達美航空 (DAL) 2020 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines December Quarter and Full Year 2020 Financial Results Conference Call.

各位早上好，歡迎參加達美航空 12 月季度和 2020 年全年財務業績電話會議。

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

我的名字是凱西，我將是你的協調員。

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

（操作員說明）提醒一下，今天的通話正在錄音中。

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

現在我想將會議轉交給投資者關係副總裁 Jill Greer。

Please go ahead.

請繼續。

Thanks, Kathy.

謝謝，凱西。

Good morning, everyone, and thanks for joining us for our December quarter and full year 2020 earnings call.

大家早上好，感謝您加入我們的 12 月季度和 2020 年全年財報電話會議。

Joining us from Atlanta today are our CEO, Ed Bastian; our President, Glen Hauenstein; and our Interim co-CFO, Gary Chase.

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 Glen Hauenstein；以及我們的臨時聯席首席財務官 Gary Chase。

Our entire leadership team is available for the Q&A session.

我們的整個領導團隊都可以參加問答環節。

Ed will open the call with an overview of Delta's performance and strategy.

Ed 將在電話會議開始時概述 Delta 的業績和戰略。

Glen will provide an update on the revenue environment, and Gary will discuss cost, liquidity and our balance sheet.

Glen 將提供有關收入環境的最新信息，Gary 將討論成本、流動性和我們的資產負債表。

We've extended our call today to 90 minutes total to make sure we have plenty of time for questions.

我們今天將通話時間延長至 90 分鐘，以確保我們有充足的時間提問。

(Operator Instructions) After the analyst Q&A, we'll move to our media questions, after which, Ed will provide some closing remarks.

（操作員說明）在分析師問答之後，我們將轉向我們的媒體問題，之後，Ed 將提供一些結束語。

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

今天的討論包含前瞻性陳述，代表我們對未來事件的信念或預期。

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

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

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

Delta 向 SEC 提交的文件中描述了可能導致此類差異的一些因素。

We'll also discuss non-GAAP financial measures, and all results exclude special items unless otherwise noted.

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。

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

您可以在 ir.delta.com 的投資者關係頁面上找到我們的非 GAAP 措施的對賬。

And with that, I'll turn the call to Ed.

有了這個，我會把電話轉給埃德。

Well, thanks, Jill.

好吧，謝謝，吉爾。

Good morning, everyone.

大家，早安。

This morning, we reported pretax losses of $2.1 billion for the December quarter and $9 billion for the full year, capping the toughest year in Delta's history.

今天早上，我們報告了 12 月季度的稅前虧損 21 億美元和全年的 90 億美元，這是達美歷史上最艱難的一年。

We've been saying all along that this recovery wouldn't follow a straight line.

我們一直在說，這種複蘇不會沿著直線進行。

With demand choppiness as COVID infections rose across the country and government and public health officials issue travel advisories, our revenues of $3.5 billion for the fourth quarter was just 30% of last year's levels.

隨著 COVID 感染在全國范圍內上升以及政府和公共衛生官員發布旅行警告，需求起伏不定，我們第四季度 35 億美元的收入僅為去年水平的 30%。

And although we still have a tough winter ahead of us, we're encouraged by the progress that's been made on the vaccine front and are confident that Delta is positioned to successfully lead our industry into recovery as the year unfolds.

儘管我們前面還有一個艱難的冬天，但我們對疫苗方面取得的進展感到鼓舞，並相信達美航空有能力在新的一年成功引領我們的行業走向復甦。

While 2020 was a challenging year, we delivered results for all of our stakeholders.

雖然 2020 年是充滿挑戰的一年，但我們為所有利益相關者交付了成果。

For our employees, we prioritized protecting their health and safety and preserving our culture.

對於我們的員工，我們將保護他們的健康和安全以及維護我們的文化放在首位。

For example, throughout the past year, we have offered and continue to offer an extensive employee testing program and pay protection programs for employees diagnosed, exposed or at high risk of COVID-19.

例如，在過去的一年裡，我們已經並將繼續為診斷出感染 COVID-19、接觸過 COVID-19 或處於高風險中的員工提供廣泛的員工檢測計劃和薪酬保護計劃。

We have had remarkable volunteerism, up to 40,000 employees taking unpaid leaves throughout the summer to protect jobs and preserve cash.

我們有出色的志願服務精神，多達 40,000 名員工在整個夏季休無薪假以保護工作和保留現金。

And in fact, we still have over 10,000 employees in the month of January out on unpaid leaves.

事實上，我們在 1 月份仍有超過 10,000 名員工休無薪假。

And we have made it through this year without furloughing any employees.

我們在沒有讓任何員工休假的情況下度過了今年。

Our emphasis on taking care of our people is reflected in Delta's recognition this week by Glassdoor as one of the best places to work for the fifth year in a row, coming in seventh overall on a list of 100 large companies, the highest rank Delta has ever received, all in the face of a pandemic, really incredible work by our team.

我們對照顧員工的重視體現在本週，Delta 連續第五年被 Glassdoor 評為最佳工作場所之一，在 100 家大公司的名單中排名第七，是 Delta 的最高排名面對大流行，我們團隊曾經收到過真正令人難以置信的工作。

For our customers, we're keeping them at the center of our recovery.

對於我們的客戶，我們將他們放在我們恢復的中心。

Our health and safety efforts for being the only major U.S. airline that continues to block middle seats to partnering with leading names like the Mayo Clinic, Emory Healthcare, Lysol and Purell in developing the Delta care standard, to launching the industry's first COVID-tested transatlantic flights with no quarantine on arrival are all targeted at restoring consumer confidence in travel and reopening borders, which will be an important driver of revenue growth in the future.

我們的健康和安全努力是美國唯一一家繼續阻止中間座位的主要航空公司，與 Mayo Clinic、Emory Healthcare、Lysol 和 Purell 等領先品牌合作制定 Delta 護理標準，推出業界首個經過 COVID 測試的跨大西洋航空公司落地免檢疫的航班，都是為了恢復消費者的出行信心，重新開放邊境，這將是未來收入增長的重要推動力。

Our customers recognize the outstanding service our people provide with an all-time high December Net Promoter Score of 71, up 20 points year-over-year, and by Business Travel News naming Delta the Top Airline for Corporate Travelers for the tenth year in a row, and once again, coming in first place on all 12 metrics that they measure in the survey.

我們的客戶認可我們員工提供的卓越服務，12 月的淨推薦值創歷史新高，同比上升 20 分 71 分，《商務旅行新聞》連續第十年將達美評為最受商務旅客歡迎的航空公司行，並再次在他們在調查中衡量的所有 12 項指標中名列第一。

That customer preference and loyalty is what underlies our revenue premium and has never been stronger.

客戶偏好和忠誠度是我們收入溢價的基礎，並且從未如此強大。

And finally, for our shareholders, we secured our liquidity position and rescaled our cost structure.

最後，對於我們的股東，我們確保了我們的流動性狀況並重新調整了我們的成本結構。

We reduced liquidity risk by raising over $25 billion in capital since the pandemic began with approximately $17 billion of liquidity.

自大流行開始以來，我們以大約 170 億美元的流動性籌集了超過 250 億美元的資金，從而降低了流動性風險。

Our adjusted net debt, however, only increased $8 billion year-over-year, and we don't expect that net debt will increase going forward.

然而，我們調整後的淨債務僅同比增加 80 億美元，而且我們預計未來淨債務不會增加。

We've swiftly removed cost from the business with 3 consecutive quarters of operating expenses declining by nearly 50% or more, increasing the variable nature of our cost structure.

我們已迅速將成本從業務中移除，連續 3 個季度的運營費用下降了近 50% 或更多，增加了我們成本結構的可變性。

In fact, in the December quarter, our all-in unit costs were down 4.5% year-over-year despite flown capacity being down 44%.

事實上，在 12 月季度，儘管運力下降了 44%，但我們的總單位成本同比下降了 4.5%。

That is a remarkable achievement and credit to all Delta employees for making that happen.

這是一個了不起的成就，也是所有達美員工實現這一目標的榮譽。

And by keeping our costs under control, we leveraged the modest increase in net sales to reduce our average daily cash burn to $12 million a day for the December quarter, half of what it was in the September quarter and a decrease of 90% since the early days of the pandemic in late March.

通過控製成本，我們利用淨銷售額的適度增長將 12 月季度的平均每日現金消耗減少到 1200 萬美元，是 9 月季度的一半，自 2018 年以來減少了 90%三月下旬大流行的初期。

Turning to 2021, we expect the March quarter to look similar to the December quarter, with March quarter revenues at 35% to 40% of March quarter 2019 levels and our cash burn for the quarter holding at $10 million to $15 million per day.

談到 2021 年，我們預計 3 月季度與 12 月季度相似，3 月季度收入為 2019 年 3 月季度水平的 35% 至 40%，我們本季度的現金消耗量為每天 1000 萬至 1500 萬美元。

We expect that will be followed by an inflection point this spring as vaccine distribution continues, travel restrictions start to ease and consumer confidence begins to grow, hopefully resulting in cash burn reaching breakeven or better by the second quarter.

我們預計隨著疫苗分發的繼續、旅行限制開始放寬以及消費者信心開始增強，今年春天將出現拐點，有望在第二季度實現收支平衡或更好。

And as the year progresses, we expect demand will start to accelerate as vaccinations become more widespread and the virus is in a contained state and customers gain greater confidence to make future travel commitments.

隨著時間的推移，我們預計需求將開始加速，因為疫苗接種變得更加廣泛，病毒處於受控狀態，並且客戶更有信心做出未來的旅行承諾。

This should enable a sustained recovery to begin in the second half of 2021 with a return to profitability this summer.

這應該能夠在 2021 年下半年開始持續復甦，並在今年夏天恢復盈利。

So as we work through this environment, we're focused on 5 things: first, as always, we're committed to keeping our culture intact and our employees engaged.

因此，當我們在這種環境中工作時，我們專注於 5 件事：首先，一如既往，我們致力於保持我們的文化完整和我們的員工參與。

The Delta people are our most strategic asset.

三角洲員工是我們最具戰略意義的資產。

They have done a tremendous job this year, and together, will lead our airline through the recovery.

他們今年做了出色的工作，並將共同帶領我們的航空公司度過復甦期。

Second, we'll continue to prioritize the customer with a focus on health and safety and the maintenance of the industry's strongest network, thereby increasing loyalty and preference for our brand.

其次，我們將繼續把客戶放在首位，重點關注健康和安全以及維護行業最強大的網絡，從而提高對我們品牌的忠誠度和偏好。

Customers have shown they're willing to pay more for the quality of our network, product and our service.

客戶已經表明他們願意為我們的網絡、產品和服務的質量支付更多費用。

The gains we've achieved in customer satisfaction position us well to drive sustainable revenue growth in the future.

我們在客戶滿意度方面取得的成就使我們能夠很好地推動未來收入的可持續增長。

Third, we'll maintain our focus on innovation, which will enable our employees improve the customer experience and drive efficiency through the business.

第三，我們將繼續專注於創新，這將使我們的員工能夠改善客戶體驗並通過業務提高效率。

And innovative thinking will power our ability to tackle big challenges in front of us, like our goal of achieving carbon neutrality in the next decade.

創新思維將增強我們應對擺在我們面前的重大挑戰的能力，例如我們在未來十年實現碳中和的目標。

Fourth, we'll drive a competitive cost structure.

第四，我們將推動具有競爭力的成本結構。

Given the changes we've made over the last year, our goal is to sustain our nonfuel unit costs at or below 2019 levels by the December quarter of this year on roughly 75% of 2019 capacity levels, displaying continued agility in managing our costs.

鑑於我們在去年所做的改變，我們的目標是到今年 12 月季度將我們的非燃料單位成本維持在或低於 2019 年的水平，而產能水平約為 2019 年的 75%，顯示出在管理成本方面的持續敏捷性。

And finally, we're committed to debt reduction and creating long-term shareholder value, including continuing to protect our owners so that they can participate in future upside without dilution.

最後，我們致力於減少債務並創造長期股東價值，包括繼續保護我們的所有者，使他們能夠在不被稀釋的情況下參與未來的上漲。

Because for investors, while their near-term demand path is murky, industry fundamentals remain intact.

因為對於投資者來說，雖然他們的近期需求路徑不明朗，但行業基本面仍然完好無損。

Following almost a year at subdued travel, customers are beginning to exhibit behavior that is indicative of pent-up demand.

在經歷了將近一年的低迷旅行之後，客戶開始表現出表明需求被壓抑的行為。

Shopping visits across Delta's digital channels are significantly outpacing the passenger volumes we're carrying.

達美數字渠道的購物訪問量大大超過了我們的客運量。

In our most recent corporate survey, 40% of respondents expect full recovery by 2022.

在我們最近的企業調查中，40% 的受訪者預計到 2022 年將全面復甦。

Our partners at American Express are also seeing encouraging signs, whether it's cardholders holding on to their points in anticipation of redeeming them for air travel or a recent survey that suggested approximately 70% of respondents expect to take a trip in 2021 after not traveling in 2020.

我們在美國運通的合作夥伴也看到了令人鼓舞的跡象，無論是持卡人保留積分以期兌換航空旅行，還是最近的一項調查表明，大約 70% 的受訪者預計在 2020 年沒有旅行後會在 2021 年旅行.

Although it will take time, customers want to travel again when they feel it's safe.

雖然這需要時間，但客戶希望在感到安全時再次旅行。

They feel they've had a year of their life taken from them, and they're starting to get ready to reclaim it.

他們覺得他們已經失去了一年的生命，他們開始準備重新奪回它。

Until then, we're fortunate to have the support of the U.S. government, which recognizes the importance of the airline industry, and we thank Congress and the administration for passing the COVID relief bill last month.

在此之前，我們很幸運得到美國政府的支持，美國政府認識到航空業的重要性，我們感謝國會和政府上個月通過了 COVID 救濟法案。

As a result of that bill, we anticipate receiving approximately $3 billion in additional payroll support funds largely on terms similar to the initial CARES Act program.

作為該法案的結果，我們預計將收到大約 30 億美元的額外工資支持資金，主要是在與最初的 CARES 法案計劃類似的條款下。

These funds have been critical in saving thousands of industry jobs during an unprecedented level of demand decline.

在前所未有的需求下降水平期間，這些資金對於挽救數千個行業工作崗位至關重要。

And it's why the U.S. airline industry is in the best position to recover from the pandemic over any other international market.

這就是為什麼美國航空業比其他任何國際市場都處於從大流行中恢復的最佳位置。

So while 2020 was a difficult year and challenges will continue in 2021, I'm encouraged of some of the data that we're seeing, and I'm proud of the foundation that we've built at Delta.

因此，儘管 2020 年是艱難的一年，挑戰將在 2021 年繼續存在，但我對我們看到的一些數據感到鼓舞，我為我們在 Delta 建立的基礎感到自豪。

This company is well positioned to emerge in a stronger competitive position from this crisis and will continue to lead our industry in the years ahead.

