們對美國航空團隊取得的進步感到非常自豪，但我們相信我們還有更多機會。我們將繼續專注於在 2023 年實現目標，並在 2024 年及以後釋放更多價值。現在我將把它轉回給羅伯特致閉幕詞。

Thanks, Devon. The American Airlines team is delivering on our commitments. We're on track to deliver on the full year guidance we provided back in January, driving earnings growth, record free cash flow, meaningful debt reduction and importantly, a strong and reliable operation.

謝謝，德文郡。美國航空團隊正在兌現我們的承諾。我們有望實現 1 月份提供的全年指引，推動盈利增長、創紀錄的自由現金流、有意義的債務削減，以及重要的是，強勁而可靠的運營。

We are executing on that plan. We are reliable, profitable and making tremendous progress strengthening our balance sheet and I know that our team will continue to deliver. We're excited to share more about our long-term strategy at an Investor Day later this year on our Fort Worth campus. We look forward to updating you on the business and sharing more about our longer-term strategic priorities at that time. We're incredibly excited about the future of American and can't wait to tell you more. Operator, please open the line for analyst questions.

我們正在執行該計劃。我們可靠、盈利，並在加強我們的資產負債表方面取得了巨大進展，我知道我們的團隊將繼續交付。我們很高興能在今年晚些時候在沃斯堡園區舉行的投資者日分享更多有關我們長期戰略的信息。我們期待向您通報業務最新情況，並分享更多有關我們當時的長期戰略重點的信息。我們對美國航空的未來感到無比興奮，迫不及待地想告訴您更多信息。接線員，請接通分析師提問線路。

(Operator Instructions) Our first question comes from the line of Jamie Baker of JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的傑米·貝克（Jamie Baker）。

So, Vasu, you spoke enthusiastically last year about the EMEA. You admitted New York had been a challenge for decades. But you were finally seeing New York RASM outpaced the system. And now it appears that, that all reverses. I'll admit my earnings model doesn't model you by hub. But if it did, why shouldn't I assume New York reverts to being a meaningful margin drag from this point forward?

Vasu，您去年熱情地談論了歐洲、中東和非洲地區。您承認紐約幾十年來一直是一個挑戰。但您終於看到紐約 RASM 超越了系統。而現在看來，一切都逆轉了。我承認我的盈利模式並沒有按照中心來為你建模。但如果確實如此，我為什麼不應該假設從現在開始紐約會重新成為一個有意義的利潤拖累呢？

Jamie, thanks for the question. First, I would say that we don't anticipate it being a margin drag. And for full clarity, though it's unfortunate the NEA is terminated. Our commitment to the customers in the Northeast and New York specific hasn't changed. However, the circumstances that gave rise to the NEA have changed.

傑米，謝謝你的提問。首先，我想說，我們預計這不會拖累利潤率。為清楚起見，遺憾的是 NEA 已終止。我們對東北部和紐約地區客戶的承諾沒有改變。然而，NEA 誕生的環境已經發生了變化。

At one point in time, we struggled with really 2 major things. One, our slot holding didn't match with the demand one that is the majority of demand in New York was for short-haul day trip business market. Our slot portfolio is better matched Mid-Continental, Transcontinental and Transatlantic market. Well, that's changed. Short-haul business demand hasn't recovered to its historical level, but those other markets are much greater. And so that's a material change from before. But also our expense base, especially in New York Kennedy has changed. Through co-locating partners and any number of fleet changes, our employment expenses in JFK are materially advantaged to what any other carrier is in New York.

在某個時間點，我們為兩件主要事情而苦苦掙扎。第一，我們的航班時刻持有量與需求不匹配，紐約的大部分需求是短途一日遊業務市場。我們的老虎機產品組合更適合中大陸、跨大陸和跨大西洋市場。嗯，情況已經改變了。短途業務需求尚未恢復到歷史水平，但其他市場的需求要大得多。這與以前相比是一個重大變化。但我們的開支基礎，尤其是紐約肯尼迪的開支基礎也發生了變化。通過合作夥伴共處一地和任意數量的機隊變更，我們在肯尼迪機場的僱傭費用比紐約的任何其他航空公司都具有實質性優勢。

So what that means for us is though it's unfortunate that customers don't get the experience of having a much broader network than what was there before, it was a practical matter for American Airlines. We very much expect preserve the continued margin trajectory that we've been on. And as we go forward, we'll certainly share more, but it's very much our plan and our intention that we continue to go see more New York City originating customers flying with us.

因此，這對我們來說意味著，儘管不幸的是，客戶無法獲得比以前更廣泛的網絡的體驗，但這對美國航空來說是一個實際問題。我們非常希望能夠保持我們一直以來的持續利潤率軌跡。隨著我們的前進，我們肯定會分享更多，但我們的計劃和意圖是繼續看到更多來自紐約市的客戶乘坐我們的航班。

And so far, since the NEA has been announced, we've seen that. NEA enrollments in the Advantage program continue to rise. Credit card acquisitions continue to rise, spending continues to rise. So though -- this chapter is closed, another one might open, but we don't expect any material change to our financial outlook.

到目前為止，自從 NEA 宣布以來，我們已經看到了這一點。 NEA 優勢計劃的註冊人數持續增加。信用卡購買量持續增加，支出持續增加。因此，儘管這一章已經結束，另一章可能會打開，但我們預計我們的財務前景不會發生任何重大變化。

Okay. Very helpful. And then, Devon, on the cost side, recognizing there are lots of moving pieces in the full year CASM guide. Can you tell us the last time you adjusted the labor accruals that you're assuming? And also does your full year cash flow guide include retro pay for the pilots.

好的。很有幫助。然後，Devon 在成本方面認識到全年 CASM 指南中有很多變化的內容。您能告訴我們上次調整您假設的應計勞動力是什麼時候嗎？您的全年現金流量指南是否包括飛行員的補發工資。

Yes. So on the cash flow, it does include the retro pay that was part of our -- that is part of our tentative agreement that we have with the pilots today. As we talked about last quarter, what we have for an accrual is, we are accruing wages that were agreed to in May as part of the agreement in principle starting on May 1, and we expect the agreement -- or hope the agreement will ratify here in August, at which time, we'll go to the new rates and the benefits associated with that kind of agreement.

是的。因此，在現金流方面，它確實包括我們今天與飛行員達成的臨時協議的一部分的追溯工資。正如我們上個季度談到的，我們的應計工資是，我們正在累積 5 月份商定的工資，作為原則上從 5 月 1 日開始的協議的一部分，我們預計該協議 - 或者希望該協議將在 8 月份批准，屆時，我們將採用新的費率以及與此類協議相關的福利。

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（David Vernon）。

So Robert and Devon, first question for you on the guidance framework you kind of laying out for us here for the back half of the year. It does sort of imply a pretty material deceleration from your earnings level in 2Q to 3Q. And we're hearing from you guys that the demand is good. The team is executing, you're delivering on your cost performance. Can you talk a little bit about the thinking behind how you're laying out the guidance here. You just had a huge beat to your 2Q guide. You haven't missed in a couple of quarters. I'm trying to understand like are you guys just kind of keeping the bar here where you said it in the beginning of the year, or is there something that's really kind of decelerating here in the back half?

