美國航空 (AAL) 2026 Q3 法說會逐字稿

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

感謝各位耐心等候，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. (Event Instructions)

謝謝你，Latif，各位早安。歡迎參加美國航空財報電話會議。今天與會並將發表準備好的談話的有：我們的執行長 Robert Isom；我們的首席商務長 Nat Pieper；以及我們的財務長 Devon May。在準備好的談話之後，我們將開放分析師提問，接著是媒體提問。（活動指示）

Before we begin, please note that today's call contains forward-looking statements, including statements concerning future events, costs, forecast of capacity, and fleet plans. These statements represent our predictions and expectations of future events, 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. Unless otherwise specified, all rents to loss per share on an adjusted and diluted basis.

在開始之前，請注意今天的電話會議包含前瞻性陳述，包括關於未來事件、成本、運能預測以及機隊計畫的陳述。這些陳述代表我們對未來事件的預測與期待；多項風險與不確定性可能導致實際結果與預期不同。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。除非另有說明，所有提及每股虧損均以調整後及稀釋後基礎計算。

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.

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。這些數字與 GAAP 財務衡量指標之間的調節表，已包含在財報新聞稿與投資人簡報中，兩者皆可於我們網站的投資人關係專區取得。

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.

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。

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

感謝各位對美國航空的關注並於今早加入我們。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.

謝謝你，Neil，各位早安。美國航空第三季營收年增 19.3%，達到 163 億美元。高於我們指引區間的上緣。若排除疫情後的那些年度，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，已足以抵銷這份強勁表現。

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. We produced a loss in the quarter that but for this fuel spike would have been solidly profitable, but short-term pressure is notwithstanding.

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近 70%。本季我們出現虧損；若非這波燃油飆升，本可穩健獲利，但儘管短期承壓。

We're moving in the right direction and with urgency. We're not satisfied with 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.

我們正以緊迫感朝正確方向前進。無論原因為何，我們都不滿意，我們會做得更好。我們現在所做的工作，正在為邁向 2027 年的穩健獲利奠定基礎。我們的信心來自於我們在基本面業務中看到的強勁力道，並受到商務計畫令人鼓舞的成果以及我們兌現承諾的表現所支撐，即使較高的燃油價格在我們的報告結果中掩蓋了部分進展。

We said we would elevate the customer experience, and we are. You've seen our announcement modernizing our fleet, installing Starlink on our entire mainline fleet, expanding seat-back entertainment to our narrowbody aircraft, adding premium amenities, creating and updating lounges and more. We said we would rebuild our network and we have. We grew in Miami and Phoenix and are investing in Charlotte. We've rebanked our DFW and Philadelphia operations, producing meaningfully stronger operational and financial performance.

我們說過要提升客戶體驗，而我們正在做到。各位已看到我們宣布機隊現代化、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、打造與更新貴賓室等。我們說過要重建我們的航網，而我們也做到了。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. We said we would grow premium revenue, and we have.

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都能實現可獲利且可持續的成長。鑑於目前燃油價格仍處高檔，我們現在預期 2027 年的成長率將大幅放緩。我們說過要提升高端（premium）營收，而我們也做到了。

Premium generates roughly half of our ticket revenue up only about 30% of our seats, and we're adding more premium seats with every new aircraft and retrofit.

高端產品約貢獻我們票務營收的一半，但僅占我們座位約 30%，而我們在每架新機交付與改裝中都在增加更多高端座位。

This is the most profitable real estate in our planes, and these moves position us well as demand for premium continues to grow. And finally, we said we'd lead in loyalty, and we are. AAdvantage enrollments in spending on our co-branded credit cards are up year over year, and the AAdvantage program remains one of our strongest competitive advantages. The US economy remains strong, supported by healthy employment, rising household incomes and significant wealth accumulation.

這是我們機上最具獲利性的「黃金地段」，而這些舉措讓我們在高端需求持續成長之際具備良好定位。最後，我們說過要在忠誠度方面領先，而我們正在做到。AAdvantage 會員註冊數與聯名信用卡消費金額均較去年同期成長，而 AAdvantage 計畫仍是我們最強的競爭優勢之一。美國經濟仍然強勁，受惠於健康的就業狀況、家庭收入上升以及顯著的財富累積。

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 prioritized are reducing meaningful savings that will benefit us well beyond this year. Our premium product investments are paying off both now and in the future.

消費者仍持續優先安排旅遊，而近期票價收益率（yield）的強勢，正讓航空公司得以重新取得我們在旅遊支出（travel wallet）中的歷史占比。短期內，我們的重點是專注於我們能掌控的事項。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工作，正在帶來可觀的節省，且其效益將延續至今年之後。我們對高端產品的投資，無論現在或未來都正在帶來回報。

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.

今年以來，我們的年增營收成長每一季都在加速，我們預期這股動能將延續至第四季，營收年增 19.5% 至 22.5%。在高燃油成本持續之際，我們也將調整運能以支撐獲利能力。

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. 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.

