美國航空 (AAL) 2022 Q1 法說會逐字稿

Good morning, and welcome to the American Airlines Group First Quarter 2022 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

早上好，歡迎參加美國航空集團 2022 年第一季度收益電話會議。今天的電話正在錄音。 （操作員說明）

And now I'd like to turn the conference over to your moderator, Head of Investor Relations, Mr. Scott Long.

現在，我想把會議交給你們的主持人，投資者關係主管 Scott Long 先生。

Thank you, Katherine. Good morning, everyone, and welcome to the American Airlines Group First Quarter 2022 Earnings Conference Call.

謝謝你，凱瑟琳。大家早上好，歡迎參加美國航空集團 2022 年第一季度收益電話會議。

On the call this morning, we have our CEO, Robert Isom; and our CFO, Derek Kerr. Also on the call for the Q&A session are David Seymour, Vasu Raja and a number of other senior executives.

在今天早上的電話會議上，我們有我們的首席執行官 Robert Isom；和我們的首席財務官 Derek Kerr。參加問答環節的還有 David Seymour、Vasu Raja 和其他一些高級管理人員。

Robert will start the call this morning with an overview of the first quarter and our priorities for the year. Derek will follow with the details on the quarter and our operating plans and outlook going forward. After Derek's comments, we'll open the call for analyst questions, followed by questions from the media. (Operator Instructions).

羅伯特將在今天早上開始電話會議，概述第一季度和我們今年的優先事項。 Derek 將跟進本季度的詳細信息以及我們未來的運營計劃和展望。在 Derek 發表評論後，我們將打開分析師提問的電話，然後是媒體提問。 （操作員說明）。

Now before we begin today, I must state that today's call contains forward-looking statements, including statements concerning future revenues, costs, forecast of capacity and fleet plans. These statements represent our predictions and expectations of future events, but numerous risks and uncertainties could cause actual results to differ from those projected. Information about some of these risks and uncertainties can be found in our earnings press release that was issued this morning as well as our Form 10-Q for the quarter ended March 31, 2022.

在我們今天開始之前，我必須聲明今天的電話會議包含前瞻性陳述，包括有關未來收入、成本、容量預測和機隊計劃的陳述。這些陳述代表我們對未來事件的預測和預期，但許多風險和不確定性可能導致實際結果與預測結果不同。有關其中一些風險和不確定性的信息可以在我們今天上午發布的收益新聞稿以及我們截至 2022 年 3 月 31 日的季度的 10-Q 表格中找到。

In addition, we'll be discussing several non-GAAP financial measures this morning, which exclude the impact of unusual items. A reconciliation of those numbers to the GAAP financial measures is included in the earnings press release, which can be found in the Investor Relations section of our website.

此外，我們今天上午將討論一些非公認會計原則的財務指標，其中不包括異常項目的影響。這些數字與 GAAP 財務指標的對賬包含在收益新聞稿中，該新聞稿可在我們網站的投資者關係部分找到。

A webcast of this call will also be archived on our website. The information we are giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently.

本次電話會議的網絡廣播也將在我們的網站上存檔。我們在今天早上的電話會議上向您提供的信息截至今天，我們不承擔隨後更新信息的義務。

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

感謝您的關注和今天早上的加入。有了這個，我將把電話轉給我們的首席執行官羅伯特·伊索姆。

Thanks, Scott, and good morning, everyone. Thank you for joining us today. We're going to keep our comments brief this morning. I'm a strong believer that the results speak louder than words, and I'm confident in the results the American Airlines team will produce.

謝謝，斯科特，大家早上好。感謝您今天加入我們。我們將在今天早上保持我們的評論簡短。我堅信結果勝於雄辯，我對美國航空公司團隊將產生的結果充滿信心。

Now let's start by thanking our team. Day in and day out, they're on the front line, taking care of our customers, no matter what comes our way. And we've certainly seen a lot come our way over the past 2 years.

現在讓我們先感謝我們的團隊。日復一日，他們都在第一線，照顧我們的客戶，不管我們遇到什麼。在過去的 2 年裡，我們確實看到了很多事情。

The American Airlines team has worked hard to position us well for the recovery, by simplifying our fleet, modernizing our facilities, fine-tuning our network, developing new partnerships, rolling out new tools for our customers and team and hiring thousands of new team members, all that while flying the largest airline in the world.

美國航空公司團隊通過簡化機隊、現代化設施、微調網絡、發展新的合作夥伴關係、為我們的客戶和團隊推出新工具以及僱用數千名新團隊成員，努力為我們的複蘇做好準備，同時駕駛世界上最大的航空公司。

I'm excited to see their work pay off for all of our constituents, our customers, certainly, the communities we serve, our team and notably, our shareholders. It's an honor for me to have the trust of our team and to succeed Doug Parker as CEO and to begin in this position as the industry re-brand and our company returns to profitability. I'm extremely grateful for the opportunity. It's a fantastic time for the industry and for American Airlines in particular.

我很高興看到他們的工作為我們所有的選民、我們的客戶、當然還有我們所服務的社區、我們的團隊，尤其是我們的股東帶來了回報。我很榮幸能夠得到我們團隊的信任並接替 Doug Parker 擔任首席執行官，並在行業重塑品牌和我們公司恢復盈利的過程中開始擔任這個職位。我非常感謝這個機會。對於航空業，尤其是美國航空公司來說，這是一個美妙的時刻。

For the year ahead, we are resolute in achieving 2 key goals above all else, running a reliable operation and returning to profitability. Our team is up to the challenge, and we've already seen a lot of great progress.

展望未來一年，我們決心實現兩個最重要的目標，即可靠運營並恢復盈利。我們的團隊正在迎接挑戰，我們已經看到了很多巨大的進步。

So let's talk about financials first. This morning, America reported a first quarter GAAP net loss of $1.6 billion. Excluding net special items, we reported a net loss of $1.5 billion for the quarter. Despite the quarterly loss in a difficult January and February due to the effects of Omicron, March results were markedly different.

所以我們先來談談財務。今天上午，美國報告第一季度 GAAP 淨虧損 16 億美元。不包括淨特殊項目，我們報告本季度淨虧損 15 億美元。儘管由於 Omicron 的影響，在艱難的 1 月和 2 月出現季度虧損，但 3 月的結果卻明顯不同。

In March, we saw what's possible, with surging demand brought on by reduced infection rates, relaxed restrictions and tremendous pent-up demand for people to travel. Despite a sizable increase in the cost of fuel during March, American achieved our first monthly net profit, excluding special items, since July of 2021.

3 月，我們看到了可能發生的事情，感染率下降、限制放鬆以及人們被壓抑的巨大旅行需求帶來了需求激增。儘管 3 月份燃料成本大幅增加，但美國航空仍實現了自 2021 年 7 月以來的第一個月度淨利潤（不包括特殊項目）。

Demand is as strong as we've ever seen it. American produced revenues of $8.9 billion in the first quarter, including industry-leading passenger revenues of $7.8 billion. Domestic leisure travel continued to lead the way, far surpassing 2019 levels of traffic and revenue in the month of March.

需求與我們所見的一樣強勁。美國航空第一季度的收入為 89 億美元，其中包括行業領先的客運收入 78 億美元。國內休閒旅遊繼續領跑，3月份的客流量和收入遠超2019年水平。

In addition, we saw strong quarter-over-quarter improvement in corporate and government travel with revenue for this segment as a percentage of 2019 increasing 27 percentage points from January to March.

此外，我們看到公司和政府旅行的季度環比強勁增長，該部門的收入佔 2019 年的百分比從 1 月到 3 月增加了 27 個百分點。

System business demand is now about 80% recovered, with small to medium business revenue approaching a full recovery and corporate revenue now around 50% recovered. Corporate bookings are the highest that they've been since the onset of the pandemic, and we expect that to continue as more companies reopen their offices. We anticipate overall business revenue to be around 90% recovered in the second quarter.

系統業務需求現在已經恢復了80%左右，中小企業收入接近全面恢復，企業收入現在恢復了50%左右。自大流行開始以來，企業的預訂量是最高的，我們預計隨著更多公司重新開放辦公室，這種情況將繼續下去。我們預計第二季度整體業務收入將恢復 90% 左右。

And finally, demand for international travel also picked up considerably during the quarter as travel restrictions were lifted in certain parts of the world. Long-haul international revenue was around 50% recovered in the first quarter and around 60% recovered in March. So there's still a lot of revenue upside as business and international travel continue to return.

最後，隨著世界某些地區取消旅行限制，對國際旅行的需求也在本季度大幅回升。第一季度長途國際收入恢復了約 50%，3 月份恢復了約 60%。因此，隨著商務和國際旅行繼續回歸，收入仍有很大增長空間。

The American team has done an incredible job of setting up the airlines to take advantage of the rebound, pointing our network to where our customers want to fly, establishing partnerships in more challenging areas and making sure efficiency is top of mind. As a result, we're very optimistic about the continued recovery and expect to be profitable in the second quarter based on current demand trends and fuel price forecast.

美國團隊在建立航空公司以利用反彈、將我們的網絡指向客戶想要飛行的地方、在更具挑戰性的領域建立合作夥伴關係並確保效率是首要任務方面做得非常出色。因此，我們對持續復甦非常樂觀，根據當前的需求趨勢和燃料價格預測，預計第二季度將實現盈利。

Turning to reliability. American ended 2021 with our strongest operating performance in the company's history. We're committed to maintaining that momentum in the first quarter, and we did. Despite 2 difficult winter storms in Dallas/Fort Worth, the team delivered a solid operating performance in the first quarter, leading the industry in on-time departures and finishing a close second at on-time arrivals. And they did so while flying a considerably larger schedule than our next largest competitor.

轉向可靠性。美國航空以公司歷史上最強勁的經營業績結束了 2021 年。我們致力於在第一季度保持這種勢頭，我們做到了。儘管達拉斯/沃思堡經歷了兩次艱難的冬季風暴，但該團隊在第一季度的運營表現依然穩健，在準時出發方面領先於行業，在準時到達方面排名第二。他們這樣做的同時飛行的時間表比我們的第二大競爭對手要大得多。

More importantly, for the month of March, in the mid-peak spring break demand and high load factors, we delivered our best-ever combined March completion factor. Our operation in DFW and Charlotte, our 2 largest hubs, met or exceeded our expectations and delivered their best on-time performance and completion factor in years.

更重要的是，在 3 月份，在春假需求高峰期和高負載率的情況下，我們提供了有史以來最好的 3 月完成率。我們在 DFW 和夏洛特這兩個最大的樞紐的運營達到或超過了我們的預期，並提供了多年來最好的準時性能和完成率。

As a result of our team's hard work, our likelihood to recommend scores continue to track in line with plan and are near the top of our post-merger performance. Running a reliable operation this summer will be critical to the continued recovery, and we have taken numerous steps to ensure we are well prepared to deliver for our customers.

由於我們團隊的辛勤工作，我們推薦分數的可能性繼續按照計劃進行跟踪，並且接近我們合併後的表現。今年夏天運行可靠的運營對於持續恢復至關重要，我們已經採取了許多措施來確保我們做好充分準備為客戶提供服務。

Our summer planning began last year as demand returned, and we haven't slowed down. American has 12,000 more team members in place to support the operation this summer than in the summer of 2021. We've already welcomed more than 600 new pilots this year, exceeding our goal. And we will continue to aggressively recruit, hire and train across all departments to develop the best pipeline of talent in the industry.

隨著需求的回升，我們的夏季計劃從去年開始，我們並沒有放慢腳步。與 2021 年夏天相比，美國航空今年夏天有 12,000 多名團隊成員來支持這項行動。今年我們已經迎來了 600 多名新飛行員，超出了我們的目標。我們將繼續在所有部門積極招聘、聘用和培訓，以開發業內最好的人才管道。

We're ready for the summer, and we have sized the airline for the resources we have available. Again, we sized the airline for the resources that we have available. We've also made targeted investments in people, technology and resources that are yielding promising results for our team members and customers.

我們已經為夏天做好了準備，我們已經根據我們現有的資源調整了航空公司的規模。同樣，我們根據可用資源調整了航空公司的規模。我們還對人員、技術和資源進行了有針對性的投資，這些投資為我們的團隊成員和客戶帶來了可喜的成果。

So before I hand it over to Derek, I want to say that I'm really excited about the future of our industry and the future of American Airlines. There's still a lot of revenue upside going forward, given industry revenues are still off from their historical relationship to GDP, barriers to demand are falling and business and international trends are promising.

所以在我把它交給德里克之前，我想說我對我們行業的未來和美國航空公司的未來感到非常興奮。鑑於行業收入仍偏離其與 GDP 的歷史關係，需求壁壘正在下降，商業和國際趨勢充滿希望，未來仍有很大的收入增長空間。

There are also certain industry constraints on growth in the near term, notably related to pilot and aircraft supply. And at American, we have completed a $1.3 billion cost reduction program. And our unit cost performance will improve throughout the year as utilization approaches historic levels.

