美國航空 (AAL) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to American Airlines Group's third quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加美國航空集團 2026 年第三季財報電話會議。(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, and good morning, everyone. 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. After our prepared remarks, we will open the call for analyst questions, followed by questions from the media. (Operator Instructions)

謝謝你，Latif，各位早安。歡迎參加美國航空財報電話會議。今天出席並將發表準備講稿的有：我們的執行長 Robert Isom、首席商務長 Nat Pieper，以及財務長 Devon May。完成準備講稿後，我們將開放分析師提問，接著是媒體提問。(接線員指示)

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. Information about some of these risks and uncertainties can be found in our earnings news 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.

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。關於其中部分風險與不確定性的資訊，可見於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。

Unless otherwise specified, all references to loss per share are on an adjusted and diluted basis. Additionally, we will be discussing certain non-GAAP financial measures, which exclude the impact of net special items. A reconciliation of those numbers to the GAAP financial measures is included in the earnings news release and investor presentation, each of which can be found in the Investor Relations section of our website.

除非另有說明，所有每股虧損的提及均以調整後且稀釋後基礎計算。此外，我們將討論若干非 GAAP 財務衡量指標，該等指標排除淨特殊項目的影響。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。

A webcast of this call will also be archived on our website. The information we're giving you on this 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也將在我們網站上存檔。我們今天上午在本次電話會議中提供的資訊截至今日為止，且我們不承擔其後更新該等資訊的義務。感謝各位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's third quarter revenue grew 19.3% year over year to $16.3 billion, above the high end of our guidance. Excluding the years following the pandemic, that's the strongest quarterly revenue growth of my career. Unfortunately, the significant increase in fuel prices more than offset that strength. Higher fuel added $1.9 billion to our costs in the third quarter, nearly 70% more than we paid during the same period last year.

謝謝你，Neil，各位早安。美國航空第三季營收年增 19.3% 至 163 億美元，高於我們指引區間的上緣。若不計疫情後的那些年度，這是我職涯中最強勁的單季營收成長。不幸的是，燃油價格的大幅上漲完全抵消了這股強勁表現。第三季較高的燃油成本使我們的成本增加 19 億美元，幾乎比去年同期多付了 70%。

We produced a loss in the quarter that, but for this fuel spike, would have been solidly profitable. The short-term pressure notwithstanding, we're moving in the right direction and with urgency. We're not satisfied with the loss no matter the reason, and we will do better. The work we're doing now is laying the foundation for solid profitability as we move to 2027. Our confidence comes from the strength we see in the underlying business, bolstered by encouraging results from our commercial initiatives and delivering on our commitments even as higher fuel prices obscure some of that progress in our reported results.

本季我們出現虧損；若非這波燃油飆升，本應可穩健獲利。儘管短期壓力存在，我們正以緊迫感朝正確方向前進。無論原因為何，我們對虧損都不滿意，我們會做得更好。我們目前所做的工作，正在為邁向 2027 年的穩健獲利奠定基礎。我們的信心來自於所見到的核心業務實力，並且在商務計畫的令人鼓舞成果與履行承諾的支撐下，即使較高的燃油價格在已揭露的業績中掩蓋了部分進展。

We said we would elevate the customer experience, and we are. You've seen our announcements, modernizing our fleet, installing Starlink on our entire mainline fleet, expanding seatback entertainment to our narrowbody aircraft, adding premium amenities, creating and updating lounges, and more.

我們說過要提升顧客體驗，而我們正在做到。各位已看到我們的公告：機隊現代化、在整個主線機隊安裝 Starlink、將椅背娛樂擴展至窄體機、增加高端設施、打造並更新貴賓室等等。

We said we would rebuild our network and we have. We grew in Miami and Phoenix and are investing in Charlotte. We rebanked our DFW and Philadelphia operations, producing meaningfully stronger operational and financial performance.

我們說過要重建我們的航網，而我們已經做到了。我們在邁阿密與鳳凰城擴張，並投資夏洛特。我們重新調整達拉斯沃斯堡（DFW）與費城的航班波段（rebank），帶來顯著更強的營運與財務表現。

And we've reestablished ourselves in Chicago, and we're restoring our presence in Los Angeles over time. That's competitive growth we needed to do. At the same time, we're focused on achieving profitable, sustainable growth in any environment. And given today's elevated fuel prices, we now expect our growth rate in 2027 to decelerate considerably.

我們也在芝加哥重新站穩腳步，並將隨時間逐步恢復我們在洛杉磯的布局。這是我們必須進行的競爭性成長。同時，我們專注於在任何環境下實現可獲利、可持續的成長。鑑於目前偏高的燃油價格，我們現在預期 2027 年的成長率將顯著放緩。

We said we would grow premium revenue, and we have. Premium generates roughly half of our ticket revenue on only about 30% of our seats, and we're adding more premium seats with every new aircraft and retrofit. This is the most profitable real estate on our planes, and these moves position us well as demand for premium continues to grow.

我們說過要提升高端（premium）營收，而我們已經做到了。高端艙等僅約占我們座位的 30%，卻貢獻約一半的機票營收；而我們每引進新機與進行改裝，都會增加更多高端座位。這是我們機上最具獲利性的「黃金地段」，而這些舉措也讓我們在高端需求持續成長之際具備良好布局。

And finally, we said we lead in loyalty, and we are. AAdvantage enrollments and spending on our co-branded credit cards are up year over year, and the AAdvantage program remains one of our strongest competitive advantages.

最後，我們說過我們在忠誠計畫方面領先，而我們確實如此。AAdvantage 的註冊人數與聯名信用卡的消費金額皆較去年同期成長，而 AAdvantage 計畫仍是我們最強的競爭優勢之一。

The US economy remains strong, supported by healthy employment, rising household incomes and significant wealth accumulation. Consumers continue to prioritize travel and recent yield strength is allowing airlines to regain our historical share of the travel wallet. In the near term, our focus is on what we can control. We continue to have industry-leading cost performance. The efficiency efforts we've prioritized are producing meaningful savings that will benefit us well beyond this year.

美國經濟仍然強勁，受惠於健康的就業狀況、家庭收入上升以及可觀的財富累積。消費者仍將旅遊列為優先事項，而近期票價收益率（yield）的走強，正使航空公司得以重新取得我們在旅遊支出錢包中的歷史占比。短期內，我們的重點是專注於我們可控的事項。我們持續維持業界領先的成本表現。我們優先推動的效率提升措施正帶來顯著節省，且其效益將遠超過今年。

Our premium product investments are paying off both now and in the future. Our year-over-year revenue growth has accelerated every quarter this year, and we expect that momentum to continue in the fourth quarter with revenue up 19.5% to 22.5% year over year. And we will adjust our capacity to support profitability as high fuel costs persist. American is taking the right actions for long-term success. Our job now is to convert all of this progress into better margins, free cash flow, and an even stronger balance sheet.

我們對高端產品的投資正在當下與未來都帶來回報。今年以來，我們的年增營收成長每一季都在加速；我們預期第四季這股動能將延續，營收年增 19.5% 至 22.5%。在高燃油成本持續的情況下，我們也將調整運能以支撐獲利能力。美國航空正在採取正確行動，以確保長期成功。我們現在的任務，是把所有這些進展轉化為更好的利潤率、自由現金流，以及更強健的資產負債表。

We expect the benefits of our strategy and the investments to become increasingly apparent, especially as fuel prices stabilize. Of course, none of this happens without the American Airlines team, and I want to thank all of our team members for taking care of our customers and each other.

我們預期，隨著燃油價格趨於穩定，我們策略與投資所帶來的效益將愈發明顯。當然，若沒有美國航空團隊，這一切都不可能發生；我要感謝所有團隊成員照顧我們的顧客，也彼此照應。

And with that, I'll turn it over to Nat.

接下來，我把電話交給 Nat。

Thank you, Robert. The work we have done across the commercial organization is resonating with customers, and it showed up in our third quarter results. Total unit revenue increased 14.5% year over year with strength across every geography and every cabin. Domestic passenger unit revenue increased 13.6% year over year with notable strength in New York and Miami.

謝謝你，Robert。我們在商務組織各方面所做的工作正引起顧客共鳴，並反映在第三季的業績中。總單位營收年增 14.5%，各地區與各艙等皆表現強勁。國內旅客單位營收年增 13.6%，其中紐約與邁阿密表現尤為突出。

Internationally, passenger unit revenue increased 16.4% year over year. Latin America led the way, up 21.1%, followed by the Atlantic at 14.5% and the Pacific, up 11.3%. We were deliberate in how we managed revenue during the quarter. We prioritized yield over load factor, proactively securing meaningfully higher yields in exchange for slightly lower loads. We see opportunities to further improve revenue quality through pricing, premium products, merchandising, and loyalty and are taking advantage, especially in this high fuel cost environment.

