達美航空 (DAL) 2016 Q1 法說會逐字稿

Good morning, everyone.

大家，早安。

Welcome to the Delta Air Lines March quarter 2016 financial results conference.

歡迎參加達美航空 2016 年 3 月季度財務業績會議。

My name is Kelly Anne, and I'll be your coordinator for today.

我叫凱莉安妮，我將擔任你們今天的協調員。

(Operator Instructions)

（操作員說明）

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

I would now like to turn the conference over to Miss Jill Sullivan Greer, Vice President of Investor Relations.

我現在將會議交給投資者關係副總裁吉爾·沙利文·格里爾女士主持。

Please go ahead, Jill.

請繼續，吉爾。

Thanks, Kelly Anne.

謝謝，凱莉安妮。

Good morning, everyone, and thanks for joining us for our March quarter call.

大家早安，感謝您參加我們的三月季度電話會議。

Joining us from Atlanta today are Ed Bastian, our incoming CEO, Glen Hauenstein, our incoming President, and Paul Jacobson, our CFO.

今天從亞特蘭大加入我們的有新任執行長 Ed Bastian、新任總裁格倫‧豪恩斯坦 (Glen Hauenstein) 和財務長保羅‧雅各布森 (Paul Jacobson)。

We also have the entire leadership team with us in the room with us for Q&A.

我們的整個領導團隊也和我們一起在房間裡進行問答。

Ed will open the call, Glen will then address our revenue performance and Paul will follow and discuss cost performance and cash flow.

艾德將開始電話會議，格倫將討論我們的收入表現，保羅將隨後討論成本效益和現金流。

To get in as many questions as possible during the Q&A, please limit yourself to one question and a brief follow up.

為了在問答過程中提出盡可能多的問題，請限制自己提出問題並進行簡短的後續。

Today's discussion contains forward-looking statements that represent our beliefs or expectations about future events.

今天的討論包含前瞻性陳述，代表我們對未來事件的信念或期望。

All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements.

所有前瞻性陳述均涉及風險和不確定性，可能導致實際結果與前瞻性陳述有重大差異。

Some of the factors that may cause such differences are described in Delta's SEC filings.

達美航空向 SEC 提交的文件中描述了可能導致此類差異的一些因素。

We'll also discuss non-GAAP financial measures.

我們也將討論非公認會計準則財務指標。

All results exclude special items, unless otherwise noted.

除非另有說明，所有結果均不包括特殊項目。

You can find the reconciliation of our non-GAAP measures on the Investor Relations page at IR.delta.com.

您可以在 IR.delta.com 的投資者關係頁面上找到我們的非 GAAP 指標的調整表。

With that, I'll turn it over to Ed.

有了這個，我會把它交給艾德。

Thanks, Jill.

謝謝，吉爾。

Good morning, and thanks to everyone for joining us.

早安，感謝大家加入我們。

This morning, we reported a $1.56 billion pre-tax profit, our 12th consecutive record quarterly result, as the business continues to benefit from low fuel prices and solid demand.

今天早上，我們公佈了 15.6 億美元的稅前利潤，這是我們連續第 12 個創紀錄的季度業績，因為該業務繼續受益於低燃油價格和強勁的需求。

We held our top line roughly flat and realized substantial fuel savings, which allowed us to expand operating margins by nearly 10 points to 18.5% and generate $1.4 billion in operating cash flows.

我們的營收基本上持平，並實現了大量燃油節省，這使我們能夠將營業利潤率擴大近 10 個百分點，達到 18.5%，並產生 14 億美元的營業現金流。

These are nothing short of outstanding results in what is typically our seasonally weakest quarter of the year, where we also saw additional pressure from the tragic events that occurred in Brussels in late March.

在通常是我們一年中季節性最弱的季度中，這些結果無疑是出色​​的，我們也看到了 3 月下旬布魯塞爾發生的悲劇帶來的額外壓力。

Operationally, we again led the global industry with a 99.4% completion factor and an on-time arrival rate of 86.5%.

在營運方面，我們以 99.4% 的完工率和 86.5% 的準時到達率再次領先全球產業。

We had 49 perfect main line completion days, and six additional days where the only canceled flights in our network were to Brussels.

我們有 49 天主線完美完成，還有另外 6 天，我們網路中唯一取消的航班是飛往布魯塞爾的航班。

It's now more rare to have a day with a cancellation than not on our main line product.

現在，我們的主線產品被取消的情況比不被取消的情況更為罕見。

We also had eight days of no cancellations across the entire delta system, both main line and regional carriers, what we call brand perfect days, and we are focusing more and more on the system level performance and working hard to improve on this basis.

我們還在整個達美系統（包括幹線航空公司和支線航空公司）連續八天沒有取消航班，我們稱之為品牌完美日，我們越來越關注系統級性能，並在此基礎上努力改進。

With these results, the Delta team proved yet again they are the very best in the industry.

憑藉這些成果，達美團隊再次證明他們是業界最優秀的。

I'm proud to announce we accrued $272 million in profit sharing this quarter on top of the $23 million in shared rewards they earned.

我很自豪地宣布，除了他們獲得的 2,300 萬美元的共享獎勵之外，本季我們還獲得了 2.72 億美元的利潤分享。

I want to thank the Delta team for a terrific quarter.

我要感謝達美航空團隊度過了一個出色的季度。

It's an honor to be able to lead this great company and serve all of you.

能夠領導這家偉大的公司並為大家服務是我的榮幸。

I would like to take a moment to thank Richard for his leadership and vision in transforming Delta.

我想花點時間感謝理查德在達美轉型過程中的領導和遠見。

Richard has been a great partner and mentor for me for the past decade.

在過去的十年裡，理查德一直是我偉大的合作夥伴和導師。

And while he'll be enjoying a well-earned retirement, he will always be a trusted friend and advisor and we all benefit from his leadership as the Executive Chairman of our Board.

雖然他將享受應得的退休生活，但他將永遠是一位值得信賴的朋友和顧問，我們都從他作為董事會執行主席的領導中受益。

Our strategy is working, and our team is fully in place.

我們的策略正在發揮作用，我們的團隊也已完全就位。

We've got Gil West, our Chief Operating Officer, who leads the best team of operators in the industry.

我們的營運長吉爾·韋斯特 (Gil West) 領導著業內最好的營運商團隊。

Glen Hauenstein, our new President, has led our network in revenue transformation over the last decade.

我們的新任總裁格倫·豪恩斯坦 (Glen Hauenstein) 在過去十年中領導了我們網絡的收入轉型。

Steve Sear has taken us to five consecutive Business Travel News victories as Head of our Sales Organization.

作為我們的銷售組織負責人，史蒂夫·西爾 (Steve Sear) 帶領我們連續五次贏得《商務旅行新聞》的勝利。

Paul, Joanne, Peter, Kevin, the list goes on.

保羅、喬安妮、彼得、凱文，這樣的例子不勝枚舉。

Our bench is deep, and we're going to keep building on our momentum.

我們的板凳陣容很深，我們將繼續保持我們的勢頭。

While we continue to post record profits, we are very aware that fuel prices remain volatile and have increased nearly 60% from the lows earlier this year.

雖然我們繼續創造創紀錄的利潤，但我們非常清楚燃油價格仍然波動，並且已比今年稍早的低點上漲了近 60%。

For this reason, we are determined to get our business back on the path of positive unit revenues, because this is how we ensure that the margins and cash flows that we are producing are sustainable through good times and bad.

基於這個原因，我們決心讓我們的業務重回正單位收入的道路，因為這就是我們如何確保我們產生的利潤和現金流在順境和逆境中都可持續的方式。

Glen will be describing our actions along this course.

格倫將描述我們在這過程中的行動。

As we look ahead at Delta, we have tremendous momentum in the business.

展望達美航空的未來，我們的業務發展勢頭強勁。

While lower for longer fuel prices have added some painful uncertainty to our timeline on getting back to unit revenue growth, they are also driving roughly $3 billion of fuel savings this year.

雖然燃油價格持續走低給我們恢復單位收入成長的時間表增加了一些痛苦的不確定性，但今年它們也節省了約 30 億美元的燃油。

And we are committed to pushing as much of that fuel savings to the bottom line as possible.

我們致力於將盡可能多的燃油節省轉化為利潤。

We estimate that we retained 50% of fuel savings in the first quarter on an ex-hedge basis.

我們估計，在對沖前基礎上，我們在第一季保留了 50% 的燃油節省。

On a net hedge basis, our fuel savings retention was 75%.

在淨對沖基礎上，我們的燃油節省保留率為 75%。

We're using the cash flow generated by these record earnings to invest in long-term profitable growth opportunities for the business, improving the balance sheet by paying down debt, and funding the pension, and continuing to return cash to owners.

我們利用這些創紀錄的獲利產生的現金流投資於企業的長期獲利成長機會，透過償還債務來改善資產負債表，為退休金提供資金，並繼續向所有者返還現金。

As we have done for the past several years, we plan to update you on our long-term plan and capital deployment strategy at our upcoming spring analyst meeting which will be held this year on May the 16.

正如我們過去幾年所做的那樣，我們計劃在今年 5 月 16 日舉行的春季分析師會議上向您介紹我們的長期計劃和資本部署策略的最新情況。

I've been asked many times over the last couple months as I take over as CEO as to what my priorities will be as we look to the future.

在過去的幾個月裡，當我接任執行長時，人們多次問我展望未來時我的優先事項是什麼。

Our goal as a team will be to continue to invest in the initiatives that are producing a durable, sustainable and industry-leading foundation at Delta.

作為一個團隊，我們的目標是繼續投資於為達美建立持久、可持續和行業領先基礎的舉措。

First, our top priority is running a safe, reliable and customer-focused operation.

首先，我們的首要任務是安全、可靠和以客戶為中心的營運。

This is at the very core of what we do, and is producing meaningful improvements in customer satisfaction.

這是我們工作的核心，並且正在顯著提高客戶滿意度。

It also translates into our industry-leading RASM premium and more efficient cost structure, both of which contribute to more sustainable margins over the long term.

它還轉化為我們領先業界的 RASM 溢價和更有效率的成本結構，這兩者都有助於實現更永續的長期利潤。

Second is enhancing our brand premium.

二是提升品牌溢價。

We said before that our product is not a commodity.

我們之前說過，我們的產品不是商品。

In order to earn a premium price from customers, we need to produce a premium product and a brand that drives loyalty.

為了從客戶那裡獲得高價，我們需要生產優質產品和提高忠誠度的品牌。

That starts with thoughtful service and reliable operations, but also includes consistent innovation across the entire travel experience.

這始於周到的服務和可靠的運營，也包括整個旅行體驗中的持續創新。

Third, you'll see us continue on the path towards globalization.

第三，你會看到我們繼續走全球化的道路。

Whether through initiatives like headquartering our trans-Atlantic operations in Amsterdam, or through our equity stakes in Virgin Atlantic, China, Eastern, Aeromexico and GOL we see the international marketplace as the source of long-term, profitable growth opportunities.

無論是透過將跨大西洋業務總部設在阿姆斯特丹等舉措，還是透過在維珍航空、中國航空、東方航空、墨西哥航空和 GOL 的股權，我們都將國際市場視為長期獲利成長機會的來源。

Our goal is to be the best US global airline.

我們的目標是成為美國最好的全球航空公司。

And finally, we'll maintain the balanced approach for all of our stakeholders, our employees, our owners, and the customers and communities we serve share in Delta's success.

最後，我們將為所有利害關係人、我們的員工、我們的所有者以及我們所服務的客戶和社區保持平衡的方法，共同分享達美的成功。

This strategy has driven tremendous value for all our stakeholders, and is the foundation for sustainable performance over the long term.

這項策略為我們所有的利害關係人帶來了巨大的價值，並且是長期永續績效的基礎。

I'm excited about the future of Delta Air Lines, and honored to lead the very best team of airline professionals in the world.