近期的增長也存在一定的行業限制，特別是與飛行員和飛機供應有關。在美國，我們已經完成了一項 13 億美元的成本削減計劃。隨著利用率接近歷史水平，我們的單位成本績效將全年提高。

No airline is better positioned to operate in this environment than American Airlines because of our fleet, our network and everything our team has accomplished over the past 2 years.

由於我們的機隊、我們的網絡以及我們的團隊在過去 2 年中所取得的成就，沒有哪家航空公司比美國航空更適合在這種環境中運營。

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

有了這個，我會把它交給德里克。

Thanks, Robert, and good morning, everyone. Before I review the results, I want to acknowledge Doug for his more than 20 years as an airline CEO. Doug's leadership revolutionized the industry and laid the foundation for American success going forward. I also want to thank the American Airlines team. Their hard work and commitment to our customers and each other is truly extraordinary.

謝謝，羅伯特，大家早上好。在查看結果之前，我要感謝道格擔任航空公司首席執行官 20 多年。道格的領導徹底改變了該行業，並為美國未來的成功奠定了基礎。我還要感謝美國航空公司的團隊。他們的辛勤工作和對我們的客戶和彼此的承諾確實非同尋常。

This morning, we reported a first quarter GAAP net loss of $1.6 billion, or a loss of $2.52 per share. Excluding net special items, we reported a net loss of $1.5 billion or a loss of $2.32 per share. Revenue in the first quarter outperformed the initial expectations we outlined on our last call, despite flying less capacity than planned due to winter weather events that affected our largest hubs. Our first quarter revenue recovered to 84% compared to the same period in 2019 versus our original guide of 78% to 80% recovery.

今天上午，我們報告了第一季度 GAAP 淨虧損 16 億美元，即每股虧損 2.52 美元。不包括淨特殊項目，我們報告淨虧損 15 億美元或每股虧損 2.32 美元。儘管由於冬季天氣事件影響了我們最大的樞紐，飛行能力低於計劃，但第一季度的收入超過了我們在上次電話會議中概述的最初預期。與 2019 年同期相比，我們第一季度的收入恢復到 84%，而我們最初的指導是 78% 到 80% 的恢復。

Demand recovery from the Omicron variant was swift. And while leisure demand remains very strong, as more companies return to their offices, business demand is growing quickly. On the cost side, in addition to the efficiencies we've spoken about previously, we remain focused on keeping our controllable costs down, ensuring we are a more efficient airline as we return to normalized levels of capacity and utilization.

Omicron 型號的需求迅速恢復。雖然休閒需求仍然非常強勁，但隨著越來越多的公司重返辦公室，商業需求也在迅速增長。在成本方面，除了我們之前談到的效率之外，我們仍然專注於降低可控成本，確保我們在恢復正常的運力和利用率水平時成為一家更高效的航空公司。

In fact, in the face of increased fuel prices, we were profitable for the month of March, excluding net special items, due to our strong revenue performance and cost efficiencies. Our fleet remains the youngest and most fuel-efficient among the U.S. global network carriers. This month, we completed our narrow-body fleet harmonization project. It covers more than 500 aircraft, and will ensure a consistent product and better experience for customers, along with the improved revenue generation and unit cost production associated with the new seating configurations.

事實上，面對燃油價格上漲，由於我們強勁的收入表現和成本效益，我們在 3 月份實現了盈利，不包括淨特殊項目。我們的機隊仍然是美國全球網絡運營商中最年輕、最省油的。本月，我們完成了窄體機隊協調項目。它涵蓋了 500 多架飛機，將確保為客戶提供一致的產品和更好的體驗，同時提高與新座椅配置相關的創收和單位成本生產。

In the first quarter, we took delivery of 9 Airbus 321neos and reactivated 7 previously stored Boeing 737-800s. We also inducted 8 dual-class regional aircraft and parked 3 50-seat Embraer 145s. As previously disclosed, we made several updates to our fleet order book and the timing of future deliveries, allowing us to better meet the demand strength in domestic and short-haul international markets. We previously announced our plans to exercise purchase options on [737] MAX-8s. 15 of these options are scheduled for delivery in 2023 and 15 in 2024.

第一季度，我們接收了 9 架空客 321neo，並重新啟用了 7 架之前存儲的波音 737-800。我們還引進了 8 架雙級支線飛機，並停放了 3 架 50 座的 Embraer 145。如前所述，我們對我們的機隊訂單和未來交付時間進行了多次更新，使我們能夠更好地滿足國內和短途國際市場的需求強度。我們之前宣布了我們在 [737] MAX-8s 上行使購買選擇權的計劃。其中 15 個選項計劃在 2023 年交付，15 個在 2024 年交付。

Additionally, with the continued uncertainty associated with our 787 deliveries, we are now planning for the delivery of only 7 788s in 2022, all after our summer schedule, with the remaining 6 788 aircraft being delivered in 2023. The 4 789 aircraft previously planned in late 2023 are now planned to be delivered in 2024. With these changes, our expected total aircraft CapEx is $1.8 billion in 2022 and $2.2 billion in 2023.

此外，由於與我們的 787 交付相關的持續不確定性，我們現在計劃在夏季計劃之後僅在 2022 年交付 7 788 飛機，其餘 6 788 飛機將在 2023 年交付。之前計劃的 4 789 飛機在現在計劃在 2023 年末交付 2024 年。隨著這些變化，我們預計 2022 年飛機資本支出總額為 18 億美元，2023 年為 22 億美元。

We ended the first quarter with $15.5 billion of total available liquidity, significantly higher than our initial forecast due to ATL build of $2.3 billion in the quarter. We generated operating cash flow of $1.3 billion and free cash flow of more than $350 million in the first quarter. Deleveraging our balance sheet remains a top priority, and we are committed to significant debt reduction in the years ahead. Even in this volatile environment, we remain on track with our target of reducing overall debt levels by $15 billion by the end of 2025.

我們以 155 億美元的總可用流動資金結束了第一季度，大大高於我們最初的預測，因為該季度 ATL 增加了 23 億美元。我們在第一季度產生了 13 億美元的運營現金流和超過 3.5 億美元的自由現金流。去槓桿化我們的資產負債表仍然是重中之重，我們致力於在未來幾年大幅減少債務。即使在這種動蕩的環境中，我們仍有望實現到 2025 年底將總債務水平減少 150 億美元的目標。

During the quarter, we made $344 million in scheduled debt payments and completed $317 million in open market repurchases of our $750 million unsecured senior notes maturing in June. To date, we have reduced our overall debt levels by $4.1 billion from our peak levels in the second quarter of 2021. We expect to make $1 billion of scheduled debt payments in the second quarter, which includes the remaining outstanding balance of the unsecured senior notes.

在本季度，我們支付了 3.44 億美元的定期債務，並完成了 3.17 億美元的公開市場回購我們 6 月到期的 7.5 億美元無抵押優先票據。迄今為止，我們的整體債務水平已從 2021 年第二季度的峰值水平降低了 41 億美元。我們預計第二季度將支付 10 億美元的預定債務，其中包括無抵押優先票據的剩餘未償餘額.

Lastly, with cost-efficient financing secured for all aircraft deliveries through the third quarter of this year, we are now beginning to evaluate financing options for the fourth quarter and first half of 2023.

最後，隨著今年第三季度所有飛機交付的成本效益融資得到保障，我們現在開始評估第四季度和 2023 年上半年的融資方案。

As we look at the second quarter, we expect to be profitable despite the expectation of continued elevated fuel prices. Pretax margins are expected to be between 3% and 5% for the quarter based on the current demand trends and our fuel price forecast. Based on current demand assumptions, we expect total revenue to be 6% to 8% higher versus the second quarter of 2019 on 6% to 8% lower capacity. That would be the first time we have produced total revenue greater than 2019 since the start of the pandemic. In fact, if we hit the midpoint of this revenue guide, the results would be the highest quarterly revenue in the company's history.

縱觀第二季度，儘管預期燃油價格將持續上漲，但我們仍有望實現盈利。根據當前的需求趨勢和我們的燃料價格預測，本季度的稅前利潤率預計在 3% 至 5% 之間。根據當前的需求假設，我們預計總收入將比 2019 年第二季度增長 6% 至 8%，而產能下降 6% 至 8%。這將是自大流行開始以來，我們的總收入首次超過 2019 年。事實上，如果我們達到這個收入指南的中點，結果將是公司歷史上最高的季度收入。

On this revenue strength, we expect total revenue per available seat mile to be 14% to 16% higher in the second quarter versus the same period of 2019. We expect our second quarter CASM, excluding fuel and net special items, to be up between 8% and 10%. Our current forecast for the second quarter, which we pegged on Tuesday, assumes fuel between $3.59 and $3.64 per gallon, an increase of more than 60% versus the price of fuel in the second quarter of 2019.

就這一收入實力而言，我們預計第二季度每可用座位英里的總收入將比 2019 年同期增長 14% 至 16%。我們預計第二季度 CASM（不包括燃油和淨特殊項目）將在8% 和 10%。我們在周二對第二季度的當前預測假設燃料在每加侖 3.59 美元至 3.64 美元之間，與 2019 年第二季度的燃料價格相比上漲了 60% 以上。

In the near term, the demand environment is strong, but margins are lower than they otherwise would have been given the recent run-up in fuel. Longer term, this industry has proven that it has the ability to recapture increases in the cost of fuel and be profitable at elevated fuel prices. We believe this time is no different.

在短期內，需求環境強勁，但考慮到近期燃料價格的上漲，利潤率低於其他情況。從長遠來看，該行業已經證明它有能力重新獲得燃料成本的增長，並在燃料價格上漲的情況下實現盈利。我們相信這一次也不例外。

As for full year 2022 capacity, we now expect to be recovered to 92% to 94% of 2019 levels. The reduction in full year capacity from our prior guide is largely due to 788 delivery delays that I touched on earlier. This capacity guidance is, of course, subject to future demand environment and fuel prices. Consequently, with this lower level of capacity, we now expect our full year CASM, excluding fuel and net special items, to be up between 8% and 10% versus 2019.

至於 2022 年全年產能，我們現在預計將恢復到 2019 年水平的 92% 至 94%。我們之前指南中全年產能的減少主要是由於我之前提到的 788 次交付延遲。當然，這種容量指導取決於未來的需求環境和燃料價格。因此，由於產能水平較低，我們現在預計全年 CASM（不包括燃料和淨特殊項目）將比 2019 年增長 8% 至 10%。

In conclusion, with the actions we have taken and the commitment of our team, we remain very well positioned. We remain focused on running a reliable operation and returning to profitability, which we expect to happen in the second quarter.

總之，憑藉我們所採取的行動和團隊的承諾，我們仍然處於非常有利的位置。我們仍然專注於運行可靠的運營並恢復盈利，我們預計這將在第二季度實現。

With that, we'll open up the line for analyst questions.

有了這個，我們將打開分析師問題的線路。

(Operator Instructions) Our first question comes from Jamie Baker with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Jamie Baker。

I guess you're starting in the order of the biggest second quarter miss. So great. So listen, we're...

我猜你是按照第二季度最大失誤的順序開始的。很好。所以聽著，我們...

Not quite, but close, Jamie.

不完全是，但很接近，傑米。

All right. So we're familiar with that relationship between airline revenue and GDP. You brought it up. Doug had a good slide on -- in his deck last month. Have you looked at the relationship between leisure demand and GDP? And what that relationship might be telling us? I know we could try to back into this with some of the Form 41 data, but I don't really trust it. There's a reporting lag. It just doesn't tell me anything.

好的。因此，我們熟悉航空公司收入與 GDP 之間的關係。你提出來了。道格上個月在他的套牌上滑得很好。您是否研究過休閒需求與 GDP 之間的關係？這種關係可能告訴我們什麼？我知道我們可以嘗試使用一些 41 表格數據來解決這個問題，但我並不真正相信它。有報告滯後。它只是沒有告訴我任何事情。

Jamie, thanks. I'm going to let Vasu answer that. But hey, don't feel bad. This is a long game. We know you're going to get it right over the long term. So Vasu?

傑米，謝謝。我會讓瓦蘇回答這個問題。但是，嘿，不要難過。這是一場漫長的比賽。我們知道，從長遠來看，您會做到這一點。所以瓦蘇？

Thanks for the endorsement.

感謝您的認可。

Yes. Jamie, thanks for the question. And it's a very good one, one that we've actually spent a lot of time thinking about. And look what I'll say is you're right. In aggregate, like historical relationship between airline demand and GDP, let's call it industry demand, at something around just under 1% of GDP, does largely seem to hold. And we're seeing that as things start to recover.

是的。傑米，謝謝你的問題。這是一個非常好的，我們實際上花了很多時間思考的一個。看看我會說你是對的。總體而言，就像航空公司需求與 GDP 之間的歷史關係一樣，我們稱之為行業需求，大約佔 GDP 的 1% 左右，似乎在很大程度上保持不變。隨著事情開始復蘇，我們看到了這一點。

We spent a lot of time on this question about what is the actual trip purpose and how does that change? And the reality is it's changing in a meaningful enough way where we no longer think it's (inaudible) trend.