該公司處於有利地位，可以從這場危機中脫穎而出，並將在未來幾年繼續引領我們的行業。

And with that, I'll turn the call over to Glen.

有了這個，我會把電話轉給格倫。

Thanks, Ed, and good morning, everyone.

謝謝，艾德，大家早上好。

As Ed mentioned, we started the December quarter seeing encouraging demand trends.

正如 Ed 所提到的，我們從 12 月季度開始就看到了令人鼓舞的需求趨勢。

But with rising COVID cases and travel advisories, we began to see some weakness around Thanksgiving and into December.

但隨著 COVID 病例和旅行建議的增加，我們開始在感恩節前後和 12 月看到一些疲軟。

Despite that softness, the peak periods continue to outperform nonpeak periods, and we've seen sequential improvement in total revenues which recovered from being down 80% in the September quarter to down 70% in the December quarter on sellable capacity that was down 62%.

儘管疲軟，但高峰期的表現繼續優於非高峰期，我們看到總收入連續改善，從 9 月季度的下降 80% 恢復到 12 月季度的下降 70%，可售容量下降了 62% .

On January 3, we had a $15 million ticket revenue day and carried more than 250,000 customers.

1 月 3 日，我們的門票收入達到 1500 萬美元，運送了超過 250,000 名客戶。

Both of these were the highest since the onset of the pandemic.

這兩個都是自大流行開始以來的最高水平。

And despite having meaningfully less inventory for sale given our middle seat block, we outperformed on passenger revenue generation in the first 9 months of the year.

儘管考慮到我們的中間座位區，待售庫存明顯減少，但我們在今年前 9 個月的客運收入創造方面表現優於其他公司。

This is a testament to customers' willingness to pay a premium for the Delta difference.

這證明了客戶願意為達美差價支付溢價。

Leisure markets and sun destinations are the best performers in our network.

休閒市場和陽光目的地是我們網絡中表現最好的。

With our approach of targeting sellable capacity to match demand, we are biasing restoring capacity to leisure markets.

通過我們將可售產能與需求相匹配的方法，我們偏向於恢復休閒市場的產能。

As a result, roughly 1/3 of our domestic capacity is currently deployed into leisure destinations.

因此，我們目前大約有 1/3 的國內運力被部署到休閒目的地。

Our coastal hubs, especially New York and Boston, are still some of the weakest areas in our network, with demand in those hubs only 20% to 25% recovered.

我們的沿海樞紐，尤其是紐約和波士頓，仍然是我們網絡中最薄弱的地區之一，這些樞紐的需求僅恢復了 20% 至 25%。

International demand remains weak and is limited to essential travel.

國際需求仍然疲軟，僅限於必要的旅行。

That said, we continue to work towards opening additional COVID-tested lanes of travel with no quarantine on arrival, similar to our Atlanta and Rome -- Atlanta to Rome and Atlanta to Amsterdam flights.

也就是說，我們將繼續努力開闢更多經過 COVID 測試的旅行通道，無需在抵達時進行隔離，類似於我們的亞特蘭大和羅馬——亞特蘭大到羅馬和亞特蘭大到阿姆斯特丹的航班。

This will be important in restoring confidence in long-haul international travel as vaccine rollouts continue.

隨著疫苗的繼續推廣，這對於恢復人們對長途國際旅行的信心非常重要。

Our premium seat strategy is holding up well.

我們的高級座位策略運行良好。

Domestic premium revenues performed in line with main cabin in the quarter, a good outcome considering that we're continuing to operate a largely leisure-driven environment with a higher proportion of premium seat tailback due to our middle seat blocks.

本季度國內保費收入與主艙收入一致，這是一個很好的結果，因為我們繼續經營一個主要以休閒為導向的環境，由於我們的中間座位塊，高級座位後排比例更高。

As all of you are aware, corporate demand continues to be depressed and was only 10% to 15% restored for the quarter.

眾所周知，企業需求持續低迷，本季度僅恢復了 10% 至 15%。

Corporate revenue was about 3 points higher than the September quarter with small and medium accounts, which make up half of our corporate revenues, recovering 5 points faster than large corporates.

企業收入比 9 月季度高出約 3 個百分點，中小型賬戶占我們企業收入的一半，恢復速度比大型企業快 5 個百分點。

While the passenger revenue environment remains challenging, we're encouraged that efforts to diversify our revenue streams have paid off.

儘管客運收入環境仍然充滿挑戰，但令我們感到鼓舞的是，多元化收入來源的努力已取得成效。

Our American Express remuneration in 2020 was nearly $3 billion, down only 30% on a year-over-year basis.

我們在 2020 年的美國運通薪酬接近 30 億美元，同比僅下降 30%。

In fact, American Express has shared that spending on our co-brand card portfolio has performed in line to slightly better than their overall card portfolio spend in 2020.

事實上，美國運通表示，2020 年我們的聯名卡組合支出表現略好於他們的整體卡組合支出。

In the December quarter, MRO revenue was down almost 30% relative to the same period last year while cargo revenue was up 10% on a year-over-year basis.

在 12 月季度，MRO 收入與去年同期相比下降了近 30%，而貨運收入同比增長了 10%。

This marks the first quarter of cargo revenue growth since the December 2018 quarter.

這標誌著貨運收入自 2018 年 12 月季度以來首次出現增長。

Our December quarter results reflect the challenges that the pandemic has brought not just to Delta but to the entire airline industry.

我們 12 月季度的業績反映了大流行病不僅給達美航空而且給整個航空業帶來的挑戰。

I am incredibly grateful for the efforts of the entire Delta team in managing through the challenging year that we faced.

我非常感謝整個達美團隊在我們面臨的充滿挑戰的一年中所付出的努力。

Now that we think about 2021, we see 3 distinct phases to the year.

現在我們考慮 2021 年，我們看到這一年有 3 個不同的階段。

And for each phase, we have levers to help us react to the emerging demand environment.

對於每個階段，我們都有槓桿來幫助我們對新興的需求環境做出反應。

In the first phase, we expect demand choppiness to continue, the booking curve to remain more compressed and the results to be similar to the December quarter.

在第一階段，我們預計需求將繼續波動，預訂曲線將更加壓縮，結果將與 12 月季度相似。

In response, we'll focus on making sure that our sellable capacity largely aligns with the emerging demand environment.

作為回應，我們將專注於確保我們的可銷售能力在很大程度上與新興的需求環境保持一致。

For example, our January and February domestic scheduled seats will be down 3% to 6% versus the nonholiday period in November.

例如，我們 1 月和 2 月的國內預定座位將比 11 月的非假期減少 3% 至 6%。

That will result in our March quarter sellable capacity being approximately 55% lower relative to the same period in 2019, consistent with the expected 60% to 65% revenue decline.

這將導致我們 3 月季度的可售產能與 2019 年同期相比下降約 55%，與預期的 60% 至 65% 的收入下降一致。

We'll also continue to leverage our nonticket revenue streams like cargo, loyalty and MRO that we believe should continue to outperform passenger revenues.

我們還將繼續利用我們的非機票收入流，如貨運、忠誠度和 MRO，我們認為這些收入應該繼續超過客運收入。

In the second phase, vaccination distribution continues, travel restrictions and advisories begin to ease and customer confidence begins to grow.

在第二階段，疫苗接種繼續進行，旅行限制和建議開始放寬，客戶信心開始增強。

As that happens, we expect to see an extension of the booking curve resulting in a cash-led recovery with revenue recovery to follow.

當這種情況發生時，我們預計會看到預訂曲線的延伸導致現金主導的複蘇，隨之而來的是收入復甦。

We anticipate this will happen in the spring and will result in us achieving our cash burn breakeven target.

我們預計這將在春季發生，並將使我們實現我們的現金消耗收支平衡目標。

In response to the second phase, our middle seats will be a very powerful tool for us, one we can use to add capacity in a very cost-efficient way, generating a meaningful margin tailwind.

作為對第二階段的回應，我們的中間席位對我們來說將是一個非常強大的工具，我們可以使用它以非常具有成本效益的方式增加容量，從而產生有意義的利潤順風。

In the final phase, vaccinations become worldwide spread and offices begin to reopen.

在最後階段，疫苗接種在全球範圍內傳播，辦公室開始重新開放。

We expect that to occur in the second half of '21 and as a result -- and result in a sustained improvement in demand and yield with progression in cash generation as the booking curve normalizes.

我們預計這將發生在 21 年下半年，因此隨著預訂曲線正常化，隨著現金產生的進展，需求和收益率將持續改善。

With the recovery initially fueled by leisure demand, Delta's success will be driven by our superior connecting economics through our core hubs domestically and our partner hubs internationally.

隨著最初由休閒需求推動的複蘇，達美航空的成功將得益於我們通過國內核心樞紐和國際合作夥伴樞紐的卓越連接經濟。

The 34 new aircraft deliveries this year will also leverage higher gauge and more efficient aircraft that produce lower-seat costs, more premium seats and a better customer experience.

今年交付的 34 架新飛機還將利用更高規格和更高效的飛機，從而降低座位成本、提供更多高級座位和更好的客戶體驗。

This will allow us to capitalize on our brand affinity and upsell opportunities, which are enabled by the elimination of change fees for U.S. customers and the redemption of e-credits.

這將使我們能夠利用我們的品牌親和力和追加銷售機會，這些機會是通過取消美國客戶的改簽費和兌換電子積分來實現的。

It will take longer for corporate demand to return but we are encouraged by the results of our recent corporate survey.

企業需求需要更長的時間才能恢復，但我們對最近的企業調查結果感到鼓舞。

Our corporate accounts are telling us that they largely anticipate returning to their offices and travel in the June and September quarters.

我們的公司客戶告訴我們，他們主要預計在 6 月和 9 月季度返回辦公室和出差。

They are also telling us, by the end of '21, half are expecting to return to 50% to 100% of pre-COVID domestic travel and up to 50% of pre-COVID international travel.

他們還告訴我們，到 21 年底，一半的人預計將恢復到 COVID 前國內旅行的 50% 到 100% 和高達 COVID 前國際旅行的 50%。

To our corporate customers, our commitment to you remains unchanged.

對於我們的企業客戶，我們對您的承諾始終如一。

Delta is ready when you are.

達美隨時準備就緒。

We will be ready to serve our corporate customers by leveraging the strongest domestic and international networks, rebuilding focus cities and point-to-point flying based on customer needs and by capitalizing on our efforts to always put the customer experience at the center of what we do.

我們將充分利用國內外最強大的網絡，根據客戶需求重建重點城市和點對點飛行，努力服務企業客戶，始終把客戶體驗放在我們工作的中心。做。

We're optimistic for the future having built the right foundation and focusing on what we can control.

我們對未來感到樂觀，因為我們已經建立了正確的基礎並專注於我們可以控制的事情。

We are confident in our ability to successfully navigate the post-pandemic recovery.

我們對我們成功駕馭大流行後恢復的能力充滿信心。

And with that, I'll turn the call over to Gary.

有了這個，我會把電話轉給加里。

Thanks, Glen, and good morning, everyone.

謝謝，格倫，大家早上好。

Let me touch on the fourth quarter and 2020, and then I'll turn to the outlook for costs in the balance sheet as we head into '21.

讓我談談第四季度和 2020 年，然後在我們進入 21 世紀之際，我將轉向資產負債表中的成本前景。

Our December quarter pretax loss of $2.1 billion is about $500 million better than the September quarter, given the revenue improvement Glen just discussed, combined with strong cost discipline.

鑑於 Glen 剛剛討論的收入改善以及嚴格的成本控制，我們 12 月季度的稅前虧損 21 億美元比 9 月季度減少了約 5 億美元。

We reduced costs by approximately 50% from 2019 levels for the third consecutive quarter.

我們連續第三個季度將成本從 2019 年的水平降低了約 50%。

More importantly, our costs were up just 6% from the third quarter on 30% capacity growth, and 3/4 of that increase came from higher fuel.

更重要的是，由於產能增長 30%，我們的成本僅比第三季度增加了 6%，其中 3/4 的增長來自更高的燃料。

Total unit cost, including fuel, was down 4.5% compared to 2019 on 44% lower flown capacity.

與 2019 年相比，包括燃料在內的總單位成本下降了 4.5%，運力下降了 44%。

Our average daily cash burn for the December quarter was $12 million.

我們在 12 月季度的平均每日現金消耗為 1200 萬美元。

Half of the third quarter is $24 million.

第三季度的一半是 2400 萬美元。

We closed the year with $16.7 billion in liquidity and adjusted net debt of $18.8 billion, up about $8 billion versus year-end 2019.

我們以 167 億美元的流動資金和 188 億美元的調整後淨債務結束了這一年，比 2019 年底增加了約 80 億美元。

Now as we look into the year ahead, improving demand fundamentals will underpin a transition of our financial focus from protecting our liquidity to positioning the company for a return to profitability and free cash flow.

現在，展望未來一年，需求基本面的改善將支持我們的財務重點從保護我們的流動性轉變為為公司定位以恢復盈利和自由現金流。

I'll explain our approach to costs on our balance sheet as we make this transition.

在我們進行這種過渡時，我將在資產負債表上解釋我們的成本方法。

Let's start with costs.

讓我們從成本開始。

We need to stay flexible and maintain our discipline in order to position the company for the return to profitability I'd mentioned as we expect continued choppiness in demand in the early part of the year.

我們需要保持靈活性並保持我們的紀律，以便為公司恢復盈利能力做好準備，因為我們預計今年年初需求將持續波動。

We've already taken structural steps to resize our business.

我們已經採取了結構性步驟來調整我們的業務規模。

Our 2 largest cost drivers, fleet and headcount, are both 15% to 20% smaller than they were in 2019.

我們的 2 個最大的成本驅動因素，車隊和員工人數，都比 2019 年減少了 15% 到 20%。

Headcount reductions were a difficult but necessary decision.

裁員是一個艱難但必要的決定。

It was hard to see 18,000 talented and dedicated co-workers leave, but it's a testament to the Delta culture that these reductions were achieved entirely through voluntary means.

很難看到 18,000 名有才華和敬業的同事離開，但這些裁員完全是通過自願方式實現的，這證明了 Delta 文化。

We accelerated our fleet transformation by retiring aircraft with relatively short remaining lives and simplified our fleet by eliminating 2 entire families while increasing our gauge.

我們通過淘汰剩餘壽命相對較短的飛機來加速我們的機隊轉型，並通過在增加我們的規格的同時淘汰 2 個整個系列來簡化我們的機隊。

On a run rate basis, these changes will drive more than $400 million in annualized cost benefit.

按運行率計算，這些變化將帶來超過 4 億美元的年度成本收益。

As we add capacity in '21, we will drive higher utilization of our system, and we have room to rebuild our network from current levels at low incremental costs, approximately 40% to 50% of our December quarter nonfuel CASM.

隨著我們在 21 年增加容量，我們將提高我們系統的利用率，並且我們有空間以較低的增量成本從當前水平重建我們的網絡，大約是我們 12 月季度非燃料 CASM 的 40% 到 50%。

Our goal is to produce and sustain nonfuel unit costs below 2019 levels by the fourth quarter.

