美國航空 (AAL) 2024 Q3 法說會逐字稿

Thank you, for standing by, and welcome to American Airlines Group's third-quarter 2024 earnings conference call.

感謝您的耐心等待，並歡迎參加美國航空集團 2024 年第三季財報電話會議。

(Operator Instructions).

（操作員說明）。

I would now like to hand the call over to Scott Long, VP of Investor Relations and Corporate Development.

我現在想將電話轉交給投資者關係和企業發展副總裁 Scott Long。

Please go ahead.

請繼續。

Thank you, Latif.

謝謝你，拉蒂夫。

Good morning, and welcome to the American Airlines Group third-quarter 2024 earnings conference call.

早安，歡迎參加美國航空集團 2024 年第三季財報電話會議。

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.

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。和我們的財務長 Devon May；除了我們的副主席史蒂夫·約翰遜之外。

We have a number of other senior executives in the room this morning for the Q&A session.

今天早上，我們還有許多其他高階主管在房間裡參加問答環節。

Robert will start the call with an overview of our performance and Devon will follow with details on the third quarter.

羅伯特將在電話會議開始時概述我們的業績，德文郡將隨後介紹第三季的詳細資訊。

In addition to outlining our operating plans and outlook going forward.

除了概述我們的營運計劃和未來展望之外。

After our prepared remarks, we will open the call for analyst questions, followed by questions from the media.

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。

To get in as many questions as possible, please limit yourself to one question and one follow up.

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。

Now, before we begin today, we must state that today's call contains forward-looking statements including statements concerning future revenues, costs, forecast of capacity, and fleet plans.

現在，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。

These statements represent our predictions and expectations of future events.

這些陳述代表了我們對未來事件的預測和期望。

But numerous risks and uncertainties could cause actual results to differ from those projected.

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 which was issued this morning, as well as our Form 10-Q for the quarter ended September 30, 2024.

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 9 月 30 日的季度的 10-Q 表格中找到。

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

此外，我們也將討論某些排除異常項目影響的非公認會計準則財務指標。

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.

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.

本次電話會議的網路廣播也將存檔在我們的網站上。

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.

我們今天早上在電話中向您提供的資訊截至今天，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.

感謝您的關注並今天早上加入我們。

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

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.

謝謝斯科特。

Good morning, everyone.

大家早安。

Before we begin, I want to acknowledge the devastation caused by the recent hurricanes in the Eastern United States.

在我們開始之前，我想承認美國東部最近的颶風造成的破壞。

Hurricanes Helene and Milton have had a significant impact on so many, and I'm proud of the way the American Airlines team has stepped up to help.

颶風海倫和米爾頓對許多人產生了重大影響，我對美國航空團隊挺身而出提供幫助的方式感到自豪。

We had 1,000 seats into and out of the impacted areas and cap fares for customers traveling to get out of the path of the hurricanes.

我們設有 1,000 個進出受影響地區的座位，並為避開颶風路徑的乘客提供票價上限。

Additionally, our cargo team has moved more than 8 tons of critical supplies to impacted regions.

此外，我們的貨運團隊已將超過 8 噸的重要物資運送到受影響的地區。

And our team and advantage members have donated more than $5 million to the American Red Cross to help out those impacted by Helene, Milton and other significant weather events this year.

我們的團隊和優勢成員已向美國紅十字會捐贈了超過 500 萬美元，以幫助今年受海倫、米爾頓和其他重大天氣事件影響的人們。

Our thoughts are with the communities is affected by these disasters, and we'll continue to support recovery efforts.

我們與受這些災難影響的社區同在，我們將繼續支持復原工作。

Now to the results.

現在看結果。

Today, American reported a third-quarter adjusted pre-tax profit of $271 million.

今天，美國航空公佈第三季調整後稅前利潤為 2.71 億美元。

This earnings result is higher than our guidance issued in July.

這項獲利結果高於我們 7 月發布的指引。

With third-quarter adjusted earnings per diluted share of $0.30. I'm especially proud of this result, given the operational challenges the team faced in the quarter, most notably, the impact of Hurricanes Debby and Helene and the CrowdStrike outage.

第三季調整後每股攤薄收益為 0.30 美元。考慮到團隊在本季面臨的營運挑戰，尤其是颶風 Debby 和 Helene 的影響以及 CrowdStrike 中斷的影響，我對此結果感到特別自豪。

The estimated net impact of these disruptions reduced our third quarter earnings by approximately $90 million or $0.12 per diluted share.

這些中斷的估計淨影響使我們第三季的收益減少了約 9,000 萬美元，即稀釋後每股收益 0.12 美元。

Our remarks this morning will focus on our revenue performance, operational reliability and cost execution in the third quarter.

今天上午我們的演講將重點放在第三季的收入表現、營運可靠性和成本執行。

Notably, we hit or exceeded our prior guidance on every financial metric in the quarter, while also running a reliable operation.

值得注意的是，我們在本季度的每項財務指標上都達到或超過了先前的指導，同時也實現了可靠的營運。

We're intently focused on delivering on our commitments in this quarter, we did just that.

我們專注於兌現本季的承諾，而我們確實做到了。

On to our third quarter revenue performance.

關於我們第三季的營收表現。

TRASM was down 2% in the quarter, 1.5 points better than the midpoint of our prior guidance.

TRASM 本季下跌 2%，比我們先前指引的中位數高 1.5 個百分點。

This improvement in the quarter was primarily driven by the steps we've taken to adjust domestic and short haul international capacity which helped improve the balance of supply and demand.

本季的改善主要是由於我們採取了調整國內和短途國際運力的措施，這有助於改善供需平衡。

Domestic PRASM was down 3.1% year over year with performance improving through the quarter as industry capacity growth decelerated from July.

國內 PRASM 年減 3.1%，由於產業產能成長較 7 月放緩，整個季度業績有所改善。

Importantly, flown yields in September were positive year over year and we were able to narrow the competitive load factor gap we saw in the third quarter of last year.

重要的是，九月的飛行收益率年比呈正值，我們能夠縮小去年第三季看到的競爭載客率差距。

Long haul international continued to perform well in the third quarter, with positive year over year unit revenue growth driven by strength in the Atlantic and South America.

長途國際航線在第三季持續表現良好，在大西洋和南美航線的強勁推動下，單位收入較去年同期實現正成長。

While short-haul Latin RASM was negative for the quarter, the region drove the largest sequential improvement from the second quarter to third quarter driven by the improving industry supply backdrop.

儘管本季短途拉丁 RASM 為負，但在產業供應改善的推動下，該地區從第二季到第三季實現了最大的季比改善。

Demand for American's product remains strong as evidenced by the continued strength of our business premium and loyalty revenue performance.

對美國航空產品的需求依然強勁，我們的業務溢價和忠誠度收入表現的持續強勁就證明了這一點。

Managed business revenue was up 6% year over year, and we continue to see yield strength in the segment.

託管業務收入年增 6%，我們繼續看到該領域的收益率強勁。

Premium revenue increased by approximately 8% year over year on 3% more capacity.

由於運力增加 3%，保費收入較去年同期成長約 8%。

Paid load factor in our premium cabins remains historically high and was up more than 4 points year over year with strength in both domestic and international.

我們的高級客艙的付費載客率仍處於歷史高位，年增超過 4 個百分點，國內和國際航班均表現強勁。

Loyalty revenues were up approximately 5% year over year, with advantage members responsible for 72% of a premium cabin revenue.

忠誠度收入年增約 5%，其中高級會員收入佔高級客艙收入的 72%。

Spending on our co-branded credit cards was up approximately 7% year-over-year in the third quarter, highlighting the value of American's loyalty program today and moving forward.

第三季我們的聯名信用卡支出年增約 7%，凸顯了美國航空忠誠度計畫當前和未來的價值。

In July, we committed to report on progress in regaining our share of revenue lost as a result of our prior sales and distribution strategy.

7 月份，我們承諾報告在恢復因先前的銷售和分銷策略而損失的收入份額方面取得的進展。

We know success ultimately will be measured by improved revenue and earnings.

我們知道成功最終將透過收入和收益的提高來衡量。

In the near term, we're tracking our progress by measuring our agency and corporate booking performance, tracking the growth of our new advantage business program and listening to the feedback from our agency partners and corporate customers.

短期內，我們將透過衡量代理商和企業預訂績效、追蹤新優勢業務計劃的成長以及聽取代理商合作夥伴和企業客戶的回饋來追蹤我們的進度。

Our third quarter, indirect flown revenue share improved modestly compared with our performance in the second quarter.

與第二季的業績相比，我們第三季的間接飛行收入份額略有改善。

However, the booking trajectory through the quarter is encouraging.

然而，本季的預訂軌跡令人鼓舞。

American's corporate and agency flown revenue share bottomed at 11% below our historical share.

美國航空的企業和代理飛行收入份額比歷史份額低 11%。

Since then, our share of indirect bookings has started to recover, and we estimate, we are currently at 7% below historical levels, and we expect to see continued improvement in the months ahead.

從那時起，我們的間接預訂份額開始恢復，我們估計，目前比歷史水準低 7%，並且預計未來幾個月將繼續改善。

In the third quarter, we continued negotiations for new incentive based agreements with the largest TMCs and agencies.

第三季度，我們繼續與最大的 TMC 和機構就新的激勵協議進行談判。

We now have new competitive agreements in place with more than half of those and are in advanced negotiations with the rest.

我們現在與其中一半以上簽訂了新的競爭性協議，並正在與其餘的進行深入談判。

We rebuilt our agency support capability and based on the team's NPS scores, they're providing world class service.

我們重建了我們的機構支援能力，並根據團隊的 NPS 分數，他們正在提供世界一流的服務。

These agreements combined with the support enhancements are major steps towards restoring our share in these important distribution channels.

這些協議與增強的支援相結合，是恢復我們在這些重要分銷管道中的份額的重要步驟。

In September, we announced the relaunch of our corporate experience program to address feedback from our corporate customers.

九月，我們宣布重新啟動企業體驗計劃，以解決企業客戶的回饋。

The program provides meaningful benefits including priority boarding, access to preferred seats and priority re-accommodations during disruptions.

該計劃提供了有意義的好處，包括優先登機、獲得首選座位以及在航班中斷期間優先重新安排。

Additionally, we have amended agreements with many of our top corporate customers.

此外，我們也修改了與許多頂級企業客戶的協議。

Adoption of advantage business, our program tailored for small and medium sized businesses continued to build during the quarter.

採用優勢業務，我們為中小企業量身定制的計劃在本季繼續發展。

Our actions to expand the benefits which include bookings through agencies, enhanced program support, and a more simplified enrolment process are clearly working.

