達美航空 (DAL) 2016 Q2 法說會逐字稿

Good morning, and welcome to the Delta Air Lines June financial quarter results conference call. My name is Kyle and I will be your coordinator.

早上好，歡迎參加達美航空 6 月財務季度業績電話會議。我叫凱爾，我將擔任您的協調員。

(Operator Instructions)

（操作員說明）

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

提醒一下，今天的電話正在錄音中。

I would now like to turn the call over to Jill Sullivan-Greer, Vice President of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係副總裁 Jill Sullivan-Greer。請繼續。

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

大家早上好，感謝您加入我們的六月季度電話會議。

Joining us in Atlanta today are Ed Bastian, our CEO; our President, Glen Hauenstein; and our CFO, Paul Jacobson. Ed will open the call, Glen will then address our financial and revenue performance, and Paul will conclude with a review of cost performance and cash flow. To get in as many questions as possible during the Q&A, please limit yourself to one question and a brief follow-up.

今天在亞特蘭大加入我們的是我們的首席執行官 Ed Bastian；我們的總裁格倫·豪恩斯坦；和我們的首席財務官 Paul Jacobson。 Ed 將開啟電話會議，Glen 將討論我們的財務和收入表現，Paul 將以審查成本績效和現金流結束。要在問答期間提出盡可能多的問題，請將自己限制在一個問題和簡短的跟進中。

Today's discussion contains forward-looking statements that represent our beliefs or expectations about future events. All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Some of the factors that may cause such differences are described in Delta's SEC filings.

今天的討論包含代表我們對未來事件的信念或期望的前瞻性陳述。所有前瞻性陳述都涉及可能導致實際結果與前瞻性陳述產生重大差異的風險和不確定性。 Delta 向美國證券交易委員會提交的文件中描述了一些可能導致此類差異的因素。

We'll also discuss non-GAAP financial measures. All results exclude special items, unless otherwise noted. You can find the reconciliation of our non-GAAP measures on the Investor Relations page at IR.Delta.com.

我們還將討論非公認會計準則財務指標。除非另有說明，否則所有結果均不包括特殊項目。您可以在 IR.Delta.com 的投資者關係頁面上找到我們的非公認會計原則措施的對賬。

And with that, I'll turn the call over to our Chief Executive Officer, Ed Bastian.

有了這個，我會把電話轉給我們的首席執行官 Ed Bastian。

Thanks, Jill. Good morning; thanks to everyone for joining us.

謝謝，吉爾。早上好;感謝大家加入我們。

For the June quarter, we reported a $1.7 billion pre-tax profit and we generated $1.6 billion in free cash flow. We grew our earnings per share 16% to $1.47, beating consensus by $0.05. Strong cost execution and lower fuel prices allowed us to offset a decline in revenues, as we continue to face persistent unit revenue headwinds.

對於 6 月季度，我們報告了 17 億美元的稅前利潤，並產生了 16 億美元的自由現金流。我們的每股收益增長 16% 至 1.47 美元，超出市場預期 0.05 美元。強勁的成本執行和較低的燃料價格使我們能夠抵消收入的下降，因為我們繼續面臨持續的單位收入逆風。

In this challenging revenue environment, it's more important than ever that we differentiate ourselves on service; and in this area, the Delta people have truly risen to the top. We continue to run the industry's best operation. We delivered a 99.95% completion factor for the June quarter, including 71 of the 90 days with zero main-line cancellations.

在這個充滿挑戰的收入環境中，我們比以往任何時候都更重要的是在服務上脫穎而出；而在這方面，台達人真正的登峰造極。我們繼續運行行業最佳運營。我們在 6 月季度交付了 99.95% 的完成率，包括 90 天中的 71 天，主線取消率為零。

More importantly, we had 23 days of zero system cancellations on any Delta carrier, nearly 6,000 flights a day, or one out of every four days for the entire quarter. Our main line on-time rate improved 1.5 points year over year to 86.9%. This operational result is contributing to continued solid increases in customer satisfaction.

更重要的是，我們在任何達美航空公司都有 23 天的零系統取消，每天有近 6,000 個航班，或者整個季度每四天就有一個航班。我們的主線準時率同比提高 1.5 個百分點至 86.9%。這一運營成果有助於客戶滿意度持續穩步提高。

We've achieved all-time highs in our net promoter scores, and our customer complaint rate has decreased by 14% so far this year. These high levels of customer satisfaction are widening our revenue lead relative to the industry, with our system RASM index reaching 110% as of the March quarter.

我們的淨推薦人得分創下歷史新高，今年到目前為止，我們的客戶投訴率下降了 14%。這些高水平的客戶滿意度正在擴大我們相對於行業的收入領先地位，截至 3 月季度，我們的系統 RASM 指數達到 110%。

Congratulations to the entire Delta team, and thank you. We recognized your outstanding efforts with another $324 million accrued towards our profit-sharing program, bringing us to $596 million accrued already this year.

祝賀整個 Delta 團隊，謝謝你們。我們對您的傑出努力表示認可，我們的利潤分享計劃又增加了 3.24 億美元，使我們今年已經累積了 5.96 億美元。

Despite our strong results, we continue to face persistent headwinds on our unit revenues on a number of fronts that we are working hard to combat. Capacity is one of the biggest levers we have to move the needle on our unit revenue performance.

儘管我們取得了強勁的業績，但在我們正在努力應對的許多方面，我們的單位收入繼續面臨持續的不利因素。產能是我們推動單位收入表現的最大槓桿之一。

In May, we announced that we plan to take 1 point of capacity out of the fourth quarter. That brought our second-half capacity growth plan to below 2%. Now, with the foreign currency pressure from the steep drop in the pound, the economic uncertainty from Brexit, and continuing yield pressures in the North Atlantic, we've decided to take an additional 6 points of capacity out of the UK for the winter [IOTA] season.

5 月，我們宣布計劃在第四季度減少 1 個百分點的產能。這使我們的下半年產能增長計劃低於 2%。現在，由於英鎊大幅下跌帶來的外匯壓力、英國退歐帶來的經濟不確定性以及北大西洋持續的收益率壓力，我們決定在冬季將英國的產能增加 6 個百分點 [ IOTA] 季節。

We've also been working closely with our partner, Virgin Atlantic, who will be making their own capacity changes. Combined, our overall UK capacity this winter will be down 2% to 4% compared to the prior year.

我們還一直與我們的合作夥伴維珍航空密切合作，他們將自行改變運力。加起來，我們今年冬天在英國的整體運力將比去年下降 2% 到 4%。

For Delta, these changes, along with other network actions, will take roughly 1 point of capacity out of the system, and we now expect our fourth-quarter capacity to grow by only 1% year over year. Glen will take you through the details, but I want to stress to you that the Company is very focused on getting back to positive RASM growth.

對於達美而言，這些變化以及其他網絡行動將導致系統容量減少大約 1 個百分點，我們現在預計第四季度的容量同比僅增長 1%。 Glen 將帶您了解詳細信息，但我想向您強調，公司非常專注於恢復 RASM 的正增長。

While admittedly we have done a poor job forecasting when unit revenues will turn positive, we're working hard to achieve our goal hopefully by the end of the year. And even if ultimately it takes a little bit longer than year end, we're confident we're on the right path.

誠然，我們在預測單位收入何時轉正時做得很差，但我們正在努力實現我們的目標，希望在今年年底前實現。即使最終需要比年底多一點時間，我們也相信我們走在正確的道路上。

We expect July and August monthly RASM results to be weak. However, we're anticipating a marked improvement in our September monthly numbers, as we implement our capacity changes and see benefits from our domestic revenue management initiatives, an easing of foreign exchange headwinds, and an improvement in the overall pricing environment as we hit the traditional nine-month period that it takes for revenues to catch up to higher fuel prices that we began experiencing earlier this year.

我們預計 7 月和 8 月的月度 RASM 結果將疲弱。但是，我們預計 9 月份的月度數據將顯著改善，因為我們實施了產能變化，並看到了國內收入管理舉措的好處、外匯逆風的緩解以及整體定價環境的改善，因為我們達到了傳統的九個月時間，收入才能趕上我們今年早些時候開始經歷的更高的燃料價格。

And if we're not seeing the right progress in our results as we move through the fall, we're prepared to take additional actions, as you saw us announce this morning, because the reality is that the large year-on-year savings driven by lower fuel are now behind us. Market prices are essentially flat for the third quarter, and look to be higher year over year in the fourth quarter for the first time since 2012.

如果我們在整個秋季的結果中沒有看到正確的進展，我們準備採取額外的行動，正如你看到我們今天早上宣布的那樣，因為現實情況是，與去年同期相比節省了大量資金由較低的燃料驅動的現在已經落後了。第三季度市場價格基本持平，第四季度自 2012 年以來首次出現同比上漲。

All that said, our results for the third quarter should be a record, as we expect to generate a pre-tax margin of 20%, consistent with what we posted a year ago. Demonstrating the sustainability of our performance is key to delivering the margin, cash flow, and return targets that we outlined for you in May.

綜上所述，我們第三季度的業績應該是創紀錄的，因為我們預計將產生 20% 的稅前利潤率，與我們一年前發布的一致。展示我們業績的可持續性是實現我們在 5 月份為您概述的利潤率、現金流和回報目標的關鍵。

And as we look to drive that performance longer term for the Business, we'll continue to execute on the strategy that has already delivered tremendous value for all of our stakeholders. First, we'll continue to strengthen our brand around the world. A strong brand improves customer loyalty, while driving a sustainable revenue premium and higher margins.

隨著我們希望長期推動業務績效，我們將繼續執行已經為所有利益相關者帶來巨大價值的戰略。首先，我們將繼續在全球範圍內加強我們的品牌。強大的品牌可以提高客戶忠誠度，同時推動可持續的收入溢價和更高的利潤率。

Second, we'll maintain our rigorous discipline around cost and capital. This provides a solid foundation for the Business day in and day out. With our sustainable revenue premium, a solid cost foundation, and modest capacity growth, we have the engine for consistent 15% plus long-term earnings growth. Finally, we'll use our strong cash flows to reinvest in the Business for the long term, fortify our balance sheet through debt and pension reductions, while also returning at least 70% of our free cash flow to our owners.

其次，我們將在成本和資本方面保持嚴格的紀律。這為日復一日的業務提供了堅實的基礎。憑藉我們可持續的收入溢價、堅實的成本基礎和適度的產能增長，我們擁有持續 15% 以上的長期盈利增長的引擎。最後，我們將利用我們強大的現金流對業務進行長期再投資，通過減少債務和養老金來加強我們的資產負債表，同時將至少 70% 的自由現金流返還給我們的所有者。

So, to conclude, our second-quarter results were strong; however, we need to get unit revenues back on a positive track, and Glen and the commercial team are executing on our plan. Longer term, our revenue premium, solid cost base, balance sheet, and cash flows provide the foundation for the earnings growth and substantial capital returns for our owners that we believe will drive value long into the future.

因此，總而言之，我們的第二季度業績強勁；然而，我們需要讓單位收入回到正軌，格倫和商業團隊正在執行我們的計劃。從長遠來看，我們的收入溢價、堅實的成本基礎、資產負債表和現金流為我們的所有者的盈利增長和可觀的資本回報奠定了基礎，我們相信這將推動未來長期的價值。

And with that, I'm happy to turn the call now over to Glen.

有了這個，我很高興現在把電話轉給格倫。

Thanks, Ed, and good morning, everyone.