我們的目標是到第四季度生產並維持非燃料單位成本低於 2019 年的水平。

That cost focus will be a key driver of profitability later in the year when demand returns.

在今年晚些時候需求恢復時，對成本的關注將成為盈利能力的關鍵驅動力。

Looking to the March quarter, we're preparing for stronger demand by reactivating aircraft and restoring our people to full hours, driving about $200 million in additional costs versus the December quarter.

展望 3 月季度，我們正在通過重新啟動飛機和恢復員工正常工作時間來應對更強勁的需求，與 12 月季度相比，增加了約 2 億美元的成本。

Our March quarter total operating expense will be 35% to 40% lower than March quarter '19 with a total unit cost, including fuel, down 5% to 10% on approximately 35% lower flown capacity.

我們 3 月季度的總運營費用將比 19 年 3 月季度低 35% 至 40%，包括燃料在內的總單位成本下降 5% 至 10%，而運力下降約 35%。

Let's move now to capital, the balance sheet and liquidity.

現在讓我們轉向資本、資產負債表和流動性。

As we begin the year, conditions are similar to where we exited 2020.

今年年初，情況與我們 2020 年結束時的情況相似。

A modest uplift in net sales should offset the cost investments we're making in the quarter, and as a result, we expect average daily cash burn between $10 million and $15 million, similar to the December quarter.

淨銷售額的適度增長應抵消我們在本季度進行的成本投資，因此，我們預計平均每日現金消耗在 1000 萬至 1500 萬美元之間，與 12 月季度相似。

With further improvements in net sales as customers gain confidence, we expect our cash burn to cease this spring.

隨著客戶信心的增強，淨銷售額進一步提高，我們預計我們的現金消耗將在今年春天停止。

With that goal in sight, we're turning our focus to how we will balance reinvesting in the business while reducing our debt levels.

有了這個目標，我們將重點轉向如何在降低債務水平的同時平衡對業務的再投資。

Given our expectations for cash flow in '21 and proceeds from the PSP extension, we expect our current adjusted net debt levels to be the high watermark for that important metric.

鑑於我們對 21 年現金流和 PSP 延期收益的預期，我們預計我們目前調整後的淨債務水平將成為該重要指標的高水位線。

For the full year, we're expecting $2.5 billion in gross CapEx, a significant reduction from the $4 billion to $5 billion that we were spending pre COVID.

對於全年，我們預計總資本支出為 25 億美元，與我們在 COVID 之前花費的 40 億美元大幅減少至 50 億美元。

We have $1.3 billion of aircraft purchase commitments for 34 new deliveries this year, which we have the option to fully finance and about $1 billion in non-aircraft CapEx.

我們今年有 34 架新交付的 13 億美元飛機採購承諾，我們可以選擇全額融資，以及約 10 億美元的非飛機資本支出。

Including retirements, we expect our fleet count at the end of 2021 will be 15% smaller than at year-end '19, with total fleet declining from about 1,350 to about 1,130.

包括退役在內，我們預計到 2021 年底我們的機隊數量將比 19 年底減少 15%，機隊總數將從約 1,350 架減少到約 1,130 架。

An equal priority is to work on our balance sheet by reducing our liquidity and paying down debt.

同樣優先的是通過減少我們的流動性和償還債務來改善我們的資產負債表。

We have approximately $1.8 billion of debt maturities in '21 and $2.1 billion in '22.

我們在 21 年和 22 年分別有大約 18 億美元和 21 億美元的債務到期。

Our debt has an average interest rate of 4.6%, which will drive approximately $350 million in quarterly interest expense.

我們的債務平均利率為 4.6%，這將推動大約 3.5 億美元的季度利息支出。

However, we will begin reducing those expenses by paying down debt this year.

然而，我們將在今年開始通過償還債務來減少這些開支。

We do not have mandatory pension contributions until 2025 under airline relief, but we expect to make at least $500 million in voluntary contributions this year.

根據航空公司的救濟，我們在 2025 年之前不會強制繳納養老金，但我們預計今年將至少提供 5 億美元的自願捐款。

In terms of a quarter-end outlook, with about $3 billion of PSP support expected from the government in the March quarter, we project ending the period with $18 billion to $19 billion in liquidity and adjusted net debt of approximately $18 billion.

就季度末展望而言，預計 3 月季度政府將提供約 30 億美元的 PSP 支持，我們預計本季度末流動資金將達到 180 億美元至 190 億美元，調整後的淨債務約為 180 億美元。

Let me close by saying this.

讓我這樣說結束。

The Delta difference has never been more important, and I'd like to thank the Delta team for delivering for each other and for our customers amid the industry's most challenging environment ever.

Delta 的與眾不同之處從未如此重要，我要感謝 Delta 團隊在業內有史以來最具挑戰性的環境中為彼此和我們的客戶提供服務。

Because of your dedication, we will emerge from the crisis stronger and more resilient than ever.

由於你們的奉獻精神，我們將比以往任何時候都更強大、更有彈性地擺脫危機。

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

有了這個，我會把電話轉回給吉爾開始問答。

Thanks, Gary.

謝謝，加里。

Kathy, we're ready for questions from the analysts, if you could give the instructions on how to get in the queue.

凱西，我們已經準備好接受分析師的提問，如果你能給出如何進入隊列的說明。

(Operator Instructions) And we'll go first to Savi Syth with Raymond James.

（操作員說明）我們將首先與 Raymond James 一起去 Savi Syth。

I'm just kind of curious.

我只是有點好奇。

After the kind of vaccine news, have you seen a change in booking behavior?

在那種疫苗新聞之後，您是否看到預訂行為發生了變化？

And also, I know the testing requirement is probably positive longer term for opening up international demand.

而且，我知道從長遠來看，測試要求對於打開國際需求可能是積極的。

But are you seeing travelers perhaps shifting from more -- to more domestic sun and sand destinations from international?

但是你是否看到旅行者可能從更多的——從國際轉向更多的國內陽光和沙灘目的地？

Savi, we -- the vaccine deployment still is very early, and we haven't really seen much in the form of changed behaviors.

Savi，我們——疫苗的部署還很早，我們還沒有真正看到太多行為改變的形式。

We hear a lot anecdotally, but it's also one of the weakest travel periods of the year in the current month that we're in.

我們聽到了很多軼事，但在我們所在的當月，這也是一年中最疲軟的旅行時期之一。

We've not seen the booking curve start to expand.

我們還沒有看到預訂曲線開始擴大。

We certainly hope to see that as we get through the quarter and vaccines continue to become more prevalent.

我們當然希望看到這一點，因為我們度過了這個季度並且疫苗繼續變得更加普遍。

Makes sense.

說得通。

And I'd be curious, just a follow-up on some of the kind of the changing dynamics here.

我很好奇，只是對這裡發生的一些動態變化的跟進。

I was wondering if you have any kind of preliminary thoughts on how maybe the American and JetBlue partnership might impact kind of the Northeast position.

我想知道你是否對美國和捷藍航空的伙伴關係可能如何影響東北地區的地位有任何初步想法。

We're not going to comment on our competitors or speculate.

我們不會評論我們的競爭對手或推測。

We -- you know us well.

我們——你很了解我們。

You know we love competition and I think competition makes you better.

你知道我們喜歡競爭，我認為競爭會讓你變得更好。

Next, we'll go to Jamie Baker of JPMorgan.

接下來，我們將去摩根大通的傑米貝克。

First question for Glen.

格倫的第一個問題。

Sort of a follow-up, I suppose, on Savi's question.

我想，這是關於 Savi 問題的後續行動。

In normal times, what percentage of international revenue is made up of trips that last fewer than 4 or 5 days?

在正常情況下，持續時間少於 4 或 5 天的旅行佔國際收入的百分比是多少？

I'm asking because I would think a trip of that duration would be particularly jeopardized by the need to land and almost immediately take a COVID test so that you could come home.

我之所以這麼問，是因為我認為這段時間的旅行會因為需要著陸並幾乎立即進行 COVID 測試而受到特別危及，這樣你才能回家。

Well, I think that's dependent on how far customers are traveling.

好吧，我認為這取決於客戶旅行的距離。

Generally, the longer they travel, the longer the stay is.

一般來說，他們旅行的時間越長，停留的時間就越長。

So I think what we are seeing is a very good response from the closer in Caribbean and Mexico resorts where hotels are now going to be offering that as part of the package.

所以我認為我們看到的是加勒比海和墨西哥度假勝地附近的酒店反應非常好，這些度假勝地現在將作為一攬子計劃的一部分提供。

And so while there may be some choppiness, as there has been through this whole environment, as we start adopting those testing procedures, we think in pretty short order here that customers will adapt.

因此，儘管在整個環境中可能會出現一些波動，但當我們開始採用這些測試程序時，我們認為客戶很快就會適應。

And to the extent that travel does shift from short-haul international back to domestic, we'll be ready to move the airplanes back, too.

就旅行確實從短途國際回到國內的程度而言，我們也將準備好將飛機移回。

Jamie, I'd like to add to Glen's comments.

傑米，我想補充格倫的意見。

We're still working obviously with the CDC.

我們顯然仍在與 CDC 合作。

We endorse and support the testing requirements they've put in place.

我們認可並支持他們提出的測試要求。

But a new feature is the inclusion of rapid testing into the mix.

但一項新功能是將快速測試納入其中。

So it doesn't necessarily mean it only has to be a PCR test.

所以這並不一定意味著它必須是 PCR 測試。

And with the growth of antigen testing, the quality of antigen testing that's out there and the supplies [in that place] -- you literally could get these -- some of these tests done within a 10-minute interval shortly before you return.

隨著抗原檢測的增長，那裡的抗原檢測質量和 [那個地方] 的供應 - 你真的可以得到這些 - 其中一些測試在你返回前不久的 10 分鐘間隔內完成。

Excellent.

出色的。

And a question for Gary.

還有一個問題要問加里。

How are you thinking about the optimal level of liquidity to carry in the future?

您如何考慮未來攜帶的最佳流動性水平？

Sort of a post-pandemic question.

有點像大流行後的問題。

And if you haven't reached that conclusion yet, is that because it's just not a priority right now?

如果您還沒有得出那個結論，那是因為它現在不是優先事項嗎？

Or do you simply need to wait and see how the recovery plays out before reaching a decision?

還是您只需要等待，看看復甦情況如何，然後再做出決定？

Jamie, I think what I would say is it's obviously less than today.

傑米，我想我要說的是，它顯然比今天少。

We need some time.

我們需要一些時間。

We have, I think, some work in front of us to think through where we ultimately want that to be.

我認為，我們有一些工作擺在我們面前，以思考我們最終希望它成為的地方。

But I think the important point is we're getting started and I think you see some of that.

但我認為重要的一點是我們正在開始，我想你已經看到了其中的一些。

During the quarter, we prepaid our term loan that was matured in April for about $3 billion.

在本季度，我們預付了 4 月份到期的約 30 億美元的定期貸款。

We mentioned during the script that we do plan to make a pension contribution, which as you know, we consider part of our financial obligations.

我們在劇本中提到我們確實計劃繳納養老金，如您所知，我們認為這是我們財務義務的一部分。

So we are getting started.

所以我們開始了。

We don't have more specifics, but we are getting started.

我們沒有更多細節，但我們正在開始。

And we're very focused on that $350 million number that I described, and using the liquidity that we have, where it makes sense to drive that down.

我們非常關注我所描述的 3.5 億美元的數字，並利用我們擁有的流動性，在有必要將其壓低的地方。

And just a fine point on PSP, it's simply a yes-or-no question.

PSP 上的一個很好的觀點，它只是一個是或否的問題。

Have the terms been achieved?

條款達成了嗎？

And if so, are they the same as the first grant?

如果是這樣，它們與第一筆贈款相同嗎？

Yes, Jamie.

是的，傑米。

It's Peter Carter.

是彼得·卡特。

The terms are identical to PSP 1, and we've already signed the agreement with the government.

條款與 PSP 1 相同，我們已經與政府簽署了協議。

Our next question will come from Hunter Keay of Wolfe Research.

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

Ed, about a year ago, we talked on this call about intentionally running lower load factors.

Ed，大約一年前，我們在這次電話會議上談到有意運行較低的負載係數。

And it's happening in a weird way, but you're getting paid for it and your NPS scores are, as you mentioned, at an all-time high.

它以一種奇怪的方式發生，但你會為此得到報酬，而且你的 NPS 分數，正如你提到的，處於歷史最高水平。

So unblocking middle seats is obviously a tactical choice, but even when you unblock them, you don't have to sell them.

所以解封中間席位顯然是一種戰術選擇，但即使解封了也不一定要賣掉。

So I guess the question is longer term, how are you thinking about running less full airplanes as an opportunity to differentiate yourself for that premium traveler?

所以我想這個問題是更長遠的問題，您如何考慮將運行較少的滿載飛機作為讓自己在高端旅客中脫穎而出的機會？

Yes, Hunter, it is an interesting year, I will say that.

是的，亨特，這是有趣的一年，我會這麼說。

We've not made a decision beyond the end of March relative to our -- when to unblock the middle seats.

我們還沒有在 3 月底之後就何時解除中間席位做出決定。

We have some time to continue to look at that.

我們有時間繼續研究這個問題。

I think it's going to be very much driven by customer demand, customer input, the confidence customers have in those seats.

我認為這將在很大程度上受到客戶需求、客戶輸入以及客戶對這些座位的信心的驅動。

But no question about it, we are generating a meaningful premium due to that decision.

但毫無疑問，由於該決定，我們正在產生有意義的溢價。

Hunter, if I can add just a quick follow-up on that is there -- I guess there are 2 ways, as we discussed last year, to do that.

亨特，如果我可以添加一個快速跟進，我想有兩種方法可以做到這一點，就像我們去年討論的那樣。

One is by creating more premium seats and the other is by running lower load factors.

一是創造更多高級座位，二是降低客座率。

As we go through this fleet transition, our premium seats as a percent of our total seats continue to rise.

隨著我們經歷這次機隊轉型，我們的高級座位佔總座位數的百分比繼續上升。

And I think that's our primary way to satisfy the demand for premium customers is to continue to provide them with a higher level of quality.

我認為我們滿足優質客戶需求的主要方式是繼續為他們提供更高水平的質量。

Got it.

知道了。

And then on the 18,000 early outs, can you achieve 2019 capacity without backfilling any of those positions?

然後在 18,000 個早期出局的情況下，您能否在不回填任何這些職位的情況下實現 2019 年的產能？

Could you speak louder?

你能再大聲點嗎？

We missed your question -- the start of your question, Hunter.

我們錯過了你的問題——你問題的開頭，Hunter。

Sorry about that.

對於那個很抱歉。

Yes -- no, that's cool.

是的 - 不，這很酷。

The 18,000 early outs, the question is like how much -- can you achieve 2019 capacity levels without backfilling the majority or the entirety of those positions?

18,000 個提前出局，問題是多少——你能在不回填大部分或全部職位的情況下達到 2019 年的產能水平嗎？

We can achieve 2019 levels, about close to 20% of our people, no question about it.

