美國航空 (AAL) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's First Quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to hand the call over to Scott Long, VP of Investor Relations and Corporate Development. Please go ahead.

感謝您的耐心等待，歡迎參加美國航空集團 2024 年第一季財報電話會議。 （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, Latif. Good morning, and welcome to American Airlines Group First Quarter 2024 Earnings Conference Call. On the call 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 this morning for the Q&A session. Robert will start the call with an overview of our performance, and Devon will follow with the details on the first quarter, in addition to outlining our operating plans and outlook going forward.

謝謝你，拉蒂夫。早安，歡迎參加美國航空集團 2024 年第一季財報電話會議。我們的執行長羅伯特·伊索姆 (Robert Isom) 在電話會議上發表了事先準備好的演講。以及我們的財務長德文梅 (Devon May)。我們的其他一些高階主管今天早上也在房間裡參加問答環節。羅伯特將首先概述我們的業績，德文郡將介紹第一季度的詳細信息，以及概述我們的營運計劃和未來展望。

After our prepared remarks, we'll open the call for analyst questions, followed by questions from the media. To get in as many questions as possible, please limit yourself to 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 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.

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。為了盡可能地提出問題，請將自己限制在一個問題和一個後續問題上。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。

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, 2024. 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.

有關其中一些風險和不確定性的信息可以在我們今天早上發布的收益新聞稿以及截至 2024 年 3 月 31 日的季度的 10-Q 表格中找到。財務指標排除了異常項目的影響。這些數字與 GAAP 財務指標的對帳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。

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.

本次電話會議的網路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資訊是截至今天的日期，我們不承擔隨後更新資訊的義務。

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.

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執行長羅伯特·伊索姆 (Robert Isom)。

Thanks, Scott, and good morning, everyone. The American Airlines team continues to build a more reliable, efficient and resilient airline. I'd like to thank our team for running a fantastic operation. We're driving revenue through our commercial initiatives, efficiently managing costs and producing free cash flow to further strengthen our balance sheet.

謝謝斯科特，大家早安。美國航空團隊持續打造更可靠、更有效率、更有彈性的航空公司。我要感謝我們的團隊進行了出色的運作。我們透過商業計劃增加收入，有效管理成本並產生自由現金流，以進一步加強我們的資產負債表。

Let's talk about our financial results for the first quarter. This morning, we reported an adjusted net loss of $226 million for the quarter or an adjusted loss of $0.34 per diluted share. This outcome was within our originally guided range despite a significant increase in fuel expense in the quarter, which was approximately $100 million higher than the midpoint of our initial guidance. We remain on track to deliver our full year EPS guidance, and we continue to expect to produce approximately $2 billion of free cash flow this year.

我們來談談第一季的財務表現。今天早上，我們報告本季調整後淨虧損為 2.26 億美元，或稀釋後每股調整後虧損 0.34 美元。儘管本季燃料費用大幅增加，比我們最初指導的中點高出約 1 億美元，但這一結果仍在我們最初的指導範圍內。我們仍有望實現全年 EPS 指引，並繼續預計今年將產生約 20 億美元的自由現金流。

We produced record first quarter revenues of $12.6 billion. Business travel has continued to recover with particular strength in small and medium-sized businesses. Additionally, we have seen sequential improvement in the recovery of managed corporate travel and domestic business revenue growth outpaced capacity growth in the first quarter.

我們第一季的營收達到創紀錄的 126 億美元。商務旅行持續復甦，尤其是中小型企業。此外，我們也看到管理商務旅行的復甦持續改善，且第一季國內業務收入成長超過了運力成長。

Additionally, our focus on delivering premium content that our customers desire is paying off. In the first quarter, upsell, loyalty and partnership revenue what we define as premium content made up 61% of our revenue and increased 17% year-over-year. As we have outlined in the past, our revenue growth is increasingly fueled by Advantage customers who continued to acquire our co-branded credit cards at historically high levels. Advantage customers account for 72% of our premium content revenue. And in the first quarter, our premium cabin saw a 10% increase in revenue versus 2023.

此外，我們致力於提供客戶所需的優質內容，這一點正在得到回報。第一季度，追加銷售、忠誠度和合作夥伴收入（我們定義為優質內容）占我們營收的 61%，較去年同期成長 17%。正如我們過去所概述的，我們的收入成長越來越多地受到 Advantage 客戶的推動，他們繼續以歷史高水準購買我們的聯名信用卡。優勢客戶占我們優質內容收入的 72%。第一季度，我們的高級客艙收入比 2023 年成長了 10%。

We expect these trends to continue, which is why we're investing in our product and premium customer experience. And just last week, we announced several new premium onboard enhancements and customers will have an increasingly elevated experience with the introduction of our new state-of-the-art flagship suite seats on our long-haul aircraft including our retrofitted Boeing 777-300s and future Airbus 321XLR and Boeing 787-9 deliveries.

我們預計這些趨勢將持續下去，這就是我們投資於我們的產品和優質客戶體驗的原因。就在上週，我們宣布了幾項新的高級機上增強功能，透過在我們的長途飛機（包括改裝的波音 777-300 和未來將交付空中巴士 321XLR 和波音 787-9。

Our Fleet Network and Travel Rewards program will continue to enable significant upside moving forward, and our limited near-term capital requirements position us to continue to generate meaningful free cash flow this year and in the years to come. We continue to make progress on our commercial initiatives, and we are always looking to improve our performance and drive additional revenue.

我們的車隊網路和旅行獎勵計劃將繼續實現顯著的成長，而我們有限的近期資本需求使我們能夠在今年和未來幾年繼續產生有意義的自由現金流。我們在商業計劃上不斷取得進展，並且始終尋求提高業績並增加收入。

We see meaningful opportunities to improve upon our results much of which will be captured as we progress through the year. First, we continue to believe in the value that our distribution strategy provides to our customers and to American. Engaging directly with our customers through modern Internet-based technology is where the industry is headed, and we're leading the way. That being said, there are near-term actions we can take to optimize our efforts in advance of hitting a steady state on this long-term strategic initiative, and those are underway.

我們看到了改善我們業績的有意義的機會，其中大部分將隨著我們今年的進展而抓住。首先，我們仍然相信我們的分銷策略為我們的客戶和美國航空提供的價值。透過基於互聯網的現代技術直接與客戶互動是該行業的發展方向，而我們正在引領這一趨勢。話雖如此，我們可以採取一些近期行動來優化我們的努力，以實現這一長期戰略舉措的穩定狀態，而這些行動正在進行中。

Second, our network was uniquely impacted by increased industry capacity in the first quarter, but we see that moderating in the quarters ahead. This will be a tailwind for us going forward. Third, increasing the utilization of our fleet is a priority, but we can improve the deployment of our own capacity to better match supply and demand throughout the year.

其次，我們的網路受到第一季產業產能增加的獨特影響，但我們認為這種影響在未來幾季將會放緩。這將成為我們前進的順風。第三，提高機隊利用率是當務之急，但我們可以改善自身產能的部署，並更好地匹配全年供需。

And finally, our team is laser-focused on executing well on these and all of our commercial initiatives day in and day out. Turning now to the operation. American continues to produce industry-leading operational results. We're running the best operation in our history because of our steadfast commitment to operational excellence and strong collaboration across the entire airline.

最後，我們的團隊日復一日地專注於執行這些以及我們所有的商業計劃。現在轉向操作。美國航空持續創造業界領先的營運績效。由於我們對卓越營運的堅定承諾以及整個航空公司的密切合作，我們正在實現歷史上最好的營運。

We continue to minimize our cancellations, resulting in our best-ever first-quarter completion factor. We delivered these results despite air traffic control challenges during the quarter and significant weather events across our network. Our strong completion factor performance enabled American to achieve 8 combined mainline and regional zero-cancellation days in the first quarter and improved our mishandled baggage rate by 10% year-over-year.

我們繼續最大限度地減少取消，從而實現了有史以來最好的第一季完成率。儘管本季面臨空中交通管制挑戰以及整個網路發生重大天氣事件，但我們仍取得了這些成果。我們強勁的完成率表現使美國航空在第一季度實現了 8 個幹線和支線聯合零取消天數，並將行李誤處理率同比降低了 10%。

Our outstanding recovery efforts have become the hallmark of our operation as we minimize cancellations and shorten the recovery time for our airline end customers. As our attention shifts to the summer operations, we're focused on safety, reliability and continuing to provide a great experience for our customers. We continue to find ways to improve the travel experience for our customers, especially ahead of the busy summer travel period.

我們出色的恢復工作已成為我們營運的標誌，因為我們最大限度地減少了航班取消並縮短了航空公司最終客戶的恢復時間。隨著我們的注意力轉向夏季運營，我們將重點放在安全性、可靠性上，並繼續為客戶提供良好的體驗。我們不斷尋找改善客戶旅行體驗的方法，特別是在繁忙的夏季旅行期間。

Through investments in technology, we have made significant progress in our digital servicing capabilities. American is now able to sell and digitally service approximately 95% of transactions, which greatly simplifies and enhances the experience of our customers and team members. We're also seeing tangible benefits from our reengineering efforts. We are using our assets more productively across the airline and our total aircraft utilization improved approximately 4% year-over-year in the first quarter, primarily driven by improvements in our regional supportability.

透過技術投資，我們的數位服務能力取得了顯著進步。美國航空現在能夠以數位方式銷售和提供約 95% 的交易，這極大地簡化並增強了我們客戶和團隊成員的體驗。我們也看到了我們的再造工作帶來的實實在在的好處。我們在整個航空公司更有效率地利用我們的資產，第一季我們的飛機總利用率比去年同期提高了約 4%，這主要是由於我們的區域支援能力的提高。

And now I'll turn it over to Devon to share more about our first quarter financial results and second quarter outlook.

現在我將把它交給德文郡，分享更多有關我們第一季財務業績和第二季前景的資訊。

Thanks, Robert. I want to commend the American Airlines team for its focus and execution and for leading us on the path to achieving our long-term goals. We delivered a fantastic operation for our customers in the first quarter. Despite a significant run-up in fuel in the quarter, we were able to produce results within our guided range for each of our operating metrics, and we remain on track to deliver on our full year guidance. Excluding net special items, we reported a first quarter net loss of $226 million or an adjusted loss per diluted share of $0.34.

謝謝，羅伯特。我要讚揚美國航空團隊的專注和執行力，以及帶領我們走上實現長期目標的道路。我們在第一季為客戶提供了出色的營運。儘管本季燃料大幅增加，但我們的每項營運指標都能夠在指導範圍內產生結果，我們仍有望實現全年指引。不包括淨特殊項目，我們報告第一季淨虧損為 2.26 億美元，調整後每股攤薄虧損為 0.34 美元。

We produced record first quarter revenue of $12.6 billion, up 3.1% year-over-year. Our adjusted EBITDAR margin was 7.6%, and we produced an adjusted operating margin of 0.6%. Our strong operational performance in the first quarter resulted in capacity that was up 8.5% year-over-year at the high end of our guidance range. Total revenue was approximately 0.5% higher than the midpoint of our January forecast. Unit revenue was down 4.9% year-over-year, slightly lower than the midpoint of our guidance on 1% higher ASMs. Our strong operational performance in the quarter also resulted in unit cost, excluding net special items and fuel on the low end of our guidance range, up 2.3% year-over-year. As a reminder, the first quarter of 2023 did not include the cost impact of our new pilot agreement, which resulted in a year-over-year headwind. Normalizing for this, our first quarter CASM ex would have been approximately flat year-over-year.