我們在這個問題上花了很多時間，關於實際旅行目的是什麼以及它如何改變？現實情況是它正在以一種足夠有意義的方式發生變化，我們不再認為它是（聽不清）趨勢。

For example, historically, only about 20% to 25% of the trips in the airline were something that we call blended, where somebody was traveling for both business and leisure. Now for about 5 to 6 months, about 50% to 55% of the trips in the airline are blended. And as we look forward into the coming months, that continues to be the case.

例如，從歷史上看，航空公司中只有大約 20% 到 25% 的旅行是我們所謂的混合旅行，即有人同時出差和休閒旅行。現在大約 5 到 6 個月，航空公司大約 50% 到 55% 的行程是混合的。當我們展望未來幾個月時，情況仍然如此。

And that's playing out in a lot of different ways for us, which are both opportunities and a little bit unprecedented, right? We are seeing different sales days becoming big sales days, different travel days becoming big travel days. So the nature of what we call leisure demand and business demand is changing.

這對我們來說以很多不同的方式發揮作用，這既是機遇又是前所未有的，對吧？我們看到不同的銷售日成為大銷售日，不同的旅行日成為大旅行日。因此，我們所說的休閒需求和商業需求的性質正在發生變化。

And the first thing is better understanding exactly how that is. But so far, it's been promising. Those blended trips that we have in the system are coming in at yields that are 75% to 85% of what were true business-only trips, but they're coming through lower (inaudible) sales channels and off of negotiated discount. So the net yields of them are very often the best things in the system.

首先是更好地理解究竟是怎麼回事。但到目前為止，它一直很有希望。我們在系統中擁有的那些混合旅行的收益是真正的商務旅行的 75% 到 85%，但它們是通過較低（聽不清）的銷售渠道和協商折扣來實現的。因此，它們的淨收益通常是系統中最好的東西。

So this is an evolving thing and one that we'll keep coming back to you. But the relationship is indeed changing, as you say, even though in aggregate, a lot of the trends won't.

所以這是一個不斷發展的事情，我們會不斷回复你。但正如你所說，這種關係確實在發生變化，儘管總體而言，很多趨勢都不會發生變化。

And just out of curiosity, how do you define or how do you tell that a trip is a blended trip? Is it somebody booking with a corporate discount and then bringing a family member on an adjacent PNR? Like how do you know that?

只是出於好奇，您如何定義或如何判斷旅行是混合旅行？是否有人以公司折扣預訂，然後將家庭成員帶到相鄰的 PNR 上？比如你怎麼知道的？

Yes. So over the years of viewing this thing, we actually come out in 2 ways. One, we have a lot of models that go and actually predict whether the behavior is business or leisure. And we survey customers to go and calibrate the model.

是的。所以多年來查看這個東西，我們實際上有兩種方式。一，我們有很多模型可以實際預測行為是商務還是休閒。我們調查客戶去校準模型。

So over time, we are really good. So whatever we -- you hear us talk about business, we are talking about, for example, somebody who travels, one person on the itinerary, no checked bags, things like that, right? (inaudible) a profile that we calibrated against surveys of what the customer actually tells us.

所以隨著時間的推移，我們真的很好。所以無論我們——你聽到我們談論業務，我們談論的是，例如，旅行的人，行程中的一個人，沒有托運行李，諸如此類的事情，對嗎？ （聽不清）我們根據客戶實際告訴我們的調查校準的配置文件。

And so one of the things that we found is that increasingly, those surveys are starting to change because people are saying they're flying both for business and leisure or it's one person in the itinerary, but they're leaving on Thursday, coming back on a Monday and going to Pensacola. So a lot of things are starting to change, and that's actually a pretty promising thing.

因此，我們發現的一件事是，這些調查開始發生變化，因為人們說他們是為了商務和休閒而飛行，或者是行程中的一個人，但他們將在周四離開，然後回來星期一去彭薩科拉。所以很多事情開始發生變化，這實際上是一件很有希望的事情。

Yes. Fascinating. And then second, and maybe for Robert, as we think about the steps that you're taking to protect the operation, heading into the summer peak, is the 0 still the metric that American tends to focus on? I think it was in the past. The sense I got was that it wasn't hugely popular with the entirety of the airport staff. Just wondering if with your background, Robert, and having ascended to the top seat, is that still the metric that you have prioritized, let's say?

是的。迷人。然後是第二個，也許對羅伯特來說，當我們考慮到你為保護行動而採取的措施時，進入夏季高峰期，0 仍然是美國人傾向於關注的指標嗎？我想那是在過去。我的感覺是，它並沒有受到所有機場工作人員的歡迎。只是想知道，羅伯特，以你的背景，並且已經登上了最高位置，這是否仍然是你優先考慮的指標，比方說？

Jamie, I'm going to start with this, which is the outcome in on-time arrival we know is the biggest driver of customer satisfaction, as I've said before, it makes the food taste better. It seems more comfortable, service more friendly, all that. And the best way to ensure an on-time arrival is to make sure you depart on time. So there's no stepping away from it.

Jamie，我將從這個開始，我們知道準時到達的結果是客戶滿意度的最大驅動因素，正如我之前所說，它使食物味道更好。它似乎更舒適，服務更友好，所有這些。確保准時到達的最佳方法是確保您準時出發。所以沒有辦法擺脫它。

But I'll tell you, we have evolved over time. And we really do want to take into account making sure that the things that we do to get an aircraft out on time don't compromise other aspects of the operation. So creating congestion on the ramp, or if we do have inclement weather, at the end of the day, if we have flights that you may be able to get out on time, but you ought to hold for connecting passengers, we do so.

但我會告訴你，我們隨著時間的推移而發展。我們確實想要考慮確保我們為準時起飛而做的事情不會影響運營的其他方面。因此，在坡道上造成擁堵，或者如果我們確實遇到惡劣天氣，那麼在一天結束時，如果我們有航班可以讓您準時下車，但您應該等待轉機乘客，我們會這樣做。

And so we could go into a lot more detail on that. But the answer to it all is, for the bulk of the airline, get it started right. No aircraft out of service in the morning, on-time departure, a fast turn and stay that way throughout the day.

因此，我們可以對此進行更詳細的介紹。但這一切的答案是，對於大部分航空公司來說，要正確開始。早上沒有飛機停止服務，準時起飛，快速轉彎並全天保持這種狀態。

Our next question comes from David Vernon with Bernstein.

我們的下一個問題來自 David Vernon 和 Bernstein。

We entered the other end of the spectrum, I guess. Could you talk a little bit about what you have in the forecast for business travel recovery as we think about the summer months? What are you seeing in the booking trends? I'm just trying to get a sense for kind of what the mix is within the guidance that you're giving us.

我猜我們進入了光譜的另一端。當我們考慮夏季月份時，您能否談談您對商務旅行複甦的預測？您在預訂趨勢中看到了什麼？我只是想了解您提供給我們的指導中的混合內容。

David, this is Vasu. I can help with that. Robert's commented at the beginning, as we closed the quarter, system business revenues were about 80% recovered versus 2019. As we look at Q2, we anticipate that number will be about 90% recovered versus 2019.

大衛，這是瓦蘇。我可以幫忙。羅伯特在一開始就評論說，當我們結束本季度時，系統業務收入與 2019 年相比恢復了約 80%。當我們查看第二季度時，我們預計該數字將與 2019 年相比恢復約 90%。

We have a level of confidence in it because, indeed, we're seeing many of those bookings start to come in from my comments that Jamie just now. But also, the gap between 90 and 100 is really largely due to long-haul international demand and certain pockets of domestic demand. But we are continuing to see demand come in.

我們對此有一定的信心，因為事實上，我們看到許多預訂開始來自我剛才對 Jamie 的評論。而且，90 和 100 之間的差距實際上主要是由於長途國際需求和某些國內需求。但我們繼續看到需求進來。

Okay. And then maybe just as a quick follow-up. I remember having a conversation with Doug and Derek in LA, a couple of years ago now, around denied boarding, sort of involuntary denials, that kind of stuff.

好的。然後也許只是作為一個快速跟進。我記得幾年前在洛杉磯與 Doug 和 Derek 進行過一次談話，圍繞著被拒絕登機，某種非自願拒絕，諸如此類的事情。

And you guys have been working on some technology to help you guys re-accommodate customers, work on this issue of not having enough seats on the plane overselling that kind of stuff. Is there any early indication during this period of demand here that those efforts are paying off and the denied boardings are coming in a little bit in line with those expectations you set out a couple of years ago?

你們一直在研究一些技術來幫助你們重新安置客戶，解決飛機上沒有足夠座位的問題，這些東西超賣了這種東西。在這段需求期間，是否有任何早期跡象表明這些努力正在得到回報，並且被拒絕登機的情況與您幾年前設定的預期有點相符？

David, we're going to start with Maya Leibman and talk about some of the things we've done. And if there's some add-on to that, Vasu will do it.

大衛，我們將從瑪雅·萊布曼開始，談談我們所做的一些事情。如果有一些附加功能，Vasu 會做到的。

David, this is Maya. Yes. Over the last several years, we've really improved our technology around essentially pre-removing customers. So either before they get to the airport several days before they fly if we know that flight is at the risk of overselling providing them an opportunity to bid or to either take compensation or even just move to a different flight that's probably a little bit better than the flight that they were previously scheduled on.

大衛，這是瑪雅。是的。在過去的幾年裡，我們確實圍繞預先移除客戶改進了我們的技術。因此，要么在他們起飛前幾天到達機場之前，如果我們知道航班有超賣的風險，為他們提供競標機會，要么獲得補償，甚至只是轉移到可能比其他航班好一點的航班他們之前預定的航班。

Or if it happens that there's a last-minute schedule change, a last-minute equipment change, so we have to deal with it at the airport, which isn't our goal. We're really trying to deal with it before they get to the airport. We have some pretty neat auction capabilities that allow the customer better opportunities to move around to other flights. And so all of those things together have really helped improve our denied boarding statistics.

或者如果發生最後一分鐘的時刻表變更，最後一分鐘的設備變更，所以我們必須在機場處理它，這不是我們的目標。我們真的想在他們到達機場之前解決它。我們有一些非常簡潔的拍賣功能，讓客戶有更好的機會轉移到其他航班。因此，所有這些因素加在一起確實有助於改善我們的拒絕登機統計數據。

Yes. I'll only add to that is that throughout the pandemic, one of the hardest things to do -- to predict has been the show rate of the airline. Understandably as the pandemic wore on, we would have periods of time where everybody showed for a flight in periods of time where the show rate could be as low as 70% of what was booked.

是的。我只想補充一點，在整個大流行期間，最難做的事情之一——預測是航空公司的顯示率。可以理解的是，隨著大流行的蔓延，我們將有一段時間，每個人都出現在航班上，而出現率可能低至預訂量的 70%。

What we're encouraged by in large part because of a lot of the technologies that we've got not just in managing overbooking, but it's typically just forecasting show rate. We are getting to a place where we are a lot better at going and predicting what the variability is. And with the technologies that we've got proactively moving customers off so that we don't have the same level of denied boarding expense that we had in times past. And indeed, we're able to generate more revenue through the overbooking flights.

我們之所以受到鼓舞，很大程度上是因為我們擁有的許多技術不僅用於管理超額預訂，而且通常只是預測顯示率。我們正在到達一個我們更擅長預測和預測可變性的地方。借助我們主動讓客戶離開的技術，我們不會像過去那樣遭受同樣水平的拒絕登機費用。事實上，我們能夠通過超售航班產生更多收入。

And our next question comes from Savi Syth with Raymond James.

我們的下一個問題來自 Savi Syth 和 Raymond James。

I was wondering, maybe, Vasu, could you provide a little bit of color on what you're seeing across the -- on the long-haul side across the different entities?

我想知道，也許，Vasu，你能否為你在不同實體的長途方面看到的東西提供一點顏色？

Sure, Savi. Yes, thanks for the question. Look, we're really encouraged with how long-haul demand has come back, but it is indeed very different across the 3 long-haul entities of long-haul South America, Transatlantic and Transpacific.

當然，薩維。是的，謝謝你的提問。看，我們對長途需求的回升感到非常鼓舞，但在長途南美、跨大西洋和跨太平洋這三個長途實體之間確實有很大不同。

First, we are encouraged because indeed, we've seen bookings from maybe post-Omicron low point in January. So what we're seeing in the last 4 to 6 weeks, it's improved by several factors.

首先，我們受到鼓舞，因為事實上，我們已經看到 1 月份可能來自 Omicron 後低點的預訂。因此，我們在過去 4 到 6 週看到的情況，通過幾個因素得到了改善。

In South America, that's a factor of 2 to 3x. In Transatlantic, it's something materially larger than that. And in Transpacific, it's grown quite a lot, too, but still, the bookings are pretty small and insignificant in the totality of all of our bookings.

在南美洲，這是 2 到 3 倍。在跨大西洋，它的意義遠大於此。在跨太平洋地區，它也增長了很多，但在我們所有的預訂總量中，預訂量仍然很小而且微不足道。

But what we're really encouraged by is the manner in which demand is returning first in long-haul South America, where we just -- where we have so much capacity. Increasingly, we're seeing not just more customers simply sign on for flights, but we're filling premium cabins at a better and better rate.