我們可以達到 2019 年的水平，大約接近 20% 的員工，這是毫無疑問的。

But there is -- we don't need to backfill it entirely either.

但是有——我們也不需要完全回填它。

So there's a middle ground there.

所以那裡有一個中間立場。

Okay.

好的。

And then just one more quick one since we have 90 minutes.

因為我們還有 90 分鐘，所以再快一點。

Just to follow up on Jamie's follow-up.

只是為了跟進傑米的後續行動。

Have you -- Peter, have you negotiated the new strike prices for the warrants attached to PSP 2?

你 - 彼得，你是否為 PSP 2 附帶的認股權證談判了新的行使價？

We have and it's $39 and some change.

我們有，它是 39 美元和一些零錢。

And now we will go to Andrew Didora of Bank of America.

現在我們將請美國銀行的 Andrew Didora 發言。

Glen, maybe the first question is for you, probably a little tough to answer, but just curious about how you're thinking about the kind of the trade-off between yield and load factor as you move through kind of the different phases of the recovery that you talked to.

格倫，也許第一個問題是給你的，可能有點難以回答，但只是想知道你在經歷不同階段的過程中如何考慮收益率和負載因子之間的權衡與您交談過的恢復。

As those travel restrictions ease, do you see the need to maybe stimulate more demand with price?

隨著這些旅行限制的放寬，您是否認為有必要通過價格刺激更多需求？

Or do you think there's enough pent-up demand in your network that load factor is a bigger driver?

或者您是否認為您的網絡中有足夠多的被壓抑的需求，負載係數是一個更大的驅動因素？

Just curious how you're thinking about that.

只是好奇你是怎麼想的。

I think we are taking a yield bias as we go into the peak summer, hoping that demand exceeds supply.

我認為在進入夏季高峰期時我們正在採取收益率偏差，希望需求超過供應。

And if that doesn't materialize, we can make those adjustments later.

如果這沒有實現，我們可以稍後進行這些調整。

But we have anticipated that there will be a nice recovery in demand as we get towards the summer and we've taken a conservative approach.

但我們預計，隨著夏季的臨近，需求將出現良好復甦，因此我們採取了保守的做法。

I hope that answers your question.

我希望這能回答你的問題。

And certainly, [have streamed] a bit.

當然，[已經流式傳輸]了一點。

I guess -- and then, Ed, I know Gary gave some information about CapEx this year.

我想——然後，Ed，我知道 Gary 提供了一些有關今年資本支出的信息。

But I guess, how are you thinking about that over the next few years, especially in light with your desire to delever here?

但我想，在接下來的幾年裡，你是如何考慮這個問題的，尤其是考慮到你想在這裡去槓桿化的願望？

And what do you need to see in order to feel more comfortable in placing new aircraft orders?

您需要了解什麼才能更放心地下新飛機訂單？

Well, Andrew, I think we're a little early yet in terms of thinking about the long-term CapEx picture, just thinking that we moved $5 billion of aircraft CapEx alone with Airbus out over the next several years.

好吧，安德魯，我認為我們在考慮長期資本支出方面還為時過早，只是認為我們在未來幾年內僅與空客一起將 50 億美元的飛機資本支出轉移出去。

The degree to which we want to take positions and new positions coming up, we'll continue to evaluate that based on demand.

我們想要採取的立場和新職位的程度，我們將繼續根據需求進行評估。

But right now, I feel pretty comfortable with where we sit.

但現在，我對我們坐的地方感到很舒服。

And now we'll go to Brandon Oglenski of Barclays.

現在我們將請巴克萊銀行的布蘭登奧格倫斯基發言。

Gary, can you talk about some of the structural things that you've taken out of the cost structure?

加里，你能談談你從成本結構中剔除的一些結構性因素嗎？

I think, reset CASM target by the end of the year.

我認為，在年底前重新設定 CASM 目標。

And I think you made a comment about incrementally like 40% to 50% of your fourth quarter CASM would be variable.

而且我認為你發表評論說你的第四季度 CASM 的 40% 到 50% 是可變的。

Is that -- did I hear that right?

那是——我沒聽錯嗎？

Yes.

是的。

So Brandon, let me start with the first question.

那麼布蘭登，讓我從第一個問題開始。

The structural costs, the 2 biggest ones in our business are really headcount and fleet, as we mentioned.

正如我們提到的，結構成本是我們業務中最大的兩個成本，實際上是員工人數和車隊。

The fleet really determines an awful lot of the infrastructure that we need from a cost standpoint.

從成本的角度來看，車隊確實決定了我們需要的大量基礎設施。

We expect to get leverage out of all of our costs associated with assets.

我們希望從與資產相關的所有成本中獲得槓桿作用。

We look -- about 1/3 of our cost structure on a monthly basis is fixed.

我們看——每月大約 1/3 的成本結構是固定的。

So as we grow, we'll obviously get leverage there.

因此，隨著我們的成長，我們顯然會在那裡獲得影響力。

And we have pockets of opportunity.

我們有很多機會。

We have pockets of opportunity in terms of better utilization of just the overall system.

在更好地利用整個系統方面，我們有很多機會。

When I think about what we're doing here, and this gets to your second question, there are kind of 2 big things that I talk about or that we all talk about internally as we think about this effort that we're embarking on.

當我想到我們在這裡所做的事情時，這就是你的第二個問題，我談到了兩件大事，或者我們在考慮我們正在著手的這項工作時都在內部談論。

The first is baseline aggressively, and it really have a laser focus on what's in the cost structure now and what makes sense.

第一個是積極的基線，它確實非常關注現在成本結構中的內容和有意義的內容。

You see that in the 50% reductions that we've been posting now for several quarters.

你在我們幾個季度以來一直發布的 50% 的削減中看到了這一點。

The second thing we say is leverage to build, and that's really where the incremental thought process comes.

我們要說的第二件事是利用槓桿來構建，而這正是漸進式思維過程的來源。

That's about being very thoughtful about better leveraging the system as we start to rebuild.

那是關於在我們開始重建時對更好地利用系統進行深思熟慮。

Now I think in terms of your second question, incremental cost, it's pretty simple the way we're thinking about it.

現在我認為關於你的第二個問題，增量成本，我們考慮它的方式非常簡單。

It's just change in costs divided by change in ASMs.

它只是成本變化除以 ASM 的變化。

And we wanted to give some guidepost as to the leverage that we do expect going forward before the 40% to 50% of December capacity comes in.

在 12 月產能達到 40% 至 50% 之前，我們想就我們預期的槓桿率提供一些指導。

I'll just note, if you take a look at the second half of 2020, it was quite a bit better than that.

我會注意到，如果你看一下 2020 年下半年，情況會好很多。

And that was why I emphasized that comment in the prepared remarks about how we scale the system, particularly in the fourth quarter.

這就是為什麼我在準備好的關於我們如何擴展系統的評論中強調了這一評論，尤其是在第四季度。

Our next question will come from Ravi Shanker of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Ravi Shanker。

A couple of questions on business travel.

關於商務旅行的幾個問題。

You said that small and medium-sized corporates are coming back first.

你說中小企業先回來了。

Are you surprised by that?

你對此感到驚訝嗎？

And is that good news or bad news for when the bigger guys come back when the world opens up again?

當世界再次開放時，當更大的人回來時，這是好消息還是壞消息？

Ravi, we're not surprised by that.

拉維，我們對此並不感到驚訝。

These are small business owners who need to get out to their customers, who have to work hard every single day to keep their sales and their business moving.

這些是需要與客戶接觸的小企業主，他們每天都必須努力工作以保持銷售和業務發展。

And we do see a meaningful continued improvement in small business traffic.

我們確實看到小型企業流量持續顯著改善。

Some that we can measure, others that we can't say because they're not under contracts with us, but we know that's an [imminent] and important part of overall business travel.

有些我們可以衡量，有些我們不能說，因為他們沒有與我們簽訂合同，但我們知道這是整個商務旅行的 [迫在眉睫] 和重要的一部分。

But I do want to talk about the overall corporate travel results.

但我確實想談談整體的商務旅行結果。

As you probably know, we extensively survey our corporate customers, our large corporate customers on a quarterly basis in addition to just being with them on a weekly basis as to their thoughts on the return of travel.

正如您可能知道的那樣，除了每週與他們一起了解他們對旅行回歸的想法之外，我們還每季度對我們的企業客戶、我們的大型企業客戶進行廣泛調查。

And the most recent survey that we conducted, which just ended a couple of weeks ago, indicated that 40% of our big corporate customers expect they will be fully back to 2019 levels by 2022.

我們在幾週前剛剛結束的最新調查表明，我們 40% 的大企業客戶預計到 2022 年他們將完全回到 2019 年的水平。

And another 11% said that they expect to be fully back by 2023.

另有 11% 的人表示，他們預計到 2023 年將完全恢復。

So that's a little over 50% of the customers.

因此，這略高於 50% 的客戶。

And these are the people -- everyone's speculating what's going to happen to business travel.

這些人——每個人都在猜測商務旅行將會發生什麼。

These are the customers who make those decisions.

這些是做出這些決定的客戶。

7% said we'll never be back to 2019 levels, only 7%.

7% 的人表示我們永遠不會回到 2019 年的水平，只有 7%。

And 42% said they weren't sure, needed more time to figure it out.

42% 的人表示他們不確定，需要更多時間來弄清楚。

So with all the dialogue and speculation around the depth of business travel, just looking at that survey, it's very interesting.

因此，關於商務旅行深度的所有對話和猜測，只要看看那份調查，它就非常有趣。

You take the 51% that said they'll be fully back by '23, the majority of which is in '22.

你拿 51% 的人說他們將在 23 年完全回歸，其中大部分是在 22 年。

And then you consider the second quadrant of 50% who say they'll never return or they're not sure of the return.

然後你考慮第二象限的 50%，他們說他們永遠不會回來，或者他們不確定會回來。

And even if you assume only 50% of their travel returns, that gets you 75% of the way back no later than '23, and I think that's a very pessimistic view on business travel.

即使你只假設他們的旅行回報率只有 50%，那你也能在 23 年前得到 75% 的回報，我認為這是對商務旅行的一種非常悲觀的看法。

So what we've been talking about corporate travel and business travel returning, I felt optimistic when I saw those results.

因此，我們一直在談論的公司旅行和商務旅行回歸，當我看到這些結果時，我感到很樂觀。

We know it's going to be different going forward.

我們知道未來會有所不同。

I've said it many times, it could be 10% to 20% lower over a period as it's substituted and complemented.

我已經說過很多次了，隨著它的替代和補充，它可能會在一段時間內降低 10% 到 20%。

There'll be different types of travelers, different reasons for people traveling.

會有不同類型的旅行者，人們旅行的原因也不同。

But I think business travel has got a very, very strong opportunity to return over the next 2 years, and we're going to be well positioned to carry it.

但我認為商務旅行在未來 2 年內有非常非常大的機會回歸，我們將做好準備迎接它。

That is great color on the demand side of business travel.

這是商務旅行需求方面的一大亮點。

If I can just follow up with a question on the supply side.

如果我可以跟進供應方面的問題。

Clearly, you guys are leaders from a corporate travel standpoint, but we have seen some of your LCC competitors start to and maybe try and make some inroads as that traffic comes back.

很明顯，從商務旅行的角度來看，你們是領導者，但我們已經看到你們的一些 LCC 競爭對手開始並且可能會嘗試在流量恢復時取得一些進展。

So maybe you can kind of -- can you give us more color on kind of how you maintain that leadership and sort of how you see the competitive environment looking like for business travel when that does come back?

所以也許你可以 - 你能給我們更多關於你如何保持領導地位的顏色，以及你如何看待商務旅行的競爭環境，當它回來時？

I think that the Delta difference has never been more pronounced than it is right now.

我認為 Delta 的差異從未像現在這樣明顯。

And if you look at our share of corporate travel that is traveling, we have experienced the highest levels in our history.

如果你看看我們在旅行中的商務差旅份額，就會發現我們經歷了歷史上的最高水平。

So demand for our products and services is incredibly high for people who want it.

因此，對於想要它的人來說，對我們產品和服務的需求非常高。

And I think that's where our challenge remains is to continue to provide industry-leading products and services that our corporate travelers want and need.

我認為這就是我們面臨的挑戰，即繼續提供我們的商務旅客想要和需要的行業領先的產品和服務。

And that's been what we've been doing over the past several years and what we'll continue to do as we get to the end of this pandemic.

這就是我們過去幾年一直在做的事情，也是我們在這場大流行病結束時將繼續做的事情。

And I think that's going to be what differentiates us.

我認為這將是我們與眾不同的地方。

And clearly, there's always people who would like to take that travel away from you because it is some of the highest-yielding travel in the system.

很明顯，總有人想從你那裡拿走那趟旅行，因為這是系統中收益最高的旅行之一。

But I think that's our goal and our mission is to stay ahead of that and provide it through a pull, people want to fly Delta and as opposed to a push, which is, hey, we can lower fares and try and [nibble] at the sides or at the bottom of this.

但我認為這是我們的目標，我們的使命是保持領先地位並通過拉動提供它，人們想乘坐達美航空而不是推動，嘿，我們可以降低票價並嘗試 [蠶食]側面或底部。

And now our next question comes from Catherine O'Brien of Goldman Sachs.

現在我們的下一個問題來自高盛的凱瑟琳奧布萊恩。

So my first question is actually about your comment earlier about seeing a cash recovery before revenue recovery.

所以我的第一個問題實際上是關於你之前關於在收入恢復之前看到現金恢復的評論。

And just trying to square that with the 65% of your ATL vouchers.

並嘗試將其與您的 ATL 代金券的 65% 相加。

Are there any early perspective bookings that are coming in for later in the year?

今年晚些時候是否有任何早期的前景預訂？

Are these majority new bookings?

這些大多數是新預訂嗎？

Or maybe there's a higher percentage of those vouchers that are corporate, and you expect the early part of recovery to be leisure.

或者這些代金券中有更高比例是公司代金券，您希望恢復的早期階段是休閒。

Would just love some color on that comment.

只是喜歡那個評論的一些顏色。

Yes.

是的。

Catie, some of that came through a little garbled, but let me say this.

凱蒂，有些內容有點亂碼，但讓我這麼說。

I think the distinction is really about timing.

我認為區別實際上在於時機。

In the early -- in the spring, what we expect and mentioned it a few times, we think as confidence starts to build, what you'll see is that people will start booking for further out in the booking curve.

在早期 - 在春季，我們預期並多次提到它，我們認為隨著信心開始建立，您會看到人們將開始預訂預訂曲線中的更遠。

And so we will have a build in our air traffic liability that helps us cross cash breakeven earlier in the spring.

因此，我們將增加空中交通負債，幫助我們在春季早些時候實現現金收支平衡。

P&L breakeven is something that will take a little bit more.

損益平衡需要多一點時間。

That's when our revenue is going to be covering our expenses, and that is something that we expect will lag a little bit behind the build in bookings and will be there by the summer, as we've mentioned.

