美國航空 (AAL) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's second quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Neil Russell, Vice President, Investor Relations. Please go ahead.

感謝您的支持，歡迎參加美國航空集團 2025 年第二季財報電話會議。（操作員指示）現在我想將電話交給投資者關係副總裁 Neil Russell。請繼續。

Thank you, Latif. Good morning, everyone, and welcome to the American Airlines Group earnings conference call. On the call with prepared remarks, we have our CEO, Robert Isom; and our CFO, Devon May. In addition, we have a number of our senior executives in the room this morning for the Q&A session. Robert will start the call with an overview of our performance.

謝謝你，拉蒂夫。大家早安，歡迎參加美國航空集團收益電話會議。在電話會議上，我們的執行長 Robert Isom 和財務長 Devon May 發表了準備好的演講。此外，今天早上我們還有幾位高階主管到場參加問答環節。羅伯特將在通話開始時概述我們的表現。

Devon will follow with details on the 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. (Event Instructions)

除了概述我們的營運計劃和未來展望之外，Devon 還將公佈本季度的詳細資訊。在我們準備好發言之後，我們將開始回答分析師的問題，然後是媒體的問題。（活動須知）

Before we begin today, we must state that today's call contains forward-looking statements, including statements concerning future revenues, costs, forecast of capacity and fleet plans. These statements represent our predictions and expectations of future events, but numerous risks and uncertainties could cause actual results to differ from those projected.

在今天開始之前，我們必須聲明，今天的電話會議包含前瞻性陳述，包括有關未來收入、成本、產能預測和機隊計劃的陳述。這些聲明代表了我們對未來事件的預測和期望，但眾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 and Form 10-Q that was issued earlier this morning. Unless otherwise specified, all references to earnings per share are on an adjusted and diluted basis.

有關這些風險和不確定性的一些資訊可以在我們今天早上發布的收益新聞稿和 10-Q 表中找到。除非另有說明，所有每股收益均按調整和稀釋的基礎計算。

Additionally, we will 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 Investors section of our website. 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.

此外，我們將討論某些非公認會計準則財務指標，這些指標不包括異常項目的影響。這些數據與 GAAP 財務指標的對帳內容包含在收益新聞稿中，您可以在我們網站的「投資者」部分找到。本次電話會議的網路直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，我們不承擔隨後更新該資訊的義務。

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

感謝您的關注以及今天早上的加入我們。說完這些，我將把電話轉給我們的執行長羅伯特艾索姆 (Robert Isom)。

Good morning, everyone. This morning, American reported an adjusted pretax profit of $869 million for the second quarter or earnings per share of $0.95, which is toward the high end of the guidance we provided in April. We achieved this in a difficult and evolving operating and demand environment, and we're proud of our second quarter performance.

大家早安。今天上午，美國航空報告其第二季調整後稅前利潤為 8.69 億美元，每股收益為 0.95 美元，接近我們 4 月給出的預期上限。我們在困難且不斷變化的營運和需求環境中實現了這一目標，我們對第二季的業績感到自豪。

We remain steadfast in our focus on our 2025 priorities, which will continue to shape the long-term success of American. Executing on these priorities will enable us to grow margins, generate sustainable free cash flow, and further strengthen our balance sheet.

我們將繼續堅定不移地關注 2025 年的優先事項，這將繼續決定美國的長期成功。執行這些優先事項將使我們能夠提高利潤率，產生可持續的自由現金流，並進一步加強我們的資產負債表。

Our priorities this year include delivering on our revenue potential, renewing our focus on the customer experience, operating with excellence, and driving efficiencies throughout the airline. We're pleased with the progress we've made on each of these fronts, and we'll share more on them this morning. Let's begin with our performance during the second quarter.

我們今年的首要任務包括發揮我們的收入潛力、重新專注於客戶體驗、卓越營運以及提高整個航空公司的效率。我們對在各個方面取得的進展感到滿意，今天上午我們將分享更多進展。讓我們從第二季的表現開始。

In the second quarter, we produced record revenue of $14.4 billion, a testament to the progress we're making on our commitment to deliver on our revenue potential even in a challenging environment. Our year over year passenger unit revenue improvement led our network peers for the fourth straight quarter.

在第二季度，我們創造了 144 億美元的創紀錄收入，這證明了我們即使在充滿挑戰的環境中也正在履行收入潛力的承諾，並取得了進展。我們的乘客單位收入年增連續第四個季度領先我們的網路同行。

Long-haul international PRASM performed in line with our initial expectations with all entities producing positive year over year results. Driven by continued strength in the premium cabin, Atlantic PRASM was up 5% and Pacific PRASM was up approximately 1% year over year on approximately 17% more capacity.

長途國際 PRASM 的表現符合我們最初的預期，所有實體都取得了同比積極的業績。受高階客艙持續強勁成長的推動，大西洋航空的 PRASM 客運量年增 5%，太平洋航空的 PRASM 客運量年增約 1%，運力成長約 17%。

Premium demand and spending from higher-income consumers remained resilient in the second quarter. On a year over year basis, unit revenue in the premium cabin performed four points better than the main cabin. We're well positioned to attract premium customers with plans to expand our premium seating further in the years ahead.

第二季度，高收入消費者的保費需求和支出仍保持強勁。與去年同期相比，高級艙的單位收入比主艙高出 4 個百分點。我們已做好準備，吸引高端客戶，並計劃在未來幾年進一步擴大我們的高端座位。

The strength in international and premium was offset by domestic leisure weakness. Domestic unit revenue was down approximately 6% year over year as softness in the main cabin persisted throughout the second quarter. While domestic unit revenue is expected to remain lower year over year in the third quarter, we expect that July will be the low point and that performance will improve sequentially each month in the quarter as industry capacity growth slows and demand strengthens.

國際和高端市場的強勁表現被國內休閒市場的疲軟所抵消。由於主艙市場持續疲軟，第二季國內單位營收年減約 6%。雖然預計第三季國內單位營收仍將年減，但我們預計 7 月將是最低點，隨著產業產能成長放緩和需求增強，本季每個月的業績都將較上季改善。

As shown on slide 4 of the earnings presentation that we published this morning, the efforts of our sales team to recover revenue from indirect channels beat our expectations in the quarter, with our indirect share now down 3% versus historical levels. We saw the greatest sequential improvement in indirect leisure channels, but we continue to make progress in corporate channels. We remain on track to get back to our historical share of indirect channel revenue as we exit 2025.

正如我們今天早上發布的收益報告第 4 張投影片所示，我們的銷售團隊為從間接通路恢復收入所做的努力超出了我們本季的預期，目前我們的間接份額與歷史水準相比下降了 3%。我們看到間接休閒通路取得了最大的連續改善，但我們在企業通路方面也持續取得進展。到 2025 年，我們仍有望恢復到間接通路收入的歷史份額。

In the second quarter, we grew our managed business revenue by 10% year over year, outpacing broader industry growth. This result is further confirmation that our sales and distribution efforts are being well received by our customers. Our work to grow the AAdvantage program and enhance our partnership with Citi is continuing as we prepare for the start of our new 10-year agreement in January 2026.

第二季度，我們的管理業務收入年增 10%，超過了整個產業的成長速度。這一結果進一步證實我們的銷售和分銷努力受到了客戶的好評。我們將繼續致力於擴大 AAdvantage 計畫並加強與花旗銀行的合作夥伴關係，為 2026 年 1 月開始新的 10 年期協議做準備。

Slide 5 highlights that active AAdvantage members have grown 7% year to date with our highest growth in enrollments coming from Chicago, Dallas-Fort Worth and New York. AAdvantage members are more engaged, generate a higher yield versus nonmembers and are a key driver for premium cabin demand, currently accounting for approximately 77% of premium revenue.

幻燈片 5 突出顯示了活躍的 AAdvantage 會員今年迄今為止增長了 7%，其中註冊人數增長最快的是來自芝加哥、達拉斯-沃斯堡和紐約。AAdvantage 會員參與度更高，與非會員相比收益更高，是高級艙位需求的主要驅動力，目前約佔高級艙位收入的 77%。

Spending on our co-branded credit cards was up 6% year over year for the second quarter as customers continue to favor AAdvantage miles as their preferred rewards currency. American remains committed to offering an industry-leading travel rewards program, and we look forward to sharing more exciting updates in the months ahead.

由於客戶繼續青睞 AAdvantage 里程作為其首選的獎勵貨幣，我們第二季度聯名信用卡的消費額同比增長了 6%。美國航空始終致力於提供業界領先的旅行獎勵計劃，我們期待在未來幾個月分享更多令人興奮的更新。

The further strengthening of our network remains a key priority for the team. In the second quarter, our growth was focused on Chicago, New York, and Philadelphia, three strategic hubs critical to our network and where we continue to see long-term opportunity.

進一步加強我們的網絡仍然是團隊的首要任務。在第二季度，我們的成長集中在芝加哥、紐約和費城，這三個對我們的網路至關重要的戰略樞紐，我們繼續看到長期機會。

We're encouraged by the early results from this additional capacity with share, unit revenue and financial results tracking in line with or ahead of expectations. We'll remain responsive to the demand and competitive environment as we execute our long-term network strategy, and we remain focused on deploying capacity that best serves our customers.

我們對此新增產能帶來的早期業績感到鼓舞，市場佔有率、單位收入及財務業績均符合或超出預期。在執行長期網路策略時，我們將持續回應需求和競爭環境，並持續專注於部署最能服務客戶的容量。

Our new customer experience organization is elevating every part of the travel journey. We've continued to make meaningful improvements across all phases of the customer experience. We've announced several exciting updates to our lounge network, including opening a new flagship lounge in Philadelphia. In Miami, we've announced plans for a new flagship lounge and are expanding the Admirals Club lounge footprint. American is proud to offer more premium lounges than any other carrier.