美國航空正在採取正確的行動，以確保長期成功。我們現在的工作，是把所有這些進展轉化為更佳的利潤率、自由現金流，以及更強健的資產負債表。我們預期，隨著燃油價格趨於穩定，我們策略與投資的效益將愈發明顯。當然，沒有美國航空團隊，這一切都不可能發生。我也要感謝所有團隊成員照顧我們的客戶，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. Internationally, passenger unit of an increased 16.4% year over year.

謝謝你，Robert。我們在商務組織各方面所做的工作正引起客戶共鳴，並反映在第三季的業績中。總單位營收年增 14.5%，各地區與各艙等皆呈現強勁表現。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。在國際航線方面，旅客單位營收年增 16.4%。

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.

拉丁美洲以成長 21.1% 領先，其次為大西洋航線成長 14.5%，太平洋航線成長 11.3%。我們在本季的營收管理上採取審慎且有意識的作法。我們優先考量收益率而非載客率，主動確保顯著更高的收益率，以換取略低的載客率。我們看到可透過定價、優質產品商品化（merchandising）以及忠誠度計畫進一步提升營收品質的機會，並正加以把握，尤其是在燃油成本高企的環境下。

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 our way, our NPS scores will continue to rise as we introduce them further into the network.

現在讓我們逐一說明我們的四項商業優先事項。第一是提升客戶體驗。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 優質機型在夏季結束時，NPS 為我們機隊中所有機型最高。目前已有 11 架投入飛行，另有 19 架即將交付；隨著我們進一步將其導入航網，我們的 NPS 分數將持續上升。

And across the system, our Net Promoter Scores for on-time flights have improved in 6 of the last 7 quarters.

而在整個系統範圍內，我們準點航班的淨推薦值（Net Promoter Score, NPS）在過去 7 個季度中有 6 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. 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 missile baggage rate and customer misconnections, among other customer-focused metrics.

除了 Starlink 安裝與椅背娛樂將大幅提升空中客戶體驗、讓我們擁有可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，並規劃在整個航網進一步投資，包括在夏洛特（Charlotte）設立我們系統內最大的 Admirals Club。我們也正全面投資數位體驗。客戶將在我們更妥善管理營運中斷、提供更即時資訊時感受到這些改善；此外，我們在行李誤送率與旅客錯失轉機等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（Dallas-Fort Worth）是我們的核心樞紐。在今年的 Rebank 之後，DFW 本季處理的旅客量創下紀錄，同時錯失轉機顯著減少、行李處理失誤更少，且單位營收表現優於系統其他部分。除 DFW 之外，我們也在各樞紐為本地客群打造更強的班表，特別是在芝加哥、邁阿密、費城與鳳凰城。這些旅客通常帶來較高收益，而更好的班表正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.

在國際市場方面，以邁阿密樞紐為支點的拉丁美洲版圖，仍是我們航網中最強勁的部分之一。

Our long-haul international growth for 2027 is focus with seven new routes, including Chicago, Tokyo for our corporate customers and Charlotte Barcelona for high-demand leisure travel. 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 wide-body fleet.

我們 2027 年的長程國際成長將聚焦於新增 7 條航線，包括為企業客戶開通的芝加哥—東京，以及面向高需求休閒旅遊的夏洛特—巴塞隆納。航網也在旅客運輸以外創造價值。第三季貨運營收年增 29%，隨著我們擴大廣體機隊，我們也看到未來成長空間。

Third is driving premium revenue. 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 319 fleets over the next 3 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 qualities, we deliver customers more product choices demonstrated by a 6-point increase in the up-sell rate from Basic Economy to Main Cabin.

第三是推動高端營收。高端單位營收年增 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 3 年涵蓋我們 777、A320 與 319 機隊中超過 200 架飛機）已開始展現成果。企業需求仍然強勁；隨著我們的管理式企業營收年增 28%，美航正取得可觀市占，這也是我們連續第 6 個季度達成雙位數成長。我們也在提升營收品質，為客戶提供更多產品選擇；基本經濟艙升等至主艙等的加購率提升 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.

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%。本季我們推出一項強化功能，讓客戶在訂購機票時可使用現金與里程的組合支付。

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. 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.

初步結果令人鼓舞。第三季我們與 Citi 聯名卡的消費金額年增近 10%，且我們認為在未來與 Citi 擴大合作的架構下，仍有機會取得更佳表現。總結而言，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前方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, Nate. 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. The biggest factor in the quarter was we paid $3.85 per gallon. $1.48 more per gallon in the same period last year, which increased fuel expense by $1.9 billion year over year.

謝謝你，Nate。我們第三季的結果反映出在燃油環境極具挑戰的情況下，我們在商業面與成本執行上都表現強勁。我們公布的調整後每股稀釋虧損為 0.28 美元，優於我們指引區間的中位數。本季最大的因素是我們支付的燃油價格為每加侖 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。

For the full year, we now expect fuel expense to be more than $7 billion higher than in 2025. We continue to deliver on what we can control in this environment.

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。在此環境下，我們持續把可控的部分做到位。

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. Our multiyear reengineering efforts focused on technology investments, procurement excellence and process improvements that drive efficiencies throughout the business are working.

第三季不含特殊項目的 CASM（每可用座位英里成本）年增約 3%，優於我們 7 月提供之指引區間的中位數。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，將領先各網路型航空公司。這樣的成本表現並非單一季度的結果。我們多年來的再造工程聚焦於科技投資、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。

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. 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.

