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。

At this time. All participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone to remove yourself from the queue. You may press star 11 again.

此時。所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節，在會議期間提出問題。您需要按電話上的星號 11 將自己從佇列中刪除。您可以再按星號 11。

I would now like to hand the call over to Scott Long VP of investor relations and corporate development. Please go ahead.

我現在想將電話轉交給投資者關係和企業發展副總裁 Scott Long。請繼續。

Thank you Latif. Good morning and welcome to the American Airlines Group third quarter, 2024 earnings conference call on the call with prepared remarks. We have our CEO Robert Isom and our CFO Devin may.

謝謝拉蒂夫。早上好，歡迎參加美國航空集團 2024 年第三季財報電話會議，並在電話會議上發表了準備好的演講。我們有執行長羅伯特·伊索姆（Robert Isom）和財務長德文·梅（Devin 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.

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 Devin will follow with details on the third quarter. In addition to outlining our operating plans and outlook going forward.

羅伯特將在電話會議開始時概述我們的表現。德文將隨後提供第三季的詳細資訊。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 to get in as many questions as possible. Please limit yourself to one question and one follow up.

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，以盡可能提出問題。請限制自己提出一個問題並進行一項跟進。

Now, before we begin today, we must state that today's call contains forward-looking statements including statements concerning future revenues costs, forecast of capacity and fleet plans. These statements represent our predictions and expectations of future events. But numerous risks and uncertainties could cause actual results to differ from those projected information about some of these risks and uncertainties can be found in our earnings press release which was issued this morning as well as our form 10-Q for the quarter ended September 30th 2024.

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。這些陳述代表了我們對未來事件的預測和期望。但許多風險和不確定性可能導致實際結果與預測的結果有所不同，有關其中一些風險和不確定性的信息可以在我們今天上午發布的收益新聞稿以及截至2024 年9 月30 日的季度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. 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.

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。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.

本次電話會議的網路廣播也將存檔在我們的網站上。我們今天早上在電話中向您提供的資訊是截至今天的日期，我們不承擔隨後更新資訊的義務。

Thank you for your interest and for joining us this morning. And with that, I'll turn the call over to our CEO Robert Isom.

感謝您的關注並今天早上加入我們。接下來，我會將電話轉給我們的執行長羅伯特·伊索姆 (Robert Isom)。

Thanks Scott and good morning. Everyone before we begin, I want to acknowledge the devastation caused by the recent hurricanes in the eastern United States. 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.

謝謝斯科特，早安。在我們開始之前，我想先向大家致謝最近美國東部颶風造成的破壞。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 eight tons of critical supplies to impacted regions.

此外，我們的貨運團隊已將超過八噸的關鍵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, our thoughts are with the communities is affected by these disasters and we'll continue to support recovery efforts now to the results today, American reported a third quarter adjusted pre tax profit of $271 million.

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，以幫助那些受海倫·米爾頓 (Helene Milton) 和其他重大天氣事件影響的人們。今年，我們的想法是與受這些災難影響的社區在一起，我們將繼續支持恢復工作，直到今天的結果，美國航空報告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 with third quarter adjusted earnings per diluted share of $0.30.

這項獲利結果高於我們 7 月發布的指引，第三季調整後每股攤薄收益為 0.30 美元。

I'm especially proud of this result. Given the operational challenges the team faced in the quarter, most notably, the impact of hurricanes, Debbie and Helene and the crowd strike outage.

我對這個結果感到特別自豪。鑑於團隊在本季面臨的營運挑戰，最明顯的是颶風、黛比和海倫的影響以及人群罷工停電。

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. We're intently focused on delivering on our commitments in this quarter. We did just that on to our third quarter revenue performance. Trasm was down 2% in the quarter 1.5 points better than the midpoint of our prior guidance.

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，同時也保持了可靠的營運。我們在本季專注於兌現我們的承諾。我們對第三季的營收表現就是這樣做的。 Trasm 本季下跌 2%，比我們先前指引的中位數高出 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.

國內的。 Prasm 年減 3.1%，由於產業產能成長自 7 月開始放緩，本季業績有所改善。

Importantly, flown yields in September were positive year over year and we were able to narrow the competitive load factor. GAAP 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，我們能夠縮小競爭性的載客率。我們在去年第三季看到了公認會計原則。

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 demand for American's product remains strong as evidenced by the continued strength of our business premium and loyalty revenue. Performance managed business revenue was up 6% year over year and we continue to see yield strength in the segment.

雖然是短程航線，但拉丁拉姆本季表現不佳。從第二季度到第三季度，該地區實現了最大的環比改善。在產業供應改善的推動下，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的持續強勁就證明了這一點。績效管理業務收入年增 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, paid load factor in our premium cabins remains historically high and was up more than four points year over year with strength in both domestic and international royalty revenues were up approximately 5% year over year. With advantage members responsible for 72% of premium cabin revenue 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 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.

高級艙位收入年增約 8%，運力增加 3%，高級客艙的付費載客率仍處於歷史高位，年增約 4 個百分點，國內和國際特許權使用費收入均成長約 5%年復一年。優勢會員佔高級客艙營收的 72%，我們的聯名信用卡支出在第三季年增了約 7%，凸顯了美國航空忠誠度計畫如今的價值。展望七月，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 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.

我們知道成功最終將透過近期收入和收益的改善來衡量。我們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. However, the booking trajectory through the quarter is encouraging American's corporate and agency flown revenue share bottomed at 11% below our historical share.

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。然而，本季的預訂軌跡令人鼓舞，美國航空的企業和代理航班收入份額已降至比歷史份額低 11% 的低點。

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 TM CS and agencies.

在第三季。我們繼續與最大的 TM CS 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. The program provides meaningful benefits including priority boarding, access to preferred seats and priority re accommodations during disruptions. Additionally, we have amended agreements with many of our top 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。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中斷期間優先重新安排住宿。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。我們為中小型企業量身定制的計劃在本季度繼續發展。

Our actions to expand the benefits which include bookings through agencies, enhanced program support and a more simplified enrollment process are clearly working. We expect to accelerate the growth of the program going forward concurrently. We've been engaged with our corporate and agency partners to ensure we're addressing the issues that matter most to our customers. 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 based on this feedback. We're confident we're taking the right actions.

我們擴大福利的行動，包括透過代理商預訂、加強計畫支援和更簡化的註冊流程，顯然正在發揮作用。我們期望同時加速該計劃的發展。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。我們普遍聽說，由於美國根據這項回饋提供的網路和旅行獎勵計劃，他們的世界更美好，擁有三家航空公司而不是兩家。我們相信我們正在採取正確的行動。

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

我們知道我們的收入完全恢復需要一些時間。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，我們將繼續不懈地致力於重建與商業客戶的關係，重新擁抱代理管道並使其更容易和美國人做生意。

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

現在，轉向我們的運營，美國航空團隊在第三季度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, Adage and hurricanes, Debbie and Helene. 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 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 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.

早些時候。我提到了空難罷工、格言和颶風、黛比和海倫的財務影響。如果不是我們團隊的快速恢復，這些中斷的成本可能會更大，這是我們在 9 月結束本季並過渡到秋季時對營運彈性的關注和投資的結果。我們看到了今年最好的營運業績，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，並且展望未來，我們希望能夠更有效地實現相同的營運可靠性。

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

現在，我將把它交給德文，分享更多有關我們第三季財務業績和第四季前景的資訊。

Thank you, Robert, excluding net special items, we reported a third quarter, net income of $205 million or adjusted earnings per diluted share of $0.30.

謝謝羅伯特，排除淨特殊項目，我們報告的第三季淨利潤為 2.05 億美元，調整後每股攤薄收益為 0.30 美元。

We produced record third quarter revenue of $13.6 billion. Up 1.2% year over year, our unit revenue was down 2% year over year on 3.2% more capacity.

我們第三季的營收達到創紀錄的 136 億美元。年增 1.2%，但由於產能增加 3.2%，我們的單位收入較去年同期下降 2%。

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

我們調整後的利潤率為 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. This is at the higher end of our guidance range due in part to expenses associated with the crowd strike disruption and two major hurricanes moving to our fleet for 2024. We now expect to take delivery of 17 new aircraft, seven of which are planned to be delivered between now and the end of the year. 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.

不包括淨特殊項目和燃料的單位成本年增 2.8%。這是我們指導範圍的高端，部分原因是由於人群罷工擾亂和 2024 年兩次重大颶風影響我們機隊相關的費用。 。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 PDPS）預計約為 17 億美元，總資本支出預計約為 26 億美元。比我們 7 月的指導減少了 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 three and $3.5 billion per year from 2026 to 2030.

我們仍預期到本十年末資本支出將處於適度水準。從 2026 年到 2030 年，飛機資本支出計畫平均每年達到 3 至 35 億美元。

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

第三季末，我們可用的流動資金總額為 118 億美元。我們在第三季產生了約 1.7 億美元的自由現金流，現在今年前三個季度產生了 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。我們仍然致力於實現到 2025 年底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 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.