我們新的客戶體驗組織正在提升旅行的每個部分。我們不斷在客戶體驗的各個階段做出有意義的改進。我們宣布了休息室網路的幾項令人興奮的更新，包括在費城開設一個新的旗艦休息室。在邁阿密，我們宣布了開設新旗艦休息室的計劃，並正在擴大海軍上將俱樂部休息室的規模。美國航空很榮幸能夠提供比其他任何航空公司都多的高級休息室。

Later this summer in Charlotte, we'll open Provisions by Admirals Club, a new, unique, and additional lounge concept for customers that are seeking a quick refreshment before catching their next flight. The new flagship suite on our Boeing 787-9 officially entered service last month on select flights to London. In this winter, this premium offering is expected to expand to Argentina, New Zealand, and Australia, giving more customers the opportunity to enjoy this elevated experience.

今年夏天晚些時候，我們將在夏洛特開設 Provisions by Admirals Club，這是一個全新、獨特且附加的休息室概念，專為那些想要在搭乘下一班航班前快速補充能量的乘客而設計。我們的波音 787-9 上的新旗艦套房上個月在飛往倫敦的部分航班上正式投入使用。今年冬天，這項高端服務預計將擴展到阿根廷、紐西蘭和澳大利亞，讓更多顧客有機會享受這種高端體驗。

Customer response to the new aircraft and flagship suite product has been overwhelmingly positive. We want our customers' experience at the airport to be as easy and as seamless as possible. In May, we implemented TSA Touchless ID, which significantly expedites the security screening process.

客戶對新飛機和旗艦套件產品的反應非常積極。我們希望我們的客戶在機場的體驗盡可能輕鬆和無縫。五月，我們實施了 TSA Touchless ID，這大大加快了安全檢查流程。

Additionally, we're the first airline to test one-stop security for flights into the US, starting with American flights from London to Dallas-Fort Worth, allowing customers to bypass baggage reclaim and TSA rescreening upon arrival. We're excited to be the first carrier to implement one-stop security, which will greatly enhance the connecting experience and overall journey for our customers traveling internationally. Thank you to the Department of Homeland Security for its continued partnership and commitment.

此外，我們是第一家對飛往美國的航班進行一站式安全測試的航空公司，首先從倫敦飛往達拉斯沃斯堡的美國航空航班開始，讓乘客在抵達時無需領取行李和 TSA 重新檢查。我們很高興成為第一家實施一站式安全檢查的航空公司，這將大大提升我們國際旅行乘客的轉機體驗和整體旅程。感謝國土安全部的持續合作與承諾。

We've also introduced several additional customer enhancements during the quarter, including an option for customers to use miles as a form of payment for upgrades and improvements to our in-flight food and beverage offerings. We're excited about the momentum we've built, and we're just getting started. Our customer experience team is undertaking a comprehensive review of every phase of the travel journey and making investments that will deliver tangible improvements for our customers and our revenue performance.

我們還在本季度推出了幾項額外的客戶改進服務，包括允許客戶使用里程作為升級和改進我們機上食品和飲料服務的付款方式。我們對已經建立的勢頭感到非常興奮，而這才剛剛開始。我們的客戶體驗團隊正在對旅行的每個階段進行全面審查，並進行投資，為我們的客戶和我們的收入表現帶來實際的改善。

Turning now to our operation. The team has continued to plan, execute and recover through very difficult operating conditions this summer. Disruptive operating conditions are a reality of our business, and the American team continues to do an excellent job recovering from irregular operations and mitigating the impact to our customers.

現在談談我們的行動。今年夏天，該團隊在非常困難的營運條件下繼續進行規劃、執行和恢復。破壞性的營運條件是我們業務的現實，美國團隊繼續出色地從不正常營運中恢復並減輕對客戶的影響。

In the second quarter, there was significant storm activity at our hubs in Dallas-Fort Worth, Chicago, Washington, D.C. and in the Northeast, a 36% increase in disruptive operational events over the same period last year. Thanks to the investments we've made in technology and our operations and our team's continued focus on controlling what we can control, we were able to recover quickly from these disruptions. A big thank you to the entire American Airlines team for continuing to deliver for our customers in the midst of a very challenging operating environment.

第二季度，我們的達拉斯-沃斯堡、芝加哥、華盛頓特區和東北部樞紐均遭遇嚴重風暴，與去年同期相比，營運中斷事件增加了 36%。由於我們在技術和營運方面的投資，以及我們的團隊持續專注於控制我們能夠控制的事情，我們能夠從這些中斷中迅速恢復過來。非常感謝整個美國航空團隊在非常具有挑戰性的營運環境中繼續為我們的客戶提供服務。

Finally, I'd like to acknowledge the families and communities affected by the catastrophic flooding in Central Texas. American is a proud Texas-based airline, and we've joined forces with our disaster response partners, the American Red Cross, Airlink and Team Rubicon to aid relief efforts and support impacted families. Now I'll turn the call over to Devon to share more about our second quarter financial results and outlook.

最後，我要向受到德州中部災難性洪水影響的家庭和社區表示感謝。美國航空是一家自豪的德州航空公司，我們與我們的災難應變合作夥伴美國紅十字會、Airlink 和 Team Rubicon 攜手合作，協助救援工作並支持受災家庭。現在我將把電話轉給德文，讓他分享更多有關我們第二季的財務表現和前景。

Thank you, Robert, and good morning, everyone. Excluding net special items, American reported a second quarter operating margin of approximately 8% and earnings per share of $0.95, both at the high end of our guidance. Our second quarter revenue of $14.4 billion was up 0.4% year over year.

謝謝你，羅伯特，大家早安。不計淨特殊項目，美國航空報告第二季營業利潤率約為 8%，每股收益為 0.95 美元，均為我們預期的高點。我們第二季的營收為 144 億美元，年增 0.4%。

Second quarter unit cost, excluding fuel and net special items, was up 3.4% year over year, over 0.5 point better than the midpoint of our guidance. This is a result of the team's continued strong execution on our efficiency initiatives and a shift in timing of maintenance events to later in the year.

第二季單位成本（不包括燃料和淨特殊項目）年增 3.4%，比我們的預期中位數高出 0.5 個百分點。這是由於團隊繼續大力執行我們的效率計劃以及將維護活動的時間推遲到今年稍後的結果。

This resulted in an EBITDAR margin of 14.2%, a 1.5 point reduction year over year, which is similar to the year over year margin decline of our network peers. This is a great result considering the current domestic demand environment and our differentiated position, which includes the relative domestic weighting of our network and paying full market rates for all of our largest labor groups.

這導致 EBITDAR 利潤率為 14.2%，年減 1.5 個百分點，與我們網路同業的年比利潤率下降幅度相似。考慮到當前的國內需求環境和我們的差異化地位，這是一個很好的結果，其中包括我們網路的相對國內權重以及為我們所有最大的勞動力群體支付全額市場價格。

We are committed to running the airline as reliably and efficiently as possible while continuing to improve our revenue performance and enhance the customer experience. These efficiencies are driven by best-in-class workforce management, efficient asset utilization and procurement excellence and are unlocked by investments in technology and process improvements.

我們致力於盡可能可靠、有效率地經營航空公司，同時持續提高我們的收益績效並增強客戶體驗。這些效率是由一流的勞動力管理、高效的資產利用和卓越的採購所驅動，並透過對技術和流程改進的投資來實現。

By year-end, we expect to have driven cumulative savings of over $750 million and delivered approximately $600 million of working capital improvements since we launched our reengineering the business efforts in 2023.

自 2023 年啟動業務重組工作以來，到年底，我們預計累計節省資金超過 7.5 億美元，並實現約 6 億美元的營運資金改善。

During the second quarter, we raised $1 billion through a loyalty term loan financing and used the proceeds to cash settle our $1 billion convertible note earlier this month. American ended the second quarter with approximately $38 billion of total debt and $29 billion of net debt, our lowest net debt levels since the third quarter of 2015.

在第二季度，我們透過忠誠度定期貸款融資籌集了 10 億美元，並於本月初用這筆收益來結算我們的 10 億美元可轉換票據。美國航空第二季末的總債務約為 380 億美元，淨債務為 290 億美元，這是自 2015 年第三季以來的最低淨債務水準。

We ended the second quarter with $12 billion of total available liquidity. In the quarter, we produced $791 million of free cash flow and have now produced $2.5 billion of free cash flow in the first half of the year. We anticipate having positive free cash flow for the full year.

截至第二季末，我們可用的流動資金總額為 120 億美元。本季度，我們產生了 7.91 億美元的自由現金流，今年上半年我們產生了 25 億美元的自由現金流。我們預計全年自由現金流將為正值。

With regard to our fleet, we now expect to take delivery of 50 new aircraft this year at the high end of our previous range of 40 to 50 deliveries. This is driven by earlier-than-planned deliveries of several aircraft that we now expect to receive in the fourth quarter, a few months earlier than our previous expectation of the first quarter of 2026.

就我們的機隊而言，我們預計今年將交付 50 架新飛機，高於我們先前 40 至 50 架的交付範圍。這是因為幾架飛機的交付時間早於計劃，我們目前預計這些飛機將在第四季度交付，比我們之前預期的 2026 年第一季提前了幾個月。

Based on these expected deliveries, our 2025 aircraft CapEx, which also includes used aircraft purchases, spare engines and net PDPs is now expected to be between $2.5 billion and $3 billion, and our total CapEx is expected to be between $3.5 billion and $4 billion. We continue to expect moderate levels of CapEx in future years with annual aircraft CapEx averaging approximately $3.5 billion for the remainder of the decade. I'd now like to walk you through our outlook for the third quarter.