我們第一季的營收達到創紀錄的 126 億美元，年增 3.1%。調整後的 EBITDAR 利潤率為 7.6%，調整後的營業利潤率為 0.6%。我們第一季強勁的營運表現導致運能年增 8.5%，達到我們指導範圍的上限。總收入比我們 1 月預測的中位數高出約 0.5%。單位營收年減 4.9%，略低於我們對 ASM 成長 1% 的指導中位數。我們本季強勁的營運業績也導致單位成本（不包括指導範圍低端的淨特殊項目和燃料）年增 2.3%。需要提醒的是，2023 年第一季並未包括我們新試點協議的成本影響，這導致了同比的不利影響。正常化後，我們第一季的 CASM ex 與去年同期基本持平。

We have some modest updates to our fleet and CapEx guidance versus our March Investor Day update. For the year, we now expect to take delivery of 22 new mainline aircraft, down from our prior estimate of 29 aircraft. Our new aircraft deliveries include 16 737 MAX 8, 3 787-9s and 3 A321neos. We also plan to take delivery of 12 new Embraer E-175 aircraft. We continue to expect to grow full year capacity in line with our guidance above mid-single digits year-over-year. While Boeing delivery delays have impacted mainline capacity production, they have been largely offset by improvements in our regional aircraft utilization.

與三月投資者日更新相比，我們對機隊和資本支出指導進行了一些適度更新。今年，我們預計將接收 22 架新幹線飛機，低於先前估計的 29 架。我們交付的新飛機包括 16 737 MAX 8、3 787-9 和 3 架 A321neo。我們還計劃接收 12 架新的巴西航空工業公司 E-175 飛機。我們繼續預計全年產能將按照我們的指導方針實現同比中個位數以上的成長。雖然波音的交付延誤影響了幹線產能生產，但我們支線飛機利用率的提高在很大程度上抵消了這些影響。

Aircraft delivery delays are impacting the entire industry, but they are not having the same impact on American as other carriers since we are not as dependent on new aircraft deliveries as most of our peers. We have modest aircraft CapEx requirements this decade due to our previous refleeting efforts. We now expect our 2024 aircraft CapEx to be approximately $2.2 billion, and our total CapEx to be approximately $3.1 billion. We continue to expect aircraft CapEx to be approximately $3 billion to $3.5 billion per year from 2025 through 2030. In the first quarter, we generated operating cash flows of $2.2 billion, and we produced free cash flow of $1.4 billion.

飛機交付延誤正在影響整個行業，但它們對美國航空公司的影響並不像其他航空公司那麼大，因為我們不像大多數同行那樣依賴新飛機的交付。由於我們之前的飛行改造工作，我們這十年對飛機資本支出的要求並不高。我們現在預計 2024 年飛機資本支出約為 22 億美元，總資本支出約為 31 億美元。我們仍然預計，從 2025 年到 2030 年，飛機資本支出每年約為 30 億至 35 億美元。

Our relatively low capital requirements and free cash flow production have allowed us to make significant progress toward strengthening the balance sheet. We reduced total debt by nearly $950 million in the first quarter and we have now reduced total debt by $12.3 billion from peak levels in 2021. Net debt is now at $33.4 billion, nearly $2 billion lower than pre-pandemic levels.

我們相對較低的資本要求和自由現金流生產使我們能夠在加強資產負債表方面取得重大進展。我們在第一季減少了近9.5 億美元的總債務，目前已將總債務較2021 年的峰值水準減少了123 億美元。億美元。

We continue to expect to be more than 85% of the way to our $15 billion total debt reduction goal by the end of this year. Now on to the outlook for the second quarter. Our focus continues to be on delivering industry-leading reliability, maximizing revenue and profitability and reengineer business which not only drives savings and greater productivity but also delivers a better experience for our customers and team members.

我們仍然預計，到今年年底，我們將完成 150 億美元總債務削減目標的 85% 以上。現在談談第二季的前景。我們的重點仍然是提供業界領先的可靠性、最大限度地提高收入和盈利能力以及重新設計業務，這不僅可以節省成本並提高生產力，還可以為我們的客戶和團隊成員提供更好的體驗。

Our work to reengineer the business is progressing well, and we remain on track to deliver approximately $400 million in cost savings in 2024. Additionally, we continue to find opportunities to improve working capital. By the end of this year, we expect to have achieved approximately $200 million in incremental working capital improvements in addition to the $100 million we achieved in 2023.

我們的業務重組工作進展順利，我們仍有望在 2024 年節省約 4 億美元的成本。到今年年底，除了 2023 年實現的 1 億美元之外，我們預計還將實現約 2 億美元的增量營運資本改善。

At the Investor Day, we highlighted our goal to increase the production rate at our engine overhaul facility in Tulsa. And the team has done an incredible job accelerating that initiative this year. While this results in additional expense being pulled forward into 2024, the longer-term benefit of this project is materially NPV positive.

在投資者日，我們強調了提高塔爾薩發動機大修工廠生產力的目標。今年，該團隊在加速這項舉措方面做出了令人難以置信的工作。雖然這會導致額外費用被推遲到 2024 年，但該計畫的長期效益在實質上是正淨現值 (NPV)。

Our engine overhaul facility in Tulsa is a strategic asset and another competitive advantage for American in a constrained aircraft maintenance market. We plan to grow capacity at 7% to 9% year-over-year in the second quarter, primarily through improvements in aircraft utilization. Our capacity growth will slow considerably in the back half of the year, and we continue to expect to produce mid-single-digit capacity growth for the full year.

我們位於塔爾薩的發動機大修設施是美國航空在有限的飛機維修市場中的一項戰略資產和另一個競爭優勢。我們計劃在第二季將運力年增 7% 至 9%，主要透過提高飛機利用率來實現。我們的產能成長將在今年下半年大幅放緩，我們仍然預計全年產能將實現中個位數成長。

We expect second quarter TRASM to be down 1% to 3% versus 2023 with unit revenues inflecting positive year-over-year in the third quarter. We will continue to deliver strong unit cost performance in the second quarter with CASM ex expected to be up approximately 1% to 3% year-over-year. We still expect full year CASM-ex to be up approximately 0.5% to 3.5% despite a change in mix of flying with less mainline capacity and greater regional capacity production.

我們預計第二季 TRASM 將比 2023 年下降 1% 至 3%，第三季單位營收將年減正值。我們將在第二季繼續提供強勁的單位成本績效，CASM ex 預計將年增約 1% 至 3%。儘管幹線運力減少和支線運力增加的飛行組合發生了變化，但我們仍預計全年 CASM-ex 將成長約 0.5% 至 3.5%。

Our current forecast for the second quarter assumes a fuel price of between $2.75 and $2.95 per gallon. Based on our current demand assumptions and fuel price forecast, we expect to produce an adjusted operating margin of between 9.5% and 11.5% in the second quarter, and adjusted earnings per diluted share of between $1.15 and $1.45. The American Airlines team is focused on delivering results to unlock value in 2024 and beyond. We remain on track to deliver full year adjusted earnings per diluted share of between $2.25 and $3.25, and we continue to anticipate producing approximately $2 billion of free cash flow in 2024.

我們目前對第二季的預測假設燃油價格在每加侖 2.75 美元至 2.95 美元之間。根據我們目前的需求假設和燃油價格預測，我們預計第二季調整後營業利潤率將在 9.5% 至 11.5% 之間，調整後每股攤薄收益將在 1.15 美元至 1.45 美元之間。美國航空團隊致力於交付成果，以在 2024 年及以後釋放價值。我們仍有望實現全年調整後每股攤薄收益在 2.25 美元至 3.25 美元之間，我們繼續預計 2024 年將產生約 20 億美元的自由現金流。

I'll now turn it back to Robert for closing remarks.

現在我將把它轉回給羅伯特致閉幕詞。

Thanks, Devon. As we outlined at our Investor Day last month, American has a changed airline with a strong foundation, and we're well positioned to create value. We have a young and simplified fleet that continues to be a differentiating factor for American. We're operating with excellence. We have built a strong network with fantastic partnerships around the globe and we're engaging with customers through our industry-leading travel rewards program, demonstrating that life is better as an Advantage member.

謝謝，德文郡。正如我們在上個月的投資者日上所概述的那樣，美國航空公司已經進行了變革，擁有堅實的基礎，並且我們處於創造價值的有利位置。我們擁有一支年輕且簡化的機隊，這仍然是美國航空的差異化因素。我們正在以卓越的方式運作。我們在全球建立了強大的合作夥伴關係網絡，並透過業界領先的旅遊獎勵計劃與客戶互動，證明作為 Advantage 會員，生活會更美好。

We're managing our unit costs better than our network peers, and we're focused on reengineering our business improving asset utilization and enhancing productivity across the airline. These unique advantages have us well positioned to achieve our stated objectives this year and in the years ahead. All of this will result in margin expansion and growing free cash flow generation, creating value for our shareholders. We're committed to delivering on what we said we would achieve, and we will provide updates on our progress along the way.

我們比網路同行更好地管理單位成本，並專注於重新設計我們的業務，提高資產利用率並提高整個航空公司的生產力。這些獨特的優勢使我們能夠很好地實現今年和未來幾年的既定目標。所有這些都將導致利潤率擴張和自由現金流的增加，為我們的股東創造價值。我們致力於實現我們所承諾的目標，並且我們將提供有關進展的最新資訊。

We have significant opportunities ahead of us, and we intend to take full advantage of those opportunities by leaning into our strengths and continuing to execute. As we move through the year, we will continue to leverage our fleet, network and rewards program and build on our strong operational momentum.

我們面前有重大機遇，我們打算透過發揮我們的優勢並繼續執行來充分利用這些機會。在這一年中，我們將繼續利用我們的機隊、網路和獎勵計劃，並鞏固我們強勁的營運勢頭。

And with that, I'll turn it back to the operator to open up the line for analyst questions.

然後，我會將其轉回給接線員，以開放分析師提問的線路。

(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（David Vernon）。

So maybe to you or Robert, when you look at the 2Q RASM guide, it's a little bit better, I think, than people were expecting but it's not quite sort of flat and level with peers. There's also a pretty big sequential ramp from sort of 1Q into 2Q when you look at the TRASM number. Can you guys kind of help us understand kind of what's embedded underneath that? What's driving the big sequential acceleration on top of capacity growth? And maybe why that unit revenue metric is not performing at the same rate as peers?

因此，也許對您或羅伯特來說，當您查看 2Q RASM 指南時，我認為它比人們預期的要好一些，但與同行相比並不那麼平坦和水平。當您查看 TRASM 數字時，從 1Q 到 2Q 也有一個相當大的連續斜坡。你們能幫助我們理解其中蘊含的內容嗎？除了產能成長之外，是什麼推動了連續大幅加速？也許為什麼單位收入指標的表現與同業不同？

Absolutely. Absolutely. It's an excellent question, one I suspect it's on many people's minds. Look, and actually, the tail of our year, the quarterly progression of TRASM really starts in the first quarter. And as we saw in the first quarter, there are 3 things that impacted us in the first quarter, which changed materially as the year progresses. The first is in first quarter, competitive capacity grew the most in our markets and strength in the domestic and short-haul network.