在國際市場方面，旅客單位營收年增 16.4%。拉丁美洲領先，成長 21.1%，其次為大西洋航線成長 14.5%，以及太平洋航線成長 11.3%。我們在本季的營收管理上採取審慎策略。我們優先考量收益率（yield）而非載客率（load factor），以略低的載客率換取顯著更高的收益率，並主動鎖定。我們看到可透過定價、高端產品、加值銷售（merchandising）以及忠誠計畫進一步提升營收品質的機會，並正加以把握，尤其是在高燃油成本環境下。

Now let's go through each of our four commercial priorities. First is to elevate the customer experience. We now have enough scale to more consistently deploy our world-class product. Our new Boeing 787-9 premium aircraft finished the summer with the highest NPS of any aircraft in our fleet. With 11 flying and another 19 on the way, our NPS scores will continue to rise as we introduce them further into the network. And across the system, our Net Promoter Scores for on-time flights have improved in six of the last seven quarters.

現在讓我們逐一說明四項商務優先事項。第一是提升顧客體驗。我們現在已具備足夠規模，能更一致地部署我們的世界級產品。我們新的波音 787-9 高端機隊在夏季結束時，NPS 為我們機隊中所有機型最高。目前已有 11 架投入營運，另有 19 架即將加入；隨著我們在航網中進一步導入，NPS 分數將持續上升。而在整個系統中，我們準點航班的淨推薦值（Net Promoter Scores）在過去七個季度中有六個季度改善。

In addition to the Starlink installations and seatback entertainment that will greatly enhance the customer experience in the air, giving us a hard product that will lead the industry, we are improving our premium ground game, too. We will open 10 lounges through 2027 and have additional investments planned across our network, including the largest Admirals Club in our system in Charlotte.

除了將大幅提升空中客戶體驗的 Starlink 安裝與座椅背娛樂系統，為我們帶來引領業界的硬體產品之外，我們也在強化高端地面服務。我們將在 2027 年前開設 10 間貴賓室，並計畫在全網進一步投資，其中包括在夏洛特設立我們系統內最大的 Admirals Club。

We are also investing in our digital experience across the board. Customers will see this as we manage disruptions better and deliver more timely information. And we are already seeing improvements in our mishandled baggage rate and customer misconnections among other customer-focused metrics.

我們也正在全面投資數位體驗。客戶將會感受到：我們能更好地管理營運中斷並提供更即時的資訊。此外，我們在行李錯運率與旅客錯過轉機等其他以客戶為中心的指標上，也已看到改善。

Second is to grow the global network. Dallas-Fort Worth is our epicenter. Following this year's rebank, DFW handled record passenger volumes in the quarter with significantly fewer misconnections, fewer mishandled bags and unit revenue that outpaced the rest of the system. Beyond DFW, we're building stronger schedules for local customers in our hubs, especially Chicago, Miami, Philadelphia, and Phoenix. These travelers tend to be higher yielding and a better schedule is how we earn more of their business.

第二是擴大全球航網。達拉斯—沃斯堡（DFW）是我們的核心樞紐。在今年的航班時刻重新配置（rebank）之後，DFW 在本季以顯著更少的錯過轉機、更少的行李錯運，以及領先全系統的單位營收，處理了創紀錄的旅客量。除 DFW 之外，我們也在各樞紐為本地客戶打造更強的班表，特別是在芝加哥、邁阿密、費城與鳳凰城。這些旅客通常收益率更高，而更好的班表是我們爭取更多其業務的方式。

Internationally, our Latin America franchise, anchored by our Miami hub remains one of the strongest parts of our network. Our long-haul international growth for 2027 is focused with seven new routes, including Chicago-Tokyo for our corporate customers and Charlotte-Barcelona for high-demand leisure travel.

在國際市場方面，以邁阿密樞紐為支點的拉丁美洲業務，仍是我們航網中最強勁的部分之一。我們 2027 年的長程國際成長聚焦於 7 條新航線，包括為企業客戶開通的芝加哥—東京，以及為高需求休閒旅遊開通的夏洛特—巴塞隆納。

The network is creating value beyond the passenger business, too. Cargo revenue increased 29% year over year in the third quarter, and we see future growth as we expand our widebody fleet. Third is driving premium revenue.

航網也在旅客運輸以外創造價值。第三季貨運營收年增 29%，隨著我們擴充廣體機隊，我們看見未來仍有成長空間。第三是推動高端營收。

Premium unit revenue increased 18.5% year over year, outperforming Main Cabin unit revenue by more than 4 points. Expanding our premium seating volume with new deliveries and retrofit programs, which include more than 200 aircraft across our 777, A320, and A319 fleets over the next three years is already bearing fruit. Corporate demand remains strong, and American is capturing meaningful share as our managed corporate revenue increased 28% year over year, our sixth consecutive quarter of double-digit growth. And we are improving our revenue quality as we deliver customers more product choices, demonstrated by a 6-point increase in the upsell rate from Basic Economy to Main Cabin.

高端艙等單位營收年增 18.5%，比主艙等單位營收高出超過 4 個百分點。透過新機交付與改裝計畫擴大高端座位供給——未來三年涵蓋我們 777、A320 與 A319 機隊中超過 200 架飛機——已開始見到成效。企業需求仍然強勁；我們的管理式企業營收年增 28%，已連續第六季達成雙位數成長，顯示美航正在取得可觀市占。同時，我們也透過提供更多產品選擇來提升營收品質；基本經濟艙升等至主艙等的加購率提高了 6 個百分點，即為明證。

Finally, loyalty. The AAdvantage program is a differentiator for American, and we intend to keep it that way. Enrollments were up 27% year over year in the third quarter with growth of 35% to 65% in New York, Los Angeles, and Chicago. During the quarter, we launched an enhancement for customers to use a combination of cash and miles for flight bookings, and the early results are encouraging. Spending on our Citi co-branded cards during the third quarter increased nearly 10% year over year, and we see opportunity for even better performance in our expanded partnership with Citi going forward.

最後是忠誠度。AAdvantage 計畫是美航的差異化優勢，我們打算持續保持這一點。第三季入會人數年增 27%，其中紐約、洛杉磯與芝加哥的成長介於 35% 至 65%。本季我們推出強化功能，讓客戶在訂票時可使用現金與里程的組合，初步結果令人鼓舞。第三季客戶在我們與 Citi 聯名卡上的消費年增近 10%，展望未來，隨著我們與 Citi 擴大合作，我們看見更佳表現的機會。

To close, we are delivering on our commercial strategy centered on customer experience, network, premium and loyalty. We are encouraged by the progress and optimistic about continued future improvement and the revenue opportunity ahead.

總結來說，我們正落實以客戶體驗、航網、高端與忠誠度為核心的商業策略。我們對進展感到振奮，並對未來持續改善以及眼前的營收機會保持樂觀。

I'll now hand it over 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. Our third quarter results reflect strong commercial and cost execution in a very challenging fuel environment. We reported an adjusted loss of $0.28 per diluted share, ahead of the midpoint of our guidance range.

謝謝你，Nat。我們第三季的結果反映出在極具挑戰的燃油環境下，商業面與成本面的執行都很強勁。我們公布的調整後每股稀釋虧損為 0.28 美元，優於我們指引區間中點。

The biggest factor in the quarter was fuel. We paid $3.85 per gallon, $1.48 more per gallon than the same period last year, which increased fuel expense by $1.9 billion year over year. For the full year, we now expect fuel expense to be more than $7 billion higher than in 2025.

本季最大的因素是燃油。我們每加侖支付 3.85 美元，較去年同期每加侖高出 1.48 美元，使燃油費用年增 19 億美元。就全年而言，我們目前預期燃油費用將比 2025 年高出超過 70 億美元。

We continue to deliver on what we can control in this environment. Third quarter CASM-ex increased approximately 3% year over year, better than the midpoint of the guidance range we provided in July, and we have now met or beat our CASM-ex guidance in 14 of the past 15 quarters. For the full year, we expect to lead the network carriers in the spread between year-over-year unit revenue and CASM-ex growth. That cost performance is not a one-quarter result.

在這樣的環境下，我們持續把可控的部分做到位。第三季不含燃油的 CASM-ex 年增約 3%，優於我們 7 月提供的指引區間中點；而在過去 15 個季度中，我們有 14 個季度達成或優於 CASM-ex 指引。就全年而言，我們預期在「單位營收年增」與「CASM-ex 年增」之間的差距表現上，將領先其他網路型航空公司。這樣的成本表現並非單一季度的成果。

Our multiyear reengineering efforts focused on technology investments, procurement excellence, and process improvements that drive efficiencies throughout the business are working. By the end of this year, we expect to have achieved nearly $1 billion in annual run rate savings and more than $900 million in working capital improvements through these efforts.

我們多年來的再造工程（reengineering）聚焦於科技投資、採購卓越與流程改善，以推動全公司效率提升，這些努力正在發揮作用。到今年年底，我們預期透過這些措施可達成接近 10 億美元的年度經常性節省（annual run rate savings），並帶來超過 9 億美元的營運資金改善。

Turning to the outlook. Demand and pricing trends remain strong across the network, and we expect fourth quarter revenue to grow 19.5% to 22.5% year over year, continuing the momentum we saw in the third quarter. Fuel will remain a significant headwind in the fourth quarter.

