美國航空 (AAL) 2024 Q4 法說會逐字稿

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

感謝您的耐心等待，歡迎參加美國航空集團第四季和 2024 年全年財報電話會議。

(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 fourth quarter and full year 2024 earnings conference call.

早上好，歡迎參加美國航空集團 2024 年第四季和全年收益電話會議。

On the call with prepared remarks, we have our CEO, Robert Isom; and our CFO, Devon May.

我們的執行長羅伯特·伊索姆 (Robert Isom) 在電話會議上發表了事先準備好的演講。以及我們的財務長德文梅 (Devon May)。

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 Devon will follow with details on the fourth quarter and full year in addition to outlining our operating plans and outlook going forward.

羅伯特將首先概述我們的業績，德文郡將介紹第四季度和全年的詳細信息，並概述我們的營運計劃和未來展望。

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。

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.

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

這些陳述代表了我們對未來事件的預測和預期，但許多風險和不確定性可能導致實際結果與預測不同。

Information about some of these risks and uncertainties can be found in our earnings press release that was issued this morning, as well as our Form 10-Q for the quarter ended 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，我們還將討論某些非公認會計準則財務指標，其中排除了異常項目的影響。

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, and good morning, everyone.

謝謝斯科特，大家早安。

Earlier today, American reported a fourth quarter adjusted pretax profit of $808 million or an adjusted earnings per diluted share of $0.86, above the high end of the guidance we issued in early December.

今天早些時候，美國航空公佈第四季度調整後稅前利潤為 8.08 億美元，調整後每股攤薄收益為 0.86 美元，高於我們 12 月初發布的指引的上限。

For the full year, we reported an adjusted pretax profit of $1.8 billion or an adjusted earnings per diluted share of $1.96.

我們公佈的全年調整後稅前利潤為 18 億美元，調整後每股攤薄收益為 1.96 美元。

I want to thank the American Airlines team for a great year and for their resiliency, continued hard work and dedication to delivering a safe and reliable operation for our customers.

我要感謝美國航空團隊度過了美好的一年，感謝他們的韌性、持續的辛勤工作和奉獻精神，為我們的客戶提供安全可靠的營運。

As I have said previously, at American, we're focused on delivering results.

正如我之前所說，在美國航空，我們專注於交付成果。

As we closed out 2024, we achieved a number of notable milestones.

2024 年即將結束時，我們實現了許多值得注意的里程碑。

With the ratification of a contract extension with our mechanics and fleet service team members in October, we now have multiyear agreements in place with all of our largest work groups, providing labor cost certainty through 2027.

隨著 10 月批准與我們的機械師和車隊服務團隊成員續約，我們現在與所有最大的工作小組簽訂了多年期協議，提供了到 2027 年勞動力成本的確定性。

We delivered nearly $500 million of value through our reengineering initiatives, nearly $100 million more than expected.

我們透過再造計畫創造了近 5 億美元的價值，比預期多了近 1 億美元。

We announced a new 10 year agreement with Citi to become the exclusive issuer of the AAdvantage co-branded credit card portfolio in the United States, which we expect will drive substantial incremental value to American over the life of the agreement while unlocking even more value for AAdvantage members.

我們宣布與花旗集團達成一項新的10 年期協議，成為AAdvantage 聯名信用卡組合在美國的獨家發行人，我們預計這將在協議有效期內為美國航空帶來可觀的增量價值，同時釋放更多價值AAdvantage 會員。

We generated record free cash flow of $2.2 billion in 2024.

2024 年，我們創造了創紀錄的 22 億美元自由現金流。

And I'm excited to report that as of the end of 2024, we have reduced our total debt by more than $15 billion from peak levels in mid-2021, achieving our initial debt reduction goal a full year ahead of schedule.

我很高興地向大家報告，截至 2024 年底，我們的總債務已比 2021 年中期的峰值水準減少了超過 150 億美元，提前一整年實現了我們最初的債務削減目標。

While there's still much work to do, these accomplishments are clear evidence that the American Airlines team is committed to delivering results and achieving our stated objectives.

儘管還有很多工作要做，但這些成就清楚地表明美國航空團隊致力於交付成果並實現我們既定的目標。

Now on to our fourth quarter performance.

現在我們來看看第四季的業績。

Total revenue grew 4.6% on 2.5% higher capacity year-over-year.

總營收成長 4.6%，運力年增 2.5%。

This resulted in our unit revenue inflecting positive in the quarter, up 2% year-over-year and above the high end of our December guidance.

這導致我們本季的單位收入出現積極變化，年增 2%，高於我們 12 月指導的最高值。

Passenger revenue strength throughout the fourth quarter was broad-based.

第四季客運營收表現強勁。

In the fourth quarter, American's year-over-year Domestic, Atlantic, Pacific and total passenger unit revenue results led US network carriers.

第四季度，美國航空的國內、大西洋、太平洋和總客運單位收入較去年同期領先美國網路航空公司。

While Latin unit revenue was down on a year-over-year basis, we expect short-haul Latin year-over-year unit revenue to be positive in the first quarter.

儘管拉丁航空的單位收入年減，但我們預計第一季短途拉丁航空的單位收入將年增。

This strong performance is the result of the actions we have taken, and we're encouraged by the trends we see early in the year.

這種強勁的表現是我們採取行動的結果，我們對今年年初看到的趨勢感到鼓舞。

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仍然強勁，我們的業務、保費和忠誠度收入表現的持續強勁就證明了這一點。

In the fourth quarter, managed business revenue was up 8% year-over-year, a sequential improvement of 2 points versus last quarter, and we continue to see yield strength as we look ahead into the new year.

第四季度，託管業務營收年增 8%，比上季較上季提高 2 個百分點，展望新的一年，我們將繼續看到收益率強勁。

Premium revenue increased approximately 8% year-over-year.

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 3 points year-over-year, with strength in both domestic and international.

我們的高級客艙付費載客率仍處於歷史高位，年增 3 個百分點，在國內和國際市場均表現強勁。

In the fourth quarter, loyalty revenues were up approximately 14% year-over-year, with AAdvantage members responsible for 75% of premium cabin revenue.

第四季度，忠誠度收入年增約 14%，其中 AAdvantage 會員貢獻了高級客艙收入的 75%。

2024 was a record year for AAdvantage.

2024 年對 AAdvantage 來說是創紀錄的一年。

Throughout the year, we had a record number of customers enroll in the program with members earning and burning more miles than any year in our history.

在這一年中，我們註冊該計劃的客戶數量創下了紀錄，會員賺取和燃燒的里程數比我們歷史上任何一年都多。

Spending on our co-branded credit cards was up 9.5% year-over-year in the fourth quarter, further highlighting the value of our loyalty program.

第四季我們的聯名信用卡支出年增 9.5%，進一步凸顯了我們忠誠度計畫的價值。

American is proud to have an industry-leading travel rewards program that is frequently acknowledged as providing the best value for its members.

美國航空很自豪擁有業界領先的旅行獎勵計劃，該計劃經常被認為為其會員提供最佳價值。

Finally, we remain committed to providing a leading customer experience, especially for our premium customers.

最後，我們仍然致力於提供領先的客戶體驗，特別是對於我們的優質客戶。

We're excited to introduce our new state-of-the-art flagship suite on our new Boeing 787-9 and Airbus A321 XLR aircraft later this year.

我們很高興今年稍後在我們的新型波音 787-9 和空中巴士 A321 XLR 飛機上推出最先進的全新旗艦套件。

Over the course of the next four years, we expect to grow our long-haul international capable fleet from approximately 125 aircraft today to nearly 200 aircraft in 2029.

在接下來的四年裡，我們預計將擁有長途國際航線的機隊數量從現在的約 125 架飛機增加到 2029 年的近 200 架。

Additionally, American has led the way in introducing premium lounges, and we're on track to open our fifth flagship lounge this summer in Philadelphia, which marks the ninth premium lounge across the system.

此外，美國航空在引入高級休息室方面處於領先地位，我們預計今年夏天在費城開設第五家旗艦休息室，這標誌著整個系統的第九家高級休息室。

In the fourth quarter, we introduced boarding automation as a first step to improving the boarding process, and customer feedback has been overwhelmingly positive.

在第四季度，我們引入了登機自動化，作為改善登機流程的第一步，客戶的回饋非常積極。

American was the first airline to offer streaming entertainment on our mainline fleet.

美國航空是第一家在我們的幹線機隊上提供串流媒體娛樂的航空公司。

And we're proud to offer high-speed WiFi on more aircraft than any other domestic airline.

我們很自豪能夠在比其他國內航空公司更多的飛機上提供高速 WiFi。

In December, we began the installation of high-speed satellite WiFi on our dual-class regional aircraft.

12月，我們開始在雙艙支線飛機上安裝高速衛星WiFi。

We expect the entire fleet will be retrofitted by the end of this year.

我們預計整個機隊將在今年底前完成改造。

Additionally, we're in the process of redesigning our mobile app, making it easier to navigate and to provide more self-service options for our customers.

此外，我們正在重新設計我們的行動應用程序，使其更易於導航並為客戶提供更多自助選項。

Building on these customer-focused initiatives is one of our top priorities, and we'll have more to share in the months ahead.

建立這些以客戶為中心的計劃是我們的首要任務之一，我們將在未來幾個月分享更多內容。

Momentum in recovering revenue from indirect channels continued in the fourth quarter, and we remain on track to fully restore our revenue share from indirect channels as we exit this year.

第四季繼續恢復間接通路收入的勢頭，隨著我們今年退出，我們仍有望完全恢復間接通路的收入份額。

Our indirect flown revenue share improvement was driven by sequential gains in corporate revenue share, which has been the primary focus of our recovery efforts.

我們的間接飛行收入份額的改善是由企業收入份額的連續成長所推動的，這一直是我們恢復工作的主要重點。

Importantly, forward bookings continue to show strength into the first quarter.

重要的是，第一季的提前預訂繼續表現強勁。

As we enter the new year, we're in position to continue recovering share in indirect channels.

隨著進入新的一年，我們有能力繼續恢復間接管道的份額。

We've completed new contracts with all of our agency partners that serve our corporate customers and agreed to new agreements with the leisure agencies that serve our most profitable leisure customers.

我們已經與所有為我們的企業客戶提供服務的代理合作夥伴簽訂了新合同，並與為我們最賺錢的休閒客戶提供服務的休閒機構達成了新協議。

Additionally, we've reviewed and reworked agreements with our corporate customers most affected by the previous strategy and largely restored share of those travelers in our hub markets.

此外，我們還審查並重新制定了與受先前策略影響最大的企業客戶的協議，並在很大程度上恢復了這些旅客在我們樞紐市場中的份額。

Completing these steps provides a strong foundation for us to continue to compete for that business and restore our share in these important distribution channels and with those customers.

完成這些步驟為我們繼續競爭該業務並恢復我們在這些重要分銷管道和客戶中的份額奠定了堅實的基礎。

Last year, we took steps to further grow and optimize AAdvantage.

去年，我們採取措施進一步發展和優化 AAdvantage。

In December, we announced a 10 year agreement with Citi to become the exclusive issuer of the AAdvantage co-branded credit card portfolio in the US.