謝謝，Ed，大家早上好。

While the overall revenue environment continues to present challenges, we expect to outperform our network peers on unit revenues once again in the second quarter. This is truly a testament to our entire team, who continue to provide industry-leading revenues by delivering an unparalleled level of reliability and great customer service every day.

儘管整體收入環境繼續帶來挑戰，但我們預計第二季度的單位收入將再次超過我們的網絡同行。這確實是對我們整個團隊的證明，他們通過每天提供無與倫比的可靠性和出色的客戶服務，繼續提供行業領先的收入。

Turning to our June quarter performance, revenues declined 2% compared to last year, including roughly $65 million of pressure from currency. We continued to see close-in domestic yield deterioration on stable corporate ticket volumes, reducing domestic corporate unit revenue trends that are down in the high-single digits. This pressure, combined with continued foreign currency impacts, and supply/demand imbalances, primarily in the trans-Atlantic and China regions, drove a 4.9% decline in system passenger revenues.

談到我們 6 月季度的業績，收入與去年相比下降了 2%，其中包括大約 6500 萬美元的貨幣壓力。我們繼續看到由於穩定的公司票務量而接近國內收益率惡化，降低了以高個位數下降的國內公司單位收入趨勢。這種壓力，加上持續的外匯影響，以及主要在跨大西洋和中國地區的供需失衡，導致系統客運收入下降 4.9%。

While we faced a number of headwinds in the quarter, the expansion of our ancillary revenue initiative remains a significant positive for us. Our branded fare initiative continues to see strong momentum. Total merchandising revenues for the quarter increased more than $40 million, or 13% year on year.

儘管我們在本季度面臨許多不利因素，但我們的輔助收入計劃的擴大對我們來說仍然是一個重大的利好。我們的品牌票價計劃繼續保持強勁勢頭。本季度的總銷售收入增加了超過 4000 萬美元，同比增長 13%。

Comfort+ paid load factor increased by 15 points to 46% as we began selling this product in the purchase path in mid-May. We now expect Comfort+ to generate nearly $300 million of upsell revenues in the second half of 2016, with further upside in 2017 as we begin the international rollout scheduled to be complete by the end of 2017.

當我們在 5 月中旬開始在購買路徑中銷售該產品時，Comfort+ 付費負載率增加了 15 個百分點至 46%。我們現在預計，Comfort+ 將在 2016 年下半年產生近 3 億美元的追加銷售收入，並在 2017 年進一步上升，因為我們計劃在 2017 年底完成國際推廣。

We now have rolled out our basic economy product to over 7,000 domestic markets, or about 50% of our domestic revenue base. We anticipate that we will have full domestic coverage sometime in 2017.

我們現在已經向 7,000 多個國內市場推出了我們的基本經濟產品，約占我們國內收入基礎的 50%。我們預計我們將在 2017 年的某個時候全面覆蓋國內。

Our international rollout of this product has begun, and we are now testing the product in over 50 international markets. Our intent is to have this in all international markets during the year 2018.

我們已經開始在國際上推出該產品，我們現在正在 50 多個國際市場測試該產品。我們的目標是在 2018 年在所有國際市場上實現這一目標。

Our partnership with American Express produced $90 million of incremental value in this quarter, and we expect over $300 million for the year. New card acquisitions are on a pace for another record year, and have increased 30% year to date over a record 2015.

我們與美國運通的合作在本季度創造了 9000 萬美元的增量價值，我們預計今年將超過 3 億美元。新卡的收購速度再創歷史新高，今年迄今已比 2015 年創紀錄的增長了 30%。

A special thanks to the SkyMiles and American Express teams for the great success we have had in enrolling new members this year. We have a great partner in American Express, and look forward to our continued efforts to provide the leading co-brand offering to our mutual customers.

特別感謝“飛凡里程常客計劃”和美國運通團隊今年在招募新會員方面取得的巨大成功。我們在美國運通有一個很好的合作夥伴，並期待我們繼續努力為我們共同的客戶提供領先的聯合品牌產品。

While there are areas of the Business that have great momentum, there are others that require additional work. Our entire commercial team is focused on changing the revenue trajectory and getting back to positive RASM by year end.

雖然有些業務領域發展勢頭強勁，但還有一些領域需要額外的工作。我們整個商業團隊都專注於改變收入軌跡，並在年底前恢復正向 RASM。

Let me outline for you some of the major initiatives we have under way, by region, to ensure that we can achieve our goal. Domestically, our unit revenues declined 6% on a 5% capacity growth for the June quarter. And while absolute volumes for business traffic remained solid, quite simply, they did not keep pace with Delta's growth. Yields were further pressured as traditional AP and minimum stay requirements were absent in many major US markets.

讓我為您概述我們按地區開展的一些主要舉措，以確保我們能夠實現我們的目標。在國內，由於 6 月季度的產能增長 5%，我們的單位收入下降了 6%。雖然商務客流量的絕對數量保持穩定，但很簡單，它們並沒有跟上達美航空的增長。由於美國許多主要市場沒有傳統的 AP 和最低停留要求，收益率進一步承壓。

On the other hand, leisure yields are strengthening, and demand remains strong. So, going forward, our path to improving domestic RASM starts by moderating our domestic capacity growth. This will begin in our post-summer schedule that begins late August.

另一方面，休閒收益正在增加，需求依然強勁。因此，展望未來，我們改善國內 RASM 的道路首先要減緩我們的國內產能增長。這將從 8 月下旬開始的夏后時間表開始。

With continued strength in leisure demand and yields, reduced capacity growth should allow us to position our inventory towards higher-yielding, long AP leisure fares. This should provide a cushion to unit revenues that will more than offset stubbornly low business fares that are largely sold within the month.

隨著休閒需求和收益的持續強勁，運力增長的放緩應該使我們能夠將我們的庫存定位於收益更高的長期 AP 休閒票價。這應該會為單位收入提供緩衝，這將足以抵消本月內大量銷售的頑固的低商業票價。

July and August will post strong domestic margins and cash flow as we run out the remainder of our summer schedule. We are confident that we will then see substantial RASM improvement in the September time frame, and may even achieve positive domestic revenue as early as September.

7 月和 8 月將公佈強勁的國內利潤率和現金流，因為我們的夏季計劃的剩餘時間已經結束。我們相信，屆時我們將在 9 月的時間框架內看到 RASM 的大幅改善，甚至最早可能在 9 月實現正的國內收入。

In Latin America, unit revenues were down 5% in the quarter, but June achieved our first positive unit revenue results in 26 months. This result was achieved as Brazil unit revenue declines moderated to just 4% on strengthening currency and capacity reductions. Delta has removed 25% of capacity in Brazil to deal with the economic crisis.

在拉丁美洲，本季度的單位收入下降了 5%，但 6 月份實現了 26 個月以來的首個正單位收入結果。這一結果的實現是因為巴西的單位收入下降幅度因貨幣走強和產能減少而放緩至僅 4%。為應對經濟危機，達美航空已取消巴西 25% 的運力。

Mexico continued to be strong for us on both leisure and business demand, and RASM during the quarter was up 4 points. Caribbean demand remained solid, and we expect favorable unit revenues beginning in 3Q, as we lap our owned and industry capacity increases. For the remainder of the year, our Latin capacity will decline 2 to 3 points, and we expect this entity to inflect in RASM consistently as early as the September quarter on reduced currency pressures, strengthening demand, and reduced capacity offering.

墨西哥在休閒和商務需求方面對我們來說繼續強勁，本季度的 RASM 上漲了 4 個百分點。加勒比地區的需求保持穩定，我們預計從第三季度開始會有有利的單位收入，因為我們已經完成了自有和行業產能的增加。在今年剩下的時間裡，我們的拉丁語產能將下降 2 到 3 個百分點，我們預計該實體最早會在 9 月季度因貨幣壓力降低、需求增強和產能供應減少而持續影響 RASM。

Moving to the Pacific, the 5% unit revenue decline in the June quarter was the result of a 4-point headwind from lower year-on-year hedge gains. Additionally, there were 2 points of negative impact from negative fuel surcharges, partly offset by the appreciation of the yen spot rate.

移至太平洋地區，6 月季度的單位收入下降 5% 是由於同比對沖收益下降 4 個百分點的逆風。此外，負燃油附加費帶來了 2 個百分點的負面影響，部分被日元即期匯率升值所抵消。

As a business practice, we hedge at least 50% of our net yen exposure in any given quarter; however, in 2015 we had more significant positions in place at more favorable rates than we do currently. In fact, we expect to recognize a $5 million hedge loss in the back half of this year compared to a $90 million gain last year. $70 million of that headwind will occur in the September quarter alone, accounting for nearly 1 point of negative system PRASM, and more than 7 points of impact on the Pacific unit revenues.

作為一種商業慣例，我們在任何給定季度對沖至少 50% 的日元淨敞口；然而，在 2015 年，我們以比目前更優惠的價格持有更多重要職位。事實上，我們預計今年下半年將出現 500 萬美元的對沖損失，而去年則為 9000 萬美元。其中 7000 萬美元的逆風將僅在 9 月季度出現，佔系統 PRASM 的近 1 個百分點，對太平洋單位收入的影響超過 7 個百分點。

Excluding hedges, we achieved flat RASM in Japan in the June quarter, held by our capacity adjustments, a focus on higher-yielding US point-of-sale traffic, and recovery in the Japan point-of-sale resort markets driven by a stronger yen. The strength in Japan was partly offset by yield pressures in China.

剔除對沖，我們在 6 月季度在日本實現了持平的 RASM，這得益於我們的產能調整、專注於收益更高的美國銷售點流量，以及日本銷售點度假村市場在強勁增長的推動下復甦日元。日本的強勢部分被中國的收益率壓力所抵消。

Passenger growth in China was up 7% in the quarter, and we continued to see increasing demand for connecting traffic with our partners, China Eastern and China Southern. However, industry capacity to and from the US increased nearly 25% in the second quarter, which pressured yields. This capacity is expected to continue in the second half.

本季度中國的客運量增長了 7%，我們繼續看到與我們的合作夥伴東航和南航的聯運需求不斷增加。然而，第二季度往返美國的行業運力增加了近 25%，這對收益率造成了壓力。這種產能預計將在下半年繼續。

For the remainder of the year in the Pacific, we are accelerating our capacity reductions, and expect to be down roughly 7.5% in the third quarter and 5% for the winter season. We expect the combination of our planned capacity reductions, along with a stronger yen, to achieve positive RASM growth later this year, excluding the hedge impact.

在太平洋地區今年剩餘的時間裡，我們正在加速削減產能，預計第三季度將下降約 7.5%，冬季下降 5%。我們預計，我們計劃的產能削減與日元走強相結合，將在今年晚些時候實現 RASM 的正增長，不包括對沖影響。

Finally, in the trans-Atlantic entity, Delta's second-quarter capacity grew in line with traffic trends at 2%, while the industry increased capacity by 10%, pressuring yields. Although this drove our unit revenues down 4.5% for the quarter, the trans-Atlantic is still on track to produce one of the most profitable summers in history. That said, this area continues to be where we face the greatest challenge in our efforts to get back to positive RASM, and we are now facing even additional pressures from Brexit.

