美國航空 (AAL) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group Second 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 年第二季財報電話會議。 （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 the American Airlines Group Second Quarter 2024 earnings conference call. On the call with prepared remarks, we have our CEO Robert Isom; and our CFO, Devon May. In addition to our Vice Chair, Steve Johnson, we have a number of other senior executives in the room this morning for the Q&A session.

謝謝你，拉蒂夫。早安，歡迎參加美國航空集團 2024 年第二季財報電話會議。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)。除了我們的副主席 Steve Johnson 之外，今天早上我們還有許多其他高階主管參加了問答環節。

Robert will start the call with an overview of our performance, and Devon will follow with details on the second quarter in addition to outlining our operating plans and outlook going forward. After our prepared remarks, we'll open the call for analyst questions followed by questions from the media. To get on as many questions as possible, please limit yourself to one question and one follow-up.

羅伯特將在電話會議開始時概述我們的業績，德文郡將介紹第二季度的詳細信息，並概述我們的營運計劃和未來展望。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。為了回答盡可能多的問題，請將自己限制在一個問題和一個後續問題上。

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 June 30, 2024. In addition, we'll be discussing certain non-GAAP financial measures, 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 6 月 30 日的季度的 10-Q 表格中找到。排除異常項目的影響。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 are giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently,. Thank you for your interest and for joining us this morning. And with that, I'll turn the call over to our CEO, Robert Isom.

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。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. This morning, American reported an adjusted pre-tax profit of $1 billion for the second quarter, driven by record quarterly revenue of $14.3 billion. We finished the quarter in line with our revised guidance with second quarter adjusted earnings per diluted share of $1.9 despite the impact of significant weather events on our operation in May and June.

謝謝斯科特，大家早安。今天上午，美國航空報告稱，在創紀錄的 143 億美元季度收入的推動下，第二季調整後稅前利潤為 10 億美元。儘管 5 月和 6 月的重大天氣事件對我們的營運產生了影響，但我們本季的業績符合修訂後的指引，第二季調整後每股攤薄收益為 1.9 美元。

Before I get into more detail on our second quarter results and outlook, I want to first acknowledge that our current revenue performance is not where we wanted to be. In May, we made a sizable adjustment to our revenue and earnings expectations for the second quarter, driven by an imbalance in domestic supply and demand and our prior sales and distribution strategy. We know we can do better and we will rise to meet this challenge.

在詳細介紹我們第二季的業績和前景之前，我想先承認我們目前的營收表現並未達到我們想要的水平。 5月份，受國內供需不平衡以及我們先前的銷售和分銷策略的推動，我們對第二季的營收和獲利預期進行了大幅調整。我們知道我們可以做得更好，我們將奮起迎接這項挑戰。

I'll begin with an update on those two key areas that are impacting our results. The softness in the domestic marketplace and our sales and distribution strategy. I'll also outline the clear and decisive actions we're taking, to course, correct.

我將首先介紹影響我們結果的兩個關鍵領域的最新情況。國內市場的疲軟以及我們的銷售和分銷策略。我還將概述我們正在採取的明確而果斷的行動，當然是為了糾正。

First on the softer domestic revenue environment. In the second quarter, we saw the impact of too much industry supply in the domestic market, especially in regions of the country where we have larger operations. That excess capacity led to a higher level of discounting activity in the quarter than we anticipated.

首先是國內所得環境疲軟。第二季度，我們看到了國內市場產業供應過多的影響，特別是在我們業務規模較大的地區。產能過剩導致本季的折扣活動水準高於我們的預期。

As we said we would to address the domestic softness, we pulled down our planned capacity growth in the back half of the year. To better align our growth with demand expectations, we now plan to grow capacity by approximately 3.5% in the second half of the year.

正如我們所說，我們將解決國內經濟疲軟的問題，我們降低了下半年的產能成長計畫。為了更好地使我們的成長與需求預期保持一致，我們現在計劃在今年下半年將產能成長約 3.5%。

Second, our sales and distribution strategy. In late May, I said our sales and distribution strategy was not working and we needed to make a change. We're taking actions that will improve our performance. But a reset will take some time and we will continue to feel the impact of our prior sales and distribution strategy on revenue and earnings through the remainder of this year, which is reflected in our updated full year guidance.

第二，我們的銷售和分銷策略。五月底，我說我們的銷售和分銷策略不起作用，我們需要做出改變。我們正在採取行動來提高我們的績效。但重置需要一些時間，我們將在今年剩餘時間內繼續感受到先前的銷售和分銷策略對收入和收益的影響，這反映在我們更新的全年指導中。

Let me outline the three key parts of our plan in leadership and organization and working with the travel agency community and in addressing the needs of our corporate customers.

讓我概述一下我們計劃的三個關鍵部分：領導力和組織、與旅行社社區的合作以及滿足企業客戶的需求。

With regard to our commercial organization, we immediately took action and change senior leadership, Steve, our Vice Chair, second in command and most seasoned and accomplished executive has taken charge of our commercial efforts, reorganized the team, completed a deep dive on issues and opportunities and laid out a recovery plan that we are executing on quickly.

關於我們的商業組織，我們立即採取行動並更換高級領導層，史蒂夫，我們的副主席，第二把手，最有經驗和最有成就的高管負責我們的商業工作，重組了團隊，完成了對問題和問題的深入研究。

We have also strengthened our revenue forecasting processes. Our near-term actions are concentrated on winning back customers and our share of revenue in agency and business channels. To that end in June, we reinstated fares and the distribution channel traditionally used by travel agencies and corporate managed travel programs.

我們也加強了收入預測流程。我們的近期行動集中在贏回客戶以及我們在代理商和業務管道中的收入份額。為此，我們在六月恢復了旅行社和企業管理的旅行計劃傳統上使用的票價和分銷管道。

Approximately $14 billion of our annual revenue was booked through this system in 2023. This action ensures our product is available wherever customers want to buy it and removes the most objected to pain point of our previous distribution strategy.

2023 年，我們的年收入中約有140 億美元是透過該系統記錄的。受反對的痛點。

Next, we engaged our large TMC partners to put in place new incentive-based agreements to restore our share in those channels. Those efforts have been well received. So we are having good conversations with companies, including MXGBT with which we have a long-standing relationship. We expect agreements with TMC soon, and we will then work to reengage the broader business and leisure agency community.

接下來，我們與大型 TMC 合作夥伴合作，制定新的激勵協議，以恢復我們在這些管道中的份額。這些努力得到了好評。因此，我們正在與公司進行良好的對話，包括與我們有長期合作關係的 MXGBT。我們預計很快就會與 TMC 達成協議，然後我們將努力重新吸引更廣泛的商業和休閒機構社區。

Additionally, we have eliminated plans to differentiate how customers earn miles based on where they book their travel, removing another significant obstacle impacting booking behaviour and business relationships. Our products need to be attractive and easy to engage with.

此外，我們還取消了根據客戶預訂旅行的地點來區分如何賺取里程的計劃，從而消除了影響預訂行為和業務關係的另一個重大障礙。我們的產品需要具有吸引力且易於互動。

A significant piece of that is our AAdvantage business program, which replaced our previous unmanaged programs for business travellers. Those previous programs generated more than 2.5 billion in revenue in 2023, nearly 75% of which was booked through travel agencies.

其中一個重要部分是我們的 AAdvantage 商務計劃，它取代了我們先前針對商務旅客的非託管計劃。這些先前的項目在 2023 年創造了超過 25 億美元的收入，其中近 75% 是透過旅行社預訂的。

With recent changes, we have now expanded the AAdvantage business program's benefits. So that participating companies will earn miles and travellers will earn loyalty points wherever they book, including through travel agencies. Several more improvements are underway to make the program easier for travel managers to use and we have established a dedicated help desk for AAdvantage d business customers.

透過最近的變化，我們現在擴大了 AAdvantage 業務計劃的優勢。這樣，參與的公司將贏得里程，旅行者無論在哪裡預訂，包括透過旅行社預訂，都將獲得忠誠度積分。為了讓差旅經理更容易使用該程序，我們正在進行多項改進，並且我們已經為 AAdvantage d 企業客戶建立了專門的幫助台。

Our agency and corporate partners have made it clear. They want additional support as they do business with America. We have prioritized adding resources to our sales and sales support team and have made good progress already. In addition to the dedicated AAdvantage Business Desk, the team has hired new account managers for our corporate customers with more to come as we evaluate the appropriate level of staffing going forward.

我們的機構和企業合作夥伴已經明確表示。他們在與美國做生意時需要額外的支持。我們已優先為我們的銷售和銷售支援團隊添加資源，並已取得良好進展。除了專門的 AAdvantage 業務服務台外，團隊還為我們的企業客戶聘請了新的客戶經理，隨著我們評估未來適當的人員配備水平，還會聘請更多客戶經理。

In August, we will significantly increase resources dedicated to sales support to give customers the assistance they need. The agency and corporate customer response to these changes has been positive and we are starting to see share shift back to American.