我們為擴大福利而採取的行動，包括透過代理商預訂、增強計劃支援以及更簡化的註冊流程，顯然正在發揮作用。

We expect to accelerate the growth of the program going forward.

我們預計未來將加速該計劃的發展。

Concurrently, we've been engaged with our corporate and agency partners to ensure we're addressing the issues that matter most to our customers.

同時，我們一直與我們的企業和代理商合作夥伴合作，以確保我們正在解決對客戶最重要的問題。

We've heard universally that their worlds are better with three airlines rather than two, because of the network and travel rewards program that America delivers.

我們普遍聽說，由於美國提供的網路和旅行獎勵計劃，他們的世界擁有三家航空公司而不是兩家航空公司會更好。

Based on this feedback, we're confident we're taking the right actions.

根據這些回饋，我們確信我們正在採取正確的行動。

We know full restoration of our revenue will take some time.

我們知道我們的收入完全恢復需要一些時間。

But with the progress we're seeing and the actions underway, we aim to fully restore our revenue from indirect channels as we exit 2025.

但隨著我們所看到的進展和正在進行的行動，我們的目標是在 2025 年退出時完全恢復間接管道的收入。

We will continue our relentless focus on reestablishing relationships with our business customers, reembracing the agency channel, and making it easier to do business with America.

我們將繼續不懈地致力於與我們的商業客戶重建關係，重新擁抱代理商管道，並使與美國做生意變得更加容易。

Now turning to our operation.

現在轉向我們的操作。

The American Airlines team delivered strong operational results in the third quarter, including outperforming our network peers over the peak summer travel period.

美國航空團隊在第三季取得了強勁的營運業績，包括在夏季旅行高峰期的表現優於我們的網路同行。

These results were accomplished despite extended periods of difficult weather and several key hubs and continued supply chain challenges.

儘管天氣長期惡劣，多個關鍵樞紐和供應鏈持續面臨挑戰，但仍取得了這些成果。

Despite these obstacles, American led the US network carriers in completion factor in the third quarter.

儘管有這些障礙，美國航空第三季的完成率仍領先美國網路營運商。

This is a testament to our team's ability to plan and deliver a safe, reliable and consistent product for our customers.

這證明了我們團隊有能力為客戶規劃和提供安全、可靠和一致的產品。

Earlier, I mentioned the financial impact of the crash strike outage and Hurricanes, Debby and Helene.

早些時候，我提到了墜機罷工停電和颶風、黛比和海倫的財務影響。

The cost of those disruptions could have been far greater if not for our team's quick recovery, which was a result of our focus and investment in the resiliency of our operation.

如果我們的團隊沒有快速恢復，那麼這些中斷的成本可能會更大，這是我們對營運彈性的關注和投資的結果。

As we close the quarter in September and have transitioned into the fall, we're seeing some of the best operational performance of the year.

當我們在 9 月結束本季並進入秋季時，我們看到了今年最好的營運表現。

And as promised at our Investor day, American is delivering strong operational results and moving forward, we expect to produce the same operational reliability even more efficiently.

正如我們在投資者日所承諾的那樣，美國航空正在交付強勁的營運業績，並展望未來，我們期望以更有效率的方式實現相同的營運可靠性。

Now, I'll turn it over to Devon to share more about our third quarter financial results and the fourth quarter outlook.

現在，我將把它交給德文郡，分享更多有關我們第三季財務業績和第四季度前景的資訊。

Thank you, Robert.

謝謝你，羅伯特。

Excluding net special items, we reported a third quarter net income of $205 million or adjusted earnings per diluted share of $0.30. We produced record of third quarter revenue of $13.6 billion, up 1.2% year-over-year.

不計淨特殊項目，我們公佈的第三季淨利為 2.05 億美元，調整後每股攤薄收益為 0.30 美元。我們第三季營收創歷史新高，達到 136 億美元，年增 1.2%。

Our unit revenue was down 2% year-over-year on 3.2% more capacity.

由於產能增加 3.2%，我們的單位收入年減 2%。

Our adjusted EBITDA margin was 11.1% and we produced an adjusted operating margin of 4.7%.

調整後的 EBITDA 利潤率為 11.1%，調整後的營業利益率為 4.7%。

Our unit costs excluding net special items and fuel was up 2.8% year-over-year.

不包括淨特殊項目和燃料的單位成本年增 2.8%。

This is at the higher end of our guidance range due in part to expenses associated with the CrowdStrike disruption and two major hurricanes.

這是我們指導範圍的高端，部分原因是與 CrowdStrike 中斷和兩次重大颶風相關的費用。

Moving to our fleet.

轉移到我們的艦隊。

For 2024, We now expect to take delivery of 17 new aircraft, 7 of which are planned to be delivered between now and the end of the year.

2024 年，我們預計將接收 17 架新飛機，其中 7 架計劃從現在到年底交付。

Our 2024 aircraft CapEx which also includes used aircraft purchases, spare engines and net PDPs is expected to be approximately $1.7 billion and our total CapEx is expected to be approximately $2.6 billion, a reduction of $300 million from our July guidance.

我們 2024 年的飛機資本支出（還包括二手飛機採購、備用發動機和淨 PDP）預計約為 17 億美元，總資本支出預計約為 26 億美元，比 7 月的指導減少 3 億美元。

Looking ahead to 2025, based on our current expectations for new deliveries, we anticipate our aircraft CapEx will be less than $3 billion below the low end of our prior guidance range.

展望 2025 年，根據我們目前對新飛機交付的預期，我們預計我們的飛機資本支出將比我們先前指導範圍的下限低不到 30 億美元。

We continue to expect moderate levels of CapEx through the end of the decade with aircraft CapEx plan to average between $3 billion to $3.5 billion per year from 2026 to 2030.

我們仍然預計到本世紀末資本支出將保持在中等水平，從 2026 年到 2030 年，飛機資本支出計畫平均每年在 30 億美元到 35 億美元之間。

We ended the third quarter with the $11.8 billion of total available liquidity.

截至第三季末，我們可用的流動資金總額為 118 億美元。

We produced approximately $170 million of free cash flow in the third quarter and now produced $2.4 billion of free cash flow through the first three quarters of the year.

第三季我們產生了約 1.7 億美元的自由現金流，今年前三個季度我們產生了 24 億美元的自由現金流。

We are on track to reduce our total debt by at least $13 billion from peak levels by the end of this year, and we remain committed to our goal of $15 billion of total debt reduction from peak levels by year end 2025.

我們預計在今年年底前將債務總額從高峰水準減少至少 130 億美元，並且我們仍然致力於實現到 2025 年底將債務總額從高峰水準減少 150 億美元的目標。

Now turn to the outlook for the fourth quarter.

現在轉向第四季的展望。

As we noted in July, we moved quickly to adjust our capacity growth in the back half of the year to better align with demand.

正如我們在 7 月指出的那樣，我們在下半年迅速調整了產能成長，以更好地滿足需求。

With our schedule for the balance of the year now finalized, we expect to grow capacity by approximately 1% to 3% in the fourth quarter, and we expect our full year capacity will be up approximately 5% to 6% in line with our prior guidance.

根據我們今年剩餘時間的計劃現已敲定，我們預計第四季度產能將增長約 1% 至 3%，我們預計全年產能將增長約 5% 至 6%，與我們先前的預測一致。

We expect fourth quarter TRASM to be down 1% to 3%, and full year TRASM to be down 3% to 4% versus 2023.

我們預計第四季 TRASM 將比 2023 年下降 1% 至 3%，全年 TRASM 將下降 3% 至 4%。

We continue to focus on driving efficiency and productivity through our re-engineering the business initiatives.

我們繼續專注於透過重新設計業務計劃來提高效率和生產力。

We are on track to deliver $400 million in cost savings this year with $300 million achieved through the third quarter.

今年我們預計將實現 4 億美元的成本節約，其中第三季將實現 3 億美元的成本節約。

Additionally, we continue to expect to achieve more than $300 million in working capital improvement this year.

此外，我們仍然預計今年的營運資金改善將超過 3 億美元。

Fourth quarter, CASMx is expected to be up approximately 4% to 6% year-over-year.

第四季度，CASMx 預計將年增約 4% 至 6%。

The higher sequential year over year unit cost growth is primarily driven by lower capacity growth and the impact of our new agreement with the APFA.

單位成本較上季成長主要是由於產能成長放緩以及我們與 APFA 新協議的影響。

We expect our full year CASMx to be up approximately 2% to 3%, consistent with the guidance we provided in January as we continue to effectively manage expenses.

我們預計全年 CASMx 將成長約 2% 至 3%，與我們 1 月提供的指導一致，因為我們將繼續有效管理費用。

Our current forecast for the fourth quarter assumes a fuel price of between $2.20 and $2.40 per gallon.

我們目前對第四季度的預測假設燃油價格在每加侖 2.20 美元至 2.40 美元之間。

Based on our current demand assumptions and fuel price forecast, we expect to produce an adjusted operating margin of between 4.5% and 6.5% for the fourth quarter or earnings of approximately $0.25 to $0.50 per diluted share.

根據我們目前的需求假設和燃油價格預測，我們預計第四季度調整後的營業利潤率為 4.5% 至 6.5%，攤薄後每股收益約為 0.25 至 0.50 美元。

With this fourth quarter guidance, we expect to deliver a full year adjusted operating margin of between 4.5% and 5.5% and adjusted earnings per diluted share of $1.35 to $1.60. We now expect to generate between $1billion and $1.5 billion of free cash flow in 2024.

根據第四季的指引，我們預計全年調整後營業利潤率為 4.5% 至 5.5%，調整後每股稀釋收益為 1.35 美元至 1.60 美元。我們現在預計 2024 年將產生 10 億至 15 億美元的自由現金流。

This includes the impact of a one-time bonus for a flight attendant of approximately $500 million.

其中包括為空服人員提供約 5 億美元的一次性獎金的影響。

As we prepare for 2025, we are focused on producing capacity that is in line with our expectation of demand growth.

在為 2025 年做準備時，我們將重點放在符合需求成長預期的產能。

While capacity planning for the year ahead is ongoing, we currently expect our 2025 capacity to grow low single digits year over year.

雖然未來一年的產能規劃仍在進行中，但我們目前預計 2025 年產能將比去年同期成長較低的個位數。

This growth will be focused on bringing back capacity in markets that are still not restored to historical levels.

這種成長將集中在恢復尚未恢復到歷史水準的市場產能。

As we demonstrated with the capacity adjustments we put in place in the back half of this year, we will remain flexible and will adjust capacity in response to the demand environment and the competitive environment we are operating in.