羅伯特和德文，第一個問題是關於你們為我們制定的下半年指導框架的。這確實意味著第二季度到第三季度的收入水平出現相當大的減速。我們從你們那裡得知需求很好。團隊正在執行，您正在實現成本績效。您能否談談您如何在此制定指南背後的想法？您的 2Q 指南剛剛出現了巨大的變化。你已經有幾個季度沒有錯過了。我想了解一下，你們是否只是將今年年初所說的標准保持在原地，還是在後半段確實存在一些減速的情況？

David, thanks for the question. Look, we've set out clearly focused on producing profitability and our reliability is -- our operating reliability has actually really facilitated that. As we take a look at it over the course of the year, you'll see that we actually raised the midpoint of our full year guide by a quarter. It's indicative of our belief that the economy is strong, demand is strong. And for us, look, there's seasonality certainly involved. But at the same time, we're looking at this over the course of the year, and we're going to stay the course, and we feel really positive about the results that we reported and what's coming. And Devon, do you want to add anything to that?

大衛，謝謝你的提問。看，我們已經明確地專注於產生盈利能力，而我們的可靠性是——我們的運營可靠性實際上確實促進了這一點。當我們回顧這一年的情況時，您會發現我們實際上將全年指南的中點提高了四分之一。這表明我們相信經濟強勁，需求強勁。對我們來說，看，這肯定涉及季節性。但與此同時，我們在這一年中一直在關注這個問題，我們將堅持到底，我們對我們報告的結果和即將發生的事情感到非常積極。德文郡，你想補充什麼嗎？

No, I think same points. We started the year and set our objectives for the capacity we're going to produce, the unit costs we're going to produce it at and our earnings levels. We're really happy with what we've accomplished in the first half of the year. The guide we have in place did increase our full year EPS to $3 to $3.75, and we feel really good about upping that number.

不，我認為同樣的觀點。我們從今年開始就設定了我們將要生產的產能、我們將要生產的單位成本以及我們的盈利水平的目標。我們對今年上半年所取得的成就感到非常滿意。我們制定的指南確實將我們的全年每股收益提高到了 3 美元到 3.75 美元，我們對提高這個數字感到非常高興。

Okay. And then maybe if you could talk a little bit about sort of the domestic outlook here in the 3Q. You've got, I think, 34% capacity growth in domestic and short-haul international. How are fare trends kind of moving sequentially. There's a lot of concern, I think, in the market about deceleration in the domestic travel market. Can you kind of elaborate a little bit more on kind of what you're seeing and what you're embedding into the 3Q guide for domestic?

好的。然後也許您可以談談第三季度的國內前景。我認為，國內和短途國際航班的運力增長了 34%。票價趨勢如何依次變化？我認為，市場對國內旅遊市場的減速有很多擔憂。您能否詳細說明一下您所看到的內容以及您在國內 3Q 指南中嵌入的內容？

Sure thing. This is Vasu. First, look, I'll say at large. We continue to remain encouraged by the overall level of demand we see, especially in domestic and short haul. If you look at air travel spend as a percentage of GDP, certainly (inaudible) retained its relationship revenue, even domestic revenue as a percentage of GDP continue to regain their former relationship to demand.

當然可以。這是瓦蘇。首先，看，我會說總體而言。我們看到的總體需求水平繼續令我們感到鼓舞，尤其是國內和短途航班。如果你看看航空旅行支出佔 GDP 的百分比，當然（聽不清）保留了其與收入的關係，甚至國內收入佔 GDP 的百分比也繼續恢復以前與需求的關係。

But for us, it's really important to note is this recovery is continuing to unfold. And as we look out there in domestic, a lot of the sequential change that you see is really due to some pretty unique things. About a point on the 2Q to 3Q changes just due to calendar shift. And another point is due to our operational outperformance in the second quarter. Everything else is really a return to normal seasonality. As far as a deceleration of demand or things like that, we don't yet see it now. And in fact, when you look at it for us, like versus 2019 or some base where you lose, just the strange comparisons to how recoveries have unfolded.

但對我們來說，真正重要的是要注意這種複蘇正在繼續展開。當我們在國內觀察時，你看到的很多連續變化實際上是由於一些非常獨特的事情造成的。由於日曆的變化，第二季度到第三季度的大約一個點發生了變化。另一點是由於我們第二季度的運營表現出色。其他一切實際上都是回歸正常的季節性。至於需求減速或類似的情況，我們現在還沒有看到。事實上，當你為我們觀察時，比如與 2019 年或一些你輸掉的基地相比，你會發現與復甦的進展情況進行了奇怪的比較。

For us, as we get into the fall, and we will be flying an airline (inaudible) bigger than 2019 airline but producing short-haul RASMs that are 15% to 20% higher. So there's still -- we're still in a world where demand is very strong. The year-over-year comps are a little bit strange, owing more to just the vagaries of the recovery than anything underlying the business.

對我們來說，隨著進入秋季，我們將乘坐一家比 2019 年航空公司規模更大的航空公司（聽不清），但短途 RASM 會高出 15% 到 20%。因此，我們仍然處於一個需求非常強勁的世界。同比比較有點奇怪，這更多是由於復甦的變幻莫測，而不是業務的任何根本原因。

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

我們的下一個問題來自沃爾夫研究斯科特集團。

Sorry, I lost my voice. But hopefully, you can hear me. I just want to go back to the third quarter guide. So we've just never seen margins go from 15% to 8% to 10%, down 5 to 7 points from Q2 to Q3, just any more color to help us think about what's driving that?

抱歉，我失聲了。但希望你能聽到我的聲音。我只想回到第三季度指南。因此，我們從未見過利潤率從 15% 上升到 8% 再到 10%，從第二季度到第三季度下降了 5 到 7 個百分點，是否有更多的顏色可以幫助我們思考是什麼推動了這一趨勢？

Scott, again, I'll tack on to both Vasu's comments and Devon's as well. We're looking at our results over the course of the year. The recovery, as we've seen it has been not exactly smooth on a quarter-to-quarter comparison basis. As we take a look at the year, you can depend on us to produce those results. We're really proud of those. And it's indicated by us, again, moving our EPS guide up as we did this morning.

斯科特，我再次補充一下瓦蘇和德文的評論。我們正在研究這一年的結果。正如我們所看到的，與季度相比，復甦並不完全順利。當我們回顧這一年時，您可以信賴我們會取得這些結果。我們對此感到非常自豪。正如我們今天早上所做的那樣，我們再次上調了 EPS 指南。

Okay. And then just to clarify, is there -- are we assuming any earnings impact from losing the NEA, which is I know it sounds like you don't think we go back to where we were. But is there any earnings impact going forward from losing NEA?

