達美航空 (DAL) 2019 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines December Quarter and Full Year 2019 Financial Results Conference Call.

大家早上好，歡迎參加達美航空公司 2019 年 12 月季度和全年財務業績電話會議。

My name is Shannon, and I will be your coordinator.

我的名字是香農，我將是你的協調員。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員說明）作為提醒，今天的通話正在錄音中。

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

我現在想將會議轉交給投資者關係副總裁 Jill Greer。

Please go ahead, ma'am.

請繼續，女士。

Thanks, Shannon.

謝謝，香農。

Good morning, everyone, and thanks for joining us on our December quarter and full year call.

大家早上好，感謝您參加我們 12 月季度和全年的電話會議。

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

今天從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。

Our entire leadership team is here in the room with us for the Q&A.

我們整個領導團隊都在房間裡與我們一起進行問答。

Ed will open the call and give an overview of Delta's financial performance, Glen will then address the revenue environment and Paul will conclude with a review of our cost performance and cash flow.

Ed 將打開電話並概述 Delta 的財務業績，Glen 將討論收入環境，Paul 將以審查我們的成本績效和現金流結束。

(Operator Instructions)

（操作員說明）

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

今天的討論確實包含代表我們對未來事件的信念或期望的前瞻性陳述。

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。

Some of the factors that may cause such differences are described in our SEC filings.

我們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.

我們還將討論非公認會計準則財務指標。

All results exclude special items, unless otherwise noted, and you can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com.

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, Ed.

有了這個，埃德。

Thanks, Jill.

謝謝，吉爾。

Good morning, everyone.

大家，早安。

We appreciate you joining us today.

感謝您今天加入我們。

Earlier, Delta reported our full year results, including a December quarter pretax profit of $1.4 billion, which is up $240 million compared to last year.

早些時候，達美航空報告了我們的全年業績，其中包括 12 月季度的 14 億美元稅前利潤，與去年相比增加了 2.4 億美元。

Our EPS in the quarter increased 31% to $1.70, with pretax margins expanding 140 basis points to 12.4%.

我們本季度的每股收益增長 31% 至 1.70 美元，稅前利潤率擴大 140 個基點至 12.4%。

The December quarter performance was a great finish to what was truly an outstanding year on all fronts: strategically, with the American Express renewal and the announcement of LATAM and Wheels Up partnerships; operationally, with best-in-class completion factor and on-time performance; and financially, with industry-leading revenue, profits and cash flow.

12 月季度的業績為各方面真正出色的一年畫上了圓滿的句號：戰略上，美國運通續約以及宣布 LATAM 和 Wheels Up 合作夥伴關係；在運營上，具有一流的完成率和準時性能；在財務方面，擁有行業領先的收入、利潤和現金流。

2019 was the best year in our history.

2019 年是我們歷史上最好的一年。

The top line grew 7.5% to $47 billion, positioning Delta as the largest carrier by revenue in the world.

收入增長 7.5% 至 470 億美元，使達美航空成為全球收入最大的航空公司。

We delivered $6.2 billion in pretax income, an improvement of more than $1 billion over 2018, setting a new record for Delta and the U.S. airline industry.

我們實現了 62 億美元的稅前收入，比 2018 年增加了超過 10 億美元，為達美航空和美國航空業創造了新紀錄。

Full year earnings per share improved 30% over the prior year and we generated $4.2 billion of free cash flow, with $3 billion returned to owners.

全年每股收益比上年增長 30%，我們產生了 42 億美元的自由現金流，其中 30 億美元返還給了所有者。

These results simply would not be possible without the incredible work of our Delta team.

如果沒有我們 Delta 團隊的出色工作，這些結果根本不可能實現。

I am pleased we'll recognize our employees' performance in 2019 with $1.6 billion in profit sharing.

我很高興我們將通過 16 億美元的利潤分享來表彰我們員工在 2019 年的表現。

This marks the highest profit sharing in Delta's history and is the sixth consecutive year of $1 billion or more in profit sharing.

這標誌著達美歷史上最高的利潤分成，也是連續第六年利潤分成達到或超過 10 億美元。

We could not be happier for our people.

我們不能為我們的人民感到高興。

For our customers, we continue to run the world's most reliable airline.

對於我們的客戶，我們繼續經營著世界上最可靠的航空公司。

We ended the year with 165 cancel-free days across the entire Delta branded system, with 281 0 canceled days on our mainline operations, representing an entire month's worth of improvement over the record performance that we set in 2018.

我們在整個 Delta 品牌系統中以 165 天無取消天數結束了這一年，我們的主線運營取消了 281 0 天，比我們在 2018 年創下的創紀錄業績提高了整整一個月的價值。

Recently, Delta was named 2019's most on-time North American airline by Flightglobal for the third year in a row.

最近，達美航空連續第三年被 Flightglobal 評為 2019 年最準時的北美航空公司。

Exceptional operational performance, along with unmatched customer service, is why more people than ever are choosing to fly Delta.

卓越的運營表現以及無與倫比的客戶服務是選擇達美航空的原因。

In 2019, we flew 204 million customers, a 6% increase over 2018.

2019 年，我們飛行了 2.04 億客戶，比 2018 年增長 6%。

And over the last decade, we've significantly improved the quality and reliability of Delta's operations.

在過去十年中，我們顯著提高了達美運營的質量和可靠性。

And as a result, our customer satisfaction scores have more than tripled.

因此，我們的客戶滿意度得分增加了兩倍多。

Domestic Net Promoter Score is now regularly in the 50s, with nearly 5-point improvements over the course of 2019.

國內淨推薦值現在經常在 50 多歲，在 2019 年期間提高了近 5 個百分點。

Delta's continued investment in our operations, products, service, airports and technology are reshaping customers' perception of our brand.

達美對我們的運營、產品、服務、機場和技術的持續投資正在重塑客戶對我們品牌的認知。

And our journey to improve continues daily, and we plan to keep climbing by powering our culture of service through technology.

我們的改進之旅每天都在繼續，我們計劃通過技術支持我們的服務文化來繼續攀登。

Last week, I had the honor of delivering the opening keynote address at the Consumer Electronics Show, where we outlined Delta's vision for the future of travel, unveiling innovative technologies to better serve customers and give our employees the best tools to use in the world.

上週，我有幸在消費電子展上發表了開幕主題演講，其中我們概述了 Delta 對未來旅行的願景，展示了創新技術，以更好地為客戶服務，並為我們的員工提供世界上最好的工具。

Delta is leading the industry in every dimension.

台達在各個方面都處於行業領先地位。

In 5 short years, Delta will celebrate its 100th anniversary.

短短 5 年，達美將迎來成立 100 週年。

It's amazing to think how far we've come, but even more exciting to look ahead.

想想我們已經走了多遠令人驚奇，但展望未來更令人興奮。

2020 is off to a good start.

2020 年開了個好頭。

The U.S. consumer and travel demand remained healthy, our brand has strong momentum, and we have a pipeline of commercial initiatives that support another year of revenue growth in excess of GDP.

美國消費者和旅遊需求保持健康，我們的品牌發展勢頭強勁，並且我們擁有一系列商業計劃，可支持又一年的收入增長超過 GDP。

Consistent with our plan that we outlined at Investor Day last month, we expect to grow 2020 revenue by 4% to 6%.

根據我們上個月在投資者日概述的計劃，我們預計 2020 年的收入將增長 4% 至 6%。

This is on top of the 15% growth that we've delivered over the last 2 years.

這是我們在過去 2 年實現的 15% 增長的基礎上。

Our full year earnings outlook of $6.75 to $7.75 per share positions Delta for the sixth straight year of pretax profits in excess of $5 billion.

我們對每股 6.75 美元至 7.75 美元的全年盈利預期使達美航空連續第六年實現超過 50 億美元的稅前利潤。

Free cash flow is also expected to remain strong at $4 billion in 2020.

預計 2020 年自由現金流也將保持強勁，達到 40 億美元。

This would bring Delta's 3-year cumulative free cash flow to over $10 billion by the end of this year.

到今年年底，這將使達美航空的 3 年累計自由現金流超過 100 億美元。

By leveraging a solid financial foundation with increasingly diverse revenue streams and building brand momentum, we are demonstrating an unprecedented level of earnings and free cash flow consistency for this industry.

通過利用穩固的財務基礎、日益多樣化的收入來源和建立品牌勢頭，我們展示了該行業前所未有的收益水平和自由現金流的一致性。

This is enabling us to reinvest in our business at a level that others cannot match.

這使我們能夠以其他人無法比擬的水平對我們的業務進行再投資。

This reinvestment is extending our competitive advantages.

這種再投資正在擴大我們的競爭優勢。

And when combined with a great brand powered by the very best people in the business, we have the engine to drive meaningful long-term value for our customers, our employees and our owners.

當與由業內最優秀人才支持的偉大品牌相結合時，我們就有動力為我們的客戶、員工和所有者帶來有意義的長期價值。

With that, I'd like to turn the call over to Glen and to Paul to go through the details of the quarter.

有了這個，我想把電話轉給格倫和保羅，讓他們了解本季度的細節。

Thanks, Ed, and good morning.

謝謝，埃德，早上好。

First, I'd like to thank the entire Delta team for delivering a record year in 2019.

首先，我要感謝整個 Delta 團隊在 2019 年創造了創紀錄的一年。

It's their hard work that enabled $47 billion in revenue, an increase of more than $3 billion over prior year.

正是他們的辛勤工作帶來了 470 億美元的收入，比去年增加了 30 億美元以上。

The 7.5% growth was broad-based, with strength in both business and leisure, improvements in domestic and international and double-digit growth in loyalty and MRO.

7.5% 的增長是基礎廣泛的，商務和休閒領域都表現強勁，國內和國際有所改善，忠誠度和 MRO 實現兩位數增長。

Total unit revenues improved 2.8%, sustaining our revenue premium to the industry of more than 110% and outpacing nonfuel unit cost growth of 2%.

總單位收入增長 2.8%，維持我們對行業 110% 以上的收入溢價，超過 2% 的非燃料單位成本增長。

We continue to diversify the top line, with 53% of our revenue generated by premium products, loyalty and other nonticket revenue sources.

我們繼續使收入多樣化，我們 53% 的收入來自優質產品、忠誠度和其他非票務收入來源。

Premium product revenue grew 9% in the year to $15 billion.

高端產品收入在這一年增長了 9%，達到 150 億美元。

We've continued to improve and invest in the premium experience, and we are seeing increasing product affinity.

我們不斷改進並投資於優質體驗，並且我們看到產品親和力不斷提高。

On average, 70% of customers that fly in premium products purchase an equal or better product on a future trip.