最後，在跨大西洋實體中，達美航空第二季度的運力增長 2%，與交通趨勢一致，而該行業的運力增長了 10%，從而對收益率造成壓力。儘管這導致我們本季度的單位收入下降了 4.5%，但跨大西洋仍有望創造歷史上最賺錢的夏季之一。也就是說，這個領域仍然是我們在努力恢復積極的 RASM 過程中面臨的最大挑戰，我們現在面臨著來自英國退歐的更多壓力。

In our Continental European markets, customer growth nearly matched capacity growth of 5%, but double-digit, low-cost carrier growth pressured yields. In the second quarter, Delta and Air France-KLM began a codeshare agreement with Jet Airways. We are very optimistic about this opportunity to feed Paris, Amsterdam and London going forward; and given the contra-seasonal nature of the India market, we expect that to have a positive impact on fourth-quarter trans-Atlantic revenues.

在我們的歐洲大陸市場，客戶增長幾乎與 5% 的運力增長相匹配，但兩位數的低成本航空公司增長對收益率造成壓力。第二季度，達美航空和法航荷航開始與捷特航空簽訂代碼共享協議。我們非常看好這個未來為巴黎、阿姆斯特丹和倫敦提供服務的機會；鑑於印度市場的反季節性質，我們預計這將對第四季度跨大西洋收入產生積極影響。

In the UK, Delta's British pound-denominated revenue is roughly [$350 million] on an annual basis. So, when the pound devalued 12% versus the pre-Brexit levels, our revenues were reduced by [$40 million] from currency alone.

在英國，達美以英鎊計價的年收入約為 [3.5 億美元]。因此，當英鎊與脫歐前的水平相比貶值 12% 時，我們的收入僅從貨幣就減少了 [4000 萬美元]。

Since the leave decision, we haven't seen a material impact on volumes. But as Ed mentioned, along with our partner, Virgin Atlantic, we are taking additional capacity out of the UK for winter to address the headwinds of the region. The reduction is focused on UK-origin leisure markets.

自休假決定以來，我們沒有看到對交易量的重大影響。但正如 Ed 提到的，與我們的合作夥伴維珍大西洋航空公司一起，我們將在英國增加冬季運力，以應對該地區的逆風。減少的重點是源自英國的休閒市場。

These changes, combined with other actions we're taking, will result in our winter IOTA schedule capacity in the trans-Atlantic being down for the second consecutive year. Even with these capacity actions, we do not expect RASM in the trans-Atlantic to reflect until sometime in 2017.

這些變化，再加上我們正在採取的其他行動，將導致我們在跨大西洋的冬季 IOTA 時間表容量連續第二年下降。即使有這些能力行動，我們預計跨大西洋的 RASM 直到 2017 年某個時候才會反映。

At a system level, with these plans in place across all of our entities and the trends that we see today for the September quarter, we are forecasting system-unit revenues to be down between 4% and 6% on a 1% to 2% year-over-year capacity increase. We expect July and August to be at or slightly below the bottom end of that range, with September markedly better than both of those months.

在系統層面，隨著我們所有實體的這些計劃以及我們今天看到的 9 月季度的趨勢，我們預測系統單位收入將下降 4% 至 6%，而不是 1% 至 2%產能同比增長。我們預計 7 月和 8 月將處於或略低於該範圍的底部，9 月明顯好於這兩個月。

Calendar placement creates noise between the months, and will be a 2-point headwind in August and a 2-point benefit to September. Additionally, September should see benefit, as currency and fuel surcharge headwinds ease and the fall capacity changes begin to be implemented.

日曆放置會在月份之間產生噪音，並將在 8 月成為 2 點逆風，對 9 月有利 2 點。此外，隨著貨幣和燃油附加費逆風的緩解以及秋季運力變化開始實施，9 月份應該會受益。

So, to wrap everything up, while the current environment remains challenging, we continue to outperform our peer set, we have plans in place to address the challenges we face, and are executing against those plans. Where we haven't seen the desired traction in our unit revenues, we're taking actions with revenue management strategies and capacity levels; and if necessary, we will take further actions to make sure that we maintain the momentum to achieve our goal of getting to positive unit revenue by year end and ahead of our network peers.

因此，總而言之，儘管當前環境仍然充滿挑戰，但我們繼續超越同行，我們制定了應對我們面臨的挑戰的計劃，並且正在執行這些計劃。在我們的單位收入沒有看到預期的牽引力的地方，我們正在採取收入管理戰略和能力水平的行動；如有必要，我們將採取進一步行動，以確保我們保持勢頭，以實現我們在年底前實現正單位收入並領先於網絡同行的目標。

And with that, I'd like to turn it over to my good friend, Paul Jacobson.

有了這個，我想把它交給我的好朋友保羅雅各布森。

Thanks, Glen, and thanks to your entire team. We all appreciate the efforts and the hard work that they are undergoing.

謝謝，格倫，也感謝你的整個團隊。我們都感謝他們正在經歷的努力和辛勤工作。

Good morning, everyone, and appreciate you joining us this morning. Consistent cost execution again this quarter was a key contributor to Delta delivering an operating margin that was within our initial guidance range, before the 4-point headwind from the early fuel hedge settlements. While we continue to benefit from lower fuel costs, prices remain volatile, as does the global environment, and we must remain vigilant on those costs that we can control. At the same time, it is critical that we continue to invest in our product, and enhance our performance and service to our customers.

大家早上好，感謝您今天早上加入我們。本季度持續的成本執行是達美航空在早期燃料對沖結算帶來 4 個百分點的逆風之前實現在我們最初指導範圍內的營業利潤率的關鍵因素。雖然我們繼續受益於較低的燃料成本，但價格仍然波動，全球環境也是如此，我們必須對我們可以控制的成本保持警惕。與此同時，我們必須繼續投資於我們的產品，並提高我們對客戶的績效和服務。

Total operating expenses declined by roughly $300 million in the quarter, driven by lower fuel expense. Non-fuel CASM was essentially flat, despite pressure from higher wages, and product and service investments. Our strong operational performance, our upgauging initiatives, and the commitment across the Organization to delivering productivity savings drove our solid cost performance again this quarter.

由於燃料費用下降，本季度總運營費用下降了約 3 億美元。儘管來自工資上漲以及產品和服務投資的壓力，非燃料 CASM 基本持平。我們強勁的運營業績、我們的升級舉措以及整個組織對提高生產力的承諾再次推動了我們本季度的穩健成本績效。

I'd like to thank the entire Delta team for driving another outstanding result this quarter. We have the best employees in the industry, and this strong performance was made possible by their contributions.

我要感謝整個 Delta 團隊在本季度取得了另一個出色的成績。我們擁有業內最優秀的員工，他們的貢獻使我們能夠取得如此強勁的業績。

We expect our non-fuel unit cost, including profit sharing, to be roughly flat again in the September quarter, and increase less than 2% for the full year.

我們預計我們的非燃料單位成本（包括利潤分成）將在 9 月季度再次大致持平，全年增長不到 2%。

Turning to fuel, our total fuel expense declined by over $400 million, as lower market fuel prices offset higher consumption and hedge losses. We made the decision in the quarter to early-settle all of our remaining 2016 hedges, which brought in an additional $450 million of losses to the quarter. Our all-in fuel price was $1.97 per gallon, including $0.43 from those early settlements.

談到燃料，我們的總燃料費用下降了 4 億多美元，因為較低的市場燃料價格抵消了較高的消費和對沖損失。我們在本季度決定提前結算所有剩餘的 2016 年對沖，這給本季度帶來了 4.5 億美元的額外損失。我們的總燃油價格為每加侖 1.97 美元，其中包括那些早期結算的 0.43 美元。

The refinery lost a modest $10 million for the quarter, and we expect the lower crack-spread environment, which is a positive for Delta overall, will likely result in a modest loss for the refinery for the full year. Looking ahead, we expect an all-in September quarter fuel price of $1.52 to $1.57 per gallon, which is down 15% from the prior year. With the early hedge settlements complete, we don't expect to report any additional hedge losses in 2016.

該煉油廠本季度損失了 1000 萬美元，我們預計較低的裂解價差環境對達美航空整體有利，可能會導致該煉油廠全年出現適度虧損。展望未來，我們預計 9 月當季燃料價格為每加侖 1.52 美元至 1.57 美元，比去年下降 15%。隨著早期對沖結算的完成，我們預計 2016 年不會報告任何額外的對沖損失。

Now let me address our margin outlook. With another quarter of solid cost performance, despite persistent RASM headwinds and a moderating fuel environment, we are forecasting a September operating margin in the 19% to 21% range, which is roughly flat to last year.

現在讓我談談我們的利潤率前景。儘管 RASM 逆風和燃料環境緩和，但另一個季度的成本表現穩健，我們預測 9 月份的營業利潤率在 19% 至 21% 的範圍內，與去年大致持平。

Moving on to cash flow, we generated $2.6 billion of operating cash flow in the quarter. We reinvested over $1 billion back into the Business during the quarter, with spending primarily related to aircraft deliveries and modification projects. We expect capital spending will approximate $750 million in the third quarter, as we now expect our Aeromexico tender offer to close in the fourth quarter.

轉向現金流，我們在本季度產生了 26 億美元的運營現金流。我們在本季度重新投資了超過 10 億美元的業務，支出主要與飛機交付和改裝項目有關。我們預計第三季度的資本支出將接近 7.5 億美元，因為我們現在預計我們的墨西哥航空要約收購將在第四季度完成。

We will continue to take a balanced approach to the deployment of our cash, as we remain focused on long-term durability and sustainability for the business model. This is what we are driving for with each dollar we spend, whether it is going back into the Business, the balance sheet, or returned to our owners.

我們將繼續採取平衡的方式來部署我們的現金，因為我們仍然專注於業務模式的長期耐用性和可持續性。這就是我們花費的每一美元所追求的目標，無論是回到業務、資產負債表還是返還給我們的所有者。

We ended the June quarter with net debt of $6.8 billion, down from $7.1 billion a year ago. That debt reduction saved another $34 million in interest expense this quarter. With the additional $135 million we contributed to the pension plan this quarter, we've completed our funding commitment for the year.

截至 6 月季度，我們的淨債務為 68 億美元，低於一年前的 71 億美元。債務減少在本季度又節省了 3400 萬美元的利息支出。憑藉本季度我們為養老金計劃額外捐款的 1.35 億美元，我們已經完成了今年的資金承諾。

The progress we have made on derisking the balance sheet and paying down our debt was recognized by Fitch in the quarter with an upgrade to BBB-. We are now proud that two of the three rating agencies have provided us with this strong endorsement of our commitment to the long-term stability and viability of our business model.

我們在降低資產負債表風險和償還債務方面取得的進展在本季度得到了惠譽的認可，並將其上調至 BBB-。我們現在感到自豪的是，三個評級機構中的兩個為我們提供了對我們對業務模式長期穩定性和可行性的承諾的強烈支持。

With the $1.6 billion of free cash flow we generated during the quarter, we continued on the path of also increasing shareholder returns, with $103 million of dividends and just over $1 billion of share repurchases. As we announced at our May analyst meeting, our dividend will increase to $0.81 per share annually beginning in the September quarter. At current stock prices, this is just over a 2% dividend yield.

憑藉我們在本季度產生的 16 億美元的自由現金流，我們繼續走上增加股東回報的道路，派發了 1.03 億美元的股息和略高於 10 億美元的股票回購。正如我們在 5 月分析師會議上宣布的那樣，從 9 月季度開始，我們的股息將增加到每年每股 0.81 美元。以目前的股價計算，這僅略高於 2% 的股息收益率。

In addition, we expect to complete our current $5 billion share repurchase authorization by next May, over six months ahead of schedule, which will represent our third consecutive authorization completed ahead of time. We expect to return nearly $3.5 billion to shareholders this year, consistent with our goal of returning at least 70% of free cash flow through dividends and share repurchases.