好的。然後澄清一下，我們是否假設失去 NEA 會對盈利產生任何影響，我知道這聽起來你認為我們不會回到原來的狀態。但失去 NEA 會對未來的盈利產生影響嗎？

Scott, we're not anticipating any earnings impact.

斯科特，我們預計不會對盈利產生任何影響。

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。

Not a lot of talk on blended travelers or blended itineraries this quarter. Just curious on -- is that just because it's in your base now? And maybe you could just level set us on how you're thinking about large corporate in the back half of '23.

本季度關於混合旅行者或混合行程的討論並不多。只是好奇——這只是因為它現在在你的基地嗎？也許您可以向我們介紹您如何看待 23 世紀下半年的大型企業。

This is Vasu and thanks for the question. And you're exactly right. It's less of a novelty now. This is just part of our base, how the business runs for several quarters now. We've seen a mix of 35% leisure style travel, 35% blended style travel, 30% (technical difficulty) And furthermore, within the 30% business, there's roughly a 2:1 split between unmanaged travel and managed travel that's there.

我是瓦蘇，謝謝你的提問。你是完全正確的。現在這已經不是什麼新鮮事了。這只是我們基礎的一部分，也是我們幾個季度以來業務運營的方式。我們看到 35% 是休閒式旅行，35% 是混合式旅行，30%（技術難度）。此外，在 30% 的業務中，非託管旅行和託管旅行之間的比例大約為 2:1。

That's been pretty consistent for several quarters now. It looks to be pretty consistent going into the future. Certainly, that's what our forward book says. So that's why no commentary. This is actually how the business operates now.

這幾個季度以來一直非常穩定。未來看起來相當一致。當然，這就是我們的前瞻書中所說的。所以這就是為什麼沒有評論。這實際上就是現在企業的運作方式。

And just what you're thinking about corporate, sorry?

抱歉，您對企業的看法是什麼？

Look, we've seen corporate -- first of all, I'll clarify this. When we talk about business, we talk about people on business style trips. And within that, there's 2 groups, there's individuals and companies that fly, they don't manage or buy their travel centrally. And then there's large corporations that tend to manage by their travel centrally.

聽著，我們已經看到了企業——首先，我要澄清這一點。當我們談論商務時，我們談論的是進行商務旅行的人。其中，有兩個團體，有飛行的個人和公司，他們不集中管理或購買他們的旅行。還有一些大公司傾向於集中管理差旅。

We've seen that those customers who were managed, they buy their travel centrally has -- it's recovered to 80% of historical levels. That's been pretty much plateaued for several quarters now. However, unmanaged demand continues to grow in our system. And indeed, total business revenues have really regained their 2019 composition in the system. So we remain encouraged on business demand. Should things change, we're prepared to go and adjust accordingly. But no forward change to outlook is any different than the stuff we've been experiencing.

我們看到那些受到管理、集中購買旅行的客戶已經恢復到歷史水平的 80%。現在已經有幾個季度基本處於穩定狀態了。然而，我們系統中不受管理的需求持續增長。事實上，系統中的業務總收入確實恢復了 2019 年的構成。因此，我們對業務需求仍然感到鼓舞。如果情況發生變化，我們準備好進行相應的調整。但前景的前瞻性變化與我們所經歷的事情沒有任何不同。

Okay. And then just on the competitive environment in the domestic market, the ULCCs and LCCs have been ramping capacity in the back half and a lot of that's hit in your hubs. I'm just curious on how you view the competitive landscape right now as you think about the back half of '23.

好的。然後就國內市場的競爭環境而言，超大型集裝箱船和低成本航空公司在下半年一直在增加運力，其中很多都受到了樞紐的影響。我只是好奇你如何看待 23 年後半段的競爭格局。

And look, we actually view the competitive landscape very favorably. Our network proposition to our customers is creating more origin and destination markets and more unique origin and destination markets than any other airline network. And we have done that really well. We continue to do that really well. That's really been the (technical difficulty) financial progress that we've seen.

看，我們實際上非常看好競爭格局。我們對客戶的網絡主張是創造比任何其他航空公司網絡更多的始發地和目的地市場以及更獨特的始發地和目的地市場。我們在這方面做得非常好。我們將繼續做得很好。這確實是我們所看到的（技術難度）財務進步。

And to Robert's comments with roughly 70% of the airline network is located in the Sun Belt in our Latin America network and London Heathrow in places where we really deliver a lot of outsized value for customers. And there, while we do see competitors come in, we remain encouraged. Take any number of those markets in our short-haul Latin American markets. We've seen something like 20%, 25% industry capacity growth, but the trends are favorable enough where this fall and winter will fly our largest schedule there, not because we're out to chase market share, but because of the marginal performance of those routes.

根據羅伯特的評論，大約 70% 的航空公司網絡位於我們拉丁美洲網絡的陽光地帶和倫敦希思羅機場，這些地方我們確實為客戶提供了大量超額價值。在那裡，雖然我們確實看到競爭對手進來，但我們仍然受到鼓舞。以我們的短途拉丁美洲市場為例。我們已經看到了大約 20%、25% 的行業運力增長，但趨勢足夠有利，今年秋季和冬季我們將在那裡執行最大的航班，不是因為我們要追逐市場份額，而是因為這些航線的邊際表現。

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

我們的下一個問題來自 TD Cowen 的 Helane Becker。

Robert, I thought I heard you say on CNBC this morning that you're meeting with your pilots to talk about matching the United contract. Did I hear that correctly, A? And B, do you have to let them vote and reject the contract that they're voting on now? Or can you adjust it and they vote on any changes you might want to make?

羅伯特，我想我今天早上在 CNBC 上聽到你說，你正在與你的飛行員會面，討論匹配美聯航合同的事宜。我沒聽錯吧，A？ B，你是否必須讓他們投票並拒絕他們現在正在投票的合同？或者您可以對其進行調整，然後他們對您可能想要進行的任何更改進行投票嗎？

Helane, thanks for the question. Look, in terms of how we actually are able to deliver to our products, that's going to be something that we have to work on with them, and we're in discussions with the APA right now, as a matter of fact. What I said this morning is something I'm really proud of and that we're committed to.

海蘭，謝謝你的提問。看，就我們如何實際交付我們的產品而言，這將是我們必須與他們合作的事情，事實上，我們現在正在與 APA 進行討論。我今天早上所說的話讓我感到非常自豪，也是我們的承諾。

Look, we're going to match the wages that United is proposing. We've got to sit down and (technical difficulty) to figure out whether or not that is something that they can fit into their TA that can still be voted on, on a timely basis or if it's something that's going to take more time to figure out. But we're committed to matching those wages.