正如我們在今年下半年實施的產能調整所證明的那樣，我們將保持靈活性，並根據需求環境和我們所處的競爭環境來調整產能。

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

現在我將把電話轉回給羅伯特，讓他作結束語。

Thanks Devon.

謝謝德文郡。

We remain focused on operating a reliable airline, executing on our initiatives and delivering results.

我們仍然專注於經營一家可靠的航空公司、執行我們的計劃並交付成果。

We continue to produce historically strong operational reliability.

我們繼續保持歷史上強大的營運可靠性。

We remain on track to achieve our balance sheet goals.

我們仍有望實現資產負債表目標。

We're re-engineering the business to ensure we continue to manage costs with the best in the industry, while delivering a better experience for our customers and team.

我們正在重新設計業務，以確保我們繼續以業內最好的方式管理成本，同時為我們的客戶和團隊提供更好的體驗。

With the changes we're making in our commercial organization, we're setting the foundation for success as we regain our share of corporate and agency revenue.

透過我們在商業組織中所做的改變，我們正在為成功奠定基礎，因為我們重新獲得了公司和代理收入的份額。

We will continue to make progress on those efforts, listening to customer feedback and tracking our performance to ensure the changes we're making are producing the expected returns.

我們將繼續在這些努力上取得進展，聽取客戶的回饋並追蹤我們的績效，以確保我們所做的改變能夠產生預期的回報。

Winning back the full share of revenue that we've lost will take some time.

完全贏回我們損失的收入份額需要一些時間。

But we're committed to reaching that objective as we exit 2025 and get back on track with the long term targets we outlined at our Investor Day, and that's growing our margins, generating sustainable free cash flow, and continuing to strengthen our balance sheet through debt reduction.

但我們致力於在2025 年結束時實現這一目標，並回到我們在投資者日概述的長期目標的正軌，這就是提高我們的利潤，產生可持續的自由現金流，並通過以下方式繼續加強我們的資產負債表：債務減少。

To accomplish this, we need the entire American Airlines team working together and pulling in the same direction.

為了實現這一目標，我們需要整個美國航空團隊共同努力，朝著同一個方向努力。

With the ratification of the new contract with the APFA and our tentative agreement with the TWU-IAM Association which covers our mechanics and fleet service team members.

隨著與 APFA 的新合約的批准以及我們與 TWU-IAM 協會的臨時協議，該協議涵蓋了我們的機械師和車隊服務團隊成員。

We've reached new agreements covering more team members in a shorter period of time than ever before.

我們在比以往更短的時間內達成了涵蓋更多團隊成員的新協議。

Not only do these agreements, ensure we're taking care of our team, but they also provide a level of certainty in our planning that will help us efficiently achieve the goals we've set for American.

這些協議不僅確保我們照顧好我們的團隊，而且還為我們的計劃提供了一定程度的確定性，這將幫助我們有效地實現為美國航空設定的目標。

We're focused on delivering on our commitments and we believe achieving our long-term targets will unlock significant value.

我們致力於兌現我們的承諾，我們相信實現我們的長期目標將釋放巨大的價值。

And with that operator, please open the line for analyst questions.

請那位接線生開通分析師提問專線。

(Operator Instructions)

（操作員說明）

Andrew, Didora, Bank of America.

安德魯，迪多拉，美國銀行。

Hi, good morning, everyone.

嗨，大家早安。

First question for Robert.

第一個問題是問羅伯特。

I guess, when I look at your total revenue growth, it's been sort of flattish and for the last six quarters here.

我想，當我查看你們的總收入成長時，我發現過去六個季度的總收入成長基本上持平。

Obviously, trailing GDP, but also, I mean, other global carriers.

顯然，落後於 GDP，但我的意思是，也落後於其他全球航空公司。

Do you think you can get back to GDP type style top line growth, and what do you need to see to get there from here?

您認為您可以回到 GDP 類型的收入成長嗎？

Thanks Andrew.

謝謝安德魯。

I appreciate that.

我很欣賞這一點。

And the answer to that is for sure.

答案是肯定的。

So, I'll start with this, that we did some damage to ourselves with their sales and distribution strategy.

所以，我首先要說的是，我們的銷售和分銷策略對我們自己造成了一些損害。

You've heard us talk a lot about that.

你已經聽我們談論過很多關於這個的事情了。

I'm really pleased with what I see in terms of the recovery of that.

我對所看到的恢復情況感到非常滿意。

We grew our corporate managed business in the third quarter by 6%, we can do better than that.

第三季我們的企業管理業務成長了 6%，我們可以做得更好。

And I know that that's something that we can achieve.

我知道這是我們能夠實現的目標。

As we take a look at the efforts that we've put in place to win back that share, whether that's restoring full content, negotiating new deals and enhancing existing deals with our agency partners and also our corporate partners, that's all under work, and it's taking root and it's showing in terms of our four bookings.

當我們審視我們為贏回這一份額而付出的努力時，無論是恢復完整內容、談判新交易還是加強與我們的代理合作夥伴和企業合作夥伴的現有交易，這一切都在努力中，並且它正在紮根，並在我們的四次預訂中得到體現。

As I mentioned earlier today, we bottomed out at corporate agency, indirect share to, compared to historical averages of about 11% down.

正如我今天早些時候提到的，我們在企業代理方面觸底反彈，間接份額相比歷史平均值下降了約 11%。

And as we exit, September, we know that we've recovered back to about 7% down.

當我們退出 9 月時，我們知道我們已經恢復到大約 7% 的下降。

So I can see that progress continuing, on top of that, I'll speak to the strength of our network and our partnerships and competing just from a product perspective.

因此，我可以看到這種進展仍在繼續，最重要的是，我將從產品的角度談論我們的網路和合作夥伴關係的實力以及競爭。

And then finally, I know that we'll make some progress in being more competitive in terms of our co-brand relationship and what that can bring to our business as well.

最後，我知道我們將在我們的聯合品牌關係以及這為我們的業務帶來什麼方面更具競爭力方面取得一些進展。

So, I've got a lot of confidence and pleased with the progress that I see so far.

因此，我非常有信心，並對迄今為止所看到的進展感到滿意。

Got it.

知道了。

And, and on that co-brand standpoint, perspective, I guess there was a press article last month that spoke about you potentially consolidating your card program with just Citi.

而且，從聯名品牌的角度來看，我想上個月有一篇新聞文章談到您可能會與花旗集團合併您的信用卡計劃。

Where do negotiations stand with regards to new economics there?

那裡關於新經濟的談判進展如何？

And I think at Investor Day, we're talking about maybe timeline by year end 2024 in terms of potential timeline of getting a deal across the finish line.

我認為在投資者日，我們討論的可能是 2024 年底之前完成交易的潛在時間表。

Does that still seem reasonable?

這看起來仍然合理嗎？

Thank you.

謝謝。

Good.

好的。

Thanks for the question on that.

感謝您提出這個問題。

I'm going to hand that over Steve.

我要把它交給史蒂夫。

Hey, thanks, Andrew.

嘿，謝謝，安德魯。

We have two really exceptional friends and partners in Citi and Barclays.

我們在花旗銀行和巴克萊銀行有兩位非常優秀的朋友和合作夥伴。

And I want to give a shout out, I mean, we've worked together to create a really terrific program that I think has a sensational future.

我想大聲疾呼，我的意思是，我們共同努力創建了一個非常出色的項目，我認為它有一個美好的未來。

We, I think in terms of talking about our progress, I'm actually going to give a salute to the Dodgers, and more importantly to Steve Trent, who actually framed this question in July in terms of a baseball game.

我認為，在談論我們的進步時，我實際上要向道奇隊致敬，更重要的是向史蒂夫·特倫特致敬，他實際上在 7 月以棒球比賽的形式提出了這個問題。

And I'd say that I characterized our progress as the bottom of the seventh inning at this point.

我想說的是，我將我們的進展描述為第七局的底部。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks, good morning, guys.

嘿，謝謝，早上好，夥計們。

So, RASM was down 2% in the third quarter.

因此，RASM 在第三季下降了 2%。

I presumably improved throughout the quarter.

我大概整季都有進步。

The fourth quarter, guide down 1% to 3%, I guess, doesn't really imply any incremental improvement and any color on why and then maybe any regional color.

我想，第四季度的指導下降 1% 到 3%，並不真正意味著任何漸進的改善，也不意味著任何關於原因的顏色，然後可能是任何區域顏色。

So Scott, I'll start.

史考特，我要開始了。

First off as we take a look at the fourth quarter, I do see a strong demand overall but it's a quarter in which a strong October and I think a strong December, it has some noise in it in terms of expected softness and demand around the election around and around Halloween.

首先，當我們看一下第四季度時，我確實看到整體需求強勁，但在這個季度，10 月和我認為12 月都表現強勁，就預期的疲軟和周圍的需求而言，其中存在一些噪音。

But as we take a look at how bookings have progressed, I see that October, very strong December, very strong and as we look at the 2025 same holds true for what we have on the books for January, as well.

但當我們看看預訂量的進展時，我發現 10 月、12 月非常強勁，而且當我們展望 2025 年時，我們 1 月份的預訂情況也是如此。

We've got some capacity growth in the quarter.

本季我們的產能有所成長。

But it's modest and it's been reduced considerably and we're going to work hard to make sure we deliver on the forecast that we've produced.

但這是適度的，並且已經大幅減少，我們將努力確保實現我們所做的預測。

Okay.

好的。

And then just secondly, you made a comment about low single digit capacity growth for '25.

其次，您對 25 年的低個位數產能成長發表了評論。

What do you think that any early thoughts on what that should mean for CASM?

您認為這對 CASM 意味著什麼？

and then, you sound confident about the corporate recovery by the end of '25.

然後，你聽起來對 25 年底企業復甦充滿信心。

What's the revenue opportunity from that?

從中獲得的收入機會是什麼？

Hey, Scott, it's Devon.

嘿，斯科特，我是德文郡。

Yeah, we're not going to give CASM guidance for 2025 right now.

是的，我們現在不會向 CASM 提供 2025 年的指導。

But as you'd expect the largest headwind, we face in 2025 are the increases in salaries and benefits resulting from the CBAs that we have reached over the past 18 months.

但正如你所預料的那樣，我們在 2025 年面臨的最大阻力是過去 18 個月達成的 CBA 帶來的工資和福利的增加。

We expect our competitors are going to have very similar CASM pressure.

我們預計我們的競爭對手將面臨非常相似的 CASM 壓力。

But for us, it's nice to have the certainty in planning also magnifies the importance of all of our efforts to run a lien operation and invest in the right technology to run a more efficient and effective business.

