達美航空 (DAL) 2021 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines December Quarter and Full Year 2021 Financial Results Conference Call. My name is Cody, and I'll be your coordinator. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations. Please go ahead.

大家早上好，歡迎參加達美航空公司 12 月季度和 2021 年全年財務業績電話會議。我的名字是科迪，我將成為你的協調員。 （操作員說明）作為提醒，今天的通話正在錄音中。我現在想將會議轉交給投資者關係副總裁 Julie Stewart。請繼續。

Thank you, Cody. Good morning, everyone, and thanks for joining us for our December quarter and full year 2021 earnings call. Joining us today from Atlanta are CEO, Ed Bastian; our President, Glen Hauenstein; our CFO, Dan Janki. Ed will open the call with an overview of Delta's performance and strategy, and Glen will provide an update on revenue, and Dan will discuss costs and our balance sheet. (Operator Instructions)

謝謝你，科迪。大家早上好，感謝您參加我們的 12 月季度和 2021 年全年財報電話會議。今天從亞特蘭大加入我們的是首席執行官 Ed Bastian；我們的總裁格倫·豪恩斯坦；我們的首席財務官 Dan Janki。 Ed 將在電話會議開始時概述 Delta 的業績和戰略，Glen 將提供收入的最新信息，Dan 將討論成本和我們的資產負債表。 （操作員說明）

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, and all results exclude special items, unless otherwise noted. You can find a reconciliation of our non-GAAP measures on Investor Relations page at ir.delta.com. And with that, I'll turn the call over to Ed.

我們還將討論非 GAAP 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。有了這個，我會把電話轉給 Ed。

Well, thank you, Julie. Good morning, everyone. I really appreciate you joining us today. Before getting into the December quarter results and outlook, I want to spend a couple of minutes discussing the current environment.

嗯，謝謝你，朱莉。大家，早安。我非常感謝你今天加入我們。在進入 12 月季度業績和展望之前，我想花幾分鐘討論當前環境。

As everyone is aware, the omicron variant has significantly impacted our people, our customers and our operation, as well as most parts of society over the last 3 weeks. The combination of the rapid spread of the variant at the peak of a strong holiday demand period and in the face of extreme winter condition in parts of the country created some of the most difficult travel conditions that we ever remember experiencing.

眾所周知，在過去 3 周中，omicron 變體對我們的員工、客戶和運營以及社會的大部分地區產生了重大影響。在假期需求旺盛的高峰期以及該國部分地區面臨極端冬季條件的情況下，變體的快速傳播相結合，創造了我們記憶中經歷過的一些最困難的旅行條件。

I'm incredibly appreciative of the great work that our frontline team has done and continue to do to help our customers get to where they need to be as safely and quickly as possible, no matter the circumstances. Our teams have faced these difficulties head-on while also managing the impact of the virus in their own lives, and I want to thank every member of the Delta team for your work during a very challenging period.

我非常感謝我們的一線團隊所做的出色工作，並將繼續幫助我們的客戶在任何情況下都盡可能安全、快速地到達他們需要的地方。我們的團隊直面這些困難，同時也管理了病毒對自己生活的影響，我要感謝 Delta 團隊的每一位成員在非常具有挑戰性的時期所做的工作。

To our customers who have been affected, we appreciate your patience and your understanding. The good news is that over the past 7 days, our operation has stabilized with omicron-related cancellations impacting only about 1% of our flights. And since Sunday, the number of omicron-affected cancellations are around 20 a day out of nearly 4,000 daily flights. And in fact, yesterday, we only had 2 omicron-related mainline cancellations. So while the new variant is not done, it appears that the worst may be behind us.

對於受到影響的客戶，我們感謝您的耐心和理解。好消息是，在過去 7 天裡，我們的運營已經穩定下來，與 omicron 相關的取消僅影響了我們約 1% 的航班。自周日以來，在每天近 4,000 次航班中，受 omicron 影響的取消數量約為每天 20 次。事實上，昨天，我們只有 2 次與 omicron 相關的主線取消。因此，雖然新變種尚未完成，但似乎最糟糕的情況可能已經過去。

Based on how quickly the case counts have risen, our medical team expects cases to peak in the U.S. over the next few days, followed by a steep decline in cases, and we're already starting to see that happen amongst our own staff. Given the high transmissibility and lower severity of omicron, this variant is likely to mark the shift in COVID-19 from being a pandemic to a manageable and ordinary seasonal virus, which should accelerate the path to a normalized environment.

根據病例數上升的速度，我們的醫療團隊預計未來幾天美國的病例將達到頂峰，隨後病例將急劇下降，我們已經開始在我們自己的員工中看到這種情況。鑑於 omicron 的高傳播性和較低的嚴重性，這種變體很可能標誌著 COVID-19 從大流行病轉變為可控制的普通季節性病毒，這將加速通往正常化環境的道路。

When we spoke last month about omicron as a risk at Capital Markets Day, a lot was unknown. Today, we know a lot more. And while the first 60 days of the year will be impacted, we're confident that the pace of travel recovery will resume its December trajectory as we move into President's Day weekend and a strong spring and summer travel season are ahead of us.

當我們上個月在資本市場日談到 omicron 作為一種風險時，很多事情都是未知的。今天，我們知道的更多。雖然今年的前 60 天將受到影響，但我們相信，隨著我們進入總統日週末，以及強勁的春季和夏季旅遊旺季，旅行複甦的步伐將恢復到 12 月的軌跡。

So as we reflect on 2021, it was a year like no other for Delta. While challenging, we made significant progress in our recovery. At Capital Markets Day, we highlighted that our competitive strengths had deepened through the course of the past 2 years, and I'm extremely proud of our entire team for all their efforts.

因此，當我們回顧 2021 年時，對於達美而言，這是前所未有的一年。儘管充滿挑戰，但我們在復蘇方面取得了重大進展。在資本市場日，我們強調了我們的競爭優勢在過去 2 年中不斷加深，我為我們整個團隊的所有努力感到非常自豪。

Full year revenue of $27 billion in 2021 improved nearly $11 billion or 67% from 2020 with the rate of recovery accelerating from only 25%, as measured against 2019 at the start of the year, to a close of the year of nearly 80% as we exited December. This resulted in a full year 2021 pretax loss of $3.4 billion.

2021 年全年收入為 270 億美元，比 2020 年增加近 110 億美元或 67%，復甦速度從年初的 25%（與 2019 年相比）加速到年底的近 80%，因為我們離開了十二月。這導致 2021 年全年稅前虧損 34 億美元。

And while we obviously have still much work ahead of us, our pretax results improved by $5.5 billion versus 2020 and included a profit of around $400 million for the second half of this year. This performance positions Delta as the only major U.S. airline to achieve second half profitability and demonstrates that we have significant momentum in the continued restoration of our financial foundation.

雖然我們顯然還有很多工作要做，但與 2020 年相比，我們的稅前業績增加了 55 億美元，其中包括今年下半年約 4 億美元的利潤。這一業績使達美航空成為唯一一家在下半年實現盈利的美國主要航空公司，並表明我們在繼續恢復財務基礎方面具有顯著的動力。

Sharing our success is one of the pillars of Delta's culture, which is why we are happy to announce this morning a special profit sharing payment for all global employees. On February 14, the vast majority of our people will receive a payment of $1,250. This is a well-earned recognition for the incredible work they have done over the past year to move our airline through the crisis and position us for recovery.

分享我們的成功是台達文化的支柱之一，這就是為什麼我們今天早上很高興地宣佈為所有全球員工提供特別的利潤分享付款。 2 月 14 日，我們絕大多數人將收到 1,250 美元的付款。這是對他們在過去一年中為使我們的航空公司度過危機並為複蘇做好準備所做的令人難以置信的工作的當之無愧的認可。

Turning to December quarter highlights and our March outlook. In the fourth quarter, we recorded a pretax profit of $170 million. Excluding the impact of omicron disruptions, we estimate our profitability would have been approximately $250 million in the quarter. This was on revenue that was 74% recovered to 2019 levels, up 8 points from the September quarter.

轉向 12 月季度的亮點和我們 3 月的展望。在第四季度，我們錄得 1.7 億美元的稅前利潤。排除 omicron 中斷的影響，我們估計本季度我們的盈利能力約為 2.5 億美元。這是基於 74% 的收入恢復到 2019 年的水平，比 9 月季度增加了 8 個百分點。

We started the quarter with lingering impacts to the prior variant but encouraged by the significant improvement in demand and pricing that we saw throughout the quarter in each of our passenger segments.

我們在本季度開始時對之前的變體產生了揮之不去的影響，但我們在整個季度中看到我們每個乘客細分市場的需求和定價顯著改善，這讓我們感到鼓舞。

Turning to the March outlook, we expect to incur pretax losses in the months of January and February before returning to solid profitability in the month of March. The omicron case surge is impacting business travel and international recovery the most as meetings are canceled, planned office reopenings are postponed and countries put restrictions back in place.

談到 3 月的前景，我們預計 1 月和 2 月將出現稅前虧損，然後在 3 月恢復穩健的盈利能力。隨著會議被取消、計劃中的辦公室重新開放被推遲以及各國重新實施限制措施，omicron 病例激增對商務旅行和國際復甦的影響最大。

On the consumer side, we're seeing some near-term hesitation in booking behavior given the prominence of COVID in our daily lives. And that, combined with operational challenges that the industry is facing, consumers are delaying travel until case counts subside and the industry operational reliability is restored.

在消費者方面，鑑於新冠病毒在我們日常生活中的重要性，我們看到近期的預訂行為有些猶豫。而且，再加上該行業面臨的運營挑戰，消費者正在推遲旅行，直到案件數量減少並且行業運營可靠性恢復。

So as a result, we're seeing the rate of recovery step down in the months of January and February to approximately 70% versus '19 levels from nearly 80% where we were in December. And while the downturn in demand has been quick, we expect an equally rapid improvement once U.S. case counts begin to decline, remain confident in a strong spring and summer travel season with significant pent-up demand for consumer and business travel, both domestically and internationally.

因此，我們看到 1 月和 2 月的恢復率從 12 月的近 80% 下降到 19 年的 70% 左右。儘管需求下滑很快，但我們預計一旦美國病例數開始下降，需求也會同樣迅速好轉，對強勁的春季和夏季旅遊旺季充滿信心，國內和國際消費者和商務旅行的需求顯著被壓抑.

We expect the month of March to return to the recovery trajectory that we were on in December, resulting in revenue recovery of 72% to 76% for the full quarter. Glen will talk in greater detail about the revenue environment, and Dan will walk through our costs shortly.

我們預計 3 月份將恢復到 12 月份的複蘇軌跡，整個季度的收入將恢復 72% 至 76%。 Glen 將更詳細地討論收入環境，Dan 將很快介紹我們的成本。

Based on our current outlook, we expect first quarter to be the only loss-making quarter for the year, and we're confident that we'll generate a meaningful profit for the full year of 2022 as the recovery resumes and accelerates in the spring and the summer.

根據我們目前的展望，我們預計第一季度將是今年唯一虧損的季度，我們有信心隨著春季復甦的恢復和加速，我們將在 2022 年全年產生可觀的利潤和夏天。

Despite the challenges of the current environment, the multiyear recovery plan that we laid out last month at Capital Markets Day is unchanged. No one is better positioned than Delta to lead the recovery as business travelers return to the skies. Delta is also uniquely prepared to benefit from the reopening of international markets which we are optimistic we will start seeing this spring as restrictions lift.

儘管當前環境面臨挑戰，但我們上個月在資本市場日制定的多年復蘇計劃沒有改變。隨著商務旅客重返天空，沒有人能比達美航空更能引領經濟復甦。達美航空還準備好從國際市場的重新開放中受益，我們樂觀地認為，隨著限制的解除，我們將在今年春天開始看到這一點。

Our 3 core priorities discussed last month remain unchanged: fortifying our trusted consumer brand; restoring financial performance and foundation; and building a better future for our people and our planet. As part of this, we remain firmly committed to our values and ESG goals, including our commitment to fighting climate change and moving forward towards a future of net-zero aviation.