平均而言，70% 乘坐優質產品飛行的客戶會在未來的旅行中購買同等或更好的產品。

We are providing SkyMiles members more options to use miles anywhere they can use cash with Delta.

我們為“飛凡里程常客計劃”會員提供更多選擇，讓他們可以在任何可以使用達美現金的地方使用里程。

Since launching upsell with miles a little over a year ago, 1.2 million customers have redeemed miles, contributing $135 million of incremental revenue, and we continue to expand capabilities, most recently with the ability to pay for bag fees using miles.

自一年多前推出里程加售以來，已有 120 萬客戶兌換了里程，貢獻了 1.35 億美元的增量收入，我們還在繼續擴展功能，最近還可以使用里程支付行李費。

Brand preference for Delta is stronger than ever.

對達美的品牌偏好比以往任何時候都強烈。

We are seeing momentum in customer satisfaction scores.

我們看到了客戶滿意度得分的勢頭。

And in 2019, Business Travel News named Delta the world's best airline for business travel for the ninth year in a row.

2019 年，《商務旅行新聞》連續第九年將達美航空評為全球最佳商務旅行航空公司。

More customers are choosing to interact directly with us, with 52% of trips purchased directly from Delta during the year.

越來越多的客戶選擇直接與我們互動，年內 52% 的行程直接從達美購買。

Digital is our fastest-growing distribution channel.

數字化是我們增長最快的分銷渠道。

Mobile revenues grew by 35%, driven by an active user base of over 24 million customers.

在超過 2400 萬活躍用戶群的推動下，移動收入增長了 35%。

Total loyalty revenues grew 18%.

忠誠度總收入增長了 18%。

We added the highest number of SkyMiles members in our history with over 6 million new enrollments.

我們增加了歷史上最多的“飛凡里程常客計劃”會員，新註冊人數超過 600 萬。

We also acquired 1.1 million new co-brand cards, setting a new record and marking the third consecutive year of more than 1 million co-brand acquisitions.

我們還獲得了 110 萬張新的聯名卡，創造了新的記錄，並連續第三年獲得超過 100 萬張聯名卡。

We deepened our customer engagement to drive 12% growth in mileage redemptions and program spend.

我們深化了客戶參與度，推動里程兌換和計劃支出增長了 12%。

This is the fifth year of double-digit growth for portfolio spend.

這是投資組合支出連續第五年實現兩位數增長。

In 2019, our renewed contract with American Express benefited revenue by approximately $500 million.

2019 年，我們與美國運通續籤的合同使收入受益約 5 億美元。

Delta's close relationship with American Express is a strategic advantage that is truly unique.

達美與美國運通的密切關係是一項真正獨一無二的戰略優勢。

In 2019, total contributions grew by 20% to $4.1 billion.

2019 年，捐款總額增長了 20%，達到 41 億美元。

We expect this to reach $4.4 billion in 2020 and grow to nearly $7 billion by 2023 on a combination of improved rates, continued acquisition momentum and spend growth.

我們預計這將在 2020 年達到 44 億美元，到 2023 年將增長到近 70 億美元，這得益於利率的提高、持續的收購勢頭和支出增長。

Enhancing customer loyalty and building trust is at the heart of our business.

提高客戶忠誠度和建立信任是我們業務的核心。

And together with American Express, we are finding new and innovative ways to reward customers for their loyalty.

與美國運通一起，我們正在尋找新的創新方式來獎勵客戶的忠誠度。

Later this month, we will be launching our new portfolio of card offerings.

本月晚些時候，我們將推出新的信用卡產品組合。

The redesigned cards deliver new and richer rewards that will continue to increase customer benefits and drive future card acquisitions.

重新設計的卡提供了新的和更豐富的獎勵，將繼續增加客戶利益並推動未來的卡購買。

Turning to the December quarter.

轉到 12 月季度。

We delivered a strong close to the year with top line revenue growth of 7.2%.

我們在年底實現了強勁的收入增長，收入增長了 7.2%。

Total unit revenue growth of 2.4% beat guidance and marked our 11th consecutive quarter of improvement over prior year.

2.4% 的總單位收入增長超過了預期，標誌著我們連續第 11 個季度比去年同期有所改善。

Passenger unit revenue was up 1.4% over prior year, led by strength in domestic and Lat Am.

客運單位收入較上年增長 1.4%，主要得益於國內和拉丁美洲的強勁增長。

Holiday travel came in ahead of expectations, driven by strong consumer sentiment and a condensed booking period between Thanksgiving and Christmas.

受強勁的消費者信心和感恩節和聖誕節之間的預訂期縮短的推動，假日旅行超出預期。

Domestically, we saw strength in business and leisure demand with solid yield gains on peak travel days.

在國內，我們看到商務和休閒需求強勁，在旅遊高峰日收益率穩健增長。

Premium product revenue outpaced our expectations, growing 9% in the December quarter on top of last year's 10% growth.

優質產品收入超出我們的預期，在去年 10% 的增長基礎上，在 12 月季度增長了 9%。

Domestically, revenue was up 7.7% on a 1.6% improvement in unit revenues.

在國內，收入增長 7.7%，單位收入增長 1.6%。

Corporate demand was strong at up 6%; and premium products remain a key contributor, up 11% year-over-year.

企業需求強勁，增長 6%；高端產品仍然是主要貢獻者，同比增長 11%。

Similar to the September quarter, we saw revenue and margin improvement in every domestic hub, with revenue up 10% in coastal hubs and 6% in core hubs.

與 9 月季度類似，我們看到每個國內樞紐的收入和利潤率都有所提高，沿海樞紐的收入增長了 10%，核心樞紐的收入增長了 6%。

Internationally, revenue grew 2% on flat PRASM.

在國際上，PRASM 持平的收入增長了 2%。

Lat Am was the best-performing entity with 6.3% PRASM improvement, a 3-point improvement sequentially.

拉美是表現最好的實體，PRASM 提高了 6.3%，依次提高了 3 個百分點。

Brazil and Mexico both delivered double-digit PRASM gains.

巴西和墨西哥均實現了兩位數的 PRASM 收益。

In the Atlantic, PRASM declined 1.6%, almost entirely driven by FX.

在大西洋，PRASM 下跌 1.6%，幾乎完全受外匯影響。

Pacific revenue stabilized on a 3-point sequential PRASM improvement.

太平洋地區收入穩定在 3 個點的連續 PRASM 改善上。

While China remains soft, trends improved in Japan and Delta Premium Select performed well as we continue our fleet and product transformation.

儘管中國市場依然疲軟，但隨著我們繼續機隊和產品轉型，日本和達美 Premium Select 的趨勢有所改善。

With new and reconfigured aircraft now on 80% of our Pacific routes, we have the Delta One suite and Premium Select products in place.

現在，我們 80% 的太平洋航線都有新的和重新配置的飛機，我們擁有 Delta One 套房和 Premium Select 產品。

In the March quarter, we expect total unit revenues to increase by 5% to 7% on unit revenues of flat to up 2%.

在 3 月季度，我們預計總單位收入將增長 5% 至 7%，單位收入持平至 2%。

The sequential change in unit revenues from the December quarter is due to lapping last year's American Express contract benefits and MRO engine volume timing.

與 12 月季度相比，單位收入的環比變化是由於去年美國運通的合同收益和 MRO 發動機量時間安排。

Importantly, PRASM growth remains consistent at approximately 1.5% in both 4Q '19 and 1Q '20.

重要的是，PRASM 的增長在 19 年第四季度和 20 年第一季度都保持在大約 1.5% 的水平。

March quarter expected capacity growth includes approximately 2 points of leap year and the launch of service to India.

3 月季度的預期運力增長包括大約 2 個閏年和向印度推出服務。

In 2020, our plan of 4% to 6% revenue growth is driven by 4 areas: strengthening brand preference, better selling and servicing of our products, continuing to win with business and corporate travelers and driving increased loyalty with more customers.

2020 年，我們 4% 至 6% 的收入增長計劃受到 4 個領域的推動：加強品牌偏好、更好地銷售和服務我們的產品、繼續贏得商務和商務旅客的青睞以及提高對更多客戶的忠誠度。

Corporate and leisure demand trends remain healthy.

企業和休閒需求趨勢保持健康。

The overall outlook for corporate travel is positive.

商務旅行的總體前景是積極的。

In our most recent survey, 80% of travel managers expect to maintain or increase their spend in 2020.

在我們最近的調查中，80% 的差旅經理預計 2020 年將維持或增加支出。

Momentum in premium product revenue is continuing in 2020 with the ongoing modernization of our wide-body fleet and improvements in how we sell and distribute premium products.

隨著我們寬體機隊的持續現代化以及我們銷售和分銷優質產品方式的改進，優質產品收入的勢頭將在 2020 年繼續保持。

We also expect additional growth from American Express and MRO, albeit at a more moderate rate than in 2019.

我們還預計美國運通和 MRO 將實現額外增長，儘管增速比 2019 年更為溫和。

In our network, we are expanding service and coastal hubs, refocusing on opportunities in our core and developing our partnerships with LATAM.

在我們的網絡中，我們正在擴大服務和沿海樞紐，重新關注我們核心的機會，並發展我們與 LATAM 的合作夥伴關係。

We expect to begin our codeshare relationship in the March quarter.

我們預計將在 3 月季度開始我們的代碼共享關係。

In December, we launched new service from JFK to Mumbai, and revenue trends are ahead of forecast.

12 月，我們推出了從肯尼迪國際機場到孟買的新航線，收入趨勢超出預期。

We expect approximately a 1 point unit revenue pressure in the transatlantic as the route develops throughout the year.

隨著航線全年的發展，我們預計跨大西洋地區的單位收入壓力約為 1 個百分點。

In the first half of the year, Delta will consolidate Tokyo operations at the preferred downtown Haneda Airport.

今年上半年，達美航空將在首選的市中心羽田機場整合東京業務。

We will also shift Beijing service to the new Beijing Daxing Airport.

我們還將北京服務轉移到新的北京大興機場。

These moves are strategically important and are the final steps in our multiyear restructuring journey in the Pacific.

這些舉措具有重要的戰略意義，是我們在太平洋地區多年重組之旅的最後一步。

Over the last decade, Delta has established a global scale advantage through an unprecedented network transformation and by building a leading portfolio of partnerships around the world.

在過去十年中，達美航空通過前所未有的網絡轉型和在全球建立領先的合作夥伴組合，建立了全球規模優勢。

This evolution provides the foundation for an acceleration of returns over the next decade as we mature and grow investments in fleet, partners, facilities and technology.

隨著我們在車隊、合作夥伴、設施和技術方面的投資成熟和增長，這種演變為未來十年加速回報奠定了基礎。

Delta's continued investment ensures that we extend our competitive advantages, our culture, operational reliability, global network, customer loyalty and an investment-grade balance sheet to retain our leadership position in the industry.