12 月，我們宣布與花旗簽署為期 10 年的協議，成為 AAdvantage 聯名信用卡組合在美國的獨家發行人。

American has had a partnership with Citi for more than 37 years.

美國航空與花旗集團的合作關係已超過 37 年。

The strength of that partnership has enabled us to deliver first-class products and customer service to millions of AAdvantage card members, and we're excited to continue to partner with Citi.

這種合作關係的優勢使我們能夠為數百萬 AAdvantage 卡會員提供一流的產品和客戶服務，我們很高興繼續與花旗合作。

Our 2024 cash from co-branded credit cards and other partners were $6.1 billion, an increase of 17% versus 2023.

2024 年，我們來自聯名信用卡和其他合作夥伴的現金為 61 億美元，比 2023 年成長 17%。

The 2024 amount includes a onetime cash payment received in the fourth quarter related to our new credit card agreement.

2024 年的金額包括第四季度收到的與我們新的信用卡協議相關的一次性現金付款。

As we disclosed at the time of the announcement, we expect the agreement, set to begin in 2026, will enable cash payments from our co-branded credit card and other partners to grow by approximately 10% annually.

正如我們在發佈公告時所揭露的那樣，我們預計該協議將於 2026 年開始生效，將使我們的聯名信用卡和其他合作夥伴的現金支付每年增長約 10%。

As annual cash payments from co-branded credit card and other partners approaches $10 billion, we expect annual pretax income will benefit by approximately $1.5 billion compared to 2024.

隨著聯名信用卡和其他合作夥伴的年度現金支付接近100億美元，我們預計與2024年相比，年度稅前收入將受益約15億美元。

Our expanded partnership with Citi will unlock more value and provide exciting new benefits to our customers.

我們與花旗擴大的合作夥伴關係將釋放更多價值，並為我們的客戶提供令人興奮的新福利。

With the agreement completed, the teams have turned toward building the business and we look forward to making several exciting announcements over the coming year.

協議完成後，團隊已轉向發展業務，我們期待在來年發布幾項令人興奮的公告。

Turning now to our operation.

現在轉向我們的操作。

Thanks to the resiliency of the American Airlines team, we delivered another quarter of strong results despite a difficult operating environment.

感謝美國航空團隊的韌性，儘管營運環境困難，我們仍取得了另一個季度的強勁業績。

Operational disruptions are part of the airline business.

營運中斷是航空公司業務的一部分。

And in American, we continue to show that operational resiliency and rapid recovery are part of our DNA.

在美國，我們繼續證明營運彈性和快速恢復是我們 DNA 的一部分。

In the fourth quarter, American ranked second in completion factor and on-time departures among the four largest US carriers.

第四季度，美國航空的航班完成率和起飛準點率在美國四大航空公司中排名第二。

For the year, we achieved our second best completion factor since the merger, carrying our largest ever volume of passengers.

今年，我們實現了合併以來第二好的完成率，載客量創歷史新高。

Looking ahead, continued investment in the operation and the technology that supports it will drive further improvements in our operating reliability and resiliency.

展望未來，對營運和支援營運的技術的持續投資將進一步提高我們的營運可靠性和彈性。

In closing, we've achieved a number of important objectives in 2024, and our performance in the fourth quarter shows what this team and what this airline are capable of.

最後，我們在 2024 年實現了許多重要目標，我們第四季的表現展現了這個團隊和這家航空公司的能力。

That foundation and the momentum we have built will serve us well in 2025.

我們所建立的基礎和動力將在 2025 年為我們提供良好的服務。

Before I turn the call over to Devon, I'd like to take a moment to acknowledge those impacted by the devastating wildfires in Southern California.

在我把電話轉給德文郡之前，我想花一點時間向那些受到南加州毀滅性野火影響的人們表示感謝。

Our hearts go out to those communities.

我們的心與這些社區同在。

American's AAdvantage members and team members have donated more than $1.7 million in funds to the American Red Cross to support relief efforts, and we've donated supplies and care packages to families and firefighters in the Los Angeles area.

美國航空的 AAdvantage 成員和團隊成員已向美國紅十字會捐贈了超過 170 萬美元的資金來支持救災工作，我們也向洛杉磯地區的家庭和消防員捐贈了物資和護理包。

And with that, I'll turn it over to Devon to share more about our fourth quarter and full year financial results and our outlook for 2025.

接下來，我將把它交給 Devon，分享更多有關我們第四季度和全年財務業績以及 2025 年展望的資訊。

Thank you, Robert.

謝謝你，羅伯特。

Excluding net special items, we reported a fourth quarter net income of $609 million or adjusted earnings per diluted share of $0.86. We produced record fourth quarter revenue of $13.7 billion, up 4.6% year-over-year, with unit revenue up 2% year-over-year.

不計淨特殊項目，我們公佈的第四季淨利潤為 6.09 億美元，調整後每股攤薄收益為 0.86 美元。我們第四季的營收達到創紀錄的 137 億美元，年增 4.6%，單位營收年增 2%。

Fourth quarter unit cost, excluding fuel and net special items, was up 5.7% year-over-year.

第四季單位成本（不包括燃料和淨特殊項目）年增 5.7%。

Our adjusted EBITDA margin was 14.9%, and we produced an adjusted operating margin of 8.4%.

調整後的 EBITDA 利潤率為 14.9%，調整後的營業利益率為 8.4%。

In 2024, we achieved nearly $500 million of savings from our reengineering the business initiatives, exceeding our goal by nearly $100 million.

2024 年，我們透過重新設計業務計畫實現了近 5 億美元的節省，比我們的目標多了近 1 億美元。

Most of the value in 2024 was due to better workforce management driven by process improvements and technology implementation, along with improved asset utilization and procurement savings.

2024 年的大部分價值歸功於流程改善和技術實施推動的更好的勞動力管理，以及資產利用率的提高和採購節省。

We also had nearly $350 million of working capital cash release, which exceeded our expectations and helped drive our 2024 free cash flow performance.

我們還釋放了近 3.5 億美元的營運資金現金，這超出了我們的預期，有助於推動我們 2024 年的自由現金流表現。

We remain focused on running the airline as efficiently as possible while enhancing the customer experience.

我們仍專注於盡可能有效率地經營航空公司，同時增強客戶體驗。

Moving to our fleet.

轉移到我們的艦隊。

In 2024, we took delivery of 20 new aircraft and 10 used aircraft, resulting in $1.9 billion of aircraft CapEx.

2024 年，我們接收了 20 架新飛機和 10 架二手飛機，飛機資本支出達 19 億美元。

Total CapEx for 2024 came in at $2.7 billion.

2024 年資本支出總額為 27 億美元。

Looking ahead, we expect to take delivery of 40 to 50 new aircraft in 2025.

展望未來，我們預計在 2025 年接收 40 至 50 架新飛機。

Based on our current expectation for new deliveries, our 2025 aircraft CapEx, which also includes used aircraft purchases, spare engines and net PDPs, is expected to be between $2 billion and $2.5 billion, and our total CapEx is expected to be between $3 billion and $3.5 billion.

根據我們目前對新飛機交付的預期，我們2025 年飛機的資本支出（其中還包括二手飛機採購、備用發動機和淨PDP）預計將在20 億至25 億美元之間，我們的總資本支出預計將在30 億至30 億美元之間35 億美元。

We continue to expect moderate levels of CapEx moving forward, with aircraft CapEx averaging between $3 billion and $3.5 billion for the remainder of the decade.

我們繼續預期未來資本支出將保持適度水平，在這十年的剩餘時間裡，飛機資本支出平均在 30 億至 35 億美元之間。

We ended 2024 with $10.3 billion of total available liquidity and produced record free cash flow of $2.2 billion.

截至 2024 年，我們的可用流動性總額為 103 億美元，自由現金流達到創紀錄的 22 億美元。

During the fourth quarter, we prepaid $750 million of near-term debt maturities and strategically repriced two term loans.

第四季度，我們預付了 7.5 億美元的近期到期債務，並策略性地重新定價了兩項定期貸款。

We ended the year with total debt of $38.6 billion and net debt of $31.6 billion, our lowest level of net debt since 2015.

截至年底，我們的總債務為 386 億美元，淨債務為 316 億美元，這是自 2015 年以來淨債務的最低水準。

With these actions, we achieved our total debt reduction goal of $15 billion from peak levels in mid-2021 a full year ahead of schedule.

透過這些行動，我們提前一年實現了 2021 年中期從高峰水準削減 150 億美元的債務總額目標。

We are thrilled to have delivered on this commitment and we remain focused on continuing to strengthen our balance sheet as we work toward our stated credit rating goal of BB.

我們很高興能夠兌現這一承諾，並且在努力實現我們既定的 BB 信用評級目標的同時，我們將繼續專注於繼續加強我們的資產負債表。

Previously, we committed to reducing total debt to less than $35 billion by year-end 2028.

先前，我們承諾在 2028 年底將總債務減少至 350 億美元以下。

We are now committing to achieve that goal by the end of 2027.

我們現在承諾在 2027 年底之前實現這一目標。

Now on to the outlook for 2025.

現在展望 2025 年。

In the first quarter, we expect capacity to be flat to down 2% year-over-year.

我們預計第一季運力將持平，年減 2%。

This capacity is driven by lower capacity in the off-peak months of January and February, which combined are down approximately 3%, followed by growth of 3% to 4% in the peak travel period in March.

這項運力受到 1 月和 2 月非高峰月運力下降的推動，合計下降約 3%，隨後 3 月旅遊高峰期將成長 3% 至 4%。

We continue to expect full year capacity to be up low single digits, in line with expected economic growth and our prior guidance.

我們繼續預期全年產能將成長低個位數，這與預期的經濟成長和我們先前的指導一致。

Our growth in 2025 is focused on improving our schedule in markets that are not yet fully restored to historical levels, primarily in our northern hubs.

我們 2025 年的成長重點是改善尚未完全恢復到歷史水平的市場（主要是我們的北部樞紐）的時間表。

We expect our year-over-year capacity growth rates to be fairly balanced between domestic and international operations.

我們預計國內和國際業務的年比產能成長率將相當平衡。

We will remain flexible and will adjust capacity in response to demand and the competitive environment in which we operate.

我們將保持靈活性，並根據需求和我們經營所在的競爭環境調整產能。

We expect first quarter revenue to be up 3% to 5%.

我們預計第一季營收將成長 3% 至 5%。

And for the full year, we expect revenue growth of approximately 4.5% to 7.5% versus 2024.

我們預計全年營收較 2024 年成長約 4.5% 至 7.5%。

This is driven by continued indirect revenue recapture, strong demand for our product and a constructive industry backdrop with supply in line with expected demand.

這是由持續的間接收入收回、對我們產品的強勁需求以及供應符合預期需求的建設性產業背景所推動的。

First quarter nonfuel unit costs are expected to be up high single digits year-over-year.

第一季非燃料單位成本預計將年增高個位數。

This unit cost growth is driven by the reduction in year-over-year capacity, the mix of that capacity and the new collective bargaining agreements that were reached in the second half of 2024.