聽著，我們將與曼聯提議的工資相匹配。我們必須坐下來（技術上的困難）弄清楚這是否適合他們的技術援助，並且仍然可以及時進行投票，或者是否需要更多時間才能弄清楚。但我們致力於匹配這些工資。

And then just shifting gears for a minute. You guys have been delivering a really great operation for the past, I don't know, at least 3 quarters, right, as somebody who's shifted from New York to Philadelphia. I can see it in my flying. And I'm just kind of wondering, are you seeing that also in your Net Promoter Scores? Can you talk about what customers are seeing? And are you seeing any share shift from any of your competitors to yourselves?

然後只是換檔一分鐘。作為從紐約搬到費城的人，你們過去至少在三個季度裡一直在提供非常出色的操作。我可以在飛行中看到它。我只是想知道，您是否也在您的淨推薦值中看到了這一點？您能談談客戶看到了什麼嗎？您是否發現任何份額從您的競爭對手轉移到您自己身上？

Well, Helane, thanks for bringing it up. We're really proud of the work that we've done over the last year. It's just a tremendous and relentless focus. It's led by David Seymour, our Chief Operating Officer. And every day, our team is out there, including today, in this ridiculous heat and weather, they're just performing.

嗯，海蘭，謝謝你提出這個問題。我們對去年所做的工作感到非常自豪。這只是一個巨大而不懈的關注。它由我們的首席運營官 David Seymour 領導。每一天，我們的團隊都在那裡，包括今天，在這種荒謬的高溫和天氣下，他們只是在表演。

We've done everything from training to adding new (technical difficulty) And when things go awry, we have been really quick to make sure that we have the tools necessary to put things back in place, whether that be aircraft or our crews. And that's going to continue. I anticipate that we're going to get better and better. Of course, that translates into likelihood to recommend scores, in Net Promoter Scores that are the best that we have ever seen. And I have great confidence that is something that we will continue to play out. That relationship between reliability and what customers really want is super evident.

我們已經完成了從培訓到增加新的（技術難度）的所有工作，當事情出現問題時，我們很快就確保我們擁有必要的工具來將事情恢復原狀，無論是飛機還是我們的機組人員。這種情況還將持續下去。我預計我們會變得越來越好。當然，這轉化為推薦分數的可能性，淨推薦值是我們見過的最好的。我非常有信心我們將繼續做到這一點。可靠性和客戶真正想要的東西之間的關係是非常明顯的。

Our next question comes from the line of Brandon Oglenski of Barclays.

我們的下一個問題來自巴克萊銀行的布蘭登·奧格倫斯基。

Vasu, I want to come back to the unwind of the NEA because it does look like you have quite a bit of international capacity you've added at JFK. But not a lot of domestic connectivity on your own network. And I think JetBlue was part of that answer historically. So can you talk to what the long-haul strategy looks like out of JFK going forward?

Vasu，我想回到 NEA 的話題，因為看起來你們在肯尼迪國際機場增加了相當多的國際能力。但您自己的網絡上的國內連接並不多。我認為捷藍航空在歷史上就是這個答案的一部分。那麼您能談談肯尼迪機場未來的長期戰略嗎？

Yes. Thanks for the question, Brandon. Look, there were really 2 issues that we had in New York. One was the amount of connectivity support that we had for our long haul and the other was just the huge expenses we had operating out of New York Kennedy. As I mentioned earlier, we've done a lot of things to go and reduce our expense base to where, it's not just more in line with our other low-cost hubs but it's materially lower than what any other operator has in New York City.

是的。謝謝你的提問，布蘭登。看，我們在紐約確實遇到了兩個問題。一是我們為長途飛行提供的連接支持量，二是我們在紐約肯尼迪運營的巨額費用。正如我之前提到的，我們已經做了很多事情來減少我們的費用基礎，這不僅與我們其他低成本樞紐更加一致，而且大大低於紐約市任何其他運營商的費用。

But also -- and this is meaningful to it. Look, the NEA was a great outcome for customers who got to go and experience our product who weren't there before. But actually, when you look at those international flights, roughly, as things have settled out and markets recover, roughly 35 to 40 points of the load factor that's on them is actually being generated by international partners. Our partnership within the NEA was actually a very small amount of the onboard load factor that's there.

而且——這對其來說也很有意義。看，NEA 對於那些以前沒有去過的客戶來說是一個很好的結果，他們可以去體驗我們的產品。但實際上，當你觀察這些國際航班時，隨著事情的解決和市場的複蘇，大約 35 到 40 個百分點的載客率實際上是由國際合作夥伴產生的。我們與 NEA 的合作實際上只是船上載客率的一小部分。

That's why when we couple both the expense reduction that's there and some changes that we can make ourselves, we believe that we can go and really replace a lot of the demand, especially now that we've got such a larger New York City originating customer base than what we had before.

這就是為什麼當我們將現有的費用削減和我們自己可以做出的一些改變結合起來時，我們相信我們可以真正取代很多需求，特別是現在我們擁有比以前更大的紐約市原始客戶群。

I appreciate that response. And I guess maybe a quick one for Devon because I think you mentioned aircraft purchases out in the future could be around $3 billion to $3.5 billion annually, if I heard it correctly. Do you think strategically, that's the right level of reinvestment in the business, especially given that some of your competitors might be spending a bit more than that?

我很欣賞這個回應。我想對於德文郡來說可能會很快，因為我​​想你提到未來的飛機採購每年可能會達到 30 億至 35 億美元左右，如果我沒聽錯的話。您認為從戰略上講，這是否是業務再投資的正確水平，特別是考慮到您的一些競爭對手的支出可能比這多一點？

Brandon, yes. So the comment was we think we'll have somewhere around $3.5 billion on average of aircraft capital beyond 2024 and probably for a good part of the decade. And where we are different than our competitors is we don't have any fleet replacement needs between now and the end of the decade, so when we are investing in an aircraft, that is an investment to grow the network and to grow the airline.

布蘭登，是的。因此，我們認為，到 2024 年之後，並且很可能在這十年的大部分時間裡，我們的飛機資本平均約為 35 億美元。我們與競爭對手的不同之處在於，從現在到本世紀末，我們沒有任何機隊更換需求，因此，當我們投資飛機時，這是一項用於發展網絡和發展航空公司的投資。

What you're seeing from some of our other competitors who just have older airplanes, there's a lot of fleet replacement CapEx required for them. And again, for us, it is just growth aircraft requirements.

您從我們的其他一些競爭對手那裡看到的情況是，他們只有舊飛機，他們需要大量的機隊更換資本支出。再說一次，對我們來說，這只是增長的飛機需求。

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。

I'm really tempted to ask another NEA wind-down question, but we'll leave that for off-line. Maybe just on fleet. Where do you think your biggest gap or constraint is at the moment? Like where do you wish you could be bigger today? And can you talk a little bit about -- I think you mentioned some regional fleet adds. What are the kind of staffing circumstances you see that are allowing you to invest there?