那時我們的收入將能夠支付我們的費用，正如我們所提到的，我們預計這會稍微落後於預訂量，並且會在夏季到來。

Maybe just a little bit on our redemptions for the e-credits is we are running in the low to mid-teens right now in terms of total revenues with e-credits coming back, and we expect that to stay below [20] as we move to this next period here.

也許我們對電子積分的贖回只是一點點，就電子積分回歸的總收入而言，我們現在處於中低端，我們預計它會保持在 [20] 以下，因為我們移至此處的下一個時期。

And that number has been pretty consistent throughout the entire year, so we have a pretty good sense for what that's going to look like.

而且這個數字在整個一年中都非常穩定，所以我們對它會是什麼樣子有很好的了解。

Okay, understood.

好的，明白了。

And can you guys hear me a little bit better now?

你們現在能聽得更清楚一點嗎？

Yes.

是的。

Okay, great.

好的，太好了。

Understood.

明白了。

And I know you guys have one of the furthest out periods through which people can redeem, so that makes sense.

我知道你們正處於人們可以贖回的最遠時期之一，所以這是有道理的。

Maybe one on the cost structure.

也許是關於成本結構的。

Of course, this pandemic has created a lot of pain for the industry, so I don't want to glaze over that.

當然，這種流行病給這個行業帶來了很多痛苦，所以我不想掩蓋這一點。

But outside of beating up your fleet simplification, have you found other opportunities to make the operation more efficient, perhaps maybe speeding up some of your automation plans on the customer-facing side?

但是除了加強車隊簡化之外，您是否找到了其他機會來提高運營效率，或許可以加快面向客戶的一些自動化計劃？

Want to just hear about other opportunities that are even borne out of this crisis.

只想听聽這場危機帶來的其他機會。

We have, Catie.

我們有，凱蒂。

I'm not sure we're to get into some of the specifics.

我不確定我們是否要討論一些細節。

I will say that the fleet simplification has been -- it's something actually that we think is in our run rate today.

我要說的是，機隊的簡化已經——這實際上是我們認為今天的運行率。

You're seeing some of the benefit in the fourth quarter.

你在第四季度看到了一些好處。

But we -- it is something that will have a much bigger impact as we move to rescale the network through 2021.

但是我們——隨著我們在 2021 年之前重新調整網絡規模，這將產生更大的影響。

When I mentioned the concept of leveraging the build and maybe one of the reasons why I'm thinking through it, just as I'm thinking through it, is there are a lot of things that we want to think about doing differently.

當我提到利用構建的概念時，也許我正在考慮它的原因之一，就像我正在考慮的那樣，有很多事情我們想要考慮以不同的方式做。

One of the unique opportunities of -- you always want to make something good out of what has transpired, and it does give us an opportunity to start fresh.

一個獨特的機會——你總是想從已經發生的事情中做出一些好的事情，它確實給了我們一個重新開始的機會。

One of the reasons I think we are showing the kind of leverage as we rebuild is because we have a clean sheet of paper in some sense to start from.

我認為我們在重建時表現出這種影響力的原因之一是因為從某種意義上說，我們有一張白紙可以開始。

Yes.

是的。

I'd like to add to Gary's comments.

我想補充 Gary 的評論。

I think it's remarkable the work the team has done on the cost side to get out in the fourth quarter to the point where our all-in unit costs are 4.5% lower quarter-over-quarter despite having over 40% less capacity to work with.

我認為團隊在第四季度在成本方面所做的工作非常出色，儘管我們的工作能力減少了 40% 以上，但我們的總單位成本環比下降了 4.5% .

This speaks to the ingenuity of the team, rethinking as we speak what the -- not just the current environment but the future environment is.

這體現了團隊的獨創性，在我們說話時重新思考 - 不僅是當前環境，而且是未來環境。

And these are not costs that we're deferring out into the future.

這些不是我們推遲到未來的成本。

We're making real changes real time here.

我們在這裡實時進行真正的更改。

And it touches every part of our business.

它涉及到我們業務的每個部分。

So it's been -- since demand has been low, we've been all over cost for the entire year, and the team has done a really, really good work here.

所以它一直是 - 由於需求一直很低，我們一整年都在成本過高，而且團隊在這裡做得非常非常好。

Yes, definitely see impressive stats you're able to throw out earlier.

是的，肯定會看到令人印象深刻的統計數據，您可以更早地拋出這些數據。

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。

You covered this in pieces and a follow-up to a couple of other analysts.

你分部分介紹了這一點，並跟進了其他幾位分析師。

But one of the things that Delta has been talking about during this crisis, which makes a lot of sense, is getting to 2019 CASM on the capacity footprint that's smaller.

但達美航空在這場危機期間一直在談論的一件事很有意義，那就是到 2019 年 CASM 的容量足跡更小。

So I wonder if you'd kind of quantify how much smaller a footprint can Delta still deliver 2019 CASM.

所以我想知道您是否可以量化達美航空在 2019 年 CASM 中的佔地面積還能減少多少。

And is the thinking or the logic and the focus really more on CASM recovery and margin recovery before necessarily capacity recovery?

在一定的產能恢復之前，思維或邏輯和重點真的更多地放在 CASM 恢復和利潤率恢復上嗎？

Duane, I'll take that.

杜安，我會接受的。

Listen, they're all interrelated.

聽著，它們都是相互關聯的。

You need to put the revenue and the capacity out there in mind of demand, not in mind of your CASM strategy and -- but they're certainly connected to the ability to drive costs down.

您需要將收入和產能考慮到需求，而不是您的 CASM 戰略，但它們肯定與降低成本的能力有關。

One of the things that we have been a leader for many, many years, really the last decade, is on our upgauging strategy domestically particularly.

多年來，實際上是過去十年，我們一直處於領先地位的其中一件事就是我們在國內的升級戰略。

And that will continue to be important as we move forward.

隨著我們的前進，這將繼續很重要。

And while we talk about simplifying the fleet, we've taken some big steps in that direction.

在我們談論簡化艦隊的同時，我們已經朝著這個方向邁出了一些大步。

We're also going to be advancing the upgauging of the domestic fleet at the same time.

我們還將同時推進國內機隊的升級。

So that's a big contributor and will continue to be a contributor with both driving down cost as well as improving the customer experience in revenue, including premium revenue opportunities.

因此，這是一個很大的貢獻者，並將繼續成為降低成本和改善客戶收入體驗（包括優質收入機會）的貢獻者。

We said in -- I said in my remarks that we -- our goal is to get that 2019 unit cost by the end of this year on roughly 75% of 2019 capacity level.

我們說過——我在發言中說過——我們的目標是到今年年底使 2019 年的單位成本達到 2019 年產能水平的大約 75%。

We think that's a pretty good marker.

我們認為這是一個很好的標記。

We hope our capacity level is higher, I'll be honest with you, that the demand environment is driving that.

我們希望我們的能力水平更高，老實說，需求環境正在推動這一點。

But that's going to be driven by demand, not by cost.

但這將由需求驅動，而不是成本。

That's very helpful.

這很有幫助。

And then maybe just broad brushstrokes.

然後也許只是廣泛的筆觸。

You gave us the 75% by year-end.

你在年底前給了我們 75%。

Is that how we should be thinking about your view of exit rate?

我們應該如何考慮您對退出率的看法？

And how are you thinking -- again, it can change, but how are you thinking about the summer as a percent of 2019?

你是怎麼想的——同樣，它可以改變，但你如何看待夏季佔 2019 年的百分比？

We're not using that as a guide for capacity levels.

我們沒有將其用作容量水平的指南。

We're using that for our own internal calculation in terms of where we need to get our cost structure down.

根據我們需要降低成本結構的地方，我們將其用於我們自己的內部計算。

It won't be 75%.

不會是75%。

It may be higher, it may be lower.

它可能更高，也可能更低。

I don't know.

我不知道。

There's a long way to go between here and there, and we'll keep you posted as we go.

這里和那里之間還有很長的路要走，我們會隨時通知您。

Okay.

好的。

And then just last one, maybe a question from a different era.

然後是最後一個，也許是來自不同時代的問題。

But could you walk us through the comps on revenue monthly?

但是你能給我們介紹一下每月的收入比較嗎？

Because it seems like your guidance puts well.

因為你的指導似乎很好。

January, February, similar to kind of 4Q levels.

一月、二月，類似於第四季度的水平。

But in March, it seems like there's a wide range of outcomes on March, and obviously, the comps fall off materially middle of March.

但在 3 月，似乎在 3 月有各種各樣的結果，而且顯然，3 月中旬的補償大幅下降。

So I don't know if you have the data handy, but how much easier is March and April relative to kind of Jan-Feb.

所以我不知道您是否有方便的數據，但相對於 1 月至 2 月，3 月和 4 月要容易多少。

Duane, we're not going back to giving monthly revenue guide.

Duane，我們不會回到提供每月收入指南。

So I'm sorry, I'm going to have to pass.

所以我很抱歉，我將不得不通過。

Fair enough.

很公平。

The comps do get easier.

比賽確實變得更容易了。

(inaudible) will be easier.

（聽不清）會更容易。

And now we will go to Joseph DeNardi of Stifel.

現在我們將去 Stifel 的 Joseph DeNardi。

Ed, you talked about, I guess, the corporate travel environment.

Ed，我猜你談到了公司差旅環境。

In a scenario where corporate traffic is impaired 15% to 20%, what does that mean for your all's earnings power?

在企業流量減少 15% 到 20% 的情況下，這對您的整體盈利能力意味著什麼？

And why shouldn't we be concerned that, I guess, that the fleet strategy is adding more premium seats into a declining premium market?

為什麼我們不應該擔心，我想，機隊戰略正在向下滑的高端市場增加更多的高端座位？

Joe, I wouldn't draw the conclusion that corporate travel is impaired at all.

喬，我不會得出公司差旅受到損害的結論。

In fact, I've not said that.

事實上，我沒有那樣說。

I think we may see lower corporate travel.

我認為我們可能會看到公司差旅減少。

But I also think it will be changed, potentially a different mix.

但我也認為它會改變，可能是不同的組合。

So I don't think we should be worried or ringing alarm bells relative to the future of corporate travel.

因此，我認為我們不應該對商務旅行的未來感到擔憂或敲響警鐘。

All indications are is corporate travel is ready to start coming back.

所有跡象表明，商務旅行已準備好開始回歸。

It will come back pretty aggressively beginning in the second half of this year.

從今年下半年開始，它將非常積極地回歸。

We are a smaller airline.

我們是一家規模較小的航空公司。

We've got 200 fewer planes today.

我們今天少了 200 架飛機。

We've already rightsized the business to be smaller, which will help protect the premium revenue sources and the margins of the business.

我們已經將業務規模縮小，這將有助於保護優質收入來源和業務利潤。

And we'll -- that's why we're -- we've spent a lot of time on this call talking about our cost performance.

我們將——這就是為什麼——我們在這次電話會議上花了很多時間來談論我們的成本效益。

That's going to be the key to make sure that we protect the margins in an environment where corporate travel will be down for the foreseeable future.

這將是確保我們在可預見的未來公司差旅將會減少的環境中保護利潤率的關鍵。

Maybe it's permanently down by a little bit of lower amount, but I'm not ready to declare that quite yet.

也許它會永久下降一點點，但我還沒有準備好宣布這一點。

Could I add something to that?

我可以添加一些東西嗎？

Is that I think when you think about our premium products and services, you also ought to think that these are not only filled by corporate travelers.

我認為當您想到我們的優質產品和服務時，您還應該想到這些不僅由商務旅客提供。

As a matter of fact, only less than 1/3 of the seats are actually filled by the corporate travelers and 2/3 are filled by non-corporates.

事實上，只有不到 1/3 的座位實際由公司旅客佔據，而 2/3 由非公司旅客佔據。

And I think it's our ability to provide the right products and services for non-corporates as well with the right sell-up opportunities so that we can match their preferences to our products and services.

我認為這是我們為非公司提供合適的產品和服務以及合適的銷售機會的能力，這樣我們就可以將他們的偏好與我們的產品和服務相匹配。

And I think that's really been one of the great hallmarks of the transformation is to say, this is really available to everybody at reasonable prices, and that's been our -- one of our key successes, I think.

而且我認為這確實是轉型的一大標誌，就是說，這真的以合理的價格提供給每個人，這是我們的 - 我認為我們的主要成功之一。

Got it.

知道了。

That makes sense.

這就說得通了。

Ed, it's my understanding that owners of your SkyMiles debt are getting access to quarterly updated financial disclosures for SkyMiles similar to those you provided when you marketed the transaction, to my understanding, that equity investors are not.

Ed，據我了解，您的“飛凡里程常客計劃”債務的所有者可以獲得季度更新的“飛凡里程常客計劃”財務披露，類似於您在推銷交易時提供的信息，據我了解，股權投資者不能。

So my question for you is how is that fair?

所以我的問題是這是否公平？

How do you expect your equity investors to make a fully informed decision on your stock if they're not being provided with updated disclosures for what you guys have proven as your most valuable asset?

如果沒有向您的股票投資者提供有關你們已證明是您最有價值資產的最新披露信息，您如何期望他們對您的股票做出充分知情的決定？

Joe, I'll let Gary take that because he is closer to the financial disclosures.

喬，我會讓加里接手，因為他更接近財務披露。

But I will say, while the loyalty partner is a very important asset, our most important asset are our people.

但我要說的是，雖然忠誠合作夥伴是一項非常重要的資產，但我們最重要的資產是我們的員工。

Gary?

加里？

Yes, Joe.

是的，喬。

So we are providing some disclosures to those debt holders, as you described.

因此，正如您所描述的，我們正在向這些債務持有人提供一些披露。

Look, I think we agree with some of the sentiment that you have expressed over time.

聽著，我認為我們同意您長期以來表達的一些觀點。

We see the value there.

我們看到了那裡的價值。

I think Glen did a good job of articulating how well it is holding up.

我認為 Glen 很好地闡明了它的支撐情況。

We've been on a path to provide more information there.

我們一直在努力提供更多信息。

I think you'll have to be a little forgiving.

我想你得寬容一點。

We've had a lot on our mind.

我們有很多想法。

And I think you can expect us to continue down that path for the reason -- for the very same reason that I think you've been asking for -- asking about it because we do see the value there.

而且我認為你可以期望我們繼續沿著這條路走下去——出於與我認為你一直在要求的相同的原因——詢問它是因為我們確實看到了那裡的價值。

And now we will go to Greg Konrad of Jefferies.

現在我們將去 Jefferies 的 Greg Konrad。

Just to follow up on some of the past questions, I mean, and I guess in terms of the competitive environment, your yields have held up relatively well, only down 2% or 3% on a relatively short booking curve with reduced corporate travel.

只是為了跟進過去的一些問題，我的意思是，我想就競爭環境而言，你們的收益率保持得相對較好，在公司旅行減少的相對較短的預訂曲線上僅下降了 2% 或 3%。

I mean how do you think about that potential trajectory for yield as you -- the booking curve normalizes and some of the corporate travel returns?