此外，我們預計將在明年 5 月之前完成目前 50 億美元的股票回購授權，比原計劃提前六個月，這將是我們連續第三次提前完成授權。我們預計今年將向股東返還近 35 億美元，這與我們通過股息和股票回購返還至少 70% 的自由現金流的目標一致。

In closing, I want to express my excitement about the opportunities ahead for our Business. We're going to continue to stretch ourselves. We're going to continue to follow through on our near-term and long-term plans. Our performance is simply remarkable against any measure, and we are focused on remaining a leading S&P 500 Company.

最後，我想表達我對我們業務未來機遇的興奮。我們將繼續伸展自己。我們將繼續執行我們的近期和長期計劃。從任何衡量標準來看，我們的表現都非常出色，我們專注於保持領先的標準普爾 500 指數公司。

Jill?

吉爾?

We are now ready for the analyst Q&A, if you could give them their instructions?

我們現在準備好接受分析師的問答了，你能不能給他們一些指示？

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

We will take our first question from Michael Linenberg with Deutsche Bank.

我們將回答德意志銀行的 Michael Linenberg 提出的第一個問題。

Oh, yes, hi, just two quick ones. Can you just give us the breakout between domestic and international capacity growth for the third and fourth quarters?

哦，是的，嗨，只有兩個快速的。您能否介紹第三季度和第四季度國內和國際產能增長之間的突破？

For the fourth quarter, which is the end point, so I'll start there, we will be up about 2 to 2.5 domestic and about down 2 to 2.5 internationally.

對於第四季度，這是終點，所以我將從那裡開始，我們將在國內上漲大約 2 到 2.5，在國際上大約下降 2 到 2.5。

Okay, and then do you have that for the third quarter, Glen?

好的，格倫，你有第三季度的嗎？

For the third quarter, I do not have that. I'm going to estimate it's about plus 3.5 for domestic and minus 1 for international.

對於第三季度，我沒有那個。我估計國內大約是正3.5，國際是負1。

Okay, that's perfect. And then just a quick question on the Virgin Atlantic, the 49% stake. I know that runs through the non-op. In your June quarter, does that reflect their June quarter or is that a lag? I know sometimes with private companies there's a quarter lag. I just want to clarify that.

好的，這很完美。然後是關於維珍航空 49% 股份的簡短問題。我知道這貫穿了非操作。在您的 6 月季度，這反映了他們的 6 月季度還是滯後？我知道有時私人公司會有四分之一的滯後。我只是想澄清一下。

That's current, Mike.

這是當前的，邁克。

Oh, so it is the June quarter of Virgin's numbers in your June quarter?

哦，那麼在您的 6 月季度中，是 Virgin 的 6 月季度嗎？

Yes, they can count just like we can.

是的，他們可以像我們一樣數數。

Okay, perfect. Thank you.

好的，完美。謝謝你。

We will take our next question from Andrew Didora with Bank of America.

我們將向美國銀行的 Andrew Didora 提出我們的下一個問題。

Thank you for the questions. Paul, just on the -- given the 2Q CASM results and 3Q guide, is there anything from a timing or a maintenance perspective in 4Q that would prevent you from coming in significantly below your sub 2% long-term CASM goal this year?

謝謝你的提問。保羅，就 - 鑑於 2Q CASM 結果和 3Q 指南，從 4Q 的時間或維護角度來看，是否有任何事情會阻止您今年大幅低於您低於 2% 的長期 CASM 目標？

Good morning, Andrew. We're still -- we haven't given any guidance on the fourth quarter. I would say that there isn't anything on the horizon in terms of maintenance that would cause us to deviate from that. I think we continue to run a great operation and manage through that, so our goal still is to keep it below 2%. We're not going to give any forward guidance on 4Q.

早上好，安德魯。我們仍然 - 我們沒有對第四季度提供任何指導。我想說的是，在維護方面沒有任何事情會導致我們偏離這一點。我認為我們將繼續經營並管理好它，所以我們的目標仍然是將其保持在 2% 以下。我們不會就第四季度給出任何前瞻性指引。

Okay, and then secondly, Paul, obviously, there's been a lot of movement in the bond market since the Brexit vote and the 10-year treasury is near record lows. Are there any significant pension implications that could end up creating a bit of a CASM headwind over the next year or so or is it too small?

好的，其次，保羅，顯然，自英國退歐公投以來，債券市場發生了很大變化，而 10 年期國債接近歷史低點。是否有任何重大的養老金影響最終可能在未來一年左右對 CASM 造成一點阻力，還是太小了？

Well, I think that it's a little bit too soon to tell. Obviously, our balance sheet liability is impacted by rates; we've talked about that in the past. So assuming rates don't revert back higher, we could see a higher balance sheet liability. But keep in mind that has little impact on expense and little impact -- no impact at all on our minimum funding requirements or our strategy going forward, which is much longer-term based.

好吧，我認為現在說還為時過早。顯然，我們的資產負債表負債受利率影響；我們過去曾討論過這一點。因此，假設利率沒有回升，我們可能會看到更高的資產負債表負債。但請記住，這對費用影響很小，影響也很小——對我們的最低資金要求或我們未來的戰略完全沒有影響，這是基於長期的。

Great, thanks a lot.

太好了，非常感謝。

We'll take our next question from Duane Pfennigwerth of Evercore ISI.

我們將向 Evercore ISI 的 Duane Pfennigwerth 提出下一個問題。

Thanks, good morning. Glen, I wonder if you could playback for us what you were expecting to see with respect to the June quarter monthly, how that was different than what you expected to see and how that maybe is impacting your forecast here into the third quarter. Because I thought the idea was peak demand, July/August would soak up those excess seats and fix the close-in yield problem. But now it sounds like we're dependent much more on September and maybe a return to corporate.

謝謝，早上好。格倫，我想知道您是否可以為我們回放您對 6 月季度每月的預期，這與您預期看到的有何不同，以及這可能如何影響您對第三季度的預測。因為我認為這個想法是需求高峰，所以 7 月 / 8 月將吸收那些多餘的座位並解決接近產量的問題。但現在聽起來我們更多地依賴於 9 月，並且可能會回歸企業。

I think what we didn't expect in the beginning of the year was the continuation and acceleration of the declines in the business traffic sector, so what we had anticipated is the strong demand leisure and that has borne out. The demand set for leisure is quite good and in line with our capacity offering, but it has not offset the close-in yield weakness that we've see. And so that's how it played out, and that leaves us with really no other choice but to decrease the capacity levels moving forward because we can't count on it.

我認為年初我們沒有預料到的是商務交通領域的下滑的持續和加速，所以我們預期的是強勁的需求休閒，這已經得到證實。休閒需求非常好，與我們提供的產能相符，但並沒有抵消我們所看到的近期收益率疲軟。這就是它的結果，這讓我們別無選擇，只能降低未來的容量水平，因為我們不能指望它。

As we said in the earnings call, the stubbornly low close-in yields go away, so what we need to do now is not go into a month flat. Because if we go into a month with flat RASM, we come out with a RASM that's in the minus 4, 5 range. So we have to hit that up 3 to 4 to 5 as we come into the month, knowing we're going to give away some of that yield within the month.

正如我們在財報電話會議中所說，持續低迷的收盤收益率消失了，所以我們現在需要做的不是一個月持平。因為如果我們進入一個月的 RASM 持平，我們會得出一個在負 4、5 範圍內的 RASM。因此，當我們進入本月時，我們必須將其提高到 3 到 4 到 5，因為我們知道我們將在本月內放棄部分收益。

So that's how it played out and that's how we're looking towards September, of course. When we planned the summer capacity, that was back in the February and March time period. And while we're looking in a rear-view mirror, it will be an incredibly profitable record summer for us. So it not as disastrous as some people are characterizing it, but it's really robust, and we're going to take the necessary actions to fix it moving forward.

這就是它的結果，當然，這就是我們對 9 月的展望。當我們計劃夏季容量時，那是在二月和三月的時間段。當我們照看後視鏡時，這對我們來說將是一個非常有利可圖的創紀錄夏季。所以它不像某些人描述的那樣災難性，但它確實很強大，我們將採取必要的行動來修復它。

Thanks and then just as a follow-up, could you give us maybe capacity growth by month? It looks like it's fairly similar right now in July, August, September. And then is there any implication for 2017 from that 1% year-to-year growth in the fourth quarter? Thanks for taking the questions.

謝謝，然後作為後續行動，您能否按月向我們提供容量增長？現在的七月、八月、九月看起來很相似。那麼第四季度 1% 的同比增長對 2017 年有什麼影響？感謝您提出問題。

Duane, we didn't give the monthly capacity so we aren't going to lay it out, but I think you can roughly estimate where we're at today as the July/August. And the nonce capacity starts to tick down as we get out of the summer season, late August into September the numbers start to inflect the greater reductions.

Duane，我們沒有給出每月的容量，所以我們不會列出它，但我認為你可以粗略估計我們今天在 7 月/8 月所處的位置。隨著夏季結束，即 8 月下旬到 9 月，nonce 容量開始下降，這些數字開始影響更大的減少。

We haven't given 2017 guidance out, but again if you look at our Q4 up 1%, I'd expect our Q1 probably to be in that same range. And certainly by the time we get to the planning for the spring, if conditions are the same, we're going to continue to take the same tactic on capacity.

我們還沒有給出 2017 年的指導，但如果你再看一下我們的第四季度增長 1%，我預計我們的第一季度可能在同一範圍內。當然，當我們開始計劃春季時，如果條件相同，我們將繼續對容量採取相同的策略。

That's very helpful, thank you.

這很有幫助，謝謝。

We'll take our next question from Julie Yates with Credit Suisse.

我們將回答瑞士信貸的 Julie Yates 的下一個問題。

Good morning. Thanks for taking my question. Glen, I just wanted to clarify on the PRASM cadence for the third quarter, you mentioned that July and August were looking weak. And just to help calibrate expectations, should we expect to see July RASM worsen from June's down 5% and then improve steadily, with September being the best month of the quarter?

早上好。感謝您提出我的問題。格倫，我只是想澄清第三季度的 PRASM 節奏，你提到 7 月和 8 月看起來很弱。只是為了幫助校準預期，我們是否應該期望看到 7 月份的 RASM 從 6 月份的下降 5% 惡化，然後穩步改善，而 9 月份是本季度最好的月份？

I think that's probably exactly how you would read it.

我認為這可能正是您閱讀它的方式。

Okay, understood. And then just to reconcile, domestic is now the worst-performing entity and that's where capacity growth is still the highest. How do we get confidence on the level of sequential improvement that you need to see in order to write the PRASM trajectory to get to positive by year end?

好的，明白了。然後只是為了調和，國內現在是表現最差的實體，而這也是產能增長仍然最高的地方。我們如何對您需要看到的連續改進水平有信心，以便編寫 PRASM 軌跡以在年底前達到積極狀態？

Right, well I think that it's also where on an absolute basis for decreasing our rate of growth the most. So we are going to be coming down about 300 to 350 basis points from where we are in peak summer versus international, which is going down about 100 basis points. So I think if we have to go further we will, but this is the next step in seeing if we can get the numbers to where we need them to be to continue to expand our margin into next year.

