美國航空 (AAL) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's Second Quarter 2026 Earnings Conference Call. (Operator Instructions)

感謝您耐心等候，歡迎參加美國航空集團 2026 年第二季財報電話會議。（接線員指示）

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 Chief Executive Officer, Robert Isom, our Chief Commercial Officer, Nat Pieper; and our Chief Financial Officer, 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.

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、首席商務長 Nat Pieper，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。在事先準備的發言結束後，我們將開放分析師提問，接著是媒體提問。

To get in as many questions as possible, please limit yourself to one question and one follow-up. 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. 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.

為了盡可能回答更多問題，請每位提問者限制為一個問題與一個追問。在開始之前，請注意今天的電話會議包含前瞻性陳述，包括有關未來事件、成本、運能與機隊計畫預測等陳述。這些陳述代表我們對未來事件的預測與期望，但眾多風險與不確定性可能導致實際結果與預期有所差異。關於部分風險與不確定性的資訊，可參閱我們今早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. 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. Thank you for your interest in American and for joining us this morning.

此外，我們將討論若干非 GAAP 財務衡量指標，該等指標排除非常項目的影響。這些數字與 GAAP 財務衡量指標之間的調節表，已包含於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專區查閱。本次電話會議的網路直播也將在我們網站上存檔。我們今天早上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. American delivered a quarter that shows the commercial initiatives we've implemented over the past few years are producing meaningful results. We achieved record quarterly revenue on year-over-year growth of more than 16%. Every entity we serve and every cabin we offer improved meaningfully. This outstanding broad-based revenue performance reflects the strength of our commercial strategy anchored in four pillars; elevate the customer experience, grow the global network, drive premium revenue and lead in loyalty.

謝謝你，Neil，各位早安。美國航空本季的表現顯示，我們過去幾年推動的商業舉措正在產生具體且有意義的成果。在年增超過 16% 的帶動下，我們創下單季營收新高。我們服務的每一個客群與提供的每一個艙等都出現顯著改善。這項出色且全面的營收表現，反映出我們以四大支柱為核心的商業策略之強勁：提升客戶體驗、擴大全球航網、推動高端營收，以及在忠誠度方面領先。

Executing solidly on that strategy in the second quarter helped offset nearly 50% of the $2.2 billion year-over-year increase in fuel expense. We remain focused on efficiency in the second quarter and held nonfuel year-over-year unit cost growth to under 3%. We've built the airline to succeed in any environment and are pleased to report that we ended the second quarter with over $11 billion in available liquidity. Our revenue results this quarter continued to build on the momentum we've gained over the past few years with significant progress across each of our four pillars. Being a premium global airline means delivering an outstanding customer experience in the air and on the ground.

第二季對該策略的穩健執行，協助抵銷了燃油費用年增 22 億美元中近 50% 的影響。我們在第二季仍聚焦效率，將非燃油的單位成本年增幅控制在 3% 以下。我們已打造出能在任何環境下成功的航空公司，並很高興報告第二季結束時可用流動性超過 110 億美元。本季的營收成果延續了我們過去幾年累積的動能，並在四大支柱的每一項上都取得顯著進展。成為一家高端的全球航空公司，意味著在空中與地面都要提供卓越的客戶體驗。

In the quarter, we announced or delivered enhancements on all fronts in our app, elevated food and beverage offerings, new and retrofitted aircraft and especially new and refreshed lounges. American continues to lead the industry with the most premium lounges and we'll further expand our lounge footprint in New York and Dallas-Fort Worth. These enhancements are further supported by stronger operational performance, regardless of the weather or other challenges, we've implemented numerous operational improvements and equipped our customers with new capabilities to manage through disruptions. Our global network is rooted in having the most comprehensive footprint in North America. And after years of constrained growth, we've regained share in all of our hubs and gateways by reestablishing our presence in Chicago O'Hare, growing in Philadelphia and Phoenix and flying our largest schedules ever in DFW and Miami.

本季我們在各方面宣布或推出強化措施，包括 App 功能、提升餐飲供應、新機與改裝機隊，尤其是全新與翻新的貴賓室。美國航空持續以最多的高端貴賓室領先業界，並將在紐約與達拉斯—沃斯堡進一步擴大貴賓室據點。這些強化也由更強的營運表現所支撐；無論天候或其他挑戰，我們已實施多項營運改善，並為客戶提供新功能以在航班受干擾時更好地應對與管理。我們的全球航網建立在北美最完整的航點布局之上。在多年成長受限之後，我們透過重建在芝加哥歐海爾的布局、擴大費城與鳳凰城的運能，並在 DFW 與邁阿密執飛史上最大航班時刻表，已在所有樞紐與門戶市場重新奪回市占。

The work in customer experience and the return of our network has produced the intended results, winning back high-value customers and setting the stage for premium revenue growth. Premium revenue continues to outpace nonpremium, and we've been especially encouraged by our corporate revenue. All of that leads to a loyal customer base. The AAdvantage program is already the industry's largest, and we saw enrollments grow at record rates again in the second quarter. No doubt, some of that growth is due to the launch of our new co-brand relationship with Citi in the superior utility that our offerings provide our customers.

在客戶體驗上的努力以及航網的回歸，已產生預期成果：贏回高價值客戶，並為高端營收成長奠定基礎。高端營收持續跑贏非高端營收，我們對企業客收尤其感到鼓舞。這一切都導向更忠誠的客戶基礎。AAdvantage 計畫已是業界最大，而我們在第二季再次看到註冊人數以創紀錄的速度成長。毫無疑問，其中部分成長來自我們與 Citi 推出的全新聯名合作關係，以及我們產品為客戶提供的更優越使用效益。

They clearly like what they're seeing. We believe the macro environment positions American well, not only for the third quarter and the remainder of this year, but also the longer term. The revenue environment remains positive for the industry as demand for air travel remains strong. Consumer spending remains resilient, underpinned by a healthy labor market and a sustained preference for travel relative to other discretionary categories. The price of air travel remains a bargain.

他們顯然很喜歡他們所看到的。我們認為總體環境讓美國航空不僅在第三季與今年剩餘期間具備良好條件，長期而言亦然。就產業而言，營收環境仍然正向，因為航空旅行需求依舊強勁。在健康的勞動市場支撐下，消費支出仍具韌性，且相較其他可自由支配類別，旅遊偏好持續存在。航空旅行的價格仍然相當划算。

Demand is showing up broadly across all cabins and real airfares are still lower than in 2019. Lastly, the industry capacity setup is constructive for American Airlines. With industry supply and demand in better balance and a strategy that is delivering its promise, we're confident American has the most upside over the longer term. None of the progress we've made in the second quarter would be possible without the efforts of the American Airlines team, and I want to thank each of them for the commitment to excellence that makes American a premium global airline, one that flies more customers every year than any other airline in the world. Looking ahead, we expect demand to remain strong and our commercial execution to keep improving through the back half of the year.

需求在各艙等皆普遍呈現，而實質票價仍低於 2019 年。最後，產業運能格局對美國航空而言具建設性。在產業供需更趨平衡、且我們的策略正兌現承諾之下，我們有信心美國航空在更長期具備最大的上行空間。我們在第二季取得的所有進展，若沒有美國航空團隊的努力都不可能實現；我想感謝每一位同仁對卓越的承諾，正是這份承諾讓美國航空成為一家高端全球航空公司，也使我們每年載運的旅客數量超過全球任何其他航空公司。展望未來，我們預期需求將維持強勁，且我們的商業執行力在今年下半年將持續改善。

Even against an expected nearly $6 billion year-over-year fuel headwind, we anticipate full year adjusted earnings to be breakeven at the midpoint of our guidance range. We believe our strong revenue momentum on top of an efficient cost base will continue to drive progress over time. And as fuel prices normalize, American is poised to deliver expanded margins, sustained free cash flow a stronger balance sheet and increased value to our shareholders. I look forward to the back half of 2026, and I'm especially excited for what we see as we look ahead to 2027 and beyond. And with that, I'll turn it over to Nat to walk through the revenue results and the progress we've made across each of our four commercial pillars.

即使面對預期接近 60 億美元的燃油成本年增逆風，我們仍預期全年調整後盈餘在指引區間中點將達到損益兩平。我們相信，在高效成本基礎之上延續強勁的營收動能，將隨時間推動持續進展。隨著燃油價格回歸常態，美國航空已蓄勢待發，可望帶來更高的利潤率、持續的自由現金流、更強健的資產負債表，並為股東創造更高價值。我期待 2026 年下半年，並且在展望 2027 年及更長遠未來時，對我們所看到的前景感到格外振奮。接下來，我把時間交給 Nat，請他說明營收成果以及我們在四大商業支柱上的進展。

Thank you, Robert. Before I begin, I want to thank our 130,000 team members, especially our operations team for taking care of our customers during a very busy summer. Revenue growth in the quarter came in at the high end of our initial guidance, with total revenue increasing 16.3% year-over-year. Revenue strength was broad-based, reflecting robust demand for our product and an improving pricing environment. Geographically, all regions exceeded our initial expectations during the quarter.

謝謝你，Robert。在我開始之前，我要感謝我們 13 萬名團隊成員，尤其是營運團隊，在非常繁忙的夏季期間照顧我們的客戶。本季營收成長落在我們初始指引的高端，總營收年增 16.3%。營收強勁且具廣泛性，反映出市場對我們產品的強勁需求，以及票價環境的改善。就地理區域而言，本季所有地區的表現均超出我們的初始預期。

Domestic unit revenue increased nearly 11% year-over-year with Washington National, Dallas-Fort Worth and Los Angeles to standouts. Atlantic unit revenue was up approximately 9% year-over-year, led by London. Pacific unit revenue increased 15% year-over-year, with Japan performance noteworthy. And finally, Latin America unit revenue was up approximately 7% year-over-year, key by recovery of Mexico beach demand. Across the commercial division, we remain focused on executing our four-pillar strategy.