我們上個月討論的 3 個核心優先事項保持不變：加強我們值得信賴的消費者品牌；恢復財務業績和基礎；並為我們的人民和我們的星球建設更美好的未來。作為其中的一部分，我們仍然堅定地致力於我們的價值觀和 ESG 目標，包括我們對應對氣候變化和邁向淨零航空未來的承諾。

We recently announced the hiring of our new Chief Sustainability Officer, Pam Fletcher, the industry's only C-level CSO. Pam established an impressive track record as a senior leader at General Motors and has an extensive history of putting the customer first and developing products that help to enable a world free of emissions.

我們最近宣布聘用我們新的首席可持續發展官 Pam Fletcher，他是業內唯一的 C 級 CSO。 Pam 作為通用汽車公司的高級領導者建立了令人印象深刻的業績記錄，並且在將客戶放在首位和開發有助於實現無排放世界的產品方面有著悠久的歷史。

So as we move past the final phase of the pandemic, I'm confident that we'll continue our trajectory to not only emerge stronger than before but to expand our lead in the industry and strengthen our position as the premium airline of choice in the years ahead.

因此，當我們度過大流行的最後階段時，我相信我們將繼續我們的發展軌跡，不僅比以前更強大，而且擴大我們在行業中的領先地位，鞏固我們作為首選航空公司的地位。未來幾年。

Our ambition to transcend the -- is to transcend the industry and create significant long-term value for all of our stakeholders. Everything we've done during this long crisis puts us closer to achieving that ambition. Thank you again. And with that, I'll turn the call over to Glen.

我們超越行業的雄心是超越行業並為我們所有的利益相關者創造重要的長期價值。我們在這場長期危機中所做的一切都讓我們更接近實現這一雄心壯志。再次感謝你。有了這個，我會把電話轉給格倫。

Thank you, Ed, and good morning, everyone. Like Ed, I couldn't be prouder of what the Delta people accomplished during 2021, and I want to congratulate our people on their much-deserved special profit sharing payout they'll be receiving later next month.

謝謝你，Ed，大家早上好。和 Ed 一樣，我為 Delta 員工在 2021 年所取得的成就感到無比自豪，我要祝賀我們的員工在下個月晚些時候將收到當之無愧的特殊利潤分享獎金。

During the December quarter, we generated $8.4 billion of revenue. This was above our expectations at the onset of the quarter driven by strong consumer demand over the holidays. Total RASM was up 6% from the September quarter on a 7% improvement in yield. For the quarter, capacity was 79% restored versus 2019, 5 points below the industry as we maintain a disciplined approach to restoring our capacity.

在 12 月季度，我們創造了 84 億美元的收入。由於假期期間強勁的消費者需求，這超出了我們在本季度開始時的預期。由於收益率提高了 7%，RASM 總量比 9 月季度增長了 6%。本季度，與 2019 年相比，產能恢復了 79%，比行業低 5 個百分點，因為我們保持嚴格的方法來恢復產能。

The strengths we talked about last month at Capital Markets Day are evident in our December quarter results. First, we saw very strong demand during the holiday period. Domestic results were particularly strong with holiday PRASM finishing up 8% versus 2019 and with passenger revenue more than 90% recovered.

我們上個月在資本市場日談到的優勢在我們 12 月的季度業績中顯而易見。首先，我們看到假期期間的需求非常強勁。國內業績尤為強勁，假期 PRSM 與 2019 年相比增長 8%，客運收入恢復超過 90%。

Second, long-haul international trends were positive in October and November as borders reopened and restrictions lifted. This momentum stalled in the second half of December as the omicron variant resulted in more stringent restrictions and impacted our bookings.

其次，隨著邊境的重新開放和限制的解除，10 月和 11 月的長途國際趨勢是積極的。這種勢頭在 12 月下半月停滯不前，因為 omicron 變體導致更嚴格的限制並影響了我們的預訂。

Third, we saw continued progression of business travel with domestic volumes approaching 60% restored during the December quarter.

第三，我們看到商務旅行的持續發展，在 12 月季度恢復了接近 60% 的國內客流量。

Fourth, our premium products continued to perform well. Domestic premium revenue was 84% recovered versus December quarter '19, 9 points better than Main Cabin.

四是優質產品繼續表現良好。與 19 年 12 月季度相比，國內保費收入恢復了 84%，比主艙高 9 個百分點。

Fifth, our diverse revenue streams remain resilient. Amex remuneration during the quarter was more than 110% restored, and cargo revenue was more than 160% of 2019 levels.

第五，我們多樣化的收入來源保持彈性。本季度美國運通的薪酬恢復了 110% 以上，貨運收入是 2019 年水平的 160% 以上。

We also continued to see very strong consumer engagement with another record quarter for Fly Delta app downloads and sign-ups for our loyalty program. In the December quarter, we added 1.5 million new SkyMiles members, up 5% from 2019 levels. For all of '21, we added 5.5 million new SkyMiles members. This growing engagement demonstrates strong brand preference and our customers' desire to travel on Delta in 2022.

我們還繼續看到非常強勁的消費者參與度，Fly Delta 應用程序下載和註冊我們的忠誠度計劃再創紀錄。在 12 月季度，我們新增了 150 萬“飛凡里程常客計劃”會員，比 2019 年的水平增加了 5%。 21 年全年，我們增加了 550 萬新的“飛凡里程常客計劃”會員。這種不斷增長的參與度表明了強烈的品牌偏好以及我們的客戶在 2022 年乘坐達美的願望。

As Ed discussed, the recent rise in COVID cases is having an impact on near-term demand and bookings. Omicron has been different than previous waves. While infections are thankfully less severe in most cases, its high transmissibility is resulting in a swift increase in case counts and impacting short-term demand.

正如 Ed 所討論的，最近 COVID 病例的增加正在對近期需求和預訂產生影響。 Omicron 與之前的浪潮不同。雖然在大多數情況下感染並不那麼嚴重，但其高傳染性導致病例數迅速增加並影響短期需求。

With U.S. case counts expected to peak within the next few days, we expect booking levels to rebound quickly. Once case counts begin to decline, we expect revenues to rebound within 30 to 45 days. Additionally, we expect some of the January and February demand decline to be recaptured in future as customers make up for canceled trips.

由於美國病例數預計將在未來幾天內達到峰值，我們預計預訂水平將迅速反彈。一旦案件數量開始下降，我們預計收入將在 30 到 45 天內反彈。此外，我們預計 1 月和 2 月的部分需求下降將在未來重新獲得，因為客戶彌補了取消的旅行。

Consistent with our approach all along, we are remaining nimble and agile in how we fly our network. For the March quarter, we expect our capacity between -- to be between 83% and 85% restored, a few points below our initial expectation. This includes a more conservative approach to long-haul international flying that we expect to be. And we expect to be 15 to 20 points lower than the industry.

始終與我們的方法一致，我們在飛行網絡的方式上保持敏捷和敏捷。對於 3 月季度，我們預計我們的產能將恢復到 83% 到 85% 之間，比我們最初的預期低幾個點。這包括我們期望的對長途國際飛行採取更保守的方法。我們預計比行業低15到20個點。

We have also actioned our regional capacity to ensure labor constraints at regional providers do not impact our operational integrity. We expect these constraints will ease in the second half of the year. For 2022, we still expect our full year capacity to be approximately 90% recovered versus 2019 with the progression weighted to the back half of the year, but this will ultimately be determined by demand.

我們還採取了區域能力行動，以確保區域供應商的勞動力限制不會影響我們的運營完整性。我們預計這些限制將在下半年得到緩解。對於 2022 年，我們仍預計與 2019 年相比，我們的全年產能將恢復約 90%，進展權重在下半年，但這最終將取決於需求。

As we outlined at Capital Markets Day last month, Delta is well positioned for the next phase of the recovery. The Delta people have proven time and time again why Delta is the global airline of choice. We remain focused on improving our competitive position and extending our commercial advantages by investing in premium products, growing our loyalty ecosystem and increasing our revenue diversification.

正如我們在上個月資本市場日所概述的那樣，達美航空已為下一階段的複蘇做好了準備。達美人一次又一次地證明了為什麼達美航空是全球首選航空公司。我們仍然專注於通過投資優質產品、發展我們的忠誠度生態系統和增加我們的收入多元化來提高我們的競爭地位和擴大我們的商業優勢。

We are confident that demand recovery will accelerate as the variant subsides, keeping us on a path to exceed 2019 financial performance by 2024. And with that, I'll turn the call over to Dan.

我們相信，隨著變量的消退，需求復蘇將加速，使我們能夠在 2024 年之前超過 2019 年的財務業績。因此，我將把電話轉給丹。

Great. Glen, thank you. The Delta team executed well in 2021 in an environment that remains very dynamic. I want to thank our people for their hard work, congratulate them on a well-earned special profit sharing payment.

偉大的。格倫，謝謝。 Delta 團隊在 2021 年在充滿活力的環境中表現出色。我要感謝我們的員工的辛勤工作，祝賀他們獲得了來之不易的特別利潤分享金。

But let me start with the highlights from the December quarter. We delivered a profitable fourth quarter, reporting earnings of $0.22 per share, representing a pretax income of $170 million and a 2% margin on total revenue of $8.4 billion. While it was a strong close to the year, operational disruptions during the last 2 weeks of the quarter impacted our pretax results by $80 million.

但讓我從 12 月季度的亮點開始。我們第四季度實現了盈利，報告每股收益為 0.22 美元，稅前收入為 1.7 億美元，總收入為 84 億美元，利潤率為 2%。儘管今年年底表現強勁，但本季度最後兩週的運營中斷對我們的稅前業績造成了 8000 萬美元的影響。

Total fourth quarter operating expenses were $8.1 billion, a 3% increase from the third quarter, driven by both fuel and nonfuel costs from the continued restoration of the airline. Fuel expense of $1.6 billion increased 4% sequentially as fuel prices per gallon increased to $2.10. Total fuel expense included a $0.24 per gallon benefit from the refinery.

第四季度總運營費用為 81 億美元，比第三季度增長 3%，這主要是受航空公司持續恢復的燃料和非燃料成本的推動。隨著每加侖燃料價格上漲至 2.10 美元，燃料費用為 16 億美元，環比增長 4%。總燃料費用包括煉油廠每加侖 0.24 美元的收益。

Embedded in fuel costs is a continued benefit from our fleet renewal; which supported a 4.3% improvement in fuel efficiency compared to 2019. Nonfuel CASM was up 8.3% compared to 2019. This included a 1.2% impact, primarily due to lower capacity from cancellations during the last 2 weeks of the quarter.

嵌入燃料成本中的是我們的機隊更新帶來的持續收益；與 2019 年相比，燃料效率提高了 4.3%。與 2019 年相比，非燃料 CASM 增長了 8.3%。這包括 1.2% 的影響，主要是由於本季度最後兩週取消的運力下降。

Now turning to cash flows and the balance sheet. We generated operating cash flow of $518 million. We invested $948 million into the business, and we repaid $1.1 billion of debt in the December quarter. We ended the year with $14.2 billion of liquidity and adjusted net debt of $20.6 billion.

現在轉向現金流和資產負債表。我們產生了 5.18 億美元的經營現金流。我們向該業務投資了 9.48 億美元，並在 12 月季度償還了 11 億美元的債務。年底我們的流動資金為 142 億美元，調整後的淨債務為 206 億美元。

Now on to the current environment and the March quarter outlook. As Ed and Glen noted, the variant is magnifying normal seasonality in the March quarter, which is our seasonally weakest of the year. The operational challenges has reduced our capacity outlook, and we now expect first quarter ASMs to be between 83% and 85% recovered to 2019. This reduction is a few points from our previously expected capacity recovery.

