美國航空 (AAL) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加美國航空集團 2025 年第三季財報電話會議。（操作員指示）

I would now like to hand the call over to Neil Russell, Vice President, Investor Relations. Please go ahead.

現在我想把電話交給投資者關係副總裁尼爾‧拉塞爾 (Neil Russell)。請繼續。

Thanks, Latif, and good morning, everyone. 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 senior executives in the room this morning for the Q&A session. After our prepared remarks, we will open the call for analyst questions, followed by questions from the media. To get in as many questions as possible, please limit yourself to one question and one follow-up.

謝謝，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，我們的執行長羅伯特艾索姆 (Robert Isom) 和財務長德文梅 (Devon May) 發表了準備好的演講。此外，今天早上我們還有多位主管到場參加問答環節。在我們準備好發言之後，我們將開始分析師提問環節，然後是媒體提問環節。為了盡可能多地提出問題，請限制自己只提出一個問題和一個後續問題。

Before we begin, we must state that today's call contains forward-looking statements, including statements concerning future events 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，包括有關未來事件成本、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 that was issued earlier this morning, form 10-Q that was filed with the SEC earlier this morning, as well as in our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025.

有關這些風險和不確定性的部分資訊可以在我們今天早上發布的收益新聞稿、今天早上向美國證券交易委員會提交的 10-Q 表格以及我們於 2025 年 2 月 19 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表格中找到。

Unless otherwise specified, all references to earnings per share are on an adjusted and diluted basis. 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 Investor Relations 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.

除非另有說明，所有每股收益均按調整和稀釋的基礎計算。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 財務指標的對帳已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。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 in American and for joining us this morning. With that, I'll turn the call over to our CEO, Robert Isom.

感謝您對美國的關注以及今天上午加入我們。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)。

Thanks, Neil, and good morning, everyone. This morning, American reported an adjusted pretax loss of $139 million for the third quarter, or a loss of $0.17 per share. This result was at the higher end of the guidance provided in July and was driven by stronger revenue performance. We see that performance continuing and have adjusted our fourth quarter and full year guidance accordingly. I'm proud of the team's hard work and resilience throughout the third quarter. They executed well despite tough operating conditions.

謝謝，尼爾，大家早安。今天上午，美國航空公佈第三季調整後稅前虧損 1.39 億美元，即每股虧損 0.17 美元。這一結果處於 7 月給出的指導範圍的較高水平，並受到更強勁的收入表現的推動。我們看到這種表現將會持續下去，並相應調整了第四季和全年的預期。我為球隊在第三節的辛勤工作和堅韌感到自豪。儘管經營條件艱苦，但他們表現良好。

At American Airlines, we're proud to be a premium global airline with an enduring legacy of innovation and a commitment to caring for people on life's journey. We've built an airline position to excel over the long term and are focused on delivering for our shareholders, customers and team. That said, we recognize there's significant revenue opportunity ahead of us and we're excited about the good work underway to accelerate our revenue growth and view that as considerable upside as we move into 2026.

在美國航空，我們很自豪能夠成為一家優質的全球航空公司，擁有持久的創新傳統並致力於關懷人生旅途中的人們。我們已經建立了長期卓越的航空公司地位，並專注於為我們的股東、客戶和團隊提供服務。話雖如此，我們認識到我們面前有巨大的收入機會，我們對正在進行的加速收入增長的良好工作感到興奮，並認為這是我們進入 2026 年時可觀的上升空間。

The revenue momentum we've seen and the opportunity ahead is a product of our sales and revenue management initiatives, scaling our new agreement with Citi, restoring capacity in our hubs, and using consistent improvements in the customer experience as a value multiplier to everything we do. Much of this foundation has been laid thanks to the efforts of our commercial team and Steve Johnson.

我們所看到的收入動能和未來的機會是我們銷售和收入管理舉措的產物，擴大了我們與花旗銀行的新協議，恢復了我們樞紐的容量，並利用客戶體驗的持續改善作為我們所做的一切的價值倍增器。這一基礎的奠定很大程度上要歸功於我們的商業團隊和史蒂夫·約翰遜的努力。

Last year, I asked Steve to step in and lead the commercial organization to quickly stabilize and reenergize this part of our business. We knew we'd hire a new Chief Commercial Officer in the future, and I'm grateful to Steve for taking this on. He and the team has strengthened our commercial position, and we're now in a great spot to make a transition. And today, we've named Nat Pieper, as American's new Chief Commercial Officer. Nat has more than 25 years' experience in leading commercial and financial teams at Alaska, Delta and Northwest Airlines, and most recently, the Oneworld Alliance.

去年，我請史蒂夫介入並領導商業組織，以迅速穩定和重振我們這部分業務。我們知道我們將來會聘請一位新的首席商務官，我很感謝史蒂夫承擔這項任務。他和他的團隊鞏固了我們的商業地位，現在我們正處於實現轉型的好時機。今天，我們任命 Nat Pieper 為美國航空新任商務長。Nat 擁有超過 25 年的領導阿拉斯加航空、達美航空和西北航空商業和財務團隊的經驗，最近在寰宇一家聯盟任職。

He is a seasoned airline executive who understands the complexity of highly integrated organizations. I've known Nat for more than 20 years, and he's exactly the kind of leader we want at American. He will officially join us on November 3, at which point Steve will return to his role as our Vice Chair and Chief Strategy Officer. So with that, let's talk more about some of the work that the team has delivered.

他是一位經驗豐富的航空公司主管，了解高度整合的組織的複雜性。我認識納特已經 20 多年了，他正是我們美國航空所需要的那種領導者。他將於 11 月 3 日正式加入我們，屆時史蒂夫將重新擔任我們的副董事長兼首席策略長。因此，讓我們進一步談談團隊所做的一些工作。

Leading off with our focus on sales and distribution, we continue to build out our sales organization and are aggressively using our loyalty program to win back customers, especially in competitive markets. In the third quarter, we grew our corporate revenue by 14% year-over-year. This result is further confirmation that our sales and distribution efforts are being well received by our customers. Exiting this year, we expect to have fully recovered the revenue share that was lost by our prior sales and distribution strategy.

我們首先關注銷售和分銷，繼續建立我們的銷售組織，並積極利用我們的忠誠度計劃來贏回客戶，特別是在競爭激烈的市場中。第三季度，我們的企業營收年增了14%。這一結果進一步證實了我們的銷售和分銷努力受到了客戶的好評。今年結束後，我們預計將完全恢復先前的銷售和分銷策略所損失的收入份額。

We'll now shift our focus to growing our share beyond those historical levels, which we believe that, combined with revenue management investments and retailing optimization will produce significant value for the airline. Next, deepening our relationship with Citi and expanding our co-brand card portfolio will further the growth of our industry-leading loyalty program. We're excited for our exclusive partnership with Citi to begin on January 1. The teams at American and Citi have been hard at work, executing a successful cutover of our in-flight acquisition channels to Citi earlier this month.

我們現在將把重點轉移到提高我們的市場份額，使其超越歷史水平，我們相信，結合收益管理投資和零售優化，這將為航空公司創造巨大的價值。接下來，深化我們與花旗銀行的關係並擴大我們的聯名卡組合將進一步促進我們行業領先的忠誠度計劃的發展。我們很高興與花旗銀行的獨家合作關係將於 1 月 1 日開始。美國航空和花旗銀行的團隊一直在努力工作，本月初成功將我們的機上收購管道轉移到花旗銀行。

In addition, we've recently launched our new mid-tier Citi AAdvantage Globe MasterCard, expanding our card offerings to meet travelers at every level. Our partnership with Citi will provide more benefits to our customers and is designed to drive growth in our credit card acquisitions and penetration over the coming years.

此外，我們最近推出了新的中階花旗 AAdvantage Globe MasterCard，擴大了我們的信用卡產品範圍，以滿足各個層次的旅客的需求。我們與花旗的合作將為我們的客戶帶來更多利益，並旨在推動未來幾年我們的信用卡收購和滲透的成長。

The upside is significant. As we approach the end of the decade, we expect remuneration from our co-branded credit card and other partners to reach approximately $10 billion per year. At that time, the incremental annual benefit to operating income is projected to be approximately $1.5 billion compared to 2024.

其好處是顯著的。隨著本世紀末的臨近，我們預計來自聯名信用卡和其他合作夥伴的報酬將達到每年約 100 億美元。屆時，與 2024 年相比，預計每年的營業收入增量收益將達到約 15 億美元。

On the loyalty side, active AAdvantage accounts increased 7% year-over-year in the third quarter with our highest growth in enrollments coming from Chicago, which was up approximately 20% year-over-year. AAdvantage members are more engaged, generate a higher yield versus non-members and are a key driver for premium cabin demand. In the third quarter, spending on our co-branded credit cards was up 9% year-over-year as customers continue to favor AAdvantage Miles as their preferred rewards currency.

在忠誠度方面，第三季活躍的 AAdvantage 帳戶年增 7%，其中註冊人數增幅最高的是芝加哥，年增約 20%。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。第三季度，由於客戶繼續青睞 AAdvantage Miles 作為其首選的獎勵貨幣，我們聯名信用卡的消費額年增 9%。

We remain focused on strengthening our network by scaling our hubs. We're proud of our hub network that we have with 8 of our hubs located in the 10 largest metro areas in the US. This year, our growth was focused on Chicago, Philadelphia and New York. American has a long history in all three cities with a base of corporate and premium customers that are loyal to the American brand. Our improved schedules, along with our new sales and distribution strategy and other product improvements are helping us win local high-value customers.

我們將繼續致力於透過擴大我們的樞紐來加強我們的網絡。我們為我們的樞紐網絡感到自豪，其中 8 個樞紐位於美國 10 個最大的都會區。今年，我們的成長重點是芝加哥、費城和紐約。美國航空在這三個城市都有著悠久的歷史，擁有一群忠於美國航空品牌的企業和高端客戶。我們改進的航班時刻表、新的銷售和分銷策略以及其他產品改進正在幫助我們贏得當地的高價值客戶。

Performance continues to track in line with our expectations. This targeted expansion will continue through the fourth quarter and into 2026 as we add more cities and more frequencies to improve our offering for customers. Our ability to grow capacity in premium markets will be further supported as we take delivery of new aircraft and reconfigure our existing fleet. These efforts will allow us to grow our premium seats at nearly 2 times the rate of main cabin seats and grow our lie-flat seats over 50% by the end of the decade.

業績繼續符合我們的預期。這項目標擴張將持續到第四季和 2026 年，我們將增加更多城市和航班頻率，以改善我們為客戶提供的服務。隨著我們接收新飛機並重新配置現有機隊，我們在高端市場擴大運力的能力將得到進一步支持。這些努力將使我們的高級座位數量增長速度達到主艙座位數量的近兩倍，到本世紀末，平躺座位數量將增長 50% 以上。

Additionally, we're excited about the significant investments in airport infrastructure happening throughout our system, headlined by rapid construction of the new Terminal F and enhanced Terminals A and C at DFW. When complete, DFW will be a world-class facility and the largest single carrier hub in the world. All of this is intended to deliver a consistent and elevated travel experience for our customers, whether on the ground or in the air. And it's not just facilities. The investments we continue to make in customer experience are the value multiplier on top of everything we're doing.