根據這些預期交付量，我們 2025 年的飛機資本支出（其中還包括二手飛機採購、備用發動機和淨 PDP）預計在 25 億美元至 30 億美元之間，而我們的總資本支出預計在 35 億美元至 40 億美元之間。我們預計未來幾年的資本支出將保持適度水平，在未來十年的剩餘時間內，每年的飛機資本支出平均約為 35 億美元。現在我想向大家介紹我們對第三季的展望。

We continue to be mindful of both the demand and competitive environment as we develop our capacity plans for the remainder of the year. For the third quarter, we expect capacity to be up 2% to 3% year over year. Our year over year domestic capacity is up by approximately 5% during the July peak, but growth will slow to approximately 2% in August and will be down 1% in September.

在製定今年剩餘時間的產能計畫時，我們將繼續專注於需求和競爭環境。我們預計第三季的運力將年增 2% 至 3%。在 7 月高峰期，我們的國內運力年增了約 5%，但 8 月的增幅將放緩至約 2%，9 月將下降 1%。

We expect third quarter revenue to be between down 2% and up 1% year over year. We expect July to be one of the year's weakest year over year RASM performing months given the higher industry capacity and that the month was largely booked prior to the strengthening demand trends we have seen over the past couple of weeks. But we believe the worst is behind us and year over year revenue will sequentially improve each month this quarter.

我們預計第三季營收將年減 2% 至成長 1%。我們預計 7 月將是今年 RASM 同比表現最差的月份之一，因為行業運力較高，而且在過去幾週我們看到的需求趨勢加強之前，該月的預訂量已經很大。但我們相信最糟糕的時期已經過去，本季的年收入將逐月提高。

Third quarter nonfuel unit costs are expected to be up 2.5% to 4.5% year over year, driven primarily by the collective bargaining agreements we have ratified over the past two years. This performance is in line with the second quarter, but on a lower rate of growth. We expect similar performance in the fourth quarter given the shift in maintenance expense from the second quarter to the fourth quarter. Based on our current demand assumptions and fuel price forecast, we expect to produce a third quarter loss per share of between $0.10 and $0.60.

預計第三季非燃料單位成本將年增 2.5% 至 4.5%，這主要受到我們過去兩年批准的集體談判協議的影響。這一表現與第二季一致，但成長率較低。鑑於維護費用從第二季度轉移到第四季度，我們預計第四季度的表現將類似。根據我們目前的需求假設和燃料價格預測，我們預計第三季每股虧損將在 0.10 美元至 0.60 美元之間。

Based on recent demand trends, we expect full year earnings per share of between a loss of $0.20 and a profit of $0.80, with the midpoint being a profit of $0.30 per share. We believe the top end of the range is achievable if demand in the domestic market continues to strengthen, and we would only expect to be at the bottom end of the range if there was macro weakness that we don't see in our recent booking trends.

根據最近的需求趨勢，我們預計全年每股收益在虧損 0.20 美元到盈利 0.80 美元之間，中間值為每股盈利 0.30 美元。我們相信，如果國內市場的需求持續增強，那麼該價格區間的最高價是可以實現的，而只有在近期預訂趨勢中沒有出現宏觀經濟疲軟的情況下，我們才會預期價格區間的最低價。

We are proud to be forecasting a profit in a year where we have faced the challenges of a tragic accident, significant and continued ATC delays, unprecedented weather, the full financial cost of new collective bargaining agreements and a material drop in demand in the domestic market where we produce over 70% of our revenue. It is a testament to the durability of our business and the resilience of our people.

我們很自豪地預測，在面臨悲慘事故、嚴重且持續的空中交通管制延誤、前所未有的天氣、新的集體談判協議的全部財務成本以及國內市場需求大幅下降（我們 70% 以上的收入來自國內市場）等挑戰的情況下，我們仍將實現盈利。這證明了我們業務的持久性和員工的韌性。

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，請他作最後發言。

Thank you, Devon. In closing, we're pleased with our second quarter results and the hard work of the American Airlines team. This year has been challenging, but our team has skillfully managed through an uncertain demand environment and difficult operating conditions to deliver a safe and reliable operation for our customers. We're confident that we're delivering on the right long-term initiatives. With our continued focus on execution, we remain on track to deliver for the long run.

謝謝你，德文。最後，我們對第二季的業績和美國航空團隊的辛勤工作感到滿意。今年充滿挑戰，但我們的團隊巧妙地克服了不確定的需求環境和困難的營運條件，為客戶提供了安全可靠的營運。我們相信，我們正在實施正確的長期措施。透過持續關注執行，我們仍能維持長期交付的動能。

We believe American is uniquely positioned to benefit as domestic demand recovers in the back half of the year. With that, operator, you may now open the line for questions.

我們相信，隨著下半年國內需求復甦，美國航空將具有獨特的優勢並從中受益。接線員，現在您可以打開熱線來回答問題了。

(Operator Instructions) Jamie Baker, JPMorgan Securities.

（操作員指示）摩根大通證券的 Jamie Baker。

So Robert, you and I had a constructive exchange, in my opinion, back at the March Industrials Conference. So I wanted to kind of stick to that theme following some of the more recent OA disclosures. What we heard from a competitor when discussing the industry landscape is that several airlines are operating a double-digit percentage of their flights at a loss.

所以羅伯特，我認為，在三月的工業會議上，你和我進行了建設性的交流。因此，我希望根據最近的一些 OA 披露內容堅持這個主題。在討論產業情勢時，我們從競爭對手那裡聽說，幾家航空公司的虧損航班比例高達兩位數。

So I guess my question for you, Robert, is twofold. First, can you give us an approximation maybe on a full year basis to adjust for seasonality, what overall percentage of American flying loses money and maybe how that's changed and evolved in recent years? And then second, is there a path towards a more modest percentage of loss producing flying? How do you accomplish that? What are the upside drivers?

所以我想我要問你的問題有兩個，羅伯特。首先，您能否給我們一個大概的數字，也許是全年的，以適應季節性，美國航空的總體虧損比例是多少，以及近年來這種比例是如何變化和發展的？其次，有沒有一種方法可以降低飛行損失率？你是如何做到這一點的？有哪些上行驅動因素？

Okay. Thanks, Jamie. And I'll just start with -- we don't run our airline based on other airlines' perceptions of our business. We run and have a fantastic hub-and-spoke network system, a great set of partners. We're really proud of what we do. And on a system basis, if you take a look at our results today, the primary differentiator between us and some of our competitors is largely two things.

好的。謝謝，傑米。首先我要說的是──我們不會根據其他航空公司對我們業務的看法來經營我們的航空公司。我們運作並擁有出色的樞紐輻射網路系統和一群優秀的合作夥伴。我們對於我們所做的事情感到非常自豪。從系統角度來看，如果你看我們今天的結果，你會發現我們與一些競爭對手之間的主要差異主要有兩點。

One, we're paying our team members at market wages. Others are benefiting from not doing that. I'm sure that, that will catch up over the long run. And the second thing is we do have a network that we're proud to say is more oriented to the domestic network. And let's face it, the domestic network has been under stress because of the uncertainty in the economy and the reluctance of domestic passengers to get in the game.

首先，我們依照市場工資支付團隊成員的薪水。其他人則因不這樣做而受益。我確信，從長遠來看，這一點將會實現。第二件事是，我們確實有一個網絡，我們很自豪地說它更面向國內網絡。讓我們面對現實吧，由於經濟的不確定性以及國內旅客不願意參與，國內航空網絡一直承受壓力。

We think that that's going to change. We think that's going to be a tailwind for us. And especially as demand and capacity come back in more in the balance, it's going to fit very well with the things that we're doing to make American really thrive in the long run, delivering on our revenue potential, improving our customer experience playing into premium, taking advantage of international. We're going to be having some international growth. And it's all based on -- or all keyed off of an incredible level of efficiency.

我們認為這種情況將會改變。我們認為這對我們來說將是一個順風。尤其是當需求和運能恢復平衡時，這將與我們為使美國航空真正實現長期繁榮而採取的措施非常契合，發揮我們的收入潛力，改善我們的客戶體驗，發揮優質服務，利用國際優勢。我們將實現一些國際成長。而這一切都基於——或者說都取決於令人難以置信的效率。

So I feel proud of what we got.

所以我為我們所取得的成就感到自豪。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Two, if I may. You mentioned a sequential improvement in the US domestic market as you think about through 3Q. There's obviously been a wider range of outlooks from some of the other players out there. So I was hoping that you could help frame up what you actually see within your US domestic performance from maybe July to September. Does it just track the capacity plans?

如果可以的話，我想說兩個。您提到，考慮到第三季的情況，美國國內市場出現了連續改善。顯然，其他一些參與者有著更廣泛的觀點。因此，我希望您能幫助您了解 7 月至 9 月期間美國國內經濟表現的實際情況。它只是追蹤容量計劃嗎？

And the reason why I ask is like, obviously, things changed in July, and you talked about how you were basically fully booked for July. So if you could just talk about where you're booked for the remainder of 3Q and then maybe 4Q, that would be super helpful.

我之所以問這個問題，是因為很明顯，七月的情況發生了變化，而且您說過七月份的行程基本上已經排滿了。因此，如果您可以談談您在第三季剩餘時間以及第四季度的預訂情況，那將非常有幫助。

Sure, Conor. I can start. But I just want to note that our Vice Chair and Chief Strategy Officer, Steve Johnson, he's recovering from a case of pneumonia, not with us today. He's fine but getting some rest and is on the mend. So I'll start and hand it over to Devon.

當然，康納。我可以開始了。但我只想指出，我們的副董事長兼首席策略長史蒂夫·約翰遜正在從肺炎中恢復，今天不能和我們在一起。他很好，但正在休息並且康復中。因此我將開始並將其交給 Devon。

Look, when we take a look at what we've got on the books right now, July has been tough, really hit hard by the uncertainty during the primary booking period for those that wanted to travel in July. And as we take a look through the third quarter, we probably have about 65% of revenue on the books. I think that's probably plus or minus right, and about 20% on the books for the fourth quarter.