絕對地。絕對地。這是一個很好的問題，我懷疑很多人都在想這個問題。看看，實際上，在今年的尾聲，TRASM 的季度進展實際上是從第一季開始的。正如我們在第一季所看到的，第一季有三件事影響了我們，隨著時間的推移，這些事情發生了重大變化。首先是一季度，我們的市場競爭力運能成長最快，國內和短程網路實力增強。

Two, in our first quarter, we flew too much. When you look at what we did, about 60% of our growth ASMs were in off-peak times a day or days of week, which is about 10 to 15 points higher than our next competitor. And the third thing, and related to Robert's marks at the top of this is Q1 marks the end of really a year of transition of our distribution strategies in which we were really focused on actually creating the right long-term customer proposition, reducing a lot of the unnecessary expenses that went along with it.

第二，在第一季度，我們飛得太多了。當你看到我們所做的事情時，你會發現我們大約60% 的成長ASM 是在每天或一周中幾天的非高峰時間，這比我們的下一個競爭對手高出約10 到15 個百分點。第三件事，與羅伯特在這上面的標記相關，第一季標誌著我們分銷策略轉變的真正一年的結束，在這一年中，我們真正專注於實際創建正確的長期客戶主張，減少了很多隨之而來的不必要的開支。

All 3 of those conditions start to change as we go forward, which is not just us guessing, you actually start to see it. On Q1, refer to my first point, we see industry capacity starting to change as we go into the summer and certainly into the fall. That reduction is coming most heavily in the narrow-body system, which uniquely favors us. Two, as we go in the third quarter, you've already seen this in our published schedules, and you'll see more of it in the days ahead.

隨著我們的前進，所有這三個條件都開始發生變化，這不僅僅是我們的猜測，你實際上開始看到它。關於第一季度，請參閱我的第一點，隨著進入夏季，當然還有秋季，我們看到產業產能開始改變。這種減少在窄體系統中最為明顯，這對我們來說是獨一無二的。第二，隨著我們進入第三季度，您已經在我們發布的時間表中看到了這一點，並且在未來幾天您會看到更多。

We are also taking a much more careful look at our off-peak or off-time channel flying, so we'll produce less flying in the trough too, which also pretty benefit to TRASM. And now having gone through a year of transition with our distribution strategy, we get to do optimization. And we see a lot of ways to be able to do that, which is great for our customers.

我們也會更仔細地審視非高峰或非時間管道的航班，因此我們也會減少低谷時段的航班，這對 TRASM 也非常有利。現在我們的分銷策略已經經歷了一年的過渡，我們開始進行優化。我們看到了很多方法可以做到這一點，這對我們的客戶來說非常有用。

Frankly, can really bring in a lot of our travel agency and corporate partners. But very critically, can drive revenue and profit for the airline. And so you see that in our sequential build as we go quarter-to-quarter through the year.

坦白說，確實可以引進許多我們的旅行社和企業夥伴。但非常關鍵的是，可以為航空公司帶來收入和利潤。因此，您可以在我們全年逐季度的連續構建中看到這一點。

And then maybe just as a follow-up, when you think about sort of the exit rate of 1Q and what we're seeing kind of in April, is that kind of consistent with that ramp building from a sequential perspective in TRASM? I mean, I'm sure you guys have carefully gone through the guidance and stuff like that. It just looks like a really big sort of 1Q to 2Q pop.

然後，也許作為後續行動，當您考慮第一季的退出率以及我們在 4 月看到的情況時，從 TRASM 的順序角度來看，這與坡道建設是否一致？我的意思是，我確信你們已經仔細閱讀了指南和類似的內容。它看起來就像是第一季到第二季的流行音樂。

Yes. And look, it's probably best to give a sense for our 2Q by entity. As we go look into 2Q, what we see is in the Transpacific network, we anticipate RASM to be flat to slightly up and Transatlantic mid-single digits up, in Latin America double digits down. And domestic, we expect to be flat to slightly down but very importantly, as we were -- in our peaks in 1Q, we were actually inflecting positive in domestic. April has a lot of industry capacity comes back, we turn a little negative.

是的。看，最好按實體來說明我們的第二季。當我們進入第二季度時，我們看到的是跨太平洋網絡，我們預計 RASM 將持平或略有上升，跨大西洋網絡將出現中個位數增長，拉丁美洲將出現兩位數下降。在國內，我們預計會持平或略有下降，但非常重要的是，正如我們在第一季的峰值一樣，我們實際上在國內出現了積極的變化。 4月有很多產業產能回來，我們轉得有點消極。

But as we end the Q1 period, we expect to see and are already starting to see more favorable revenue outlook in domestic. So when you look at it in that way, in our 2Q, we anticipate that the long-haul system at large will be positive on a RASM basis the domestic and short-haul system down with a steadily improving trend, both in domestic and short-haul international every single month in the second quarter.

但隨著第一季結束，我們預計並且已經開始看到國內收入前景更加樂觀。因此，當您以這種方式看待時，在第二季度，我們預計整個長途系統在 RASM 基礎上將呈現積極趨勢，而國內和短途系統則呈現出穩步改善的趨勢，無論是國內還是短途-第第二季每個月都有國際航班。

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。

Maybe we can talk a little bit about the regional build back. I'm just trying to understand maybe to David's earlier point, just the mix dynamic that you're seeing as you bring back regional aircraft, I would think it's positive for unit revenue, but potentially negative for unit cost. But I don't know if it's playing out like that. If you could just kind of talk about the regional build back and how that's contributing to your margin trajectory.

也許我們可以談談區域重建。我只是想了解大衛之前的觀點，當你帶回支線飛機時，你所看到的混合動力，我認為這對單位收入是正面的，但對單位成本可能是負面的。但不知道是不是這樣玩的。您能否談談區域重建以及這對您的利潤軌跡有何貢獻？

Conor, it's Devon. Yes, regional is doing both of those things, and it is what gives us confidence in unit revenue inflecting positive in the third and fourth quarter. But just to give you some numbers around it, in the first quarter we operated the equivalent of around 465 fully utilized regional jets. We expect that number to grow by 20 to 25 regional jets each quarter as we move throughout the year. So by the time we get to the fourth quarter, we expect to have around 535 fully utilized regional jets and it's going to do the things that you just talked about.

康納，我是德文郡。是的，區域性正在做這兩件事，這讓我們對第三季和第四季的單位收入產生正面影響充滿信心。但為了給您一些相關數據，我們在第一季運營了大約 465 架充分利用的支線飛機。隨著我們全年的遷移，我們預計每季支線飛機的數量將增加 20 至 25 架。因此，到第四季度時，我們預計將有大約 535 架支線飛機得到充分利用，它將完成您剛才談到的事情。

It is going to be helpful to unit revenue. These are higher unit revenue-producing assets. It does drive a bit of a headwind on unit costs but we do still expect our unit cost to stay within our guidance for the year. But we are seeing really nice trends there, and we're excited to see that supportability improve.

這將對單位收入有所幫助。這些是單位創收較高的資產。它確實對單位成本造成了一些阻力，但我們仍然預計我們的單位成本將保持在我們今年的指導範圍內。但我們在那裡看到了非常好的趨勢，我們很高興看到可支持性的提高。

Yes. And Devon, I'll just add that as we see these aircraft come back and have a chance to put them in the schedule and actually plan for them fully. It has -- it will show benefit. So Vasu, do you want to talk a little bit about how we intend to deploy those aircraft?

是的。德文郡，我只想補充一點，當我們看到這些飛機回來時，我們有機會將它們列入時間表，並真正為它們做好充分的計劃。它已經——它將顯示出好處。 Vasu，您想談談我們打算如何部署這些飛機嗎？

Yes, absolutely. Because this is related to my earlier answer, as we go and get more regional supportability as the year progresses, you can already see it in our published summary and early 3Q schedules, we're driving a lot more connectivity into all of our hubs. Dallas and Charlotte, our 2 largest hubs will not just have some of their large capacity base as ever.

是的，一點沒錯。因為這與我之前的回答有關，隨著時間的推移，我們將獲得更多的區域支持，您已經可以在我們發布的摘要和早期的第三季度時間表中看到這一點，我們正在推動所有中心的更多連接。達拉斯和夏洛特，我們的兩個最大的樞紐，將不僅僅擁有像以往一樣的一些大運力基礎。

The same thing will be true in Phoenix and Miami and all the core parts of our airline, which perform well in the summer and drive the most in profitability. And so really, this ties back to my earlier answer as we are now in a place where we can go and optimize so much of the -- so many of the things that are unique to us. We will see an increasing amount of really P&L benefit as the year progresses.

同樣的情況也將發生在鳳凰城和邁阿密以及我們航空公司的所有核心部門，這些部門在夏季表現良好並帶來最大的獲利能力。事實上，這與我之前的回答有關，因為我們現在可以優化很多我們獨有的東西。隨著時間的推移，我們將看到真正的損益效益不斷增加。

Awesome. And maybe to stick with that comment. Just on DFW and Charlotte, like you said, it seems like you're entrenching or doubling down whatever the term that you want to use there, you're adding a lot more service there. I would have already thought that your market share was really high. So as you bring on that new service, I'm just trying to understand the dynamics of how those 2 hubs play out and if there's still incremental upside as you allocate more resources there.

驚人的。也許會堅持這個評論。就像您所說的，就在 DFW 和夏洛特，您似乎正在鞏固或加倍您想在那裡使用的任何術語，您在那裡添加了更多的服務。我本來就認為你們的市佔率非常高。因此，當您推出這項新服務時，我只是想了解這兩個中心如何發揮作用的動態，以及當您在那裡分配更多資源時是否仍有增量優勢。

Yes. Sure. And there certainly is incremental upside because every time we go grow in DFW or Charlotte, we grow at a relatively low marginal cost. We're not adding gates. We're not doing anything else to go drive the expense of the airport and they're already low-cost airport platforms for us. So the more we go and do that, it doesn't really drive a lot of incremental cost.

是的。當然。當然還有增量的上升空間，因為每次我們去達拉斯沃斯堡或夏洛特發展時，我們都會以相對較低的邊際成本成長。我們不會添加大門。我們不會做任何其他事情來增加機場的費用，它們對我們來說已經是低成本的機場平台。因此，我們做得越多，並不會真正帶來大量的增量成本。

But very importantly, every connection that we go stick into DFW or Charlotte comes in a really high marginal RASM versus the system. And so we're very encouraged by as we bring back the RJs, as we upgauge in those hubs, really what we go and do is not to drive more market share in DFW or Charlotte, but we create a lot more connectivity for customers all across the U.S. And just like I mentioned at Investor Day, in a ton of markets where customer demand is growing, wealth is growing, but frankly, their options are limited and American Airlines gives them really great choices and they want to pay for it.

但非常重要的是，與系統相比，我們進入 DFW 或夏洛特的每個連接都具有非常高的邊際 RASM。因此，當我們帶回 RJ 並升級這些樞紐時，我們感到非常鼓舞，我們真正要做的並不是在 DFW 或夏洛特擴大市場份額，而是為所有客戶創造更多的連結就像我在投資者日提到的那樣，在許多客戶需求不斷增長的市場中，財富也在增長，但坦率地說，他們的選擇是有限的，而美國航空為他們提供了非常好的選擇，他們願意為此付費。

Our next question comes from the line of Sheila Kahyaoglu of Jefferies.