接著談展望。全網需求與票價趨勢仍然強勁；我們預期第四季營收將年增 19.5% 至 22.5%，延續第三季的動能。燃油在第四季仍將是顯著的逆風。

Based on the forward curve as of October 19, we expect an average fuel price of approximately $4.70 per gallon in the quarter, nearly double what we paid a year ago. At that price, we expect fourth quarter fuel expense to be approximately $2.8 billion higher year over year. We expect fourth quarter CASM-ex to increase 2.5% to 3.5% year over year, and we are guiding to an adjusted loss per diluted share of between $0.50 and $1.10. For the full year, we now expect an adjusted loss per diluted share of between $1 and $1.60. Our revenue performance and cost execution remain on track.

根據 10 月 19 日的遠期曲線，我們預期本季平均燃油價格約為每加侖 4.70 美元，幾乎是去年同期的兩倍。在該價格下，我們預期第四季燃油費用將較去年同期高出約 28 億美元。我們預期第四季不含燃油的 CASM-ex 將年增 2.5% 至 3.5%，並指引調整後每股稀釋虧損介於 0.50 至 1.10 美元之間。就全年而言，我們目前預期調整後每股稀釋虧損介於 1.00 至 1.60 美元之間。我們的營收表現與成本執行仍按計畫推進。

And when fuel prices stabilize, we expect them to drive meaningful margin expansion. Turning to fleet and capital expenditures. This year, we expect to take delivery of 47 new aircraft and expect $4 billion to $4.5 billion of capital expenditures. We are making good progress on our fleet retrofit programs, which support our strategy to expand premium seating and improve customer experience.

而當燃油價格趨於穩定時，我們預期將帶動顯著的利潤率擴張。接著談機隊與資本支出。今年我們預期接收 47 架新飛機，資本支出預計為 40 億至 45 億美元。我們的機隊改裝計畫進展良好，這些計畫支援我們擴大高端座位並改善客戶體驗的策略。

Finally, an update on the balance sheet. We ended the third quarter with $11.8 billion of total available liquidity and more than $26 billion of unencumbered assets and first-lien capacity. We now expect to end the year with net debt of approximately $30.5 billion, which is flat to where we closed 2025. We remain committed to reducing debt, lowering interest expense, and reaching our target of 3 times net debt to EBITDAR in line with BB credit metrics.

最後更新資產負債表。第三季末，我們的可用總流動性為 118 億美元，且擁有超過 260 億美元的無擔保資產與第一順位擔保（first-lien）融資額度。我們目前預期年底淨負債約為 305 億美元，與 2025 年底水準大致持平。我們仍致力於降低負債、減少利息費用，並達成淨負債對 EBITDAR 3 倍的目標，以符合 BB 級信用指標。

Now I will turn it back over to Robert for closing remarks.

現在我把時間交回給 Robert 做結語。

Thanks, Devon. In summary, we've rebuilt the network, invested in the customer experience, expanded our premium product offerings, and strengthened our AAdvantage loyalty program, reinforcing the fact that we're a premium global airline. With those investments now in place, we're seeing the benefits in our revenue performance.

謝謝你，Devon。總結來說，我們已重建航網、投資客戶體驗、擴大高端產品供給，並強化 AAdvantage 忠誠度計畫，進一步印證我們是一家高端的全球航空公司。隨著這些投資到位，我們正看到其在營收表現上的效益。

At the same time, we're not satisfied with our financial results. We expect American to perform better regardless of the external environment. Our focus now is on translating the commercial progress we're seeing into stronger margins and improved profitability. We're confident in the direction of the business, but we recognize that ultimately, we'll be measured by our results. That's the standard we're holding ourselves to.

同時，我們對財務結果並不滿意。無論外部環境如何，我們都期望美航能有更好的表現。我們目前的重點，是把我們看到的商業面進展轉化為更強的利潤率與更佳的獲利能力。我們對業務方向有信心，但也明白最終市場將以結果衡量我們。這就是我們對自己要求的標準。

Operator, please open the line for questions.

接線員，請開放提問。

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

(操作員指示) Catherine O'Brien，高盛。

So you noted that 2027 capacity is expected to slow from 2026 given elevated prices, which I think is very prudent. I realize delivery schedules are still fairly fluid post-pandemic versus history, but your deliveries are set to step up into '27. What will be the offsets to get the slower growth? Is that retirements, gate utilization?

所以你提到，鑑於價格居高不下，預期 2027 年的運能將較 2026 年放緩，我認為這非常審慎。我知道疫情後相較於以往，交付時程仍相當有彈性，但你們的交付量設定在 27 年會上升。那麼要達到較慢的成長，會有哪些抵銷因素？是退役、登機門使用率之類的嗎？

And forgive me, but any additional color on how we should translate what a considerable slowdown means like in percentage point ranges?

也請見諒，但能否再多補充一些，我們應該如何解讀「相當顯著的放緩」——例如以百分點區間來看大概是什麼程度？

Thanks, Catie. I'll just start with this. American, our growth in 2026 has all been about reestablishing our network. I think everybody knows that we considerably undergrew our network competitors since the pandemic. And we're really pleased that we're in a position now where we have Chicago reestablished and have been able to flesh out the hubs in Philadelphia and Phoenix and a little bit of growth in Miami.

謝謝你，Catie。我先從這點開始。美航在 2026 年的成長，完全是為了重新建立我們的航網。我想大家都知道，自疫情以來，我們相較於航網型競爭對手的成長明顯偏低。我們很高興現在已經把芝加哥重新建立起來，也能夠把費城與鳳凰城的樞紐補齊，並在邁阿密有一些小幅成長。

As we take a look at next year, yes, we're taking into account the high price of fuel, and we're going to be adjusting appropriately. First order of business there is just aircraft utilization. We can step that down quite a bit, and we'll use that to help us with our reconfiguration lines and Starlink Wi-Fi installs, and that's a great place to start. The rest of it, our aircraft deliveries are largely weighted towards the back end, but we're going to be really conscious of making sure that we match capacity with demand. And the kind of things that we take into account, certainly, price of fuel will certainly take into account GDP and make sure that we have a competitive network.

展望明年，是的，我們會把燃油高價納入考量，並會做出適當調整。首要之務就是飛機使用率。我們可以把使用率下調不少，並用這來協助我們的客艙重新配置產線以及 Starlink Wi‑Fi 安裝，這是很好的起點。其餘部分，我們的飛機交付多半集中在後段，但我們會非常謹慎，確保運能與需求相匹配。我們會考量的因素包括：燃油價格，當然也會把 GDP 納入考量，並確保我們擁有具競爭力的航網。

Okay. Great. And maybe just as my related follow-up, as growth slows, how will that impact CASM-ex trends? Should we expect that to be more pressured year over year? Or really just like any high-level algo you would point us to on the relationship between capacity growth and CASM-ex fuel?

好的，很棒。那也許作為相關追問，當成長放緩時，會如何影響 CASM-ex 的趨勢？我們是否應預期年對年會承受更大壓力？或者你們是否能提供一個高層次的「算法/規則」，說明運能成長與 CASM-ex（不含燃油）之間的關係？

Hey, Catie. It's Devon. We have talked in the past that with capacity growth in the mid-single-digit range, we would expect CASM-ex growth to be low single digit. Obviously, as we reduce our growth rate, that will put some upward pressure on our unit cost, but it's something we're really good at. We'll continue to drive efficiencies throughout the business. But yeah, lower growth rates will drive some impact to our unit cost.

嗨，Catie。我是 Devon。我們過去談過，當運能成長在中個位數區間時，我們預期 CASM-ex 的成長會是低個位數。顯然，當我們降低成長率時，會對單位成本帶來一些上行壓力，但這是我們非常擅長的事情。我們會持續在整個業務中推動效率提升。不過是的，較低的成長率會對我們的單位成本造成一些影響。

Jamie Baker, JPMorgan Securities.

Jamie Baker，摩根大通證券。

So probably for Nat, we've never debated or derided the breadth of your domestic network. Just yesterday, United even acknowledged that fact. And I'm sure you're aware they don't pay you a lot of compliments these days. But now the push at American is obviously to bolster the international footprint. But these were also, particularly in the Pacific, some of the very first routes that you cut during COVID.

這題大概是給 Nat 的。我們從未質疑或貶低你們國內航網的廣度。就在昨天，聯合航空甚至也承認了這點。我相信你也知道，他們最近可不常稱讚你們。但現在美航的推進方向顯然是要強化國際版圖。不過這些航線——尤其是太平洋——也是你們在 COVID 期間最早砍掉的一批航線。

So my assumption is they were challenging then and they can be challenging now. So I guess my question is, won't the international push, at least initially cause the margin gap to worsen? Or put differently, what's different this time with going back into those markets?

所以我的假設是，當時就很具挑戰性，現在也可能同樣具挑戰性。因此我的問題是，至少在初期，推進國際航線是否會讓利潤率差距惡化？或者換句話說，這次重返那些市場，有哪些不同？

Hey, Jamie. Thanks for your question. This business tells you to have a tough skin. So you don't count on compliments from many competitors over time. Look, our capacity growth in '26 was really to reestablish our hubs. And domestically, that's where you saw us allocate our resources, and we think that's been successful.