但對我們來說，規劃的確定性很好，這也放大了我們為經營留置權業務和投資正確的技術以經營更有效率、更有效的業務而付出的所有努力的重要性。

But that's the main area beyond salaries and benefits.

但這是薪資和福利之外的主要領域。

There'll be some other cost pressures, things like regional growing at a faster rate than main line.

還會有一些其他成本壓力，例如區域成長速度比主線更快。

But I feel we've been the best in the business in managing our expenses over the past several years.

但我覺得過去幾年我們在管理開支方面一直是業界最好的。

And it will be a focus of ours in 2025 as well.

這也將是我們 2025 年的重點。

It's Scott, in terms of revenue, last quarter, I said that we think that in terms of higher yielding corporate agency related revenue, we're missing out about a $1.5 billion of revenue over a course of the year.

這是斯科特，就收入而言，上個季度，我說我們認為就高收益企業代理相關收入而言，我們在一年中錯過了大約 15 億美元的收入。

Now, we've replaced some of that with lower yielding traffic, but our intent is to win the vast majority of that back over the course of 2025.

現在，我們已經用收益較低的流量取代了其中的一些流量，但我們的目的是在 2025 年之前贏回其中的絕大多數。

And based on the efforts that, we're taking right now, I feel confident we'll be able to do that.

基於我們現在所做的努力，我相信我們能夠做到這一點。

The cycle in which contracts are established for agencies and corporates, it's done, on an annual basis and sometimes it even takes sometimes those contracts actually run over the course of a couple of years.

為機構和公司建立合約的周期是每年完成的，有時甚至需要這些合約實際上運作幾年。

But what we're seeing right now is a lot of reception.

但我們現在看到的是大量的接待。

People want us back.

人們希望我們回來。

I've talked to not only buyers and purchasing team member from our corporates and TMCs, but also the CEOs, the world's better for them with another competitor in the mix.

我不僅與來自我們公司和 TMC 的買家和採購團隊成員進行了交談，還與執行長進行了交談，因為如果有另一個競爭對手，世界對他們來說會更好。

And so, there's a lot of positive reaction to us getting more competitive, offering the services, and amenities that are competitive.

因此，我們變得更具競爭力，提供有競爭力的服務和設施，並得到了很多積極的回應。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Hey.

嘿。

Good morning, everyone.

大家早安。

Robert, I want to touch back on the distribution chart where you show that sequential improvement.

羅伯特，我想回顧一下分佈圖，您在其中顯示了連續的改進。

I get, maybe every point is about $140 million on an annual basis.

我知道，也許每一點每年的價值約為 1.4 億美元。

Where are we with the $1.5 billion whole?

總共 15 億美元我們在哪裡？

Is that still the hit this year?

今年這依然是熱門嗎？

Despite the fact that, we are starting to see improvement right now, and the fact that we are seeing this type of improvement.

儘管如此，我們現在開始看到改進，而且我們正在看到這種類型的改進。

It doesn't seem like you're really, incorporating much of it in the fourth quarter, given the fact the flat RASM -- excuse me, the down 1% to 3% RASM guide similar to what you did in the September quarter?

考慮到 RASM 持平這一事實，您似乎並沒有真正在第四季度納入其中的大部分內容——請問，下降 1% 至 3% 的 RASM 指南與您在 9 月季度所做的類似？

Well, thanks for the question.

嗯，謝謝你的提問。

I'll just start with this.

我就從這個開始吧。

We've taken a very deliberate approach as we've sat down with our agency partners and corporate buyers.

當我們與代理商合作夥伴和企業買家坐下來討論時，我們採取了非常審慎的方法。

We've seen tremendous progress as I said evidence by for bookings but not a lot of that has showed up in the third quarter.

正如我所說的預訂方面的證據，我們已經看到了巨大的進步，但其中並沒有在第三季度出現很多。

We expect to see more as we progress into the fourth quarter and then acceleration as we move into 2025.

我們預計，隨著進入第四季度，我們會看到更多，並在進入 2025 年時加速。

Again, we've got to give a chance for the contracts to actually be in place changes to be made.

再說一遍，我們必須給合約一個真正進行更改的機會。

And then ultimately, I'm looking for restoration on an accelerated basis as we move to 2025.

最終，我希望隨著 2025 年的到來，加速恢復。

Okay, great.

好的，太好了。

And then just a capacity question.

然後只是一個容量問題。

I do see that your supply is down a bit in some of your international markets like Transatlantic.

我確實看到你們在一些國際市場（例如跨大西洋市場）的供應量有所下降。

And presumably that's being driven by airplanes that are going through a reconfiguration.

據推測，這是由正在經歷重新配置的飛機所驅動的。

Can you just talk about that reconfiguration program and maybe how many wide bodies it will take out?

你能談談那個重新配置計畫嗎？

If your fleet as you, as you expand your premium offering?

如果您的機隊像您一樣擴展您的優質產品？

Thanks for taking my questions.

感謝您回答我的問題。

No, thanks for that.

不，謝謝你。

And in terms of aircraft reconfigurations, 777-300, the 20, 777-300s that we have, they're due to start their reconfigurations next year.

在飛機重新配置方面，我們擁有的 777-300、20、777-300 型飛機將於明年開始重新配置。

And we'll be talking more about that as we get into our 2025 planning cycle.

當我們進入 2025 年規劃週期時，我們將更多地討論這一點。

But there's not any of that as we take a look into fourth quarter.

但當我們回顧第四季時，這些都沒有。

More what you're seeing is us just aligning the capacity to where we can best utilize the aircraft and quite frankly serve our customers and generate the most revenue.

您看到的更多的是，我們只是將運力調整到可以最好地利用飛機的位置，坦白說，為我們的客戶提供服務並產生最大的收入。

So, one of the things you you've seen is that the capacity has been I think, brought more into balance in London Heathrow, and that bodes well force.

所以，你所看到的一件事是，我認為倫敦希思羅機場的容量已經達到了平衡，這預示著力量的好兆頭。

We're certainly seeing that in stronger London Heathrow yields Transatlantic as we move into the fourth quarter, overall, appears to be, a fairly, a very solid.

當我們進入第四季時，我們當然會看到倫敦希思羅機場的殖利率走強，整體而言，跨大西洋航空的殖利率似乎相當、非常穩定。

And so it's more an aircraft deployment issue as we get into 2025, we'll be able to say more about the impact of reconfigurations on our wide body fleet.

因此，進入 2025 年，這更多是一個飛機部署問題，我們將能夠更多地談論重新配置對我們寬體機隊的影響。

Jamie Baker, JPMorgan Securities.

傑米貝克，摩根大通證券。

Hey, good morning, everybody.

嘿，大家早安。

So, if we look at the third quarter, non-GAAP earnings were, pretty similar to those of last year's third quarter.

因此，如果我們看一下第三季度，就會發現非公認會計原則收益與去年第三季非常相似。

But on fuel, that was $0.40 a gallon lower.

但在燃油方面，每加侖低 0.40 美元。

If we look at the guide for the fourth quarter, at the midpoint of EPS, you're obviously up year on year, but on fuel, that's $0.70 lower.

如果我們看一下第四季度的指南，在每股收益的中點，你會發現同比明顯上升，但在燃料方面，則下降了 0.70 美元。

The point is, if we normalize for fuel, your core in the fourth quarter year on year, looks like it's doing worse than in the third quarter.

關鍵是，如果我們對燃料進行正常化，第四季的核心年比情況看起來會比第三季表現更差。

What do you think explains that?

您認為如何解釋這一點？

Hey, James, its Devon.

嘿，詹姆斯，我是德文郡。

I think as we've always talked about, there's a relationship between fuel and revenue.

我認為正如我們一直在談論的那樣，燃料和收入之間存在著某種關係。

So, we have adjusted capacity.

所以，我們對產能進行了調整。

The industry has adjusted capacity to the current supply environment.

該行業已根據當前的供應環境調整了產能。

Obviously, fuel is $0.70 higher.

顯然，燃油價格上漲了 0.70 美元。

We would be producing slightly less capacity than we are today.

我們的產能將比現在略少。

I think the industry would probably adjusting at the same time.

我認為行業可能會同時進行調整。

So, none of this can be looked at in isolation.

因此，所有這些都不能孤立地看待。

You're right that, earnings in the fourth quarter, relatively flat just up slightly at the midpoint, we expect to do better than that, and as we head into 2025, we're looking forward to margin expansion.

你說得對，第四季度的利潤相對持平，只是在中點略有上升，我們預計會做得更好，隨著我們進入 2025 年，我們期待利潤率擴張。

And second, when we -- and thanks Devon.

其次，當我們感謝德文郡。

When we think about management priorities, Robert has said that he's spending a lot of time, helping repair corporate relationships and progress is being made and operations are markedly improved the balance sheet continues to improve.

當我們考慮管理優先事項時，羅伯特表示，他花了大量時間來幫助修復公司關係，並且正在取得進展，營運狀況顯著改善，資產負債表持續改善。

There's a loyalty kicker coming, these are all good things.

忠誠度提升即將到來，這些都是好事。

My question relates to the network.

我的問題與網路有關。

I'm curious what you think your greatest network deficiencies are and more importantly, does the management have the appetite or is it a priority to address those deficiencies?

我很好奇您認為您最大的網路缺陷是什麼，更重要的是，管理層是否有興趣或是否優先解決這些缺陷？

Thanks in advance.

提前致謝。

Thanks Jamie, and look, our highest priorities right now are making sure that we make best use of the assets that we have and notably regaining our corporate agency share, getting our co-brand credit card, negotiated and then competing with on product and service, but in regard to the network look -- we said at an Investor day and I'll underscore it again.

謝謝傑米，你看，我們現在的首要任務是確保充分利用我們擁有的資產，特別是重新獲得我們的公司代理份額，獲得我們的聯名信用卡，進行談判，然後在產品和服務上進行競爭，但就人脈而言——我們在投資者日說過，我會再次強調這一點。

We have a fantastic network, it can take customers anywhere they want to get in the world.

我們擁有出色的網絡，可以將客戶帶到他們想去的世界任何地方。

We have the best set of partnerships in the biggest business and travel destinations around the world.

我們在全球最大的商務和旅遊目的地擁有最好的合作關係。

We've been aggressive in the past in terms of making sure that we shore up any deficiencies.

過去我們一直積極努力，確保彌補任何缺陷。

Most notably, we have a relationship with the last airlines out on the west coast.