我真的很想問另一個 NEA 結束問題，但我們會把這個問題留到離線的時候。也許只是在艦隊上。您認為目前您最大的差距或限制在哪裡？比如你今天希望自己能在哪些方面變得更大？你能談談——我想你提到了一些地區艦隊的補充。您認為什麼樣的人員配置環境允許您在那裡投資？

Thanks, Duane. Just a couple of things. Look, I think as you take a look at the industry and especially our needs at American, we're going to need larger narrow-bodies in a number of places. It just fits with how our hub structure works and all the kind of things that Vasu wants to do. I would add to that, though, that probably our biggest and most interesting opportunity right away is getting our regional fleet fully back up in the air.

謝謝，杜安。只是幾件事。看，我認為當你看看這個行業，特別是我們美國航空的需求時，我們將在許多地方需要更大的窄體飛機。它恰好符合我們的樞紐結構的工作方式以及 Vasu 想要做的所有事情。不過，我想補充一點，我們最大、最有趣的機會可能就是讓我們的支線機隊完全恢復飛行。

And those aircraft only further our commercial proposition by adding more small markets to what is a great hub-and-spoke system already. So as we take a look out into the future, you'll see us make sure that we protect ourselves and that we are able to not only replace an upgauge from a narrow body perspective but also have an eye to be able to grow at a rate appropriate for demand levels.

這些飛機只會在已經是一個偉大的輪輻系統的基礎上增加更多的小市場，從而進一步推進我們的商業主張。因此，當我們展望未來時，您會看到我們確保保護自己，並且我們不僅能夠從狹隘的角度替換升級規格，而且還著眼於能夠以適合需求水平的速度增長。

And then just for my follow-up, could you just remind us maybe some of the differences in your Transatlantic geography versus peers? And maybe it's too fine of a point, but could you contrast kind of your Southern Europe exposure relative to Delta and United?

接下來，您能否提醒我們您的跨大西洋地理位置與同行之間的一些差異？也許這個觀點太過分了，但您能否將您在南歐的風險敞口與達美航空和美聯航進行比較？

Thanks for asking them. Look, and for us, so much of our Transatlantic and I'll just speak to the European content at this point, not other things that sometimes get lumped into reporting such as Middle East or India. But for us, a lot of our concentration is, first and foremost, in London, probably much more so than what other airlines are. And that which is in Southern Europe is really heavily seasonal style flying or as we call it, the large city or the large capital market, things like Rome and Athens, Barcelona and Madrid.

感謝您詢問他們。看，對於我們來說，我們的跨大西洋的大部分內容，我現在只會談論歐洲的內容，而不是有時會被納入報導的其他內容，例如中東或印度。但對我們來說，我們的大部分注意力首先集中在倫敦，可能比其他航空公司更集中。南歐的飛行確實是季節性風格的飛行，或者我們所說的大城市或大型資本市場，比如羅馬和雅典、巴塞羅那和馬德里。

So we've done a lot over the last several years to actually -- further to Devon's earlier point, to really restructure our international network. We used to fly a lot of really marginal flights to really marginal markets. They work for 3 months of the year and we had nothing to do with the airplane for the other 9 months of the year. So we've used the last 3 years to go and rebuild the foundation, the bottom 5% of our capacity is gone, the fleet that goes with it is gone and the losses that we took from it are gone. And so now what we're building back to Devon's point of just moderate growth is adding things that really make sense and are a good use of full year aircraft capital.

因此，我們在過去幾年中做了很多工作，實際上——進一步德文郡之前的觀點，真正重組了我們的國際網絡。我們曾經飛往非常邊緣市場的許多非常邊緣的航班。他們一年中工作 3 個月，而我們在一年中的另外 9 個月裡與飛機沒有任何關係。因此，我們用了過去三年的時間來重建基礎，我們的產能中底部的 5% 消失了，與之配套的機隊也消失了，我們從中承受的損失也消失了。因此，現在我們正在恢復德文郡適度增長的目標，那就是增加真正有意義的東西，並且可以很好地利用全年飛機資本。

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安德魯·迪多拉。

First question, Devon, I just wanted to make sure I was clear in terms of what is in your CASM outlook for this year. Does it just include the step-up in pay rates beginning May 1 from the TA? Or do you also factor in a step-up in profit share and work rules? Just want to be clear on what's included there.

第一個問題，Devon，我只是想確保我清楚了解 CASM 今年的展望。是否只包括 TA 於 5 月 1 日開始加薪？或者您是否還考慮了利潤分成和工作規則的提高？只是想清楚其中包含的內容。

Yes. So right now, what's included in our guide is pay rates from May 1 through the end of July. And then starting in August, we hope to have ratification of the tentative agreement. And at that point, we'll have pay rates and all the benefits that go along with it, including the higher profit sharing.

是的。目前，我們的指南中包含的是 5 月 1 日至 7 月底的工資標準。然後從八月份開始，我們希望臨時協議能夠獲得批准。到那時，我們將獲得工資率以及隨之而來的所有福利，包括更高的利潤分享。

Got it. And then Robert, I know it's early on, but just when you think about 2024, any initial thoughts on how you're thinking about capacity and the way you kind of -- the continued build-out of both your domestic and international networks. Just curious which entity you think could -- between domestic and international could be growing the most next year and just how you think about growth.

知道了。然後羅伯特，我知道現在還為時過早，但當你想到 2024 年時，你對如何考慮容量以及你的方式的任何初步想法 - 持續建設國內和國際網絡。只是好奇您認為明年國內和國際之間哪個實體可能增長最快，以及您如何看待增長。

Thanks, Andrew. Right now, it's -- we're in the planning stages. But what I'd tell you is that based on the kind of fleet that we have, we would have anticipated mid-single-digit growth for next year. Now there's a lot of dependencies on that.

謝謝，安德魯。現在，我們正處於規劃階段。但我要告訴你的是，根據我們擁有的機隊類型，我們預計明年的增長將達到中個位數。現在對此有很多依賴性。

So first off, we have to be able to get our regional fleet back up fully that requires pilots. We've -- to be able to achieve that kind of level of flying we would have to also get a little bit more out of the aircraft we have in terms of utilization as a whole. And the final thing is we're dependent on the airframe manufacturers to actually deliver. They're getting better, their track record hasn't been great. So we'll see how that shakes out. And if it all comes to fruition, that's probably a pretty good guess at this point.

