美國航空 (AAL) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's first-quarter 2026 earnings conference call. (Operator Instructions) I would now like to hand the call over to Neil Russell, Vice President, Investor Relations. Please go ahead.

感謝各位稍候，歡迎參加美國航空集團 2026 年第一季財報電話會議。（接線員指示）現在我想把電話交給投資人關係副總裁 Neil Russell。請開始。

Thanks, Latif. Good morning, everyone, and welcome to the American Airlines 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. (Event Instructions)

謝謝你，Latif。各位早安，歡迎參加美國航空財報電話會議。今天在電話會議上進行事先準備發言的有我們的執行長 Robert Isom，以及財務長 Devon May。此外，今天早上也有多位資深主管在現場參與問答環節。在我們的準備發言結束後，我們將開放分析師提問，接著是媒體提問。（活動指示）

Before we begin, please note 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，請注意今天的電話會議包含前瞻性陳述，包括關於未來事件、成本、運能預測以及機隊計畫的陳述。這些陳述代表我們對未來事件的預測與期待，但多項風險與不確定性可能導致實際結果與預期有所差異。

Information about some of these risks and uncertainties can be found in our earnings press release that was issued earlier this morning, Form 10-K for the year ended December 31, 2025, and subsequent quarterly reports on Form 10-Q. Unless otherwise specified, all references to earnings per share are on an adjusted and diluted basis.

關於其中部分風險與不確定性的資訊，可見於我們今天稍早發布的財報新聞稿、截至 2025 年 12 月 31 日止年度的 Form 10-K，以及後續的 Form 10-Q 季度報告。除非另有說明，所有每股盈餘的提及均以調整後且稀釋後基礎計算。

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 and investor presentation each of which can be found in the Investor Relations section of our website.

此外，我們將討論若干非 GAAP 財務衡量指標，這些指標排除非常項目的影響。上述數字與 GAAP 財務衡量指標之間的調節表，已包含在財報新聞稿與投資人簡報中，兩者皆可於我們網站的投資人關係（Investor Relations）專區取得。

A webcast of this call will be archived on our website. The information we're giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently. Thank you for your interest in American and for joining us this morning.

本次電話會議的網路直播將在我們網站上存檔。今天早上我們在電話會議中提供的資訊截至今日為止，且我們不承擔後續更新該等資訊的義務。感謝您對美國航空的關注並於今早加入我們。

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

接下來，我把電話交給我們的執行長 Robert Isom。

Thanks, Neil, and good morning, everyone. I'd like to start my comments this morning by saying that American continues to make significant progress on our objectives to deliver for our investors. American Airlines is a premium global airline that is positioned to win for the long term. Our focus on delivering on our revenue potential this year is guided by our four pillars: elevating our customer experience, growing our global network, driving premium revenue, and leading in loyalty.

謝謝你，Neil，各位早安。我今天早上的發言先從一點開始：美國航空持續在達成為投資人創造價值的目標上取得顯著進展。美國航空是一家高端的全球航空公司，具備長期致勝的定位。我們今年聚焦於釋放營收潛力，並以四大支柱作為指引：提升客戶體驗、擴大全球航網、推動高端營收，以及在忠誠計畫領域保持領先。

We're seeing the benefits of our multiyear commercial initiatives come through in our revenue performance. Demand for American's product continues to grow, and during the quarter, we recorded the nine highest revenue intake weeks in our history. First-quarter revenue grew 10.8%, and we expect this demand strength to continue, as we anticipate the second quarter will deliver revenue growth of approximately 15%.

我們看到多年期商務計畫的效益已反映在營收表現上。市場對美國航空產品的需求持續成長，本季我們創下公司史上營收進帳最高的九個週次。第一季營收成長 10.8%，我們預期這股需求強勁態勢將延續，並預估第二季可帶來約 15% 的營收成長。

The first quarter also included a few challenges including a $320 million revenue impact from winter storms and a $400 million increase in fuel expense versus the forward curve in January. Even with those headwinds, our pretax margin improved approximately 2 points year over year.

第一季也面臨一些挑戰，包括冬季風暴造成 3.2 億美元的營收影響，以及 1 月燃油費用相較於遠期曲線增加 4 億美元。即便有這些逆風，我們的稅前利潤率仍較去年同期提升約 2 個百分點。

I'm proud of how our team has managed the business through these disruptions with a focus on safety and delivering a world-class customer experience. Thank you to the American Airlines team for your resilience and continued commitment to excellence. It's this dedication that makes American the premium global airline that our customers trust.

我為我們團隊在這些干擾下仍能以安全為先、並致力提供世界級客戶體驗來管理業務而感到自豪。感謝美國航空團隊展現韌性並持續追求卓越。正是這份投入，讓美國航空成為客戶信賴的高端全球航空公司。

Moving forward, we're working to take the appropriate actions to drive revenue to offset the increases in fuel costs. Assuming the current forward fuel curve, we expect to be profitable in 2026. Devon will provide an update on our second-quarter and full-year outlook in a few minutes, but I'd like to quickly summarize the progress that we've made on our four pillars and my perspective on how these initiatives will come to drive American forward.

展望未來，我們正採取適當行動以推動營收，來抵銷燃油成本上升的影響。假設目前的燃油遠期曲線不變，我們預期 2026 年將可獲利。Devon 將在幾分鐘後更新我們對第二季與全年展望，但我想先快速總結我們在四大支柱上的進展，以及我對這些計畫如何推動美國航空向前的看法。

Our first pillar, elevating our customer experience, is centered on delivering a consistent and premium experience across every step of the travel journey. We're increasing the number of premium seats across our fleet through new deliveries and fleet retrofit. In the first quarter, lie flat and premium economy seats grew more than twice as fast as main cabin seats. American's flagship suite offers customers a luxurious flying experience, and we're expanding this product across our international capable fleet.

我們的第一大支柱——提升客戶體驗——核心在於在旅程的每一個環節提供一致且高端的體驗。我們透過新機交付與機隊改裝，增加全機隊的高端座位數。第一季中，全平躺座椅與豪華經濟艙座位的成長速度，超過主艙等座位的兩倍。美國航空的旗艦套房（Flagship Suite）為客戶提供奢華的飛行體驗，我們正把這項產品擴展至具備國際航線能力的機隊。

The flagship suite has delivered leading Net Promoter Scores since its introduction. We're also investing in the customer experience, both on the ground and in the air. American offers the industry's leading lounge network with new flagship lounges planned for Miami and Charlotte, bringing our total to 10 premium lounges, the most of any airline.

旗艦套房自推出以來，淨推薦值（NPS）一直領先同業。我們也持續投資客戶體驗，涵蓋地面與機上。美國航空擁有業界領先的貴賓室網路，並規劃在邁阿密與夏洛特新增旗艦貴賓室，使我們的高端貴賓室總數達到 10 間，為所有航空公司之最。

We're investing in new and expanded Admirals Club lounges across our network and have announced 12 new or refreshed lounges over the past year, and there's more to come. We're enhancing our onboard experience through upgrade of food and beverage offerings and luxury onboard items, including bedding and duvets and our Centennial themed products such as amenity kits and sleepwear.

我們正在全航網投資新建與擴建 Admirals Club 貴賓室，並在過去一年宣布 12 間新設或翻新的貴賓室，後續還會有更多。我們也透過升級餐飲供應與機上高端用品來提升機上體驗，包括寢具與羽絨被，以及以百年紀念（Centennial）為主題的產品，例如備品包與睡衣。

Connectivity in-flight is critical to the customer journey. Today, AAdvantage members enjoy complementary high-speed satellite Wi-Fi sponsored by AT&T on more aircraft than any other carrier globally. Finally, reliability and disruption management are among the most important drivers of customer satisfaction. We're making intentional investments in our schedule and technology to deliver more on-time arrivals, fewer misconnections, and a smoother travel experience.

機上連線能力對客戶旅程至關重要。如今，AAdvantage 會員在全球範圍內，能在比任何其他航空公司更多的航機上，享有由 AT&T 贊助的免費高速衛星 Wi‑Fi。最後，可靠性與中斷管理是影響客戶滿意度最重要的驅動因素之一。我們正有意識地投資於航班時刻表與科技，以提升準點抵達、降低轉機失接，並提供更順暢的旅行體驗。

Our largest investment started earlier this month in the form of a new 13 bank structure at DFW. We expect the new structure will support an even more reliable operation as approximately one-third of our aircraft touch DFW every day.

我們最大的一項投資在本月稍早啟動，即在 DFW 採用新的 13 波次（bank）結構。我們預期新結構將支撐更可靠的營運，因為我們約三分之一的航機每天都會在 DFW 起降。

Since the rebanking, we've seen improvements in customer connection rates and NPS scores. The DFW operation running smoothly is critical to the success of our entire system, and we anticipate this structure will help to enable effective future growth at our largest and most impactful hub. All of this will result in improved customer satisfaction scores and an even more reliable operation.

自重新分波（rebanking）以來，我們已看到客戶轉機成功率與 NPS 分數的改善。DFW 營運順暢對我們整個系統的成功至關重要，我們預期此結構將有助於在我們最大且影響最深遠的樞紐，支援未來有效的成長。這些措施都將帶來更高的客戶滿意度分數與更可靠的營運。

Our second pillar is growing our global network. American is a premium global airline with the most comprehensive North American network in the industry. In 2026, we're prioritizing growth in hubs where we can improve both our local share and hub profitability as we efficiently utilize existing infrastructure, particularly in Philadelphia, Miami, and Phoenix.

我們的第二大支柱是擴大全球航網。美國航空是一家高端全球航空公司，擁有業界最完整的北美航網。2026 年，我們將優先在能同時提升本地市占與樞紐獲利能力的樞紐擴張，並有效運用既有基礎設施，特別是在費城、邁阿密與鳳凰城。

Later this year, we also expect to add flights at DFW to take advantage of new gate expansions at Terminal A and Terminal C. We'll, of course, adjust our growth rate depending on factors, including demand and fuel price. However, our long-term network objectives stay the same. Finally, we're grateful to Secretary Duffy, Administrator Bedford, and their leadership teams for acting swiftly to minimize flight disruptions at Chicago O'Hare during the upcoming summer travel season.