瞧，當我們查看目前預訂的情況時，我們會發現 7 月份很艱難，對於那些想要在 7 月份旅行的人來說，主要預訂期間的不確定性確實對他們造成了沉重打擊。回顧第三季度，我們的帳面收入大概為 65% 左右。我認為這可能是正負正確的，第四季度的帳面數字約為 20%。

So there's a lot to go and good reason to have a lot of optimism for some of the trends that we're seeing going from July into August and September and into the fourth quarter. But also, look, we've had a lot of volatility in the business so far, and we want to be mindful of that as we forecast as well. Devon?

因此，我們還有很長的路要走，並且有充分的理由對我們在 7 月、8 月、9 月以及第四季度看到的一些趨勢抱持著很大的樂觀態度。但同時，你看，到目前為止，我們的業務已經經歷了很大的波動，我們在預測時也要注意這一點。德文？

Yes. Not much to add. Like Robert said, we will see sequential improvement throughout the quarter. July is going to look a lot like our second quarter results. But as we get into August and September, we're going to see some nice improving trends there and expect that to continue into Q4.

是的。沒什麼好補充的。正如羅伯特所說，我們將看到整個季度的連續改善。七月份的業績與我們第二季的業績非常相似。但隨著進入八月和九月，我們將看到一些良好的改善趨勢，並預計這種趨勢將持續到第四季。

Okay. That's helpful. And then maybe I could talk -- maybe we got to ask a little bit about just earnings baselining. Obviously, a lot has gone on in the first half of this year. And the question that I get is just around like, what the actual potential of the business is now that you've kind of gotten back to a level of demand where I think is sufficient to maybe what you were thinking in January.

好的。這很有幫助。然後也許我可以談談——也許我們可以問一些關於收益基準的問題。顯然，今年上半年發生了很多事。我所得到的問題是關於現在業務的實際潛力是什麼，因為您已經回到了我認為足以達到您在一月份所想的水平的需求水平。

So if you could just talk about what the headwinds that you faced in the first half of this year and what you don't necessarily expect to repeat next year. I think that would be helpful as we start to think about '26 and beyond.

因此，您能否談談今年上半年您面臨的阻力以及您認為明年不一定會重複出現的情況。我認為當我們開始思考 26 年及以後的事情時，這將會很有幫助。

Yes. We're obviously a ways off of run rate earnings right now, and we see a lot of potential for margin expansion as we go forward. And it's everything Robert has talked about, and it's everything we've talked about over time. Like as we look out for the next six months, domestic marketplace is going to improve, and that's a great tailwind for us. As we head into next year, we expect that to continue, and we're going to start benefiting from our new credit card agreement with Citi, which we're incredibly excited about.

是的。顯然，我們目前距離實現營業利潤還有一段距離，但隨著我們繼續前進，我們看到了巨大的利潤率擴張潛力。這就是羅伯特談論的一切，也是我們一直以來談論的一切。正如我們展望未來六個月一樣，國內市場將會改善，這對我們來說是一個巨大的順風。隨著明年的到來，我們預計這種情況將會持續下去，並且我們將開始受益於與花旗銀行達成的新信用卡協議，我們對此感到非常興奮。

We continue to invest meaningfully in the customer and the premium experience, which we think is also going to drive nice tailwinds for us. So this year, obviously, a really tough first half. We think we're going to get some nice tailwinds as we head on into the second half and expect expansion as we head into 2026.

我們將繼續對客戶和優質體驗進行有意義的投資，我們認為這也將為我們帶來良好的順風。因此，今年上半年顯然非常艱難。我們認為，在進入下半年時我們將獲得一些良好的順風，並預計在進入 2026 年時我們將實現擴張。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Two questions. First one, a bit of a follow-up to Conor's. Can you just speak on how you're thinking about capacity and unit costs versus January? Within the low single-digit and mid-single-digit ranges you're expecting, have things shifted at all? And then I know this is early, but this year, I think you had a couple of points of pressure from new labor contracts. Can you just speak to like headwinds and tailwinds we should be thinking about into next year?

兩個問題。第一個，稍微跟進一下 Conor 的。您能否談談您對一月份產能和單位成本的看法？在您預期的低個位數和中個位數範圍內，情況有任何變化嗎？我知道現在還為時過早，但今年，我認為你們面臨著來自新勞動合約的幾點壓力。您能否談談我們明年應該考慮的逆風和順風？

Sure. This year is largely unfolding as we expected to start the year. First quarter, we had guided to CASM up 8% for a lot of reasons that we had talked about, mainline regional mix, labor expenses, a reduction in capacity. We came in just inside of that. Second quarter, we had guided to CASM up 4%.

當然。今年的進展基本上符合我們年初的預期。第一季度，我們預期 CASM 將上漲 8%，原因有很多，包括主線區域組合、勞動成本、運力下降等。我們剛好進入了裡面。第二季度，我們預計 CASM 將上漲 4%。

Again, we came in just inside of that number and felt good about it. We're executing on all of our different cost initiatives, we did benefit in the second quarter with some maintenance expense that pushed out to Q4. And so we're going to see a similar unit cost trend to what we saw in the second quarter for both the third and fourth quarter. So at the midpoint, unit costs up probably somewhere around 3.5%.

再次，我們剛好達到這個數字並且對此感覺良好。我們正在執行所有不同的成本計劃，我們確實在第二季度受益，但一些維護費用推遲到了第四季度。因此，我們將看到第三季和第四季的單位成本趨勢與第二季類似。因此，中間值單位成本可能會上漲 3.5% 左右。

As we head into 2026, it's early. It's going to be somewhat dependent on our capacity production. But I'd just say, over the long term, I think we've done an exceptional job managing costs. We spent the last couple of years really focused on reengineering the business for efficiency, and that's across the entirety of our business and I think we're doing a really nice job with it.

我們即將進入 2026 年，這還為時過早。這將在某種程度上取決於我們的產能。但我只想說，從長遠來看，我認為我們在成本管理方面做得非常出色。過去幾年，我們一直致力於業務重組以提高效率，這涉及我們整個業務，我認為我們在這方面做得非常好。

So that's the outlook for this year. And I think in '26, we'll continue to perform really well relative to the rest of the industry.

這就是今年的展望。我認為在 26 年，我們的表現仍將優於業內其他公司。

Okay. Great. And then maybe just one on the indirect revenue share, if I could. I saw that came in better than expected in the second quarter. But on an operating margin basis, the gap to peers is about the same this quarter. It was in the second quarter of last year with indirect revenue much more recovered.

好的。偉大的。如果可以的話，我可能只會談間接收入分成。我發現第二季的表現比預期好。但以營業利益率計算，本季與同業的差距大致相同。去年第二季間接收入恢復更多。

Is there an element where revenue share is getting close to historical levels that's more volume driven than it was before the distribution strategy change and there's some element of pricing that recovers over time in those contracts? Or is it the margin pressure is coming from the relatively higher domestic exposure and maybe more market labor rates versus one of your peers you spoke about earlier in the call. Just would love to unpack that.

是否存在某種因素，使收入份額接近歷史水平，比分銷策略改變之前更加受銷售驅動，並且這些合約中的某些定價因素會隨著時間的推移而恢復？或者是利潤壓力來自於與您之前在電話會議中提到的某個同行相比相對較高的國內風險敞口以及更高的市場勞動力價格。只是想解開它。

Yes. Thanks. You hit it exactly right at the end. Like it's -- to me, it feels like a pretty incredible result that our margin performance year over year was very much in line with our peers. In a quarter where we know the weakest part of the business was the domestic marketplace, and we have more exposure to domestic. And like you said on the cost side, we are faced with the full cost of newly reached collective bargaining agreements. At least one of our peers isn't in that position yet but will be eventually.

是的。謝謝。你最後說得非常正確。就像它一樣——對我來說，這感覺是一個非常令人難以置信的結果，我們的利潤率表現與去年同期相比與我們的同行非常一致。我們知道，本季業務最薄弱的部分是國內市場，因此我們更專注於國內市場。正如您在成本方面所說的那樣，我們面臨著新達成的集體談判協議的全部成本。我們的同行中至少有一位還沒有達到這個境地，但最終會達到的。

So for us to produce the same year over year margin in that environment seems like a really great result. And you see it in the unit revenue numbers. We've had four straight quarters of relative outperformance on unit revenue. It's just hard to have that flow through to margin or relative margin when you have these types of differences.

因此，對於我們來說，在這種環境下實現相同的同比利潤率似乎是一個非常好的成績。您可以從單位收入數字中看到這一點。我們的單位收入已連續四個季度表現優異。當存在這些類型的差異時，很難將其轉化為利潤或相對利潤。

And Catherine, I'll just add, one of the other proof points is the corporate managed traffic that's improved 10% year over year in a relatively flat business market. We're not done yet. And that's the point, I think, is really important. We've got a few percentage points more to get back to where we were prior to the sales and distribution strategy change. But we've got even more from that because we know that our network and our team is capable of delivering at higher levels. I do believe that the last few percentage points going to be hard. But also, I think that they're going to be the most profitable points we bring in.

凱瑟琳，我還要補充一點，另一個證明點是，在相對穩定的商業市場中，企業管理的流量比去年同期增加了 10%。我們還沒完成。我認為這一點非常重要。我們還需要再增加幾個百分點才能恢復到銷售和分銷策略改變之前的水平。但我們收穫的更多，因為我們知道我們的網絡和團隊有能力提供更高水準的服務。我確實相信最後幾個百分點將會很困難。但同時，我認為它們將成為我們最賺錢的點。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

This is Atul Maheswari on from Tom Wadewitz. Robert, if I heard you right, did you say that you're expecting a full recovery in indirect channel market share as you exit 2025? So if you could please confirm that? And related to that, are you able to quantify what would be the revenue lift that we should expect for 2026 as you run rate the 2025 exit rate to all of next year?