我對達美航空的未來感到興奮，並很榮幸能夠領導世界上最優秀的航空專業團隊。

I thank our investors for the trust they place us in, and assure you we are working hard to be great stewards of your investment.

我感謝投資者對我們的信任，並向您保證，我們正在努力成為您投資的優秀管家。

With that, I'm happy to turn the call over to my good friend, Glen Hauenstein.

至此，我很高興將電話轉給我的好朋友 Glen Hauenstein。

Thank you, Ed, and good morning, everyone.

謝謝你，艾德，大家早安。

I would like to start by expressing my deep gratitude to the Delta team for all of their hard work.

首先，我謹對台達團隊的辛勤工作表示深深的謝意。

Taking great care of our customers every day has resulted in another record quarterly performance.

每天對客戶的悉心照顧使得我們的季度業績再創歷史新高。

I am honored and humbled to be taking on the role of President at this very exciting time for our company.

在我們公司這個令人興奮的時刻擔任總裁一職，我感到非常榮幸和謙卑。

There are enormous opportunities ahead for our business, and I look forward to driving our continued success to get it.

我們的業務面臨著巨大的機遇，我期待著推動我們不斷取得成功，以實現這一目標。

Our revenues for the quarter were roughly flat to last year.

我們本季的營收與去年大致持平。

Including $125 million headwind from currency, a $5 million impact from the recent events in Brussels.

其中包括 1.25 億美元的貨幣逆風，以及最近布魯塞爾事件造成的 500 萬美元的影響。

We also maintain our top line performance, despite a 40% decline in market fuel prices.

儘管市場燃油價格下降了 40%，但我們仍保持了營收表現。

Our corporate demand remains solid, with volume growth of 2% this quarter.

我們的企業需求依然強勁，本季銷售成長 2%。

We saw increases across most sectors, including healthcare, financial services and technology.

我們看到大多數行業都有成長，包括醫療保健、金融服務和科技。

However, the improvement in volumes is being more than offset by lower yields.

然而，產量的改善被產量的下降所抵消。

The outlook for corporate demand remains favorable.

企業需求前景依然樂觀。

With 82% of respondents to our latest corporate travel manager survey projecting their overall travel spend will be maintained or increased for the rest of the year.

在我們最新的企業差旅經理調查中，82% 的受訪者預計他們的整體差旅支出將在今年剩餘時間內保持不變或增加。

This is consistent with outlooks from previous surveys.

這與先前調查的前景一致。

We continue to see good performance with our branded fare initiatives.

我們的品牌票價計劃繼續取得良好表現。

Total merchandising revenues grew over 30% for the quarter, led by comfort plus growth of 45% and first class revenue growth of 12%.

本季商品總收入成長超過 30%，其中舒適加艙收入成長 45%，頭等艙收入成長 12%。

Basic economy drove roughly $20 million in incremental revenue, and we began our broad city-level expansion initiative during the quarter.

基礎經濟帶動了約 2000 萬美元的增量收入，我們在本季開始了廣泛的城市級擴張計畫。

Our partnership with American Express produced $80 million in incremental value this quarter, and we expect $265 million in incremental value for the year.

本季我們與美國運通的合作創造了 8,000 萬美元的增量價值，我們預計今年的增量價值將達到 2.65 億美元。

Year to date, new card acquisitions at record levels and up substantially from 2015, spend on our cards is up double digits.

今年迄今為止，新卡購買量達到創紀錄的水平，並且比 2015 年大幅增加，我們的卡片支出增加了兩位數。

We continue to work with our great partners at AmEx to produce innovative programmed offerings for our customers, and continue to grow our portfolio.

我們繼續與美國運通的優秀合作夥伴合作，為我們的客戶提供創新的計劃產品，並繼續擴大我們的產品組合。

Our passenger unit revenues declined 4.6%, with roughly 2 points of the decline attributable to currency.

我們的客運單位收入下降了 4.6%，其中約 2 個百分點的下降歸因於貨幣。

This result was at the low end of our initial guidance, as we continued to see choppiness in the domestic [close] and yield environment during the quarter.

這一結果處於我們最初指導的低端，因為我們繼續看到本季度國內[收盤]和收益率環境的波動。

Focusing on our domestic business, unit revenues declined 5% on 6% more capacity with 1 point of that growth attributable to Leap Day.

重點關注我們的國內業務，單位收入下降 5%，產能增加 6%，其中 1 個百分點的成長歸因於 Leap Day。

All of our domestic hubs improved margins in the quarter, with the best performances in Salt Lake City, Atlanta and Minneapolis.

我們所有的國內樞紐本季的利潤率均有所提高，其中鹽湖城、亞特蘭大和明尼阿波利斯的表現最佳。

Our investments in markets like New York and Seattle are continuing to pay off, as we drove margin expansion in excess of the domestic average in both of these cities.

我們在紐約和西雅圖等市場的投資正在繼續獲得回報，因為我們推動這兩個城市的利潤率擴張超過了國內平均水平。

Our international business is still facing headwinds from foreign exchange and lower fuel surcharges, as well as economic and geopolitical challenges in certain regions.

我們的國際業務仍面臨外匯和燃油附加費降低以及某些地區經濟和地緣政治挑戰的阻力。

All of which we continue to address with capacity actions.

我們將繼續透過產能行動來解決所有這些問題。

The trans-Atlantic entity saw a unit revenue decline of 6% on a 3.5% reduction in capacity.

由於運力減少 3.5%，這家跨大西洋實體的單位收入下降了 6%。

Driven by a 4 point headwind from currency and pressure on yields, as industry capacity grew in the high single digits during the normally slow season.

受到貨幣 4 個百分點的逆風和收益率壓力的推動，行業產能在通常淡季期間以高個位數增長。

In our core European markets, the US point of sale demand was strong and recovered quickly following the events in Brussels.

在我們的核心歐洲市場，美國銷售點需求強勁，並在布魯塞爾事件後迅速恢復。

On the flipside, European point of sale demand has been softer, largely due to the weaker Euro.

另一方面，歐洲銷售點需求疲軟，主要是因為歐元疲軟。

We are pleased with our performance in London, and we continue to benefit from a deeper integration with Virgin Atlantic and the network changes we made together in 2015.

我們對倫敦的表現感到滿意，我們將繼續受益於與維珍航空的更深入整合以及我們在 2015 年共同做出的網路變革。

Paris unit revenues improved year over year, as travel to the region rebounded following the events of last November.

巴黎地區的單位收入較去年同期有所增長，原因是去年 11 月事件後前往該地區的遊客數量有所回升。

In Latin America, unit revenues were down 9%, with 5% of the decline attributable to currency, largely driven by the Brazilian real.

在拉丁美洲，單位收入下降了 9%，其中 5% 的下降歸因於貨幣，主要由巴西雷亞爾推動。

Mexico and Caribbean markets performed well during the quarter, and have remained resilient throughout the peak spring travel period.

墨西哥和加勒比海市場在本季表現良好，並在整個春季旅遊高峰期保持彈性。

The eco related cancellations had a very small impact on Latin America.

與生態相關的取消對拉丁美洲的影響非常小。

Our Brazil capacity has been reduced by nearly 30% from peak levels, while our modest capacity growth has been well absorbed in Mexico and the Caribbean.

我們的巴西產能較高峰減少了近 30%，而我們適度的產能成長已被墨西哥和加勒比地區吸收良好。

In the Pacific, PRASM declines are moderating, with unit revenues down 5%, including roughly 8 points of impact from FX and fuel surcharges.

在太平洋地區，PRASM 的下降正在放緩，單位收入下降了 5%，其中包括外匯和燃油附加費約 8 個百分點的影響。

The yen was a $35 million headwind in the quarter, $30 million of which was driven by lower year-on-year hedge gains.

本季日圓匯率下跌 3,500 萬美元，其中 3,000 萬美元是由於對沖收益年減所致。

While the recent appreciation of the yen is a positive for our business, we will see roughly a 4 point headwind to trans-Pacific RASM from lower hedge gains through the remainder of the year.

雖然近期日圓升值對我們的業務有利，但我們將看到今年剩餘時間內對沖收益下降對跨太平洋 RASM 帶來約 4 個百分點的阻力。

Capacity to the Pacific declined 9% this quarter, primarily driven by Japan.

本季飛往太平洋地區的運能下降了 9%，這主要是由日本造成的。

This is part of our continuing Pacific restructuring, which includes the ongoing retirement of our 747 fleet.

這是我們太平洋地區持續重組的一部分，其中包括我們 747 機隊的持續退休。

Our China business continues to mature, as do our partnerships with China Eastern and China Southern.

我們的中國業務不斷成熟，我們與東航和南航的合作關係也不斷成熟。

Today, between 15% and 20% of our customers are traveling beyond Shanghai and Beijing to our Partner's networks.

如今，我們有 15% 到 20% 的客戶從上海和北京前往我們合作夥伴的網路。

We expect that number to steadily increase over time.

我們預計這個數字會隨著時間的推移而穩定增加。

Demand in China and the broader Pacific held up well for the first quarter, although yields remained under pressure due to high levels of industry capacity growth in the region.

中國和更廣泛的太平洋地區的需求在第一季保持良好，儘管由於該地區工業產能的高水平增長，收益率仍然面臨壓力。

Looking ahead, we are forecasting that second quarter unit revenues will be down 2.5% to 4.5%, a sequential improvement from our first quarter revenue results, on a 2% year-on-year capacity increase.

展望未來，我們預計第二季單位營收將下降 2.5% 至 4.5%，較第一季營收結果較上季改善，而產能較去年同期成長 2%。

While we are not there yet, we understand the importance of getting back to positive RASMs.

雖然我們還沒有做到這一點，但我們了解恢復積極的 RASM 的重要性。

Volatility and closer yields and challenges in Europe may mean we achieve our goal a few months later than we previously had expected, but we continued to target reaching the inflection point this year.

歐洲的波動性以及更接近的收益率和挑戰可能意味著我們實現目標的時間比之前的預期晚了幾個月，但我們仍然致力於今年達到轉折點。

We have a good line of safety getting there in domestic, encouraged by the recent yield trends, which are now beginning to turn positive after being down for roughly a year.

受到近期收益率趨勢的鼓舞，我們在國內有良好的安全線，在經歷了大約一年的下降後，現在開始轉為正值。

In addition, our domestic capacity growth moderates with each successive quarter during the year.

此外，我們的國內產能成長在這一年連續每季都放緩。

In Latin and the Pacific, our capacity actions and restructuring efforts will continue to benefit us, while currency headwinds are also easing.

在拉丁美洲和太平洋地區，我們的產能行動和重組努力將繼續使我們受益，同時貨幣阻力也正在緩解。

We continue to expect unit revenues to inflect in both entities in the summer timeframe.

我們繼續預計兩個實體的單位收入將在夏季發生變化。

In the trans-Atlantic, which accounts for 15% to 20% of our revenues, is where we have the greatest challenge.

跨大西洋航線占我們收入的 15% 到 20%，是我們面臨的最大挑戰。

Yields remain under pressure, as industry capacity growth continues to add strict demand.

由於產業產能成長持續增加嚴格的需求，產量仍面臨壓力。

Peak season volumes from US to Europe remained very strong, and will drive record profits this summer, given the low fuel prices.

鑑於燃油價格低廉，從美國到歐洲的旺季運輸量仍然非常強勁，並將在今年夏天推動創紀錄的利潤。

and one positive is that we will get a big help from currency as it turns from a headwind into a tailwind beginning in the next quarter.

一個積極的方面是，隨著下個季度開始貨幣從逆風轉變為順風，我們將從貨幣中獲得巨大幫助。

In closing, I would like to reiterate that we are focused on taking the necessary actions to get to positive RASM in 2016 and ahead of our network competitors.

