美國航空 (AAL) 2021 Q4 法說會逐字稿

Good morning, and welcome to the American Airlines Group Fourth Quarter 2021 Earnings Conference Call. Today's call is being recorded. (Operator Instructions) And now I would like to turn the conference over to your moderator, Head of Investor Relations, Mr. Dan Cravens.

早上好，歡迎參加美國航空集團 2021 年第四季度收益電話會議。今天的電話正在錄音。 （操作員說明）現在我想將會議轉交給您的主持人，投資者關係主管 Dan Cravens 先生。

Thank you, Liz, and good morning, everyone, and welcome to the American Airlines Group Fourth Quarter 2021 Earnings Conference Call. On the call this morning, we have Doug Parker, Chairman and CEO; Robert Isom, President and incoming CEO; and Derek Kerr, Chief Financial Officer. Also on the call for our Q&A session are some of our senior executives, including Maya Leibman, Steve Johnson, Vasu Raja, David Seymour, Nate Gatten and Devon May.

謝謝 Liz，大家早上好，歡迎參加美國航空集團 2021 年第四季度收益電話會議。在今天早上的電話會議上，我們有董事長兼首席執行官 Doug Parker； Robert Isom，總裁兼新任首席執行官；和首席財務官 Derek Kerr。參加我們問答環節的還有我們的一些高級管理人員，包括 Maya Leibman、Steve Johnson、Vasu Raja、David Seymour、Nate Gatten 和 Devon May。

Like we normally do, Doug will start the call with an overview of our quarter and will update the actions we have taken during the pandemic. Robert will then follow up with some remarks about our operations and initiatives for 2022. After Robert's remarks, Derek will follow with the details on the quarter and provide guidance for the year. [Operator Instructions]

像往常一樣，Doug 將在電話會議開始時概述我們的季度，並將更新我們在大流行期間採取的行動。羅伯特隨後將就我們 2022 年的運營和計劃發表一些評論。在羅伯特發表評論之後，德里克將跟進本季度的詳細信息並提供全年的指導。 【操作說明】

Before we begin, we must state that today's call does contain forward-looking statements, including statements concerning future revenues, costs, forecasts of capacity and fleet plans. These statements represent our predictions and expectations as to future events, but numerous risks and uncertainties could cause 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 September 30, 2021.

在開始之前，我們必須聲明，今天的電話會議確實包含前瞻性陳述，包括有關未來收入、成本、容量預測和機隊計劃的陳述。這些陳述代表了我們對未來事件的預測和期望，但許多風險和不確定性可能導致結果與預期不同。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 2021 年 9 月 30 日的季度的 10-Q 表中找到。

In addition, we will be discussing certain non-GAAP financial measures this morning, which exclude the impact of unusual items. A reconciliation of those numbers to the GAAP measures is included in the earnings release, and that can be found in the Investor Relations section of our website. A webcast of this call will also be archived on our website. And the information that we're giving you on the call this morning is as of today's date, and we undertake no obligation to update the information subsequently.

此外，我們今天上午將討論某些非公認會計準則財務指標，其中不包括異常項目的影響。這些數字與公認會計原則措施的對賬包含在收益發布中，可以在我們網站的投資者關係部分找到。本次電話會議的網絡廣播也將在我們的網站上存檔。我們今天早上在電話中向您提供的信息是截至今天的信息，我們不承擔隨後更新信息的義務。

So thanks again and joining us -- for joining us this morning. And at this point, I'll turn the call over to our Chairman and CEO, Doug Parker.

所以再次感謝並加入我們——今天早上加入我們。在這一點上，我將把電話轉給我們的董事長兼首席執行官 Doug Parker。

Thank you, Dan, and good morning, everybody, and thanks for being on the call. We have a lot to cover today, but I'm going to start with the big news since last quarter's call, at least for me, which is that Robert Isom is going to be the next CEO of American Airlines. That change is effective on March 31. I'm going to remain Chairman of the American Board, but importantly, I will have no executive duties. Robert will be fully in-charge. I will stand as Chairman for as long as Robert and the Board find that a value.

謝謝您，Dan，大家早上好，感謝您接聽電話。我們今天有很多內容要介紹，但我將從上個季度電話會議以來的重大新聞開始，至少對我而言，那就是羅伯特·伊索姆將成為美國航空公司的下一任首席執行官。這一變動於 3 月 31 日生效。我將繼續擔任美國董事會主席，但重要的是，我將不再擔任行政職務。羅伯特將全面負責。只要羅伯特和董事會認為這是一個價值，我就會一直擔任董事長。

This is terrific news for our team. Robert is going to be the ninth CEO in the nearly 100-year history of American Airlines, which we believe is the best job in all of aviation. And we all are excited for Robert and for American. As you all know, Robert's someone I've worked alongside for several decades. He's an extraordinary team builder, who understands the complexities of operating in an airline like American. He loves the people of American, and he brings a fresh perspective to the future of American. I know he's going to accomplish great things, and I'm looking forward to watching that happen, along with all of you.

這對我們的團隊來說是個好消息。羅伯特將成為美國航空公司近 100 年曆史上的第九位首席執行官，我們認為這是所有航空業中最好的工作。我們都為羅伯特和美國人感到興奮。眾所周知，羅伯特是我幾十年來一直一起工作的人。他是一位非凡的團隊建設者，了解在美國航空公司這樣的航空公司運營的複雜性。他熱愛美國人民，他為美國的未來帶來了全新的視角。我知道他會完成偉大的事情，我期待著與你們所有人一起見證這一切。

Now what this transition does mean is this is going to be my last earnings call with you all, which is kind of a big deal for me. I've had a speaking role on every quarterly earnings call since I became CFO of America West Airlines in June of 1995. So by my calculations, this makes this my 107th consecutive quarterly call. So I'm going to try not to speak as much on this one as I have on the first 106 calls, especially as it relates to the company's go-forward plans, rather, I'm going to let those who are leading American into the future to talk about that future.

現在，這種轉變確實意味著這將是我與你們所有人的最後一次財報電話會議，這對我來說是一件大事。自從我 1995 年 6 月成為美國西部航空公司的首席財務官以來，我在每個季度財報電話會議上都有發言權。所以根據我的計算，這是我連續第 107 個季度電話會議。所以我會盡量不要像在前 106 個電話中那樣說太多，特別是因為它與公司的前進計劃有關，相反，我會讓那些領導美國的人進入未來談那個未來。

But before I turn over the stage, I do have a couple of quick thank yous. First is to you, all, the sell-side analysts and the reporters, who cover our business. You all have very important jobs covering this crazy industry that we all love, and you do it extremely well. I hope you know I have great respect for what you do and the challenges you face. And I've done my best throughout my career to treat you with the respect you deserve and to give you access in the community you need to do your jobs well. And you've all been extremely fair to me, which I really appreciate. So thank you very much as a blanket thank you to all of you on the line.

但在我翻台之前，我確實有幾句簡短的謝謝。首先是你們，所有的賣方分析師和記者，他們報導了我們的業務。你們都有非常重要的工作，涉及這個我們都喜歡的瘋狂行業，而且你們做得非常好。我希望你知道我非常尊重你所做的事情和你面臨的挑戰。在我的整個職業生涯中，我盡了最大的努力，以應有的尊重對待你，並讓你進入社區，讓你做好工作。你們都對我非常公平，我真的很感激。所以非常感謝大家，感謝所有在線的人。

It also goes to some of the great people that proceeded you, former analysts like [Carl Carros], Candace Browning, Sam Bucket and former reporters like Terry Max and Susan Carey and Scott McCartney. Thank you, all.

它也適用於您之前的一些偉大人物，前分析師，如 [Carl Carros]、Candace Browning、Sam Bucket，以及前記者，如 Terry Max、Susan Carey 和 Scott McCartney。謝謝你們。

The second thank you is to the American Airlines team, which I can't begin to do adequately on this call. But what I can do to somewhat thank them is to tell you all about the phenomenal job they did in 2021. For the year when growing back to meet a huge increase in demand was the most important and challenging objective for all airlines. The American team grew back faster and further than anyone else. We served about 25% more customers than any other airline in 2020, which is phenomenal in our industry. The last time in the U.S. airline was that much larger than the next best -- next highest competitor was more than 10 years ago, and that was done by merging 2 existing airlines, not through organic growth.

第二個感謝是美國航空公司的團隊，我無法在這次電話會議上充分發揮作用。但我能做的有點感謝他們的是，向你們講述他們在 2021 年所做的非凡工作。對於所有航空公司來說，重新增長以滿足需求的巨大增長是最重要和最具挑戰性的目標。美國隊比其他任何人都成長得更快、更遠。 2020 年，我們服務的客戶比任何其他航空公司都多 25%，這在我們的行業中是驚人的。這家美國航空公司的最後一次規模比第二大航空公司要大得多——第二大競爭對手是 10 多年前，這是通過合併 2 家現有航空公司而不是通過有機增長來實現的。

This growth in 2021 led us to hire 16,000 new team members last year. We expect to hire another 18,000 in 2022. And our team managed that growth while taking great care of our customers. We posted the best operating performance in our company's history in 2021 with the highest on-time performance and completion factor we've ever had. And we were the second highest to the 4 largest airlines in all of those metrics, despite the fact we grew back so much further and faster than they did.

2021 年的這種增長使我們去年僱傭了 16,000 名新團隊成員。我們預計 2022 年將再招聘 18,000 人。我們的團隊在非常照顧客戶的同時管理了這一增長。我們在 2021 年發布了公司歷史上最好的運營業績，以及我們有史以來最高的準時業績和完成率。在所有這些指標中，我們在 4 大航空公司中排名第二，儘管我們的增長速度比他們快得多。

We're particularly proud of how we ended the year certainly relative to our competitors. Our team had far more customers than any other airline over holidays, and we did so with much less disruption than our primary competitors. American was the top-performing airline, among all airlines in December in each of the key operating metrics.

相對於我們的競爭對手，我們特別為我們在今年結束時的表現感到特別自豪。我們的團隊在假期期間的客戶比任何其他航空公司都多，而且我們這樣做的干擾也比我們的主要競爭對手少得多。美國航空是 12 月份所有航空公司中各項關鍵運營指標中表現最好的航空公司。

And as our teams performed as well, our customers have taken note. Our full year 2021 likelihood to recommend scores were the highest in American history. That's an incredible testament to our people, who not only show up every day to operate the world's largest airline, but they do so in a way that welcomes back our customers with open arms. And all this translated to our shareholders as well in a year of very difficult stock performance for the industry. American stock increased 19%, far more than any other U.S. airline.

我們的團隊也表現出色，我們的客戶也注意到了這一點。我們 2021 年全年推薦分數的可能性是美國歷史上最高的。這對我們的員工來說是一個令人難以置信的證明，他們不僅每天都出現在運營這家世界上最大的航空公司，而且他們這樣做的方式是張開雙臂歡迎我們的客戶回來。在該行業股票表現非常艱難的一年中，所有這些都轉化為我們的股東。美國股票上漲 19%，遠超任何其他美國航空公司。

So I want to summarize all this to convey my gratitude to the incredible American Airlines team. And I want to thank each of them on behalf of our customers, our shareholders and everyone who counts on them every day. It's this performance that gives us great confidence and momentum as we head into 2022 and beyond.

所以我想總結一下這一切，以表達我對令人難以置信的美國航空公司團隊的感激之情。我要代表我們的客戶、股東和每天依靠他們的每一個人感謝他們每一個人。在我們進入 2022 年及以後，正是這種表現給了我們極大的信心和動力。

So with that, thank you all again. I'm going to now turn it over to our soon-to-be CEO, Robert Isom, to talk about what lies ahead. Robert?

因此，再次感謝大家。我現在將把它交給我們即將成為首席執行官的羅伯特·伊索姆來討論未來的發展。羅伯特?

Thanks, Doug, and good morning, everyone. I want to start by thanking the entire American Airlines team for their efforts in the fourth quarter and throughout the entire pandemic. And I'd like to reiterate how honored I am to be taking on the role as CEO. I want to express my appreciation for Doug's partnership and friendship over the years. As you all know, Doug leaves behind an incredible legacy, having opened many doors for our airline and our industry. I look forward to continuing to work closely with him over the coming months to ensure a seamless transition.

謝謝，道格，大家早上好。首先，我要感謝整個美國航空公司團隊在第四季度和整個大流行期間所做的努力。我想重申我很榮幸擔任首席執行官一職。我想對 Doug 多年來的伙伴關係和友誼表示感謝。眾所周知，Doug 留下了令人難以置信的遺產，為我們的航空公司和我們的行業打開了許多大門。我期待在未來幾個月繼續與他密切合作，以確保無縫過渡。

I'm taking on this role at a very important time for American. Over the past few years, our airline and our industry have gone through a period of transformative change that American has made good use of that time, especially in regard to renewing our fleet, facilities and network and making the company as efficient as possible.

我在對美國人來說非常重要的時刻擔任這個角色。在過去的幾年裡，我們的航空公司和我們的行業經歷了一段變革性的變革時期，美國航空很好地利用了這段時間，特別是在更新我們的機隊、設施和網絡以及使公司盡可能高效方面。

For fleet, we have dramatically simplified. We now operate just 4 fleet types. That gives us operating flexibility, reliability and efficiency. American's fleet remains the youngest in the U.S. network carriers. Our aircraft are equipped with industry-leading Wi-Fi, new interiors, and we've added seats to our 737 and A321 fleets, bringing us more in line with the rest of the industry.

對於車隊，我們已經大大簡化了。我們現在只運營 4 種車隊類型。這為我們提供了運營靈活性、可靠性和效率。美國航空的機隊仍然是美國網絡運營商中最年輕的。我們的飛機配備了行業領先的 Wi-Fi 和全新的內飾，並且我們為 737 和 A321 機隊增加了座位，使我們與業內其他公司更加接軌。

For facilities, we have expanded the number of gates we operate at our largest hubs in Dallas/Fort Worth and Charlotte. And we have inaugurated a wonderful new regional concourse at Reagan National, which is historically our most profitable hub. We've also invested more than $200 million in lounges over the past 5 years with new Admirals Club lounges opening at Reagan National and LaGuardia. New and upgraded airport spaces are underway in New York, Chicago and Los Angeles as well. And we've also updated maintenance, training and corporate spaces throughout the system to ensure our team can perform at an even higher level.