我們預期在今年年底前，透過這些措施可達成接近 10 億美元的年度化節省（annual run rate savings），並帶來超過 9 億美元的營運資金改善。接著談展望。全航網的需求與定價趨勢仍然強勁；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因素。

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.

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，幾乎是我們一年前支付價格的兩倍。在該價格下，我們預期第四季燃油費用將較去年同期增加約 28 億美元。我們預期第四季不含特殊項目的 CASM 將年增 2.5% 至 3.5%。我們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。

Our revenue performance and cost execution remain on track. 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.

我們的營收表現與成本執行仍按計畫推進。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，我們預期將交付47架新飛機，並預期資本支出為40億至45億美元。我們在機隊改裝計畫上進展良好，這些計畫支持我們擴大高端座位並提升客戶體驗的策略。

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 EBITDA, in line with BB credit metrics.

最後，更新一下資產負債表。我們在第三季末擁有118億美元的可用總流動性，以及超過260億美元的未設抵押資產與第一順位擔保額度。我們目前預期年底淨負債約為305億美元，與我們在2025年結束時的水準大致持平。我們仍致力於降低負債、減少利息費用，並達成淨負債對EBITDA為3倍的目標，與BB級信用指標一致。

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 strengthen 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. At the same time, we're not satisfied with our financial results. We expect American to perform better regardless of the external environment.

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，並強化我們的AAdvantage忠誠計畫，進一步印證我們是一家高端的全球航空公司。在這些投資到位後，我們正看到其在營收表現上的效益。同時，我們對自身的財務結果並不滿意。無論外部環境如何，我們都期望美國航空能有更好的表現。

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 will be measured by our results. That's the standard we're holding ourselves to. Operator, please open the line for questions.

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。我們對業務方向充滿信心，但也明白最終將以結果來衡量。這就是我們對自己要求的標準。接線員，請開放提問。

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

(接線員指示) 高盛的Catherine O'Brien。

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 offset to get to slower growth? Is that retirement gauge utilization? And forgive me, but any additional color on how we should translate what a considerable slowdown means like in percentage point ranges?

你提到在價格偏高的情況下，2027年的運能預期會比2026年放緩，我認為這非常審慎。我知道疫情後相較於過去，交付時程仍相當有彈性，但你們的交付量在27年將會上升。要達到較慢的成長，會用什麼來抵消？是退役、機隊規模，還是使用率？也請見諒，能否再多提供一些說明，讓我們把「相當明顯的放緩」換算成百分點區間大概會是什麼樣子？

Thanks, Cathy. 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，Cathy。我先從這點開始。美國航空在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航網擴張明顯不足。我們很高興現在已經回到一個位置：芝加哥已重新建立，我們也得以把費城與鳳凰城的樞紐補齊，並在邁阿密有一些成長。

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 WiFi 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.

當我們看明年時，是的，我們會把燃油高價納入考量，並會做出適當調整。第一要務就是飛機使用率，我們可以把它下調不少。我們也會用這段空檔來支援我們的客艙重新配置產線與Starlink WiFi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。

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.

我們會納入考量的因素包括：燃油價格，當然也會考量GDP，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 trend? Should we expect that to be more pressured year over year?

好的，很好。那也許作為相關的追問。當成長放緩時，這會如何影響CASM（不含燃油）的趨勢？我們是否應預期年對年會承受更大的壓力？

Or really just like any high-level algo you would point us to on the relationship between capacity growth and CASMex fuel?

或者你們是否能提供任何高層次的算法/指引，說明運能成長與CASM（不含燃油）之間的關係？

Cathy, 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 costs. But it's something we're really good at, and we'll continue to drive efficiencies throughout the business, but lower growth rates will drive some impact to our cost.

Cathy，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（不含燃油）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領域，我們會持續在整個業務中推動效率提升；不過較低的成長率確實會對成本造成一些影響。

Jamie Baker, JPMorgan Securities.

摩根大通證券的Jamie Baker。

One probably for Nate, we've never debated or right 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 complements 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.

有一題可能給Nate：我們從未質疑過你們美國國內航網的廣度。就在昨天，聯合航空甚至也承認了這一點。我相信你也知道，他們最近並不常給你們稱讚。但現在美國航空的推進方向顯然是要強化國際版圖。不過這些航線，特別是在太平洋地區，也是你們在COVID期間最早削減的一批航線。

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 caused 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，當時它們就很具挑戰性，而現在也可能同樣具挑戰性。因此我的問題是：至少在初期，國際擴張不會讓利潤率差距惡化嗎？或者換個說法，這次重返那些市場，有什麼不同？

Jamie, thanks for your question. this business tells you to have a tough skin. So you don't count on complements from many competitors over time. Look, our capacity growth in 2016 was really to reestablish our hubs. And domestically, that's where you saw us allocate our resources, and we think that's been successful.

Jamie，謝謝你的提問。這個行業會教你要臉皮厚一點。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2016年的運能成長，主要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 to know that our -- 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 has been very successful, Latin America through Miami and terrific.