今年稍晚，我們也預期在 DFW 增加航班，以利用 A 航廈與 C 航廈新增登機門的擴建成果。我們當然會依據包含需求與燃油價格等因素調整成長速度。然而，我們的長期航網目標維持不變。最後，我們也感謝 Duffy 部長、Bedford 署長及其領導團隊迅速採取行動，在即將到來的暑期旅遊旺季期間，將芝加哥歐海爾機場的航班中斷降至最低。

We expect to operate 500 flights per day this summer and look forward to continuing to grow local share, deepening loyalty and increasing co-brand credit card acquisitions. We're excited about our strategic growth opportunities in future years. We have hubs in some of the fastest-growing economic regions in the country and construction projects are underway to enable growth. We expect our operation at DFW to become the largest single airline hub in the world once the new Terminal F is operational in 2027.

我們預期今年夏季每日營運 500 班航班，並期待持續提升本地市占、深化忠誠度，以及增加聯名信用卡的新申辦量。我們對未來幾年的策略性成長機會感到振奮。我們在全美一些經濟成長最快的地區設有樞紐，且多項建設工程正在進行以支援成長。我們預期一旦 2027 年新 F 航廈啟用，DFW 的營運將成為全球最大的單一航空公司樞紐。

During the quarter, we also announced plans to further invest in Miami by redeveloping Concourse D, which we expect to enhance operations, elevate the customer experience, and improve regional and international travel. And in 2028, upon completion of our investments in Terminals 4 and 5 at LAX, we'll have a significantly expanded operation with the newest facility offering a modern convenient customer experience.

本季我們也宣布計畫進一步投資邁阿密，透過重新開發 D 航廈（Concourse D），我們預期可強化營運、提升客戶體驗，並改善區域與國際旅行。此外，在 2028 年，待我們完成在洛杉磯國際機場（LAX）第 4 與第 5 航廈的投資後，我們的營運規模將大幅擴張，而最新設施將提供現代且便利的客戶體驗。

We remain on track to increase our international capable fleet to approximately 200 aircraft by the end of the decade and plan to continue to grow alongside our joint business and One World Partners. We're launching new service to destinations such as Budapest and Prague as well as to Caracas and Maracaibo where American will be the first US airline to reconnect service to Venezuela in seven years.

我們仍按計畫在本十年末將具備國際航線能力的機隊提升至約 200 架，並計畫持續與我們的聯合業務（joint business）及寰宇一家（oneworld）夥伴共同成長。我們將開通前往布達佩斯與布拉格等目的地的新航線，也將開通前往加拉加斯與馬拉開波的航線；美國航空將成為七年來首家恢復飛往委內瑞拉航線的美國航空公司。

Our third pillar is driving premium revenue. We continue to deepen the relationships we have with our corporate and agency partners and are capturing greater share among high-value customers. Our customer base skews higher end, and our customers have shown that they're willing to spend more for an improved travel experience.

我們的第三大支柱是推動高端營收。我們持續深化與企業客戶及代理合作夥伴的關係，並在高價值客群中取得更高市占。我們的客群結構偏向高端，而客戶也展現出願意為更佳的旅行體驗支付更高費用。

We're focused on improving our revenue mix through better segmentation and redefining our fair products. We've already seen the impact of these efforts in our premium cabins, with paid load factors in business and premium economy at the highest levels in our history, up approximately 10 points versus 2019. This reflects both strong demand and improved commercial execution and it highlights the opportunity we see across the premium segment.

我們專注於透過更好的客群分層（segmentation）並重新定義我們的票價產品（fare products），來改善營收組合。我們已在高端客艙看到這些努力的成效：商務艙與豪華經濟艙的付費載客率創下歷史新高，較 2019 年提升約 10 個百分點。這反映出需求強勁與商務執行力提升，也凸顯我們在高端市場區隔所看到的機會。

We also think there's significant opportunity in upselling in the main cabin. Last year, we began sharpening the differentiation between Basic Economy and Main Cabin and that strategy is working. These targeted changes have led to increased demand for our extra legroom product, Main-Cabin Extra. Loyalty is our fourth and final pillar, American invented airline loyalty and today, the AAdvantage program is the largest airline loyalty program in the world.

我們也認為在主艙（Main Cabin）進行加購升等（upselling）存在顯著機會。去年，我們開始強化基本經濟艙（Basic Economy）與主艙之間的差異化，而這項策略正在奏效。這些有針對性的調整帶動了對我們加大腿部空間產品——主艙加大空間（Main-Cabin Extra）的需求成長。忠誠計畫是我們第四個也是最後一個支柱；美國航空開創了航空公司忠誠計畫，而如今 AAdvantage 計畫是全球規模最大的航空公司忠誠計畫。

We offer more value per mile, countless ways to earn and redeem miles and more engagement opportunities for AAdvantage members. During the quarter, we redesigned the loyalty experience in our mobile app, enhancing the AAdvantage activity screen to improve performance, clarity, and engagement. These efforts, combined with the introduction of free Wi-Fi produced record AAdvantage enrollments in the first quarter, up 25% year over year led by customers in New York, Chicago, and Los Angeles.

我們提供每英里更高的價值、無數種累積與兌換里程的方式，以及更多 AAdvantage 會員的互動機會。本季期間，我們重新設計了行動 App 中的忠誠體驗，強化 AAdvantage 活動頁面，以提升效能、清晰度與互動度。這些努力再加上推出免費 Wi‑Fi，使第一季 AAdvantage 註冊人數創下新高，年增 25%，主要由紐約、芝加哥與洛杉磯的客戶帶動。

Our new co-branded card partnership with Citi plays a critical role in our loyalty strategy and offers our customers the most straightforward and seamless path to status in the industry. This partnership has significant upside as it is designed to drive long-term growth in credit card acquisitions, spend, and member engagement. The first quarter got off to a fast start with card acquisition setting all-time records while spend on our co-branded cards increased 9% year over year.

我們與 Citi 的全新聯名卡（co-branded card）合作夥伴關係在忠誠策略中扮演關鍵角色，並為客戶提供業界最直接、最無縫的取得會籍等級（status）途徑。此合作具備顯著上行空間，因其設計旨在推動信用卡長期的發卡獲客、刷卡金額（spend）與會員互動成長。第一季開局強勁，發卡獲客創下歷史新高，同時我們聯名卡刷卡金額年增 9%。

Now I'll turn the call over to Devon to share more about our first quarter financial results and outlook for the second quarter and full year.

接下來我把電話交給 Devon，請他分享更多第一季財務結果，以及第二季與全年展望。

Thank you, Robert. Excluding net special items, American reported a first quarter adjusted loss per diluted share of $0.40. While the increase in jet fuel prices kept this from being a profitable quarter, we were able to improve our pretax margin by nearly 2 points year over year. Revenue performance in the quarter exceeded our initial expectations. Total revenue grew 10.8% year over year, reflecting strong demand for our product and the continued returns of our multiyear commercial initiatives.

謝謝你，Robert。排除淨特殊項目（net special items）後，美國航空第一季稀釋後每股調整後虧損（adjusted loss per diluted share）為 0.40 美元。雖然航空燃油價格上漲使本季未能轉為獲利，但我們仍將稅前利潤率（pretax margin）較去年同期提升了近 2 個百分點。本季營收表現超出我們最初預期。總營收年增 10.8%，反映出對我們產品的強勁需求，以及我們多年期商業計畫持續帶來的回報。

Premium demand continued to perform well throughout the quarter, with year-over-year premium unit revenue growth, 7 points higher than Main Cabin extending the momentum we saw last year and underscoring the strength of both our premium customer base and the products we offer. At the same time, we saw a meaningful improvement in Main Cabin revenue performance following the economic uncertainty that affected last year's results.

高端需求在整個季度持續表現良好，高端單位營收（premium unit revenue）年增幅度比主艙高出 7 個百分點，延續了我們去年看到的動能，並凸顯我們高端客群與所提供產品的實力。同時，在影響去年結果的經濟不確定性之後，我們也看到主艙營收表現出現顯著改善。

This strength was further supported by continued momentum in managed corporate revenue, which increased 13% year over year. Domestic year-over-year PRASM increased 6.6% in the quarter, and we expect domestic year-over-year performance to accelerate in the second quarter. Our international entities exceeded our initial expectations.

這股強勁表現也受到受管企業營收（managed corporate revenue）持續動能的進一步支撐，該項營收年增 13%。本季國內單位客運收入（PRASM）年增 6.6%，我們預期第二季國內年對年表現將加速。我們的國際業務體（international entities）表現超出最初預期。

Atlantic unit revenue was up 16.7% year over year, with London up 25%. Pacific unit revenue increased 7.8% year over year. Finally, unit revenue in Latin America was slightly negative, but excluding Mexico, performance was nicely positive in the quarter. Our unit cost, excluding net special items, fuel and profit sharing, was up 5.2% year over year. The severe winter storms lowered our Q1 capacity production, which pressured CASM ex by approximately 2 points.

大西洋航線單位營收年增 16.7%，其中倫敦年增 25%。太平洋航線單位營收年增 7.8%。最後，拉丁美洲單位營收略為負成長，但若排除墨西哥，本季表現相當正向。排除淨特殊項目、燃油與利潤分享（profit sharing）後，我們的單位成本年增 5.2%。嚴重冬季風暴降低了第一季運能產出，對 CASM ex 造成約 2 個百分點的壓力。

As we previously discussed, additional cost pressure came from staffing the operation in advance of the upcoming summer season. We are continuing to see the results of our multiyear effort to reengineer the business and expect over $200 million of incremental savings from these efforts in 2026, bringing our total annual operating savings to approximately $1 billion since this initiative was launched.

如我們先前所討論，另一項成本壓力來自為即將到來的夏季旺季提前配置人力。我們持續看到多年期業務再造（reengineer）努力的成果，並預期 2026 年可由此帶來超過 2 億美元的增量節省，使自該計畫啟動以來的年度營運節省總額達到約 10 億美元。

This transformation leverages procurement excellence, technology investments, and process improvements to improve the customer and team member experience while driving a more efficient business. Looking ahead to the second quarter. Demand across all cabins and entities remains robust. We expect domestic unit revenue to grow more than 10% in the second quarter. Internationally, we expect all entities to deliver positive unit revenue performance led by continued strength in the Atlantic region, which we expect to be up high-single digits.