Delta 的持續投資確保我們擴大競爭優勢、文化、運營可靠性、全球網絡、客戶忠誠度和投資級資產負債表，以保持我們在行業中的領先地位。

In closing, we delivered an outstanding 2019 and are off to a very strong start in 2020.

最後，我們在 2019 年取得了出色的成績，並在 2020 年迎來了一個非常強勁的開端。

And now I'll turn it over to Paul.

現在我將把它交給保羅。

Thank you, Glen.

謝謝你，格倫。

Good morning, everyone, and thank you also for joining us.

大家早上好，也感謝你們加入我們。

In 2019, we delivered pretax income of $6.2 billion, more than $1 billion improvement versus prior year and over $300 million higher than Delta's prior record.

2019 年，我們實現了 62 億美元的稅前收入，比上一年增加了 10 億美元以上，比達美航空的歷史記錄高出 3 億多美元。

Pretax margin expanded by 160 basis points to 13.2%.

稅前利潤率擴大 160 個基點至 13.2%。

Earnings grew 30% to $7.31 per share.

每股收益增長 30% 至 7.31 美元。

Cash flow was also a key performance highlight.

現金流也是一個關鍵的業績亮點。

We generated over $4 billion in free cash flow while continuing to invest in our people, our fleet, our partners and technology.

我們創造了超過 40 億美元的自由現金流，同時繼續投資於我們的員工、我們的車隊、我們的合作夥伴和技術。

These investments are generating strong returns with an after-tax return on invested capital of 16.2% in 2019.

這些投資產生了強勁的回報，2019 年的投資資本稅後回報率為 16.2%。

This represents nearly 500 basis points of improvement since 2010, all while doubling our invested capital base.

這代表自 2010 年以來改善了近 500 個基點，同時我們的投資資本基礎增加了一倍。

In the December quarter, pretax margin expanded 140 basis points to 12.4%.

在 12 月季度，稅前利潤率擴大 140 個基點至 12.4%。

This was above guidance on stronger unit revenue, lower fuel and a net $80 million gain that resulted from selling our stake in GOL and beginning to unwind our relationship.

這高於因出售我們在 GOL 的股份並開始解除我們的關係而導致的更強勁的單位收入、更低的燃料和 8000 萬美元的淨收益的指導。

Excluding this gain, pretax margin grew 70 basis points and earnings beat consensus by approximately $0.21.

剔除這一收益，稅前利潤率增長了 70 個基點，收益超出預期約 0.21 美元。

While total expense grew 6.9% in the quarter, half of that growth was due to pension expense, the markup of benefit-related balance sheet obligations and profit sharing from the growth in profits.

雖然本季度總支出增長了 6.9%，但其中一半是由於養老金支出、與福利相關的資產負債表義務的加價以及利潤增長帶來的利潤分享。

These cost increases were partially offset by lower fuel expense, which declined $370 million, primarily on lower market fuel prices.

這些成本增加部分被較低的燃料費用所抵消，該費用減少了 3.7 億美元，主要是由於市場燃料價格下降。

Nonfuel unit costs were up 4.4% in the quarter, in line with our guidance.

本季度非燃料單位成本增長 4.4%，符合我們的預期。

For the full year, nonfuel unit costs came in at 2%, consistent with our long-term target despite the pressures we saw in the back half of the year.

儘管我們在下半年看到了壓力，但全年非燃料單位成本為 2%，與我們的長期目標一致。

For the March quarter, we expect nonfuel unit costs to increase 2% to 3%.

對於 3 月季度，我們預計非燃料單位成本將增加 2% 至 3%。

While fuel has been volatile over the last month, based on yesterday's price, we expect March quarter fuel price of $2 to $2.20 per gallon, in line to slightly above prior year.

雖然燃料在上個月一直波動，但根據昨天的價格，我們預計 3 月季度的燃料價格為每加侖 2 至 2.20 美元，與去年同期持平。

Combined with the outlook on revenue Glen provided, we expect March quarter pretax margin to be roughly flat year-over-year.

結合 Glen 提供的收入前景，我們預計 3 月季度稅前利潤率將與去年同期大致持平。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流。

During 2019, we generated $8.4 billion of operating cash and invested $4.5 billion back into the business.

2019 年，我們產生了 84 億美元的運營現金，並將 45 億美元重新投入到業務中。

Free cash flow of $4.2 billion resulted in nearly 90% of net income converted to free cash flow.

42 億美元的自由現金流導致近 90% 的淨收入轉化為自由現金流。

As outlined at Investor Day, we are planning capital spending of $4.5 billion in 2020 as we continue to replace our fleet and invest in product and technology.

正如投資者日所述，我們計劃在 2020 年進行 45 億美元的資本支出，因為我們將繼續更換我們的機隊並投資於產品和技術。

These investments are transforming Delta's fleet to drive margin benefits through higher customer satisfaction, increased premium seats and significant fuel efficiency improvements, which is helping to drive our sustainability goals.

這些投資正在改變達美的機隊，通過提高客戶滿意度、增加高級座位和顯著提高燃油效率來提高利潤，這有助於推動我們的可持續發展目標。

Returns on these investments are strong and the compounding benefits of reinvestments support long-term growth.

這些投資的回報很高，再投資的複合收益支持長期增長。

Delta's investment-grade balance sheet remains an important competitive advantage.

Delta 的投資級資產負債表仍然是一個重要的競爭優勢。

Including the debt we raised during the quarter, our leverage ratio was 1.7x at year-end.

包括我們在本季度籌集的債務，我們年底的槓桿率為 1.7 倍。

This puts us at the low end of our targeted adjusted debt-to-EBITDAR range of 1.5 to 2.5x.

這使我們處於 1.5 至 2.5 倍的目標調整後債務與 EBITDAR 範圍的低端。

That debt issuance was $1.5 billion of unsecured debt made up of 5- and 10-year notes.

發行的債務是 15 億美元的無擔保債務，由 5 年期和 10 年期票據組成。

The blended unsecured rate of 3.24% is the lowest for these durations in Delta's history.

3.24% 的混合無抵押利率是達美航空歷史上這些期限的最低值。

The proceeds funded the majority of the acquisition of 20% equity stake in LATAM.

所得款項用於收購 LATAM 20% 股權的大部分。

With the LATAM tender now complete, we will begin recognizing 20% of LATAM's earnings in the nonoperating line beginning in the March quarter.

隨著 LATAM 招標現已完成，我們將從 3 月季度開始在非運營線路中確認 LATAM 20% 的收益。

Moving to pension.

轉向養老金。

We are actively managing our obligation through a combination of funding and asset returns.

我們通過結合資金和資產回報積極管理我們的義務。

In the December quarter, we contributed an incremental $500 million of voluntary contributions into the plan, bringing elective contributions in 2019 to $1 billion.

在 12 月季度，我們為該計劃增加了 5 億美元的自願捐款，使 2019 年的選擇性捐款達到 10 億美元。

For the year, planned asset returns were about 19.5%, fueled by strength in the U.S. equity markets, which will drive favorability in our 2020 pension expense.

今年，在美國股市走強的推動下，計劃資產回報率約為 19.5%，這將推動我們 2020 年的養老金支出受到青睞。

And while lower discount rates impacted the liability, our funding strategy and strong returns helped improve our funded status of 75%.

雖然較低的貼現率影響了負債，但我們的融資策略和強勁的回報幫助我們提高了 75% 的融資狀況。

This is a 700 basis point improvement over prior year and nearly double the funded status in 2012.

這比上一年提高了 700 個基點，幾乎是 2012 年融資狀況的兩倍。

In 2019, Delta's unfunded liability also improved by $1 billion.

2019 年，達美航空的無資金負債也減少了 10 億美元。

We plan to make $500 million of elective contributions in 2020.

我們計劃在 2020 年提供 5 億美元的選擇性捐款。

Under Airline Relief, recall, we have no mandatory contributions through 2024.

回想一下，根據航空公司救濟，到 2024 年我們沒有強制性供款。

Strong cash generation allows us to reinvest in the business while also addressing these balance sheet obligations and simultaneously, consistently returning capital to shareholders.

強勁的現金產生使我們能夠對業務進行再投資，同時解決這些資產負債表義務，同時持續向股東返還資本。

In the December quarter, we returned $225 million in share repurchases and $259 million in dividends for a total of $3 billion in 2019.

在 12 月季度，我們返還了 2.25 億美元的股票回購和 2.59 億美元的股息，2019 年總計 30 億美元。

We ended 2019 with $1 billion remaining on our repurchase authorization, which we expect to complete by the middle of this year.

到 2019 年底，我們的回購授權剩餘 10 億美元，我們預計將在今年年中完成。

It is our powerful brand, unmatched competitive advantages and the collective efforts of all Delta people that allow us to continue to deliver industry-leading results and drive long-term values for our owners, our customers and for our people, and I'm truly excited for the year ahead.

正是我們強大的品牌、無與倫比的競爭優勢以及所有台達人的共同努力，使我們能夠繼續為我們的所有者、客戶和我們的員工提供行業領先的成果並推動長期價值，我真的為來年興奮。

Consistent with the guidance changes announced at Investor Day, we are no longer providing quarterly EPS but are well on track to deliver full year earnings per share of $6.75 to $7.75 per share in 2020.

根據投資者日宣布的指導變更，我們不再提供季度每股收益，但有望在 2020 年實現每股 6.75 美元至 7.75 美元的全年每股收益。

And we expect another strong year of free cash flow with expectations for $4 billion again this year, bringing our 3-year cumulative free cash flow total to over $10 billion by the end of 2020.

我們預計自由現金流又是強勁的一年，預計今年將再次達到 40 億美元，到 2020 年底，我們的 3 年累計自由現金流總額將超過 100 億美元。

And with that, I'll turn the call back over to Jill to begin the Q&A.

有了這個，我將把電話轉回吉爾開始問答。

Thanks, Paul.

謝謝，保羅。

Shannon, we're ready for the question-and-answer period with the analysts.

香農，我們已經準備好與分析師進行問答環節了。

If you could give them instructions on how to get in the queue.

如果你能給他們關於如何進入隊列的說明。

(Operator Instructions) And our first question will come from David Vernon of Bernstein.

（操作員說明）我們的第一個問題將來自 Bernstein 的 David Vernon。

So Ed, as you think about the decision to sort of accelerate the investments in technology and the experience, maybe even going after some adjacent revenues in rideshare through partnership and that kind of thing, is this -- are these activities going to be funded kind of within the existing capital envelope or do you expect Delta to kind of maybe spend a little bit more over the next couple of years as you look on kind of executing the vision you laid out at CES?