對於設施，我們擴大了在達拉斯/沃思堡和夏洛特最大樞紐運營的登機口數量。我們在裡根國家機場開設了一個很棒的新區域大廳，這是我們歷史上最賺錢的樞紐。在過去 5 年中，我們還在休息室投資超過 2 億美元，在裡根國家公園和拉瓜迪亞開設了新的海軍上將俱樂部休息室。紐約、芝加哥和洛杉磯也正在建設新的和升級的機場空間。我們還更新了整個系統的維護、培訓和企業空間，以確保我們的團隊能夠在更高的水平上發揮作用。

For network, we're finding more to where our customers want to go. Our DFW and Charlotte hubs are prime to operate more than 900 and 700 flights per day, respectively. Our partnerships with JetBlue in the Northeast in Alaska and the West Coast allow us to create an industry-leading presence in markets that have historically been difficult for American. And our proposed investments in South American carriers strengthened our already industry-leading position in that region. As demand continues to recover and we return to full utilization of our assets, American is poised to outperform.

對於網絡，我們正在尋找更多客戶想去的地方。我們的 DFW 和夏洛特樞紐每天分別運營 900 多個和 700 個航班。我們與 JetBlue 在阿拉斯加東北部和西海岸的合作夥伴關係使我們能夠在歷史上對美國人來說很難的市場中建立行業領先的存在。我們對南美航空公司的擬議投資加強了我們在該地區已經處於行業領先地位的地位。隨著需求繼續復甦，我們恢復充分利用我們的資產，美國航空有望跑贏大盤。

We have extracted $1.3 billion of efficiencies, and we're operating an economic fleet that will provide CASM-X tailwinds as capacity is restored. Based on our current assumptions, we expect all of this to result in a return to profitability later this year and continued deleveraging as we pay down $15 billion of debt by the end of 2025. And I'm excited to hit the ground running in April and build on our momentum to deliver results in 2022. So let's get to the business in the quarter.

我們已經提取了 13 億美元的效率，並且我們正在運營一支經濟型機隊，該機隊將在產能恢復時為 CASM-X 提供順風。根據我們目前的假設，我們預計所有這一切都將導致今年晚些時候恢復盈利並繼續去槓桿化，因為我們在 2025 年底之前償還了 150 億美元的債務。我很高興能在 4 月開始運行並鞏固我們在 2022 年取得成果的勢頭。所以讓我們開始討論本季度的業務。

This morning, American reported a fourth quarter GAAP net loss of $931 million and a full year GAAP net loss of $2 billion. Excluding net special items, we reported a net loss of $921 million for the quarter and a net loss of $5.4 billion for the full year. Our results for 2021 were significantly improved over 2020, but the impact of the Omicron variant has affected the timing of a full revenue recovery.

今天上午，美國航空報告第四季度 GAAP 淨虧損 9.31 億美元，全年 GAAP 淨虧損 20 億美元。不包括淨特殊項目，我們報告本季度淨虧損 9.21 億美元，全年淨虧損 54 億美元。我們 2021 年的業績比 2020 年有了顯著改善，但 Omicron 變體的影響影響了收入全面恢復的時間。

We delivered a strong revenue performance in the fourth quarter, despite the rise in infections. We reported fourth quarter revenues of $9.4 billion, our highest for any quarter since the start of the pandemic, and a sequential increase of $458 million from the third quarter. Our cargo team continues to do a fantastic work and delivered record cargo revenues of $1.3 billion in 2021, 30% higher than our previous record.

儘管感染人數有所增加，但我們在第四季度實現了強勁的收入表現。我們報告第四季度收入為 94 億美元，這是自大流行開始以來的任何季度的最高收入，並且比第三季度環比增長 4.58 億美元。我們的貨運團隊繼續出色地完成工作，並在 2021 年實現了創紀錄的 13 億美元貨運收入，比我們之前的記錄高出 30%。

As we've seen throughout the pandemic, each new variance and corresponding increase in cases is followed by a faster recovery of demand with fewer regulatory restrictions and changes in travel policies. Based on what we're seeing, we expect Omicron to follow the same pattern. Bookings are recovering quickly after dropping off considerably in early December, though they're still not back to pre-Omicron levels.

正如我們在整個大流行中所看到的那樣，每一次新的變化和病例的相應增加都會帶來需求的更快恢復，同時監管限制和旅行政策的變化也會減少。根據我們所看到的，我們希望 Omicron 遵循相同的模式。預訂量在 12 月初大幅下降後正在迅速恢復，但仍沒有回到 Omicron 之前的水平。

Leisure travel, particularly in the U.S., and short-haul international market, remains very strong and is approaching a 100% recovery. We expect this trend to continue. And interestingly, we've seen many of our customers that have historically -- we've historically called leisure travelers are actually flying for reasons beyond just vacations. They may find a feature of a mountain destination, but they're actually going to work remotely for the week. The lines between leisure and business travel are definitely blurry.. The recovery of international and business travel slowed late in the fourth quarter, given the Omicron variant, but we remain very bullish on both. The return of international travel is directly linked to travel restrictions around the globe. As the restrictions fall off, we expect international travel to pick up considerably.

休閒旅遊，特別是在美國和短途國際市場，仍然非常強勁，並且正在接近 100% 的複蘇。我們預計這一趨勢將繼續下去。有趣的是，我們已經看到我們的許多客戶在歷史上 - 我們歷史上稱之為休閒旅客實際上是出於假期以外的原因飛行。他們可能會發現山區目的地的特色，但他們實際上將在一周內遠程工作。休閒和商務旅行之間的界限肯定是模糊的。鑑於 Omicron 變體，國際和商務旅行的複蘇在第四季度末放緩，但我們仍然非常看好兩者。國際旅行的回歸與全球旅行限制直接相關。隨著限制的減少，我們預計國際旅行將大幅增加。

We still expect business travel to come back in full, but it will come back in a different way. And by that, I mean the overall mix of business customers, how they travel and how we serve them. As we have shared previously, small and medium-sized business travel remains the strongest segment. In the fourth quarter, small and medium business travel was roughly 80% recovered, while large corporate travel was only 40% recovered. In addition, small and medium business revenue had sequential month-over-month improvement in December, in spite of the impact of Omicron. We're optimistic that as corporate travel returns in a significant way this year and as companies come back more fully into the office and get back on the road, we're going to be back on track. But as we're developing our plans and forecast for this year, we're working to build an airline that can be profitable, even without the full return of managed corporate travel.

我們仍然預計商務旅行將全面回歸，但將以不同的方式回歸。我指的是商業客戶的整體組合，他們如何旅行以及我們如何為他們服務。正如我們之前所分享的，中小型商務旅行仍然是最強勁的部分。第四季度，中小型商務旅行恢復了大約 80%，而大型商務旅行僅恢復了 40%。此外，儘管受到 Omicron 的影響，12 月中小型企業的收入環比有所改善。我們樂觀地認為，隨著今年商務旅行以顯著方式回歸，並且隨著公司更全面地回到辦公室並重新上路，我們將重回正軌。但隨著我們制定今年的計劃和預測，我們正在努力建立一家能夠盈利的航空公司，即使沒有管理公司旅行的全部回報。

The demand environment has changed a lot through the pandemic. Because of this, we have to be nimble and responsive. We have built agile processes that allow us to deliver the network our customers need and want, no matter the environment. The game has changed and our team is ready.

疫情期間，需求環境發生了很大變化。正因為如此，我們必須靈活且響應迅速。我們建立了靈活的流程，使我們能夠交付客戶需要和想要的網絡，無論環境如何。比賽已經改變，我們的球隊已經準備好了。

Growing back our network the way we did in 2020 is a feat in and of itself, but to do so while running a reliable operation and achieving strong revenue results along the way make it even more impressive. We entered 2022 with tremendous confidence as a result of the way we finished last year and started the new year. As Doug noted, American had the best reliability of all U.S. carriers in December and the highest annual likelihood to recommend scores in our history. We're very pleased that 97% of our team has been vaccinated or submitted a request for an accommodation, with no one losing their job. We put creative agreements in place with our union partners to support the operations throughout the pandemic and just recently reached new contract extensions for some of our team members to start the year, all of this while flying more flights and more passengers than any other U.S. carrier by a wide margin.

以我們在 2020 年的方式發展我們的網絡本身就是一項壯舉，但這樣做的同時運行可靠的運營並在此過程中取得強勁的收入結果會更加令人印象深刻。由於我們去年結束並開始新的一年的方式，我們以極大的信心進入了 2022 年。正如 Doug 指出的那樣，美國航空在 12 月的所有美國航空公司中可靠性最高，並且在我們的歷史上每年推薦分數的可能性最高。我們很高興我們團隊 97% 的人都接種了疫苗或提交了住宿申請，沒有人失業。我們與我們的工會合作夥伴簽訂了創造性協議，以支持整個大流行期間的運營，最近剛剛為我們的一些團隊成員達成了新的合同延期，以在今年開始，所有這一切同時飛行的航班和乘客比任何其他美國航空公司都多大幅度提高。

To ensure this momentum continues, we have 2 sharply focused priorities for this year: running a reliable airline for our customers; and returning to profitability. Returning to profitability is very much tied to the demand and revenue environment. But as I mentioned, the work we have done during the pandemic has positioned us very well. This includes our cost and efficiency actions, which Derek will touch on momentarily, as well as the work that we have done to refocus our network around our most profitable clients.

為確保這種勢頭持續下去，我們今年有兩個重點突出的優先事項：為我們的客戶經營一家可靠的航空公司；並恢復盈利。恢復盈利與需求和收入環境密切相關。但正如我所提到的，我們在大流行期間所做的工作使我們處於非常好的位置。這包括我們的成本和效率行動，Derek 將立即談到，以及我們為將我們的網絡重新聚焦於我們最有利可圖的客戶所做的工作。

Enhancing our partnerships around the U.S. and around the world and driving value through the AAdvantage program and co-brand cards has found something that we've done well. And on an absolute basis, new AAdvantage member acquisitions in 2021 outpaced 2019, despite lower level of capacity, and our AAdvantage revenues in 2021 closed in on 2019 revenues.

通過 AAdvantage 計劃和聯合品牌卡加強我們在美國和世界各地的合作夥伴關係並提高價值，我們發現了一些我們做得很好的事情。儘管容量水平較低，但在絕對基礎上，2021 年新的 AAdvantage 成員收購量超過了 2019 年，我們 2021 年的 AAdvantage 收入接近 2019 年的收入。

So in summary, we're grateful for the incredible work of the American Airlines team over the past year. We remain optimistic about the return of demand, and we're very pleased with how American is positioned, thanks to the tremendous efforts of our team.

總而言之，我們感謝美國航空公司團隊在過去一年中所做的出色工作。由於我們團隊的巨大努力，我們對需求的回歸保持樂觀，我們對美國航空的定位感到非常滿意。

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

現在有了這個，我會把它交給 Derek。

Thanks, Robert, and good morning, everyone. Before I review the results, I would also like to thank the American Airlines team for their outstanding work during the quarter. This pandemic has been relentless. And despite the uncertainty, our team continued to show it's the best in the business.

謝謝，羅伯特，大家早上好。在回顧結果之前，我還要感謝美國航空公司團隊在本季度所做的出色工作。這場瘟疫來勢洶洶。儘管存在不確定性，但我們的團隊繼續證明它是業內最好的。

This morning, we reported a fourth quarter GAAP net loss of $931 million or a loss of $1.44 per share. Excluding net special items, we reported a net loss of $921 million or a loss of $1.42 per share. For the full year 2021, we reported a GAAP net loss of $2 billion. And excluding net special items, we reported a net loss of $5.4 billion.

今天上午，我們報告了第四季度 GAAP 淨虧損 9.31 億美元或每股虧損 1.44 美元。不包括淨特殊項目，我們報告淨虧損 9.21 億美元或每股虧損 1.42 美元。 2021 年全年，我們報告 GAAP 淨虧損 20 億美元。不包括淨特殊項目，我們報告淨虧損 54 億美元。

Despite the impact of Omicron that we saw in this quarter, the trajectory of our revenue recovery continues to be positive, and it even exceeded our initial expectations as we outlined on our last call. Our fourth quarter revenue was down 17% compared with the same period of 2019 versus our original guidance of down 20%. This gradual improvement makes it even clearer to us that despite the uncertain demand environment, the steps we have taken over the past 24 months to bolster our network and improve our revenue-generating capabilities are working.

儘管我們在本季度看到了 Omicron 的影響，但我們的收入恢復軌跡仍然是積極的，甚至超出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，我們第四季度的收入下降了 17%，而我們最初的預期是下降了 20%。這種逐步改善使我們更加清楚，儘管需求環境不確定，但我們在過去 24 個月中為加強我們的網絡和提高我們的創收能力而採取的措施正在發揮作用。

On the cost side, we remain focused on keeping our controllable cost down, and we actioned $1.3 billion in permanent annual cost initiatives in 2021, providing a new and more efficient baselines for our 2022 budget. During the fourth quarter, we made the decision to invest in the operation with a holiday pay program for our employees as well as reducing our peak holiday capacity. These actions did put pressure on our unit cost performance in the fourth quarter, but they led to a strong operational performance over that period. This included an industry-leading month of operating performance in December when it mattered the most to our customers.