最後，我想重申，我們致力於採取必要行動，在 2016 年實現積極的 RASM，並領先於我們的網路競爭對手。

If for no other reason than to get Ed off my back.

如果沒有其他原因，就是為了讓艾德擺脫我的困擾。

We will have a line of site to achieving our goal in domestic, the Pacific and Latin America, and are addressing the headwinds we face in Europe.

我們將擁有一系列站點來實現我們在國內、太平洋和拉丁美洲的目標，並正在解決我們在歐洲面臨的阻力。

And we will act quickly to move all the levers in our business, including capacity if we do not see sufficient progress in the coming months.

如果我們在未來幾個月內沒有看到足夠的進展，我們將迅速採取行動，調動業務中的所有槓桿，包括產能。

With that, I would like to turn it over to my good friend Paul.

說到這裡，我想把它交給我的好朋友保羅。

Thanks, Glen.

謝謝，格倫。

And good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

While lower fuel costs are providing huge benefits for our business, there's a lot of uncertainty in the global environment and we know fuel won't stay low permanently.

雖然較低的燃料成本為我們的業務帶來了巨大的好處，但全球環境存在著許多不確定性，我們知道燃料成本不會永遠保持在低水準。

As a result, we remain focused on staying disciplined with our costs.

因此，我們仍然專注於控製成本。

Total operating expenses for the quarter, however, were down more than $1 billion as this decline in fuel costs offset wage increases, as well as higher profit sharing expense which doubled versus last year at this quarter.

然而，本季的總營運費用減少了 10 億美元以上，因為燃料成本的下降抵消了薪資的成長，以及本季與去年相比翻倍的利潤分享費用的增加。

Non-fuel CASM increased 4.5% including profit sharing, better than our initial expectation, with roughly half of that increase coming from higher profit sharing in the quarter.

非燃料 CASM 成長 4.5%（包括利潤分享），優於我們最初的預期，其中約一半的成長來自本季更高的利潤分享。

As you may recall, our cost growth is more weighted toward the front half of the year, given the timing of last year's wage increases, and this quarter is the peak.

您可能還記得，考慮到去年薪資上漲的時間，我們的成本成長更集中在今年上半年，而本季是高峰。

During the quarter, we retired ten older main line aircraft, including nine 757s and one 767-300.

本季度，我們退役了 10 架較舊的幹線飛機，其中包括 9 架 757 和一架 767-300。

We removed six 50-seaters from our schedule also during the quarter.

我們也在本季從我們的日程安排中刪除了 6 個 50 座位的座位。

We continue to expect our refleeting efforts to drive another $350 million of savings in 2016.

我們仍然期望我們的改造工作能夠在 2016 年再節省 3.5 億美元。

Our maintenance initiatives benefited us by $90 million in the quarter, and we continue to target a $400 million benefit for the full year.

我們的維護計劃在本季為我們帶來了 9,000 萬美元的收益，我們繼續制定全年收益 4 億美元的目標。

For the second quarter, we expect non-fuel CASM, including profit sharing, to increase roughly 2%, as our productivity and other cost initiatives help offset higher wages and product and service investments.

對於第二季度，我們預計非燃料 CASM（包括利潤分享）將成長約 2%，因為我們的生產力和其他成本措施有助於抵消更高的薪資以及產品和服務投資。

CASM growth in the second quarter will be well below 1Q levels, as we lap last year's April 1 wage increase.

第二季 CASM 成長將遠低於第一季水平，因為我們超過了去年 4 月 1 日的薪資成長。

We remain on track to keep non-fuel costs ex-profit sharing below 2% for the full year.

我們仍有望將全年非燃料成本除稅前利潤分享率維持在 2% 以下。

Moving on to fuel, our total fuel expense declined by $1.5 billion, due to lower market fuel prices and lower year-over-year hedge losses.

說到燃料，由於市場燃料價格下降和年比對沖損失減少，我們的總燃料費用下降了 15 億美元。

Our all-in fuel price was $1.33 per gallon, down 55% from the prior year.

我們的總燃油價格為每加侖 1.33 美元，比上年下降 55%。

The refinery lost a modest $28 million in the quarter.

該煉油廠本季小幅虧損 2,800 萬美元。

While lower crack spreads are a headwind for the refinery, they are obviously a significant net benefit for Delta as a whole.

雖然較低的裂解價差對煉油廠來說是一個阻力，但對於整個達美航空來說顯然是一個重大的淨收益。

Looking ahead, we expect an all-in June quarter fuel price of $1.48 to $1.53, which is down 40% from prior year.

展望未來，我們預計 6 月季度燃油價格為 1.48 美元至 1.53 美元，比去年同期下降 40%。

We continue to have no open hedges going forward, and anticipate hedge losses of approximately $200 million in each of the remaining quarters this year.

我們未來仍然沒有公開對沖，預計今年剩餘每季的對沖損失約為 2 億美元。

With the combination of the fuel tailwind, our non-fuel cost discipline and the sequential improvement in RASM performance Glen discussed, we expect another record quarter in June.

結合格倫所討論的燃料順風、我們的非燃料成本紀律以及 RASM 績效的連續改善，我們預計 6 月將再創歷史新季度。

With an operating margin of 21% to 23%, a roughly 5-point improvement from the prior year.

營業利益率為 21% 至 23%，比上年提高約 5 個百分點。

On cash flow, we are using our strong cash generation to appropriately balance the long-term investments we are making in the business, while continuing to return cash to our owners and derisking the balance sheet.

在現金流方面，我們正在利用強大的現金產生能力來適當平衡我們在業務中進行的長期投資，同時繼續向所有者返還現金並降低資產負債表的風險。

As Ed mentioned, we generated $1.35 billion of operating cash flow in the quarter.

正如 Ed 所提到的，我們本季產生了 13.5 億美元的營運現金流。

This was net of $1.5 billion in profit sharing payouts to employees for 2015, and an $825 million cash contribution to the pension plan.

這已扣除 2015 年向員工支付的 15 億美元利潤分享支出以及退休金計畫的 8.25 億美元現金繳款。

We also contributed $350 million in Delta stock to the pension during the quarter.

本季我們也向退休金繳納了價值 3.5 億美元的達美航空股票。

With the additional $100 million in cash we put in the plans this month, we have contributed $1.3 billion in cash and stock since the beginning of the year.

加上本月計畫中額外投入的 1 億美元現金，今年以來我們已投入了 13 億美元的現金和股票。

This completes our funding for 2016.

至此我們 2016 年的融資就完成了。

We reinvested $870 million back into the business during the quarter.

本季我們向業務再投資了 8.7 億美元。

As you may recall, we expect higher capital spending in the first half of the year due to the timing of aircraft spend, and will spend roughly $1 billion again in the second quarter.

您可能還記得，由於飛機支出的時機，我們預計今年上半年的資本支出將會增加，並且第二季將再次支出約 10 億美元。

Additionally this year, we expect our Aeromexico tender offer to close in the third quarter.

此外，今年，我們預計墨西哥航空的要約收購將在第三季完成。

In the March quarter, we returned $880 million to shareholders, including the $350 million accelerated share repurchase we completed to offset the dilution from the contribution to the pension plan.

在第三季度，我們向股東返還了 8.8 億美元，其中包括我們完成的 3.5 億美元加速股票回購，以抵銷退休金計畫繳款帶來的稀釋。

Adjusted net debt at the end of March was $7 billion, up slightly from year end due to the timing of cash flows, including pension funding and profit sharing, and the decision we made to stay on track for a run rate for buybacks during the quarter.

3 月底調整後的淨債務為 70 億美元，比年底略有增加，原因是現金流的時間安排，包括退休金資金和利潤分享，以及我們決定維持本季回購運作率。

We expect our adjusted net debt to be below $6 billion by year end with our cash flow.

我們預計到年底，我們的調整後淨債務連同現金流將低於 60 億美元。

We have made significant progress on delevering our business over the last decade, and we are pleased to have this recognized with an upgrade by Moody's to investment grade during the quarter.

過去十年來，我們在業務去槓桿化方面取得了重大進展，我們很高興穆迪在本季度將其升級至投資級別，從而認可了這一點。

In closing, I would like to thank and congratulate the entire Delta team.

最後，我要感謝並祝賀整個達美團隊。

Not only for another record quarter, but also for achieving our long-held goal of returning as an investment grade company.

不僅是另一個創紀錄的季度，也是為了實現我們作為投資級公司回歸的長期目標。

These accomplishments would not have been possible without your determination, dedication and hard work each and every day.

如果沒有你們每天的決心、奉獻精神和辛勤工作，這些成就是不可能實現的。

Jill, back to you.

吉爾，回到你身邊。

Kelly Anne, we are now ready for questions from the analysts.

凱莉安妮，我們現在準備好接受分析師的提問。

If you could give instructions.

如果您能給指點的話。

(Operator Instructions)

（操作員說明）

We'll move first to Duane Pfennigwerth with Evercore ISI.

我們將首先轉向 Evercore ISI 的 Duane Pfennigwerth。

Hey, guys, good morning.

嘿，夥計們，早安。

Thanks for the time.

謝謝你的時間。

Morning, Duane.

早安，杜安。

As we look towards the inflection to positive revenue later this year and you touched on some of this, can you just expand your thoughts on domestic versus international?

當我們期待今年稍後實現正收入時，您也談到了其中的一些內容，您能否擴展一下您對國內與國際的看法？

And which international region you might expect that first?

您可能首先想到的是哪個國際地區？

Specifically Latin America there's been a lot of capacity cuts.

特別是拉丁美洲，產能大幅削減。

Are you any more instructive on getting back to positive unit revenue in that region?

對於在該地區恢復正單位收入，您還有什麼其他指導嗎？

Duane, this is Glen.

杜安，這是格倫。

I think we are very constructive because not only do we have some positive chutes in Brazil, both first time and many years our close end bookings have actually provided positive momentum as opposed to negative momentum.

我認為我們非常有建設性，因為我們不僅在巴西有一些積極的勢頭，而且無論是第一次還是多年來我們的封閉式預訂實際上都提供了積極的勢頭，而不是消極的勢頭。

So we're coming off a very low base in Brazil.

所以我們在巴西的基礎非常低。

And as we start to lapse the currency changes, I think we are positioned well with that capacity down towards an inflection point later this year.

當我們開始取消貨幣變化時，我認為我們處於有利位置，這種能力將在今年稍後達到轉折點。

And so would that be your guess in terms of getting back to positive RASM first?

那麼這就是您對首先回到積極的 RASM 的猜測嗎？

No.

不。

I think we are already in positive RASM territory in some of our entities, including Mexico, now in Japan, and domestic.

我認為我們的一些實體已經處於積極的 RASM 領域，包括墨西哥、現在的日本和國內。

I think we have a good line of sight for peak summer.

我認為我們對於夏季高峰期有良好的視線。

So I think we have a lot of the network that's doing better that's being offset by some very dramatic decreases in certain geographic areas, including Brazil.

因此，我認為我們有很多網路做得更好，但被包括巴西在內的某些地理區域的一些非常急劇的下降所抵消。

Thanks for that color.

謝謝那個顏色。

And then, Paul, could you update us on your latest thinking regarding CapEx for this year and next?

然後，Paul，您能否向我們介紹一下您對今年和明年資本支出的最新想法？

How do we think about your narrow body refleeting needs relative to that $3 billion core CapEx level that you've outlined?

相對於您概述的 30 億美元核心資本支出水平，我們如何看待您的窄體反射需求？

Good morning, Duane.

早安，杜安。

I think as we've talked about, we're looking at balancing capital against our cash flows, and approximately $3 billion remains our goal.