正如我們在 7 月指出的那樣，我們在今年下半年迅速調整了產能成長，以更好地滿足需求和今年剩餘時間的計畫。目前已確定，我們預計第四季度產能將成長約 1% 至 3%，我們預計全年產能將成長約 5% 至 6%，與我們先前的指導一致。

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

我們預計第四季交通費將比 2023 年下降 1% 至 3%，全年交通費將下降 3% 至 4%。

We continue to focus on driving efficiency and productivity through our re engineering, the business initiatives, we are on track to deliver $400 million in cost savings this year with $300 million achieved through the third quarter. Additionally, we continue to expect to achieve more than $300 million in working capital improvement this year fourth quarter, CASM X is expected to be up approximately 4 to 6% year over year. 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 AP FA We expect our full year casmex to be up approximately 2 to 3% consistent with the guidance we provided in January as we continue to effectively manage expenses.

我們繼續專注於透過重新設計和業務計劃來提高效率和生產力，今年我們預計將實現 4 億美元的成本節約，第三季將實現 3 億美元的成本節約。此外，我們繼續預計今年第四季營運資金將實現超過 3 億美元的改善，CASM X 預計將年增約 4% 至 6%。單位成本環比增長主要是由於產能增長下降以及我們與 AP FA 新協議的影響所致。 。

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

我們目前對第四季度燃油價格的預測為每加侖 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 25¢ to 50¢ per diluted share.

根據我們目前的需求假設和燃料價格預測，我們預計第四季度調整後的營業利潤率將在 4.5% 至 6.5% 之間，稀釋後每股收益約為 25 美分至 50 美分。

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.

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。

We now expect to generate between one and $1.5 billion of free cash flow in 2024. This includes the impact of a one time bonus for a flight attendant of approximately $500 million.

我們現在預計到 2024 年將產生 1 至 15 億美元的自由現金流。

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我們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.

正如我們今年下半年實施的產能調整所顯示的那樣，我們將保持靈活性，並根據需求環境和競爭環境調整產能。我們經營於.

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 Devin.

謝謝德文。

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. We remain on track to achieve our balance sheet goals.

我們繼續保持歷史上強大的營運可靠性。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 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, 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, winning back the full share of revenue that we've lost will take some time. 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 to accomplish this. We need the entire American Airlines team working together and pulling in the same direction with the ratification of the new contract with the AP FA and our tentative agreement with the twim Association which covers our mechanics and fleet service team members.

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，同時透過我們在商業組織中所做的改變為我們的客戶和團隊提供更好的體驗。我們正在為成功奠定基礎。隨著我們重新獲得公司和代理商收入的份額，我們將繼續在這些努力上取得進展。傾聽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，贏回我們損失的全部收入份額將需要一些時間。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，這將提高我們的利潤，產生可持續的自由現金流，並通過減少債務繼續加強我們的資產負債表來實現這一點。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，批准與 AP FA 的新合約以及我們與 twim 協會（涵蓋我們的機械師和機隊服務團隊成員）的臨時協議。

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.

我們專注於兌現我們的承諾，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) Please stand by while we compile the Q&A roster our first question comes from the line of Andrew, Didora of Bank of America. Go ahead, Andrew.

（操作員說明）請稍候，我們正在編制問答名冊，我們的第一個問題來自美國銀行的安德魯·迪多拉。繼續吧，安德魯。

Hi, good morning everyone. First question for Robert. You know, I guess when I look at your total revenue growth, it's been sort of flattish and for the last six quarters here, you know, obviously, you know, trailing GDP. But also, I mean, other global carriers, can you, you know, 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?

嗨，大家早安。第一個問題是問羅伯特。你知道，我想當我看到你的總收入成長時，它有點平淡，而且在過去的六個季度裡，你知道，你知道，你知道，你知道，落後於 GDP。但我的意思是，其他全球航空公司，你認為你能回到 GDP 類型的收入成長嗎？

Oh, thanks Andrew. I appreciate that. And, and the answer to that is for sure. So I'll start with this, that we did some damage to ourselves with their sales and distribution strategy. You've heard us talk a lot about that. I'm really pleased with what I see in terms of the recovery of that. We grew our, our corporate managed business in the third quarter by 6%. We can do better than that. And I know that that's something that we can achieve 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, 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. As you, as I mentioned earlier today, we bottomed out at, corporate agency, indirect, share to, compared to historical averages of about 11% down. And as we exit, September, we know that we've recovered back to about 7% down. So I can see that 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. And then finally, I know that we'll make some progress in being more competitive in terms of our, our co brand relationship and what that can bring to our business as well. So I've got a lot of confidence and pleased with the, the, the progress that I see so far.

哦，謝謝安德魯。我很欣賞這一點。而且，答案是肯定的。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。你已經聽我們談論過很多關於這個的事情了。我對所看到的恢復情況感到非常滿意。第三季我們的企業管理業務成長了 6%。我們可以做得更好。我知道，當我們審視我們為贏回這一份額所付出的努力時，我們就能實現這一目標。無論是恢復全部內容、談判新交易，或是加強與我們的代理商合作夥伴和企業合作夥伴的現有交易。這一切都在進行中，並且正在紮根，這在我們的四次預訂中得到了體現。正如我今天早些時候提到的，我們的企業代理間接份額已觸底，與歷史平均水平相比下降了約 11%。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。因此，我可以看到這一進展仍在繼續，我將僅從產品角度談談我們網路和合作夥伴關係的實力以及競爭。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。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. And, and on that cobri standpoint, you know, perspective, I guess there was a press article last month that spoke about you potentially consolidating your card program with just City. You know, where do negotiations stand with regards to new economics there? And I think at Investor Day, we're talking about maybe timeline by, by year end 2024 in terms of, you know, potential timeline of getting a deal across the, the finish line. Does that still seem reasonable? Thank you.

知道了。而且，從 cobri 的角度來看，我想上個月有一篇新聞文章談到您可能會與曼城合併您的信用卡計劃。你知道那裡關於新經濟的談判進展如何嗎？我認為在投資者日，我們討論的可能是 2024 年底之前的時間表，即跨越終點線達成交易的潛在時間表。這看起來仍然合理嗎？謝謝。

Good. Thanks for the question on that. I'm going to hand that over Steve.

好的。感謝您提出這個問題。我要把它交給史蒂夫。

Hey, thanks, Andrew. We, we have two really exceptional friends and partners in City and Barclays. 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. We, I think in terms of talking about our progress, I'm actually going to give a salute to the Dodgers and, and more importantly to Steve Trent, who actually framed this question in July in terms of a baseball game, and I'd say that I characterized our progress as the bottom of the seventh inning at this point.

嘿，謝謝，安德魯。我們在曼城和巴克萊銀行有兩個非常出色的朋友和合作夥伴。我想大聲疾呼。我的意思是，我們共同努力創建了一個非常棒的項目，我認為它有一個美好的未來。我們，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，他實際上在七月份以棒球比賽的形式提出了這個問題，而我'我想說的是，此時我將我們的進展描述為第七局的底部。

Thank you.

謝謝。

Our next question comes from the line of Scott Group of Wolf research. Please go ahead, Scott.

我們的下一個問題來自沃爾夫研究的斯科特小組。請繼續，斯科特。

Hey, thanks, good morning guys. So, rasm was down 2% in the third quarter. I presumably improved throughout the quarter. 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.

嘿，謝謝，大家早安。因此，rasm 在第三季下降了 2%。我大概整季都有進步。我想，第四季度的指導方針從 1 下降到 3，並不真正意味著任何漸進的改進和任何關於原因的顏色，然後可能是任何區域顏色。

So Scott, I'll, I'll, I'll start, you know, first off as we take a look at the 4th 4th 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. But as, 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, for January, as, as well. We've got some capacity growth in, in the, in the quarter. But it's, you know, it's modest and it's been reduced considerably. And we're going to work hard to, to, to make sure we deliver on, on the forecast that we've produced.

所以史考特，我會，我會，我會開始，你知道，首先我們來看看第四季的情況。我確實看到整體需求強勁，但這個季度的 10 月和我認為 12 月都強勁，在預期的疲軟和萬聖節前後選舉前後的需求方面存在一些噪音。但是，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，同樣適用於我們 1 月份的預訂情況，因為出色地。本季我們的產能有所成長。但你知道，這是適度的，而且已經大大減少了。我們將努力工作，確保我們實現我們所做的預測。

Okay. And then just secondly, you, you made a comment about low single digit capacity growth for 25. What do you think that any early thoughts on what that should mean for CASM and then the, you sound confident about the corporate recovery by the end of 25. What's the revenue opportunity from that?

好的。其次，您對 25 年的低個位數產能成長發表了評論。 ？

Hey, Scott, it's Devin. Yeah, we're not going to give Calvin guidance for 2025 right now. 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. We expect our competitors are going to have very similar chasm pressure. 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. But that's the main area beyond salaries and benefits. There'll be some other cost pressures, things like regional growing at a faster rate than main line. But I feel we've been the best in the business in managing our expenses over the past several years. And it will be a focus of ours in 2025 as well.