是的，我認為這也是絕對降低我們增長率的地方。因此，與夏季高峰期相比，我們將下降約 300 至 350 個基點，國際水平下降約 100 個基點。所以我認為，如果我們必須走得更遠，我們會走得更遠，但這是下一步，看看我們是否可以將數字提高到我們需要的地方，以繼續將我們的利潤擴大到明年。

And Julie, this is Ed. Domestic is incredibly strong in aggregate. I realize the RASM numbers have been weak, but the bottom-line results have been phenomenal. And the premium that we continue to generate versus the competition for domestic is about a 120. So team's doing a great job domestically, but we realize in order to get the RASM improvement to match the increasing fuel prices we're going to be paying, we need to be making the adjustments that Glen talked about.

朱莉，這是埃德。國內總體來說是非常強大的。我意識到 RASM 數字一直很弱，但底線結果卻是驚人的。與國內競爭對手相比，我們繼續產生的溢價約為 120。所以團隊在國內做得很好，但我們意識到為了讓 RASM 改進以匹配我們將要支付的不斷上漲的燃料價格，我們需要做出格倫所說的調整。

Got it. Thanks so much.

知道了。非常感謝。

We'll take our next question from Helane Becker with Cowen and Company.

我們將向 Cowen and Company 的 Helane Becker 提出我們的下一個問題。

Excuse me, I'm sorry. I just choked on some water.

對不起，對不起。我只是被水嗆到了。

How are you, Helane?

你好嗎，海倫？

Other than choking, I'm okay. I just was wondering could you update us on where you are with respect to aircraft retirements in the Pacific and how that affects capacity growth in that market for the back half of the year?

除了窒息，我沒事。我只是想知道您能否向我們介紹您在太平洋地區飛機退役方面的最新情況，以及這將如何影響該市場下半年的運力增長？

We still have six 747-400s that are flying in the Pacific that are all scheduled to be retired by year end of 2017. We're trying to accelerate that closer to September, but that would likely, in and of itself, would have a negative bias on Pacific capacity in through the year next year. It will also be a significant improvement to our P&L as we replace the aging airplanes with much more efficient equipment.

我們仍有 6 架 747-400 飛機在太平洋飛行，它們都計劃在 2017 年底前退役。我們正試圖在接近 9 月的時候加快這一進程，但這本身可能會帶來太平洋地區的產能將在明年全年出現負面偏見。隨著我們用效率更高的設備替換老化的飛機，這也將顯著改善我們的損益表。

Okay, and is that included in that system capacity guidance of down 1% that you're referring to in the comments today?

好的，這是否包含在您今天在評論中提到的系統容量下降 1% 的指導中？

Well, I may have -- you may misinterpreted what I said. The last six don't come out till the fourth quarter of next year, not this year.

好吧，我可能 - 你可能誤解了我所說的。最後六個要到明年第四季度才會出現，今年不會。

Okay, got you, fourth-quarter 2017. And then on an unrelated topic, I'm just wondering the tax rate was down. I think it was maybe guidance was 34% or somehow I thought it was going to be 34% and the actual was 33%. So is that -- was there something special in there?

好的，知道了，2017 年第四季度。然後在一個不相關的話題上，我只是想知道稅率下降了。我認為可能是指導是 34%，或者不知何故我認為這將是 34%，而實際是 33%。那是——那裡有什麼特別的東西嗎？

Good morning, Helane, it's Paul. I hope you've got your breath back here. During the quarter, we early adopted the new FASB policy on stock compensation with a benefit to our tax rate for the quarter, but we still expect our full-year tax rate to be 34%.

早上好，海倫，我是保羅。我希望你已經恢復了呼吸。在本季度，我們提前採用了新的 FASB 股票薪酬政策，這有利於我們本季度的稅率，但我們仍預計全年稅率為 34%。

Got you, okay. Thank you very much for your help.

明白了，好吧。非常感謝您的幫助。

Thank you, Helane.

謝謝你，海蘭。

We'll take our next question from Hunter Keay with Wolfe Research.

我們將向 Wolfe Research 的 Hunter Keay 提出我們的下一個問題。

Thank you very much. Good morning.

非常感謝。早上好。

Good morning, Hunter.

早上好，亨特。

So Ed, I think the last year or so has proven out that investors probably care more about fundamental behavior from airlines rather than traditional business metrics like profits, for example. So as you think about -- you have the long-term financial goals that you guys have laid out relating to ROIC cash-flow debt and earnings growth, I'm curious why you still think earnings growth is a factor. You actually highlighted that in specifically in your prepared remarks.

所以 Ed，我認為過去一年左右的時間已經證明，投資者可能更關心航空公司的基本行為，而不是利潤等傳統商業指標。因此，當您考慮時-你們制定了與ROIC現金流債務和收益增長相關的長期財務目標，我很好奇為什麼您仍然認為收益增長是一個因素。實際上，您在準備好的評論中特別強調了這一點。

Do your -- so the question is do your investors tell you that is something they still want? Because it's certainly not something that other transport or industrial companies achieve or even strive for that trade at multiples that are much higher than airlines right now. So the question is why is that one metric still included in the bunch?

你的 - 所以問題是你的投資者告訴你這是他們仍然想要的東西嗎？因為這肯定不是其他運輸或工業公司以遠高於航空公司的倍數實現甚至爭取的交易。所以問題是為什麼一個指標仍然包含在一堆中？

Not sure I follow entirely your question. Why are we focused on growing our earnings, is that your question?

不確定我是否完全遵循您的問題。為什麼我們專注於增加我們的收入，這是你的問題嗎？

Yes, I -- let me put it this way, 15% is a lot and inherent in that implies some degree of probable capacity growth to get there. So you think you talk about ROIC and debt and cash flow and people, I think all appreciate that. But just like -- you guys will probably always be a value stock, so why focus on earnings growth? Is that something you hear from your investors that's something that's important?

是的，我——讓我這麼說吧，15% 是很多，這意味著一定程度的容量增長可能達到這個目標。所以你認為你談論的是投資回報率、債務、現金流和人，我認為所有人都對此表示讚賞。但就像——你們可能永遠都是價值股，那麼為什麼要關注盈利增長呢？你從投資者那裡聽到的這件事很重要嗎？

Yes, yes. We hear from our long-term investors that continuing to improve our all of our financial metrics, whether it's our ROIC or our earnings potential or top-line growth are all important. We realize we sit in a volatile industry and a volatile space, but our goal is to improve the sustainability and durability of the model and we think earnings growth is important, yes.

是的是的。我們從長期投資者那裡聽說，繼續改善我們所有的財務指標，無論是我們的投資回報率、盈利潛力還是收入增長，都很重要。我們意識到我們身處一個動蕩的行業和一個動蕩的空間，但我們的目標是提高模型的可持續性和耐用性，我們認為盈利增長很重要，是的。

Okay, that's fine. And then Glen, you talked about corporate a little bit. We've heard other airlines talk about this issue of dilution as it relates to some of the quotes in pricing weakness. Obviously, you said volumes are pretty good. So would you categorize dilution as the biggest source of controllable factors contributing to some of the domestic PRASM weakness? And if it's not that, what would you say it is?

好的，沒關係。然後格倫，你談到了一點公司。我們聽說其他航空公司談論過這個稀釋問題，因為它與定價疲軟的一些報價有關。顯然，你說的數量非常好。那麼，您是否會將稀釋歸類為導致部分國內 PRASM 疲軟的可控因素的最大來源？如果不是這樣，你會說它是什麼？

I think we've talked about this before, is -- it's more of the same. It's the way your approaching the time value for time-sensitive customers. And are you getting what people would be willing to pay for their time versus what the market is charging for time?

我想我們之前已經討論過這個問題，是 - 它幾乎是一樣的。這是您為時間敏感的客戶接近時間價值的方式。你是否得到了人們願意為他們的時間支付的費用，而不是市場對時間的收費？

And if you look, business fares, as these quarters roll out with government, we can all look at it. But what I think you'll see is that the business fares are well below where they have been historically, and in a lot of markets where there have been little capacity, even no capacity, even negative capacity changes over the medium term.

如果你看一下，隨著這些季度與政府一起推出的商務票價，我們都可以看看它。但我想你會看到的是，商業票價遠低於歷史水平，而且在許多市場中，運力很少，甚至沒有運力，甚至在中期出現負運力變化。

So I hear your question and I wish I had the best answer for why that is there, but I think like everything, it's a part of the cycle. I think it has to do with lower fuel and I think as higher fuel rolls through everybody's P&Ls that there will be a lot more focus on that. But that's not -- we're a small percentage of the industry. We represent less than 20% of the total industry, so we don't have that power or predictions to be able to go out and say those things.

所以我聽到你的問題，我希望我有最好的答案來解釋為什麼會出現這種情況，但我認為就像所有事情一樣，這是周期的一部分。我認為這與較低的燃料有關，而且我認為隨著每個人的損益表中出現較高的燃料，將會有更多的關注。但事實並非如此——我們只是這個行業的一小部分。我們佔整個行業的比例不到 20%，所以我們沒有能力或預測能夠走出去說出那些話。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

We'll take our next question from Jamie Baker with JPMorgan.

我們將向摩根大通的 Jamie Baker 提出下一個問題。

Hi good morning, everybody.

大家早上好。

Hi Jamie.

嗨，傑米。

Glen, other revenue declined slightly from the first quarter, which seemed a bit inconsistent with seasonality. I know there's stuff in that category other than ancillary revenue. I'm just wondering what the moving pieces were that drove the decline, especially since as you noted, Comfort+ turned on in the month of May.

Glen，其他收入較第一季度略有下降，這似乎與季節性有些不一致。我知道除了輔助收入之外，該類別中還有其他內容。我只是想知道推動下降的動因是什麼，特別是因為正如您所說，Comfort+ 在 5 月份開啟。

Hi, good morning, Jamie. It's Paul.

嗨，早上好，傑米。是保羅。

Hi, Paul.

嗨，保羅。

One of the big items in that was lower year-over-year third-party sales from the refineries, so there's a piece of that that has to flow through gross-up revenues and net it out of expense. So with the lower crude oil prices, the product values are substantially down. So that was about $65 million of that number.

其中一個重要項目是煉油廠的第三方銷售額同比下降，因此其中一部分必須通過總收入流動，並將其從費用中扣除。因此，隨著原油價格的走低，產品價值大幅下降。所以這大約是這個數字的 6500 萬美元。

Okay, that makes perfectly good sense. Second, if we exclude the hedge impact in the second quarter, you essentially achieved a 21% operating margin and you're guiding 19% to 21% for the third quarter. I'd have to go back, I think it's eight years now, to find a time when third-quarter margins were softer, potentially softer than in the second quarter.

好的，這非常有道理。其次，如果我們排除第二季度的對沖影響，您基本上實現了 21% 的營業利潤率，並且您指導第三季度為 19% 至 21%。我必須回去，我想現在已經八年了，找到一個第三季度利潤率更軟的時間，可能比第二季度更軟。

And look, I'm not asking you to rehash the components of the guide, the currency disclosures were certainly helpful. But it seems puzzling to me that against an industry backdrop that is so much better today than in 2008, you aren't even able to achieve normal seasonality. Is this just a blip or potentially a new normal in how we think about the seasonal margin peaks?