現在談談當前環境和 3 月季度展望。正如 Ed 和 Glen 所指出的，該變量放大了 3 月季度的正常季節性，這是我們一年中季節性最弱的季度。運營挑戰降低了我們的產能前景，我們現在預計第一季度 ASM 將恢復到 2019 年的 83% 至 85%。這一減少與我們之前預期的產能恢復相比有幾個點。

In this environment, we are also paying higher crew premiums, overtime and COVID-related costs as we work through staffing challenges, mitigation of cancellations and protect our people. We estimate that this will impact first quarter by $60 million to $70 million. The disruptions are impacting our first quarter nonfuel CASM comparison to 2019 by 3 points with the majority of that driven by fewer ASMs.

在這種環境下，我們還要支付更高的船員保險費、加班費和與 COVID 相關的成本，因為我們要應對人員配備挑戰、減少取消和保護我們的員工。我們估計這將對第一季度產生 6000 萬至 7000 萬美元的影響。與 2019 年相比，這些中斷對我們第一季度非燃料 CASM 的影響增加了 3 個百分點，其中大部分是由於 ASM 數量減少所致。

Absent the omicron disruption, our March quarter nonfuel CASM is 12% higher than 2019 as our network remains 15% smaller. The sequential step-up in nonfuel CASM from December to March quarter is due to maintenance normalizing to 2019 levels.

在沒有 omicron 中斷的情況下，我們的 3 月季度非燃料 CASM 比 2019 年高出 12%，因為我們的網絡仍然小 15%。非燃料 CASM 從 12 月到 3 月季度的連續增長是由於維護正常化到 2019 年的水平。

As we talked about last month, when comparing nonfuel CASM to 2019, there was a 7-point benefit related to maintenance in 2021 total year due to depressed flying. This inflects to a 1 point headwind in 2022 as flying is restored. Our quarterly progression basis, the maintenance tailwind, was about 5 points specifically in the fourth quarter of 2021, and there will be no benefit in the first quarter of 2022.

正如我們上個月談到的，在將非燃料 CASM 與 2019 年進行比較時，由於飛行低迷，2021 年全年維護相關的收益為 7 點。隨著飛行的恢復，這將在 2022 年轉變為 1 點逆風。我們的季度進展基礎，即維護順風，具體在 2021 年第四季度約為 5 個點，在 2022 年第一季度不會有任何好處。

Additionally, with the ASM sequentially -- essentially flat sequentially, we are not yet benefiting from the scale and efficiency. As the ASM restoration progresses and we exit 2022 close to fully restored, we will realize the scale and efficiency benefit, and our comparisons to 2019 will improve. This is consistent with the framework and guidance we laid out last month at Capital Markets Day.

此外，隨著 ASM 按順序排列——基本上是按順序排列的，我們還沒有從規模和效率中受益。隨著 ASM 恢復的推進，我們將在 2022 年接近完全恢復的情況下退出，我們將實現規模和效率效益，我們與 2019 年的比較將有所改善。這與我們上個月在資本市場日制定的框架和指導一致。

Underlying our 7% to 10% full year cost guidance, we expect nonfuel CASM versus '19 for the first half of the year to be up in the low to mid-teens, while in the second half of the year, averaging mid-single digits as that scale and efficiency are restored and transition costs subside.

在我們 7% 至 10% 的全年成本指導的基礎上，我們預計今年上半年非燃料 CASM 與 19 年相比將在 10 至 10 左右上升，而在下半年，平均為隨著規模和效率的恢復和轉型成本的下降，

While we did not previously expect omicron-related operational disruptions, there is still a lot of the year to unfold as it equates both to capacity and demand. And we remain confident in our nonfuel CASM framework and the guidance we laid out last month.

雖然我們之前沒有預料到與 omicron 相關的運營中斷，但一年中仍有很多時間要展開，因為它等同於產能和需求。我們仍然對我們的非燃料 CASM 框架和我們上個月制定的指導充滿信心。

For the March quarter, adjusted fuel price per gallon is expected to be between $2.35 to $2.50. Fuel efficiency is estimated to be approximately 6% better than the same period in 2019. When combined with our revenue outlook Glen provided, we expect a loss in January and February months and a return to profitability in the month of March.

對於 3 月季度，調整後的每加侖燃油價格預計在 2.35 美元至 2.50 美元之間。燃油效率估計比 2019 年同期提高約 6%。結合 Glen 提供的收入展望，我們預計 1 月和 2 月將出現虧損，並在 3 月恢復盈利。

Now looking beyond the March quarter. Even with the challenging start of the year, we remain positioned to generate a healthy profit in June, September and December quarters, resulting in a meaningful profit for 2022.

現在展望三月季度之後。即使年初充滿挑戰，我們仍有望在 6 月、9 月和 12 月季度實現可觀的利潤，從而為 2022 年帶來可觀的利潤。

At this point in the year, we are not providing additional full year guidance beyond the metrics given last month at Capital Markets Day. This includes capacity at 90% restored to 2019; nonfuel CASM up 7% to 10%; and gross CapEx of $6 billion.

在今年的這個時候，除了上個月在資本市場日給出的指標之外，我們沒有提供額外的全年指導。這包括 90% 的產能恢復到 2019 年；非燃料 CASM 提高 7% 至 10%；總資本支出為 60 億美元。

The $6 billion compares to $2.9 billion in 2021 and includes $4.7 billion of aircraft CapEx, including delivery of approximately 70 aircraft and $350 million of modification costs. The remainder is related to ground and technology projects. The March quarter will be our largest delivery quarter with 22 deliveries, resulting in March CapEx of $1.6 billion.

與 2021 年的 29 億美元相比，這 60 億美元包括 47 億美元的飛機資本支出，其中包括交付約 70 架飛機和 3.5 億美元的改裝成本。其餘與地面和技術項目有關。三月季度將是我們最大的交付季度，交付量為 22 次，三月資本支出為 16 億美元。

Now reducing debt remains a top financial priority. During 2021, we reduced gross debt by $6 billion, fully funded our pension on a Pension Protection Act basis with a $1.5 billion contribution and a 16% return on our planned assets. In 2022, we have $1.8 billion in debt maturities with $1.2 billion in the current quarter. With a heavier CapEx quarter, we expected adjusted net debt to increase to $22 billion in the first quarter.

現在，減少債務仍然是首要的財務優先事項。在 2021 年，我們將總債務減少了 60 億美元，並根據《養老金保護法》為我們的養老金提供了 15 億美元的繳款和 16% 的計劃資產回報率。到 2022 年，我們有 18 億美元的債務到期，本季度為 12 億美元。由於季度資本支出增加，我們預計第一季度調整後的淨債務將增至 220 億美元。

As we achieve sustained cash generation over the next 12 to 18 months, we will continue to opportunistically manage our balance sheet, reducing debt to return to investment-grade metrics and making progress towards that $15 billion adjusted net debt target by the end of 2024.

隨著我們在未來 12 到 18 個月內實現持續的現金生成，我們將繼續機會主義地管理我們的資產負債表，減少債務以恢復投資級指標，並在 2024 年底前實現 150 億美元的調整後淨債務目標。

So in closing, at our recent Capital Markets Day, we outlined our financial priorities and our recovery path over the next 3 years. The power of the brand, the strength of the competitive advantage give us strong conviction in the trajectory and the path to full financial recovery. So with that, let me turn it back to Julie for Q&A.

最後，在我們最近的資本市場日，我們概述了我們的財務重點和未來 3 年的複蘇路徑。品牌的力量，競爭優勢的力量，讓我們對財務全面復甦的軌跡和路徑有堅定的信念。因此，讓我把它轉回朱莉的問答環節。

Thanks, Dan. Cody, can you please remind the analysts how to queue up for a question and go to our first question?

謝謝，丹。 Cody，能否請您提醒分析師如何排隊等待問題並轉到我們的第一個問題？

(Operator Instructions) We'll take our first question from Savi Syth with Raymond James.

（操作員說明）我們將回答 Savi Syth 和 Raymond James 的第一個問題。

And maybe this is for Glen. Early January is a fairly important time for booking into the rest of the year. I was curious if there is an impact on some of the forward-looking trends if omicron is just maybe only impacting kind of close-in bookings. And also, just if there's any color on how it's impacting kind of the different -- the 4 different entities here.

也許這是給格倫的。一月初是預訂今年剩餘時間的一個相當重要的時間。我很好奇，如果 omicron 可能只是影響某種近距離預訂，是否會對某些前瞻性趨勢產生影響。而且，如果它如何影響不同的類型 - 這裡的 4 個不同的實體有任何顏色。

Sure. I think if we could pick a period of time for an omicron variant to surge, we would probably pick this time of year because I think it's got 2 components that are unique to this time of year. One is these 5 weeks that it's impacting are 5 of the lightest weeks in terms of business travel; and two, as you indicated, it has really impacted more the close-in demand than the further out demand.

當然。我認為，如果我們可以選擇一段時間讓 omicron 變體激增，我們可能會選擇每年的這個時候，因為我認為它有 2 個組件在每年的這個時候都是獨一無二的。一個是它所影響的這 5 周是商務旅行方面最輕鬆的 5 週；第二，正如你所指出的，它確實對近端需求的影響大於對遠端需求的影響。

And we believe we have plenty of time to recover those deferral of vacation bookings for summer. If they don't come in the third or fourth week of January, it's easy for them to come sometime in February and March.

我們相信我們有足夠的時間來恢復夏季假期預訂的延遲。如果他們不在 1 月的第三或第四周來，他們很容易在 2 月和 3 月的某個時間來。

So really not concerned yet about spring or summer. We feel that we'll have a very, very robust demand profile for spring and summer. And while some of the bookings have been slightly delayed, we are still seeing much -- the biggest magnitude of the impact impacting the next few weeks here.

所以真的不關心春天或夏天。我們認為春季和夏季的需求情況將非常非常強勁。雖然一些預訂略有延遲，但我們仍然看到很多——影響未來幾週的最大影響。

On a regional perspective, for all intents and purposes, Asia remains very constrained. We expect that to continue. And our restoration of Asia through the summer is very minimal. Europe, we've seen some countries imposing more restrictions. And at the same time, we've seen some countries trying to lift restrictions.

從地區角度來看，無論出於何種意圖和目的，亞洲仍然非常受限。我們預計這種情況會繼續下去。而且我們整個夏天對亞洲的恢復非常少。歐洲，我們已經看到一些國家實施了更多的限制。與此同時，我們看到一些國家試圖解除限制。

Of course, you saw in the U.K., restrictions were added and they were removed. We're anticipating even further loosening of those restrictions over the next few weeks to the U.K., Ireland has come out with much less restrictions.

當然，您在英國看到了限制被添加和被刪除。我們預計在接下來的幾週內，對英國的限制會進一步放寬，愛爾蘭的限制要少得多。

So I think everybody is preparing at this point for the omicron to be in the rearview mirror and that travel will be much more restored for this summer than it was for any of the last 2 summers, and that will lead to really what we think should be very, very strong and healthy demands for transatlantic leisure travel this summer.

所以我認為現在每個人都在為 omicron 出現在後視鏡中做準備，今年夏天的旅行將比過去兩個夏天的任何一個恢復得更多，這將導致我們真正認為應該今年夏天跨大西洋休閒旅行的需求非常非常強烈和健康。

And then Latin America has continued to be more resilient. Those restrictions have come off in a lot of those countries. And clearly, the short-haul Latin markets are performing well, and long haul are continuing to improve. So hopefully, that gives you the color you need.

然後拉丁美洲繼續更具彈性。這些限制在其中許多國家已經取消。很明顯，短途拉丁市場表現良好，而長途正在繼續改善。因此，希望這可以為您提供所需的顏色。

No, that's super helpful, Glen. And I think you alluded to this as well that maybe kind of some of the operational issues should ease up heading into the summer. I know you've been hiring a lot of kind of employees and especially pilots and flight attendants since kind of the second half of last year.