嘿，斯科特，我是德文。是的，我們現在不會向 Calvin 提供 2025 年的指導。但正如您所預料的那樣，我們在 2025 年面臨的最大阻力是我們在過去 18 個月中達成的 CBA 帶來的工資和福利的增加。我們預計我們的競爭對手將面臨非常相似的鴻溝壓力。但對我們來說，規劃的確定性是件好事。也強調了我們為營運留置權營運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。但這是薪資和福利之外的主要領域。還會有一些其他成本壓力，例如區域成長速度比主線更快。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。這也將是我們 2025 年的重點。

It's got in terms of, of revenue, you know, last quarter, I said that, you know, we think that in terms of higher yielding corporate agency related revenue, we're, we're missing out about a billion and a half dollars of, of, of revenue over a course of, of, of the year. Now, we've replaced some of that with, with lower yielding traffic, but our intent is to win the vast majority of that back over the course of 2025. And based on the efforts that we're, we're taking right now, I, I feel confident we'll be able to do that the cycle in which contracts are established for agencies and Corporates. It's, it's done, you know, on an annual basis and sometimes it even takes sometimes those, those contracts actually run over the course of a couple of years. But what we're seeing right now is a lot of reception. People want us back. I've talked to not only buy and, and, and purchasing team member from, from our Corporates and, and TM CS, but also the CEO S the world's better for them with another competitor in the mix. And so there's a lot of positive reaction to us getting more competitive, offering the services and amenities that are competitive.

就收入而言，你知道，上個季度，我說過，你知道，我們認為就高收益企業代理相關收入而言，我們錯過了大約 15 億美元一年中某段時間的收入。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 年之前贏回大部分流量。相信我們能夠在為機構和企業簽訂合約的周期中做到這一點。你知道，它是每年完成的，有時甚至需要這些合同，這些合約實際上會持續幾年。但我們現在看到的是大量的接待。人們希望我們回來。我不僅與來自我們公司和 TM CS 的採購團隊成員進行了交談，而且還與 CEO S 進行了交談，認為世界對他們來說與另一個競爭對手更加美好。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。

Thank you, our next question comes from the line of Michael Linenberg of Deutsche Bank. Please go ahead Michael.

謝謝，我們的下一個問題來自德意志銀行的 Michael Linenberg。請繼續，邁克爾。

Oh, yeah. Hey.

哦，是的。嘿。

Good morning everyone. You know, Robert, I want to touch back on, on the distribution chart where you show that sequential improvement. I, I get, you know, maybe every point is about 140 million on an annual basis. Where are we with the 1.5 billion hole? Is that still the hit this year? Despite the fact that, you know, we are starting to see improvement right now and the fact that we are seeing this type of improvement, It doesn't seem like you're really, you know, incorporating much of it in the fourth quarter, given the fat, the flat rasm or excuse me, the down 1 to 3% rasm guide similar to what you did in the September quarter.

大家早安。你知道，羅伯特，我想回顧一下分佈圖，你在其中顯示了連續的改進。我，我明白，你知道，也許每個點每年大約是 1.4 億。 15億的缺口我們在哪裡？今年這依然是熱門嗎？儘管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，但您知道，您似乎並沒有真正在第四季度將其中的大部分內容納入其中考慮到脂肪、平坦的rasm 或對不起，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. I'll just start with this. We've taken a very deliberate approach as we've sat down with our agency partners and, and corporate buyers. We've seen tremendous progress is that said evidence by for bookings but not a lot of that has showed up in the the, the third order. We expect to see more as we progress into the fourth quarter and then acceleration as we move in to 2025. Again, we gotta give a chance for the contracts to, to, to actually be in place changes to be changes to be made. And then ultimately, I'm looking for restoration on a, on a, on an accelerated basis as we move to 2025.

嗯，謝謝你的提問。我就從這個開始吧。當我們與我們的代理商合作夥伴和企業買家坐下來時，我們採取了非常審慎的方法。我們已經看到了預訂方面的巨大進展，但在第三個訂單中並沒有出現太多進展。我們預計，隨著進入第四季度，我們會看到更多，然後在進入 2025 年時會加速。最終，隨著我們邁向 2025 年，我正在尋求加速恢復。

Okay, great. And then just a capacity question. I do see that your supply is down a bit in some of your international markets like transatlantic and presumably that's being driven by airplanes that are going through a reconfiguration. Can you just talk about that reconfiguration program and maybe how many wide bodies it will take out? You know, if your fleet as you, as you expand your premium offering? Thanks for taking my questions.

好的，太好了。然後只是一個容量問題。我確實看到你們的一些國際市場（例如跨大西洋市場）的供應量有所下降，這可能是由正在經歷重新配置的飛機所推動的。你能談談那個重新配置計畫嗎？您知道，如果您的機隊像您一樣擴展您的優質產品嗎？感謝您回答我的問題。

No, thanks for that. And in terms of aircraft reconfigurations, triple 7 300 the 20 triple 7 300 that we have, they're due to start their reconfigurations next year. And we'll be talking more about that as we get into our 2025 planning cycle. But there's, there's not any of that as we take a look into four quarter. More what you're seeing is us just aligning the capacity to where we can you know, best utilize the aircraft and, and, and quite frankly serve our customers and, and, and generate the most revenue. So, one of the things you you've, you've seen is that the capacity has been I think, brought more into balance in, in London Heathrow. And that bodes well force. We're certainly seeing that in stronger London Heathrow yields Trans Atlantic as we move into the fourth quarter, overall, appears to be, you know, a fairly, a very solid 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.

不，謝謝你。在飛機重新配置方面，我們擁有 20 架三重 7 300 和 20 架三重 7 300，他們將於明年開始重新配置。當我們進入 2025 年規劃週期時，我們將更多地討論這一點。但當我們回顧第四季時，並沒有這些。您看到的更多的是，我們只是將運力調整到我們可以知道的程度，最好地利用飛機，並且，坦率地說，為我們的客戶提供服務，並且，並且產生最大的收入。所以，你所看到的一件事是，我認為倫敦希斯洛機場的容量已經更加平衡。這預示著力量的好兆頭。我們當然會看到，隨著我們進入第四季度，倫敦希思羅機場的跨大西洋航線的收益率更加強勁，總體而言，您知道，這似乎是相當非常穩定的，因此，隨著我們進入2025 年，這更多是一個飛機部署問題將能夠更多地談論重新配置對我們寬體機隊的影響。

Thank you. Our next question comes from the line. Excuse me. Our next question comes from the line of Jamie Baker of JP Morgan Securities. Your question, please, Jamie.

謝謝。我們的下一個問題來自線路。打擾一下。我們的下一個問題來自摩根大通證券的傑米貝克（Jamie Baker）。請提出你的問題，傑米。

Hey, good morning everybody. So, you know, if we look at the third quarter, nongaap earnings were, you know, pretty similar to those of, of last year's, you know, third quarter. But on fuel, that was 40¢ a gallon lower. If we look at the guide for the fourth quarter, you know, at the midpoint of EPS, you know, you're obviously up year on year, but on fuel, that's 70¢ lower.

嘿，大家早安。所以，如果我們看一下第三季度，非公認會計原則收益與去年第三季的收益非常相似。但在燃油方面，每加侖便宜 40 美分。如果我們看一下第四季度的指南，你知道，在每股收益的中點，你知道，你知道，你知道，你明顯同比增長，但在燃料方面，則低了 70 美分。

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. What do you think? Explains that?

關鍵是，如果我們在第四季為你的核心燃料正常化，那麼同比看起來會比第三季表現更差。你怎麼認為？解釋一下嗎？

Hey, James it, Devin. I think as we've always talked about, there's a relationship between fuel and revenue. So we have adjusted capacity. The industry has adjusted capacity to the current supply environment. Obviously, fuel is 70¢ higher. We would be producing slightly less capacity than we are today. I think the industry would probably be adjusting at the same time. So, none of this can be looked at in isolation. You, 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.

嘿，詹姆斯，德文。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。所以我們調整了產能。該行業已根據當前的供應環境調整了產能。顯然，燃油要高出 70 美分。我們的產能將比現在略少。我認為行業可能會同時進行調整。因此，所有這些都不能孤立地看待。你說得對，第四季的獲利相對持平，只是在中點略有上升，我們預計會做得更好。進入 2025 年，我們期待著利潤率的擴張。

And second, when we, and thanks Devin, when we think about management priorities, you know, Robert has said that, you know, he's spending a lot of time, you know, helping repair corporate relationships and, and, and progress is being made and operations are markedly improved, the balance sheet continues to improve. There's a loyalty kicker coming, you know, these are all good things. My question relates to the network. I'm curious what you think your greatest network deficiencies are and more importantly, does the, you know, does management have the appetite or is it a priority to address those deficiencies? Thanks in advance.