但我們真正感到鼓舞的是，需求首先在長途南美恢復的方式，我們只是 - 我們擁有如此多的能力。我們越來越多地看到，不僅有更多的客戶只是簡單地註冊了航班，而且我們正在以越來越好的價格填補高級客艙。

The same is true in Transatlantic, where so much of the airline that we brought back there is centered around our partner hubs, in Heathrow and Madrid. And we're encouraged because those are -- to make those flights go, they are very premium demand consumptive and we are seeing a lot of premium demand, even though we aren't seeing large corporate travel quite come back into international the way we've seen before.

跨大西洋航空公司也是如此，我們帶回那裡的大部分航空公司都以我們的合作夥伴樞紐為中心，即希思羅機場和馬德里。我們很受鼓舞，因為這些是——為了讓這些航班起飛，它們的需求量非常大，而且我們看到了大量的高端需求，儘管我們沒有看到大型商務旅行像我們這樣重新回到國際市場'以前見過。

And Transpacific, it's understandably challenged because as long as there are entry restrictions, demand remains pretty stubborn to come back. But -- like I said, we're encouraged that once those restrictions are lifted, the demand improves pretty meaningfully.

而跨太平洋地區，它的挑戰是可以理解的，因為只要有進入限制，需求仍然很頑固地要回來。但是 - 就像我說的那樣，我們感到鼓舞的是，一旦取消這些限制，需求就會顯著改善。

That's super helpful. And if I might ask, Derek, just a quick question on the fuel. Is your kind of fuel contracts based on kind of the forward curve and crack spreads? I think there's -- or like spot prices, I mean? I think there's a little bit of confusion on what we're seeing on spot, and this is not unique to American, but what's being reflected in fuel guidances.

這非常有幫助。如果我可以問，德里克，只是關於燃料的快速問題。你們的燃料合約是基於遠期曲線和裂縫價差嗎？我認為有 - 或者像現貨價格，我的意思是？我認為我們在現場看到的情況有點混亂，這不是美國獨有的，而是燃料指南中反映的情況。

Yes. No, that's exactly -- we just pegged it 2 days ago. So at 100 -- it was 107. And then we used the crack spread and where that was, and the crack spread had increased a little bit. So the difference may be crack spread and then the dates that everybody takes the fuel pay, but we're straight off of the fuel curve and then it's dependent on where are you buying your fuel. Are you buying your fuel more in the Gulf Coast, L.A., New York. So there could be differences between each airline just where the brunt of the fuel comes from.

是的。不，就是這樣——我們在 2 天前剛剛確定了它。所以在 100 - 它是 107。然後我們使用了裂紋擴展和那個位置，裂紋擴展增加了一點。因此，差異可能是裂紋擴展，然後是每個人支付燃料費用的日期，但我們直接偏離燃料曲線，然後取決於你在哪裡購買燃料。您是否在紐約州洛杉磯的墨西哥灣沿岸購買了更多燃料。因此，每家航空公司之間可能存在差異，只是燃料的主要來源。

Our next question comes from Helane Becker with Cowen.

我們的下一個問題來自 Helane Becker 和 Cowen。

Just two questions. One is on minimum liquidity. Derek, have you thought about where you want that to go, other than get -- I think you said, what, pay down $15 billion of debt by 2026? And then the other question is, I think, related to the pilot training pipeline. You talk about a shortage of crew members and limits to capacity growth, so how are you thinking about catching up?

就兩個問題。一是最低流動性。 Derek，你有沒有想過你想要去哪裡，而不是得到 - 我想你說過，什麼，到 2026 年償還 150 億美元的債務？然後另一個問題是，我認為，與飛行員培訓管道有關。您談到船員短缺和容量增長受限，那麼您如何考慮趕上？

Yes. I can do both, and Robert can add to some of that. So as far as minimum liquidity, we're still in the same place as we were a couple of calls ago. We're at about $15.5 billion right now. We are seeing this recovery. We'd like to see it actually be in the actuals. So I think this is a forward guide, which we think is where we're going to get and be profitable for the quarter.

是的。我可以同時做這兩件事，羅伯特可以做一些補充。因此，就最低流動性而言，我們仍處於與幾次通話前相同的位置。我們現在的資產約為 155 億美元。我們正在看到這種複蘇。我們希望看到它實際上是真實的。所以我認為這是一個前瞻性指南，我們認為這是我們將在本季度獲得併盈利的地方。

If we maintain this level, what we have said is we would take a step down to somewhere in the $10 billion to $12 billion range. And hopefully, that happens sometime this year, which can accelerate the debt pay down. And any further than that, we just haven't had the discussions through the Board and through the committees.

如果我們保持這個水平，我們所說的是我們將逐步降低到 100 億至 120 億美元的範圍內。希望這會在今年某個時候發生，這可以加速償還債務。除此之外，我們還沒有通過董事會和委員會進行討論。

We ran the company at $7 billion of not minimum liquidity, which I defined -- that was kind of our targeted cash level. Minimum liquidity is actually much lower than that. But our targeted cash level was at $7 billion. And so right now, we're holding out of the cash.

我們以 70 億美元的非最低流動性運營公司，這是我定義的——這是我們的目標現金水平。最低流動性實際上遠低於此。但我們的目標現金水平是 70 億美元。所以現在，我們沒有現金。

And when we see the recovery, and it's holding up and the cash is holding up, we will use that cash to pay down debt. And I think we'll take it down to (inaudible) in the $10 billion to $12 billion range as we look forward.

當我們看到經濟復甦，並且它持續存在並且現金持續存在時，我們將使用這些現金來償還債務。而且我認為，我們將在 100 億美元到 120 億美元之間降低（聽不清），因為我們期待。

On the pilot training pipeline, as Robert said, we've hired 600 pilots at the mainline. So it's -- it really is -- we have the pilots. I think the industry is -- it's about trying to hire 2,000 pilots this year versus the most we've ever hired in the past is 1,000.

正如羅伯特所說，在飛行員培訓管道上，我們在主線僱傭了 600 名飛行員。所以它 - 它真的是 - 我們有飛行員。我認為這個行業是——今年要雇傭 2000 名飛行員，而我們過去僱傭的最多是 1000 名。

So we have the simulators coming in. We have the trainers coming in. So what it is, is trying to get everybody through the pipeline. And I think we will be fully utilized in how all of our aircraft flying by the end of the year.

所以我們有模擬器進來。我們有培訓師進來。所以它是什麼，試圖讓每個人都通過管道。我認為我們將在今年年底前充分利用我們所有飛機的飛行方式。

The other side of it is the regional carriers, which we're working on, is that, that hiring is going well also. So we're hiring there. Just the attrition is much greater than the hiring at this point in time, or getting people through the pipeline. That has slowed, which is good. So as all the mainline carriers have hired from the regional carriers, we all have a backlog to get through training.

另一方面是區域運營商，我們正在努力，招聘也進展順利。所以我們在那裡招聘。只是減員比此時的招聘或讓人們通過管道要大得多。這已經放緩，這很好。因此，由於所有乾線運營商都從區域運營商那裡聘請，我們都有積壓的培訓。

So the regional attrition has slowed, which will be good for regional capacity as we go forward. But we believe that by the end of the year or through the summer, we'll be back up and having all the airline -- aircraft flying, which will be great for us from a utilization perspective. It will be great for us from a cost perspective to drive down the unit cost as we bring back all of those aircraft and get the pilot pipeline moving through.

因此，區域損耗已經放緩，這將有利於我們前進的區域能力。但我們相信，到今年年底或整個夏天，我們將恢復原狀，讓所有航空公司——飛機都在飛行，從利用率的角度來看，這對我們來說非常有用。從成本的角度來看，當我們帶回所有這些飛機並讓試點管道通過時，降低單位成本對我們來說將是一件好事。

Well said that. And the only thing other -- Helane, the only other point that I would add is that, look, over time, it's supply and demand. And I'm confident that the quality of life and the compensation for pilots is something that's going to attract a lot of people to the industry. It may take some time to work through, but it will happen.

說得好。唯一的其他-- Helane，我要補充的唯一一點是，看，隨著時間的推移，它是供求關係。我相信飛行員的生活質量和報酬會吸引很多人進入這個行業。這可能需要一些時間來解決，但它會發生。

Right. Could you, in the short term, bring back pilots who might have retired at, say, 58 or 60, and just have them work for a couple of years to bridge the gap? Or once they retire, that's that?

對。你能否在短期內讓可能在 58 歲或 60 歲退休的飛行員帶回來，讓他們工作幾年來彌補差距？或者一旦他們退休，就是這樣？

Helane, I'm going to ask David Seymour, our Chief Operating Officer, to weigh in on that.

Helane，我將請我們的首席運營官 David Seymour 對此進行權衡。

Yes. I think the challenge with that is many of them have been retired long enough that they would have to go through a requalification, which would take one of those slots. So given that, as Derek talked about, we have the supply coming in and the school house is really running at full speed here. And we're hitting the objectives that we've set forward to reach the goals that Derek talked about for the remainder of the year. So as much -- I think that would be a great idea. It will just take away a slot for a new hire that's coming in.

是的。我認為挑戰在於他們中的許多人已經退休了足夠長的時間，以至於他們必須通過重新資格認證，這將佔據其中一個席位。因此，正如 Derek 所說，我們有貨源進來，校舍真的在這裡全速運轉。我們正在實現我們設定的目標，以實現 Derek 在今年餘下時間談到的目標。同樣——我認為這將是一個好主意。它只會為即將到來的新員工佔用一個位置。

Overall as well, we have a great relationship with the APA and making sure that we're getting as many pilots onboard and creating as many captain positions as we possibly can. And anything that would alter something like retirement status would have to be something that they champion.

總的來說，我們與 APA 有著良好的關係，並確保我們有盡可能多的飛行員上船，並儘可能多地創造機長職位。任何會改變諸如退休狀態之類的東西都必須是他們所擁護的東西。

Our next question comes from Mike Linenberg with ButcheBank.

我們的下一個問題來自 ButcheBank 的 Mike Linenberg。

Just two here. I guess my first to Vasu. Vasu, historically, I guess, sort of the rule of thumb is that the run-up in energy prices usually sort of finds its way into the fair structure with like a lag of 3 to 6 months. It does feel like that it's getting recaptured far more quickly.

這裡只有兩個。我想我第一次去瓦蘇。瓦蘇，我想，從歷史上看，某種經驗法則是，能源價格的上漲通常會在 3 到 6 個月的滯後時間內進入公平結構。確實感覺它正在以更快的速度被重新捕獲。

And I just wonder if it's any sort of structural changes and/or just by approaching this fuel price cycle with a bit less capacity, which may give you some leverage in your ability to quickly offset that? Just your thoughts around that?

我只是想知道這是否是任何形式的結構性變化和/或只是通過以更少的容量接近這個燃料價格週期，這可能會給你一些槓桿來快速抵消它的能力？只是你的想法嗎？

Yes, Mike, it's an excellent question. And it looks like Jamie is one that we've actually spent a lot of time understandably thinking about. Look, it's really hard to tease out the different effects because you're right, there's high fuel prices, there's various limits on capacity as airlines try to size their airlines for the staffing that they can produce.

是的，邁克，這是一個很好的問題。看起來傑米是我們實際上花了很多時間思考的人。看，很難梳理出不同的影響，因為你是對的，燃油價格高，運力存在各種限制，因為航空公司試圖根據他們可以生產的人員配置來調整航空公司的規模。

And of course, demand, which just continues to accelerate at a pretty unprecedented rate. So look, what we look at are actually the fares that we, American Airlines, are (inaudible) selling. And we're encouraged that indeed, month-to-month, we are seeing a greater increase in fares than certainly what we saw in 2019.

當然還有需求，它以前所未有的速度繼續加速。所以看，我們看到的實際上是我們美國航空公司（聽不清）銷售的票價。我們感到鼓舞的是，確實，每個月，我們看到的票價漲幅肯定比我們在 2019 年看到的漲幅更大。

But very importantly, one of the things that we've been looking at is how fair is at large -- or how is the rate of increase actually changing in 2019 to 2022 versus the last time the industry went through so many cataclysmic crisis, which were big fuel, the great recession, changes in the industry to consolidation.

但非常重要的是，我們一直在關注的一件事是公平的程度——或者說，與上一次行業經歷如此多的災難性危機相比，2019 年至 2022 年的實際增長率如何變化，這人大推波助瀾，大蕭條，行業變革走向整合。

And indeed, the rate -- the pace of change that we're seeing is growing much greater than what we saw before. Short way to say it is we are seeing a lot of strength in a fair environment with customers who frankly value quality of product that we have and are willing to pay us (inaudible).

事實上，速度——我們看到的變化速度比我們以前看到的要快得多。簡而言之，我們在公平的環境中看到了很多力量，客戶坦率地重視我們擁有並願意支付給我們的產品質量（聽不清）。

So we're encouraged by that. We see those trends going forward into the summer. And of course, that's inherent to the revenue guide you see before you.

所以我們對此感到鼓舞。我們看到這些趨勢將持續到夏季。當然，這是您看到的收入指南所固有的。

Great. And then just my second, with respect to the NEA and I guess, the Justice's concern about potential consumer harm, have you put out any numbers about what you have done from a consumer benefit perspective since it's now been up and running, I think, for some time, or is that something that we just won't find out about until September?