國內單位營收年增近11%，其中以華盛頓國家機場、達拉斯—沃斯堡與洛杉磯表現最為突出。大西洋單位營收年增約9%，由倫敦領軍。太平洋單位營收年增15%，其中日本表現值得關注。最後，拉丁美洲單位營收年增約7%，主要受墨西哥海灘需求復甦帶動。在商務部門方面，我們仍專注於執行四大支柱策略。

The first pillar is to elevate the customer experience. In the second quarter, we saw further evidence that our customer experience commitment is resonating. Total NPS increased 5 points year-over-year and for on-time flights, NPS improved for the 15th time in 17 months. American also achieved a 7% year-over-year improvement in the ACSI survey, one of the strongest gains in the industry. In May, we announced plans to install StarLink, the most advanced high-speed WiFi on our fleet beginning in 2027.

第一個支柱是提升客戶體驗。在第二季，我們看到更多證據顯示我們對客戶體驗的承諾正在引起共鳴。整體NPS年增5點；就準點航班而言，NPS在17個月中第15次改善。美航在ACSI調查中也達成7%的年增改善，為業界最強勁的增幅之一。5月，我們宣布計畫自2027年起在機隊上安裝StarLink（最先進的高速WiFi）。

Connectivity is increasingly important to customers and investments like this strengthen our competitive position. Demand for premium continues to be strong. We're growing our premium capacity through new deliveries of Boeing 787-9 and Airbus A321XLR aircraft and by executing fleet retrofit programs on our 777-300s, 777-200s, A320s and A319s. During the quarter, American increased live (inaudible) and premium economy capacity nearly twice as fast as main cabin capacity. These initiatives help us capture higher-margin demand while offering more premium seats than any other carrier.

連線能力對客戶而言愈來愈重要，這類投資可強化我們的競爭地位。高端需求持續強勁。我們透過引進波音787-9與空中巴士A321XLR新機交付，以及對777-300、777-200、A320與A319執行機隊改裝計畫，來擴增高端艙等運能。本季，美航的高端（聽不清）與豪華經濟艙運能增速幾乎是主艙等運能的兩倍。這些措施有助於我們掌握更高毛利的需求，同時提供比任何其他航空公司更多的高端座位。

Our next pillar is grow the global network. American offers the most comprehensive North American network in the industry. Our paramount focus is maximizing the performance of our hubs through targeted rational growth and optimization of our existing network. In April, we made significant changes to the bank structure at our largest hub, Dallas-Fort Worth. The rebank schedule is driving real improvements.

下一個支柱是擴大全球航網。美航提供業界最完整的北美航網。我們的首要重點是透過有針對性的理性成長，以及對既有航網的最佳化，來最大化各樞紐的表現。4月，我們在最大樞紐達拉斯—沃斯堡對航班波次（bank）結構做出重大調整。重新編排的波次時刻正在帶來實質改善。

Misconnects across the system are down nearly 25% year-over-year. Satisfaction scores are up, and DFW unit revenue outperformed our system average by approximately 4 points. We also bolstered our position in high-demand international markets in the quarter. We launched new routes this spring, including Budapest and Prague from Philadelphia and Athens from DFW. We also reinforced our industry-leading Latin American network as American became the first US carrier to resume service to Venezuela with flights to both Caracas and Maracaibo. Our hearts go out to the people of Venezuela following the recent earthquakes and we remain committed to supporting recovery efforts. Our third pillar is drive premium revenue. Premium unit revenue increased more than 13% year-over-year, driven by strong leisure and corporate demand across all entities. Main Cabin demand was solid.

全系統轉機銜接失敗（misconnect）年減近25%。滿意度分數上升，且DFW單位營收較全系統平均高出約4點。本季我們也在高需求的國際市場強化了布局。今年春季我們開闢新航線，包括自費城飛往布達佩斯與布拉格，以及自DFW飛往雅典。我們也鞏固了業界領先的拉丁美洲航網：美航成為首家恢復委內瑞拉航線的美國航空公司，提供飛往加拉加斯與馬拉開波的航班。近期地震後，我們對委內瑞拉人民深表關懷，並將持續致力於支持復原工作。第三個支柱是推動高端營收。高端單位營收年增逾13%，受各業務體系強勁的休閒與企業需求帶動。主艙等需求穩健。

Unit revenue increased nearly 9% and accelerated during the quarter. We also saw a 5-point increase in upsell rates from Basic Economy to Main Cabin for tickets sold in the second quarter, following enhancements to our product attributes. These results demonstrate the effectiveness of our initiatives and driving higher value customer choices and stronger revenue performance. Corporate demand remained strong in the second quarter. American's managed corporate revenue was up 26% over the prior year, marking our fifth consecutive quarter of double-digit growth.

單位營收年增近9%，且在本季期間加速成長。在強化產品屬性後，第二季售出票券從基本經濟艙加價升等至主艙等的比率也提升了5個百分點。這些結果顯示我們的措施有效，能引導客戶做出更高價值的選擇並帶來更強的營收表現。第二季企業需求仍然強勁。美航的管理型企業營收較去年同期成長26%，為連續第五季達成雙位數成長。

Revenue performance with small and medium businesses and TMCs also surged in the quarter. Our final strategic pillar is lead in loyalty. The industry-leading AAdvantage program provides the best redemption value for its members. AAdvantage program enrollments increased more than 30% year-over-year during the second quarter, surpassing the record growth we achieved in the first quarter. Our biggest enrollment growth incurred in New York City, Chicago and Los Angeles, and we saw substantial international growth as well.

本季在中小企業與TMC（差旅管理公司）方面的營收表現也大幅攀升。我們最後一個策略支柱是引領忠誠度。業界領先的AAdvantage計畫為會員提供最佳的兌換價值。第二季AAdvantage計畫註冊人數年增逾30%，超越我們在第一季創下的紀錄性成長。我們最大的註冊成長來自紐約市、芝加哥與洛杉磯，國際市場也出現顯著成長。

Our exclusive city co-branded credit card partnership is also essential to our loyalty offering. In the second quarter, card performance remained encouraging with spend across our portfolio, growing 8% year-over-year. To close, we remain wholly focused on building a stronger airline for our customers and for our team members. We are on the right track with our four-pillar commercial strategy. The progress we are seeing across customer experience, network, premium revenue and loyalty gives us confidence that the investments we are making today are enhancing our business and positioning us for long-term value creation.

我們獨家的城市聯名信用卡合作夥伴關係，也是忠誠度方案的重要一環。第二季信用卡表現仍令人鼓舞，整體卡組合的刷卡金額年增8%。總結而言，我們仍全力專注於為客戶與團隊成員打造更強健的航空公司。我們的四大支柱商業策略正走在正確的軌道上。我們在客戶體驗、航網、高端營收與忠誠度方面所見到的進展，使我們有信心：我們今日所做的投資正在強化業務，並讓我們具備創造長期價值的定位。

I'll now hand it off to Devon to walk through our financial performance and outlook.

接下來我把時間交給Devon，請他說明我們的財務表現與展望。

Thank you, Nat, and thanks to the entire American team for delivering another quarter of record revenue in this volatile fuel environment. In the second quarter, fuel expense increased by over $2.2 billion or 83% year-over-year. Despite that unprecedented headwind, American was able to recover nearly half of the increase with the strong revenue performance in the quarter. Since the beginning of July, expected third quarter fuel expense has increased by more than $700 million for the quarter and nearly $1.6 billion for the remainder of the year. Even in the last week, our fuel forecast has increased $230 million in the third quarter and nearly $550 million for the remainder of the year.

謝謝你，Nat，也感謝整個美航團隊在這個燃油環境波動的情況下，再度交出一季創紀錄營收。第二季燃油費用年增超過22億美元，增幅為83%。儘管面臨前所未有的逆風，美航仍能憑藉本季強勁的營收表現，回收（抵銷）近一半的增幅。自7月初以來，預期第三季燃油費用已增加逾7億美元，而今年剩餘期間則增加近16億美元。即使僅在最近一週，我們的燃油預測在第三季又增加2.3億美元，且在今年剩餘期間增加近5.5億美元。

Based on the forward curve as of July 21, we expect an average fuel price of approximately $3.75 per gallon in the third quarter, resulting in a $1.7 billion year-over-year increase in fuel expense in the quarter. Our third quarter capacity is now expected to be up 3% to 5% year-over-year, approximately 2 points lower at the midpoint than our original plan due to the elevated fuel prices. We will continue to evaluate capacity levels based on both fuel prices and demand trends. We expect third quarter CASM-ex to increase 2.5% to 4.5% year-over-year. CASM-ex in the quarter is slightly elevated due to the capacity reductions we have made in response to fuel volatility.

根據截至7月21日的遠期曲線，我們預期第三季平均燃油價格約為每加侖3.75美元，導致本季燃油費用年增17億美元。目前預期第三季運能將年增3%至5%；由於燃油價格走高，中位數較原先計畫低約2個百分點。我們將持續依燃油價格與需求趨勢評估運能水準。我們預期第三季CASM-ex年增2.5%至4.5%。由於我們為因應燃油波動而進行運能下調，本季CASM-ex略為偏高。

We continue to benefit from our multiyear effort to drive efficiencies throughout our business. Investments in technology, procurement and process improvements are driving higher productivity and significant savings that have allowed us to consistently outperform our peers on CASM-ex results. As Nat discussed, demand and pricing trends remain strong across the network and support our expectation for third quarter revenue growth of 16% to 19% year-over-year. Unit revenue is expected to be stronger year-over-year in Q3 and Q4 than what we achieved in Q2. We expect fuel prices to remain volatile and have slightly widened our guidance ranges accordingly.

我們持續受益於多年來在全公司推動效率提升的努力。在科技、採購與流程改善方面的投資，正帶動更高的生產力與顯著的節省，使我們在CASM-ex表現上得以持續優於同業。如Nat所述，整體航網的需求與定價趨勢仍然強勁，支持我們對第三季營收年增16%至19%的預期。預期第三季與第四季的單位營收年增表現將強於第二季。我們預期燃油價格仍將維持波動，因此相應地略為擴大了指引區間。

For the third quarter, we are guiding to an adjusted loss per diluted share of $0.70 to $0.10 and we are adjusting our full year guidance to between a loss of $0.65 to a profit of $0.65 per diluted share. Just three weeks ago, we were expecting to guide to full year pretax earnings approaching $1.5 billion, approximately 4x our 2025 pretax income. The current fuel curve has dampened our near-term expectations. But longer term, we fully expect that our revenue performance and continued cost execution will result in material margin expansion when fuel prices normalize. Turning briefly to fleet and capital expenditures.