我認為正如我們所討論的，我們正在考慮平衡資本與現金流，大約 30 億美元仍然是我們的目標。

We've got needs over the next five to seven years as we think about older narrow bodies, particularly MD-88s, and we remain committed to doing that while achieving our EPS goals, while achieving our cash flow goals, and our balanced capital allocation.

當我們考慮較舊的窄體飛機，特別是MD-88 時，我們在未來五到七年內有需求，我們仍然致力於這樣做，同時實現我們的每股收益目標，同時實現我們的現金流目標和平衡的資本配置。

Duane, this is Ed.

杜安，這是艾德。

Let me add a little bit more to Paul's comments.

讓我對保羅的評論補充一點。

Our 2016 CapEx guidance remains in line with what we gave you in expectations, there's no changes there.

我們的 2016 年資本支出指導仍然與我們給您的預期一致，沒有任何變化。

And we are in good shape as we look out on our international wide bodies.

當我們放眼國際廣泛的機構時，我們的狀態良好。

So there's nothing on that horizon that's changing.

因此，這個地平線上沒有任何變化。

The focus we're in the midst of currently is the domestic fleet renewal over the next five years.

我們目前的重點是未來五年國內機隊的更新。

It's not a short-term need.

這不是短期需要。

It's a medium-term need.

這是中期需求。

Because the MD-88s do need to retire, and we have roughly 115 of them currently.

因為 MD-88 確實需要退役，而我們目前大約有 115 架。

And we also need to continue to need to upgauge our regional flying to the main line, which we've had a lot of success in and there's much more to go.

我們還需要繼續升級我們的支線航班，我們已經在這方面取得了巨大的成功，而且還有很多工作要做。

And I think we can do it cost effectively.

我認為我們可以有效地做到這一點。

There's been a lot of media reports.

已經有很多媒體報道了。

We have nothing to report at this time.

目前我們沒有什麼好報告的。

There's no decisions taken, so I will not comment on any media reports.

目前還沒有做出任何決定，所以我不會對任何媒體報導發表評論。

What I do hope is that we'll have more information to report and give you that medium-term outlook when we meet together next month in New York at the spring analyst meeting.

我真正希望的是，當我們下個月在紐約舉行春季分析師會議時，我們將有更多資訊報告並向您提供中期展望。

But the one thing you can remain convinced of here at Delta is that we will stay disciplined on capital deployment as always.

但在達美航空，您仍然可以確信的一件事是，我們將一如既往地在資本部署上保持紀律。

That will never change.

這永遠不會改變。

Thanks very much.

非常感謝。

We'll hear next from Savi Syth with Raymond James.

接下來我們將聽到薩維·賽斯和雷蒙德·詹姆斯的演講。

Good morning.

早安.

Good morning.

早安.

Just on the domestic capacity, I know in the first quarter you had the increase related to the extra day, but it's still up about 5.5, 6%.

就國內運力而言，我知道第一季與額外一天相關的成長，但仍成長了約 5.5%、6%。

And then if you look at the second quarter, and I might be reading the schedules wrong, but it's showing maybe 4% to 5%.

然後如果你看看第二季度，我可能讀錯了時間表，但它顯示的可能是 4% 到 5%。

So I was wondering, does that -- are you still thinking 1% to 3% growth for domestic market, in which case maybe second half you see growth of 1% to 2%?

所以我想知道，您是否仍然認為國內市場成長 1% 至 3%，在這種情況下，下半年您可能會看到 1% 至 2% 的成長？

Is that still the thinking?

現在還是這樣的想法嗎？

That is still the thinking, and we do have deceleration of that growth throughout the year.

這仍然是我們的想法，而且全年成長確實有所放緩。

Thanks to Gil and the team, one of the other good benefits we had in the first quarter was a much higher completion factor than we had the previous (technical difficulty).

感謝吉爾和他的團隊，我們在第一季獲得的其他好處之一是完成率比之前高得多（技術難度）。

That was included in the higher numbers for this quarter as well as the Leap Day, so we do see that number decelerating throughout the year.

這一數字已包含在本季度以及閏日的較高數字中，因此我們確實看到該數字全年都在下降。

Understood.

明白了。

And then just on the fleet question, just wondering if you're still finding attractive rates for aircraft to part out and even midlife aircraft replacement?

然後就機隊問題而言，只是想知道您是否仍在尋找有吸引力的飛機拆解費率，甚至是中年飛機更換費率？

Or as you look to your narrow body replacement, are you focusing more on newer aircraft to keep that bar bell average age going?

或者，當您考慮更換窄體飛機時，您是否會更專注於更新的飛機以保持槓鈴的平均壽命？

Savi, as I said, we have nothing to report on any speculation in the media, and we'll wait till we have something to tell you so we can lay out what we're doing.

薩維，正如我所說，對於媒體的任何猜測，我們沒有什麼可報道的，我們會等到有消息告訴你，以便我們可以列出我們正在做的事情。

But yes, absolutely.

但是，是的，絕對是的。

We continue to see good opportunities in the part-out space.

我們繼續在拆分領域看到良好的機會。

And Gil and his team have created a new entity called Delta Material Services where we're going in and saving literally hundreds of millions of dollars in our tech ops and maintenance costs.

吉爾和他的團隊創建了一個名為 Delta Material Services 的新實體，我們將進入該實體，並在技術運營和維護成本方面節省數億美元。

All right, great.

好吧，太好了。

Thank you.

謝謝。

And from Cowen & Company, we'll move to Helane Becker.

我們將從 Cowen & Company 搬到 Helane Becker。

Thanks very much, operator.

非常感謝，接線生。

Hello, everybody.

大家好。

Thank you for the time.

謝謝你的時間。

So I was wondering if you could explain a little more, flesh out a little more, the trans-Atlantic comment about over capacity in the market?

所以我想知道您是否可以進一步解釋一下、充實一下跨大西洋關於市場產能過剩的評論？

And I'm asking that within the context of the fact that there are three large JVs that seem to be able to adjust capacity.

我問這個問題的背景是，三家大型合資企業似乎能夠調整產能。

So are you seeing other entities outside of the JVs increase capacity?

那麼您是否看到合資企業以外的其他實體增加了產能？

And as part of that, are you seeing them backfilling what you are taking out?

作為其中的一部分，您是否看到他們回填您取出的東西？

So maybe you could just flesh that out a little more for me?

那也許你可以再為我充實一點？

Sure, Helane.

當然，海蘭。

It's Glen.

是格倫。

One of the big contributors, of course, are the ME 3 because they are included in our trans-Atlantic capacity.

當然，最大的貢獻者之一是 ME 3，因為它們包含在我們的跨大西洋運力中。

So for example, here in Atlanta, we have Turkish Airlines starting nonstop services into Istanbul this spring.

例如，在亞特蘭大，土耳其航空公司今年春天開始開通飛往伊斯坦堡的直飛航班。

We also have Qatar flying from here to Doha in the spring.

春季我們還有卡達從這裡飛往杜哈的班機。

The Atlanta to Doha market is less than five people a day.

亞特蘭大到多哈市場每天不到五個人。

So they are going to need to fill up on some flow.

所以他們需要補充一些流量。

We don't think they will be successful, but those are -- that's capacity that we face here locally that I think describes the type of capacity that's in the trans-Atlantic.

我們認為他們不會成功，但這些是我們在當地面臨的能力，我認為描述了跨大西洋的能力類型。

And on the other side in Europe itself, you have some of the growth from the ultra low cost carriers that are attempting now to fly in the trans-Atlantic, such as Norwegian, as well as some of the majors, like Air Canada.

而在歐洲的另一邊，目前正在嘗試跨大西洋飛行的超低成本航空公司（例如挪威航空）以及一些大型航空公司（例如加拿大航空）也帶來了一些成長。

So when you add all that together, you get a trans-Atlantic capacity increase that is in the high single digits, low double digit through the peak summer season.

因此，當你把所有這些加在一起時，你會得到跨大西洋運力的增長，在整個夏季高峰季節，運力增幅為高個位數，低兩位數。

Given the economic outlook for the United States and for Europe, we think demand will grow in the 4% or 5% range, and so there is more capacity than can be absorbed by the increase in natural demand.

考慮到美國和歐洲的經濟前景，我們認為需求將成長 4% 或 5%，因此產能超出了自然需求成長所能吸收的範圍。

So just to follow up on that, are you seeing then pricing being more aggressive in that market?

那麼，接下來，您是否看到該市場的定價更加激進？

And are you concerned that if oil prices continue to move up, it will pressure margins?

您是否擔心如果油價繼續上漲，會對利潤率造成壓力？

I think those are always our concerns.

我認為這些始終是我們關心的問題。

I think that the demand set is strong, particularly ex-US, and it's been a little bit weaker ex-Europe.

我認為需求強勁，尤其是美國以外的需求，而歐洲以外的需求則稍弱一些。

But if these elevated levels stay and fuel goes up and economies don't grow, I think that would be an indication that the industry would need to fill capacity in order to maintain margins.

但如果這些高水準持續下去，燃料價格上漲而經濟不成長，我認為這將表明該行業需要填補產能以維持利潤率。

Okay.

好的。

Thank you, Glen.

謝謝你，格倫。

I appreciate your help.

我感謝您的幫助。

Thank you.

謝謝。

We'll move next to Joseph DeNardi with Stifel.

我們將與 Stifel 一起移至約瑟夫·德納爾迪 (Joseph DeNardi) 旁邊。

Thanks.

謝謝。

Good morning.

早安.

Glen, just on the domestic side, just given the slowdown in capacity expected throughout the year, where are the investments being made now and what markets fund the capacity reduction through the year?

格倫，就國內而言，考慮到全年預計產能放緩，現在的投資在哪裡？

I don't think it's necessarily capacity reduction, but it's a lapsing of the investments we made last year.

我認為這不一定是產能減少，而是我們去年的投資失效了。

So as we get through the year, our capacity in Seattle grew dramatically last year, our capacity in New York grew significantly last year.

因此，隨著這一年的過去，我們在西雅圖的產能去年大幅成長，我們在紐約的產能去年也大幅成長。

And as we get to that second half of the year, those capacity additions start lapping each other.

當我們進入今年下半年時，這些產能的增加開始相互重疊。

Okay, thanks.

好的謝謝。

And then Paul, just on some of the deferral and acceleration transactions you've made with the hedge book, I think that's complicated the cash flows this year and into next year.

然後，保羅，就您透過對沖帳簿進行的一些延期和加速交易而言，我認為這使今年和明年的現金流變得複雜。

So I'm just wondering if you could -- where the book stands right now, what the net cash flows and outflows are this year and next?

所以我只是想知道你是否可以 - 目前賬面狀況如何，今年和明年的淨現金流量和流出量是多少？

Good morning, Joe.

早安，喬。

What we talked about was, if you recall at investor day, or I'm sorry, on the first quarter call, that we had locked out the book.

如果你還記得在投資者日，或者抱歉，在第一季的電話會議上，我們談論的是我們已經鎖定了這本書。

That's where we sit right now.

這就是我們現在坐的地方。

Our expense recognition mirrors those cash flows, so we would expect about $200 million a quarter.

我們的費用確認反映了這些現金流，因此我們預計每個季度約為 2 億美元。

We do have some modest quarterly impact in 2017, but it's rather immaterial.

2017 年我們確實受到了一些適度的季度影響，但這並不重要。

The crux of that though is, like we said, the book remains flat and there is no participation right now.

但問題的關鍵是，正如我們所說，這本書仍然平淡無奇，而且現在沒有人參與。

It's just sitting there.

它只是坐在那裡。

Okay.

好的。

Thank you.

謝謝。

And Jamie Baker with JPMorgan has our next question.

摩根大通的傑米貝克提出了我們的下一個問題。

Good morning, everybody.

大家早安。

Morning, Jamie.

早安，傑米。

First one for whomever might want to take it.

第一個適合任何想拿走它的人。

The second quarter margin guide is healthy.