不，這非常有幫助，格倫。而且我認為你也提到了這一點，也許一些運營問題應該在進入夏季之前得到緩解。我知道自去年下半年以來，你們一直在招聘很多員工，尤其是飛行員和空乘人員。

I was wondering if you could help provide some color on just how much like slack is being built into with these hirings as you go into the summer because your capacity levels are also coming up into the summer as well.

我想知道您是否可以幫助提供一些顏色，說明當您進入夏季時，這些招聘中的鬆弛程度有多少，因為您的能力水平也將進入夏季。

How much slack? What do you mean by slack, Savi?

有多少鬆懈？你說的懈怠是什麼意思，薩維？

In the sense that -- I guess I don't know if it's like employee per aircraft or just like you are hiring, but you're also increasing your capacity. So just curious if we come into the summer and if we get another variant or something like that, if we will have a little bit more kind of, I guess, reserve ratios or something like that to handle kind of the next peak period.

從某種意義上說 - 我想我不知道這是否就像每架飛機的員工一樣，或者就像你正在招聘一樣，但你也在增加你的能力。所以只是好奇我們是否進入夏季，如果我們得到另一個變體或類似的東西，我猜我們是否會有更多的準備金率或類似的東西來處理下一個高峰期。

Yes. We're getting better positioned on staffing. We did hire a lot of people in '21 because we had a lot of people leave in '20. We're looking at hiring several thousand people in '22. A lot of those are more longer-term flight attendants. Pilots take a while to get in the pipeline and include the airline over time, but I think I'm very comfortable with our staffing levels.

是的。我們在人員配置方面的定位越來越好。我們確實在 21 年僱傭了很多人，因為我們在 20 年有很多人離職。我們正在考慮在 22 年招聘數千人。其中很多是更長期的空乘人員。飛行員需要一段時間才能進入管道並隨著時間的推移將航空公司包括在內，但我認為我對我們的人員配備水平非常滿意。

There's -- you can't plan in advance for something that comes up overnight, like omicron there where the world decides to shut down for 60 days. And we're going to get through this really quick, and we're going to be glad we have the staffing in place because I think it's going to be in the bookings.

有 - 你不能提前計劃一夜之間出現的事情，比如 omicron 那裡的世界決定關閉 60 天。我們會很快完成這個工作，我們會很高興我們的人員到位，因為我認為它會在預訂中。

To your earlier question, the bookings look very good, post-President's Day, looking forward and really haven't seen a major impact at all relative to '19 expectations in that. So we think it's going to be a quick rebound.

對於您之前的問題，在總統日之後的預訂看起來非常好，期待並且相對於 19 年的預期並沒有看到任何重大影響。所以我們認為這將是一個快速的反彈。

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

我們將向美國銀行的 Andrew Didora 提出下一個問題。

Ed, maybe as a follow-up to Savi's hiring question. I guess we're beginning to hear a little chatter from the regional airlines that it's becoming a bit more difficult to attract and hire new pilots. I know these airlines often feed pilots into your airline and others.

Ed，也許是對 Savi 招聘問題的跟進。我想我們開始聽到支線航空公司的一些喋喋不休，說吸引和僱用新飛行員變得越來越困難。我知道這些航空公司經常為您的航空公司和其他航空公司提供飛行員。

But can you maybe give a little bit of color on how many pilots you need to hire over, say, the next 3 years to kind of hit your capacity plans? And if regionals start to have a hard time finding new pilots in 2022, when do you think it would start to impact your and other mainline carriers' ability to hire, if at all?

但是，您能否說明一下您需要雇用多少飛行員，例如，未來 3 年才能達到您的容量計劃？如果區域航空公司在 2022 年開始難以找到新的飛行員，您認為何時會開始影響您和其他幹線航空公司的招聘能力（如果有的話）？

Thanks, Andrew. We're hiring at the mainline somewhere between 100 to 200 a month presently, and we expect that pace to continue for some period of time, certainly through '22 and into '23. We don't want to get too far ahead of ourselves, but that's the pace that we're hiring at. And everyone else in the industry is hiring, too. So it's not just Delta.

謝謝，安德魯。我們目前每月在主線招聘 100 到 200 人，我們預計這種速度將持續一段時間，肯定會持續到 22 年和 23 年。我們不想超越自己太遠，但這就是我們招聘的步伐。該行業的其他所有人也在招聘。所以它不僅僅是三角洲。

We are not having any problem at all at Delta hiring and getting great pools of candidates. That's viewed as the premium airline that employees, in general, but particularly pilots want to come work for which we're thrilled at. But it is having the impact at the regionals, as you mentioned.

在 Delta 招聘和獲得大量候選人方面，我們完全沒有任何問題。一般而言，這被視為員工特別是飛行員希望來工作的優質航空公司，我們對此感到很興奮。但正如你所提到的，它正在對地區產生影響。

We are down flying in the first half of the year on some of the regional carriers given some of the staffing challenges we're facing, primarily because of pilot hiring. The largest regional is our own that we work with, which is Endeavor, so we're working closely with them to help to mitigate some of the disruption and the churn that's going on through the process.

鑑於我們面臨的一些人員配備挑戰，主要是因為飛行員招聘，我們在今年上半年在一些區域航空公司的飛行中下降。與我們合作的最大區域是我們自己的 Endeavor，因此我們正在與他們密切合作，以幫助減輕在整個過程中發生的一些干擾和流失。

But I think this is a normal period of time. It's -- the next order of the crisis that we've all been through is pulling through, and it's actually going to be good. It's going to enable us to make sure that we pay good attention to the regional carriers and meet their needs. But at the same time, I'd much rather have the issue down there than at the mainline.

但我認為這是一個正常的時期。這是 - 我們都經歷過的危機的下一個順序是渡過難關，它實際上會很好。這將使我們能夠確保我們充分關注區域運營商並滿足他們的需求。但與此同時，我寧願把問題放在那里而不是主線。

Understood. And then just one other question from me. Ed, just wanted to -- you mentioned a little bit -- you talked a little bit about this at the Capital Markets Day. But back in December, you did announce that you were putting about $1 billion of new equity capital into 3 of your international partners.

明白了。然後我提出了另一個問題。 Ed，只是想——你提到了一點——你在資本市場日談了一點。但早在 12 月，您確實宣布將向您的 3 個國際合作夥伴投入約 10 億美元的新股本。

Just wanted to get your thoughts. Why do you -- why is it so important to Delta to have such a large equity investment as opposed to maybe a smaller one or none at all? Why is there such a focus there? I'm just curious on why you think other airlines don't follow a similar strategy.

只是想了解你的想法。你為什麼——為什麼對達美而言，擁有如此大的股權投資而不是較小的股權投資或根本沒有股權投資如此重要？為什麼會有這樣的焦點？我只是好奇為什麼你認為其他航空公司不遵循類似的策略。

Well, I can't speak for other airlines. You'd have to ask them that question. But I know, for us, it's the right strategy. Long term, our opportunity is international. And when you think about growth, when you think about expansion, when you think about the natural opportunities that Delta has for the future, it's going to sit in the international arena and working very closely with that.

好吧，我不能代表其他航空公司。你必須問他們這個問題。但我知道，對我們來說，這是正確的策略。從長遠來看，我們的機會是國際化的。當您考慮增長時，當您考慮擴張時，當您考慮達美航空未來擁有的自然機會時，它將坐在國際舞台上並與之密切合作。

International is expensive. International is hard. International, the competitive set is very difficult. And it's hard to do it on your own, to go out there and try to advance a U.S. airline in international borders, unless you have some really good, strong partners in the international marketplace.

國際很貴。國際難。國際上，競爭的集合是非常困難的。除非你在國際市場上有一些非常好的、強大的合作夥伴，否則很難靠自己去做，去嘗試在國際邊界上推動美國航空公司的發展。

We're fortunate we have great partners in the international marketplace: Virgin and Air France, KLM and Aeromexico, LATAM, Korean, et cetera. But we also know that those airlines have their own objectives, and they have their own desires.

幸運的是，我們在國際市場上擁有出色的合作夥伴：維珍航空和法國航空、荷蘭皇家航空和墨西哥航空、拉丁美洲、韓國航空等等。但我們也知道，那些航空公司有自己的目標，也有自己的願望。

And we have found, over time, that it's very, very difficult through solely joint ventures or contractual means to try to enhance the customer experience and provide the very best quality of service if you're just trying to do it as -- through a contract as compared to being in the room, a seat in the -- inside the company, if you will, influencing the decision to ensure that we're putting our customer interest at the center of what -- because it's going to -- the growth is going to be based on customer preference.

我們發現，隨著時間的推移，如果您只是想通過合資企業或合同方式來嘗試增強客戶體驗並提供最好的服務質量，那麼非常非常困難。與在房間里相比，在公司內部的一個座位，如果你願意的話，會影響我們的決定，以確保我們將客戶利益放在中心，因為它將會 -增長將基於客戶偏好。

And just as you've seen, everything that we've done here domestically to grow customer preference, big opportunities for us to grow customer preference now sit in the international markets.

正如您所看到的，我們在國內為增加客戶偏好所做的一切，我們增加客戶偏好的巨大機會現在都在國際市場上。

So we're thrilled with the investments we're making. We've made certain that each one of those investments pencil out on paper. They're good financial investments as well, we expect to generate significant returns. And candidly, given the fact that we've already made significant investments in the past, it's going to actually allow us to recoup some of that past investment easier by staying invested in the companies.

因此，我們對我們正在進行的投資感到興奮。我們已經確定這些投資中的每一項都在紙上書寫。它們也是很好的金融投資，我們預計會產生可觀的回報。坦率地說，鑑於我們過去已經進行了大量投資，這實際上將使我們能夠通過繼續投資於這些公司來更輕鬆地收回部分過去的投資。

We'll take our next question from David Vernon with Bernstein.

我們將回答 David Vernon 和 Bernstein 的下一個問題。

Glen, can you talk a little bit about what you're seeing sort of sequentially in terms of yields on the business in the leisure front as you kind of moved through the quarter and into the first quarter? And then specifically, kind of you look out past Presidents' Day, how booking activity is shaping up there?

格倫，你能談談你在休閒領域的業務收益方面所看到的順序嗎？然後具體來說，你看看過去的總統日，那裡的預訂活動是如何形成的？

We usually don't comment on future yields, but I can say that through the past quarter, while the bottom of the business yield was about minus 25, which was in the September time frame, and then that moved up to being down low single digits. And I think we talked about that at our Investor Day, and we were pleased with where the structure was sitting as we move forward, and I don't think anything has really changed since then. So I think that's the outlook I would give you is that we think the structure is fine, now we need the traffic back.

我們通常不對未來收益率發表評論，但我可以說，在過去的一個季度中，企業收益率的底部約為負 25，這是在 9 月的時間範圍內，然後上升到下降的低單位數。我認為我們在投資者日討論過這個問題，我們對前進的結構感到滿意，我認為從那以後沒有任何真正的改變。所以我認為我會給你的前景是我們認為結構很好，現在我們需要流量回來。

Okay. And then have -- do you have any updates on discussions with business travelers about their plans for budgeting travel for the remainder of the year? Is there anything you can share on that front?

好的。然後 - 您是否有與商務旅行者討論他們今年剩餘時間預算旅行計劃的最新消息？在這方面你有什麼可以分享的嗎？

Yes, absolutely. As you know, we pulse our corporate clients very often, and we did it right before Investor Day, and we did it right before this call. And what we saw was that the percentage of customers who thought in the first quarter that they would travel the same or more went down slightly, but it was still 80% of the corporate travel survey respondents thought they would travel the same or more in the first quarter than they did in fourth quarter.