單位成本成長是由年比產能減少、產能組合以及 2024 年下半年達成的新集體談判協議所推動的。

In the first quarter, regional ASMs will be up approximately 17% as we return to full utilization, and mainline capacity will be down 2% to 3%.

第一季度，隨著我們恢復充分利用，區域 ASM 將成長約 17%，而乾線運力將下降 2% 至 3%。

Based on the timing of our labor agreements and the shape of capacity, we expect unit costs to improve sequentially throughout the year, from high single digits in the first quarter to low single digits as we exit the year.

根據我們的勞工協議的時間和產能的形狀，我們預計單位成本將全年連續改善，從第一季的高個位數下降到今年結束時的低個位數。

For the full year, we expect nonfuel unit cost to be up mid-single digits year-over-year, with a large majority of the cost growth coming from higher salaries and benefits.

就全年而言，我們預計非燃料單位成本將同比增長中個位數，其中大部分成本增長來自更高的工資和福利。

As we look out to 2026, we have certainty in our labor costs and the rate pressure from our new collective bargaining agreements will ease.

展望 2026 年，我們的勞動成本是確定的，新的集體談判協議帶來的利率壓力將會緩解。

We expect that in 2026, our year-over-year growth of our salaries and benefits per ASM will be well inside of inflation.

我們預計，到 2026 年，每 ASM 的工資和福利的同比增長將遠低於通貨膨脹率。

We continue to focus on re-engineering the business to become more efficient.

我們繼續專注於重新設計業務以提高效率。

Through best-in-class workforce management, efficient asset utilization and procurement transformation, we expect more than $200 million of incremental cost savings in 2025.

透過一流的勞動力管理、高效的資產利用和採購轉型，我們預計到 2025 年將節省超過 2 億美元的增量成本。

Additionally, we are investing in a multiyear transformation in our IT and tech ops organizations to modernize technology, improve operations and optimize staffing costs.

此外，我們正在投資對 IT 和技術營運組織進行多年轉型，以實現技術現代化、改善營運並優化員工成本。

We anticipate continuing to productively utilize our workforce with mainline full-time employee counts staying approximately flat to 2024.

我們預計將繼續有效率地利用我們的勞動力，到 2024 年，主線全職員工人數將基本保持不變。

This year, we also expect more than $100 million in additional working capital improvements.

今年，我們也預計額外的營運資金改善將超過 1 億美元。

Based on our current demand assumptions and fuel price forecast, we expect a first quarter loss of approximately $0.20 to $0.40 per diluted share.

根據我們目前的需求假設和燃油價格預測，我們預計第一季攤薄後每股虧損約為 0.20 至 0.40 美元。

For the full year, we are expecting to deliver adjusted earnings per diluted share of approximately $1.70 to $2.70. We expect another year of record free cash flow generation in 2025 and are currently forecasting more than $2 billion of free cash flow for the full year.

我們預計全年稀釋後每股收益約為 1.70 美元至 2.70 美元。我們預計 2025 年自由現金流將再次創紀錄，目前預計全年自由現金流將超過 20 億美元。

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

現在我將把它轉回給羅伯特做總結發言。

Thanks, Devon.

謝謝，德文郡。

As we start 2025, the long-term targets we outlined last March remain our focus: growing margins, generating sustainable free cash flow, and continuing to strengthen our balance sheet.

在 2025 年開始，我們去年 3 月制定的長期目標仍然是我們的重點：提高利潤率、產生可持續的自由現金流以及繼續強化我們的資產負債表。

Our priorities for this year will continue the momentum we've built in the back half of last year and further our progress toward achieving our long-term targets.

我們今年的優先事項將延續去年下半年建立的勢頭，並進一步推動長期目標。

In 2025, we plan to operate with excellence and efficiently deliver safe and reliable operations, take a fresh look at our product and service as we sharpen our focus on the customer experience, continue to strengthen our network, both organically and through our airline partnerships.

到 2025 年，我們計劃卓越運營，高效提供安全可靠的運營，在更加註重客戶體驗的同時重新審視我們的產品和服務，繼續透過有機方式和航空公司合作夥伴關係加強我們的網絡。

Our December announcement with Citi was an important milestone for American.

我們 12 月與花旗集團的公告對美國航空來說是一個重要的里程碑。

It will allow us to enhance AAdvantage and further strengthen our leading travel awards and co-branded credit card program ecosystem.

它將使我們能夠增強 AAdvantage 並進一步加強我們領先的旅遊獎勵和聯合品牌信用卡計劃生態系統。

All of these priorities, including the restoration of our core sales and distribution initiatives, will allow us to deliver on our revenue potential.

所有這些優先事項，包括恢復我們的核心銷售和分銷計劃，將使我們能夠發揮我們的收入潛力。

And we'll continue our work to reengineer the business as we build a more efficient airline.

我們將繼續努力重新設計業務，打造更有效率的航空公司。

We know that by delivering on our commitments, we'll unlock significant value for our shareholders.

我們知道，透過履行我們的承諾，我們將為股東釋放巨大的價值。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) -- (technical difficulty)

（操作說明）--（技術難度）

From the line of Catherine.

來自凱瑟琳的血統。

So we don't know exactly what low single-digit capacity growth means for the year.

因此，我們並不確切知道今年低個位數的產能成長意味著什麼。

But if I just use 2%, that means RASM grows about 4% for the year versus the 5% going in 1Q in your guidance.

但如果我只使用 2%，這意味著 RASM 今年成長約 4%，而您的指導中第一季成長 5%。

I understand capacity growth accelerates over the year.

據我了解，產能成長逐年加速。

But can you talk about your assumptions on indirect revenue improvement and the industry outlook underlying that full year guide?

但您能否談談您對間接收入改善的假設以及全年指南背後的行業前景？

And just really wondering like what could go better than your base case?

只是真的想知道什麼可以比你的基本狀況更好？

Catherine, thanks.

凱瑟琳，謝謝。

I'll start on our expectations for indirect revenue recovery and Devon can speak to capacity, and Steve can add anything that he thinks is important as well.

我將從我們對間接收入恢復的預期開始，德文郡可以談論容量，史蒂夫也可以添加他認為重要的任何內容。

We're on track for recovering what we had lost.

我們正在努力找回失去的東西。

We feel really good about the progress we've made in a short six-month period.

我們對在短短六個月內取得的進展感到非常滿意。

And as we take a look, and you can see from our notes as we take a look at forward bookings, it really suggests that we've got traction in the marketplace.

當我們觀察時，您可以從我們的筆記中看到，當我們觀察遠期預訂時，這確實表明我們在市場上具有吸引力。

So I have great confidence that we're going to recover fully as we move through the year.

因此，我非常有信心，我們將在這一年中完全恢復。

And then I'd just also note this, that we also believe that from a revenue performance perspective, even outside of indirect channels, we think that we're poised to perform and outperform.

然後我還要指出一點，我們也相信，從收入績效的角度來看，即使在間接管道之外，我們也認為我們已經準備好表現並超越大盤。

You saw it in our fourth quarter results, and I can't speak to others' assumptions, but in an environment where the economy is improving I think that we're going to improve faster than our largest competitors.

你在我們第四季的業績中看到了這一點，我不能說出其他人的假設，但在經濟正在改善的環境下，我認為我們將比我們最大的競爭對手改善得更快。

Devon?

德文郡？

Yes.

是的。

And I don't think there's any big moves in the quarterly capacity numbers.

我認為季度產能數據不會有任何重大變化。

We guided to first quarter, which should be down 0% to 2%.

我們預計第一季應該會下降 0% 到 2%。

The remaining quarters will probably be all up in the neighborhood of 3% per quarter in terms of ASM capacity, which gets you about that midpoint on low single-digit capacity for the year.

就 ASM 產能而言，剩下的幾季可能每季成長 3% 左右，這相當於今年低個位數產能的中點。

Catherine, this is Steve.

凱瑟琳，這是史蒂夫。

I'll just follow up with -- you asked about sources of potential upside from our base case.

我將繼續跟進——您詢問了我們的基本情況的潛在優勢來源。

I'll just offer three.

我只提供三個。

First, I think that there's a decent chance that we could restore our sales and distribution -- restore sales and distribution revenue faster than Robert's by the end of 2025.

首先，我認為我們很有可能恢復銷售和分銷——到 2025 年底，恢復銷售和分銷收入的速度比羅伯特更快。

I think that's an upside.

我認為這是一個好處。

Second, I would point you to both the third quarter, and especially the fourth quarter, ultimately, we're going to be judged on everything and certainly revenue by our results.

其次，我想向您指出第三季度，尤其是第四季度，最終，我們將根據一切，當然還有我們的業績來評判我們的收入。

And I think the fourth quarter shows what we're capable of.

我認為第四季度展示了我們的能力。

And then finally, I'd just point to our agreement with Citi.

最後，我只想指出我們與花旗的協議。

The new agreement doesn't start until 2026.

新協議要到 2026 年才開始生效。

And so the growth that we focus on probably won't start until then.

因此，我們關注的成長可能要到那時才會開始。

But there is -- to get to that, there is a ramp-up effort underway that I think could provide upside in our co-brand revenue during the year.

但為了實現這一目標，我們正在進行一項加強的努力，我認為這可能會為我們今年的聯名品牌收入帶來上升空間。

That's great.

那太棒了。

Thanks for the additional color, Steve.

感謝史蒂夫提供的額外顏色。

Devon, maybe one more for you.

德文郡，也許再給你一份。

As you've reached your medium-term debt goal, can you speak to how you're thinking about capital allocation between now and that longer-term goal in 2027?

由於您已經實現了中期債務目標，您能否談談您如何考慮從現在到 2027 年長期目標之間的資本配置？

Understanding you have more deleveraging to do to hit that 2027 goal.

了解要實現 2027 年目標，您還需要採取更多去槓桿化措施。

And then you mentioned the BB credit rating.

然後你提到了BB信用評級。

But what's the gating factor to consider shareholder returns?

但考慮股東回報的限制因素是什麼？

Well, to start, we are really proud of achieving the $15 billion goal that we set out to do two or three years ago at this point, and we achieved it a year early.

首先，我們為實現兩三年前所訂定的 150 億美元目標感到非常自豪，而且我們提前一年就實現了這一目標。

But our focus still remains on improving the balance sheet.

但我們的重點仍是改善資產負債表。

We've set another near-term goal here to have total debt down another $4 billion, to around $35 billion by 2027.

我們在這裡設定了另一個近期目標，就是在 2027 年將債務總額再減少 40 億美元，達到 350 億美元左右。

So we'll focus on that.

所以我們將重點放在這一點上。

We'll continue to focus on reinvesting in the business.

我們將繼續專注於業務再投資。

And as we continue to improve free cash flow and improve the balance sheet, we'll come back and talk more about other capital allocation priorities.

隨著我們繼續改善自由現金流並改善資產負債表，我們將回來更多地討論其他資本配置優先事項。

(Operator Instructions) --

（操作員說明）--

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

So Devon, I think you laid out CASM going from high single to start the year towards low singles ending the year.