這項轉型運用卓越採購、科技投資與流程改善，在提升客戶與團隊成員體驗的同時，推動更高效率的營運。展望第二季，各艙等與各業務體需求仍然強勁。我們預期第二季國內單位營收將成長超過 10%。在國際方面，我們預期所有業務體都將交出正向的單位營收表現，其中以大西洋區域的持續強勢領先，我們預期其增幅將達到高個位數（high-single digits）。

Our capacity for the second quarter is about 1 point below our initial plans as we have suspended flying to Tel Aviv and Doha, have reduced planned capacity in Chicago and have further decreased some other marginal flying in the face of higher fuel. Further reductions in the very near term don't make economic sense given the current demand environment as we enter our summer peak. But as we move beyond the summer peak, we will be sharp with capacity in light of the current fuel environment.

第二季運能較原先計畫約低 1 個百分點，原因是我們已暫停飛往特拉維夫（Tel Aviv）與杜哈（Doha）的航班、降低芝加哥的規劃運能，並在燃油成本較高的情況下進一步削減其他部分邊際航班。鑑於目前需求環境、且我們正進入夏季高峰期，短期內再進一步削減運能在經濟上並不合理。但當我們走過夏季高峰後，面對目前的燃油環境，我們將在運能配置上保持更為精準與果斷。

We expect second quarter revenue to be up between 13.5% and 16.5% year over year, driven primarily by continued improvements in the domestic entity, growth in corporate customer volumes, and our ability to recapture elevated fuel costs. Second-quarter CASM ex is anticipated to be up 2% to 4% year over year, slightly elevated due to the close-in reductions in capacity.

我們預期第二季營收將年增 13.5% 至 16.5%，主要由國內業務體持續改善、企業客戶量成長，以及我們回收（recapture）較高燃油成本的能力所驅動。第二季 CASM ex 預計年增 2% 至 4%，因臨近出發日的運能削減而略為偏高。

Based on the forward fuel curve from April 20, and we expect a fuel price of approximately $4 per gallon in the quarter. With this second-quarter guidance, we expect to deliver adjusted earnings per diluted share of between a loss of $0.20 and a profit of $0.20. We are also updating our full-year outlook to reflect our current revenue expectations and the forward fuel curve. The midpoint of the full-year earnings guidance is $0.35 per share, approximately flat to 2025 despite jet fuel prices increasing fuel expense by over $4 billion year over year.

根據 4 月 20 日的遠期燃油曲線（forward fuel curve），我們預期本季燃油價格約為每加侖 4 美元。依此第二季指引，我們預期稀釋後每股調整後盈餘（adjusted earnings per diluted share）介於虧損 0.20 美元至獲利 0.20 美元之間。我們也更新全年展望，以反映目前的營收預期與遠期燃油曲線。全年盈餘指引中位數為每股 0.35 美元，儘管航空燃油價格使燃油費用年增超過 40 億美元，但該中位數與 2025 年大致持平。

Turning now to our fleet and capital expenditures. We now expect delivery of 49 new aircraft this year, down from our initial estimate of 55 aircraft, reducing CapEx by nearly $300 million. Our deliveries this year include the 12 Boeing 787-9 aircraft in our premium configuration and the continued expansion of our Airbus A321XLR fleet. Based on these deliveries, we now expect total capital expenditures to be approximately $4 billion.

接著談機隊與資本支出（capital expenditures）。我們目前預期今年將交付 49 架新飛機，低於原先預估的 55 架，使資本支出（CapEx）減少近 3 億美元。今年交付包含 12 架採用高端配置的波音 787-9，以及我們空中巴士 A321XLR 機隊的持續擴張。基於這些交付安排，我們目前預期總資本支出約為 40 億美元。

We ended the first quarter with nearly $11 billion in total available liquidity, and we have more than $27 billion in unencumbered assets and first lien borrowing capacity. We continue to make significant progress on our financial priorities, ending the quarter with total debt of $34.7 billion, a reduction of $1.8 billion in the quarter. This is the first time our total debt has been below $35 billion since mid-2015. The improvements we have made on the balance sheet provides significant flexibility as we navigate the current environment and reflect the disciplined approach we've taken to capital allocation.

第一季結束時，我們可用總流動性（total available liquidity）接近 110 億美元，且擁有超過 270 億美元的未設抵押資產（unencumbered assets）與第一順位留置權（first lien）借款能力。我們在財務優先事項上持續取得重大進展，本季末總負債為 347 億美元，單季減少 18 億美元。這是自 2015 年年中以來，我們總負債首次低於 350 億美元。我們在資產負債表上的改善，讓我們在因應當前環境時具備顯著彈性，也反映出我們在資本配置上採取的紀律性作法。

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

接下來我把電話交回 Robert，請他做結語。

Thanks, Devon. We officially celebrated our 100th anniversary this month, a remarkable milestone that reflects a legacy of innovation, resilience, and caring for people on life's journey. American is positioned to win by delivering sustainable growth and creating long-term value for shareholders, team members, and customers. Our focus remains on executing our commercial initiatives while managing cost efficiently to deliver results and expand our margins.

謝謝你，Devon。我們本月正式慶祝 100 週年，這是一個非凡的里程碑，體現了創新、韌性，以及在人生旅程中關懷人們的傳承。美國航空已具備勝出的位置，透過實現可持續成長並為股東、團隊成員與客戶創造長期價值。我們仍將專注於落實商業計畫，同時有效管理成本，以交付成果並擴大利潤率。

There's tremendous upside ahead for American, from elevating our customer experience and growing our global network, to driving premium revenue and leading and loyalty, we're executing on the strategy and initiatives that will drive value and shape our next 100 years as a premium global airline.

美國航空未來仍有巨大的上行空間：從提升客戶體驗、擴大全球航網，到推動高端營收與引領忠誠計畫，我們正執行將帶來價值、並塑造未來 100 年作為高端全球航空公司的策略與各項計畫。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) Catie O'Brien, Goldman Sachs.

（接線員指示）高盛（Goldman Sachs）的 Catie O'Brien。

Thanks so much for the time. Maybe just a higher-level industry one first. Obviously, I understand that the recent fare increases are driven by the spike in jet fuel. But I think it's interesting that there's been no demand impact as of yet, unless you're seeing something different, which please correct me. But even before the spike in fuel, there was quite a bit of pricing momentum.

非常感謝撥冗。先從較高層次的產業問題開始。顯然我理解近期票價上調是由航空燃油飆升所驅動。但我覺得有趣的是，到目前為止似乎尚未看到需求受到影響——除非你們看到不同情況，若是如此也請指正我。不過即便在燃油上漲之前，定價動能其實就相當強。

Do you think something has changed structurally in the industry, whether there's been a shift towards better pricing discipline over the last several months? Is it competition? Are product change's playing a role? I just would love to hear your take.

你認為產業結構是否出現了變化，例如過去幾個月是否轉向更好的定價紀律？是競爭因素嗎？產品變更是否也在其中扮演角色？我很想聽聽你們的看法。

Catie, thanks for the question. I have our Chief Commercial Officer, Nat Pieper here with me to help that as well. I'll just start with this. I think that travel is a good deal. If you take a look at pricing today on real terms versus where we were almost a decade ago, we're just catching up to where we were.

Catie，謝謝你的提問。我這邊也請到我們的首席商務長（Chief Commercial Officer）Nat Pieper 一起協助回答。我先從這點開始：我認為旅行仍然很划算。如果你看看今天以實質（real terms）計算的價格，相較於將近十年前的水準，我們其實只是追趕回到當時的水平。

So I think people realize that. And then on top of that, we've given them good reason to actually want to spend more. There's been a drive to a premium product. American has been a big part of that. And I think that what you're seeing is recognition that travel is still a good deal.

所以我認為大家意識到這一點。此外，我們也給了他們充分理由願意多花一些錢。市場正朝向高端產品推進，而美國航空在其中扮演了重要角色。我認為你所看到的是，大家認同旅行依然很划算。

There's an experience-based consumer dynamic going on in the industry, and we benefit from that. We've got a great product out there, a great network and feel really good about demand as we go forward into the future.

產業中存在一種以體驗為導向的消費者動態，而我們從中受益。我們擁有很棒的產品、很棒的航網，並且對未來需求走勢感到非常樂觀。

Catie, it's Nat. Thanks for the question. I think the thing that -- a couple of things that are interesting. Number one, is there a long-term resetting in terms of consumer spending hierarchy. There's a lot -- we all remember revenge travel from COVID and people got tired of buying TVs and wanted to go see the world.

Catie，我是Nat。謝謝你的提問。我覺得有幾件事很有意思。第一，消費支出結構是否正在出現長期性的重新排序。我們都記得 COVID 之後的「報復性旅遊」，大家買電視買膩了，想去看看世界。

And I think some of that has continued and extended. For us, a lot of -- we've had nine weeks so far in the first quarter that were a company record setting from a revenue intake perspective, prior to any of the hostilities in the Middle East that drove fuel where it is. So there's something going on there from a long-term spending perspective. And then as Robert referenced, we think the American offering is really resonating with consumers as well.

我認為其中一部分趨勢已經延續並擴大。就我們而言，第一季到目前為止有九週在營收訂單（revenue intake）角度創下公司紀錄，而且這是在中東衝突推升燃油價格之前。所以從長期支出角度來看，確實有些事情正在發生。另外，如 Robert 所提到的，我們也認為 American 的產品/服務主張確實很能引起消費者共鳴。

The investments we've made in customer experience, our network and focusing on local market share, which are our highest yield yielding customers, and then lastly, on the loyalty side. And then there's also a piece of it with getting the right product into the right hands of the right people at the right price, delivering value to consumers. Part of it's bundling, part of it is segmenting and we're making good progress on that. So I think that's a component as well.

我們在客戶體驗、航網，以及聚焦在本地市場市占（這些是我們單位收益最高的客群）方面所做的投資，最後還有忠誠度（loyalty）面向。除此之外，還有一部分是把對的產品，以對的價格，提供給對的人，為消費者交付價值。其中一部分是綑綁（bundling），一部分是分眾（segmenting），我們在這方面進展良好。所以我認為這也是一個因素。

That's great. Really helpful. Maybe just for my second question, can you walk us through the assumptions behind your full-year revenue outlook? Is there a fuel recapture expectation there? Are you assuming demand is steady or improved, where there's ultimately some demand elasticity? Just really trying to understand the puts and takes and how they may or may not be different at either end of the per share guidance.