是的，一點沒錯。如您所知，我們經常為企業客戶提供脈搏，我們在投資者日之前就這樣做了，而且我們在這次電話會議之前就這樣做了。我們看到的是，認為第一季度旅行相同或更多的客戶百分比略有下降，但仍有 80% 的企業旅行調查受訪者認為他們會在第一季度旅行相同或更多第一季度比第四季度要好。

Office reopenings have been pushed out, as you know. But we are expecting, as Ed indicated, when we get to spring and summer, that we'll see a robust demand for business travel as people get back into the regular routine and feel safe traveling. So really optimistic about those results and optimistic about where we think this is going to head in the not-too-distant future.

如您所知，辦公室重新開放已被推遲。但正如 Ed 指出的那樣，我們預計，當我們進入春季和夏季時，隨著人們恢復正常出行並感到旅行安全，我們將看到對商務旅行的強勁需求。因此，我們對這些結果非常樂觀，並對我們認為在不久的將來會走向何方感到樂觀。

David, this is Ed. The business travel, I'd say the best way to characterize as I read it is kind of a wait and see. They're trying to understand what's going on with omicron. They're trying to understand when their offices -- if they're not back, when they're going to open. And they're going to -- they're all making those decisions here.

大衛，這是埃德。商務旅行，我想說，當我讀到它時，最好的描述方式是觀望。他們試圖了解 omicron 發生了什麼。他們試圖了解他們的辦公室什麼時候——如果他們不回來，他們什麼時候開門。他們會——他們都在這裡做出這些決定。

The good news is that, as we're watching the case counts start to crest and peak here in our country and declining in certain -- early parts of the country that had the variant hit first, that's giving them encouragement to realize that they're going to be able to get back and get their people in, open their offices sooner than maybe they were thinking when first news of omicron came. So we're in a pretty good place.

好消息是，當我們看到我們國家的病例數開始達到頂峰並在某些地區下降時——該國的早期地區首先出現了這種變體，這給了他們鼓勵，讓他們意識到他們當 omicron 的第一個消息傳來時，他們將能夠回來並讓他們的人進來，比他們想像的更快地打開他們的辦公室。所以我們在一個很好的地方。

When you think about the trajectory we saw over the fourth quarter, we saw really nice growth in business, both small business as well as big corporates. And small businesses, as we pointed out at the Investor Day, is something we haven't talked as much about historically, but it's just a big pool as the corporate space is for us. And then when those offices open, starting this spring, we think it's going to pick up where we left off in December and grow from there.

當您考慮我們在第四季度看到的軌跡時，我們看到業務增長非常好，無論是小型企業還是大型企業。正如我們在投資者日所指出的，小企業是我們歷史上沒有過多談論的東西，但它只是一個大池子，就像企業空間對我們來說一樣。然後，當這些辦公室從今年春天開始開放時，我們認為它將從我們在 12 月中斷的地方開始，並從那裡發展起來。

We'll take our next question from Ravi Shanker with Morgan Stanley.

我們將向摩根士丹利的 Ravi Shanker 提出下一個問題。

So just to kind of pick up on that last point, I mean, hopefully, the next few weeks is the last real disruption from the pandemic, especially with kind of availability of boosters and therapeutics and herd immunity and everything else.

因此，為了了解最後一點，我的意思是，希望接下來的幾周是這場大流行的最後一次真正破壞，尤其是在有助推器和治療方法、群體免疫和其他一切的情況下。

So if there is like genuinely like light -- like real light at the end of the tunnel, are you having conversations with the regulators on when we can fly without masks on planes and time line, say, like full service being restored in the aircraft? Do you hazard a guess on kind of the timing of that?

因此，如果真的有光——就像隧道盡頭的真光，你是否正在與監管機構討論我們什麼時候可以在飛機上不戴口罩飛行和時間表，比如在飛機上恢復全面服務?你會冒險猜測那是什麼時間嗎？

Well, I think it's premature, Ravi, to speculate on masks on planes. Obviously, that's going to be driven by the medical experts and not by the airlines, and we'll follow their guidance.

好吧，我認為現在推測飛機上的口罩還為時過早。顯然，這將由醫學專家而非航空公司推動，我們將遵循他們的指導。

But in terms of restoring service on planes, yes, we're doing that pretty aggressively. And over the course of the next 2 to 3 months, you're going to see our service patterns largely restored from where we were in 2019 and continue to make improvements. And when I say restored, restored is not the right word, it's going to be improved from where we were in '19.

但在恢復飛機服務方面，是的，我們正在非常積極地做這件事。在接下來的 2 到 3 個月的過程中，您將看到我們的服務模式在很大程度上恢復了 2019 年的水平，並繼續進行改進。當我說恢復時，恢復不是正確的詞，它會比我們 19 年的情況有所改善。

And we've taken the opportunity during the pandemic to make substantial changes to the whole catering spec who's providing it, took ownership positions in terms of kitchens and really big change that customers are going to be delighted when they start traveling again back in the springtime, particularly internationally. It's going to be good.

我們在大流行期間抓住機會對提供它的整個餐飲規范進行了重大改變，在廚房方面佔據了所有權位置，並且當客戶在春天再次開始旅行時會很高興，尤其是在國際上。這會很好的。

The thing you were mentioning about the rapid move of the variant, I agree with you. I think that there's a real silver lining here is that since this thing is moving so fast, it's so infectious, so many people are getting it, it's going to push the pandemic into us -- into all of a normalized environment here sooner than we would have liked.

你提到的關於變體的快速移動的事情，我同意你的看法。我認為這裡有一個真正的一線希望是，由於這件事發展得如此之快，它是如此具有傳染性，所以很多人都在感染它，它將把大流行推向我們——比我們更快地進入一個正常化的環境本來會喜歡的。

So while we were together at Capital Markets Day, we talked about the uncertainty that omicron presents. Good news is that the uncertainty is going to be short-lived. And the path to normalization I think is -- we're even more confident in it when we think about our '22 numbers and travel patterns. So it's not all negative. That's for sure.

因此，當我們一起參加資本市場日時，我們談到了 omicron 帶來的不確定性。好消息是不確定性將是短暫的。我認為正常化的道路是——當我們考慮到 22 年的數字和旅行模式時，我們對此更有信心。所以這並不全是負面的。這是肯定的。

Understood. And just a follow-up, forgive me if I missed this. But is there an update on what premium cabin would look like relative to main cabin in the fourth quarter? I think in the past, you've said it was running 10 percentage points ahead. And how do you expect that to trend through the year, especially as corporate and international come back?

明白了。只是一個後續，如果我錯過了這個，請原諒我。但是否有關於第四季度相對於主艙的高級艙的更新？我想在過去，你說過它領先了 10 個百分點。您如何看待這一年的趨勢，尤其是隨著企業和國際企業的回歸？

Well, yes. So we're very excited about the fourth quarter results. I think it was in the comments that it was 9 points ahead of main cabin for the entire fourth quarter, and we see those trends continuing. We -- the headline for us is that premium leisure, we believe, is here to stay, and that's something that we want to continue to exploit as we think about how we service our customers moving forward and how we lay out the planes and what products and services we offer.

嗯，是。因此，我們對第四季度的業績感到非常興奮。我認為在評論中，它在整個第四季度領先主艙 9 分，我們看到這些趨勢仍在繼續。我們——我們的頭條新聞是，我們相信，優質休閒將繼續存在，這是我們想繼續利用的東西，因為我們考慮如何為客戶提供服務，以及我們如何佈置飛機以及什麼我們提供的產品和服務。

Our next question comes from Mike Linenberg with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Mike Linenberg。

Just 2 quick -- well, one quick one for Dan on the refinery, the revenue piece for the March quarter. I know normally you don't give guidance there, but it is -- it's been a big number. It was $1 billion this last quarter. Should we assume, just given where crack spreads are, that March quarter refinery sales will maybe be of a similar magnitude?

快 2 次——好吧，丹在煉油廠的一次快，是 3 月季度的收入部分。我知道通常你不會在那裡提供指導，但它是 - 這是一個很大的數字。上個季度為 10 億美元。我們是否應該假設，只要考慮到裂解價差在哪裡，3 月季度煉油廠的銷售量可能會相似嗎？

Yes. I think that's the right way to think about it. Our jet consumption will be about the same in the refinery output, so keep it consistent, yes.

是的。我認為這是正確的思考方式。我們在煉油廠產量中的噴氣機消耗量將大致相同，所以保持一致，是的。

Okay. Very good. And then second question to Ed here. Ed, I think if you look across the industry right now, I think most airlines, their pilot contracts have now been opened. They're at an amendable point, yours included. I think one of your competitors is trying to do a quick sort of 2-year type extension.

好的。非常好。然後在這裡向 Ed 提出第二個問題。 Ed，我認為如果你現在縱觀整個行業，我認為大多數航空公司，他們的飛行員合同現在已經開放。他們處於一個可以修改的點，包括你的。我認為您的一個競爭對手正在嘗試快速進行 2 年的類型擴展。

Can you just give us an update of where you are? And I guess, within the context, I mean, you didn't furlough anybody during the pandemic, so you're sort of maybe approaching this from a different perspective.

你能告訴我們你在哪裡的最新消息嗎？我想，在這種情況下，我的意思是，在大流行期間你沒有讓任何人休假，所以你可能從不同的角度來處理這個問題。

Thanks, Mike. We did not furlough any employee during the pandemic, pilots included. Yes, we're in a similar position, I guess, than -- and some of our large competitors are as well, particularly relative to the pilot contract.

謝謝，邁克。在大流行期間，我們沒有讓任何員工休假，包括飛行員。是的，我想，我們處於類似的位置——我們的一些大型競爭對手也是如此，特別是相對於試點合同而言。

During the pandemic, it was very difficult for any of the airlines to -- or the union, for that matter, to feel confident in projecting the future. So I think all talks across the industry were probably put on hold. But we're now getting ready to reengage, and we'll see where that goes. But no, we're not trying to do an expedited anything. We're trying to get a real contract with our people.

在大流行期間，任何一家航空公司或工會都很難對預測未來充滿信心。所以我認為整個行業的所有談判都可能被擱置。但我們現在正準備重新參與，我們會看看它會去哪裡。但是，不，我們並不想做任何加急的事情。我們正試圖與我們的員工簽訂一份真正的合同。

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。

First question for Glen. Could you expand on your answer to Savi's question that you anticipate transborder testing impediments to ease during the quarter? For example, as a move from a 1-day back to a 3-day testing requirement for U.S. reentering, is that specifically in your forecast?

格倫的第一個問題。您能否擴展您對 Savi 的問題的回答，即您預計本季度跨境測試障礙將得到緩解？例如，作為重新進入美國的 1 天測試要求轉變為 3 天測試要求，您的預測是否具體如此？

Does the guide envision that we get back to November 8 levels of sort of testing impediments? I'm only asking because, as these headlines do improve, we're going to be asked whether that's incremental to the guide or not.

該指南是否設想我們回到 11 月 8 日的測試障礙級別？我只是問，因為隨著這些頭條新聞的改善，我們將被問到這是否是對指南的增量。

Well, I think what we've seen and -- a little more color on that is we've seen that, initially, everybody reacted by putting in some pretty onerous testing requirements. Since countries that are further along with us, like the U.K. who's now on the backside of the omicron has now started relaxing those restrictions, and we've seen other countries like Ireland relax, we've seen Israel relax on the margin, so I think that's what we would expect.

好吧，我認為我們已經看到了，而且我們已經看到，最初，每個人的反應都是提出一些非常繁重的測試要求。由於與我們更進一步的國家，比如現在處於 omicron 背後的英國，現在已經開始放鬆這些限制，我們已經看到愛爾蘭等其他國家放鬆，我們看到以色列也在邊緣放鬆，所以我認為這就是我們所期望的。

I don't think for a customer who's traveling that the 1-day testing requirement that the U.S. has imposed is that all onerous. It's pretty easy to take a proctor test with you when you travel overseas. So I couldn't speak to whether the U.S. government was going to go back to the previous policy.

我認為對於正在旅行的客戶來說，美國規定的 1 天測試要求並不是那麼繁重。當您出國旅行時，很容易參加監考。所以我無法談論美國政府是否會回到以前的政策。

But in general, I think once governments feel comfortable that they have a handle on the variant, that they have backed off and started easing the restrictions again, I think that would be something that the whole world is looking towards as we move forward here.