此外，我們對整個系統在機場基礎設施​​方面的大量投資感到非常興奮，其中最引人注目的是達拉斯沃斯堡國際機場新 F 航站樓的快速建設以及 A 和 C 航站樓的升級。建成後，達拉斯沃斯堡國際機場將成為世界一流的設施和世界上最大的單一承運樞紐。所有這些都是為了給我們的客戶一致且優質的旅行體驗，無論是在地面還是在空中。這不僅是設施的問題。我們在客戶體驗方面持續進行的投資是我們所做的一切的價值倍增器。

With the ongoing rollout of our new flagship suite designed to elevate privacy, comfort and luxury, we're continuing to reimagine and advance the premium travel experience. Customers have responded very positively to this product on our new Boeing 787-9 Ps, which led American wide-body aircraft in customer satisfaction. We will offer the same product on our 321XLRs and our 777 fleets in the coming years.

隨著我們不斷推出旨在提升隱私、舒適度和奢華度的全新旗艦套房，我們將繼續重新構想和提升優質旅行體驗。客戶對我們新款波音 787-9 P 上的產品反應非常積極，其客戶滿意度在美國寬體飛機中處於領先地位。未來幾年，我們將在我們的 321XLR 和 777 機隊上提供相同的產品。

We're also investing in the onboard experience of our regional aircraft, including the installation of high-speed satellite Wi-Fi to maintain a consistent premium experience across our fleet. We're proud to offer high-speed gate-to-gate satellite Wi-Fi on more aircraft than any other airline, keeping our customers connected while traveling.

我們也投資於支線飛機的機上體驗，包括安裝高速衛星 Wi-Fi，以保持整個機隊的一致優質體驗。我們很自豪能夠在比其他航空公司更多的飛機上提供高速登機口到登機口衛星 Wi-Fi，讓我們的客戶在旅途中也能保持連線。

Thanks to our new sponsorship with AT&T, this amenity will be complementary for our AAdvantage members starting in January. We announced several exciting updates to our leading lounge network, including plans to open new flagship lounges in Miami and in Charlotte, and we'll expand our Admirals Club Lounge footprint in both markets as well.

感謝我們與 AT&T 的新贊助，從一月份開始，我們的 AAdvantage 會員將可以免費享受此項便利。我們宣布了我們領先的休息室網路的幾項令人興奮的更新，包括計劃在邁阿密和夏洛特開設新的旗艦休息室，並且我們還將在這兩個市場擴大我們的海軍上將俱樂部休息室的足跡。

We also introduced several additional premium enhancements, including new amenity kits, improvements to our food and beverage offerings and a new partnership with Champagne Ballanger. We continue to explore partnerships to elevate the art of travel, like our new coffee partnership with Lavazza that aligns with our focus on refined offerings and exceptional service throughout the travel journey.

我們還推出了幾項額外的優質增強功能，包括新的便利包、改進我們的食品和飲料供應以及與 Champagne Ballanger 建立新的合作夥伴關係。我們將繼續探索合作關係，以提升旅行的藝術，例如我們與 Lavazza 建立的新咖啡合作夥伴關係，這與我們在整個旅行過程中對精緻產品和卓越服務的關注相一致。

Nothing matters more to our customers than flying on a reliable airline. While this quarter presented challenging operating conditions, the American team quickly recovered, minimized disruptions and maintained a resilient operation for our customers. Thanks to continued investments in technology, including the expansion of our Connect Assist platform, we've enhanced the connection experience and successfully preserved customer connections.

對於我們的客戶來說，沒有什麼比搭乘可靠的航空公司更重要。儘管本季的營運條件充滿挑戰，但美國團隊迅速恢復，最大限度地減少了乾擾，並為我們的客戶保持了彈性運作。由於對科技的持續投資，包括擴展我們的 Connect Assist 平台，我們增強了連接體驗並成功地保留了客戶連接。

The team is focused on investing in the right areas, and we're committed to executing on our initiatives to deliver on our revenue opportunities. Before closing, I'd like to take a moment to recognize the dedicated aviation professionals who continue to uphold the safety and security of our industry during the government shutdown. We're hopeful that action will be taken to reopen the government as soon as possible.

該團隊專注於在正確的領域進行投資，我們致力於執行我們的計劃以實現我們的收入機會。最後，我想藉此機會感謝那些在政府關門期間繼續維護我們行業安全的敬業航空專業人士。我們希望盡快採取行動重新開放政府。

And now I'll turn the call over to Devon to share more about our financial results and outlook.

現在我將把電話轉給德文，讓他分享更多有關我們的財務表現和前景的資訊。

Thank you, Robert. Excluding net special items, American reported a third quarter adjusted loss per share of $0.17, a 50% beat versus the midpoint of our prior guidance. We continue to progress on our commitment to deliver on our revenue potential. We produced record third quarter revenue of $13.7 billion, which was about 1% ahead of the midpoint of our initial guidance.

謝謝你，羅伯特。不包括淨特殊項目，美國航空報告第三季調整後每股虧損為 0.17 美元，比我們先前預期的中位數高出 50%。我們將繼續履行承諾，發揮我們的收入潛力。我們第三季的營收創下了 137 億美元的紀錄，比我們最初預期的中位數高出約 1%。

Domestic year-over-year PRASM improved sequentially each month and turned positive in September. While premium continued to outperform Main cabin, we've seen improvement in the main cabin since its low point in July. That momentum has continued into October, and we're encouraged by the bookings we have taken for November and December.

國內 PRASM 年比每月均有所改善，並在 9 月轉為正值。雖然高級艙的表現繼續優於主艙，但自 7 月的低點以來，我們看到主艙的表現有所改善。這種勢頭一直持續到十月份，我們對十一月和十二月的預訂量感到鼓舞。

Our international entities performed in line with the guidance we gave in July. After a very strong second quarter, unit revenue in the Atlantic region was down year-over-year due in part to the macro uncertainty during the peak booking window and a continued seasonal shift in demand from the third quarter to the fourth quarter.

我們的國際實體的表現符合我們 7 月給予的指導。在經歷了非常強勁的第二季度之後，大西洋地區的單位收入同比下降，部分原因是預訂高峰期的宏觀不確定性以及從第三季度到第四季度需求的持續季節性轉變。

That said, Atlantic was our most profitable region during the quarter, and we expect Atlantic unit revenue to be solidly positive in the fourth quarter. In Latin America, unit revenues were down year-over-year as the short-haul Latin market was oversupplied during the quarter. American's presence in the region, the premium services we offer and the scale we have in Miami and our other Southern hubs allow for profitable results in this environment and a continued long-term competitive advantage in the region.

也就是說，大西洋是我們本季最賺錢的地區，我們預期大西洋地區的單位收入在第四季將保持穩定正成長。在拉丁美洲，由於本季短途拉丁市場供應過剩，單位收入較去年同期下降。美國航空在該地區的業務、我們提供的優質服務以及我們在邁阿密和其他南部樞紐的規模使我們在這種環境下能夠獲得盈利，並在該地區保持長期的競爭優勢。

Lastly, Pacific year-over-year unit revenue declined mid-single digits in the quarter. We expect fourth quarter unit revenues to be approximately flat year-over-year off a very strong 2024 base, supported by strength in the premium cabins. Premium continues to perform well with year-over-year premium unit revenue outpacing main cabin by 5 points in the third quarter. Capitalizing on this demand, American is continuing to invest in expanding our premium offerings across the customer journey.

最後，本季太平洋地區的單位收入較去年同期下降了中等個位數。我們預計，在 2024 年非常強勁的基礎上，第四季度的單位收入將與去年同期基本持平，這得益於高端客艙的強勁成長。高階艙繼續表現良好，第三季高階艙單位營收年增 5 個百分點，超過主艙 5 個百分點。利用這項需求，美國航空將繼續投資擴大我們在客戶旅程中的優質服務。

While already recognized amongst the US network carriers for having the highest rated and most consistent lie-flat product across our long-haul fleet, we are elevating this experience with the investment in our new flagship suite, which we launched with our high premium Boeing 787-9s.

雖然我們已經在美國網路航空公司中因擁有長途機隊中評價最高、最一致的平躺產品而獲得認可，但我們透過投資新的旗艦套房來提升這一體驗，該套房是我們與高端波音 787-9 一起推出的。

As Robert said, in the coming quarters, we'll expand this product further with the introduction of our A321XLRs and the retrofit of 20 777-300 aircraft, which will increase premium seats on this fleet by over 20%. We're excited to announce that we'll continue scaling our new flagship product on our 777-200 aircraft.

正如羅伯特所說，在接下來的幾個季度中，我們將透過推出 A321XLR 和改裝 20 架 777-300 飛機來進一步擴大該產品，這將使該機隊的高級座位數量增加 20% 以上。我們很高興地宣布，我們將繼續在 777-200 飛機上擴展我們的新旗艦產品。

These aircraft, which will be receiving a nose-to-tail retrofit, will see a 25% increase in lie-flat and premium economy seats, along with new in-flight seatback entertainment system. Additionally, we continue to expand premium on our domestic aircraft. We are retrofitting our A319s and A320s, where we will grow first-class seating by 50% and 33%, respectively. With these investments in our existing fleet, along with our new deliveries, our premium seat growth will outpace our non-premium offerings.

這些飛機將進行從機頭到機尾的改裝，平躺座椅和高級經濟艙座椅的數量將增加 25%，同時還將配備新的機上座椅靠背娛樂系統。此外，我們也將繼續擴大國內飛機的保費。我們正在對 A319 和 A320 進行改裝，將頭等艙座位數分別增加 50% 和 33%。透過對現有機隊的投資以及新飛機的交付，我們的高端座位成長速度將超過非高端座位的成長速度。

Our total capital expenditures in 2025 are expected to be approximately $3.8 billion, which includes the delivery of 51 new aircraft this year. Longer term, capital expenditures remain consistent with our prior guidance and our current expectations for 2026 are approximately $4 billion to $4.5 billion of total CapEx. We continue to make progress in strengthening the balance sheet.

我們預計 2025 年的總資本支出約為 38 億美元，其中包括今年交付的 51 架新飛機。從長遠來看，資本支出與我們先前的指導保持一致，我們目前對 2026 年的預期是總資本支出約為 40 億至 45 億美元。我們在加強資產負債表方面持續取得進展。

Total debt at the end of the third quarter was $36.8 billion, down by $1.2 billion from the second quarter. We ended the quarter with $10.3 billion of available liquidity. At the start of the year, we made a commitment to reduce total debt by approximately $4 billion to less than $35 billion by the end of 2027. Just nine months after making that commitment, we are more than 50% of the way to achieving that goal.