看，我不是要你重新整理指南的組成部分，貨幣披露肯定是有幫助的。但讓我感到困惑的是，在今天比 2008 年好得多的行業背景下，你甚至無法實現正常的季節性。在我們如何看待季節性利潤率峰值時，這只是一個暫時現像還是潛在的新常態？

Jamie, this is Ed. You asked a lot in that question and I have not gone back to check to 2008; 2008 to me is a blur going back in that -- going back in time. Listen, our guide is our best estimate to where we sit now. We do not think that we're at a -- trying to forecast any type of inflection on the cycle or the margins, if that's your question. It's really where we are.

傑米，這是埃德。你在那個問題上問了很多，我還沒有回到 2008 年； 2008年對我來說是一個模糊的回溯——時光倒流。聽著，我們的指南是對我們現在所處位置的最佳估計。如果這是您的問題，我們認為我們不會試圖預測週期或利潤率的任何類型的拐點。這真的是我們所在的地方。

Fuel prices have bounced around a fair bit and fuel prices are up a bit in Q3 versus Q2, hedge aside. And we realize that we do have unit revenue weakness particularly in the first half of Q3 that we're recognizing. So I think that if you look at Q3 year on year, I think we're about flat, 20% pretax margin, and I think that's about all I can draw from that.

燃料價格反彈了一些，第三季度的燃料價格與第二季度相比略有上漲，除了對沖之外。而且我們意識到我們確實存在單位收入疲軟，特別是在我們認識到的第三季度上半年。因此，我認為，如果您按年查看第三季度，我認為我們的稅前利潤率基本持平，為 20%，我認為這就是我能從中得出的全部結論。

So nothing structural to suggest that in the long run, you would not continue to be a third-quarter -- a third-quarter airline so to speak, third quarter representing the absolute peak of the year?

所以從長遠來看，沒有什麼結構性的暗示，你不會繼續成為第三季度的航空公司——可以說是第三季度的航空公司，第三季度代表了今年的絕對高峰？

Yes, I think the third quarter is the peak of the year. Candidly, it's June, July, and August, so that continues to be our -- that's our sweet spot.

是的，我認為第三季度是今年的高峰期。坦率地說，現在是六月、七月和八月，所以這仍然是我們的——那是我們的最佳選擇。

Okay, I appreciate the disclosures. Thanks, everybody.

好的，我很欣賞這些披露。謝謝大家。

Sure.

當然。

We'll take our next question from Jack Atkins with Stephens.

我們將回答傑克·阿特金斯和斯蒂芬斯的下一個問題。

Hi, good morning. Thanks for the time. When we think specifically about the capacity actions that you're taking, both those announced in May and those announced this morning, can you quantify specifically how those actions will impact RASM? Can you bracket that in terms of an impact?

早上好。謝謝你的時間。當我們具體考慮您正在採取的容量行動時，無論是在 5 月宣布的還是今天早上宣布的，您能否具體量化這些行動將如何影響 RASM？你能把它放在影響方面嗎？

It will improve RASM, how is that?

它將改善RASM，那是怎麼回事？

Okay, okay. So that when you think about your desire to get to positive RASM by year end, will you be willing to go to negative capacity growth year over year to get to that level?

好吧好吧。因此，當您考慮到年底前達到正 RASM 的願望時，您是否願意逐年實現負容量增長以達到該水平？

No, that's not our plan.

不，那不是我們的計劃。

Okay, thank you.

好的謝謝你。

We will take our next question from Darryl Genovesi with UBS.

我們將接受瑞銀的 Darryl Genovesi 提出的下一個問題。

Hi guys, thanks for the time.

嗨，伙計們，謝謝你的時間。

Sure.

當然。

Ed, Glen, you both mentioned that you think fuel is the biggest driver of higher RASM on a perspective basis, and I was just wondering how you come to that conclusion. Do you mean to imply that this move from the $27 or so rent that we saw for a short period in January up to $46, $47 today is likely to have driven a negative profit contribution from some flying in the network, either at Delta or your peers and that's likely to drive a capacity reduction? Is that the thought process?

Ed，Glen，你們都提到過，從角度來看，燃料是更高 RASM 的最大驅動力，我只是想知道你們是如何得出這個結論的。您的意思是說，從我們在一月份短期內看到的 27 美元左右的租金上漲到今天的 46 美元，今天的 47 美元可能會導致網絡中一些航班的負利潤貢獻，無論是在達美航空還是您的同行，這可能會導致產能減少？這是思維過程嗎？

Well, if you look historically at trends that follow and we started with fuel around $100, we got all the way down to about $25 to $27, and then now we've been moving back up into the mid to high $40s. It's very, very high R squared to go back and look at airline revenues with fuel over time. And the lag time that reduces the highest R squared is about nine months.

好吧，如果你從歷史上看一下隨後的趨勢，我們從 100 美元左右的燃料開始，我們一路下降到 25 到 27 美元左右，然後現在我們又回到了 40 美元左右。隨著時間的推移，回過頭來看看航空公司的收入與燃料的關係，是非常非常高的 R 平方。降低最高 R 平方的滯後時間約為 9 個月。

So that's over a very, very long period of time within the industry. I think that's what we are counting on is that on the margin when fuel was $25, there were players who were pricing their products at the incremental marginal cost of $25 fuel. That marginal cost of production has gone up substantially since the low point, and normally it would take about nine months for that to flow through to airline revenues.

所以這是在行業內非常非常長的一段時間內。我認為這就是我們所指望的，當燃料價格為 25 美元時，有些玩家以 25 美元燃料的增量邊際成本定價他們的產品。自低點以來，邊際生產成本已大幅上升，通常需要大約 9 個月的時間才能將其轉化為航空公司的收入。

Okay, thanks for that. And then just maybe to follow-up just on Hunter's question a little bit. With regard to the close-in yield weakness that we've seen, I would have thought that by this point, assuming that problem isn't actually getting worse and maybe it is, but I would have thought that at this point, the RM systems would be calibrated and thus holding on. Sorry, thus not holding on to as much inventory for late-in-the-booking-curve bookings. Is that not the case?

好的，謝謝。然後也許只是對亨特的問題進行一點跟進。關於我們已經看到的收盤收益疲軟，我本以為到了這一點，假設問題實際上並沒有變得更糟，也許確實如此，但我本以為此時，RM系統將被校準並因此保持不變。抱歉，因此沒有為預訂曲線後期的預訂保留盡可能多的庫存。不是這樣嗎？

Well, late-in-the-booking-curve bookings, even though they are depressed, are significantly higher than early-in-the-booking-curve bookings. So you never want to turn a late-in-the-booking-curve booking away, even though they are depressed on a relative basis.

好吧，預訂曲線後期的預訂，即使他們很沮喪，也明顯高於預訂曲線的早期預訂。因此，您永遠不想放棄預訂曲線後期的預訂，即使他們相對而言處於低迷狀態。

Okay, it seems like in some cases, some of these fares that are being offered very close in, are actually lower than what you can buy in it far in advance. And I've seen that myself and heard about it anecdotally. And just wonder if there was any progress being made towards splitting some of that up.

好吧，似乎在某些情況下，其中一些非常接近提供的票價實際上低於您可以提前購買的票價。我自己也看到過，也聽說過。只是想知道在拆分其中一些方面是否取得了任何進展。

We can't comment on forward pricing, but generally, close-in yields are significantly higher than long AP yields, and so that hasn't changed.

我們無法對遠期定價發表評論，但總的來說，收盤收益率明顯高於長期 AP 收益率，因此這一點沒有改變。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

We will take our next question from Joseph DeNardi with Stifel Nicolaus.

我們將回答 Joseph DeNardi 和 Stifel Nicolaus 的下一個問題。

Hi thank you. Glen, the flat PRASM or positive PRASM, is that for 4Q or the month of December? And then secondly, it sounds like the capacity actions you're taking today are entirely or exclusively focused on the UK and Brexit. If you're seeing weaker close-in yields domestically and softer corporate traffic domestically, why isn't domestic capacity coming down?

嗨，謝謝你。 Glen，平坦的 PRASM 或正 PRASM，是針對 4Q 還是 12 月份？其次，聽起來你今天採取的能力行動完全或完全專注於英國和英國退歐。如果您看到國內的近距離收益率下降和國內的企業流量疲軟，為什麼國內產能沒有下降？

No, I think that you misread that. Domestic capacity is coming down significantly. We are decreasing our domestic offering in the fourth quarter versus the current quarter by about 300 basis points, so a very significant decrease in domestic capacity coming from us.

不，我認為你誤讀了。國內產能大幅下降。與當前季度相比，我們將第四季度的國內供應量減少了約 300 個基點，因此我們的國內產能大幅下降。

Okay, and then the RASM goal, is that flat for the month of December or positive for December or for the full --?

好的，然後是 RASM 目標，是 12 月份的持平還是 12 月份的正值，還是整個 -？

That's our goal, Joe. Our goal has been to try to get there by the end of the year and when we get there we'll let you know.

這是我們的目標，喬。我們的目標是爭取在年底前到達那裡，當我們到達那裡時，我們會通知您。

Okay, does that mean December or the fourth quarter?

好的，這是指 12 月還是第四季度？

We will take either.

我們將採取任何一個。

Okay, and then Paul, next year, a year when we should expect maybe a bigger step up from the FX agreement, is there some contractual amendment coming next year, any color there?

好的，然後是保羅，明年，我們應該預計外匯協議可能會有更大的進步，明年是否會有一些合同修正案，有什麼顏色嗎？

Good morning, Joe. There's no amendment. As we announced in Investor Day, we talked about a couple year period from the overlap with the prior agreement and then the new agreement beginning in 2017. So we have talked about having some additional benefits accruing in 2017 going forward. We'll have more on that probably at Investor Day.

早上好，喬。沒有修改。正如我們在投資者日宣布的那樣，我們談到了從與之前的協議重疊到 2017 年開始的新協議的幾年時間。因此，我們談到了在 2017 年獲得一些額外的好處。我們可能會在投資者日對此進行更多介紹。

Okay, thank you.

好的謝謝你。

We will take our next question from Savi Syth with Raymond James.

我們將接受 Savi Syth 和 Raymond James 的下一個問題。

Hi, good morning. Paul, if I may ask, your -- the core cost performance, I think if you adjust for the labor, the increased pressures, it's been quite impressive. And I'm guessing FX is going to benefit of that maybe 0.5 point. But could you talk a little bit more about what's driving the, on a per (inaudible) basis, the declines that we're seeing in contract carrier maintenance? I think landing season packs services. And I'm just trying to get an understanding of does that continue into the second half in 2017 or how should we think about these offsets that you've been driving?

早上好。保羅，如果我可以問，你的核心成本績效，我認為如果你調整勞動力，增加的壓力，這是相當令人印象深刻的。我猜 FX 可能會從這 0.5 點中受益。但是，您能否多談談在每個（聽不清）的基礎上，我們在合同承運人維護方面看到的下降的原因是什麼？我認為登陸季節包含服務。我只是想了解這種情況是否會持續到 2017 年下半年，或者我們應該如何考慮您一直在推動的這些抵消？

Sure, good morning, Savi, and thanks for those comments. The biggest driver of our cost performance has obviously been the continued upgauging and efficiency being created in the business through that, as we've talked about in the past. Our upgauging has been accruing at about a rate of about 5% a year from 2012 through 2015.