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

Vasu, I'm sure you're going to get your share of Latin American comments here. So I just wanted to dig a little bit deeper into that Q1 PRASM performance was 1 or 2 points better than some of your network peers. There is obviously concern about that, you talked about Q2. Last quarter, you talked about Miami being as profitable as it's ever been. So if you could just walk us through short and long-haul dynamics in Latin America near term and how much of a driver the region is an inflecting RASMs in Q3 and Q4?

瓦蘇，我相信您會在這裡得到拉丁美洲的評論。所以我只是想更深入地了解 Q1 PRASM 效能比一些網路同行好 1 或 2 個點。顯然有人對此感到擔憂，你談到了第二季。上個季度，您談到邁阿密的獲利能力一如既往。那麼，您能否向我們介紹拉丁美洲近期的短途和長途動態，以及該地區在第三季和第四季對 RASM 的影響有多大？

Sure. And let me start by saying this, the short-haul international network, as we call it, Mexico, Caribbean and Latin America or short-haul MCLA for short, is actually a really key part of our system, and it is a place where we are competitively advantaged, not because of any one hub like Miami, but the combination of all of our hubs and our fleet structure means that we can go serve a lot of markets at a very low cost base and drive a lot of revenue for our customers over it.

當然。首先我要說的是，短程國際網絡，我們稱之為墨西哥、加勒比海和拉丁美洲，或簡稱短程 MCLA，實際上是我們系統的一個非常關鍵的部分，它是一個地方我們具有競爭優勢，不是因為像邁阿密這樣的任何一個樞紐，而是因為我們所有樞紐和機隊結構的結合意味著我們可以以非常低的成本基礎服務於許多市場，並為我們帶來大量收入客戶對此。

So it's a big chunk of our flying. It can be 1/3 of our flying, which is much larger than what our competitors are. In Q1, the industry grew a lot into the market, too, which impacts us on a RASM basis. But RASM doesn't necessarily turn into profitability. And as we look at that, it's a market where seasonally, other people will go and put more capacity in it. But if you do look at the grand scheme of things, we've always been big, we've always grown, and it's going to be a really key part to what we do. And you're right, it was implicit in your question that the short-haul network is faring differently than the long-haul network. We see a short-haul network, which has double-digit negative RASM but is not, by any means, unprofitable for us yet.

所以這是我們飛行的很大一部分。它可以是我們飛行的1/3，比我們的競爭對手大得多。在第一季度，該行業也大量進入市場，這對我們的 RASM 產生了影響。但 RASM 不一定能轉化為獲利能力。正如我們所看到的，這是一個季節性的市場，其他人會去那裡投入更多的產能。但如果你確實從長遠來看，我們一直都很大，我們一直在成長，這將成為我們工作的一個非常關鍵的部分。你是對的，你的問題隱含著短程網路的表現與長途網路不同。我們看到一個短途網絡，其 RASM 為兩位數負值，但無論如何，對我們來說還不是無利可圖的。

There are some other things that we'll go do and we've already loaded some things where we're actually endeavoring to grow it. But our long-haul network is positive as we go into Q1. We anticipate a lot of improvement to both short haul and long haul as the year goes along to.

我們也會做一些其他的事情，我們已經加載了一些我們實際上正在努力發展的東西。但進入第一季後，我們的長途網路表現良好。我們預計隨著時間的推移，短途和長途航線都會有很大改善。

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

我們的下一個問題來自摩根大通證券的傑米貝克（Jamie Baker）。傑米。

First question on Chicago. So just looking at domestic seats, Vasu, the scheduled growth rate in the second and third quarter is well over twice that of the system. I totally understand growth in places like Dallas and Charlotte, you just addressed Charlotte. But Chicago is obviously a more competitive market. I guess I'm just trying to square this growth against your demand confidence in the second quarter. It seems like a lot of growth for the market to accommodate.

第一個問題是關於芝加哥的。因此，僅看國內席位，Vasu，第二季度和第三季度的預定成長率遠遠超過系統的兩倍。我完全理解達拉斯和夏洛特等地的增長，您剛剛對夏洛特發表了講話。但芝加哥顯然是一個競爭更激烈的市場。我想我只是想將這一增長與您對第二季度的需求信心進行比較。市場似乎需要適應大量的成長。

Well, actually, Jamie, it's an excellent question. I'm happy that you saw it because that is actually part of it. And Chicago, as we see it more and more actually plays a really complementary role with DFW and Charlotte because we can go drive a lot more connectivity on it. To my earlier point about the RJs, as those RJs are coming back, what we get to go do in Chicago that we haven't been able to do in a long time, is put connectivity into Chicago from places like the Upper Midwest that are either unique to Chicago or can serve more efficiently over Chicago.

嗯，事實上，傑米，這是一個很好的問題。我很高興你看到它，因為這實際上是它的一部分。正如我們越來越多地看到的，芝加哥實際上與 DFW 和夏洛特發揮著真正的互補作用，因為我們可以在上面推動更多的連接。就我之前關於RJ 的觀點而言，隨著這些RJ 的回歸，我們在芝加哥要做的事情是我們很長一段時間以來一直無法做到的，就是從上中西部等地建立與芝加哥的連接，這些地方要不是芝加哥獨有的，就是可以在芝加哥提供更有效率的服務。

But it creates more pathways for customers across the upper Midwest to go and access more parts of the world. And we find that to be actually really high marginal RASM, marginal profit flying to be able to go and do, but it's uniquely made available through the increasing supportability of our regional fleet.

但它為中西部北部地區的客戶創造了更多前往世界更多地區的途徑。我們發現，實際上邊際 RASM 非常高，邊際利潤飛揚到能夠去執行任務，但它是透過我們支線機隊不斷增強的支援能力而提供的。

Okay. That's helpful. And then second, Vasu, as you approach the date at which certain agency bookings will no longer accrue advantaged credit, I guess 2 questions. First, what percentage of revenue currently comes through those affected channels that you're going to cut off -- or not cut off, modify? And second, what are your sort of underlying assumptions as to how that plays out?

好的。這很有幫助。其次，Vasu，當您接近某些代理商預訂將不再累積優惠積分的日期時，我想有兩個問題。首先，目前有多少百分比的收入來自您要切斷或不切斷、修改的受影響管道？其次，你對事情如何發展的基本假設是什麼？

So do you assume that your change will drive passengers one-on-one from an OTA to american.com, or do you model for some type of net loss in total bookings? Does ancillary upsell offset that? Just wondering what you're modeling in terms of the consumer behavior.

那麼，您是否認為您的更改會促使乘客一對一地從 OTA 轉到 american.com，或者您是否會針對總預訂量中某種類型的淨損失進行建模？輔助銷售會抵銷這一點嗎？只是想知道您正在根據消費者行為進行建模。

Absolutely, Jamie. I'm extremely happy that you asked that question. To give you the best answer is it worth it to understand where we've been to understand where we're going and how -- as we call it the preferred agency program fits into it. So if you look at it for a long time, we endeavor to go and do things like maximize share -- agency share or corporate share, but that isn't necessarily optimizing revenue per se.

當然，傑米。我非常高興你問了這個問題。為了給您最好的答案，值得了解我們已經去過哪裡，了解我們要去哪裡以及如何適應它——我們稱之為首選代理計劃。因此，如果你長期觀察，我們會努力去做諸如最大化份額（代理份額或公司份額）之類的事情，但這並不一定會優化收入本身。

And we were in a world and certainly as we came out of the pandemic, where a lot of the agency are corporate-related bookings that we were doing, we're coming at relatively low revenue values but sitting in the premium cabin. And so a lot of what our strategy is to reframe around how do we go and create more value for the end customer who's choosing travel. And how do we go do it in a really economical way? And what we planned over and over again is they want a great product, they want it delivered well, they want to be rewarded, and they want to be able to shop and service digitally and be able to compare products.

我們所處的世界，當然，當我們走出疫情時，我們正在進行的許多代理商都是與企業相關的預訂，我們的收入值相對較低，但坐在高級艙位。因此，我們的許多策略都是圍繞著我們如何為選擇旅行的最終客戶創造更多價值來重新建構。我們如何以真正經濟的方式做到這一點？我們一遍又一遍地計劃的是，他們想要一款出色的產品，他們希望交付良好，他們希望獲得獎勵，他們希望能夠以數位方式購物和服務，並能夠比較產品。

So a lot of our transition has been undoing so many things that we've done, which we're not really creating value for the customer nor creating profit for American Airlines. And we've done that over the course of the last year. We've reduced a lot of it. And interestingly, as you see it today, if -- maybe there were more junior and maybe (inaudible) version of all of us, Jamie, we would have thought when we embarked on this thing that it would come at a real risk to business revenues.

因此，我們的許多轉型都取消了我們已經做過的許多事情，我們並沒有真正為客戶創造價值，也沒有為美國航空創造利潤。我們在去年就做到了這一點。我們已經減少很多了。有趣的是，正如你今天所看到的，如果——也許我們所有人都有更初級的，也許（聽不清楚）版本，傑米，我們會想到，當我們開始做這件事時，它會為企業帶來真正的風險收入。

But if you just look at what we've reported today, our business revenues are growing at a greater rate than capacity. Unmanaged is on the higher end of that contract in corporates which would presumably be the most affected are just slightly on the lower end of that. But we're doing it at 7% less in distribution expense. 60% of customers are Advantage customers, and they produce 2/3 of our revenue. So what we've seen happen is a lot of those customers are actually leading the agency and coming to us directly on their own.

但如果你看看我們今天的報告，我們的業務收入成長速度超過了產能成長速度。不受管理的企業處於該合約的較高端，而那些可能受影響最嚴重的企業則處於該合約的較低端。但我們的分銷費用減少了 7%。 60% 的客戶是 Advantage 客戶，他們創造了我們 2/3 的收入。因此，我們所看到的情況是，許多客戶實際上正在領導該機構並自己直接來找我們。

And this is a really important thing because this is where we are, but where we go is a very different thing. And there's really 3 things that we're focused on as we go and optimize our distribution strategy. The first is exactly what you pointed out with preferred agencies. And we actually pushed the release rightly because we were all pleasantly surprised how many people are taking it. The vast majority of our agencies are currently in an NDC transition, roughly about, the agencies that constitute about 30% to 40% of our revenue are already doing more than 30% of their bookings through NDC and are on a path to be, in some cases, close to 100 by the end of the year.

這是一件非常重要的事情，因為這就是我們所處的位置，但我們要去的地方卻是非常不同的事情。在我們優化分銷策略時，我們確實專注於三件事。第一個正是您對首選機構所指出的。事實上，我們正​​確地推動了這個版本，因為我們都對有這麼多人接受它感到驚訝。我們的絕大多數代理商目前正處於 NDC 轉型中，大約占我們收入 30% 到 40% 的代理商已經透過 NDC 完成 30% 以上的預訂，並且正在走上 NDC 轉型之路。年底已接近100 起。

And there's even more agencies, a lot of big agencies who are signing on for it because they realize the customer utility and having a digital selling and servicing experience and frankly, they see there's an opportunity to go compete against other agencies, which is great for customers. So we've pushed our preferred agency program to bring more people into it because we see -- pleasantly see the amount of take rate. But we can do other things in the near term, which even as we speak we are doing.