第三季末的總負債為368億美元，比第二季減少12億美元。本季末，我們擁有 103 億美元的可用流動資金。今年年初，我們承諾在 2027 年底將總債務減少約 40 億美元至 350 億美元以下。在做出承諾僅僅九個月後，我們就已經完成了目標的一半以上。

Now on to our outlook for the remainder of the year. For the fourth quarter, we expect capacity to be up between 3% and 5% year-over-year as we continue to build back our hubs and adjust our schedules to meet evolving seasonal demand trends. We expect fourth quarter revenue to be up between 3% and 5% year-over-year. If we achieve the midpoint of our guidance, we'll deliver flat unit revenue in the quarter after being down 2.7% in Q2 and 1.9% in Q3. Fourth quarter CASM-ex is anticipated to be up 2.5% to 4.5% year-over-year, in line with the guidance we provided in July.

現在來談談我們對今年剩餘時間的展望。對於第四季度，我們預計運力將年增 3% 至 5%，因為我們將繼續重建樞紐並調整航班時刻表以滿足不斷變化的季節性需求趨勢。我們預計第四季營收將年增 3% 至 5%。如果我們達到預期的中點，那麼在第二季下降 2.7% 和第三季下降 1.9% 之後，本季我們的單位收入將持平。預計第四季 CASM-ex 將年增 2.5% 至 4.5%，與我們 7 月提供的指引一致。

We are continuing our multiyear re-engineering the business effort to utilize technology and streamline processes to enable an improved customer and team member experience while driving a more efficient business. These efficiencies are being realized through best-in-class workforce management, efficient asset utilization and procurement excellence.

我們將繼續多年的業務重組工作，利用技術和簡化流程，以改善客戶和團隊成員的體驗，同時推動更有效率的業務。這些效率是透過一流的勞動力管理、高效的資產利用和卓越的採購來實現的。

These efforts have resulted in $750 million of annual savings versus 2023. As a result of the investments and process improvements we have made, most mainline work groups are operating at higher productivity levels today than they were in 2019. With labor cost certainty through 2027, American is able to focus on our long-term efficiency efforts while executing on our commercial and customer initiatives.

這些努力已使到 2023 年每年節省 7.5 億美元。由於我們所做的投資和流程改進，大多數主線工作小組目前的生產力水準都比 2019 年更高。透過確定到 2027 年的勞動力成本，美國航空能夠專注於我們的長期效率努力，同時執行我們的商業和客戶計劃。

With this fourth quarter guidance, we expect to deliver an adjusted operating margin of between 5% and 7% and earnings per share between $0.45 and $0.75, over 2 times higher than the midpoint of our implied fourth quarter guidance from July. This brings our full year EPS guidance to a range of $0.65 to $0.95 per share. Based on these earnings and capital projections, we expect to generate free cash flow of over $1 billion for the year.

根據第四季度指引，我們預計調整後的營業利潤率將在 5% 至 7% 之間，每股收益將在 0.45 美元至 0.75 美元之間，比我們 7 月份預測的第四季度指引中位數高出 2 倍多。這使得我們的全年每股收益預期達到每股 0.65 美元至 0.95 美元。根據這些收益和資本預測，我們預計今年將產生超過 10 億美元的自由現金流。

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

我現在將電話交還給羅伯特，請他作結束語。

Thanks, Devon. We're positioning American for long-term success. Our commercial efforts in sales and distribution and revenue management are taking root, driving business and premium revenue outperformance. We're poised to take advantage of the new relationship being launched with Citi in 2026 to grow the world's first and largest airline loyalty program at unprecedented rates.

謝謝，德文。我們正在為美國的長期成功做好準備。我們在銷售、分銷和收入管理方面的商業努力正在紮根，推動業務和保費收入的優異表現。我們準備好利用 2026 年與花旗建立的新關係，以前所未有的速度發展全球第一個也是最大的航空公司忠誠度計畫。

We started down the path of restoring our network presence, further expanding our industry-leading footprint in North America, the world's most important aviation market, all powered by the youngest and most fuel-efficient fleet. These efforts are being bolstered by our focus on elevating the customer experience, evidenced by the continual announcements this year of exhilarating upgrades.

我們開始著手恢復我們的網路存在，進一步擴大我們在北美這個全球最重要的航空市場的行業領先地位，所有這些都由最年輕、最省油的機隊提供動力。我們致力於提升客戶體驗，這進一步增強了我們的努力，今年我們不斷宣布的令人振奮的升級舉措就是明證。

Finally, we'll always remain focused on efficient capacity production. We've been a leader in this space for years, and we'll continue to make smart investments that drive efficiencies in our business. We're looking forward to closing out 2025 in strong fashion, and with this groundwork, we plan to deliver meaningful long-term value for our shareholders in 2026 and beyond.

最後，我們將始終專注於高效率的產能生產。多年來，我們一直是該領域的領導者，我們將繼續進行明智的投資，以提高業務效率。我們期待以強勁的方式結束 2025 年，並​​以此為基礎，我們計劃在 2026 年及以後為股東創造有意義的長期價值。

Thank you for your interest in American Airlines. Operator, you may now open the line for questions.

感謝您對美國航空的關注。接線員，您現在可以打開熱線來回答問題了。

(Operator Instructions)

（操作員指示）

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Good morning. So I think I saw you said that September unit revenue was positive. Fourth quarter guide is sort of flat. So maybe just explain that change. And then within that, I think I just heard you say domestic unit revenue, you think is flat in Q4 as well. Maybe just some thoughts premium versus domestic and how that shakes out.

嘿，謝謝。早安.所以我想我看到您說九月的單位收入是正的。第四季的指引比較平淡。所以也許只是解釋一下這個變化。然後，我想我剛剛聽到您說國內單位收入，您認為第四季度也持平。也許只是一些關於高端與國產以及其如何發展的想法。

I'm sorry, Latif, I think we were on mute there. So we'll start this over. Steve, do you want to take this question?

對不起，拉蒂夫，我想我們剛才處於靜音狀態。因此我們將重新開始。史蒂夫，你想回答這個問題嗎？

Sure. Latif, can you hear me now?

當然。拉蒂夫，你現在聽得到我說話嗎？

Yes, sir. Please proceed.

是的，先生。請繼續。

Thanks. Yeah, Scott, thanks for the question. What we've seen, I think, is what you've heard from the other airlines is July was a really very difficult month for the industry. August was better than July, September better than August, and indeed, we did inflect positive during the month of September. October looks better than September and the fourth quarter looks strong. That has been driven interestingly, largely by improvements in -- for us, anyway, in main cabin revenues.

謝謝。是的，斯科特，謝謝你的提問。我認為，我們所看到的，正如您從其他航空公司所聽到的，七月對航空業來說確實是一個非常艱難的月份。八月比七月好，九月比八月好，事實上，九月我們確實出現了正面的變化。十月份的情況比九月好，第四季的情況也十分強勁。有趣的是，這主要是由於主艙收入的提高所致。

The premium revenues, as we've discussed, have been strong all year long, really not faltering notwithstanding any of the economic uncertainty we went, but that economic uncertainty and Liberation Day and all of that has played a very -- it's been very difficult on main cabin revenue, the demand from our most price-sensitive customers.

正如我們所討論的，全年的保費收入一直很強勁，儘管我們遇到了一些經濟不確定性，但實際上並沒有動搖，但經濟不確定性和解放日等因素對主艙收入以及我們對價格最敏感的客戶的需求產生了很大影響。

In any event, the projection that we have for the fourth quarter of being flat year-over-year is a sequential improvement -- quarterly sequential improvement. Something we're excited about is a combination of good performance, I think, in the domestic entity, good performance across the Atlantic, in the North Pacific, and in South America, and a little more uneven performance in the South Pacific largely because of capacity, and then year-over-year, not great performance in short-haul Latin America, again, a capacity issue.

無論如何，我們預測第四季度的業績將與去年同期持平，這是一種連續的改善——季度連續的改善。令我們興奮的是，我認為國內實體表現良好，跨大西洋、北太平洋和南美洲表現良好，但南太平洋的表現略有不均衡，這主要是因為運力問題，而同比來看，拉丁美洲短途航線表現不佳，這也是運力問題。

That entity, while down year-over-year, remains a really important part of our business and a profitable part of our business as we have real network strength from Miami and DFW and Phoenix into those regions. So I think we're excited about the sequential improvement being able to project a flat unit revenue year-over-year.

儘管該實體的規模同比有所下降，但它仍然是我們業務中非常重要的一部分，也是我們業務中盈利的一部分，因為我們擁有從邁阿密、達拉斯-沃斯堡和菲尼克斯到這些地區的真正網絡實力。因此，我認為我們對連續的改善感到興奮，能夠預測單位收入與去年同期持平。

Okay. And then I want to see if you want to provide any sort of early thoughts for next year. So if I look at Q4, right, we've got capacity up 3% to 5%, what are you saying unit cost up 2.5% to 4.5%. Is that sort of the right way to think about capacity and unit cost for next year? And ultimately, what I'm trying to figure out is what's the visibility or confidence in sort of a price cost inflection next year?

好的。然後我想看看您是否願意為明年提供一些早期的想法。因此，如果我看第四季度，我們的產能提高了 3% 到 5%，那麼單位成本就提高了 2.5% 到 4.5%。這是考慮明年產能和單位成本的正確方法嗎？最終，我想弄清楚的是，明年價格成本拐點的可見度或信心如何？

Hey, Scott. We're just in the planning process for next year as we sit here today. So we're not guiding to capacity or unit cost performance at this point. But we'll stay consistent with what we've been saying on that front is we have this fleet plan that can allow us to grow somewhere around mid-single digits. Our guardrails on capacity production are at one end, we just want to understand what sort of economic growth and what sort of demand growth we're seeing, and we like where we're at on that front. The other side is where the competition is at.

嘿，斯科特。今天我們坐在這裡，正在製定明年的計畫。因此，我們目前不提供容量或單位成本績效指引。但我們會堅持我們在這方面所說的，我們有這個機隊計劃，可以讓我們實現中等個位數左右的增長。我們對產能生產的護欄處於一端，我們只是想了解我們正在看到什麼樣的經濟成長和什麼樣的需求成長，並且我們喜歡我們在這方面所處的位置。另一邊就是競爭所在。

And lastly, just what sort of growth opportunities we have. We're really excited about the growth we put into the market this year, primarily in Philadelphia, Chicago and New York. Those markets will continue to grow in 2026, and we're also excited about growth opportunities in Miami and in Phoenix.

最後，我們到底擁有什麼樣的成長機會。我們對今年市場的成長感到非常興奮，主要是在費城、芝加哥和紐約。這些市場將在 2026 年繼續成長，我們也對邁阿密和鳳凰城的成長機會感到興奮。

On the cost side, I think you see it in our numbers. We believe we manage cost and efficiency better than anyone. It's been a very formal and long-standing effort. And so next year, we look out, yeah, we're looking for margin expansion as we head into 2026.

在成本方面，我想您可以從我們的數字中看到這一點。我們相信我們比任何人都更好地管理成本和效率。這是一項非常正式且長期的努力。因此，明年，我們期待利潤率在 2026 年進一步擴大。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, guys. Thank you for the time. Maybe digging a bit deeper into the capacity and premium investment comments now that you have also the 777-200 fleet going, the schedules are loaded up 5% in the first half of next year. The fleet grows a similar amount, assuming no retirements. So how are you thinking about the mix in premium versus main cabin and short haul versus long haul?