所以埃德，當你考慮加速技術和體驗投資的決定時，甚至可能通過合作夥伴關係在拼車中獲得一些相鄰的收入，這樣的事情，是這樣 - 這些活動會得到資助嗎？是在現有的資本範圍內，還是您預計 Delta 在未來幾年可能會花更多的錢來執行您在 CES 上製定的願景？

David, thanks.

大衛，謝謝。

Yes, the capital that we spoke of at CES and the technology that we displayed is within the envelope that we've been working with in technology.

是的，我們在 CES 上談到的資本和我們展示的技術都在我們一直在使用的技術範圍內。

But one of the things that we've done over the last several years is upped our investment in technology, and we're now on a capital level running at about $500 million a year in technology.

但我們在過去幾年所做的其中一件事是增加了對技術的投資，我們現在的資本水平約為每年 5 億美元的技術。

However, for the first couple of years of that, a lot of it was focused on infrastructure and resiliency and the data sets and data architecture, that's now finally starting to be able to produce the type of technology and innovation that you're seeing.

然而，在最初的幾年裡，很多都集中在基礎設施和彈性以及數據集和數據架構上，現在終於開始能夠產生你所看到的技術和創新類型。

And so it's going to be more heavily weighted going forward towards business and commercial application as compared to infrastructure, but it sits within the envelope we've been using.

因此，與基礎設施相比，它在業務和商業應用程序方面的權重將更大，但它位於我們一直在使用的範圍內。

And maybe just as a quick follow-up, as you think about the return on this incremental investment, is this going to be sort of a gradual enhancement to the revenue premium that you earn?

也許只是作為一個快速跟進，當您考慮這種增量投資的回報時，這是否會逐漸提高您獲得的收入溢價？

Or do you see some sort of step changes in opportunity along the way, whether it's material cost out or revenue opportunities kind of within the next 3 to 5 years?

或者您是否看到在此過程中機會出現某種階躍變化，無論是材料成本支出還是未來 3 到 5 年內的收入機會？

I think it's both, David.

我認為兩者都是，大衛。

Certainly, the revenue opportunities are significant.

當然，收入機會是巨大的。

We do go through -- in this past year, we looked at what we thought the -- our digital investments and new product offerings this year generated, and we estimate about $200 million of incremental revenue, whether it be using SkyMiles as a currency to upsell, the new-generation shopping and booking tools that we have.

我們確實經歷了——在過去的一年裡，我們審視了我們認為的——我們今年產生的數字投資和新產品，我們估計大約 2 億美元的增量收入，無論是使用“飛凡里程常客計劃”作為貨幣upsell，我們擁有的新一代購物和預訂工具。

Opportunities also sit on the cost front with better decision support in IROPs and optimizing the fleet and making certain that we're able to ensure that our crew are best utilized and any downtimes are minimized.

機會也位於成本方面，在 IROP 中提供更好的決策支持，優化機隊，確保我們能夠確保我們的船員得到最佳利用，任何停機時間都被最小化。

And I could go on, there's a long list of opportunities that we have.

我可以繼續說，我們有很多機會。

So I think it's going to be both a cost opportunity as well as a strong enhancement to the brand.

所以我認為這既是一個成本機會，也是對品牌的有力提升。

As we build closer and closer digital connections with our customers, 204 million customers a year, the only way you can build that connection with them at the personal level that they choose is digital, and we're off to a great start.

隨著我們與客戶（每年有 2.04 億客戶）建立越來越緊密的數字聯繫，在他們選擇的個人層面上與他們建立聯繫的唯一方法就是數字化，我們有了一個良好的開端。

Our next question will come from Helane Becker of Cowen.

我們的下一個問題將來自 Cowen 的 Helane Becker。

Glen, I know you said that you're seeing strong demand on the corporate side, and I'm sure that's true.

格倫，我知道你說過你看到企業方面的需求強勁，我相信這是真的。

But I'm starting to hear from some companies that they're thinking about cutting expenses and asking their employees to rethink some travel, and I'm wondering if you're seeing any signs of that among your top corporates.

但我開始從一些公司那裡聽到他們正在考慮削減開支並要求他們的員工重新考慮一些旅行，我想知道你是否在你的頂級公司中看到了任何跡象。

Or if you could just mention maybe where you're seeing the strength if it's a particular industry group.

或者，如果您可以提及，如果它是一個特定的行業集團，您在哪裡看到了優勢。

No, I think we're seeing strength across the board.

不，我認為我們看到了全面的實力。

And we've heard this from time to time, that people are worried about corporate spend and travel, but it seems to be in a very good position as we head into 2020.

我們不時聽到人們擔心企業支出和旅行，但隨著我們進入 2020 年，它似乎處於非常好的位置。

And as a matter of fact, last year, we did see a little bit of weakness in manufacturing, but we're starting to lap that, and we're starting to see some positive momentum coming out of that sector.

事實上，去年，我們確實看到了製造業的一些疲軟，但我們開始對此有所了解，並且我們開始看到該行業出現了一些積極的勢頭。

So generally, we're seeing some very good signs from our corporate.

所以總的來說，我們看到了我們公司的一些非常好的跡象。

Yes.

是的。

I think the only thing I'd add to that, Helane -- this is Ed, is we're certainly seeing some weakness, as Glen touched on, in Asia, with the China issues and some of the tariff discussions that's bled over into Korea and a few of the other Asian economies.

我想我唯一要補充的是，Helane——我是 Ed，正如格倫所提到的，我們肯定看到了亞洲的一些弱點，中國問題和一些關稅討論已經滲透到韓國和其他一些亞洲經濟體。

But fundamentally, Glen's right.

但從根本上說，格倫是對的。

The health of our businesses in the U.S. and the U.S. corporate is doing quite well.

我們在美國的業務和美國公司的健康狀況都很好。

Okay.

好的。

Okay.

好的。

And then just as a follow-up to that, would you rather see faster growth in leisure traffic or faster growth in corporate traffic?

然後作為後續行動，您更願意看到休閒客流量增長更快還是企業客流量增長更快？

We've experienced both.

我們都經歷過。

I think we like them both equally.

我認為我們都同樣喜歡他們。

And I think what we're seeing in leisure is really -- what we're seeing in leisure really is an interesting separation of people who are looking for quality and willing to pay higher fares or upsell into better products and services at the highest quality airline in the U.S. So we see an increase in yields on leisure, which is very good for the industry.

而且我認為我們在休閒中看到的是真的 - 我們在休閒中看到的確實是那些尋求質量並願意支付更高票價或以最高質量追加銷售更好的產品和服務的人的有趣分離因此，我們看到休閒收益有所增加，這對該行業非常有利。

Right.

正確的。

So what you're seeing is leisure travelers buying up and fewer people in that basic economy bucket.

因此，您所看到的是休閒旅客購買量增加，而基本經濟桶中的人卻減少了。

Is that a way to interpret your comment?

這是解釋您的評論的一種方式嗎？

That's a way to look at it.

這是一種看待它的方式。

And our next question will come from Hunter Keay with Wolfe Research.

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

Helane just segued nicely into my question, actually.

事實上，海倫只是很好地回答了我的問題。

You mentioned leisure seeking quality.

你提到休閒追求品質。

Glen, is there a point where you view basic economy as being brand-dilutive to the point where maybe it doesn't really fit the Delta concept anymore as you guys try to sort of focus on that higher quality?

格倫，有沒有一點你認為基本經濟會稀釋品牌，以至於當你們試圖專注於更高的質量時，它可能不再真正符合三角洲的概念了？

I think from the beginning, we've been really clear that we want to have the best-in-class products and services no matter what your travel needs are.

我認為，從一開始，我們就非常清楚，無論您的旅行需求是什麼，我們都希望擁有一流的產品和服務。

And I think we would always see for entry-level customers who are only sensitive to price that we would have best-in-class there.

而且我認為，對於只對價格敏感的入門級客戶，我們總是會看到我們在那裡擁有一流的產品。

As a matter of fact, you might think that our overinvestment is highest in basic economy, but that's the entry point.

事實上，你可能認為我們的過度投資在基礎經濟中最高，但這就是切入點。

And once they see the quality of service the Delta people provide, I think they stay with us throughout their entire life cycle.

一旦他們看到達美員工提供的服務質量，我認為他們會在整個生命週期中與我們同在。

And I think that's an important product for us to continue and maintain.

我認為這是我們繼續和維護的重要產品。

Okay.

好的。

And then if you think big picture, take a step back for a second, and think over the next 5 to 10 years, would you ever get so comfortable with your loyalty and value proposition to intentionally drive down your load factors just a few points with an eye on driving RASM, pretty much entirely through driving a yield premium, which -- so the idea would be really to change the overall feel of the flying experience with less crowds and less pricing volatility to really truly differentiate yourself as a premium brand and feel airline?

然後，如果你考慮全局，退後一步，想想未來 5 到 10 年，你會不會對自己的忠誠度和價值主張如此滿意，從而故意將載客率降低幾分？著眼於推動 RASM，幾乎完全是通過推動收益溢價來實現的，因此我們的想法是真正改變飛行體驗的整體感覺，減少人群和價格波動，真正讓自己成為一個優質品牌和感覺航空公司？

So I think we're always looking at what that is.

所以我認為我們一直在關注那是什麼。

And I think we've taken steps really structurally.

我認為我們已經在結構上採取了真正的措施。

Let's say we invented Comfort+ in the domestic arena.

假設我們在國內領域發明了 Comfort+。

And I think what we would see maybe is the continued adoption and demand for that product builds over time that we might create more of that on existing fleets, which would take the density out.

我認為我們可能會看到該產品的持續採用和需求隨著時間的推移而增加，我們可能會在現有機隊上創造更多這樣的產品，這將降低密度。

I can't see us ever wanting to fly with empty seats, but I can't see us wanting to sell a plane that is meeting the demands of our customer base that might include more premium even than we have today.

我看不到我們想要空座飛行，但我看不到我們想要出售一架滿足我們客戶群需求的飛機，甚至可能包括比我們今天擁有的更多的溢價。

Our next question will come from Andrew Didora of Bank of America.

我們的下一個問題將來自美國銀行的 Andrew Didora。

I actually had a follow-up question on the tech investments.

實際上，我有一個關於技術投資的後續問題。

I guess how -- the $500 million you're spending on tech CapEx, how do you think about the ROI needed on that spend relative to, say, on a new plane order or a plane refresh?

我猜你在技術資本支出上花費的 5 億美元，你如何看待相對於新飛機訂單或飛機更新所需的投資回報率？

Well, Andrew, we need to do both, right?

好吧，安德魯，我們需要兩者都做，對吧？

This is not -- we're not trading off technology for planes.