有趣的是，在第三季，我們的國際單位營收增速超過了國內。因此我們是一家高端的全球航空公司。而當我們聚焦未來成長時，不論是在大西洋航線上，憑藉我們很強的聯營業務，以及我們在希斯洛的布局一直非常成功；或是在拉丁美洲，透過邁阿密，表現也很出色。

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 (inaudible) will continue to fly that also.

至於太平洋市場本身，我們在那裡有兩個非常好的聯營業務，也有兩位很棒的聯營夥伴。達拉斯與洛杉磯飛羽田，與日航（JAL）協同下取得強勁成果。你也看到我們已宣布2027年將開航芝加哥—東京，由美國航空營運，而（聽不清）也將持續飛行該航線。

And then Oceana, 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 feed that too. We think there's great opportunity for us to expand in the Pacific over time.

另外在大洋洲，我們與優秀的夥伴澳洲航空（Qantas）以及當地的聯營業務。我們對與他們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，以及在西岸與阿拉斯加航空的合作夥伴關係，也能提供客源導流。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 find the United CRJ550 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。很有道理。接著談到高端艙等的推動，而且目前確實處於高油價環境。但我個人相當常搭到聯合航空的 CRJ550，而美航顯然也有很多長程 RJ。我知道其中有一些航線/機隊範圍（scope）的細微差異，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？

Jamie, if you look at our regional fleet today, it's pretty high premium as it sits right now. The 175s have premium seats. We have a whole lot of other dual class regional jets between the CRJ-700, the CRJ900s and the E170s, to 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.

Jamie，如果你看看我們目前的支線機隊，其實就現況而言高端配置已經相當高。175 機型都有高端座位。我們還有很多其他雙艙等的支線噴射機，包括 CRJ-700、CRJ900 以及 E170，能提供非常不錯的高端覆蓋。我們也看過幾種不同的 LOPA（客艙座位配置），讓我們能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 if there any specific drivers of idiosyncratic RASM for you guys next year in addition to industry-wide jet fuel faster?

我完全不是在問 2027 年的指引，但你們已經談到在新的低成長環境下、扣除 Algo 的 CASM。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，除了全產業層面的航油上漲之外，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're 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. And as Matt said in his comments, it's a director around our four pillars. And we believe that there's significant upside there.

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，我們在運能方面的傾向是偏保守、偏下行。至於我們在做的事情，核心就是提升營收表現，特別是單位營收表現。正如 Matt 在他的評論中提到的，這是圍繞我們四大支柱的方向。我們相信那裡有顯著的上行空間。

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 loyalty, that's what is going to be the driver for American. And we think that right now, there's more upside at American given where we stand in terms of those investments.

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，不論是提升客戶體驗、如今已完整成形的航網，尤其是我們推動高端營收、讓客戶找到價值並願意付更多，以及領先的忠誠計畫，這些都將成為美航的驅動力。而且我們認為，以目前這些投資所處的位置來看，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。再追問一個很快的問題。這個新的低成長算法是否只會在高油價環境下採用？還是說這會成為你們的新常態？

No, we're always going to be out 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 we have the growth, and we're going to be lapping some of that growth as we get into next year.

不，我們一向都會確保運能與需求相匹配，並以獲利的方式來做到這點。顯然，過去一年我們在航網上做了一些事情，長期來看會帶來好處。這也是我們出現成長的原因；而當我們進入明年時，會開始消化（lapping）這段成長基期。

But at the end of the day, our interest is improving profitability, driving margins -- 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.

但歸根結底，我們的重點是提升獲利能力、推動利潤率——最終，我們所投放的運能將聚焦在我們的資產上，以及我們能產生最佳利潤率的地方。

Atul Maheswari, UBS.

Atul Maheswari，瑞銀。

One of your peers talked about the ability to get to 100% if you will recapture next year, assuming his 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 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，如果明年能「收復」到 100%（如果你願意這麼說）的能力；假設他的目標與你們類似，問題是你們從目前的位置要做到那一步，需要做些什麼？如果燃油維持在目前水準，產業票價是否還有進一步上調的空間？或者更務實地說，在產業已經把多次漲價傳導出去之後，此時運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, so where they were in 2019 and 2014.

Atul，謝謝你的問題。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。而就市場上存在的價值而言，我們現在才剛回到以通膨調整後的基礎來看、也就是回到 2019 年與 2014 年的票價水準。

So we know that there's value in the product today. 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.

所以我們知道，今天這個產品是有價值的。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，只是促使我們意識到確實存在價值的一個催化劑。接下來要怎麼走，將完全取決於我們如何把對產品的投資變現。

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. 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.

從高端的角度來看，我看到非常好的動態。過去那多半是企業相關的趨勢。但現在有大量的休閒高端需求在推動。我想目前我們的高端業務中，幾乎有 65% 來自休閒。這確實顯示人們想要好好犒賞自己，而我們會確保提供一個產品，在他們想飛的方式上滿足他們。

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 for trend change for any reason relative to what you saw in the third quarter?

了解。再快速追問一下第四季的營收表現。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，是否預期任何原因會導致趨勢出現變化？

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.