其次，當我們，感謝德文，當我們考慮管理優先事項時，你知道，羅伯特說過，你知道，他花了很多時間，你知道，幫助修復企業關係，並且，進展正在取得進展。明顯改善，資產負債表持續改善。忠誠度提升即將到來，你知道，這些都是好事。我的問題與網路有關。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？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, and, and notably regaining our, our corporate agency share, getting our co brand credit card, negotiated and then competing with on, on product and service, but in regard to the network, I, I look, I, we said at an Investor day and, and I'll underscore it again. We have, we have a fantastic network, it can take customers anywhere they want to get in the world. We have the best set of partnerships in the biggest business and, and travel destinations around the world. We've been aggressive in the past in terms of making sure that we shore up any, any deficiencies. Most notably, we have a relationship with the last airlines out on the west coast. We tried to, to strengthen our position on the east, on the east coast with, with, with the NE A. And as we take a look at going forward, you know, we're very focused on making sure our network appeals to, you know, customers, from a leisure basis, international and certainly from a business perspective. And as you take a look at what we're doing in, 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, since the pandemic. I'm really pleased with the product that we're putting in place, whether it's the lounges, the 321 Ts and ultimately the XL RS that will be, you know, flying transcon, the great relationship that we have with B A to set up, just the, the best, shuttle to London Heathrow. And the work that we're doing out on the West Coast again with, Alaska, our combined position, you know, certainly puts us a great strength and even on our own in the L A Basin airports, we have considerable strength. So it's about knitting all these things together and the utilizing to the, the, the, the greatest extent for the greatest benefit for our customers and making sure that we do our best to, to yield up wherever we can. We got a lot of work ahead of us, but that's all upside with the assets that we have today.

謝謝傑米，你看，我們現在的首要任務是確保我們充分利用我們擁有的資產，並且，特別是重新獲得我們的公司代理份額，獲得我們的聯合品牌信用卡，進行談判，然後與關於產品和服務，但關於網絡，我，我看，我，我們在投資者日說過，我會再次強調這一點。我們擁有一個出色的網絡，它可以將客戶帶到他們想去的世界任何地方。我們在全球最大的商業和旅遊目的地擁有最好的合作夥伴關係。過去我們一直積極確保彌補任何缺陷。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。我們試圖與 NE A 一起加強我們在東部、東海岸的地位。當然從商業的角度來看。當你看看我們在紐約和洛杉磯所做的事情時，我注意到，在紐約，在我們擁有的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航班自大流行以來我們一直制定的時間表。我對我們正在實施的產品感到非常滿意，無論是休息室、321 Ts 還是最終的 XL RS，您知道，飛行傳輸，我們與 B A 建立的良好關係，只是，最好的，班車到倫敦希思羅機場。我們再次在西海岸與阿拉斯加所做的工作，你知道，我們的綜合地位無疑使我們擁有強大的實力，甚至在洛杉磯盆地機場，我們也擁有相當大的實力。因此，關鍵是將所有這些事情結合在一起，並最大程度地利用，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。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。

Thank you.

謝謝。

Our next question comes from the line of Savi Syth of Raymond James. Please go ahead. Si.

我們的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的薩維賽斯 (Savi Syth)。請繼續。斯。

Hey, good morning. I was wondering if you could just going to follow up on Scott's question earlier. Provide a little bit more color in the fourth quarter trend here and you called out noise, you know, election. I think I'm, I was not sure if there was a Milton impact in there. I wonder if you could, you know, just help us understand the unit revenue guide that you provided and, and what the core trend might be both kind of in the domestic and, and, and the various international markets.

嘿，早安。我想知道你是否可以早些時候跟進斯科特的問題。在這裡為第四季度的趨勢提供更多的色彩，你喊出了噪音，你知道，選舉。我想我不確定那裡是否有米爾頓的影響。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, Ssy, what I'll say is we take a look at the fourth quarter, you know, overall and I'd say again there, their strength in demand. We're not going to have any trouble filling up our plans. I do think that that's a result of the supply and, and, and, and, and demand balance being you know, relatively more in shape. I think that that's going to progress as well. I think that, you know, from a supply perspective, we continue to see an improvement but the fourth quarter as a whole, strong October, some weakness in, in early parts of, of November as a result of, of Halloween and the election not unexpected. And as in fourth quarter, we see a lot of strength, I'm sorry, and, and as we move to December, see a lot of strength around the holidays, see a lot of strength over, over Thanksgiving as well. So people, people want to travel and, and we're very optimistic about how the bookings look for the fourth quarter.

是的，Ssy，我要說的是，我們看一下第四季度，你知道，總體而言，我會再說一遍，他們的需求強勁。我們在完成計劃時不會遇到任何麻煩。我確實認為這是供應和需求平衡的結果，你知道，相對而言，狀況更好。我認為這也會取得進展。我認為，從供應角度來看，我們繼續看到有所改善，但第四季度整體而言，十月份表現強勁，但由於萬聖節和選舉，十一月初出現了一些疲軟並不意外。很抱歉，與第四季度一樣，我們看到了很多力量，而且，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。人們想要旅行，而且我們對第四季的預訂情況非常樂觀。

I I appreciate that. And then just on the, I know it's very early days on the 2025 capacity growth and I appreciate the color there. Just curious, you know, in connection to the unit cost, headwinds mentioned maybe a little bit more regional growth than mainline. 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.

我很欣賞這一點。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。只是好奇，你知道，就單位成本而言，逆風提到的區域增長可能比主線多一點。我很好奇你是否能談談你對國內成長與近乎國際成長與國際成長的看法有多高。

Hey, so 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. It just doesn't drive a ton of A S MS. 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. The rest of the growth I think will be split relatively evenly, maybe a little more international than domestic. But we have a lot of plans develop a bit.

嘿，目前還沒有太多關於 2025 年實體增長的信息，但顯然區域增長將完全集中在國內。它只是不能驅動大量的 A S MS。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。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。但我們有很多計劃正在製定中。

And savvy just, you know, a little more color on that, you know, coming out of the pandemic, we really focused on restoring our sunbelt hubs to get them to the full capacity. You'll see us position more capacity than the northern, northern northern tier hubs. Regionals are going to give us you know, great flexibility and be able to make sure that we can take customers where they want to go when they want to go.

精明一點，你知道，在這一點上多一點色彩，你知道，從大流行中走出來，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。您將看到我們比北部、北部的北線樞紐擁有更多的運力。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。

Thank you. Our next question comes from the line of Connor Cunningham, a Malius research. Your question, please, Connor.

謝謝。我們的下一個問題來自康納·坎寧安（Connor Cunningham），馬利厄斯的研究人員。請提出你的問題，康納。

Hi everyone. Thank you. Maybe following up to, to Jamie's question. You know, on the product side, you're talking to your Corporates now pretty in, in depthly and, and I imagine you're, you're engaging with regular customers in general, but just have preferences changed at all in terms of on board experience. Now, you have United talking about free wifi. You have Southwest rolling out their premium experience. Just curious on how you view you how American's product kind of stacks up to the industry at this point. Thank you.

大家好。謝謝。也許是跟進傑米的問題。你知道，在產品方面，你現在正在與你的公司進行相當深入的交談，而且我想你正在與普通客戶打交道，但只是在偏好方面發生了變化船上經驗。現在，曼聯正在談論免費無線網路。西南航空正在向您推出他們的優質體驗。只是好奇您如何看待美國航空的產品目前在行業中的地位。謝謝。

Yeah, thanks Conor. I'll, I'll start with this. 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, over a quarter in, in, in 2023 over the third quarter in 2023. I think that bodes well for us, because it's, it's, 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%. And that's as a result of the reconfiguration of triple 73 hundreds. But as well as the introduction of the 787 nines with the flagship suites, XL RS and then also domestically reconfiguration of our three 20s and our, our three nineteens. So there's absolutely a preference. You know, from that perspective, I think that that's going to continue, I think we're going to be on, on the right side of the ledger on, on that in terms of product you mentioned, you know, customers want, you know, control and, and, and inconvenience. 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 are any, any, any type of disruptions as part of that, People want to be connected, you know, whenever and wherever they fly American was the first to get our narrow body fleet, fully equipped with a satellite based wifi. We're going to be expanding that for our large regional jet portfolio as well. So we'll be the first to have satellite based wifi on the combined narrow body and regional of fleet. 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. But you'll see us you know, invest in our product. We'll have flagship suites in terms of new deliveries on the XL RS and the 787 nines, those will have seatback video, those will also have international satellite wifi as well. And then, you know, from a services perspective on the ground, you know, same thing. We were the first to really up the game in terms of lounge experience with the flagship dining. And I'm really proud of the facility that we have in in New York with three lounge options that really set a standard. You'll see us next year, invest and roll out the new lounge experiences in, in, in Philadelphia and planning upgrades in, in other places throughout the system as well. 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. We're going to try to make sure that we'll engage them on that front. And overall, I, I think that the game plan for American is, is going to be very beneficial and unlocking a lot of value from a revenue perspective.