這不是——我們不會用技術來換取飛機。

We need to have continued enhancement of our fleet.

我們需要繼續加強我們的機隊。

That's clearly where the bulk of our CapEx goes, is into our fleet and the modification of our aircraft.

這顯然是我們大部分資本支出的去向，即進入我們的機隊和改裝我們的飛機。

We're going to be taking 80 new airplanes into the fleet this year.

今年我們將在機隊中增加 80 架新飛機。

And those -- but those fleet investments are also then facilitating technology as we bring new technology on board the fleet.

還有那些——但是隨著我們將新技術帶入機隊，這些機隊投資也在促進技術發展。

So I don't look at them as differentiated or as trade-offs.

所以我不將它們視為差異化或權衡。

We've got an overall CapEx budget that we look at as a company.

作為一家公司，我們有一個整體的資本支出預算。

We try to stay within the 50% threshold, plus or minus, of operating cash.

我們試圖保持在運營現金的 50% 的閾值之內（正負）。

And that's how we get there.

這就是我們到達那裡的方式。

Now we do certainly look at ROI and returns on every one of our digital investments and capital initiatives, and I'm pleased to say they've been producing largely the results we'd expect.

現在，我們確實會關注我們每一項數字投資和資本計劃的投資回報率和回報，我很高興地說它們已經在很大程度上產生了我們預期的結果。

Great.

偉大的。

And Glen, I know in the press release and you've been breaking out the domestic results by both core hubs and coastal hubs.

還有格倫，我在新聞稿中知道，您一直在按核心樞紐和沿海樞紐公佈國內結果。

As you think about growing your network over the next 1 to 2 years, what segment of those do you see the biggest capacity opportunities in?

當您考慮在未來 1 到 2 年內發展您的網絡時，您認為其中哪一部分容量機會最大？

And then as a follow-up, can you just -- I assume the core hubs are Atlanta, Detroit, Minneapolis and Salt Lake, but do you see any of the coastal markets moving into the core bucket anytime soon?

然後作為後續行動，你能不能——我假設核心樞紐是亞特蘭大、底特律、明尼阿波利斯和鹽湖城，但你是否看到任何沿海市場很快就會進入核心市場？

Well, I think they're core, they're just not geographically centered.

嗯，我認為它們是核心，它們只是沒有以地理為中心。

So your ability to connect traffic when you're in Seattle is a lot less than when you're in Salt Lake City or Atlanta or the other ones you named.

因此，您在西雅圖時連接交通的能力遠低於在鹽湖城或亞特蘭大或您指定的其他城市時的能力。

So we have really used our first-mover advantage postmerger to take advantage of having the opportunity to consolidate positions in some of the key coastal markets like Seattle, Boston, Los Angeles, New York.

因此，我們確實利用了合併後的先發優勢，利用了在西雅圖、波士頓、洛杉磯、紐約等一些主要沿海市場鞏固地位的機會。

But we did that a little bit at the expense of growing connectivity in our interior hubs.

但我們這樣做的代價是增加了我們內部樞紐的連通性。

And so over the next several years, we'll be working on continuing to improve the products and services we offer at the coastal hubs, but really refocusing a little bit on growing the interior hubs to improve the connectivity of the airline.

因此，在接下來的幾年裡，我們將繼續努力改進我們在沿海樞紐提供的產品和服務，但真正重新關注發展內部樞紐以改善航空公司的連通性。

Our next question comes from Michael Linenberg of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Michael Linenberg。

I guess just 2 quick ones here.

我想這裡只有 2 個快速的。

Paul, I just want to make sure I heard you right, the LATAM running that through the P&L.

保羅，我只是想確保我沒聽錯，拉丁美洲通過損益表運行它。

I know it closed late in the fourth quarter, but I guess nothing really shows up in the fourth quarter.

我知道它在第四季度末關閉，但我想第四季度什麼都沒有出現。

Is it beginning in the March quarter, did I hear you right on that?

它是從三月季度開始的，我沒聽錯嗎？

That's correct, Mike.

沒錯，邁克。

Beginning in the March quarter.

從三月季度開始。

Okay.

好的。

And then with respect to getting to the 20%, as I recall, I don't know if there was a sort of -- a conversation about whether or not it was going to be 1 or 2 board seats.

然後關於達到 20%，我記得，我不知道是否有一種關於是否會成為 1 個或 2 個董事會席位的對話。

Do you have a better sense?

你有更好的感覺嗎？

Do you know whether or not you have 2 board seats at LATAM as a result of that?

您是否知道您是否因此在 LATAM 擁有 2 個董事會席位？

Has that been figured out?

已經弄清楚了嗎？

Yes.

是的。

We have 2 board seats, Mike.

我們有 2 個董事會席位，邁克。

And we'll now hear from Jamie Baker of JPMorgan.

我們現在將聽取摩根大通的傑米·貝克 (Jamie Baker) 的來信。

First question for Glen, and it's a follow-up to a topic that we discussed last quarter regarding the potential to generate an international RASM premium at some point.

Glen 的第一個問題，這是我們上個季度討論的關於在某個時候產生國際 RASM 溢價的潛力的話題的後續。

I'm curious if the fourth quarter result or the first quarter outlook shows any progress in this regard.

我很好奇第四季度的結果或第一季度的展望是否顯示出這方面的任何進展。

And secondly, does the full year guide have any specific assumptions?

其次，全年指南是否有任何具體假設？

Or should we treat any potential evidence of an international RASM premium as upside to the guide?

或者我們是否應該將國際 RASM 溢價的任何潛在證據視為指南的優勢？

Yes.

是的。

I think we're continually working to improve our international unit revenues, and I think this fourth quarter was -- we're moving in the right direction, and we see those trends continuing into the first quarter.

我認為我們正在不斷努力提高我們的國際單位收入，我認為第四季度是——我們正朝著正確的方向前進，我們看到這些趨勢將持續到第一季度。

We can't see yet what our competitors are doing, but I think we have an opportunity to continue to increase our relative performance and our absolute performance as we go through 2020 and hopefully, beyond what we have in our plan.

我們還看不到我們的競爭對手在做什麼，但我認為我們有機會在 2020 年繼續提高我們的相對錶現和絕對錶現，並希望超過我們的計劃。

Okay.

好的。

Second, for Ed.

其次，對於埃德。

It's related to ESG.

這與ESG有關。

I know you spoke about the topic at Investor Day, you gave some examples of Delta's environmental consciousness.

我知道你在投資者日談到了這個話題，你舉了一些台達環保意識的例子。

I'm not sure if you saw Larry Fink's letter this morning.

我不確定你今天早上有沒有看到拉里芬克的信。

I mean what I keep struggling with on this topic is fleet.

我的意思是我一直在這個話題上掙扎的是艦隊。

We've commended your fleet strategy for some time now, specifically running a higher average age than your competitors.

一段時間以來，我們一直讚揚您的車隊戰略，特別是平均年齡高於您的競爭對手。

I just have to wonder if we're on the cusp of that possibly coming back to haunt you and whether ESG compliance necessitates bringing the fleet age down, which, in turn, has CapEx implications.

我只是想知道我們是否正處於可能再次困擾您的風口浪尖，以及 ESG 合規性是否需要降低機隊年齡，這反過來又會影響資本支出。

I'm not quite sure how to phrase the question, but how would you respond to somebody telling you that your fleet strategy is incompatible with growing ESG mandates?

我不太確定如何表達這個問題，但如果有人告訴你你的車隊戰略與不斷增長的 ESG 要求不相容，你會如何回應？

How about that?

那個怎麼樣？

It's an interesting way to put it, Jamie.

傑米，這是一種有趣的說法。

Listen, we take our ESG and, very specifically, our environmental and sustainability requirements and goals to heart.

聽著，我們將 ESG，特別是我們的環境和可持續發展要求和目標牢記在心。

And hopefully, you heard me, not only at the Investor Day but also at CES, I closed on that topic specifically.

希望你聽到我的聲音，不僅是在投資者日，而且在 CES 上，我特別結束了這個話題。

It's something that fleet plays a big part of, candidly, being somewhat of having an older fleet actually has given us opportunities to move faster in that space maybe than others.

坦率地說，艦隊在其中發揮了重要作用，實際上擁有一支較老的艦隊實際上使我們有機會在該空間中比其他人更快地移動。

Every plane we put in, and we're putting in 80 new planes, are 25% more fuel-efficient than the planes that we're retiring.

我們投入的每一架飛機，以及我們正在投入的 80 架新飛機，比我們即將退役的飛機的燃油效率高 25%。

We, at Delta, were the only airline back in 2012 that voluntarily capped our carbon footprint at 2012 levels.

我們達美航空是 2012 年唯一一家自願將我們的碳足跡限制在 2012 年水平的航空公司。

No other airline has done anything like that.

沒有其他航空公司做過類似的事情。

We're looking at ways by which we can go even more aggressively.

我們正在尋找可以更加積極進取的方法。

Fleet is only -- fleet is an important part of the solution, but there's many more things to this in terms of how we engage.

艦隊只是——艦隊是解決方案的重要組成部分，但就我們如何參與而言，還有更多的事情要做。

And I think you're going to be hearing us talk more and more about that over the course of the year.

我想你會聽到我們在這一年裡越來越多地談論這個。

I didn't get a chance to see Larry's letter, although I did hear a little bit about it this morning, and I think his message is right.

我沒有機會看到拉里的信，儘管今天早上我確實聽到了一點，我認為他的信息是正確的。

That's helpful.

這很有幫助。

I really appreciate it.

對此，我真的非常感激。

And I know it's been a busy morning.

我知道這是一個忙碌的早晨。

I wasn't calling you out for not having seen the letter yet.

我不是因為還沒看到這封信才叫你出來的。

You got bigger things to deal with.

你有更大的事情要處理。

Thanks again, great quarter.

再次感謝，偉大的季度。

And our next question will come from Duane Pfennigwerth of Evercore ISI.

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

Can you clarify your revenue growth guidance versus your RASM guidance into the first quarter?

您能否澄清您的收入增長指導與第一季度的 RASM 指導？

It feels like based on what schedules are showing, the implied RASM guidance is flattish whereas your explicit RASM guidance is up 1. Is that just a lower refinery year-over-year?

感覺就像根據時間表顯示的那樣，隱含的 RASM 指導持平，而您的明確 RASM 指導上升 1。這只是煉油廠同比下降嗎？

Or what accounts for that difference?

或者是什麼導致了這種差異？

Duane, it's Jill.

杜安，是吉爾。

The refinery sales are slightly lower year-over-year, but we exclude those from TRASM anyways.

煉油廠的銷售額同比略低，但無論如何我們都將其排除在 TRASM 之外。

And so I think you're just -- they're scheduled.