第四季營收方面，我們顯然對第三季的表現感到滿意，而且我們看到進入第四季後將呈現季對季的成長。從整體角度來看，我們看到國際線表現持續非常出色；而且我們預期第四季國際線單位營收將再次高於國內線，就像第三季一樣。

Tom Fitzgerald, TD Cowen.

Tom Fitzgerald，TD Cowen。

Curious where things stand with corporate demand in your shared corporate 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 outside in that area in 2020?

想了解在間接通路中，你們所謂的共享企業客戶（shared corporate）之企業需求目前進展如何？以及你們與航網內各客戶帳戶的對話進行得怎麼樣？另外，對於 2020 年在這個領域，我們從外部角度應該如何思考？

Tom, thanks for the question. Our corporate sales performance really strong in third quarter. Managed corporates up 28%. And success in the TMC channel is up 27% and maybe most exciting, our small and medium business performance, what we call advantaged 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，謝謝你的問題。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 corporates）成長 28%。在 TMC 通路的表現成長 27%；也許最令人振奮的是，我們中小企業的表現——我們稱之為 advantaged business——成長了 46%。各位都知道，這三個通路的收益率（yields）都非常有吸引力，我們對這方面的表現感到滿意。

And as we look forward into we just see continued good news coming to 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.

而當我們展望未來時，我們只看到持續的好消息正朝著美國民眾而來。而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，涵蓋我們所有的優先事項——不論是網路布局、我們所發布的各項客戶體驗公告（推動我們銷售團隊的高端營收），以及最後的忠誠計畫。因此這些要素相互配合，而這也是來自極具鑑別力客戶的很棒回饋：我們推出的內容確實具有吸引力。

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

這些說明很有幫助。接著我想就機隊再追問一下。你們一直在評估一筆廣體機訂單。我很好奇，從整體角度來看，尤其是當你們進入下一輪勞動合約的集體談判（CVA）時，你們如何思考主線（mainline）與區域（regional）運力的適當組合？我知道回頭看，你們在區域航線的範圍條款（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 way to kind of dial that around in the years ahead.

但我想問的是，考量過去五年區域航線經濟性出現了許多變化，目前的組合是否仍是最優？以及未來幾年是否有任何方式可以在這方面做一些調整。

Sure. On the wide-body 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.

當然。在廣體機方面，我們過去六、七個月一直在推進一個專案。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。——並且在我們即將交付的大約19架787以及相關選擇權之外，帶來一些額外成長。

Mainline versus regional, the economics have changed a bit, but we still really like our regional performance. It just serves these small- and medium-sized communities perfectly.

至於主線對比區域，經濟性確實有些變化，但我們仍然非常喜歡區域航線的表現。它非常適合服務這些中小型社區。

What will change over time now 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. I don't expect the overall size of that fleet to grow too much, although there may be some growth over the years on large side.

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。巴西航空工業（Embraer）持續為我們提供非常出色的服務，而且在那個級距的機型上，它是市場上唯一的製造商。因此，那支機隊的組成會隨時間而改變。我不預期那支機隊的整體規模會大幅成長，儘管未來幾年在較大型機型那一端可能會有一些成長。

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.

但就目前而言，我們對區域機隊的經濟性非常滿意，也對現況感到放心。未來組合可能會略有變化，但幅度不會很大。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

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

歡迎你們在廣體運力上的轉向，我有幾個追問。我想請你們再具體說明一下，我們需要等多久才會看到這個變化？另外，若以第三季或你們看到延伸到第四季的趨勢來看，你們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，當我們進入第四季時，你所看到的許多成長，其實只是把我們迄今所做投資的效果做年度化呈現。當我們進入第一季時，你會再多看到一些。但除此之外，我們大致上已經完成了先前為競爭目的所聚焦的成長週期。因此當你往2027年看時，你就會看到縮減。

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。那再一個相關追問。如果你們思考透過季節性方式來塑造運力、以協助提升利潤率的機會。也許你們覺得已經在做了，但美航相較於其他網路型同業，是否有任何結構性的差異會限制這件事？以及在這段旅程上，你們會如何評估自己目前的進度？

Thanks, Duane. And 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, 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我們過去所見更高。10月對整體航網帶來了非常顯著的助益。我們會持續做調整。

We're really conscious of making sure that we have a network that appeals to the highest-yielding customers.

我們非常重視，確保我們的航網能吸引收益率最高的客群。

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.

從這個角度來看，有些事情我們必須非常持續且一致地去做。因此，相較於你過去可能看到的那種尖峰波動，你可能會看到我們的班表在時間分布上變得更平滑、更平均。

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%.

如果我們看第三季，相較其他網路型航空公司，你們的收益率表現最好，但載客率（load factor）的下滑幅度最大。我想問你們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力。但第四季你們的運力將成長6%，而RASM（每可用座位英里營收）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 three or four next year, what does that actually unlock for you from a pricing standpoint?

所以看起來定價與運力之間至少有某種程度的脫鉤——那麼明年如果運力只成長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？

Scott, it's Nate. There's like nine questions in there. So I'm going to start with the first two. Listen, we actively in the third quarter, prioritize 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.