所以德文郡，我認為你將 CASM 的佈局從年初的高單曲到年底的低單曲。

It doesn't seem like guidance implies a big deceleration in RASM throughout the year.

指導似乎並不意味著 RASM 全年會大幅減速。

So can you just talk about like how you see the progression of like price cost on like a net basis trending throughout the year?

那麼，您能否談談您如何看待全年類似價格成本的淨基礎趨勢進展？

Well, I'll just start by talking a little bit about our cost performance, because right now we are seeing some more pressure in the first quarter than we are during the rest of the year.

好吧，我先談談我們的成本效益，因為目前我們在第一季看到的壓力比今年剩餘時間更大。

So to start, we are really proud of our cost performance over the last several years.

首先，我們對過去幾年的性價比感到非常自豪。

I'm excited about what the company is doing to reengineer the business and drive more efficiencies.

我對公司為重新設計業務和提高效率所做的努力感到興奮。

I think we're making really nice investments in technology.

我認為我們在技術方面進行了非常好的投資。

The operations team is really leaning into this, and I think we're delivering a more efficient operation, a better operation for our customers.

營運團隊確實傾向於這一點，我認為我們正在為客戶提供更有效率的營運、更好的營運。

In the first quarter though, we are seeing unit costs up high single digits.

不過，在第一季度，我們看到單位成本上漲了高個位數。

It's a handful of things.

這是一些事情。

We have less capacity in the first quarter than we did a year ago.

我們第一季的產能比一年前少。

That starts to change as we grow capacity in the last three quarters of the year.

隨著我們在今年最後三個季度產能的成長，這種情況開始改變。

We have a ton of regional capacity coming online.

我們有大量的區域容量正在上線。

As you know, that's higher cost capacity than the mainline capacity.

如您所知，這比主線容量更高的成本容量。

It's actually driving average gauge to be down 4% to 5% in the first quarter year-over-year.

這實際上導致第一季的平均指標年減 4% 至 5%。

Stage length is down as well.

舞台長度也縮短了。

And then, of course, the labor agreements that were signed in the back half of last year weren't in our base for this year.

當然，去年下半年簽署的勞工協議並不在我們今年的基礎上。

So we see a lot of cost pressure in the first quarter; it eases throughout the year.

所以我們看到第一季成本壓力很大；全年情況都會有所緩解。

We feel we're incredibly well positioned as we get into 2026.

進入 2026 年，我們感覺自己處於非常有利的位置。

And we know we run the business as efficiently as anybody.

我們知道我們的業務運作效率與其他人一樣高。

On the margin side, I don't think there's any quarter that show outsized margin improvement year-over-year.

在利潤率方面，我認為沒有任何一個季度的利潤率比去年同期大幅改善。

We've guided EPS to midpoint of $2.20. So we are seeing a nice EPS improvement year-over-year, but I don't think you're going to see any one quarter pop really materially versus what we performed -- versus how we performed in 2024.

我們將每股盈餘指引至 2.20 美元的中點。因此，我們看到每股盈餘同比有了不錯的改善，但我認為與我們 2024 年的表現相比，你不會看到任何一個季度出現真正實質的成長。

Okay.

好的。

And then can you just talk about maybe the progression of RASM throughout Q4, and then just regionally how you see RASM playing out in Q1, like transatlantic was up 12% in Q4, can that sustain itself in the near term?

然後您能否談談RASM 在整個第四季度的進展，然後從區域角度來看RASM 在第一季度的表現如何，例如跨大西洋在第四季度上漲了12%，這種情況在短期內能否維持？

Just any regional color?

只是任何地域色彩嗎？

Well, Scott, thanks for that.

好吧，斯科特，謝謝你。

I'd just point to the fourth quarter in which we had strong performance across the board, so Atlantic, Pacific, and then also domestic, in terms of year-over-year improvement, led our network competitors.

我只想指出，第四季度我們在各方面都表現強勁，因此大西洋、太平洋以及國內在同比改善方面領先於我們的網路競爭對手。

And overall, we led it as well.

總體而言，我們也處於領先地位。

As we take a look at into this year, I see continued strength domestically.

當我們回顧今年時，我看到國內市場持續強勁。

And the strong dollar is absolutely going to have an impact on buying and travel to Europe this summer.

強勢美元絕對會對今年夏天的歐洲購買和旅遊產生影響。

So we take a look to March, and as we look to some of our peak periods, spring break and getting into the summer, I see robust demand across the Board.

因此，我們展望三月，當我們展望一些高峰期、春假和進入夏季時，我看到了全面強勁的需求。

We've talked about premium traffic as being win behind our sales and also something that I think that we're going to be able to do even better in.

我們已經討論過優質流量是我們銷售的勝利，也是我認為我們能夠做得更好的事情。

And Steve mentioned some of the things that are going to be additive as well in terms of potential for even better performance.

史蒂夫提到了一些可以疊加的東西，以及獲得更好性能的潛力。

So overall, really confident about the year and like what we see and how we can operate in this environment.

總的來說，我們對今年非常有信心，並且喜歡我們所看到的以及我們如何在這種環境下運作。

Jamie Baker, JPMorgan Securities.

傑米貝克，摩根大通證券。

Saw an interesting statistic that United throughout yesterday was that the margin gap between its best and worst performing hubs had narrowed to, I guess, the lowest gap in, I think it was 9 or 10 years.

昨天曼聯看到了一個有趣的統計數據，那就是其表現最好和最差的樞紐之間的利潤差距已經縮小到，我想，我認為是 9 或 10 年來的最低差距。

We've discussed American's relative performance on these calls and in person for quite some time, but I never asked about the range.

我們已經討論了美國航空在這些電話中的相對錶現並親自討論了相當長一段時間，但我從未詢問過範圍。

Would you be willing to comment on that margin range between your top and bottom hubs and whether it's improving or widening?

您願意評論一下您的頂部和底部中心之間的利潤範圍以及它是否正在改善或擴大？

Obviously, a lot of moving pieces in many of your hubs at the moment.

顯然，目前您的許多中心都有很多移動部件。

And I'll start, Devon and Steve can add in.

我先開始，德文郡和史蒂夫可以補充。

Look, it's no secret that we've had to build back our network, and we have a large portion of our network that is supported by our regional fleet.

看，我們必須重建我們的網絡，這已經不是什麼秘密了，而且我們的網絡的很大一部分是由我們的區域機隊支持的。

I feel great that, in 2025, we're going to have our regional fleet fully deployed.

我感到很高興，到 2025 年，我們將全面部署我們的區域機隊。

And what that's going to last to do is better fill out some of the hubs that, quite frankly, are ready and, I think, willing to support the network in a different way.

接下來要做的是更好地填充一些中心，坦白說，這些中心已經準備好，我認為願意以不同的方式支援網路。

But we've got to put the capacity there.

但我們必須把能力放在那裡。

So you're going to see the largest schedules that we've ever had in places like DFW and Charlotte, Miami in its peak will be bigger than it's ever been.

所以你會看到我們在 DFW 和夏洛特等地舉辦過的最大規模的賽程，在巔峰時期的邁阿密將比以往任何時候都更盛大。

DCA, which had been a laggard coming out of the pandemic, is now getting back to the performance levels that we had hoped.

DCA 在疫情中表現落後，但現在正在恢復到我們希望的效能水準。

And we talked about some of the work that we're going to be doing in Chicago.

我們討論了我們將在芝加哥進行的一些工作。

So across the Board, we see performance improving.

因此，我們看到整體業績有所改善。

Some of the weaker points in our network, as we take a look to the coast, in New York and out in Los Angeles.

當我們環顧紐約海岸和洛杉磯週邊地區時，發現了我們網路中的一些弱點。

I'd say this that the schedule changes that we've made in LaGuardia, the largest schedules that we've run since the pandemic, I believe, just as we closed out the fourth quarter, we're really seeing nice results in terms of where we put that capacity.

我想說的是，我們在拉瓜迪亞機場所做的賽程調整是自大流行以來我們運行的最大的賽程安排，我相信，就在我們結束第四季度時，我們確實看到了很好的結果我們把這個能力放在哪裡。

And so from that perspective, I believe that we have improved considerably our New York performance.

因此，從這個角度來看，我相信我們在紐約的表現已經有了相當大的改善。

And I hope and have confidence that that will be something that we can maintain going forward.

我希望並相信這將是我們能夠繼續前進的事情。

In Los Angeles, from that perspective, there are some capacity restrictions.

從這個角度來看，洛杉磯存在一些容量限制。

But on that front, that's one where we really do partner well with our One World partner, Alaska Airlines, and we look forward to continuing that progress.

但在這方面，我們確實與同一個世界的合作夥伴阿拉斯加航空合作良好，我們期待繼續取得這一進展。

So when you take a look at American, you've always known that DFW, Charlotte, DCA, and now DCA getting back into the ranks, have performed well.

所以當你看美國航空時，你總是知道 DFW、夏洛特、DCA，以及現在重新回歸行列的 DCA，都表現出色。

Philadelphia is getting back to where it should be.

費城正在回到它應有的狀態。

Phoenix has historically been strong.

鳳凰城在歷史上一直很強大。

And then as I mentioned, we've got a focus on the coasts and Chicago.

正如我所提到的，我們的重點是海岸和芝加哥。

That's helpful.

這很有幫助。

And then while I have you, Robert, when I last saw you, which I think was in September, you mentioned you were spending half your time on efforts to reconcile with corporate accounts.

然後，羅伯特，當我最後一次見到你時，我想是在九月份，你提到你花了一半的時間來努力與公司帳戶核對。

And I think you said that publicly at a conference or two.

我認為您在一兩次會議上公開說過這一點。

And I don't know if you actually meant precisely 50% or if that was just sort of metaphorical.

我不知道你的意思是否確實是 50%，或者這只是一個比喻。

But by the way you described the effort in your prepared remarks makes it sound like most of that effort is behind you.

但從你在準備好的發言中描述努力的方式來看，聽起來大部分努力都已經過去了。

Is that the right interpretation?

這是正確的解釋嗎？

I guess, I'm just confused on exactly where American is on the reconciliation front and how managed corporate recovery trends from here.

我想，我只是對美國航空在和解方面的具體位置以及如何管理企業復甦趨勢感到困惑。

Thanks, Jamie.

謝謝，傑米。

Look, I will give a ton of credit to our commercial team, led by Steve Johnson, for the enormous amount of work that had to be put in.

看，我要高度讚揚由史蒂夫·約翰遜領導的我們的商業團隊，他們必須投入大量的工作。

And they absolutely enlisted me in that effort.

他們絕對讓我參與這項工作。

And I will say, I don't know if it's 50% of the time, I spend a considerable amount of my time making sure that I was up to speed and talking to our corporate customers and agencies as well.

我會說，我不知道是否有 50% 的時間，我花了相當多的時間來確保我掌握最新情況，並與我們的企業客戶和代理商進行交談。

That work is paying off.

這項工作正在得到回報。

It's foundational in that, don't forget, these contracts are set up over a period of time, revenue doesn't show up right away.