所以我認為你只是 - 他們已經安排好了。

There's a completion factor adjustment you have to make to schedule, but the revenue growth that we're looking at is a solid 5% to 7% in the first quarter, the total revenue growth.

您必須按計劃進行完成因素調整，但我們正在關注的收入增長在第一季度穩定在 5% 到 7%，即總收入增長。

Okay, great.

好，太棒了。

And then just on the pension, understand you expect a tailwind this year.

然後就養老金而言，了解您預計今年會順風。

But can you just talk explicitly about what pension expense was in 2019 and what you expect it to be in 2020?

但是，您能否明確談談 2019 年的養老金支出以及您對 2020 年的預期？

Yes.

是的。

So thanks, Duane.

所以謝謝，杜安。

We had mentioned going in that we had about $250 million of pressure year-over-year in 2019 as a result of the pension returns in 2018.

我們曾提到，由於 2018 年的養老金回報，我們在 2019 年面臨約 2.5 億美元的壓力。

While we haven't given specific guidance, we -- if you look at year-over-year, we were up about, I think, 16% in 2017.

雖然我們沒有給出具體的指導，但如果你看一下同比，我認為我們在 2017 年上漲了 16%。

So you can look back and see the sensitivity around that.

所以你可以回頭看看周圍的敏感性。

Our next question will come from Joe Caiado of Crédit Suisse.

我們的下一個問題將來自瑞士信貸的 Joe Caiado。

My first question, just on the LATAM partnership.

我的第一個問題是關於拉丁美洲的合作夥伴關係。

Apologies if I missed it.

抱歉，如果我錯過了。

And Glen, you may have talked about it, but I think the codeshare with some of the affiliates slated to begin here in Q1, can you just give us an update on where you are with those government approvals and when in Q1 you think you can launch that?

格倫，你可能已經談過了，但我認為與計劃在第一季度在這裡開始的一些附屬公司的代碼共享，你能否告訴我們你在獲得政府批准的情況下的最新情況，以及你認為在第一季度什麼時候可以發射那個？

And just as a quick follow-up to that, is there a rough estimate that you could share with us on expected 2020 revenue contribution from LATAM?

作為對此的快速跟進，您是否可以與我們分享一下拉丁美洲預期的 2020 年收入貢獻的粗略估計？

I'll start with the first one, which is easier, is that, no, we're not going to share that today.

我將從第一個開始，這更容易，不，我們今天不打算分享。

On the second issue, it's by country.

在第二個問題上，它是按國家/地區劃分的。

And I believe this week, we received the ability to code in Colombia.

我相信本週，我們在哥倫比亞獲得了編碼能力。

We expect Peru and Ecuador to follow shortly.

我們預計秘魯和厄瓜多爾將很快跟進。

And then the longer -- a little bit longer tent in the pole.

然後是更長的——在桿子上更長一點的帳篷。

So those should all be up and running by -- in 1Q.

所以這些都應該在第一季度啟動並運行。

A little bit longer pole in the tent is Brazil and Chile, which we expect later this year.

帳篷裡稍長一點的桿子是巴西和智利，我們預計今年晚些時候。

Got it.

知道了。

And then just a quick one for Paul on CASM-Ex.

然後只是在 CASM-Ex 上給 Paul 的一個快速的。

Your Q1 guidance, right in line with the full year.

您的第一季度指導，與全年一致。

Should we expect that to be fairly level-loaded through the year?

我們是否應該期望這一年的負載相當均衡？

Or are there any big sort of moving pieces that you expect in the year that could drive some quarterly swings in that 2% to 3% trajectory?

或者您預計今年是否有任何重大的變動因素可以推動 2% 至 3% 的軌跡中的一些季度波動？

Yes.

是的。

Joe, what I would say is we're obviously not going to give quarterly guidance on CASM for the rest of the year.

喬，我想說的是，我們顯然不會在今年餘下時間就 CASM 提供季度指導。

But as a general rule, if you look at our CASM trajectory in past years, it's been pretty skewed with a lot of volatility.

但作為一般規則，如果你看看我們過去幾年的 CASM 軌跡，它的波動很大。

We've taken a conscious effort in 2020 to try to balance that across to make that cost performance more disciplined throughout the year, and that's very intentional.

我們在 2020 年有意識地努力平衡這一點，以使全年的成本表現更加自律，這是非常有意的。

Our next question will come from Brandon Oglenski of Barclays.

我們的下一個問題將來自巴克萊的 Brandon Oglenski。

Congratulations on a pretty impressive quarter.

祝賀一個令人印象深刻的季度。

So Paul, you guys have had really strong cash flow here.

所以保羅，你們這裡的現金流非常強勁。

And not to be too much of a cheerleader, but it is a differentiated experience on your carrier.

並且不要過多地成為啦啦隊長，但它是您運營商的差異化體驗。

So I guess is there any positive momentum here in CapEx where you'd say, hey, actually, we want to spend a little bit more?

所以我想在資本支出中是否有任何積極的勢頭，你會說，嘿，實際上，我們想多花一點錢？

Does it reprioritize fleet over the airport experience over technology or maybe strategic?

它是否將機隊優先於機場體驗而不是技術或戰略？

Or do you want to stay with this very balanced capital allocation strategy?

還是您想繼續採用這種非常平衡的資本配置策略？

Well, first of all, thank you for the comments, Brandon.

好吧，首先，謝謝你的評論，布蘭登。

I think the balanced approach has worked very, very well for us in an effort to balance multiple constituencies, whether it's cash flow performance into the enterprise but driving return on invested capital.

我認為平衡的方法對我們來說非常非常有效，可以平衡多個支持者，無論是企業的現金流表現，還是推動投資資本回報。

We obviously have a lot of demands on capital when you look across the space and the things that we want to do.

當你縱觀整個空間和我們想做的事情時，我們顯然對資本有很多要求。

Prioritization and pace of implementation is an important piece of that.

優先級和實施速度是其中的重要組成部分。

It's not always just capital.

它並不總是只是資本。

It's having the resources to deploy that capital and make sure that it's delivering the benefits and the results.

它擁有部署這些資本的資源，並確保它能夠帶來收益和結果。

So while I'd say we do have some room around the edges, you've seen us do that over time, take advantage of opportunities that are out there, we want to hold roughly to that balanced allocation over time.

因此，雖然我會說我們確實有一些邊緣空間，但你已經看到我們隨著時間的推移這樣做，利用那裡的機會，我們希望隨著時間的推移大致保持這種平衡的分配。

Brandon, if I could weigh in also, this is Ed.

布蘭登，如果我也可以稱一下，我是埃德。

I'd say if there was any area that we'd look if we had opportunities to accelerate somewhat is it's in the airport infrastructure and construction.

我想說，如果我們有機會加快步伐，我們會關注哪些領域，那就是機場基礎設施和建設。

We're in the midst of a very significant build out.

我們正處於一個非常重要的建設之中。

And clearly, the sooner we can get that done, the better.

顯然，我們越早完成這項工作就越好。

So not suggesting that we're going to change any CapEx assumptions, but to the extent we had any capital that was available to be allocated, that would be one place I'd look for using it.

所以並不是說我們要改變任何資本支出假設，但就我們有任何可分配的資本而言，這將是我尋找使用它的地方。

And we'll hear next from Savi Syth of Raymond James.

接下來我們將聽到 Raymond James 的 Savi Syth 的講話。

Glen, I just wanted to ask a little bit more on the regional trends.

格倫，我只是想多問一些關於區域趨勢的問題。

At Lat Am, you had a tougher comp versus 3Q, but the performance is still pretty good.

在Lat Am，你的陣容比3Q更強，但表現仍然相當不錯。

I'm just wondering as you kind of look forward, generally, what are you seeing from a trend perspective?

我只是想知道，當你向前看時，一般來說，你從趨勢的角度看到了什麼？

And is there any kind of region where we start to come on tough comp?

是否有任何地區我們開始進行強硬的比賽？

Well, we're seeing continued strength in the domestic U.S. arena.

好吧，我們看到美國國內舞台的持續實力。

That's great news for us.

這對我們來說是個好消息。

And we're seeing, I think, some really good green shoots in the transatlantic.

我認為，我們正在跨大西洋看到一些非常好的綠芽。

We've had currency issues over the last couple of years since '18.

自 18 年以來，我們在過去幾年中一直存在貨幣問題。

And now that we're going to be lapping them as we move through this year, I think we're poised really well for a nice run in the transatlantic.

現在我們將在今年的比賽中與他們擦肩而過，我認為我們已經準備好在跨大西洋進行一場精彩的比賽。

We've seen in the transpacific after a multiyear restructuring that this is the last piece, and there's some uncertainty maybe around the airport moves that we are going to have.

經過多年的重組後，我們在跨太平洋地區看到這是最後一塊，而且我們將要進行的機場搬遷可能存在一些不確定性。

Those are 2 major airport moves for us, closing Tokyo and Narita after being there for almost 50 years.

這對我們來說是兩個主要的機場搬遷，在東京和成田待了近 50 年後關閉了它們。

That's a big move.

這是一個大動作。

And so uncertainty over how many people will prefer Haneda.

所以不確定有多少人會喜歡羽田。

But I think, ultimately, we are very, very confident that Haneda is a better airport to serve Tokyo than Narita.

但我認為，最終，我們非常非常有信心，羽田機場是一個比成田機場更好地服務東京的機場。

And so there may be some ripples there that it would be unique to us as we have the largest footprint in Haneda.

由於我們在羽田擁有最大的足跡，因此可能會有一些漣漪，這對我們來說是獨一無二的。

And then, of course, moving to Daxing and Beijing might be a little bit of a headwind for a short period of time.

然後，當然，搬到大興和北京可能會在短時間內有點逆風。

But again, we think that's the right move for us because the connectivity at that airport is going to be far superior in the long run to what's at capital.

但同樣，我們認為這對我們來說是正確的舉措，因為從長遠來看，該機場的連通性將遠遠優於首都的連通性。

So the Pacific, I think we're encouraged at the signs.

所以太平洋，我認為我們對這些跡象感到鼓舞。

Today's signing or the signing of the agreement, Phase I agreement with China is going to be a good thing for us.

今天的簽署或協議的簽署，與中國的第一階段協議對我們來說將是一件好事。

And if there's an upside to the Chinese, there's been really no capacity to bring capacity reductions in the U.S. to China for the first time in years.

如果對中國有利的話，那麼多年來第一次，美國確實沒有能力將產能削減帶到中國。

So traffic continues to build into China and capacity is being reduced.

因此，進入中國的交通量繼續增加，而運力正在減少。

So that's always a good thing for the airline industry.

所以這對航空業來說總是一件好事。

And then in Lat Am, we've seen really good strength in both Mexico and Brazil, and we expect that to continue and then accelerate as we can begin to code with LATAM throughout the year.