八月份，我們將大幅增加專門用於銷售支援的資源，為客戶提供所需的協助。代理商和企業客戶對這些變化的反應是積極的，我們開始看到份額轉移回美國。

Our partners are incredibly important to American, and we recognize we have a lot of relationships to repair. I have spoken with more than 30 of my counterparts at our largest corporate customers to get honest and candid feedback and these meetings and calls are occurring in parallel with our team's efforts to engage with customers at the travel manager level.

我們的合作夥伴對美國人來說非常重要，我們意識到我們有很多關係需要修復。我已經與我們最大的企業客戶的 30 多名同行進行了交談，以獲得誠實和坦誠的反饋，這些會議和電話與我們的團隊在差旅經理層面與客戶互動的努力同時進行。

The feedback we've heard demonstrates that changes we have made are focused on the right areas and the agencies and corporate customers want to work with us as we continue to adjust our strategy. We will continue to listen and further refine our plans as needed. All of these actions and more to come our sign of our commitment to win back any customers we have lost.

我們聽到的回饋表明，我們所做的改變集中在正確的領域，機構和企業客戶希望在我們繼續調整策略時與我們合作。我們將繼續傾聽並根據需要進一步完善我們的計劃。所有這些行動以及即將採取的更多行動都表明我們致力於贏回失去的客戶。

We made a lot of progress from where we were in late May, but we still have a lot of work ahead of us. Success will ultimately be measured by improved revenue performance and earnings, but it will take time. In the near term, we will measure success by tracking our agency and corporate share performance and the adoption of AAdvantage business and by the feedback we are hearing from our agency partners and corporate customers.

與 5 月底相比，我們取得了很大進展，但仍有許多工作要做。成功最終將透過收入表現和收益的改善來衡量，但這需要時間。在短期內，我們將透過追蹤我們的代理商和企業股票表現、AAdvantage 業務的採用情況以及我們從代理商合作夥伴和企業客戶那裡聽到的反饋來衡量成功。

I'm confident we'll regain the standing in the agency and corporate channel. And that, combined with our direct distribution strength, will put us back on track to producing revenues, it will meet and exceed our long-term financial targets.

我相信我們將重新獲得在代理商和企業管道中的地位。再加上我們的直接分銷實力，將使我們重回創收軌道，達到並超越我們的長期財務目標。

Now I want to spend a few minutes discussing our second quarter revenue performance in more detail. Our unit revenue was down 5.6% year-over-year in the second quarter, in line with our revised guidance. Domestic pricing in the second quarter was down 6.4% year-over-year. Both short haul and long haul international presence performed in line with our initial expectations, with transatlantic unit revenue up year- over-year on 6.3% higher capacity.

現在我想花幾分鐘更詳細地討論我們第二季的營收表現。第二季我們的單位收入年減 5.6%，與我們修訂後的指引一致。第二季國內價格年減 6.4%。短程和長途國際業務的表現均符合我們最初的預期，跨大西洋單位營收年增 6.3%，運力成長 6.3%。

Revenue from our large managed corporations was up approximately 3% year-over-year in the second quarter. This performance is not reflective our fair share of corporate revenue and we are addressing it with the actions we're taking.

第二季度，我們大型管理公司的營收年增約 3%。這一業績並不能反映我們在公司收入中所佔的公平份額，我們正在透過我們正在採取的行動來解決這個問題。

We have work to do to get our distribution strategy back on track. But as a global network carrier, we have access to premium and loyalty revenue streams that will continue to perform well. Demand for our premium product and overall engagement with the AAdvantage program remained strong.

我們還有很多工作要做，以使我們的分銷策略重回正軌。但作為一家全球網路營運商，我們可以獲得優質和忠誠度收入流，並將繼續表現良好。對我們優質產品的需求以及對 AAdvantage 計劃的整體參與仍然強勁。

In the second quarter, premium revenue or revenue from customer seated and first, Business Premium Economy and Maiden Cameron extra increased 9% year-over-year. Paid load factor in our premium cabins remains historically high and was up more than six points year-over-year with strength in both domestic and international.

第二季度，高級收入或來自客戶座位和頭等艙、商務高級經濟艙和 Maiden Cameron 額外收入年增 9%。我們高級客艙的付費載客率仍處於歷史高位，年增超過 6 個百分點，國內和國際航班均表現強勁。

With the planned refresh of existing aircraft and the expected deliveries of new aircraft, premium seating on American fleet is expected to grow by more than 20% by 2026. AAdvantage program membership continues to grow. Loyalty revenues were up approximately 8% year-over-year and AAdvantage members are responsible for 74% of premium cabin revenue. Total spending on our co-branded credit cards was up double digits year-over-year in the second quarter. Once again, highlighting the value of American's loyalty program.

隨著現有飛機的更新計劃和新飛機的預計交付，到 2026 年，美國機隊的高級座位預計將增長 20% 以上。忠誠度收入年增約 8%，AAdvantage 會員貢獻了高級客艙收入的 74%。第二季我們的聯名信用卡總支出較去年同期成長兩位數。再次凸顯美國航空忠誠度計畫的價值。

Turning now to our operation. In the second quarter, the American Airlines team produced strong operational results despite some of the most difficult spring weather conditions we have ever faced and continued challenges with several of our suppliers.

現在轉向我們的操作。在第二季度，儘管我們遇到了一些最困難的春季天氣條件，並且我們的幾家供應商仍面臨著持續的挑戰，但美國航空團隊仍取得了強勁的營運業績。

Spring is always a good test for our summer preparedness and the weather we encountered in May and June tested us like never before. Just as we had ramped up to summer level capacity in mid-May, we were faced with severe weather that affected operations at multiple hubs and impacted our operational performance and the volatility continued into June.

春天總是對我們夏季準備工作的良好考驗，五月和六月的天氣對我們進行了前所未有的考驗。正當我們在 5 月中旬將運力提升至夏季水準時，我們面臨惡劣的天氣，影響了多個樞紐的營運並影響了我們的營運績效，並且波動性一直持續到 6 月。

By mid-June, we'd regained our operational momentum and it's clear our underlying resilience is strong, and we've made further strides in our ability to recover swiftly from these events. We've done an outstanding job of managing through unexpected weather disruptions, and our frontline team deserves tremendous credit for their efforts to get the airline back on track again and again.

到六月中旬，我們已經恢復了營運勢頭，很明顯我們的潛在彈性很強，並且我們在從這些事件中迅速恢復的能力方面取得了進一步的進步。我們在應對意外天氣幹擾方面做得非常出色，我們的一線團隊為讓航空公司一次又一次重回正軌所做的努力值得高度讚揚。

Speaking of disruption disruptions, I'd be remiss if I didn't take a moment to applaud the entire American Airlines team for their work last week to quickly recover from the Global CrowdStrike outage that hit businesses and governments worldwide. By Friday evening, American's operation had recovered and we're set up for a strong weekend.

說到中斷，如果我沒有花點時間讚揚整個美國航空團隊上週為從全球 CrowdStrike 中斷中快速恢復而所做的工作，那是我的失職。到週五晚上，美國航空的運作已經恢復，我們已經準備好迎接一個強勁的周末。

On Saturday, we ran on near 99% completion factor and were fully recovered. The best operational performance among US network carriers over the weekend. American recovers from irregular operations better than anyone in the industry and that was certainly the case following Friday's unprecedented disruption.

週六，我們的完成率接近 99%，並且已完全恢復。週末美國網路營運商中營運表現最佳。美國航空公司從不正常運作中恢復得比業內任何人都好，在周五前所未有的混亂之後，情況確實如此。

Finally, and importantly, we're pleased to have reached a tentative agreement on a new contract with our Association of Professional flight attendants. Upon ratification, this contract will provide immediate financial quality of life improvements for American flight attendants, one that we're proud of and one our flight attendants have earned.

最後，也是重要的是，我們很高興與我們的專業空服員協會就新合約達成初步協議。批准後，這份合約將立即改善美國空服員的財務生活質量，這是我們引以為傲的，也是我們的空服員應得的。

I'll come back in a few minutes for some final thoughts, but now I'll turn it over to Devon to talk more about our second quarter financial results and the outlook for the third quarter and full year.

我將在幾分鐘後回來進行一些最後的想法，但現在我將把它交給德文郡，更多地討論我們第二季度的財務業績以及第三季度和全年的前景。

Thank you, Robert. Excluding net special items, we reported a second quarter net income of $774 million, or adjusted earnings per diluted share of $1.9. We produced record revenue of $14.3 billion in the quarter, up 2% year-over-year. Unit revenue was down 5.6% year-over-year on 8% more capacity. Our adjusted EBITDA margin was 15.7%, and we produced an adjusted operating margin of 9.7%.