我是 Atul Maheswari，來自 Tom Wadewitz。羅伯特，如果我沒聽錯的話，您是否說過您預計到 2025 年間接通路市場份額將全面恢復？那您可以確認一下嗎？與此相關，當您將 2025 年的退出率計算到明年全年時，您能否量化我們應該預期 2026 年的營收成長是多少？

Well, Tom, I'll start with the first with is just getting back to our historical share. As we exit 2025, we're on track to getting -- restoring our full indirect channel share. And what that means is that as we exit the year. So it's not embedded in the full year 2025 results. But as we move into 2026, I expect to see that come through. We talked last year about that representing $1.5 billion of revenue. There's a good chunk of that that's going to flow through, and we're really pleased with our performance getting back on track.

好吧，湯姆，我首先要回顧我們的歷史份額。隨著 2025 年的到來，我們將有望恢復全部間接通路份額。這意味著我們即將結束這一年。因此它並未包含在 2025 年全年業績中。但隨著我們進入 2026 年，我預計這一目標將會實現。我們去年談到這代表 15 億美元的收入。其中很大一部分將會流經，我們對我們的表現重回正軌感到非常高興。

Okay. And then as my follow-up, just following up on some of the questions that have been asked already. But if we look at your profit margins, relative to your network peers, just it would seem based on the outlooks that all of you have provided this year that your margin gap even at the EBITDAR level is likely to widen this year.

好的。然後作為我的後續問題，我只是跟進一些已經提出的問題。但是，如果我們看一下您的利潤率，相對於您的網絡同行，僅根據您今年提供的前景來看，即使在 EBITDAR 水平上，您的利潤率差距今年也可能會擴大。

So really, as you look out over the next few years, what do you think American really needs to do to make progress in bridging this gap? And do you think there are any structural impediments to American actually fully bridging this gap over time?

那麼，展望未來幾年，您認為美國真正需要做些什麼才能在縮小這一差距方面取得進展？您認為是否存在任何結構性障礙阻礙美國真正隨著時間的推移完全彌合這一差距？

Well, I'll just start with last year. At the end of last year, we had a two-point EBITDA margin gap to United, inclusive of Delta's third-party business. We had about a two-point EBITDA margin gap to them as well. And that's a gap that we expect to close over time. This year is an unusual year for all the reasons we discussed, and you have to probably dig a level deeper.

好吧，我就從去年開始吧。截至去年底，我們的 EBITDA 利潤率與聯合航空有 2 個百分點的差距，其中包括達美航空的第三方業務。我們的 EBITDA 利潤率也與他們有大約兩個百分點的差距。我們預計隨著時間的推移，這一差距將會縮小。由於我們討論過的所有原因，今年是不尋常的一年，您可能需要更深入地挖掘。

One, we're -- we have a larger domestic exposure than either of our large network competitors. Two, we have -- we're just at different cycles with where we are at with collective bargaining agreements. We have all of ours in place. One of our competitors does not. So not everything is going to come through in margin in a linear fashion.

首先，我們的國內曝光度比我們的任何一家大型網路競爭對手都要大。二，我們——我們只是處於與集體談判協議不同的週期。我們已經做好一切準備。我們的一個競爭對手卻沒有。因此，並非所有事物都會以線性方式實現利潤。

But we do think over time, yes, we expect we can close that margin gap. We don't think there's anything structural. We had talked about what we think are some of the key reasons around it, inclusive of your first question, sales and distribution is something that was a headwind last year. It remains a headwind for us this year. But coming into next year, we think it will be a tailwind to margin.

但我們確實認為，隨著時間的推移，我們預計我們可以縮小利潤差距。我們認為不存在任何結構性問題。我們已經討論了我們認為的一些主要原因，包括您的第一個問題，銷售和分銷是去年的阻力。今年，這對我們來說仍然是一個阻力。但到了明年，我們認為這將成為利潤率的順風。

We've talked about our Citi agreement. There's been a gap to our peers there. We think we have an incredible partner and an incredible agreement in place, and we're going to close that gap overtime as well. And we like a lot of the work that we're doing on the commercial side of the business, including some really nice investments in premium and premium customer, which we think will help as well. So there's a gap today and there will be a gap this year, but we do expect to close it heading into 2026.

我們已經討論過與花旗的協議。我們與同行之間存在差距。我們認為我們有一個令人難以置信的合作夥伴和一項令人難以置信的協議，而且我們也將隨著時間的推移而縮小這一差距。我們喜歡我們在商業方面所做的許多工作，包括對高端和高端客戶的一些非常好的投資，我們認為這也會有所幫助。因此，今天存在差距，今年仍將存在差距，但我們預計到 2026 年將會彌補這一差距。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

This is Shannon [Daryon] on for Mike. So American recently agreed to drop its lawsuit against Chicago Aviation authorities. Where do you guys stand today? And what does it mean for your schedule later this year and early next year out of Chicago? Presumably, you thought you'd have more slots and not less than we have.

我是 Shannon [Daryon]，取代 Mike 發言。因此美國航空最近同意撤銷對芝加哥航空當局的訴訟。你們今天站在哪裡？這對您今年稍後和明年年初在芝加哥的日程安排意味著什麼？想必您認為您的插槽數量會比我們的多，而不是少。

Thanks for the question. And regarding Chicago, this is a tremendous opportunity for American. We've been slowest to rebuild out of the pandemic our network for a number of reasons, largely because of pilot shortfalls in our regionals. But now that we have full ability to staff, we're in good shape. And so you'll see Chicago hit 485 peak departures, and we're on our way to producing even more than that, over 500 as we take a look into next year. We have the gate capacity we need to fulfill that growth and even more.

謝謝你的提問。對芝加哥來說，這對美國來說是一個巨大的機會。由於多種原因，我們在疫情後重建網路的速度最慢，主要是因為我們地區飛行員短缺。但現在我們已擁有充足的人員配備，狀況良好。因此，您將看到芝加哥的高峰出發航班數達到 485 班，而我們計劃明年的出發航班數將超過 500 班。我們擁有實現這一成長甚至更多成長所需的登機容量。

And in terms of the status of the litigation, we feel really good about where we're at. We worked with the city to design and finance the expansion in Chicago. And all we're asking to do is have them live up to what they said they would do in terms of gate allocation. So we're not concerned. We've got what we need now, and we're going to have what we need going forward.

就訴訟的現狀而言，我們對目前的狀況感到非常滿意。我們與市政府合作設計並資助芝加哥的擴建工程。我們所要求的只是讓他們履行他們在登機口分配上所承諾的義務。所以我們並不擔心。我們現在已經得到了我們所需要的，並且我們將得到我們未來所需要的。

And if I just may follow up, on the Embraer tariffs, we've heard that some airlines don't have to accept delivery of airplanes. Is that going to be the case with you and Embraer assuming that current tariff goes through?

我可以繼續問一下關於巴西航空工業公司關稅的問題，我們聽說有些航空公司不必接受飛機交付。如果您和巴西航空工業公司認為現行關稅得以通過，情況會是這樣嗎？

Embraer is a terrific partner. And the E175s are just an exceptional aircraft with soon to be satellite-based Wi-Fi and full first-class cabin and so it fits really well. We're proud to be the operator of the world's largest fleet of Embraer aircraft, and that's unique to American. We're working with Embraer on deliveries, but we don't anticipate any long-term issues. As a matter of fact, we know that the Brazilian government is working with the administration and Embraer as well.

巴西航空工業公司是一位出色的合作夥伴。E175 是一款出色的飛機，即將配備衛星 Wi-Fi 和全套頭等艙，因此非常適合。我們很自豪能夠成為世界上最大的巴西航空工業公司飛機隊的營運商，而這對美國航空來說是獨一無二的。我們正在與巴西航空工業公司合作交付，但我們預計不會有任何長期問題。事實上，我們知道巴西政府也在與行政部門和巴西航空工業公司合作。

And so over the long run, we know what's best. There's a tremendous amount of US-based content on those Embraer aircraft, and there's a lot that goes into negotiating trade deals. So we stand by ready to help in any way, and we've made sure that the administration and Embraer knows our interest and we're confident we'll be taken care of.

因此從長遠來看，我們知道什麼是最好的。這些巴西航空工業公司的飛機上有大量美國元素，並且有許多內容涉及貿易協議的談判。因此，我們隨時準備以任何方式提供協助，並確保政府和巴西航空工業公司了解我們的利益，我們相信我們會得到照顧。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

So Robert, you've been speaking a lot about your revenue share in indirect channels. When I think about share more broadly, right, like your capacity growth has been trailing your network peers for the past six or so quarters. I guess as we move forward from here, are you content with growing less than your peers and driving that RASM outperformance that you've been getting? Or does there comes a time when share matters and you need to maybe at least grow in line with some of your primary competition? Any thoughts around that?

羅伯特，您一直在談論間接管道的收入份額。當我更廣泛地考慮份額時，就像過去六個季度以來，你們的容量增長一直落後於你們的網路同行。我想，隨著我們從這裡繼續前進，您是否滿足於比同行增長得更少，並推動您所獲得的 RASM 優異表現？或者，在某個時候，份額變得很重要，你至少需要與一些主要競爭對手同步成長？對此有什麼想法嗎？

Sure. It's always a balance. And it's something that we're going to make sure that we have a network that takes care of our customers in a way that they -- we need to serve them and that we can do so profitably over the long run. We're super pleased with the hub network that we're fortunate to have.

當然。它始終是一種平衡。我們要確保我們擁有一個能夠以我們需要的方式照顧客戶的網絡——我們為他們服務，並且從長遠來看，我們可以獲利。我們非常高興能擁有這個樞紐網絡。

Our hubs are based in the metro areas that are growing the fastest in the United States. You've seen from some of our recent announcements about the new terminal F in DFW. It's going to allow DFW to be the world's largest hub. We're confident that our hubs will support more growth.