在成本方面，我們仍然專注於降低可控成本，我們在 2021 年採取了 13 億美元的永久性年度成本計劃，為我們的 2022 年預算提供了一個新的、更有效的基準。在第四季度，我們決定投資該業務，為我們的員工製定假期工資計劃，並減少我們的假期高峰容量。這些行動確實給我們第四季度的單位成本績效帶來了壓力，但它們在此期間帶來了強勁的運營績效。這包括 12 月份行業領先的運營業績月份，這對我們的客戶來說最為重要。

On the fleet side, I'm pleased to report that our fleet harmonization project is now nearly complete, with our last A321 going into the shop this quarter. This is a full year ahead of our original schedule. We're excited to have this project behind us. In addition to a consistent product and better experience for our customers, the operational benefits of having a simplified and streamlined fleet are already being realized.

在機隊方面，我很高興地報告我們的機隊協調項目現已接近完成，我們最後一架 A321 將在本季度進入車間。這比我們原來的計劃提前了整整一年。我們很高興有這個項目在我們身後。除了為我們的客戶提供一致的產品和更好的體驗之外，擁有簡化和流線型車隊的運營優勢已經實現。

The changes we have made to our A321s and 737s enable us to fly 2% more total capacity than we could have with the old configuration, thus, providing a unit cost tailwind as we continue to build back our network. In addition to better unit cost, these reconfigured aircraft will also generate more revenue, allowing us to recover from the pandemic even faster.

我們對 A321 和 737 所做的更改使我們能夠比舊配置多飛行 2% 的總容量，從而在我們繼續重建我們的網絡時提供單位成本順風。除了更好的單位成本外，這些重新配置的飛機還將產生更多的收入，使我們能夠更快地從大流行中恢復過來。

With respect to our widebody aircraft. We continue to have productive conversations with Boeing to determine the timing of our delayed 788 deliveries that were expected to arrive last year. Due to the continued uncertainty of delivery schedule, these aircraft remains out of our near-term schedule to minimize customer disruption. We expect to fly 4 aircraft during our peak summer schedule.

關於我們的寬體飛機。我們繼續與波音公司進行富有成效的對話，以確定我們預計將於去年交付的延遲 788 交付的時間。由於交付時間表的持續不確定性，這些飛機仍然不在我們的近期計劃範圍內，以盡量減少對客戶的干擾。我們預計在夏季高峰期飛行 4 架飛機。

We ended the fourth quarter with $15.8 billion of total available liquidity, which is the highest year-end liquidity balance in the company's history. As we have said in the past, the deleveraging of American's balance sheet remains a top priority, and we are committed to significant debt reduction in the years ahead. Even with this volatile demand environment, we remain on track with our target of reducing overall debt levels by $15 billion by the end of 2025. In fact, as of the end of 2021, we have already reduced our overall debt levels by $3.7 billion from our peak levels in the second quarter of 2021.

我們在第四季度末的可用流動資金總額為 158 億美元，這是公司歷史上最高的年終流動資金餘額。正如我們過去所說，美國資產負債表去槓桿仍然是重中之重，我們致力於在未來幾年大幅削減債務。即使在這種動蕩的需求環境下，我們仍有望實現到 2025 年底將總債務水平降低 150 億美元的目標。事實上，截至 2021 年底，我們已經將總債務水平從我們在 2021 年第二季度達到最高水平。

During the quarter, we made $706 million in scheduled debt payments, which resulted in paying off the 2013-1 AATC B-tranche. In the first quarter, we expect to make $337 million of scheduled debt payments, which will include unencumbering 12 aircraft. For our pension, our funded status improved by 9.2 points to 77.9%, resulting in a $2 billion reduction in the underfunded liability on a year-over-year basis. Lastly, during the fourth quarter, we completed approximately $960 million of AATC financing, and we now have financing secured for all our 2022 deliveries through the third quarter.

在本季度，我們支付了 7.06 億美元的預定債務，從而償還了 2013-1 AATC B 檔。在第一季度，我們預計將支付 3.37 億美元的定期債務，其中包括 12 架飛機。對於我們的養老金，我們的資金狀況提高了 9.2 個百分點，達到 77.9%，導致資金不足的負債同比減少了 20 億美元。最後，在第四季度，我們完成了大約 9.6 億美元的 AATC 融資，現在我們已經為 2022 年第三季度的所有交付獲得了融資。

Our 2022 budget reflects our priorities to run a reliable airline for our customers and return to profitability. Our plan includes ongoing investments that will help build upon the positive momentum we've seen in our operations, while leveraging the cost efficiencies and network enhancements we have talked so much about. We believe these actions will provide a solid baseline for both profitability and free cash flow production when demand has fully recovered.

我們的 2022 年預算反映了我們為客戶經營一家可靠的航空公司並恢復盈利的優先事項。我們的計劃包括正在進行的投資，這將有助於建立我們在運營中看到的積極勢頭，同時利用我們已經談到的成本效率和網絡增強。我們相信，當需求完全恢復時，這些行動將為盈利能力和自由現金流量生產提供堅實的基準。

Looking to the first quarter, COVID-impacted demand and elevated fuel prices will continue to put pressure on our near-term margins. In this environment, we expect our capacity to be down approximately 8% to 10% versus the first quarter of 2019. Based on current demand assumptions and capacity plans, we expect total revenue to be down approximately 20% to 22% versus the first quarter of 2019. We expect our first quarter CASM, excluding fuel and net special items, to be up between 8% and 10%. While we expect to be unprofitable on a pretax basis in January and February, we anticipate a material improvement and a return to profitability in March as demand returns.

展望第一季度，受 COVID 影響的需求和燃料價格上漲將繼續對我們的近期利潤率構成壓力。在這種環境下，我們預計我們的產能將比 2019 年第一季度下降約 8% 至 10%。根據當前的需求假設和產能計劃，我們預計總收入將比第一季度下降約 20% 至 22% 2019 年。我們預計第一季度 CASM（不包括燃料和淨特殊項目）將增長 8% 至 10%。雖然我們預計 1 月和 2 月在稅前基礎上將無利可圖，但我們預計隨著需求的回升，3 月將出現實質性改善並恢復盈利。

As for 2022 capacity, much of our plans are subject to the uncertain timings of deliveries of our 788 aircraft. As I mentioned previously, we [moved] these aircraft from our near-term schedule to protect our customers. This reduction is worth approximately 1 to 2 points of scheduled capacity for 2022. With this adjustment, we expect to add back our capacity throughout the year and to have full year capacity recovered to approximately 95% of 2019 levels. This, of course, is subject to the future demand environment, and we always have the ability to adapt, if demand conditions warrant.

至於 2022 年的運力，我們的大部分計劃都取決於我們 788 飛機的交付時間不確定。正如我之前提到的，我們將這些飛機從我們的近期計劃中移出，以保護我們的客戶。這一減少相當於 2022 年計劃產能的約 1 至 2 個百分點。通過此次調整，我們預計全年產能將增加，並將全年產能恢復至 2019 年水平的約 95%。當然，這取決於未來的需求環境，如果需求條件允許，我們總是有能力適應。

As we look at our costs, like other airlines, we are seeing inflationary pressures in fuel prices, hiring and training for both new hires and existing crews as we build back our operation, including on the regional side. We are also seeing increased starting wages for certain work groups, including vendors. In addition, we are seeing unit cost pressures from the rolling 788 delays as well as the impact from our ramp and mechanic contract that was ratified in early 2020. Even with these unit cost pressures, our fleet simplification strategy enables higher aircraft utilization and higher average gauge, both of which will help alleviate some of these pressures. As such, we expect our full year CASM, excluding fuel and special items, to be up approximately 5% versus 2019, with the second half of the year much lower than the first half as we fly in more efficient schedule.

當我們審視我們的成本時，與其他航空公司一樣，我們看到燃油價格、新員工和現有機組人員的招聘和培訓方面的通脹壓力，因為我們重建了我們的運營，包括在區域方面。我們還看到某些工作組（包括供應商）的起薪有所增加。此外，我們看到 788 航班延誤帶來的單位成本壓力，以及我們在 2020 年初批准的停機坪和機械師合同的影響。即使有這些單位成本壓力，我們的機隊簡化戰略也能提高飛機利用率和平均水平儀表，這兩者都將有助於緩解其中的一些壓力。因此，我們預計我們的全年 CASM（不包括燃料和特殊物品）將比 2019 年增長約 5%，由於我們的飛行計劃更高效，下半年將遠低於上半年。

For the full year, our projected debt maturities are expected to be $2.6 billion. This includes the cash settlement of our $750 million unsecured notes that mature in June. Without any additional prepayment of debt, we project our total debt will be down $5.4 billion at the end of 2022 versus our peak levels in 2021.

全年，我們預計的債務到期日為 26 億美元。這包括我們在 6 月到期的 7.5 億美元無擔保票據的現金結算。如果沒有任何額外的債務預付，我們預計到 2022 年底，我們的總債務將比 2021 年的峰值水平減少 54 億美元。

With respect to capital expenditures, we expect full year 2022 CapEx to be approximately $2.6 billion, which is significantly lower than in previous years and versus others as our fleet replacement needs are complete. Net aircraft CapEx, including predelivery deposits, is expected to be $1.8 billion, and non-aircraft CapEx is expected to be $800 million.

在資本支出方面，我們預計 2022 年全年資本支出約為 26 億美元，顯著低於往年和其他年份，因為我們的車隊更換需求已經完成。包括交付前存款在內的飛機淨資本支出預計為 18 億美元，非飛機資本支出預計為 8 億美元。

So in conclusion. We are incredibly proud of our team for their continued resilience in a very challenging environment. With the bold actions we've taken and steadfast commitment of our team, we are well-positioned for the future.

所以總而言之。我們為我們的團隊在充滿挑戰的環境中持續堅韌而感到無比自豪。憑藉我們採取的大膽行動和團隊堅定的承諾，我們為未來做好了準備。

Now before we open up the line to questions, I would like to acknowledge Dan Cravens for a minute. Today is Dan Cravens' 62nd call, not quite as many as 107, but 67 is pretty amazing, and final earnings call as part of our American Airlines, U.S. Airways and America West team. I'd like to personally thank Dan for his 2 decades of service, his advocacy for both the airline and our investors and for his friendship. The continuing Dan provided -- or the continuity, excuse me, Dan provided over 20 years in his role across multiple airlines, multiple crisis and a global academic is unmatched. We wish him the best of luck in his next adventure. We will be introducing Scott Long, who will be stepping into Dan's role from our financial planning organization later this month.

現在，在我們提出問題之前，我想先向 Dan Cravens 致謝一分鐘。今天是丹·克雷文斯的第 62 次電話會議，雖然沒有 107 次那麼多，但 67 次是相當驚人的，也是作為我們美國航空公司、美國航空公司和美國西部團隊的一員的最後一次收益電話會議。我要親自感謝丹 2 年的服務、他對航空公司和我們的投資者的倡導以及他的友誼。丹提供的持續性 - 或者連續性，對不起，丹提供了超過 20 年的跨多個航空公司、多重危機和全球學者的角色是無與倫比的。我們祝愿他在下一次冒險中好運。我們將介紹 Scott Long，他將在本月晚些時候從我們的財務規劃部門接替 Dan 的角色。

So with that, I'd like to open up the line for analyst questions.

因此，我想為分析師提出問題。

(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。

Just quickly, Doug, I love your prepared remarks. I know the point wasn't make me feel old, but Paul, Candace, Sam, I mean, what a throwback. But it really has been a privilege to speak to you on these calls, all these conferences, all these years. I did want to just add my own thanks and congratulations. And obviously, same goes to my friend, Dan Cravens.

很快，道格，我喜歡你準備好的評論。我知道重點不是讓我覺得自己老了，但是保羅、坎迪斯、山姆，我的意思是，多麼復古。但這些年來，在這些電話會議、所有這些會議上與您交談確實是一種榮幸。我確實想添加我自己的感謝和祝賀。顯然，我的朋友丹·克雷文斯也是如此。

First question, on the traffic liability, Derek. So sequentially, from the third quarter to the fourth, it declined by about $360 million, granted this is less than the customary seasonal decline, but Delta and United both experienced flat sequential trends. And I'm just trying to understand what the nuances, the puts and takes are, whether it's a network issue, differences in forward bookings. Any additional color on the ATL sequential change?

第一個問題，關於交通責任，德里克。因此，從第三季度到第四季度，它連續下降了約 3.6 億美元，當然這低於通常的季節性下降，但達美航空和聯合航空都經歷了持平的連續趨勢。我只是想了解細微差別、投入和投入是什麼，無論是網絡問題，還是遠期預訂的差異。 ATL 順序變化上的任何其他顏色？

No, there's not really any difference, any color. I think, from a stored value basis, though that stayed pretty much the same. Future travel dropped from -- I think we were at 6.4 in total ATL balance, future travel was 3.6, went down to 3.2, which is a normal seasonality for us.

不，實際上沒有任何區別，任何顏色。我認為，從儲值的基礎上看，這幾乎保持不變。未來旅行從 - 我認為我們的 ATL 總餘額為 6.4，未來旅行為 3.6，下降到 3.2，這對我們來說是一個正常的季節性。

We did see a pickup at the end of the month or at the end of the month from normal buying. So I think it's just normal seasonality for us. And what we didn't see as much as the stored value being used and some additions because, as you know, some of the issues with the cancellations and things that were out there, we added a little bit to that. But I would have expected it to drop even more, but it held up just because of the fact that from an operations standpoint, there were -- we added a little bit in the fourth quarter from issues with the operation. But other than that, I think it's just seasonality or what we normally see. I'm not sure why others were flat or up other than what they did.

我們確實在月底或月底看到了正常購買的回升。所以我認為這對我們來說只是正常的季節性。我們沒有看到所使用的存儲值和一些附加值，因為如您所知，取消的一些問題和存在的東西，我們添加了一點。但我原本預計它會下降更多，但它之所以能堅持下去，只是因為從運營的角度來看，我們在第四季度增加了一點運營問題。但除此之外，我認為這只是季節性或我們通常看到的。除了他們所做的之外，我不確定為什麼其他人持平或上升。

All right. That's perfect. And just a quick follow-up, and I don't want to get bogged down in comparing your guides to that of United and Delta. But you all expect to arrive at a pretty similar first quarter revenue outcome, down 20-plus points from '19. But you have to fly considerably more capacity to arrive at that output. Can you just remind us what some of the seasonal and network factors that drive this? I understand there's more seasonality for you in the first quarter, but I'm just trying to figure out what causes that drag.