就第三季而言，我們指引稀釋後每股調整後虧損為0.70美元至0.10美元；並將全年指引調整為稀釋後每股介於虧損0.65美元至獲利0.65美元之間。就在三週前，我們原本預期全年稅前盈餘指引將接近15億美元，約為我們2025年稅前所得的4倍。目前的燃油曲線已壓抑我們的短期預期。但從長期來看，我們完全預期當燃油價格回歸常態時，我們的營收表現與持續的成本執行將帶來顯著的利潤率擴張。接著簡要談談機隊與資本支出。

We expect to take 48 new aircraft this year, and we continue to expect approximately $4 billion of capital expenditures. Our fleet retrofit programs remain on schedule and support our strategy to expand premium seating and improve the customer experience. During the quarter, we completed several financings that bolstered liquidity and also addressed our only meaningful maturity in 2027. We ended the quarter with $11.3 billion of liquidity. At the midpoint of our current 2026 guide, we expect to produce positive free cash flow for the year and to finish the year with lower net debt than at the start of the year.

我們預期今年將接收48架新飛機，並且仍預期資本支出約為40億美元。我們的機隊改裝計畫仍按進度推進，並支持我們擴大高端座位、提升客戶體驗的策略。本季期間，我們完成了數項融資，強化了流動性，並同時處理了我們在2027年唯一具實質意義的到期債務。本季結束時，我們的流動性為113億美元。以目前2026年指引的中位數來看，我們預期今年將產生正的自由現金流，並在年底時的淨負債低於年初水準。

We remain committed to reducing debt, lowering interest expense and achieving our leverage objectives. Now I will turn it back over to Robert for closing remarks.

我們仍致力於降低負債、減少利息費用並達成我們的槓桿目標。接下來我把時間交還給Robert做結語。

Thanks, Devon. The four pillars of our commercial strategy represent more than individual initiatives. They are the foundational capabilities that we're building to better capture revenue across the business. The investments American is making are paying off in a meaningful way. We're seeing measurable revenue improvements and the progress we've made isn't driven by any one initiative, but rather by all the work that's taking place across the entire airline.

謝謝，Devon。我們商業策略的四大支柱不僅僅是各自獨立的倡議。它們是我們正在打造的基礎能力，以便在整個業務中更有效地掌握營收機會。美國航空正在進行的投資正以具實質意義的方式帶來回報。我們看到可衡量的營收改善，而我們取得的進展並非由任何單一倡議所驅動，而是來自整個航空公司各方面正在進行的所有工作。

While there is much more work to do, we're seeing tangible signs of progress, and we remain confident in our ability to close the revenue gap over time while maintaining cost discipline. Because of this, we believe American remains the carrier with the most upside. We're incredibly excited about the future for our customers, team members and shareholders. Operator, please open the line for questions.

雖然仍有許多工作要做，但我們已看到具體的進展跡象，並且仍對我們在維持成本紀律的同時，隨時間縮小營收差距的能力充滿信心。因此，我們相信美國航空仍是上行空間最大的航空公司。我們對客戶、團隊成員與股東的未來感到無比振奮。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hey, thank you. Good morning.

嗨，謝謝。早安。

Obviously, this fuel curve is not how anyone would have drawn up the year, acknowledging that and the underlying volatility, the number 1 question we hear from investors is why isn't the low-margin producer cutting capacity? Why isn't there a greater sense of urgency? And so maybe you could just illuminate, is it input cost volatility? Is it fleet commitments? And how is that like shaping your intermediate term views, not next quarter, but your intermediate-term views?

顯然，這條燃油曲線並不是任何人會為今年所設想的走勢；在承認這點以及其背後波動性的前提下，投資人最常問的第一個問題是：為什麼低利潤的供給者不削減運能？為什麼看起來沒有更強的急迫感？所以也許你可以說明一下：是投入成本波動嗎？是機隊承諾嗎？這些因素如何影響你們的中期看法——不是下個季度，而是你們的中期觀點？

Thanks, Duane. There's been a tremendous amount of volatility in the fuel curve. Just three weeks ago, we would have been projecting a forecast that we're considerably different as Devon said in his comments, we would expect in the third quarter that would have been almost $700 million better in a full year of almost $1.5 billion better. So as we take a look, both short term and long term, we're matching our network, our capacity to the demand environment that's out there and doing what's right for American. So we made an adjustment to the third quarter, and we did that just a few months ago.

謝謝你，Duane。燃油曲線的波動非常大。就在三週前，我們原本會提出一個截然不同的預測；正如Devon在他的評論中所說，我們原本預期第三季會好將近7億美元，而全年會好將近15億美元。因此，無論是短期或長期，我們都在讓我們的航網與運能匹配當前的需求環境，並做出對美國航空最正確的決策。所以我們對第三季做了調整，而且那是在幾個月前就已完成的。

We're taking a diligent look at the fourth quarter right now, and we'll continue to focus on that. And we'll do the same as we look out into the fourth quarter. American has always been smart and quick about reacting, and we're going to do the same and follow the same as we go forward.

我們現在正審慎檢視第四季，並會持續聚焦於此。而當我們展望第四季時，也會採取同樣的做法。美國航空一向能夠聰明且迅速地做出反應，我們未來也會一樣，並延續相同的做法。

Appreciate that. And then just with respect to CapEx over the next couple of years, '27, '28 given the deliveries and the retrofit programs. Can you just remind us of the shape of that?

感謝說明。另外，關於未來幾年的資本支出（CapEx），也就是'27、'28年，考量交機與改裝計畫。你能否提醒我們其走勢大概會是什麼樣子？

Duane, yes, so for this year, as we've talked about, we'll be right around four, maybe a little bit less than $4 billion in total CapEx. It will bump up a little bit next year, but not a whole lot. What's been happening as we've had for the last couple of years, delivery is sliding out. They're starting to stack up a little bit in the back half of the decade here. I think as we get into '28 and '29, there's some smoothing that needs to happen still with our delivery.

Duane，是的，所以今年如我們所談到的，總資本支出大約在40億美元左右，可能會略低於40億美元。明年會小幅上升，但不會多太多。過去幾年一直在發生的情況是，交機時程在往後延。它們開始在這個十年後半段有些堆積。我認為到了'28、'29年，我們的交機時程仍需要做一些平滑化調整。

So I won't comment on that. But for next year, it's probably going to be somewhere around that $4.5 billion range.

所以我不對此多做評論。但就明年而言，可能會落在約45億美元左右的區間。

Thank you.

謝謝。

Andrew Didora, Bank of America.

Andrew Didora，美國銀行。

Hi, good morning, everyone. First question for Devon. Just sort of a medium-term kind of CASM question here. Just I guess in 2027, what labor groups did open up for negotiations? And then if you were to continue at sort of this low to mid-single-digit capacity growth pace that you're seeing this year, I guess, what is a reasonable level of CASM growth not factoring in new labor deals?

嗨，各位早安。第一個問題想問Devon。這是一個偏中期的CASM問題。我想問在2027年，哪些勞工團體會重新開啟談判？另外，如果你們延續今年看到的這種低到中個位數的運能成長步調，那麼在不考慮新的勞資協議下，合理的CASM成長幅度大概會是多少？

Yes. We do have the pilot agreement that becomes amendable in August of 2027. Our pilots do get an increase in January of 2027. So that will be kind of part of our base forecast for our cost next year. What we've been saying pretty consistently is that we have a fleet plan that allows us to grow up to mid-single digits.

是的。我們的飛行員協議在2027年8月起可進行修訂。我們的飛行員會在2027年1月獲得一次調薪。因此，這將會成為我們明年成本基礎預測的一部分。我們一直相當一致地表示，我們有一個機隊計畫，讓我們能夠成長到中個位數。

Now how we actually grow is going to be dependent on the fuel environment, the demand environment that we're seeing out there. But the fleet plan would allow us to grow mid-single digits. And if we grew at that rate, you should expect CASM-ex to grow at around low single digits. If we pulled our growth rate down a little bit, CASM will come up a bit but that's just something that would happen naturally as we adjust capacity levels. Overall, though managing unit cost is something that we are great at.

至於我們實際會如何成長，將取決於燃油環境以及我們在市場上看到的需求環境。但機隊計畫確實允許我們以中個位數成長。如果我們以那樣的速度成長，你應該預期CASM-ex約以低個位數成長。如果我們把成長率稍微拉低，CASM會上升一些，但那只是我們調整運能水準時自然會發生的結果。整體而言，管理單位成本是我們非常擅長的事情。

We have been working on these long-term efficiency initiatives that allowed us to be best-in-class producer of costs on our capacity production, and we expect to continue to do that.

我們一直在推動這些長期效率提升計畫，使我們在運能產出成本方面成為同業最佳，我們也預期會持續做到這一點。

Got it. Thanks, Devon. Got it. And then just maybe, Nat, on transatlantic here, I think we were maybe a little bit aggressive across everybody on transatlantic kind of RASM growth in 2Q. One, I guess, what are you seeing in that market based on the booking curve, should this continue to improve? Any color that you have on other regions as we go through peak summer would be helpful. Thank you.

了解。謝謝，Devon。了解。接著也許想請教Nat，關於跨大西洋市場，我想我們可能在第二季對跨大西洋RASM成長的預期（各家都一樣）有點偏積極。第一，你們根據訂位曲線在該市場看到什麼情況，這是否會持續改善？另外，隨著夏季旺季推進，你對其他區域有任何補充也會很有幫助。謝謝。

Sure, Andrew. Thanks for the question. In the Atlantic, so much of that for us is about London and about Heathrow. And our unit revenue in London was up 20% in the quarter. We're allocating our most premium aircraft to that market, most premium market in the world and it's a smaller airplane, but we're really seeing benefits on that front.