謝謝你，羅伯特。不計淨特殊項目，我們公佈的第二季淨利為 7.74 億美元，調整後每股攤薄收益為 1.9 美元。本季我們的營收達到創紀錄的 143 億美元，年增 2%。由於產能增加 8%，單位收入較去年同期下降 5.6%。調整後的 EBITDA 利潤率為 15.7%，調整後的營業利益率為 9.7%。

Our unit cost, excluding net special items and fuel was down 0.1% year-over-year. On our fleet, we now expect to take delivery of 20 new mainline aircraft this year, down slightly from our previous estimate of 22 aircraft. The remaining planned aircraft deliveries this year include 11 Boeing 737 MAX 8, 3787- 9 and 3 Airbus A321neo.

我們的單位成本（不包括淨特殊項目和燃料）年減 0.1%。在我們的機隊中，我們預計今年將接收 20 架新幹線飛機，略低於我們先前估計的 22 架飛機。今年剩餘計畫交付的飛機包括 11 架波音 737 MAX 8、3787-9 和 3 架空中巴士 A321neo。

We've taken delivery of six Embraer E1-75 this year and expect to take delivery of six more E1-75 through the remainder of the year. With these adjustments to our aircraft delivery schedule, we now expect our 2024 aircraft CapEx to be approximately $2 billion and our total CapEx to be approximately $2.9 billion. We continue to expect these moderate levels of CapEx to remain through the end of the decade, with aircraft CapEx plans to be between $3 billion and $3.5 billion per year from 2025 through 2030.

我們今年已接收了六架巴西航空工業公司 E1-75，預計今年剩餘時間內將接收另外六架 E1-75。透過飛機交付計畫的這些調整，我們現在預計 2024 年飛機資本支出約為 20 億美元，總資本支出約為 29 億美元。我們仍然預計，到本十年末，資本支出將保持在中等水平，從 2025 年到 2030 年，飛機資本支出計畫每年在 30 億美元到 35 億美元之間。

In the second quarter, we produced approximately $850 million of free cash flow and ended the quarter with $11.7 billion in total available liquidity. We reduced total debt by approximately $680 million in the second quarter, and we have now reduced total debt by $13 billion from peak levels in mid-2021. We remain on track to reduce total debt by $15 billion from peak levels by the end of 2025.

第二季度，我們產生了約 8.5 億美元的自由現金流，季度末可用流動資金總額為 117 億美元。我們在第二季將總債務減少了約 6.8 億美元，目前我們已將總債務較 2021 年中期的高峰水準減少了 130 億美元。我們仍有望在 2025 年底前將債務總額從最高水準減少 150 億美元。

Now I'd like to walk you through our outlook for the third quarter and provide an update on our full year guidance. In addition to commercial execution, our focus continues to be on delivering a reliable operation, maximizing profitability and reengineering our business to drive savings and greater productivity and a better experience for our customers and team members.

現在，我想向您介紹我們對第三季的展望，並提供我們全年指導的最新資訊。除了商業執行之外，我們的重點仍然是提供可靠的營運、最大化盈利能力和重新設計我們的業務，以節省成本、提高生產力，並為我們的客戶和團隊成員提供更好的體驗。

As we have stated in the past and shown with our recent capacity reductions, we will remain nimble in our planning to ensure our growth is in line with our expectations of demand.

正如我們過去所說的以及最近產能削減所表明的那樣，我們將保持靈活的規劃，以確保我們的成長符合我們的需求預期。

As Robert mentioned, we lowered our planned capacity growth in the back half of the year and now plan to grow capacity by approximately 3% in the third quarter, with August up approximately 2% and September up less than 1% year-over-year.

正如羅伯特所提到的，我們降低了下半年的計畫產能成長，現在計畫第三季產能成長約3%，其中8月年增約2%，9月年增不到1% 。

With these adjustments, we expect to produce less capacity in the third quarter of this year than we did in the same period 2019. We expect third quarter travel to be down 2.5% to 4.5% and full year travel to be down 3% to 5% versus 2023.

透過這些調整，我們預計今年第三季的運力將低於 2019 年同期。比。

Our work to reengineer the business is progressing well. We are ahead of plan and expect 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 now expect to have achieved more than $300 million in incremental working capital improvements, which is in addition to the $100 million we achieved in 2023.

我們的業務重組工作進展順利。我們提前完成了計劃，預計到 2024 年將節省約 4 億美元的成本。今年底，我們預計在 2023 年實現 1 億美元的增量營運資本改善的基礎上，將實現超過 3 億美元的增量營運資本改善。

Third quarter CASMx is expected to be up approximately 1% to 3% year-over-year. We expect our full year CASMx to be up approximately 1% to 3% consistent with our prior guidance despite lower planned capacity growth. Our current forecast for the third quarter assumes a fuel price of between $2.55 and $2.75 per gallon.

第三季 CASMx 預計年增約 1% 至 3%。儘管計劃產能成長較低，但我們預計全年 CASMx 將成長約 1% 至 3%，與我們先前的指導一致。我們目前對第三季的預測假設燃油價格在每加侖 2.55 美元至 2.75 美元之間。

Based on our current demand assumptions and fuel price forecast, we expect to produce an adjusted operating margin of between 2% and 4% in the third quarter and approximately breakeven adjusted earnings per share. We now expect to deliver a full year operating margin of between 3.5% and 5.5%. This guidance is based on our current demand expectations and assumes a fuel price of between $2.65 and $2.75 per gallon.

根據我們目前的需求假設和燃油價格預測，我們預計第三季調整後營業利潤率將在 2% 至 4% 之間，調整後每股盈餘將達到收支平衡。我們現在預計全年營業利潤率將在 3.5% 至 5.5% 之間。該指導基於我們當前的需求預期，並假設燃油價格在每加侖 2.65 美元至 2.75 美元之間。

At the midpoint of our full year guidance, we now anticipate producing adjusted earnings per diluted share of approximately $1 and free cash flow of approximately $500 million. These results are not good enough. Our team is focused on commercial execution and delivering results, and I'm confident we can close our relative margin gap with our peers and achieve our long-term financial targets.

在我們全年指引的中期，我們現在預計調整後每股攤薄收益約為 1 美元，自由現金流約為 5 億美元。這些結果還不夠好。我們的團隊專注於商業執行和交付成果，我相信我們能夠縮小與同行的相對利潤差距並實現我們的長期財務目標。

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

現在我將把它轉回給羅伯特做總結發言。

Thanks, Devon. Our airline is designed to deliver results. Results for our shareholders, results for our customers and results for our team members. We have not met our expectations this year, and our entire team is focused on working with urgency to get us back on track, improve results and deliver on our commitment that will drive value for our shareholders and all of our stakeholders.

謝謝，德文郡。我們的航空公司旨在提供成果。為我們的股東帶來成果，為我們的客戶帶來成果，為我們的團隊成員帶來成果。今年我們沒有達到我們的期望，我們整個團隊都集中精力緊急工作，讓我們重回正軌，改善業績並兌現我們的承諾，為我們的股東和所有利益相關者創造價值。

As we take a step back, the foundation of our business remains strong and our priorities remain the same. Our operational reliability continues to perform at historically strong levels. Our fleet is the best among US network carriers and drives enormous value for the airline.

當我們退後一步時，我們的業務基礎依然強勁，我們的優先事項也保持不變。我們的營運可靠性繼續保持歷史最高水準。我們的機隊是美國網路航空公司中最好的，為航空公司帶來了巨大的價值。

With this fleet, we have stable and moderate CapEx through the end of the decade. We've made great progress in strengthening our balance sheet and remain on track to reduce our total debt by $15 billion by the end of next year.

憑藉這支機隊，我們在本世紀末擁有穩定且適度的資本支出。我們在強化資產負債表方面取得了巨大進展，並預計在明年年底前將總債務減少 150 億美元。

Our network is well positioned and we are working to finalize our co-branded credit card negotiations. We're ahead of plan in reengineering our business to operate more efficiently and productively, and we're managing our costs better than anyone in the industry. We're committed to delivering on a strategy that maximizes our revenue and profitability and importantly, when it makes it easy for customers to do business with American.

我們的網路定位良好，我們正在努力完成我們的聯名信用卡談判。我們提前計劃重新設計我們的業務，以提高營運效率和生產力，並且我們比業內任何人都更好地管理成本。我們致力於實施一項策略，使我們的收入和獲利能力最大化，更重要的是，讓客戶能夠輕鬆地與美國航空開展業務。

We remain committed to deliver margin expansion, free cash flow and continued debt reduction over the long term. When we return to the level of revenue production we know we can achieve and coupled that with our operational reliability and best-in-class cost management, we will unlock significant value.