偉大的。然後就我的第二個問題，關於NEA，我想，大法官對潛在消費者傷害的擔憂，你有沒有從消費者利益的角度公佈你所做的任何數字，因為它現在已經啟動並運行，我認為，有一段時間了，還是我們要到 9 月才能知道這件事？

I can start and others can add. Well, look, we can't talk about the consumer benefits of the NEA enough. And indeed you can already see it (inaudible) what's published out there. In the first quarter, we brought the Northeast back faster than any of our competition. And arguably through bringing it back, has encouraged competition where they frankly wasn't any before.

我可以開始，其他人可以添加。好吧，看，我們不能充分談論 NEA 的消費者利益。實際上，您已經可以看到（聽不清）那裡發布的內容。在第一季度，我們把東北地區帶回來的速度比我們的任何競爭對手都快。並且可以說通過將它帶回來，鼓勵了他們坦率地說以前沒有的競爭。

We're doing things like we have full flat beds on all of our transcon markets, which is a thing that American Airlines is -- has long dreamed of and now through this partnership with JetBlue we're able to make it happen. We brought JetBlue into LaGuardia, I think, which they long to make happen, putting a new level of price competition on the incumbent carrier there.

我們正在做的事情就像我們在我們所有的轉運市場上都有全平床一樣，這是美國航空公司長期以來一直夢想的事情，現在通過與捷藍航空的合作，我們能夠實現它。我認為，我們將 JetBlue 引入了拉瓜迪亞機場，他們渴望實現這一目標，從而使現有運營商的價格競爭達到新的水平。

And so we're encouraged by the structural things that's there, but what we're really encouraged by is the way consumers are responding to it. So right now, for the first time and as long as we've recorded it, advantage enrollments, our loyalty program enrollments are growing in New York and Boston at greater rates than anything in the system as an absolute size, which is greater than anything at the system.

因此，我們對那裡的結構性事物感到鼓舞，但我們真正受到鼓舞的是消費者對它的反應方式。所以現在，第一次，只要我們記錄下來，優勢註冊，我們的忠誠度計劃註冊在紐約和波士頓的增長速度超過了系統中任何一個絕對規模，這比任何事情都大在系統。

New York is -- on a percentage of 2019, we're acquiring more credit card customers there than we did in 2019 and at a greater rate than any other parts of our system. So all of which is to say that the consumer is clearly responding to it. We see those benefits, and we keep rolling things out. We -- there's a lot that we've kind of worked through as we kind of try to staff up a connecting operation at JFK. We've endeavored to go slow in order to make it happen.

紐約 - 在 2019 年的某個百分比上，我們在那裡獲得的信用卡客戶比 2019 年更多，而且速度比我們系統的任何其他部分都要高。所以所有這一切都是說消費者顯然在回應它。我們看到了這些好處，並且不斷推出。我們 - 我們已經完成了很多工作，因為我們試圖在 JFK 建立一個連接操作。為了實現這一目標，我們努力放慢腳步。

I hope for a minute to say that we are all the way to achieving what we want there to be, but we are really encouraged by what it's doing for consumers, the level of competition that it's bringing. And indeed, I mean, we can't talk about it enough, and maybe we need to talk about it more.

我希望花一點時間說，我們一直在實現我們想要的目標，但我們對它為消費者所做的事情以及它帶來的競爭水平感到非常鼓舞。事實上，我的意思是，我們不能談論它，也許我們需要更多地談論它。

[Thanks for that,] Vasu, I'll just add, and I know our Chief Legal Officer, Priya Aiyar, will agree with me. But we welcome scrutiny. We know that this is producing the benefits as we said it would. And it's doing exactly what we had hoped. And we're confident we're going to prevail no matter what we face going forward. Pretty good with that?

[謝謝你，] Vasu，我會補充一下，我知道我們的首席法務官 Priya Aiyar 會同意我的看法。但我們歡迎審查。我們知道這會產生我們所說的好處。它正在做我們所希望的事情。而且我們有信心，無論我們未來面臨什麼，我們都會取得勝利。很好用嗎？

Absolutely.

絕對地。

Our next question comes from Dan McKenzie with Seaport Global.

我們的下一個問題來自 Seaport Global 的 Dan McKenzie。

A couple of questions here. First, a clarification to guide, maybe for Vasu. What level of restoration in international flying does the revenue guide embed? So does it include the relaxation of the 24-hour testing requirement in May sometime? And what conversations is the government having with you about the travel restrictions internationally?

這裡有幾個問題。首先，澄清指導，也許是為了 Vasu。收入指南中包含的國際飛行恢復水平如何？那麼它是否包括在 5 月某個時候放寬 24 小時測試要求？政府與您就國際旅行限制進行了哪些對話？

So Vasu, you can handle that first part. And let's have Nate cover point out of testing.

所以 Vasu，你可以處理第一部分。讓我們讓 Nate 掩護點不在測試中。

Yes, thanks for the question. And look, we -- international at large, we broadly anticipate to be 100% recovered. And indeed, it's not far from that right now. But to the question earlier from Savi, International is in a lot of different states of play right now.

是的，謝謝你的提問。看，我們 - 整個國際，我們廣泛預計將 100% 恢復。確實，現在離那不遠了。但是對於薩維早些時候提出的問題，國際現在處於許多不同的狀態。

Never forget that for us, in the second quarter, roughly 90% of our airline is flying in the Western Hemisphere and Heathrow. So a lot of our recovery is due to the fact that our short-haul international network is recovering at rates that are probably greater than what we see in domestic. And those markets, such as London and long-haul South America, are recovering pretty quickly, too. And that's where we have all of our capacity.

永遠不要忘記，對我們來說，在第二季度，我們大約 90% 的航空公司都在西半球和希思羅機場飛行。因此，我們的大部分複蘇是由於我們的短途國際網絡正在以可能高於我們在國內看到的速度恢復。而那些市場，如倫敦和長途南美，也正在迅速復蘇。這就是我們擁有所有能力的地方。

And, actually, just one note there. International revenue, not 100% recovered. And go ahead -- you go ahead (inaudible), from a long-haul perspective.

而且，實際上，那裡只有一張紙條。國際收入，並非 100% 恢復。繼續——從長遠的角度來看，你繼續（聽不清）。

Correct. Yes, correct. So yes, I would say that the long-haul revenue isn't all the way there, but total international is, and that's (inaudible).

正確的。是，對的。所以是的，我會說長途收入並不是一直在那裡，但國際總收入是，那是（聽不清）。

Okay. Yes. And this is Nate. I would just say on the regulatory side, obviously, the testing is something that we continue to engage on with our industry partners. We believe that the U.S. can safely follow countries that are progressing through the pandemic, including Canada, the U.K. and Ireland, which have, we think, safely evolved the scope of their entry requirements and moved away from predeparture testing.

好的。是的。這是內特。我只想在監管方面說，顯然，測試是我們繼續與我們的行業合作夥伴合作的事情。我們認為，美國可以安全地跟隨正在經歷大流行的國家，包括加拿大、英國和愛爾蘭，我們認為這些國家已經安全地擴大了入境要求的範圍，並擺脫了出發前的檢測。

We've learned by this point in the pandemic, however, not to speculate on what may or may not happen. So we don't have a specific time frame in mind, it's just something we continue to work on. Obviously, the decision is going to be up to the federal authorities and public health experts.

然而，到目前為止，我們已經在大流行中了解到，不要推測可能會發生什麼，也可能不會發生什麼。所以我們沒有具體的時間框架，這只是我們繼續努力的事情。顯然，這個決定將取決於聯邦當局和公共衛生專家。

Okay. And for everybody, that's Nate Gatten our Head of Corporate and Government Affairs. So Thanks, Nate.

好的。對於每個人來說，那是我們的企業和政府事務主管 Nate Gatten。所以謝謝，內特。

Yes. Second question here. Looking at Slide 5, the simple math is it looks like there's roughly $7 billion of revenue that was missing on an annualized basis relative to the first quarter. But I believe the headcount is already in place. So we're left with variable cost, I think so. But if you could flesh this out, the fixed versus variable costs as you add back some of this higher-margin international flying?

是的。這裡的第二個問題。從幻燈片 5 來看，簡單的數學運算表明，與第一季度相比，按年計算，大約有 70 億美元的收入減少了。但我相信人數已經到位。所以我們留下了可變成本，我想是的。但是，如果你能充實這一點，當你加回一些利潤率更高的國際航班時，固定成本與可變成本？

Dan, this is Derek. As we have talked about, we have the airline and costs in place to run a much greater airline. So as we go and as Robert said in his comments, our CASM will get better and better throughout the year as we head back to flying.

丹，這是德里克。正如我們所談到的，我們擁有運營一家更大的航空公司所需的航空公司和成本。因此，正如羅伯特在評論中所說，隨著我們重返飛行，我們的 CASM 將在一年中變得越來越好。

An example is our salaries, I think, stayed pretty flat throughout the year, even though we're growing ASMs throughout the year. So most everything is in place to fly. The example is the 787s. We thought we had the 787s coming in beginning of this year. So we have the pilots. We have the crews. We have everything ready to go. We're not going to train them back down to 73s or other aircraft. We're going to leave them there for when they come. So our expectation as we move forward and we bring back the aircraft and utilize our fleet and get us back to 100% of 2019, that it comes at a significant reduction in the CASM calculation as we go forward.

一個例子是我們的薪水，我認為，全年保持平穩，儘管我們全年都在增加 ASM。所以大多數東西都準備好了。以 787 為例。我們認為我們有 787 會在今年年初推出。所以我們有飛行員。我們有船員。我們已經準備好了一切。我們不會將他們訓練回 73 或其他飛機。我們要把他們留在那裡等他們來的時候。因此，我們期望隨著我們的前進，我們帶回飛機並利用我們的機隊，讓我們回到 2019 年的 100%，隨著我們的前進，CASM 計算將顯著減少。

Our next question comes from Duane Pfennigwerth with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Congrats, Robert, on the formal handoff. I wanted to follow-up to Mike's question. Just with respect to JetBlue's bid for Spirit, as it relates to the NEA. Do you see any relationship between the 2 initiatives? And what is American's perspective on the proposed acquisition?

恭喜羅伯特，正式交接。我想跟進邁克的問題。就捷藍航空對 Spirit 的出價而言，它與 NEA 相關。您看到這兩項舉措之間有什麼關係嗎？美國人對擬議中的收購有何看法？

Steve, do you want to comment here?

史蒂夫，你想在這裡發表評論嗎？

Sure. Thanks for the question. This is Steve Johnson. First, I think it's important to recognize that JetBlue's acquisition of Spirit is not a foregone conclusion. Those -- JetBlue and Spirit is near -- as we can tell, they are discussing that now, and we'll ultimately find out which direction that's going to go.

當然。謝謝你的問題。這是史蒂夫·約翰遜。首先，我認為重要的是要認識到捷藍收購 Spirit 並非已成定局。那些——JetBlue 和 Spirit 就在附近——正如我們所知，他們現在正在討論這個問題，我們最終會找出發展的方向。

But I would say that Joanna and Robin were very quick to call Robert, as soon as the story leaked. And they were steadfast in their view that NEA was extraordinarily important in priority to JetBlue and that they intended to do everything that they could to maintain it. And that -- part of their bid for Spirit contemplated, keeping and even strengthening the NEA.

但我想說喬安娜和羅賓很快就打電話給羅伯特，一旦故事泄露。他們堅信 NEA 在優先於 JetBlue 方面非常重要，並且他們打算盡其所能來維護它。而那——他們對 Spirit 的出價的一部分是考慮、保持甚至加強 NEA。

Thanks for that perspective. With respect to the RASM guidance, Vasu, can you just contrast for us maybe how leisure fares are tracking versus 2019 versus closing business fares? And I understand regions, et cetera, make that more complicated. But maybe if we just look at it on a cut per say, domestic, is the closing 0 to 3 getting better yet relative to '19?

謝謝你的觀點。關於 RASM 指南，Vasu，您能否為我們對比一下休閒票價與 2019 年與關閉商務票價的跟踪情況？而且我了解地區等使這變得更加複雜。但是，也許如果我們只看一下國內的話，相對於 19 年，收盤價 0 到 3 是否會變得更好？

Yes. Thanks for the question. And indeed, one that we look at very closely, because it is kind of interesting. We look at it both and what is out there selling, but importantly, what is netted back to us after we deduct the cost of sale from it. And so we are seeing, first and foremost, that -- we look at it really outside of 14 versus inside of 14. Outside of 14, indeed, there is a significant level of fare strength across any competitive O&D grouping there might be.

是的。謝謝你的問題。確實，我們非常仔細地研究了一個，因為它有點有趣。我們既要看它，也要看外面賣的是什麼，但重要的是，在我們從中扣除銷售成本後，我們會得到什麼。因此，我們首先看到的是——我們確實在 14 之外而不是 14 之內。事實上，在 14 之外，任何有競爭力的 O&D 集團都可能存在顯著水平的票價實力。

Inside of 14, we see the same level of fare strength. But as we look at it right now, leisure trips or blended business leisure trips are coming in at yield levels that are anywhere from 75% to 80% in aggregate of what inside 14 corporate negotiated trips are coming in at. And that's a really meaningful number because that means on a net basis, sometimes these fares which are coming to us oftentimes through our direct channels, through some pretty unprecedented sources on a net basis are actually really, really valuable to us and really valuable park and departure.