最值得注意的是，我們與西海岸最後的航空公司建立了合作關係。

We tried to strengthen our position on the east coast with the NEA.

我們試圖與國家能源局一起加強我們在東海岸的地位。

And as we take a look at going forward, we're very focused on making sure our network appeals to, customers from a leisure basis, international and certainly from a business perspective.

當我們展望未來時，我們非常注重確保我們的網路能夠吸引休閒客戶、國際客戶，當然還有商業角度的客戶。

And as you take a look at what we're doing in New York and Los Angeles, I note that, in New York, between LaGuardia and JFK that we have -- we will be flying as we move into next year, the largest schedule that we've had since the pandemic.

當你看到我們在紐約和洛杉磯所做的事情時，我注意到，在紐約，在拉瓜迪亞機場和肯尼迪機場之間，我們將在明年進入最大的時刻表。一直這樣。

I'm really pleased with the product that we're putting in place, whether it's the lounges, the 321Ts and ultimately the XLRs that will be, flying Transcon, the great relationship that we have with BA to set up, just the, the best, shuttle to London Heathrow.

我對我們正在實施的產品感到非常滿意，無論是休息室、321T 還是最終的 XLR，飛行 Transcon，我們與 BA 建立的良好關係，只是，最好，有班車去倫敦希思羅機場。

And the work that we're doing out on the West Coast again with, Alaska.

我們再次在西海岸阿拉斯加開展工作。

Our combined position, certainly puts us a great strength and even on our own in the L.A. Basin airports, we have considerable strength.

我們的綜合地位無疑地使我們擁有強大的實力，即使僅靠我們自己在洛杉磯盆地機場，我們也擁有相當的實力。

So, it's about knitting all these things together, and the utilizing to the greatest extent for the greatest benefit for our customers, and making sure that we do our best to yield up wherever we can.

因此，關鍵在於將所有這些東西結合在一起，並最大限度地利用，為我們的客戶帶來最大的利益，並確保我們盡最大努力，盡我們所能。

We got a lot of work ahead of us, but that's all upside with the assets that we have today.

我們還有很多工作要做，但這對我們今天擁有的資產來說都是有利的。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good morning.

嘿，早安。

I was wondering, if you could just go to follow up on Scott's question earlier.

我想知道你是否可以早些時候去跟進斯科特的問題。

Provide a little bit more color in the fourth quarter trend here and you called out noise, election.

在這裡為第四季度的趨勢提供更多的色彩，你喊出了噪音，選舉。

I think I'm I was not sure if there was a Milton impact in there.

我想我不確定那裡是否有米爾頓的影響。

I wonder if you could, just help us understand the unit revenue guide that you provided and what the core trend might be both kind of in the domestic and the various international markets.

我想知道您是否可以幫助我們了解您提供的單位收入指南以及國內和各個國際市場的核心趨勢可能是什麼。

Yeah, Savi, what I'll say is we take a look at the fourth quarter, overall and I'd say again there, their strength in demand.

是的，薩維，我要說的是我們看一下第四季的整體情況，我會再說一遍，他們的需求強勁。

We're not going to have any trouble filling up our plans.

我們在完成計劃時不會遇到任何麻煩。

I do think that that's a result of the supply and demand balance being relatively more in shape.

我確實認為這是供需平衡相對更穩定的結果。

I think that that's going to progress as well.

我認為這也會取得進展。

I think that, from a supply perspective, we continue to see an improvement but the fourth quarter as a whole, strong October, some weakness in early parts of November as a result of Halloween and the election not unexpected.

我認為，從供應角度來看，我們繼續看到改善，但第四季度整體而言，十月份強勁，十一月初由於萬聖節和選舉而出現一些疲軟，這並不令人意外。

And as in fourth quarter, we see a lot of strength -- I'm sorry, and as we move to December, see a lot of strength around the holidays, see a lot of strength over Thanksgiving as well.

與第四季度一樣，我們看到了很多力量——我很抱歉，當我們進入 12 月時，我們在假期期間看到了很多力量，在感恩節期間也看到了很多力量。

So, people want to travel and we're very optimistic about how the bookings look for the fourth quarter.

因此，人們想要旅行，我們對第四季的預訂情況非常樂觀。

I appreciate that.

我很欣賞這一點。

And then just on the, I know it's very early days on the 2025 capacity growth and I appreciate the color there.

然後，我知道 2025 年產能成長還處於早期階段，我很欣賞那裡的色彩。

Just curious, in connection to the unit cost, headwinds mentioned maybe a little bit more regional growth than mainline.

只是好奇，就單位成本而言，逆風提到的區域成長可能比主線多一點。

I was curious if you can talk about how high level how you're thinking about kind of domestic growth versus maybe near international versus international?

我很好奇您能否談談您對國內成長與近乎國際成長與國際成長的思考程度如何？

Hey, Savi, not a whole lot of color at this point on growth by entity for 2025 but obviously the regional growth will be entirely focused on domestic.

嘿，薩維，目前對 2025 年各實體的增長還沒有太多的了解，但顯然區域增長將完全集中在國內。

It just doesn't drive a ton of ASMs.

它只是不能驅動大量的 ASM。

But as we bring back capacity is probably a percent of consolidated capacity or more that's coming out of regional that will largely be on the domestic side.

但當我們恢復產能時，可能會占到區域綜合產能的百分之一或更多，而這些產能將主要集中在國內。

The rest of the growth I think will be split relatively evenly, maybe a little more international than domestic.

我認為其餘的成長將相對平均地分配，也許國際化程度高於國內成長。

But we have a lot of plans develop a bit.

但我們有很多計劃正在製定中。

And Savi just a little more color on that, coming out of the pandemic, we really focused on restoring our sunbelt hubs to get them to the full capacity.

薩維在這一點上再添一點色彩，在疫情結束後，我們真正專注於恢復我們的陽光地帶中心，使它們充分發揮作用。

You'll see us position more capacity than the northern tier hubs.

您將看到我們比北線樞紐擁有更多的運力。

Regionals are going to give us great flexibility and be able to make sure that we can take customers where they want to go when they want to go.

區域服務將為我們提供極大的靈活性，並能夠確保我們能夠在客戶想去的時候將他們帶到他們想去的地方。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi everyone.

大家好。

Thank you.

謝謝。

Maybe following up to Jamie's question.

也許是在回答傑米的問題。

On the product side, you're talking to your corporates now pretty in depth and I imagine you're engaging with regular customers in general, but just have preferences changed at all in terms of on-board experience.

在產品方面，您現在正在與您的公司進行相當深入的交談，我想您正在與一般客戶進行交流，但在機上體驗方面的偏好完全改變了。

Now, you have United talking about free WiFi, you have Southwest rolling out their premium experience.

現在，美聯航正在談論免費 WiFi，西南航空正在推出他們的優質體驗。

Just curious on how you view you -- how American's product kind of stacks up to the industry at this point.

只是好奇你如何看待自己——美國航空的產品目前在業界處於怎樣的地位。

Thank you.

謝謝。

Yeah, thanks Conor.

是的，謝謝康納。

I'll start with this.

我將從這個開始。

There's clearly a preference for more premium type services and one of the things you'll note in our results is, premium revenues have risen by 8% quarter over the third quarter in 2023.

顯然，人們更喜歡更優質的服務，您會在我們的結果中註意到的一件事是，優質收入比 2023 年第三季增加了 8%。

I think that bodes well for us, because it's paid load factor and its yield, but it bodes well for us because you'll see over the course of the next two years through 2026 that our premium seating is going to grow by about 20%.

我認為這對我們來說是個好兆頭，因為它是付費載客率和收益率，但對我們來說也是個好兆頭，因為你會看到在未來兩年到2026 年期間，我們的高級座位將成長約20% 。

And that's as a result of the reconfiguration of 777-300.

這是 777-300 重新配置的結果。

But as well as the introduction of the 787-9s with the flagship suites, XLRs and then also domestically reconfiguration of our 320s and our 319s.

但除了推出帶有旗艦套件的 787-9、XLR 之外，我們還對 320 和 319 進行了國內重新配置。

So there's absolutely a preference.

所以絕對有偏好。

From that perspective, I think that that's going to continue, I think we're going to be on the right side of the ledger on that.

從這個角度來看，我認為這種情況將繼續下去，我認為我們將在這方面處於正確的一邊。

In terms of product you mentioned, customers want, control and inconvenience.

就你提到的產品而言，客戶想要、控制和不便。

We've invested an incredible amount in terms of technology, and we'll continue to do that to give customers the ability to control their itineraries and then also to be able to help them recover, when there is any type of disruptions as part of that.

我們在技術方面投入了大量資金，我們將繼續這樣做，讓客戶能夠控制他們的行程，並在出現任何類型的中斷時幫助他們恢復。

People want to be connected, whenever and wherever they fly American was the first to get our narrow body fleet, fully equipped with a satellite-based WiFi.

人們希望無論何時何地飛行，都能保持聯繫。

We're going to be expanding that for our large regional jet portfolio as well.

我們也將擴大我們的大型支線噴射機產品組合。

So, we'll be the first to have satellite-based WiFi on the combined narrow body and regional of fleet.

因此，我們將成為第一個在窄體機隊和區域機隊上提供基於衛星的 WiFi 的公司。

And I think that we're going to have to take a look at that, making sure that we serve customers' needs from that perspective as well.

我認為我們必須考慮這一點，確保我們也能從這個角度滿足客戶的需求。

But you'll see us invest in our product.

但你會看到我們對我們的產品進行投資。

We'll have flagship suites in terms of new deliveries on the XLRs and the 787-9s, those will have seatback video, those will also have international satellite WiFi as well.

我們將在新交付的 XLR 和 787-9 上提供旗艦套件，這些套件將配備座椅靠背視頻，還將配備國際衛星 WiFi。

And then, from a services perspective on the ground same thing, we were the first to really up the game in terms of lounge experience with the flagship dining.

然後，從服務的角度來看，我們是第一個在旗艦餐廳的休息室體驗方面真正提升遊戲水平的人。

And I'm really proud of the facility that we have in New York with three lounge options that really set a standard.

我對我們在紐約擁有的設施感到非常自豪，其中三個休息室選項確實樹立了標準。

You'll see us next year, invest and roll out the new lounge experiences in Philadelphia and planning upgrades in other places throughout the system as well.

明年您將見到我們，在費城投資並推出新的休息室體驗，並計劃在整個系統的其他地方進行升級。

So as we take a look at in the future, I think that customers are looking to having a more premium experience, we're going to accommodate that they want more control.

因此，當我們展望未來時，我認為客戶希望獲得更優質的體驗，我們將滿足他們想要更多控制權的需求。

We're going to try to make sure that we'll engage them on that front.