很好，真的很有幫助。那我第二個問題，你能帶我們走一遍你們對全年營收展望背後的假設嗎？裡面有燃油成本回收（fuel recapture）的預期嗎？你們是假設需求持平或改善，還是最終會出現一些需求彈性？我主要想了解其中的利多利空因素，以及它們在每股指引區間兩端可能有哪些差異或沒有差異。

Sure. Certainly, the second-quarter revenue estimation for us, plus 15% is an eye-popping number, and we feel good about it. I'll start with, we booked 65% of the second quarter. And it obviously is a strong performance based on the trends that we're seeing in our hubs, a lot of the American specific pieces that are in place. We did incorporate, as you would expect, some fuel recapture in the plan.

當然可以。對我們來說，第二季營收預估成長 15% 確實是個很驚人的數字，我們也很有信心。我先從一點開始：我們已經預訂了第二季 65% 的量。很明顯，這是基於我們在樞紐市場看到的趨勢，以及許多已到位、屬於 American 自身的具體措施所帶來的強勁表現。我們也如你所預期，在計畫中納入了一些燃油回收。

When we built our plan at the outset, we had significant margin expansion due to a lot of American specific improvements that I referenced earlier and as Robert talked about in our four pillars. And obviously, since we shared that plan, fuel has risen an incremental $4 billion of fuel expense for American in the year. Historically, airlines recover that additional fuel expense, either by increasing revenue or by reducing marginal capacity.

在一開始建立計畫時，我們預期會因為我先前提到、以及 Robert 在四大支柱中談到的多項 American 自身改善，而帶來顯著的利潤率擴張。但自從我們分享該計畫以來，燃油價格上升，讓 American 全年燃油費用額外增加了 40 億美元。歷史上，航空公司會透過提高營收或降低邊際運能來回收這部分額外燃油成本。

And we've been encouraged so far by the pace with which revenue has been recaptured and obviously, if fuel continues through the third quarter into the fourth quarter, we're going to see some more broad industry capacity reductions. But as we thought -- we think about it and what we've incorporated in second quarter, roughly 40% to 50% of fuel recapture and we would expect that to grow through the balance of the year, 75% to 85% in Q3 and then ultimately in Q4, if fuel is still at the level with capacity reductions.

到目前為止，我們對營收回收的速度感到鼓舞。很明顯，如果燃油高檔延續到第三季、第四季，我們將會看到更廣泛的產業運能縮減。但就我們的思考，以及我們在第二季所納入的假設，大約回收 40% 到 50% 的燃油成本；我們預期這個比例會在今年剩餘期間逐步提高，第三季約 75% 到 85%，而到了第四季，如果燃油仍維持在目前水準並伴隨運能縮減，

I think our recapture rate would be in the 90s.

我認為我們的回收率會落在 90% 多。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So we've seen some more material capacity reductions from others. I think you guys are not -- I think you'll lead the industry on capacity growth in Q2. How are you thinking about capacity in the back half of the year now that you've got more time to plan for a higher fuel price environment? And just to sort of be clear on sort of the answer that last question, is there an assumption in the guide that RASM growth accelerates further in the back half of the year, I guess, in third quarter as we get a full quarter of this higher fare environment?

我們看到其他業者有更明顯的運能縮減。我認為你們不會——我想你們在第二季會領先產業的運能成長。現在你們有更多時間在高燃油價格環境下做規劃，你們如何看待下半年運能？另外，為了釐清上一題的回答，指引中是否假設 RASM（每可用座位英里營收）成長在下半年、我猜第三季會進一步加速，因為我們將完整反映這個較高票價環境的一整季？

Scott, it's Devon. I'll just start on the capacity discussion. I think Nat's answer on our expectations for fuel recapture effectively already answer your question on RASM that we do expect higher yields going forward as we pass through more of the higher fuel expense. But on capacity for the second quarter, we have planned for slightly higher capacity than what we're putting out there right now. So a couple of months ago, we were at about 6% for Q2.

Scott，我是 Devon。我先談運能。我認為 Nat 對燃油回收的預期，其實已經有效回答了你關於 RASM 的問題：我們確實預期未來收益率會更高，因為我們會把更多較高的燃油成本轉嫁出去。至於第二季運能，我們原本規劃的運能會略高於我們現在對外公布的水準。幾個月前，我們對第二季的規劃大約是 6%。

Since that time, we've reduced some line in obvious places like Tel Aviv and Doha. We've also pulled back a little bit domestically with some marginal flying as well as some reductions in Chicago. I'd just say, if you look back at our capacity, we have tended to be very conservative with capacity growth for the past, I don't know, half a decade or so. But you just look at the last couple of years, in 2024, we found ourselves in an oversupply environment and we quickly pulled capacity out in the back half of the year. In 2025, we had a handful of different demand shocks.

從那之後，我們在一些明顯的地方縮減了航班，例如特拉維夫和杜哈。我們也在國內市場稍微收縮了一些邊際航班，並且在芝加哥也做了一些減班。我想說的是，如果回頭看我們的運能，我們在過去大概半個十年左右，一直傾向對運能成長採取非常保守的態度。但你看最近幾年，2024 年我們處在供給過剩的環境，我們很快就在下半年把運能拉下來。2025 年我們遇到幾個不同的需求衝擊，

We did the same thing. And we'll do the same thing here. We're going to keep a close eye on fuel and demand over the next four to six weeks as we are planning for the off-peak period in August, September, and beyond, and we'll make capacity adjustments accordingly.

我們也做了同樣的事。而這次我們也會一樣。我們會在接下來四到六週密切關注燃油與需求，因為我們正在規劃 8 月、9 月以及之後的淡季期間，並會據此調整運能。

Okay. And then maybe secondly, Robert, I've asked this to some of the others, but I'll ask you as well. Historically, when fuel prices eventually normalize, the industry sort of gives back a bunch of the pricing increases that it's gotten. Is there any reason to think it can be different this time and we can hold on to more of this higher price?

好的。那第二個問題，Robert，我也問過其他幾位，但也想問你。歷史上，當燃油價格最終回到正常水準時，產業往往會把先前因燃油上漲而取得的票價上調吐回去不少。這次有沒有任何理由讓我們認為情況可能不同，產業可以保留更多這些較高的價格？

Scott, two things. First off, as Nat alluded to, we had already seen a lot of traction in our efforts in the first quarter before any run-up in fuel prices. On top of that, I really am confident in the initiatives that we're pursuing, whether it's from a customer experience perspective, our network, the initiatives we have to drive premium revenue and loyalty, those are going to pay off. We're giving people good reason to want to engage with American more fully and to spend. And I do view that as a good sign for us.

Scott，有兩點。第一，如 Nat 所提到的，在燃油價格上漲之前，我們在第一季就已經看到我們各項努力帶來了很多進展。除此之外，我對我們正在推動的各項計畫非常有信心，不論是客戶體驗、航網，或是推動高端（premium）營收與忠誠度的措施，這些都會帶來回報。我們給了大家充分理由，更全面地與 American 互動並增加消費。我確實把這視為對我們很好的訊號。

And I just go back to the first quarter, 10.8% revenue improvement, and that includes a really big hit for the worst storms in terms of impact to our operation with Fern and Gianna that we've ever seen in our history. And as we look to the second quarter, as Nat said, a lot of that is on the books. We're anticipating 15% growth I'm bullish on what that means for our business.

我再回到第一季：營收提升 10.8%，而這還包含了我們史上所見、對營運影響最嚴重的風暴衝擊——Fern 和 Gianna。展望第二季，如 Nat 所說，其中很多已經在訂單上了。我們預期成長 15%。我對這對我們業務的意義感到樂觀。

Brandon Oglenski, Barclays.

Brandon Oglenski，Barclays。

Robert, I'll probably just pose one question about kind of two parts here for you. It's been about two years now since you guys made a pretty sizable pivot and then repivoted back on your commercial business travel strategy. So can you tell us where you are in that journey I think you guys said you were fully recaptured on share at the end of last year. But what is next on corporate and business strategy at American?

Robert，我想問一個問題但分成兩個部分。大約兩年前你們做了一次相當大的轉向，之後又在商務差旅策略上再度轉回來。你能談談你們目前走到哪個階段嗎？我記得你們說去年底已經把市占回收完畢。但接下來 American 在企業與商務策略上還要做什麼？

And then secondarily, I think you were hinting at this earlier, but how are you thinking incrementally about upselling or getting incremental rebranded fares on your premium products and maybe within that corporate strategy as well?

第二點，我想你剛才也有暗示到：你們如何進一步思考在高端產品上做加值銷售（upselling），或是取得更多改版後票種（rebranded fares）的增量收入？也許這也包含在企業策略之內？

Thanks, Brandon. I'm going to let Nat help me out with this. But I'll say that, look, we did pivot and I'm really pleased with what the team has been able to do over the last year. We fully engaged in the marketplace. We've deployed our sales team everywhere and they have accomplished the objectives that we set out to achieve.

謝謝，Brandon。我會請 Nat 幫我補充。不過我先說，我們確實做了轉向，而我對團隊在過去一年能做到的成果非常滿意。我們已經全面回到市場競爭中。我們把銷售團隊部署到各地，他們也完成了我們設定的目標。

We've recaptured the share that we've lost. We've gained a little bit since then, and we're going to continue to be very active at improving from there. Nat?

我們已經回收了流失的市占。此後也多拿回了一點，我們會持續積極地在此基礎上再提升。Nat？

Brandon, just some numbers to back up the evidence that Robert sees. Managed corporate revenue for us is up 13% year over year and our unmanaged business, small and medium enterprises, our advantaged business product is up 28% per year. And obviously, really exceptional yields on both of those products. Further example, our TMC performance is up 11%, thanks to our partnerships with Amex GBT, with BCD and their support of American.

Brandon，我用一些數字來佐證 Robert 看到的成果。我們的管理型企業客戶（managed corporate）營收年增 13%；而我們的非管理型商務客群——中小企業（SME），我們的 Advantaged Business 產品年增 28%。而且這兩個產品的收益率都非常出色。再舉一個例子，我們的 TMC（差旅管理公司）表現年增 11%，這要歸功於我們與 Amex GBT、BCD 的合作夥伴關係，以及他們對 American 的支持。

I look at all of those results, along with the feedback that we're getting, one of the wonderful things when you make a distribution change is that everybody gives you feedback, a lot of it loud, a lot of it, maybe you don't want to hear. But over time, as that feedback has moderated and become more productive, we're getting good sense that what we're offering and what we're putting on the shelf is resonating with our network, with our customer experience, the loyalty program, and delivering value to guests.