在 14 內部，我們看到了相同水平的票價強度。但正如我們現在所看到的，休閒旅行或混合商務休閒旅行的收益水平在 14 次企業協商旅行中的總收益水平在 75% 到 80% 之間。這是一個非常有意義的數字，因為這意味著在淨基礎上，有時這些經常通過我們的直接渠道，通過一些非常前所未有的淨來源向我們提供的票價實際上對我們非常非常有價值，並且非常有價值的公園和離開。

The fares are high. What we are encouraged by is as we have rolled through March, there's simply more demand inside of 14 and more business and business and leisure demand. So yes, we see a lot of strength in the fare environment, a lot more strength outside of 14, but progressively greater strength and greater demand inside of 14.

票價很高。令我們感到鼓舞的是，隨著我們整個 3 月份的到來，14 年的需求增加了，商務、商務和休閒需求也增加了。所以是的，我們在票價環境中看到了很多力量，14 歲以外的力量更大，但 14 歲以內的力量越來越大，需求也越來越大。

I guess maybe just to put a finer point on it. Do you think 0 to 3 is still an opportunity?

我想也許只是為了更好地說明它。你覺得0到3還有機會嗎？

Yes, it is but not in quite the same way that it was before.

是的，它是，但與以前不同。

Our next question comes from Catherine O'Brien with Goldman Sachs.

我們的下一個問題來自高盛的凱瑟琳奧布萊恩。

So maybe just one on the 787. When we think about your CapEx over the next couple of years, as the 787 rules into future years, should we just be thinking about rolling forward that associated CapEx? Are we reaching a point where we should be thinking about maybe some late penalties potentially lowering your overall CapEx profile as we look across the next couple of years on an aggregated basis? I think you might have mentioned that Boeing was already paying penalties to prior years. Just trying to get a sense to the read-through to American free cash flow in future years.

因此，可能只有 787 上的一個。當我們考慮未來幾年的資本支出時，隨著 787 規則進入未來幾年，我們是否應該考慮向前推進相關的資本支出？我們是否已經到了應該考慮可能會降低您的整體資本支出概況的一些後期處罰的地步，因為我們會在未來幾年的總體基礎上進行觀察？我想你可能已經提到波音已經支付了往年的罰款。只是試圖了解未來幾年對美國自由現金流的解讀。

Yes. Catherine, I would -- just from a CapEx perspective, I would just roll it without a doubt. Any kind of settlement that we have will be separate. The Boeing management team have assured us that they will cover us for the damages on the 787s -- the deliveries with the 787s. How that comes? I don't know, because we haven't talked about it. There's no reason to discuss damages on the 788s until they deliver and we know when those are going to be, so that can be calculated.

是的。凱瑟琳，我會 - 從資本支出的角度來看，我會毫無疑問地推出它。我們擁有的任何一種解決方案都是分開的。波音管理團隊已向我們保證，他們將為我們支付 787 的損失——與 787 一起交付。這是怎麼來的？我不知道，因為我們還沒有談過。在交付之前，沒有理由討論 788 的損壞情況，我們知道這些損壞的時間，因此可以計算出來。

So in the models today, I would move the CapEx and just shove out the CapEx. But I would -- there is upside to the cash flow or something for a settlement with the Boeing team. As they've said, they will cover the damages that we are incurring for those aircraft to be delayed and deferred.

所以在今天的模型中，我會移動資本支出並推出資本支出。但我會 - 現金流或與波音團隊達成和解的東西有好處。正如他們所說，他們將承擔我們因這些飛機延誤和延期而遭受的損失。

Okay. Got it. And then maybe one for Vasu, just coming a little bigger picture here. Can you just update us on the hub strategy you're working through pre-pandemic? The new growth opportunities at DFW, Charlotte, D.C., as you add back capacity, are you adding proportionately more flying into those hubs than you had in 2019?

好的。知道了。然後也許是 Vasu 的一個，這裡只是一個更大的圖景。您能否向我們介紹一下您在大流行前正在實施的樞紐戰略？ DFW 的新增長機會，夏洛特，D.C.，隨著您增加運力，您是否增加了比 2019 年更多的航班進入這些樞紐？

Or do you need to first restore the pre-pandemic network overall and then you look to those growth opportunities? Just trying to get a sense of -- I know those are the really most profitable hubs. So are we already starting to blend in that higher proportion of more profitable flying? Or is that on the comp?

還是您需要先全面恢復大流行前的網絡，然後再尋找這些增長機會？只是想了解一下——我知道那些是真正最賺錢的中心。那麼，我們是否已經開始融入更高比例的更有利可圖的飛行？或者那是在comp上？

It's a great question. Yes, we are absolutely blending it in now. As we said through the pandemic, we had no intention of wasting the crisis, and we didn't. We massively simplified the fleet, reduced, frankly, a number of long-haul airplanes that were amongst some of our most unprofitable route.

這是一個很好的問題。是的，我們現在絕對將其融入其中。正如我們在大流行期間所說的那樣，我們無意浪費危機，我們也沒有。我們大大簡化了機隊，坦率地說，減少了一些長途飛機，這些飛機是我們最不賺錢的航線之一。

Launched new partnerships where we can create more value for the customer, offer more network in places like the West Coast and New York where we're weaker. But very importantly, we've put a lot more capacity into our hubs in 2 ways. One, we've concentrated more flying there, but we've updated the airline as well.

啟動了新的合作夥伴關係，我們可以為客戶創造更多價值，在我們較弱的西海岸和紐約等地提供更多網絡。但非常重要的是，我們通過兩種方式為我們的集線器增加了更多容量。一，我們在那裡集中了更多的飛行，但我們也更新了航空公司。

We're 8% more seats per departure than -- as we go forward than what we were at the same time last year. But for us, like the changes are indeed quite meaningful. Right now, if you go look in published schedules, about 65%, 70% of the airlines flying really what we call our Sunbelt hubs and short-haul Caribbean kind of markets, where the airline has a unique level of strength.

與去年同期相比，我們每次出發的座位數增加了 8%。但對我們來說，像這樣的改變確實是相當有意義的。現在，如果您查看已發布的時刻表，大約 65% 到 70% 的航空公司都在飛我們所謂的陽光地帶樞紐和短途加勒比市場，該航空公司在這些市場擁有獨特的實力水平。

And just -- to put that in perspective, I was reading through everyone's print last night, that in Q1, our 4 Sunbelt hubs, DFW, Charlotte, Miami, Phoenix, were somewhere between 70% to 80% of our competitors' full network, but we're -- are producing unit revenues between 5% to 10% greater than those networks.

只是——為了正確看待這一點，我昨晚閱讀了每個人的印刷品，在第一季度，我們的 4 個 Sunbelt 樞紐，DFW、夏洛特、邁阿密、鳳凰城，占我們競爭對手完整網絡的 70% 到 80% 之間，但我們的單位收入比那些網絡高出 5% 到 10%。

So very much that is a major thing, a big part, as we talked about here, of returning to profitability. And frankly, running a better operation is focusing hard in those markets where we create really unique and disproportionate value and really getting all of our assets working there.

因此，正如我們在這裡所討論的，恢復盈利是一件重要的事情，一個重要的部分。坦率地說，運營更好的運營就是在那些我們創造真正獨特和不成比例的價值並真正讓我們所有資產在那裡運作的市場上努力集中精力。

Our next question comes from Conor Cunningham with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Conor Cunningham。

I know United and Delta have talked to generating a profit for -- in 2022, just given where demand is. And I realize you guys have stopped short of saying that today, but the question that we're getting is just around the sustainability of like RASM production. So do you expect to generate a profit for the remaining 3 quarters of this year, assuming like no massive change in oil or anything like that?

我知道美聯航和達美航空已經討論過在 2022 年創造利潤，只是考慮到需求所在。我意識到你們今天沒有這麼說，但我們得到的問題只是圍繞 RASM 生產的可持續性。那麼，假設石油沒有發生重大變化或類似情況，您預計今年剩餘 3 個季度會產生利潤嗎？

Conor, I'll start. Derek can add into this. Look, we're really pleased to be here talking about record revenues and producing a profit in the second quarter. But those are forecast. And you know what, our job here is to make those forecasts a reality.

康納，我要開始了。 Derek 可以加入其中。看，我們真的很高興在這裡談論創紀錄的收入並在第二季度產生利潤。但這些都是預測的。你知道嗎，我們的工作就是讓這些預測成為現實。

So we're going to get to that business. And fourth -- to achieve profitability for the year, I can -- I guarantee it, we need to be profitable in the second quarter. And we're going to get started on that, and we'll update you as time goes on.

因此，我們將進入該業務。第四——為了實現今年的盈利，我可以——我保證，我們需要在第二季度實現盈利。我們將開始著手，隨著時間的推移我們會為您更新。

Derek, anything else you want to add?

Derek，你還有什麼要補充的嗎？

Agree.

同意。

Okay. Okay. And I know you said you've sized the airlines and the resources you have, but there has been some struggles with operations and demand surge last year. Do you assume any incentive pay above and beyond what you've historically contemplated in your 2022 CASM outlook? And have you viewed incentive pay any differently than you have in the past, just given some of the staffing issues the industry has faced, in general?

好的。好的。我知道你說過你已經調整了航空公司和你擁有的資源的規模，但去年在運營和需求激增方面遇到了一些困難。您是否假設任何激勵薪酬超出您在 2022 年 CASM 展望中的歷史預期？考慮到該行業普遍面臨的一些人員配備問題，您對激勵薪酬的看法是否與過去有所不同？

Conor, thanks for that. But I'll start with this is that just like the rest of the world, we're all getting back up to speed. Firstly, for American, we didn't what -- the government asked us to when they provided us with the payroll support program. We ran the airline, and we ran it to serve people that had to get to the business and leisure activities and you name it.

康納，謝謝你。但我首先要說的是，就像世界其他地方一樣，我們都在恢復速度。首先，對於美國人來說，我們沒有做什麼——政府在向我們提供工資支持計劃時要求我們這樣做。我們經營這家航空公司，我們經營它是為了服務那些必須參加商務和休閒活動的人，你能說出它的名字。

As we go forward, the jump that we have to take, to get to the kind of capacity that Derek has mentioned in our forecast, it's not that sizable of a jump. We're way ahead of it. We've certainly learned from issues. We're really focused on other parts of what I consider the airline supply chain, and that's our partners.

隨著我們前進，我們必須採取的跳躍，以達到德里克在我們的預測中提到的那種能力，這並不是一個可觀的跳躍。我們遙遙領先。我們當然已經從問題中吸取了教訓。我們真的專注於我認為的航空公司供應鏈的其他部分，那就是我們的合作夥伴。

But we're very well compared. We have 12,000 more team members on, all ready to fly the summer -- the spring and summer schedule, I feel really great about it and I'm very, very confident that we're going to fly a reliable airline as we did, and we proved over the year-end holidays, better than a lot of our competition and as we have in the first 3 months of this year, too.

但我們很好比較。我們還有 12,000 名團隊成員，都準備在夏季飛行——春季和夏季的時間表，我對此感覺非常好，我非常非常有信心我們將像我們一樣駕駛一家可靠的航空公司，我們在年終假期證明了這一點，比我們的許多競爭對手要好，就像我們在今年前 3 個月一樣。

Our next question comes from Andrew Didora with Bank of America.

我們的下一個問題來自美國銀行的 Andrew Didora。

First one for Derek, just to confirm the updated CASM outlook that does not include any new labor deals, excuse me. And then just kind of a follow-up to that, given the labor market and your operational plans, where do you think kind of CASM eventually shakes out relative to 2019 once all is set and done?

Derek 的第一個，只是為了確認更新後的 CASM 前景，其中不包括任何新的勞動力交易，對不起。考慮到勞動力市場和您的運營計劃，您認為 CASM 相對於 2019 年最終會在哪裡發生變化，一旦一切就緒？

Yes. One is -- yes, the -- our CASM guidance is not having any new labor deals in it. We're in negotiations with a lot of our unions at this point in time, but we don't -- but we'll put those in our CASM guide when they occur and when we know where those are, but that's not in the CASM guide for the rest of the year.

是的。一個是——是的，我們的 CASM 指南中沒有任何新的勞工協議。目前，我們正在與我們的許多工會進行談判，但我們沒有——但是當它們發生並且我們知道它們在哪裡時，我們會將它們放在我們的 CASM 指南中，但這不在今年剩餘時間的 CASM 指南。

Getting back to 2019 levels depends on growing back and when do we grow back fully from a capacity perspective. And also, as you alluded to, when do those labor deals go into effect? In 2019, we did the mechanic deal and we completed the mechanic deal during 2019. So that year-over-year is now into our numbers.