嗨，Jamie。謝謝你的提問。這個產業會讓你學會臉皮要厚一點。所以你不會指望長期能從很多競爭對手那裡得到稱讚。你看，我們在 26 年的運能成長，確實是為了重新建立我們的樞紐。在國內市場，你看到我們把資源配置在那裡，而我們認為這是成功的。

It's interesting though that in the third quarter, our international unit revenue outpaced our domestic. And so we are a premium global airline. And as we focus on growth going forward, whether it's in the Atlantic with our great joint business there and our Heathrow franchise, it's been very successful, Latin America through Miami and terrific.

不過有趣的是，在第三季，我們的國際單位營收超過了國內。而我們是一家高端的全球航空公司。因此，當我們聚焦未來成長時，無論是在大西洋航線——我們在那裡有很棒的聯營事業以及希斯洛的特許經營——都非常成功；拉丁美洲則透過邁阿密，表現也非常出色。

And then the Pacific in and of itself, we've got two really good joint businesses and two great joint business partners out there. Dallas and Los Angeles to Haneda, strong results in concert with JAL. You've seen us announce for 2027, Chicago, Tokyo, for American and JAL will continue to fly that also. And then Oceania, our great partner, Qantas and the joint business there, pleased with the way that we're working together with them. And I think the foundation that we've got with international partners, Alaska partnership on the West Coast help us to feed that, too. We think there's great opportunity for us to expand in the Pacific over time.

至於太平洋本身，我們在那裡有兩個非常好的聯營事業，以及兩位很棒的聯營夥伴。達拉斯與洛杉磯飛羽田，與日航（JAL）協同之下成果強勁。你也看到我們已宣布 2027 年開航芝加哥—東京，而美航與日航也會持續營運該航線。再來是大洋洲，我們優秀的夥伴澳洲航空（Qantas）以及那邊的聯營事業，我們對彼此合作的方式感到滿意。我認為我們在國際夥伴關係上的基礎，再加上西岸與阿拉斯加航空的合作也能提供銜接客源。我們認為，隨著時間推進，我們在太平洋市場有很大的擴張機會。

Okay. Makes sense. And then just thinking about the premium push and granted we're in a high fuel environment at the moment. But I personally fly the United CRJ-550 with some regularity, and American is obviously long RJs. I know there are some scope nuances, but have you ruled out doing a lower density premium-centric E170 or something like that?

好的，合理。接著談到高端化推進，而且我知道目前燃油環境偏高。但我自己相當常搭聯合航空的 CRJ-550，而美航顯然有很多區域噴射機（RJ）。我知道在 scope（工會/合約限制）上有些細節差異，但你們是否已排除採用較低密度、以高端為核心的 E170 或類似機型的可能性？

Hey, Jamie. If you look at our regional fleet today, it's pretty high premium as it sits right now. The 175s have 12 premium seats. We have a whole lot of other dual-class regional jets between the CRJ-700s, the CRJ-900s and the E170s that have a really nice premium footprint. We have looked at a few different LOPAs that will allow us to add some more premium seating there. But for the most part, the RJ fleet offers a lot of premium seating today, and we like where we're at.

嗨，Jamie。如果你看我們目前的區域機隊，就現況而言其實已經相當偏高端配置。E175 有 12 個高端座位。此外，我們還有很多其他雙艙等的區域噴射機，包括 CRJ-700、CRJ-900 以及 E170，都有很不錯的高端座位占比。我們也看過幾種不同的 LOPA（客艙座位配置），可以讓我們在那裡再增加一些高端座位。但整體而言，RJ 機隊目前已提供大量高端座位，我們也滿意目前的位置。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

So not asking for 2027 guidance at all, but if you -- but you already spoke of the CASM-ex algo in the new low-growth environment. How do you think about RASM versus load factor in 2027? And can you remind us again, are there any specific drivers of idiosyncratic RASM for you guys next year in addition to industry-wide jet fuel pass-through?

我完全不是在要 2027 年的指引，但你們已經談到在新的低成長環境下 CASM-ex 的算法。那你們如何看待 2027 年的 RASM 相對於載客率（load factor）？另外也請再提醒我們一次，除了全產業的航油成本轉嫁之外，明年你們是否還有任何特定、具公司自身特性的 RASM 驅動因素？

Thanks, Ravi. Look, we are sitting down and taking a look at what we're going to do for 2027 right now. You'll have more about that as we get to the first quarter. As I've said, our bias in terms of capacity is to the downside. In regard to what we're doing, it's all about improving revenue performance, specifically unit revenue performance.

謝謝你，Ravi。你看，我們現在正坐下來檢視 2027 年要怎麼做。等到第一季時，你會聽到更多相關內容。如我所說，我們在運能方面的偏好是偏向下行。至於我們正在做的事情，核心就是提升營收表現，特別是單位營收表現。

And as Nat said in his comments, it's directed around our 4 pillars. And we believe that there's significant upside there. We're going to be the best in the business at efficient capacity production. And the investments that we're making, whether it's elevation of our customer experience, the network that is now fully fleshed out and especially our drive to premium revenue and finding ways for customers to find value and to pay more and leading in loyalty, that's what is going to be the driver for American. And we think that right now, there's more upside in American given where we stand in terms of those investments.

正如 Nat 在他的評論中所說，這是圍繞我們的四大支柱來推進。我們相信這裡面有顯著的上行空間。我們要成為業界在高效率運能產出方面做得最好的公司。而我們正在進行的投資，無論是提升客戶體驗、如今已完整成形的航網，尤其是我們推動高端營收、找出讓客戶感受到價值並願意多付費的方法，以及在忠誠計畫上領先——這些都將成為美航的驅動力。我們認為，就目前這些投資所處的位置而言，美航的上行空間更大。

Great. That's really helpful. And maybe just a quick follow-up. Is this new lower growth algorithm only as long as we have a high fuel environment? Or is that a new normal for you guys?

很好。這真的很有幫助。我再快速追問一下。這個新的較低成長演算法是否只會在我們處於高燃油成本環境時才適用？還是說這會成為你們的常態？

No. We're always going to be at making sure that we are matching our capacity to demand and doing that in a profitable way. There's obviously some things that we had to do that are going to be beneficial long term with our network this past year. That's the reason that we have the growth, and we're going to be lapping some of that growth as we get into next year. But at the end of the day, our interest is improving profitability, driving margins.

不會。我們一向都會確保產能與需求相匹配，並以獲利的方式來做到這點。很明顯，過去一年我們在航網上做了一些事情，長期來看會帶來效益。這也是我們出現成長的原因；而隨著進入明年，我們也會在基期效應下把部分成長「比過去」。但歸根結底，我們的重點是提升獲利能力、推動利潤率。

And ultimately, the capacity that we do deploy, it's going to be focused on our assets and where we can generate the best margins.

而且最終，我們所部署的產能，會聚焦在我們的資產上，以及我們能夠創造最佳利潤率的地方。

Atul Maheswari, UBS.

Atul Maheswari，瑞銀（UBS）。

One of your peers talked about the ability to get to 100% fuel recapture next year. Assuming you have a similar objective, the question is, what would you need to do from where you are today to get there? Is there room for industry pricing to go up further should fuel remain at these levels? Or realistically, at this point, capacity management is the major lever given all the price increases that have already been passed through by the industry?

你們的一位同業談到明年有能力達到 100% 的燃油回收。假設你們也有類似目標，問題是：從你們目前的位置要達到那裡，需要做些什麼？如果燃油維持在這些水準，產業票價是否還有進一步上調空間？或者更務實地說，在產業已經把多數漲價轉嫁出去之後，此刻產能管理才是主要槓桿？

So Atul, thanks for the question. Look, in this environment, profitability for all carriers is under pressure. And we're going to make sure that we react to the marketplace. And in terms of the value that's out there, we're just now getting back to airfares that on an inflation-adjusted basis to where they were in 2019 and 2014. So we know that there's value in the product today.

Atul，謝謝你的提問。你看，在這樣的環境下，所有航空公司的獲利能力都承受壓力。我們會確保自己對市場做出反應。就目前市場上的價值而言，我們現在才剛回到以通膨調整後、接近 2019 年與 2014 年的票價水準。所以我們知道，今天的產品是有價值的。

And in terms of the ability to hold on to that and push it further, I think the fuel price increase that we've experienced has just been a catalyst to allow us to realize that there is value. Now where we go from here, it's going to be all about how we monetize the investments that we're making in our product. And from a premium perspective, I see great things in terms of dynamics. In the past, that would have all been a corporate-related trend. But now there's so much leisure premium that's driving that.

至於能否守住這個價值並進一步推升，我認為我們所經歷的燃油價格上漲，只是個催化劑，讓我們意識到確實存在價值。接下來要怎麼走，關鍵在於我們如何把對產品的投資變現。從高端（premium）的角度來看，我看到非常好的動能。過去那多半是企業差旅帶動的趨勢。但現在有大量的休閒高端需求在推動。

I think it's almost 65% of our premium business now. It's really a sign that people want to take care of themselves. And we're going to make sure that we have a product that meets them where they want to fly.

我想現在我們的高端業務中，幾乎有 65% 來自這一塊。這其實反映出人們想要好好照顧自己。我們會確保提供的產品，能在他們想飛的方式與需求上與之契合。

Got it. And then just a quick follow-up on the fourth quarter revenue performance. Could you provide some color on expectations by various regions? And is there any expectation of a trend change for any region relative to what you saw in the third quarter?