我們仍然致力於長期實現利潤率擴張、自由現金流和持續債務削減。當我們回到我們知道可以實現的收入水平時，再加上我們的營運可靠性和一流的成本管理，我們將釋放巨大的價值。

Operator, you may now open the line for analyst questions.

接線員，現在可以撥打分析師提問專線。

(Operator Instructions)

（操作員說明）

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Oh, hi. Good morning, everybody. Hi Robert and Devon, appreciate you giving us the full year transit guides So we actually have third quarter and fourth quarter. And just based on that by inference I would suggest that fourth quarter is still going to be under pressure, in fact, it could be negative. And yet when I think about the decal and your own capacity growth and what we're seeing around in the industry.

啊，你好。大家早安。嗨，羅伯特和德文郡，感謝您為我們提供全年交通指南，所以我們實際上有第三季和第四季。據此推斷，我認為第四季仍將面臨壓力，事實上，壓力可能是負面的。然而，當我想到貼花和你自己的產能成長以及我們在行業中看到的情況時。

As we look into that, fourth quarter. Is it that the corporate disruption or your strategy, your sales and distribution strategy and the impact that it's had on the corporates that it's going to take a lot longer or embedded in that? Are there other factors like maybe more moderate demand sluggishness, whether it's US or international, that revenue forecast has seen a bit anaemic in the fourth quarter. If you could drill down into that would be great.

當我們研究第四季時。是公司的顛覆還是你的策略、你的銷售和分銷策略以及它對公司的影響需要更長的時間或嵌入其中？是否還有其他因素，例如可能更溫和的需求低迷（無論是美國還是國際），導致第四季度的收入預測有些疲軟。如果你能深入研究那就太好了。

Thanks. I have one more.

謝謝。我還有一張。

Hi Michael, I'll start. Look, the forecast, and we produce is based on what we see in the marketplace today. We all know that there's a supply and demand imbalance, and we're taking swift action to make sure that we are reducing our planned capacity growth in the back half of the year. But it's still a murky environment from that perspective.

嗨，邁克爾，我要開始了。看，預測和我們的生產都是基於我們今天在市場上看到的。我們都知道存在供需失衡，我們正在迅速採取行動，以確保我們減少下半年計畫的產能成長。但從這個角度來看，這仍然是一個黑暗的環境。

And we'll have to see where the industry settles down a lot of our problem is caused by our sales and distribution strategy that we put in place in 2023. We think that it's had about three-quarters of $1 billion impact in the first six months of the year. And we've more or less assume that is going to be what happens in the back half.

我們必須看看該行業在哪裡解決我們的許多問題是由我們在 2023 年制定的銷售和分銷策略引起的。中的幾個月。我們或多或少假設這將是後半場發生的事情。

But I'll say this though it doesn't take into account what we're going to be doing to try to win back our share. We don't know how long it's going to be; it's going to take. You've heard about some of the things that we've done. We've seen a modest improvements in terms of capturing share in the indirect channel based on just making sure that we're fully available within the effect.

但我會這麼說，儘管這並沒有考慮到我們將要做什麼來試圖贏回我們的份額。我們不知道這會持續多久；這需要時間。您已經聽說過我們所做的一些事情。我們已經看到，在確保我們在效果範圍內完全可用的基礎上，在獲取間接通路份額方面取得了適度的進​​步。

From a content perspective, we're renegotiating our agency contracts right now and getting new agreements in place. We're reaching out to our corporate. So our intent is certainly to do everything we can to get back on a better pace. But right now, we're building in what we see in the marketplace.

從內容的角度來看，我們現在正在重新談判我們的代理合約並達成新協議。我們正在聯繫我們的公司。因此，我們的目的當然是盡一切努力恢復更好的步伐。但現在，我們正在根據我們在市場上看到的情況進行構建。

Okay, great. And just my second, just with respect to leadership, you talked about leadership changes on presumably Steve's move over to commercial is a temporary one. Have you identified someone or is there a search to actually bring on a Commercial Officer, a Chief Commercial Officer and are in your sales side of the business plans to not only rebuild it but bring back some of Mike and Alison Taylor make it, someone within a more senior position and a bigger operation. Just some comments on that. Thank you.

好的，太好了。我的第二個問題，就領導力而言，您談到了領導力的變化，大概史蒂夫轉向商業領域是暫時的。您是否已經確定了某個人，或者是否正在尋找一位商務官，一位首席商務官，並且在您的業務計劃的銷售方面，不僅要重建它，還要帶回一些邁克和艾莉森·泰勒的人，其中的某個人更高的職位和更大的業務。只是對此的一些評論。謝謝。

Thanks for taking my questions.

感謝您回答我的問題。

Hi, Mike. I'll just start with this. We know we have to get done and I've asked Steve to take over the commercial team and he's doing just that. As I said in my comments, he is our most seasoned and experienced and accomplished executive. His whole career has been dedicated to addressing and solving really complex problems. He knows our company. He knows the business really well and he knows our people. He's reorganized his team. He's done an immediate dive into what we needed to take it to take care of right away.

嗨，麥克。我就從這個開始吧。我們知道我們必須完成任務，我已經要求史蒂夫接管商業團隊，他正在這樣做。正如我在評論中所說，他是我們最有經驗、最有經驗、最有成就的主管。他的整個職業生涯都致力於解決真正複雜的問題。他了解我們公司。他非常了解這個行業，也了解我們的員工。他重組了他的團隊。他立即深入了解了我們需要立即處理的問題。

We're doing that. We're moving incredibly quickly and Steve's going to take care of this until we get the job done.

我們正在這樣做。我們的進展速度令人難以置信，史蒂夫將負責處理這件事，直到我們完成工作。

Thank you.

謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hi, thanks. It's Scott. So I know you guys are slowing capacity growth, but we're still growing off of a base of a lot of growth in second half last year. So I guess, why aren't we being more aggressive in reducing capacity?

你好謝謝。這是斯科特。所以我知道你們正在放緩產能成長，但我們仍在去年下半年大幅成長的基礎上成長。所以我想，我們為什麼不更積極減少產能呢？

Should we potentially be shrinking capacity right now? And then I guess we're not so maybe can you talk a little about the capacity plans for 2025? And if I can, I just want to sort of marry that to some of the CapEx views, just given the current earnings run rate and implied sort of cash burn, I guess, can you more materially -- can we is there opportunities to sort of cut that CapEx that I think is set to minimum go up a bunch next year.

我們現在是否應該縮減產能？然後我想我們不是，所以也許你能談談 2025 年的產能計畫嗎？如果可以的話，我只是想將其與一些資本支出觀點結合起來，考慮到當前的盈利運行率和隱含的現金消耗，我想，你能更實質性地——我們是否有機會進行排序我認為明年的資本支出將大幅增加。

Scott, thanks for the questions. But just first off, in terms of capacity, again, reason for adjusting capacity supply and demand imbalance, and it's led to pricing weakness. From that perspective, we've taken action as quickly as we can and from that perspective, you'll see that our total growth in our total capacity in the third quarter is now planned to be actually a little bit less than we where we were in the third quarter of 2019. The capacity adjustments that we've made, Devon can help me with this. In August is we pulled down to 1% growth.

斯科特，謝謝你的提問。但首先，在產能方面，再次調整產能供需不平衡的原因，並導致定價疲軟。從這個角度來看，我們已經盡快採取行動，從這個角度來看，你會發現我們第三季總產能的總成長實際上比我們原來的計畫要少一些。的產能調整，Devon 可以幫我解決這個問題。 8 月我們將成長率下調至 1%。

In July, capacity was effectively said as we went through an updated guidance in May but we now have August capacity grown by about 2% and September will be growing by less than 1%.

7 月份，我們在 5 月份更新了指導意見時實際上就提到了產能，但現在 8 月份的產能增長了約 2%，而 9 月份的增長將不到 1%。

And Scott, as we take a look at into the fourth quarter and then beyond, we're going to react to the marketplace and making sure that we're competitive. But at the same time, you're doing what's right for profitability. So as we take a look at into 2025, we're going to be very diligent in assessing and making sure that we're certainly not outgrowing demand.

史考特，當我們展望第四季及以後的情況時，我們將對市場做出反應，並確保我們具有競爭力。但與此同時，您正在做有利於盈利的事情。因此，當我們展望 2025 年時，我們將非常努力地評估並確保我們的成長不會超越需求。

Scott, just on your second question around CapEx and where we're at with cash, we still are expecting to produce free cash flow this year. Well modestly we expect around $500 million of free cash flow in 2024. As we look out to next year, we do have a step-up in CapEx, but it's not that significant.

史考特，關於你關於資本支出和我們的現金狀況的第二個問題，我們仍然預計今年會產生自由現金流。我們適度預期 2024 年的自由現金流約為 5 億美元。

It's just one of the great things about our fleet and where we're at, we have pretty modest CapEx going forward. We've talked about CapEx being in that at $3 billion to $3.5 billion range for aircraft in 2025 through 2030. I expect 2025 is going to be at the low end of that range and possibly even slightly below that guidance.