當然可以，Andrew。謝謝你的問題。在大西洋航線方面，對我們而言很大一部分取決於倫敦以及希斯洛機場。我們在倫敦的單位營收本季成長了20%。我們把最具高端配置的飛機投入該市場——這是全球最頂級的市場；雖然機型較小，但我們確實在這方面看到效益。

And then across the Atlantic more broadly through the second quarter and into the third, we're seeing good results in the entity. Our new routes are hitting our projections and our targets. We've upgauged a bunch of capacity there. It's kind of one of the irrefutable rules at least in the business when I started. You put every wide-body airplane you have across the Atlantic in the summer and that certainly is holding true here.

此外，更廣泛地看跨大西洋市場，從第二季到第三季，我們在整體上都看到不錯的成果。我們的新航線達到我們的預測與目標。我們也在那裡把不少運能升級為更大機型。至少在我剛入行時，業界有一條幾乎無可辯駁的規則：夏天你會把手上所有廣體機都投到跨大西洋航線上，而現在看來這條規則依然成立。

So consistent with our competitors, good performance in that entity. Quickly bouncing into the other ones, Latin America was a highlight for us in Q2. Revenue performance, pretty good from a Mexico perspective, Central America was strong as well. And we continue to add to our industry-leading Latin America franchise out of Miami. Venezuela service, we restarted and really pleased about that.

因此，與我們的競爭對手一致，該業務實體表現良好。快速帶到其他區域，拉丁美洲在第二季是我們的亮點。營收表現方面，從墨西哥的角度看相當不錯，中美洲也很強勁。而我們也持續透過邁阿密，強化我們業界領先的拉丁美洲版圖。委內瑞拉航線服務我們已重啟，對此我們非常滿意。

And then lastly, on the Pacific, great results there. Unit revenue 15%, and that's all about Japan. That market continues to be terrific. Our joint business partner, JAL, clearly working together very nicely with them and seeing great results. And then lastly, we've upgauged a number of our Asia routes out of DFW.

最後，在太平洋航線方面，成果也非常出色。單位營收成長15%，這主要來自日本。該市場持續表現極佳。我們的聯營夥伴日本航空（JAL）顯然與我們合作得非常順暢，也看到很好的成果。最後，我們也已將多條自DFW出發的亞洲航線進行機型升級。

And again, in this market, it's the right thing to do, more premium seats and capture that demand.

再說一次，在這個市場這麼做是正確的：增加更多高端座位，以掌握那股需求。

Thank you.

謝謝。

John Godyn, Citigroup.

John Godyn，花旗集團。

Hey, guys. Thanks for taking my question. I wanted to just spend a second on premium and the strategy there. Obviously, a lot of competition for premium passengers, but you had a couple of data points, the 26% increase in managed corporate stands out, where you're seeing some success there. Maybe you could just kind of elaborate on what's going on with your premium strategy over the next few quarters and as far out as you think you have anything kind of exciting?

嗨，各位。謝謝讓我提問。我想花一點時間談談高端產品（premium）以及相關策略。顯然，高端旅客的競爭非常激烈，但你們提到幾個數據點，其中「受管理企業客戶（managed corporate）」成長26%特別醒目，顯示你們在那裡看到一些成果。也許你們可以再多談談，未來幾季你們的高端策略會怎麼走？以及更長期來看，有沒有什麼你們認為令人期待的計畫？

John, it's all exciting. But yes, I think on the premium side, we are a premium global airline, and our premium traffic continues to outpace the rest of the business. Our premium revenue in the quarter was up 19%, nonpremium was 15%, and our unit revenue on premium, up 13%, 5 points ahead of Main Cabin. So it's nearly half of our ticketed revenue on roughly 30% of our seats. And the thing we're really excited about it is nearly 60% of our revenue comes from households making $150,000 or more.

John，一切都令人期待。不過是的，我想在高端方面，我們是一家高端的全球航空公司，而我們的高端客流持續跑贏其他業務。本季我們的高端營收成長19%，非高端成長15%；高端的單位營收成長13%，比主艙（Main Cabin）高出5個百分點。因此，高端幾乎占我們售票營收的一半，但只使用約30%的座位。而我們真正感到興奮的是，我們近60%的營收來自年收入15萬美元以上的家庭。

And so that's demand that's more likely to hold up through economic uncertainty. We're making investments in premium in terms of taking new deliveries with richer configurations. We've got a number of retrofit programs on our existing fleet to continue to put more premium product in place and really capture that demand. Second part of your question, transcending into managed corporate, as we said in the script, up 26%. And while corporate yields are terrific, we're seeing a lot of premium leisure yield as well.

因此，這類需求在經濟不確定性下更可能維持韌性。我們在高端方面持續投資，包括接收新交付飛機時採用更高端的艙等配置。我們也針對現有機隊推動多項改裝計畫，持續導入更多高端產品，真正把握那股需求。至於你問題的第二部分，延伸到受管理企業客戶，如同我們在講稿中提到的，成長26%。而且，雖然企業客戶的收益率（yield）非常好，我們也看到大量高端休閒旅客同樣帶來很好的收益率。

And that's something, again, that just makes us feel good about the sector and this segment continuing to thrive.

這也再次讓我們對這個產業與這個客群區隔能持續蓬勃發展感到更有信心。

That was fantastic. And lead into loyalty as kind of one of the pillars. Just kind of a follow-up on my prior question, but maybe you could just elaborate there. Thank you.

這非常棒。接著談到忠誠計畫，把它作為支柱之一。算是延續我前一個問題的追問，但也許你可以再多補充一下。謝謝。

Sure. On the loyalty side, our program continues to be really successful. The advantage program, first biggest and best and our enrollments are up 32% in the quarter year-over-year. And the thing that I'm most excited about is we're seeing our biggest growth in jump all markets, New York City, Chicago, Los Angeles, and we're also seeing international traction. Our enrollments doubled in London, for example.

當然。在忠誠計畫方面，我們的方案持續非常成功。AAdvantage 計畫是第一大、也是最好的，而我們本季的註冊人數年增32%。我最興奮的是，我們在所有重點市場看到最大成長：紐約市、芝加哥、洛杉磯，同時也看到國際市場的動能。例如，我們在倫敦的註冊人數翻倍。

So that's indicator of a thriving program and one that we're really excited to continue to build and deepen our relationships with our best customers.

因此，這是計畫蓬勃發展的指標；我們也非常期待持續建構這個計畫，並加深與我們最佳客戶之間的關係。

Thank you.

謝謝。

David Vernon, Bernstein.

David Vernon，Bernstein。

Hey, good morning, guys, and thanks for taking the question. I want to come back to the topic of capacity in a slightly different way. So now you've been in the seat now for, I guess, almost approaching the year, close to a year, and we are sitting on -- we're hearing the story that the [problem] is improving, you're making the investments in the premiums and the lack in the clubs and the loyalty programs. But is there anything that you can see as you're looking at the network that if you were to state the network differently, maybe not grow it, maybe [shrimp] it in some areas that would lead to some better financial outcomes because a lot of investors are still really struggling with this idea that these changes are being made, the premium revenues being earned, but we're still seeing such a huge gap in the financial performance. And I'm just wondering if the size of the network is something that you've kind of taken a structured review of and what your thoughts are there? .

嗨，早安，各位，謝謝讓我提問。我想用稍微不同的方式回到運能（capacity）這個主題。所以你現在坐在這個位子上，我想，差不多快一年、接近一年了；而我們現在聽到的說法是，[問題]正在改善，你們也在高端產品、貴賓室（clubs）的不足，以及忠誠計畫上做投資。但當你們檢視航網時，有沒有任何你們看得到的地方：如果用不同方式來配置航網，也許不擴張，甚至在某些區域「縮小」一些，是否能帶來更好的財務結果？因為很多投資人仍然很難理解：這些改變正在發生、高端營收也在成長，但我們仍看到財務表現存在如此巨大的落差。我想知道，航網規模是否是你們已經以結構化方式檢視過的議題？你們的想法是什麼？.

David, for the record, it's been nine months, although we need something like dog years in the airline industry, I think. It's been really fun though, looking at from a network perspective and figuring out the arenas in which we can compete effectively and deliver outsized performance in the arenas we're not going to be so strong, you can't fight in every battle. And I think our first priority, and we've been consistent with this, is really going to recapture market share in our hubs. Prepandemic American had 3, 4, 5, 6, 7 percentage points of more local share in Phoenix, in Philadelphia, in Miami. And so our primary focus from a network perspective is to go recapture that.

David，先說明一下，嚴格來說是九個月；不過我想在航空業裡可能得用「狗年」來算。但從航網角度來看確實很有趣：找出我們能有效競爭並交出超額表現的戰場；而在我們不會那麼強的領域，你不可能每一場仗都打。我認為我們的第一優先事項，而且我們一直都很一致，就是要在我們的樞紐（hubs）重新奪回市占。疫情前，美航在鳳凰城、費城、邁阿密的本地市占（local share）高出3、4、5、6、7個百分點。因此，從航網角度來看，我們的主要重點就是把那部分奪回來。

And logically, it makes sense. Those are our best customers, folks that are deepest elite penetration. They've likely got the credit card, you're going to generate outsized yield there. And so really focused but discipline on hub performance and really optimizing because we can use the facilities that we have there as well. But we've been doing some tweaking as you would expect.

而且從邏輯上也說得通。那裡是我們最好的客戶，菁英會員滲透率（elite penetration）最深。他們很可能也持有聯名信用卡，因此你能在那裡創造超額收益率（yield）。所以我們非常聚焦、但也保持紀律地提升樞紐表現並進行最佳化，因為我們也能善用既有的設施。不過如你所料，我們也一直在做一些微調。

DFW 13 Bank, we've talked about that went in, in April. We've shifted some of our LaGuardia strategy more to focus on local customers and seeing good results there with local share. And then I'd say on the international side, again, through my lens of, I guess, still newness, I mentioned Latin America on the previous question, and I think that is an asset that American has that is unique and that we need to continue to invest there and be smart about it. London, I talked about in terms of premium traffic. It fits the investments that we're making, and we've got a terrific joint business partner in British Airways there.