Scott，我是Nate。你這裡大概有九個問題。所以我先從前兩個開始。聽著，我們在第三季是主動把收益率放在載客率之前。而我們也很滿意這樣的結果——我們的成長達到19.3%，高於指引區間的上緣。

American traditionally has been a leader in load factor. 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, Manisha from doing that. We obviously monitor that trade-off extremely closely and feel good about where that played out. 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.

美航傳統上一直是載客率的領先者。當我們檢視相對同業的表現時，我們把提升收益率明確列為最優先事項之一；這也部分驅動了你所看到的排班方式——我們聚焦於重建我們的樞紐，並從這個角度去追求更高的收益率，同時也願意接受因此帶來的些微載客率影響，Manisha。我們當然會非常密切地監控這個取捨，並且對最終呈現的結果感到放心。展望第四季，我們同樣安排了不錯的運力成長，並會視情況進行調整。但就單位營收的角度而言，我們也認為是健康的。

We'll continue to prioritize yield the way that the economy is playing out. 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.

我們會持續依照經濟情勢的發展，把收益率放在優先位置。如Robert在講稿中提到的——我想我也提到了——我們的高端產品與高端表現持續非常強勁，這會驅動你去確保收益率，而這一直是對我們而言正確的做法。

Yes. 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 -- is less capacity like cutting some unprofitable routes. And if it is, I got to think that like there's a lot of them, like it's like is there a chance capacity could be down next year?

是的。我的意思是，我想問題的第二部分大概是在問，運能與 RASM 變動之間的關係是什麼？或者這只是暫時性的情況，實際上沒有辦法真正把兩者脫鉤？又或者這其實是在說——運能變少是否等同於砍掉一些不賺錢的航線。如果是這樣，我得認為那樣的航線應該不少；那麼明年運能有可能下降嗎？

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.

Scott，謝謝你的提問。再說一次，我們之所以能看到目前的營收表現，其中一個原因是我們確實以對客戶有吸引力的方式把航網重建回來。所以我們不會把這件事和我們正在做的其他所有工作切割開來。展望明年，如我先前所說，你會看到我們的成長速度放緩。

And with that, we're going to be able to actually really fill in some of the capacity that we put out. 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.

而且在那樣的情況下，我們將能夠把我們投放出去的一些運能真正填滿。毫無疑問，Nat 和他的團隊也會善加利用。這個產業的供需動態，我們絕對也必須管理這一面，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 Americans roll in. 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 brainstorm on that a bit.

Robert，我想把你的思考拉到更宏觀的層面，談談產業的形態以及美航在其中的角色。我們看到——或許有一種情況是，整個產業只差一筆像樣的併購交易，就能形成一個真正把產業帶到下一個層級的結構。你多年來在成功整合大型航空公司方面有經驗。我很好奇，是否存在某種情境，讓美航會對併購採取更主動的態度？也許你可以就此腦力激盪一下。

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. Matt talked a little bit earlier about our partnerships. The joint business as we pioneered those. We have more than anyone else.

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，並且持續以新穎且有創意的方式，確保我們的客戶能擁有最好的航網選擇。Matt 先前也稍微談到我們的合作夥伴關係。我們在聯營（joint business）方面是先行者。我們擁有的聯營合作比任何人都多。

And I think that they are absolutely things that we're going to look to build on in the future.

我認為這些絕對是我們未來會持續加以擴展的事項。

As we grow, it's going to be in conjunction with JAL and with Qantas and with IAG 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. And so whether it's the West Coast international lines 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.

我們的成長將會與 JAL、Qantas、IAG 以及 Qatar 一起協同進行。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。因此，不論是我們與 Alaska 在西岸的國際航線合作，我認為還有很多可以做；你也看到我們有意把他們納入大西洋聯營以及太平洋聯營。我認為這對他們的客戶和我們的客戶都會非常有利。

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.

我們會把握機會、保持審慎，並且以積極的方式，在未來持續改善我們的航網。

That makes a lot of sense. And we are in a domestic backdrop as well where some of the 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了例子——Spirit。這會為你們創造機會嗎？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。我們也評估過其中一些資產，但沒有成功取得。不過我們會持續留意其他可能出現問題的對象。你看，我一直引以為傲的一點——我也知道公司在這方面做得非常好——

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's just 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，美航擁有最好的航網，而這也讓我們能以各種方式建立合作，持續推動我們在全球的觸及範圍。所以你會持續看到我們確保在美國與北美市場擁有極強的實力；這會非常有吸引力，我認為也將在未來很長一段時間成為我們成長與獲利的驅動力。

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 drug some free cash flow? Or is that really not part of the thought process yet?

第一個問題可能給 Devon，或 Robert 也可以補充。關於在目前環境下的資本支出、資本配置：考量到燃油價格的位置，我們是否已經到了可能開始用不同方式思考 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、帶動一些自由現金流？還是說這還不是目前的思考重點？

Well, as we small 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，隨著我們縮小運能，這是我們可以檢視的事情。但就目前而言，我們非常喜歡即將交付給我們的飛機所帶來的經濟效益。我們現在並沒有龐大的 CapEx 需求。所以我們沒有機隊汰換。因此也沒有 CapEx 的汰換性需求。

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.