第二季利潤率指引健康。

No question about that.

毫無疑問。

But whether or not we include fuel, there's traditionally been more improvement from the first quarter to the second.

但無論我們是否包括燃料，傳統上從第一季到第二季都會有更多的改善。

Historically for Delta anywhere from, call it, 500 to 800 basis points.

從歷史上看，達美航空的漲幅為 500 至 800 個基點。

So today's guide is obviously below that range.

所以今天的指南顯然低於該範圍。

Shouldn't a consolidated industry be showing a little bit more seasonality, not less, as we move into peak periods?

當我們進入高峰期時，整合後的產業不應該表現出更多的季節性嗎？

Any idea what might be contributing to this?

知道什麼可能會造成這種情況嗎？

Jamie, it's Paul.

傑米，是保羅。

I'll start and let anybody else chime in that wants to.

我將開始並讓其他願意的人插話。

I think when you look at just where we are in this particular quarter to quarter, you've got a move in fuel that if you just look at the midpoint of our guide for 2Q against our 1Q actual has moved up almost $200 million for that impact.

我認為，當您查看我們在這個特定季度與季度之間的情況時，您會發現燃料發生了變化，如果您僅查看我們第二季度指南的中點相對於第一季度實際值的情況，則已增加了近2 億美元影響。

And while RASM is improving sequentially, it's not keeping up with that pace in the very, very short-term.

雖然 RASM 正在逐步改進，但在非常非常短期內它並沒有跟上這一步伐。

I don't think that's a judgment on consolidation.

我不認為這是對合併的判斷。

I think it's just on the volatility of where we are.

我認為這只是因為我們所處位置的波動性。

Despite that move in fuel, we're sitting roughly at where we ended up at year end.

儘管燃料有所變化，但我們仍大致停留在年底的水平。

So I think there's a little bit of intra-quarter noise movement going on with [actual fair market gyrations].

因此，我認為[實際公平的市場波動]正在發生一些季度內噪音變化。

Okay, that's helpful.

好的，這很有幫助。

Second for Glen, I'm trying to better understand what happened in the last couple weeks with multi-segment itinerary construction domestically.

其次，格倫，我試圖更了解過去幾週國內多段行程建設中發生的事情。

It's unclear whether or not Delta led the effort.

目前還不清楚達美航空是否領導了這項工作。

I guess that actually doesn't really matter as much as it seems that the reconstruction is potentially driving firmer RASM on multi-segment fares, the type that I would often use if I was jumping around the country on Delta.

我想這實際上並不那麼重要，因為重建可能會推動多航段票價更嚴格的 RASM，如果我乘坐達美航空在全國各地旅行，我經常會使用這種類型。

Can you shed any background on this?

能透露一下這方面的背景嗎？

Jamie, as always, we don't really comment on fares on this call.

傑米，一如既往，我們不會在這次電話會議上真正評論票價。

So I would like to just -- did you have another question that we could answer?

所以我想——您還有其他問題需要我們回答嗎？

No, but I'll end with this.

不，但我會以此結束。

We are with you in believing you should be comped against high quality industrial transports.

我們與您同在，相信您應該獲得高品質的工業運輸服務。

But if you listen to the earnings calls from those companies this quarter or any other, most of them are going to talk openly about price and revenue.

但如果你聽一下這些公司本季或其他任何季度的財報電話會議，他們中的大多數都會公開談論價格和收入。

So high quality industrial transports don't duck and weave on this topic.

因此，高品質的工業運輸不會迴避這個主題。

So just something I would point out.

我想指出的是。

I'll pass the mic to somebody else.

我會把麥克風傳給其他人。

Thank you, Jamie.

謝謝你，傑米。

And from Wolfe Research, we'll go to Hunter Keay.

從沃爾夫研究中心，我們將前往亨特·基伊。

Thank you very much.

非常感謝。

I appreciate it.

我很感激。

Ed, I would be curious to know what you expect from Richard as his level of involvement as Chairman.

艾德，我很想知道您對理查德作為主席的參與程度有何期望。

How much is enough?

多少才夠呢？

How much is too much, I should say and how much is not enough?

我應該說，多少算太多，多少又不夠？

And what are you expecting from him, and how much are you guys going to communicate maybe between board meetings?

你們對他有什麼期望？

Well, Hunter, I don't mean to speak for Richard, but Richard is going to become the Chairman of our Board in a few weeks.

嗯，亨特，我並不是要代表理查德說話，但理查德將在幾週後成為我們董事會的主席。

And I expect Richard to fulfill the same function and role that our current Chairman, Dan Carp, has done very ably for the last seven or eight years.

我希望理查德能夠履行我們現任主席丹·卡普（Dan Carp）在過去七八年中出色表現的同樣職能和角色。

Richard and I are obviously very close and we speak a lot.

理查和我顯然非常親密，我們聊了很多。

And I would leave it at that.

我就這樣吧。

Okay.

好的。

And Glen, does your on-time performance give you the opportunity to maybe tighten some block times in order to facilitate maybe more connecting volumes?

格倫，你的準時表現是否讓你有機會收緊一些區塊時間，以促進更多的連結量？

And maybe this is a question for you or maybe for Paul or maybe for Gil, if he's there.

也許這是你的問題，也許是保羅的問題，也許是吉爾的問題，如果他在的話。

But if you do have some potential CASM pressures in the event that you trim some capacity, how much of that can be offset by tightening some of those block times?

但如果你在削減一些容量時確實面臨一些潛在的 CASM 壓力，那麼透過收緊部分區塊時間可以抵消多少壓力？

Thanks for all the time, I appreciate it.

感謝大家一直以來的陪伴，我很感激。

This is Gil.

這是吉爾。

Thanks for the question.

謝謝你的提問。

There's a number of variables that drive on-time.

影響準時率的因素很多。

I would argue that execution is the biggest of those, so we're wholly focused around that.

我認為執行力是其中最重要的，所以我們完全專注於此。

Block time plays a role in it, of course.

當然，區塊時間在其中發揮了作用。

But ground times also play a role.

但地面時間也發揮了作用。

We run the tightest ground times in the industry, and we try to bias ground time to the tightest for a number of reasons.

我們的地面時間是業內最緊張的，出於多種原因，我們試圖將地面時間偏向最緊張的狀態。

And block more or less average now with the industry.

並且現在區塊或多或少處於行業平均。

Maybe a little bit higher.

也許更高一點。

But we also try to not just blanket block time.

但我們也嘗試不只是覆蓋區塊時間。

We're more surgical about it, and I think that's the next level that we continue to drive.

我們對此更加謹慎，我認為這是我們繼續推動的下一個層次。

But our connections are also a metric and a variable that we look at, and we run less than a 1% misconnect rate as well while balancing all of that.

但我們的連結也是我們關注的一個指標和變量，在平衡所有這些的同時，我們的錯誤連接率也低於 1%。

And Hunter, this is Paul.

亨特，這是保羅。

I'll just add that we're not going to degrade the customer experience or put the customer experience at risk in chasing after a CASM goal, nor are we going to add capacity to manage costs.

我只想補充一點，我們不會在追求 CASM 目標的過程中降低客戶體驗或讓客戶體驗面臨風險，也不會增加管理成本的能力。

Capacity is the responsibility of the commercial organization to match to demand and where we see that opportunity.

能力是商業組織與需求以及我們看到的機會相符的責任。

CASM has to be driven by productivity, and we're going to continue to do that.

CASM 必須由生產力驅動，我們將繼續這樣做。

And if we're successful at that, it's not going to impact the customer, only enhance their experience.

如果我們成功做到這一點，就不會影響客戶，只會增強他們的體驗。

Thank you very much.

非常感謝。

We'll move next to Darryl Genovesi with UBS.

我們將接任瑞銀集團的達裡爾·吉諾維西 (Darryl Genovesi)。

Hello, everyone.

大家好。

Thanks for the time.

謝謝你的時間。

Hello, Darryl.

你好，達裡爾。

Not to beat a dead horse on CapEx, but I thought Paul mentioned a $3 billion number again.

並不是說資本支出已經死了，但我認為保羅再次提到了 30 億美元的數字。

And I just wanted to be perfectly clear on one point, and is that are you recommitting to your $3 billion stated upper limit on CapEx regardless of which way the MD-80 replacement decision goes?

我只想完全明確一點，無論 MD-80 更換決定如何進行，您是否都會重新承諾 30 億美元的資本支出上限？

Darryl, we talked about CapEx for 2016, and long term we mentioned that we've got some domestic fleet renewal needs and we don't have any update to that number.

Darryl，我們談到了 2016 年的資本支出，從長遠來看，我們提到我們有一些國內機隊更新需求，但我們沒有對該數字進行任何更新。

But I think you need to wait to see if we make decisions along that line, and we'll keep you posted.

但我認為您需要等待，看看我們是否會按照這個想法做出決定，我們會隨時通知您。

Okay, thanks.

好的謝謝。

And then bigger picture question for Ed or Glen, I appreciate it, and I'm sure most equity investors on this call probably appreciate your admirable goal of getting back to positive year-over-year unit revenue growth.

然後是艾德或格倫的更大問題，我很感激，我相信這次電話會議的大多數股權投資者可能會欣賞你們恢復單位收入同比正增長的令人欽佩的目標。

I guess what I'm less certain of is whether sustained unit revenue growth is actually achievable over the next few years with returns running as high as they are across the industry.

我想我不太確定的是，未來幾年是否真的可以實現持續的單位收入成長，並且回報率與整個行業一樣高。

Which, to me, would appear likely to drive continued at least mid-single digit supply growth, which is what we've been seeing.

對我來說，這似乎有可能推動至少中個位數的供應持續成長，而這正是我們所看到的。

So just wondering, and maybe perhaps just focusing on the domestic market, assuming the current status quo of low single-digit GDP growth, fuel in the low to mid-$40s per barrel and then continued mid-single digit domestic supply growth across the industry.

所以只是想知道，也許只是關注國內市場，假設目前國內生產總值低個位數增長的現狀，燃料價格在每桶 40 美元左右，然後整個國內供應持續中個位數增長行業。

How do you really establish any confidence that you can get to sustained unit revenue growth?

您如何真正建立起實現單位收入持續成長的信心？

And understandably, demand is going to ebb and flow and maybe you can get there for a quarter or two.

可以理解的是，需求會起起落落，也許你可以在一兩個季度內達到這個水平。

But just any color on how you can get there and sustain there, given the return profile across the industry.

但考慮到整個行業的回報情況，任何關於如何到達並維持在那裡的顏色都可以。

Thank you.

謝謝。

If you look back over the last several years, we had seven years of unit revenue expansion, followed by it looks like about two years of contraction.

如果你回顧過去幾年，我們的單位收入成長了七年，接下來的兩年似乎出現了收縮。

There will be about two years of contraction, which were caused really by the fuel price being cut in less than half.

將會出現大約兩年的收縮，這實際上是由於燃油價格下降了不到一半造成的。

And I think if you look at the correlation to fuel and unit revenues, over time, you'll see a very tight correlation in the longer term.

我認為，如果你觀察燃料和單位收入的相關性，隨著時間的推移，你會發現從長遠來看，兩者之間有非常緊密的相關性。

And so as you -- depending on what your fuel assumption is, if you see fuel bottoming at $27 in the December time period and then you see a gradual improvement, although longer, lower for longer, I think that ultimately will be reflected in ticket prices.

因此，根據您的燃油假設，如果您看到 12 月期間燃油觸底於 27 美元，然後您會看到逐步改善，儘管時間更長，價格更低，但我認為最終將反映在機票上價格。

And that's one of the reasons I think we're relatively confident that we will get to a higher unit revenue in the back half of the year than we did in the first half of the year.

這就是我認為我們相對有信心在今年下半年獲得比上半年更高的單位收入的原因之一。

If you couple that with the foreign exchange is moving from a negative to a positive, I think that shows where we could get to.