回到 2019 年的水平取決於增長，以及從產能的角度來看，我們何時才能完全恢復。而且，正如你所提到的，這些勞務協議什麼時候生效？在 2019 年，我們完成了機械交易，我們在 2019 年完成了機械交易。因此，與去年同期相比，現在已經成為我們的數字。

So I think as we grow the airline back, getting ourselves back to 2019 CASM levels will take us to get our utilization back to where it was before and get all the aircraft back flying to get closer to that 2019 level.

因此，我認為隨著航空公司的發展，讓自己回到 2019 年的 CASM 水平將使我們的利用率恢復到以前的水平，並使所有飛機恢復飛行以接近 2019 年的水平。

Got it. And then Vasu, I fully appreciate the historical relationship with GDP in response to one of the earlier questions. I guess, we get a lot of investor questions on inflation and the health of the consumer. Do you have any historical perspective on consumer demand at these levels of inflation? And at what points do you begin to anticipate some sort of consumer slowing, if at all, in this type of environment?

知道了。然後是 Vasu，在回答前面的一個問題時，我完全理解與 GDP 的歷史關係。我想，我們收到了很多關於通貨膨脹和消費者健康的投資者問題。在這些通貨膨脹水平下，您對消費者需求有什麼歷史觀點嗎？在這種類型的環境中，如果有的話，您會在什麼時候開始預期某種消費放緩？

Yes, it's an excellent question. And look there's a lot that we're seeing today, which is kind of breaking from a lot of historical trends, much like the question earlier about how fuel prices are bleeding into fare. It's just -- it's -- right now, it's really difficult to tease out what is causing what. But yes, as an industry, there hasn't been a great history of how inflation has turned into changes in demand. But we're so far encouraged by what we see right now in two ways.

是的，這是一個很好的問題。看看我們今天看到的很多東西，這有點脫離了許多歷史趨勢，就像之前關於燃油價格如何滲入票價的問題一樣。只是——它是——現在，真的很難弄清楚是什麼導致了什麼。但是，是的，作為一個行業，通貨膨脹如何轉變為需求變化的歷史並不長。但到目前為止，我們從兩個方面對我們現在所看到的感到鼓舞。

First, demand continues to grow and grow at a meaningful pace. How long-lasting it is, remains to be seen. But if we learned anything in the last 20 to 24 months, we can adjust just about anything and do it pretty quickly.

首先，需求繼續增長並以有意義的速度增長。能持續多久，還有待觀察。但是，如果我們在過去 20 到 24 個月內學到了任何東西，我們幾乎可以調整任何東西，而且做得很快。

And the other thing which is really encouraging is, frankly, spending on our co-branded credit cards. That is one where the -- throughout the pandemic, even though airline revenues fell, our co-branded revenues never fell nearly to the same degree. And indeed, we're encouraged right now because their -- our acquisitions are higher than before, and our spend on the card is keeping pace with inflation.

坦率地說，另一件真正令人鼓舞的事情是在我們的聯名信用卡上消費。這就是在整個大流行期間，即使航空公司收入下降，我們的聯合品牌收入也從未下降到幾乎相同的程度。事實上，我們現在受到鼓舞，因為他們 - 我們的收購比以前更高，而且我們在卡上的支出與通貨膨脹保持同步。

Indeed, on our card with Barclays, our spend is growing at a greater rate than inflation. So we are encouraged by that. There's clearly a level of demand for our product and future anticipation of travel, which is very promising. And we'll see how it plays out.

事實上，在我們與巴克萊銀行的卡上，我們的支出增長速度超過了通貨膨脹率。所以我們對此感到鼓舞。對我們的產品和未來旅行的預期顯然有一定程度的需求，這是非常有希望的。我們將看到它是如何發揮作用的。

And that's all the time we have for analysts. We open the queue for your media. (Operator Instructions) And our first question comes from Alison Sider with Wall Street Journal.

這就是我們為分析師所擁有的所有時間。我們為您的媒體打開隊列。 （操作員說明）我們的第一個問題來自華爾街日報的 Alison Sider。

I'm just curious what you're seeing -- any response to COVID cases starting to rise again? Are you seeing that reflected at all in the consumer demand? Or in sort of your staffing, are you seeing higher rates of absences? And is that something you're kind of planning around?

我只是好奇你看到了什麼——對 COVID 病例的任何反應開始再次上升？您是否看到這完全反映在消費者需求中？或者在您的人員配置中，您是否看到更高的缺勤率？這是你正在計劃的事情嗎？

It's Robert. The answer to both is no.

是羅伯特。兩者的答案是否定的。

Okay. And I guess I could -- on the masks. I guess, in a couple of days since that policy has changed. Have you seen any evidence of any kind of shift in bookings, increased bookings or decreased? Is there any evidence yet that there will be any change to demand as a result of the mask mandate being lifted?

好的。我想我可以——在面具上。我想，幾天后，該政策發生了變化。您是否看到任何預訂量發生變化、預訂量增加或減少的證據？是否有任何證據表明取消口罩規定會導致需求發生任何變化？

Allie, this is Vasu. It's still very early to tell and really difficult to draw very much of a conclusion. But so far, there's nothing to indicate that it's materially up or materially down.

艾莉，這是瓦蘇。現在下結論還為時過早，而且真的很難得出結論。但到目前為止，沒有任何跡象表明它實質上是上漲或實質上下跌。

Okay. So not like when other international travel restrictions get lifted and there's an immediate response?

好的。所以不像其他國際旅行限制被取消並立即做出反應？

Yes. Certainly not on that order of magnitude at all.

是的。當然根本不在那個數量級上。

Our next question comes from David Koenig with Associated Press.

我們的下一個問題來自美聯社的 David Koenig。

Robert and Derek both addressed this on the pilot. You gave pilot -- figures for pilot hires. I was looking for a net number. Is 600 enough to offset the age 65 retirements and other attrition? What's the net number? And bottom line, are you going to have enough pilots to fly this summer?

羅伯特和德里克都在試播集上談到了這個問題。你給了飛行員——飛行員僱傭的數據。我正在尋找一個網絡號碼。 600 是否足以抵消 65 歲退休和其他減員？網數是多少？最重要的是，今年夏天你會有足夠的飛行員來飛行嗎？

Let me start, and David, Seymour can join in. The answer is yes. As I've said repeatedly, we're sizing the airline for the resources that we have. From a pilot perspective, all of this hiring is meant to match up to a schedule, but also a schedule that we are making sure that we've built in safety factors. So we have tremendous confidence that we can fly. In addition to that, we're scheduling the airline, employing tools that are different than we had before. And my confidence only grows, as I -- as we make our way in the year. David, do you have anything else to add?

讓我開始，大衛，西摩可以加入。答案是肯定的。正如我反复說過的，我們正在根據我們擁有的資源調整航空公司的規模。從試點的角度來看，所有這些招聘都是為了與時間表相匹配，而且我們確保我們已經建立了安全因素的時間表。所以我們對自己能飛有極大的信心。除此之外，我們正在安排航空公司，使用與以前不同的工具。而且我的信心只會隨著我的增長而增長 - 隨著我們在這一年中前進。大衛，你還有什麼要補充的嗎？

Robert, let me just add to that. I mean -- I think the numbers Derek talked about, the 600, that was this year alone. So last year, we had a target of hiring 350, we hired over 500. So the 600 is just for this year, and that's well ahead of pace where we set our expectations to. And in the pilot training right now, we're actually getting our goals and our throughput that we expect and don't foresee any problems going forward of making those numbers so we can hit the goal and fly all of our aircraft-s by the end of this year.

羅伯特，讓我補充一下。我的意思是——我認為 Derek 談到的數字是 600，僅在今年。所以去年，我們的目標是僱傭 350 人，我們僱傭了超過 500 人。所以 600 人只是今年的，這遠遠超過了我們設定的預期。在現在的飛行員培訓中，我們實際上正在實現我們預期的目標和吞吐量，並且沒有預見到在製定這些數字方面會出現任何問題，因此我們可以達到目標並讓我們所有的飛機飛行今年年底。

Our next question comes from Mary Schlangenstein with Bloomberg News.

我們的下一個問題來自彭博新聞的 Mary Schlangenstein。

I had a couple of quick questions. One, Robert, you had said this morning, I think, that you're not doing as much regional flying as you would like to be. And I wanted to see if you could comment in terms of have you got planes parked? Have you suspended any routes? And is that all related to the shortage of pilots on the regional level?

我有幾個簡單的問題。一，羅伯特，我想你今天早上說過，你沒有像你想的那樣進行區域飛行。我想看看你是否可以評論你有沒有停飛機？您是否暫停了任何路線？這是否都與地區層面的飛行員短缺有關？

Yes. So thanks, Mary. As Derek noted, we're not finding the full regional schedule we'd like to. We're going to get those aircraft back up over time. But it's related to how they're being hired from the regional airlines, so an increased level of attrition and the time it takes to actually backfill those pilots.

是的。所以，謝謝，瑪麗。正如 Derek 所說，我們沒有找到我們想要的完整區域時間表。隨著時間的推移，我們將讓這些飛機恢復正常。但這與他們如何從區域航空公司被雇用有關，因此增加的人員流失率以及實際回補這些飛行員所需的時間。

So while the regional carriers are able to source pilots at this time, we just can't get them up to speed, and in the position, fast enough. Over the long term, we do need to work on regional pilot supply. And we're out in front of that with our cadet program and trying to incentify people to come into the business.

因此，雖然區域航空公司目前能夠獲得飛行員，但我們只是無法讓他們跟上速度，並以足夠快的速度就位。從長遠來看，我們確實需要致力於區域試點供應。我們通過我們的學員計劃走在前面，並試圖激勵人們進入這個行業。

And I know -- I'm confident that, over the long term, the prospects of quality of life and compensation are something that are going to attract people to the business. So it may take some time to work out. But as Derek said, over the course of the next year or so, we anticipate being able to get not only mainline back up to full utilization by the end of the year, the regionals sometime thereafter.

而且我知道 - 我相信，從長遠來看，生活質量和薪酬的前景將吸引人們加入這項業務。所以可能需要一些時間來解決。但正如 Derek 所說，在接下來的一年左右的時間裡，我們預計不僅能夠在年底前讓主線恢復到充分利用，之後的某個時候也可以讓區域性恢復。

How much down is you're flying, your regional flying?

你的飛行下降了多少，你的區域飛行？

Departures in the second quarter are probably down about 20% versus 2019, where the airline mainline is down about 5%. So maybe 15% different than -- lower than what the mainline is.

與 2019 年相比，第二季度的出發航班可能下降了約 20%，當時航空公司主線下降了約 5%。所以可能比主線低 15%。

And Mary, I want to note on that. We're not just -- look, while we have aircraft that we're not flying, there's many other companies like -- we're not changing that. We're simply sizing the airlines for the products we have. And so our confidence in this summer is rooted in. We've already taken a look. We've already made sure that we have appropriate confidence levels in what we can do. So no need for any type of concern over the summer.

瑪麗，我想指出這一點。我們不只是 - 看，雖然我們有沒有飛行的飛機，但還有許多其他公司喜歡 - 我們並沒有改變這一點。我們只是根據我們擁有的產品確定航空公司的規模。所以我們對這個夏天的信心是根深蒂固的。我們已經看過了。我們已經確保我們對自己能做的事情有適當的信心。所以夏天不需要任何擔心。

Okay. And then the second question I had, if we could go back to the NEA for a minute. If the government tells JetBlue, it can acquire Spirit, but it wants big changes in the NEA, what's the prospect for American at that time? Is that something that you could have to walk away from with JetBlue?

好的。然後我的第二個問題是，我們是否可以回到 NEA 一會兒。如果政府告訴捷藍，它可以收購Spirit，但它希望NEA有大的變化，當時美國的前景如何？ JetBlue 是不是你必須放棄的事情？

Mary, thanks, that's a speculation on speculation, on speculation on speculation. Vasu was -- I think really articulated in his comments about how pro-consumer and pro-competitive the NEA is. I mean we could go on and on about that.

瑪麗，謝謝，這是對猜測的猜測，對猜測的猜測。 Vasu 是 - 我認為在他的評論中，他對 NEA 是多麼有利於消費者和有利於競爭的評論非常清楚。我的意思是我們可以繼續討論這個問題。

And if you assume that JetBlue actually figures out a way to acquire Spirit. And we get to that point. The JetBlue-Spirit combination doesn't change the impact to consumers of the NEA. It's not going to change one bit the value that we create for consumers in New York and Boston.

而且，如果您假設捷藍航空實際上想出了獲得 Spirit 的方法。我們達到了這一點。 JetBlue-Spirit 組合不會改變對 NEA 消費者的影響。它不會改變我們為紐約和波士頓的消費者創造的價值。

So I think it's -- there's a lot of water to go under the bridge, obviously, with respect to Frontier and Spirit and JetBlue. But I think there's -- that kind of speculation is probably premature. And we feel really, I think, excited about the prospects of winning our lawsuit with the DOJ. And we're looking forward to continue with the NEA, just in perpetuity.