我們的中心位於美國發展最快的大都會地區。您已經從我們最近的一些公告中看到了有關 DFW 新航站樓 F 的消息。這將使 DFW 成為世界上最大的樞紐。我們相信我們的中心將支持更多的成長。

And specifically, as we look into 2026, you're going to see us make sure that we restore our share in Chicago. You're going to see us continue to build Philadelphia, which has been really a bright spot. And you'll also see us continue to invest in Miami. All that goes with a tremendous domestic network that is ultimately the anchor to help support international growth and our fleet is going to allow for more of that.

具體來說，展望 2026 年，你會看到我們確保恢復我們在芝加哥的份額。您將會看到我們繼續建造費城，這確實是一個亮點。您還會看到我們繼續在邁阿密投資。所有這一切都離不開龐大的國內網絡，而該網絡最終將成為支持國際增長的支柱，我們的機隊將能夠提供更多的支持。

And I like the opportunity we have to play both in the international market and premium space as well. So good things on the horizon from that perspective. We're going to take care of our customers.

我很高興我們有機會同時在國際市場和高端市場開展業務。從這個角度來看，美好的事情即將發生。我們會照顧好我們的客戶。

Got it. And just my second question here. I know you've spoken about kind of your corporate revenues growing 10% in a flattish market. I guess -- can you more quantify the demand improvement you've seen of late that just gives you the confidence to speak to the accelerating revenue growth despite the tougher comps as we head into the back half of the year?

知道了。這是我的第二個問題。我知道您曾談到在市場平淡的情況下貴公司的收入成長了 10%。我想—您能否更量化最近看到的需求改善，這讓您有信心談論收入成長加速，儘管我們進入下半年時面臨著更嚴峻的競爭情況？

Yes. It's just booking trends, and it's especially what we see coming from June moving into July. And then as you move into August and September, we feel really confident in terms of an improving capacity and supply environment and American benefits, and we should benefit more than others given our exposure.

是的。這只是預訂趨勢，尤其是我們看到的六月到七月的趨勢。然後，隨著進入八月和九月，我們對產能和供應環境的改善以及美國的利益感到非常有信心，考慮到我們的影響力，我們應該比其他人受益更多。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So Robert, I wanted to ask you a little bit about the investment in sort of the customer experience. And I want to ask it in kind of two ways. One, first, kind of as you look at yourself relative to your peers, where are the big opportunities for you to improve the customer experience? And as you talk to investors about this, like how are you thinking about measuring this? Is it Net Promoter Scores?

羅伯特，我想問您一些有關客戶體驗投資的問題。我想從兩個方面來問這個問題。首先，相對於您的同行，您認為自己有哪些重大機會可以改善客戶體驗？當您與投資者談論這個問題時，您考慮如何衡量這一點？它是淨推薦值嗎？

How are you going to kind of judge the performance on improving the overall customer experience? Obviously, it will eventually show up in the bottom line. But I'm just wondering how are you thinking about talking about your progress on this journey to improve with investors and analysts?

您將如何評斷整體客戶體驗改善的表現？顯然，它最終會體現在底線上。但我只是想知道，您如何考慮與投資者和分析師談論您在這一改進歷程中取得的進展？

Thanks, David. Appreciate the question. First off, we're going to measure this by our customers' perception and by revenue performance, okay? So first off, we will evaluate our Net Promoter Scores. That will be a huge driver.

謝謝，大衛。感謝你的提問。首先，我們將根據客戶的看法和收入表現來衡量這一點，好嗎？因此首先，我們將評估我們的淨推薦值。這將是一個巨大的推動力。

And as well in terms of revenue performance, this is going to be -- we're doing this to improve premium revenues and revenue overall. So unit revenues will be the metric that we take a look at. And so in terms of where we're at, we've had a long history of first in terms of customer experience enhancements and improvements, and we're building on that.

就收入表現而言，我們這樣做是為了提高保費收入和整體收入。因此，單位收入將成為我們關注的指標。因此，就我們所處的位置而言，我們在客戶體驗增強和改進方面有著悠久的歷史，並且我們正在以此為基礎繼續努力。

So whether it's the new flagship suites on our 787s, which will soon be on our 321 XLRs, which then will also be on our 777-300s that are being reconfigured. That all plays into that our premium lounge network, which is larger than anyone else. You heard our Philadelphia announcement, Miami, and there will be more on that.

因此，無論是我們 787 上的新旗艦套件，還是即將安裝在我們的 321 XLR 上的套件，還是隨後也將安裝在我們正在重新配置的 777-300 上的套件。這一切都歸功於我們的高級休息室網絡，該網絡比其他任何人都要大。邁阿密，你們已經聽到了我們關於費城的公告，接下來會有更多關於此的消息。

A lot of that is built into the capital spending that we've already planned. So I would suggest that there's not a lot of catch-up on that front. You will see us invest in our food and in-flight amenities. And again, you will see us continue to avoid -- to invest in the premium experience. Where I look at opportunities going forward, though, it really is the ability to serve that premium customer, especially internationally as well.

其中許多都已納入我們已經計劃好的資本支出中。因此，我認為在這方面不需要做太多的追趕。您將看到我們對食品和機上設施進行投資。再次，你會看到我們繼續避免投資於優質體驗。然而，在我看來，未來的機會實際上在於為高端客戶提供服務的能力，尤其是國際客戶。

And we have a fleet that is ideally suited to do that.

我們擁有一支非常適合執行這項任務的艦隊。

So those adjustments that I described, they're all going to result in the ability to serve almost 50% more premium customers in premium seating as we move out into 2030. And from an international perspective, our fleet is going to allow us to serve more or actually improve flying by almost 50% or more than 50% as we move out into 2030.

因此，我所描述的那些調整都將使我們在 2030 年能夠為高級座位上近 50% 以上的高級客戶提供服務。從國際角度來看，到 2030 年，我們的機隊將使我們能夠提供更多服務，或實際上將飛行能力提高近 50％ 或 50％ 以上。

And I guess as you think about kind of where you guys stand relative to peers in terms of Net Promoter -- or do you guys benchmark that at all?

我想，您會考慮一下您在淨推薦值方面相對於同業的地位——或者您是否對此進行過基準測試？

We do. And we think it's a great opportunity. It's something, again, that is on a front that we take very seriously. It starts with running an exceptional operation. And we've been hit with our share of challenging operating conditions this summer, certainly in June and July, no place has been hit, no airline has been hit as hard as American. So it starts with running a reliable operation. We're making sure that we can recover as quickly as possible, investing in technology on that front.

是的。我們認為這是一個很好的機會。再次強調，這是我們非常重視的事情。它從運行一項異常操作開始。今年夏天，尤其是在六月和七月，我們遭遇了嚴峻的營運環境，沒有哪個地方、沒有哪家航空公司像美國航空那樣遭受如此嚴重的打擊。因此，一切從運作可靠的操作開始。我們正在確保能夠盡快恢復，並在這方面進行技術投資。

And then moving from there, it really is making sure that we have the basics and those things that are just essential for competition. And then there are some things that you're going to see us play in that we'll look to even outpace the competition. And on that front, it's all designed to improve our customer experience and revenue performance.

然後從那裡開始，我們確實要確保我們擁有基礎知識和那些對於競爭至關重要的東西。然後你會看到我們在某些方面表現出色，力求超越競爭對手。從這方面來說，這一切都是為了改善我們的客戶體驗和收入表現。

Duane Pfennigwerth, Evercore ISI.

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

So depending upon how we interpret the guide for 3Q, maybe there's slight sequential improvement in RASM depending upon how the quarter plays out. But I wonder how would you rank your enthusiasm for sequential improvement by entity, maybe domestic versus Atlantic versus Latin? And do you see a path back to positive RASM for domestic this year?

因此，根據我們如何解讀第三季的指南，RASM 可能會出現輕微的連續改善，具體取決於本季的表現。但我想知道，您會如何按實體對連續改進的熱情進行排序，也許是國內改進、大西洋改進還是拉丁改進？您是否認為今年國內 RASM 會恢復正成長？

Duane, I'll just say this about the environment right now in Q3 versus Q2. In the third quarter, domestic is going to be better, but it starts with a month of July that's going to look very similar to what we had in the second quarter. But we do expect improvement beyond that point, and that's actually the entity where we expect to see the most improvement.

杜安，我只想說一下第三季與第二季相比的當前環境。第三季度，國內市場的情況將會好轉，但從 7 月開始，情況將與第二季非常相似。但我們確實期望超越這一點的改進，而這實際上是我們期望看到最大改進的實體。

Transatlantic, we had outstanding performance in the second quarter. As the Iran conflict was heating up, that was during a pretty decent booking window for Q3. So we do expect a little bit softer performance in the Transatlantic in July and August. But by September, we think it's going to be performing really nicely again. The rest of the network, I think there's probably some pressure in short-haul Latin, long-haul, Latin, and Transpacific will probably perform pretty similarly to what we saw in Q2.

跨大西洋，我們在第二季表現出色。由於伊朗衝突不斷升溫，這正值第三季相當不錯的預訂窗口期。因此，我們確實預計 7 月和 8 月跨大西洋航運的表現會略微疲軟。但到九月份，我們認為它將再次表現得非常好。對於其餘的網絡，我認為短途拉丁航線、長途拉丁航線和跨太平洋航線可能會面臨一些壓力，其表現可能與我們在第二季度看到的情況非常相似。

But when we look at it in totality, we really like the environment that we're in now versus where we were a couple of months ago. And especially as we get to the back end of this quarter, we think there's some really nice potential for positive unit revenue ahead. That's not baked into the guide. Obviously, we're going to have negative unit revenue this quarter at the midpoint. But we do think as we head out to the fourth quarter, there is potential for positive unit revenue performance.