這只是我們機隊的偉大之處之一，而且我們目前的資本支出相當有限。我們已經討論過 2025 年至 2030 年飛機的資本支出將在 30 億至 35 億美元的範圍內。

Thank you.

謝謝。

Jamie Baker, JP Morgan Securities.

傑米貝克，摩根大通證券。

Hi , good morning, everybody. So in a perfect world for American. So let's just ignore aircraft constraints for the moment. If you can just snap your fingers, what do you think American's optimal domestic to international balance would be? I mean, it seems like part of the problem, at least from my perspective is that your oversize domestically, undersized internationally, perhaps you don't agree with that, but just wondering your thoughts in this regard.

嗨，大家早安。所以對美國人來說這是一個完美的世界。因此，我們暫時忽略飛機的限制。如果你打個響指，你認為美國國內與國際的最佳平衡是什麼？我的意思是，這似乎是問題的一部分，至少從我的角度來看，你在國內的規模過大，在國際上的規模過小，也許你不同意這一點，但只是想知道你在這方面的想法。

Hey, Jamie, thanks for the question. Look, there's no perfect world. And in terms of snapping fingers, we all know that we're the product of years and years of building our network and our system. I really like where we are from a network perspective. One of the things everybody needs to be mindful of is that regional differences in terms of growth and profitability are going to happen every year and there's just differences in terms of international demand versus domestic.

嘿，傑米，謝謝你的提問。瞧，世界上沒有完美的。就打響指而言，我們都知道我們是多年來建構網路和系統的產物。從網路角度來看，我真的很喜歡我們現在的處境。每個人都需要注意的一件事是，成長和獲利能力方面的地區差異每年都會發生，而國際需求與國內需求之間也存在差異。

When you take a look at our network and where we're strongest, it fits very well with where both population growth and economic demand is forecast now and long into the future. The basis for international (technical difficulty) our domestic network and our ability to fly into our partners' hubs and into secondary cities in Europe and Asia and South America, it's built on the strength of our North American network, and we're really pleased with what we've built over time.

當您查看我們的網路以及我們最強大的地方時，您會發現它與當前和未來很長一段時間內人口增長和經濟需求的預測非常吻合。國際（技術難度）的基礎是我們的國內網絡以及我們飛往合作夥伴樞紐以及歐洲、亞洲和南美二線城市的能力，它建立在我們北美網絡的優勢之上，我們對此感到非常高興以及我們隨著時間的推移所建立的。

Short haul international and MCLA, we're really pleased with what we've built in terms of our hub structure. So my answer to your question is I love the basis on which we can operate. And as we see where demand strength around the world is going and how it's going to change, we're going to build off (technical difficulty) put so much time and energy in over the years.

對於短途國際航班和 MCLA，我們對樞紐結構的建造非常滿意。所以我對你問題的回答是我喜歡我們運作的基礎。當我們看到世界各地的需求強度的走向以及它將如何變化時，我們將在多年來投入大量的時間和精力來解決（技術​​難題）。

Okay. Thanks for that perspective. In second, as we think about AAdvantage , given some of the profit challenges, do you think that alters your hoped for improvements in loyalty returns?

好的。感謝您的觀點。其次，當我們考慮 AAdvantage 時，考慮到一些利潤挑戰，您認為這會改變您對忠誠度回報改善的希望嗎？

You know, I'm just putting myself in, let's just say Citibank shoes, for example, if Delta and Amex returns are the gold standard for loyalty. I just have to wonder if Citi would take your profitability into consideration as you renegotiate. Is that a flawed assumption?

你知道，我只是把自己放進去，讓我們以花旗銀行為例，如果達美航空和美國運通的回報是忠誠度的黃金標準。我只是想知道，當你重新談判時，花旗是否會考慮你的獲利能力。這是一個有缺陷的假設嗎？

I think it is a flawed assumption. Look at loyalty revenue has been one of the bright spots in terms of our revenue performance year-over-year. And I think Devon help me out the royalty revenues grew by 88% year-over-year. We think that we can do a lot better than and it's based on not only what I see in our loyalty program and how attractive it is to our customers, but also by our partners.

我認為這是一個有缺陷的假設。看看忠誠度收入一直是我們年比收入表現的亮點之一。我認為德文郡幫助我實現了特許權使用費收入同比增長 88%。我們認為我們可以做得更好，這不僅基於我在我們的忠誠度計劃中所看到的以及它對我們的客戶的吸引力，而且還基於我們的合作夥伴。

Citi is certainly at the forefront of that. They absolutely want to get involved in more and deeper ways. We're going to take AAdvantage of that and the opportunity for us, yes, it's actually making up some of the ground versus where other network peers are and have great comps. We're going to be doing and able to do that because I know that in terms of the negotiations that we're pursuing, that it's going to be a better deal in the long run and produce results that I think will be very positive.

花旗無疑走在了這方面的前面。他們絕對希望以更多、更深的方式參與其中。我們將利用這一優勢以及我們的機會，是的，與其他網路同行相比，它實際上正在彌補一些基礎，並且具有出色的競爭力。我們將這樣做並且能夠這樣做，因為我知道就我們正在進行的談判而言，從長遠來看這將是一項更好的協議，並產生我認為非常積極的結果。

Thank you.

謝謝。

Savanthi Syth, Raymond James.

薩凡西·賽斯，雷蒙德·詹姆斯。

Hi, good morning, everyone. Just kind of wondering on the on the cost side, the execution has been better and wondering how what's driving that. And as you kind of build back here, sales force. Do you see any changes there or do you expect to kind of continue outperforming on the cost side?

嗨，大家早安。只是想知道在成本方面，執行情況更好了，想知道是什麼推動了這一點。當你在這裡建立銷售團隊。您認為那裡有什麼變化嗎？

Well. we are really proud of our cost performance over the past several years. We have been industry leaders in our unit cost performance, and it's just been a focus across the board. It starts with a really strong operation, but we've been talking a lot about how we are reengineering the business for efficiency and leaning into technology to drive better productivity and a better experience for our team members and customers.

出色地。我們對過去幾年的性價比感到非常自豪。我們的單位成本效益一直處於業界領先地位，這也是我們全面關注的焦點。它始於非常強大的運營，但我們一直在談論如何重新設計業務以提高效率，並依靠技術來提高生產力並為我們的團隊成員和客戶提供更好的體驗。

So we're continuing on that. I feel we're progressing really well. I do expect some amount of cost pressure as we rebuild the sales staff. There's going to be some cost pressure as commissions go up, but I think we're managing cost better than anybody. And as we get into 2025, we'll have the same focus that we've had for the past several years.

所以我們會繼續這樣做。我覺得我們進展得非常好。我確實預計在我們重建銷售人員時會面臨一定的成本壓力。隨著佣金的增加，將會有一些成本壓力，但我認為我們比任何人都更好地管理成本。進入 2025 年，我們將一如既往地關注過去幾年的重點。

Hi Savi, I'll just add to that. That's one of the things that gives me great pride in what the company has done, but also it's the basis on which we're building up and building back. We've managed costs better than any (technical difficulty) a name we've run the most reliable airline in terms of completion factor over the last year or so and as evidenced by what we were able to do with the CrowdStrike issue.

嗨薩維，我補充一下。這是讓我對公司所做的事情感到非常自豪的事情之一，也是我們建立和重建的基礎。我們在成本管理方面比任何（技術難度）都更好，從過去一年左右的完成率來看，我們是營運最可靠的航空公司，我們對 CrowdStrike 問題的處理就證明了這一點。

We've got a great fleet, low CapEx. As I mentioned earlier, we're going to be renegotiating our co-brand credit card relationships. And I do think that there's even further things that we're going to be -- able to do from a cost perspective.

我們擁有一支強大的機隊，資本支出低。正如我之前提到的，我們將重新協商我們的聯名信用卡關係。我確實認為，從成本角度來看，我們還可以做更多的事情。

We've got to focus on right now is regaining the share that we ceded from an agency and a corporate perspective when we get that back, which we will and you add that to the strength that we have in the other areas that I mentioned, we're going to get back on track margin expansion, free cash flow production and then continuous path to improving our balance sheet strength.

我們現在必須集中精力重新獲得我們從機構和企業角度放棄的份額，當我們收回這些份額時，我們會將其添加到我們在我提到的其他領域的實力中，我們將重回利潤率擴張、自由現金流生產的正軌，然後持續改善我們的資產負債表實力。

That's helpful. And if I might, on the capacity side, just can follow-up Scott's question there. What's your domestic capacity kind of growth run rate here versus international? Because I'm guessing with the fleet delays, is it still a lot more domestic capacity growth where you're seeing more of the pressure as well?