好的。那很完美。只是快速跟進，我不想陷入將您的指南與美聯航和達美航空的指南進行比較的困境。但是你們都希望第一季度的收入結果非常相似，比 19 年下降 20 多點。但是你必須飛行更多的容量才能達到那個輸出。您能否提醒我們一些推動這一趨勢的季節性和網絡因素？我知道第一季度對你來說有更多的季節性，但我只是想弄清楚是什麼導致了這種拖累。

Jamie, this is Vasu. The reality of where we still are in the first quarter is that there's still probably a pretty large variability in first quarter forecast. And so much like Derek, I won't comment on what our competitors are looking at. But we have taken a pretty conservative view of what revenue production will be in Q1.

傑米，這是瓦蘇。我們在第一季度的實際情況是，第一季度的預測可能仍然存在相當大的可變性。和 Derek 一樣，我不會評論我們的競爭對手在看什麼。但我們對第一季度的收入產出採取了相當保守的看法。

We've been encouraged by recent trends as case growth spikes. We're already seeing bookings come in stronger so we'll see. But what we see to realize through the pandemic is that we have a lot of levers to go play in the airline really flexibly, and we can shift things up and down and indeed move capacity from one market to another, but more nimbly than we had in times past. And after so many crises, we thought we were nimble before and we got even faster. So there's still a lot yet to do in the first quarter, and we'll see how things come together as demand start hitting back up.

隨著病例增長的飆升，我們對最近的趨勢感到鼓舞。我們已經看到預訂量增加，所以我們拭目以待。但我們看到通過大流行實現的是，我們有很多槓桿可以真正靈活地在航空公司中發揮作用，我們可以上下調整，確實將運力從一個市場轉移到另一個市場，但比我們更靈活在過去的時候。在經歷了這麼多危機之後，我們認為我們以前很靈活，而且我們變得更快了。因此，第一季度還有很多工作要做，隨著需求開始回升，我們將看到事情是如何結合在一起的。

Our next question comes from Mike Linenberg with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Mike Linenberg。

Yes, really to echo a lot of what Jamie said. Doug, it's been a privilege, really. And I've learned a lot going all the way back to the early 2000s, and Dan as well. Dan, you've been a great friend and you've been a great supporter. And so Scott, you've got some pretty big shoes to fill there.

是的，真的是為了呼應傑米所說的很多。道格，這是一種特權，真的。追溯到 2000 年代初期，我學到了很多東西，Dan 也是如此。丹，你是一個很好的朋友，你一直是一個很好的支持者。所以斯科特，你有一些相當大的鞋子要填補那裡。

Thanks, Mike.

謝謝，邁克。

Just quickly on to questions. I'm sure you're going to get some along these lines. I just want to hit on sort of this G5-ish -- or excuse me, G5, 5G issue. The FA was out, I think, yesterday or 2 days ago saying something like 62% of the U.S. fleet is -- should be fine. Where do you guys stack up? And the way we should think about this, is this going to be -- is this going to blow over the next few weeks? Or is this going to sort of reappear 5, 6 months down the road, when maybe some of these exemption zones or buffer zones around airports, maybe there's changes there. Like what should we be concerned about? What should we anticipate as this 5G rolls out over time?

快速回答問題。我相信你會得到一些沿著這些思路。我只是想談談這種 G5 風格——或者對不起，G5、5G 問題。我認為，昨天或 2 天前，英足總出局了，說美國 62% 的機隊是——應該沒問題。你們都堆在哪裡？我們應該以這種方式思考這個問題，這是否會 - 這會在接下來的幾週內爆發嗎？或者這是否會在 5、6 個月後重新出現，屆時機場周圍的一些豁免區或緩衝區可能會發生變化。比如我們應該關注什麼？隨著 5G 的推出，我們應該期待什麼？

Okay. They're asking me to take this one, even though (inaudible) going start very much, Mike, the 5G. This has been like my last assignment. Anyway -- this is look -- and we've all been -- every airline, all CEOs that involve this over the holidays, it wasn't -- anyway, it wasn't our finest hour, I think, as a country to get us to that point. But the good news is we now have what should have been going on for quite some time, which is the manufacturers, the telecoms, the government agencies all sharing information that they need to make sure that this can be rolled out in a way that all Americans get 5G and all Americans know that their flights aren't going to be impacted by that 5G.

好的。他們要我拿這個，儘管（聽不清）非常開始，邁克，5G。這就像我的最後一個任務。無論如何 - 這就是外觀 - 我們都曾經 - 每家航空公司，所有在假期期間都參與其中的首席執行官，它不是 - 無論如何，這不是我們最好的時刻，我認為，作為一個國家讓我們達到這一點。但好消息是，我們現在擁有了本應在相當長一段時間內發生的事情，即製造商、電信公司、政府機構都在共享他們需要的信息，以確保能夠以所有人都能接受的方式推出。美國人獲得了 5G，所有美國人都知道他們的航班不會受到 5G 的影響。

So where we sit right now is the way that we're all able to upgrade our fleet is because the telecoms have agreed not to fully deploy some of their towers near airports. So with that agreement, everything is fine. Again, I -- well, I'll turn to David (inaudible). As far as you'll ever see, everything is totally fine. You see, we don't expect really any material disruption whatsoever as long as that's in place. As against stay in place, we need to get to where they can actually -- and we want to get to where they actually can deploy all the towers they have in place and that we can still do that. But no one's going to make -- no one's going to go do that until we all agree that it can be done without disruption.

因此，我們現在所處的位置是我們都能夠升級我們的機隊的方式，因為電信公司已經同意不在機場附近完全部署他們的一些塔。所以有了這個協議，一切都很好。再說一次，我——好吧，我會轉向大衛（聽不清）。就你所見，一切都很好。你看，我們不期望真的有任何實質性的破壞，只要它到位。與留在原地相反，我們需要到達他們實際可以部署的地方——我們希望到達他們實際上可以部署他們現有的所有塔的地方，並且我們仍然可以做到這一點。但是沒有人會去做——沒有人會去做，除非我們都同意它可以在沒有中斷的情況下完成。

So a long way of me saying, it's taken a while to get to the right spot, but I feel like we're in the right spot and the right people to derive information. I don't think you're going to see any material disruption going forward because of this.

所以我說很長一段時間，到達正確的位置需要一段時間，但我覺得我們在正確的位置和正確的人來獲取信息。我認為您不會因此而看到任何實質性的中斷。

Great. That's what I wanted to hear. And just, Derek, a quick one on the non-op expense, $360 million for the quarter. Because of where your pension is and maybe the potential gains that you're anticipating and how you book it into 2022, is there going to be a pension tailwind not only in the March quarter, but for the year and any sort of rough estimate on what we should use from a modeling perspective?

偉大的。這就是我想听到的。只是，德里克，一個快速的非運營費用，本季度為 3.6 億美元。由於您的養老金在哪裡，也許您預期的潛在收益以及您將其預訂到 2022 年的方式，不僅在 3 月季度，而且在這一年以及任何形式的粗略估計都會出現養老金順風從建模的角度來看，我們應該使用什麼？

Yes. I think there is a pension tailwind into the year. So if we ended up the quarter $380 million for this quarter. We're projecting it to be in the $350 million range for non-op and slowly declining as we pay off some debt throughout the quarter. So I would -- first quarter should be more in the $350 million, $360 million range and declining to about the $340 million range in the fourth quarter.

是的。我認為今年會有養老金順風。因此，如果我們在本季度結束本季度 3.8 億美元。我們預計非運營成本將在 3.5 億美元範圍內，並且隨著我們在整個季度償還一些債務而緩慢下降。所以我會 - 第一季度應該更多在 3.5 億美元、3.6 億美元的範圍內，並在第四季度下降到大約 3.4 億美元的範圍內。

Our next question comes from Helane Becker with Cowen.

我們的下一個問題來自 Helane Becker 和 Cowen。

And yes, Doug, it's been really nice knowing you, but hopefully, we'll continue to stay in touch. And Dan, I mean you've been a really good supporter. Actually, your whole team has been a really good support of our conferences over the years. So thank you very much and best wishes to both of you. And I refused to tell you how many of those conference calls.

是的，道格，很高興認識你，但希望我們會繼續保持聯繫。丹，我的意思是你一直是一個很好的支持者。實際上，您的整個團隊多年來一直對我們的會議提供非常好的支持。所以非常感謝你們，並祝你們倆都好。我拒絕告訴你有多少電話會議。

I think I know, but thanks, Helane.

我想我知道，但是謝謝，Helane。

Worries. So actually, I guess, I don't know, maybe to Robert. Can you just address two things? There -- you guys have said you're going to hire, I guess, a gross number of 18,000 people this year. And some of those are going to be pilots. We're seeing United and American -- or Delta, rather, cut regional jet capacity because they don't have enough pilots. Are you going down that similar path? Or are you in a better position from a training perspective?

擔心。所以實際上，我想，我不知道，也許是羅伯特。你能說兩點嗎？那裡——你們說你們今年要雇用，我猜，總數為 18,000 人。其中一些將成為飛行員。我們看到聯合航空和美國航空——或者更確切地說是達美航空，削減支線飛機的運力，因為他們沒有足夠的飛行員。你會走類似的路嗎？還是從培訓的角度來看，您處於更好的位置？

So Helane, it's Robert. Thanks for that question. So we are going to be doing a lot of hiring this year. We did a lot of hiring as well last year. So from a ton of perspective, we had a couple of years of the pandemic in which, quite frankly, there weren't a lot of people being trained. And given the demand, we -- the capacity in the industry fell by quite a bit. So as we all rebound, of course, there is a constraint that we're all dealing with. There's not enough production. I do -- of pilot. I do believe that over time that, that supply and demand in Palace will be remedied. It's an incredibly attractive profession when you think about the starting wages and the ultimate compensation for the industry. So we're doing everything that we can, and I know other companies are as well, to encourage those that are looking for a great profession to come into the business.

所以海蘭，是羅伯特。謝謝你的問題。因此，我們今年將進行大量招聘。去年我們也做了很多招聘。所以從很多角度來看，我們經歷了幾年的大流行，坦率地說，沒有很多人接受培訓。鑑於需求，我們 - 該行業的產能下降了很多。因此，當我們都反彈時，當然，我們都在處理一個限制。產量不夠。我願意——飛行員。我確實相信，隨著時間的推移，Palace 的供需會得到改善。當您考慮到該行業的起薪和最終補償時，這是一個非常有吸引力的職業。因此，我們正在盡我們所能，我知道其他公司也在這樣做，以鼓勵那些正在尋找偉大職業的人進入這個行業。

But in the short run, from a mainline perspective, look, we have -- American is a very, very attractive brand. We're going to have plenty of pilots. The biggest issue that we're dealing with is the throughput of pilots and getting them through training. We've invested an incredible amount of resources and having training assets ready to go. Those are all coming online.

但從短期來看，從主線的角度來看，我們有——美國是一個非常非常有吸引力的品牌。我們將有很多飛行員。我們正在處理的最大問題是飛行員的吞吐量以及讓他們通過培訓。我們已經投入了大量的資源，並準備好了培訓資產。這些都上線了。

And again, from a mainline perspective, we'll be able to supply all that we need. The imbalance is really going to be played out in the regional carriers. And on that front, like other carriers, we're going to have issues as well. We have them right now. We're working very hard on that. It's impacting us to a certain degree, but we're going to do everything that we can to make sure that it's not a material impact over time.

同樣，從主線的角度來看，我們將能夠提供我們需要的一切。這種不平衡確實會在區域運營商中發揮作用。在這方面，與其他運營商一樣，我們也會遇到問題。我們現在擁有它們。我們正在為此努力。它在一定程度上影響了我們，但我們將盡我們所能確保它不會隨著時間的推移產生實質性影響。

Okay. That's very helpful. And then just my follow-up question. I don't know who wants to answer this one. But when you talk about small- and medium-sized businesses and those folks who are traveling, because they really have to, for their livelihood, can you talk about also whether they've got the credit card? And if you're seeing increased credit card acquisition in that category?

好的。這很有幫助。然後只是我的後續問題。我不知道誰想回答這個問題。但是當你談到中小企業和那些正在旅行的人時，因為他們真的必須為了他們的生計，你能不能談談他們是否有信用卡？如果您看到該類別的信用卡購買量增加？

Helane, this is Vasu, and I'm happy to answer your question. Indeed, this is one of our increasingly fair topics to talk about. You are correct. We see small and mid-market business growth. But look, the diversity of who that customer is really can't be overstated. Everybody from somebody starting a business to sometimes relatively large companies who are seeing growth through the pandemic and get on the road to drive sales or visit factories or whatever the case might be.

Helane，我是 Vasu，我很高興回答你的問題。事實上，這是我們越來越公平的話題之一。你是對的。我們看到中小型市場業務增長。但是看，那個客戶的多樣性真的不能被誇大。從創業者到有時相對較大的公司，每個人都在大流行中看到了增長，並開始推動銷售或參觀工廠或其他任何情況。

And for us, we do very -- we haven't seen growing acquisitions on our co-branded credit cards. Indeed, in Q4, it's not just that our spend level were eclipsed in 2019. But our acquisitions, even net of attrition, was equal to and very often, for some months and some weeks, greater than what it was in 2019, which means that where people are coming to the card. That said, we see a real opportunity within the space of small business, mid-market business because the reality is we don't actually have a true card product or an entire consumer offering for that segment. A lot of things that we have are either tailored for really large corporate accounts or individual travelers. So we see a lot of opportunity as we come out of this and a lot of ways to go and drive a lot more value to that customer and captured in our P&L.