還有更多的代理機構，許多大型代理商都簽約了它，因為他們意識到客戶效用並擁有數位銷售和服務經驗，坦率地說，他們看到有機會與其他代理商競爭，這對於顧客。因此，我們推動了我們首選的代理計劃，以吸引更多的人加入其中，因為我們很高興地看到了接受率。但我們可以在短期內做其他事情，就在我們說話的時候，我們正在做這些事情。

The second thing is we can do a lot to simply go and create more products on the shelves for contracted business customers that are there. And we see more ways to do it through the booking tools that are there right now, and we have the ability to go and offer a direct connect any corporate traveler that's there, including JPMorgan Chase, should they be interested.

第二件事是我們可以做很多事情，為那裡的合約商業客戶創造更多的產品。我們看到了更多透過現有預訂工具實現此目的的方法，如果他們感興趣的話，我們有能力為包括摩根大通在內的任何企業旅客提供直接聯繫。

And the last thing that's very critical for us is what we have learned through this is we have a number of ways to go generate volume and the top on that list is being able to create more redemption for Advantage customers. But by no means do we have to go back into a world where we endeavor to raise expenses without creating value for the customer.

對我們來說非常重要的最後一件事是，我們從中學到的是，我們有多種方法來產生銷量，其中最重要的是能夠為 Advantage 客戶創造更多兌換。但我們絕對不必回到一個努力提高開支而不為客戶創造價值的世界。

Our expenses rise, it should turn into something where there's real incremental revenue. And so now I'll very directly state your question. So with our preferred agency program, we actually anticipate that the majority of our agencies will be in it by the time we roll it out.

我們的開支增加了，它應該變成真正有增量收入的東西。現在我將非常直接地陳述你的問題。因此，透過我們首選的代理商計劃，我們實際上預計，當我們推出該計劃時，我們的大多數代理商都將參與其中。

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

我們的下一個問題來自花旗銀行的史蒂芬‧特倫特。

I believe I heard in Bob's prepared remarks that 61% of revenue now comes from outside of Main Cabin. Could you give us a high-level view as to what this mix looked like 5 years ago?

我相信我在鮑勃準備好的講話中聽到，現在 61% 的收入來自主艙之外。能為我們介紹一下這種組合在 5 年前是什麼樣子嗎？

This is Vasu. I'm happy to, although 5 years' time in this business, as you know well, is like an eternity you go. And so really, probably the more factually relevant thing is what it is year-over-year. And so yes, 61% of our revenue is coming from premium content. It is the revenue driver of the airline. That revenue is up 17% year-over-year. It's close to a 10-point shift in mix from nonpremium content. And it's a little difficult to compare versus 5 years ago because you look at numbers, which can be sometimes stratospherically high. And that really relates to just a different time and place for where our customers were, where the industry was and frankly, where the technology today is. But this growth in premium content is something which is really encouraging to us because it certainly corroborates the point that customers value experiences and they're willing to spend on experiences, and we're pleased that we see that growth pretty much across channels and maybe if anything more so through our direct channels.

這是瓦蘇。我很高興，儘管您很清楚，在這個行業工作 5 年的時間就像永恆一樣。因此，實際上，可能更實際相關的事情是逐年變化。是的，我們 61% 的收入來自優質內容。它是航空公司的收入驅動力。該收入年增 17%。與非優質內容相比，其混合比例接近 10 個百分點。與 5 年前相比有點困難，因為你會看到數字，有時數字可能會高得驚人。這確實與我們的客戶所處的時間和地點的不同、行業所處的位置以及當今技術所處的位置有關。但優質內容的成長對我們來說確實令人鼓舞，因為它確實證實了客戶重視體驗並且他們願意在體驗上花錢的觀點，我們很高興看到跨渠道的增長，也許如果有更多的話，可以透過我們的直接管道。

And Vasu, I would add that, that's a critical component of our distribution strategy as well. We absolutely positively must make sure that our customers, no matter where they interact with us, have the full access to the goods services, amenities that American can offer. That's the key for us going forward. So I like what we see in terms of trends, we're going to pursue more of it. And then from that perspective, from a technology basis, we now are at a point where 95% of all transactions that customers have with us can be digitally serviced. So this is a coordinated effort across everything that we're doing. And as Vasu said earlier as well, we'll make adjustments along the way. This is about win in the long run. But in the short run, we've got to make tactical adjustments and we're doing that.

我想補充一點，Vasu 也是我們分銷策略的重要組成部分。我們絕對必須確保我們的客戶，無論他們在哪裡與我們互動，都能充分享受美國航空可以提供的商品服務和便利設施。這是我們前進的關鍵。所以我喜歡我們所看到的趨勢，我們將追求更多。從這個角度來看，從技術基礎來看，我們現在處於客戶與我們進行的所有交易中 95% 都可以通過數位化服務的階段。因此，這是我們正在做的所有事情的協調努力。正如 Vasu 之前所說，我們將一路進行調整。從長遠來看，這是關於勝利的。但從短期來看，我們必須做出戰術調整，我們正在這樣做。

Super helpful. I was thinking broadly about the big transformation versus pre-pandemic, but that's great. Just one other quick one for me. When I think about the regional fleet and your relationship with Embraer, hypothetically is larger OEMs continue to stumble in terms of delivery. Would it be too wild to think under certain scenarios that you would consider the largest gauge Embraer aircraft for some mainline flying? Or it's just that -- that's just too wild an idea from the scope less perspective and what have you.

超有幫助。我廣泛地思考了與大流行前相比的重大轉變，但這很棒。對我來說只是另一個快速。當我想到地區機隊以及你們與巴西航空工業公司的關係時，假設較大的原始設備製造商在交付方面繼續陷入困境。在某些情況下，您是否會考慮使用最大規格的巴西航空工業公司飛機來進行幹線飛行？或者只是這樣——從範圍較小的角度來看，這個想法太瘋狂了。

All right. Well, I like that question because it gives me a chance to give a shout out. We all hear in the supply chain of partners or vendors that have really not recovered through the pandemic very well. We all know those names. But I want to give a shout out to Embraer. They have delivered day in and day out to that the pandemic, no matter the concerns of their supply chain. The rest of the industry and our OEM is going to learn a lot from them.

好的。嗯，我喜歡這個問題，因為它讓我有機會大聲疾呼。我們都聽說供應鏈中的合作夥伴或供應商確實沒有很好地從疫情中恢復過來。我們都知道這些名字。但我想為巴西航空工業公司按讚。他們日復一日地應對這場流行病，不管供應鏈的擔憂如何。行業的其他公司和我們的原始設備製造商將從他們身上學到很多東西。

So I'm proud to be the operator of the world's largest fleet of Embraer aircraft. And I'm also proud to have an order book that's larger than anybody else as well. So we are tied to Embraer. Now that aircraft that we use today, the E175 ideally suited to our regional network and it's also ideally suited for the constraints that we have in terms of the mix between our mainline and regional flying.

因此，我很自豪能夠成為世界上最大的巴西航空工業公司飛機機隊的營運商。我也很自豪擁有比其他任何人都多的訂單簿。所以我們與巴西航空工業公司息息相關。現在我們使用的飛機 E175 非常適合我們的支線網絡，也非常適合我們在幹線和支線飛行之間的混合限制。

So as we look forward, I feel really good about the fleet plan that we have, I don't know about new offerings. But for the time being, our narrow-body fleet and what we have projected our wide-body fleet, we're in pretty good shape on aircraft through the end of the decade.

因此，當我們展望未來時，我對我們現有的機隊計劃感覺非常好，我不知道新產品。但就目前而言，我們的窄體機隊和我們預計的寬體機隊，到本世紀末，我們的飛機狀況都相當良好。

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。

So I have 2 questions. One, is, can you discuss any progress or lack thereof on your flight attendant contract? And I think how would that change the comment Devon made about reducing costs and the focus on cost reduction? And then my other very unrelated question is, how has the GOL bankruptcy affected your Latin and South American operations, positively or negatively?

所以我有兩個問題。一是，您能否討論一下您的空乘合約是否有任何進展或不足？我認為這將如何改變德文郡關於降低成本和對降低成本的關注的評論？然後我的另一個非常不相關的問題是，GOL 破產對你們的拉丁美洲和南美業務有何影響，正面還是負面？

Thanks, Helane. I'll take the flight attendant question. We've had a philosophy at American where we are going to pay our teammates at the best in the industry. And we've been really successful in negotiating contracts with most recently with our pilots or dispatchers and most -- I guess, most, most recently was with our agents. And we're really pleased that they're paid at the top of the industry. That is the exact same philosophy that we have with our flight attendants. It's what we pursued throughout negotiations. That's been the basis of every offer that we've had on the table.

謝謝，海蘭。我來回答空姐的問題。我們在美國航空有一個理念，那就是我們將為我們的隊友提供業內最好的報酬。我們最近與我們的飛行員或調度員以及大多數 - 我想，最近與我們的代理商談判合約方面非常成功。我們非常高興他們的薪酬處於行業最高水平。這與我們對空服員的理念完全相同。這是我們在整個談判過程中所追求的目標。這是我們提出的每份報價的基礎。

And of course, there have been movements in the industry and the top of the market, most notably by the recent pay increases that we've been made aware of at Delta and our flight attendants will benefit accordingly. And I really look forward to this being the basis for us getting to a deal. I'm very optimistic about that. And then in regard to how that would possibly impact our financials going forward, of course, we've identified that this will be something we'll do this year. Devon can give you more insight on how that flows through our forecast.

當然，產業和市場頂端也發生了一些變化，最引人注目的是達美航空最近的加薪，我們的空服員也將相應受益。我真的很期待這成為我們達成協議的基礎。我對此非常樂觀。當然，關於這將如何影響我們未來的財務狀況，我們已經確定這將是我們今年要做的事情。德文郡可以讓您更深入地了解我們的預測是如何進行的。

Helane, we've always planned for an increase for our flight attendants to pay them at the top of the industry. And with the new delta rates, we'll obviously go and seek to match those rates. So it's a little bit of an increase from where we were adding guidance, but even with that, we still expect to be inside of our full year CASM guidance.

Helane，我們一直在計劃增加空服員的薪資，以達到業界最高水準。有了新的德爾塔費率，我們顯然會尋求匹配這些費率。因此，這比我們添加指導的地方有所增加，但即便如此，我們仍然預計會在全年 CASM 指導之內。

And how it affects what you call our cost savings initiatives just these are initiatives where we are reengineering the business. So we are finding efficiencies throughout our business by utilizing technology better, through improved asset utilization and also through driving real procurement savings.

以及它如何影響您所說的我們的成本節約計劃，這些是我們正在重新設計業務的計劃。因此，我們透過更好地利用技術、提高資產利用率以及推動真正的採購節省來提高整個業務的效率。

So we've always expected these types of increases for our team members, but it doesn't interrupt anything we're trying to do to reengineer the business.

因此，我們一直期望我們的團隊成員能夠獲得此類成長，但這不會打斷我們為重新設計業務所做的任何事情。

We don't have the deal done yet, but we're going to get back to the table. So Vasu, you want to talk about GOL?

我們還沒有完成交易，但我們將回到談判桌上。 Vasu，你想談談 GOL 嗎？

Yes. And to GOL, the simple answer to your question, Helane, is it doesn't. We are the best in Latin America. We have the best network advantage. Greatest advantage is in domestic, it's even greater. In any country, in South America, we will always have the best network for our customers and the best rewards program there. And we're encouraged by it because we've been doing this for a long time down there. Changes in calamities come and go, the one constant is American Airlines.