DFW 的13波（13 Bank），我們談過，已在4月上線。我們也把部分拉瓜地亞（LaGuardia）的策略轉向更聚焦本地客戶，並在本地市占上看到不錯的成果。另外在國際方面，從我這個仍算新上任的視角來看，我在前一題提到拉丁美洲，我認為那是美航獨特的資產，我們需要持續在那裡投資並且更聰明地布局。至於倫敦，我談到它在高端客流方面的表現。它符合我們正在進行的投資方向，而且我們在那裡有一個非常出色的聯營夥伴：英國航空（British Airways）。

And then lastly, I'd say the other thing I'm looking at is can we get more value out of our joint businesses internationally, ways that we can expand our global presence, we're going to grow internationally as we've talked about, but there's also ways to improve your financial performance and deepen your presence, and that's really doing things effectively with your partners. The last thing I would say is that American is going to be rational. We know that from a capacity perspective, direct correlation to revenue performance. We understand all of that. And really, it's been selective and competing in the markets in which we think we can win.

最後，我想補充我正在看的另一件事：我們能否在國際上從聯營業務（joint businesses）中創造更多價值；有哪些方式可以擴大我們的全球能見度。我們會如同先前所說推動國際成長，但也有方法能改善財務表現並加深我們的布局，而那就是與夥伴更有效地合作。我最後要說的是，美航會保持理性。我們知道從運能角度來看，與營收表現有直接關聯。我們理解這一切。而我們一直是有選擇地出擊，只在我們認為能贏的市場競爭。

Okay. I guess, I'm not hearing a lot of -- you've seen scenarios that they're in maybe some of the smaller regional markets or something like that where maybe it doesn't make sense to deploy the capital. I guess I'm just wondering if you looked at it on a truly replacement cost basis, right, does it make sense to be as big as you are? Or could you maybe trim the network to free up some capital to further accelerate some of the balance sheet repair?

好的。我想，我沒有聽到太多——你們看過一些情境，可能是在一些較小的區域市場之類的地方，在那裡也許投入資本並不合理。我想我只是想知道，如果你們真的以重置成本的角度來看，對吧，你們維持現在這麼大的規模是否合理？或者你們是否可以縮減航網來釋放一些資本，以進一步加速一些資產負債表的修復？

No, good question. And I think, again, we've got 9, 10 hubs, right? We've got low hubs that really have local market presence. We've got hubs that really connecting flows and then some that are hybrids. Charlotte is a market that we have optimized and done some trimming there and reallocated capacity from that perspective.

不，問得很好。而且我想，再說一次，我們有9個、10個樞紐，對吧？我們有一些樞紐其實是低樞紐，真正具有在地市場的存在感。我們也有一些樞紐主要是連接客流，還有一些是混合型。夏洛特是一個我們已經最佳化的市場，我們也在那裡做了一些縮減，並從那個角度重新分配運能。

We've got hubs up and down the Northeast as you know. And so there's some allocation and reoptimization going on there. So it isn't just a throw everything against the wall and let's see how it sticks together we're being very targeted with what we're doing, and we're selectively cutting as well.

如你所知，我們在東北部上下都有樞紐。因此那裡正在進行一些配置與重新最佳化。所以這不是把所有東西都往牆上丟、看看哪些會黏住；我們做得非常有針對性，而且也在選擇性地削減。

Thank you.

謝謝。

Jamie Baker, JPMorgan Securities.

Jamie Baker，摩根大通證券。

Good morning, everybody. So Robert, we've discussed in the past a few times, the American thesis that disparate labor costs lie at the root of your margin deficit to Delta and United. But we've recently seen some pretty significant harmonization on flight attendants and mechanics at the competition. But I'm not seeing the sort of relative margin improvement at American that perhaps you were anticipating. So I'm reluctant to beat the dead horse, but is it still the American perspective that the competition is sort of living on borrowed labor cost time for a lack of a better term? Or has there been any evolution in how you're thinking about this, particularly with several working groups becoming amendable next year?

各位早安。Robert，我們過去討論過幾次，美航的論點是：勞動成本的差異是你們相較達美與聯合航空利潤率落後的根源。但我們最近看到競爭對手在空服員與機械師方面出現相當顯著的成本趨同。可是我沒有看到美航的相對利潤率改善，達到你或許原本預期的程度。所以我不太想老調重彈，但美航是否仍然認為，競爭對手某種程度上是在「借用」勞動成本的時間（如果容我這麼說）？或者你們在思考上是否有任何演進，特別是有幾個工作小組明年將變得可修訂？

Jamie, thanks. Let's just be clear. We have a number of things that we're working on to address the margin gap. And we've -- as you know, we've been putting considerable attention to improving our balance sheet, and that will reduce interest expense over time and really pleased that that's in a better position than it's been since 2016. You mentioned from a cost perspective, labor cost is -- compensation and benefits is just part of that.

Jamie，謝謝。先把話說清楚。我們正在推動多項工作來縮小利潤率差距。而且——如你所知——我們一直相當專注於改善資產負債表，這會隨時間降低利息費用；我也很高興，這方面的狀況已經比自2016年以來任何時候都更好。你提到成本面，勞動成本——薪酬與福利只是其中一部分。

I'm really pleased, and you can see it in our performance industry-leading unit cost performance. And you know what, that's with market-based wages, top-of-the-industry wages that are already baked in across the board. We have labor cost certainty. Yes, on their airlines we'll remain nameless while they may have negotiated contracts, they haven't put them in place. And if those contracts were in place or if they had been adjusted, you would see, I think, meaningful closure in this past quarter.

我非常滿意，你也可以從我們的表現看到：我們的單位成本表現是業界領先的。而且你知道嗎？這是在以市場為基礎的薪資、也就是全業界頂尖薪資水準已經全面納入的情況下達成的。我們對勞動成本具有確定性。是的，至於其他一些航空公司——我們就不點名了——他們也許已談妥合約，但尚未真正落地執行。如果那些合約已經落地，或如果他們已經做了調整，我認為你會在上一季看到相當明顯的差距收斂。

That said, our focus, okay, we know we're going to be great at cost management. We know that we're going to continue to improve our balance sheet. Our focus is from a commercial perspective and generating more revenue. And that commercial focus is on our four pillars and it's all about customer experience, which you've seen the investments that we're making. And that's included in our cost forecast.

話雖如此，我們的重點是：好，我們知道我們會很擅長成本管理。我們知道我們會持續改善資產負債表。我們的重點在商業面，也就是創造更多營收。而這個商業重點圍繞我們的四大支柱，核心就是客戶體驗——你也看到我們正在進行的投資。而這些都已包含在我們的成本預測之中。

In terms of our network, we have to have a network that is competitive where our customers want to fly. You know the constraints that we dealt with we're not being -- certainly we're being mindful of the industry and capacity as a whole, but we've got to be competitive in places that have been historically part of our network. Premium revenue, you see the impact from that perspective, both from a corporate perspective and overall premium yields. And look, the Citi deal is now just kicking in. So the upside for American is still there.

就航網而言，我們必須擁有一個具競爭力、且客戶想搭乘的航網。你也知道我們面對的限制——我們當然會留意整體產業與總運能，但我們必須在那些歷來屬於我們航網的一些地方保持競爭力。高端（premium）營收方面，你可以看到其影響，無論是企業客層或整體高端票價收益率。而且，Citi 的合作案現在才剛開始發酵。所以，美航的上行空間仍然存在。

Yes, labor costs are one component but the real upside for American is from revenue production. And you know what, others are going to have cost inflation issues, I feel really comfortable about where we're headed.

是的，勞動成本是一個組成部分，但美航真正的上行空間來自營收產出。而且你知道嗎？其他人會面臨成本通膨問題；我對我們前進的方向非常有信心。

Okay. That's helpful. And that's actually a good segue into the second question, probably for Nat. I've been thinking about premium capacity in how individual aircraft basically wide-bodies are configured. And obviously, there are a lot of gyrations in that regard at American at the moment. But from a high level, it looks to me like you're largely targeting fairly similar wide-body [LOPAs], is those of Delta and United? I guess my first question is whether you agree with that conclusion? And if you do, I'm curious how you arrived at those [indiscernible] considering not all industry hubs are created equal. Obviously, you're billed up on premium, everybody is. But your share of some of the strongest local international markets is a little bit lighter competitors.

好的。這很有幫助。而這其實也很自然地帶到第二個問題，可能要問Nat。我一直在思考高端運能，以及單一機型——基本上是廣體機——的客艙配置。而且很明顯，美航目前在這方面有很多調整。但從較高層次來看，我覺得你們大致是在瞄準與達美、聯合航空相當類似的廣體機[LOPA（客艙座位配置）]。我第一個問題是，你是否同意這個結論？如果同意，我也好奇你們是如何得出那些[聽不清]的，因為並非所有產業樞紐的條件都一樣。很明顯大家都在加碼高端產品，你們也是。但你們在一些最強的在地國際市場的市占，較競爭對手略低一些。

So I guess the question is whether it's possible you might be adding too much premium capacity. Any thoughts?

所以我的問題是：你們是否可能增加了過多的高端運能？有什麼想法嗎？

Jamie, we always expect fun questions from you, and that one clearly qualifies. I think you and I could probably debate this for the next 45 minutes, and we'll spare anybody listening for us doing that. But I think the name of the game in this is optimally matching aircraft size and characteristics to the markets that they fly. And lesson that I learned a long time ago when combining the Northwest and Delta fleets and matching planes to routes and it's still true today. But you've obviously got to balance that with operational complexity.

Jamie，我們一向期待你提出有趣的問題，而這題顯然符合。我想你我大概可以就此辯論接下來45分鐘，我們就不讓任何在聽的人受這個折磨了。但我認為這件事的關鍵，是把機型大小與特性，最佳化地匹配到它所飛的市場。我很久以前在整合西北航空與達美的機隊、並把飛機與航線做匹配時學到這一課，直到今天仍然適用。但你顯然也必須在這與營運複雜度之間取得平衡。

We can't have a different config on every one of our 1,600 airplanes.