如果再加上外匯匯率從負面轉向正面，我認為這顯示了我們可以達到的目標。

Back to the domestic arena, I do think that most of this decline has been caused by the decrease in fuel.

回到國內，我確實認為這種下降大部分是由燃料的減少所造成的。

Okay.

好的。

Maybe just to play devil's advocate, understanding all of the historical metrics that you just laid out.

也許只是為了唱反調，了解你剛剛列出的所有歷史指標。

I don't think we have really ever seen a period of -- a sustained period of time where the airline industry was putting up a roughly 20% unlevered return like it is today.

我認為我們還沒有真正經歷過一段時期——一段持續的時期，航空業像今天這樣實現了約 20% 的無槓桿回報。

So I think most would agree that that's well above the industry's cost of capital.

所以我認為大多數人都會同意這遠高於該行業的資本成本。

And looking across other industries, that type of excess return would typically lead to outsized growth, right.

縱觀其他行業，這種超額回報通常會導致超額成長，對吧。

So I guess I have a little trouble understanding how the industry goes about getting price and how Delta goes about getting price with that kind of return backdrop and the likely supply trends that it would drive.

因此，我想我在理解該行業如何獲取價格以及達美航空如何在這種回報背景下獲取價格及其可能驅動的供應趨勢方面遇到了一些困難。

I just would comment, I think we have the very best revenue team in the business.

我只是想說，我認為我們擁有業內最好的收入團隊。

And I think that we are very confident that we have a path forward, and that there is more revenue for us to garner from particularly corporate as we continue to separate ourselves from the pack in terms of our products and services.

我認為我們非常有信心，我們有一條前進的道路，隨著我們在產品和服務方面繼續脫穎而出，我們可以從特別是企業中獲得更多收入。

And really, that's what our future is about, is about getting paid for the high quality of services that buy in this national transportation network.

事實上，這就是我們的未來，就是透過在這個國家交通網絡中購買的高品質服務來獲得報酬。

So if you spend some time here, we'll walk you through some of the initiatives in more great detail.

因此，如果您在這裡花一些時間，我們將引導您更詳細地了解一些舉措。

But we really do think that we are poised to separate from the pack here.

但我們確實認為我們已經做好了脫穎而出的準備。

And, Darryl, this is Ed.

達裡爾，這是艾德。

Just to add to what Glen was saying, this is a different business and this is a different company.

補充一下格倫所說的，這是一個不同的業務，這是一個不同的公司。

And you also have to keep into account the level of cash that we're generating and putting back into product and services, and producing a product that customers want to buy.

您還必須考慮我們產生並投入產品和服務以及生產客戶想要購買的產品的現金水準。

And investing in segmentation technologies, and merchandising opportunities, and corporate volume, and the volumes have stayed strong throughout this period.

對細分技術、銷售機會和企業數量的投資，在整個時期都保持強勁。

So I'm optimistic we'll continue to produce the results that we talk about, and we'll have -- it was a good question.

因此，我對我們將繼續產生我們所談論的結果持樂觀態度，我們將會得到——這是一個很好的問題。

We'll talk more in the spring meeting about that.

我們將在春季會議上更多地討論這一點。

Great.

偉大的。

Thanks very much, guys.

非常感謝，夥計們。

We'll move next to Dan McKenzie with Buckingham Research.

我們將接聽白金漢研究中心的 Dan McKenzie 的演講。

Hey, good morning.

嗨，早安。

Thanks.

謝謝。

Looking out this summer, Europe really strikes me as a wild card.

展望今年夏天，歐洲對我來說確實是個未知數。

The best case scenario under our Brexit looks pretty dim.

英國脫歐下最好的情況看起來相當黯淡。

So I'm guessing the unit revenue outlook for the second quarter doesn't factor into Brexit, but I believe the demand trends were weakening even before the Brussels attack.

因此，我猜第二季的單位收入前景不會影響英國脫歐，但我相信即使在布魯塞爾襲擊之前，需求趨勢也在減弱。

So I'm wondering if you can provide some additional color about what's factored into the outlook exactly on this entity.

因此，我想知道您是否可以提供一些關於該實體的前景中具體考慮的因素的額外資訊。

So perhaps a trend line of continued decay, and then just remind us what percent of the revenue is tied to the UK specifically?

因此，也許是一條持續衰退的趨勢線，然後提醒我們有多少百分比的收入與英國具體相關？

UK specifically is probably for us less than 3%, but demand trends for the summer, demand itself is strong.

具體來說，英國對我們來說可能不到 3%，但夏季的需求趨勢，需求本身很強勁。

Yields are relatively weak, and a lot of that was because of the currency devaluation.

收益率相對疲軟，很大程度上是由於貨幣貶值。

But now we are lapping that, so as we move forward from this point, we should see actually a tailwind from the Euro exchange rate.

但現在我們正在接受這一點，所以當我們從這一點繼續前進時，我們實際上應該看到歐元匯率的順風車。

So while your question indicates doom and gloom, we will confidently say that we will have record profits in the trans-Atlantic this summer, and that's with a high degree of confidence that our profits will be at historic highs in trans-Atlantic this summer.

因此，雖然你的問題表明了厄運和悲觀，但我們會自信地說，今年夏天我們將在跨大西洋航線上獲得創紀錄的利潤，並且我們非常有信心今年夏天我們在跨大西洋航線上的利潤將達到歷史最高水準。

And as we get to June and as we usually do, we'll assess what demand trends we see for the off season.

到了六月，就像往常一樣，我們將評估淡季的需求趨勢。

And then we will take the appropriate adjustments as necessary to ensure that we have the right level of capacity in for the fall and winter.

然後我們將根據需要進行適當的調整，以確保我們在秋季和冬季擁有適當的產能水準。

That's good color.

這顏色真好啊

Thanks, Glen.

謝謝，格倫。

Following up, the GBTA forecast for corporate travel spend was revised downward this week.

隨後，GBTA 本週下調了商務旅遊支出預測。

So I'm wondering if you can provide some color around this revenue bucket for Delta.

所以我想知道您是否可以為達美航空的這一收入桶提供一些資訊。

Is the spend deteriorated somewhat, or are you expecting spend to perhaps trend a little bit more strongly this year?

支出是否有所惡化，或者您預計今年的支出趨勢可能會更加強勁？

Just wondering what color you can share along those lines.

只是想知道你可以分享什麼顏色。

Dan, this is Ed.

丹，這是艾德。

The GBTA report as I recall, I looked at it quickly the other night, indicated that demand continues to grow, volume continues to grow, and that's what we're seeing in our Corporate space.

我記得那天晚上我快速瀏覽了 GBTA 報告，顯示需求持續成長，數量持續成長，這就是我們在企業領域看到的情況。

Our volumes were up in Q1 in our forecast through the summer, and the rest of the year is for volumes to continue to grow.

我們預測整個夏季第一季的銷售量都會增加，今年剩餘時間銷售將持續成長。

I think the numbers that they revised down was more reflective of the current pricing environment in which fares are lower than were previously anticipated in the close-in space.

我認為他們下調的數字更能反映當前的定價環境，其中票價低於先前在近距離空間中的預期。

But I think we're not seeing any trend lines to give us pause.

但我認為我們沒有看到任何趨勢線讓我們停下來。

Very good.

非常好。

Thanks, guys.

多謝你們。

From Stephens, we'll hear from Jack Atkins.

我們將從史蒂芬斯那裡聽到傑克阿特金斯的聲音。

Morning, guys.

早安，夥計們。

Thanks for the (technical difficulty).

感謝您（技術難度）。

Welcome.

歡迎。

As it relates to rising fuel prices, I was just curious how quickly (technical difficulty) you'll be able to pass that through (technical difficulty) higher fares.

由於它與不斷上漲的燃油價格有關，我只是好奇你能多快（技術難度）通過（技術難度）更高的票價來解決這個問題。

What sort of lag (technical difficulty) before that's reflected (technical difficulty) RASM?

在反映（技術難度）RASM 之前有什麼樣的延遲（技術難度）？

Jack, you're breaking up.

傑克，你們要分手了。

We're having a real hard time hearing your question.

我們很難聽到你的問題。

Sorry about that.

對於那個很抱歉。

Is that any better?

這樣好點了嗎？

Yes, it is.

是的。

Okay, great.

好的，太好了。

So as it relates to rising fuel prices, I'm curious how quickly you would be able to pass that through via higher PRASM.

因此，由於它與不斷上漲的燃油價格有關，我很好奇您能夠以多快的速度通過更高的 PRASM 來解決這個問題。

What sort of lag would you anticipate with as fuel goes up before you'll be able to pass that through via PRASM?

當燃料增加時，您預計會出現什麼樣的延遲，然後您才能通過 PRASM 通過該延遲？

That's hard to speculate on.

這很難推測。

Historically, there's been a lag and I think it's anywhere from one to two quarters before RASM and volume adjustments get made to keep track of rising fuel prices.

從歷史上看，存在一定的滯後性，我認為在進行 RASM 和數量調整以追蹤燃油價格上漲之前，可能需要一到兩個季度的時間。

So the current environment is different than anything we've seen before at the same time, so it would be hard to speculate.

因此，當前的環境與我們之前見過的任何環境都不同，因此很難推測。

Okay.

好的。

Then specifically with regard to the second quarter PRASM guide, what sort of FX impact is baked in there?

那麼具體到第二季的 PRASM 指南，其中會產生什麼樣的外匯影響？

If you could share that, that would be helpful.

如果您能分享這一點，那將會很有幫助。

I think it's 1 point.

我認為是1分。

Okay.

好的。

Thank you.

謝謝。

Rajeev Lalwani with Morgan Stanley has our next question.

摩根士丹利的 Rajeev Lalwani 有我們的下一個問題。

Hello, gentlemen.

先生們好。

Thanks for the time.

謝謝你的時間。

Just as it relates to the June guide, are you assuming the March environment carries forward?

正如與六月指南相關的那樣，您是否假設三月環境會繼續下去？

And then just coming back to business travel, have you noticed any change as far as policy shifts on the corporate side?

回到商務旅行，您注意到企業方面的政策變化有什麼變化嗎？

On the policy side, no, we're not seeing any significant shifts.

在政策方面，不，我們沒有看到任何重大變化。

And I would say the Q2 guide is roughly in line with the trend lines that we closed out the first quarter at.

我想說第二季的指引與我們第一季結束時的趨勢線大致一致。

Great.

偉大的。

One other quick one.

另一個快點。

I think, Glen, you mentioned earlier that you were seeing some encouraging trends on the domestic front.

我想，格倫，您之前提到您在國內方面看到了一些令人鼓舞的趨勢。

Can you just talk a little bit more about what exactly that was and the implications for it?

您能多談談這到底是什麼以及它的意義嗎？

Well, for many months and quarters now, we have had advanced domestic yields as they sit on the books for the out months in negative territory.

嗯，在過去的幾個月和幾個季度裡，我們的國內收益率一直在上漲，因為過去幾個月的帳面收益率一直處於負值。

And as we get to peak summer of this year for the first time in quite a while, the events, bookings and advanced yield trends are favorable to the baseline euro of 12 months ago.

隨著我們在相當長一段時間內首次迎來今年夏季的高峰，活動、預訂和先進的收益率趨勢有利於 12 個月前的基準歐元。

So that to us is optimistic, and now all we have to do is get through that whole booking cycle all the way down to day of departure and keep that in the positive territory.

因此，這對我們來說是樂觀的，現在我們所要做的就是完成整個預訂週期，一直到出發日，並將其保持在積極的範圍內。

When you're sitting out at 30, 60, 90 days with a minus 3% or a minus 4%, it's harder to make it up inside that.