但總的來說，我認為一旦政府對他們掌握了這個變體感到滿意，他們已經退縮並開始再次放寬限制，我認為這將是全世界在我們向前邁進時都在期待的事情。

Okay. And then for Dan, the flat air traffic liability from third quarter to fourth quarter, that's pretty unusual. Ordinarily, there's about a $700 million sequential decline. Even in 2020 we saw a few hundred million of decline. What should we read into that, other than strong bookings? I mean, has there been any change in how you are accounting for travel credits?

好的。然後對於丹來說，從第三季度到第四季度的平穩空中交通責任，這是非常不尋常的。通常情況下，連續下降約 7 億美元。即使在 2020 年，我們也看到了數億美元的下降。除了強勁的預訂，我們還應該讀到什麼？我的意思是，您計算旅行積分的方式有什麼變化嗎？

And on a side note, having recently bought a Delta ticket and having forgotten to apply some existing credits, I can't believe I'm the only passenger to experience this, I'm just trying to think through any implications of credit travel breakage and how that might influence the ATL going forward. Any color there?

順便說一句，最近買了一張達美機票，卻忘記使用一些現有的積分，我不敢相信我是唯一遇到這種情況的乘客，我只是想考慮一下積分旅行破損的任何影響以及這將如何影響 ATL 的發展。那裡有顏色嗎？

Well, one, no change, right? But I think we talked about this a little bit in the third quarter call that the -- I'd remind you that maybe historical seasonalities won't apply as you're restoring travel and the airline, and that proved to be the case in fourth quarter and what we saw.

嗯，一，沒有變化，對吧？但我認為我們在第三季度的電話會議中談到了一點——我會提醒你，當你正在恢復旅行和航空公司時，歷史季節性可能不適用，事實證明是這樣的第四季度和我們所看到的。

I think you're going to see a similar dynamic in first quarter. Normally, that air traffic liability will grow. You've got to account for the additional restoration that you see as you progress towards second quarter that would -- that changes those seasonal impacts.

我認為你會在第一季度看到類似的動態。通常，空中交通責任會增加。你必須考慮到隨著第二季度的進展而看到的額外恢復——這會改變這些季節性影響。

So just take that into consideration. I think fourth quarter is a good proof point that you just can't take historical practices, but it's not due to the underlying change in practice. It's really just the dynamic that's going on with the restoration of the airline and the growth.

所以只要考慮到這一點。我認為第四季度很好地證明了你不能接受歷史實踐，但這並不是因為實踐中的潛在變化。這實際上只是隨著航空公司的恢復和增長而發生的動態。

And to your question on -- Jamie, this is Ed. On the question on credit, I don't know if we announced it this week or not --.

關於你的問題——傑米，我是埃德。關於信用問題，我不知道我們這周是否宣布了——。

Yes.

是的。

We did. Good news. So we extended the expiration date through the end of '23, so you'll be fine.

我們做到了。好消息。所以我們將到期日期延長到 23 年底，所以你會沒事的。

You can use it, Jamie.

你可以使用它，傑米。

Okay. I wasn't particularly worried about it.

好的。我並不特別擔心它。

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

我們將回答 Duane Pfennigwerth 和 Evercore ISI 的下一個問題。

Maybe just to continue on Jamie's line of questioning there. Can you tell us what breakage as a percent of revenue was in the fourth quarter and kind of how those trends have changed over time?

也許只是為了繼續傑米在那裡的提問。你能告訴我們第四季度的收入百分比是多少，以及這些趨勢隨著時間的推移是如何變化的？

The trends haven't changed, and they're consistent, but we don't actually give breakage to report that.

趨勢沒有改變，它們是一致的，但我們實際上並沒有給出破損報告。

Okay. And then just a broader question. As you look back at the business travel recovery you started to see in 4Q, do you think that return to office is as meaningful of a guidepost relative to your initial thinking? Have you seen any decoupling between return to office and business travel recovery? And it's not a -- that's not a January 13 question. That's a -- the recovery you were seeing in the fourth quarter.

好的。然後只是一個更廣泛的問題。當您回顧您在 4 季度開始看到的商務旅行複蘇時，您認為與您最初的想法相比，重返辦公室是否具有指導意義？您是否看到返回辦公室和商務旅行恢復之間存在任何脫鉤？這不是——這不是 1 月 13 日的問題。這是你在第四季度看到的複蘇。

Yes. I think there's a correlation. A lot of business travel is triggered by going to visit companies, and the companies are closed. It makes it a little more difficult to do that. It's not a one for one.

是的。我認為有相關性。很多商務旅行都是因為去拜訪公司而引發的，公司都關門了。這使得它更難做到這一點。這不是一對一的。

But the fact that -- particularly the big corporates, the fact that our overall level of corporate demand, the volume return is actually fairly closely correlated, and maybe it's coincidence or not, I don't know. But the numbers are pretty tightly correlated to the amount of reopenings we've seen indicates there's a real cause and effect there, Duane.

但事實上——尤其是大公司，我們的整體企業需求水平，數量回報實際上是密切相關的，也許這是巧合，我不知道。但這些數字與我們所看到的重新開放的數量密切相關，這表明杜安確實存在因果關係。

Okay. I just wondered if we found travel has a higher utility than going back to an office but appreciate the thoughts.

好的。我只是想知道我們是否發現旅行比回到辦公室更有用，但很欣賞這些想法。

Yes. No. We do have -- office is not the only thing. We have a lot of people traveling that aren't back into office yet. So we have a lot of noise probably in the numbers, and there's a lot of choppiness as you -- as we navigated the course of -- it felt like 2 or 3 pandemics over the course of 2021 with the various variants. But we're continuing to make good progress.

是的。不，我們確實有——辦公室不是唯一的東西。我們有很多人還沒有回到辦公室。因此，我們在數字中可能有很多噪音，並且當您在導航過程中出現很多波動時，感覺就像在 2021 年期間發生了 2 或 3 次大流行病，有各種變體。但我們正在繼續取得良好進展。

The good news is that all of our corporates are saying they just can't wait to get back to be with people and be with their own people, be with their customers, visit new opportunities and invest for the future. And I think this is going to be a strong spring and summer. They're just waiting for the all-clear sign that you don't have to worry about a variant as you're traveling.

好消息是，我們所有的公司都表示他們迫不及待地想要回到與人們和他們自己的人在一起，與他們的客戶在一起，尋找新的機會並為未來投資。我認為這將是一個強勁的春季和夏季。他們只是在等待一個明確的信號，表明您在旅行時不必擔心變體。

We'll take our next question from Sheila Kahyaoglu with Jefferies.

我們將向 Jefferies 的 Sheila Kahyaoglu 提出下一個問題。

So you talked about Q1 international capacity being 15 to 20 points lower than the industry. Maybe can you talk about what metrics you'd like to see for that path to ramp capacity back up, how your fleet plays into it and how you think about international capacity as we progress through the year?

所以你談到第一季度的國際產能比行業低 15 到 20 個點。也許您能談談您希望看到哪些指標來增加產能，您的機隊如何參與其中，以及隨著我們這一年的進展，您如何看待國際產能？

Sure. I think we get a -- gave a pretty good outline of how we expect international restoration to occur, and what I'd say is we haven't changed from where we think we'll be in the summer yet. What we have changed is the lull season, this -- the winter IATA, the remainder of the winter IATA.

當然。我認為我們得到了一個很好的概述，說明了我們預計國際恢復將如何發生，我想說的是，我們還沒有改變我們認為夏天會發生的地方。我們改變的是平靜的季節，即冬季國際航空運輸協會，冬季國際航空運輸協會的剩餘時間。

We had some seasonal services starting up earlier than we would have otherwise done because we thought demand might be back early, and now we're taking that bet off and moving those start dates to later in the year. And I think we still remain very, very confident that once -- as Ed said, once people feel that it's safe to travel that they will.

我們有一些季節性服務的啟動時間比我們原本會做的要早，因為我們認為需求可能會提前恢復，現在我們取消了這一賭注，並將這些啟動日期推遲到今年晚些時候。而且我認為我們仍然非常非常有信心，一旦——正如埃德所說，一旦人們覺得旅行是安全的，他們就會去做。

And the -- as we said in today's comments and all previous is we will remain agile. And if we don't see that developing, we'll pull it down. And if we see it coming faster, we have the ability to accelerate, to a certain extent, some growth in international.

而且——正如我們在今天和之前的評論中所說的那樣，我們將保持敏捷。如果我們看不到這種發展，我們就會把它拉下來。如果我們看到它來得更快，我們就有能力在一定程度上加速國際市場的一些增長。

So really, it's a -- we're still very optimistic about the summer. And we expect to be 85% to 90% restored in the transatlantic, probably less than 50% in the Pacific and largely restored in Latin America. And that's what we outlined previously. We really haven't deviated from that yet.

所以真的，這是一個 - 我們仍然對夏天非常樂觀。我們預計跨大西洋地區將恢復 85% 至 90%，太平洋地區可能不到 50%，而拉丁美洲則大部分恢復。這就是我們之前概述的內容。我們真的還沒有偏離這一點。

Okay. And maybe just a follow-on for that. In the domestic market, you're seeing additional capacity come on with a recent order from a low-cost carrier. How do you think about the risks of supply coming into the U.S. market?

好的。也許只是一個後續。在國內市場，您會看到最近來自一家低成本航空公司的訂單增加了運力。您如何看待供應進入美國市場的風險？

We've competed with ULCCs for many, many years, and I think that's really where we came to a couple of different strategies, including our premium strategy. And I'd like to say that some of our highest-return markets historically have been straight up against LCCs and ULCCs, so I think we're really not afraid to compete in those markets. And we think our products stand on their own, and it is a very different product and a very different customer than they are going after.

我們已經與 ULCC 競爭了很多很多年，我認為這確實是我們採用幾種不同策略的地方，包括我們的高級策略。我想說的是，我們的一些最高回報市場在歷史上一直與 LCC 和 ULCC 直接競爭，所以我認為我們真的不害怕在這些市場上競爭。而且我們認為我們的產品是獨立存在的，與他們追求的產品和客戶截然不同。

We'll hear next from Conor Cunningham with MKM Partners.

接下來我們將聽到康納坎寧安與 MKM 合作夥伴的消息。

One point from your Capital Markets Day that I found interesting was just the domestic share gains on the corporate side during the pandemic. In the past, those gains have been somewhat minimal year-over-year, but you clearly used the pandemic to your advantage. I was just curious, is there a gating factor to you growing share from here? And if there isn't, what's your expectations over the next couple of years for your share there?

我發現有趣的一點是在大流行期間企業方面的國內股票收益。過去，這些收益與去年同期相比有些微不足道，但您顯然利用了大流行病為自己謀利。我只是好奇，你從這裡增加份額是否有一個門控因素？如果沒有，你對未來幾年的份額有什麼期望？

Conor, this is Ed. Yes, you're right. We did have a meaningful and an outsized share gain, and that's amongst the big corporates as our corporates really focused on premium. They appreciated the work we did around blocking the middle seats for the entire length of the pandemic while it was quite active. And what we find is when companies come to Delta or customers come to Delta, they tend not to leave, which is a good thing. And so the share tends to be sticky, and we work really hard to ensure that we maintain that.

康納，這是埃德。你是對的。我們確實獲得了有意義且巨大的份額收益，這屬於大公司之一，因為我們的公司真正專注於溢價。他們讚賞我們在整個大流行期間為阻止中間座位所做的工作，而大流行非常活躍。我們發現，當公司來到達美或客戶來到達美時，他們往往不會離開，這是一件好事。因此，份額往往具有粘性，我們非常努力地確保我們保持這一點。

We've had good share gains in the past. Don't get me wrong. We have it. We kind of had plateaued at a level pre-pandemic, and we are significantly higher in share than our natural seat share is in those markets. So I think we're going to work hard to make sure we maintain. And if we can grow it, we will. But I wouldn't expect you to see additional growth, not at that level, for the next couple of years.