我們對今年的指引是總資本支出 40 億到 45 億美元。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。所以我們對正在進行的投資感覺非常好。邊邊角角可能會做一些修剪。但大體而言，我們的投資是在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 Nate. Just thinking about -- you've been in the seat for a little bit now. Just bigger picture.

了解。明白。接著可能問 Nate。從更宏觀的角度來想——你上任也有一段時間了。就更大的格局而言。

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 the strength that you want to continue to lean on and then maybe some areas of weakness or geographies that you're that are smaller today that you would really like to improve?

你們正在投資 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，你希望持續倚重的優勢領域有哪些？以及可能有哪些弱項或目前規模較小的地理區域，是你很想加以改善的？

Thanks, Andrew. Yes, 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 its loyalty.

謝謝，Andrew。是的，已經 11 個月了，很難相信才過了這麼久。我其實對我們的商業策略感到非常有信心，也就是在我到任接下這份工作時既有基礎之上持續深化。我認為美航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、高端營收，以及忠誠度計畫。

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，我們不僅在上述每一項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。所以我對此感到非常振奮。我對未來幾年感到很興奮，並且會真正持續一起推動美航向前。

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, I think footing from a credit perspective. But obviously, the fuel crisis that we're going through right now is postponing that.

所以，Devon，我只是想知道你和董事會是否更多在討論資產負債表方面的議題。我想原本的承諾是，我們可以縮小利潤率差距、償還債務，並且從信用角度來看，讓基礎更穩健一些。但顯然，我們現在正在經歷的燃油危機正在延後這件事。

Are you kind of having more precisions 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?

你們是否正在更精準地評估一些可能讓公司重新資本化的不同方式，例如與信用卡計畫相關的交易，或其他嘗試以替代方式修復資產負債表的作法，考量到燃油的影響？

Yes. We've made a ton of progress on the balance sheet. Like you look where we're three to four years ago, midst he pandemic, we had $54 billion of total debt. We've reduced that to around $36 billion today. We have 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。如果你看我們三到四年前、疫情期間，我們的總債務是540億美元。我們已將其降至目前約360億美元。我們目前的總債務比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.

我們目前的淨負債也比10年前還少。因此，資產負債表我們會持續改善——但推動我們信用評等提升的關鍵是獲利。

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. 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 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.

因此，雖然你可以嘗試透過一些不同的交易來改善我們的負債水準，但真正能解鎖槓桿改善的關鍵在於獲利端。而這正是我們聚焦的地方。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使我們能產生可觀的自由現金流，然後我們會用它來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. 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.

好的。另外，在合資方面決定與美航走得更近一些，Robert，你能否談談這背後的策略理由？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。我不想把這變成一個整併的問題，因為我知道那不是你們會回應的內容。

But when you think about the motivation, the attention, the benefits that Alaska, maybe bring to that JV, if you could kind of give your perspective on that, that would be helpful?

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該合資帶來的效益時，如果你能分享你的觀點，會很有幫助。

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 One World 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.

我的看法是，阿拉斯加航空一直是很棒的合作夥伴，他們在很多方面都以非常好的方式補足我們的業務。他們加入寰宇一家（oneworld）已經幾年了，我們對此非常滿意。而我與阿拉斯加航空的關係早在疫情之前就已建立。而且一直都是關於——

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. 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.

嘗試找出我們能以更好的方式服務客戶的方法。在這方面，我認為我們確實建立了很好的夥伴關係。西岸國際聯盟（West Coast International Alliance）的表現符合我們的期待，也非常期待在接下來一年左右的時間，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. I just want to -- you've announced a flurry of customer experience investments this year across Wiborturnto feedback 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?

我是代替Sheila發問的Jack。我想問——你們今年宣布了一連串的客戶體驗投資，包括WiFi回饋相關（Wiborturnto feedback）以及持續的機隊升級等。當你們評估這些投資時，能否談談在成熟後你們會看的報酬門檻，例如ROIC目標，或可能預期的RASM（每可用座位英里營收）/票價收益率提升？

Yes, 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 and direct 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. And that's how we view it.

是的，顯然，這類投資不會有直接的回報。它們所做的是支撐我們所有的商業計畫。因此在某些情況下，會有明顯且直接的回報，但那並不足以涵蓋所有資本投入或相關的營運費用。所以多數情況下，你期待的是票價收益率的提升或市占率的改善。我們就是這樣看待的。

We view it from a broader lens and 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 closure on this revenue gap that we have today.

我們會用更宏觀的角度來看，而不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，以推動縮小我們目前存在的營收差距。

Absolutely. That's really helpful. And so I don't just kind of follow-up there. In May, you announced starting would be added to 500 narrow-bodies and then quickly rolled it out that you're going to go across the entire fleet. I'm just wondering would inform that decision to go across the whole fleet.

完全同意。這真的很有幫助。那我再追問一下。你們在5月宣布先在500架窄體機上加裝，然後很快又擴大到整個機隊。我想知道，是什麼因素促使你們決定推行到全機隊？

And do you generally view WiFi installations as a race to the finish in order to maintain and attract higher yielding loyalty members across the major brand oil airlines in the US?