是的，謝謝康納。我會，我會從這個開始。顯然，人們更喜歡更優質的服務，您在我們的結果中會注意到的一件事是，與2023 年第三季相比，2023 年的保費收入成長了8%，超過了2023 年的四分之一。的高級座位將成長約20%。這是三重 73 百重新配置的結果。除了推出 787 9 和旗艦套件、XL RS 之外，我們還對我們的三架 20 和三架 19 進行了國內重新配置。所以絕對有偏好。你知道，從這個角度來看，我認為這將繼續下去，我認為我們將在分類帳的右側，就你提到的產品而言，你知道，客戶想要，你知道、控制和、和、和不便。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，並幫助他們康復。當出現任何、任何、任何類型的中斷時，人們都希望能夠保持聯繫，無論何時何地飛行，美國航空都是第一個配備完全配備衛星 WiFi 的窄體機隊。我們也將擴大我們的大型支線噴射機產品組合。因此，我們將成為第一個在窄體機隊和區域機隊上配備衛星 WiFi 的公司。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。但您會看到我們，投資我們的產品。我們將在新交付的 XL RS 和 787 9 上擁有旗艦套房，這些套房將配備座椅靠背視頻，這些套房還將配備國際衛星 WiFi。然後，你知道，從實地服務的角度來看，你知道，同樣的事情。我們是第一家真正提升旗艦餐廳休息室體驗的公司。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。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。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。我們將盡力確保在這方面與他們接觸。總的來說，我認為美國航空公司的遊戲計劃將非常有益，並從收入角度釋放大量價值。

Super detailed. Appreciate that Robert. And then, you know, you're talking about renegotiation with, with, with Corporates and engaging with them again, is that in line with your expectations, the the exit rate and then the, the word that caught me by surprise, I think was just you dropped the word competitive as you renegotiate the contract. Does that mean that the revenue recapture that you're seeing is coming in at a lower margin going forward? Thank you.

超詳細。很欣賞羅伯特.然後，你知道，你正在談論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，我想只是你在重新談判合約時放棄了「競爭」這個詞。這是否意味著您所看到的收入重新獲得的利潤率會降低？謝謝。

I, I'll start on this and Steve can, can fill 1st, 1st off. I'll just restate that the reaction I've received from the countless CEO and and, and professionals at the agencies and, and, and corporate buying groups has been thank goodness you're back. We want to engage, we want to engage in a way that is sustainable and profitable over the long run. So I've been very, very pleased with reception, Steve, you want to give us some more detail?

我，我將從這個開始，史蒂夫可以，可以填補第一個，第一個。我只想重申一下，我從無數執行長、機構和企業採購團體的專業人士那裡收到的反應是，謝天謝地，你們回來了。我們想要參與，我們想要以一種長期可持續且有利可圖的方式參與。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, the third quarter. There's been a couple of questions that I characterize as kind of why is it taking so long? But I mean, we, when I think about the last 90 days, we had a handful of objectives, I think that were immediate and, and, and needed to be focused on. I mean, first, we had to stabilize the ship and, and refocus the team, we've had a, you know, very significant disruption and I'm really pleased with the progress that we made on. That second, we needed to rebuild our foundation and our infrastructure for being able to participate in the traditional sales and distribution channels. I mean, that had largely been dismantled and we need to build that in a way that it would be lasting and that, you know, our, our partners would, you know, trust the fact that we were back in the game. And I think we made a really, we've made really significant progress on that. Third, and I think most importantly, we needed to reestablish and start redeveloping our relationships. I mean, that meant listening and listening to a lot of people. And ultimately getting past, you know, what a stage that was really anger and, and getting, you know, reacquainting ourselves with these people and, and, and, and regaining their trust in a way that was really important that meant talking to people. It meant negotiating agreements on a kind of a counterparty by counterparty basis and it just meant engagement and, and as Robert has said a couple of times, I mean, that's been really positive. We made a lot of progress on that and we've heard over and over and over again that the agencies, the TM CS our corporate customers that their world is better with three airlines competing instead of just two. Fourth, we wanted to shift some share. We talked about that and we said that we would measure ourselves by share and, and we accomplished that as Robert has mentioned a couple of times. Fifth, we wanted to outperform guidance. We hadn't done that in a long time and and we did that this time and, and I think everybody's really proud of that effort. 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. And I think we accomplished that in the third quarter as well. I mean, I, I'm not going to say that we're done or, 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 Devin and I really excited about what we can accomplish in the next 90 days in 2025.

是的，當然，也許更普遍的是第三季。我認為有幾個問題是為什麼要花這麼長時間？但我的意思是，當我回想過去 90 天時，我們有一些目標，我認為這些目標是直接的，並且需要專注於。我的意思是，首先，我們必須穩定船隻，並重新調整團隊的重點，我們遇到了非常嚴重的干擾，我對我們所取得的進展感到非常滿意。第二，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。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，你知道，我們的合作夥伴會相信我們又回到了遊戲中。我認為我們在這方面取得了非常重大的進展。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。我的意思是，這意味著要傾聽很多人的意見。最終，你知道，這是一個真正憤怒的階段，並且，你知道，重新認識這些人，並且，並且，並且，以一種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。這意味著在逐個對手方的基礎上談判協議，這意味著參與，正如羅伯特多次說過的那樣，我的意思是，這非常積極。我們在這方面取得了很大進展，我們一遍又一遍地聽到各機構、TM CS 我們的企業客戶認為，透過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。第四，我們想轉移一些份額。我們討論了這一點，並表示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。第五，我們希望跑贏指導。我們已經很久沒有這樣做了，而這次我們做到了，而且我認為每個人都為我們的努力感到自豪。最後，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。我認為我們在第三季也實現了這一目標。我的意思是，我不會說我們已經完成了，或者，或者任何類似還有大量工作要做的事情，但我想認為這是一個堅實的開始，我認為它擁有團隊羅伯特、德文和我對我們在2025 年接下來90 天內能夠實現的目標感到非常興奮。

Thank you.

謝謝。

Our next question comes from the line of Dwayne finig of Evercore. I si please go ahead, Dwayne.

我們的下一個問題來自 Evercore 的 Dwayne finig。請繼續，德韋恩。

Hey, good morning. Thanks. Just a couple on the fleet delays. I'm just wondering how impactful These are to your 2025 planning if you, if you have any sense for what your 2025 growth might have looked like absent any fleet delays or is this more about delaying aircraft retirements and then relatedly in, in a follow up to, how are you thinking about utilization expansion next year? Which I think was a big theme entering this year.

嘿，早安。謝謝。機隊中只有幾次延誤。我只是想知道這些對您的2025 年規劃有多大影響，如果您對在沒有任何機隊延誤的情況下2025 年的增長可能會是什麼樣子有任何了解，或者這更多的是關於推遲飛機退役，然後相關地，在以下內容中到目前為止，您對明年的利用率擴張有何看法？我認為這是今年的一個大主題。

Hey, Dwayne. Yeah, capacity for 2025 is being impacted by these delays. Like we're, we're fortunate to have a fleet that can run it pretty strong utilization. You know, 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. And we still met our capacity guidance for the year. 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. We, 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. 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. Mainline utilization maybe up slightly, but it won't be as material as what we've seen on the regional side.

嘿，德維恩。是的，2025 年的產能正受到這些延誤的影響。就像我們一樣，我們很幸運擁有一支可以以相當高的利用率運行的車隊。你知道，你看到今年與年初相比，我們交付的飛機數量可能比我們的預期少了 15 或 20 架或類似的數量。我們仍然達到了今年的產能指導。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。我們仍然認為，如果我們願意的話，並且如果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。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。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. Thanks. For that. And then, in terms of corporate share recovery, I don't know if you're willing to speak to this. But where, where do you think the old strategy hurt you the most geographically was the, was the share loss really even across your network in places like DFW and Charlotte and, and Steve, maybe your Dodgers shout out, gives us a clue. I don't want to read too much into it. But, where, where do you think this pivot will help you most.

謝謝。謝謝。為此。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。但是，您認為舊策略在地理上對您造成最大傷害的地方是，甚至在您的網絡中，例如DFW 和夏洛特，以及史蒂夫，也許您的道奇隊大喊大叫，都給了我們一個線索。我不想讀太多。但是，你認為這個支點在哪裡對你最有幫助。

Clearly in the big cities that are the most competed? New York, L A Chicago. We, we definitely were hurt disproportionately in places where we're less strong. And so, and that's what we're seeing as we see this start to come back. That's where it's starting to come back.

顯然在大城市中競爭最激烈？紐約、洛杉磯、芝加哥。我們，在我們不那麼強大的地方肯定受到了不成比例的傷害。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。這就是它開始回歸的地方。

Thank you.

謝謝。

Our next question comes from the line of Steven Trent of City. Your line is open, Steven.

我們的下一個問題來自曼城的史蒂文·特倫特。你的電話接通了，史蒂文。

Yes, good morning, gentlemen. And thanks for taking my time. Taking the time for my questions and to the other Steve on the call. We're, we're quite baseball focused here as well. So appreciate that. Just a bit of a follow up when I think about maintenance. I know you guys have a relatively young fleet. But have you thought about maybe other strategies, engine module swaps or using drones or, or these kind of things when you think about your aircraft maintenance strategy? Thank you.