這很有幫助。如果可以的話，在容量方面，我可以跟進斯科特的問題。與國際相比，你們的國內產能成長率是多少？因為我猜測由於機隊延誤，國內運力成長是否仍會大幅增加，您也會看到更大的壓力？

Hi sorry, but they are the domestic details year-over-year. We do have domestic capacity up in the third quarter by about 3.5%. It'll be probably closer to 3% as we look out to the fourth quarter as we sit here today. But as Robert mentioned earlier, fourth quarter schedules aren't finalized and we'll continue to adjust based on the demand environment that we're seeing.

您好，抱歉，這些是逐年的國內詳細資料。第三季我們的國內產能確實成長了約 3.5%。當我們今天坐在這裡展望第四季時，這一數字可能會接近 3%。但正如羅伯特之前提到的，第四季度的時間表尚未最終確定，我們將繼續根據我們所看到的需求環境進行調整。

Thank you.

謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi everyone, thank you. You mentioned that you're starting to win back some share from the -- on the business side. I'm just curious on how you're doing that. Is there a cost headwind associated with it? And just I'm just trying to understand the margin profile as it's kind of won back from others out there? Thank you.

大家好，謝謝。您提到您正在開始從業務方面贏回一些份額。我只是好奇你是怎麼做到的。是否存在與之相關的成本阻力？我只是想了解利潤狀況，因為它是從其他人那裡贏回來的？謝謝。

Hi Conor. I'll start with look the actions we've taken so far have been really straightforward, and that is making sure that Americans content and product is available to any channel that wants to access it catch on. And that's just that alone has resulted in us winning back our passenger share.

嗨康納。我先來看看我們迄今為止採取的行動非常簡單，那就是確保美國的內容和產品可供任何想要存取它的管道使用。光是這一點就讓我們贏回了乘客份額。

Now the next steps to that are then going to be making sure that we reestablish productive relationships with the travel management companies and agencies. We're doing that, and I believe that will unlock further share growth.

現在，下一步將確保我們與旅行管理公司和機構重新建立富有成效的關係。我們正在這樣做，我相信這將帶來進一步的份額成長。

And then on top of that, as I mentioned in my comments, I've talked to dozens of corporations and after getting content available and then also making sure that we have appropriate relationships or agreements in place with travel management companies, the next is to make sure that we're doing everything we can to have the right agreements in place with our corporate customers and to support them in a way that they feel valued.

除此之外，正如我在評論中提到的，我已經與數十家公司進行了交談，在獲得可用內容並確保我們與旅行管理公司建立了適當的關係或協議後，下一步是確保我們盡一切努力與我們的企業客戶達成正確的協議，並以他們感到有價值的方式為他們提供支援。

I know that we've started down that path and everything that we're doing is about winning back that share . That just be just be frank, we over-indexed on direct and we've got to find a way to get it to play in the richer pool of indirect revenue. And that starts with having content, having relationships, positive relationships with travel management companies and agencies and then supporting our corporate customers in ways that they feel value.

我知道我們已經開始走這條路，我們所做的一切都是為了贏回這一份額。坦白說，我們過度索引了直接收入，我們必須找到一種方法讓它在更豐富的間接收入池中發揮作用。首先是與差旅管理公司和機構建立內容、建立關係、建立積極的關係，然後以他們認為有價值的方式支持我們的企業客戶。

Okay, helpful. And then I get that you're making changes to distribution and your network orientation isn't one for one. But now in the past, you've talked about how you're pleased with the network product, the onboard experience. You mentioned that you plan on closing the margin gap.

好的，有幫助。然後我了解到您正在對分銷進行更改，而您的網路方向並不是一一對應的。但過去，您談到了對網路產品和機上體驗的滿意程度。您提到您計劃縮小利潤差距。

I just struggle to see how that happens without a more wholesome look at the product and networking. The reason I ask is there continues to be an ongoing concern just around liquidity for you guys as its cash burn kind of continues to be where it is today. Thank you.

如果沒有更全面地審視產品和網絡，我很難理解這是如何發生的。我問這個問題的原因是，你們對流動性仍然存在持續的擔憂，因為其現金消耗仍然保持在今天的水平。謝謝。

Thanks, Conor. Look out, I'll start with this. Up until through 2023, we have been closing the margin gap with our top competitors. The one thing that we did differently than others in 2023, as we put in place a new sales and distribution strategy.

謝謝，康納。小心點，我就從這個開始。直到 2023 年，我們一直在縮小與頂級競爭對手的利潤差距。 2023 年，我們所做的與其他人不同的一件事是，我們制定了新的銷售和分銷策略。

We've recognized that's not working and we're making immediate adjustments to that. I've sized it for you in terms of the impact, which is very -- which is large and that is I think it's had an impact of about $750 million in the first six months of the year.

我們已經認識到這是行不通的，我們正在立即對此進行調整。我已經根據影響為您估算了它的規模，影響非常大，我認為它在今年前六個月產生了約 7.5 億美元的影響。

That is something that we know that we can reverse and get back on the track of where we had been, which was up until the first quarter of this year, seven consecutive quarters of profitability, really doing a nice job of hitting guidance and closing margin gap. That is something that's still on in front of us. Our product is our network is certainly well positioned.

我們知道，我們可以扭轉這一局面，回到我們一直以來的軌道，直到今年第一季度，連續七個季度實現盈利，在達到指導方針和期末利潤率方面確實做得很好差距。這仍然是我們面前的事。我們的產品和網路當然定位良好。

Our product is as well. That said, just like the rest of the industry, there's a supply and demand imbalance. We're taking action. I think that's going to help considerably, but you'll see us get back on track as we capture our share to as I said before, margin expansion, free cash flow production and making sure that we have a solid balance sheet.

我們的產品也是如此。也就是說，就像該行業的其他行業一樣，存在供需不平衡的情況。我們正在採取行動。我認為這將有很大幫助，但你會看到我們回到正軌，因為我們抓住了我們的份額，正如我之前所說，利潤率擴張，自由現金流生產並確保我們擁有穩健的資產負債表。

Devon ?

德文郡？

Yes, trying just on your question on where cash is and you mentioned cash burn. As we talked about in the script, we don't have cash burn this year. We're producing free cash flow. We ended the second quarter with over $11 billion of liquidity. We have reduced total debt by $13 billion from peak levels. Our net debt is lower today than it was at the end of 2019. So from a cash perspective, we feel we're in really good shape. We expect to continue to deliver as we go through 2025, and we expect to hit our 2025 target of total debt reduction of $15 billion.

是的，試著回答你關於現金在哪裡的問題，你提到了現金消耗。正如我們在劇本中談到的，今年我們沒有燒錢。我們正在產生自由現金流。第二季結束時，我們的流動性超過 110 億美元。我們已將總債務比高峰減少了 130 億美元。今天我們的淨債務低於 2019 年底。我們預計到 2025 年將繼續兌現承諾，並預計實現 2025 年債務總額削減 150 億美元的目標。

Thank you.

謝謝。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Hi, everyone. Thanks very much for the time. Could you talk about the PSP loans resetting to a much higher variable rate in the coming 18, 20 months? And just how you're thinking about we're balancing those needs.

大家好。非常感謝您抽出時間。您能談談 PSP 貸款在未來 18、20 個月內重置為更高的可變利率嗎？以及您如何看待我們正在平衡這些需求。

Okay. Yes, sorry. For the PSC loans, they do reset as we're going forward. And I think they're so far plus 200. So still a pretty good rate for us, but we'll continue to watch the market. And if the marketplace allows for a refinancing at better rates, we'd look to do that. But for now, we see them remaining outstanding until maturity.

好的。是的，抱歉。對於 PSC 貸款，它們確實會隨著我們的進展而重置。我認為到目前為止，它們已經增加了 200。 所以對我們來說仍然是一個相當不錯的價格，但我們將繼續關注市場。如果市場允許以更好的利率進行再融資，我們會考慮這樣做。但就目前而言，我們認為它們在成熟之前仍然表現出色。

Okay. Thank you very much.

好的。非常感謝。

Go head Tom.

湯姆，去吧。

I switch to a follow up. So if you have a more to go there, Robert, I'm happy to pause.

我切換到跟進。所以，如果你還有更多的事情要去那裡，羅伯特，我很樂意停下來。

No, go ahead.

沒有，繼續。

Okay. I'm just curious on the network side, how you guys are thinking about the hub structure and whether you need to maybe pull back in any of the coastal gateway markets or on how you're thinking about the Fortress hubs like Charlotte or DFW and others talk about a self-one of your neighbouring Dallas expanding more in DFW. So was just curious how you're thinking about your network strategy overall. Thank you.