我把這些結果，加上我們收到的回饋一起看。當你做出通路（distribution）變更時，有一件很棒的事是每個人都會給你回饋——很多很大聲，很多可能是你不太想聽的。但隨著時間推移，當這些回饋趨於緩和並變得更具建設性，我們很清楚感受到：我們提供的內容、我們上架的產品，正與我們的航網、客戶體驗、忠誠度計畫產生共鳴，並且為旅客交付價值。

And so all of those things yes, we feel good about recovering the share that we had lost, but we see runway there as well. And it's a core part of the positive American revenue story that you're seeing and that we see for the rest of the year.

因此，對於所有這些事情，是的，我們對於收復先前流失的市占感到很有信心，但我們也看到仍有很長的成長跑道。而這也是你們所看到、以及我們對今年剩餘時間所看到的美國（市場）營收正向故事的核心部分。

Thank you.

謝謝。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Can you unpack the FAA decision in Chicago a little bit more? Kind of how does that compare versus your expectations? And what do we think about the incremental steps from here?

你能再多拆解一下 FAA 在芝加哥的決定嗎？大概這跟你們原先的預期相比如何？以及接下來我們對於後續的增量步驟應該怎麼看？

Sure. Ravi, thanks for the question. Look, American has been serving Chicago for 100 years. It was our very first flight flown by Charles Lindberg included Chicago. And we are going to be in Chicago for another 100 years.

當然。Ravi，謝謝你的提問。你看，美航在芝加哥服務已經 100 年了。我們的第一班航班就是由 Charles Lindberg 飛行，航線包含芝加哥。而我們也會在芝加哥再待上另一個 100 年。

So we had flown about 500 flights a day out of Chicago prior to the pandemic, and it's taken us some time to build back up to that. We're going to be able to fly 500 flights as a result of the initiatives that have been put in place to address over flying. And so I want to, first off, give a shout out to the DoT and FAA, Secretary Duffy and Administrator Bedford, got in front of what would have been a real issue in Chicago.

所以在疫情之前，我們每天從芝加哥出發大約飛 500 班，之後花了一些時間才逐步恢復到那個水準。由於已經推動的各項措施用來解決過度排班（over flying）問題，我們將能夠飛到 500 班。因此我首先要向交通部（DoT）與 FAA 致意，Duffy 部長與 Bedford 署長在芝加哥可能成為重大問題之前就先行介入處理。

Chicago O'Hare would have likely been in a delay program from the very first flight of the day if something hadn't been done. So I'm pleased, first off, that we're going to avoid an issue of having too much flying in Chicago for the aerospace and ground capacity.

如果當時沒有採取行動，芝加哥歐海爾很可能從當天第一班航班起就會進入延誤管制計畫。因此我首先很高興，我們將能避免芝加哥在空域與地面容量上出現航班量過多的問題。

And that's good news, not just for American Airlines. It's good news for the entire industry. So real complements to the administration, Secretary Duffy, and Administrator, Bedford for that. And in terms of what we end up with, again, we're going to fly what we had hoped to fly, 500 departures. That will allow us to continue to build in Chicago with our customers.

而這是好消息，不只對美國航空是好消息，對整個產業都是好消息。所以也要高度肯定政府、Duffy 部長以及 Bedford 署長。至於最後的結果，再次強調，我們將能飛到原本希望的 500 個起飛班次。這將讓我們能持續與客戶一起在芝加哥擴張。

And our product is resonating. And whether it's local passenger growth, our business passenger growth, AAdvantage enrollments, our co-branded credit card enrollments, all of those are meeting and exceeding our expectations. So no one's going to kick us out of Chicago. That's something that everybody is going to have to get used to, including our biggest competitor. We're going to be roommates and roommates for a long, long time.

而我們的產品正在引起共鳴。不論是本地旅客成長、商務旅客成長、AAdvantage 會員註冊、聯名信用卡申辦，這些都達到甚至超越我們的預期。所以沒有人會把我們趕出芝加哥。這是大家都必須習慣的事，包括我們最大的競爭對手。我們會當室友，而且會當很久很久的室友。

Understood. Very clear. And maybe as a follow up, Robert, kind of there's been a lot of industry speculation about M&A and such. But can you address that directly, if you can, in addition to what you guys put out over the weekend? But also, I just love your views on what do you think are the -- is the ideal industry structure over time. I think you put in the press release that you think some things needed to change. So what might those things be?

了解。非常清楚。那也許追問一下，Robert，業界對於併購（M&A）等議題有很多揣測。你能否直接回應一下（如果可以的話），除了你們週末發布的內容之外？另外我也很想聽聽你的看法：你認為長期而言理想的產業結構應該是什麼？我記得你們在新聞稿裡提到你認為有些事情需要改變，那可能會是哪些事情？

Well, I'll just start out with this and again, on the heels of the Chicago question. Look, we're going to be roommates, and we're not getting married. And so I want to stress this that the idea of the two largest airlines in the world getting together, that is something that we've viewed as being anticompetitive. And obviously, everybody that has weighed in suggests the same thing, bad for customers, bad for the industry. And then ultimately, that would be bad for American Airlines.

我先從這點開始，而且也呼應剛才芝加哥的問題。你看，我們會當室友，但不會結婚。所以我要強調：讓全球兩家最大的航空公司合在一起，這件事我們一直認為是反競爭的。顯然，所有提出意見的人也都表示同樣看法——對客戶不好、對產業不好，而最終也會對美航不利。

In regard to consolidation in the industry, we're focused on American Airlines. We're focused on delivering on our core initiatives. And part of that is building out our network. We already have the most comprehensive network in North America. That allows us to really pursue opportunities organically internationally and then also with our partners, some of which are part of OneWorld, others that are part of OneWorld and also joint businesses.

至於產業整併，我們專注在美國航空。我們專注於落實核心倡議。其中一部分就是擴展我們的航網。我們已經擁有北美最完整的航網，這讓我們能在國際市場以有機方式追求機會，也能與合作夥伴一起推進；其中一些是寰宇一家（oneworld）成員，另一些則是寰宇一家成員並同時參與聯營（joint business）。

All those are accretive to American Airlines. And we really look to continue to focusing on all those partnerships, whether those be domestic or international. Now of course, if there are opportunities from a consolidation perspective or if there's assets that become available in the marketplace, American has a long history of being aggressive. We've got a lot of experience. And whether it is the potential for M&A or the work that we've done to pioneer partnerships, we're going to be on the forefront of that.

這些都能為美航帶來增益（accretive）。我們確實希望持續聚焦於所有這些合作關係，不論是國內或國際。當然，如果從整併角度出現機會，或市場上有資產釋出，美航一向有積極進取的歷史。我們經驗豐富。無論是潛在的併購，或是我們在開創合作夥伴關係方面所做的工作，我們都會站在最前線。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

So probably for Nat, you know this question about yield stickiness when fuel prices recede as sort of become a conference call stable this season. It came up yesterday on the United call. And I found the commentary there to be interesting. Basically, the suggestion was that historically marketing and government affairs had some degree of influence over pricing decisions. It was not unilaterally left up to revenue management.

這題大概是問 Nat：這一季電話會議上，「當燃油價格回落時，票價收益率（yield）的黏著性」這個問題幾乎成了固定題。昨天在聯合航空的電話會議也提到。我覺得他們的評論很有意思。基本上他們的意思是：過去行銷與政府事務在定價決策上有一定程度的影響力，並非完全由收益管理（revenue management）單方面決定。

So that's my question for American. First, do you sort of agree with that broader premise, but more importantly, do you think the industry and/or American specifically, has evolved to a point where maybe going forward, pricing and revenue management exerts -- wields more influence than in the past? Any thoughts there? I realize it's not quite coming in the form of a question, but I'm trying.

所以我對美航的問題是：第一，你是否同意這個更廣泛的前提？但更重要的是，你認為整個產業以及／或美航本身，是否已經演進到一個程度——也許未來定價與收益管理相較過去會擁有更大的影響力？有什麼想法嗎？我知道這不太像一個標準問句，但我在努力。

Jamie, thanks for the question. I guess I'll start with just praising my colleague, Nat, who has government affairs responsibility here. I think he has zero appetite at American to dabble in revenue management. I saw the transcript and frankly, interesting just from a team perspective and kind of the organizational structure that we have here, pretty well aligned and revenue management is one of those functions core to the airline, core to the assets and experience that American has. So I think we are emphasizing it tremendously.

Jamie，謝謝你的提問。我想我先稱讚一下我的同事 Nat，他在這裡負責政府事務。我認為他在美航對插手收益管理完全沒有興趣。我看了逐字稿，坦白說，從團隊合作與我們這裡的組織架構角度來看很有意思；我們的協作相當一致，而收益管理是航空公司非常核心的職能之一，也是美航核心資產與經驗的一部分。所以我認為我們非常強調這一塊。

We are investing resources, we're investing people on top of our very experienced people that are here. And I think as technology evolves, and Jamie, we referenced it a little bit, we call it the revenue growth program within American, but that's kind of a sound bite on really being able to effectively segment and bundle one's products, getting the right product into people's hands at the right price.

我們正在投入資源、投入人力，在既有非常資深的團隊之上再加碼。我認為隨著科技演進——Jamie，我們也稍微提到——我們在美航稱之為「營收成長計畫」（revenue growth program），但那其實只是個口號，真正的重點是能有效地做客群分層與產品組合（segment and bundle），在正確的時間、以正確的價格，把正確的產品交到客戶手上。

And I think the capabilities that we have and really across the industry are just going to continue to evolve in a positive way at a number of different price points, but ultimately, the goal is to maximize revenue across the enterprise.

我認為我們的能力、以及整個產業的能力，都會在多個不同價位帶持續以正向方式演進；但最終目標是最大化整個企業的營收。

Okay. Interesting. And second, probably for Robert, the news that you might look to pursue more of an NEA type relationship with Alaska and -- well, actually, maybe that's not the way to convey it. But my question relates to pilots. My understanding is that the current scope allows for codesharing with international partners, but not the type of Alaska while long-haul flying that they've started adding post-merger.