當你在 30 天、60 天、90 天的時間裡出現負 3% 或負 4% 的損失時，就很難在這段時間內彌補。

So that's the trajectory we're on, is seeing a much more favorable advance book than we've had in the past.

這就是我們現在的發展軌跡，看到一本比我們過去更有利的預售書。

Okay.

好的。

Thanks for the time, and congrats on all the new roles.

感謝您抽出時間，並祝賀所有新角色。

Thank you.

謝謝。

And from Deutsche Bank, Mike Linenberg.

來自德意志銀行的 Mike Linenberg。

Hello, everyone.

大家好。

It's actually Richa Talwar on behalf of Mike.

實際上是 Richa Talwar 代表 Mike。

Good morning.

早安.

Good morning.

早安.

So first, we would be curious to hear Delta's stance on slot restrictions at Newark airport being lifted in October.

首先，我們很想知道達美航空對 10 月取消紐瓦克機場起降時刻限制的立場。

Does that represent a growth opportunity for you?

這對您來說是一個成長機會嗎？

And how do you think it will impact the New York market maybe more broadly and fit into your New York strategy?

您認為它將如何更廣泛地影響紐約市場並適合您的紐約策略？

New York is a very congested area in terms of [capabilities], in terms of air space, in terms of -- and it's a very complex and incredibly expensive environment to operate in.

就[能力]、領空、…而言，紐約是一個非常擁擠的地區，而且這是一個非常複雜且極其昂貴的營運環境。

So while we are enthusiastic about Newark's slot restrictions being lifted, we are also realistic that that airport does not have an infinite number of or infinite capability to handle traffic.

因此，雖然我們對取消紐瓦克起降時刻限制感到興奮，但我們也現實地認為，該機場並沒有無限數量或無限的能力來處理交通。

So we will examine the options very carefully and see what it is we can do to improve our position in Newark, but I don't see a significant amount of growth for us in Newark.

因此，我們將非常仔細地研究這些選擇，看看我們可以做些什麼來提高我們在紐瓦克的地位，但我認為我們在紐瓦克的成長不會顯著。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then second, regarding the financial difficulties your Brazilian Partner is going through, we know GOL has a number of fairly young aircraft that it's looking to restructure with lessors.

其次，關於您的巴西合作夥伴正在經歷的財務困難，我們知道 GOL 有許多相當年輕的飛機，正在尋求與出租人進行重組。

And it's been reported that Delta is in the market right now, as you've commented multiple times for narrow body jets.

據報道，達美航空目前正在市場上，正如您多次評論過的窄體噴射機。

So is there a happy harmony on the table where you consider using some of their lift?

那麼，當您考慮使用他們的一些電梯時，桌面上是否存在愉快的和諧呢？

Is that an outcome you would consider?

這是您會考慮的結果嗎？

Or are you really just opting for new aircraft or a different avenue as you consider your replacement needs?

或者當您考慮更換需求時，您真的只是選擇新飛機或不同的途徑嗎？

This is Ed.

這是艾德。

We are working very closely with our good partners down in Brazil, and they are certainly going through a reduction of their fleet.

我們正在與巴西的良好合作夥伴密切合作，他們肯定會減少機隊。

We haven't made any decisions yet as to whether there would be some of the aircraft that we would take either through addition to our fleet or through part-out opportunities.

我們還沒有做出任何決定，決定是否透過增加機隊或分割的方式購買某些飛機。

So we're in dialogue with them.

所以我們正在與他們對話。

We're not the only individuals at the table, because there's a number of lessors that are also talking about sending aircraft back to.

我們並不是唯一參與談判的人，因為還有許多出租人也在討論將飛機送回。

Okay.

好的。

Thanks for all that color.

感謝所有這些顏色。

Kelly Anne, we've got one time for one more question from the analysts.

凱莉安妮，我們還有一次時間再問分析師一個問題。

Okay.

好的。

That will be from Julie Yates with Credit Suisse.

這是瑞士信貸銀行朱莉耶茨 (Julie Yates) 發來的。

Good morning, thank for taking my question.

早安，感謝您提出我的問題。

Good morning, Julie.

早上好，朱莉。

Glen, is there any color you can provide geographically on domestic RASM, pockets of strength and weakness?

Glen，您能提供關於國內 RASM 的地理分佈、優勢和劣勢的資訊嗎？

I think last year you called out three specific markets as driving the bulk of the weakness.

我認為去年您指出三個特定市場是造成大部分疲軟的原因。

Is it still a similar story, or was the weakness in Q1 more widespread?

這仍然是一個類似的故事，還是第一季的疲軟現象更為普遍？

I would say that we saw a deepening of the number of markets that were impacted by lower close-in fares.

我想說的是，我們看到受近期票價下降影響的市場數量不斷增加。

Okay, great.

好的，太好了。

Can you quantify that in terms of the number of top 10 markets that are now affected?

您能否根據目前受影響的十大市場的數量來量化這一點？

Well, there -- I think what we could do is we could get back to you on that in terms of more specifics.

嗯，我認為我們可以做的是，我們可以就更多細節向您回覆。

Okay.

好的。

Because it is a much more widespread phenomenon than it was.

因為它是一種比以前更普遍的現象。

Last year it was really just in some very key business markets, and now is has broader implications.

去年它實際上只是在一些非常關鍵的商業市場，而現在它具有更廣泛的影響。

The good news is is that the numbers haven't gotten worse, so they tend to balance out in demand.

好消息是，這些數字並沒有變得更糟，因此需求往往會達到平衡。

But it is different than it was a year ago.

但與一年前相比，情況有所不同。

Okay.

好的。

And then just on the Q2 unit revenue guide of down 2.5% to down 4.5%, what's the underlying assumption for domestic versus international?

然後，就第二季單位收入下降 2.5% 至 4.5% 的指導而言，國內與國際的基本假設是什麼？

And I'm curious if the sequential improvement is mostly a function of lapping the international headwinds like FX and surcharges, or if you expect domestic to materially improve from the down 4.8% given the comments you made on advanced bookings?

我很好奇，連續的改善是否主要是因為克服了外匯和附加費等國際逆風，或者考慮到您對提前預訂的評論，您是否預計國內將從下降的 4.8％ 中大幅改善？

As we get through to peak summer, we do expect domestic to improve from where we are sitting in March.

隨著夏季高峰的到來，我們確實預計國內市場將比三月有所改善。

May may be a choppy month, but I think June and July are looking very solid.

五月可能是個波濤洶湧的月份，但我認為六月和七月看起來非常穩定。

And we do get 1 point reduction, or a point and a half on the currency headwinds as well.

我們確實減少了 1 個百分點，或者說貨幣逆風也減少了一個半點。

So I think we have some good visibility to peak summer.

所以我認為我們對夏季高峰有很好的能見度。

Our second quarter isn't the peak for domestic.

我們的第二季還不是國內的高峰。

July is really the peak, and that's really where we're headed to try and get up to positive RASM in domestic.

7 月確實是高峰期，這確實是我們要努力在國內實現積極的 RASM 的地方。

We'll see if we can get there.

我們看看能否到達那裡。

Okay, great.

好的，太好了。

Thanks for fitting me in.

謝謝你讓我融入。

Thanks, Julie.

謝謝，朱莉。

Thanks, Julie.

謝謝，朱莉。

And that is going to conclude the analyst portion of the call.

電話會議的分析師部分就到此結束。

I'll hand it over to Kevin Shinkle, our Chief Communications Officer.

我會將其交給我們的首席通訊官 Kevin Shinkle。

Welcome, everybody.

歡迎大家。

We'll have about 10 minutes to take questions from journalists, so please limit yourself to one question and one follow up.

我們將有大約 10 分鐘的時間回答記者提問，因此請僅限於一個問題和一個跟進。

Kelly Anne, if you could please provide the instructions again on how to register to ask questions.

凱莉安妮（Kelly Anne），如果可以的話，請再次提供有關如何註冊提問的說明。

(Operator Instructions)

（操作員說明）

We'll move first to Dennis Schaal with Skift.

我們將首先轉向 Skift 的丹尼斯·沙爾 (Dennis Schaal)。

Hello, everyone.

大家好。

I was wondering if you see any challenges for Delta in Alaska Air's merger with Virgin America?

我想知道您認為阿拉斯加航空與維珍美國航空的合併會對達美航空帶來什麼挑戰嗎？

And also, JetBlue announced this week that they are expanding Mint service into Seattle.

此外，捷藍航空本週也宣布將 Mint 服務擴展到西雅圖。

How will these changes impact Delta?

這些變化將如何影響達美航空？

Your question was how -- I didn't fully hear your question.

你的問題是──我沒有完全聽到你的問題。

How does the Alaska/Virgin proposed merger impact Delta?

阿拉斯加/維珍擬議的合併對達美航空有何影響？

Yes, as well as JetBlue expanding Mint service into Seattle?

是的，還有捷藍航空將 Mint 服務擴展到西雅圖？

Seattle, we're doing quite well.

西雅圖，我們做得很好。

We continue to grow there.

我們繼續在那裡成長。

We had a very good margin in the first quarter, and I think our outlook is strong there.

我們第一季的利潤率非常好，我認為我們的前景很強勁。

We're not going to comment on proposed transactions.

我們不會對擬議的交易發表評論。

We'll react when we see what happens in the marketplace.

當我們看到市場上發生的情況時，我們會做出反應。

Okay, thanks.

好的謝謝。

On the Mint product between Seattle and JFK and Boston, we currently have flatbeds on a single flight between, or two flights between New York and Seattle.

目前，在西雅圖與甘迺迪機場和波士頓之間的 Mint 產品中，我們目前在紐約與西雅圖之間的單趟航班或兩趟航班上提供平板床。

And we are -- had already in the plans to make sure that we had a consistent product in terms of flatbed seats in key time channels between the two markets.

我們已經制定了計劃，以確保我們在兩個市場之間的關鍵時間管道上擁有一致的平板座椅產品。

That's not all time channels.

這不是所有時間通道。

But on the red eye, certainly, we will have a flatbed product in Seattle to New York.

但在紅眼方面，我們肯定會在西雅圖到紐約推出平板產品。

Great.

偉大的。

The other--

另一個 -

(Multiple speakers) in our plans before Mint announced this.

（多位發言者）在 Mint 宣布這一點之前我們的計劃中。

Got it.

知道了。

The other question was on basic economy.

另一個問題是關於基礎經濟的。

I think you said that it drove $20 million in incremental revenue in the quarter.

我想你說過它在本季帶來了 2000 萬美元的增量收入。

Are you happy with that number?

您對這個數字滿意嗎？

And are you not seeing significant dilution from passengers who would have otherwise purchased higher fares?

您是否沒有看到本來會購買更高票價的乘客的顯著稀釋？

Basic economy is really a -- it's designed for customers who solely are purchasing on price.

基礎經濟實際上是一種——它是為只以價格購買的客戶而設計的。

And I think our value proposition relative to the ultra low cost carriers is very, very strong.

我認為我們相對於超低成本航空公司的價值主張非常非常強大。

We have great customer service, we have great operational reliability, great baggage delivery, and we already have a lot of things that on other ultra low cost carriers are not free, like we don't charge for space in overhead bins.

我們擁有出色的客戶服務、出色的營運可靠性、出色的行李運送，而且我們已經擁有許多其他超低成本航空公司不免費的東西，例如我們不收取頭頂行李箱的空間費用。

So if you're shopping for just solely price, we want to have a product that can compete effectively and provide the best services against carriers who are providing a much lower quality of service.

因此，如果您只考慮價格，我們希望擁有一款能夠與服務品質低得多的營運商進行有效競爭並提供最佳服務的產品。

And I think that's what this is designed for.

我認為這就是它的設計目的。

And what we're seeing is when presented with the options, and really the way we get to the $20 million value is, those customers when they were informed of what this product was, shows something else.