是的。 Helane，對 GOL 來說，對您的問題的簡單回答是，事實並非如此。我們是拉丁美洲最好的。我們擁有最好的網路優勢。最大的優勢是在國內，甚至更大。在南美洲的任何國家，我們都將始終為我們的客戶提供最好的網路和最好的獎勵計劃。我們對此感到鼓舞，因為我們在那裡已經這樣做了很長時間。禍事變遷，唯有美國航空不變。

And Helane, just to add to this, just, look, we've built a great relationship with GOL. And my hope is they're able to restructure in a fashion that benefits them and I know that they really appreciate the revenue we put on their aircraft as well. So my guess is that GOL will be something that is involved with American as we look forward to.

Helane，補充一下，我們已經與 GOL 建立了良好的關係。我希望他們能夠以一種對他們有利的方式進行重組，而且我知道他們也非常感謝我們在他們的飛機上投入的收入。所以我的猜測是，正如我們所期望的那樣，GOL 將會與美國航空相關。

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

我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。請你提問，杜安。

Just a couple of quick ones and Vasu recognizing you've had quite a work out here this morning already. Sorry for going back to the well, but...

只要幾個快速的動作，瓦蘇就知道你今天早上已經在這裡鍛鍊了很多。很抱歉回到井裡，但...

It's not that I'm not used to...

不是我不習慣...

Just with respect to Sunbelt hubs and the concept that a lot of your geography was sort of reopened earlier had a faster unit revenue recovery. And to the extent that you have a window into kind of coastal markets, urban markets that are maybe recovering more vigorously right now. I wonder if you could just comment on that.

就陽光地帶樞紐而言，以及您的許多地區較早重新開放的概念，單位收入恢復得更快。在某種程度上，你有一個了解沿海市場、城市市場的窗口，這些市場目前可能正在復甦得更加強勁。我想知道你是否可以對此發表評論。

Do you think American maybe has less exposure at the margin to coastal markets that are having a more vigorous RASM growth right now?

您是否認為美國航空對目前 RASM 成長更為強勁的沿海市場的邊際風險敞口可能較少？

Yes, we definitely have less exposure to coastal market. I mean you can see that in just the ASM mix, not just currently, but certainly over time. But the long-term trends are the long-term trends. The GDP of the country is growing, but it's driven by so many markets that uniquely are created by our hub network. Furthermore, spending is up, it's up even higher in those markets.

是的，我們對沿海市場的接觸肯定較少。我的意思是，您可以在 ASM 組合中看到這一點，不僅是目前，而且隨著時間的推移肯定會如此。但長期趨勢就是長期趨勢。該國的 GDP 正在增長，但它是由我們的樞紐網絡獨特創建的眾多市場推動的。此外，支出增加，這些市場的支出甚至更高。

So we're in a place where industry capacity has been high in a lot of the domestic system. That starts to change. But very importantly, here at American we have a lot that we can go do. We're hungry to go do it. Now it's just a matter like Robert said, of executing. And we see it for our customers, and you clearly see in our forecast for the full year.

因此，我們國內許多系統的產業產能都很高。這種情況開始改變。但非常重要的是，在美國航空，我們有很多事情要做。我們迫不及待地想去做這件事。現在就像羅伯特所說，只是執行的問題。我們為客戶看到了這一點，您在我們全年的預測中也清楚地看到了這一點。

And then just for my follow-up, any update on the NEA appeal?

接下來，我想問 NEA 上訴的最新情況嗎？

Really no update. We're pursuing that, and we're confident that we'll be able to make our case and the facts will prevail. And for us, it's more about making sure that we just have the right precedent that's set out there. At some point in time, we may want to entertain something again. But right now, it's really just to make sure that we have our interests protected.

確實沒有更新。我們正在追求這個目標，我們相信我們能夠提出自己的主張，事實將會佔上風。對我們來說，更重要的是確保我們有正確的先例。在某個時間點，我們可能想再次娛樂一些事情。但現在，這其實只是為了確保我們的利益受到保護。

Our next question comes from the line of Christopher Stathoulopoulos of Susquehanna Financial Group. Your question please, Christopher.

我們的下一個問題來自薩斯奎哈納金融集團的克里斯多福‧斯塔索洛普洛斯 (Christopher Stathoulopoulos)。請你提問，克里斯多福。

This is Anthony on for Chris. You've been very clear that your debt reduction goal of $15 billion from the peak is your top priority in the near term. Assuming you hit that by the end of next year as you plan, do we consider capital returns to the 2026 story? Or do you expect that reduction to remain a focus even beyond that $15 billion target?

這是安東尼替克里斯上場。您非常清楚，從高峰減少 150 億美元的債務目標是您近期的首要任務。假設您按照計劃在明年年底實現這一目標，我們是否會考慮 2026 年故事的資本回報？或者您是否預計，即使在 150 億美元的目標之後，削減仍將是一個焦點？

Consistent with what we've been saying, we are focused on the debt reduction target. We're looking forward to talking about other opportunities beyond that point. But right now, we want to get through our $15 billion hit that number and then we will talk more about capital allocation as we get beyond 2025.

與我們一直所說的一致，我們的重點是債務削減目標。我們期待討論除此之外的其他機會。但現在，我們希望完成 150 億美元的目標，然後在 2025 年後我們將更深入討論資本配置問題。

Great. And then can you talk a little bit about what your macroeconomic assumptions you have for the second half are. You mentioned that you expect RASM to inflect positively in 3Q. Do you assume any acceleration or slowdown in the second half versus first half from like a macro perspective?

偉大的。然後您能談談您對下半年的宏觀經濟假設嗎？您提到您預計 RASM 在第三季會出現正面變化。從宏觀角度來看，您是否認為下半年與上半年相比會加速或放緩？

No. We go off of sort of Fed-published GDP rates, and we see exactly the same demand backdrop that everyone else sees. A healthy U.S. economy, which is so key to us, strength coming from the Sun Belt and growing spending on experiences over other forms of merchandise or goods.

不。健康的美國經濟對我們來說至關重要，來自陽光地帶的力量以及對體驗的支出超過其他形式的商品或商品的支出不斷增長。

One of the things that we mentioned at our Investor Day, though, as well that against that backdrop of the projected financial growth of the country, we continue to see a lot of constraints that are going to continue to hit the industry. And so we built into our forecast, what we know so far and haven't gone really any farther than that. But when you take into account the issues with aircraft delivery delays, other supply chain issues, even air traffic control issues.

不過，我們在投資者日提到的一件事是，在該國預計的金融成長的背景下，我們仍然看到許多限制因素將繼續影響該行業。因此，我們將迄今為止所知道的資訊納入我們的預測中，並且沒有走得更遠。但當你考慮到飛機交付延誤、其他供應鏈問題，甚至是空中交通管制問題。

I really think it's going to be a challenge to produce a lot of capacity. And for that reason, I think that American is we distinguish ourselves. We have the vast majority of the capacity that the resources that we need to fly the capacity that we have out there. And while ours in the back half of the year actually moderates as well, I think we're going to be in better shape than the rest of our competitors.

我真的認為產生大量產能將是一個挑戰。出於這個原因，我認為美國是我們與眾不同的地方。我們擁有飛行所需資源的絕大多數能力。雖然我們今年下半年的情況實際上也有所放緩，但我認為我們的狀況將比其他競爭對手更好。

Our next question comes from the line of Michael Linenberg of Deutsche Bank. Your line is open, Michael.

我們的下一個問題來自德意志銀行的麥可‧林伯格（Michael Linenberg）。你的電話接通了，麥可。

I guess I got 2 here. Robert, any sort of quick takeaways from this rule from the DOT on refunds? Any potential and intended consequences. And maybe is this a solution looking for a problem? Because I thought you were doing a lot already of what is spelled out in that role.

我想我這裡有2個。羅伯特，從交通部的退款規則中您有什麼快速的收穫嗎？任何潛在的和預期的後果。也許這是一個尋找問題的解決方案？因為我認為你已經做了很多該角色規定的事情。

So Michael, I'll reiterate some comments I made earlier this morning and Nate Gatten, who heads up our government affairs is going to chime in here as well. I'll just start with this, yes, we have the same interest as the DOT, which is taking care of customers and making sure that they get full value for what they pay. That's the nature of our business. We've done incredibly well at executing on that front. We're the most reliable airline in terms of completion factor, certainly over the last couple of years now.

邁克爾，我將重申我今天早上早些時候發表的一些評論，負責我們政府事務的內特·加滕也將在這裡插話。我首先要說的是，是的，我們與交通部有著相同的利益，即照顧客戶並確保他們物有所值。這就是我們業務的本質。我們在這方面的執行做得非常好。就完成率而言，我們是最可靠的航空公司，尤其是在過去幾年。

And so we feel really good about that. In terms of what we do when disruptions happen, we refunded, I think, over $2 billion worth of customers' ticket fares last year alone. And so we're on top of the policies and the scorecards that are already established. I'd tell you that from kind of top of mind, the issues that there are a lot of issues that I think are still gray.

所以我們對此感覺非常好。就我們在中斷發生時採取的措施而言，我認為僅去年一年我們就退還了價值超過 20 億美元的客戶機票費用。因此，我們掌握了已經建立的政策和記分卡。我想告訴你，從某種意義上來說，我認為有很多問題仍然是灰色的。

So if the intent of these rules is to really make sure airlines don't over-schedule and in the event of disruptions don't have meltdowns, which fortunately, I'm very confident in the way that we schedule an airline. We don't overschedule. We make sure that we have the resources. And fortunately, we haven't had the issues with major meltdowns certainly over the last couple of years.

因此，如果這些規則的目的是真正確保航空公司不會過度安排航班，並且在發生中斷時不會出現崩潰，幸運的是，我對我們安排航空公司的方式非常有信心。我們不會過度安排。我們確保我們擁有資源。幸運的是，在過去的幾年裡，我們確實沒有遇到重大崩盤的問題。

If that's the intent, fine, if the intent is something broader then we really need to be careful because there's a couple of things that I feel are important to note. One is that we have the safest -- we've built the safest form of transportation, air travel in the United States, based on just years of doing the right things and having the right motivations. When we talk about weather, and we talk about maintenance, those are synonymous to me with safety. And we have to make sure that the inputs to the system, the motivations, the penalties or rewards are consistent with the way we want our people motivated and operating.

如果這就是意圖，那麼好吧，如果意圖更廣泛，那麼我們真的需要小心，因為我認為有幾件事需要注意。一是我們擁有最安全的——基於多年來做正確的事情和擁有正確的動機，我們已經在美國建立了最安全的交通方式、航空旅行。當我們談論天氣和維護時，這些對我來說就是安全的代名詞。我們必須確保系統的輸入、動機、懲罰或獎勵與我們希望員工的激勵和運作方式一致。

And I think that, that's something that we need to figure out. And then the other piece that I think is fairly gray is, look, there's a lot of parties that are involved with air transportation. We control a lot of it. We certainly don't control the weather, but we also depend on the FA for aircraft control, not just short run, in the long run as well. We have to make the right decisions for our customers. So in the event of diversions-related medical emergencies, we're going to have to be smart in what we do and always put the customer first. We have hurricanes and volcanic eruptions, and all other things. We have to be smart about how we deploy our network and how we recover. We don't want to end up in a situation where we end up not serving the customers in the way they want to be serviced just to avoid penalties.