然後在拉丁美洲，我們在墨西哥和巴西都看到了非常好的實力，我們預計這種情況會繼續下去，然後加速，因為我們可以全年開始使用 LATAM 進行編碼。

So I think we've got a really good base for international, which is encouraging.

所以我認為我們有一個非常好的國際基礎，這是令人鼓舞的。

And the sequential trends and the improvements are all moving in the right direction for us.

連續的趨勢和改進都朝著我們的正確方向發展。

That's very helpful.

這很有幫助。

And Paul, if I quickly ask just on Trainer, generally what you're expecting, especially now that IMO 2020 has come and gone.

保羅，如果我在 Trainer 上快速問一下，一般來說你的期望是什麼，尤其是現在 IMO 2020 已經過去了。

And just some quick thoughts on what your expectations are for Trainer and feel in general.

以及您對 Trainer 的期望和總體感受的一些快速想法。

Sure, Savi.

當然，薩維。

So 2019 saw Trainer produce a profit at $75 million free cash flow positive and really a strong contribution to our overall relative fuel story.

因此，2019 年，Trainer 產生了 7500 萬美元的正自由現金流，這對我們的整體相對燃料故事做出了巨大貢獻。

In 2020, obviously, we've seen, at least where we sit today, significant improvement in crack spreads at the refinery over last year.

顯然，在 2020 年，我們已經看到，至少我們今天所處的位置，煉油廠的裂解價差比去年有了顯著改善。

We expect about breakeven performance compared to about a $35 million loss last year.

與去年約 3500 萬美元的虧損相比，我們預計將實現盈虧平衡。

So we're looking forward to another sizable contribution overall, both in terms of the performance of the refinery as well as the contribution across the commercial space and our fuel procurement.

因此，我們期待在煉油廠的表現以及整個商業領域的貢獻和我們的燃料採購方面再次做出可觀的貢獻。

And our next question will come from Myles Walton of UBS.

我們的下一個問題將來自瑞銀的邁爾斯沃爾頓。

A lot has changed in the months since the Analyst Day on the MAX, continued push out there, a shutdown in the line, likely a slower delivery rate.

自 MAX 分析師日以來的幾個月裡發生了很多變化，繼續推出，生產線關閉，交付速度可能較慢。

So I'm kind of curious, as you look at your place in the ecosystem, are you taking a lot of active decisions to capture some of that?

所以我有點好奇，當你看到你在生態系統中的位置時，你是否採取了很多積極的決定來捕捉其中的一些？

Or is this more of a view to benefit through pretty much passive behavior, let it come to you?

或者這更像是一種通過相當被動的行為來受益的觀點，讓它來找你？

I'm just curious how much active management you're thinking about versus simply having the premium revenue come your way.

我只是好奇你在考慮多少主動管理，而不是簡單地讓溢價收入出現。

Myles, this is Ed.

邁爾斯，這是埃德。

We've all been watching the MAX story for the last year, and none of us have a very good crystal ball.

去年我們都在看 MAX 的故事，但我們都沒有一個很好的水晶球。

We're operating our plan.

我們正在執行我們的計劃。

We're not deviating on the plan based on news flow.

我們沒有偏離基於新聞流的計劃。

We have a strong plan for 2020.

我們對 2020 年有一個強有力的計劃。

And to the extent we pick up some marginal revenue, which we clearly have this year, that's great.

就我們今年顯然擁有的一些邊際收入而言，這很好。

Again, I would caution everyone, I would not suggest that's premium revenue that we're picking up because I think the other airlines have done a very nice job of covering their most important revenue pools.

再次提醒大家，我不認為這是我們正在增加的溢價收入，因為我認為其他航空公司在覆蓋他們最重要的收入池方面做得非常好。

But on the margin, we've clearly been a beneficiary.

但在邊際上，我們顯然是受益者。

And as long as the MAX stays out of the sky, I guess, we'll continue to be one.

只要 MAX 不在天空中，我想，我們將繼續成為其中的一員。

And a follow-up on the MRO benefit you might get from further aftermarket work running hot, what's the growth rate?

以及您可能從進一步的售後市場工作中獲得的 MRO 收益的後續行動，增長率是多少？

I know you said deceleration, but what's the growth rate you've got baked in for '20?

我知道你說減速，但你在 20 年得到的增長率是多少？

Growth rate in 2020?

2020年的增長率？

Yes.

是的。

I don't think we disclosed that.

我認為我們沒有披露這一點。

What we've talked about really as longer term, there is some growth, but the big growth story in the MRO is a couple of years out.

我們所說的長期而言，確實有一些增長，但 MRO 的大增長故事還需要幾年時間。

As the geared turbofan platform and the Rolls platforms start to enter more service and start to mature, that's where we do expect the MRO revenues to double over the next 2 to 3 years from today's level.

隨著齒輪傳動渦扇平台和勞斯萊斯平台開始進入更多服務並開始成熟，我們確實預計 MRO 收入在未來 2 到 3 年內將比現在的水平翻一番。

Shannon, we're going to have time for one more question from the analyst community.

Shannon，我們將有時間再回答分析師社區的一個問題。

Certainly.

當然。

We'll take our final question from Stephen Trent with Citi.

我們將向花旗銀行的斯蒂芬·特倫特提出最後一個問題。

Just first, you mentioned on your Amex credit card growth through 2023.

首先，您提到了到 2023 年您的美國運通信用卡增長。

To what degree should the revenue growth be driven by the new brands you're introducing?

您引入的新品牌應該在多大程度上推動收入增長？

We don't disclose the makeup of the construction of the increases.

我們沒有透露增加的建設構成。

But what we have said is that we expect it to grow from $4.1 billion this year to $7 billion by 2023.

但我們所說的是，我們預計到 2023 年它將從今年的 41 億美元增長到 70 億美元。

And we have a very good component plan.

我們有一個非常好的組件計劃。

I think we outlined the 3 pieces that included card spend growth, that included new acquisitions and late changes in the core contract.

我認為我們概述了包括卡支出增長在內的 3 個部分，其中包括新的收購和核心合同的後期變更。

And those 3 make up those components.

而這三個組成了這些組件。

Okay, very helpful.

好的，很有幫助。

And just one quick follow-up as a follow-up to Mike Linenberg's question a way back.

並且只是一個快速跟進作為對邁克·林伯格問題的後續跟進。

When you think about LATAM airlines, are there any things that you see in the business that perhaps, at this very early stage, are a little stronger than you expected or maybe a little bit more challenging than you expected?

當您考慮拉丁美洲航空公司時，您在業務中是否有任何事情，在這個非常早期的階段，可能比您預期的要強大一些，或者比您預期的更具挑戰性？

I appreciate you might not be able to give us much color, but I just thought I'd ask.

我很感激你可能無法給我們太多的色彩，但我只是想問一下。

No.

不。

These are the very early days, and we are very, very excited about that partnership, and we think it's going to have great long-term benefit.

這些是非常早期的日子，我們對這種夥伴關係非常非常興奮，我們認為它將產生巨大的長期利益。

We can only see a little bit as the relationship is just starting, and we're just starting to put some of the key components in place with interline agreements.

我們只能看到一點點，因為這種關係才剛剛開始，而且我們剛剛開始通過聯運協議將一些關鍵組件落實到位。

But what we have seen has exceeded our expectations in the early days, and we're very optimistic that this is going to be a game changer for us in Latin America.

但我們在早期看到的情況超出了我們的預期，我們非常樂觀地認為這將改變我們在拉丁美洲的遊戲規則。

If I could echo Glen's comments, we're very impressed with the leadership team at LATAM.

如果我能回應 Glen 的評論，我們對 LATAM 的領導團隊印象深刻。

That's the Cuetos, Roberto, the entire team is a first-class group.

那就是奎托斯，羅伯托，整個球隊都是一流的球隊。

I think we're going to find as we start to build out the JV with the appropriate regulatory approvals, that you're going to see this spool up faster than probably any of our other JVS.

我認為，當我們開始通過適當的監管批准建立合資企業時，我們會發現，你會看到這家合資企業的發展速度可能比我們的任何其他合資企業都快。

There's really good alignment.

確實有很好的對齊方式。

There's focus and there's a lot of growth opportunity for both carriers throughout the Americas.

兩家運營商在整個美洲都有重點並且有很多增長機會。

So we're very, very pleased.

所以我們非常非常高興。

That's going to wrap up the analyst portion of the call, and I will now turn it over to Tim Mapes, our Chief Marketing and Communications Officer.

這將結束電話的分析師部分，我現在將把它交給我們的首席營銷和傳播官 Tim Mapes。

So we have a few more minutes with the team.

因此，我們與團隊還有幾分鐘的時間。

I'd reiterate Jill's comments earlier to please just hold your questions to one, maybe a short brief follow-up, and we'll try to get through as many of these as we can.

我會重申吉爾早些時候的評論，請把你的問題留到一個地方，也許是一個簡短的跟進，我們會盡可能多地解決這些問題。

Thank you.

謝謝你。

(Operator Instructions) And our first question will come from Leslie Josephs of CNBC.

（操作員說明）我們的第一個問題將來自 CNBC 的 Leslie Josephs。

On the investments on tech, do you guys see Delta becoming sort of a travel platform like for corporate travelers sort of like an Amex or a Concur, something like that?

在科技投資方面，你們是否認為達美航空會成為像美國運通或 Concur 這樣的商務旅客的旅行平台？

And then my second question, if you just have any update on what's going on with the pilots and mediation.

然後是我的第二個問題，如果您對試點和調解的最新情況有任何了解。

Leslie, on your first question, we absolutely do see ourselves as becoming an extended travel platform.

Leslie，關於你的第一個問題，我們絕對認為自己正在成為一個擴展的旅行平台。

We're not going to be looking to get in the TMC space or compete with outfits like Concur.

我們不打算進入 TMC 領域或與 Concur 等公司競爭。

But what we are doing is, from a consumer standpoint, looking to continue to extend the brand using the Fly Delta app as more of a digital concierge, bringing partners such as Lyft closer into the app, so making it easier for our customers to have an end-to-end experience through travel on the Delta app and all the way to hotel partners and other ways by which we can take stress out of the consumers' experience.

但我們正在做的是，從消費者的角度來看，希望繼續使用 Fly Delta 應用程序作為數字禮賓服務來擴展品牌，讓 Lyft 等合作夥伴更接近應用程序，從而讓我們的客戶更容易擁有通過 Delta 應用程序上的旅行以及一直到酒店合作夥伴的端到端體驗，以及我們可以減輕消費者體驗壓力的其他方式。

That was the message at CES, and I think it was received well, and that's where we're going.