過去我們的股票收益不錯。不要誤會我的意思。我們有它。我們在大流行前的水平上已經趨於穩定，我們的份額明顯高於我們在這些市場中的自然席位份額。所以我認為我們將努力工作以確保我們保持。如果我們可以種植它，我們會的。但我不希望你在接下來的幾年裡看到額外的增長，而不是那個水平。

Okay. Great. That was a big move. And then just maybe to take the other side of Ravi's question and assume that there's actually going to be another wave of cases at some point. Each wave has been different. But could you just speak to lessons learned during this current wave? The reason why I ask is it just seems like your ability to work directly with your workforce actually benefited your operation relative to some of your competitors as you turned around pretty quickly.

好的。偉大的。那是一個大動作。然後也許只是站在拉維問題的另一面，假設在某個時候實際上會出現另一波案件。每一波都不同。但是你能談談在當前浪潮中吸取的教訓嗎？我問的原因是，看起來你直接與員工合作的能力實際上相對於你的一些競爭對手有利於你的運營，因為你很快就轉身了。

Yes. Thanks, Conor. I'm proud of our team, and it was an hellacious 3 weeks that -- so yes, there are definitely some learnings in there. But the good news is we recovered quickly. We got the operational integrity of the airline back to where it needs to be. It was not easy to do. But the fact that we have a very, very direct and strong and flexible workforce that will do whatever they need to do to ensure our customers are being well taken care of and served was important, and that's shown through.

是的。謝謝，康納。我為我們的團隊感到驕傲，那是一個糟糕的 3 週——所以，是的，其中肯定有一些學習。但好消息是我們恢復得很快。我們讓航空公司的運營完整性回到了它需要的地方。這並不容易。但事實上，我們擁有一支非常、非常直接、強大和靈活的員工隊伍，他們會做任何他們需要做的事情，以確保我們的客戶得到很好的照顧和服務，這一點很重要，這一點已經得到證明。

One of the things that, to me, was really interesting about the last few weeks of this omicron surge is that demand was really strong. I mean, of course, it was built prior to that as it was going into the holidays, but we didn't see cancellations. The only cancellations that were taken is because we couldn't staff the planes, but -- so the resilience of customers and their willingness and interest in getting into travel once things clear, I think, is going to be that much stronger.

對我來說，在過去幾週的 omicron 激增中真正有趣的一件事是需求非常強勁。我的意思是，當然，它是在假期之前建造的，但我們沒有看到取消。唯一的取消是因為我們無法為飛機配備人員，但是 - 我認為，一旦事情變得清晰，客戶的彈性以及他們對旅行的意願和興趣將會變得更加強大。

And each -- as each successive wave occurs, I think people are getting more used to the fact that we're having -- this is a virus we're going to have to manage and live with over time, and it's going to be a seasonal virus. It's not going to be a pandemic. And that's what the doctors all believe, and that's what I think we're going to wind up seeing here. And we've got all the tools and the technologies and the capability and the confidence that we can manage just that.

每一次——隨著每一次連續的浪潮發生，我認為人們越來越習慣於我們擁有的事實——這是一種我們將不得不隨著時間的推移來管理和忍受的病毒，而且它將成為一種季節性病毒。這不會是一場大流行病。這就是醫生們都相信的，這就是我認為我們最終會在這裡看到的。我們擁有所有的工具、技術、能力和信心，我們可以做到這一點。

Our next question comes from Myles Walton with UBS.

我們的下一個問題來自瑞銀的邁爾斯沃爾頓。

I was just wondering, maybe, Ed, how do you think the zero-COVID case policy in China plays out through the course of the year with respect to your business? I know it's a smaller piece. But just curious what you think can make them move to endemic because clearly zero-COVID case policy would still be in the pandemic mode.

我只是想知道，也許，Ed，你認為中國的零 COVID 病例政策在今年對你的業務有何影響？我知道這是一個較小的部分。但只是好奇你認為什麼會使它們流行起來，因為顯然零 COVID 病例政策仍將處於大流行模式。

Well, that's a -- that question, Myles, is way above my pay grade, the national policy in China. It's been interesting as we've watched a lot of the nations around the world all manage it seemingly somewhat differently.

嗯，這是一個——邁爾斯，這個問題遠高於我的薪酬等級，即中國的國家政策。這很有趣，因為我們看到世界上很多國家的管理方式似乎都有些不同。

As it relates to us, you're right. China is not a big part of our network. We'd like it to be a bigger part, but it historically hasn't been. It's going to be a pretty small part of our network, at least for the next couple of years, and we'll see beyond that.

因為它與我們有關，你是對的。中國不是我們網絡的重要組成部分。我們希望它成為更大的一部分，但歷史上並沒有。至少在接下來的幾年裡，它將成為我們網絡的一小部分，我們會看到更多。

One of the things we do and we look at where we put our mettle is demand, and there's not strong demand going up between the U.S. and China now. So I don't think it's a situation that's alarming to us. But hopefully, Asia, and it's not just Japan, but it's -- or China, but it's Japan and other countries, Hong Kong and Singapore, every -- they're all going to need to figure out how to move to that seasonal virus that I just talked about.

我們做的一件事，我們著眼於我們的勇氣是需求，現在美國和中國之間沒有強勁的需求上升。所以我不認為這是一個讓我們感到震驚的情況。但希望亞洲，不僅僅是日本，而是——或者中國，還有日本和其他國家，香港和新加坡，每個——他們都需要弄清楚如何應對這種季節性病毒我剛才談到的。

And they've got the tools and the technologies to manage it. I think it's just going to be a longer road. We have a very downward feel as to growth rates in Asia for some time here, and we're fortunate we've got a great partner in Korean that can do that flying in the meantime for us.

他們擁有管理它的工具和技術。我認為這將是一條更長的路。一段時間以來，我們對亞洲的增長率感到非常沮喪，我們很幸運在韓國有一個很棒的合作夥伴可以同時為我們做這件事。

Okay. And just a follow up. Dan, on the other expense -- nonoperating other expense for 2022, anything to throw out there as a placeholder, whether it's interest or pension moving parts?

好的。只是一個跟進。丹，關於其他費用——2022 年的非營業性其他費用，有什麼可以作為佔位符扔掉的，無論是利息還是養老金活動部分？

No. I think you -- when you look at the total year for 2021, it was just around $900 million when you take the interest expense with the pension. It's going to be about that level, slightly above, actually. You're going to have a little less pension income. And then that interest expense line will start to really move down in '23 and '24 as you see that adjusted net debt coming down to our $15 billion target.

不。我認為你——當你查看 2021 年的總年數時，當你將利息費用與養老金一起計算時，它只有大約 9 億美元。實際上，它將大約是那個水平，略高於。你的養老金收入會少一點。然後，當您看到調整後的淨債務降至我們 150 億美元的目標時，該利息支出線將在 23 年和 24 年開始真正下降。

Cody, we have time for one more analyst question before then moving to media Q&A.

Cody，我們有時間再回答一個分析師問題，然後再進行媒體問答。

We'll take our final question on the analyst side from Hunter Keay with Wolfe Research.

我們將在 Wolfe Research 的 Hunter Keay 的分析師方面提出最後一個問題。

A couple for me. Glen -- I think they're all for Glen. I know you have a need, obviously, with Sandeep leaving. But how can Scott Laurence help your team? And what is it about him that you like the most when you interviewed him?

給我一對。格倫——我認為他們都支持格倫。我知道你顯然需要桑迪普離開。但 Scott Laurence 如何幫助您的團隊？採訪他的時候，你最喜歡他的哪一點？

Listen, we don't comment on individual performance or individual reasons. But I think Scott is a very well-seasoned industry executive, and I think he's going to bring us some additional value over time. We'll see when he gets here, starting next week, I believe.

聽著，我們不對個人表現或個人原因發表評論。但我認為斯科特是一位經驗豐富的行業高管，我認為他會隨著時間的推移為我們帶來一些額外的價值。我們會看到他什麼時候來，從下週開始，我相信。

Okay. And then do your capacity planners talk to Dr. Ting when you plan the schedule?

好的。然後，當您計劃日程時，您的容量規劃人員會與丁博士交談嗎？

Every day. Every schedule is now Ting-approved.

每天。現在每個時間表都經過 Ting 批准。

That will wrap the analyst portion of the call. I'll now turn it over to Tim Mapes, our Chief Marketing and Communications Officer, to start the media questions.

這將結束通話的分析師部分。我現在將把它交給我們的首席營銷和傳播官 Tim Mapes，開始媒體提問。

(Operator Instructions)

（操作員說明）

(Operator Instructions) We'll take our first question from Mary Schlangenstein with Bloomberg News.

（操作員說明）我們將向彭博新聞社的 Mary Schlangenstein 提出第一個問題。

I wanted to see if you could comment on -- of the passengers who had canceled flights during December, how many of those -- what percentage of those were able to actually complete that travel, rebook or whatever and complete that travel during the holidays? Can you talk about that percentage?

我想看看你是否可以評論 - 在 12 月期間取消航班的乘客中，有多少人 - 有多少百分比能夠實際完成旅行、重新預訂或其他任何事情並在假期完成旅行？你能談談這個百分比嗎？

Mary, this is Ed. I don't have the numbers in front of me. But the vast majority of the customers that had to be rebooked, we had space that we were able to accommodate on other flights to get them to their destinations. So it's not something that we enjoy doing, but we were able to get people to where they needed to be for the holidays.

瑪麗，這是埃德。我面前沒有數字。但是絕大多數必須重新預訂的客戶，我們有空間可以容納其他航班，以將他們帶到目的地。所以這不是我們喜歡做的事情，但我們能夠讓人們去他們需要去的地方過節。

Okay. So no notable or noteworthy amount of lost revenue through that?

好的。所以沒有顯著或值得注意的收入損失？

Well, there was because there was flying, and some customers decided not to travel. So that's -- we estimated there was a $70 million hit for that. But no, there was not a substantial -- if customers wanted to travel on Delta, we made certain we got them there.

嗯，那是因為有飛行，一些客戶決定不旅行。所以這就是 - 我們估計有 7000 萬美元的打擊。但不，沒有實質性的——如果客戶想乘坐達美航空旅行，我們會確保他們能到達那裡。

We'll take our next question from Alison Sider with Wall Street Journal.

我們將接受華爾街日報的艾莉森·賽德提出的下一個問題。

You talked about sort of pandemic entering this new phase where it's becoming more seasonal, and it doesn't necessarily impact people's willingness to travel all that much. How does that change kind of the way you plan and staff for peak periods? If there's going to be a future brief but dramatic flare-up like we just saw, would you have a smaller peak holiday schedule? Or how does that change kind of your planning process?

你談到了進入這個新階段的大流行，它變得更具季節性，它並不一定會影響人們旅行的意願。這將如何改變您在高峰期的計劃和人員配置方式？如果未來會出現像我們剛剛看到的那樣短暫但戲劇性的爆發，你會安排一個更小的假期高峰期嗎？或者這會如何改變您的規劃過程？

Well, our goal, Ali, is to ensure that we're meeting customer demand, and so I don't know that we can change customers' demand and interest in traveling during peak periods or holidays, and that's when they go. And we need to make sure we're there to serve them. There are learnings from omicron, as I mentioned on the analyst call. But the -- probably the most important learning that I saw was that, even with omicron being the headline throughout the country and the disruption that the airline industry was experiencing from people getting sick from omicron, travelers are still traveling, and they were determined to travel. They were resilient. We didn't see mass cancellations. We didn't see people deciding it wasn't -- didn't feel right. And so I think that this was another phase that we've passed through.