這是基礎性的，不要忘記，這些合約是在一段時間內建立的，收入不會立即顯現。

But we're not resting on that.

但我們不會就此罷休。

We're learning from certainly the issues associated with our past strategy.

我們確實正在從與我們過去的策略相關的問題中學習。

And that, I believe, bodes well for the future.

我相信，這對未來來說是個好兆頭。

So Steve, why don't you spend some time talking about progress and how you feel about where things are headed?

那麼史蒂夫，你為什麼不花一些時間談談進展以及你對事情發展方向的感受呢？

Sure, Jamie.

當然，傑米。

And let me start by saying the team and I feel good about that.

首先我要說一下團隊，我對此感覺很好。

As Robert said, in his opening remarks and, again, just a second ago, we're on track to achieve the commitment that he's made to fully recover our share buyback end of 2025.

正如羅伯特在他的開場白中所說，就在一秒鐘前，我們正有望實現他所做的 2025 年底完全恢復股票回購的承諾。

As I said earlier, I think we can beat that.

正如我之前所說，我認為我們可以擊敗它。

But it's not a linear process, and it's kind of event-driven, if you'll know what I mean.

但這不是一個線性過程，而是一種事件驅動的過程，如果你懂我的意思的話。

We saw in the third quarter, Robert's comments at Bernstein, when he said that we were abandoning the old strategy, that had an impact on share.

我們在第三季度看到羅伯特在伯恩斯坦的評論，當時他說我們正在放棄舊的策略，這對份額產生了影響。

The restoration of content into EDIFACT had an impact on share.

將內容恢復到 EDIFACT 中對份額產生了影響。

The engagement with our partners in the third quarter, what Robert was just talking about that sometimes referred to around here is the apology tour, that had an impact on share.

第三季與我們的合作夥伴的接觸，羅伯特剛才談到的，有時在這裡提到的是道歉之旅，這對份額產生了影響。

The fourth quarter was -- lots of work done in the fourth quarter, but a little bit different, and maybe that accounts for this -- the non-acceleration that you might have been looking for over the course of the last three months.

第四季是——第四季完成了很多工作，但有點不同，也許這就是原因——你在過去三個月中可能一直在尋找的非加速。

But the fourth quarter task was actually infrastructure.

但第四季的任務實際上是基礎設施。

It was making new agreements with all of our partners in the indirect community.

它正在與間接社區中的所有合作夥伴達成新協議。

It's an arduous task, kind of counterparty by counterparty.

這是一項艱鉅的任務，是一個又一個對手的任務。

While it was going on, understandably, we were negotiating, so you didn't see a lot of share shift during that period of time.

可以理解的是，在進行過程中，我們正在進行談判，所以在那段時間裡你沒有看到太多的股份轉移。

Indeed, some of our partners sent us even stronger messages during those negotiations.

事實上，我們的一些合作夥伴在這些談判中向我們發出了更強烈的訊息。

But it was ultimately successful, and we now have new agreements with 30 of the most important TMCs and agencies.

但它最終取得了成功，我們現在與 30 個最重要的 TMC 和代理商簽訂了新協議。

And as Robert said earlier, we've modified the economics for all of our significant corporate customers who were impacted by our old strategy.

正如羅伯特早些時候所說，我們已經為所有受我們舊戰略影響的重要企業客戶修改了經濟效益。

And as we say, and our partners say even more frequently, three airlines are better than one.

正如我們所說，以及我們的合作夥伴更常說的，三家航空公司比一家航空公司好。

And those agreements create real incentives to move business to American.

這些協議創造了將業務轉移到美國的真正動力。

And indeed, the agreements with the TMCs and the agencies create real incentives to reestablish the share equilibrium that existed at the beginning of 2023.

事實上，與 TMC 和機構達成的協議創造了真正的激勵，以重建 2023 年初存在的份額平衡。

So I expect those agreements are going to be big drivers of share shift in the first and second quarter.

因此，我預計這些協議將成為第一季和第二季股權轉移的主要動力。

And so you'll see continued progress.

所以你會看到持續的進步。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Can you hear me now?

現在你能聽到我說話嗎？

We've got you Conor.

我們找到你了，康納。

Go ahead, Conor.

繼續吧，康納。

Someday I'll figure out how to use this -- someday I'll figure out how to use this phone.

有一天我會弄清楚如何使用這個——有一天我會弄清楚如何使用這款手機。

Can you -- so I'm just trying to take all this.

你可以嗎——所以我只是想接受這一切。

You sound like there's upside indirect corporate share regains and then the loyalty stuff, as well as just like sequentially improving costs throughout the year.

聽起來，間接的公司份額有所上升，然後是忠誠度，以及全年成本的連續改善。

But your full year guidance at the low end suggests a decline year-over-year in earnings.

但你們的全年指引處於低端，顯示獲利年減。

And I'm just trying to understand that part a little bit better.

我只是想更好地理解這一部分。

It just seems -- like are you assuming that the main cabin doesn't get any better from here?

看起來——你是不是認為主艙從這裡不會變得更好？

It just seems really conservative just given what we've heard from you today and what we've heard from others so far.

考慮到我們今天從您那裡聽到的以及迄今為止從其他人那裡聽到的情況，這似乎非常保守。

Just trying to understand it a little bit better.

只是想更好地理解它。

Conor, I'll start, Devon can add in here.

康納，我先開始，德文郡可以在這裡補充。

Look, again, we can only forecast based on what we know and what we see right now.

再說一次，我們只能根據我們所知道的和我們現在所看到的進行預測。

We don't know what others are putting into their models.

我們不知道其他人在他們的模型中加入了什麼。

We've told you that we think there's continued strength and that, in terms of revenue performance is, first, especially given the capacity that we're putting in, we see significant growth in our unit revenues.

我們已經告訴過您，我們認為我們的單位收入將持續強勁，並且首先就收入表現而言，特別是考慮到我們投入的產能，我們看到了單位收入的顯著增長。

Now if there is a better overall performance in the industry, as I said, I think that we'll continue to show outperformance because of the things that we've been doing.

現在，如果行業整體表現更好，正如我所說，我認為我們將繼續表現出色，因為我們一直在做的事情。

So that's my comment in terms of questions about how is your forecast versus what the assumptions others are making.

這就是我對您的預測與其他人所做的假設有何不同的問題的評論。

Devon, anything you want to add?

德文郡，你還有什麼要補充的嗎？

Yes.

是的。

I'll just say, midpoint of our guide is $2.20. That's up more than 10% versus what we did in 2024.

我只想說，我們指南的中點是 2.20 美元。與 2024 年相比，成長了 10% 以上。

There's obviously variability in earnings.

收入有明顯的波動。

We think the midpoint is what we seek to achieve.

我們認為中間點就是我們尋求實現的目標。

We'd like to do better than that, but we put a range of outcomes because there is still some volatility that's there in things like fuel or some amount of economic risk at a macro level.

我們希望做得更好，但我們給出了一系列結果，因為在宏觀層面上，燃料或一定程度的經濟風險等方面仍然存在一些波動。

But right now, we feel really good about the midpoint on the guide, and it's a nice year-over-year improvement, and we hope to exceed that.

但現在，我們對指南的中點感覺非常好，這是一個很好的同比改進，我們希望能夠超越這一點。

Okay.

好的。

That's helpful.

這很有幫助。

And then on the Citi contract, or Citi, the renegotiation, I'm just trying to understand that a little bit better.

然後關於花旗合同，或者花旗，重新談判，我只是想更好地理解這一點。

So the economics change in '26.

所以經濟在 26 年發生了變化。

But I think that there's a volume and spend-related component in '25.

但我認為 25 年有一個與數量和支出相關的組成部分。

So can you just help bridge the contribution of how that will evolve, earnings contribution, how that evolves over that -- the change from '25 to '26?

那麼，您能否幫助彌合將如何演變、獲利貢獻、如何演變的貢獻——從「25」到「26」的變化？

It just seems again like there's potential for it to surprise, so just about that.

看起來它再次有可能帶來驚喜，所以就這樣吧。

Sure.

當然。

Let me see if I understand the question.

讓我看看我是否理解這個問題。

Our existing agreement includes minimums for new accounts and new business that Barclays and Citi have committed to.

我們現有的協議包括巴克萊和花旗承諾的新帳戶和新業務的最低限額。

Those, we expect them to overperform on those as part of the ramp-up into 2026.

作為進入 2026 年的一部分，我們預計它們將表現出色。

Is that helpful?

有幫助嗎？

Yes.

是的。

No, that's -- thank you very much.

不，那是——非常感謝。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

I just wanted to start with a follow-up on the corporate normalization commentary.

我只想從企業正常化評論的後續行動開始。

I think you said that you adjusted the economics for some of the biggest accounts there.

我想你說過你調整了一些最大帳戶的經濟狀況。

Can you just unpack that a little bit more?

你能再把它拆開一點嗎？

How does the profitability of the corporate business compare to where it was before, now that -- or once the share is normalized?

與以前、現在或份額正常化後相比，公司業務的獲利能力如何？

Sure.

當然。

Well, the adjustments, we evolved our business with our corporate customers over the course of the last seven or eight months.

嗯，這些調整，在過去的七、八個月裡，我們與企業客戶的業務不斷發展。

We talked about this on the last earnings call.

我們在上次財報電話會議上討論了這一點。

Some of this had to do with macro changes that we made, like reestablishing what we call corporate experience, but a certain set of unique corporate experience advantages for our traveling corporate customers, employees, waivers and favors allowing travel agents to, in certain cases, book flights or change tickets that are not completely consistent with the general rules that apply.

其中一些與我們所做的宏觀變化有關，例如重建我們所謂的企業體驗，但為我們的旅行企業客戶、員工提供了一系列獨特的企業體驗優勢，豁免和優惠允許旅行社在某些情況下，預訂航班或改簽不完全符合適用的一般規則。

So some of that was, I think, very helpful.

我認為其中一些非常有幫助。

But as part of the former strategy, we had created a kind of one-size-fits-all discounting system for corporations that, across the Board, for anyone who is impacted by that, that reduced discounts to, I think, an uncompetitive level.

但作為前一個策略的一部分，我們為企業創建了一個一刀切的折扣系統，對於所有受此影響的人來說，我認為將折扣降低到沒有競爭力的水平。

And so -- and that impacted about 24% of our corporate customers.

因此，這影響了我們約 24% 的企業客戶。

Those were the ones that, over the course of the strategy, their contracts came up and we were able to change them.

這些是在戰略過程中出現的合同，我們能夠改變它們。

So with respect to those customers, we've gone back, worked with them, negotiated with them and established economics that are more consistent with the past, and more competitive.

因此，對於這些客戶，我們回過頭來與他們合作、談判，並建立了與過去更一致、更具競爭力的經濟體系。

In all cases, those -- the revenue from those agreements, even with a little bit better discounting, is going to be very accretive.

在所有情況下，這些協議帶來的收入，即使有更好的折扣，也將非常增值。

Yes.

是的。

And Steve, I think we've said this, that when we talk about sales expense and bringing back a sales team and potential impact on some of the things that we're doing, the overall cost impact is going to be a little less than 1 point of CASM.