當然，早上好，薩維，感謝您的評論。正如我們過去所說，我們成本績效的最大驅動力顯然是通過這種方式在業務中創造的持續升級和效率。從 2012 年到 2015 年，我們的上調率一直在以每年約 5% 的速度增長。

And we have with our current fleet plans about a 7% upgauge between 2016 and 2020, so clearly that has had a material benefit on our ability to drive cost efficiencies in the business. That, combined with the innovation of Gil's team and others across the operational sphere, have been a huge, huge benefit for us going forward. And we've got to continue to find ways to drive productivity in the business without impacting and, in fact, enhancing the customer and employee experience, which I think the team has done a great job of.

我們目前的機隊計劃在 2016 年至 2020 年之間增加了大約 7%，因此很明顯，這對我們提高業務成本效率的能力產生了實質性的好處。再加上 Gil 團隊和運營領域其他人的創新，這對我們未來的發展來說是一個巨大的好處。我們必須繼續尋找在不影響甚至增強客戶和員工體驗的情況下提高業務生產力的方法，我認為團隊在這方面做得很好。

Thanks for that. And then for a follow-up question, and Glen, I hate to beat a dead horse on this, but I'm trying to understand on the close-in yield, if it deteriorated as you went through the quarter, and the reason I ask that is with your comment that leisure yield [trend then], I thought it was those lowest fares that are putting pressure then on the close-in yield. And if the lowest fares and leisure fares strengthen, I'm surprised that we're not seeing at least no further deterioration in those close-in yields. And so I'm wondering is this maybe some actual weakness in corporate that we're seeing?

感謝那。然後是一個後續問題，格倫，我不想在這個問題上打死馬，但我試圖了解近距離收益率，如果它在你經歷這個季度時惡化，以及我的原因問這就是您對休閒收益[趨勢當時]的評論，我認為是那些最低票價對接近收益造成壓力。如果最低票價和休閒票價走強，我很驚訝我們沒有看到這些接近的收益率至少沒有進一步惡化。所以我想知道這可能是我們所看到的企業的一些實際弱點嗎？

So I think there are a couple things that we just did a poll survey, and maybe I'll let Steve talk to that. Steve, do you want to pipe in on?

所以我認為我們剛剛進行了一項民意調查，也許我會讓史蒂夫談談。史蒂夫，你想插話嗎？

Yes, our June corporate survey actually had an uptick year over year, but basically stable outlook from all of our top corporate accounts. So we see really relatively flat demand throughout the entire year so far. So again, we see a little bit on that yield pressure.

是的，我們 6 月份的企業調查實際上同比有所上升，但我們所有頂級企業客戶的前景基本穩定。因此，到目前為止，我們看到全年的需求確實相對平穩。因此，我們再次看到了一些收益率壓力。

So that would say that the real component is that we have flattish corporate demand. We have corporate yields down in the 5 to 7 category, and we have capacity that's growing in excess of the rate of growth of the corporate demand set, which is also putting downward pressure on the total RASM. And those are the three components that we see.

所以這會說真正的組成部分是我們的企業需求持平。我們的企業收益率下降了 5 到 7 級，而且我們的產能增長超過了企業需求的增長率，這也給總 RASM 帶來了下行壓力。這就是我們看到的三個組成部分。

That's very helpful, thanks. And one clarification, on the earnings growth over time, you're talking about EPS growth, right, and not necessarily just earnings?

這很有幫助，謝謝。還有一個澄清，關於隨著時間的推移的收益增長，你說的是每股收益增長，對吧，不一定只是收益？

We're talking EPS growth, that's right, Savi.

我們說的是每股收益增長，沒錯，薩維。

Thank you.

謝謝你。

We're going to have time for one more question from the analysts.

我們將有時間再回答分析師的一個問題。

We will take our final question from Dan McKenzie from Buckingham Research.

我們將向白金漢研究中心的 Dan McKenzie 提出最後一個問題。

Hi, good morning, guys. Thanks for squeezing me in here. Glen, how is Delta getting to less capacity exactly from the reduced Atlantic flying? Is it less capacity with the same number of planes? Is it flying being redeployed to other markets as an optimization move? Or are some planes potentially being early retired here?

嗨，早安，伙計們。謝謝你把我擠在這裡。格倫，達美航空是如何從減少的大西洋航班中減少運力的？相同數量的飛機容量是否更小？飛行是否作為優化舉措重新部署到其他市場？還是有些飛機可能在這裡提前退役？

It's a little bit of all of the above. If you look at our fleet count for summer of this year versus summer of last year, it's almost flat. I think based on about 1,500 flying airplanes we were up 8. So the increased capacity has been coming on the marginal utilization because of lower fuel. And what we were seeing is we're not getting paid for that so that's coming out.

以上只是一點點。如果你看一下我們今年夏天與去年夏天的船隊數量，幾乎是持平的。我認為，基於大約 1,500 架飛行飛機，我們上升了 8 架。因此，由於燃料減少，運力的增加是由於邊際利用率而增加的。我們所看到的是我們沒有為此獲得報酬，所以它出來了。

And we'll be doing a lot of more cancellations in the off peak, more cancellations in the ad hoc world, as well as gauge reductions. And maybe what we haven't committed to it yet, but some markets will not make it through.

我們將在非高峰期進行更多的取消，在臨時世界中進行更多的取消，以及減少軌距。也許我們還沒有承諾，但有些市場將無法通過。

Understood okay. And then Glen, in May you talked about seeing some green chutes in the Latin America region. And since then we've had a huge move in FX, particularly to Brazil. ANd just given what's happening with capacity and foreign exchange to the country and to the region, I wonder if you can elaborate a little bit more on the revenue road map from here in this entity? And then tied to that, is there a revenue benefit potentially from Aeromexico that could be incremental in the back half of the year?

明白沒問題。然後格倫，五月份你談到在拉丁美洲地區看到一些綠色溜槽。從那以後，我們在外匯領域有了巨大的發展，尤其是在巴西。並且剛剛考慮到該國和該地區的產能和外匯情況，我想知道您是否可以從這裡在這個實體中詳細說明收入路線圖？然後與此相關的是，墨西哥航空公司是否有可能在今年下半年增加收入收益？

Well, I think we've mentioned in the prepared remarks that the Latin unit revenues were up in the month of June for the first time in 26 months. So those green chutes that we saw last quarter are actually coming in. And again, being driven by strength in Mexico, and a lot of that strength may be related to the presence of Delta and Aeromexico together. Because it seems that we're getting a much higher share of some of the corporate travel to and from Mexico than we have had historically, even before our ATI-enabled joint venture goes into place. And Peter Carter is sitting next to me; maybe Peter can talk about the timing of when we believe Aeromexico will be approved.

好吧，我想我們在準備好的評論中提到，拉丁單位收入在 6 月份出現了 26 個月來的首次增長。因此，我們上個季度看到的那些綠色滑道實際上正在進入。再次，受到墨西哥實力的推動，其中很多實力可能與達美航空和墨西哥航空公司的共同存在有關。因為似乎我們在往返墨西哥的一些商務旅行中所佔的份額比歷史上要高得多，甚至在我們啟用 ATI 的合資企業成立之前。彼得卡特坐在我旁邊；也許彼得可以談談我們認為墨西哥航空公司將獲得批准的時間。

Good morning, Dan. We expect it to be approved in the fourth quarter.

早上好，丹。我們預計它將在第四季度獲得批准。

Understood, thanks, and just one final house cleaning, Paul. Has Delta been active in buying back the stock since June 30th?

明白了，謝謝，還有最後一次房屋清潔，保羅。自 6 月 30 日以來，達美是否一直在積極回購股票？

Dan, good morning. We, as we talked about before, we're in the market every day buying back stock and this quarter is no different.

丹，早上好。正如我們之前所說，我們每天都在市場上回購股票，本季度也不例外。

Thanks for the time, guys.

謝謝你的時間，伙計們。

Thanks, Dan.

謝謝，丹。

That's going to wrap up the analyst portion of the call and I will now turn it over to Kevin.

這將結束電話的分析師部分，我現在將把它交給凱文。

Good morning. This is Kevin Shinkle. Welcome to the media portion of the call. We'll have about 10 minutes for questions, so please limit yourself to one question and one brief follow-up. Kyle, will you please provide the instructions on how to register to ask a question?

早上好。這是凱文·辛克爾。歡迎來到電話的媒體部分。我們將有大約 10 分鐘的時間提問，因此請限制自己回答一個問題和一個簡短的跟進。凱爾，請您提供有關如何註冊提問的說明嗎？

(Operator Instructions)

（操作員說明）

We will take our next question from Jeffrey Dastin with Reuters.

我們將向路透社的 Jeffrey Dastin 提出我們的下一個問題。

Thank you for taking the question. Might you break down why trans-Atlantic flights will have one of their most profitable summers in history? Is it country, which countries and which point of origin, leisure versus corporate bookings that sort of thing?

感謝您提出問題。您能否解釋一下為什麼跨大西洋航班將成為歷史上最賺錢的夏季之一？是國家，哪個國家和哪個原產地，休閒與公司預訂之類的事情嗎？

We don't provide that level of detail, Jeffrey. Trans-Atlantic for us historically has been a strong source of profit, and as we've expanded to the UK, with our Virgin relationship, we've just built on that.

杰弗裡，我們不提供那種詳細程度的細節。從歷史上看，跨大西洋對我們來說一直是一個強大的利潤來源，隨著我們擴展到英國，通過我們的維珍合作關係，我們剛剛在此基礎上再接再厲。

Great, thank you. And then the follow-up will be how do forward bookings to the United Kingdom for the fourth quarter compare to how they were last year? Are there more bookings a factor in the capacity tweets, not just the currency?

太好了謝謝。然後後續將是第四季度到英國的預訂量與去年相比如何？容量推文中是否有更多預訂，而不僅僅是貨幣？

The currency certainly has impacted the booking point of sale, and we have seen some strength in the US point of sale to the UK as the pound has deteriorated. Likewise, we've seen some reduction in our UK point of sale coming to the US, and that's why we're making certain of the capacity adjustments combined with overall high levels of capacity in the North Atlantic, which is putting pressure on yields even before Brexit.

貨幣當然影響了預訂銷售點，隨著英鎊貶值，我們看到美國對英國的銷售點有所走強。同樣，我們看到我們的英國銷售點進入美國有所減少，這就是為什麼我們要確定產能調整以及北大西洋的整體高水平產能，這甚至給產量帶來壓力在英國退歐之前。

Great, thank you.

太好了謝謝。

We will take our next question from Michael Sasso with Bloomberg News.

我們將在彭博新聞社接受邁克爾·薩索的下一個問題。

Yes, good morning. I'm still a little confused about the issue with close-in bookings. It sounds like demand is still okay, but that maybe some of the problem is too much capacity. Is that what I'm hearing? Could you just explain what specifically is causing those close-in yields to be lower?

是的，早上好。我對近距離預訂的問題仍然有些困惑。聽起來需求還可以，但可能有些問題是容量太大。這是我聽到的嗎？你能解釋一下具體是什麼導致這些接近收益率降低嗎？

Well, industry pricing is lower year over year, and that's probably the main driver of it. But when you have capacity growth and you have stable demand, that's also a negative impact to the total composition of your unit revenues, because corporate travel is, of course, the highest yielding piece of our yield curve. So it's a combination of too much capacity and too low fares.

嗯，行業定價同比下降，這可能是它的主要驅動力。但是，當您有容量增長並且您有穩定的需求時，這也會對您單位收入的總構成產生負面影響，因為商務旅行當然是我們收益曲線中收益最高的部分。所以這是容量過多和票價過低的結合。

Next question?

下一個問題？

We'll take our next question from David Koenig with the Associated Press.