這就是 CES 上的信息，我認為它得到了很好的接受，這就是我們要去的地方。

We're not going to comment on pilot negotiations.

我們不會對試點談判發表評論。

So I'll pass on your second question.

所以我會轉達你的第二個問題。

Okay.

好的。

And just on the apps, so that's more for individual consumers not corporate platforms -- or corporations rather?

只是在應用程序上，所以這更多的是針對個人消費者而不是公司平台 - 還是公司？

This is very much focused on individual consumers.

這非常關注個人消費者。

There's clearly some corporate benefits.

顯然有一些企業利益。

But right now, we're really focused on serving all customers.

但現在，我們真正專注於為所有客戶提供服務。

Our next question will come from Mary Schlangenstein of Bloomberg News.

我們的下一個問題將來自彭博新聞社的 Mary Schlangenstein。

I just wanted to try again on the pilots.

我只是想再試一次飛行員。

Would you at least confirm whether or not you're seeking intervention by the National Mediation Board in the negotiations?

您至少確認一下您是否正在尋求國家調解委員會干預談判？

We are not going to comment on the state of any negotiations with the pilots on any questions.

我們不會就任何問題與飛行員進行任何談判的狀態發表評論。

Sorry, Mary.

對不起，瑪麗。

We think -- just to clarify, we think it's not appropriate to be talking publicly about it.

我們認為——為了澄清，我們認為公開談論它是不合適的。

It's -- obviously, it's a great opportunity for us and our Delta pilots to work together to make sure that they're the best compensated and rewarded for what they do.

這是 - 顯然，這是我們和我們的達美飛行員合作的絕佳機會，以確保他們的工作得到最好的補償和獎勵。

And our next question will come from Ted Reed of Forbes.

我們的下一個問題將來自福布斯的 Ted Reed。

My question is for Glen.

我的問題是給格倫的。

I imagine that the 10% coastal growth in hubs includes Boston and I'd like to know if you anticipated that American would start to grow so fast in Boston.

我想樞紐中 10% 的沿海增長包括波士頓，我想知道您是否預計美國航空會在波士頓開始如此快速地增長。

They're growing very rapidly there and they added 3 new routes this morning.

他們在那裡發展非常迅速，今天早上他們增加了 3 條新路線。

Yes.

是的。

I think we've had an incredible success in Boston.

我認為我們在波士頓取得了令人難以置信的成功。

And Boston, customers are choosing us.

而波士頓，客戶正在選擇我們。

As a matter of fact, the third quarter data from the government just came out and we were in a virtual dead heat with JetBlue as the largest revenue carrier in Boston.

事實上，政府剛剛公佈了第三季度的數據，而捷藍航空是波士頓最大的收入航空公司，我們幾乎陷入了僵局。

So I think we've made great progress, and I think customers will stick with us.

所以我認為我們已經取得了很大的進步，我認為客戶會堅持使用我們。

And so we'll see who ultimately are the winners and losers in Boston, but I know we'll be a winner.

所以我們會看看誰最終是波士頓的贏家和輸家，但我知道我們會成為贏家。

Do you anticipate that American might start to grow there?

你預計美國人可能會開始在那裡發展嗎？

I don't know what anybody else is going to do.

我不知道其他人會做什麼。

And so this is a very competitive industry and people grow and shrink.

所以這是一個競爭非常激烈的行業，人們會成長和縮小。

And I think that in the long term, the better products -- what we've consistently stayed with it is as long as we think we can provide the best products and services, we're ultimately going to win.

而且我認為，從長遠來看，更好的產品——我們一直堅持的，只要我們認為我們可以提供最好的產品和服務，我們最終就會贏。

Our next question will come from David Slotnick of Business Insider.

我們的下一個問題將來自 Business Insider 的 David Slotnick。

I was just wondering if you're starting to think about the 757 replacement.

我只是想知道您是否開始考慮更換 757。

Are you waiting on Boeing's offering for the NMA?

您在等待波音公司為 NMA 提供的產品嗎？

Or are you starting to consider the 321XLR?

還是您開始考慮使用 321XLR？

David, we have spoken many times on that topic.

大衛，我們已經就這個話題談過很多次了。

We are looking at the NMA.

我們正在關注 NMA。

Certainly, we're looking at Airbus offerings.

當然，我們正在關注空客的產品。

We're not close to any decisions on that yet.

我們尚未就此做出任何決定。

Okay.

好的。

Do you have a time line or anything that you're anticipating having to replace those planes?

您是否有時間表或任何您預計必須更換這些飛機的東西？

We have not commented on time lines either.

我們也沒有評論時間線。

And we'll hear next from Robert Silk of Travel Weekly.

接下來我們將聽到來自 Travel Weekly 的 Robert Silk 的消息。

Yes.

是的。

So Ed, you spoke a lot -- or you -- at CES, you put out a lot of technology, really exciting stuff.

所以 Ed，你在 CES 上說了很多 - 或者你 - 你推出了很多技術，非常令人興奮的東西。

But I wanted to ask about maybe some of the things that aren't quite as exciting.

但我想問一些不那麼令人興奮的事情。

For example, can you update me on your -- what -- how you're coming in distribution technology improvement?

例如，您能否向我介紹一下您在分銷技術改進方面的進展情況？

Also, any improvements to just your core system, Atlanta and also your PSS?

此外，您的核心系統、亞特蘭大以及您的 PSS 是否有任何改進？

I'm sorry, your question broke up.

對不起，你的問題被打破了。

Could you simplify maybe because you had a lot in there?

你能簡化一下，可能是因為你有很多東西嗎？

We could -- we had a hard time hearing.

我們可以 - 我們很難聽到。

Yes.

是的。

Can you hear me now?

你能聽到我嗎？

Yes.

是的。

Yes, distribution -- your distribution technology, PSS and also just improvements to the core -- your core systems, how much are you investing in that?

是的，分銷——你的分銷技術、PSS 以及對核心的改進——你的核心系統，你在這方面投資了多少？

And how is that coming along?

這是怎麼回事？

Well, clearly, we've been investing a significant amount of money in trying to continue to improve the digital experience and the distribution system and giving customers more choices and more ways to interact with us and more optionality.

好吧，很明顯，我們一直在投入大量資金，試圖繼續改善數字體驗和分銷系統，並為客戶提供更多選擇和更多與我們互動的方式以及更多選擇。

We have continued to release the new updates of delta.com, and I believe we are now at 7 million downloads just this past year on the app.

我們繼續發布 delta.com 的新更新，我相信僅在過去一年，我們的應用下載量就達到了 700 萬次。

So we continue to evolve in that space, and we continue to work with all of our partners and continue to work on making sure that the distribution systems are capable of describing the products that we're trying to sell to our customers, which really can't be done any longer in green screens.

所以我們繼續在這個領域發展，我們繼續與我們所有的合作夥伴合作，繼續努力確保分銷系統能夠描述我們試圖向客戶銷售的產品，這真的可以不再在綠屏中完成。

So that's been a continual evolution, and we've been working with all the partners, the GDS' and all the distributors of our products and services to try and highlight what the differentiated products are that we're bringing to market.

所以這是一個不斷發展的過程，我們一直在與所有合作夥伴、GDS 以及我們產品和服務的所有分銷商合作，試圖突出我們正在向市場推出的差異化產品。

Okay.

好的。

And anything else related to the core systems or the -- or your PSS improvements?

還有其他與核心系統或 - 或您的 PSS 改進相關的內容嗎？

We can't -- could you repeat that?

我們不能——你能重複一遍嗎？

We just had a hard time hearing you.

我們只是很難聽到你的聲音。

I'm sorry.

對不起。

Anything else related to -- any additional improvements with the PSS or the core systems?

還有什麼與 PSS 或核心系統相關的其他改進嗎？

Well, I think -- this is Rahul Samant.

嗯，我想——這是 Rahul Samant。

I'm the CIO here.

我是這裡的 CIO。

And we do.

我們做到了。

I mean that is our core engine, the PSS Deltamatic, which we own.

我的意思是這是我們的核心引擎，我們擁有的 PSS Deltamatic。

We have an advantage because we own it.

我們擁有優勢，因為我們擁有它。

We control the entire experience.

我們控制整個體驗。

And to Glen's point, it allows us then to do better with the customer experience and channel improvement because we own the end-to-end technology.

在格倫看來，它使我們能夠在客戶體驗和渠道改進方面做得更好，因為我們擁有端到端技術。

And our final question will come from Dan Reed of forbes.com.

我們的最後一個問題將來自 forbes.com 的 Dan Reed。

You guys, obviously, are gaining share in the above-average yield, the premium segment.

顯然，你們正在獲得高於平均水平的收益，即溢價部分。

Where can we look to see data that actually shows competitive data or competitive metrics where you guys are gaining a premium share?

我們在哪裡可以查看實際顯示競爭數據或競爭指標的數據，你們獲得了溢價份額？

It's hard to put a finger on that number.

很難確定這個數字。

Well, there's a lot of data points out there.

嗯，那裡有很多數據點。

There's no shortage of data in this industry.

這個行業不乏數據。

Most recently, the U.S. government data came out for the third quarter.

最近，美國政府公佈了第三季度的數據。

That's always about 180 days in arrears here or 90 days in arrears.

這裡總是拖欠 180 天或拖欠 90 天。

So we did really well.

所以我們做得很好。

And I think you could look at that.

我想你可以看看那個。

You could look at GDS'.

你可以看看GDS'。

You could look at corporate shares.

你可以看看公司股票。

So there's plenty of data.

所以有大量的數據。

And if you'd like, we could have somebody follow up with you on places you can go find that.

如果您願意，我們可以讓某人跟進您可以找到的地方。

Please.

請。

And what is it?

還有，這是什麼？

Is it just the -- you're selling quality.

僅僅是——你在賣質量。

Is this a [government share] -- a premium share gain?

這是[政府股]——溢價股收益嗎？

No.

不。

I think the Delta brand is really about providing the best quality airline service in the world, and we continue to emphasize that and focus on that.

我認為達美品牌的真正意義在於提供世界上最優質的航空服務，我們將繼續強調並專注於這一點。

And we have 80,000 of the world's best people delivering it every day.

我們每天有 80,000 名世界上最優秀的人來交付它。

With that, I will wrap up this call.

有了這個，我將結束這個電話。

Thank you, operator.

謝謝你，接線員。

Just to remind everybody, we'll see and look forward to being with everyone on the next call on April 9. Thank you again for your time today.

提醒大家，我們將在 4 月 9 日的下一次電話會議上與大家見面並期待與大家見面。再次感謝您今天的時間。

And that does conclude today's teleconference.

這確實結束了今天的電話會議。

Thank you all for your participation.

謝謝大家的參與。