我們看到的是，當提供選項時，實際上我們獲得 2000 萬美元價值的方法是，當這些客戶被告知該產品是什麼時，他們會表現出其他的東西。

And that's really how we get to that $20 million value.

這就是我們實現 2000 萬美元價值的真正方法。

Remember, it's really only in about 400 to 500 markets now.

請記住，現在它實際上只在大約 400 到 500 個市場中存在。

We have over 20,000 domestic markets.

我們擁有20,000多個國內市場。

So our plan is over the next weeks and months, to continue to roll it out.

因此，我們的計劃是在接下來的幾週和幾個月內繼續推出。

So we do have a great value proposition for people who are just looking for the lowest possible fare.

因此，對於那些只尋求最低票價的人來說，我們確實有一個很好的價值主張。

Thanks a lot.

多謝。

And from the Wall Street Journal, we'll hear from Susan Carey.

我們將在《華爾街日報》上聽到蘇珊凱裡的報道。

Good morning, gentlemen.

早安，先生們。

Could you remind me what your operating margin was in the end in the first quarter?

您能提醒我一下您第一季末的營業利潤率是多少嗎？

The first quarter was 18.5%, Susan.

第一季是 18.5%，蘇珊。

Thank you.

謝謝。

And secondly, there's a little tussle going on between the EU and the US and Canada about possibly ending the visa waiver program.

其次，歐盟與美國和加拿大之間就可能終止簽證豁免計畫發生了一些爭執。

Apparently it's not settled yet, but are you thinking ahead to a possible negative impact if US citizens have to apply for visas to go to France or something?

顯然這個問題還沒有解決，但是您是否會提前考慮如果美國公民必須申請簽證才能去法國或其他什麼情況可能會產生的負面影響？

We're not anticipating that, Susan.

我們沒有預料到這一點，蘇珊。

Do you think it will be solved then?

你覺得到時候這個問題就能解決嗎？

We're not -- we don't have enough information to have an informed opinion at this point, so I would say we're not making any plans.

我們目前沒有足夠的資訊來發表明智的意見，所以我想說我們沒有任何計劃。

Okay.

好的。

Thank you.

謝謝。

We'll move next to David Koenig with The Associated Press.

接下來我們將請美聯社的大衛‧科尼格 (David Koenig) 發言。

Really you answered the question I was going to ask, which was about basic economy.

你確實回答了我要問的問題，這是關於基礎經濟的。

Just one other thing is the entry of American and United into that market this year, how is that going to -- do you expect how that will affect you?

另一件事是美國航空和聯合航空今年進入該市場，這將如何——您預計這會對您產生什麼影響？

We really don't have the details yet on what American or United's product is, but I think we are consistent in saying whatever that product is, we want to have the best in class for it.

我們確實還沒有關於美國航空或聯合航空產品的詳細信息，但我認為我們一致認為，無論該產品是什麼，我們都希望擁有同類產品中最好的產品。

And we'll make adjustments as necessary to make sure that for people who are just traveling on price as the only decision-maker, that Delta always offers the best product offering.

我們將根據需要進行調整，以確保對於那些只以價格作為唯一決策者的人來說，達美航空始終提供最好的產品。

I guess what I'm getting at, let's assume for argument's sake that American and United do something similar to what you've done.

我想我的意思是，為了論證起見，讓我們假設美國航空和聯合航空做了與你所做的類似的事情。

Doesn't that just divide up whatever that market is, and might the $20 million in incremental revenue you saw in the first quarter be a high watermark?

這難道不會瓜分市場嗎？

I don't think that's the case.

我認為情況並非如此。

So we can take that offline and discuss it with you.

所以我們可以將其離線並與您討論。

But I think it might be the opposite.

但我認為情況可能恰恰相反。

Okay.

好的。

Thanks.

謝謝。

And Michael Sasso with Bloomberg News has our next question.

彭博新聞社的邁克爾·薩索提出了我們的下一個問題。

Good morning.

早安.

Could you just elaborate a little bit on your discussions with GOL?

您能否詳細說明一下您與 GOL 的討論情況？

Particularly you were talking about doing -- maybe taking back some jets from them.

特別是你正在談論做的事情——也許從他們那裡收回一些飛機。

What exactly -- what are the range of options that Delta is considering regarding GOL and its aircraft?

達美航空正在考慮對 GOL 及其飛機採取哪些具體選擇？

Well, Michael, there's no decisions taken yet because GOL is still working through the impact with its lessors and creditors down there.

好吧，邁克爾，尚未做出任何決定，因為 GOL 仍在與當地的出租人和債權人一起解決影響。

But GOL has been public that there is a considerable amount of their capacity that they are reducing.

但 GOL 已公開表示，他們正在削減大量產能。

And we, as a number of stakeholders in GOL, are all looking at whether there's some opportunities to take some used aircraft into either to enter into service and induct or to part out.

作為 GOL 的眾多利益相關者，我們都在考慮是否有機會將一些二手飛機投入使用並投入使用或退役。

There's opportunities in both spaces.

這兩個領域都有機會。

Any specific types of aircraft you might look at?

您可能會關注任何特定類型的飛機？

They only fly 737s, so let's leave it there.

他們隻飛 737，所以我們就留在那裡吧。

Okay.

好的。

All right.

好的。

And from TheStreet, we'll move to Ted Reed.

從TheStreet，我們將轉向特德·里德。

Thank you.

謝謝。

Glen, did you say that between Atlanta and Doha, there's only five O&D passengers a day?

格倫，你是說亞特蘭大和多哈之間每天只有 5 名 O&D 乘客嗎？

I think you said that.

我想你是這麼說的。

So do you have any routes like that?

那你們有這樣的路線嗎？

And secondly, do you guys feel there's a resolution coming in this dispute with the Mideast carriers?

其次，你們覺得與中東航空公司的爭端有解決方案嗎？

Well, Ted, I would -- we don't have any markets that we fly halfway across the world that have less than 10 people (technical difficulty).

好吧，Ted，我會——我們飛越半個地球的市場中，沒有一個少於 10 人的市場（技術難度）。

And I don't think you'll find many carriers in the world.

我認為世界上不會有很多運營商。

So I don't know what the latest is, maybe I'll turn that over to Peter and he can inform you of what the latest is in the (technical difficulty).

所以我不知道最新的是什麼，也許我會把它交給彼得，他可以告訴你最新的（技術難度）是什麼。

I will tell you.

我會告訴你。

This is Peter.

這是彼得。

This is our number one priority in Washington.

這是我們華盛頓的首要任務。

We have reason to believe that the US government is going to do the right thing.

我們有理由相信美國政府會做正確的事。

And having said that, because this is fundamentally a diplomatic process, it will take some time.

話雖如此，因為這本質上是一個外交進程，所以需要一些時間。

So nothing is imminent from the US government?

那麼美國政府並沒有立即採取任何行動？

Not that we're aware of.

據我們所知。

Not that we're aware.

我們並不知道。

And, Ted, we do have some markets set we have four or five passengers on.

而且，特德，我們確實有一些市場，我們有四、五個乘客。

We call that Delta Private Jets.

我們稱之為達美私人飛機。

All right.

好的。

Thank you.

謝謝。

Thanks, Ted.

謝謝，泰德。

And Kelly Yamanouchi with the Atlanta Journal-Constitution has our next question.

《亞特蘭大憲法報》的凱莉·山之內提出了我們的下一個問題。

Hello, there.

你好呀。

I was just interested in finding out how the current environment and your outlook as it stands affects the pilot's contract negotiations as you go into mediation, and any timeframe that you might have for reaching a deal there?

我只是想了解當前的環境和您目前的前景如何影響飛行員的合約談判，以及您在那裡達成協議的時間範圍？

We're not going to comment publicly, Kelly, on the status of the negotiations.

凱利，我們不會公開評論談判的進展。

We're at the table, we're working hard.

我們在餐桌上，我們正​​在努力工作。

Our pilots are the best and we want our pilots to be paid the best, and that's our commitment to them.

我們的飛行員是最優秀的，我們希望我們的飛行員得到最好的報酬，這是我們對他們的承諾。

Okay.

好的。

Thank you.

謝謝。

And from Reuters, we'll move to Jeffrey Dastin.

我們將請路透社的傑弗裡·達斯汀 (Jeffrey Dastin) 發言。

Thank you very much.

非常感謝。

Has Delta considered starting direct flights into China's interior now that more of its customers are traveling beyond Beijing and Shanghai?

鑑於越來越多的客戶前往北京和上海以外的地方旅行，達美航空是否考慮開通直飛中國內陸的航班？

We have some great partners in China with China Eastern and China Southern.

我們在中國有一些很好的合作夥伴，如東航和南航。

And similar to how we transfer customers to our European partners AFKL and AZ, we think that the next few years is about continuing to develop those primary gateways into Beijing and Shanghai.

與我們將客戶轉移到歐洲合作夥伴 AFKL 和 AZ 的方式類似，我們認為未來幾年將繼續開發這些通往北京和上海的主要門戶。

And as you may know, we've applied for new services starting this December from Los Angeles to Beijing, and that's going to be our focus for 2016 and 2017 is to work to get that route and initiate it successfully.

正如您可能知道的，我們已經申請了從今年 12 月開始從洛杉磯到北京的新服務，這將是我們 2016 年和 2017 年的重點是努力獲得該航線並成功啟動。

Thank you.

謝謝。

And a brief follow up regarding the region.

以及有關該地區的簡短後續行動。

Does Delta have an update on talks to strengthen its partnership with Korean Air?

達美航空是否有關於加強與大韓航空合作夥伴關係的談判的最新情況？

We are always in discussions with our Partners to strengthen, and Korean Air is no exception.

我們始終與合作夥伴討論加強合作，大韓航空也不例外。

And as the landscape in the Pacific continues to evolve and the geographies change, we think Korean is a very, very important partner for our success in that region in the future.

隨著太平洋地區格局的不斷演變和地理位置的變化，我們認為韓國是我們未來在該地區取得成功的非常非常重要的合作夥伴。

And I know they feel the same way about Delta.

我知道他們對達美航空也有同樣的感覺。

Thank you very much.

非常感謝。

And we have time for one more question.

我們還有時間再問一個問題。

And that will be from Edward Russell with Flightglobal.

這將由 Flightglobal 的愛德華·羅素 (Edward Russell) 提供。

Yes.

是的。

Could you comment on the Haneda daytime slots?

您能評論一下羽田白天的時段嗎？

And does Delta plan to seek all of them if they are available in the proceeding later this year?

如果今年稍後的訴訟程序中出現了這些問題，達美航空是否計劃尋求所有這些問題？

As you may know, there are five daylight frequencies available to US carriers.

如您所知，美國業者有五個日間頻率可用。

We are in the process of filing our route case, and that will become public here in the next couple weeks.

我們正在提交我們的路線案例，並將在接下來的幾週內在這裡公開。

So before that happens, we probably would refrain from commenting on it.

因此，在此之前，我們可能不會對此發表評論。

One follow up.

一跟進。

What will opening Haneda do to your Narita hub, considering your earlier comments on pulling down Narita?

考慮到您之前關於拉低成田機場的評論，開放羽田機場會對您的成田機場產生什麼影響？

We have continued to deemphasize Narita over the last several years, and we will continue on that process.

在過去的幾年裡，我們繼續淡化成田機場的重要性，並且我們將繼續這一進程。

Haneda probably accelerates that process by a little bit as we look through to the fall schedule period.

當我們展望秋季賽程時，羽田機場可能會稍微加快這一進程。

Thank you.

謝謝。

All right, and thank you.

好吧，謝謝你。

With that, we'll conclude our earnings conference call.

至此，我們的財報電話會議就結束了。

Thanks to everyone for listening.

感謝大家的聆聽。

Again, that will conclude today's conference.

今天的會議到此結束。

We thank you all for joining us.

我們感謝大家加入我們。