因此，首先，我們必須能夠完全恢復我們需要飛行員的支線機隊。為了能夠達到這種飛行水平，我們還必須在整體利用率方面進一步提高我們現有飛機的利用率。最後一件事是我們依賴機身製造商來實際交付。他們正在變得更好，但他們的記錄並不好。所以我們會看看情況如何。如果這一切都實現了，那麼這可能是一個很好的猜測。

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邁克爾·林伯格（Michael Linenberg）。

Congrats on the 2-notch upgrade from Fitch. I guess 2 questions here. I guess Vasu, just with the rollout of your new distribution strategy, any early learnings direct versus indirect. I sort of caught the 2:1 unmanaged versus managed on your corporate piece. I think if we go back historically, they were probably more evenly divided. So it seems like there's a bit of a shift there. Whatever you can tell us and then I have a follow-up.

恭喜惠譽評級提升 2 級。我想這裡有兩個問題。我想瓦蘇，隨著新的分銷策略的推出，任何早期的學習都是直接的還是間接的。我在你們的公司作品中發現了非託管與託管的 2:1 比例。我認為如果我們回顧歷史，他們的劃分可能會更加平均。所以看起來似乎有一些轉變。無論您能告訴我們什麼，我都會跟進。

Thanks, Mike. It's an excellent question. I was wondering when it might be asked. Look, first of all, all of our selling and distribution changes are done with a really simple lens, relative to which Robert talked about in his opening remarks. We want to make it as easy as possible for our best customers to be able to shop by and self-service their experience with American Airlines.

謝謝，邁克。這是一個很好的問題。我想知道什麼時候會被問到。看，首先，我們所有的銷售和分銷變化都是通過一個非常簡單的鏡頭完成的，羅伯特在他的開場白中談到了這一點。我們希望讓我們的最佳客戶能夠盡可能輕鬆地通過美國航空的體驗進行購物和自助服務。

And everything has been oriented around that. It has indeed been very eye-opening and has performed probably above what our expectations are. The simplest way to get (inaudible) is like this. If you take all of our customers, the actual human, you can divide them into 2 groups, those who are not members of the Advantage program and those who are members of the Advantage program. In the quarter, for those customers who are not members of the Advantage program, indeed, their total travel fell 5%, but revenue from that cohort grew by 5%.

一切都是圍繞這一點進行的。它確實令人大開眼界，並且表現可能超出了我們的預期。最簡單的獲取方式（聽不清）就是這樣。如果您將我們所有的客戶（實際的人類）分為 2 組，即非 Advantage 計劃的成員和 Advantage 計劃的成員。在本季度，對於那些不是 Advantage 計劃會員的客戶來說，他們的總旅行確實下降了 5%，但該群體的收入卻增長了 5%。

And amongst the customers who are advantaged customers, we actually grew their transactions by 8% and their revenues by 13%. That is certainly above what we had expected, but also what we're really encouraged by our 3 things: first, for every -- there's a high level of attachment for all of our advantage customers. For every dollar of flight revenue they bring in, they bring in about $0.10 of other revenue primarily on a branded credit card. Two, the cost of sale is materially lower amongst our advantage customers. It's not just that we're paying less in booking fees and commissions and things like that. But what we've found is something like 25% to 30% of our calls to reservations are actually bookings at a travel agency originated and is, for some reason, unable to go in service. So there's a lot of implicit savings that we see from it.

在優勢客戶中，我們的交易量實際上增長了 8%，收入增長了 13%。這當然超出了我們的預期，但也是我們真正受到三件事的鼓舞：首先，​​對於我們所有的優勢客戶來說，都有很高的依戀度。他們每賺取 1 美元的航班收入，就會通過品牌信用卡獲得約 0.10 美元的其他收入。第二，我們的優勢客戶的銷售成本要低得多。這不僅僅是因為我們支付的預訂費和佣金等費用減少了。但我們發現，大約 25% 到 30% 的預訂電話實際上是在旅行社進行的預訂，但由於某種原因無法提供服務。因此，我們從中看到了很多隱性節省。

And last and maybe most importantly, we're encouraged by what we see is really the durability of these customers' demand. These are customers who tend to use our network where it's most unique. They fly more times in a year. They already have bookings out into the fall. They tend to sell themselves up. And importantly, they prefer coming to us direct. So we're currently in taking roughly 70% to 75% of our revenues going through our direct channels. We anticipate that will grow. We're encouraged by this, and we're actually going to continue to accelerate the changes. By the end of the year, 100% of what we sell, customers will be able to service online through our app or our dot-com.

最後，也許也是最重要的一點是，我們所看到的這些客戶需求的持久性讓我們感到鼓舞。這些客戶傾向於使用我們最獨特的網絡。他們一年飛行的次數更多。他們已經有秋季的預訂了。他們傾向於出賣自己。重要的是，他們更喜歡直接來找我們。因此，我們目前大約 70% 到 75% 的收入來自我們的直接渠道。我們預計這一數字將會增長。我們對此感到鼓舞，實際上我們將繼續加速變革。到今年年底，我們銷售的 100% 商品將能夠通過我們的應用程序或 .com 為客戶提供在線服務。

We'll roll out those features also over time for new distribution technology. But as this happens, we'll make increasingly less and less of our fare content available through traditional technology where customers aren't able to get that quality experience they're looking for from us.

隨著時間的推移，我們也將針對新的分發技術推出這些功能。但隨著這種情況的發生，我們通過傳統技術提供的票價內容將越來越少，客戶無法從我們這裡獲得他們想要的優質體驗。

Great, awesome response. And then just my second question, I guess, is to you as well, when I sort of look at it in the forward schedules, it does look like even up to summer of next year, that JetBlue is still maintaining a significant presence in LaGuardia. And so presumably, you will still continue to lease those slots to them and maybe maintain a smaller presence in LaGuardia than what you had pre-NEA? Or is that just -- are those placeholder schedules and that's TBD?

太棒了，很棒的回應。我想我的第二個問題也是對你來說的，當我在未來的時間表中查看它時，看起來甚至到明年夏天，捷藍航空仍然在拉瓜迪亞保持著重要的存在。因此，您可能仍會繼續將這些時段出租給他們，並且可能會在拉瓜迪亞機場保持比 NEA 之前規模更小的規模？或者只是——那些佔位符時間表，那是待定？

Yes, Mike. A lot of that is TBD right now. And in fact, Priya Aiyar, is here our General Counsel. We're still in a process of determining how to wind down the NEA, most notably how we transfer back all of the slots to American Airlines as soon as we can.

是的，邁克。其中很多目前尚待確定。事實上，Priya Aiyar 是我們的總法律顧問。我們仍在決定如何結束 NEA，最值得注意的是我們如何盡快將所有航班時刻轉回給美國航空。

Thank you. Ladies and gentlemen, we will now move to media questions and answers.

謝謝。女士們、先生們，我們現在進入媒體問答環節。

(Operator Instructions) Our first question comes from the line of Alison Sider of Wall Street Journal.

（操作員說明）我們的第一個問題來自《華爾街日報》的艾莉森·賽德（Alison Sider）。

Do you have a sense yet of how much more costly the pilot deal could be if you have to go back and boost the pay rates and other adjustments to match the United deal?