好的。我只是對網路方面感到好奇，你們如何考慮樞紐結構，以及你們是否需要撤回任何沿海門戶市場，或者你們如何考慮像夏洛特或 DFW 這樣的堡壘樞紐以及其他人則談論鄰國達拉斯在DFW 的擴張。所以我只是好奇你是如何考慮你的整體網路策略的。謝謝。

Our network was very pleased with our positions in both the DFW and Charlotte. You'll see that the majority of our growth this past year has been in those hubs. We really look forward to reestablishing as we are able to as we're bringing our regional network fully back up to speed. We're very much looking forward to filling out our presence in both Philadelphia and Chicago as well.

我們的網絡對我們在 DFW 和夏洛特的位置非常滿意。您會發現，我們去年的成長大部分來自這些中心。我們真誠地期待著盡可能地重建，因為我們正在使我們的區域網路完全恢復正常運作。我們非常期待充實我們在費城和芝加哥的業務。

I like what I see in DCA Reagan National and how that is coming back. And again, while there's been pressure in short-haul, Latin, Miami, and Phoenix have all done fairly well for us as well. So in regard to our system, we're making sure that we're flying where we can produce the greatest level of profitability and one of the things that I'll just underscore again is that business traffic is something that travels throughout the country, throughout the world.

我喜歡在 DCA Reagan National 看到的一切以及它的回歸。再說一遍，雖然短程航線存在壓力，但拉丁航空、邁阿密航空和菲尼克斯航空都為我們帶來了相當不錯的表現。因此，就我們的系統而言，我們確保我們的航班能夠產生最高水平的盈利能力，我要再次強調的一件事是，業務流量是在全國範圍內流動的，遍及世界。

We're pleased with our network to serve. I think almost 90% of the places that you might want to go in the world. We've got a network that is going to appeal. And right now we've got to go back and win back our business here. So Tom, thanks for the question. But what I wanted to say though, was I want to just take a quick moment to recognize your predecessor, Helane Becker for her accomplished career and valuable work and contributions to our industry over the past 40 years.

我們對我們的服務網絡感到滿意。我想世界上幾乎 90% 的地方都是你想去的地方。我們擁有一個有吸引力的網絡。現在我們必須回去贏回我們這裡的生意。湯姆，謝謝你的提問。但我想說的是，我想花一點時間來表彰您的前任 Helane Becker，感謝她在過去 40 年中所取得的成就、寶貴的工作以及對我們行業的貢獻。

And I'm pleased to say that I've known Helen for a lot of those 40 years. So from all of us at American Hallein, we'll miss working with you. We wish you the very best in your new advisory role and Tom best of luck to you as well.

我很高興地說，在這 40 年裡我認識海倫很多年了。因此，美國哈萊恩的所有人都會懷念與您的合作。我們祝福您在新的顧問職位上一切順利，湯姆也祝您好運。

Thank you.

謝謝。

Thank you.

謝謝。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

H, thanks. Just on the I guess, the mismatch of domestic supply demand. If we could track back to earlier this year, maybe to Investor Day, what was the thinking on 9% domestic growth in 2Q? It feels like at any point of that would have been really out of sync with the GDP, even stable GDP and trying to better understand what the company was solving for.

哈，謝謝。就我猜測，國內供給需求不符。如果我們可以追溯到今年早些時候，也許是投資者日，您對第二季度國內成長 9% 的看法是什麼？感覺在任何時候，這都會與 GDP 真正不同步，甚至與穩定的 GDP 不同步，並試圖更好地了解公司正在解決的問題。

Was it chasm goals or share goals. And with the change in leadership, do you now have an opportunity to put more of a weighting on what the economy may actually be doing from a network planning perspective ?

是鴻溝目標還是共同目標。隨著領導階層的更迭，您現在是否有機會從網路規劃的角度考慮經濟實際情況？

Duane thanks. I'll start and Devon certainly can fill in the blanks. Look, we anticipated a obviously a more a stronger more robust demand environment, plain and simple. There was a tremendous growth in 2023. And as we entered into 2024, we simply anticipated that demand would perform and allow pricing to perform a lot better than it did.

杜安謝謝。我會開始，德文郡絕對可以填補空白。看起來，我們顯然期待一個更強大、更強勁的需求環境，簡單明了。 2023 年出現了巨大的成長。

As we've taken a look from that time, we certainly understand that weren't in a marketplace that couldn't absorb all that capacity. And so as we've said we're making those immediate adjustments, but you'll see us be very, very conscious as we go forward. But I'm going to underscore again, the biggest issue that we've had in terms of disappointment was our misstep and our sales and distribution strategy that would have accounted for a considerable amount of additional revenue. And it's something that we're going to make sure that we gain back.

當我們回顧當時的情況時，我們當然明白，市場並非無法吸收所有的容量。正如我們所說，我們正在立即進行調整，但您會看到我們在前進時非常非常有意識。但我要再次強調，我們所遇到的最大的令人失望的問題是我們的失誤以及我們的銷售和分銷策略，這些策略本可以帶來大量的額外收入。這是我們要確保重新獲得的東西。

Okay. I mean maybe just to come at it from a different perspective. The margins are what they are over the last 12 months as you analyse your own network even with this distribution change. Do you have similar margins hiding somewhere in your network or are there portions of your network where you say geez, we're at least as profitable, maybe more profitable in portions of our network.

好的。我的意思是也許只是從不同的角度來看待它。即使分佈發生變化，您分析自己的網路時的利潤仍是過去 12 個月的情況。您的網路中是否隱藏著類似的利潤，或者您的網路中是否有某些部分您會說天啊，我們至少同樣有利可圖，也許在我們網路的某些部分中利潤更高。

And if so, why isn't the answer to cut more unprofitable capacity?

如果是這樣，為什麼不削減更多無利可圖的產能呢？

Hi Duane. I just maybe I will start by following up on your first question as well that the first half capacity was at least in part the rebuild still of our 2019 capacity. We've added less capacity back anyone else, we had some hubs that were still are below their historical capacity levels that slowed in the second half as we've added capacity.

嗨杜安。我只是也許我會先跟進你的第一個問題，上半年的產能至少部分是我們 2019 年產能的重建。我們為其他任何人增加了較少的運力，我們有一些樞紐仍然低於歷史運力水平，隨著我們增加運力，歷史運力水平在下半年放緩。

On your second question around unprofitable components of the network. This is something that we are always looking as to move capacity into our most profitable parts of the network and to improve on areas of the network that are softer, but we have a fantastic hub network. There's always going to be best performers and performers at the other end. We think all of our hubs can be solidly profitable. And while there are some laggards today, we have a revenue team that has a strategy to improve on.

關於第二個問題，關於網路中無利可圖的組件。我們一直希望將容量轉移到網路中最有利可圖的部分，並改進網路中較軟的區域，但我們擁有出色的樞紐網路。總是會有最好的表演者和另一端的表演者。我們認為我們所有的樞紐都可以實現穩定獲利。雖然今天有一些落後者，但我們的收入團隊有一個可以改進的策略。

Thank you.

謝謝。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Hi, good morning, everyone. I guess touching on demand, given what transpired with the promo environment over the last few months, you've come your thoughts around the demand backdrop changed at all? And are you seeing any areas of demand softness? Or are there any geographies where maybe the promotional environment did not stimulate demand the way that you would have thought?

嗨，大家早安。我想談到需求，考慮到過去幾個月促銷環境所發生的事情，您對需求背景的想法是否發生了根本變化？您是否發現任何需求疲軟的領域？或是有某些地區的促銷環境沒有像您想像的那樣刺激需求？

So now I'll start Andrew. So look from a regional perspective, a lot of the capacity that has come in to the industry has been in places that we've been traditionally strong. But I also expect that as we take a look going forward, that the adjustments to capacity will likewise be in places that potentially benefit us as well.

現在我要開始安德魯了。因此，從區域角度來看，進入該行業的許多產能都集中在我們傳統上實力雄厚的地方。但我也預計，當我們展望未來時，產能調整也將出現在可能對我們有利的地方。

But as you know, we've seen significant pressure in parts of our network that have been profitable and continue to be quite profitable, but just less so things like our short-haul international MCLA. We've seen some pressure in other places, a lot of it again due to the fact that we've missed out on a pool of premium revenue and business traffic that we're going to win back. As I take a look overall, I don't see a lot of variability in terms of impact throughout our system other than what I've noted.

但如您所知，我們已經看到我們網絡中那些已經盈利並繼續盈利的部分面臨著巨大的壓力，但像我們的短途國際 MCLA 這樣的情況就不那麼嚴重了。我們在其他地方也看到了一些壓力，而且很多都是因為我們錯過了我們將贏回的大量優質收入和業務流量。當我總體觀察時，除了我注意到的之外，我沒有看到整個系統的影響有太多變化。

Okay, thank you for that. And then, Devon, just a housekeeping question. Can you remind us is the new flight attendants deal in your guide and have you been accruing for that over the first half of '24?