我們將盡力確保在這方面與他們接觸。

And overall, I think that the game plan for American is going to be very beneficial and unlocking a lot of value from a revenue perspective.

總的來說，我認為美國航空的遊戲計劃將非常有益，並從收入角度釋放大量價值。

Super detailed.

超詳細。

Appreciate that, Robert.

很欣賞這一點，羅伯特。

And then, you're talking about renegotiation, with corporates and engaging with them again, is that in line with your expectations, the exit rate and then the word that caught me by surprise, I think was just you dropped the word competitive as you renegotiate the contract.

然後，你談到與企業重新談判並再次與他們接觸，這是否符合你的預期，退出率，然後這個詞讓我感到驚訝，我認為只是你放棄了“競爭”這個詞，因為你重新談判合同。

Does that mean that the revenue recapture that you're seeing is coming in at a lower margin going forward?

這是否意味著您所看到的收入重新獲得的利潤率會降低？

Thank you.

謝謝。

I'll start on this, and Steve can fill first off.

我先從這個開始，史蒂夫可以先填補。

I'll just restate that the reaction I've received from the countless CEO and professionals at the agencies and corporate buying groups has been thank goodness you're back.

我只想重申一下，我從代理商和企業採購團體的無數執行長和專業人士那裡得到的反應是，謝天謝地，你們回來了。

We want to engage -- we want to engage in a way that is sustainable and profitable over the long run.

我們希望參與——我們希望以長期可持續且有利可圖的方式參與。

So, I've been very, very pleased with reception, Steve, you want to give us some more detail?

所以，我對接待非常非常滿意，史蒂夫，你想給我們更多細節嗎？

Yeah, sure, maybe more generally about the third quarter.

是的，當然，也許更普遍的是第三季。

There's been a couple of questions that I characterize as kind of why is it taking so long.

我認為有幾個問題是為什麼要花這麼長時間。

But I mean, we, when I think about the last 90 days, we had a handful of objectives, I think that were immediate and needed to be focused on.

但我的意思是，當我回想過去 90 天時，我們有一些目標，我認為這些目標是迫在眉睫的，需要重點關注。

I mean, first, we had to stabilize the ship and refocus the team, we've had a very significant disruption, and I'm really pleased with the progress that we made on that.

我的意思是，首先，我們必須穩定船並重新集中團隊，我們遇到了非常嚴重的干擾，我對我們在這方面取得的進展感到非常滿意。

Second, we needed to rebuild our foundation and our infrastructure for being able to participate in the traditional sales and distribution channels.

其次，我們需要重建我們的基礎和基礎設施，以便能夠參與傳統的銷售和分銷管道。

I mean, that had largely been dismantled and we need to build that in a way that it would be lasting and that, our partners would, trust the fact that we were back in the game.

我的意思是，它基本上已經被拆除了，我們需要以一種持久的方式來建立它，並且我們的合作夥伴會相信我們又回到了遊戲中。

And I think we've made really significant progress on that.

我認為我們在這方面已經取得了非常重大的進展。

Third, and I think most importantly, we needed to reestablish, and start redeveloping our relationships.

第三，我認為最重要的是，我們需要重建並開始重新發展我們的關係。

I mean, that meant listening and listening to a lot of people.

我的意思是，這意味著要傾聽很多人的意見。

And ultimately getting past, what a stage that was really anger and getting, reacquainting ourselves with these people and regaining their trust in a way that was really important that meant talking to people.

最終度過了一個真正令人憤怒的階段，重新認識這些人，並以非常重要的方式重新獲得他們的信任，這意味著與人們交談。

It meant negotiating agreements on a kind of a counterparty by -- counterparty basis and it just meant engagement and as Robert has said a couple of times, I mean, that's been really positive.

這意味著在一種交易對手的基礎上談判協議，這只是意味著參與，正如羅伯特多次說過的那樣，我的意思是，這非常積極。

We made a lot of progress on that and we've heard over and over and over again that the agencies, the TMCs our corporate customers that their world is better with three airlines competing instead of just two.

我們在這方面取得了很大進展，我們一遍又一遍地聽到機構、TMC、我們的企業客戶認為，有了三家航空公司而不是兩家航空公司的競爭，他們的世界會變得更好。

Fourth, we wanted to shift some share.

第四，我們想轉移一些份額。

We talked about that, and we said that we would measure ourselves by share and we accomplished that as Robert has mentioned a couple of times.

我們討論了這一點，我們說我們將透過份額來衡量自己，正如羅伯特多次提到的那樣，我們做到了這一點。

Fifth, we wanted to outperform guidance.

第五，我們希望跑贏指導。

We hadn't done that in a long time, and we did that this time and I think everybody's really proud of that effort.

我們已經很久沒有這樣做了，而這次我們做到了，我想每個人都為我們的努力感到自豪。

And then finally, we wanted to -- we wanted that out performance to be meaningful and meaning that we want to do it in a way that we didn't lose additional ground to our principal competitors.

最後，我們希望——我們希望我們的表現是有意義的，這意味著我們希望以一種不會讓我們的主要競爭對手失去更多優勢的方式來做到這一點。

And I think we accomplished that in the third quarter as well.

我認為我們在第三季也實現了這一目標。

I mean I'm not going to say that we're done or anything nearly that there's tons of work to be done, but I'd like to think that that's a solid start and I think it has the team and Robert and Devon, and I really excited about what we can accomplish in the next 90 days in 2025.

我的意思是，我不會說我們已經完成了，或者說還有很多工作要做，但我想這是一個堅實的開始，我認為它有團隊、羅伯特和德文，我對2025 年未來90天內我們能取得的成就感到非常興奮。

Duane Pfennigwerth, Evercore ISI.

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

Hey, good morning.

嘿，早安。

Thanks.

謝謝。

Just a couple.

只是一對。

On the fleet delays, I'm just wondering how impactful these are to your 2025 planning if you have any sense for what your 2025 growth.

關於機隊延誤，我只是想知道如果您對 2025 年的成長有任何了解的話，這些對您的 2025 年規劃有多大影響。

Might have looked like absent any fleet delays or is this more about delaying aircraft retirements and then relatedly in a follow up to, how are you thinking about utilization expansion next year?

可能看起來沒有任何機隊延誤，或者這更多是為了推遲飛機退役，然後相關地跟進，您如何考慮明年的利用率擴張？

Which I think was a big theme entering this year.

我認為這是今年的一個大主題。

Hey, Duane.

嘿，杜安。

Yeah, capacity for 2025 is being impacted by these delays.

是的，2025 年的產能正受到這些延誤的影響。

Like we're fortunate to have a fleet that can run it pretty strong utilization.

就像我們很幸運擁有一支可以以相當高的利用率運行的車隊一樣。

You saw that this year where versus the start of the year, we probably took delivery of 15 or 20 less airplanes or something like that than what we expected.

您會看到，與年初相比，今年我們交付的飛機數量可能比我們的預期少了 15 或 20 架或類似數量。

And we still met our capacity guidance for the year.

我們仍然達到了今年的產能指導。

Next year, we'd probably be a little bit higher in terms of capacity if it weren't for our expected delays, that being said, we can push utilization a little bit.

明年，如果不是我們預期的延誤，我們的產能可能會更高一點，話雖如此，我們可以稍微提高利用率。

We still think we could if we wanted to and if the competitive or demand environment dictated that we could grow ahead of our low single digit guide.

我們仍然認為，如果我們願意，並且競爭或需求環境決定我們可以超越我們的低個位數指導成長，我們就可以做到。

But it is impacting to some extent on the utilization side for next year, you'll mostly see it with regional aircraft or region where utilization will be up pretty materially as we have gotten back to full supportability throughout this year.

但這在一定程度上對明年的利用率產生了影響，您主要會在支線飛機或地區看到這一點，因為我們今年已經恢復了全面的支援能力，利用率將大幅上升。

Mainline utilization maybe up slightly, but it won't be as material as what we've seen on the regional side.

主線利用率可能會略有上升，但不會像我們在區域方面看到的那麼重要。

Thanks for that.

謝謝你。

And then, in terms of corporate share recovery, I don't know if you're willing to speak to this.

然後，關於企業股份回收的問題，我不知道你是否願意談論這個問題。

But where do you think the old strategy hurt you the most geographically was the share loss really even across your network in places like DFW and Charlotte and Steve, maybe your Dodgers shout out, gives us a clue.

但是，您認為舊策略在地理上對您造成的傷害最大的是份額損失，甚至在您的網絡中，例如DFW、夏洛特和史蒂夫，也許您的道奇隊大喊大叫，給了我們一個線索。

I don't want to read too much into it.

我不想讀太多。

But, where do you think this pivot will help you most.

但是，您認為這個支點在哪裡對您最有幫助？

Clearly, in the big cities that are the most competed?

顯然，在競爭最激烈的大城市？

New York, LA, Chicago.

紐約、洛杉磯、芝加哥。

We definitely were hurt disproportionately in places where we're less strong.

在我們實力較弱的地方，我們確實受到了不成比例的傷害。

And so, and that's what we're seeing as we see this start to come back.

所以，這就是我們所看到的，因為我們看到這種情況開始捲土重來。

That's where it's starting to come back.

這就是它開始回歸的地方。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Yes, good morning, gentlemen, and thanks for taking my time -- taking the time for my questions and to the other Steve on the call.

是的，早安，先生們，感謝您抽出時間來回答我的問題，並感謝通話中的另一位史蒂夫。

We're quite baseball focused here as well.

我們這裡也非常專注於棒球。

So, appreciate that.

所以，很欣賞這一點。

Just a bit of a follow up when I think about maintenance.

當我考慮維護時，只需進行一點跟進。

I know you guys have a relatively young fleet.

我知道你們有一支相對年輕的艦隊。

But have you thought about maybe other strategies, engine module swaps or using drones or these kinds of things when you think about your aircraft maintenance strategy?

但是，當您考慮飛機維護策略時，您是否考慮過其他策略，發動機模組交換或使用無人機或此類事情？

Thank you.

謝謝。

So, I'll start, and just first with this, I think, as we move out into 2025 and beyond, I think that the industry is going to continue to have a shortfall of resources.

所以，我首先要說的是，我認為，隨著我們進入 2025 年及以後，我認為該行業將繼續面臨資源短缺。

American is very well protected and resourced in environment where the supply chain struggles, especially around maintenance related items.

美國航空在供應鏈陷入困境的環境中得到了很好的保護和資源，特別是在與維護相關的項目方面。

We have the largest group of mechanics all represented by the TWU-IAM Association of any carrier.