但當我們從整體上看時，與幾個月前相比，我們真的很喜歡現在所處的環境。尤其是當我們進入本季末時，我們認為未來單位收入有很大的潛力。指南中並未包含此內容。顯然，本季中期我們的單位收入將為負。但我們確實認為，進入第四季度，單位收入有可能出現正面表現。

And then I may have missed it, apologies if I did, but you guys have been pretty good at keeping your capacity in kind of this 3% range, basically for all the quarters of this year, you made some comments about early deliveries. Does that change the trajectory for the fourth quarter? Or do you lean harder on retirements? Or is it just a rounding error?

然後我可能錯過了，如果錯過了，我很抱歉，但你們一直非常擅長將產能保持在 3% 的範圍內，基本上在今年所有季度，你們都對提前交付發表了一些評論。這會改變第四季的軌跡嗎？還是你更傾向於退休？或者這只是一個捨入誤差？

There may be a little bit more capacity that comes in, in the fourth quarter with deliveries. It's not going to be a huge amount, though. Just on retirements, I think you may be aware, we don't have any aircraft retirements that are necessary between now and the end of the decade. So for us, when we're managing capacity, it's really just being tight around utilization during the off-peak periods. And I think we were pretty quick to react here in the third quarter, at least for -- these periods like August and September, which are traditionally lower demand periods.

第四季交付的產能可能會稍微增加一些。但金額不會很大。就退役而言，我想您可能知道，從現在到本世紀末，我們不需要退役任何飛機。因此對我們來說，當我們管理容量時，實際上只是在非尖峰時段嚴格控制利用率。我認為我們在第三季的反應相當迅速，至少對於八月和九月這樣的傳統需求較低時期而言。

As we head into the fourth quarter, though, we like the demand trends we're seeing, and I think we're going to put the right amount of supply in the market to meet that.

然而，隨著我們進入第四季度，我們對所看到的需求趨勢感到滿意，我認為我們將在市場上投入適量的供應來滿足這一需求。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Just a clarification there, sorry. So on the domestic capacity side, with the declines, is that solely related to just taking off-peak capacity out. So as you get into the fourth quarter, you'll see that step up again. Is that how you're thinking?

只是想澄清一下，抱歉。因此，就國內運力而言，運力下降是否僅與非尖峰運能的減少有關。因此，當你進入第四季時，你會看到這種進步再次出現。你是這麼想的嗎？

Well, I'll just say fourth quarter capacity isn't finalized yet. But yes, in the third quarter, like we would in a normal year, we pulled capacity down in August and September. This year, just given the trends we have been seeing in demand as we went into the second quarter, we pulled August and September down more than we normally would. Some of that capacity would naturally come back in the fourth quarter, which is traditional seasonality, and that's what I would expect again this year.

嗯，我只想說第四季的產能還沒有最終確定。但是的，在第三季度，就像在正常年份一樣，我們在八月和九月降低了產能。今年，考慮到我們進入第二季時看到的需求趨勢，我們將 8 月和 9 月的銷售額下調幅度超過了正常水平。部分產能將在第四季自然恢復，這是傳統的季節性現象，我預計今年也會出現這種情況。

Makes sense. And then on the operations front, it seemed like that was one area that you had really improved kind of versus where you were maybe pre-pandemic over the last few years of this year, clearly, more issues. And I wonder if you can kind of -- is it really down to DCA and weather? And if that's the case, I mean, weather might not change. Like how do you manage through this? Because it seems like the metrics have gotten worse at American versus peers, even though you are kind of recovering better.

有道理。然後在營運方面，與今年過去幾年疫情之前相比，這似乎是你們確實有所改進的一個領域，顯然，問題更多。我想知道您是否可以——這真的與 DCA 和天氣有關嗎？如果是這樣，我的意思是，天氣可能不會改變。你是如何處理這個問題的？因為儘管你們的恢復情況有所好轉，但與同行相比，美國的各項指標似乎變得更糟了。

Thanks, Savi. Look, I think American runs the most reliable, safe operation possible at all times. I'm really proud of our team and the way they've been able to recover. Let's just go through some of the things that we've dealt with. First off, June saw regular operations up 35% plus over the prior couple of years. And just go ahead and multiply that by two or three times as we moved into July.

謝謝，薩維。聽著，我認為美國航空的運作始終是最可靠、最安全的。我為我們的團隊以及他們恢復的能力感到非常自豪。讓我們回顧一下我們已經處理過的一些事情。首先，6 月的常規營運量比過去幾年增加了 35% 以上。當我們進入七月時，我們繼續將其乘以兩到三倍。

I said earlier today on another call that -- we've had almost 800 diversion events and 5,500-plus weather cancellations just in the first three weeks of July. Now that is not something -- that is something that will continue long into the future. It's an anomaly. And we've seen that now that heat has kind of come back into the summer and we're more in a normal cycle. We're going to make sure, though, that we do the things that make American as resilient as possible.

我今天早些時候在另一個電話會議上說過——僅在 7 月的前三週，我們就發生了近 800 起改道事件和 5,500 多起因天氣原因取消的航班。現在這已經不是什麼事了——這是一件會持續很長一段時間的事情。這是一個異常現象。我們現在看到，夏季氣溫又開始回升，我們已進入正常週期。不過，我們將確保採取盡可能措施，讓美國變得更有韌性。

And so whether that's investing in a little bit in the schedule to create some redundancy, extra resources, technology, we're putting AI to use to make sure that we have the best recovery plans and options for our customers out there. So I feel good about our ability to manage through we do need investment in air traffic control.

因此，無論是在計劃中投入一點資金來創造一些冗餘、額外資源還是技術，我們都在利用人工智慧來確保我們為客戶提供最佳的恢復計劃和選擇。因此，我對我們的管理能力感到滿意，但我們確實需要在空中交通管制方面進行投資。

One of the issues that we're facing today is it's unique to us is a slowdown out of DCA. We had the aircraft incident earlier in the year. And -- but I fully expect that we will recover from that, and that will no longer be an impediment. So over the long run, I think that weather normalizes for everyone. I think that American, because of what we do and how we've operated during a really difficult environment, we're going to shine over the long run. And I feel really good about that.

我們今天面臨的一個問題是 DCA 的放緩，這是我們獨有的。今年早些時候我們發生了飛機事故。而且——但我完全相信我們會從中恢復過來，這將不再是一個障礙。所以從長遠來看，我認為天氣對每個人來說都會恢復正常。我認為，由於我們所做的工作以及我們在非常困難的環境中運作的方式，我們將在長期內大放異彩。我對此感覺非常好。

So a couple of other proof points. One is that even with these irregular operations, our mishandled baggage rates are improving very, very, very much. And I know that we're doing a great job in getting customers back online when operational events create problems. So there you have it.

還有其他幾個證明點。一是，即使有這些不正常的運營，我們的行李處理不當率也得到了非常非常大的改善。我知道，當營運事件造成問題時，我們在讓客戶重新上線方面做得很好。就是這樣了。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Most of might have already been answered, but I'm curious just how you're thinking about the New York market organically now that seemingly a lot of the inorganic growth options there have been closed off.

大部分問題可能已經得到解答，但我很好奇，既然現在很多無機成長選擇似乎都已關閉，您是如何看待紐約市場的？

Thanks, Tom. We have a great franchise in New York. We're the third largest carrier with over 260 peak day departures across all three airports. Our largest operation is at the preferred New York Airport, LaGuardia, and we have 150 departures there. The new terminal is great.

謝謝，湯姆。我們在紐約擁有一家很棒的特許經營店。我們是第三大航空公司，在三大機場每日尖峰時段有超過 260 個航班起飛。我們最大的營運基地位於紐約的首選機場拉瓜地亞機場，共有 150 個航班從該機場出發。新航站樓很棒。

It does come at significant expense, but we're optimizing our network to adjust to make sure we can take New Yorkers to where they want to go and customers that want to go to New York, we're making sure that we have the ability to do that.

這確實需要花費大量金錢，但我們正在優化我們的網路進行調整，以確保我們能夠將紐約人帶到他們想去的地方，並且對於想要去紐約的顧客，我們確保我們有能力做到這一點。

And so based on what we're doing, we're seeing margin expansion year over year. And our one world hub at JFK Terminal 8, which I think is really unique to American. We offer a seamless experience with 125 peak day departures across AA and our partners. We've got a great product, especially from a transcon perspective, London Heathrow to New York, the biggest business market in the world.

因此，根據我們的工作，我們看到利潤率逐年擴大。我們的寰宇一家樞紐位於甘迺迪機場 8 號航站樓，我認為這對美國航空來說確實是獨一無二的。我們透過 AA 和我們的合作夥伴提供 125 個高峰日出發航班的無縫體驗。我們擁有一款出色的產品，特別是從跨大陸角度來看，從倫敦希思羅機場到紐約，這是世界上最大的商業市場。

Yes, our New York is more specialized given our network and complements where we're strong in so many other places. But we have the ability to grow as well. And that growth can be through up gauging, and we're always making sure that we're flying to the right places.

是的，鑑於我們的網絡，我們在紐約的業務更加專業，並且與我們在其他許多地方的優勢相輔相成。但我們也有成長的能力。這種成長可以透過不斷提升來實現，我們始終確保我們飛往正確的地方。

Okay. That's really helpful. And then just as a follow-up, how -- I don't know if you're able to give us any like sizing or like in terms of like points of RASM, but how are you thinking about, I guess, headwinds from the Wi-Fi for next year and then -- and tailwinds from the improving mix as you take on more premium heavy fleet?