另外，你們是否普遍將WiFi安裝視為一場「衝刺到終點」的競賽，以便在美國主要品牌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 suites 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策略——不論是我們在地面端的貴賓室、一些正在我們系統各地進行的新航廈廊廳與航站樓開發。推動在飛機上配置更多高端座位、旗艦套房（Flagship Suites）。以及我們引進的新機型。所有這些都是為了確保我們擁有堅實的硬體產品，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 the leader in satellite-based WiFi, 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. And right now, I think it can be a differentiator for American.

我們知道的一點是，我們在衛星式WiFi方面一直是領先者，一段時間以來，我們在更多的飛機上提供這項服務，超過任何其他航空公司。我們知道客戶重視連線能力，而我們也有信心這將成為基本門檻（table stakes）。而在目前，我認為這可以成為美航的差異化優勢。

We're going to move as fast as we can to get Starlink installed on our entire fleet of narrow-bodies and wide-body aircraft over the next year or so and super excited about that. And I know that our customers will value that greatly.

我們會盡可能加快速度，在接下來一年左右，讓Starlink在我們所有窄體與廣體機隊上完成安裝，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.

本次電話會議的分析師提問部分到此結束。

(Operator Instructions) Alison Sider, Wall Street Journal.

(接線員指示) Alison Sider，《華爾街日報》。

Sorry about that. Sorry. Sorry. I was curious about fees if there's -- given sort of the trade-offs that came out 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?

抱歉剛才那樣。抱歉。抱歉。我想問的是關於費用——鑑於定價與填滿座位之間的取捨，你們是否有進一步的想法或看到任何機會去提高像是行李費或其他費用？或者你們是否預期整個產業在這方面還會有更多調漲？

Ali, Nate 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 live flat flagship suite.

Ali，Nate 也可以在這裡補充。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能從我們提供的產品中獲得很高的價值。我會告訴你，這涵蓋了整個光譜的各個端點。因此，我們希望確保商務艙的客戶能享有可全平躺的旗艦套房。

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.

我們希望確保我們擁有最好的貴賓室。而且這也延伸到那些最在意價格、以預算為導向的旅客；因此，對於我們的基本經濟艙票價，我們非常專注於確保客戶也能擁有一個非常出色的產品。

And you know what, we offer incredible value. We don't charge for a carry-on bag for that product like some of our competitors do. 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.

而且你知道嗎，我們提供了極高的價值。對於這個產品，我們不像某些競爭對手那樣對隨身登機行李收費。我們希望確保客戶在我們提供的各個產品光譜中都能找到真正的價值。我們也對正在進行的投資以及它最終將為客戶帶來的成果、以及我們也將因此獲得的忠誠度感到非常滿意。

And then I guess on the changes that you've made an approach to involuntary denied boardings, 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，我想談談你們對非自願拒載（involuntary denied boardings）所做的做法調整；看起來這確實帶來了成效，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？

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 America and 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 to American.

我想這題就由新來的來回答。沒問題。聽著，我認為從客戶體驗的角度，以及我們想要交付的內容、讓美航成為首選航空公司，這確實是一件非常值得推廣的事。我也知道我們在機場的同仁對此感覺好多了；當然，我們向客戶提供的價值主張，以及擁有那個——因此我們選擇把重點放在向前看、以及為此到位的技術上；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.

Leslie Josephs，CNBC。

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 at these fuel prices or similar to be profitable in 2017?

旅客人數、載客率都在下滑，不只是你們，其他航空公司也是。在什麼情況下這會讓你們擔心，或成為影響你們業績的問題？第二，你認為在目前或類似的燃油價格下，你們在 2017 年有機會獲利嗎？

Leslie, I'll take -- it's Nate. 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，我來回答——我是 Nate，我先回答第一個。聽著，正如我先前所說，我們正積極把重點放在收益率（yield）而非載客率（load factor），而且從目前看到的情況來看，我們非常滿意。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）以及在不同價位向不同客戶交付的價值高度契合。

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.

因此我們對此感到樂觀，並且在進入第四季時會持續優先考量這一點。但顯然，這是一種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。這是由我們今年所看到的情況所驅動的。今年以來，我們的燃油費用在全年累計增加了 70 億美元。若不是如此，我們本來會穩健獲利。若不是燃油大幅上漲，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 and 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.

燃油價格，不論是維持在較高水準或是往下走。真正的關鍵在於我們一直在面對的波動性。隨著燃油價格趨於穩定，我有信心我們能夠管理供給與需求，確保維持平衡；此外，我們在推動營收表現方面所做的各項投資也將逐步顯現成果。

And on top of the industry-leading performance in terms of efficiency and cost management, that is going to lead to profitability. 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.

再加上我們在效率與成本管理方面的業界領先表現，這將帶來獲利。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——包括我們相較於同業的表現，以及同時以營收表現為主要焦點——都讓我們相信，我們很有機會重返獲利，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 wide-body 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?

另外再追問一題關於廣體機訂單。你說你們已經非常接近了。你們是在考慮分拆機隊或分拆供應商的訂單，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.

目前除了說這個採購案進展得非常順利、而且我們希望在今年完成之外，沒有更多評論。

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

謝謝。現在我想把電話會議交回給 Robert Isom 作結語。先生？

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

謝謝，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。