好。有意思。第二題大概是問 Robert：你們可能會尋求與阿拉斯加航空建立更多類似 NEA 的合作關係——嗯，其實也許不該這樣表述。但我的問題跟飛行員有關。我的理解是，目前的範圍條款（scope）允許與國際夥伴進行共用班號（codesharing），但不允許像阿拉斯加航空在併購後開始新增的那種、由阿拉斯加執飛的長程航班（long-haul flying）。

I'm just trying to understand what scope impediments might stand between you and a potentially closer relationship with Alaska? And maybe the answer is not black and white, and I get that as well. Any thoughts there?

我想了解的是：在你們與阿拉斯加航空可能更緊密的合作之間，範圍條款方面可能存在哪些阻礙？我也理解答案可能不是非黑即白。你有什麼看法嗎？

Thanks, Jamie. I'll just start with this. We've been working with Alaska for well over a decade. And I remember working with Ben Minicucci to talk about sponsoring them to come into the oneworld relationship, which we successfully executed, and I think it's been a terrific enhancement to Alaska and has enabled oneworld and their customers greater access to travel just about anywhere people want to go. We were able to also do great things with the West Coast International Alliance, which has been hugely beneficial, doing things that benefit our consumers, things that we really couldn't have done on our own.

謝謝，Jamie。我先從這點說起：我們與阿拉斯加航空合作已經超過十年。我記得我曾與 Ben Minicucci 一起討論，支持他們加入寰宇一家（oneworld）關係，我們也成功完成了，我認為這對阿拉斯加航空是非常棒的強化，也讓寰宇一家及其客戶幾乎可以更容易前往人們想去的任何地方。我們也在「西岸國際聯盟」（West Coast International Alliance）上做了很多很棒的事，效益非常顯著，做到了對消費者有利、而且是我們單靠自己其實做不到的事情。

And I feel good about where our relationship is and what happens next. The Alaska team is fiercely independent, a very, very successful airline and we are the same. As we go forward, we'll make sure that anything that we do complies with our scope clauses and we're going to make sure that we really take care of our customers and do what's right for both companies and our customers. Now I'll leave it at that.

我對我們目前的合作關係以及接下來的發展感到樂觀。阿拉斯加團隊非常獨立，是一家非常、非常成功的航空公司，我們也是。未來我們會確保我們做的任何事情都符合我們的範圍條款（scope clauses），也會確保我們真正照顧好客戶，做對兩家公司以及我們客戶都正確的事。我就先說到這裡。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

Just maybe a point of clarity before I get into another question. Just on the yield progression throughout the year, I just want to make sure that I understand. Is it that you assume that yields will essentially be flat from here to get to your recapture target by the end of the, i.e., you don't need additional fare increases to get to that 90%-plus come fourth quarter?

在我問下一題之前，先確認一個細節。關於全年收益率（yield）走勢，我想確保我理解正確：你的意思是，你們假設從現在到年底收益率基本上會持平，以便在年底達到你們的回收（recapture）目標；也就是說，你們不需要額外的票價上調，就能在第四季達到 90% 以上，對嗎？

Yeah. I think that roughly in line, that's right. We don't need enormous increases to hit our targets as it works through because it balances with the recapture assumptions.

對。我認為大致上就是這樣。我們不需要非常大的漲幅就能達到目標，因為在推進過程中會與回收（recapture）的假設相互平衡。

Right. So cupful forward curve comes down, you're currently exposed at the higher fares. Okay. Makes sense. All right.

了解。所以杯口向前曲線（cupful forward curve）下來了，而你們目前仍暴露在較高票價之下。好，說得通。好。

And then, Devon, maybe on the cost side, just clearly, some challenges in 1Q given whether I think everyone had those problems as well. But your 2Q guide is actually pretty good and then it seems like the setup for the second half is also in a pretty good standing. So if you could just give some puts and takes that you see moving throughout the year, just on cost, I think that would be helpful. Again, I think it sticks out relative to a lot of what we're hearing so far.

然後，Devon，也許在成本面上，想請你更清楚地談一下：1Q 確實有一些挑戰，我想大家也都遇到類似問題。不過你們對 2Q 的指引其實相當不錯，而且看起來下半年整體的起手式也站得很穩。所以如果你能就成本面，分享一下你看到今年全年推進過程中的一些利多與利空（puts and takes），我想會很有幫助。再次強調，這點相較於我們目前聽到的很多內容，確實特別突出。

Sure. Well, it's been a long-term effort on driving efficiencies in the business. It's something we've been at for three years. You don't see it every single year because some of these initiatives are long-term in nature. We've had a handful of new CBAs that have driven some cost pressure.

當然。嗯，推動業務效率一直是長期努力的方向，這件事我們已經做了三年。有些措施屬於長期性質，所以不會每一年都立刻看得出來。我們也有幾份新的 CBA（集體談判協議）帶來了一些成本壓力。

But we're seeing it this year. If it weren't for the storms in the first quarter, our cost performance would have been really nice, up 2% to 4% in the second quarter feels pretty good. Obviously, it has been a little bit lower had we flown the entirety of our schedule.

但今年我們確實看到了成效。如果不是第一季的風暴影響，我們的成本表現會非常漂亮；第二季成本上升 2% 到 4% 的感覺相當不錯。當然，如果我們能把整個班表都飛完，這個數字本來還會再低一點。

The back half of the year, we're set up well. We're going to see pressure in some areas that end up being good pressure, things like selling expense. But our unit cost is going to be dependent on how much capacity we produce. So if we produce a similar amount of capacity to what we're doing here in the second quarter, I would expect unit cost to be in the low-single digits. If we pull back on capacity, given the higher fuel, we're going to see some cost pressure there.

下半年我們的配置也不錯。我們會在某些領域看到壓力，但那會是「好的壓力」，例如銷售費用這類。不過我們的單位成本會取決於我們產出的運能（capacity）有多少。所以如果我們產出的運能跟第二季差不多，我預期單位成本會落在低個位數增幅。如果我們在高油價下縮減運能，那邊就會看到一些成本壓力。

But we do a nice job getting out of any sort of volume-related costs. We'll continue to do that, and we'll continue to focus on driving an efficient business.

但我們在退出任何與運量相關的成本方面做得很好。我們會持續這麼做，也會持續專注於打造高效率的營運。

Appreciate it. Thank you.

了解，謝謝你。

Tom Fitzgerald, TD Cowen.

Tom Fitzgerald，TD Cowen。

Thanks so much for the time. Just curious within the loyalty program, what geographies you're seeing the most -- the strongest performance in terms of sign-ups? And then if that kind of within that question, if that $1.2 billion of other revenue, if that's kind of a good run rate for that line item moving forward?

非常感謝撥冗。我想請教在忠誠計畫（loyalty program）方面，你們看到哪些地理區域的註冊（sign-ups）表現最強？另外也延伸問一下，那 12 億美元的其他收入（other revenue），就往後來看，這是否可以視為該項目的合理 run rate？

It's Nat. I'll take the first one and then, Devon, the second piece of it. First, just from a resonating perspective, from a volume, as you would expect, it would be in our hubs. But what's exciting about loyalty enrollments is the penetration of our top three markets are New York, Los Angeles, and Chicago. So places that incredibly competitive hubs for us but also for our competitors.

我是 Nat。我先回答第一個，然後第二部分請 Devon 補充。首先，就共鳴度與量體來看，如你所料，主要會在我們的樞紐（hubs）。但忠誠計畫註冊最令人興奮的是，我們前三大市場的滲透率（penetration）是紐約、洛杉磯與芝加哥。這些地方對我們而言是競爭極度激烈的樞紐，對競爭對手也是如此。

So again, further evidence that the loyalty program, the biggest, the best and it continues to resonate with guests.

所以這再次證明忠誠計畫是規模最大、表現最好，而且持續獲得旅客的認同。

Sure. And yes, just on other revenue or the marketing component of it. We did see an increase. It's pretty meaningful year over year, quarter over quarter just versus the fourth quarter was up something less than 10%. But like we've been saying as remuneration grows, we expect that line item to grow as well.

好的。至於其他收入或其中的行銷（marketing）組成，我們確實看到增加；年對年、季對季都相當顯著。相較第四季，增幅不到 10%。但正如我們一直在說的，隨著 remuneration（報酬/回饋）成長，我們預期這個科目也會跟著成長。

I would expect less volatility in that line item than what we've had from quarter-to-quarter in the past. And it's probably going to be somewhere around $1 billion a quarter for 2026.

我預期這個科目的波動性會比過去季度之間的波動更小。到 2026 年，它大概會落在每季約 10 億美元左右。

Tom, I just want to underscore one stat. While Chicago, New York, and LA lead, overall, the loyalty growth -- our loyalty enrollments are up 25% year over year.

Tom，我想再強調一個數據：雖然芝加哥、紐約和洛杉磯領先，但整體而言，忠誠計畫成長——我們的忠誠計畫註冊數年增 25%。

That's all great color. I really appreciate that. And then kind of a similar bucket, just on the corporate recapture, Curious what verticals you're seeing the most momentum and maybe other places where there's still room to recover versus the last couple of years?

這些資訊很有幫助，非常感謝。接著在類似的範疇，關於企業客回流（corporate recapture），想請教你們看到哪些產業別（verticals）動能最強？以及相較過去幾年，還有哪些領域仍有恢復空間？

Well, the three verticals we've seen the most uptake in are banking, health care and pharma and industrials, and that's both domestically and internationally. So encouraged by that performance and really across all verticals, I think there's still opportunity there. But those are the big three we're seeing right now.

我們看到採用度（uptake）最高的三個產業別是：銀行、醫療保健與製藥，以及工業類，而且不論在國內或國際市場都是如此。因此我們對這樣的表現感到鼓舞。其實我認為各個產業別都還有機會，但目前最明顯的就是這三大類。

Michael Goldie, BMO Capital Markets.

Michael Goldie，BMO Capital Markets。

Thank you for the question. You've rebanked DFW and now Philadelphia. Can you talk about the operational benefits you expect to get from this? And what other initiatives you're undertaking on the operations front?