我們擁有最大的機械師團體，所有成員均由所有承運人中的 TWU-IAM 協會代表。

We have the world's largest commercial maintenance overhaul base in Tulsa, Oklahoma.

我們在俄克拉荷馬州塔爾薩擁有全球最大的商業維護檢修基地。

And in all of that, I know right now from what I see that we're outperforming others in the industry, whether that be other airlines and also MROs, I know that because of the kind of the turn times that we produce on our CFM56 engines.

總而言之，從我所看到的情況來看，我現在知道我們的表現優於業內其他公司，無論是其他航空公司還是 MRO，我知道這是因為我們在 CFM56 上產生的周轉時間發動機。

So, I think we're really well positioned in a world where there's constrained resources.

所以，我認為我們在資源有限的世界中處於有利地位。

On top of that, and I'll let David Seymour, our Chief Operating Officer speak.

最重要的是，我將讓我們的營運長 David Seymour 發言。

I know as well that we're bringing to bear the best in terms of technology to not only maintenance but all aspects of the operation.

我也知道，我們不僅在維護方面，而且在營運的各個方面都採用了最好的技術。

Yeah, Robert, thank you.

是的，羅伯特，謝謝你。

The team is exploring all this and that's new technology that's out there.

團隊正在探索這一切，這就是現有的新技術。

But we're looking at whether it's drones or using high definition, cameras to be able to pinpoint damage, assess damage and those types of things that we would do ordinarily in a heavy check environment.

但我們正在研究是否使用無人機或使用高清攝影機來找出損壞、評估損壞以及我們通常在嚴格檢查環境中執行的那些類型的事情。

So that field is starting to grow.

所以這個領域正在開始成長。

We're definitely exploring options in that to get more efficient with what we do.

我們肯定正在探索這方面的選擇，以提高我們工作的效率。

And David, I just add this technology is going to be a key item for us, is as we look forward when we talk about aircraft utilization, we are identifying any type of improvement (technical difficulty) right now, in a way that I think we can recover better than any other airline.

大衛，我只是補充說，這項技術將成為我們的一個關鍵項目，正如我們在談論飛機利用率時所期待的那樣，我們現在正在以我認為的方式確定任何類型的改進（技術難度）我們比任何其他航空公司都能更好地恢復。

We're using that technology and the tools that David mentioned in terms of our training.

我們正在使用大衛在我們的培訓中提到的技術和工具。

And one of the things that you'll see is that through deployment of, I basically iPads, throughout the system, whether that be for our pilots and flight attendants and ultimately for our mechanics out on the line, their jobs become so much easier.

您將看到的一件事是，透過在整個系統中部署（我基本上是iPad），無論是對於我們的飛行員和空服員，還是最終對於我們的一線機械師，他們的工作都變得更加輕鬆。

So, this is something that we're going to excel in.

所以，這是我們要擅長的事。

We're all really strong and it's going to be a differentiator for the company.

我們都非常強大，這將成為公司的差異化因素。

Very helpful.

非常有幫助。

Thank you very much.

非常感謝。

And just a quick follow up as well.

而且也只是快速跟進。

All the changes you're making with corporate and what have you.

您對公司所做的所有改變以及您所擁有的一切。

Have you contemplated making any adjustments or any other adjustments in your frequent flyer program?

您是否考慮過對您的飛行常客計畫進行任何調整或任何其他調整？

For example, some of your competitors have mileage programs where their points don't expire.

例如，您的一些競爭對手有哩程計劃，其積分不會過期。

Thank you.

謝謝。

Well, from a loyalty perspective, look, we're really proud of the advantage program overall.

好吧，從忠誠度的角度來看，我們真的對整體優勢計劃感到自豪。

We're constantly looking at ways to better engage our customers, not only from a loyalty perspective, but just also from a value perspective.

我們不斷尋找更好地吸引客戶的方法，不僅從忠誠度角度，而且從價值角度。

And while there may be some carriers that are doing something different, I do know one thing that, you take a look at any type of assessment of the value of a mile on American Airlines versus anyone else.

雖然可能有一些航空公司正在做一些不同的事情，但我確實知道一件事，你可以看看美國航空與其他任何航空公司對一英里價值的任何類型的評估。

You'll see that we absolutely generate more value for our customers.

您會發現我們絕對為客戶創造了更多價值。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Thank you so much for the time, everyone.

非常感謝大家抽空。

Thinking about the WiFi and is that free WiFi starts to become table stakes across the industry?

想想 WiFi，免費 WiFi 是否開始成為整個產業的籌碼？

Are you concerned at all about the revenue headwind that could present?

您是否擔心可能出現的收入逆風？

Well, Tom, thanks for the question.

嗯，湯姆，謝謝你的提問。

No, I'm not concerned, because first off, you need to have a high-speed WiFi to be able to offer it, at any level to give customers confidence that they'll be able to access and use it.

不，我不擔心，因為首先，您需要有一個高速 WiFi 才能提供任何級別的服務，讓客戶相信他們能夠存取和使用它。

We're going to be expanding coverage for our WiFi, as I mentioned, our regional fleet, we have it, along with our, our narrow body fleet and we're going to be really competitive.

正如我所提到的，我們將擴大我們的 WiFi 覆蓋範圍，我們的區域機隊，以及我們的窄體機隊，我們將具有真正的競爭力。

We're going to make sure that our customers are taken care of, and what they want, especially our most loyal customers.

我們將確保我們的客戶得到照顧，滿足他們的需求，尤其是我們最忠誠的客戶。

We're going to make sure that they're protected and taken care of.

我們將確保他們受到保護和照顧。

We already, offer a number of opportunities for our customers to engage with us on a fee basis and also on a free basis with some partners.

我們已經為客戶提供了許多付費與我們合作的機會，也免費與一些合作夥伴合作。

We'll keep an eye on that and make sure that we don't fall short even for a second.

我們將密切關注這一點，並確保我們一秒鐘都不會落後。

Thanks.

謝謝。

That's really helpful.

這真的很有幫助。

Thanks.

謝謝。

And then just quickly on the with the CapEx, some of that shifting to the right, would you look to accelerate any debt pay down?

然後，就資本支出而言，其中一些向右移動，您是否會尋求加速債務償還？

Thanks again for the time.

再次感謝您抽出時間。

It's a good question, a fair question right now.

這是一個好問題，現在是一個公平的問題。

We feel pretty good about the outlook with what we're doing on total debt reduction, we stay consistent with our goal of $15 billion of total debt reduction.

我們對總債務削減工作的前景感到非常滿意，我們與總債務削減 150 億美元的目標保持一致。

Right now, we have two maturities in 2025 that will have some options around whether we do a refinancing on those maturities or if we pay down and that will be dependent on where we're at with free cash flow and our liquidity outlook.

目前，我們在 2025 年有兩個到期日，我們可以選擇是否對這些到期日進行再融資或是否還款，這將取決於我們的自由現金流狀況和流動性前景。

But for now, we're feeling really good about the $15 billion total debt reduction goal.

但就目前而言，我們對 150 億美元的總債務削減目標感到非常滿意。

And yeah, we may look to advance that or further reduce debt depending on what happens throughout 2025.

是的，我們可能會尋求推進或進一步減少債務，這取決於 2025 年全年發生的情況。

Daniel Mckenzie, Seaport Global.

丹尼爾·麥肯齊，海港全球公司。

Hey, thanks, good morning, guys.

嘿，謝謝，早上好，夥計們。

Going back to technology being a key item and your comment on IT investments.

回到科技這個關鍵項目以及您對 IT 投資的評論。

I understand I can drive improved maintenance, but on revenue, is there a revenue opportunity from getting the right offer in front of the customer at the right time?

我知道我可以推動改善維護，但就收入而言，在正確的時間向客戶提供正確的報價是否有收入機會？

And for those with a longer time frame, what does the upside look from look like from that potential upsell?

對於那些時間較長的人來說，潛在的追加銷售會帶來什麼好處？

So I'll start Steve, you can add on to this as well.

所以我將從史蒂夫開始，你也可以補充這一點。

I'll just start with this, Dan.

我就從這個開始吧，丹。

First off, we've invested $12 billion in terms of technology over the last decade.

首先，過去十年我們在科技方面投資了 120 億美元。

And that kind of investment is going to continue as part of where we focus our efforts and whether it's in operations which, David covered to a certain extent or our operations control, which is definitely something that is an area of focus, attention is on our customers, making sure that we're as easy to do business as possible that they can afford themselves of everything that they want in terms of services and amenities and that they have the control for that.

這種投資將繼續作為我們重點工作的一部分，無論是大衛在一定程度上涵蓋的營運還是我們的營運控制，這絕對是一個重點領域，注意力集中在我們的業務上。可能輕鬆地開展業務，使他們能夠負擔得起他們想要的一切服務和便利設施，並且他們對此擁有控制權。

So you'll continue to see a invest in things that make us easy to do business with, and as part of that, and tying back to our product strategy, we know customers want access to more premium products making that available to them in an easy fashion is going to be a focus.

因此，您將繼續看到我們對那些使我們易於開展業務的事物進行投資，作為其中的一部分，並與我們的產品策略聯繫起來，我們知道客戶希望獲得更多優質產品，從而以更便捷的方式向他們提供這些產品。

I'm not going to put a number on it right now, but it's a big effort.

我現在不打算給出具體數字，但這是一個巨大的努力。

Steve?

史蒂夫？

Thanks Robert.

謝謝羅伯特。

Then I just add -- I'II as you might guess, spend most of my time focusing on some of the issues that we've been discussing over the last two earnings calls.

然後我補充一下——正如你可能猜到的那樣，我把大部分時間都花在了我們在過去兩次財報電話會議上討論的一些問題上。

But all of my free time is focused on excitement about what new technologies and artificial intelligence can do to help us both deliver better products to customers, more tailored products to customers, engage better with our customers.

但我所有的空閒時間都集中在對新技術和人工智慧的興奮上，這些新技術和人工智慧可以幫助我們為客戶提供更好的產品，為客戶提供更量身定制的產品，更好地與客戶互動。

And ultimately improve revenues, it's really an exciting part of the business and we're very focused on it.

最終提高收入，這確實是業務中令人興奮的部分，我們非常關注它。

Thanks for the question.

謝謝你的提問。

Yeah.

是的。

And if I could just follow up with one more on AI driving improved efficiency because that's exactly what I was getting.

如果我能再跟進一篇關於人工智慧推動效率提高的文章，因為這正是我所得到的。

At bigger picture, what do you want the efficiency metrics to look like, say one or two years from now?