大家早安。感謝您抽出時間。現在您也擁有了 777-200 機隊，也許可以更深入地了解運力和保費投資評論，明年上半年的航班時刻表將增加 5%。假設沒有退役船隻，船隊規模也會增加類似數量。那麼您如何看待高級艙與主艙、短程艙與長程艙的搭配呢？

So I'll start. Thanks, Sheila. Well, first off, in terms of capacity mix, international, domestic, it takes a strong domestic and very strong hubs to support a thriving international operation. And so we'll keep a balance in terms of that growth. It's really exciting in terms of premium offerings.

那我就開始了。謝謝，希拉。首先，就國際和國內的運力組合而言，需要強大的國內樞紐和非常強大的樞紐來支持蓬勃發展的國際業務。因此，我們將在成長方面保持平衡。就優質產品而言，這確實令人興奮。

So our premium seating, we expect, especially now with the 787-9s, 9Ps, the XLRs, the reconfigurations we're making, the premium seating is going to grow roughly at twice the rate of what our non-premium offerings would grow.

因此，我們預計，尤其是現在有了 787-9、9P、XLR 以及我們正在進行的重新配置，高級座位的成長速度將大約是我們非高級座位成長速度的兩倍。

And even more specific in terms of our live flat international capable seating, that is going to grow by 50% as we look out towards the end of the decade. So we feel really excited about it, and it all plays into what we're seeing in the marketplace that people are willing to pay for experience. And we're going to make sure that we have a hard product that they enjoy.

更具體地說，就我們的國際直播座位數量而言，展望本世紀末，這一數字將增加 50%。因此，我們對此感到非常興奮，這一切都與我們在市場上看到的人們願意為體驗付費的情況相符。我們要確保我們擁有一款他們喜歡的硬體產品。

Great. And then maybe if I could ask another one on just domestic hubs. You mentioned Chicago enrollments are up 20% year-over-year for AAdvantage. Lots have been said about this market. When you look across domestic hubs, where are you seeing the greatest level of unit revenue improvement, either sequentially or year-over-year? And how are you thinking about capacity next year?

偉大的。然後也許我可以再問一個有關國內樞紐的問題。您提到芝加哥的 AAdvantage 註冊人數年增了 20%。關於這個市場已經有很多說法。當您縱觀國內樞紐時，您認為哪些地方的單位收入增幅最大，無論是環比還是同比？您認為明年的產能如何？

Well, I'll just start. Look, we're pleased with our efforts in Chicago. Certainly, we've done a nice job in growing that back. And as you look towards next year, that's a hub that will be over 500 departures. And we have just an incredible base of customers that are waiting for us to really get back in the marketplace.

好吧，我就開始了。瞧，我們對在芝加哥的努力感到滿意。當然，我們在恢復這一增長方面做得很好。展望明年，該樞紐將有超過 500 個航班出發。我們擁有龐大的客戶群，他們正在等待我們真正重返市場。

Those AAdvantage enrollments overall, we grew 7%. But in Chicago specifically, 20%. I mean that's a really remarkable number. We're going to take advantage of that desire for our product, as I mentioned. And as we look out into the future, we anticipate that Chicago will return to its rightful places as one of our largest and more profitable hubs.

總體而言，AAdvantage 的註冊人數增加了 7%。但具體到芝加哥，這一比例是 20%。我的意思是，這確實是一個了不起的數字。正如我所提到的，我們將利用人們對我們產品的這種渴望。展望未來，我們預期芝加哥將重回應有的地位，成為我們最大、最賺錢的樞紐之一。

So capacity, at least in Chicago, as we take a look at, we're going to fly what we can. It will be, again, over 500 departures. Capacity throughout the rest of the system, it's really focused on restoration of flying in Philadelphia, Miami, Phoenix. We've already have DFW and Charlotte appropriately sized. So we're really excited about what we're going to be able to bring back to markets that, quite frankly, because of regional aircraft and delivery delays, we haven't been able to serve as thoroughly as we'd like.

因此，至少在芝加哥，就容量而言，我們將盡可能地飛行。再次，出發人數將超過 500 人。整個系統其餘部分的容量實際上集中在恢復費城、邁阿密、菲尼克斯的航班。我們已經將 DFW 和 Charlotte 調整到適當的大小。因此，我們對能夠重新將產品帶回市場感到非常興奮，坦白說，由於支線飛機和交付延遲，我們無法像我們希望的那樣提供全面的服務。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, guys. I hate to bang the same drum, but maybe I'll ask the same question in a slightly different way. If we think about what percentage of premium seats are in the mix kind of as we end 2025? And how does that change? If you can put a number on that, that would be helpful as well as any sort of commentary or directional commentary on the relative buy-up from what would be considered a non-premium versus a premium seat.

嘿，大家好。我不想重複同樣的問題，但也許我會以稍微不同的方式提出同樣的問題。如果我們考慮一下到 2025 年底優質座位的比例是多少？那會如何改變呢？如果您能給出一個數字，那將會很有幫助，同時對於非高級座位和高級座位的相對購買量的任何評論或方向性評論也會很有幫助。

I think what we're trying to all kind of model out here is what kind of unit revenue lift you could get because the product mix is changing so much next year. I appreciate the twice the normal seat growth rate, but I think what we're trying to do is really kind of help handicap what kind of margin expansion should be coming from that product investment. Thanks.

我認為我們在這裡嘗試建立的模型是，由於明年產品組合將發生巨大變化，因此可以獲得什麼樣的單位收入提升。我很欣賞兩倍於正常座位成長率的成長率，但我認為我們真正想做的是幫助確定該產品投資應該帶來什麼樣的利潤成長。謝謝。

Thanks, David. Great question, even if it is banging the same drum. This is a really good story for the industry, really good story for American. As I've said earlier and the guy said in the opening remarks, premium has been strong all year despite economic uncertainty. If we look back a long time, some of us have been around in the business for a long time, I can just remember discussions about whether we could ever, as an industry, find a way to get people to pay more for better products and services. And I think the answer to the question these days is a resounding yes.

謝謝，大衛。這個問題問得好，儘管它只是重複同樣的道理。這對業界來說是一個非常好的故事，對美國來說也是一個非常好的故事。正如我之前所說以及那位先生在開場白中所說的那樣，儘管經濟存在不確定性，但全年保費仍然保持強勁。如果我們回顧過去，我們中的一些人已經在這個行業工作了很長時間，我記得我們討論過，作為一個行業，我們是否能夠找到一種方法讓人們為更好的產品和服務支付更多的費用。我認為，現在這個問題的答案是肯定的。

Part of what we're seeing is -- and I have to say it feels like a post-pandemic new normal. It's just been so consistent and so consistent through difficult economic circumstances. But it's -- premium has always been driven by -- and there remains a component of that, that's business demand. But business doesn't always let their employees fly in premium.

我們所看到的部分情況是──我必須說，這感覺就像是疫情後的新常態。在困難的經濟環境下，它始終如一、一致。但高端產品始終受到商業需求的驅動。但企業並不總是允許員工搭乘高級航班。

And so really, what we're seeing is, I think, a renaissance or maybe a new beginning for premium leisure. And this goes to my comment about our customers being willing to pay more for better services and better products.

所以，我認為，我們所看到的是高端休閒的復興，或者說是新的開始。這與我的評論相符，我們的客戶願意為更好的服務和更好的產品支付更多的費用。

Our premium cabin is now 65% load factor is -- we think is premium leisure. It's outperformed the main cabin by 5 percentage points, 5 RASM points year-over-year. Our paid load factor in premium is up 2 points year-over-year. It is now nearly 80%. And we were selling on a paid basis only in the mid-60s before the pandemic. Nearly 50% of our ticket revenue comes from premium.

我們的高級客艙目前的載客率為 65%——我們認為這是高級休閒艙。它的表現比主艙高出 5 個百分點，比去年同期 RASM 高出 5 點。我們的付費載客率比去年同期上升了 2 個百分點。目前已接近80%。在疫情爆發前的 60 年代中期，我們才開始以付費方式銷售。我們的門票收入有近 50% 來自保費收入。

And in recognition of those market dynamics, our focus is on taking advantage of that and growing that. Robert and Devon talked about the additional premium seats that we're adding to the fleet. We're designing better products. We have easier ways and super simple digital ways to upgrade and lots of opportunities to upgrade on a wallet-friendly basis. It's really, I think, becoming just a really important and really exciting part of our business.

在認識到這些市場動態後，我們的重點是利用這些動態並使其發展。羅伯特和德文談到了我們正在為機隊增加的額外高級座位。我們正在設計更好的產品。我們有更簡單的方法和超級簡單的數位方式來升級，並且有很多機會以經濟實惠的方式進行升級。我認為，它確實正在成為我們業務中非常重要且令人興奮的一部分。

Okay. And then maybe as you think about beyond the hard product investment, right, and that -- however that mix shift is going to change in the number of seats, Robert, when you're talking to the team or maybe and working with that as he's ramping up, when you think about the product investments or experience investments that you need to make, what are the two or three areas that you are most focused on with the team?

好的。然後也許當您考慮超越硬產品投資時，對吧，而且 - 然而，這種組合轉變將改變席位數量，羅伯特，當您與團隊交談時，或者也許在他加大力度時與之合作時，當您考慮需要進行的產品投資或經驗投資時，您最關注團隊的兩三個領域是什麼？

Thanks, David. Well, the good news on this is that we're really bringing to fulfillment a number of investments we made over time. And then adding to that this reimagined and reinvigorated customer experience effort here. As you know, we launched a new team that has been taking a look at just in-flight amenities and products.

謝謝，大衛。嗯，好消息是，我們確實實現了長期以來所做的許多投資。然後在此基礎上重新構想並重振客戶體驗。如您所知，我們成立了一支新團隊，專門負責機上設施和產品。

And so whether that's, again, relationships with great brands for coffee or champagne, whether that's getting back into the creature comforts with amenity kits and things like bedding and duvets, those things are all happening. We're mixing that on -- so that in-flight experience is then being mixed with an on-the-ground focus.

因此，無論是與咖啡或香檳等知名品牌建立合作關係，還是重新獲得便利套件和床上用品、羽絨被等舒適物品，這些事情都在發生。我們將其結合起來——以便將飛行體驗與地面體驗結合。

And so whether it's the investment in the facilities that we're making throughout the system, notably our premium lounges, which, again, we have already the biggest network of premium lounges. We're just only going to add to that in places like Charlotte and Miami.

因此，無論是對整個系統的設施進行的投資，特別是我們的高級休息室，我們已經擁有最大的高級休息室網路。我們只會在夏洛特和邁阿密等地增加這一數量。

So I'd say that that's the second thing. And look, you do need to have the hard product. And so as we've talked before, first off, no one has a more consistent lie-flat product than we do. I'm super excited about the new deliveries of 787-9s and the XLRs. But on top of that, whether it's our A320s, our A319s, our regional aircraft and how we're equipping them with satellite Wi-Fi, that's all fantastic.