謝謝讓我提問。你們已經重新調整了 DFW，現在也輪到費城。能否談談你們預期從中獲得哪些營運面的效益？另外在營運端還有哪些正在推進的措施？

Michael, thank you. So one of the biggest parts of our elevating customer experience initiative is to improve our reliability, the biggest investments that we're making. So the rebanking of DFW, it really smooths out the operation throughout the entire day. There's never a period during the day where we come close to exceeding the operational capacity of the hub. And from what we've seen so far is just really strengthening our operational reliability.

Michael，謝謝你。我們「提升客戶體驗」計畫中最大的一塊，就是改善可靠性（reliability），這也是我們投入最大的地方。DFW 的重新排班（rebanking）能讓全天的營運更平順。一天之中不會再出現任何時段讓我們接近超出該樞紐的營運容量上限。從目前看到的結果來看，確實大幅強化了我們的營運可靠性。

But then it's when it's stressed, say, throw a thunderstorm in which we've had our ability to recover is so much quicker. Over the -- our centennial celebration. I was at in DFW talking to our team went to the control center and asked folks, okay, well, can you -- do you sense something's different. And for the most part, people said, you just don't see as many people running from gate to gate. And so it's an improvement in operation.

而且當遇到壓力情境時，例如來一場雷雨——我們最近就遇到過——我們的復原能力快很多。在我們的百年慶典期間，我人在 DFW，和團隊交流、也去控制中心，問大家：你們覺得有什麼不一樣嗎？多數人說，你不再看到那麼多人從登機門跑到另一個登機門。這代表營運確實改善了。

It takes the stress level down considerably for our customers, but also for our team members as well. And then I know Nat could comment on this. But the good thing that we're seeing as well is that revenue is holding and increasing 2 points to that. One is that we just don't have as many misconnect. Second is that we haven't really extended connect times by that much.

這大幅降低了我們客戶的壓力，也同樣降低了團隊成員的壓力。另外 Nat 也可以補充：我們也看到營收維持住，甚至還提升。原因有兩點：第一，我們的誤接（misconnect）變少了；第二，我們其實沒有把轉機時間（connect times）拉長太多。

And so we really haven't seen people book away. So we're retaining more revenue. It's a better customer experience. NPS scores are higher. So we're taking that of course. And those results are very, very promising. And we've expanded it and we'll be expanding it to Philadelphia and taking a look at the potential in other parts of our network as well, and we'd expect similar results, ultimately higher NPS scores, lower misconnections, greater retention of revenue.

因此我們真的沒有看到旅客改訂到別家（book away）。所以我們留住了更多營收。客戶體驗更好，NPS 分數更高。所以我們當然會持續推進。這些結果非常、非常令人振奮。我們已經擴大推行，接下來也會擴展到費城，同時也會評估在我們網路其他部分的可能性；我們預期會有類似成果：最終 NPS 更高、誤接更少、營收留存更高。

But that's not all. We've certainly taken a look at our schedule to make sure that we've buffered appropriately in terms of travel times outside of connect times in the hubs. And that, I believe, is paying off. And as well, we're making good use of contractual changes that have happened, especially with our flight attendants, where we've increased boarding times.

但這還不只如此。我們也檢視了班表，確保在樞紐的轉機時間之外，就飛行時間（travel times）本身也有適當的緩衝（buffer）。我相信這正在發揮效果。同時，我們也善用合約變更所帶來的調整，特別是與空服員相關的部分，我們增加了登機時間（boarding times）。

And so all of that has come to fruition. The airline as a whole, regional mainline, we're in good shape and ready for the summer. So thanks for the question.

所以這些措施都已經落地。整體航空公司——區域線與主線（regional mainline）——我們狀態良好，已準備迎接夏季。謝謝你的提問。

And then as my follow up, when you think of industry consolidation, which everyone seems to be in agreement on. If M&A is difficult to pass, do you think airlines will increasingly look domestically for partnerships as another avenue?

接著追問一下，談到產業整併（industry consolidation），似乎大家都有共識。如果併購（M&A）很難獲准通過，你認為航空公司是否會更傾向在國內尋求合作夥伴關係（partnerships），作為另一條路徑？

Well, I appreciate the question. The biggest issue out there today is, again, the largest airlines in the world get together and do something. And the answer to that is it's anticompetitive. So whatever happens next, we look to make sure that anything that we do strengthens our network and in many cases, partnerships are the best way to do that. In other cases, it's just organic growth.

謝謝這個問題。當前最大的議題是：全球最大的航空公司彼此合作做某些事情時，外界的答案往往是「這是反競爭（anticompetitive）」。所以不論接下來發生什麼，我們都會確保我們所做的任何事情能強化我們的航網；在很多情況下，合作夥伴關係是最佳方式。在其他情況下，則是有機成長（organic growth）。

And so what you'll see from us this year, included in our growth plan, is to really strengthen our hub in Phoenix, make sure that Miami is fully built out. We've got a lot of work going on in Chicago as noted in Philadelphia as well. it really is the most comprehensive network in North America. And we're -- we've been pioneers in terms of building partners, building relationships.

因此你今年會看到我們在成長計畫中，著重於真正強化鳳凰城的樞紐，並確保邁阿密完整建置到位。我們在芝加哥也有很多工作在進行中，費城亦如前述。這確實是北美最全面的航網。而且我們在建立夥伴、建立關係方面一直是先行者。

And we've got a tremendous amount of experience here with M&A, should that ever come about. And so I feel really good about where we stand. And as dynamics change and the fortunes of other carriers change, we'll be ready.

我們在 M&A 方面也累積了非常豐富的經驗，如果未來真的出現那樣的機會。我對我們目前的站位感到非常有信心。隨著產業動態改變、其他航空公司的景氣起伏變化，我們會做好準備。

John Godyn, Citigroup.

John Godyn，Citigroup。

Thanks for taking my question. This is Max for John. I just wanted to follow up on the fuel pass-through commentary and getting to a recapture rate in the 90s by the end of the year. If we can maybe get a little bit of geographic color kind of how pass-throughs are evolving internationally versus in the domestic market. Maybe a little bit of color would be helpful.

謝謝讓我提問。我是代替 John 的 Max。我想追問一下你們對燃油轉嫁（fuel pass-through）的評論，以及到年底把回收率（recapture rate）提升到 90% 多的目標。能否提供一些地理面的補充，例如國際市場的轉嫁情況相較於國內市場是如何演變的？如果能多給一點脈絡會很有幫助。

Okay. I'll start, just give you the quick entity run through around the world and then come back to the other question. I think just first, domestically, 65% of Americans capacity, as Robert just said, we got the best network in North America, and it's resonating. Unit revenue up 7% in the quarter, and we saw it increase sequentially up into March for double digits.

好的。我先從全球各個實體（entity）的情況快速帶你跑一遍，然後再回到另一個問題。首先在國內市場，正如 Robert 剛才說的，我們擁有北美最好的航網，且正在產生共鳴；我們占美國運能（capacity）的 65%。本季單位營收（unit revenue）年增 7%，而且我們看到它在 3 月份持續按序（sequentially）走高，提升到雙位數。

And then as mentioned earlier, the second quarter 65% booked, and we're seeing further acceleration as it goes through in Q1, stellar performance in Philadelphia and LaGuardia as we strategically are shifting to deepen our schedule, improving our service to big markets, and really generating higher yields that way. Pleased with the improvement in DC as well.

接著如先前所提到的，第二季已訂位 65%，而且我們看到在第一季推進的過程中進一步加速；費城與拉瓜地亞的表現非常亮眼，因為我們正策略性地轉向加密班表、提升我們對大型市場的服務，並藉此真正創造更高的收益率。我們也對華盛頓特區的改善感到滿意。

And then in the second quarter, DFW full implementation of the 13 bank structure and Los Angeles, as that operation straightens out a little bit, we're starting to see traction there as well. In the Atlantic, 15% roughly of our capacity depending on season, it's our best-performing international entity. Our quarterly RASM, 17%, March was north of 20%.

另外在第二季，達拉斯—沃斯堡（DFW）將全面導入 13 個航班波段（bank）結構；洛杉磯方面，隨著營運逐步理順，我們也開始看到進展。在大西洋航線方面，依季節不同約占我們運能的 15%，是我們表現最好的國際業務單元。我們季度 RASM 為 17%，3 月更是超過 20%。

And in the second quarter, as we grow a bit, we'll still see high-single digits in unit revenue performance. Heathrow, the stalwart, RASM 25% in the first quarter. not rocket science, our strategy there. We're putting our best most premium airplane into the world's most premium market, and we'll continue that through the summer. British Airways is a terrific partner for us in Heathrow. And obviously, the IAG Group across the transatlantic as well. Rest of Europe remains strong.

而在第二季，隨著我們小幅成長，單位營收表現仍將維持在高個位數。希斯洛一向是中流砥柱，第一季 RASM 達 25%。我們在那裡的策略並不複雜：把我們最好的、最頂級的飛機投入全球最頂級的市場，並在夏季持續這麼做。英國航空是我們在希斯洛非常出色的合作夥伴；當然，跨大西洋方面還有 IAG 集團。歐洲其他地區仍然強勁。

We've got four new routes coming online here in May, two out of Philadelphia to Prague and Budapest, 2 out of Dallas to Athens and Zurich and bookings there look terrific. Latin America, roughly 15%, mixed bag with breakeven RASM on the quarter, short-haul international challenge due to the events in Mexico, but that's starting to turn positive as we get to May into June bookings. And in the deep South, that's been strong.

我們在 5 月將有四條新航線上線：兩條自費城飛往布拉格與布達佩斯，兩條自達拉斯飛往雅典與蘇黎世，訂位看起來非常好。拉丁美洲約占 15%，表現好壞參半，本季 RASM 大致打平；由於墨西哥的事件，短程國際面臨挑戰，但隨著 5 月到 6 月的訂位進來，情況開始轉為正向。而在南美深南部地區，表現一直很強。

Brazil was the stalwart there. And then in 2Q, as we grow Argentina, we'll see better revenue performance in that. And then the other highlight for Latin America for American, we're excited to restart a Venezuela service next week. We'll be the first US carrier to do that, and it just further enhances our industry-leading Latin American operation out of Miami.