我認為，這是我們需要弄清楚的事情。然後，我認為相當灰色的另一部分是，看，有很多參與航空運輸的團體。我們控制了很多。我們當然無法控制天氣，但我們也依賴FA來控制飛機，不僅僅是短期的，從長遠來看也是如此。我們必須為客戶做出正確的決定。因此，如果發生與改道相關的醫療緊急情況，我們必須明智地採取行動，並始終將客戶放在第一位。我們有颶風和火山爆發，以及所有其他事情。我們必須明智地了解如何部署網路以及如何復原。我們不希望最終陷入這樣一種情況：我們最終沒有以客戶希望的方式為他們提供服務，只是為了避免處罰。

So Nate, you've done a lot more research on that. I have to tell you, too, I've just seen the surface level. So I just want to bring up those kinds of things that I've mentioned in the past. Go ahead.

內特，你對此做了很多研究。我也必須告訴你，我只看到了表面。所以我只想提出我過去提到過的那些事情。前進。

Yes. Not too much to add to that, though, really, Robert. I mean I would just say our business model is built to support our customers when we don't deliver and from what we've seen over the role so far, it is largely consistent with the policies that we currently have in place for refunds and cancellations. We do just need to drill down and make sure we understand the role when it comes to those gray areas that you mentioned.

是的。不過，羅伯特，真的沒有太多可以補充的。我的意思是，我只想說，我們的業務模式是為了在我們無法交付時為客戶提供支援而建立的，從我們迄今為止所看到的角色來看，它在很大程度上與我們目前制定的退款和政策一致。我們確實需要深入研究並確保我們了解您提到的那些灰色區域的角色。

Great. And just a real quick second one here to Devon. Just the credit card deal renewal, is that a 2024 event? Or is that 2025? Just any color or timing around that?

偉大的。這是德文郡的第二個真正快速的。只是信用卡交易更新，這是 2024 年的活動嗎？或者說是 2025 年？只是任何顏色或時間嗎？

We are actively working on the recommercialization of our credit card programs. Like we've mentioned at Investor Day, we haven't done this in 10 years. We have a real opportunity to go and get it right. We anticipate sharing more news with everybody this year. It is a top and key project for us. And I will just say that unlike 10 years past or maybe like many of our competitors, we just bring a lot that makes us a really great partner for a credit card company.

我們正在積極致力於信用卡計劃的重新商業化。就像我們在投資者日提到的那樣，我們已經 10 年沒有這樣做了。我們有真正的機會去做正確的事。我們預計今年與大家分享更多新聞。這對我們來說是一個頂級和關鍵的項目。我只想說，與過去 10 年不同，或者像我們的許多競爭對手一樣，我們帶來了很多東西，使我們成為信用卡公司真正出色的合作夥伴。

First, to all of the points that Robert made earlier, we are growing advantage enrollment, it's plus 60% versus a few years ago. That is a massive and booming segment, it's 2/3 of our revenue. But very importantly, when you go and look underneath it, we look at 2 things in our card program. The first is the growth and active account. That is up close to 10% year-over-year. That means not only are we acquiring more, fewer people are trading away from the program.

首先，對於羅伯特先前提出的所有觀點，我們正在增加優勢入學人數，與幾年前相比增加了 60%。這是一個龐大且蓬勃發展的細分市場，占我們收入的 2/3。但非常重要的是，當你深入了解它的本質時，我們會在我們的卡片計畫中看到兩件事。首先是成長和活躍帳戶。年成長接近 10%。這意味著我們不僅獲得了更多的資金，而且放棄該計劃進行交易的人也減少了。

But while that's happening, our spend per active account is growing at 4%, that's higher than what it's grown before. In our program, it's higher than what other industry cards grow at. And so really, what that tells us is, we have a great and growing customer base. They very much value the card that's there. All the changes that have really been done have been done by American Airlines through the structure of our loyalty program Advantage. So we are very excited for what this can mean.

但同時，我們每個活躍帳戶的支出成長了 4%，高於先前的成長水準。在我們的計劃中，它比其他行業卡的成長更高。事實上，這告訴我們的是，我們擁有龐大且不斷成長的客戶群。他們非常重視那裡的卡片。所有真正發生的改變都是美國航空透過我們的忠誠度計劃 Advantage 的結構完成的。因此，我們對這意味著什麼感到非常興奮。

We know that there's probably a number of partners out there who are comparably, if not even more excited about it. So we need to get it right because this thing is very impactful to our customers and of course very impactful to our bottom line.

我們知道，可能有很多合作夥伴對此同樣感到興奮，甚至更加興奮。所以我們需要做對，因為這件事對我們的客戶非常有影響，當然對我們的利潤也非常有影響。

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

我們的下一個問題來自美國銀行的安德魯·迪多拉。安德魯。

Most of my questions have been answered. But Robert, just kind of wanted to ask on capacity. I know you reiterated your full year growth, and you hinted earlier that back half bends down a little bit. But you also talked about the RJ building throughout the end of the year and 3Q schedules still look to be up in the high single digits, which is pretty similar to the first half.

我的大部分問題都得到了解答。但羅伯特只是想問容量。我知道您重申了全年的成長，並且您早些時候暗示過後半部稍微向下彎曲。但您也談到了整個年底的 RJ 建設，第三季的時間表看起來仍然以高個位數增長，這與上半年非常相似。

So just curious on how you're thinking about kind of the capacity cadence as we move through the back half of the year to kind of hit your full year outlook?

那麼，我只是想知道，當我們在今年下半年實現您的全年展望時，您如何考慮產能節奏？

Thanks, Andrew. I'm going to hand it off to Devon because we can be really clear on this. Go ahead.

謝謝，安德魯。我將把它交給德文郡，因為我們對此非常清楚。前進。

Sure. In the first half of this year, we have been building back our capacity. We talked a lot about it last year that we were probably the last carrier to get back to our 2019 levels of capacity production. We came in ahead of our capacity guide due to the strong operation in the first quarter, so grew 8.5% in Q1. We're guiding to 8% in the second quarter. That's where we expect we'll end up with a strong operation. But capacity production does come down pretty materially as we look out in the third and fourth quarter.

當然。今年上半年，我們一直在恢復產能。去年我們多次討論過，我們可能是最後一家恢復到 2019 年產能水準的營運商。由於第一季的強勁運營，我們的產能領先於我們的產能指南，因此第一季成長了 8.5%。我們預計第二季的成長率為 8%。這就是我們期望最終實現強勁營運的地方。但從我們第三季和第四季的情況來看，產能確實大幅下降。

Third quarter, we haven't finalized all the schedules yet, but we're expecting capacity production probably around the 4% growth range. Fourth quarter, maybe a little bit north of that. So back half of the year, call it in that 4% or 5% range or so and then full year, still in line with mid-single digits, but probably something north of 5% for the year.

第三季度，我們尚未最終確定所有時間表，但我們預計產能產量可能會在 4% 的成長範圍內。第四季度，可能有點偏北。因此，今年下半年，我們稱其為 4% 或 5% 左右，然後全年，仍與中個位數一致，但全年可能會超過 5%。

Thank you. At this time, the line is open to media questions. (Operator Instructions) Our first question comes from the line of Alison Slider of Wall Street Journal. Alison.

謝謝。目前，該熱線正在接受媒體提問。 （操作員說明）我們的第一個問題來自《華爾街日報》的艾莉森滑桿（Alison Slider）。艾莉森.

Yes, Robert, I'm curious if you ended up having a meeting with Boeing's Chairman or other directors and how it went and what kind of feedback you provided and what you're hearing about the prospects for Boeing turning itself around.

是的，羅伯特，我很好奇你是否最終與波音公司董事長或其他董事進行了會面，會議進展如何，你提供了什麼樣的反饋，以及你所聽到的關於波音公司扭轉局面的前景。

So Ali, I've gave this update earlier today as well. I've talked to everyone at Boeing that I can possibly address, and the message is the same, get your act together. And it starts with producing quality products one at a time off the assembly line, get back to the basics, quality and safety are just paramount. I can't tell you if they're making progress or not because it's all actions that matter, not words. And we're continuing to work with them.

阿里，我今天早些時候也發布了這個更新。我已經與波音公司的每個人進行了交談，我可以向他們傳達的訊息是相同的，共同行動。首先從裝配線上一次生產一個優質產品開始，回到基礎，品質和安全才是最重要的。我無法告訴你他們是否取得了進展，因為重要的是行動，而不是言語。我們將繼續與他們合作。

We'll do everything we can to support Boeing. We need them to be successful in the long run. But as I've said before, as well, we're going to make sure that we're protected. So we've got an order for an aircraft that I absolutely love, which is the MAX 10, it will fit very well within our network that doesn't come until 2028.

我們將竭盡全力支持波音。從長遠來看，我們需要他們取得成功。但正如我之前所說，我們將確保我們受到保護。因此，我們收到了一架我非常喜歡的飛機訂單，即 MAX 10，它將非常適合我們的網絡，直到 2028 年才會交付。

And hopefully, Boeing has their act together to produce that aircraft and deliver it. And if they can, great, if they can't, we're going to be protected on that front, too. So I come at this with a very sober mindset, which is show us, get it done, and we'll be there. We need Boeing to be successful, and they should just eliminate all distractions from the task at hand.

希望波音公司能夠共同生產並交付這架飛機。如果他們可以，那就太好了，如果他們不能，我們也會在這方面受到保護。因此，我以非常清醒的心態來對待這個問題，那就是向我們展示，完成它，我們就會到達那裡。我們需要波音公司取得成功，他們應該消除手頭任務中的所有乾擾。

And do you see any indications from customers that there's like a nervousness about flying in general or Boeing, in particular, like any kind of book away from Boeing planes or just -- yes, any indication that some of these safety events we've seen across the industry are impacting customer behavior?

您是否看到客戶有任何跡象表明，人們對飛行普遍感到緊張，尤其是波音，就像任何一本遠離波音飛機的書一樣，或者只是- 是的，有任何跡象表明我們已經看到了其中一些安全事件整個產業正在影響客戶行為？

No, we see nothing. The aircraft that we fly in our fleet, we've had for, in some cases, decades. And that product maintained by American Airlines flown by American Airlines pilots. Those are quality products that we're proud to operate. So no. And as a matter of fact, we're excited about what we see in terms of customers of 787s and the deployment that we make, we just announced that we're going to be putting a new interior on the 789 deliveries and the Boeing aircraft that have been produced in the past the 73s, the 777-300s, the 777-200s.

不，我們什麼也沒看到。我們機隊中使用的飛機在某些情況下已經使用了幾十年。該產品由美國航空維護，由美國航空飛行員駕駛。這些是我們自豪地經營的優質產品。所以不行。事實上，我們對 787 的客戶和我們所做的部署感到興奮，我們剛剛宣布我們將為交付的 789 和波音飛機安裝新的內飾過去生產過 73 年代、777-300 年代、777-200 年代。

Those have all been very quality products that our customers enjoy.

這些都是我們的客戶喜歡的非常高品質的產品。

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

我們的下一個問題來自彭博社的瑪麗‧施蘭根斯坦。

Some of your competitors have reported that they saw a managed corporate travel volume increase in the first quarter of like 14%, 15%. I wanted to see if you can talk about the same type as a comparable number on that and what it may or may not say about your push for the direct bookings.