嗯，我們阿里的目標是確保我們滿足客戶的需求，所以我不知道我們可以改變客戶在高峰期或節假日旅行的需求和興趣，那就是他們去的時候。我們需要確保我們在那里為他們服務。正如我在分析師電話會議上提到的，從 omicron 那裡學到了一些東西。但是——我看到的最重要的學習可能是，即使 omicron 成為全國的頭條新聞，而且航空業正因人們從 omicron 生病而遭受破壞，旅行者仍在旅行，他們決心旅行。他們很有彈性。我們沒有看到大規模取消。我們沒有看到人們認為它不是——感覺不對。所以我認為這是我們經歷的另一個階段。

And who knows? Is there going to be another pandemic-type virus awaiting us? There's no -- we don't know what it is, but we're also humbled by the fact we don't know what we don't know yet in this environment. But we do really believe that we're going to enter a nice period of being able to manage and create a set of normalcy around travel behaviors, particularly, but hopefully, life in general. And this virus will become very similar to what we have with the flu right now and move into a seasonal category with tools and technologies to manage.

誰知道呢？是否會有另一種大流行型病毒在等待我們？沒有——我們不知道它是什麼，但我們也為在這個環境中我們不知道我們還不知道什麼而感到謙卑。但我們確實相信，我們將進入一個能夠管理和創造一系列圍繞旅行行為的常態的美好時期，特別是但希望是一般的生活。這種病毒將變得非常類似於我們現在感染的流感病毒，並通過工具和技術進入季節性類別。

Flu is a pretty significant cause of death historically. In our country, I think we're seeing a lot less of that over the last couple of years because of the new tools and mitigations that we've learned to live with. And I think you're going to see people maybe wearing masks and then doing different things and having technologies and antivirals that they can take to help manage to -- in order to keep themselves moving.

從歷史上看，流感是一個相當重要的死亡原因。在我們國家，我認為在過去幾年中我們看到的這種情況要少得多，因為我們已經學會了使用新的工具和緩解措施。而且我認為你會看到人們可能戴著口罩，然後做不同的事情，並擁有他們可以用來幫助管理的技術和抗病毒藥物——以保持自己的運動。

We're getting to a point where I think, Ali, we're going to focus our efforts on the small percent of people that are immunocompromised that are at most at risk, but the general population is learning and willing and exhibiting an interest to live with this risk.

我們已經到了一個地步，我認為，阿里，我們將把精力集中在一小部分免疫功能低下的人身上忍受這種風險。

We'll hear next from Leslie Josephs with CNBC.

接下來，我們將聽取 CNBC 的 Leslie Josephs 的講話。

Just a question on hiring. Can you just update us on the number of people that you want to hire? And is there any detail on perks or increased salaries that you're offering to attract workers? And if there's anywhere that you're having problems attracting workers, either work group or geography, I'd love to hear that.

只是一個關於招聘的問題。你能告訴我們你想僱用的人數嗎？是否有任何關於您為吸引工人而提供的津貼或加薪的細節？如果在任何地方你在吸引工人方面遇到問題，無論是工作組還是地理位置，我很想听聽。

Yes. Leslie, as you know, we hired a substantial number of people in the past year. I think it was around 9,000. We're going to be hiring less people this year. But this number is still in the, say, 3,000 to 5,000 range, depending on how demand shapes and comes back.

是的。 Leslie，如你所知，我們在過去的一年裡僱傭了很多人。我想應該是9000左右。今年我們將減少招聘人數。但這個數字仍然在 3,000 到 5,000 的範圍內，具體取決於需求如何形成和恢復。

We're not having any meaningful impact in terms of difficulty getting people to come work for this company. Regionally, yes, there are some pressure points in some of the higher-cost markets, particularly in the Northeast. But no, we're doing a very, very good job of bringing the team together, and we're not having to put any unusual perks out there in order to attract talent. The ability to travel free is a great perk, and we've always had that at Delta.

在讓人們為這家公司工作的困難方面，我們沒有產生任何有意義的影響。從區域上看，是的，一些成本較高的市場存在一些壓力點，特別是在東北部。但是不，我們在將團隊凝聚在一起方面做得非常非常好，而且我們不必為了吸引人才而提供任何不尋常的福利。免費旅行的能力是一項很棒的福利，我們在達美一直擁有這一點。

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

我們將用 Skift 向 Edward Russell 提出我們的下一個問題。

Following on what Leslie asked, in terms of the regional flying reductions that you're doing in the first half, what is Delta doing to mitigate that?

繼 Leslie 所問的問題之後，就您在上半年所做的區域飛行減少而言，達美航空正在採取什麼措施來緩解這種情況？

Well, we've taken about 20% to 25% of our regional flying down in the first part of the year, and that is -- it stems really from flow-through pilots to the mainline as well as getting the right people and the right training seat at the regional carriers. And I think those are the 2 things that we are counting on as we get to the back half of the year to resolve themselves.

嗯，今年上半年，我們大約有 20% 到 25% 的區域航班下降，這實際上源於直通飛行員到主線，以及找到合適的人員和區域運營商的正確培訓座位。我認為這是我們在下半年解決問題時所指望的兩件事。

So I think one of the things is how many hours you have in seat? Can you get trained, and can you get moved? We're working through all the details of how those transactions or transitions actually happen. And we're really pretty confident now that by the second half of this year that the pipelines will be more full, and we'll be able to restore a lot of the small- and medium-sized communities that we've had to pull down during the shortage in the first half of the year.

所以我認為其中一件事是你有多少小時坐在座位上？你能得到訓練，你能感動嗎？我們正在研究這些交易或轉換如何實際發生的所有細節。而且我們現在非常有信心，到今年下半年，管道將更加飽滿，我們將能夠恢復許多我們不得不拉動的中小型社區上半年供不應求。

So we are meeting on this really daily and weekly to make sure that this actually can materialize. But right now, we feel very confident that we can catch back up again as we get to the back half of the year.

因此，我們每天和每週都會對此進行會議，以確保這實際上可以實現。但現在，我們非常有信心在今年下半年再次迎頭趕上。

Okay. And one follow-on. Have you had to park any regional aircraft as a result or exit any markets?

好的。還有一個後續。您是否因此不得不停放任何支線飛機或退出任何市場？

We have had to exit a handful of markets. Mostly, those are on prorate, so they weren't directly scheduled by Delta. So as of now, things that Delta had scheduled control over, we have not closed any stations, although our partners have. And what was the second part of that question?

我們不得不退出少數幾個市場。大多數情況下，這些都是按比例分配的，所以它們不是由達美直接安排的。所以到目前為止，達美計劃控制的事情，我們還沒有關閉任何車站，儘管我們的合作夥伴已經關閉。這個問題的第二部分是什麼？

Have you had to park any regional aircraft as a result?

您是否因此不得不停放任何支線飛機？

There are parked regional airplanes right now, but we expect those to return back into the sky, as I said earlier, in the second half of the year.

現在有停放的支線飛機，但正如我之前所說，我們預計這些飛機會在今年下半年重返天空。

We'll take our next question from David Slotnick with TPG.

我們將向 TPG 的 David Slotnick 提出我們的下一個問題。

I wanted to talk a little bit more about premium leisure which you mentioned at the Capital Markets Day and again today. What does that look like in the long-haul market particularly? Is that people who are able to pay for Delta One? Is that more affordable Delta One tickets? Is that a more widespread premium economy or something else?

我想多談談你在資本市場日和今天再次提到的高級休閒。尤其是在長途市場中，情況如何？是那些有能力支付 Delta One 的人嗎？是不是更實惠的 Delta One 機票？那是更廣泛的高端經濟還是其他什麼？

Well, we've got big plans for our long-haul premium leisure sector. This year, we will be ubiquitous in introducing a new product, Delta Premium Select, to the transatlantic marketplace. And that is really designed specifically for higher-end leisure as well as corporate travelers whose travel policies don't include the flat-bed Delta One product. So early returns on that are phenomenal, far above our expectations. And as we get to ubiquity, we'll monitor that closely, and we'll report back to you. But we're excited about that. We're excited about the enhancements that Ed talked about as we get to spring and summer on the existing premium products in the long haul. And we think we have, over the years, developed a great suite of products that fit a lot of needs for customers, whether or not it's just basic transportation and getting there safely and on time, to really more of the luxury products with the flat-bed seats and the luxurious amenities that come with that, so a wide spectrum.

好吧，我們為我們的長途高端休閒行業製定了宏偉的計劃。今年，我們將無所不在地向跨大西洋市場推出新產品 Delta Premium Select。這確實是專為高端休閒旅客以及旅行政策不包括平板 Delta One 產品的商務旅客而設計的。所以早期的回報是驚人的，遠遠超出我們的預期。隨著我們變得無處不在，我們將密切監控，並向您報告。但我們對此感到興奮。從長遠來看，我們對 Ed 談到的春季和夏季對現有優質產品的增強感到興奮。而且我們認為，多年來，我們已經開發了一套很好的產品，可以滿足客戶的許多需求，無論是基本的交通方式還是安全準時到達那裡，以及真正更多的豪華產品與公寓-床位和隨之而來的豪華設施，種類繁多。

And if you think of where we started, we started with just a flat bed and a coach product. So now we have a full suite of 5 products that we can offer in the transatlantic marketplace, and that will extend to all of our internationals by '23.

如果你想想我們從哪裡開始，我們從一張平床和一個教練產品開始。因此，現在我們可以在跨大西洋市場上提供一整套 5 種產品，到 23 年將擴展到我們所有的國際市場。

We'll take our final question from Robert Silk with Travel Weekly.

我們將通過 Travel Weekly 向 Robert Silk 提出最後一個問題。

So I think you said you expect the pilot shortage -- or I guess the flow-through to sort of resolve itself as the year progresses. Explain to me how you expect that to happen to get more people -- just to get more pilots coming back into the system.

所以我想你說你預計飛行員短缺 - 或者我猜隨著時間的推移，流動性會自行解決。向我解釋一下，您希望這會如何吸引更多人——只是為了讓更多飛行員重返系統。

Really, there are no shortage of pilots wanting to come to us or really to our regional partners. It's a matter of them getting through the training and getting into the right seat with the right number of hours. So that's what we're working through as we look to resolve the current staffing issues there is how long does that take to really catch up and when will be in a position to start growing those regional players again.

確實，不乏想來我們這里或真正來我們區域合作夥伴的飛行員。這是他們通過培訓並以正確的小時數進入正確的座位的問題。因此，這就是我們正在努力解決當前的人員配置問題時需要多長時間才能真正趕上以及何時能夠再次開始培養這些區域參與者。

Well, thank you, everyone. I want to wrap up here and appreciate your time this morning. Thank you for joining us.

嗯，謝謝大家。我想在這裡結束，感謝您今天早上的時間。感謝您加入我們。

I particularly want to thank once again the Delta employees for the amazing work they have done over this course of this last year, congratulate them on this special profit sharing payment which we're thrilled to be able to award them with and realize that we're making really good progress. Omicron has been a challenging period of time, but we've learned from it. There's new findings, and one of the most important findings is that we're going to move through this thing fastly -- quickly and get to a point of stabilization, in our view.

我特別要再次感謝達美員工在去年這一過程中所做的出色工作，祝賀他們獲得了這筆特殊的利潤分享付款，我們很高興能夠授予他們並意識到我們重新取得了很好的進展。 Omicron 是一段充滿挑戰的時期，但我們從中吸取了教訓。有新的發現，最重要的發現之一是我們將快速解決這個問題 - 在我們看來，快速並達到穩定點。

So with that, being that we are in the state of Georgia, we have to close with a go Dawgs, and congratulations for placing the national champions, and thank you all for joining us today.

因此，鑑於我們在佐治亞州，我們必須以 Dawgs 結束比賽，並祝賀您獲得全國冠軍，並感謝大家今天加入我們。

Thank you. That does conclude today's conference. We do thank you all for your participation, and you may now disconnect.

謝謝你。今天的會議到此結束。我們非常感謝大家的參與，您現在可以斷開連接。