對我們來說，我們做得非常好——我們還沒有看到我們聯合品牌信用卡上的收購不斷增長。確實，在第四季度，我們的支出水平不僅在 2019 年黯然失色。而且我們的收購（即使是扣除減員）在幾個月和幾週內都與 2019 年持平，而且經常超過 2019 年的水平，這意味著那就是人來卡的地方。也就是說，我們在小型企業、中型市場企業領域看到了真正的機會，因為現實是我們實際上並沒有真正的卡產品或針對該細分市場的完整消費者產品。我們擁有的很多東西要么是為真正的大型企業客戶或個人旅行者量身定制的。因此，當我們走出困境時，我們看到了很多機會，還有很多方法可以為該客戶帶來更多價值，並在我們的損益表中得到體現。

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。

I wanted to ask you both the same question I asked Gary and Bob at their Investor Day. You have worked together for a long time as a team. But from a change perspective, is there any daylight between the 2 of you strategically? And do you have any examples of issues where you really constructively disagreed over the last decade?

我想問你們兩個我在投資者日問加里和鮑勃的問題。你們作為一個團隊一起工作了很長時間。但從改變的角度來看，你們兩個之間是否有戰略上的曙光？在過去的十年裡，你有沒有建設性地不同意的問題的例子？

Duane, thanks. I'll start. Look, Doug and I are different leaders, and we definitely go about how we lead the company in different ways. But I'll tell you that in terms of the strategic direction of American, I've not only worked with Doug, but I've been part of every major decision in this company over the last -- since the merger.

杜安，謝謝。我會開始的。看，道格和我是不同的領導者，我們肯定會以不同的方式領導公司。但我會告訴你，就美國航空的戰略方向而言，我不僅與 Doug 合作過，而且自合併以來，我參與了這家公司的所有重大決策。

And so from that perspective, we're doing the right thing. I'm excited about the positioning of American. The assets that we've put in place, whether it's fleet, airport, alliances, our network, we're ready to go. As demand recovers and we can put our assets to full utilization, we're poised to outperform. So from that perspective, I don't expect to hear a lot of difference in terms of the way that Doug does these things. But right now, I am solely focused on making sure that we deliver a great product for our customers, and that's running a reliable airline, and getting back to profitability.

所以從這個角度來看，我們正在做正確的事情。我對美國的定位感到興奮。我們已經到位的資產，無論是機隊、機場、聯盟還是我們的網絡，我們都準備好了。隨著需求復蘇，我們可以充分利用我們的資產，我們準備好跑贏大盤。所以從這個角度來看，我不希望聽到道格做這些事情的方式有很大的不同。但現在，我只專注於確保我們為客戶提供出色的產品，這就是運營一家可靠的航空公司，並恢復盈利。

Thanks for that thoughts, and appreciate it. It's a tricky question. Maybe one for Vasu. How different would March quarter capacity have been if we never had Omicron? Maybe this is an unfair observation, but it feels like Americans' plans relative to the industry are very static in what is obviously a very dynamic world. Appreciate you taking the questions.

感謝您的想法，並感謝它。這是一個棘手的問題。也許是給 Vasu 的。如果我們沒有 Omicron，3 月季度的產能會有多大不同？也許這是一個不公平的觀察，但感覺美國人相對於該行業的計劃在這個顯然非常動態的世界中是非常靜態的。感謝您提出問題。

Yes. Absolutely, and I appreciate the question. Look, it's sort of hard to do what hypotheticals would be. But what I would say is this. The part of the reason why maybe there's probably less volatility in our schedules is where our airline's sort of naturally positioned. We -- not only do we operate a lot more of our capacity in domestic, we generate a lot more of value for customers and RASM results from flying in domestic. So for most of the pandemic, certainly the last several months, we've oriented about 85-ish percent of our ASM capacity in the domestic and short-haul operations.

是的。當然，我很欣賞這個問題。看，做假設的事情有點困難。但我要說的是這個。我們的航班時刻表可能波動性可能較小的部分原因是我們航空公司的自然定位。我們 - 我們不僅在國內運營更多的運力，我們還為客戶創造了更多的價值，並通過國內飛行產生了 RASM 成果。因此，在大流行的大部分時間裡，當然是在過去的幾個月裡，我們已經將大約 85% 的 ASM 產能用於國內和短途運營。

As we go in the first quarter, it will be about 80-ish percent in those, with another 5% or so constituting major international markets like one at Heathrow, for example. So for us, so much of our network is there, indeed. So 65% of our network is in our -- what we call Sunbelt hubs, Phoenix, DFW, Charlotte, D.C., Miami, that have been extremely robust through the pandemic. And any one of those hubs produce unit revenues, which are well in excess of what our competitors do. So a little bit of what you see as a network composition difference, quite frankly.

在第一季度，這些市場將佔 80% 左右，另外 5% 左右構成主要國際市場，例如希思羅機場。所以對我們來說，我們的很多網絡確實在那裡。因此，我們 65% 的網絡位於我們所謂的 Sunbelt 樞紐、鳳凰城、DFW、夏洛特特區、邁阿密，這些樞紐在大流行期間非常強大。這些中心中的任何一個都產生單位收入，遠遠超過我們的競爭對手。因此，坦率地說，您所看到的網絡構成差異的一點點。

As we go out in the first quarter, quite briefly, we are flying the things where we can most directly create value for the customer and outperform. And we're not doing the things that don't. So our long-haul schedules are 70% of what they have historically been. Our short-haul schedules are a lot closer to what flat is. So what it would be like when demand is that remains to be seen.

當我們在第一季度走出去時，很簡單，我們正在飛行最能直接為客戶創造價值並表現出色的東西。我們沒有做那些不做的事情。因此，我們的長途時刻表是歷史上的 70%。我們的短途時刻表更接近於平面。因此，當需求仍然存在時會是什麼樣子還有待觀察。

But for us, the real opportunity when we said it all through the pandemic is less about driving volume. And the capacity base, the cost base of the airline changes only very marginally, whether we fly at 95% or 92% of the airline. The really big thing for us is domestic yield performance. And as we look out, I mean, if indeed demand comes back where we see it is less about how we go and manipulate capacity around the system and more about how we capture it in yield growth.

但對我們來說，當我們在大流行期間說這一切時，真正的機會不是關於推動銷量。而容量基礎，航空公司的成本基礎變化很小，無論我們以航空公司的 95% 還是 92% 飛行。對我們來說真正重要的是國內產量表現。正如我們所看到的，我的意思是，如果需求確實回到了我們所看到的地方，那麼我們如何去和操縱系統周圍的產能，更多的是關於我們如何在產量增長中捕捉到它。

Our next question comes from Hunter Keay with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Hunter Keay。

Robert, as you think about taking over the CEO role, what are some of the things that you want to accomplish in your first 100 days, maybe when your ability to put your stamp on things is at its highest.

羅伯特，當您考慮接任 CEO 的角色時，您希望在頭 100 天內完成哪些事情，也許是在您為事情打上烙印的能力最高的時候。

Hunter, I'm going to just be really clear and focused on that. Our goal right now is to get back to profitability as soon as possible to deliver a reliable product, plain and simple. As I take a look forward, we've got a great opportunity ahead of us. And everything come together is the right time.

亨特，我將非常清楚並專注於這一點。我們現在的目標是盡快恢復盈利，以提供簡單明了的可靠產品。當我展望未來時，我們面前有一個很好的機會。一切都來得正是時候。

I do think that we're in a position where demand is poised to [react]. Everything that we see suggests that there is a pent-up desire for people to get out on the road, whether it's for leisure or business demand. And for that, I think I've got a special opportunity, one that brings together everything that we've been bringing -- working so hard to do throughout the pandemic and bringing that to fruition. So as I take look out to the middle of the year, I do think that we're going to get back to profitability. I do think that American is going to continue to (inaudible) a very reliable airline, and I think we're going to be very, very competitive in all the markets that we serve.

我確實認為我們處於需求準備[反應]的位置。我們所看到的一切都表明，無論是出於休閒還是商務需求，人們都渴望出門在外。為此，我認為我有一個特殊的機會，它匯集了我們一直在帶來的一切——在整個大流行期間努力工作並取得成果。因此，當我展望年中時，我確實認為我們將恢復盈利。我確實認為美國航空將繼續（聽不清）一家非常可靠的航空公司，而且我認為我們將在我們所服務的所有市場中非常非常具有競爭力。

Okay. And I always -- we talked about capacity being driven by demand and fuel cost occasionally. But what if you're not able to hire people? And what if you're not able to hire the right people that fit the culture that you want to build at American? Is there a decision where you would decide to be smaller as opposed to hiring people that might not be great cultural fits?

好的。而且我總是 - 我們偶爾會談到需求和燃料成本驅動的產能。但是，如果您無法僱用人員怎麼辦？如果您無法僱用適合您想要在美國建立的文化的合適人選怎麼辦？有沒有一個決定，你會決定縮小規模，而不是僱用可能不適合文化的人？

So Hunter, thanks for that question because, look, this is something that I'm really proud of. Last year, as we built back, the entire economy, all industries had struggled with finding the right people, getting them in the right positions. But you know what, American, as we grew back, we really quickly remedied any issues that we had.

所以亨特，謝謝你的問題，因為，看，這是我真正引以為豪的事情。去年，隨著我們重建整個經濟，所有行業都在努力尋找合適的人，讓他們處於合適的位置。但是你知道嗎，美國人，隨著我們的成長，我們很快就解決了我們遇到的任何問題。

And what we found is American is a very, very attractive place to work. American Airlines sells itself in terms of attracting people to it. So whether it's the new flight attendant classes that are now graduating, whether it's the thousands of people that we're bringing on to work in our reservations and agent ranks, and those pilots and mechanics that we're bringing in. We, at American, get a chance to really choose those that get to be part of the team. And that's a great position to be in. Over time, I think that we're going to have to do a lot of work to make sure that the supply of pilots into our regional carriers as strong as we need it to be. But you'll see us on the forefront of that as well.

我們發現美國是一個非常非常有吸引力的工作場所。美國航空公司以吸引人們的方式推銷自己。因此，無論是現在即將畢業的新空姐班，還是我們在預訂和代理行列中工作的數千人，以及我們正在引進的飛行員和機械師。我們，在美國，有機會真正選擇那些成為團隊一員的人。這是一個很好的位置。隨著時間的推移，我認為我們將不得不做很多工作，以確保我們的區域航空公司的飛行員供應足夠強大。但您也會看到我們站在這方面的最前沿。

Our next question comes from David Vernon with Bernstein.

我們的下一個問題來自 David Vernon 和 Bernstein。

Congratulations on to everybody on their next chapters here. Derek, first question for you on cash flow. If we're looking out at the full year guidance you've laid out, CapEx of $2.6 [billion], should we be expecting cash from operations to cover that? I'm just trying to get a sense for how secure we should be looking at the balance sheet and the liquidity you have on there. Are we going to be dipping into that from an operating standpoint or are we going to be able cover that based on what you see today?

祝賀大家在這裡的下一章。 Derek，關於現金流的第一個問題。如果我們正在查看您制定的全年指導，資本支出為 26 億美元 [十億]，我們是否應該期望從運營中獲得現金來彌補這一點？我只是想了解我們應該如何安全地查看資產負債表以及您在那裡擁有的流動性。我們是要從運營的角度來研究它，還是我們能夠根據你今天看到的情況來覆蓋它？

We'll definitely be able to cover that.

我們肯定能夠涵蓋這一點。

Excellent. Short and sweet. I like it. Second question maybe for Robert or Derek, as you look at the capacity and the CASM-X guidance you've given for 2022 down 5, up 5, how do we think about -- in broad brushes, '22-'23, if we're up a little relative to '19 and is that just going to be kind of a one-for-one thing or is there more abated to that? Like how should we be thinking about the operating leverage coming back into the business as demand gets restored?

優秀。短而甜。我喜歡。第二個問題可能是給羅伯特或德里克的，當您查看您為 2022 年提供的容量和 CASM-X 指導時，下降 5 次，上升 5 次，我們如何思考——粗略地說，'22-'23，如果相對於 19 年，我們稍微提高了一點，這只是一種一對一的事情，還是有更多的減弱？就像我們應該如何考慮隨著需求恢復而重新進入業務的運營槓桿？

Yes. I think exactly what you're saying. I think we are underutilizing our fleet without a doubt at this point in time. I think as we add back our assets, Robert talked about pilot's reportability and making sure the throughput happens and get the throughput through.

是的。我認為正是你所說的。我認為，毫無疑問，我們目前沒有充分利用我們的機隊。我認為當我們重新添加資產時，羅伯特談到了飛行員的可報告性並確保吞吐量發生並通過吞吐量。

So if we had -- and the 7-8, so you have 2 opportunities to grow this airline at a very cheap cost. I think the cost headwind, there's probably 3 or 4 points of cost headwind we have in place right now with underutilizing our assets and making sure that when those aircraft get back and we can use them as much as we can, we do not need to add costs. We do not need to add aircraft. So we could -- in today's world, we could fly the airline probably 5% more with the cost structure we have today. So it's pretty close to 1:1. It might be a little bit sticky in there a little bit, but it's pretty darn close to 1:1. The first 5% that we could add back.

因此，如果我們有 - 和 7-8，那麼您就有 2 個機會以非常便宜的成本發展這家航空公司。我認為成本逆風，我們現在可能有 3 或 4 個成本逆風，因為我們的資產利用不足，並確保當這些飛機回來並且我們可以盡可能多地使用它們時，我們不需要增加成本。我們不需要添加飛機。所以我們可以——在當今世界，以我們今天的成本結構，我們可以讓航空公司多飛 5%。所以它非常接近 1:1。那裡可能有點粘，但它非常接近 1:1。我們可以加回來的前 5%。

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。

Congrats to both Doug and Dan on what an amazing run it's been. It's really been a pleasure. A couple of questions here. One housecleaning question. Just one follow-up on small- and medium-sized businesses. Vasu, what's factored into the first quarter revenue outlook with respect to the timing of international returning? Are you just sort of straight-lining current trends? Or did you factor in some kind of escalation in March potentially?