我們將向美聯社的 David Koenig 提出我們的下一個問題。

Yes, hi. I thought you might touch on this in the last answer on the analyst section, but should we expect you to drop any routes or markets entirely as part of your reduced plans for capacity in the fourth quarter? Hello?

是的，你好。我認為您可能會在分析師部分的最後一個答案中提到這一點，但我們是否應該期望您完全放棄任何路線或市場，作為您在第四季度減少產能計劃的一部分？你好？

Hello. We don't comment on future schedule changes or future pricing initiatives as a general rule.

你好。作為一般規則，我們不評論未來的時間表變化或未來的定價舉措。

Okay, yes, I'm not asking you to name the routes or markets, I just wonder if that's something we should expect as a possibility.

好的，是的，我不是要你命名路線或市場，我只是想知道這是否是我們應該期待的可能性。

We evaluate them all the time and we add routes and delete routes from our network on a regular basis. So the answer is that we'll adjust to market conditions as we see them evolve.

我們一直在評估它們，並定期從我們的網絡中添加和刪除路由。所以答案是，我們會隨著市場條件的發展做出調整。

Okay, thanks.

好的謝謝。

We will take our next question from Kelly Yamanouchi with The Atlanta Journal-Constitution.

我們將向《亞特蘭大憲法報》的 Kelly Yamanouchi 提出我們的下一個問題。

Hi there. I am wondering about the UK-origin leisure markets that you mentioned, the capacity cuts will be targeted at. I was just wondering what kinds of markets are UK-origin leisure markets?

你好呀。我想知道你提到的英國原產休閒市場，產能削減將針對。我只是想知道英國起源的休閒市場是什麼樣的市場？

Well clearly, London is the biggest market in the UK, but London a very, very high business component. As a matter of fact, London represents about 35% of the total business to and from the US between the US and Europe. So what we're doing is we're taking potentially down frequency as an off-peak days or downgauging equipment into the regional cities. Manchester tends to be a perfect example of a much higher UK point-of-origin market than London, because there's a lot of leisure travel coming out of Manchester and those would be the types of markets that we would look at to reduce.

很明顯，倫敦是英國最大的市場，但倫敦是一個非常非常高的商業組成部分。事實上，倫敦約占美國和歐洲之間往返美國的總業務量的 35%。因此，我們正在做的是將潛在的頻率降低為非高峰日或降低區域城市的設備規格。曼徹斯特往往是一個比倫敦高得多的英國原產地市場的完美例子，因為有很多休閒旅游來自曼徹斯特，而這些市場類型將是我們希望減少的市場類型。

Kelly, this is Ed. We've grown substantially in the UK in the last several years, both we and our partner at that Virgin Atlantic. So I wouldn't be focused on a cut; this is more trimming from the overall growth. So you have to look at this over a longer time horizon. And our capacity is up substantially to the UK over any period of time. So I think this is a normal part of the ebb and flow of supply and demand.

凱利，這是埃德。在過去的幾年裡，我們和我們在維珍航空的合作夥伴在英國都取得了長足的發展。所以我不會專注於剪輯；這與整體增長相比更為微妙。所以你必須在更長的時間範圍內看待這個問題。我們的能力在任何時期都與英國相當。所以我認為這是供需潮起潮落的正常部分。

Okay, great, thank you very much.

好的，太好了，非常感謝。

We'll take our next question from Ted Reed from The Street.

我們將向 The Street 的 Ted Reed 提出下一個問題。

Had a Brexit question. My impression from what you said was that more Americans are going to UK in the summer and so there's very good summer travel. But in the winter, the UK travel to the US, the US leisure destinations is what's declining. Is that fair?

有一個英國退歐問題。你所說的我的印像是更多的美國人在夏天去英國，所以夏天的旅行非常好。但在冬季，英國赴美旅遊，美國的休閒目的地卻在下降。這公平嗎？

That's our best estimate Ted, yes.

這是我們最好的估計，泰德，是的。

When you say leisure destinations, does that mean Florida for the UK people coming in the winter, is that Florida?

當您說休閒目的地時，這是否意味著對於冬天來英國的人來說是佛羅里達州，那是佛羅里達州嗎？

Florida, Vegas.

佛羅里達州，維加斯。

Just broadly.

就廣義而言。

New York.

紐約。

Thank you.

謝謝你。

We'll take our next question from Edward Russell with Flightglobal.

我們將向 Flightglobal 的 Edward Russell 提出我們的下一個問題。

Hi yes. On the UK cuts, I was wondering are those going to be seasonal just during the winter and off-peak periods, or are they intended to be permanent cuts?

嗨，是的。關於英國的減產，我想知道那些只是在冬季和非高峰期是季節性的，還是打算永久減產？

They are just seasonal.

它們只是季節性的。

Okay, and then second question, what does this mean for the new routes that you've announced for 2017 into the UK, Portland, additional frequencies from Detroit and Atlanta?

好的，然後是第二個問題，這對於您宣布的 2017 年進入英國、波特蘭、底特律和亞特蘭大的額外頻率的新航線意味著什麼？

There's no changes.

沒有變化。

Thank you very much.

非常感謝。

We will take our next question from Linda Lloyd with the Philadelphia Inquirer.

我們將在費城問詢者那裡接受 Linda Lloyd 的下一個問題。

Thank you. Thank you for taking my question. With the Trainer refinery posting a loss for the second quarter, a $10 million loss in the latest quarter, and $28 million loss in the first quarter, is the refinery still a benefit to Delta? Are you still glad you bought it?

謝謝你。謝謝你接受我的問題。 Trainer 煉油廠第二季度虧損，最近一個季度虧損 1,000 萬美元，第一季度虧損 2,800 萬美元，這家煉油廠仍然對達美有利嗎？你還高興你買了它嗎？

Good morning, Linda. This is Paul Jacobson. The answer is absolutely. The Trainer refinery for us has been a huge success, and as we talked about, the lower crack spread environment that exists for the entire refining complex is a tremendous benefit to the airline. So as part of the integrated fuel management strategy, we are absolutely still very pleased with that purchase and that investment.

早上好，琳達。這是保羅·雅各布森。答案是絕對的。 Trainer 煉油廠對我們來說取得了巨大的成功，正如我們所談到的，整個煉油廠存在的較低裂紋擴展環境對航空公司來說是一個巨大的好處。因此，作為綜合燃料管理戰略的一部分，我們對此次購買和投資仍然非常滿意。

Is there a time you envision the refinery becoming profitable again as you look out in future quarters or this year?

當您展望未來幾個季度或今年時，您是否曾設想過煉油廠再次盈利？

Well, certainly, we've had profitable years with the refinery, and that business is very cyclical. We certainly hope it doesn't come at the expense of significantly higher fuel for the airline. But you've got to remember that it's part of that integrated strategy, and we know we'll have good times and bad times with that refinery. But we're absolutely committed to it despite or irrespective of its profits.

嗯，當然，我們在煉油廠已經有多年的盈利，而且這項業務是非常週期性的。我們當然希望它不會以航空公司大幅增加燃油為代價。但你必須記住，這是綜合戰略的一部分，我們知道我們在煉油廠會有好時光和壞時光。但無論其利潤如何，我們都絕對致力於它。

Linda, this is Ed. Let me be really clear. We are very happy with the refinery; they are doing a great job, and yes, we expect they will continue to generate profits, as they have historically for Delta over time.

琳達，這是埃德。讓我真的很清楚。我們對煉油廠非常滿意；他們做得很好，是的，我們預計他們將繼續產生利潤，就像他們在歷史上為達美航空所做的那樣。

Okay, thank you very much.

好的，非常感謝。

Kyle, we have time for one last question.

凱爾，我們有時間回答最後一個問題。

We will take our final question from Elliott Blackburn.

我們將向 Elliott Blackburn 提出最後一個問題。

Good morning. Thanks for taking the question. Just building off that last question, can you go through, considering the fact that the refinery will be adding to your fuel costs, it sounds like through the rest of the year, what does success look like more broadly for that refinery? How do you guys evaluate that refinery as a contributor?

早上好。感謝您提出問題。在最後一個問題的基礎上，考慮到煉油廠將增加你的燃料成本這一事實，你能不能說清楚，這聽起來像是在今年剩下的時間裡，那家煉油廠的成功看起來更廣泛嗎？你們如何評價那個煉油廠作為貢獻者？

Well Elliott, the main purpose of buying that refinery is, as articulated in all of our commentary, is then to self-supply jet fuel and increase the supply of jet fuel, which we've done very successfully. We measure the success of that refinery based on how well it operates and the team that we have there has been performing extraordinarily well. From a cost basis, from an operational reliability basis, the refinery leads all comparable indices, both in size and geography for its efficiency and its productivity.

好吧，Elliott，購買該煉油廠的主要目的，正如我們所有評論中所闡述的那樣，是為了自給航空燃料並增加航空燃料的供應，我們已經非常成功地做到了這一點。我們根據該煉油廠的運營情況以及我們在那裡的團隊表現異常出色來衡量該煉油廠的成功與否。從成本基礎和運營可靠性基礎來看，煉油廠的效率和生產力在規模和地理位置方面均領先於所有可比指標。

The absolute crack spreads in the economics of that you've got to take into account the airline. And when crack spreads are down, that puts pressure on refinery profits, but it's a huge windfall for the airline as well. So we feel very good about that, and as long as it continues to operate the way it is, we view it as strongly successful.

你必須考慮到航空公司的經濟問題。當裂解價差下降時，這會給煉油廠的利潤帶來壓力，但這對航空公司來說也是一筆巨大的意外之財。所以我們對此感覺非常好，只要它繼續按原樣運作，我們就認為它非常成功。

But it seems like your peers that are also buying jet fuel benefit from that without actually having the risk of operating a refinery. So can you help me understand why the refinery itself is a unique benefit to Delta in light of that?

但是，您的同行似乎也在購買噴氣燃料，而實際上卻沒有經營煉油廠的風險。那麼，鑑於此，您能幫我理解為什麼煉油廠本身對達美航空有獨特的好處嗎？

Well, the fact that it may or may not be a benefit to our customers doesn't have any -- or our competitors doesn't have any bearing as to whether or not we view it as a success for Delta. And we do things that are good for us, and the refinery is a great example of that.

好吧，它可能對我們的客戶有利也可能不會對我們的客戶有利這一事實沒有任何意義——或者我們的競爭對手對我們是否將其視為達美航空的成功沒有任何影響。我們做對我們有益的事情，煉油廠就是一個很好的例子。

Don't forget this was a refinery that was closed, and when we reopened it, we added 40% more supply of jet fuel into the New York harbor. That alone was a substantial benefit to Delta. And to the extent it benefits our colleagues and industry, all the better.

不要忘記這是一家關閉的煉油廠，當我們重新開放它時，我們向紐約港增加了 40% 的噴氣燃料供應。僅這一點對達美航空來說就是一個巨大的好處。如果它有利於我們的同事和行業，那就更好了。

Thank you very much.

非常感謝。

That does conclude our Q&A session. I would like to turn it back over to management for any additional or closing remarks.

這確實結束了我們的問答環節。我想把它交還給管理層，以獲取任何額外的或結束的評論。

No, that's it. That concludes everything. Thank you for joining us.

不，就是這樣。一切就這樣結束了。感謝您加入我們。

And this does conclude today's conference call. Thank you all for your participation. You may now disconnect.

這確實結束了今天的電話會議。謝謝大家的參與。您現在可以斷開連接。