所以我認為這是第二件事。瞧，你確實需要有硬體產品。正如我們之前所說的，首先，沒有人擁有比我們更一致的平躺產品。我對新交付的 787-9 和 XLR 感到非常興奮。但除此之外，無論是我們的 A320、A319、支線飛機，還是我們為它們配備的衛星 Wi-Fi，都是非常棒的。

And then what we announced today, the 777-200 reconfigurations, that is a big deal for us because extending the lives of those and putting those into service really gives us a capital spending holiday in terms of fleet replacement. So it's a win-win-win for our customers, for our company and most certainly our investors.

然後，我們今天宣布了 777-200 重新配置，這對我們來說意義重大，因為延長這些飛機的使用壽命並投入使用確實為我們在機隊更換方面提供了資本支出假期。因此，對於我們的客戶、我們的公司以及我們的投資者來說，這是一個三贏的局面。

Dan McKenzie, Seaport Global.

丹麥肯齊 (Dan McKenzie)，Seaport Global。

Well, hey. Thanks for the time, guys. Congrats on the outlook here in the quarter. Going back to an earlier question on Chicago and the response that you expect it to return to its rightful place as the largest and one of the more profitable hubs. That, of course, is pretty different messaging than what we heard from one of your chief competitors there. So just a couple of questions.

嗯，嘿。謝謝大家的時間。恭喜本季的前景。回到之前關於芝加哥的問題，您的回答是您希望它能重回其應有的地位，成為規模最大、盈利能力最強的樞紐之一。當然，這與我們從你們的一個主要競爭對手那裡聽到的信息截然不同。我只有幾個問題。

One, can the airport support two strong competitors longer term? And what does history tell us? And then finally, with the 20% improvement in enrollments, is that enough for you to help close that margin gap there in '26 or 2027?

一是機場能否長期支持兩個強大的競爭對手？歷史告訴我們什麼了？最後，入學率提高了 20%，這是否足以幫助您在 2026 年或 2027 年縮小差距？

Thanks, Dan. I'll just again, restate what we've been saying all along. Of course, Chicago can support two hub carriers. It's been doing it forever. American has served Chicago now for almost 100 years. And so we're looking to serve it well into the future. I've talked about a hub. It's going to be our third largest hub. There aren't many 500 departure hubs out there. It's critically important to our customers in Chicago and those that connect in the region.

謝謝，丹。我再一次重申我們一直在說的話。當然，芝加哥可以支持兩家樞紐航空公司。它一直都是這麼做的。美國航空已為芝加哥服務近百年。因此，我們希望在未來能夠更好地服務它。我已經談論過中心。它將成為我們的第三大樞紐。那裡沒有很多 500 個出發樞紐。這對我們在芝加哥的客戶以及該地區的客戶來說至關重要。

It ensures that there is service, competitive service. And I think that, that's probably the thing that maybe a competitor doesn't like that we're going to be there. We're going to be investing in Chicago. And there aren't going to be really any impediments to us building out the network and the footprint that we need there. So thanks for the question. Really excited about Chicago and what's coming up in 2026 and beyond.

它確保提供服務，有競爭力的服務。我認為，這可能是競爭對手不喜歡我們出現在那裡的原因。我們將在芝加哥投資。我們在那裡建立所需的網路和足跡不會遇到任何障礙。感謝您的提問。我對芝加哥以及 2026 年及以後的發展感到非常興奮。

Yeah. Very good. And then, Robert, you mentioned a $1 billion cost labor disadvantage to competitors on CNBC this morning. Is it your sense that this cost disadvantage should go away in '26, at least in theory? And can the domestic supply backdrop support the higher fares needed to offset that increased cost or whether or not more capacity needs to exit?

是的。非常好。然後，羅伯特，你今天早上在 CNBC 上提到了與競爭對手相比 10 億美元的勞動力成本劣勢。您是否認為這種成本劣勢至少在理論上應該在 26 年消失？國內供應背景能否支持抵銷增加的成本所需的更高票價，或是否需要退出更多運力？

Well, you'll have to ask that question of our competitor that is obviously has profits that are built off of a labor cost advantage. And it's a labor cost advantage that is in just rate. And so I can't imagine that, that is something that moves into the future. It's not -- certainly not something that we would ever contemplate at American over the long run.

好吧，你必須向我們的競爭對手提出這個問題，他們的利潤顯然是建立在勞動成本優勢之上的。這是一種公平的勞動成本優勢。所以我無法想像，這是未來的事。從長遠來看，這絕對不是我們美國人會考慮的事情。

Now in regard to ultimately improving margins in the business, this is where American, I think, has a tremendous opportunity. So first off, we already have market rates built in. We already have labor cost certainty. And I think that, that enables us to launch the efforts that we're undertaking.

現在，就最終提高業務利潤率而言，我認為這是美國航空擁有的巨大機會。首先，我們已經建立了市場利率。我們已經確定了勞動成本。我認為這使我們能夠開展我們正在進行的努力。

And so whether that's the restoration of our network, we know that we have the pilots and flight attendants and everybody that is going to be -- are going to be situated to fly the network and to rebuild some of the places that we've, quite frankly, lost some share in.

因此，無論這是否是我們網路的恢復，我們都知道，我們有飛行員、空服員和所有將要飛行網路的人，並重建一些我們坦率地說已經失去份額的地方。

We know that we're set up well as we move into 2026 with our new Citi deal, which is going to produce a tremendous improvement in terms of net income going forward. And I mentioned earlier about sales and distribution, and I gave Steve credit for helping set the team up. We've made tremendous progress. One of the things I'm so proud of is that from a managed corporate revenue perspective that we performed 14% better year-over-year. Nobody else is doing that.

我們知道，隨著我們與花旗銀行的新交易進入 2026 年，我們已經做好了充分的準備，這將在未來的淨收入方面帶來巨大的改善。我之前提到過銷售和分銷，我感謝史蒂夫幫助組建了團隊。我們取得了巨大的進步。令我感到自豪的一件事是，從管理企業收入的角度來看，我們的業績年增了 14%。沒有其他人這樣做。

And the good news on that front, we're not all the way there. We have not only some share left to catch up as we exit the year, but we're not going to stop on that front. And underscoring all of that is the work that we're doing in premium that we've talked about. And so I feel really positive about American's positioning no matter the economic backdrop.

而這方面的好消息是，我們還沒有完全到達那裡。在年底之際，我們不僅還有一些份額需要追趕，而且我們不會止步於此。強調所有這些的是我們談論過的在高端領域所做的工作。因此，無論經濟背景如何，我對美國的定位都感到非常樂觀。

And everything that I see bodes well just in terms of what we do well. I think domestic supply and demand is coming back into balance. I think that the places that we serve are the fastest growing in -- certainly within the country, and we're poised to really take off as we go into 2026.

就我們所做的事情而言，我所看到的一切都預示著好兆頭。我認為國內供需正在恢復平衡。我認為我們服務的地方是國內發展最快的地方，而且我們已準備好在 2026 年真正起飛。

Jamie Baker, JPMorgan Securities.

摩根大通證券的傑米貝克 (Jamie Baker)。

Hey, good morning, everybody. First question probably won't come as much of a surprise, reminiscent of what I've been asking this season. So this whole idea of premium leisure yields eclipsing corporate yields, at least in some markets, is interesting to me because I think most investors still think of corporate yields as kind of the gold standard.

嘿，大家早安。第一個問題可能不會讓人感到太驚訝，這讓人想起我本季一直在問的問題。因此，至少在某些市場，高端休閒收益率超過企業收益率的想法對我來說很有趣，因為我認為大多數投資者仍然認為企業收益率是黃金標準。

So my question to American is, how prevalent is this across your domestic -- well, across all markets, I suppose. And does it make you think any differently in terms of how aggressively you pursue corporate share if premium leisure yields may be the future? Any thoughts on that?

所以我想問美國人，這種情況在你們的國內市場——嗯，我想是在所有市場——有多普遍。如果高端休閒收益可能是未來的趨勢，那麼在積極追求企業份額方面，您是否會有不同的看法？對此有什麼想法嗎？

Jamie, thanks for the question. And this is one where I think we've learned some lessons. Quite frankly, corporate travel is incredibly rich in terms of yield. And while we love what's happening from the premium space, premium leisure, we need both. And that's why we're doubling down in terms of our investment in our sales team. We like what we see, and we think that there is upside for American.

傑米，謝謝你的提問。我認為我們從中吸取了一些教訓。坦白說，商務旅行的收益非常豐厚。雖然我們喜歡高端空間和高端休閒領域正在發生的事情，但我們需要兩者。這就是我們加倍投資銷售團隊的原因。我們喜歡我們所看到的，我們認為這對美國有好處。

Now I'll note one other thing, which is we talk about business travel, and it has not recovered in terms of passengers to the levels that it was in 2019. I think that there's a lot more room for growth. I don't know if we ever get back to the total percentage of business as a percent of total revenue, but there's a lot more that can be gained. And as we take a look at what's going on in the world right now and with even continued return to office and this desire to meet face-to-face and renew connections, I'm very optimistic on that front.

現在我要指出另一件事，那就是我們談論商務旅行，就乘客數量而言，它還沒有恢復到 2019 年的水平。我認為還有很大的成長空間。我不知道我們是否會回到業務佔總收入的百分比，但還可以獲得更多。當我們看到現在世界上正在發生的事情，甚至人們繼續重返辦公室，並希望面對面交流並重建聯繫時，我對此感到非常樂觀。

Now from a premium leisure perspective, yeah, we've got to be ready for it. And that's why we have a fleet that I think is tailored to meet those needs. And we're going to make sure that we have a great product offering to attract those customers, and that will be a key to margin expansion. And it's -- look, American is a premium carrier to begin with, and we're only going to become more.

現在從高端休閒的角度來看，是的，我們必須為此做好準備。這就是為什麼我們擁有一支專門為滿足這些需求而量身定制的船隊。我們將確保提供優質的產品來吸引這些客戶，這將是擴大利潤的關鍵。而且 — — 你看，美國航空首先是一家高端航空公司，而且我們只會變得更好。

And Jamie, I'd just add that while we do see the phenomenon right now where there's a lot of premium leisure demand, it's really good yields. We got to remember that business has been with us forever, and it's going to be with us forever. It's really important to remember that business travelers are very frequent travelers.

傑米，我想補充一點，雖然我們現在確實看到了高端休閒需求旺盛的現象，但這確實帶來了不錯的收益。我們必須記住，商業永遠伴隨著我們，並且永遠伴隨著我們。務必記住，商務旅客是經常出遊的人。

Even if they're a little bit less than our premium yields now, they're still 1.5 to 2 times the yields we get from other sources. They tend to be AAdvantage members and AAdvantage members give us more business. They tend to be co-brand cardholders.

即使它們比我們現在的保費收益率略低，但仍是我們從其他來源獲得的收益率的 1.5 到 2 倍。他們往往是 AAdvantage 會員，而 AAdvantage 會員為我們帶來了更多業務。他們往往是聯名卡持卡人。

And the regular business travelers in an effort to accumulate miles and participate in loyalty programs tend to move their leisure travel to the airline that they fly on business. And in some ways, you can even think of our business travelers as being some of the source of our premium leisure demand. So I think a really exciting part.