了解。另外再快速追問一下第四季營收表現。你能否就不同區域的預期提供一些說明？相較於你們在第三季看到的情況，是否預期任何區域的趨勢會出現變化？

Yeah. Q4 revenue, obviously pleased with our third quarter performance, and we see a sequential increase going forward into the fourth quarter. From an entity perspective, we see international performance continuing to be terrific, and we see international unit revenue to exceed domestic again in Q4 as it did in Q3.

是的。第四季營收方面，我們當然對第三季的表現感到滿意，而且我們看到進入第四季後會有季對季的成長。以各業務板塊來看，我們認為國際線表現會持續非常出色；而且第四季的國際單位營收將再次超過國內線，就像第三季一樣。

Tom Fitzgerald, TD Cowen.

Tom Fitzgerald，TD Cowen。

Curious where things stand with corporate demand and your share of corporate traffic within the indirect channels and how some of your conversations are going with accounts across your network and what we should be thinking about for maybe upside in that area in 2027?

我想了解企業需求目前的狀況、你們在間接通路中的企業客流市占，以及你們與航網內各客戶帳戶的對話進展如何；另外，對於 2027 年在這一塊可能的上行空間，我們應該怎麼看？

Tom, thanks for the question. Our corporate sales performance, really strong in third quarter. Managed corporate is up 28%. Success in the TMC channel is up 27% and maybe most exciting, our small and medium business performance, what we call, AAdvantage Business was up 46%. You guys know this, but yields on all of those three channels are really attractive, and we're pleased with our performance there.

Tom，謝謝你的提問。我們第三季的企業銷售表現非常強勁。受管理的企業客戶（managed corporate）成長 28%。在 TMC 通路的表現成長 27%；也許最令人振奮的是，我們的中小企業表現——我們稱之為 AAdvantage Business——成長 46%。你們也知道，這三個通路的收益率都非常有吸引力，我們對此表現感到滿意。

And as we look forward into '27, we just see continued goodness coming American's way. And it's all related to the products that we're putting on the shelf. They're attractive to folks through all of our priorities, whether it's network, all the customer experience announcements we've made, driving premium revenue in our sales team and then lastly, our loyalty program. So all working together, and this is great feedback from extremely discerning customers that what we're putting out there is attractive.

展望 2027 年，我們看到美航仍會持續迎來更多利多。這一切都與我們上架的產品有關。它們對各類客群都很有吸引力，涵蓋我們所有優先事項：不論是航網、我們已發布的各項客戶體驗公告、由銷售團隊推動的高端營收，最後還有我們的忠誠計畫。這些因素共同作用；而且我們從極其挑剔的客戶那裡得到很好的回饋：我們推出的內容確實有吸引力。

That's really great color. And then, I just have a follow-up on the fleet. You guys have been evaluating a widebody order. I'm just curious, holistically, especially as you go into the next round of labor CBAs, just how are you thinking about the right mix of mainline and regional? I know looking backwards, your regional -- your scope advantages have been a major lever for you guys.

這些說明很有幫助。我還有一個關於機隊的追問。你們一直在評估一筆廣體機訂單。我想從整體角度了解，特別是當你們進入下一輪勞資 CBA（團體協約）談判時，你們如何思考主線（mainline）與區域線（regional）的最佳組合？我知道回頭看，你們在區域線的 scope 優勢一直是你們的重要槓桿。

But I'm just wondering, just given a lot of the changes in regional economics over the last five years, if the current mix is optimal and maybe if there's any ways to kind of dial that around in the years ahead?

但我想問的是，考量過去五年區域線經濟性出現許多變化，目前的組合是否仍是最優？以及未來幾年是否有方法在某種程度上調整這個配置？

Sure. On the widebody side, we've been working on a campaign there for the past six or seven months. I think we're getting close. And as you know, this allows us to replace the 777-200 fleet in the next decade and have some additional growth in addition to the 19 or so 787s we have coming on and the options there. Mainline versus regional, the economics have changed a bit, but we still really like our regional performance.

當然。廣體機方面，我們過去六到七個月一直在推進相關專案。我認為我們已經接近定案。如你所知，這讓我們能在未來十年汰換 777-200 機隊，並在我們即將交付的約 19 架 787 以及相關選擇權之外，帶來一些額外成長。至於主線對區域線，經濟性確實有些變化，但我們仍然非常喜歡區域線的表現。

It just serves these small- and medium-sized communities perfectly. What will change over time, though, are just the aircraft that we operate. Some of the smallest airplanes are out of production. Embraer continues to do a fantastic job for us, and that's the only manufacturer out there for that size of aircraft. So the mix of that fleet will change over time.

它非常適合服務這些中小型社區。不過，隨著時間推移會改變的是我們所營運的機型。一些最小型的飛機已經停產。Embraer 一直為我們提供非常出色的服務，而且在那個級距的機型上，它是目前唯一的製造商。因此，該機隊的組成會隨時間而改變。

I don't expect the overall size of that fleet to grow too much, although there may be some growth over the years on the large side. But right now, we're really pleased with the economics of the regional fleet, happy with where we're at and the mix probably does change slightly going forward, but not a huge amount.

我不預期該機隊的整體規模會大幅成長，雖然在較大型機種那一端，未來幾年可能會有一些成長。但就目前而言，我們對區域機隊的經濟性非常滿意，也對現況與組合感到滿意；未來組合可能會略有調整，但不會是很大的幅度。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Welcome the shift in body language on capacity. Just several follow-ups. Wonder if you can flesh that out a bit. How long we need to wait before we see it? And as we just look at maybe 3Q or the trends you're seeing into 4Q, what geographies do you think need that the most?

我樂見你們在產能上的態度轉變。我有幾個追問。想請你再多補充一些。我們需要等多久才會看到這些變化？另外，若看第三季或你們進入第四季所看到的趨勢，你認為哪些地理區域最需要這樣的調整？

Thanks, Duane. Look, as we go out into the fourth quarter, a lot of what you're seeing in terms of our growth is just annualization of where we've made investments so far. You'll see a little bit more of that as we move into the first quarter. But beyond that, we've more or less lapped the growth that we've focused on for competitive purposes. And so as you move out into 2027, that's where you're going to see the reductions.

謝謝你，Duane。你看，進入第四季後，你所看到的我們成長，很大一部分只是把我們迄今所做投資的效果年化反映出來。當我們進入第一季時，你還會再看到一些。但除此之外，我們大致上已經把先前為了競爭目的而聚焦的成長「比過去」了。因此，當你把時間拉到 2027 年，你就會看到那些削減。

Okay. And then maybe just a related follow-up. If you think about the opportunity for seasonally shaping your capacity, which should help margins. Maybe you feel like you're doing this already, but is there anything structurally different about American versus your network peers that limits this and maybe where you would score yourselves on that journey?

好的。然後也許再追問一個相關問題。如果你思考透過季節性方式調整運能的機會，這應該有助於利潤率。也許你覺得你們已經在做了，但美航相較於你們的航網同業，在結構上是否有任何不同之處會限制這件事？以及你們會如何評估自己在這段旅程中的進度？

Thanks, Duane. On that, we're working on that as we speak. But one of the things we've seen is the fourth quarter has actually been with higher demand than we had in the past. October has been a really significant benefit to the network. We're going to continue to make adjustments.

謝謝你，Duane。關於這點，我們正在進行中。但我們看到的一件事是，第四季的需求其實比過去更高。10 月對航網帶來了非常顯著的助益。我們會持續做出調整。

We're really conscious of making sure that we have a network that appeals to the highest-yielding customers. And from that perspective, there are some things that we have to do on a really consistent basis. And so you'll probably see the schedule level out more throughout the time as opposed to a lot of the peakiness that maybe you've seen in the past.

我們非常注意要確保我們的航網能吸引收益率最高的客群。從這個角度來看，有些事情我們必須非常持續、穩定地去做。因此你可能會看到班表隨時間變得更平滑，而不是像過去你可能看到的那種尖峰起伏很大的情況。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So if we look at Q3 relative to the other network airlines, best yield performance, but biggest drop in load. I guess why do you think we saw that outcome? And how do we think about Q4? And then I guess I never thought I would be the one like questioning an airline lowering capacity. But Q4, you're going to have capacity up 6% and RASM up 14%.

所以如果我們看第三季相較其他網路型航空公司，收益率表現最好，但載客率降幅最大。我想問你為什麼會出現這樣的結果？以及我們該如何看待第四季？另外我想我從沒想過自己會去質疑一家航空公司降低運能。但第四季你們運能要成長 6%，RASM 要成長 14%。

So like there's at least some degree of like decoupling of pricing and capacity. Like what is 1% or 2% capacity instead of 3% or 4% next year, like what does that actually unlock for you from a pricing standpoint?

所以看起來定價與運能之間至少有某種程度的脫鉤。像是明年運能成長 1% 或 2% 而不是 3% 或 4%，從定價角度來看，這實際上能為你們解鎖什麼？

Hey, Scott. It's Nat. There's like nine questions in there. So I'm going to start with the first two. Listen, we actively in the third quarter, prioritized yield over load factor. And we're pleased with the way that, that worked out with our 19.3% growth above the high end of our guide. American traditionally has been a leader in load factor.