祝賀 Doug 和 Dan 取得瞭如此驚人的成績。這真的很愉快。這裡有幾個問題。一個大掃除問題。只是對中小型企業的一項後續行動。 Vasu，關於國際回歸的時間，第一季度收入前景的因素是什麼？你只是順從當前的趨勢嗎？或者你是否考慮到了 3 月份可能出現的某種升級？

Great question. And you're absolutely correct. We are straight lining current trends with the low exception of our short-haul business. It tends to peak in the March, April time period as North America goes on spring breaks and Easter vacations.

好問題。你是絕對正確的。除了短途業務外，我們正順應當前趨勢。隨著北美的春假和復活節假期，它往往在三月、四月期間達到頂峰。

Okay. Very good. Secondly, just following up on Helane's question on small- and medium-sized businesses. I'm wondering if you can elaborate on kind of their purchase behavior versus a typical leisure traveler. Do they book further out, closer in? It's presumably higher-margin business. I'm just trying to get a sense of what that means. And I guess I didn't -- in the PowerPoint, I guess, or I didn't catch what that revenue from small- and medium-sized business was as a percent of 2019 revenue, and how you're thinking about that trending potentially here in 2022?

好的。很好。其次，只是跟進Helane關於中小企業的問題。我想知道您是否可以詳細說明他們與典型休閒旅行者的購買行為。他們訂得更遠，更近嗎？這大概是利潤率更高的業務。我只是想了解這意味著什麼。而且我想我沒有——在 PowerPoint 中，我猜，或者我沒有了解中小型企業的收入佔 2019 年收入的百分比，以及你如何看待這種趨勢可能在 2022 年在這裡？

Sure. Let me answer those in a slightly different order. First, small business. As we ended December, what we call small- and mid-market business was 80% recovered. Large corporate business, people who bought on big managed programs, was 40% recovered, ballpark.

當然。讓我以稍微不同的順序回答這些問題。第一，小企業。截至 12 月結束時，我們所說的中小型市場業務已恢復 80%。大型企業業務，即購買大型託管程序的人，恢復了 40%。

Interestingly, what that means for us is historically, if 40% of our revenues came from business, about 15 points of that were from large corporates and the balance were from small- and mid-market companies, due to the pandemic that's shifted a lot, where less than 10% comes from managed corporates. As we think about next year, we absolutely anticipate a rebound of business travel, but something where -- something a lot closer to 30 points of the 40 or so is coming from small- to mid-market, and managed corporates come down a little.

有趣的是，從歷史上看，這對我們意味著，如果我們 40% 的收入來自業務，其中大約 15% 來自大型企業，其餘來自中小型市場公司，因為疫情發生了很大變化，其中不到 10% 來自託管企業。當我們考慮明年時，我們絕對預計商務旅行會反彈，但有些地方 - 40 個左右的點中接近 30 個點來自中小型市場，管理企業略有下降.

This is something, which is certainly an opportunity that we look upon very favorably and may, in many ways, be unique to American Airlines because so much of that small business growth, to your question about the profile, does actually book in a very similar booking window as large corporate travel. So it's a much shorter days to departure than what leisure is.

這無疑是一個我們非常看好的機會，並且在許多方面可能是美國航空公司獨有的，因為對於您關於個人資料的問題，如此多的小企業增長實際上確實以非常相似的方式預訂作為大型企業旅行的預訂窗口。所以離開的日子比休閒的日子短得多。

But very critically, it's originating in markets that are in the center of the country, think Oklahoma City or Austin, San Antonio, places like that. It engages in trip behavior, which is very different than managed corporates. People are willing to go stay a Saturday night and fly on a lower-load factor flight. But very importantly, it comes in at the same level as yield as our large corporate businesses, but a fraction of the cost of sales. The cost of sales looks a lot more like what leisure is.

但非常關鍵的是，它起源於美國中部的市場，想想俄克拉荷馬城或奧斯汀、聖安東尼奧等地。它從事旅行行為，這與管理的公司有很大不同。人們願意在周六晚上住下，乘坐載客率較低的航班。但非常重要的是，它與我們的大型企業業務的收益水平相同，但只是銷售成本的一小部分。銷售成本看起來更像休閒。

So we see this as a sign of real opportunity. And indeed, as we look out there, and if you think about things, we see that -- to Robert's comments earlier, the nature of this travel is starting to change. But as we see small businesses traveling, there are more people traveling for blended business leisure purposes. More people willing to go by themselves into a premium fare product when a cheaper one is available. So we see a lot of opportunity as the world changes, and we're going to organize and position ourselves to execute on that.

所以我們認為這是一個真正機會的跡象。事實上，當我們向外看時，如果你仔細想想，我們會看到——根據羅伯特早些時候的評論，這次旅行的性質開始發生變化。但正如我們看到的小型企業旅行，有更多的人出於混合商務休閒目的旅行。當有更便宜的產品時，更多的人願意自己購買高檔產品。因此，隨著世界的變化，我們看到了很多機會，我們將組織和定位自己來執行。

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。

I just want to echo my peer congratulations to Doug and Dan. It's really been a pleasure working with you the last, I guess, almost 12 years now. Question maybe just on your 2022 growth outlook for that 5%. I understand that the uncertainty around the 787 just makes it more difficult. But can you share high level what you're thinking the breakout between domestic and international growth is at least on your current 70 assumption? And what's driving the decision on where to allocate that capacity?

我只想回應我的同行祝賀 Doug 和 Dan。上次和你一起工作真的很愉快，我想，到現在已經快 12 年了。問題可能只是關於你 2022 年 5% 的增長前景。我知道 787 周圍的不確定性只會讓它變得更加困難。但是您能否分享一下您認為國內和國際增長之間的突破至少基於您當前的 70 假設的高水平？是什麼推動了在哪里分配容量的決定？

Yes. This is Vasu. I can help with that. We are -- look, as we see it -- first, this is your first question. We anticipate that with the 787, we will be a materially smaller international airline than what we would otherwise like to be operating something, which is probably, let's call it, 75% to 85% of the scale we had in 2019. But our short-haul network, domestic and the narrow-bodies we fly into Mexico, Caribbean, Latin America will probably be a lot closer to what 2019 is.

是的。這是瓦蘇。我可以幫忙。我們是——看，正如我們所看到的——首先，這是你的第一個問題。我們預計，有了 787，我們將成為一家規模小得多的國際航空公司，而不是我們希望運營的公司，這可能是我們 2019 年規模的 75% 到 85%。但我們的短我們飛往墨西哥、加勒比海、拉丁美洲的國內運輸網絡和窄體運輸網絡可能會更接近 2019 年的情況。

But there's a couple of other important things to note there. Of course, first, we have a very conservative view of what happens with the 787s and did a pretty conservative view about how international demand, even recovers through the course of the year. So a big mix of our international flying, and you don't already see it in published schedules, is oriented around markets where we can go drive a lot of the connectivity through -- whether it's Heathrow or other partner hubs, Doha, things like that, that we might not have in times past.

但是還有其他一些重要的事情需要注意。當然，首先，我們對 787 的情況持非常保守的看法，並且對國際需求如何甚至在一年中復蘇也持相當保守的看法。因此，我們的國際航班的很大一部分，你還沒有在公佈的時間表中看到它，是圍繞著我們可以推動大量連接的市場——無論是希思羅機場還是其他合作夥伴樞紐、多哈，比如那是我們過去可能沒有的。

The other thing that's out there, too, is to an earlier comment I made. We have a lot more flexibility with the airline. And indeed, through the pandemic, we've come to realize it's much easier -- within a few points, we have a lot of flexibility in how we go and plan the airline. And so we are consciously trying to build the airlines so that we could be really efficient in how we utilize our assets and make moves around the system. So that we can go fly the markets that customers demand most, even if it's relatively late in the booking curve. So while those are broad strokes of where capacity is, still, things may change. And realistically, they will change as demand comes back.

另一件事也存在於我之前發表的評論中。我們與航空公司有更多的靈活性。事實上，通過大流行，我們已經意識到這要容易得多——在幾個點內，我們在如何去和規劃航空公司方面有很大的靈活性。因此，我們有意識地嘗試建立航空公司，以便我們能夠真正有效地利用我們的資產並在系統中移動。這樣我們就可以飛往客戶最需要的市場，即使預訂曲線相對較晚。因此，儘管這些只是容量所在的大致範圍，但情況可能會發生變化。實際上，隨著需求的回升，它們會發生變化。

Got it. And then maybe one more for you again, Vasu. Just to dig into your short-term revenue outlook a bit more, I understand there's a lot of moving pieces, but your RASM performance versus '19 improved each quarter through 2021. But it looks like it's going to get worse in the first quarter per your guidance. Of course, you called out impact of Omicron. But can you just help us think through the drivers of that a bit more? And anything we should know about cargo or other revenue trends? Or is that really just your conservative view, as you noted on loads and pricing on the passenger side?

知道了。然後也許再給你一個，瓦蘇。只是為了更深入地了解您的短期收入前景，我知道有很多變動因素，但是到 2021 年，您的 RASM 性能與 '19 相比每個季度都有所改善。但看起來它在第一季度會變得更糟您的指導。當然，您提到了 Omicron 的影響。但是你能幫我們多思考一下驅動因素嗎？關於貨運或其他收入趨勢，我們應該知道什麼？或者這真的只是您的保守觀點，正如您在乘客方面的負載和定價所指出的那樣？

Look, it's very much the conservative view. And look, having gone through multiple waves of the pandemic, one of the things that we've come to more reliably build forecast on is that the amount of time it takes from the cases peaking to demand recovery. And that's shortened through every wave. In the Delta wave, it was about a 7-week spread between case peaking to demand bottoming out and growing again.

看，這是非常保守的觀點。並且，在經歷了多波大流行之後，我們能夠更可靠地進行預測的一件事是，從病例達到頂峰到需求恢復所需的時間。每一波都會縮短這一點。在 Delta 浪潮中，從病例見頂到需求觸底並再次增長之間大約有 7 週的間隔。

So a lot of our outlook is based on a slightly shortened version of that occurring. But indeed, what we've been seeing as cases a peak, wherever they peaked in the world, Israel, U.K., more recently in domestic, it's not a 7-week span. It's not a 4-week span. It's something a lot more like a 7-day span.So it's still early to tell. As I mentioned earlier, 85% of our capacity is in domestic. And if you presume, last week was the peak of cases across the country. We've been encouraged by the last few days of bookings, but a lot of our first quarter forecast is based on the conservatism that we've had for having seen prior waves before.

因此，我們的很多展望都是基於這種情況的略微縮短的版本。但事實上，我們所看到的病例達到峰值，無論它們在世界上的任何地方達到頂峰，以色列、英國，最近在國內，它都不是一個 7 週的跨度。這不是 4 週的跨度。這更像是一個 7 天的跨度。所以現在說還為時過早。正如我之前提到的，我們 85% 的產能在國內。如果你假設，上周是全國病例的高峰期。最近幾天的預訂讓我們感到鼓舞，但我們第一季度的很多預測都是基於我們之前看到過之前的浪潮所持的保守主義態度。

And indeed, we anticipate that January and February will remain challenged because historically, they are seasonally some of the weakest month in our business. So we'll see, but we remain encouraged for how strong demand comes back, and we are certainly reserving every seat because there's a customer that wants to travel and want to do soon.

事實上，我們預計 1 月和 2 月仍將面臨挑戰，因為從歷史上看，它們是我們業務中季節性最弱的月份。所以我們會看到，但我們仍然對強勁的需求回升感到鼓舞，我們肯定會預訂每個座位，因為有一位客戶想要旅行並希望盡快完成。

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。

Doug, I just want to extend my congratulations as well, and that the same goes to Dan. It's been a pleasure working with both of you over the years. Just first question around costs, I guess, Derek, does the 5% CASM guide include anything from current labor negotiations? And then just secondly on costs. When you factor in kind of new labor deals, all the kind of the inflation and the economy that you were discussing earlier, even as capacity comes back, do you think that getting back to prepandemic CASM-X is a realistic expectation over the next few years?

道格，我也想表達我的祝賀，丹也是如此。多年來與你們倆一起工作很愉快。關於成本的第一個問題，我猜，Derek，5% CASM 指南是否包括當前勞資談判中的任何內容？其次是成本。當您考慮到新的勞動力交易、您之前討論的所有類型的通貨膨脹和經濟時，即使產能恢復，您是否認為在接下來的幾年中回到大流行前的 CASM-X 是一個現實的期望年？

Yes. It does not include -- I mean, it includes year-over-year deals that were already done. So any deal that is already done is built in. As Robert talked about, we got some real -- we got some deals done in the past few weeks that weren't huge impact on the cost, but really good opportunity to get those deals done and get them done quick with some of our groups. But it does not include any new contract negotiations that aren't complete today. So that's number one.

是的。它不包括 - 我的意思是，它包括已經完成的同比交易。因此，任何已經完成的交易都是內置的。正如羅伯特所說，我們得到了一些真實的 - 我們在過去幾週完成了一些對成本沒有太大影響的交易，但確實是獲得這些交易的好機會完成並讓我們的一些小組快速完成。但它不包括今天尚未完成的任何新合同談判。所以這是第一名。

Number two, I do think -- we had expected 2022 to get back to 2019 levels. But with the variant and us pulling down the flying from 78s not being there, and also demand not quite being there, we will not get to the 2019 levels. As we get to 2023, it's definitely possible.

第二，我確實認為——我們曾預計 2022 年將回到 2019 年的水平。但是隨著變體和我們從 78 飛機上拉下來的飛行不存在，並且也要求不存在，我們將無法達到 2019 年的水平。隨著我們到 2023 年，這絕對是可能的。

It depends on the growth of the airline and other things that we do. If we don't get there, we'll get very close, put it that way. So I think in 2023, we've kind of -- I've always talked about being pretty flat in 2022. That's not happening really driven by thoughtfully utilizing our assets.