我的意思是，您如何看待收益的潛在軌跡——預訂曲線正常化以及一些公司旅行回報？

I mean, is there opportunity to kind of be above where you were in 2019?

我的意思是，是否有機會超越 2019 年的水平？

I think there's always opportunity to be above where we were in 2019.

我認為總有機會超越我們在 2019 年的水平。

That's clearly our goal in any -- if it could be a short-term goal, it could be, but I think it's more medium- to a long-term goal.

這顯然是我們的任何目標 - 如果它可以是一個短期目標，它可能是，但我認為它更像是一個中長期目標。

But I think we are going to come out with a higher preference than we've ever had.

但我認為我們將獲得比以往任何時候都更高的偏好。

And that higher preference, it will drive a higher demand set, which should enable us to work on yields as we come out at the back end of this.

而這種更高的偏好，將推動更高的需求集，這應該使我們能夠在我們出現在後端時處理收益率。

So I think it goes back to how did people react to the pandemic and how did Delta's brand come through this.

所以我認為這可以追溯到人們對大流行病的反應以及達美航空的品牌是如何度過難關的。

And I think from all the research we've done and from all the data that we see that our brand has never been stronger, and demand for our products and services has never been stronger on a relative basis, and we're planning on capitalizing on that on the back end of this.

我認為，從我們所做的所有研究和我們看到的所有數據來看，我們的品牌從未如此強大，對我們產品和服務的需求相對而言從未如此強勁，我們正計劃利用在這個的後端。

And then just one quick follow-up, just a cleanup question.

然後只是一個快速跟進，只是一個清理問題。

I mean how should we think about refinery sales for the year?

我的意思是我們應該如何考慮今年的煉油廠銷售？

Any change versus what you saw in Q4?

與您在第四季度看到的相比有什麼變化嗎？

What -- are you referring to the third-party sales?

什麼——你指的是第三方銷售？

Is that what you're asking?

那是你要問的嗎？

Yes.

是的。

Sorry, third party.

對不起，第三方。

Yes.

是的。

It's -- the phenomenon that you're seeing in the third-party sales is anything we produce and do not exchange for jet fuel, we sell to third parties.

這是 - 你在第三方銷售中看到的現像是我們生產的任何東西，不交換噴氣燃料，我們賣給第三方。

Obviously, with our jet consumption being weighed down, we've had a lot more of those sales to third parties.

顯然，隨著我們的噴氣機消費量下降，我們向第三方出售了更多的這些產品。

So that is going to likely trend with how we rebuild our network and how much jet fuel we're consuming.

因此，這可能會隨著我們重建網絡的方式以及我們消耗的噴氣燃料量而變化。

I do think it's important to point out that those sales have no margin.

我確實認為指出這些銷售沒有利潤是很重要的。

If you look in some of the reconciliations in the back of the release, you'll see that those are offset dollar for dollar rather on the cost side.

如果您查看發布後面的一些對賬，您會發現這些是逐美元抵消的，而不是在成本方面。

So they're all wrapped into the economics of the refinery.

所以他們都被包裹在煉油廠的經濟中。

But you should expect those to start trending down as our consumption picks back up, and we're exchanging more for our own use.

但是你應該預料到隨著我們的消費回升，這些會開始下降，我們正在交換更多供我們自己使用。

And next, we will go to Mike Linenberg of Deutsche Bank.

接下來，我們將請到德意志銀行的 Mike Linenberg。

I'd just like to go back on the mandatory COVID test for international arrivals.

我只想重新開始對國際入境者進行強制性 COVID 測試。

Are you aware of any potential carve-outs like for those 24-, 48-hour round trips?

您是否知道任何潛在的例外情況，例如那些 24 小時、48 小時的往返行程？

And if you were to have a vaccine to be vaccinated, would you be precluded from actually having to provide that test on entry?

如果你要接種疫苗，你是否真的不必在入境時提供該測試？

Mike, it's Ed.

邁克，是艾德。

We're still working through the guidance from the CDC.

我們仍在按照 CDC 的指導進行工作。

We've all been -- we have mentioned -- I personally have had a number of conversations with Dr. Redfield on this.

我們都——我們已經提到——我個人就此與雷德菲爾德博士進行了多次對話。

We've mentioned the needs to consider some waivers unusual circumstances where, for example, COVID testing resources are not available or if there's probably some relatively short-term, as you mentioned, travel.

我們已經提到需要考慮一些特殊情況下的豁免，例如，COVID 測試資源不可用，或者如果可能有一些相對短期的旅行，如您提到的那樣。

So we're working through the implementation details.

所以我們正在研究實施細節。

I think it's absolutely the right thing to do for the long term for our industry, but it's going to create some short-term hiccups.

我認為從長遠來看，這對我們行業來說絕對是正確的做法，但它會造成一些短期問題。

Okay, great.

好的，太好了。

And then just a question to Glen and possibly Peter Carter.

然後只是向 Glen 和可能的 Peter Carter 提問。

I know that you had sort of deferred on chip below American.

我知道你在芯片上的延遲低於美國。

What I'm more interested is, it looks like as part of that transaction, it does look like that there's going to be a slot device divestiture, and that would obviously be at airports that are near and dear to Delta.

我更感興趣的是，作為該交易的一部分，它看起來確實會剝離老虎機設備，而且顯然會在達美航空附近和昂貴的機場進行。

Are those slots that -- from what you know, are those slots that only new entrants can bid on?

據您所知，這些廣告位是不是只有新進入者才能競標的廣告位？

Or are those slots that all carriers can bid on?

還是所有運營商都可以競標的時段？

And if that's the case, is that something that would interest Delta?

如果是這樣的話，達美航空會感興趣嗎？

So the DOT has not made it clear what the rules are with respect to those slots, but I think it's -- suffice it to say that we are deserving in DCA without question because of our market position.

所以 DOT 沒有明確說明這些插槽的規則是什麼，但我認為這足以說明我們在 DCA 中毫無疑問是因為我們的市場地位。

And now we will go to David Vernon of Bernstein.

現在我們將去拜訪伯恩斯坦的大衛·弗農。

So Ed or Gary, could you talk to how, as we move through these next 3 phases, how and when discretionary costs may come back into the system?

那麼 Ed 或 Gary，你能談談在我們接下來的三個階段中，可自由支配的成本如何以及何時可以重新回到系統中嗎？

I'm wondering if there's going to be a need to prime the pump a little bit on the cost side to prepare for what should be a pretty steep recovery as vaccinations roll out.

我想知道是否需要在成本方面稍微啟動泵，以準備隨著疫苗接種的推出而出現相當陡峭的複蘇。

Well, there will be some, David.

好吧，會有一些，大衛。

We expect, for example, to have reactivation expenses around maintenance and aircraft through the remainder of the year so we expect that pace to continue.

例如，我們預計在今年剩餘時間內將有圍繞維護和飛機的重新啟動費用，因此我們預計這種步伐將繼續下去。

I'm not sure I quite heard the non -- was it discretionary or nondiscretionary expenses that you were asking about?

我不確定我是否聽過你問的是非自由支配費用還是非自由支配費用？

I imagine you guys have curtailed a lot of discretionary expense, whether it's marketing or IT development or systems work or training programs, what have you.

我想你們已經削減了很多可自由支配的開支，無論是營銷、IT 開發、系統工作還是培訓計劃，你有什麼。

I'm just wondering if there's going to be a need to step up that spend ahead of recovery here in the intervening months?

我只是想知道在接下來的幾個月裡是否需要在恢復之前增加支出？

Well, I'd prefer to think of it not to pick it up before recovery, but we will have a need to revisit some of the things that we've done.

好吧，我寧願在恢復之前不要考慮它，但是我們將需要重新審視我們已經完成的一些事情。

If you take a look, David, at what we're pointing to in terms of incremental costs that we -- as we leverage the network, it does look different than what we saw in the second half of 2020.

大衛，如果你看一下我們在增量成本方面所指的是什麼——當我們利用網絡時，它看起來確實與我們在 2020 年下半年看到的有所不同。

And one of the reasons is we do expect to have pressure in pockets.

原因之一是我們確實希望口袋裡有壓力。

We have to be really mindful and balance some of those needs with the realities of the business because we are determined here to turn the profit equation around and to be printing these releases with black ink this year.

我們必須真正注意並平衡其中一些需求與業務現實，因為我們決心扭轉利潤方程式，並在今年用黑色墨水印刷這些版本。

David, this is Ed.

大衛，這是埃德。

Let me expand on that just a bit.

讓我稍微擴展一下。

We are -- whether it's maintenance expenses, we've got our staffing levels back to where we need to be starting the first of this year.

我們 - 無論是維護費用，我們的人員配備水平都回到了我們需要在今年第一年開始的水平。

We've restored the pay in terms of some of -- the pay cut, the voluntary pay cuts that our employees took last year.

我們已經恢復了部分薪酬——減薪，我們的員工去年自願減薪。

So there's a meaningful step-up already in the numbers we've given you for the cash burn in the first quarter to get ready for the recovery.

因此，我們為您提供的第一季度現金消耗數字已經有了有意義的提升，以便為複蘇做好準備。

So I'm very comfortable with where we sit.

所以我對我們坐的地方很舒服。

In fact, if we wanted to continue to run the same cost structure and forgo some of those expenses, you'd see our cash burn coming down relatively meaningful levels in the first quarter as well, but we've maintained the same level of cash burn to get ready for the spring.

事實上，如果我們想繼續運行相同的成本結構並放棄其中的一些費用，你會看到我們的現金消耗在第一季度也下降了相對有意義的水平，但我們保持了相同的現金水平燃燒，為春天做好準備。

That's helpful.

這很有幫助。

And then maybe just as a follow-up, you noted in the release the amount of CapEx that's come out of the budget over the next couple of years.

然後，作為後續行動，您在發布中指出了未來幾年預算中的資本支出金額。

I'm wondering if there's been a discussion at the Board level about goalposts or guideposts for profitability before we kind of go back to renewing the fleet in earnest.

我想知道在我們回到認真更新機隊之前，董事會層面是否討論過關於盈利能力的目標或路標。

David, again, I think that question is a little premature.

戴維，我認為這個問題還為時過早。

Yes, we talked about that topic with the Board.

是的，我們與董事會討論了該主題。

We also haven't made any determinations quite yet.

我們也還沒有做出任何決定。

The goal we have at the Board is very much what we said to you, is that we get to our goals to get through a cash breakeven position for the second quarter and a return to profitability starting in the third quarter.

我們在董事會的目標與我們對您所說的非常相似，就是我們要實現我們的目標，即在第二季度實現現金收支平衡，並從第三季度開始恢復盈利。

The pace of that recovery over the next couple of years, obviously, we still have some work to do yet.

未來幾年的複蘇步伐，顯然，我們還有一些工作要做。

Kathy, we're going to have time for one more question from the analysts, if you could queue that.

凱西，我們將有時間從分析師那裡再提一個問題，如果你能排隊的話。

Certainly, and that question will come from Joe Caiado of Credit Suisse.

當然，這個問題將來自瑞士信貸的 Joe Caiado。

Ed, Glen, just a quick clarification question regarding your annual corporate travel survey.

Ed、Glen，關於你們年度公司差旅調查的一個快速澄清問題。

One, 40% of respondents say fully recovered by 2022.

第一，40% 的受訪者表示到 2022 年會完全康復。

Are they referring to their businesses being fully recovered by 2022 or their corporate travel budget meaningfully recovered by that?

他們指的是到 2022 年他們的業務完全恢復，還是他們的公司差旅預算由此有意義地恢復？

Or do they see it as one and the same?

或者他們認為它是一樣的嗎？

Your corporate travel being back by that.

您的公司旅行由此得到支持。

Got it.

知道了。

Okay, understood.

好的，明白了。

That's helpful.

這很有幫助。

And my second question, just it's clear that you're not seeing an elongation of the booking curve yet at this stage.

我的第二個問題，很明顯你在這個階段還沒有看到預訂曲線的延長。

But what about clicks or looks stopping short of actual bookings, but is there any data like that, that you're tracking analytics on the website, something like that, that provides a basis for your recovery outlook beyond Q1 and sort of saying that you have a good shot at P&L breakeven in Q3?

但是點擊次數或看起來沒有實際預訂呢，但是是否有任何類似的數據，您正在跟踪網站上的分析，類似的東西，為您在第一季度之後的恢復前景提供了基礎，並且可以說您在第三季度盈虧平衡方面有很好的機會嗎？

Or are you just hopeful that, that's going to be the case?

還是您只是希望情況會如此？

Is there -- are there any analytics that you can share with us that maybe gives you a better indication.

有沒有 - 是否有任何分析可以與我們分享，這可能會給你更好的指示。

Absolutely.

絕對地。

Corporate looks are actually doing quite well.

公司外觀實際上做得很好。

We're 40% up over quarter-over-quarter where we were last quarter in terms of looks.

就外觀而言，我們比上一季度的季度增長了 40%。

And look to book is very low.

而且look to book很低。

So people are looking, they're aspiring to travel and they're just not ready to commit yet.

所以人們正在尋找，他們渴望旅行，只是還沒有準備好去旅行。

And I think that's what really gives us that sense that there will be a point in which people feel comfortable again to travel, and that look will turn into a click, turn into a booking.

而且我認為這才是真正讓我們感覺到的是，人們會再次感到舒適的旅行，並且這種外觀會變成點擊，變成預訂。

And so we are monitoring that very, very carefully, and we're looking forward to the opportunity to serve these customers as they come back.

因此，我們正在非常、非常仔細地監控這一點，我們期待著有機會在這些客戶回來時為他們提供服務。

That's going to wrap up the analyst portion of this call.

這將結束本次電話會議的分析師部分。

I will turn it over to Tim Mapes, our Chief Marketing and Communications Officer.

我將把它交給我們的首席營銷和傳播官 Tim Mapes。

Well, good morning, everybody.

嗯，大家早上好。

I want to thank all the members of the media who have gathered on the call today.

我要感謝今天齊聚一堂的所有媒體成員。

Your interest in Delta is not only appreciated, it's never been greater, and we're very pleased today to provide you with an expanded period of time to make sure that we address your questions.

我們不僅感謝您對 Delta 的關注，而且這種關注從未如此強烈，我們今天非常高興為您提供更長的時間，以確保我們能夠解決您的問題。

I'd also like to thank Ed and Glen and the members of the Delta Leadership Committee, all of whom are on this call, for their involvement as we turn the page on 2020 and optimistically look at 2021.

我還要感謝 Ed 和 Glen 以及 Delta 領導委員會的成員，他們都參與了這次電話會議，感謝他們在我們翻開 2020 年的新篇章並樂觀地展望 2021 年時的參與。

So Kathy, if you could please review the instructions and mention to everyone how they go about asking a question.

所以 Kathy，如果你可以的話，請查看說明並向每個人提及他們是如何提出問題的。

(Operator Instructions) And we'll go first to Alison Sider of the Wall Street Journal.

（操作員說明）我們將首先訪問《華爾街日報》的艾莉森·賽德。

I was wondering if you could talk a little bit about sort of some of the operational issues you saw around the holidays, Thanksgiving and Christmas.