是的，早安，先生們。感謝您抽出時間。花時間回答我的問題並回答電話中的另一個史蒂夫。我們在這裡也非常專注於棒球。所以很感激。當我考慮維護時，只需進行一點跟進。我知道你們有一支相對年輕的艦隊。但是，當您考慮飛機維護策略時，您是否考慮過其他策略，例如發動機模組交換或使用無人機，或者諸如此類的事情？謝謝。

So, I'll, I'll, I'll start, you know, and just, 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. You know, American is very well protected and resourced in environment where the supply chain struggles, especially around maintenance related items. We have the largest group of mechanics all represented by the twim Association of, of any carrier. We have the world's largest commercial maintenance overhaul base in, in, in Tulsa, Oklahoma 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 Mro si know that because of the kind of the turn times that we produce on our, our CFCFM 56 engines. So I think we, we're really well positioned in a world where there's constrained resources on top of that. And I'll let David Seymour, our chief operating operations officer speak. I know as well that we're bringing to bear the best in, in terms of technology to not only maintenance but all aspects of the operation.

所以，我會，我會，我會開始，你知道，首先，我認為，隨著我們進入 2025 年及以後，我認為該行業將繼續有一個資源短缺。您知道，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。我們擁有所有航空公司中最大的機械師團體，全部由 twim 協會代表。我們在俄克拉荷馬州塔爾薩擁有世界上最大的商業維護大修基地，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 si知道這一點是因為我們的CFCFM 56 引擎產生的周轉時間。所以我認為我們在一個資源有限的世界中確實處於有利地位。我將讓我們的營運長 David Seymour 發言。我也知道，我們不僅在維護方面，而且在營運的各個方面都在技術方面發揮了最好的作用。

Yeah, you know, Robert, thank you. The team is exploring all this and that's new technology that's out there. But we're looking at whether it's drones or using you know, high definition, you know, cameras to be able to pinpoint you know, damage, assess damage and, and those types of things that we would do ordinarily in a heavy check environment. So that field is starting to grow. We're definitely exploring options in that to get more efficient with what we do.

是的，你知道，羅伯特，謝謝你。團隊正在探索這一切，這是現有的新技術。但我們正在考慮是使用無人機還是使用高清攝影機來精確定位損壞、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。所以這個領域正在開始成長。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, I just add this technology is going to be a key item for us is, is as we look forward when we talk about aircraft utilization, we identifying any type of you know, improvement. You know, right now in a way that I think we can recover better than any other airline, we're using that, that technology and the tools that that David mentioned in terms of our training. And one of the things that you'll see is that through deployment of, you know, I basically ipads, you know, throughout the, the 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. So this is something that we're going to excel in. We're all really, really, really strong and it's going to be a differentiator for the company.

大衛，我只是補充說，這項技術將成為我們的關鍵項目，正如我們所期望的那樣，當我們談論飛機利用率時，我們會識別任何類型的改進。你知道，現在我認為我們可以比任何其他航空公司更好地恢復，我們正在使用大衛在我們的培訓中提到的技術和工具。你會看到的一件事是，透過部署，你知道，我基本上是 ipad，你知道，整個系統，無論是對於我們的飛行員和空服員，還是最終對於我們的機械師來說線，他們的工作變得更容易。所以這是我們要擅長的事。

Very helpful. Thank you very much Jens and just a quick follow up as well. All the changes you're making with, with corporate and what have you have you contemplated making any adjustments or any other adjustments in your frequent flyer program? For example, some of your competitors have mileage programs where you know, their points don't expire. Thank you.

非常有幫助。非常感謝 Jens 以及快速跟進。您與本公司所做的所有改變以及您是否考慮對常旅客計畫進行任何調整或任何其他調整？例如，您的一些競爭對手有里程計劃，您知道他們的積分不會過期。謝謝。

Well, from a loyalty perspective, look, we, we're, we're really proud of the Advantage program overall. We're constantly looking at ways to better engage our, our customers, not only from a loyalty perspective, but just also from a value perspective. 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. You'll see that we absolutely generate more value for our customers.

嗯，從忠誠度的角度來看，我們、我們、我們對整體優勢計畫感到非常自豪。我們不斷尋找更好地吸引我們的客戶的方法，不僅從忠誠度角度，而且從價值角度。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。您會發現我們絕對為客戶創造了更多價值。

Thank you. Our next question comes from the line of Tom Fitzgerald of TD Cohen. Your line is open, Tom.

謝謝。我們的下一個問題來自 TD Cohen 的湯姆·菲茨杰拉德 (Tom Fitzgerald)。你的電話接通了，湯姆。

Thank you so much for the time. Everyone. Thinking about.

非常感謝您抽出時間。每個人。思考著。

The wifi and is that you know, free wifi starts to become table stakes across the industry? Are you concerned at all about the revenue headwind that could present?

無線網絡，你知道嗎，免費無線網路開始成為整個產業的賭注？您是否擔心可能出現的收入逆風？

Well, Tom, thanks for the question. No, I'm not concerned because first off, you need to have a high speed wifi to be able to, you know, offer it, you know, at any level to give customers confidence that they'll be able to, to access and use it. We're going to be expanding coverage for our, 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. We're going to make sure that our customers are taken care of, and what they want, especially our, our most loyal customers. We're going to make sure that they're, they're protected and taken care of. We already, you know, offer a number of opportunities for our customers to engage with us on a fee basis and also on on a free basis with, with, with some partners. We'll keep, keep an eye on that and make sure that we don't fall short even for a second. Thanks.

嗯，湯姆，謝謝你的提問。不，我不擔心，因為首先，您需要有一個高速 wifi，以便能夠在任何級別提供高速 wifi，讓客戶相信他們能夠訪問並使用它。正如我所提到的，我們將擴大我們的無線網路覆蓋範圍，我們的區域機隊，我們的窄體機隊也擁有它，我們將具有真正的競爭力。我們將確保我們的客戶得到照顧，滿足他們的需求，特別是我們最忠誠的客戶。我們將確保他們受到保護和照顧。您知道，我們已經為我們的客戶提供了許多付費機會，也可以免費與一些合作夥伴合作。我們將繼續關注這一點，並確保我們不會落後一秒鐘。謝謝。

That's really helpful. Thanks. 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? Thanks again for the time.

這真的很有幫助。謝謝。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？再次感謝您抽出時間。

It's a good question, a fair question right now. We feel pretty good about the outlook with what we're doing on on total debt reduction, you know, we stay consistent with our goal of $15 billion of total debt reduction. 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 and our liquidity outlook. But for now, we're feeling really good about the $15 billion total debt reduction goal. And yeah, we, we may look to advance that or or further reduce debt depending on what happens throughout 2025.

這是一個好問題，現在是一個公平的問題。我們對總債務削減方面的前景感到非常滿意，你知道，我們與總債務削減 150 億美元的目標保持一致。現在。我們在 2025 年有兩個到期日，我們將有一些選擇，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。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。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。

Thank you.

謝謝。

Our next question comes from the line of Daniel mckenzie of Seaport Global. Please go ahead Daniel.

我們的下一個問題來自 Seaport Global 的 Daniel mckenzie。請繼續丹尼爾。

Oh, hey, thanks, good morning guys. Going back to technology being a key item and your, your comment on it, investments. You know, 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? And, and for those with a longer time frame, what does the upside look from look like from that potential Upsell?

哦，嘿，謝謝，大家早安。回到技術作為一個關鍵項目，以及你對它的評論，投資。您知道，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？而且，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 I'll start Steve, you can, you can add on to this as well. I'll just, I'll just start with, with this. Dan, you know, first off, we've invested billions $12 billion in terms of technology over the last decade and that kind of investment is going to continue as part of, of, of where we you know, focus our efforts and whether it's in operations which, you know, David covered to a certain extent or our operations control, which is definitely something that is, is, is the, 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, of services and amenities and that they have the the control for, for that. So you'll continue to see a invest in things that make us easy to do business with. And as part of that, and, 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. I'm not going to put a number on it right now, but it is, it's, it's a big effort.

所以我將從史蒂夫開始，你可以，你也可以對此進行補充。我就，我就從這個開始。丹，你知道，首先，過去十年我們在技術方面投資了數十億美元 120 億美元，這種投資將繼續作為我們的一部分，你知道，集中我們的努力，無論是在運營中，你知道，大衛在一定程度上涵蓋了我們的營運控制，這絕對是一個重點領域，注意力集中在我們的客戶身上，確保我們很容易盡可能開展業務，讓他們能夠負擔得起他們想要的一切，包括服務和便利設施，並且他們對此擁有控制權。因此，您將繼續看到對那些使我們易於開展業務的事物的投資。作為其中的一部分，並且與我們的產品策略相關，我們知道客戶希望獲得更多優質產品，以輕鬆的方式向他們提供這些產品將成為焦點。我現在不打算給出具體數字，但這是一項巨大的努力。

See.

看。

Thank thanks Robert. Then I just add II I 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. 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. You know, and ultimately improve revenues. It's really an exciting part of the business and we're we are very focused on it. Thanks for the question.

謝謝羅伯特。然後我只是補充一下，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。但我所有的空閒時間都集中在對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、更好地與客戶互動方面的興奮。你知道，最終會提高收入。這確實是業務中令人興奮的部分，我們非常關注它。謝謝你的提問。

Mm Yeah. And I could, if I could just follow up with Lynn more on A I driving improved efficiency because that's exactly what I was getting at. You know, bigger picture, you know, what do you want the efficiency metrics to look like, say one or two years from now? And what kind of cost savings could that potentially imply?