您的一些競爭對手報告稱，他們看到第一季的管理商務差旅量增加了 14%、15% 左右。我想看看您是否可以談論與可比較數字相同的類型，以及它可能會或可能不會說明您推動直接預訂的情況。

Mary, this is Vasu. It's a great question, and I'm happy to answer it. So look, we've seen -- first of all, we see total business revenues, which is really a very important thing to look at grow similarly double-digit -- close or approaching double digits, exiting certainly Q1 double-digit rates of growth.

瑪麗，這是瓦蘇。這是一個很好的問題，我很高興回答它。所以看，我們已經看到- 首先，我們看到總業務收入，這確實是一個非常重要的事情，要看到類似的兩位數增長- 接近或接近兩位數，肯定退出第一季度的兩位數成長率生長。

It's really being driven by unmanaged corporations that continue to come back and come back to American Airlines. Managed corporates, contract and corporations are growing a little bit less than that, but still high -- in the mid- to high single digits. Very importantly, this is actually the great opportunity that we see because really, over the last year, we've done a number of things to just transition away from a lot of practices which weren't great for our customers.

這實際上是由不受管理的公司推動的，這些公司不斷地回歸美國航空。託管公司、合約和公司的成長略低於這個數字，但仍然很高——處於中高個位數。非常重要的是，這實際上是我們看到的絕佳機會，因為實際上，在過去的一年中，我們做了很多事情來擺脫許多對我們的客戶不利的做法。

It didn't give them cheaper fares. It didn't necessarily give them lower costs. It actually created a more difficult servicing experience. What we're finding now is that many of those customers, they want the same thing that everyone else has. We can go deliver it a whole lot better with all the tools and the technology and the change we've pushed through in the last year.

它並沒有給他們更便宜的票價。這並不一定會降低他們的成本。它實際上創造了更困難的維修體驗。我們現在發現，很多客戶都想要和其他人一樣的東西。我們可以利用所有工具、技術以及我們去年推動的變革來更好地交付它。

And despite all of that, we see that revenues are coming back very materially for us. Expenses are down, and we can see more opportunity to optimize it. And frankly, do better both for our corporate contract and corporate customers and our unmanaged customers as well. That's not sort of guesswork that's out there. We actually see it. We're rolling out things right now, and that's implicit in our guide for Q2 and for the year.

儘管如此，我們看到收入正在為我們帶來非常可觀的回報。費用下降了，我們可以看到更多優化它的機會。坦白說，為我們的企業合約和企業客戶以及我們的非託管客戶做得更好。這並不是一種猜測。我們確實看到了。我們現在正在推出一些東西，這隱含在我們第二季和今年的指南中。

So if your managed corporate is growing at a lower rate, is that an indication that you're seeing some pushback of people that don't want to go to your direct booking system?

因此，如果您管理的公司成長速度較低，是否表示您看到一些人不願意使用您的直接預訂系統？

Mary, I'll kick this off if Vasu can handle it as well. No, we don't think that is the case at all. Look, we've got some fine-tuning to do. No doubt the objective here is to save -- to hang on to all the cost savings and then also to make sure that we maximize revenue production. As we take a look at the first quarter, there's quite likely some benefit that our competitors received because of some of the things that we've -- the changes that we've made. That said, this is the opportunity for us to go and to make sure that as I said, the goal is cost savings and especially revenue production.

瑪麗，如果瓦蘇也能處理好的話我就開始吧。不，我們認為情況根本不是這樣。看，我們需要進行一些微調。毫無疑問，這裡的目標是節省——堅持所有成本節約，然後確保我們最大限度地提高收入。當我們回顧第一季時，我們的競爭對手很可能因為我們所做的一些事情——我們所做的改變而獲得了一些好處。也就是說，這對我們來說是一個機會，確保正如我所說，目標是節省成本，特別是創造收入。

So as Vasu said, we've seen great reception to what we're doing with the unmanaged corporate business, small and medium-sized businesses in terms of the larger corporates, that's something that is an opportunity for us. but it will be consistent with our long-range plans of making sure that every customer that does business with American Airlines has access to the full suite of amenities, product services and tools.

正如瓦蘇所說，我們在非託管企業業務、中小型企業以及大型企業方面所做的事情受到了熱烈歡迎，這對我們來說是一個機會。但這將符合我們的長期計劃，確保與美國航空開展業務的每位客戶都能獲得全套便利設施、產品服務和工具。

Vasu, anything you want to add?

瓦蘇，還有什麼要補充的嗎？

No, I feel like it's a great answer. Look, Mary, the last thing I would add to is also as corporates are coming back, they're coming in more disproportionately to coastal markets where we're relatively smaller in as unmanaged business comes back, it comes back in the Heartland and the Sunbelt, where we are relatively larger in. And so that also impacts some of the numbers you see.

不，我覺得這是一個很好的答案。聽著，瑪麗，我要補充的最後一件事是，隨著企業的回歸，他們越來越不成比例地進入沿海市場，因為不受管理的業務回來了，我們相對較小的沿海市場又回來了，它回到了中心地帶和陽光地帶，我們在那裡規模相對較大。

Our next question comes from Leslie Josephs of CNBC. Your line is open Leslie.

我們的下一個問題來自 CNBC 的萊斯利·約瑟夫斯。萊斯利，您的線路已接通。

Can you compare the bookings for this summer and if any are coming in for the back half of the year versus 2023, both, and where people are going, the pace of bookings and how much they're paying and then do you have any concerns about kind of a slowdown in economic growth and a lot of consumers in the U.S. across the board, just racking up credit card debt.

您能否將今年夏天的預訂量以及下半年的預訂量與 2023 年的預訂量進行比較，以及人們的去向、預訂的速度以及他們支付的費用，然後您是否有任何擔憂關於經濟增長放緩以及美國許多消費者全面增加信用卡債務的情況。

Sure. This is Vasu. I can start. And I'll maybe do last question first. Look, we continue to see healthy macro trends. We don't guess beyond what's the same information that probably everybody on this call gets to see and report on. As far as bookings go, Look, really beyond the summer, the system has -- it's not very much booked, in June right now in our domestic system where about 35% to 40% booked up, which is pretty normal for that entity. The long-haul network is a lot more booked up. 50%, 60% and building all of the time, depending on the entity that's there. But we continue to see healthy bookings come in. And like I mentioned before, and when I was talking about RASM by geography.

當然。這是瓦蘇。我可以開始了。我可能會先回答最後一個問題。看，我們繼續看到健康的宏觀趨勢。我們不會猜測本次電話會議中的每個人都可能看到並報告的相同資訊。就預訂而言，看，確實在夏季之後，系統的預訂量並不多，目前在我們的國內系統中，6 月份的預訂量約為35% 至40%，這對於該實體來說是相當正常的。長途網路的預訂量較多。 50%、60% 以及一直在構建，取決於存在的實體。但我們繼續看到健康的預訂量。

There are more customers who are coming back and really value traveling. They're paying more than before. And so far, in Q2, that trend seems to be taking shape. We anticipate that will continue based on all the macro factors that we see today. Should things change, we will too.

有更多的顧客回來並且真正重視旅行。他們付出的代價比以前更多。到目前為止，第二季度，這種趨勢似乎正在形成。根據我們今天看到的所有宏觀因素，我們預計這種情況將持續下去。如果情況發生變化，我們也會改變。

So bookings for summer are higher than last year?

那麼夏季的預訂量比去年高嗎？

Yes. We're booking up higher in part because of the positioning of our airline network and also just overall demand trends.

是的。我們的預訂量較高，部分原因是我們的航空公司網路的定位以及整體需求趨勢。

Leslie, just to put a fine point on it, we see strong demand, and we're going to revenue manage appropriately. But the marketplace, domestic international looks very strong.

萊斯利，我要強調一點，我們看到了強勁的需求，我們將適當地進行收入管理。但國內國際市場看起來非常強勁。

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

謝謝。電話問答部分到此結束。現在我想請羅伯特‧伊索姆 (Robert Isom) 致閉幕詞。先生？

Latif, thanks. Look, we don't like reporting a loss. That's a challenge for us. It's also an opportunity. As we look forward, we are encouraged by what we see in terms of industry dynamics and also by those things that we've identified in the first quarter that we can go and address. We're going to do that. And we're going to stick to our longer-term game plan that we pointed out at Investor Day, and that is based on this that the environment for air travel is very -- is constructive.

拉蒂夫，謝謝。看，我們不喜歡報告損失。這對我們來說是一個挑戰。這也是一個機會。展望未來，我們對行業動態以及我們在第一季確定的可以解決的問題感到鼓舞。我們將這樣做。我們將堅持我們在投資者日指出的長期計劃，基於此，航空旅行的環境非常具有建設性。

We see demand coming back. It's strong again this year, and that's favorable for American Airlines because that demand is also coming in the places that we are strong. We are a changed airline. We're an airline that delivers on our commitments and we will continue to do so.

我們看到需求正在回升。今年的需求再次強勁，對美國航空有利，因為需求也來自我們實力強勁的領域。我們是一家改變了的航空公司。我們是一家信守承諾的航空公司，我們將繼續這樣做。

We will be focused on execution as we go throughout the year and there's great opportunities ahead as well. And those opportunities, as we outlined on Investor Day are really based on our fleet. We have the vast majority of the assets that we need to fly our schedule and more already in-house. We're probably less dependent than anyone on outside services to actually run our airline.

全年我們將專注於執行，未來也有巨大的機會。正如我們在投資者日概述的那樣，這些機會實際上是基於我們的機隊。我們擁有執行計劃所需的絕大多數資產以及更多的內部資產。我們可能比任何人都更少依賴外部服務來實際運營我們的航空公司。

We're proud of the team that we've assembled. They're doing incredibly well, best operational reliability in our company's history and leading the industry in terms of completion factor. Our network is something that we're going to lean into. We're proud of what we've built, the regional nature that extends out to global reach in this fantastic set of partners that we can leverage.

我們為我們組建的團隊感到自豪。他們的表現令人難以置信，是我們公司歷史上最好的營運可靠性，並且在完成率方面處於行業領先地位。我們的網路是我們要依賴的東西。我們為我們所建立的一切感到自豪，我們可以利用這些出色的合作夥伴，將區域性擴展到全球範圍。

And we have this opportunity now. As we've talked about on the call and through various questions, to create a travel rewards ecosystem, distribution platform through the renegotiation of our co-brand deals. We're going to do that. And at the same time, we're going to be incredibly focused on reengineering our business and running as efficiently as possible.

我們現在有這個機會。正如我們在電話會議和各種問題中討論的那樣，透過重新談判我們的聯合品牌交易來創建一個旅行獎勵生態系統和分銷平台。我們將這樣做。同時，我們將非常專注於重新設計我們的業務並盡可能有效地運作。

I'm pleased with the progress we're making on all those fronts. And as we progress through the year, I expect margin expansion and generation of free cash flow and that bodes well for our shareholders. So we'll end the call and get back to work. Thank you.

我對我們在所有這些方面取得的進展感到高興。隨著我們今年的進展，我預期利潤率會擴大並產生自由現金流，這對我們的股東來說是個好兆頭。因此，我們將結束通話並繼續工作。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。