所以我認為這是 - 顯然，就 Frontier 和 Spirit 以及 JetBlue 而言，橋下有很多水要流。但我認為有——這種猜測可能還為時過早。我認為，我們對在司法部贏得訴訟的前景感到非常興奮。我們期待著繼續與 NEA 合作，只是永遠。

Steve, are there any discussions underway on settling with the DOJ over the NEA? Or do you expect that that's going to go to trial in September?

史蒂夫，是否正在與美國司法部就 NEA 達成和解？還是您預計這將在 9 月進行審判？

I expect it'll go to trial in September.

我預計它將在 9 月進行審判。

Our next question comes from Dawn Gilbertson with USA Today.

我們的下一個問題來自《今日美國》的 Dawn Gilbertson。

Two questions on masks. Do you foresee -- given the DOJ appeal, do you foresee any scenario in which the mask mandate on plan is reinstated as swiftly as it was removed? And the second thing is how is American handling traveler request for refund, given the -- how quickly the mask mandate was lifted? Are you -- if someone doesn't want to fly they're immunocompromised, are you just giving refunds? What's your policy?

關於口罩的兩個問題。您是否預見到 - 鑑於 DOJ 的上訴，您是否預見到任何情況下，計劃中的口罩任務會在取消後迅速恢復？第二件事是美國人如何處理旅客的退款請求，考慮到 - 取消口罩規定的速度有多快？你是 - 如果有人不想飛行，他們免疫功能低下，你只是給退款嗎？你的政策是什麼？

Nate, go ahead. Take the first.

奈特，繼續。拿第一個。

Yes. I can take the first part of that question. This is Nate. Obviously, we're aware that the DOJ is appealing the Florida ruling, although they have not asked for a stay of the district court judge. Beyond that, as I mentioned earlier, we've learned throughout the pandemic not to speculate on what the government may or may not do.

是的。我可以回答這個問題的第一部分。這是內特。顯然，我們知道司法部正在對佛羅里達州的裁決提出上訴，儘管他們沒有要求地方法院法官暫緩執行。除此之外，正如我之前提到的，我們在整個大流行期間都學會了不要猜測政府可能會或可能不會做什麼。

I would emphasize though that in keeping with our commitment to create a welcoming environment for everyone who travels with us, customers and team members may, of course, choose to continue to wear masks at their own discretion. And we expect that many will continue to do so. But especially considering the steps that we've taken for the last couple of years regarding cleanliness and airflow, we don't feel that reinstating of the mandate is necessary at this time.

不過，我要強調的是，為了履行我們為與我們一起旅行的每個人創造一個溫馨環境的承諾，客戶和團隊成員當然可以自行決定繼續戴口罩。我們預計許多人將繼續這樣做。但特別是考慮到過去幾年我們在清潔度和氣流方面採取的措施，我們認為目前沒有必要恢復授權。

Yes. And Dawn, thanks for the question overall. And just right off, we haven't had much interaction with customers that have said they want to do anything different. But like we do in all these events, we're taking a look at our policies. And we are certainly, with customers, open and asking them to get in touch with our reservations office, and we'll make sure that we accommodate them in an appropriate fashion.

是的。黎明，感謝您提出的整體問題。就在剛剛，我們沒有與那些說他們想做任何不同的客戶進行太多互動。但就像我們在所有這些事件中所做的那樣，我們正在審視我們的政策。我們當然會與客戶一起開放並要求他們與我們的預訂辦公室取得聯繫，我們將確保以適當的方式為他們提供住宿。

Our next question comes from Leslie Josephs with CNBC.

我們的下一個問題來自 CNBC 的 Leslie Josephs。

I was wondering how you guys are thinking about IROPS during the summer? And if you have enough capacity and clear capacity to handle rebookings? And how you are addressing that? And just kind of how the overall labor landscape looks, not just pilots, but customer service, grounds and other employees?

我想知道你們在夏天是如何考慮 IROPS 的？如果您有足夠的容量和明確的容量來處理重新預訂？你是如何解決這個問題的？整體勞動力格局如何，不僅僅是飛行員，還有客戶服務、場地和其他員工？

Yes. I appreciate the question. Certainly, one that we spend a lot of time thinking through and working on. What I'd tell you, we've actually implemented a number of tools knowing that loads are going to be high as we go into the summer, and we welcome back a lot more customers.

是的。我很欣賞這個問題。當然，我們花了很多時間思考和努力。我要告訴你的是，我們實際上已經實施了許多工具，知道隨著夏天的到來，負載將會很高，我們歡迎更多的客戶回來。

And those tools we've actually been utilizing and have shown good promise here in terms of ensuring that we're not canceling and working our airline through a delay as this weather does develop, and we work our way through it. And that's really the key for us is making sure that we're canceling as few flights as possible to allow the traffic to continue to move through. But again, we're very focused on that. We know that the weather is going to be out there. We're certainly not taking anything for granted.

我們實際上一直在使用的那些工具，並且在確保我們不會因為這種天氣的發展而延誤我們的航空公司並在此方面表現出良好的前景，我們正在努力克服它。這對我們來說真正的關鍵是確保我們取消盡可能少的航班，以允許交通繼續通過。但同樣，我們非常關注這一點。我們知道天氣會在那裡。我們當然不會認為任何事情都是理所當然的。

David, I'll just add. Look, we have 12,000 new team members. And so that's a lot more than the 600 pilots that we have. And actually, that 12,000 is net new. And we hired, I think, almost 20,000 people. But those people -- team members are working in reservations. They're at our airports. They're throughout the system. So we've beefed up our capacity to be able to handle. And then Maya, do you want to say about anything more about other technology that we're using?

大衛，我只是補充。看，我們有 12,000 名新團隊成員。這比我們擁有的 600 名飛行員要多得多。實際上，這 12,000 個是全新的。我認為，我們僱傭了近 20,000 人。但是那些人——團隊成員正在預訂中工作。他們在我們的機場。它們遍布整個系統。因此，我們增強了處理能力。然後是 Maya，你想談談我們正在使用的其他技術嗎？

Yes. I think David hit on it. The goal is to prevent the cancellations in the first place so that we don't have to re-accommodate people given the high loads that we expect this summer. And we've got some pretty cool new technology that really focuses on how we manage to do that. In addition, really helping with improving our technology around crew recovery and some optimization technology that will really help reduce our taxi times, our turn times at airports and all of those things together are going to be in place for this summer, in order to ensure that we have a better approach to irregular operations.

是的。我認為大衛一見如故。目標是首先防止取消，這樣我們就不必在今年夏天預期的高負荷情況下重新容納人們。我們有一些非常酷的新技術，真正專注於我們如何做到這一點。此外，真正幫助改進我們圍繞機組人員恢復的技術和一些真正有助於減少我們的滑行時間、我們在機場的轉彎時間以及所有這些事情的優化技術將在今年夏天到位，以確保我們對非常規操作有更好的方法。

Okay. And then my second question is really quick. Does it still make sense for American Airlines to have an award chart just given where demand is and kind of how hard it is to find seats with awards these days, with miles these days?

好的。然後我的第二個問題真的很快。對於美國航空公司來說，僅僅給出需求所在的獎勵圖表以及如今找到有獎勵的座位有多難，這些天有里程，這是否仍然有意義？

Yes, thanks for the question. Actually, what's been really interesting to us, even though we are seeing an improving fare environment is actually our redemptions are up both in March and as we go forward. As far as the award chart goes, that is certainly something which our top-tier loyalty customers very much value and they see a lot of opportunities for it to go and secure traffic, which many of them have been long anticipated through the pandemic.

是的，謝謝你的提問。實際上，我們真正感興趣的是，儘管我們看到票價環境有所改善，但實際上我們的兌換量在 3 月和我們前進的過程中都在增加。就獎勵圖表而言，這肯定是我們的頂級忠誠度客戶非常看重的東西，他們看到了很多機會來確保流量，其中許多人在大流行中早就預料到了。

So as it stands, we're still really encouraged by having an award chart. And encouraged that, frankly, even though we are, in this rising environment, we're creating the right level of availability for redemption.

就目前而言，我們仍然對擁有獎勵圖表感到非常鼓舞。並鼓勵坦率地說，即使我們在這個不斷上升的環境中，我們正在為贖回創造適當的可用性水平。

Our next question comes from Niraj Chokshi with New York Times.

我們的下一個問題來自紐約時報的 Niraj Chokshi。

So I think most of my questions were answered already. I guess one question I had on masks was, do you anticipate it affecting hiring at all, maybe potential -- people you might hire might be nervous about sort of the shift, the drop of the requirement?

所以我想我的大部分問題已經得到了回答。我想我對口罩的一個問題是，你是否預計它會影響招聘，也許是潛在的——你可能僱用的人可能會對這種轉變、要求的下降感到緊張？

Niraj, the answer is no. And just so everybody is aware, if our customers and team members want to wear masks, we encourage them. We welcome that, and we see that as a practice that's going to go continue forward.

尼拉吉，答案是否定的。正因為如此，每個人都知道，如果我們的客戶和團隊成員想戴口罩，我們會鼓勵他們。我們對此表示歡迎，我們認為這是一種將繼續向前發展的做法。

Our next question comes from Kathryn Krupnik with CBS News.

我們的下一個問題來自 CBS 新聞的 Kathryn Krupnik。

I hope this is the last time that we have to talk about unruly passengers. But do you have a count on how many of that American has banned? And what are you going to do with those who are banned? Are you going to do what your competitors are doing and doing case-by-case basis?

我希望這是我們最後一次不得不談論不守規矩的乘客。但是你知道那個美國人禁止了多少嗎？你打算對那些被禁止的人做什麼？你會做你的競爭對手正在做的事情並逐案做嗎？

Yes. This is Nate. We don't give account for how many passengers we banned specifically for mask noncompliance. In most of the cases, the passengers who were added to our internal refuse list, as a result of mask noncompliance, will be permitted to resume travel at some point in time.

是的。這是內特。我們沒有說明我們專門因為不遵守口罩規定而禁止了多少乘客。在大多數情況下，由於不遵守口罩規定而被添加到我們內部拒絕名單中的乘客將被允許在某個時間點恢復旅行。

In cases where an incident may have started with face mask noncompliance and escalated into anything involving something more serious or certainly an assault on one of our key members or customers, those passengers are going to remain on our permanent internal refuse list and will never be allowed to travel with us again.

如果事件可能從不遵守口罩開始併升級為涉及更嚴重的事情，或者肯定是對我們的主要成員或客戶之一的攻擊，這些乘客將保留在我們的永久內部拒絕名單上，永遠不會被允許再次和我們一起旅行。

I would just add in this vein, we're very grateful to our partners and the federal government who have prioritized the safety of our crews, both our ground crews and our crews in the air during this period. And we are really appreciative of the announcement yesterday from the acting FAA administrator, Billy Nolen, who said that the zero-tolerance policy against unruly passengers is here to stay as we anticipate. Unfortunately, that these cases will continue, although, as Robert noted earlier today, hopefully, with fewer incidents.

我只想補充一點，我們非常感謝我們的合作夥伴和聯邦政府，他們在此期間優先考慮了我們機組人員的安全，包括我們的地勤人員和空中機組人員。我們非常感謝代理聯邦航空局局長比利諾倫昨天宣布的聲明，他說對不守規矩的乘客的零容忍政策將如我們預期的那樣繼續存在。不幸的是，這些案件將繼續存在，儘管正如羅伯特今天早些時候指出的那樣，希望發生的事件更少。

Thank you, and that's all the time we have for Q&A. I'd like to turn the call back to Robert Isom for closing remarks.

謝謝，這就是我們所有的問答時間。我想把電話轉回給羅伯特·伊索姆（Robert Isom）做結束語。

Thank you. I'll just close with this. Look, we've worked really hard as a company to get to this point to be able to take advantage of an environment where demand is improving. The airline is structured in a really great fashion.

謝謝你。我將就此結束。看，作為一家公司，我們已經非常努力地工作到這一點，以便能夠利用需求正在改善的環境。這家航空公司的結構非常棒。

I want to thank our team members for working so hard to get us through the pandemic and to be in a position to actually realize everything that we want to make about American. And in terms of the transition as well, this is my first earnings call, I want to thank our Board of Directors, especially Doug Parker for making things really work smoothly, putting us in a position to be talking about things that are very, very favorable.

我要感謝我們的團隊成員如此努力地工作，讓我們度過了這場大流行病，並能夠真正實現我們想要對美國做出的一切。就過渡而言，這是我的第一次財報電話會議，我要感謝我們的董事會，特別是道格·帕克，讓事情真正順利進行，讓我們能夠談論非常非常有利。

And so for our team, you've heard from a lot of players here today. I couldn't be more proud and confident in the team that we have from a senior leadership perspective. You're going to hear more from them as time goes on.

所以對於我們的團隊來說，你們今天聽到了很多球員的來信。從高層領導的角度來看，我對我們擁有的團隊感到無比自豪和自信。隨著時間的推移，你會聽到更多來自他們的消息。

And our job right now is to make the second quarter forecast a reality. That is what we're focused on. So we're going to get out there and make it happen. And I want to thank everybody for their time today.

我們現在的工作是使第二季度的預測成為現實。這就是我們所關注的。所以我們要走出去，實現它。我要感謝大家今天的時間。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。