嗯是的。如果我能更專注於林恩，我就能提高效率，因為這正是我想要的。您知道，從更大的角度來看，您希望效率指標是什麼樣子，例如從現在起一兩年後？這可能意味著什麼樣的成本節約？

So I'll, I'll start Devin can add into this. Look, we're intent on margin expansion. And one of the efforts that I asked Devin to take on, now, you know, well, over a year ago, you know, almost we're a year and a half into it was re engineering. The company, you know, 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. So everything from, you know, purchasing to freeing up working capital to, you know, just doing things in a better fashion, a little bit better fashion than, than we do today. Those efforts have paid off. I think that in Devin's comments, he mentioned that we're on track for producing $400 million in terms of savings in 2020 2024 which will grow as we move into 2025 freeing up working capital as well.

所以我會，我會開始德文可以添加到此。看，我們致力於擴大利潤率。我要求德文現在所做的一項努力，你知道，嗯，一年多前，你知道，我們已經進行了一年半了，那就是重新設計。你知道，從效率的角度來看，公司在這條道路上的第一個努力實際上是確保我們充分利用我們今天擁有的資產和我們今天擁有的關係。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。這些努力得到了回報。我認為德文在評論中提到，我們預計在 2020 年和 2024 年節省 4 億美元，隨著我們進入 2025 年，這也將增加，同時釋放營運資金。

We're not going to stop at this first effort in terms of re engineering. The next effort will then be to put an A I lens to everything that we do. And on that front, I'm really pleased with the collaboration between Devin May our, our Chief Financial Officer and Ganesh Jam, our head of Information and Technology and Digital. They're both on it and we look forward to, to talking more about our efforts as we get into 2025.

我們不會止步於重新設計的第一次努力。接下來的努力就是將人工智慧鏡頭應用在我們所做的一切事情上。在這方面，我對我們的財務長 Devin May our 和我們的資訊科技及數位主管 Ganesh Jam 之間的合作感到非常滿意。他們都在關注這個問題，我們期待在進入 2025 年時更多地談論我們的努力。

Yeah, I, 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. I think it's a huge opportunity ahead. You're going to see it in metrics like we talked about at Investor Day. Things like this year, we're growing the airline 5.5% but we're growing our head count by a percent. I think you'll see the same types of outcomes as we invest more into Gen ai and other technologies that are going to allow us to better utilize our assets, better utilize our people and better serve our customers.

是的，我，我真的沒有太多要補充的，我們對所取得的進展感到非常自豪。到目前為止，我們已經努力提高業務效率。我認為這是一個巨大的機會。您將在我們在投資者日討論的指標中看到它。像今年一樣，我們的航空公司規模成長了 5.5%，但我們的員工人數卻增加了 1%。我認為，當我們對Gen ai 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。

Thank you analysts for your questions. At this time. The line is open to media. Please press star 11 on your telephone to remove yourself from the queue. You may press star 11 again. Again, the line is open to media questions. Please stand by while we compile the Q&A roster.

感謝分析師提出的問題。此時。該線路向媒體開放。請按電話上的星號 11 將自己從佇列中刪除。您可以再按星號 11。再次，該熱線接受媒體提問。我們正在整理問答名單，請稍候。

Thank you. Our first question comes from the line of Mary Slagen Stayin of Bloomberg. Your line is open Mary.

謝謝。我們的第一個問題來自彭博社的瑪麗‧斯拉根‧斯泰因 (Mary Slagen Stayin)。瑪麗，您的線路已開通。

Thank you. Good morning. See as you guys work on your corporate rebuilding strategy and trying to win that business. Can you say at this point? You know, what was the, the main point of where you went wrong? You know, at what point did you realize that your strategy was the wrong strategy? And, and you know, how did it get to that point? If you could just kind of maybe break that down just a little bit?

謝謝。早安.看看你們正在製定企業重建策略並努力贏得業務。此時你能說嗎？你知道，你出錯的主要原因是什麼嗎？你知道，你什麼時候意識到你的策略是錯的？而且，你知道，事情是怎麼走到這一步的？如果你能稍微分解一下嗎？

So Mary, I'll, I'll, you know, repeat what I said in, in the second quarter, look, our revenue performance fell off as, as we moved into the second quarter of, of, of this year, it became noticeable and it'd be something and something that we knew we had to address in terms of, of you know, the efforts that we were trying to bring about, which is, you know, technology change and really trying to spur the marketplace. We have to be conscious of the competitive environment, we have to be conscious of, of technology. And most importantly, we have to be conscious of what our customers want. At the end of the day, we absolutely can do a better job listening. Steve is engaged on that front. I'm, I'm pleased with the progress we're making in getting back and re establishing our commitment to customers. And I know that the the revenue rebound is going to follow from that effort.

所以瑪麗，我會，我會，你知道，重複我在第二季度所說的話，看，我們的收入業績下降了，因為當我們進入今年第二季度時，它變得引人注目，這將是我們知道我們必須解決的一些事情，你知道，我們試圖帶來的努力，這就是，你知道，技術變革並真正努力刺激市場。我們必須意識到競爭環境，我們必須意識到技術。最重要的是，我們必須意識到客戶的需求。歸根結底，我們絕對可以做得更好。史蒂夫正致力於這方面的工作。我對我們在恢復和重新確立對客戶的承諾方面所取得的進展感到高興。我知道，這項努力將會帶來營收反彈。

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

回想起來，您是否也覺得沒有足夠的監督來確保這一點。

Before you lost business that you weren't taking.

在你失去你沒有拿下的生意之前。

The wrong steps.

錯誤的步驟。

Mary, this is an opportunity for us and it's upsided American as we regain our share. That's something that I think that that is unique to American and we're intent on doing that and serving our customers, how they want to be served. And in that case, we have a lot of customers that really want to, to invest in, in, in technology and, and move forward. We have other customers that, you know, really want to take a different approach. We're going to make sure that we're serving them all. We, we're, we, 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.

瑪麗，這對我們來說是一個機會，當我們重新獲得份額時，這對美國來說是有利的。我認為這是美國航空獨有的，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。在這種情況下，我們有很多客戶真正想要投資、投資、技術並向前邁進。您知道，我們還有其他客戶確實希望採取不同的方法。我們將確保為他們所有人提供服務。我們、我們、我們、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。

Thank you. Our next question comes from the line of Leslie Joseph of C NBC. Your question, please, Leslie.

謝謝。我們的下一個問題來自 C NBC 的萊斯利·約瑟夫 (Leslie Joseph)。請提出你的問題，萊斯利。

Hi, good morning, everyone. I was wondering if you have an update on the cabin refurbishment for the triple seven and 321. Those seem to be a bit behind schedule. When do you expect those to be complete or, or make some progress there? And then, secondly, do you have any idea if there's a kind of a lull in bookings around the election? And is it any different in, in its scale than, than previous elections? Thanks.

嗨，大家早安。我想知道您是否有關於三七和 321 客艙翻新的最新消息。您預計這些工作什麼時候能夠完成或取得一些進展？其次，您是否知道選舉期間預訂是否會出現某種平靜？這次選舉的規模與之前的選舉相比有什麼不同嗎？謝謝。

Thanks Leslie. I'll, I'll, I'll start with the last which is, look, we, we expect there to be some distraction around Halloween in the, in the election. We adjusted our capacity to account for that. So it's not surprising. And as as I said, the October and December certainly look very strong and, and, and the Thanksgiving holiday as well. So we're, we're pleased what we see overall. I just have to be cognizant that you know, during election time. And, Halloween, there's usually a little bit of a tapering off of demand in terms of, you know, any reconfigurations we're doing. We have triple 73 hundreds, we have 3, 19 and three 20s, that will all be going in into modification work. Those all vary in terms of timing. The triple 73 hundreds are, are more likely towards the end of, you know, as we get out of the summer of 2025 other programs will be started and, and progress over time.

謝謝萊斯利。我會，我會，我將從最後一個開始，看，我們，我們預計萬聖節前後的選舉中會有一些幹擾。我們調整了產能以解決這個問題。所以這並不奇怪。正如我所說，十月和十二月看起來確實非常強勁，感恩節假期也是如此。所以我們對整體所看到的感到很高興。我只需要意識到，你知道，在選舉期間。而且，萬聖節，就我們正在進行的任何重新配置​​而言，需求通常會逐漸減少。我們有三個 73 百，我們有 3、19 和三個 20，這些都將進入修改工作。這些都在時間上有所不同。你知道，三重 73 百個更有可能在年底時出現，隨著 2025 年夏天的結束，其他計劃將會啟動，並隨著時間的推移取得進展。

The biggest thing I can say on all those fronts though is that we are dependent on the supply chain. Right now that supply chain especially in regard to seats is very tight. And so, you know, message to, you know, our suppliers, our partners is to, to work with us to, 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.

在所有這些方面，我能說的最重要的是我們依賴供應鏈。目前，供應鏈尤其是座椅的供應鏈非常緊張。所以，你知道，向我們的供應商、我們的合作夥伴傳達的訊息是，與我們合作，確保我們按預期將那些設備送到碼頭，我們正在努力確保這一點現在的情況。

This concludes the Q&A portion of the call. I would now like to turn the conference back to Robert for closing remarks, sir.