這取決於航空公司的發展和我們所做的其他事情。如果我們不能到達那裡，我們會非常接近，這樣說吧。所以我認為在 2023 年，我們有點——我一直在談論在 2022 年相當平穩。這並不是真正由深思熟慮地利用我們的資產驅動的。

As we fully utilize those assets, and we plan in 2023, I think we can get to that level, we're pretty close. We might not get all the way down to 2019, but we'll get pretty close.

隨著我們充分利用這些資產，並且我們計劃在 2023 年，我認為我們可以達到那個水平，我們已經非常接近了。我們可能不會一直到 2019 年，但我們會非常接近。

Got it. That's helpful. And then just lastly for me for Robert. I guess as you assume the CEO role here, what do you think American needs to do better in, I'll call it, this new world post-pandemic to help drive American's margins back towards pre-pandemic levels?

知道了。這很有幫助。最後是羅伯特。我想當您在這裡擔任首席執行官一職時，您認為美國人需要在大流行後的這個新世界中做得更好，以幫助將美國人的利潤率恢復到大流行前的水平？

Yes. Thanks, Andrew. Look, we need to put all the pieces together, all the things that we've been working on over the last 3 years, and then bring them at that and execute very well. Running reliably for this airline, I know, pays off in terms of unit revenues or price up in terms of unit cost. And it definitely pays off in terms of customer satisfaction.

是的。謝謝，安德魯。看，我們需要把所有的部分放在一起，所有我們在過去 3 年中一直在做的事情，然後把它們放在一起並很好地執行。據我所知，這家航空公司的可靠運營會在單位收入方面或在單位成本方面的價格上漲方面得到回報。而且它肯定會在客戶滿意度方面得到回報。

Again, American has invested in all the right places, when we talk about the aircraft and airports and lounges and whatnot. And that's money that has been spent. It's in place. And now it's time to bring it back and put it into action. And so we do that. I'm quite confident. As Derek has said, I'm quite confident in all aspects American is poised to outperform.

再一次，當我們談論飛機、機場和休息室等等時，美國航空已經在所有合適的地方進行了投資。這就是已經花掉的錢。它就位。現在是時候把它帶回來並付諸行動了。所以我們這樣做。我相當有信心。正如 Derek 所說，我對 American 有望超越的所有方面都充滿信心。

That concludes the analysts' Q&A. We will now take questions from the media. (Operator Instructions) Our first question comes from Alison Sider with Wall Street Journal.

分析師的問答到此結束。我們現在將接受媒體的提問。 （操作員說明）我們的第一個問題來自華爾街日報的 Alison Sider。

I just was wondering if you could talk a little bit more about your expectations for 787 deliveries. And kind of how confident you are or anything that you're hearing from Boeing about what they might expect in terms of the schedule on that?

我只是想知道您是否可以多談談您對 787 交付的期望。你對波音公司的時間表有多大的信心，或者你從波音公司那裡聽到的任何消息？

Yes, Ali, this is Derek. We're still on the same schedule. Mid-April is what we're talking about for our first delivery. That has been locked in on those dates for probably the last couple of months, and we're still planning on that happening. So we haven't got any different information in the past couple of months, where I think we're still on target for those and that we would take all 13 throughout the year. But we have been conservatively when we put 4 in the schedule for the summer. We had originally thought we could get all 13 in the summer, but we pulled that down to 4. And we've had really good discussions with Boeing. And I think they're on track as of today to hit that mid-April time frame. And we're hopeful that that's still the case and that nothing else comes up.

是的，阿里，這是德里克。我們仍然在同一個時間表上。 4 月中旬是我們談論的第一次交貨。在過去的幾個月裡，這可能已經鎖定在這些日期，我們仍在計劃發生這種情況。因此，在過去的幾個月裡，我們沒有得到任何不同的信息，我認為我們仍然在這些方面的目標，我們將在全年採取所有 13 項。但是當我們將 4 列入夏季計劃時，我們一直很保守。我們最初認為我們可以在夏天獲得全部 13 架飛機，但我們將其降至 4 架。我們與波音公司進行了非常好的討論。而且我認為他們從今天開始有望達到 4 月中旬的時間框架。我們希望情況仍然如此，並且沒有其他任何事情發生。

Got it. And is this something -- is this a situation where you would seek any kind of compensation from Boeing for the delays? Or if there was a further delay, is that something you would discuss?

知道了。這是什麼 - 在這種情況下，您會為延誤向波音尋求任何形式的賠償嗎？或者如果有進一步的延遲，你會討論這個嗎？

Yes. Yes, we're in discussions with Boeing where we're at. There are delayed penalties that are paid and Boeing is paying the delayed penalties, and everything is happening as we speak today. If there are further delays, and it really does impact the summer much more than what we think it is, then -- we've had good discussions with Boeing that they will compensate us for the losses that we've had for the delay of those aircraft.

是的。是的，我們正在與波音公司進行討論。支付了延遲的罰款，波音公司正在支付延遲的罰款，正如我們今天所說的，一切都在發生。如果還有進一步的延誤，而且它對夏季的影響確實比我們想像的要大得多，那麼——我們已經與波音公司進行了良好的討論，他們將補償我們因延誤而造成的損失那些飛機。

Our next question comes from David Koenig with the Associated Press.

我們的下一個問題來自美聯社的 David Koenig。

Doug, well, congratulations as well. I hope you have a great retirement. And you've mentioned 5G in this week's agreement with Verizon and AT&T. I wondered how long -- do you get a signal of how long they're willing to delay their full rollout? And why did this have to come down to an 11th hour crisis like this?

道格，好吧，也祝賀你。我希望你有一個美好的退休生活。你在本週與 Verizon 和 AT&T 的協議中提到了 5G。我想知道多久——你是否得到他們願意推遲全面推出多長時間的信號？為什麼這必須歸結為像這樣的第 11 小時危機？

Yes. Thanks, David. We get the sense that they're -- again, the right people are talking to each other, and everyone agrees that it doesn't make sense to deploy any more 5G until we're certain that it's not going to have a disruptive effect on airlines. So again, that's where we stand at this point. I hope that's where we'll stay. I feel really good about this role will be because, again, the right people are talking to each other.

是的。謝謝，大衛。我們感覺到他們是——再次，合適的人在互相交談，每個人都同意，在我們確定它不會產生破壞性影響之前，再部署 5G 是沒有意義的在航空公司。再說一次，這就是我們目前的立場。我希望那是我們待的地方。我對這個角色感覺非常好，因為，再一次，合適的人在互相交談。

Why it took this long to the right people to talk to each other? I don't know. We can do a post audit later. I'm not quite certain. Frankly, we are the end user of this dysfunction. It got -- we're the ones affected. Our customers are the ones affected. And as it was getting ready to be deployed, and we were, therefore, being told what that was going to mean to our operations, we screamed as loud as we could. And fortunately, people listened.

為什麼要花這麼長時間才能找到合適的人互相交談？我不知道。我們可以稍後進行後期審核。我不太確定。坦率地說，我們是這種功能障礙的最終用戶。它得到了 - 我們是受影響的人。我們的客戶是受影響的人。當它準備好部署時，我們被告知這對我們的行動意味著什麼，我們盡可能大聲尖叫。幸運的是，人們聽到了。

So that's where we are today, and what should have happened prior to this is happening now. The technical experts that are working on it tell us it's really not that complicated once they all are able to share information and work on it. So they seem encouraged that we'll be able to address this in a way that allows for full deployment of 5G, including near airports. I mean, again, with lower levels or whatever is required and also doesn't allow for -- it doesn't require any disruption of air travel. So that's where we are. I don't expect until we get to the point that everyone is really comfortable that, that you'll see anything turned on near airports because no one wants to go through this again.

這就是我們今天所處的位置，在這之前應該發生的事情現在正在發生。正在研究它的技術專家告訴我們，一旦他們都能夠共享信息並進行工作，這真的不是那麼複雜。因此，他們似乎感到鼓舞的是，我們將能夠以允許全面部署 5G 的方式解決這個問題，包括在機場附近。我的意思是，再一次，較低的水平或任何需要但也不允許的東西——它不需要對航空旅行造成任何干擾。這就是我們所在的位置。直到我們達到每個人都非常舒服的地步，我才期望你會看到機場附近的任何東西都打開了，因為沒有人想再經歷一次。

So are the airlines talking directly to the telecoms? Or are you going through the regulators?

那麼航空公司是否直接與電信公司對話？還是您正在通過監管機構？

Look, it's much more about the manufacturers, our OEM talking directly to the telecoms, which is happening. So the Boeings, the Airbuses, the Palaces, Honeywell, Collin, et cetera, talking to their counterparts at AT&T and Verizon, obviously, with FAA involvement. But it's -- what needed to happen is now happening is you needed those organizations, those companies able to talk to each other and share information. Because when we do that, we can get results because people are willing to work together. We hadn't have that, instead we had government agencies talking to each other, and that's -- that can be less productive.

看，更多的是關於製造商，我們的 OEM 直接與電信公司交談，這正在發生。因此，波音、空中客車、Palaces、霍尼韋爾、科林等公司與 AT&T 和 Verizon 的同行進行了交談，顯然，FAA 也參與其中。但它 - 需要發生的事情現在正在發生的是你需要那些組織，那些能夠相互交談和共享信息的公司。因為當我們這樣做時，我們可以獲得結果，因為人們願意一起工作。我們沒有那個，而是讓政府機構相互交談，這可能會降低生產力。

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。

Congratulations, Doug and Robert, both. I wanted to ask you if you could talk a little bit about how much of a delay you see the Omicron flare up having on the return to more near normal travel? One of your competitors said it pushes it out 60 days. But I wonder how that ties in with Vasu's comments about the shortening time between a peak and a bottoming out and then a recovery in demand?

恭喜，Doug 和 Robert，兩位。我想問你是否可以談談你看到 Omicron 在返回更接近正常的行程時會出現多少延遲？你的一位競爭對手說它會推遲 60 天。但我想知道這與 Vasu 關於高峰和触底反彈之間的時間縮短以及需求復甦的評論有何联系？

Mary, we don't see things a lot different. Look, I think that we were recovering nicely after the Delta variant as we took a look into the Thanksgiving time frame. But then Omicron hit, demand dropped off fairly rapidly. And yes, demand is recovering faster than it had in previous ways. But I think it -- we don't view demand as anything more than delayed. We don't think it's diminished. And if you're taking a look in kind of the 1- or the 2-, 3-month time frame of how demand -- the rebound is pushed out, I think that, that's the appropriate time frame. And for us, as Vasu has mentioned, I know Doug earlier said as well, look, as we take a look out in February, especially as we get to current period, we see a lot of demand and a lot of strength in the bookings that we're seeing already. So I do think that as Omicron (inaudible), we're going to come out strong.

瑪麗，我們沒有看到很多不同。看，我認為在我們查看感恩節時間框架時，我們在 Delta 變體之後恢復得很好。但隨後 Omicron 來襲，需求迅速下降。是的，需求的恢復速度比以前更快。但我認為——我們認為需求只不過是延遲而已。我們認為它並沒有減少。如果你看一下需求的 1 個月或 2 個月、3 個月的時間框架 - 反彈是如何被推出的，我認為這是合適的時間框架。對我們來說，正如 Vasu 所提到的，我知道 Doug 早些時候也說過，看，當我們在 2 月份進行觀察時，特別是當我們進入當前時期時，我們看到大量的需求和大量的預訂量我們已經看到了。所以我確實認為，作為 Omicron（聽不清），我們會變得強大。

And if I could quickly ask, in discussing increased wage levels going forward and as you try to hire more people, is American contemplating, at all, potentially other unilateral pay increase for unionized workers, either any particular groups or maybe on a more broader basis?

如果我可以快速問一下，在討論未來提高工資水平時，當你試圖僱用更多人時，美國人是否會考慮，是否有可能單方面增加工會工人的工資，無論是任何特定群體，還是在更廣泛的基礎上?

And Mary, as I mentioned earlier in the call, American has a very attractive brand. We have incredibly generous compensation benefits programs. We attract people right now with the positions that -- and the compensation structure that we have. In various pockets throughout the country, various positions like in regional carriers, we take the appropriate action that we have to. But I feel really confident in where we are today and what we're contemplating in being able to track the right people in the right numbers and getting in front of it, too.

瑪麗，正如我之前在電話中提到的，美國有一個非常有吸引力的品牌。我們有非常慷慨的補償福利計劃。我們現在通過職位和我們擁有的薪酬結構來吸引人。在全國各地的各個角落，在區域運營商的各個職位上，我們採取了我們必須採取的適當行動。但我對我們今天所處的位置以及我們正在考慮能夠以正確的人數跟踪正確的人並走在它前面感到非常有信心。

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 just wondering what you guys think the impact is going to be of the multiple labor negotiations you have going on now. You've seen complaints about the issues with quality of life, the schedule changes. So curious if that changes how you think about scheduling the airline going forward? And what sort of like what Mary was saying with pay increases in 2022 and beyond, how do you see that going?

我只是想知道你們認為你們現在正在進行的多次勞資談判會產生什麼影響。您已經看到有關生活質量問題的投訴，時間表發生了變化。很好奇這是否會改變您對未來安排航空公司的看法？就像瑪麗所說的 2022 年及以後的加薪，你怎麼看？

Leslie, thanks for the question. Here's the one thing I know is that everybody at American is joined in the goal and objective of running a really reliable airline, one that returns to profitability as soon as possible. And so I know that our labor leaders, our team members, they want a profitable and successful American Airlines as we go forward. So as we take a look into any negotiations, I know that that's a (inaudible) that we're all taking. It's got -- it has to be a mindset of taking care of our team members certainly, but also making sure we take care of the company and our shareholders. And that's a balance that we've always been able to maintain and will do going forward.