我們不可能在1,600架飛機中的每一架都採用不同的配置。

And so your premise, if I understand it correctly, is that hubs with less local demand, call for less rich configs, and in American, we've got three sets of hubs. We've got hubs that large local demand. We've got hubs that are connecting monsters like DFW and Charlotte, and we've got hybrids, Philadelphia, Phoenix and Miami. And if you look at today's market, strong demand for premium products exist everywhere, whether that's in local markets, whether it's connecting flow. And one of the things I think about with that is the preponderance of credit cards, the dispersion of loyal customers outside of hubs because of credit card penetration, that validates more premium traffic creates premium demand, and those folks are going to fly through all of our hubs whether they're local or whether they're connecting.

所以如果我理解正確，你的前提是：在地需求較弱的樞紐，需要較不「豪華」的配置；而在美航，我們有三類樞紐。我們有在地需求很大的樞紐。我們有像DFW和夏洛特這種以轉機為主的超級樞紐，還有混合型的，例如費城、鳳凰城與邁阿密。而如果你看今天的市場，對高端產品的強勁需求無處不在，不論是在地市場，或是轉機客流。我對此思考的一點是：信用卡的普及、以及因信用卡滲透而使忠誠客戶分散在樞紐以外，這會驗證更多高端客流、創造高端需求；而這些旅客不論是本地或轉機，都會經由我們所有的樞紐飛行。

So there's always going to be markets like London, New York, the most premium market in the world, ultra premium config. And that's what we've done, as you can see, with our 787-Bs because it's matching the best product we have to the highest yielding market.

所以總會有一些市場像倫敦、紐約——全球最高端的市場——需要超高端配置。而這正是我們所做的；如你所見，我們的787-B就是如此，因為這是在把我們最好的產品匹配到收益率最高的市場。

But whether it's United, whether it's Delta, whether it's American, the game is going to be matching optimally aircraft config to market, and I feel really comfortable with where we are in the consideration set, we're a premier global airline. We've got premium demand, and there's no reason we shouldn't have as rich, if not richer configs than our competitors.

但不論是聯合、不論是達美、不論是美航，這場競賽都將是把飛機客艙配置最佳化地匹配到市場；而我對我們在評估集合中的位置非常有信心——我們是一家頂級的全球航空公司。我們有高端需求，沒有理由我們的配置不應該與競爭對手一樣「豐富」，甚至更豐富。

Thank you. Our next question.

謝謝。我們的下一個問題。

Ravi Shanker, Morgan Stanley.

摩根士丹利的 Ravi Shanker。

Great, thanks. Morning, everyone. Robert, you ended your prepared remarks by saying that you were excited for 2027 and beyond. I'm not sure if you're planning to have an Investor Day or something later this year, but can you just like fill us in kind of what specifically excites you about '27 and beyond?

很好，謝謝。各位早安。Robert，你在事先準備的發言最後提到，你對 2027 年及之後感到很興奮。我不確定你們今年稍晚是否計畫舉辦投資人日之類的活動，但你能不能跟我們分享一下，具體而言是什麼讓你對『27 年及之後』感到興奮？

Absolutely, Ravi. So look, as we said a little bit earlier, if we reported earnings just a few weeks ago, our forecast for the remainder of the year would have been potentially to produce results that were 4x better than last year. We're just getting started as a baseline. I know that our cost performance is something that we're incredibly proud of and that will be maintained I know that our balance sheet is going to continue to improve. We anticipate producing free cash flow even in this year where fuel costs are up for us are anticipated to be up by over $6 billion.

當然可以，Ravi。所以你看，正如我們稍早提到的，如果我們是在幾週前公布財報，我們對今年剩餘期間的預測，可能會是交出比去年好 4 倍的結果。這只是我們起步的基準而已。我知道我們的成本表現是我們非常引以為傲的，而且會持續維持；我也知道我們的資產負債表會持續改善。我們預期即使在今年燃油成本上升、且預計將增加超過 60 億美元的情況下，仍能產生自由現金流。

It's just incredible the amount of progress we've made. But these four pillars, everyone is designed to drive revenue performance. You're starting to see the signs of it. It's not a linear progression. We've had a number of good quarters of pickup versus OA.

我們取得的進展之大，真的令人難以置信。但這四大支柱，都是為了推動營收表現而設計的。你已經開始看到一些跡象。這不是線性的進展。相較於 OA，我們已經有好幾個季度出現不錯的回升。

And as we take a look out into the third quarter, we anticipate better TRASM performance. And as we move out into the fourth quarter, we see similarly strong TRASM performance. That's what I see continuing on out into 2027. That's what gets me excited. And if you take a look at where American and how we're valued today when fuel prices normalize, American is going to be the best investment out there.

而當我們展望第三季時，我們預期 TRASM 表現會更好。再往第四季看，我們也看到同樣強勁的 TRASM 表現。我認為這樣的趨勢會一路延續到 2027 年。這就是讓我感到興奮的地方。而如果你看看美航以及我們今天的估值，當燃油價格回歸正常時，美航將會是市場上最好的投資標的。

Understood. That's helpful. Maybe as a follow-up, how do you think about passing through jet fuel pricing now and let's say, the second round of increases, does Jet fuel need to top the prior high watermark of I think it was like [525] or something? Or will intermediate inflation like we're seeing right now also draw another round of price increases from you guys?

了解。這很有幫助。也許追問一下，你們現在如何看待把航空燃油價格轉嫁出去？再比如說第二波漲價，航空燃油是否需要超過先前的高水位（我記得大概是 [525] 左右）？或者像我們現在看到的這種中度通膨，也會促使你們再進行一輪漲價？

Ravi, I'll just start with this. First off, in terms of generating revenue, we've got to give our customers something that they value and consistent with our four pillars from a customer experience perspective and a network that they appreciate and really driving our premium product, we're intent on doing that. That said, we have to make sure that our capacity is sized for the demand that's out there. And so when we talk about offsetting fuel price increases, it's a combination of giving our customers something that they want to -- that they really value, driving revenue performance overall. But then also being mindful of the capacity that's in the marketplace and what we can achieve.

Ravi，我先從這點開始。首先，就創造營收而言，我們必須提供顧客他們重視的東西；並且依循我們四大支柱，從顧客體驗的角度、他們欣賞的航網，以及真正推動我們的高端產品，我們會堅定去做。話雖如此，我們也必須確保運能規模與市場需求相匹配。因此，當我們談到抵銷燃油價格上升時，這是一個組合：一方面是提供顧客想要、真正重視的東西，整體推動營收表現。但同時也要留意市場上的運能，以及我們能達成什麼。

And so as we move on, I'm confident that we'll get that balance right and be able to return to profitability really at any fuel pricing. I've mentioned earlier today that I've been in the business a long time. And I remember back in 2013, 2014, when oil prices for an extended period of time were over $100 a barrel -- when crude prices were over $100 a barrel. The industry and the airlines that I was part of, we found ways to be profitable. And that's the same type of attitude that we take into this American is well poised to operate in an environment of volatility.

因此隨著我們往前走，我有信心我們能把這個平衡拿捏好，並且在幾乎任何燃油價格水準下都能回到獲利。我今天稍早提到，我在這個產業很久了。我記得在 2013、2014 年，油價在一段很長的時間都高於每桶 100 美元——也就是原油價格高於每桶 100 美元。當時整個產業、以及我所屬的航空公司，都找到方法維持獲利。這也是我們面對這件事所採取的同樣態度；美航已經做好準備，在波動的環境中營運。

We're set up for this. And I look forward to being able to attack the problem as we go forward.

我們就是為此而打造的。我也期待在未來能夠積極應對這個問題。

Thank you.

謝謝。

Savi Syth, Raymond James.

Raymond James 的 Savi Syth。

Thank you. Good morning, everyone. Just maybe in simplistic terms, I was curious, if you look at the next 12 to 18 months, just how much faster will you're kind of premium seat grow versus Main Cabin? And just any general thoughts on the opportunities for greater international growth or domestic or if that should kind of continue to be balanced over the kind of the medium-term time horizon?

謝謝。各位早安。用比較簡單的方式問一下，如果看未來 12 到 18 個月，你們的高端座位成長速度大概會比主艙（Main Cabin）快多少？另外，對於國際成長或國內成長是否有更大的機會，有沒有一些整體看法？或者在中期時間範圍內，是否應該維持大致平衡？

Savi, thanks for the question. So this year, our premium seat growth is 5%, and our non-premium seats are growing 3%. Just to give you a perspective, and we expect that to accelerate as we move forward. We've got two domestic retrofit programs going right now on the A320s and the A319s. Those are just starting to roll out and getting great feedback from our customers with that.

Savi，謝謝你的問題。今年我們的高端座位成長是 5%，非高端座位成長是 3%。提供你一個參考，我們預期隨著往前推進，這個速度會加快。我們目前在 A320 與 A319 上同時進行兩個國內客艙改裝計畫。這些才剛開始推出，顧客回饋非常好。

So increasing the number of first-class seats domestically as well as premium leisure. And then on the international side, 777 modification is going as well. So you're going to see greater premium seat preponderance from American moving forward. And again, following the revenue trend that's strong as well as that's the arena in which we compete. All of the pieces of the strategy fit together, whether it's having premium product, it's corporate sales, it's having the network where people want to fly, customer experience, all of the four pillars.

因此在國內會增加頭等艙座位數，以及高端休閒（premium leisure）座位。而在國際方面，777 的改裝也在進行中。所以你會看到未來美航的高端座位占比會更高。而且同樣地，這也順著強勁的營收趨勢，並且這正是我們競爭的領域。策略的所有環節彼此契合：不論是高端產品、企業銷售、大家想搭乘的航網、顧客體驗，這四大支柱的每一項都是。

And this is a core part of getting our product out there that customers want to buy. So that, in essence, is both covering the domestic and the international.

而這是把顧客想買的產品推向市場的核心一環。所以本質上，這同時涵蓋國內與國際。

Yes. Got it. So just -- that's really helpful color. Just on the domestic versus international, is any thoughts on kind of what opportunity is one area of faster growth in any of the entities or just continuing to kind of grow similar to what you've seen recently?