好的，謝謝你。然後，德文郡，只是一個家政問題。您能否提醒我們，您的指南中是否有新的空服員優惠，您在 24 年上半年是否已累積了此優惠？

There has not been accrual for it through the first half of 2024. It is in the guide starting in September when we assume ratification, and then it's in our fourth quarter outlook as well.

到 2024 年上半年都沒有應計費用。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Hi, this is Kylie Cohu on for Sheila incest. I wanted to ask the cash picture question a little differently as free cash flow is down $1 billion and $1.5billion on the year. And if we look into '25, the guide was greater than $2 billion, which is presumably handicapped and was on like for like basis, the amount of that was first to come out next year. So just wondering how you bridge given you reiterated the sub $35 billion in the out years here?

大家好，我是凱莉·科胡 (Kylie Cohu)，她正在為希拉亂倫做節目。我想以稍微不同的方式提出現金狀況問題，因為今年自由現金流分別減少了 10 億美元和 15 億美元。如果我們看看 25 年，該指南的金額超過 20 億美元，這可能是有缺陷的，並且是在類似的基礎上，這筆金額將在明年首次公佈。那麼，只是想知道，考慮到您重申了未來幾年的 350 億美元以下資金，您將如何應對？

Sorry, a little bit of trouble hearing the question, but on cash and cash outlook for 2025. Yes, we had been projecting greater than $2 billion of free cash flow in 2025. We're not updating our '25 outlook right now. Obviously, we expect to perform better on top line, but we'll give guidance as we get into next year.

抱歉，聽這個問題有點困難，但關於 2025 年的現金和現金展望。顯然，我們希望在營收方面表現更好，但我們將在進入明年時提供指導。

As it relates to our total debt reduction expectations, we were tracking ahead of our $15 billion plan before. We have a lot of liquidity. We have the ability to go ahead and raise additional debt if we need to. But right now, the expectation in 2025 is that we will produce free cash flow, we will meet our $15 billion debt reduction target, and we'll have solid liquidity as we get through the year.

由於它與我們的總債務削減預期相關，因此我們之前就提前追蹤了 150 億美元的計劃。我們有大量的流動資金。如果需要的話，我們有能力繼續籌集額外的債務。但目前，我們對 2025 年的預期是，我們將產生自由現金流，我們將實現 150 億美元的債務削減目標，並且我們將在這一年中擁有堅實的流動性。

Okay, thanks. And then just my follow-up is on the commercial strategy, given your large Texas peer today announced some changes around what will be more premium like [exceeding] So maybe just initial impressions as it relates to the commercial strategy and the share changes that you guys are hoping to see.

好的謝謝。然後，我的後續行動是關於商業策略，鑑於您今天在德克薩斯州的大型同行宣布了一些關於更溢價的變化，例如[超出]，所以也許只是初步印象，因為它與您的商業策略和份額變化有關夥計們希望看到。

Thank you.

謝謝。

Well, I'll just start with look premium business is important to us. And as I mentioned, it's one of the bright spots that we've seen year-over-year. And we anticipate that strength is going to continue. We're going to continue. We're going to invest in it. We're going to invest in it with real product, real hard product. And it's not something that we have to talk about. It's something that we have and that will continue to grow in our fleet.

好吧，我先從看起來優質業務對我們來說很重要開始。正如我所提到的，這是我們逐年看到的亮點之一。我們預計這種勢頭將持續下去。我們要繼續。我們將對其進行投資。我們將用真正的產品、真正的硬產品來投資它。這不是我們必須談論的事情。這是我們已經擁有的東西，並將在我們的機隊中繼續成長。

So not only do we have the most premium seats of any carrier in the marketplace today, but we anticipate growing those by 20% as we go out into 2026 headlining that is new 321 XLR that will come in 2025. There will be a great product for things like short-haul Europe as well as augmenting our transcontinental fleet, our operations.

因此，我們不僅擁有當今市場上所有營運商中最優質的座位，而且隨著我們進入 2026 年，我們預計這些座位將增長 20%，而新的 321 XLR 將於 2025 年上市。以及擴大我們的跨大陸機隊和營運。

We're going to be redoing our 777-300 that will add premium seating, new flagship suites. And then add to that, the deliveries of 7879 as well with the flagship suites. So overall, I feel really good about what we can do ?

我們將重做 777-300，增加高級座位和新的旗艦套房。除此之外，還有 7879 以及旗艦套房的交付。總的來說，我對我們能做什麼感到非常滿意？

Now to say as well. Look, we've been operating a premium network, a worldwide network for decades on all the way back to our early days. We feel really confident about our ability to operate against any type of competition and I really like where our fleet, our product, and our ability to service that stands right now.

現在也來說說吧。瞧，我們從成立之初就一直在經營一個優質網絡，一個全球網絡數十年。我們對自己在任何類型的競爭中的營運能力充滿信心，我非常喜歡我們的機隊、我們的產品以及我們目前的服務能力。

Thank you.

謝謝。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Good morning, everybody, and thanks very much for taking my question. The first, if I may. I know in sort of a follow-up to Jamie's earlier question, I can appreciate that you guys sort of hit the reset button on your co-branded card agreement and from a high level when we think about the time line and when you can finalize the agreement to use a baseball analogy, are we in kind of the second inning or the fifth inning ?

大家早安，非常感謝您提出我的問題。如果可以的話，第一個。我知道，作為傑米之前問題的後續，我很感激你們在聯合品牌卡協議上按下了重置按鈕，並且在我們考慮時間表以及何時可以最終確定時，從較高的層面上協議用棒球來比喻，我們是在第二局還是第五局？

Just would love your color on that, if I may, please.

如果可以的話，我會喜歡你的顏色。

Steve ?

史蒂夫？

Sure. Thanks for the question . We've been in discussions with our partners about our next co-brand arrangement for a while now maybe the fifth inning is probably a pretty good analogy, but long enough to know that we and they are really enthusiastic about what we could do next. And so we're really excited about getting to the eighth and the ninth inning and getting it wrapped up.

當然。謝謝你的提問。我們已經與我們的合作夥伴討論我們的下一個聯合品牌安排有一段時間了，也許第五局可能是一個很好的類比，但足夠長的時間讓我們知道我們和他們對我們下一步可以做的事情非常熱情。因此，我們對進入第八局和第九局並結束比賽感到非常興奮。

Okay. I appreciate that. And also just kind of a follow up. We had, of course, Friday, that global network outage and what have you where you guys didn't seem to be much impacted at all. And I'm curious if you might be able to give a little color on what you guys are doing technologically and that perhaps lead you to avoid the issue?

好的。我很感激。而且也只是一種後續行動。當然，週五我們遭遇了全球網路中斷，你們似乎根本沒有受到太大影響。我很好奇你們是否能夠對你們在技術上所做的事情給出一些說明，這也許會讓你們避免這個問題？

Or was it something to it? Is you just have a different supplier? Just would just love to understand Thank you.

或有什麼關係嗎？你們只是有不同的供應商嗎？只是很想了解謝謝。

Thanks, Stephen. Yes, I'll hand it off to our Chief Operating Officer, David Seymour. But I'll just say this we're really super proud of our ability to really react to any type of disruption. This was notable. And I think it just shows how strong we are in terms of our operating prowess. David?

謝謝，史蒂芬。是的，我會將其交給我們的營運長 David Seymour。但我只想說，我們對我們對任何類型的干擾做出真正反應的能力感到非常自豪。這是值得注意的。我認為這正好顯示了我們的營運能力有多強大。大衛？

Yes. No, thanks for the question. And the like Robert talked about really proud of what the team did, but just like other airlines and businesses worldwide that were impacted by CrowdStrike. Many of operating systems did beat or were taken offline. But within an hour of that outage, we assembled the right operating teams and IT experts to develop and execute a plan to get our systems back online and the aircraft moving again.

是的。不，謝謝你的提問。正如 Robert 所說，我們對團隊所做的事情感到非常自豪，但就像全球其他受 CrowdStrike 影響的航空公司和企業一樣。許多作業系統確實崩潰或離線。但在停電後的一個小時內，我們召集了合適的營運團隊和 IT 專家來製定並執行一項計劃，以使我們的系統恢復在線並讓飛機再次起飛。

And that allowed us to return to normal operations by the end of Friday. They are key differentiators really become the hallmark of operation and net a swift recovery from any significant disruption that the airline feels. So Robert talked about, we see a lot of weather, and you've seen us focus on that and lead the industry in recovery for the last several years, and we're going to continue to do that.

這使我們能夠在周五結束前恢復正常運作。它們是關鍵的差異化因素，真正成為營運的標誌，並能從航空公司感受到的任何重大干擾中迅速恢復。羅伯特談到，我們看到了很多天氣情況，你已經看到我們專注於這一點，並在過去幾年中引領行業復甦，我們將繼續這樣做。

This concludes the analyst portion of this call.

本次電話會議的分析師部分到此結束。