史蒂夫，我想我們已經說過了，當我們談論銷售費用和帶回銷售團隊以及對我們正在做的一些事情的潛在影響時，總體成本影響將略小於CASM 1 分。

But again, all of this is going to be highly beneficial to the company.

但同樣，所有這一切都將對公司非常有利。

Great.

偉大的。

That's a helpful explanation.

這是一個有用的解釋。

And maybe as a follow-up, you guys mentioned upgraded WiFi, which is great to hear.

也許作為後續行動，你們提到了升級的 WiFi，這真是太好了。

But kind of as we kind of enter like a new era of premium cabins, if you will, obviously, you guys have new planes.

但是，當我們進入高級客艙的新時代時，如果你們願意的話，顯然，你們擁有新飛機。

But how do you think about bring-your-own-device versus screens on seats, and maybe the ability to kind of monetize those screens over time?

但是，您如何看待自帶設備與座位上的螢幕，以及隨著時間的推移透過這些螢幕貨幣化的能力？

So Ravi, can you say that one more time?

拉維，你能再說一次嗎？

I missed that part of that question?

我錯過了那個問題的部分？

So the question was kind of, as we enter a new era of premium cabins, how do you guys think about bring-your-own-device versus having integrated screens on seats, kind of does one versus the other kind of impact your ability to either kind of sell a premium service or monetize that screen over time?

所以問題是，當我們進入高級客艙的新時代時，你們如何看待攜帶自己的設備與在座位上安裝集成屏幕，其中一種與另一種是否會影響您的能力隨著時間的推移，是出售優質服務還是透過螢幕獲利？

No.

不。

So Ravi, thanks for that question.

拉維，謝謝你提出這個問題。

And let me talk about some of the things that we anticipate regarding product going forward.

讓我談談我們對未來產品的一些預期。

We're really pleased to announce the introduction of our new flagship suite, and that's going to be coming on the 787-9s and the 321 XLRs.

我們非常高興地宣布推出新的旗艦套件，該套件將應用於 787-9 和 321 XLR。

And one of the things you'll note is those are, let's face it, those are international aircraft long haul.

您會注意到的一件事是，讓我們面對現實吧，這些都是國際長途飛機。

And one of the things that we're going to make sure is our customers, especially in the premium cabins and from that perspective, any international seats, that they have access to screens, in addition to the latest in terms of WiFi and streaming entertainment.

我們要確保的一件事是我們的客戶，特別是在高級客艙中，從這個角度來看，任何國際座位，除了最新的 WiFi 和串流娛樂之外，他們還可以使用螢幕。

So those aircraft are going to be fully equipped.

所以這些飛機將裝備齊全。

You'll see that we're doing reconfigurations on our 777-300 and adding flagship suites to that and offering more premium seating overall.

您會看到我們正在對 777-300 進行重新配置，並為其添加旗艦套房，並提供更多優質座位。

Same with that, that will come with the latest in terms of technology in seat back as well.

同樣，座椅靠背也將配備最新技術。

Now from a domestic perspective, we've said that we're really interested in making sure that our customers have access to WiFi, a satellite-based WiFi, on everything that they fly.

現在，從國內角度來看，我們說過，我們非常有興趣確保我們的客戶在乘坐的所有航班上都能使用 WiFi（基於衛星的 WiFi）。

And while we can't offer it on the smallest regional jets, you'll note that we will have streaming WiFi installed as part of our initiative this year so that all of our larger regional aircraft will have a satellite-based WiFi by the end of the year.

雖然我們無法在最小的支線飛機上提供該功能，但您會注意到，作為今年計劃的一部分，我們將安裝流式 WiFi，以便我們所有的大型支線飛機到年底都將配備基於衛星的 WiFi今年的。

And with that, once you've got that kind of comprehensive approach, that allows us to do some different offerings.

這樣，一旦你掌握了這種全面的方法，我們就可以提供一些不同的產品。

So you'll hear more from us as the year progresses in terms of how we can take even better care of our customers, especially those that are the highest tier.

因此，隨著時間的推移，您會從我們那裡聽到更多有關我們如何更好地照顧客戶的信息，尤其是那些最高級別的客戶。

And as well, you'll see more in terms of partnerships and relationships.

此外，您還會在夥伴關係和關係方面看到更多。

Our relationship with Apple Plus is really something industry record-setting, and we anticipate that that is just the start of where things will go.

我們與 Apple Plus 的關係確實創下了行業紀錄，我們預計這只是事情發展的開始。

Duane Pfennigwerth, Evercore ISI.

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

Just on your Northern hub build-out, that comment kind of caught our attention.

就在你們的北方樞紐建設上，這個評論引起了我們的注意。

Can you talk about what inning you're in and maybe expand on how much of your footprint transitioned over to JetBlue, how much of that has transitioned back, and basically what your footprint in your Northern hubs looks like now versus pre-pandemic?

您能否談談您所處的階段，並可能詳細說明您的足跡有多少轉移到捷藍航空，其中有多少已經轉移回來，以及您在北部樞紐的足跡現在與大流行前相比是什麼樣子？

Duane, I'll start, and Steve can elaborate further.

杜安，我先開始，史蒂夫可以進一步詳細說明。

But I'll just note 2 points right off.

但我會立即指出兩點。

And that's LaGuardia and DCA.

這就是拉瓜迪亞機場和 DCA。

We're going to be back to our largest schedules, the largest number of seats offered in both LaGuardia and DCA since the pandemic.

我們將恢復最大規模的航班時刻表，拉瓜迪亞機場和華盛頓特區機場將恢復自疫情大流行以來提供的最多座位數。

And that, I believe, is indicative of the focus that we're putting on.

我相信，這顯示了我們所關注的重點。

And by the way, we're seeing really nice results with that added capacity.

順便說一句，我們看到了容量增加帶來的非常好的結果。

In terms of Philadelphia, that had been one of the markets that had been most difficult for us given the pull-down of regional aircraft.

就費城而言，由於支線飛機的數量減少，該市場對我們來說是最困難的市場之一。

And the same holds true for Chicago.

芝加哥也是如此。

As we restore our regional aircraft lift, the beneficiaries of that are going to be Philadelphia and Chicago.

當我們恢復支線飛機升力時，受益者將是費城和芝加哥。

In Philadelphia, Steve, I don't quite know the size of Philadelphia compared to prior times, but I think we're getting close to back to where we were.

在費城，史蒂夫，我不太清楚費城與以前相比有多大，但我認為我們已經接近回到原來的水平了。

Yes, and that's the intention to have Philadelphia more or less the same size as it was pre-pandemic.

是的，這就是讓費城的規模與疫情前大致相同的目的。

That's helpful.

這很有幫助。

And then I don't know if you have a metric to share, but just on how you measure competitive capacity.

然後我不知道你是否有一個指標可以分享，但只是關於你如何衡量競爭能力。

How do you see that in 1Q and maybe an early read on 2Q versus what you were seeing maybe in 4Q?

與您在第四季度看到的情況相比，您如何看待第一季以及第二季的早期解讀？

So Duane, I'll start with this.

杜安，我就從這個開始吧。

Look, competitive capacity, it's important, but it's all important to the extent that it drives profitability.

你看，競爭能力很重要，但它的重要性取決於它能否提高獲利能力。

We're focused on margins, and we're focused on making sure that we take advantage of the assets and the strengths that we have.

我們專注於利潤，並致力於確保我們利用我們擁有的資產和優勢。

So we're focused on that, but obviously keeping track of what's going on in the marketplace.

因此，我們專注於這一點，但顯然也在追蹤市場上發生的事情。

And if there is an impact in any one of the places that we fly, we're going to adjust accordingly.

如果我們飛行的任何一個地方受到影響，我們將做出相應的調整。

The good thing about the fleet that we've built up, despite the difficulties that we have with supply chain and aircraft deliveries throughout, is we spent, since the merger, $30 billion plus in terms of new aircraft.

儘管我們在供應鏈和飛機交付方面遇到困難，但我們建立的機隊的好處是，自合併以來，我們在新飛機方面花費了 300 億美元以上。

We have the youngest fleet.

我們擁有最年輕的機隊。

We don't anticipate any big retirements coming up.

我們預計不會出現任何大規模的退休。

And we have the ability to flex this fleet in a very economic fashion should we find that conditions warrant expansion.

如果我們發現條件需要擴張，我們有能力以非常經濟的方式調整這支艦隊。

So you'll see us with moderate growth based on expectations for this year, as we get out into latter stages of 2025 and 2026.

因此，隨著我們進入 2025 年和 2026 年的後期階段，您會看到我們根據今年的預期實現適度增長。

If demand and profitability warrant an adjustment, we'll be ready to go.

如果需求和獲利能力需要調整，我們將做好準備。

And I'd just add that, to the extent that you're asking that question based on an ASM growth comparison, I'd just also look at the growth in departures and recognize that, as we grow, we're going to have our growth in the most competitive time channels and most competitive places possible.

我想補充一點，如果你是根據 ASM 成長比較提出這個問題，我也會關注離職人數的成長情況，並認識到，隨著我們的成長，我們將擁有我們在競爭最激烈的時間管道和競爭最激烈的地方成長。

So it's -- I don't know that ASM is the perfect measure for comparing.

所以，我不知道 ASM 是進行比較的完美衡量標準。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Two sort of fleet related questions here.

這裡有兩種與艦隊相關的問題。

Just on the comment on growing your international fleet from 120 to 200 by 2029.

只是關於到 2029 年將國際機隊從 120 架增加到 200 架的評論。

At that point in time, how many A321neo XLRs will you have in your fleet, at that point?

到那時，您的機隊中將有多少架 A321neo XLR？

And presumably, that's in that 200 number.

據推測，這就是那個 200 的數字。

Yes, that is in the 200 number.

是的，那就是200號。

And we expect to have 40 neos at that point. 40, sorry, 40 XLRs at that point.

我們預計屆時將有 40 家 Neo。 40，抱歉，當時是 40 個 XLR。

Right.

正確的。

And then just my second question, as we think about fleets getting old, and I know your fleet is aging and we start and more specifically, wide-bodies and the ability to procure widebodies.

然後是我的第二個問題，當我們考慮機隊老化時，我知道你們的機隊正在老化，我們開始，更具體地說，寬體機和採購寬體機的能力。

I know economically, it makes sense to procure narrow bodies from both OEMs.

我知道從經濟角度來看，從兩家原始設備製造商購買窄體車是有意義的。

You guys do that.

你們就這樣做。

It's helped you out well with the MAXs and the 321 or 320neos.

它可以很好地幫助您使用 MAX 和 321 或 320neos。

Are we at a point where the decision to do that with widebody aircraft, whether it's to procure from different OEMs, or even from two different families within the same OEM when you think about your replacement for your wide-bodies probably later this decade?

當您考慮可能在本十年稍後更換您的寬體飛機時，我們是否已經決定對寬體飛機做到這一點，無論是從不同的原始設備製造商採購，還是從同一原始設備製造商內的兩個不同系列採購？

Thanks, Mike.