是的。了解。所以——這些補充資訊很有幫助。就國內對比國際而言，你們是否認為某一邊有更快成長的機會？還是就像最近看到的那樣，持續以相近的速度成長？

Savi, one of the things that we pride ourselves on is being a premium global airline, but it's rooted in our hubs and what we do in this vast footprint in North America. That's how we take advantage of international opportunities. So as we take a look forward, I would anticipate that there's a balance just as we've always had. We're going to match our international traffic up along with our relationship with our joint business partners to what our domestic hubs can support.

Savi，我們引以為傲的一點是，我們是一家高端的全球航空公司，但根基在於我們的樞紐，以及我們在北美這個廣大版圖所做的一切。這就是我們把握國際機會的方式。因此展望未來，我預期會維持一種平衡，就像我們一向以來那樣。我們會配合國內樞紐所能支撐的程度，並結合我們與聯營業務夥伴（joint business partners）的關係，來匹配我們的國際客流。

Thank you.

謝謝。

Michael Goldie, BMO Capital Markets.

BMO 資本市場的 Michael Goldie。

Good morning. Can you further expand on the international strategy and how you're thinking longer term about adding more of your own equipment versus working with partners as well as entering new markets [for adding] depth and then the time line for maturation of new routes?

早安。你能否進一步說明國際策略，以及從長期來看，你們如何思考增加自有機隊投入、相對於與夥伴合作？以及進入新市場以[增加]深度，還有新航線成熟的時間表？

I'll start, Michael, thanks. And Nat, you can fill in. Again, I'll go back. Look, we're a premium global airline. We're proud of what we do.

Michael，我先開始，謝謝。Nat，你也可以補充。我再回到這點。你看，我們是一家高端的全球航空公司。我們為我們所做的事情感到自豪。

It all stems from this footprint that we have in North America and our hubs that are really in the position where economic growth and population growth is headed as we take a look at internationally, our hubs are absolutely poised to serve the biggest business markets in the world. And so our joint business partners, they just so happened to be at London Heathrow and in Tokyo, and in Sydney. And for us, we want to take advantage of those opportunities first and then be really smart about how we grow the operation, utilizing a fleet that I think is incredibly adaptable.

一切都源自於我們在北美的版圖，以及我們的樞紐所在的位置——從國際角度來看，這些樞紐正位於經濟成長與人口成長所指向的區域；而且我們的樞紐絕對有能力服務全球最大的商務市場。因此，我們的聯營業務夥伴剛好就在倫敦希斯洛、東京與雪梨。對我們而言，我們希望先把握這些機會，然後再非常聰明地擴大營運，運用我認為極具彈性的機隊。

So whether it's the 321XLRs, which can provide a lot of utility to secondary cities in Europe or in South America, out of JFK and Charlotte and DFW or what Nat spoke of earlier, these 787-9s, flagship suites the reconfigurations of 777-300s, we will be -- the 777-200s and ultimately, the 787-8s will be reconfigured as well. All of those enable us to fly to not only the biggest business markets but secondary cities as well and match incredibly well to the catchment basins that our hub provides.

因此，無論是321XLR（可為歐洲或南美的次級城市提供很大的效用），從JFK、夏洛特與DFW出發，或如Nat先前提到的這些787-9、旗艦套房、777-300的改艙，我們將會——777-200以及最終787-8也都會進行改艙。這些都讓我們不僅能飛往最大的商務市場，也能飛往次級城市，並且與我們樞紐所涵蓋的集客區域非常契合。

You hit most of it. I think the only thing I would add is if you think about the facilities, Michael, that we've got coming online with DFW and the terminal expansions here and what that's going to give us an opportunity to just increased domestic traffic to feed international routes. And then the other one I'm excited about is Los Angeles. That facility, obviously, under construction, be ready to go in 2028. But American's history in Los Angeles is incredibly proud.

你幾乎都提到了。我想我唯一要補充的是，Michael，如果你想想我們在DFW即將啟用的設施、以及這裡的航廈擴建，這將讓我們有機會增加國內客流，來餵養國際航線。另外一個讓我很興奮的是洛杉磯。那個設施顯然正在施工中，預計2028年就能投入使用。但美航在洛杉磯的歷史讓我們非常自豪。

And once we've got that facility in place, we'll have more gates than any other US airline and we're really excited to grow that.

一旦那個設施到位，我們的登機門數將超過任何其他美國航空公司，我們也非常期待擴大成長。

Thank you. And then quickly, if you can, how much of today's revenue now comes from outside the Main Cabin? And if you can't provide an exact figure, can you give us a framework of how that mix has shifted from 2019 to today or over the longer? Thank you.

謝謝。接著很快問一下，如果可以的話，今天的營收有多少是來自主艙（Main Cabin）以外？如果你無法提供精確數字，能否給我們一個框架，說明這個組合從2019年到現在、或更長期間是如何變化的？謝謝。

Sure. Absolutely. About half of our revenue today -- ticketed revenue today is premium on about 30% of our seats. So it's something that's grown over time, and we'll continue to see that grow as we expand it. And that's not only a business class but obviously, Main Cabin [Extra] in our premium economy as well. So it's healthy, and we're -- that's why we're investing because we think that's continuing to feed American strategy to be the premier global airline based in the US.

當然。沒問題。我們目前大約一半的營收——也就是今日的售票營收——來自高端產品，而這些高端產品約占我們30%的座位。所以這是隨時間成長的，我們也會在擴大供給的同時持續看到它成長。而且不僅是商務艙，顯然也包括主艙[加寬/優選]（Main Cabin [Extra]）以及我們的豪華經濟艙。所以這很健康，而我們——這也是我們投資的原因，因為我們認為這將持續支撐美航成為以美國為基地的首屈一指全球航空公司的策略。

Thank you.

謝謝。

Michael Linenberg, Deutsche Bank.

Michael Linenberg，德意志銀行。

Hey, good morning, everyone. Nat, two questions to you. Obviously, Dallas had a very strong performance. You called out the unit revenue outperformance 4 points versus the system. You also mentioned D.C. and L.A. being standouts. And so as we sort of think through your other hubs, which were the laggards? It would suggest that Dallas was nicely profitable. But conversely, several hubs underperformed and lost money. I don't know if you could give a ranking.

各位早安。Nat，我有兩個問題問你。顯然，達拉斯表現非常強勁。你提到單位營收表現比整體系統高出4個百分點。你也提到華盛頓特區和洛杉磯是亮點。因此，當我們思考你們其他樞紐時，哪些是落後者？這似乎意味著達拉斯的獲利相當不錯。但相反地，有幾個樞紐表現不如預期並且虧損。我不知道你是否能給個排名。

Which hubs are the works in progress that we're pulling down the numbers?

哪些樞紐仍在改善中、正在拉低整體數字？

Michael, I'd start with something my father had said to me, we love all of our hubs, just some more than others. But I think, look, we start with it as every hub we have has a strategic purpose for what we're trying to do. Previous quarters, obviously, very well publicized on what's been going on in Chicago. Chicago is strategically important to America, and we'll continue to perform there. I think what we have is, as I said earlier to one of the questions, we've got a really good mix of hubs with strong local demand.

Michael，我先從我父親曾對我說的一句話開始：我們愛所有的樞紐，只是有些比其他的更愛。但我想，首先我們的出發點是：我們每一個樞紐都對我們想做的事情有其策略目的。前幾季，大家也都很清楚、媒體也廣泛報導芝加哥發生了什麼。芝加哥對美航具有策略重要性，我們也會持續在那裡表現。我認為，如同我先前回答其中一個問題時所說，我們擁有一個非常好的樞紐組合，具備強勁的本地需求。

We've got sub hubs that are terrifically set up for connecting traffic and then ones that have a nice balance. And the key here for American is trying to really coordinate all of that and optimize it. And that's been one of the things that I've really enjoyed in my tenure so far and excited about how we can enhance that going forward.

我們也有一些次樞紐，非常適合做轉機客流，還有一些則在兩者之間取得良好平衡。而美航的關鍵在於，如何真正協調這一切並加以最佳化。這也是我到任以來非常享受的一件事，並且對我們未來如何進一步強化它感到興奮。

Okay. And then just second, again to you, Nat, on commercial. The cospend -- or the co-brand spend up 8%, fairly consistent with what we've seen over the last few quarters. I mean that's a good number. But it does lag your peers, which have been in the double-digit territory.

好的。第二個問題同樣問你，Nat，關於商務面。聯名卡消費（co-brand spend）成長8%，與過去幾季我們看到的相當一致。我的意思是，這是個不錯的數字。但它確實落後於同業，同業已經在雙位數成長的區間。

And I'm just -- I'm curious, is that an engagement issue? Is it a demographic issue? Maybe it's a basing issue, but it has lagged. And I realize that you sort of reinvigorated the card under the Citi deal. Anything that you can comment on it?

我只是好奇，這是參與度的問題嗎？是客群結構（demographic）問題嗎？也許是基地分布（basing）問題，但它一直落後。我知道你們在與花旗（Citi）的合作協議下，某種程度上重新振興了這張卡。你能對此做任何評論嗎？

I think -- listen, I think the calculus behind the Citi deal was to get American to really catch and be in the ballpark with where our peers are. And it's a 10-year agreement. We're in the first part of it, obviously. And learning how to work together. And we're really excited about it.

我想——聽著，我認為花旗合作協議背後的盤算，是讓美航真正追上並至少進入與同業相近的區間。這是一份10年的協議。我們顯然還在前期階段。也在學習如何一起合作。我們對此非常興奮。

The math still maintains where we were. We just need to make sure we've got that joint business aligned so that we've got the same incentives and we're working in the same direction. But I'm still excited about it. It's early stage.

這個數學（測算）仍然維持我們原先的判斷。我們只是需要確保雙方的聯合業務對齊，讓我們有相同的激勵機制，並朝同一個方向努力。但我仍然對此感到興奮。現在還在早期階段。

Thank you.

謝謝。

Catherine O'Brien, Goldman Sachs.