你是否意識到，如果你必須回去提高工資和進行其他調整以匹配曼聯的交易，那麼試點交易的成本可能會增加多少？

I'm looking at Devon. We're working on that right now. Look, one of the things I do know is that in our TA, there was significant quality of life and compensation improvements. The vast majority are very close to what United has supposedly in their TA. And while there may be some adjustments that would be required for wages, it's not inordinate amount. Devon, do you have any idea on that?

我在看德文郡。我們現在正在努力。聽著，我確實知道的一件事是，在我們的助教中，生活質量和薪酬都有了顯著的提高。絕大多數都非常接近曼聯在他們的技術援助中所描述的內容。雖然工資可能需要進行一些調整，但這並不是過度的金額。德文，你對此有什麼想法嗎？

Yes. We're working through the numbers right now. Obviously, the wages are close, but a couple of percent higher than what we have in our tentative agreement. And we're trying to get more detail on other items that we think might be material. But what we have with our tentative agreement is really significant improvements for our pilots.

是的。我們現在正在研究這些數字。顯然，工資很接近，但比我們暫定協議中的工資高出幾個百分點。我們正在嘗試獲取更多我們認為可能重要的其他項目的詳細信息。但我們的暫定協議對我們的飛行員來說確實是重大改進。

And as Robert mentioned earlier, the wages is some we're focused on right now to see if we can work with the APA to get some done where we match what United's put forth.

正如羅伯特之前提到的，我們現在關注的重點是工資，看看我們是否可以與 APA 合作，完成一些與曼聯提出的要求相匹配的工作。

And I guess, Robert, you talked a little bit about this earlier this morning, but just curious if there's any kind of impact you're seeing from this crazy heat we're seeing in parts of the country, if that requires any operational changes or different ways of thinking about things for crew and for customers and how you're dealing with that?

我想，羅伯特，你今天早上早些時候談到了這個問題，但只是好奇我們在該國部分地區看到的瘋狂高溫是否會產生任何影響，這是否需要任何運營改變或以不同的方式思考船員和乘客的問題，以及你如何處理這個問題？

Ali, and I have David Seymour here to help me. Look, the heat that we're facing this year in the country, I mean, these are records, and it is something that impacts certainly, the aircraft, any machinery, they're more (inaudible) and run harder and longer. And it's also really hard on our people. Fortunately, we have great experience in dealing with hot weather hubs, places like Phoenix and Miami and even DFW and Charlotte as well.

阿里和大衛·西摩在這裡幫助我。看，我們今年在這個國家面臨的高溫，我的意思是，這些都是記錄，這肯定會影響飛機，任何機械，它們更多（聽不清）並且運行更努力和更長時間。這對我們的人民來說也非常困難。幸運的是，我們在處理炎熱天氣中心（例如菲尼克斯和邁阿密，甚至達拉斯沃斯堡和夏洛特）方面擁有豐富的經驗。

So we're employing all those practices that we put in place. We're just having to use them more often and longer throughout the year. I'll give you just a couple of examples of things that we've done on a precautionary basis just because of the trends that we've seen. We put a heck of lot more work into making sure that we're prepared for the summer on things like conditioned air at our jet bridges. So as soon as an aircraft pulls up to a gate, we want to make sure that we can get air to those aircraft to keep them as cool as possible.

因此，我們正在採用我們實施的所有這些做法。我們只是需要在一年中更頻繁、更長時間地使用它們。我將給您舉幾個例子，說明我們根據所看到的趨勢而在預防性基礎上所做的事情。我們投入了大量的工作來確保我們為夏季做好準備，例如登機橋的空調。因此，一旦飛機停在登機口，我們就希望確保能夠為這些飛機提供空氣，以使其盡可能保持涼爽。

Our APUs, those little engines that are able to power all the systems when the big engines are off. Those are things that are prone to break during times like right now, but we're seeing really good results because of the preventative work that our maintenance team has done. And you'll see us as well, whether it's making sure that we only board when aircraft are -- have air conditioning that is appropriate or out on the ramp with our team members, making sure that they get a break from the sun and the heat that there are things like ice carts and electrolyte drinks available to our team members, we're really taking this seriously, and we're going to have to as we go forward.

我們的 APU，即那些小型發動機，能夠在大型發動機關閉時為所有系統提供動力。這些東西在像現在這樣的時期很容易出現故障，但由於我們的維護團隊所做的預防工作，我們看到了非常好的結果。你也會看到我們，無論是確保我們只在飛機起飛時登機——有合適的空調，還是與我們的團隊成員一起在停機坪上，確保他們能遠離陽光和炎熱，為我們的團隊成員提供冰車和電解質飲料等東西，我們真的很認真地對待這個問題，而且在我們前進的過程中我們必須這樣做。

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

我們的下一個問題來自彭博新聞社的瑪麗·施蘭根斯坦。

I had just 2 quick questions. Vasu, on the LaGuardia slots, are you prohibited from leasing those slots to JetBlue for just their own use for their own flight? So do you have to take those slots back? You can't lease them to them under any circumstances. And my second question is on the pilot talks, are you reopening the whole contract to discussion? Or are you limiting it to changes in pay?

我只有兩個簡單的問題。 Vasu，關於拉瓜迪亞航班時刻，您是否被禁止將這些時刻出租給捷藍航空供其自己用於自己的航班？那麼你必須收回那些插槽嗎？在任何情況下你都不能將它們出租給他們。我的第二個問題是關於試點談判，你們是否會重新開放整個合同進行討論？或者您是否將其限制在薪酬變化上？

So I'll handle the -- I can handle both. First off, in regard to anything that relates to slots or gates or routes or things like that. Look, we're going to figure that out over time. So I'll leave it at that. And then in regard to our pilots, as I mentioned, we're sitting down with our pilots. We have a real interest in making sure that they're taken care of. That's been how we viewed all discussions. And so we'll see how that goes. My hope is that we can get something done pretty quickly. And no matter what, over the long run, we're going to make sure that our pilots were taken care of.

所以我會處理——我可以處理這兩件事。首先，關於與老虎機、大門、路線或類似事物相關的任何事情。聽著，我們會隨著時間的推移解決這個問題。所以我就這樣吧。關於我們的飛行員，正如我提到的，我們正在與飛行員坐下來討論。我們真正關心的是確保他們得到照顧。這就是我們看待所有討論的方式。所以我們會看看情況如何。我希望我們能夠很快完成一些事情。無論如何，從長遠來看，我們將確保我們的飛行員得到照顧。

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

我們的下一個問題來自 CNBC 的萊斯利·約瑟夫斯 (Leslie Josephs)。

Just on the pilot contract. I just want to make sure that I understand correctly, you are committing to matching the United rates. I just want to make sure we're clear on that. And then just a second question on buy-ups to premium cabins. We didn't hear a ton of that from you guys. And just kind of curious what you're seeing, especially for premium leisure and international, are you seeing higher paid loads in premium economy and then in business class.