而經常出差的商務旅客為了累積里程和參與忠誠度計劃，往往會將他們的休閒旅行轉移到他們出差時乘坐的航空公司。從某種程度上來說，你甚至可以認為我們的商務旅客是我們高端休閒需求的來源之一。所以我認為這是一個非常令人興奮的部分。

Robert mentioned, right now, I mean, we calculate that business travel is only 80% of what it was in 2019. And that's an absolute number, not adjusted for the size -- for the growth in the economy. So very significant upside. And as Robert said, I mean, we'd love to fill the airplane with business travelers and premium leisure travelers.

羅伯特提到，目前，我的意思是，我們計算出商務旅行量僅為 2019 年的 80%。這是一個絕對數字，沒有根據經濟規模和成長情況進行調整。因此，優勢非常顯著。正如羅伯特所說，我們很樂意讓飛機上坐滿商務旅客和高端休閒旅客。

Got it. Thank you. And Devon, while I have you, a quick follow-up on the air traffic liability. Your drawdown from the second quarter to the third quarter was the most modest that I've seen, at least going back a decade. And it was quite a bit less than the drawdowns at Delta and United.

知道了。謝謝。德文，趁你還在，我想快速跟進空中交通責任問題。從第二季到第三季的下降幅度是我見過的最小的，至少在過去十年中是如此。這比達美航空和聯合航空的虧損要少得多。

I assume the American's domestic international balance may have something to do with that. Maybe it's attributable to some of the second quarter challenges and subsequent recovery. Whatever the case, it jumped out at me, maybe it shouldn't have any thoughts?

我認為美國國內的國際收支平衡可能與此有關。或許這可以歸因於第二季的一些挑戰以及隨後的復甦。不管怎樣，它突然出現在我面前，也許它不應該有任何想法？

Well, I think it's in part due to some of the seasonal trends that you're seeing. So a strengthening fourth quarter just means there's going to be more bookings for fourth quarter travel that happened in the third quarter, so less of a drawdown on that front. Relative to United and Delta, there may be some entity mix there and perhaps just some of our relative performance in the quarter. But I think more than that, it's just the seasonal trends we're seeing in demand.

嗯，我認為這在一定程度上是由於您所看到的一些季節性趨勢。因此，第四季的強勁成長意味著第四季的旅行預訂量將比第三季更多，因此這方面的下降幅度較小。相對於聯合航空和達美航空，那裡可能存在一些實體組合，也許只是我們本季的一些相對錶現。但我認為，更重要的是，我們看到的需求只是季節性趨勢。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨。

Good morning. This is Atul Maheswari on for Tom Wadewitz. Thanks a lot for taking our questions. First, on the shape of the fourth quarter RASM or yield, you mentioned that September RASM turned positive and October looks better than September. So implicit on those points is that November and December would be a little worse than October for you to be flattish for the full fourth quarter.

早安.這是 Atul Maheswari，代替 Tom Wadewitz。非常感謝您回答我們的問題。首先，關於第四季度 RASM 或收益率的形態，您提到 9 月份 RASM 轉為正值，而 10 月份的情況比 9 月份更好。因此，從這些觀點來看，11 月和 12 月的情況會比 10 月稍微糟糕一些，因為整個第四季的經濟狀況可能持平。

So the question really is the expectation around November and December being a bit slower than October. Is that simply due to American being cautious given difficult compares you and the industry have from the demand strength that you saw during the holidays last year? Or is there something in the current booking data that suggests that December or the holiday yields are tracking lower than what you're seeing for this month? Thank you.

所以問題其實是 11 月和 12 月的預期會比 10 月慢一點。這是否僅僅是因為美國人持謹慎態度，因為與去年假期期間看到的需求強勁相比，您和整個行業面臨困難？或者目前的預訂數據是否顯示 12 月或假期的收益率低於本月的收益率？謝謝。

Thanks. And really good question, and I'm sorry that I wasn't more clear about that. I mentioned October as being part of a sequence that we're seeing and I think that the industry is seeing. I didn't mention November and December because we just don't have a lot booked at this point in time. And so I just didn't pick up on it.

謝謝。這確實是個好問題，很抱歉我沒有說得更清楚。我提到十月是我們正在看到的序列的一部分，我認為整個行業都在看到它。我沒有提到十一月和十二月，因為我們目前還沒有很多預訂。所以我就沒注意到這一點。

We're -- I will say about November and December, I think we're getting very encouraged by the way the holiday periods are booking and seeing as we have throughout the year during trough periods seeing a little bit of softness there. But we're, I think, focused on our best estimate right now of where the quarter is going to end up is flat year-over-year. And we'll take another look at that as we see more bookings for November and December come in.

我想說的是，關於十一月和十二月，我認為假期預訂的情況讓我們感到非常鼓舞，而且正如我們在全年的低谷時期看到的那樣，那裡的預訂略有疲軟。但我認為，我們目前關注的最佳估計是本季的業績將與去年同期持平。隨著 11 月和 12 月的預訂量增加，我們將再次考慮這一點。

Got it. That's helpful. And then just as a quick follow-up. As you run rate the normal historical share in the indirect channel that you expect to get back to in the fourth quarter, how much revenue lift does that provide next year, especially in the first three quarters of the year? I guess another way to ask it would be, like in the past, you mentioned like about $1.5 billion of shortfall due to the prior strategy. How much was recovered this year and what's left to be recovered in '26? Thank you.

知道了。這很有幫助。然後只是進行快速跟進。當您以預計在第四季度恢復的間接管道的正常歷史份額來計算時，這將為明年，特別是今年前三個季度帶來多少收入提升？我想換一種問法，就像過去一樣，您提到由於先前的策略而導致的資金缺口約為 15 億美元。今年回收了多少？ 26 年還剩下多少可以回收？謝謝。

Well, Tom (sic - Atul) thanks for the question. We don't have a full run rate of our recovery in because it's something that progressed over the course of the year. As we take a look out into next year, it's going to be built into any of the guidance and the forecast that we give. I think a good indication, though, is just the level at which we're outpacing some of our principal competitors in things like managed corporate travel. So I feel really good about that.

好吧，湯姆（原文如此 - 阿圖爾）謝謝你的提問。我們沒有全面了解復甦情況，因為這是一年來逐漸取得進展的。當我們展望明年時，它將被納入我們提供的任何指導和預測中。不過，我認為一個很好的跡象就是我們在管理商務旅行等方面已經超越了一些主要競爭對手。所以我對此感覺非常好。

And as we exit the year, where I do think we'll be fully restored, then the objective is moving on to actually doing better than that. And from that perspective, what we will measure ourselves on going forward, okay, will be overall unit revenue production. And of course, we'll always break out from a corporate perspective.

當我們結束這一年時，我確實認為我們將完全恢復，然後目標就是繼續做得更好。從這個角度來看，我們未來衡量自己的標準將是總體單位收入產量。當然，我們總是會從企業的角度來突破。

Yeah. And just to think about it, as we've gone through the year and improved our sales improved our share indirect channels. You've seen that sort of step up over the course of the year. So next year, we're going to have the benefit of that continued step-up plus the run rate of that, which we've already captured and returned to American.

是的。想想看，隨著我們度過這一年，我們的銷售額提高了，間接通路的份額也提高了。你已經看到了這一年來這種進步。因此，明年，我們將受益於持續的成長以及我們已經獲得並返還給美國的運行率。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Morning, everyone. Thanks for the time. I wanted to ask more of a theoretical question on CASM. So you guys have done a lot of work on building efficiency into the system. And just wanted to understand, is the fourth quarter a good example of what the business can do, like low to single -- low to mid-single capacity growth drive low to mid-single CASM-ex?

大家早安。謝謝你的時間。我想問一些有關 CASM 的理論問題。所以你們在提高系統效率方面做了很多工作。只是想了解一下，第四季度是否是業務可以做什麼的一個很好的例子，例如低到單一 - 低到中單一產能成長推動低到中單一 CASM-ex？

Or there's more to go here and CASM-ex could ultimately be lower on that level of growth? Just really trying to get a sense of what you think CASM-ex could look like on the base case mid-single-digit capacity growth over the next couple of years, understanding there's always going to be some lumpiness year-to-year.

或者這裡還有更多的空間，而 CASM-ex 最終的成長水準可能會更低？只是想真正了解一下，在未來幾年中位數容量增長的基本情況下，CASM-ex 會是什麼樣子，要知道每年都會有一些波動。

Yeah. And I appreciate you kind of starting the question with -- it's at least somewhat dependent on the level of capacity growth that sits out there. Right now, we're working through the 2026 plan. What I will give some color on is just the lines of the P&L right now where you are seeing some costs growing at a greater rate than inflation and some areas maybe where we're going to see some potential goodness.

是的。我很欣賞您提出這個問題—這至少在一定程度上取決於現有的產能成長水準。目前，我們正在製定 2026 年計畫。我要說明的是，目前損益表中的一些線條，你會看到一些成本的成長速度高於通貨膨脹率，而在某些領域，我們可能會看到一些潛在的好處。

But labor right now, as we've talked about, we have contracts with all of our large frontline team members. So the step-up in labor isn't much more than inflation, although we do have a couple of labor groups, pilots, for example, that will get a 4% increase next year. That's consistent with the industry. So if it's going to outpace inflation, it won't be by much.

但正如我們所討論的，目前我們與所有大型一線團隊成員都簽訂了合約。因此，勞動力的漲幅不會比通貨膨脹高出太多，儘管我們確實有幾個勞工團體，例如飛行員，明年將獲得 4% 的加薪。這與行業情況一致。因此，即使經濟成長速度超過通貨膨脹，也不會超過太多。

Other areas like airport rent and landing fees will continue to grow at a rate greater than inflation. Maintenance is kind of TBD at this point, but that will kind of come and go depending on the year. What you're seeing in the fourth quarter right now, I think we can do better than that longer term, but let us work through the plan for 2026, and then we'll work to get some longer-term guidance out there.

機場租金和著陸費等其他領域的成長速度將繼續高於通貨膨脹率。目前，維護工作仍有待確定，但會根據年份的不同而有所變化。從您現在看到的第四季度的情況來看，我認為從長期來看我們可以做得更好，但讓我們先制定 2026 年的計劃，然後我們將努力獲得一些長期指導。

Great. And then, Devon, probably a second one for you. You've made great progress on the balance sheet even in a tough year demand-wise. I think looking back at my notes from the 2024 Investor Day, the longer-term goal is to get to net debt below $30 billion and leverage below 3 times in 2028. I guess, is that still the goal?

偉大的。然後，德文，可能還有第二個給你。即使在需求艱難的一年裡，你們的資產負債表也取得了巨大的進步。我認為回顧我在 2024 年投資者日所做的筆記，長期目標是到 2028 年將淨債務降至 300 億美元以下，槓桿率降至 3 倍以下。我想，這仍然是目標嗎？

And really, is that your ultimate goal? Or do you believe there's a benefit to taking leverage lower than that over time? I realize this is a longer-term one, but just trying to get a picture of how you're thinking about capital allocation over the next couple of years. Thanks.