謝謝，麥克。

And I'll start, others can chime in.

我先開始，其他人可以插話。

I really like where we're at in terms of our fleet.

我真的很喜歡我們的機隊現狀。

We're the operator of the world's largest fleet of 320 family aircraft.

我們是全球最大的 320 架系列飛機機隊的營運商。

We're one of the world's largest operators of 737 aircraft.

我們是全球最大的 737 飛機營運商之一。

We've got the MAX 8, and fortunately those are being delivered.

我們已經有了 MAX 8，幸運的是它們正在交付。

And we've got this order out for the MAX 10s.

我們已經收到了 MAX 10 的訂單。

Now the benefit in having these large fleets in kind of one flavor, it's really helpful from an efficiency perspective, right.

現在，擁有這些大型機隊的好處是單一的，從效率的角度來看，這確實很有幫助，對吧。

We're not out there with a dozen different aircraft types.

我們並沒有擁有十幾種不同的飛機類型。

Our pilots, our flight attendants, our catering, our servicing, our maintenance, engine supply chain, you think about it.

我們的飛行員、我們的空服員、我們的餐飲、我們的服務、我們的維修、引擎供應鏈，你想一想。

It greatly simplifies what we're doing.

它極大地簡化了我們正在做的事情。

We had that same philosophy from a wide-body perspective, and we love the 787 model.

從寬體飛機的角度來看，我們也有同樣的理念，我們喜歡 787 型號。

The 8s and then the 9s are going to be the real workhorse as we go forward.

隨著我們的前進，8 號和 9 號將成為真正的主力。

We know that our customers love it as well.

我們知道我們的客戶也喜歡它。

If we take a look at the 777s, the 777-300 is going to be ramp for some time.

如果我們看一下 777s，就會發現 777-300 將會在一段時間內處於坡道狀態。

And they're going to be getting a refresh.

他們將會煥然一新。

And starting this year, we'll see the benefit of the flagship suites coming out.

從今年開始，我們將看到旗艦套件的優勢不斷顯現。

Those are going to be in the fleet for a long time.

這些將在艦隊中長期服役。

We've got a decision to make about 777-200s at some point in time, whether we reconfigure or do something else.

我們已經決定在某個時間點生產 777-200，無論是重新配置還是做其他事情。

And we're in contact with Airbus, we're in contact with Boeing as well.

我們正在與空中巴士公司保持聯繫，我們也正在與波音公司保持聯繫。

And we're also mindful of the benefits that we get by having a simplified fleet and with fleet types that gives you great flexibility depending on range and demand.

我們也注意到透過簡化機隊和機隊類型所帶來的好處，可以根據航程和需求為您提供極大的靈活性。

And the comment about your fleet is getting older, that's true, it just makes for the time.

關於你的艦隊的評論越來越老了，這是真的，這只是為了趕時間。

But the fact of matter is we're starting from a much better spot than any of our competitors.

但事實是，我們的起點比任何競爭對手都要好得多。

As Devon has said, our anticipated capital spending over the long run, and this is to provide, virtually any growth level of growth that we want, especially if we have the ability to keep older aircraft around and hold off the retirement, it is very modest.

正如德文郡所說，從長遠來看，我們預期的資本支出，這實際上是為了提供我們想要的任何增長水平，特別是如果我們有能力保留舊飛機並推遲退役，這是非常重要的謙虛的。

So a $3.5 billion type range as we take a look out to 2026 and beyond. 2025 is a real low spot in terms of capital spending.

因此，當我們展望 2026 年及以後時，這一範圍將達到 35 億美元。就資本支出而言，2025 年確實是個低點。

So we already have the lowest average age for our fleet.

因此，我們機隊的平均年齡已經是最低的。

We don't have retirements coming up.

我們還沒有退休的日子。

And I see that as others have to invest in their fleet and are talking about numbers that are more than double of those kind of capital expenditures, and the difficulty in, at least with delivery of aircraft these days, I really like where we're at.

我看到其他人必須投資他們的機隊，並且談論的數字是此類資本支出的兩倍以上，以及困難，至少在這些天交付飛機方面，我真的很喜歡我們現在的處境。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Robert, I guess if you step back, I mean, because obviously, so much has changed in the past year, especially since the Investor Day, I think, in March of last year.

羅伯特，我想如果你退後一步，我的意思是，因為顯然，過去一年發生了很多變化，特別是自去年三月的投資者日以來。

But obviously, you've talked about a lot getting corporate share back.

但顯然，您已經談論了很多收回公司股份的問題。

But how would you articulate American's commercial strategy going forward today?

但您如何闡明美國航空今天的商業策略？

And I guess I'm just observing here, but it feels like maybe you're still in a zone of defense.

我想我只是在這裡觀察，但感覺也許你仍然處於防禦區域。

When does that then transition into an offensive front with that strategy?

那麼什麼時候才能用這種策略轉變成進攻陣線呢？

Thanks for that question.

謝謝你提出這個問題。

And our Investor Day commitments, we stand by them.

我們恪守投資者日的承諾。

I don't like that we're not -- we haven't grown margins.

我不喜歡的是我們沒有增加利潤。

And as I take a look out to the future, and as Devon has said, I do believe that we're set up well to grow margins, especially because of everything that we've done from an efficiency perspective.

當我展望未來時，正如德文所說，我確實相信我們已經做好了提高利潤的準備，特別是因為我們從效率角度所做的一切。

I'm going to get back to the other side of that equation because it's not just a cost perspective.

我將回到等式的另一邊，因為這不僅僅是成本的角度。

But you combine the record free cash flow production that we produced, we've done a really nice job of getting this airline set up so that we're not worried about balance sheet issues, and that puts us in a very different position.

但結合我們創造的創紀錄的自由現金流量，我們在組建這家航空公司方面做得非常好，這樣我們就不用擔心資產負債表問題，這使我們處於一個非常不同的境地。

I've talked to you about our fleet, and as we take a look going forward, you are going to see this year American absolutely spend a lot more time and focus on energy in terms of improving our customer experience in a way that we can monetize.

我已經和您討論了我們的機隊，當我們展望未來時，您會看到今年美國航空絕對會花費更多的時間和精力來改善我們的客戶體驗，我們可以貨幣化。

So from that perspective, we have a foundation built that I think others are trying to catch up on, whether it's establishment of satellite WiFi across all fleets, ultra-premium lounges, which we're going to be introducing a new Philadelphia launch to add to the complement that we already have.

因此，從這個角度來看，我們已經建立了一個基礎，我認為其他人正在努力趕上，無論是在所有機隊中建立衛星 WiFi、超高級休息室，我們將在費城推出新的服務來添加對我們已有的補充。

This collection of premium seating on our aircraft and whether it's the new flagship suites and 787-8s -- or 787-9s and the XLRs, or whether it's just the domestic product where we're so strong, we have a regional product that others can't touch in terms of the E-175s.

我們飛機上的一系列高級座椅，無論是新的旗艦套房和 787-8，還是 787-9 和 XLR，或者只是我們實力雄厚的國內產品，我們都有其他人無法比擬的區域產品就E- 175而言無法觸及。

And in terms of the rest of the fleet, you'll see that the older aircraft that we have, whether it's the 320s and 319s, they're going to be both getting upgraded.

就機隊的其餘部分而言，您將看到我們擁有的較舊飛機，無論是 320 型還是 319 型，它們都將升級。

And so I feel like we have all the pieces of the puzzle in place to really take off.

所以我覺得我們已經把拼圖的所有部分都準備好了，可以真正起飛。

Now we've got some work to do putting that together and selling and telling our story better.

現在我們有一些工作要做，將它們整合在一起，更好地銷售和講述我們的故事。

But we are the largest in the best market in the world here in the US.

但我們在美國是世界上最好的市場中最大的。

We've got an enviable position in the biggest business markets when you think about London Heathrow and Tokyo.

當您想到倫敦希斯洛機場和東京時，我們在最大的商業市場中擁有令人羨慕的地位。

We've got the best set of partners around the world in those biggest markets.

我們在這些最大的市場中擁有全球最好的合作夥伴。

American's got a lot of momentum as we look forward.

正如我們所期待的那樣，美國航空有很大的動力。

I appreciate that, Robert.

我很感激，羅伯特。

And then, Devon, I know you talked a lot about the cost headwinds this year.

然後，德文郡，我知道你談論了很多今年的成本逆風。

But is there any productivity offsets potentially in these new labor agreements and especially in the context of that simplified fleet that Robert was just discussing?

但是，這些新的勞工協議中，特別是在羅伯特剛才討論的簡化機隊的背景下，是否存在任何潛在的生產力抵消？

Not necessarily offsets related to the labor agreements themselves.

不一定與勞動協定本身相關的抵消。

I think the offsets were fine, and is just a lot of work on efficiency and investing in the right technologies.

我認為抵消措施很好，只是在效率和投資正確的技術方面做了大量工作。

As we've talked about, last year our re-engineering the business efforts generated about $500 million in value.

正如我們所討論的，去年我們的業務重組工作創造了約 5 億美元的價值。

This year, we think we're going to generate a couple of hundred million dollars.

今年，我們認為我們將產生數億美元。

But that's net of some really meaningful investments that we're making in our IT shop, that we're making in our tech ops organization to digitalize all the work that they are doing.

但這還不包括我們在 IT 部門和技術營運組織中進行的一些真正有意義的投資，這些投資旨在將他們正在做的所有工作數位化。

So I feel great about the investments we're making.

因此，我對我們正在進行的投資感到非常滿意。

It doesn't all necessarily pay back in this calendar year.

這並不一定會在今年得到回報。

But we look out to 2026, I think where cost profile is going to look really good, I've always said, I look back over the last several years, I think we perform better than anybody when it comes to unit cost delivery.

但我們展望 2026 年，我認為成本狀況會看起來非常好，我總是說，回顧過去幾年，我認為在單位成本交付方面我們的表現比任何人都好。

So we're not necessarily seeing anything in the labor agreements.

所以我們不一定會在勞工協議中看到任何內容。

That's not what we were going after in those labor agreements.

這不是我們在這些勞工協議中所追求的目標。

But we are running a more efficient business right now and I think we're going to run a more efficient business a year from now than we are today.

但我們現在正在經營一個更有效率的業務，我認為一年後我們將比現在經營一個更有效率的業務。

Thank you.

謝謝。

At this time, we will be taking questions from media.

這次我們將接受媒體提問。

(Operator Instructions)

（操作員說明）

Alison Sider, Wall Street Journal.

艾莉森‧賽德，《華爾街日報》。

Curious, after the Starship breakup last week, how concerned are you about sort of the operational and safety impacts from space launches?

好奇的是，上周星艦解體後，您對太空發射對操作和安全的影響有多擔心？

And is there anything you're asking the FAA to do differently in terms of kind of how it handles those?

您是否要求美國聯邦航空局在處理這些問題方面採取不同的做法？

Well, Ali, thanks for the question.

嗯，阿里，謝謝你的提問。

We're in constant contact with DOT and FAA.

我們與 DOT 和 FAA 保持持續聯繫。

And no doubt, launches do have an impact on our network, especially given the aerospace issues that are impacted.