我想知道您是否可以談談您在假期、感恩節和聖誕節期間看到的一些運營問題。

And what, looking back, do you think were kind of the root causes of that?

回過頭來看，您認為造成這種情況的根本原因是什麼？

And what, if any, changes you've made to prevent the same sort of thing from happening again?

如果有的話，你做了什麼改變來防止同樣的事情再次發生？

Sure, Ali.

當然，阿里。

We certainly had a much better Christmas holiday than the Thanksgiving break.

我們的聖誕假期當然比感恩節假期好得多。

There were a number of factors going on in the staffing levels of the company with a lot of the changes that we had implemented.

公司的人員配備水平有很多因素，我們已經實施了很多變化。

And you couple that with COVID and some of the exposures, which everyone is seeing, the no-fly capability of some of our staffing which came in.

你把它與 COVID 和一些曝光結合起來，每個人都看到了，我們的一些工作人員的禁飛能力。

We learned from that for Thanksgiving.

我們從感恩節中吸取了教訓。

We made some pretty aggressive changes in December in terms of getting the schedule fine-tuned to anticipate that.

我們在 12 月進行了一些相當激進的更改，以對時間表進行微調以預測這一點。

And we were in really, really good shape, and then we got hit with a massive storm in Minneapolis on the 23rd of December, which cost us probably a couple of hundred cancels, incremental cancels over that next couple of day time frame, which was concerning but unavoidable, unfortunately.

我們的狀態真的非常好，然後我們在 12 月 23 日在明尼阿波利斯遭遇了一場大風暴，這讓我們損失了大約幾百個取消，在接下來的幾天時間範圍內增加取消，這是不幸的是，有關但不可避免。

But the most important thing in all of that is when the Delta people -- and I know there were some bloggers out there wondering whether the Delta pilots weren't doing everything.

但所有這一切中最重要的事情是達美航空的人——我知道那裡有一些博客想知道達美航空的飛行員是否沒有做所有的事情。

Again, the Delta pilots were amazing through the -- both holiday periods and showing up and getting the flights going and giving up their holidays and their time away with their families to help the company out.

再一次，達美航空的飛行員在整個假期和露面並讓航班繼續飛行以及放棄假期和與家人在一起的時間來幫助公司渡過難關都表現出色。

So it had nothing to do with pilot staffing at all.

所以這與飛行員人員配置完全無關。

The other thing was the number of customers who may have been canceled.

另一件事是可能被取消的客戶數量。

A lot of it's higher than we've been expecting.

其中很多都高於我們的預期。

The vast majority of the people got to their destination within hours of their original scheduled time.

絕大多數人在原定時間的幾個小時內到達了目的地。

So the team did a very, very good job, and that issue was pretty much over with by the 26th, 27th.

所以團隊做得非常非常好，到 26 日、27 日，這個問題已經基本解決。

And that really manifests itself in the record Net Promoter Score we had in the December time period.

這真正體現在我們在 12 月期間創紀錄的淨推薦值中。

So as Ed mentioned, despite the fact that we had to cancel some flights, our average lateness was not very late versus the original itinerary.

因此，正如埃德所說，儘管我們不得不取消一些航班，但與原定行程相比，我們的平均遲到時間並不是很晚。

And our customers over the holiday period were quite satisfied posting record high Net Promoter Scores.

我們的客戶在假期期間對發布創紀錄的淨推薦值非常滿意。

And just a follow-up.

只是一個跟進。

Is there anything you can share about what you're seeing in terms of crew member infections at this point?

關於您目前在船員感染方面看到的情況，您有什麼可以分享的嗎？

I know the pilots have said they saw some big increases in COVID infections in the late fall.

我知道飛行員說他們在深秋看到了 COVID 感染的大幅增加。

I'm just wondering if you're still seeing that or if that's sort of been brought under control.

我只是想知道你是否仍然看到它，或者它是否已經得到控制。

Well, we're a microcosm of the country.

好吧，我們是這個國家的縮影。

And as the pandemic has accelerated over the course of the last few months, it's accelerated across airline employees as well.

隨著過去幾個月大流行病的加速蔓延，它在航空公司員工中的傳播速度也在加快。

But our team is doing a great job.

但是我們的團隊做得很好。

They're not seeing it spread within the company when they're at work.

他們在工作時沒有看到它在公司內傳播。

It's -- unfortunately, it's in the community is where the -- where people are getting sick.

不幸的是，社區正是人們生病的地方。

So I'd say every work category of the company is experiencing an increase in exposures as we all have seen over the last couple of months.

所以我想說，正如我們在過去幾個月中所看到的那樣，公司的每個工作類別都在增加風險敞口。

And now we will go to Tracy Rucinski of Reuters.

現在我們將請路透社的 Tracy Rucinski 發言。

I'm wondering if you think we'll see COVID-19 testing being required for domestic flights.

我想知道您是否認為我們會看到國內航班需要進行 COVID-19 檢測。

Tracy, I don't think so.

特蕾西，我不這麼認為。

Okay.

好的。

And just to follow up with a separate question, should we expect to see a deal with Boeing this year for a 737 MAX order?

只是為了跟進一個單獨的問題，我們是否應該期望今年與波音公司就 737 MAX 訂單達成協議？

We're not going to speculate on that.

我們不會對此進行推測。

And now we go to Claire Bushey of Financial Times.

現在我們請金融時報的克萊爾·布希 (Claire Bushey) 發言。

I know Delta has been growing its own list of people who are not able to fly in the airline, that I was wondering if the company had any visibility into whether more names are being added to that federal no-fly list based on last week's Capitol attacks.

我知道達美航空一直在增加自己的不能乘坐該航空公司航班的人員名單，我想知道該公司是否了解是否有更多的名字被添加到基於上周國會大廈的聯邦禁飛名單中攻擊。

Sorry, the last part was a little garbled.

抱歉，最後一部分有點亂碼。

Is your question, are we adding increased numbers to our no-fly list based on federal information?

你的問題是，我們是否根據聯邦信息將更多的數字添加到我們的禁飛名單中？

I was asking whether Delta knows if names are being added to the federal no-fly list based on the Capitol attacks.

我問達美航空是否知道根據國會大廈襲擊事件是否有人被添加到聯邦禁飛名單中。

We certainly know that the TSA is looking very carefully at the -- those that were in the Capitol building, the rioters, and we are working closely with them.

我們當然知道，TSA 正在非常仔細地調查那些在國會大廈的騷亂者，我們正在與他們密切合作。

And I do anticipate, if the TSA is able to identify individuals, we will have people added to the no-fly list, no question about it.

我確實預計，如果 TSA 能夠識別個人身份，我們會將這些人添加到禁飛名單中，這是毫無疑問的。

And next, we have Leslie Josephs of CNBC.

接下來，我們有 CNBC 的 Leslie Josephs。

You mentioned that there was a lot of pent-up demand and also the hoarding of points from the frequent flyer program.

你提到有很多被壓抑的需求以及常旅客計劃的積分囤積。

What happens if a lot of people try to redeem at once?

如果很多人同時嘗試贖回會怎樣？

Is that something that you're expecting based on search data and other things?

這是您基於搜索數據和其他因素所期望的結果嗎？

And then also, you've mentioned a recovery in second half of the year.

然後，您還提到了下半年的複蘇。

Where are you seeing demand?

你在哪裡看到需求？

Are those sort of outdoor social distancing destinations showing more strength than others?

那些保持社交距離的戶外目的地是否比其他目的地表現出更大的優勢？

But where is that demand coming from?

但這種需求從何而來？

Well, clearly, leisure destinations are at the forefront of the recovery right now, and I think it doesn't matter whether or not it's a beach or a mountain.

好吧，很明顯，休閒目的地目前處於復甦的最前沿，我認為無論是海灘還是山脈都無關緊要。

That's where people are headed at this point in the recovery.

這就是人們在復甦的這一點上的方向。

And then your second question was...

然後你的第二個問題是......

About the points.

關於積分。

So if reporting -- yes.

所以如果報告-- 是的。

What happens if everyone -- and are you foreseeing that they will -- are trying to redeem?

如果每個人——你是否預見到他們會——都試圖贖回，會發生什麼？

We are happy and really have -- are indifferent whether or not people who are booking are using points or whether or not they're using actual dollars or whether they're using e-credits.

我們很高興，而且真的 - 對預訂的人是否使用積分、他們是否使用實際美元或他們是否使用電子積分無動於衷。

What we are anticipating is a -- that all of those will increase.

我們期待的是——所有這些都會增加。

And we have plenty of capacity to meet that demand as we head to the second half of '21.

隨著我們進入 21 世紀下半年，我們有足夠的能力來滿足這一需求。

So we're hoping that all of the above happens.

所以我們希望上述所有情況都能發生。

I'm talking to American Express, good partners there.

我在和美國運通公司談，他們是那裡的好夥伴。

It's clear that people place great value on their loyalty points with Delta and like to see the values grow over time.

很明顯，人們非常重視他們在達美的忠誠度積分，並希望看到價值隨著時間的推移而增長。

And so while they've been in the pandemic, we've seen redemptions down for points because flying levels are down.

因此，雖然他們一直處於大流行中，但由於飛行水平下降，我們已經看到積分兌換減少。

But they haven't stopped the spending on the card.

但他們並沒有停止在卡上消費。

Our co-branded card is as good, if not better, than almost any other product card AmEx has.

我們的聯名卡與 AmEx 擁有的幾乎所有其他產品卡一樣好，甚至更好。

So it has great appeal, and we expect it's not going to be a run on the bank type situation that you're referring to.

所以它有很大的吸引力，我們預計它不會像你所指的那樣出現銀行類型的擠兌情況。

Okay.

好的。

You could just adjust the awards, the availability and things like that too, right?

你也可以調整獎項、可用性和類似的東西，對吧？

If there's...

如果有...

Absolutely.

絕對地。

We're looking forward to that day.

我們期待著那一天。

And now we will go to David Koenig of the Associated Press.

現在我們將請美聯社的戴維·科尼希 (David Koenig) 發言。

Real quick question.

真正的快速問題。

Unless I missed it, I have not heard an update in a while on the number of people you had banned for not wearing face masks.

除非我錯過了，否則我已經有一段時間沒有聽到關於你因不戴口罩而被禁止的人數的最新消息了。

Is there a current figure on that?

目前有這方面的數字嗎？

And any changes in cabin policies?

機艙政策有什麼變化嗎？

I think that number is north of 800 at this point, David.

戴維，我認為此時這個數字超過 800。

Okay, very good.

好的，非常好。

And then how many of those are since last week, do you know?

然後自上週以來有多少人，你知道嗎？

A number -- not a huge number but a number.

一個數字——不是一個巨大的數字，而是一個數字。

And now our question will come from Kelly Yamanouchi of the Atlanta Journal Constitution.

現在我們的問題將來自亞特蘭大憲法雜誌的凱利山內。

I wanted to ask about profit sharing.

我想問一下利潤分享。

With no profit sharing next month from 2020 results, I was wondering what impact you think that may have on employees and satisfaction.

由於 2020 年的結果下個月沒有利潤分享，我想知道你認為這可能會對員工和滿意度產生什麼影響。

And also wondering if there's -- if you think there's a possibility of profit sharing a year from now.

並且還想知道是否有 - 如果您認為從現在起一年後有可能分享利潤。

Well, I think everyone is aware why there's not profit sharing in this year.

嗯，我想每個人都知道為什麼今年沒有利潤分享。

And I can tell you, employee satisfaction is at a very high level.

我可以告訴你，員工滿意度非常高。

I mentioned during the script, Kelly, that we just were awarded as the seventh best employer by Glassdoor.

我在劇本中提到，凱利，我們剛剛被 Glassdoor 評為第七大最佳雇主。

Glassdoor is an entirely employee-driven acknowledgment.

Glassdoor 是一個完全由員工驅動的認可。

The company doesn't have any input or any insight into that.

該公司對此沒有任何投入或任何見解。

That's -- it's purely by employees talking about their employers.

那是——純粹是員工談論他們的雇主。

So if that gives you a sense for the sentiment, the sentiment is very strong.

因此，如果這讓您對這種情緒有所了解，那麼這種情緒非常強烈。

The volunteerism with the tens of thousands of people that have taken unpaid leaves of absence over the year indicates that we've been mindful of the fact that there won't be a profit sharing payout, and we're providing added services and assistance around financial health and financial well-being and credit counseling and other services to employees that may need it.

數以萬計的無薪休假人員的志願服務表明我們已經註意到不會有利潤分享支出這一事實，我們正在提供額外的服務和幫助財務健康和財務福利以及信用諮詢和其他可能需要的員工服務。

We're going to be ramping -- we have been ramping up and talking about it.

我們將要加速——我們一直在加速並談論它。

We're going to continue to talk about it on an ongoing basis going forward with our people, providing that support.

我們將繼續與我們的員工持續討論它，提供支持。

And relative to next year's profit sharing, I certainly hope we'll be paying it.

相對於明年的利潤分享，我當然希望我們能支付。

It's hard to speculate it now.

現在很難推測。

It's just only a couple of weeks into the year, but I'm hopeful that we'll be paying it.

一年才幾週，但我希望我們能付清。

Great.

偉大的。

I also heard mentioned during the call so far about the value of connecting economics but also the importance of point-to-point and focus cities.

到目前為止，我還在電話會議中聽到有人提到連接經濟的價值以及點對點和重點城市的重要性。

I was wondering if you expect -- how you expect the Atlanta hub's role to be different going forward in terms of size or the role in your network.

我想知道您是否期望 - 您如何期望亞特蘭大樞紐的角色在規模或網絡中的角色方面有所不同。

Well, clearly, the size of Atlanta is relative to the size of demand in the United States.

很明顯，亞特蘭大的規模與美國的需求規模相關。

As the world's largest hub, it is a microcosm of global airline demand, so we expect it to recover as the airline continues to recover.

作為全球最大的樞紐，它是全球航空公司需求的一個縮影，因此我們預計它會隨著航空公司的持續復甦而復蘇。

The 2 things that I would say is that we're going to continue to work on average gauge, which I think is something that's really important and that we'll be bringing more details about, but bigger airplanes with better products and services.

我要說的兩件事是，我們將繼續在平均規格上工作，我認為這是非常重要的事情，我們將帶來更多細節，但更大的飛機提供更好的產品和服務。

And so I think you'll see the departures get back to 2019 levels at some point in the future.

因此，我認為您會在未來某個時候看到離職人數回到 2019 年的水平。

But before that, you'll probably see the enplanements start to rise dramatically and using really the gauge lever as much as the departure lever.

但在此之前，您可能會看到登機量開始急劇上升，並且實際上使用儀表桿和離場桿一樣多。

This is, as you know, our most valuable asset here in Atlanta, and we're very proud to be a part of the Atlanta community and it has led us in the new build of our network so far.

如您所知，這是我們在亞特蘭大最寶貴的資產，我們為成為亞特蘭大社區的一員而感到自豪，到目前為止，它已經帶領我們建立了新的網絡。

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。

I have 2 questions for Glen.