電話問答部分到此結束。先生，我現在想請羅伯特致閉幕詞。

Well, thanks, thanks for that and thanks everybody for, for making time for us. I will, you know, close with this. I'm, I'm pleased with the progress that we're making. It's great to get back on track, delivering on what we say we're going to do. That's been something that I wanted to make sure is the Hallmark of American and, and we're going to get back on track to doing that. And to that end, this is about making sure, you know, we deliver on, 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, the kind of things that we talked about today in in terms of regaining share, competing vigorously, establishing a new co brand credit card relationship, all of those are upside for, for American. 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. Want to give a shout out to our team. 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. Thank you very much for your time.

嗯，謝謝，謝謝你，也謝謝大家為我們騰出時間。你知道，我將就此結束。我對我們所取得的進展感到滿意。很高興回到正軌，實現我們所說的我們要做的事情。我想確保這是美國的標誌，我們將回到正軌來做到這一點。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、加強平衡表，我們今天談到的關於重新獲得市場份額、激烈競爭、建立新的聯合品牌信用卡關係等方面的事情，所有這些對美國航空來說都是有利的。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。想為我們的團隊大聲喊叫。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。非常感謝您抽出時間。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。

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。

At this time. All participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session to ask a question. During the session. You will need to press star 11 on your telephone to remove yourself from the queue. You may press star 11 again.

此時。所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節以提出問題。會議期間。您需要按電話上的星號 11 將自己從佇列中刪除。您可以再按星號 11。

I would now like to hand the call over to Scott Long VP of Investor relations and corporate development. Please go ahead.

我現在想將電話轉交給投資者關係和企業發展副總裁 Scott Long。請繼續。

Thank you, Latif. Good morning and welcome to the American Airlines Group third quarter, 2024 earnings conference call on the call with prepared remarks. We have our CEO Robert Isom and our CFO Devin May.

謝謝你，拉蒂夫。早上好，歡迎參加美國航空集團 2024 年第三季財報電話會議，並在電話會議上發表了準備好的演講。我們有執行長羅伯特·伊索姆（Robert Isom）和財務長德文·梅（Devin 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.

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 Devin will follow with details on the third quarter. In addition to outlining our operating plans and outlook going forward after our prepared remarks, we will open the call for analyst questions followed by questions from the media to get in as many questions as possible. Please limit yourself to one question and one follow up.

羅伯特將在電話會議開始時概述我們的表現。德文將隨後提供第三季的詳細資訊。除了在準備好的發言後概述我們的營運計劃和未來展望之外，我們還將開始徵求分析師提問，然後是媒體提問，以盡可能回答問題。請限制自己提出一個問題並進行一項跟進。

Now, before we begin today, we must state that today's call contains forward-looking statements including statements concerning future revenues, costs, forecast of capacity and fleet plans. These statements represent our predictions and expectations of future events but numerous risks and uncertainties could cause actual results to differ from those projected information about some of these risks and uncertainties can be found in our earnings press release which was issued this morning as well as our form 10-Q for the quarter ended September 30th 2024.

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。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的結果不同，有關其中一些風險和不確定性的信息可以在我們今天早上發布的收益新聞稿以及我們的表格中找到。

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.

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。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.

本次電話會議的網路廣播也將存檔在我們的網站上。我們今天早上在電話中向您提供的資訊是截至今天的日期，我們不承擔隨後更新資訊的義務。

Thank you for your interest and for joining us this morning. And with that, I'll turn the call over to our CEO Robert Isom.

感謝您的關注並今天早上加入我們。接下來，我會將電話轉給我們的執行長羅伯特·伊索姆 (Robert Isom)。

Thanks Scott and good morning. Everyone before we begin, I want to acknowledge the devastation caused by the recent hurricanes in the eastern United States. 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.

謝謝斯科特，早安。在我們開始之前，我想先向大家承認最近美國東部颶風造成的破壞。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 impact of the areas and cap fares for customers traveling to get out of the path of the hurricanes.

我們設有 1,000 個進出受颶風影響地區的座位，並為避開颶風路徑的乘客設定票價上限。

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

此外，我們的貨運團隊已將超過八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，以幫助那些受海倫影響的人。米爾頓和其他重大天氣事件。今年。

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

今天公佈業績，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 with third quarter adjusted earnings per diluted share of 30¢.

這項獲利結果高於我們 7 月發布的指引，第三季調整後每股攤薄收益為 30 美分。

I'm especially proud of this result. Given the operational challenges the team faced in the quarter, most notably the impact of hurricanes, Debbie and Helene and the crowd strike outage.

我對這個結果感到特別自豪。鑑於團隊在本季面臨的營運挑戰，最明顯的是颶風、黛比和海倫的影響以及人群罷工停電。

The estimated net impact of these disruptions reduced our third quarter earnings by approximately $90 million or 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 12 美分。

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, we're intently focused on delivering on our commitments in this quarter. We did just that on to our third quarter revenue performance. Trasm was down 2% in the quarter 1.5 points better than the midpoint of our prior guidance.

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，同時還運行可靠的運營，我們專注於兌現本季度的承諾。我們對第三季的營收表現就是這樣做的。 Trasm 本季下跌 2%，比我們先前指引的中位數高出 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 dec celebrated from July.

國內公積金年減 3.1%，隨著產業產能從 7 月開始成長，整個季度的業績有所改善。

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

重要的是，九月的飛行收益率年比呈正值，我們能夠縮小競爭性的載客率。我們在去年第三季看到的公認會計準則下，長途國際航班在第三季持續表現良好，在大西洋和南美洲的強勁推動下，單位收入較去年同期正成長。

While short haul, Latin rasm was negative for the quarter. The region drove the largest sequential improvement from the second quarter to the third quarter. Driven by the improving industry supply backdrop demand for American's product remains strong as evidenced by the continued strength of our business premium and loyalty revenue, performance managed business revenue was up 6% year over year and we continue to see yield strength in the segment premium revenue increased by approximately 8% year over year on 3% more capacity, paid load factor in our premium cabins remains historically high and was up more than four points year over year with strength in both domestic and international royalty revenues were up approximately 5% year over year. With advantage members responsible for 72% of premium cabin revenue 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 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.

雖然是短程航線，但拉丁拉姆本季表現不佳。從第二季度到第三季度，該地區的環比改善最大。在產業供應改善的推動下，對美國航空產品的需求仍然強勁，我們的業務保費和忠誠度收入的持續強勁證明了這一點，績效管理業務收入同比增長了6%，我們繼續看到分部保費營收的收益率強勁運力增加 3%，年增約 8%，我們的高級客艙付費載客率仍處於歷史高位，同比增長超過 4 個百分點，國內和國際特許權使用費收入同比增長約 5%年。優勢會員佔高級客艙收入的 72%，我們聯合品牌信用卡的支出在第三季度同比增長了約 7%，凸顯了美國航空忠誠度計劃如今的價值。展望七月，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 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.

我們知道成功最終將透過近期收入和收益的提高來衡量，我們透過衡量我們的代理商和企業預訂績效、追蹤我們新優勢業務計劃的成長並聽取代理商合作夥伴的反饋來追蹤我們的進展和企業客戶。

Our third quarter indirect flown revenue share improved modestly compared with our performance in the second quarter. However, the booking trajectory through the quarter is encouraging American's corporate and agency flow revenue share bottomed at 11% below our historical share.

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。然而，本季的預訂軌跡令人鼓舞，美國航空的企業和代理流量收入份額已觸底，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 TM CS and agencies.

第三季度，我們繼續與最大的 TM CS 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. The program provides meaningful benefits including priority boarding, access to preferred seats and priority re accommodations during disruptions. Additionally, we have amended agreements with many of our top corporate customers adoption of advantage business. Our program tailored for small and medium sized businesses continued to build during the quarter.

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。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中斷期間優先重新安排住宿。此外，我們也修改了與許多頂級企業客戶採用優勢業務的協議。我們為中小型企業量身定制的計劃在本季度繼續發展。

Our actions to expand the benefits which include bookings through agencies, enhanced program support and a more simplified enrollment process are clearly working. We expect to accelerate the growth of the program going forward.

我們擴大福利的行動，包括透過代理商預訂、加強計畫支援和更簡化的註冊流程，顯然正在發揮作用。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. 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 based on this feedback. We're confident we're taking the right actions.

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。我們普遍聽說，他們的世界擁有三家航空公司比擁有兩家航空公司更好。因為美國根據此回饋提供了網路和旅行獎勵計劃。我們相信我們正在採取正確的行動。

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

我們知道我們的收入完全恢復需要一些時間。但隨著我們所看到的進展和正在進行的行動，我們的目標是完全恢復間接管道的收入。 2025 年即將過去，我們將繼續不懈地致力於重建與我們業務的關係。客戶重新擁抱代理商管道，讓與美國航空開展業務變得更加容易。

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

現在轉向我們的運營，美國航空團隊在第三季度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。