嗨，Scott。我是 Nat。你那裡面大概有九個問題。所以我先從前兩個開始。聽著，我們在第三季主動把收益率放在載客率之前。而且我們對這樣的結果感到滿意，因為我們的成長達到 19.3%，高於指引區間的上緣。美航傳統上一直是載客率的領先者。

And as we looked at our performance relative to our peers, really identified yield improvement as a top priority, and that's partially what's driven, and you've seen the way that we've scheduled the airline, focusing on rebuilding our hubs and chasing yield from that perspective and willing to accept marginal load factor diminution from doing that. We obviously monitor that trade-off extremely closely and felt good about where that played out.

當我們檢視相較同業的表現時，我們確實把提升收益率視為首要任務；這也部分驅動了你所看到的排班方式——我們聚焦於重建樞紐，並從那個角度追求更高收益率，同時也願意接受因此帶來的些微載客率下滑。我們當然會非常密切地監控這個取捨，並且覺得目前的結果是好的。

As we look forward to Q4, again, good capacity growth lined up, and we'll adjust that as it goes. But from a unit revenue perspective, we see that as being healthy as well. We'll continue to prioritize yield the way that the economy is playing out.

展望第四季，同樣地，我們已安排了不錯的運能成長，並會隨情況進行調整。但就單位營收而言，我們也認為是健康的。在目前經濟走勢下，我們會持續以收益率為優先。

As Robert mentioned in the script, I think I did, too, our premium product and our premium performance continues to be really strong, which drives you to, let's go secure yield, and that's been the right approach for us.

正如 Robert 在講稿裡提到的——我想我也提過——我們的高端產品以及高端表現仍然非常強勁，這會驅動你去做一件事：把收益率鎖住，而這對我們來說一直是正確的做法。

Yeah. I mean, I guess like the second part of the question was just like what is the relationship between capacity and RASM changing? Or is this just a temporary thing and like there's no way to like actually decouple it? Or is this just about -- it's less capacity like cutting some unprofitable routes. And if it is, I got to think that like there's a lot of them like maybe -- is there a chance capacity could be down next year?

是的。我想問題的第二部分是：運能與 RASM 之間的關係是否正在改變？還是這只是暫時現象，實際上不可能真正脫鉤？或者這其實是因為運能更少——像是砍掉一些不賺錢的航線。如果是這樣，我得想應該有很多這類航線——那明年運能有沒有可能是下降的？

Scott, thanks for that. Again, one of the reasons that we're seeing the revenue performance that we are is because that we've actually built back our network in a way that is appealing to customers. So we're not going to decouple that from all the other work that we're doing. As we take a look into next year, as I said before, you're going to see our growth decelerate. And with that, we're going to be able to actually really fill in some of the capacity that we put out.

Scott，謝謝你的問題。再說一次，我們之所以看到目前的營收表現，其中一個原因是我們確實以更能吸引客戶的方式把航網建回來了。所以我們不會把這件事和我們正在做的其他工作切割開來看。展望明年，如我先前所說，你會看到我們的成長速度放緩。而隨著成長放緩，我們也將能更有效地把我們投放出去的部分運能填滿。

And no doubt, Nat and team are going to be able to make good use of that. The supply-demand dynamics of the business, there's absolutely that aspect that we have to manage as well as the drive to premium products. We're going to be really sensitive to making sure that our capacity doesn't get out in front of demand.

毫無疑問，Nat 和他的團隊會善用這一點。這個產業的供需動態，我們絕對也必須管理；同時也要推動高端產品。我們會非常謹慎，確保我們的運能不會跑在需求前面。

John Godyn, Citi.

John Godyn，花旗。

Robert, I just wanted to kind of plug into your kind of bigger picture thinking on the shape of the industry and American's role in it. We've had -- there may be a case that the industry is kind of one decent M&A deal away from an industry structure that really takes it to the next level. You have experience integrating large airlines successfully over many years. And I'm just curious if there's a state of the world where American takes a more proactive view on M&A? Maybe you could just kind of brainstorm on that a bit.

Robert，我想把問題接到你對產業形態以及美航在其中角色的更宏觀思考。我們一直在想——也許有一種情況是，這個產業距離能把產業結構帶到下一個層級，只差一筆像樣的併購交易。你多年來有成功整合大型航空公司的經驗。我很好奇，有沒有一種世界狀態是美航會對併購採取更主動的觀點？也許你可以就這點做一些腦力激盪。

Thanks for the question. I'll just start with this. American has always been a leader in the business and finding new and creative ways to make sure that our customers have the best network available to them. Nat talked a little bit earlier about our partnerships. The joint businesses, we pioneered those.

謝謝你的問題。我先從這點開始。美航一直是這個產業的領導者，並且持續以新的、創新的方式，確保我們的客戶能使用到最好的航網。Nat 先前也稍微談到我們的合作夥伴關係。聯合業務（joint business）是我們率先開創的。

We have more than anyone else. And I think that they are absolutely things that we're going to look to build on in the future. As we grow, it's going to be in conjunction with JAL and with Qantas and with IAG and with Qatar. So really pleased with that. As well, you've known that we've been very creative in trying to find ways to partner.

我們的數量比任何人都多。我認為這些絕對是我們未來會持續加以擴展的事情。隨著我們成長，會與日航（JAL）、澳航（Qantas）、IAG 以及卡達航空（Qatar）一起推進。所以我們對此非常滿意。另外，你也知道我們一直很有創意地在尋找合作方式。

And so whether it's the West Coast International Alliance that we have with Alaska, that I think that there's a lot more that we can do. You've seen that we're intent on bringing them into the Atlantic joint business as well as the Pacific joint business. I think that it will be very beneficial for their customers and ours. We're going to be opportunistic. We're going to be mindful and going to be active in ways that improve our network as we go forward.

因此，不論是我們與阿拉斯加航空（Alaska）的西岸國際聯盟，我認為我們還能做得更多。你也看到我們有意把他們納入大西洋聯合業務以及太平洋聯合業務。我認為這對他們的客戶與我們的客戶都會非常有利。我們會把握機會。我們會保持審慎，並會以能在未來持續改善我們航網的方式積極行動。

That makes a lot of sense. And we are in a domestic backdrop as well where some of those low-cost carriers are struggling in different ways, and that may create opportunities. We saw an example of that earlier this year, obviously, with Spirit. Does that create opportunities for you? And maybe we could discuss that a bit.

這很合理。而且在國內市場的背景下，一些低成本航空公司正以不同方式面臨困境，這可能會創造機會。我們今年稍早顯然看到一個例子，就是 Spirit。這會為你們帶來機會嗎？也許我們可以談談這點。

We'll see. Spirit, their eventual bankruptcy filing and liquidation. We took a look at some of those assets, weren't successful in getting those. But we'll keep our eyes open on any others that may have issues. Look, we've been -- one of the things I pride myself in, and I know the airline has been just great at it.

我們再看看。Spirit 最終申請破產並進入清算。我們也看過其中一些資產，但沒有成功取得。不過我們會持續關注其他可能出現問題的對象。你看，我一直——我引以為傲的一件事，而且我也知道公司在這方面一直做得非常好。

We're fantastic partners. There's no doubt that American has the best network from a North American perspective. And that has enabled us to partner in ways that continue to drive our reach across the globe. So you're going to continue to see us make sure that we have just incredible strength within the US and North America, and that's going to be something that is very appealing and I think going to be a driver of our growth and profitability long into the future.

我們是非常出色的合作夥伴。毫無疑問，從北美的角度來看，美國航空擁有最好的航網。而這也讓我們得以以各種方式合作，持續推動我們在全球的觸及範圍。因此，你們將會持續看到我們確保在美國與北美市場具備極其強大的實力，而這將非常具吸引力，我認為也會在未來很長一段時間成為推動我們成長與獲利能力的動力。

Andrew Didora, Bank of America.

Andrew Didora，美國銀行。

Maybe first one for Devon or if Robert wants to chime in, just on kind of capital spend, capital allocation in this environment. Are we at the point just given where fuel prices are, where you maybe begin to think about CapEx differently? Are there areas to cut or kind of reduce spend in order to preserve some -- to drive some free cash flow? Or is that really not part of the thought process yet?

也許第一個問題給Devon，或者Robert也可以補充一下，主要是關於在這樣的環境下資本支出、資本配置的想法。考量到目前燃油價格的水準，我們是否已經到了可能開始用不同方式看待資本支出（CapEx）的階段？是否有一些領域可以削減或降低支出，以保留一些——以帶動一些自由現金流？或者這其實還不是目前思考流程的一部分？

Well, as we sell capacity, it's something we can look at. But right now, we really like the economics of the aircraft that are coming our way. We don't have massive CapEx requirements right now. So we don't have any fleet retirements. So there's no CapEx replacement needs.

嗯，隨著我們出售運能，這確實是我們可以評估的事情。但就目前而言，我們非常喜歡即將交付給我們的飛機在經濟性上的表現。我們目前並沒有龐大的資本支出需求。因此我們也沒有大規模的機隊退役。所以也就沒有資本支出替換的需求。

We have a guide out there for this year with $4 billion to $4.5 billion of total capital expenditures. It might step up slightly next year, but it's still well below our run rate needs, well below our peer set. So we feel really good about the investments we're making. There may be some trimming around the edges. But for the most part, the investments we're making support our revenue initiatives, and we expect to drive margin.