我有 2 個問題要問格倫。

First one, Glen, when you said earlier, Delta is ready when you are.

第一個，格倫，當你之前說的時候，三角洲已經準備好了。

Talking about when you come back, were you talking about in terms of capacity or something else?

說到你什麼時候回來，你說的是容量方面的還是其他方面的？

I think that when customers are wanting to fly on Delta, we'll be ready for them.

我認為當客戶想要乘坐達美航空時，我們會為他們做好準備。

And I know you're -- I know you for a long time and I know you remember that slogan, so I was harkening back to a little bit of history there with Delta.

我知道你——我認識你很久了，我知道你還記得那個口號，所以我想回顧達美航空的一些歷史。

So you're just saying you'll be ready though, you'll have the capacity suited to what you anticipate customers will want?

所以你只是說你會準備好，你會有適合你預期客戶想要的能力？

Correct.

正確的。

All right.

好的。

Secondly, we've been talking a lot about the middle seats being empty and being, you said, a powerful tool.

其次，我們一直在談論中間座位是空的，而且你說的是一個強大的工具。

How are you measuring what the value -- how can you tell that these are so valuable to the -- to your customers?

您如何衡量價值——您如何判斷這些對您的客戶如此有價值？

Our revenue premiums have never been higher and so customers are valuing the Delta difference.

我們的收入溢價從未如此之高，因此客戶非常重視 Delta 的差異。

And I think that's how we're looking at that is when you look at our revenue production versus our competitive set, despite having the least amount of sellable capacity, our revenues have kept pace.

我認為這就是我們看待這一點的方式，當你將我們的收入生產與我們的競爭產品進行對比時，儘管可銷售產能最少，但我們的收入卻保持同步。

So I think we're seeing not only the highest share of corporate demand we've ever had, although albeit on depressed levels, but a real differentiator when customers are shopping to want to fly Delta versus some of our competitors.

因此，我認為我們不僅看到了我們曾經擁有的最高份額的企業需求，儘管處於低迷水平，而且當客戶購物時想要乘坐達美航空與我們的一些競爭對手相比，這是一個真正的區別。

And you think that's due to middle seats being empty longer than others?

你認為這是因為中間座位空著的時間比其他座位長？

I think it's the entire Delta difference.

我認為這是整個 Delta 的不同之處。

Clearly, that's a piece of it.

很明顯，這是其中的一部分。

But whether or not it's the Delta care standard, whether or not it's the Delta people, which are really always at the heart of it, but this is one component of ensuring that Delta is seen as the brand you want to associate with.

但無論是不是 Delta 護理標準，無論是不是 Delta 人，它們始終處於核心位置，但這是確保 Delta 被視為您想要與之關聯的品牌的一個組成部分。

And now we'll go to Dawn Gilbertson of USA Today.

現在我們將請到《今日美國》的道恩·吉爾伯森。

I also have questions on your middle seat policy.

我對你們的中間席位政策也有疑問。

Ed and Glen, I know you both said no decision's been made yet, but Glen, your comment about -- in the second phase is the middle seat to be a very powerful tool sounds to me at least like you're certainly moving towards unblocking them.

Ed 和 Glen，我知道你們都說還沒有做出任何決定，但是 Glen，你的評論——在第二階段是中間席位是一個非常強大的工具，至少在我看來你肯定在朝著解鎖方向前進他們。

A, is that a fair assumption?

A，這是一個公平的假設嗎？

B, can you talk to us about the timing of this decision, when will you decide whether they are blocked beyond March 30?

B，你能和我們談談這個決定的時間嗎，你什麼時候決定他們是否在 3 月 30 日之後被阻止？

Dawn, this is Ed.

黎明，這是埃德。

No, I would not say that's a fair assumption.

不，我不會說這是一個公平的假設。

What we've said is that when the demand returns, which is that next inflection point, that will inform our decision around what to do with the middle seat.

我們所說的是，當需求返回時，即下一個拐點，這將告知我們關於如何處理中間席位的決定。

So we've not made any decisions to unblock them post March 30.

所以我們沒有做出任何決定在 3 月 30 日之後解除對它們的封鎖。

But can you give us a sense of -- I mean, when will you make that decision?

但是你能告訴我們——我的意思是，你什麼時候做出這個決定？

Because pretty soon, I know the booking curve is just -- it's still short, but you're kind of optimistic about summer.

因為很快，我知道預訂曲線只是——它仍然很短，但你對夏天有點樂觀。

So will you make that decision in the next month, the next few weeks, a couple of months?

那麼你會在下個月、接下來的幾週、幾個月內做出這個決定嗎？

Can you give us any sense of that, please?

你能給我們任何感覺嗎？

We'll -- we continue to monitor it on a regular basis.

我們將 - 我們將繼續定期監控它。

It's not imminent.

這不是迫在眉睫。

We have some bit of time.

我們還有一些時間。

But it's going to be informed by customer sentiment, demand.

但它會受到客戶情緒和需求的影響。

We have -- in addition to middle seats, we have a lot of other seats still, I think, on our planes and confidence in travel relative to COVID and vaccine deployment.

我們有 - 除了中間座位，我認為我們的飛機上還有很多其他座位，並且對與 COVID 和疫苗部署相關的旅行充滿信心。

So it's not a clear line and there's a lot that has to go into that.

所以這不是一條明確的界限，而且必須涉及很多內容。

We know that it's been important, not the only, but one of the important reasons why Delta has been able to earn -- continue to earn an even higher revenue premium during this past year than we've historically had.

我們知道，這很重要，但不是唯一的，而是達美能夠盈利的重要原因之一——在過去一年中繼續獲得比歷史上更高的收入溢價。

And so we want to be very careful as to how we make that decision.

因此，我們要非常謹慎地做出決定。

And now we will go to Edward Russell.

現在我們將去愛德華羅素。

I was wondering if you could talk a little bit about the changes in the competitive environment, American-JetBlue alliance, the Northeast and then how that -- how you intend to respond to that?

我想知道你是否可以談談競爭環境、美國捷藍航空聯盟、東北地區的變化，以及你打算如何回應？

No.

不。

I think we're very confident in our products and services, and we compete well against both those carriers individually and I'm sure we'll compete very well against them together.

我認為我們對我們的產品和服務非常有信心，我們可以單獨與這兩家運營商競爭，而且我相信我們將與他們一起競爭。

So we have a lot of confidence in our products and services in the Northeast.

所以我們對東北的產品和服務很有信心。

Okay.

好的。

And then there's also been some expansion of some of your focus cities, Raleigh, Durham, Austin.

然後你的一些重點城市也有一些擴張，羅利、達勒姆、奧斯汀。

Does Delta plan to return there and compete there as well?

Delta 是否計劃返回那裡並在那裡競爭？

Focus cities will be an important part of our portfolio moving forward, and we've continued to work on making sure that we have the right capacity in those cities as demand returns.

重點城市將成為我們未來投資組合的重要組成部分，我們一直在努力確保隨著需求的恢復，我們在這些城市擁有合適的容量。

And so we're looking forward to demand continuing to return in all of our focus cities.

因此，我們期待著我們所有重點城市的需求繼續回歸。

And now we will go to Robert Silk with Travel Weekly.

現在我們將與 Travel Weekly 一起去 Robert Silk。

A couple of questions.

幾個問題。

Do you see CDC giving any indication?

您看到 CDC 給出任何指示了嗎？

I know that A4A had called for -- they wanted testing.

我知道 A4A 曾呼籲——他們想要進行測試。

They all wanted you all -- wanted testing to be put in place, but in exchange, a rollback of travel bans.

他們都想要你們所有人——想要進行測試，但作為交換，旅行禁令將被取消。

Any indication if that could be coming?

有任何跡象表明這可能會到來嗎？

Your question, I'm sorry, was a bit garbled.

對不起，你的問題有點亂碼。

Could you repeat that?

你能再說一遍嗎？

We're having a hard time with some of our communications this morning.

今天早上我們的一些通訊遇到了困難。

Can you hear me a little better now?

你現在能聽得更清楚一點嗎？

Yes.

是的。

Okay.

好的。

So the question is, any indication or sense from the federal government or CDC that with this blanket testing requirements that there could be a rollback of travel bans, which is something that the airlines have called for?

所以問題是，聯邦政府或疾病預防控制中心有任何跡像或感覺表明，根據這種全面的測試要求，可能會取消旅行禁令，這是航空公司所要求的嗎？

And I'll also follow, the other -- another question is any sense that vaccines ultimately could be included in the mix that you're vaccinated that relieves testing requirements or could be an either/or?

我還要跟進，另一個 - 另一個問題是疫苗最終可以包含在你接種疫苗的混合物中以減輕測試要求或者可以是一個/或？

We're still working with the CDC on the specific testing strategy and deployment.

我們仍在與 CDC 就具體的測試策略和部署進行合作。

This is something that we, Delta endorse, I know our industry similarly endorses.

這是我們達美認可的東西，我知道我們的行業也同樣認可。

We would like to see the travel restrictions lifted once the testing protocols are in place, and that will be a decision by the new administration, is my understanding, when they take office.

我們希望在測試協議到位後取消旅行限制，據我所知，這將是新政府上任時的決定。

And -- but I think by having the testing protocols in place, it then gives confidence to the regulatory authorities to start to lift the bans, which is why we endorse the testing strategy.

而且 - 但我認為通過制定測試協議，它可以讓監管機構有信心開始解除禁令，這就是我們支持測試策略的原因。

Your question relative to vaccines, yes, obviously, once vaccines are at scale, we would hope that the vaccination evidence would supplant the need to show a test result.

你的問題與疫苗有關，是的，很明顯，一旦疫苗大規模使用，我們希望疫苗接種證據能夠取代顯示測試結果的需要。

But of course, we're still working with the authorities on that.

但當然，我們仍在就此與當局合作。

Kathy, we have time for one final question for the group, please.

凱西，我們有時間向小組提出最後一個問題。

Certainly, and that will come from David Slotnick of Business Insider.

當然，這將來自 Business Insider 的 David Slotnick。

I was just wondering at the phases, the 3 phases that Glen outlined earlier.

我只是想知道這些階段，Glen 之前概述的 3 個階段。

With that timing in mind and with the responses that you've gotten from your corporate travelers, is Delta still expecting a recovery to 2019 revenue and travel levels in line with the rest of the industry with the -- I think it was 2023 or 2024 that IATA and A4A was previously forecasting?

考慮到這個時間點以及您從商務旅客那裡得到的回應，達美是否仍預計 2019 年的收入和旅行水平會恢復到與業內其他公司一致的水平——我認為是 2023 年或 2024 年IATA 和 A4A 之前預測的？

Or has that moved up [or pretty evolved]?

或者它已經上升 [或相當進化]？

Again, I'm sorry, it was hard to hear the question.

再次抱歉，很難聽到這個問題。

Let me take a shot at it.

讓我試一試。

The information we shared on the call about corporate travel is the sentiment we're getting from our own customers.

我們在電話會議上分享的關於商務旅行的信息是我們從我們自己的客戶那裡得到的情緒。

As you are aware, we are the largest carrier of corporate travel amongst the U.S. carriers, so I think we have probably some of the best insights as compared to IATA or any other group that I don't know how they take you through the middle of 2023 or 2024, it looks like.

如您所知，我們是美國航空公司中最大的商務旅行航空公司，所以我認為與 IATA 或任何其他團體相比，我們可能有一些最好的見解，我不知道他們是如何帶你通過中間的2023 年或 2024 年，它看起來像。

I wouldn't place too much confidence in that.

我不會對此抱太大信心。

But what our core corporate travelers -- corporate travel managers are telling us is that 50% expect it to be fully back by 2023.

但我們的核心商務旅行者——商務差旅經理告訴我們的是，50% 的人預計到 2023 年它會完全恢復。

The other 50% is largely uncertain.

另外 50% 很大程度上不確定。

But we expect a meaningful amount of that travel to return as well.

但我們預計也會有相當數量的旅行返回。

Makes sense.

說得通。

So does Delta have a forecast for when it will return to 2019 travel levels?

那麼，達美航空是否有關於何時恢復到 2019 年旅行水平的預測？

The numbers we're comparing are 2019 travel volumes, yes.

是的，我們比較的數字是 2019 年的旅行量。

Thank you, David.

謝謝你，大衛。

With that, we'll turn it over to Ed to make some final comments.

有了這個，我們將把它交給 Ed 做一些最後的評論。

Again, thank you, everybody, for your time this morning.

再次感謝大家今天早上的時間。

Well, thanks, Tim.

好吧，謝謝，蒂姆。

Just in closing, I think you can all appreciate that 2020 was a difficult year, but we're on a recovery path.

最後，我想你們都能理解 2020 年是艱難的一年，但我們正走在復甦的道路上。

We see the start of it beginning to crystallize here, particularly with the vaccine development.

我們看到它的開始在這裡開始具體化，特別是隨著疫苗的開發。

And as you've heard earlier from Glen and Gary, I'm confident that we've got the foundation in place to return Delta to revenue growth, profitability and free cash flow generation.

正如您之前從 Glen 和 Gary 那裡聽到的那樣，我相信我們已經為達美航空恢復收入增長、盈利能力和自由現金流創造奠定了基礎。

We're committed to keeping our culture intact and our employees engaged.

我們致力於保持我們的文化完整和我們的員工參與。

We'll continue to listen to our customers and put them first in order to further enhance their experience on Delta, increase their loyalty and drive affinity towards our brand.

我們將繼續傾聽客戶的意見並將他們放在首位，以進一步提升他們在達美航空的體驗，提高他們的忠誠度並提高對我們品牌的親和力。

We're very focused on innovation, which is allowing us not only to enhance the customer experience and drive efficiency but also to attack the big challenges that still lie ahead for us.

我們非常專注於創新，這不僅使我們能夠提升客戶體驗和提高效率，而且還能應對擺在我們面前的巨大挑戰。

We'll remain very focused on cost performance.

我們將繼續非常關注性價比。

We talked a lot about that during the call, to ensure that the leisure-led demand environment that emerges, we'll be able to respond to it.

我們在通話中談了很多，以確保出現的以休閒為主導的需求環境，我們將能夠做出回應。

And finally, we're committed to reducing debt, strengthening our balance sheet and creating long-term shareholder value and allowing our owners to participate in future upside without dilution.

最後，我們致力於減少債務，加強我們的資產負債表，創造長期股東價值，並允許我們的所有者在不稀釋的情況下參與未來的上漲。

We have the very best employees in the industry, and we're ready to see this strategy through, which gives me optimism, confidence in our ability to thrive and emerge as the industry leader.

我們擁有業內最優秀的員工，我們已準備好實施這一戰略，這讓我對我們蓬勃發展並成為行業領導者的能力充滿樂觀和信心。

So thanks again for joining us today, and we look forward to speaking with you soon.

再次感謝您今天加入我們，我們期待盡快與您交談。

And that concludes today's conference.

今天的會議到此結束。

We thank you for your participation today.

感謝您今天的參與。