Catherine O'Brien，高盛。

Hey, good morning. Maybe one for Devon to start off. You noted you raised some incremental capital in the quarter and the [2027] maturity is now taken care of. How the fuel volatility this year changed the calculus on how much liquidity you want to have on hand over the short term? And then longer term, how does it impact -- I think you've got like a medium-term goal of getting to around three turns of leverage? Any thoughts there?

早安。也許先問Devon一題。你提到本季籌得一些額外資金，而[2027]年到期的部分現在已經處理好了。今年燃油價格波動如何改變你們對短期手上要保留多少流動性的盤算？然後長期來看，它如何影響——我想你們有個中期目標是把槓桿降到大約3倍左右？有什麼想法嗎？

Yes. We were in the market in the second quarter for some incremental financings. It wasn't a huge amount, but we did want to bolster liquidity here in the near term. So we did a little over $1 billion, around $1.5 billion of incremental financings in Q2. We'll continue to watch fuel volatility and decide if we want to go into the capital markets to raise anything else.

是的。我們在第二季進入市場做了一些額外融資。金額不算很大，但我們確實希望在短期內強化流動性。因此我們在第二季做了略高於10億美元、約15億美元的額外融資。我們會持續觀察燃油波動，並決定是否要再進入資本市場籌措其他資金。

But we haven't changed the target. And then longer term around liquidity -- sorry, around the balance sheet, it's still the same goals that we've had for several years here. We want to get inside $35 billion of total debt. We want to have net debt well inside of $30 billion and we'd like to get it to a BB credit rating. To get there, we have to have net debt to EBITDA inside of three turns.

但我們沒有改變目標。然後長期來看，關於流動性——抱歉，是關於資產負債表——仍然是我們過去幾年一直維持的相同目標。我們希望把總負債降到350億美元以內。我們希望淨負債明顯低於300億美元，並希望達到BB的信用評級。要做到這點，我們必須把淨負債對EBITDA控制在3倍以內。

To do that, we need some margin expansion. And like Robert has been talking about and Nat has been talking about, we think we're focused on all the right things commercially to drive that margin expansion, might be pushed out to the right a little bit, but we think we are going to achieve these balance sheet goals here over time.

為了做到這點，我們需要一些利潤率擴張。正如Robert與Nat一直在談的，我們認為在商務面我們聚焦在所有正確的事情上，以推動利潤率擴張；可能會稍微往後延，但我們相信隨著時間推進，我們將能達成這些資產負債表目標。

Okay. Great. And then we're keeping you busy on this call Nat, but one for you. You talked about some merchandising changes that have boosted basic economy upsell. Could you just give us a little more color on what that entailed?

好的。很好。接下來我們在這通電話上讓你很忙，Nat，但有一題想請教你。你提到一些商品化（merchandising）調整，帶動了基本經濟艙（Basic Economy）的加購（upsell）。能否再多分享一些細節，具體做了哪些調整？

And over the next 12 months or so, are there other merchandising efforts you're considering? And if yes, how meaningful could those be from a revenue uplift perspective? Just thought that was interesting on the 5 points increase upsell.

另外在未來大約12個月內，你們是否還在考慮其他商品化方面的作法？如果是，從營收提升的角度來看，可能會有多大意義？我只是覺得加購提升5個百分點這點很有意思。

Catie, we offer a pretty broad range today of tailored products from all ends of the travel spectrum. Folks looking for more value-oriented trips to truly premium experiences. And as you would expect, we're always evaluating our product offering, our merchandising strategy really to help drive higher value customer choices and you're doing it because you want to improve the revenue performance. As you mentioned and as we called out, we've seen really good success with our Basic Economy upsell, and excited at the traction we've seen there and a number of other initiatives we've got in play. We've also got an instant upgrade program that has generated some nice results too.

Catie，我們目前提供相當廣泛的客製化產品，涵蓋旅遊光譜的各個端點。從追求更高性價比的旅程到真正高端的體驗。如你所預期，我們一直在評估我們的產品組合與商品化策略，目的確實是要引導客戶做出更高價值的選擇，而這麼做是因為我們希望改善營收表現。如你提到、也如我們所指出的，我們在基本經濟艙加購方面看到非常好的成效，對目前的進展感到振奮，同時我們也有多項其他計畫正在推進。我們也有即時升等（instant upgrade）方案，也帶來了一些不錯的成果。

So we see a lot more potential here in all classes of service. We see that spanning not only in Main Cabin but also potentially into Premium as well. We're just continuing to study it. We know we've got a really good premium product. We're focused on improving that.

因此我們認為在各個艙等都還有更大的潛力。我們看到這不僅適用於主艙（Main Cabin），也可能延伸到高端艙等（Premium）。我們會持續研究。我們知道我們有一個非常好的高端產品。我們正專注於進一步提升它。

There's strong demand for it. And so we're always evaluating ways to merchandise it and sell to customers to meet their preferences.

市場對它的需求很強。因此我們一直在評估如何以商品化方式呈現並銷售給客戶，以符合他們的偏好。

(Operator Instructions)

(接線員指示)

Alison Sider, Wall Street Journal.

Alison Sider，《華爾街日報》。

Hi, thanks so much. Yes, curious kind of what you're seeing now that Southwest is doing [seat] assignments and extra legroom and they said that's really attracting a lot of corporate customers. If you're kind of seeing then be a stronger competitor for those customers or if you're seeing kind of any of your typical customers book towards Southwest?

嗨，非常感謝。是的，我想了解你們目前看到的情況：西南航空（Southwest）正在推行[座位]指派與加大腿部空間，他們表示這確實吸引了很多企業客戶。你們是否因此看到他們在這些客戶上成為更強的競爭對手，或是你們是否看到一些原本的典型客戶轉而向西南航空訂票？

What I see, Ali, is our corporate performance is really strong. As we mentioned, managed up 26%. Our small and medium business product AAdvantage business is up 42%. Our TMC business is up 19%, great partnerships with [Amex GBT] and BCD. So we're obviously focused on share.

Ali，我看到的是我們的企業客戶表現非常強勁。如我們提到的，受管理的企業客戶（managed）成長了26%。我們的中小企業產品 AAdvantage Business 成長了42%。我們的差旅管理公司（TMC）業務成長了19%，並且與[Amex GBT]與BCD有很好的合作夥伴關係。所以我們顯然專注於市占。

We track so many metrics. But in terms of our corporate performance and American, in essence, we're taking share, we're not losing.

我們追蹤非常多的指標。但就我們的企業客戶表現與美航而言，本質上我們是在取得市占，而不是流失。

Got it. Okay. Thank you.

了解。好的。謝謝。

Leslie Josephs, CNBC.

Leslie Josephs，CNBC。

Hi. Good morning, everyone. Could you tell us what percentage of your fuel is coming from with Gulf and what percentage is coming from other locations that might be more expensive? And what did you do in the quarter? What are you doing now going forward that might be a little bit creative in terms of your fuel supply. Is there anything that you can do? And any details on that front, whether with your fleet, with capacity, with your route network and your actual supply chain? Thanks.

嗨。各位早安。你們的燃油有多少比例是來自墨西哥灣（Gulf），又有多少比例來自其他可能更昂貴的地區？另外你們在本季做了什麼？展望未來，你們現在在燃油供應方面是否有一些比較有創意的作法？有沒有什麼你們能做的？以及在這方面是否能提供任何細節，不論是機隊、運能、航線網路，或你們實際的供應鏈？謝謝。

Leslie, we're around 65% supplied from the Gulf. There's some movement that we can do here and there to try to minimize price. I'd just say we have a fantastic fuel procurement team that does everything possible to ensure that we're getting the lowest price possible. In terms of like just volume of burn, I think our operations team does an outstanding job ensuring that we're carrying the right amount of fuel, managing fuel burn as effectively as possible, things like single-engine taxi. Longer term, you're right, the bigger levers are just how much capacity you want to produce in this environment.

Leslie，我們大約有65%的供應來自墨西哥灣。我們可以在某些地方做一些調整，盡量把價格壓到最低。我只能說，我們有一支非常出色的燃油採購團隊，會盡一切可能確保我們拿到最低的價格。就燃油消耗量而言，我認為我們的營運團隊做得非常好，確保我們攜帶適量燃油、盡可能有效管理燃油消耗，例如單發動機滑行（single-engine taxi）等。長期來看，你說得對，更大的槓桿其實是：在這樣的環境下，你想要提供多少運能。

As we have talked about throughout the call, that's something that we've historically been really sharp on. We've made adjustments here in the third quarter, and we'll continue to make adjustments as we head into Q4.

如同我們在整通電話中談到的，這一直是我們過去非常擅長掌握的事情。我們已在第三季做了調整，並且在邁入第四季時會持續調整。

And do you know where the most expensive fuel is in your network, either domestically or internationally?

那你知道你們航網中燃油最昂貴的地方在哪裡嗎？不論是國內或國際。

It's probably on the West Coast and certain international destinations. We can probably get you a little bit more detail offline if you want.

可能是在美國西岸以及某些國際目的地。如果你需要，我們可以在會後再提供你更詳細的資訊。

All right. Appreciate it. Thanks.

好的。感謝。謝謝。

Thank you. I would now like to turn the conference back to Robert Isom for closing remarks. Sir?

謝謝。現在我想把會議交回給 Robert Isom 做結語。先生？

Thanks, Latif. As we look ahead, we're encouraged by the progress we're making and the momentum we're seeing across the business. We still have a lot of work to do, but we're focused on executing on our plan, taking care of our customers and delivering results. The future for American is bright. We've got a great team, clear strategy and significant opportunities ahead of us.

謝謝，Latif。展望未來，我們對正在取得的進展以及在整體業務上看到的動能感到鼓舞。我們仍有很多工作要做，但我們專注於落實我們的計畫、照顧好客戶並交出成果。美航的未來一片光明。我們有很棒的團隊、清晰的策略，以及在前方的重大機會。

Our focus remains on execution and creating long-term value for our customers, team and shareholders. So thanks again for joining us, and we'll get back to work.

我們的重點仍然是執行力，並為我們的客戶、團隊與股東創造長期價值。再次感謝各位參與，我們將回到工作崗位繼續努力。

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。感謝各位參與。您現在可以掛線。