我們已經對外提供今年總資本支出為40億到45億美元的指引。明年可能會小幅上升，但仍遠低於我們的常態需求水準，也遠低於同業群。因此我們對正在進行的投資感到非常有信心。邊際上可能會做一些修剪。但大體而言，我們所做的投資是為了支持我們的營收計畫，我們也預期能帶動利潤率。

Got it. Understood. And maybe for Nat. Just thinking about -- you've been in the seat for a little bit now. Just bigger picture, you're investing in LAX, growing your Pacific Gateway. This has historically been a smaller part of your network. When you think out over the next couple of years, what are the areas of strength that you want to continue to lean on?

了解。明白。另外也許問Nat。想從——你上任也有一段時間了——更宏觀的角度來看。你們正在投資洛杉磯（LAX），擴大你們的太平洋門戶。這在歷史上一直是你們航網中較小的一部分。當你展望未來幾年時，你希望持續倚重的優勢領域有哪些？

And then maybe some areas of weakness or geographies that you -- that are smaller today that you would really like to improve?

然後也許有哪些相對弱勢的領域或地理市場——目前規模較小——是你特別希望改善的？

Thanks, Andrew. Yeah, it's been 11 months, and it's hard to believe that it's only been that. I actually feel really good about the commercial strategy that we have and really building on what was in place when I came and took the job. I think American has been really clear in articulating our four priorities. It's network, it's customer experience, it's premium revenue and it's loyalty.

謝謝你，Andrew。是的，已經11個月了，很難相信其實才過了這麼久。我對我們的商業策略感覺非常好，而且是在我來接任時既有基礎上持續深化與延伸。我認為美國航空在闡述我們的四大優先事項方面一直非常清楚。分別是航網、客戶體驗、高端（premium）營收，以及忠誠度。

And I think not only have we made considerable strides on each of those, we've got initiatives in the pipeline that are going to continue to deliver revenue performance, continue to help us close the gap versus our peers and drive margin expansion. So excited about it. I'm excited about the next few years and really continue to push American forward together.

我認為我們不僅在每一項上都取得了相當大的進展，我們也有一些正在推進中的計畫，將持續帶來營收表現，持續幫助我們縮小與同業之間的差距，並推動利潤率擴張。所以我很期待。我對未來幾年感到興奮，也會持續一起推動美國航空向前。

David Vernon, Bernstein.

David Vernon，Bernstein。

So Devon, I'm just wondering if you and the Board are talking more about, sort of, the balance sheet. I think the promise has been we can close the margin gap, pay down our debt and kind of get to a little bit more equal footing from a credit perspective. But obviously, the fuel crisis that we're going through right now is postponing that. Are you kind of having more conversations about different ways to maybe recapitalize the company, whether it's a transaction with the credit card program or other efforts to try to kind of alternatively repair the balance sheet just given the impact of fuel?

Devon，我想請教你以及董事會是否正在更多地討論——某種程度上——資產負債表的議題。我想你們的承諾一直是：我們可以縮小利潤率差距、償還債務，並在信用面上回到更接近同業的水準。但顯然，我們現在正在經歷的燃油危機正在延後這件事。鑑於燃油的影響，你們是否正在更多討論一些不同方式來為公司重新資本化（recapitalize），例如與信用卡計畫相關的交易，或其他努力，來以替代方式修復資產負債表？

Yeah. We've made a ton of progress on the balance sheet. Like look, three to four years ago, midst of the pandemic, we had $54 billion of total debt. We've reduced that to around $36 billion today. We have less total debt today than we did 10 years ago.

是的。我們在資產負債表方面已經取得了很大的進展。你看，三到四年前，在疫情最嚴重的時候，我們的總債務是540億美元。我們已經把它降到今天大約360億美元。我們今天的總債務比10年前還少。

We have less net debt today than we did 10 years ago. So the balance sheet, we're going to continue to make progress on. But the key to us driving improved credit ratings is earnings. And so while you can try to do some different transactions to improve our debt levels, the real key unlock for leverage improvement is on the earnings side. And that's where we're focused.

我們今天的淨債務也比10年前還少。所以資產負債表方面，我們會持續取得進展。但推動我們信用評等改善的關鍵在於獲利。因此，雖然你可以嘗試透過一些不同的交易來改善我們的債務水準，但真正能解鎖槓桿改善的關鍵是在獲利端。而這正是我們的重點。

We're focused on driving margin improvement. We know it's going to come from the revenue side of the business. When we do that, our limited CapEx requirements are going to allow us to produce meaningful free cash, and then we'll use that to continue to improve the balance sheet, but our focus right now is on margins.

我們專注於推動利潤率改善。我們知道這將來自業務的營收端。當我們做到這一點時，我們有限的資本支出需求將使我們能夠產生可觀的自由現金，然後我們會用這些自由現金持續改善資產負債表，但我們目前的重點是在利潤率。

All right. And then the decision to get a little closer to American on the joint venture side, could you talk a little bit, Robert, maybe about the strategic rationale for that and other things you can do to kind of strengthen that relationship? It seems like you guys are drifting a little bit closer together.

好的。另外，在合資（JV）方面決定與美國航空走得更近一些，Robert，你能否談談其背後的策略理由，以及你們還能做哪些事情來強化這段關係？看起來你們彼此正在更靠近一些。

And I don't want to turn this into a consolidation question because I know that's not something that you're going to address. But when you think about the motivation, the attention, the benefits that Alaska maybe brings to the JV, if you could kind of give your perspective on that, that would be helpful.

我不想把這變成一個關於整併的問題，因為我知道那不是你們會回應的事情。但當你思考其動機、投入的關注度，以及阿拉斯加航空可能為合資帶來的好處時，如果你能分享一下你的觀點，會很有幫助。

My perspective on this is just Alaska has been a great partner, and they complement a lot of what we do in a very great way. They've been part of oneworld now for a few years, super happy about that. And my relationship with Alaska dates back well prior to the pandemic. And it's always been about trying to find ways that we can serve our customers in a better way. And to that end, I think we've really been able to develop a great partnership.

我的看法是，阿拉斯加航空一直是很棒的合作夥伴，而且他們在很多方面都能非常好地補足我們的業務。他們加入寰宇一家（oneworld）也已經幾年了，我們對此非常高興。而我與阿拉斯加航空的關係早在疫情之前就已經建立。一直以來的核心都是嘗試找出我們能以更好的方式服務客戶的方法。基於這一點，我認為我們確實建立了一個很好的合作關係。

West Coast International Alliance is doing what we had hoped and really looking forward to bring Alaska into the joint businesses as time goes by here in the next year.

西岸國際聯盟（West Coast International Alliance）正在達成我們原先的期待，我也非常期待在接下來一年、隨著時間推進，把阿拉斯加航空納入合資業務之中。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

This is [Jack] on for Sheila. You've announced a flurry of customer experience investments this year across Wi-Fi, returning seatback and continued fleet upgrades, among others. When you contemplate these investments, can you just talk about the return thresholds you look at once reaching maturity, whether it's an ROIC target or maybe an expected RASM/yield uplift?

我是[Jack]，代Sheila提問。你們今年宣布了一連串客戶體驗投資，涵蓋Wi‑Fi、恢復椅背螢幕，以及持續的機隊升級等。當你們評估這些投資時，能否談談在達到成熟期後你們會看的報酬門檻？例如ROIC目標，或是預期的RASM／收益率提升？

Yeah. Obviously, these types of investments don't have a direct return. What they do is they support all of our commercial initiatives. And so in some cases, there are like obvious indirect returns, but it doesn't cover all of the capital or all of the operating expense that goes with it. And so for the most part, you're expecting an uplift on yields or an improvement in market share.

是的。顯然，這類投資並沒有直接的回報。它們的作用是支撐我們所有的商業計畫。因此在某些情況下，會有一些很明顯的間接回報，但它並不能涵蓋所有相關的資本支出或營運費用。所以大多數時候，你期待的是收益率的提升或市占率的改善。

And that's how we view it. We view it from a broader lens than just kind of one investment or one initiative at a time. But we think we're taking the right steps and making the right investments to drive closer in this revenue gap that we have today.

我們就是這樣看待的。我們會用更宏觀的視角來看，而不只是一次只看單一投資或單一計畫。但我們認為，我們正在採取正確的步驟並做出正確的投資，以縮小我們目前存在的這個營收差距。

In May, you announced Starlink would be added to 500 narrowbodies and then quickly, you rolled it out that you're going to go across the entire fleet. I'm just wondering what informed that decision to go across the whole fleet? And do you generally view Wi-Fi installations as a race to the finish in order to maintain and attract higher-yielding loyalty members across the major brand loyal airlines in the US?