毫無疑問，發射確實會對我們的網路產生影響，特別是考慮到受到影響的航空航天問題。

So what we do, we coordinate closely.

因此，我們所做的事情都是密切協調的。

I've got David Seymour here, our Chief Operating Officer.

這裡有我們的營運長大衛·西摩。

And what -- I think what he'll tell you is that we -- the coordination effort is better than it's ever been, and that one of the things we try to do is work with any launches to make sure that they're as least impactful in terms of time of day that they take place.

我想他會告訴你的是，我們的協調工作比以往任何時候都更好，我們嘗試做的事情之一就是與任何發布合作，以確保它們與就一天中發生的時間而言影響最小。

Dave, do you want to add anything?

戴夫，你想補充什麼嗎？

Yes.

是的。

I think, Robert, you said the right things in our coordination with them.

我認為，羅伯特，你在我們與他們的協調中說了正確的話。

And I think it's just -- but the FAA is going to be very mindful of those launches and how they executed their strategy in locking out a containment zone for that launch.

我認為這只是 - 但美國聯邦航空局將非常關注這些發射以及他們如何執行為該發射鎖定隔離區的策略。

And it was disruptive to us in terms of diversions that we had to do, holding aircraft on the ground, but we recovered well.

我們必須進行改道，將飛機停在地面上，這對我們造成了乾擾，但我們恢復得很好。

But as Robert said, the coordination right now that we have with the FAA and air traffic side has never been better, and we're going to continue to work with them on that.

但正如羅伯特所說，我們目前與美國聯邦航空局和空中交通部門的協調從未如此良好，我們將繼續與他們合作。

Got it.

知道了。

And I mean, do you know or is there anything you want to be done differently for future launches in terms of the sort of perimeter for the closed air space or the timing of launches or anything you're looking to change from a safety perspective?

我的意思是，您是否知道或您希望在未來的發射中對封閉空間的周長或發射時間或從安全角度希望改變的任何事情進行不同的處理？

We're still waiting for the FA to continue their review of that.

我們仍在等待英足總繼續對此進行審查。

But on the surface right now, I don't see anything different that we're going to see.

但現在從表面上看，我沒有看到任何與我們將要看到的不同的東西。

They've done a lot of work over the last several years of actually continuing to manage that.

在過去的幾年裡，他們做了很多工作來繼續管理這一點。

So we have -- not as impacted as we were in the past.

所以我們受到的影響不像過去那麼大。

But we're going to work with them.

但我們將與他們合作。

But I think they need to continue their review of that situation, and then we'll get back and see if we need to adjust plans.

但我認為他們需要繼續審查這種情況，然後我們會回來看看是否需要調整計劃。

Mary Schlangenstein, Bloomberg News.

瑪麗‧施蘭根斯坦，彭博新聞。

I wanted to ask about the IFE on the premium, Devon, that you're talking about going forward.

我想問一下關於保費的 IFE，Devon，您正在談論未來的發展。

I'm wondering what was -- what's been responsible for that shift in your approach on IFE?

我想知道是什麼導致了您對 IFE 方法的轉變？

It's just competitive pressure, something that consumers are demanding?

這只是競爭壓力，是消費者的要求嗎？

Or what's behind that?

還是這背後是什麼？

Mary, just you might have mistaken something.

瑪麗，只是你可能弄錯了什麼。

In terms of our IFE strategy, in-flight seatback entertainment on our international-based wide-body aircraft, or in the case of the 321 XLRs, those will be equipped to take care of our customers.

就我們的 IFE 策略而言，我們國際寬體飛機上的機上座椅靠背娛樂系統或 321 XLR 都將配備這些設施來照顧我們的客戶。

The rest of our fleet will have satellite-based WiFi, except for the smallest regional jets.

除最小的支線飛機外，我們機隊的其餘飛機都將配備衛星 WiFi。

Right.

正確的。

But you don't currently have IFE on your international wide-bodies?

但目前您的國際寬體飛機上還沒有 IFE？

Or am I wrong on that?

還是我錯了？

We currently have IFE on -- our international-based aircraft.

目前，我們的國際航班上配備了機載娛樂系統。

Thank you.

謝謝。

Sorry about that.

對此感到抱歉。

And the other question I wanted to ask was, what changes that you potentially foresee from the Trump administration in terms of either the operations of the FAA and ATC, issues with them trying to step up hiring or make changes faster than the past administration had to change the ATC, issues affecting the airlines?

我想問的另一個問題是，您可以預見川普政府在聯邦航空局和空中交通管制的運作方面可能會發生哪些變化，以及他們試圖比上屆政府更快地增加招聘或做出改變的問題改變ATC，影響航空公司的問題？

Well, as I said in some earlier comments, I think President Trump and the administration, they recognize the importance of aviation to commerce.

嗯，正如我在之前的一些評論中所說，我認為川普總統和政府認識到航空對商業的重要性。

They certainly did that during the first Trump administration in response to COVID and the support that was provided to the industry.

在川普第一屆政府期間，他們當然是這樣做的，以應對新冠疫情以及向該行業提供的支持。

It's the reason why the industry is as strong as it is today.

這就是該行業今天如此強大的原因。

And that credit really does go to the first Trump administration and the quick reaction.

這確實歸功於川普第一屆政府和快速反應。

Now in regard to what we do next, I do believe that it's imperative that we look at investing in air traffic control.

現在，關於我們下一步要做的事情，我確實認為我們必須考慮投資空中交通管制。

We know that there's a huge tax put on efficiency for the airlines, on our customers in terms of the time it takes to fly, and ultimately, we've got to address it because there's a lot of growth that I think is possible and hope for in the industry.

我們知道，就飛行時間而言，航空公司的效率和我們的客戶都承受著巨額的稅收，最終，我們必須解決這個問題，因為我認為有可能並希望有很大的成長對業內來說。

But we can't keep on jamming more aircraft into the skies in a way that can't be serviced efficiently.

但我們不能繼續以無法有效維護的方式將更多飛機塞入天空。

So today, it takes a lot longer to fly from Chicago to New York or Washington to New York than it did 20 years ago.

因此，如今，從芝加哥飛往紐約或從華盛頓飛往紐約的時間比 20 年前要長得多。

There's no reason for that.

沒有理由這樣做。

There's plenty of room in the sky.

天空有足夠的空間。

There's technology that we can be deploying that would be helpful from an overall control perspective.

我們可以部署一些技術，從整體控制的角度來看，這會很有幫助。

And also, our aircraft are actually equipped to handle and to perform in a different system.

而且，我們的飛機實際上配備了在不同的系統中處理和執行的能力。

So we've got a lot of work to do.

所以我們還有很多工作要做。

It's going to take investment.

這需要投資。

But have great confidence that will be the type of work that we're able to engage on.

但請對我們能夠從事的工作類型充滿信心。

And the last thing I'll just say is that I also believe that the administration will be very cognizant of regulatory issues that can benefit both the airlines and our customers as well, and we'll be working closely with them on that.

我要說的最後一件事是，我還相信政府將非常了解監管問題，這對航空公司和我們的客戶都有好處，我們將在這方面與他們密切合作。

So I'm very optimistic about the future.

所以我對未來非常樂觀。

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Just considering what the Trump administration has said about DEI and how they're extending that ordering changes within the federal government.

只要考慮一下川普政府對 DEI 的言論以及他們如何在聯邦政府內部擴展這項命令的變化。

I was curious where American Airlines stands.

我很好奇美國航空的立場。

I see the website says DEI are foundational to American Airlines culture and that you plan to lead the industry with DEI.

我看到網站上說 DEI 是美國航空文化的基礎，並且您計劃透過 DEI 引領業界。

Any changes there internally?

內部有什麼變化嗎？

And do you have any concerns about the review at the FAA that the federal government is doing?

您對聯邦政府正在進行的聯邦航空局審查有任何擔憂嗎？

I can't speak to anything going on at the FAA.

我無法談論美國聯邦航空局發生的任何事情。

I'll just say that, at American, we've always had a philosophy of hiring the best team members that we can possibly bring into the company.

我只想說，在美國航空，我們一直有一個理念，那就是僱用我們可以帶入公司的最好的團隊成員。

We serve 650,000-plus on peak days customers, 650,000-plus customers, of all backgrounds and places throughout the world.

我們在高峰時段為 65 萬多名客戶提供服務，這 65 萬多名客戶來自世界各地、各種背景。

We have 130,000 team members that work in all parts of the globe.

我們有 13 萬名團隊成員，在全球各地工作。

Our efforts here are going to be focused on caring for people on life's journey, and in that, we're going to do that in a way that it's beneficial for our customers and profitable for our airline.

我們的努力將集中在照顧人生旅途中的人們，在這方面，我們將以對我們的客戶有利、對我們的航空公司有利的方式來做到這一點。

That's going to be our guiding factor as we go forward, and looking for ways to better take care of our customers and better take care of our team members, that's front and center, and that is where American is headed.

這將成為我們前進的指導因素，並尋找更好地照顧我們的客戶和我們的團隊成員的方法，這是最前沿和中心的，也是美國航空的前進方向。

Thank you.

謝謝。

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？

Thanks, Latif.

謝謝，拉蒂夫。

I appreciate everybody's interest and time today.

我感謝大家今天的興趣和時間。

And I'd just like to reiterate that the fourth quarter was a quarter for us in which we laid down some incredibly important milestones.

我想重申，第四季對我們來說是一個我們制定了一些極其重要的里程碑的季度。

It was important for us to outperform the industry in terms of revenue production year-over-year.

對我們來說，在收入產出方面超越產業非常重要。

It was important for us to achieve record free cash flow that put us in place to take advantage of a lot of other things that we've been doing in this company to make sure that our balance sheet is as strong as possible.

對我們來說，實現創紀錄的自由現金流非常重要，這使我們能夠利用我們在這家公司所做的許多其他事情來確保我們的資產負債表盡可能強勁。

And we're excited about the challenges that we've taken on, not only to restore our revenue performance, but also to expand upon that and take advantage of everything that we've built in this airline over the last several years.

我們對所面臨的挑戰感到興奮，不僅是為了恢復我們的收入表現，而且是為了擴大這一目標並利用我們在過去幾年中在這家航空公司中建立的一切。

And so I'll reiterate our commitment to our customers, to take care of them in the best possible fashion, and then also reiterate our commitment to our investors.

因此，我將重申我們對客戶的承諾，以盡可能最好的方式照顧他們，然後也重申我們對投資者的承諾。

We are intent on growing margins, producing sustainable free cash flow, further continuing to strengthen our balance sheet.

我們致力於提高利潤率，產生可持續的自由現金流，並進一步繼續加強我們的資產負債表。

And there's a tremendous amount of upside in American right now.

美國現在有巨大的上升空間。

When you take a look at our performance and what we're capable of doing as we look out into 2025 and going into 2026, American is poised to outperform.

展望 2025 年和 2026 年，當您審視我們的表現以及我們的能力時，美國航空將表現出色。

Thank you for your time.

謝謝您的寶貴時間。

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。