從更大的角度來看，您希望一兩年後的效率指標是什麼樣子？

And what kind of cost savings could that potentially imply?

這可能意味著什麼樣的成本節約？

So I'll start Devon can add into this.

所以我將開始德文郡可以添加到此。

Look, we're intent on margin expansion.

看，我們致力於擴大利潤率。

And one of the efforts that I asked Devin to take on, now, well, over a year ago, almost we're a year and a half into it was re-engineering the company, from an efficiency perspective, the first effort down that path was really to make sure that we're getting the most out of the assets that we have today, the relationships that we have today.

我要求德文現在所做的一項努力，嗯，一年多前，差不多我們已經做了一年半了，就是從效率的角度重新設計公司，這是第一個努力我們的道路實際上是確保我們能夠充分利用我們今天擁有的資產和我們今天擁有的關係。

So, everything from, purchasing to freeing up working capital to, just doing things in a better fashion, a little bit better fashion than we do today.

因此，從採購到釋放營運資金，再到以更好的方式做事，比我們今天做得更好一點。

Those efforts have paid off.

這些努力得到了回報。

I think that in Devon's comments, he mentioned that we're on track for producing $400 million in terms of savings in 2024 which will grow as we move into 2025 freeing up working capital as well.

我認為，在 Devon 的評論中，他提到我們預計在 2024 年節省 4 億美元，隨著我們進入 2025 年，這一數字還將增長，同時釋放營運資金。

We're not going to stop at this first effort in terms of re-engineering.

我們不會止步於重新設計的第一步。

The next effort will then be to put an AI lens to everything that we do.

接下來的努力將是將人工智慧鏡頭應用到我們所做的一切。

And on that front, I'm really pleased with the collaboration between Devon May, our Chief Financial Officer and Ganesh Jayaram, our Head of Information & Technology and Digital.

在這方面，我對我們的財務長 Devon May 和我們的資訊科技及數位主管 Ganesh Jayaram 之間的合作感到非常滿意。

They're both on it, and we look forward to talking more about our efforts as we get into 2025.

他們都在努力，我們期待在進入 2025 年時更多地談論我們的努力。

Yeah, I really don't have much to add, we're really proud of the progress we have made so far to drive efficiencies in the business.

是的，我真的沒有太多要補充的，我們對迄今為止在提高業務效率方面取得的進展感到非常自豪。

I think it's a huge opportunity ahead.

我認為這是一個巨大的機會。

You're going to see it in metrics like we talked about at Investor Day.

您將在我們在投資者日討論的指標中看到它。

Things like this year, we're growing the airline 5.5%, but we're growing our head count by 1%.

像今年一樣，我們的航空公司規模成長了 5.5%，但我們的員工人數增加了 1%。

I think you'll see the same types of outcomes as we invest more into GenAI and other technologies that are going to allow us to better utilize our assets, better utilize our people and better serve our customers.

我認為，當我們對GenAI 和其他技術進行更多投資時，您會看到相同類型的結果，這些技術將使我們能夠更好地利用我們的資產、更好地利用我們的員工並更好地為我們的客戶提供服務。

(Operator Instructions)

（操作員說明）

Mary Schlangenstein, Bloomberg.

瑪麗‧施蘭根斯坦，彭博社。

Thank you.

謝謝。

Good morning.

早安.

See as you guys work on your corporate rebuilding strategy, and trying to win that business.

看看你們正在製定企業重建策略，並努力贏得業務。

Can you say at this point?

此時你能說嗎？

What was the main point of where you went wrong?

你出錯的主要點是什麼？

At what point did you realize that your strategy was the wrong strategy?

您什麼時候意識到您的策略是錯的？

And how did it get to that point?

又是如何走到這一步的呢？

If you could just kind of maybe break that down just a little bit?

如果你能稍微分解一下嗎？

So Mary, I'll repeat what I said in the second quarter.

瑪麗，我將重複我在第二季度所說的話。

Look, our revenue performance fell off as we moved into the second quarter of this year, it became noticeable, and it'd be something and something that we knew we had to address.

看，當我們進入今年第二季時，我們的收入業績下降了，這變得很明顯，這是我們知道必須解決的問題。

In terms of the efforts that we were trying to bring about, which is, technology change and really trying to spur the marketplace.

就我們試圖帶來的努力而言，即技術變革並真正努力刺激市場。

We have to be conscious of the competitive environment, we have to be conscious of technology.

我們必須意識到競爭環境，我們必須意識到技術。

And most importantly, we have to be conscious of what our customers want at the end of the day.

最重要的是，我們必須意識到客戶最終想要什麼。

We absolutely can do a better job listening.

我們絕對可以做得更好。

Steve is engaged on that front.

史蒂夫正致力於這方面的工作。

I'm pleased with the progress we're making in getting back and re-establishing our commitment to customers.

我對我們在恢復和重建對客戶的承諾方面所取得的進展感到高興。

And I know that the revenue rebound is going to follow from that effort.

我知道，這項努力將會帶來營收反彈。

So do you feel in retrospect, like there wasn't perhaps enough oversight to make sure.

回想起來，您是否覺得可能沒有足夠的監督來確保這一點。

Before you lost business that you weren't taking the wrong steps.

在你失去生意之前，你沒有採取錯誤的步驟。

Mary, this is an opportunity for us, and it's up sided American as we regain our share, that's something that I think that is unique to American and we're intent on doing that and serving our customers, how they want to be served.

瑪麗，這對我們來說是一個機會，隨著我們重新獲得份額，這對美國來說是有利的，我認為這是美國獨有的，我們致力於做到這一點，並為我們的客戶提供他們想要的服務。

And in that case, we have a lot of customers that really want to invest in technology and move forward.

在這種情況下，我們有很多真正想要投資技術並向前發展的客戶。

We have other customers that, really want to take a different approach.

我們還有其他客戶確實希望採取不同的方法。

We're going to make sure that we're serving them all.

我們將確保為他們所有人提供服務。

We are in the business of taking care of customers, all customers, and making sure that they have a place at American and feel like they're well taken care of.

我們的職責是照顧顧客，所有顧客，並確保他們在美國航空擁有一席之地，並感覺自己受到了很好的照顧。

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Hi, good morning, everyone.

嗨，大家早安。

I was wondering if you have an update on the cabin refurbishment for the 777 and 321.

我想知道您是否有關於 777 和 321 客艙翻新的最新消息。

Those seem to be a bit behind schedule.

這些似乎有點落後於計劃。

When do you expect those to be complete or make some progress there?

您預計這些工作何時完成或取得一些進展？

And then, secondly, do you have any idea if there's a kind of a lull in bookings around the election?

其次，您是否知道選舉前後的預訂是否會出現某種平靜？

And is it any different in its scale than previous elections?

這次選舉的規模與以往的選舉有什麼不同嗎？

Thanks.

謝謝。

Thanks Leslie.

謝謝萊斯利。

I'll start with the last which is, look, we expect there to be some distraction around Halloween in the election.

我將從最後一個開始，我們預計萬聖節前後的選舉會出現一些幹擾。

We adjusted our capacity to account for that.

我們調整了產能以解決這個問題。

So, it's not surprising.

所以，這並不奇怪。

And as I said, the October and December certainly look very strong and the thanks giving holiday as well.

正如我所說，十月和十二月當然看起來非常強勁，感恩節假期也是如此。

So, we're pleased what we see overall.

因此，我們對整體所看到的感到滿意。

I just have to be cognizant that during election time.

我只需要在選舉期間認識到這一點。

And Halloween, there's usually a little bit of a tapering off of demand.

萬聖節期間，需求通常會減少。

In terms of, any reconfigurations we're doing.

就我們正在進行的任何重新配置​​而言。

We have 777-300s, we have 319s and 320s, that will all be going into modification work.

我們有 777-300、319 和 320，這些都將進入改裝工作。

Those all vary in terms of timing.

這些都在時間上有所不同。

The 777-300s, are more likely towards the end of, as we get out of the summer of 2025 other programs will be started, and progress over time.

777-300 更有可能在 2025 年夏季結束後啟動其他計劃，並隨著時間的推移而取得進展。

The biggest thing, I can say on all those fronts though is that we are dependent on the supply chain.

但我可以說，在所有這些方面，最重要的是我們依賴供應鏈。

Right now, that supply chain especially in regard to seats is very tight.

目前，該供應鏈尤其是座椅方面的供應鏈非常緊張。

And so, message to our suppliers, our partners are to work with us to make sure that we get those that equipment on dock as expected and we're really pushing to make sure that that's the case right now.

因此，向我們的供應商、我們的合作夥伴傳達的訊息是，我們將與我們合作，確保我們按預期將這些設備送到碼頭，我們正在努力確保現在的情況確實如此。

This concludes the Q&A portion of the call.

電話問答部分到此結束。

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

現在我想請羅伯特·伊索姆（Robert Isom）致閉幕詞。

Sir?

先生？

Well, thanks, thanks for that, and thanks everybody for making time for us.

嗯，謝謝，謝謝，也謝謝大家為我們騰出時間。

I will, close with this.

我會的，就此結束。

I'm pleased with the progress that we're making.

我對我們所取得的進展感到滿意。

It's great to get back on track, delivering on what we say we're going to do.

很高興回到正軌，實現我們所說的我們要做的事情。

That's been something that I wanted to make sure is the Hallmark of American and we're going to get back on track to doing that.

我想確保這成為美國的標誌，我們將回到正軌來做到這一點。

And to that end, this is about making sure, we deliver on some of the things that we talked about in Investor Day, and that is making sure that we have margin expansion, free cash flow production, strengthening of the balance sheet.

為此，我們要確保我們兌現我們在投資者日討論的一些事情，即確保我們實現利潤率擴張、自由現金流生產、加強資產負債表。

The kind of things that we talked about today, in terms of regaining share, competing vigorously, establishing a new co-brand credit card relationship, all of those are upside for American.

我們今天談到的這些事情，從重新獲得市場份額、激烈競爭、建立新的聯名信用卡關係來看，所有這些對美國航空來說都是有利的。

So, as we, we work through 2025, I know that these are all going to take root and I'm very optimistic about our future.

因此，當我們努力工作到 2025 年時，我知道這些都會紮根，我對我們的未來非常樂觀。

Want to give a shout out to our team.

想為我們的團隊大聲喊叫。

It's never been harder to run an airline and industry leading reliability and circumstances that we have I think is just an incredible accomplishment.

經營一家航空公司和領先業界的可靠性和環境從未如此困難，我認為這是一項令人難以置信的成就。

Thank you very much for your time.

非常感謝您抽出時間。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。