真的，這是你的最終目標嗎？或者您認為隨著時間的推移，降低槓桿率會帶來好處？我知道這是一個長期問題，但我只是想了解您對未來幾年的資本配置有何看法。謝謝。

Yeah. Well, just one step at a time. We're incredibly excited to have hit our first goal of total debt reduction of $15 billion. We did that a year earlier than planned. We completed that last year. The next goal we set out for total debt was that it would be inside of $35 billion by the end of 2027. That's another goal we brought in by a year. We're really pleased with the progress right now. It's happening because we have pretty limited capital needs right now.

是的。好吧，一步一步來。我們非常高興地實現了我們的第一個目標：將債務總額減少 150 億美元。我們比計劃提前一年完成了這項工作。我們去年就完成了。我們為總債務設定的下一個目標是到 2027 年底達到 350 億美元以內。這是我們一年前提出的另一個目標。我們對目前的進展感到非常滿意。發生這種情況是因為我們目前的資本需求非常有限。

We talked about being able to grow the airline at 5%, but we're doing that with aircraft CapEx in that $3 billion to $3.5 billion range. That's a really nice spot to be in. And in a year like this, even where earnings aren't exactly where we want them to be, we're producing really nice free cash flow that we're using to improve the balance sheet. So that's where we're at now.

我們談到能夠讓航空公司實現 5% 的成長，但我們的飛機資本支出將在 30 億至 35 億美元之間。那真是一個好地方。在這樣的一年裡，即使收益沒有達到我們的預期，我們也產生了非常好的自由現金流，可以用來改善資產負債表。這就是我們現在的狀況。

We fully expect to hit our $35 billion goal. That would, to your point, put us inside of $30 billion of net debt and hopefully well inside of that. We have this goal at that point, obviously, to be within net debt-to-EBITDA leverage ratios of about 3 times, which you get to that BB credit rating. To get there, we have to continue to focus on improving margins and improving earnings. And I think we're focused on all of the right things there. Right things there. Where we go beyond that point, we'll see. I think a BB credit rating puts us in a really good spot with the borrowings we're going after.

我們完全有信心實現 350 億美元的目標。正如您所說，這將使我們的淨債務達到 300 億美元，並且希望能夠達到這個水平。顯然，我們當時的目標是將淨債務與 EBITDA 的槓桿率控制在 3 倍左右，這樣就能獲得 BB 信用評級。為了實現這一目標，我們必須繼續致力於提高利潤率和增加收益。我認為我們關注的都是正確的事情。那裡有正確的事情。我們將會看到，超越這一點後，我們將走向何方。我認為 BB 信用評級使我們在藉款方面處於非常有利的地位。

Conor Cunningham, Melius Research.

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

Hi, everyone. Thank you. Just talking about thinking about building blocks for 2026. I think a big one is just the loyalty component. I was curious if you could just remind us what you think the incremental dollar value is from just the loyalty step-up alone. It seems like a pretty big lever for you all and a pretty massive driver for earnings in general. So just any thoughts around that would be helpful. Thank you.

大家好。謝謝。只是在談論思考 2026 年的基礎。我認為最重要的因素就是忠誠度。我很好奇，您是否可以提醒我們一下，您認為僅憑忠誠度提升就能增加多少美元價值。對於你們所有人來說，這似乎是一個非常大的槓桿，並且總體上是盈利的一個相當大的驅動力。因此，任何有關這方面的想法都會有所幫助。謝謝。

Yeah, thanks. Conor, we'll just go back to what we've been saying. The new Citi relationship, I think, launches us into an opportunity to grow cash remuneration by 10% per year. Ultimately, we see -- as we go out towards achieving $10 billion of remuneration, we see another $1.5 billion of net income flowing through. So that's all -- those are all really sizable numbers.

是的，謝謝。康納，我們回到剛才討論的話題。我認為，與花旗銀行的新關係為我們帶來了每年現金薪酬成長 10% 的機會。最終，我們看到——當我們努力實現 100 億美元的薪酬時，我們看到另外 15 億美元的淨收入流入。就是這樣——這些都是非常可觀的數字。

Agreed. Okay. And then maybe we could talk about just -- there seems to be a lot of talk about just like CASM-ex and RASM and all that stuff. And I think that the industry in general probably needs to move more towards if we're going to invest in the product, we should expect margins to improve in general.

同意。好的。然後也許我們可以談談——似乎有很多關於 CASM-ex 和 RASM 以及所有這些東西的討論。我認為，如果我們要投資該產品，整個產業可能需要採取更多行動，我們應該預期利潤率會整體提高。

So if you could just talk about how you're thinking about investment spend in the customer service product and what that could mean to -- are you earmarking a sizable chunk of costs associated with that, knowing that you'll get paid back for it on the customer side? Just any thoughts around the investment spend that you need to have in the product going forward? Thank you.

因此，如果您可以談談您如何考慮在客戶服務產品上的投資支出，以及這可能意味著什麼——您是否預留了與此相關的相當大一部分成本，並知道您會從客戶那裡得到回報？您對未來產品所需的投資支出有什麼想法嗎？謝謝。

So Conor, yeah, the name of the game here is to grow margins, increase profitability. and ultimately increase shareholder value. So everything we do, we've been incredibly thoughtful, diligent, efficient in terms of when we deploy capital. But as Devon said in his comments, we have, look, a capital expenditure profile that others would love to have. What we are spending, I believe, is going to, number one, drive the revenue benefits that continue to drive revenue benefits that we see.

所以康納，是的，這裡的遊戲名稱是增加利潤率，提高獲利能力，最終增加股東價值。因此，我們所做的每一件事，在資本部署方面都極為周到、勤奮、有效率。但正如德文在評論中所說，我們擁有其他人都希望擁有的資本支出狀況。我相信，我們的支出首先將推動收入收益，並將繼續推動我們所看到的收入收益。

And if you take a look at our guide and the outperformance or the improved performance in the third quarter and what we're anticipating in the fourth quarter, that's a result for us of revenue performance. Now again, we'll continue to be incredibly efficient in terms of how we deploy our capacity.

如果你看一下我們的指南和第三季的優異表現或改善表現以及我們對第四季的預期，這就是我們的營收表現的結果。現在，我們將繼續以極其高效的方式部署我們的能力。

But the opportunity for us going into next year, I think, look, we have better opportunity than most. Domestic capacity, I think, is more in balance. That benefits American. We've got catch-up to work to do from a sales and distribution perspective. That benefits American.

但我認為，對我們來說，明年的機會比大多數人要好。我認為國內產能更加平衡。這對美國有利。從銷售和分銷的角度來看，我們還有很多工作要做。這對美國有利。

We finally have our Citibank deal that's coming into play. That will start in January. We have a network that is fantastic, but again, hasn't been able to serve all of our customers' needs. And as we restore in places, we're going to be a more formidable carrier from the perspective of premium and business traffic and a better carrier for all of our alliance partners to deal with. So there's a lot of opportunity for American. And I think in many respects, that will benefit American more than others.

我們與花旗銀行的交易終於開始生效了。這將於一月開始。我們擁有非常棒的網絡，但仍然無法滿足所有客戶的需求。隨著我們在某些​​地方的恢復，從優質和商務運輸的角度來看，我們將成為更強大的航空公司，並成為我們所有聯盟夥伴更好的航空公司。因此，美國有很多機會。我認為，從很多方面來說，這將使美國比其他國家受益更多。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Hey. Good morning, everyone. I guess a question to Devon. Just given the age of your 777-200ER fleet, how much of the decision to make the nose to tail investment was a function of just lack of new wide-body availability? And what is the cash payback period of those investments?

嘿。大家早安。我想問一下 Devon。考慮到您的 777-200ER 機隊的使用年限，做出從頭到尾投資的決定在多大程度上是因為缺乏新的寬體飛機可用？這些投資的現金回收期是多久？

Hey, Michael. You know what, this has actually been something we've been planning on doing for a while. This is an aircraft we think we can run well into the next decade. And obviously, it's time to go through a cabin refresh. We have a nice product on there right now, but the new flagship suite is going to be a fantastic addition to it. We think it pays back really nicely over the useful life of the airplane and sets us up well for our CapEx requirements in the next decade.

嘿，麥可。你知道嗎，這其實是我們計劃了一段時間要做的事情。我們認為這架飛機在未來十年內能夠順利運作。顯然，現在是時候對機艙進行翻新了。我們現在有一個不錯的產品，但新的旗艦套件將對它產生極好的補充作用。我們認為，在飛機的使用壽命內，它將帶來豐厚的回報，並為我們未來十年的資本支出需求做好準備。

And I'll just add that there's a lot of capital that has to go in this business from the perspective of aircraft, certainly facilities. And we're going to get full use out of what we buy. I think that's something that's paid off for certainly one of our competitors over time. We're not looking to have the youngest fleet forever. We like what we have. We're looking to have a product that appeals to customers and one that is -- we're really smart about in how we get full use out of it over its lifetime.

我還要補充一點，從飛機的角度來看，這項業務需要投入大量資金，當然還有設施。我們將充分利用我們購買的東西。我認為，隨著時間的推移，這肯定會為我們的競爭對手帶來回報。我們不希望永遠擁有最年輕的機隊。我們喜歡我們所擁有的。我們希望擁有一款能夠吸引客戶的產品，並且我們非常聰明地知道如何在產品的整個生命週期中充分利用它。

Great. And then just a second question, given that we're day 23 in the shutdown, and I know you guys have a sizable presence at Reagan, we have seen the volumes really trend down, especially the last week at Reagan. Is it -- what are you seeing there? And is it just really contained to the DC area on the government shutdown? Thank you for taking my question.

偉大的。然後還有第二個問題，鑑於我們已經停擺 23 天了，我知道你們在雷根有相當大的影響力，我們已經看到交易量確實呈下降趨勢，尤其是雷根的最後一周。是嗎——你在那裡看到了什麼？政府關門真的只限於華盛頓特區嗎？感謝您回答我的問題。

Well, first off, I just -- I'm going to start with -- I've been in constant contact with Secretary Duffy about the impact of the government shutdown and doing everything we can to mitigate. And from that respect, a huge shout out to TSA, CBP, our air traffic controllers. For the most part, they've been keeping the air system running and airports running fairly well.

嗯，首先，我只是——我要開始說——我一直與達菲部長保持聯繫，討論政府關門的影響，並盡一切努力減輕影響。從這個角度來說，我們要向 TSA、CBP 和我們的空中交通管制員致以崇高的敬意。在大多數情況下，他們一直保持著空中系統和機場的良好運作。

In terms of the business impact, government travel, it's important to us, but it's something that is certainly less than $1 million a day in terms of revenue. So the impact, while it's there, is something that I'm quite confident when the government reopens, there's going to be some pent-up demand.

就業務影響而言，政府旅行對我們來說很重要，但就收入而言，每天肯定不到 100 萬美元。因此，儘管存在影響，但我非常有信心，當政府重新開放時，會有一些被壓抑的需求被釋放。

And hopefully, we get back on track pretty quick. In terms of Reagan, overall, we have had some difficulties in terms of operating delays and issues with air traffic control. I'm also confident that those are things that are temporary. And that as we progress through the year, that should also be a benefit to American as we go into 2026.