其中巴西一直是中流砥柱。第二季隨著我們擴大阿根廷的規模，該市場的營收表現將更好。拉丁美洲對美航而言的另一個亮點是：我們很興奮將在下週重啟委內瑞拉航班。我們將成為第一家這麼做的美國航空公司，這也將進一步強化我們以邁阿密為樞紐、業界領先的拉丁美洲營運。

Lastly, in the Pacific roughly 5% of our capacity, 8% unit revenue growth in the first quarter, a little bit higher expectation in the second quarter. And again, the shift of our two big markets. In the first quarter, Oceania performance was great. It will stay decent in the second quarter, but Japan really becomes a stalwart as we fold into May into June. And no coincidence.

最後，太平洋航線約占我們運能的 5%，第一季單位營收成長 8%，第二季預期會略高一些。同樣地，這反映我們兩個主要市場的轉移。第一季大洋洲表現很棒；第二季仍會維持不錯，但進入 5 月、6 月後，日本將真正成為中流砥柱，這並非巧合。

We've got two terrific joint business partners in each of those arenas, Qantas in Australia and Japan Airlines across the Pacific. So a good story around the entities. It's a terrific demand environment, both for the domestic and the international.

我們在這兩個區域各自都有兩個非常出色的聯合業務（joint business）夥伴：澳洲的澳洲航空（Qantas），以及跨太平洋的日本航空（Japan Airlines）。因此各業務單元的故事都很正面。無論國內或國際，需求環境都非常好。

Great. Thank you. That was great color. And kind of as my follow up, every airline has a bit of a different philosophy guiding its capacity decision. Can you help us understand what yours is if the macro situation continues? And you revisit second-half capacity growth plans. Are you managing to margin neutrality and ROIC target or any other targets kind of got in this decision?

很好，謝謝。這些說明很有幫助。作為追問，每家航空公司在運能決策上都有些不同的理念。若總體情勢持續、你們重新檢視下半年運能成長計畫時，能否幫我們理解你們的原則是什麼？你們是在管理「利潤率中性」與 ROIC 目標，或是還有其他目標會納入這項決策？

Yeah. We touched on capacity earlier. I'd just say we're always going to be sharp on capacity. When we had a supply issue in 2024, we pulled capacity pretty quickly. In '25, we had different demand shocks, we pulled capacity to get supply more in line with demand as well.

是的。我們先前談到過運能。我只想說，我們在運能上永遠會很精準。2024 年我們遇到供給問題時，很快就下調了運能。2025 年我們面臨不同的需求衝擊，也同樣透過下調運能，讓供給更貼近需求。

This year, we have this fuel increase. And we are going to do what's needed on capacity to make sure that we are passing on as much of that fuel increase to customers as possible. So we'll be watching for the next four to six weeks before we have to make some capacity decisions for August and September, and we'll adjust accordingly.

今年我們面臨燃油上漲。我們會在運能上採取必要措施，確保能把這次燃油上漲的成本盡可能轉嫁給客戶。因此在必須對 8 月與 9 月做出一些運能決策之前，我們會觀察接下來 4 到 6 週的情況，並視情況調整。

Ladies and gentlemen, at this time, the Q&A queue is open to two media questions. (Operator Instructions) Alison Sider, Wall Street Journal.

各位女士先生，此刻媒體提問的 Q&A 排隊開放兩個問題。（接線員指示）《華爾街日報》Alison Sider。

Curious what you guys are seeing for World Cup bookings, and those are coming in as you'd hoped or if there's any kind of concerns about people not wanting to travel to the US?

想請教你們看到的世界盃訂位情況如何？是否如你們所希望的那樣進來？或者是否有任何擔憂，像是人們不想前往美國旅行？

Allie, the World Cup event, actually, we're really excited about that. I personally am super excited. Just any event with a ball and a scoreboard is worth it but the globalization and with that event really means thrilled to be the official North American airline of the FIFA World Cup and something we can work on with Qatar Airways as well. We've got the best network in North America to get global fans where they want to go, huge loyalty benefits for us here as well.

Allie，關於世界盃，其實我們非常期待。我個人也非常興奮。任何有球和記分板的賽事都值得期待；而且這項賽事的全球化意義，讓我們非常高興能成為 FIFA 世界盃的北美官方航空公司，也能與卡達航空一起合作。我們在北美擁有最好的航網，能把全球球迷送到他們想去的地方，對我們的忠誠計畫也有很大的助益。

And we're really excited to see it. It's a great event because it's not focused geographically on one city like the Olympics, but you get the entire North America region with matches in Canada and Mexico, in addition to double-digit cities in the US. So really excited about the event and not seeing book away at this time.

我們也非常期待看到它。這是一個很棒的活動，因為不像奧運那樣集中在單一城市，而是涵蓋整個北美地區：除了美國有兩位數城市舉辦比賽外，加拿大與墨西哥也有賽事。因此我們非常期待，目前也沒有看到訂位流失（book away）的情況。

Leslie Josephs, CNBC.

CNBC 的 Leslie Josephs。

My question is about demand with fares going up. Is it that you're seeing the same or growing number of bookings at a higher rate or fewer people booking, but the -- they appear to be willing to pay more to fly? And then my second question is about VFR travel. Whether you're seeing any change in that this year?

我的問題是關於票價上漲下的需求。你們看到的是：以更高的票價，訂位數量維持不變或增加；還是訂位人數變少，但——看起來他們願意付更高的價格搭機？第二個問題是關於探親訪友（VFR）旅行：你們今年是否看到任何變化？

Leslie, thanks. Just in terms of demand, we've always been really sharp in terms of managing our load factors. And we see our loads keeping pace with the capacity adds and so that would suggest that we're seeing the real benefit in yields right now. And then from a VFR perspective, I don't have a lot of detail on that. But I'd tell you that we've held pretty true to where we have been historically.

Leslie，謝謝。就需求而言，我們在管理載客率方面一向非常精準。我們看到載客率與新增運能同步，這表示我們目前真正受益的是收益率的提升。至於 VFR 方面，我沒有太多細節；但我可以告訴你，我們大致維持在歷史水準。

And I'd just tell you that VFR traffic, I'm really excited about what Nat mentioned with our return to Venezuela. My guess is that that's going to be a real factor in the development of that marketplace.

另外我想說，談到 VFR 流量，我對 Nat 提到我們恢復委內瑞拉航線感到非常興奮。我猜這將會是推動該市場發展的一個重要因素。

Thank you.

謝謝。

Rajesh Singh, Reuters.

路透社 Rajesh Singh。

Robert, can you comment on reports of talks with Alaska to join your transatlantic and transpacific joint ventures? And how far those discussions have progressed and what scope you were considering?

Robert，你能否評論一下有關與阿拉斯加航空洽談加入你們跨大西洋與跨太平洋聯合業務的報導？這些討論進展到什麼程度？你們考慮的範圍是什麼？

Thanks for the question. We've got a great relationship with Alaska. We really look forward to building on a history that's dated back a long time, not just a oneworld when we brought sponsored Alaska into oneworld, but then develop the WCIA. And as their business has changed and ours has too. We look for opportunities going forward.

謝謝你的問題。我們與阿拉斯加航空的關係很好。我們非常期待在長久以來的合作基礎上繼續深化——不只是當初我們把阿拉斯加航空以贊助方式帶入 oneworld，之後也發展了 WCIA。隨著他們的業務改變、我們的業務也改變，我們會尋找未來的合作機會。

I know that they've been fiercely independent, but at the same time, we have been able to cooperate for the good of consumers on a number of fronts, and we look forward to doing more with Alaska going forward.

我知道他們一向非常獨立，但同時我們也能在多個面向為了消費者的利益進行合作，我們也期待未來與阿拉斯加航空有更多合作。

And Robert, if I can just squeeze in one more question. You said that if there are any consolidation opportunities (inaudible) looking at that. Is there anything out there that (inaudible) you and you think that might be the best fit for American?

Robert，如果我可以再塞一個問題。你提到如果有任何整併機會（聽不清）你們會關注。外面是否有任何（聽不清）你們覺得可能最適合美航的？

So a question regarding consolidation. Again, I appreciate that we're always on the lookout for opportunities, but right now, nothing to report. And American has long experienced in terms of making sure that we take care of our customers, our network, our company, and we've been really creative over the years in being able to do that, whether it was back -- the creation of today's American Airlines back in 2013, in the combination of US Airways and American, all the way to things that have worked really well like our relationship with Alaska and the WCIA or our joint businesses with IAG and JAL.

關於整併的問題。再次強調，我理解大家會關注，我們也一直在留意機會，但目前沒有任何可報告的內容。美航長期以來在確保照顧好客戶、航網與公司方面經驗豐富；多年來我們也很有創意地做到這一點——不論是回到 2013 年，透過全美航空與美航的合併，打造出今天的美國航空；或是一些運作得非常好的安排，例如我們與阿拉斯加航空及 WCIA 的關係，或是我們與 IAG 與 JAL 的聯合業務。

And we'll continue to be creative and do what's right for our company and our customers.

我們會持續保持創意，做對公司與客戶最正確的事。

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?

以上為本次電話會議的問答環節。接下來我想把會議交回給 Robert Isom 做結語。先生？

Thanks, Latif, and thanks, everybody, for listening in today. We're really encouraged by our revenue growth in the first quarter, anticipated growth in the second quarter. It's all due to what we're focused on, elevating our customer experience, growing our global network, driving premium revenue and leading in loyalty. We have a fantastic team. I'd just like to thank them for everything that they do.

謝謝，Latif，也謝謝各位今天收聽。我們對第一季的營收成長、以及第二季預期的成長感到非常振奮。這一切都來自我們的聚焦方向：提升客戶體驗、擴大全球航網、推動高端（premium）營收並在忠誠領域領先。我們有一支非常棒的團隊，我想感謝他們所做的一切。

And I'm very encouraged by what we're projecting for the year with fuel prices up by over $4 billion, we're still anticipating to be able to produce a profit here. It gives testament to what we will be able to do when those fuel prices moderate in the future. So thank you for listening in, and we're going to get back to work.

而且我對我們今年的展望非常有信心：即使燃油價格上升超過 40 億美元，我們仍預期能在此實現獲利。這也證明了當未來燃油價格回落時，我們將能做到什麼。謝謝各位收聽，我們要回去繼續工作了。

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

本日電話會議到此結束。感謝各位參與。您現在可以掛線。