好的。這真的很有幫助。然後作為後續問題，我不知道您是否能夠為我們提供任何類似的規模或類似的 RASM 點，但我想您如何看待明年 Wi-Fi 帶來的不利因素 - 以及隨著您接收更多優質重型機隊，組合改善帶來的順風？

Okay. So I'll start with that. And Devon, you can pitch in. Regarding satellite Wi-Fi, that's -- it's going to be fantastic. American will be the first carrier to really offer satellite-based Wi-Fi across its entire mainline fleet and everything but our 50 seaters from a regional basis.

好的。所以我將從那裡開始。德文，你可以加入進來。至於衛星 Wi-Fi，那將會非常棒。美國航空將成為第一家真正在其整個乾線機隊以及除 50 個座位以外的所有區域航班上提供衛星 Wi-Fi 的航空公司。

Those installations are going on and doing very well. We have a wonderful partnership with our satellite Wi-Fi being sponsored by AT&T. That offers a tremendous opportunity for both companies to take care of our customers in the way that they want and find ways to serve them even better.

這些安裝工作正在進行中，並且進展順利。我們的衛星 Wi-Fi 由 AT&T 贊助，我們與它建立了良好的合作關係。這為兩家公司提供了巨大的機會，讓我們能夠以客戶想要的方式照顧他們，並找到更好地為他們服務的方法。

So from that perspective, I believe that based on our partnerships and what we think in terms of consumer sentiment and also usage of the service. I think that we're going to do pretty well, and you won't see much of an impact in terms of the P&L.

因此從這個角度來看，我相信基於我們的合作夥伴關係以及我們對消費者情緒和服務使用的看法。我認為我們會做得很好，你不會看到對損益表產生太大的影響。

And in terms -- and I spoke earlier about the work that we're doing from a premium product perspective. We've got a fantastic foundation. And whether it's our facilities, our lounges, the aircraft that we're coming in that are already built into our capital plan, yes, we're going to augment that a little bit with amenities and service and we'll do that, but that won't have a material impact either.

就條款而言——我之前談到了我們從高端產品角度所做的工作。我們已擁有出色的基礎。無論是我們的設施、休息室還是即將投入使用的飛機，這些都已經納入我們的資本計劃，是的，我們將透過提供便利設施和服務來稍微增強這些，我們會這樣做，但這也不會產生實質性的影響。

(Operator Instructions) Alison Sider, Wall Street Journal.

（操作員指示）艾莉森·賽德，《華爾街日報》。

I guess on New York, I was curious what you all made of the United-JetBlue arrangement. How compelling do you think that will be? And how much of a step back is it that American wasn't able to come to some other agreement with JetBlue?

我想在紐約，我很好奇你們對美聯航和捷藍航空的安排有何看法。您認為這有多大的吸引力？美國航空未能與捷藍航空達成其他協議，這對美國航空來說意味著什麼？

Thanks, Ali. Look, we had a creative relationship with JetBlue for a number of years that really benefit customers. Unfortunately, we couldn't maintain that long into the future. And so we haven't had the benefit of that for a couple of years now. We -- as I mentioned before, we like our New York franchise.

謝謝，阿里。你看，我們與捷藍航空多年來一直保持著富有創意的合作關係，這確實讓客戶受益。不幸的是，我們無法維持那麼久。所以我們已經好幾年沒有享受到這種好處了。正如我之前提到的，我們喜歡我們的紐約特許經營權。

It's specialized, but it's centered on those things that really, I think, are most meaningful, not only to our network, but our customers, transcon and international service and really taking New Yorkers where they want to go and making sure that we have a great schedule from all of our hubs into the New York region as well.

它是專業的，但我認為它的核心是那些真正最有意義的事情，不僅對我們的網絡有意義，而且對我們的客戶、跨大陸和國際服務也有意義，真正把紐約人帶到他們想去的地方，並確保我們從所有樞紐到紐約地區都有很好的航班時刻表。

New York is one of the places that we've grown. Our AAdvantage enrollments actually even at a faster clip than we have in the last couple of years. So we know that we have a fantastic customer base there. And we'll look for ways to serve them. We have the ability to do some growth ourselves through up gauging.

紐約是我們成長的地方之一。我們的 AAdvantage 註冊人數實際上比過去幾年增長得更快。所以我們知道我們在那裡擁有龐大的客戶群。我們將尋找為他們服務的方法。我們有能力透過不斷提升自己來實現一些成長。

We've got our partner network in our one world hub in JFK T8. So I feel really confident about how we're set up and where we're headed going forward.

我們在紐約甘迺迪機場 T8 航站樓的寰宇一家樞紐擁有合作夥伴網路。因此，我對我們的安排和未來的發展方向充滿信心。

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Just curious if you could talk a little bit more about this weakness you've been seeing with the consumer. Robert, I know that you mentioned the uncertainty going into July. What is that exactly? And what are the signs of that? And just because it differs a bit from what we heard from Delta and American. Sorry, Delta and United.

我只是好奇您是否可以再多談談您在消費者身上看到的這個弱點。羅伯特，我知道你提到了七月的不確定性。那到底是什麼？那有什麼跡象呢？只是因為它與我們從達美航空和美國航空聽到的消息略有不同。抱歉，達美航空和聯合航空。

Well, I think that differs from what we've said as well. So the uncertainty that is in July is really due to bookings that were made in the second quarter. As we move from June into July, we're seeing the same uptick in bookings that anybody else is seeing.

嗯，我認為這與我們所說的不同。因此，七月的不確定性實際上是由於第二季度的預訂造成的。隨著從六月進入七月，我們看到預訂量與其他人一樣出現上升趨勢。

It's been remarkable, and it's something that gives us great confidence as we look into August and September and the third quarter and the early bookings, we only have 20% of revenue on the books for the fourth quarter. But as we look out into the fourth quarter, it all looks very promising. That benefits us because it's largely domestic rebound and so given our exposure domestically, I think that bodes very well.

這是非常了不起的成績，這給了我們很大的信心，當我們回顧 8 月、9 月和第三季以及早期的預訂情況時，我們發現第四季度的帳面收入只有 20%。但當我們展望第四季時，一切看起來都非常有希望。這對我們有利，因為這主要是國內的反彈，因此考慮到我們在國內的影響力，我認為這是個好兆頭。

Now in terms of the drivers of the reduction in uncertainty, I think that comes from more stability, tax bill. I think it comes from tariff deals being done with the UK recently announced Japan, hopefully something with the EU soon. So all of that bodes well for the consumer. Joblessness is trending in the right direction.

現在就減少不確定性的驅動因素而言，我認為是來自更穩定的稅收法案。我認為這源自於英國最近宣布與日本達成的關稅協議，希望很快能與歐盟達成一些協議。所以這一切對消費者來說都是好兆頭。失業率正朝著正確的方向發展。

While GDP has been pulled down a little bit, it's still positive for the back half of the year. And I think that all lends to a customer that's more willing to get out there and spend travel and do some things that they want to do.

雖然GDP有所下降，但對於下半年來說仍然是利好的。我認為這一切都會讓顧客更願意出去旅行並做一些他們想做的事情。

Okay. And just one follow-up. One of your competitors was talking about using AI more for pricing. How do you think about that? And is that something that you're considering or already experimenting with?

好的。僅剩一個後續行動。您的一位競爭對手正在談論更多地使用人工智慧進行定價。您對此有何看法？這是您正在考慮或已經嘗試的事情嗎？

Thanks. And I appreciate the question because I, quite frankly, think that some of the things I've heard are just not good. For American, we will use AI to improve our ability to operate the airline. We're going to be more efficient because of it. We're going to be able to -- our team members are going to have an easier time of doing their jobs.

謝謝。我很感謝這個問題，因為坦白說，我認為我聽到的一些事情並不好。對於美國航空來說，我們將利用人工智慧來提高我們營運航空公司的能力。因此我們將變得更有效率。我們將能夠—我們的團隊成員將能夠更輕鬆地完成他們的工作。

For our customers, it's going to improve their customer experience. We're going to be able to give them the ability to see more of the amenities that we can offer. We're going to be able to serve them in a way that when they do run into difficulties that they can recover faster.

對於我們的客戶來說，這將改善他們的客戶體驗。我們將讓他們有機會看到我們可以提供的更多便利設施。我們將以某種方式為他們提供服務，以便他們在遇到困難時更快地恢復。

We have projects underway now that are all aligned in that fashion. We talked about operational difficulties. One of the big AI investments we've made is in a project that we call HEAT that allows us to rebuild the operation as quickly as possible going forward.

我們現在正在進行的專案都是按照這種方式進行的。我們討論了營運方面的困難。我們對人工智慧的一項重大投資是名為 HEAT 的項目，它使我們能夠盡快重建營運。

So for us, of course, we're going to find ways to get our product in front of consumers. But consumers need to know that they can trust American, okay? This is not about bait and switch. This is not about tricking and others that talk about using AI in that way, I don't think it's appropriate. And certainly, from American, it's not something we will do.

因此，對我們來說，當然，我們會想辦法將我們的產品展示給消費者。但是消費者需要知道他們可以信任美國，好嗎？這與誘餌和轉換無關。這不是關於欺騙，其他人談論以那種方式使用人工智慧，我認為這是不合適的。當然，從美國的角度來看，我們不會這麼做。

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

謝謝。本次通話的問答部分到此結束。現在我想請羅伯特·艾索姆致閉幕詞。先生？

Thanks, Latif, and thank you to everybody on the call today. We remain confident that the actions that we've taken to deliver on our revenue potential, strengthen our network, operate with excellence, and find ways to drive efficiencies throughout the airline position us well for the long term. I want to thank you for joining us and thank you for your support and interest. Have a great day.

謝謝，拉蒂夫，也謝謝今天電話會議的每個人。我們堅信，我們為發揮收入潛力、加強網路、卓越營運以及提高整個航空公司效率而採取的行動將使我們長期處於有利地位。我要感謝您加入我們，感謝您的支持與關注。祝你有美好的一天。

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。