希望我們能很快回到正軌。就雷根而言，總體而言，我們在營運延誤和空中交通管制問題方面遇到了一些困難。我也相信這些都是暫時的。隨著時間的推移，這對美國在 2026 年到來時也將是一個好處。

Thank you. At this time, we will be taking media questions. (Operator Instructions)

謝謝。現在，我們將回答媒體提問。（操作員指示）

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Hi, everyone. Thanks for taking my questions. Just wondering with the push to premium, what is your end goal? Is it to catch up to Delta United margins? And what would you be satisfied with? And what inning would you say American is in, in that transformation? And is there any limit to the amount you're willing to spend to get there, thinking of everything from onboard amenities to eventually a new plane? Thanks.

大家好。感謝您回答我的問題。只是想知道，在推動優質化的過程中，您的最終目標是什麼？這是為了趕上達美聯合航空的利潤率嗎？什麼能讓你感到滿足？您認為美國在這次轉型中處於什麼階段？為了實現這一目標，您願意花多少錢，考慮到從機上設施到最終購買一架新飛機的一切費用，是否有限制？謝謝。

Thanks, Leslie. Good question. I would just frame it in the way we frame all questions about how we think about the business and how we invest. We're interested in providing a service for our customers and meeting demand. And we're very excited about the growth in premium demand, again, because it allows us to serve our customers better and allows us to earn higher yields.

謝謝，萊斯利。好問題。我只是想用我們提出有關我們如何看待業務和如何投資的所有問題的方式來表達它。我們有興趣為客戶提供服務並滿足需求。我們對保費需求的成長感到非常興奮，因為它使我們能夠更好地服務客戶並獲得更高的收益。

And we are going to invest and provide product and grow the number of the capacity of our premium cabins as our customers demand us to do. And we'll invest as much capital in that as is appropriate and will allow us to earn a return and will allow us to provide the service that our customers are demanding.

我們將根據客戶的要求進行投資並提供產品並增加高級艙位的容量。我們將投入盡可能多的資金，以便我們獲得回報，並提供客戶所需的服務。

As I said earlier, we spent a lot of time way back when in the ancient days of the airline industry, wondering if our customers would pay more for a better product. And the answer to that question is a resounding yes, and we're going to respond to that and respond to it for so long and to the extent that our customers demand it.

正如我之前所說，早在航空業發展初期，我們就花了很多時間思考我們的客戶是否願意為更好的產品支付更多費用。這個問題的答案是肯定的，我們將長期回應這個問題，並根據客戶的要求做出回應。

And where do you think American is in that process? And also, if I could add about the operation, do you have any idea of the cost of improving the operation and what steps you want to do to improve reliability?

您認為美國在這過程中處於什麼位置？另外，如果我可以補充操作的話，您是否知道改進操作的成本以及您想採取哪些步驟來提高可靠性？

So Leslie, thanks. Well, the great thing about the airline business, we run every day, and we're going to run this year and for the next 100 years. So there is no end of the game. And so in terms of where we're at right now, really excited about getting the hard product up to par and beyond, love what we're doing with our lounges, you'll just see continued attention and investment.

所以，萊斯利，謝謝你。嗯，航空業的偉大之處在於，我們每天都在運營，今年以及未來的 100 年我們都會繼續運營。所以遊戲沒有結束。因此，就我們目前的狀況而言，我們真的很高興能夠讓硬體產品達到甚至超越標準，我們喜歡我們在休息室所做的事情，您會看到持續的關注和投資。

And from -- I want to talk about the investment side of things. From the hard product side of things, the reconfigurations, the new aircraft deliveries, those are built into our capital plan. So that's nothing necessarily extreme. What we're doing from an operating expense perspective is we're taking a look at where we can take expenditures today in the case of our new coffee brand. We've always provided coffee. We have a much better brand now associated with it in Lavazza.

我想談談投資方面的問題。從硬體產品方面來看，重新配置、新飛機交付都已納入我們的資本計畫。所以這不一定是極端的。從營運費用的角度來看，我們正在研究我們新咖啡品牌目前可以在哪些方面支出。我們一直有提供咖啡。現在，我們與 Lavazza 建立了更好的合作關係。

And in terms of overall expenditures, while there may be some differential in brand, it's not considerable. And so when we take a look at other aspects of our operation, we're doing things in a more efficient way and yet at the same time, able to provide our customers with a much better experience. So I'm not looking for a number specifically. I look at our entire P&L, maybe save fuel and look at the entire expense category as something that is dedicated to improving and taking care of our customers.

而從整體支出來看，雖然品牌之間可能有些差異，但並不大。因此，當我們審視營運的其他方面時，我們會以更有效的方式開展工作，同時能夠為客戶提供更好的體驗。所以我並不是專門在找一個數字。我查看了我們的整個損益表，也許節省了燃料，並將整個支出類別視為致力於改善和照顧客戶的東西。

And Leslie, I'd just add, over the course of the last year, we've added customer amenities and improvements and responses to our customers in advance at a dizzying pace. But it's just -- as Robert said, it's an infinite game. It's going to continue. I probably have three dozen new ideas for customer experience improvement just sitting on my desk that I'm going to look forward to hand off to my successor here in a week or so.

萊斯利，我想補充一點，在過去的一年裡，我們以令人眼花撩亂的速度增加了客戶便利設施和改進措施，並提前回應客戶需求。但正如羅伯特所說，這是一場無限的遊戲。這種情況將會持續下去。我的辦公桌上可能有三十多個關於改善客戶體驗的新想法，我期待在一周左右的時間內將它們交給我的繼任者。

But this is going to go on, and I think it is a part of the business that is going to address a lot of the questions that people had here today about how we're going to afford to pay the labor bill, how we're going to afford to pay for the increased cost of operating the airlines. I think it is through these ideas of just providing a better customer service, more opportunities for customers who enjoy better products, more premium, more amenities that customers look forward to enjoying on American Airlines and throughout the industry.

但這會繼續下去，我認為這是業務的一部分，它將解決今天在座的各位提出的許多問題，例如我們如何負擔得起勞動力費用，如何負擔得起增加的航空公司運營成本。我認為，正是透過這些想法，為客戶提供更好的服務，讓他們享受更好的產品、更優質、更多的便利設施，客戶才期待在美國航空和整個產業享受這些​​服務。

Niraj Chokshi, New York Times.

尼拉吉‧喬希，《紐約時報》。

Please go ahead, Niraj. Niraj, please make sure your line is unmuted. And if you are on a speaker phone, use your handset.

請繼續，Niraj。Niraj，請確保您的線路已取消靜音。如果您使用的是揚聲器電話，請使用聽筒。

Sorry about that. I was just wondering if you could talk a little bit about how you're balancing sort of the focus on kind of core hubs with opportunities to grow in sort of the non-hub markets where there might be populations and demographics that you want to -- that might be beneficial.

很抱歉。我只是想知道您是否可以稍微談談如何平衡對核心樞紐的關注與在非樞紐市場的增長機會，這些市場可能存在您想要的人口和人口統計數據 - 這可能是有益的。

Sure. First off, we were fortunate to have our hubs positioned in the fastest-growing metro areas. And our hubs, I think we represent 8 of the 10 largest metro regions, and that's something that we're going to benefit from going forward. And then I just take a look at what we've done recently. We made sure coming out of the pandemic that DFW and Charlotte were restored as fast as we could. And we've done a nice job of that.

當然。首先，我們很幸運，我們的樞紐位於發展最快的大都市地區。我認為我們的樞紐代表了 10 個最大大都市區中的 8 個，這是我們未來將受益的地方。然後我回顧一下我們最近所做的事情。我們確保達拉斯沃斯堡國際機場和夏洛特機場在疫情結束後能夠盡快恢復。我們在這方面做得很好。

DFW has some new capacity coming on with new Terminal F and remodeled Terminals A and C. We're going to take full advantage of that. American will continue to be the largest carrier in DFW, and we think that we're only going to grow our presence there. Charlotte, we've taken a little bit of a break in terms of growth there. We definitely need to make sure that, that operates efficiently and runs well.

隨著新的 F 航站樓和改造後的 A 航站樓和 C 航站樓的投入使用，達拉斯沃斯堡國際機場的容量將增加。我們將充分利用這一優勢。美國航空將繼續成為達拉斯-沃斯堡國際機場最大的航空公司，我們認為我們在那裡的業務只會不斷擴大。夏洛特，我們在那裡的成長方面稍有停頓。我們絕對需要確保它有效率運作、良好運作。

But then as you take a look at opportunities for growth in 2026, the near term and even right now, it is going to be focused. This past year 2025 was on New York and Chicago. As we take a look into 2026, it will be those two, but along with Phoenix and Miami and Philadelphia.

但是，當你審視 2026 年、近期甚至現在的成長機會時，你會發現它將會成為焦點。過去的 2025 年是在紐約和芝加哥。展望 2026 年，我們會發現除了這兩座城市之外，還有鳳凰城、邁阿密和費城。

And I'll note that while Miami operated one of its largest schedules, both Phoenix and Philadelphia are far from being to the size that they were. And the cool thing about that is we're not building $100 million gates to go fly there. That's an opportunity for us and you'll see substantial increases in terms of deployment. But of course, as we always talk, we operate with the guardrails of making sure that we're paying attention to the supply and demand environment, overall GDP and also at the other side, making sure that our market share and our presence is competitive with our primary competitors.

我要指出的是，儘管邁阿密的航線是其規模最大的航線之一，但鳳凰城和費城的航線都遠遠沒有達到以前的規模。很酷的是，我們並不需要花費 1 億美元建造登機口來飛往那裡。這對我們來說是一個機會，你會看到部署方面的大幅成長。但當然，正如我們經常說的那樣，我們在營運過程中會採取一些措施，確保我們專注於供需環境、整體 GDP，同時確保我們的市場份額和存在感能夠與我們的主要競爭對手相提並論。

Thanks. Since you mentioned GDP, I'm just curious, do you feel like is that relationship as steady as it's always been? There's some talk about it's maybe not as closely tied? Or I'm just sort of curious what your thoughts are on that.

謝謝。既然您提到了 GDP，我很好奇，您是否覺得這種關係像往常一樣穩定？有人說，兩者之間的關聯可能不那麼緊密？或者我只是有點好奇你對此的看法。

I'd say for some revenue streams, it's not as closely tied. And there's some parts of GDP growth that don't drive air travel. But in general, there's still a large component of our travel that's somewhat dependent on the economic environment and economic growth. So it's a component of how we think about revenue. We obviously do a lot of other things as we go through our forecast, but airline revenues aren't completely disconnected from economic growth.

我想說，對於某些收入來源來說，它們的連結並不是那麼緊密。GDP 成長的某些部分並不會推動航空旅行。但總體而言，我們的旅行仍然很大程度上依賴經濟環境和經濟成長。所以這是我們考慮收​​入的一個組成部分。我們在進行預測時顯然還會做很多其他事情，但航空公司收入與經濟成長並非完全脫節。

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?

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. We appreciate everybody's interest in American, and we look forward to getting back to work and delivering on our commitments. Thanks.

謝謝，拉蒂夫。我們感謝大家對美國的關注，我們期待著重新工作並履行我們的承諾。謝謝。

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。