萊斯利，謝謝你的問題。我知道的一件事是，美國航空的每個人都加入了經營一家真正可靠的航空公司的目標和目標，一家盡快恢復盈利的航空公司。所以我知道，我們的勞工領袖、我們的團隊成員，在我們前進的過程中，他們想要一家盈利且成功的美國航空公司。因此，當我們研究任何談判時，我知道這是我們都在接受的（聽不清）。它有——它必須是一種照顧我們團隊成員的心態，但也要確保我們照顧好公司和我們的股東。這是我們一直能夠保持並將繼續保持的平衡。

So as I think -- I look going forward, as I said before, I know that we can attract team members to American Airlines. And there's ways we can get better. And by better, it means running an airline that is more reliable, too. And I know everybody is joined in, in that goal.

因此，正如我所想——我期待著向前發展，正如我之前所說，我知道我們可以吸引團隊成員加入美國航空公司。我們有辦法變得更好。更好的是，這意味著運營一家更可靠的航空公司。我知道每個人都加入了這個目標。

Okay. And if I could just ask one follow-up on the 787. Derek, did you say that Boeing is definitely paying compensation now, and they could pay even more if the summer schedule is affected?

好的。如果我可以問一個關於 787 的後續問題。德里克，你是說波音現在肯定會支付賠償金，如果夏季計劃受到影響，他們可能會支付更多？

The first answer is yes. I mean, there's delayed penalties that are always in all of these contracts. And Boeing is paying the delayed penalties for each one of these contracts, 320s aircraft. And then the rest of it will be in negotiation as we talk to them. I mean, hopefully, we don't have to do anything. And hopefully, they hit the schedule that they have, and we don't have any disruption as we go forward.

第一個答案是肯定的。我的意思是，所有這些合同中總是存在延遲處罰。波音公司正在為這些合同中的每一架 320 架飛機支付延遲罰款。然後其餘的將在我們與他們交談時進行談判。我的意思是，希望我們不必做任何事情。希望他們能按時完成，並且我們在前進的過程中不會受到任何干擾。

But we've been told from the highest level of the Boeing team that if there is compensation needed to come to the airline, that they're fully abreast to help us and to overcome the cost that the 787 has caused us over these last -- the delay in those aircraft has cost us over the last few years. And that's a negotiation we'll have with the Boeing team.

但波音團隊的最高層告訴我們，如果需要向航空公司提出賠償，他們將全力以赴幫助我們並克服 787 過去給我們造成的成本 - - 這些飛機的延誤在過去幾年中讓我們付出了代價。這是我們將與波音團隊進行的談判。

In addition to what they're already paying for the existing delay?

除了他們已經為現有的延遲支付的費用之外？

Correct.

正確的。

Our next question comes from David Slotnick with TPG.

我們的下一個問題來自 TPG 的 David Slotnick。

And congratulations, Doug. Robert, during your prepared remarks, you mentioned something about a blurring of line between business and leisure travel. I was wondering if you could elaborate on that a bit? Does it translate to higher yields, more premium cabin sales, et cetera?

祝賀你，道格。羅伯特，在你準備好的發言中，你提到了商務和休閒旅行之間界限模糊的問題。我想知道你是否可以詳細說明一下？它是否會轉化為更高的收益、更多的優質客艙銷售等等？

Vasu is going to take this. Go ahead.

瓦蘇會接受這個。前進。

David, Greg here from you. But yes, we plan to be a really encouraging trend. We do see a blurring of lines where the trip patterns are changing. Thursday, which is still our biggest business day of the week, is also becoming one of our biggest leisure days of the week. We're having more people who buy business style, fare products, travel as if it's a business trip, but they're going to places, major destinations, Fort Walton Beach, things like that. So that behavior is starting to change. And we can trace the things where people work Fridays remotely or can spend a week or 2 at a time working from some place that is not where they live.

大衛，格雷格從你這裡。但是，是的，我們計劃成為一個真正令人鼓舞的趨勢。我們確實看到旅行模式正在發生變化的界限模糊不清。星期四，這仍然是我們一周中最大的工作日，也正在成為我們一周中最大的休閒日之一。我們有更多的人購買商務風格、票價產品、像商務旅行一樣旅行，但他們會去一些地方、主要目的地、沃爾頓堡灘之類的地方。所以這種行為開始改變。我們可以追踪人們週五遠程工作的事情，或者可以一次在他們居住的地方以外的地方工作一到兩週。

So all that's creating a lot more variation of how we've historically thought about business and leisure, but in that is a lot of opportunity. But clearly, as we go through the pandemic, customers have a lot more flexibility with their time. There's a lot more savings that are out there, and travel has always been one of the most aspirational things for U.S. consumers. So we see a lot of that, and we benefit a lot -- from a lot of that in our short-haul network the most.

因此，所有這些都為我們歷來對商務和休閒的看法帶來了更多變化，但其中蘊含著很多機會。但很明顯，隨著我們經歷大流行，客戶的時間有了更大的靈活性。那裡還有更多的儲蓄，旅行一直是美國消費者最渴望的事情之一。所以我們看到了很多，我們受益匪淺——從我們的短途網絡中的很多東西中獲益最多。

Our premium cabin sales have been the most robust in places like the Caribbean and leisure destinations in the U.S. more so than they've been and more prototypical business destinations like the Transcon markets or London Heathrow. So we're really encouraged by that trend. We think that it's going to lead to a lot of things.

我們的高級客艙銷售在加勒比地區和美國的休閒目的地等地最為強勁，比以往任何時候都更為強勁，在 Transcon 市場或倫敦希思羅機場等更具典型性的商業目的地中更是如此。因此，我們對這種趨勢感到非常鼓舞。我們認為這會導致很多事情。

That's why we have done a lot of things where we are increasingly rewarding travel, which is not just for how frequently people fly but for simply spending on our credit cards or spending all across the airline. And from my earlier comments, we think there's even more to do, which can be really great for our customers and, of course, really great to the airline, too.

這就是為什麼我們做了很多事情，我們越來越獎勵旅行，這不僅僅是因為人們飛行的頻率，而是為了簡單地在我們的信用卡上消費或在整個航空公司消費。從我之前的評論來看，我們認為還有更多工作要做，這對我們的客戶來說真的很棒，當然對航空公司來說也很棒。

Vasu, and just as a follow-up. Do you see the impact of inflation leading to anything involved in higher ticket fares, higher prices for customers?

瓦蘇，只是作為後續行動。您是否看到通貨膨脹導致票價上漲、客戶價格上漲的影響？

Look, it remains to be seen. I mean, this industry has a long history with inflation where it hasn't always bled so cleanly into fares. So we'll see, and we don't make any future commentary about pricing. But it's early to tell and how -- whether this level of inflation stays or not, it's even early to go and guess at that, too.

看，還有待觀察。我的意思是，這個行業有著悠久的通貨膨脹歷史，它並不總是如此乾淨地融入票價。所以我們會看到，我們不會對定價發表任何未來評論。但現在判斷以及如何判斷還為時過早——這種通脹水平是否會持續下去，現在去猜測它甚至還為時過早。

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。

I got to say, Doug, I'm really jealous. This is your last call, but I'm very happy for you and your family.

我得說，道格，我真的很嫉妒。這是您的最後一次電話，但我為您和您的家人感到非常高興。

Thanks, Dawn.

謝謝，黎明。

I have a couple of questions, first, for Vasu, following up on Mary's question about kind of the lag in bookings because of Omicron, spring break and summer. I'm wondering whether you guys are considering extending your -- the expiration date for tickets and for current travel credits? And my second question is probably for Robert, but maybe not. Your call times, like a lot of airlines still are pretty high, as recently as Friday, it was 4 hours plus. Can you give any specifics on what you're doing to address this persistent problem and what's behind it?

首先，我有幾個問題要問 Vasu，請跟進 Mary 關於 Omicron、春假和夏季導致預訂滯後的問題。我想知道你們是否正在考慮延長機票和當前旅行積分的到期日期？我的第二個問題可能是針對羅伯特的，但也可能不是。您的通話時間，就像很多航空公司一樣，仍然很高，就在周五，它是 4 小時以上。您能否詳細說明您正在採取哪些措施來解決這個持續存在的問題以及其背後的原因？

It's great to hear from you, Dawn. I'll start and then others can add in, too. So first of all, we are assessing different options for what we call stored value, what we do with people who have COVID-related credits that are out there. We've been really encouraged by what we've seen. We're the only airline that allows customers to do name changes and reassign them in. Because of that, we've seen a lot of consumers go and take advantage of that flexibility. And so that, combined with the fact that we've flown with bigger airline, has led us to, at least, believe that we may be seeing is probably a little bit different than others. But we're assessing what our options are, and we'll have more in the not distant future.

很高興收到你的來信，黎明。我會開始，然後其他人也可以添加。因此，首先，我們正在評估我們所謂的儲值的不同選擇，我們對那些擁有與 COVID 相關的信用的人做了什麼。我們對所見所聞感到非常鼓舞。我們是唯一一家允許客戶更改姓名並將其重新分配的航空公司。正因為如此，我們看到很多消費者去利用這種靈活性。因此，再加上我們乘坐更大的航空公司的事實，至少讓我們相信我們可能看到的可能與其他航空公司有點不同。但我們正在評估我們的選擇，在不久的將來我們會有更多選擇。

Dawn, and Maya may want to help me out with this. But hey, with reservations right now, with so many changes that are going on in the environment, whether it's travel restrictions, quarantine requirements, schedule changes. You name it. The level of calls that we're getting right now is really unprecedented, and for good reasons.

黎明，瑪雅可能想幫我解決這個問題。但是，嘿，現在有預訂，環境發生瞭如此多的變化，無論是旅行限制、隔離要求還是日程變化。你給它命名。我們現在接到的電話數量確實是前所未有的，而且有充分的理由。

And what we're trying to do with -- to make sure is that not only do we have all of the resources from a reservations perspective available. But we're also investing in things like chat and then callback functions as well. And one of the things I'm really proud of is while we have had some extended callback times as of late, I'm really proud of the way we've performed throughout the pandemic.

我們正在嘗試做的是確保我們不僅擁有從預訂角度來看的所有資源。但我們也投資於聊天和回調函數之類的東西。我真正引以為豪的一件事是，雖然我們最近有一些延長的回調時間，但我真的為我們在整個大流行期間的表現感到自豪。

American has consistently performed better than a lot of our competitors. And as we come out of this huge call volume spike, and I expect us to get back to really reasonable and satisfactory times. Maya, do you want to add anything else?

美國航空的表現一直優於我們的許多競爭對手。當我們走出這個巨大的通話量高峰時，我希望我們能回到真正合理和令人滿意的時代。瑪雅，你還想添加什麼嗎？

Yes. Just following up on some of the technologies that we've implemented in res around a virtual assistant, which is sort of artificial intelligence that can respond to some of the easier questions without the customer having to interact with an agent. And they can -- that's a win-win because the customer can really do that asynchronously and get their answer in short order, that, then this is on to chat for more difficult questions. Our res agents are now trained. We have hundreds now trained to be able to handle a chat. And again, this allows them to handle more than one interaction at a time, which is better for our customers and more productive for our agents.

是的。只是跟進我們圍繞虛擬助手在 res 中實施的一些技術，這是一種人工智能，可以在客戶無需與代理交互的情況下回答一些更簡單的問題。他們可以——這是雙贏的，因為客戶可以真正異步地做到這一點，並在短時間內得到他們的答案，然後就可以討論更困難的問題了。我們的資源代理現在接受了培訓。我們現在有數百人接受過培訓，能夠處理聊天。同樣，這使他們能夠一次處理多個交互，這對我們的客戶來說更好，對我們的座席來說更有效率。

And then but like Robert said, that really helps defray some of the impact to reservations. But at the end of the day, the nature of the questions that we're getting are so complex, where people are really wanting to fully understand what are the COVID restrictions in traveling here? What kind of vaccination status do I have to have? How do I use this store value combined with this form of payment? And in those cases, we still need our fabulous res agents to be able to handle those.

然後就像羅伯特說的那樣，這確實有助於抵消對預訂的一些影響。但歸根結底，我們得到的問題的性質是如此復雜，人們真的想完全了解在這裡旅行的 COVID 限制是什麼？我必須有什麼樣的疫苗接種狀態？我如何將此存儲價值與這種付款方式結合使用？在這些情況下，我們仍然需要我們出色的代理來處理這些問題。

Dawn, before you sign off, with everyone listening in, you would have absolutely been in my prepared remarks [whereas] it's the peers still on the line. But look, of all the -- for those who don't know, Dawn has covered airlines here's on our public when we started America West. So (inaudible) when we were at America West, really. Of all the articles that I have written to a level that I've chosen to actually hang on to you, Dawn, more than we have a Dawn Gilbertson by the line than anybody else. So thank you very much. We really, really appreciate it.

黎明，在您簽字之前，在每個人都在聽的情況下，您絕對會出現在我準備好的講話中 [而] 仍然是同行。但是看，對於那些不知道的人來說，當我們創辦美國西部時，黎明已經覆蓋了我們公眾的航空公司。所以（聽不清）當我們在美國西部時，真的。在我寫的所有文章中，我已經選擇真正抓住你的水平，黎明，比我們擁有的黎明吉爾伯森比其他任何人都多。所以非常感謝。我們真的，真的很感激。

Thank you, Doug. It's been a pleasure.

謝謝你，道格。這是我的榮幸。

Thanks, Dawn. Yes, thank you.

謝謝，黎明。是的，謝謝。

That concludes today's question-and-answer session. I'd like to turn the call back to management for closing remarks.

今天的問答環節到此結束。我想將電話轉回給管理層以結束髮言。

I think we're done. Thanks all very much. Really appreciate it. I really appreciate it. I've enjoyed this immensely. This is maybe my favorite of the 107. So thank you all very much. Congratulations to Robert. Congratulations to Dan, and we'll be in touch. Thanks again.

我想我們已經完成了。非常感謝大家。真的很感激。對此，我真的非常感激。我非常享受這一點。這可能是 107 中我最喜歡的。非常感謝大家。祝賀羅伯特。恭喜丹，我們會保持聯繫。再次感謝。

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。感謝您的參與。您現在可以斷開連接。