在5月，您宣布將在500架窄體機上加裝Starlink，然後很快又推進到要覆蓋整個機隊。我想請教，是什麼因素促成您決定要擴展到全機隊？另外，您是否普遍認為Wi‑Fi安裝是一場必須搶先完成的競賽，以便在美國主要品牌忠誠度航空公司之間維持並吸引更高收益的忠誠會員？

I'll just take a step back. We laid out our pillar to elevate our customer experience and whether it's what we're doing on the ground with lounges, some of the new concourses and terminal developments that are going on throughout our system, the drive to put premium seats, the Flagship Suite on our aircraft, the aircraft that we're bringing in, all of that is designed to make sure that we have a hard product and also the amenities that customers really want.

我先退一步說明。我們提出了提升客戶體驗的支柱，不論是我們在地面端的貴賓室、我們系統內各地正在進行的一些新登機廊與航廈開發、推動在機上配置更多高端座位與Flagship Suite、以及我們引進的新機型——這一切都是為了確保我們具備硬體產品，以及客戶真正想要的各項設施與服務。

One of the things we know, we've been a leader in satellite-based Wi-Fi, having it on more of our aircraft than any other airline for some time now. We know that our customers value connectivity. And that is something that we are confident is going to be table stakes.

我們知道的一點是：我們在衛星Wi‑Fi方面一直是領先者，一段時間以來，我們在更多航機上提供衛星Wi‑Fi，數量超過任何其他航空公司。我們也知道客戶重視連線能力。而我們有信心，這將會成為基本門檻（table stakes）。

And right now, I think it could be a differentiator for American. We're going to move as fast as we can to get Starlink installed on our entire fleet of narrowbodies and widebody aircraft over the next year or so and super excited about that. And I know that our customers will value that greatly.

而在目前，我認為這可能會成為美航的一項差異化優勢。我們將盡可能加快速度，在未來一年左右把Starlink安裝到我們所有窄體與寬體機隊上，對此我們非常興奮。我也知道我們的客戶會非常重視這一點。

This concludes the analyst portion of this call.

以上為本次電話會議的分析師提問環節結束。

And we will be taking media questions. (Operator Instructions) Again, at this time, we will be taking media questions.

接下來我們將接受媒體提問。（接線員指示）再次提醒，現在開始接受媒體提問。

Alison Sider, Wall Street Journal.

《華爾街日報》Alison Sider。

I was curious about fees. If there's -- given, sort of, the trade-offs you're thinking about between pricing and filling seats, if there's any further thought or opportunity you're seeing to increase things like bag fees or other fees or if you expect more increases there across the industry?

我想問一下費用方面。考量您們在定價與填滿座位之間所權衡的取捨，您是否看到進一步提高行李費或其他費用的想法或機會？或者您是否預期整個產業還會有更多此類上調？

Hey, Ali. Nat can chime in here. Look, we don't talk about pricing or fees specifically. Look, we're all about making sure our customers get great value for the products that we offer. And I'd tell you, it's at every end of the spectrum. So we want to make sure that our customers in business class have that lie-flat Flagship Suite.

嗨，Ali。Nat也可以補充。你看，我們不會具體談論定價或費用。我們的重點是確保客戶就我們提供的產品獲得很高的價值。我會告訴你，這涵蓋了整個光譜的各個端點。因此，我們希望商務艙客戶能享有可全平躺的Flagship Suite。

We want to make sure that we have the best lounges. And it goes down even to those that are the most price-conscious, budget-minded. And so for our Basic Economy fares, we're really intent on making sure that our customers have just a great product. And you know what, we offer incredible value. We don't charge $75 for a carry-on bag for that product, like some of our competitors do.

我們希望擁有最好的貴賓室。同時也涵蓋到最重視價格、預算導向的客群。因此，對於我們的基本經濟艙（Basic Economy）票價，我們非常專注於確保客戶也能擁有很棒的產品體驗。而且你知道嗎，我們提供極高的價值。我們不像某些競爭對手那樣，對這個產品的隨身行李收取75美元。

We want to make sure that our customers are finding real value throughout the spectrum of products that we offer. And we're really pleased with the investments we're making and what it will do ultimately for our customers and the loyalty that we'll get for that, too.

我們希望確保客戶在我們提供的各類產品光譜中都能感受到真正的價值。我們也對目前所做的投資以及最終將為客戶帶來的成果感到非常滿意，同時也會因此獲得客戶忠誠度。

And then I guess on the changes that you've made in the approach to involuntary denied boarding, I mean it seems like that's really been paying off and been successful in getting those rates down. Like why is that not something you chose to tackle earlier?

另外，關於你們在非自願拒載（involuntary denied boarding）處理方式上的改變，我的意思是，看起來確實帶來成效，成功把比率降下來。為什麼這不是你們更早就選擇著手處理的事情？

Ali, I guess the new guy gets to answer that question. That's fine. Listen, I think from a customer experience perspective and what we want to deliver and making American the airline of choice, it really is just something that's terrific to promote. And I know our teammates at the airport feel so much better about it and certainly the proposition that we're delivering to customers and having that. So choosing just to focus on the way forward, the technology that's in place for it, we feel really good about how that rolls out and where it's leading American.

Ali，我想新來的就由我來回答這題。沒問題。聽著，我認為從客戶體驗以及我們想要交付的價值、並讓美航成為首選航空公司來看，這確實是一件非常值得推廣的事。我知道我們在機場的同仁對此感受也好很多，而我們向客戶提供的方案與承諾也更到位。因此，我們選擇專注於向前看，並運用現有的技術來支援這件事；我們對推行的進展以及它將帶領美航走向的方向感到非常有信心。

Leslie Josephs, CNBC.

CNBC的Leslie Josephs。

The passenger counts loads are down, not just for you but other airlines. At what point does that worry you or become an issue to your results? And then secondly, do you think you have a chance that these fuel prices were similar to be profitable in '27?

旅客人數與載客率都在下降，不只是你們，其他航空公司也是如此。在什麼情況下這會讓你們擔心，或成為影響業績的問題？第二個問題，你是否認為在這樣的燃油價格水準下，你們有機會在27年實現獲利？

Leslie, I'll take the -- it's Nat. I'll take the first one. Listen, as I said earlier, we're actively prioritizing yield versus load factor and really happy as we see it. It fits right in with the premium investments that we're making. It fits right in with a lot of the merchandising and the value that we're delivering to different customers at different price points.

Leslie，我先回答第一個——我是Nat。聽著，正如我先前所說，我們正積極優先考量收益率（yield）而非載客率（load factor），而從目前看到的情況來看，我們對此非常滿意。這與我們正在進行的高端投資完全一致。也與我們在商品化（merchandising）以及在不同價位點為不同客群提供價值的策略完全契合。

So we feel good about that, and we're going to continue to prioritize that as we go into the fourth quarter. But obviously, that's a relationship that you watch closely.

所以我們對此感覺良好，並且在進入第四季時會持續優先推進這個方向。但很明顯，這是一個需要密切關注的關係。

And regarding profitability, of course, we think we can be profitable next year. And that's driven by what we've seen this year. We've had fuel expense now grow $7 billion over the course of the year. But for that, we'd be solidly profitable. We'd be certainly one of the companies that have had the greatest percentage growth in profitability year over year, but for the dramatic increase in fuel.

至於獲利能力，當然，我們認為明年可以獲利。這是基於我們今年所看到的表現。今年以來，我們的燃油費用累計增加了70億美元。若不是因為這點，我們本來會有穩健的獲利。若非燃油大幅上漲，我們肯定會是年度獲利成長百分比最高的公司之一。

Fuel prices, whether they stay higher, they move lower, it's really about the volatility that we've been dealing with. And as fuel prices stabilize, I'm confident we're going to be able to manage our supply and demand to make sure that we're in balance. And then on top of that, all the investments that we're making in terms of driving revenue performance are going to show up. And on top of the industry-leading performance in terms of efficiency and cost management, that is going to lead to profitability.

燃油價格不論維持在高位或回落，關鍵其實在於我們一直在面對的波動性。隨著燃油價格趨於穩定，我有信心我們能管理供給與需求，確保達到平衡。此外，我們在提升營收表現方面所做的各項投資也將逐步反映出來。再加上我們在效率與成本管理方面的產業領先表現，這將帶來獲利。

So I have great confidence in our ability to get back to profitability. Everything that we see in terms of how we're performing versus others and then also the revenue performance, which is the primary focus, leads us to believe that we have a great chance to get back to profitability and really be the airline with the most upside for our investors.

因此，我對我們重返獲利的能力非常有信心。我們看到的所有跡象——包括我們相對於同業的表現，以及以營收表現為主要焦點的進展——都讓我們相信，我們很有機會回到獲利狀態，並真正成為對投資人而言上行空間最大的航空公司。

And just one follow-up on the widebody order, you said you're really close. Are you looking at a split fleet or a split provider order or a single provider? And what's the pros and cons of each?

再追問一題關於寬體機訂單：你說你們已經非常接近了。你們是在考慮分拆機隊、分拆供應商的訂單，還是單一供應商？各自的優缺點是什麼？

No real comment on what we're thinking right now other than just to say the campaign is going really well, and we hope to wrap it up this year.

目前對我們正在思考的方向沒有太多評論，只能說這個採購案進展得很順利，我們希望能在今年完成。

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, and thanks, everybody, for listening in. We're going to get back to work. Thank you very much.

謝謝你，Latif，也謝謝各位收聽。我們要回去繼續工作了。非常感謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。