就在試點合同上。我只是想確保我理解正確，您承諾匹配美聯航的價格。我只是想確保我們對此很清楚。接下來是關於購買高級客艙的第二個問題。我們沒有從你們那裡聽到太多這樣的話。只是有點好奇您所看到的情況，尤其是對於高級休閒艙和國際航班，您是否會在高級經濟艙中看到更高的付費負載，然後在商務艙中。

I'll handle the first one, Leslie, and Vasu can handle the second one. Just, look, again, in regard to your question, we're working with the APA and our pilots. Our intent is to match the wages that we're aware of in the tentative agreement that United has signed.

我會處理第一個，萊斯利，瓦蘇可以處理第二個。只是，再一次，關於你的問題，我們正在與 APA 和我們的飛行員合作。我們的目的是與曼聯簽署的暫定協議中所了解的工資相匹配。

Yes. And Leslie, we do -- we've noted it all through the recovery, but we've continued to see strength in premium cabin style fares. Our total premium seats across the system are up about 5% year-over-year. Our total premium revenues were up about 15% year-over-year. And notably, it's pretty consistent across all of our markets in London, for example. We've grown our premium seats about 20% or so. Our premium revenues are up over 25%. And that's at a time when so much of the industry is adding back into London.

是的。萊斯利，我們確實注意到了這一點——我們在整個複蘇過程中都注意到了這一點，但我們仍然看到高級客艙風格票價的強勢。我們整個系統的高級席位總數同比增長了約 5%。我們的總保費收入同比增長約 15%。值得注意的是，例如，在倫敦的所有市場中，情況都非常一致。我們的高級席位增加了約 20% 左右。我們的保費收入增長了 25% 以上。而此時正值該行業的大部分企業重新回到倫敦。

But we are encouraged, and we're uniquely encouraged by the trajectory that we're on different from others. For the first time in our history, our unit revenue performance in Transatlantic will outperform any of our joint venture partners, both for the quarter and for the full year. So we do see that strength. It's complemented by our distribution strategies, and we see more opportunity ahead.

但我們受到了鼓舞，而且我們因自己與其他人不同的軌跡而受到獨特的鼓舞。我們歷史上第一次，我們在跨大西洋的單位收入表現將超越我們的任何合資夥伴，無論是季度還是全年。所以我們確實看到了這種力量。我們的分銷策略對此進行了補充，我們看到了未來的更多機會。

And just one quick follow-up. When you get out of the summer season, are you seeing any kind of falloff in either fares or bookings with the TRASM coming down and then the inflation report showing that airfares are coming down in the U.S.

只需一個快速跟進。夏季結束後，隨著 TRASM 的下降以及通貨膨脹報告顯示美國機票價格的下降，您是否會看到票價或預訂量出現任何形式的下降？

Nothing beyond historical seasonality, Leslie.

萊斯利，沒有什麼超出歷史季節性的。

Our next question comes from the line of David Koenig of the Associated Press.

我們的下一個問題來自美聯社的大衛·柯尼格。

Robert, you've talked about matching the United deal, which APA had valued their previous TA at $8.3 billion, and this is going to add a couple of percentage points. Do you plan or do you need to raise fares to cover the contracts with the APA, the APFA or other contracts and still remain profitable, should people expect higher fares?

羅伯特，你談到了匹配曼聯的交易，APA 之前的 TA 估值為 83 億美元，這將增加幾個百分點。您是否計劃或是否需要提高票價來履行與 APA、APFA 或其他合同的合同，並且仍然保持盈利，人們是否應該期待更高的票價？

David, thanks for the question. Look, over time, we're going to run a profitable business. So we have to offer a really compelling product offering to our customers. We're going to try to find ways to make sure that we can do that in a way that customers will benefit and ultimately, it will take more revenue to pay for higher cost (technical difficulty) going to do everything that we can to be as efficient as possible, take care of our team members, but also offer a very compelling and worthwhile product to our customers.

大衛，謝謝你的提問。看，隨著時間的推移，我們將經營一項有利可圖的業務。因此，我們必須為客戶提供真正引人注目的產品。我們將努力尋找方法，確保我們能夠以客戶受益的方式做到這一點，最終，我們將需要更多的收入來支付更高的成本（技術難度），我們將盡我們所能，盡可能提高效率，照顧我們的團隊成員，但也為我們的客戶提供非常有吸引力和有價值的產品。

Okay. Any other revenues for revenue besides fares?

好的。除了票價以外還有其他收入嗎？

None beyond what we've already spoken about in the call.

除了我們在電話中已經討論過的內容外，沒有其他內容。

David, we're really proud of our incredible network that we're flying reliably, and we've got an industry-leading rewards program. We're going to tap into those and make sure that our customers are really able to benefit from everything that we can do on that front.

大衛，我們對我們令人難以置信的網絡感到非常自豪，我們的飛行可靠，並且我們擁有行業領先的獎勵計劃。我們將利用這些並確保我們的客戶真正能夠從我們在這方面所做的一切中受益。

Thank you. That concludes the Q&A portion of this call. I would now like to turn the conference back to Robert Isom for closing remarks. Sir?

謝謝。本次電話會議的問答部分到此結束。現在我想請羅伯特·伊索姆（Robert Isom）致閉幕詞。先生？

Thank you, [Atif.] Thanks so much. And I'll just close out this way. Look, you can continue to hold us accountable for relentless focus on reliability, profitability and strengthening our balance sheet. And I'll just point to the second quarter results.

謝謝你，[Atif。] 非常感謝。我就這樣結束吧。看，您可以繼續讓我們對可靠性、盈利能力和加強資產負債表的不懈關注負責。我只想指出第二季度的業績。

In terms of reliability, no one has been better than American Airlines over the last year. In terms of profitability, this second quarter beat by -- of all analyst's expectations is just proof that our commercial offerings are really registering with our customers. You run reliably, you produce profits, you can strengthen your balance sheet. This 2-notch upgrade from Fitch today is, again, indicative that we're doing the right things, and we would anticipate further strengthening on that front. All of it together, this outstanding second quarter for us is proof positive that our efforts are working. We're going to get back at it. Thank you very much.

就可靠性而言，去年沒有人比美國航空更好。就盈利能力而言，第二季度超出了所有分析師的預期，這證明我們的商業產品確實得到了客戶的認可。您可靠地運行，您產生利潤，您可以加強您的資產負債表。惠譽今天將評級上調 2 級，再次表明我們正在做正確的事情，我們預計在這方面將進一步加強。所有這些加在一起，對我們來說出色的第二季度證明了我們的努力正在發揮作用。我們會回過頭來討論這個問題。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。