達美航空 (DAL) 2020 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines September Quarter Financial Results Conference Call. My name is Cassidy, and I will be your coordinator. (Operator Instructions) As a reminder, today's call is being recorded.

大家早上好，歡迎參加達美航空公司 9 月季度財務業績電話會議。我的名字是卡西迪，我將是你的協調員。 （操作員說明）提醒一下，今天的通話正在錄音中。

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

我現在想將會議轉交給投資者關係副總裁 Jill Greer。請繼續。

Thanks, Cassidy. Good morning, everyone, and thanks for joining us for our September quarter earnings call. Joining us from Atlanta today are our CEO, Ed Bastian; our President, Glen Hauenstein; and our CFO, Paul Jacobson. Our entire leadership team is available for the Q&A session. Ed will open the call with an overview of Delta's performance and strategy. Glen will provide an update on the revenue environment. And Paul will discuss cost liquidity in our balance sheet. We'll then go to our Q&A and ask you to limit yourself to 1 question and a brief follow-up, so we can get to as many analysts as possible.

謝謝，卡西迪。大家早上好，感謝您加入我們的 9 月季度財報電話會議。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；以及我們的首席財務官 Paul Jacobson。我們的整個領導團隊都可以參加問答環節。 Ed 將在電話會議開始時概述 Delta 的業績和戰略。格倫將提供有關收入環境的最新信息。保羅將在我們的資產負債表中討論成本流動性。然後，我們將進入問答環節，並要求您將自己限制在 1 個問題和簡短的跟進中，以便我們可以接觸到盡可能多的分析師。

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

今天的討論包含前瞻性陳述，代表我們對未來事件的信念或預期。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。 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. You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com.

我們還將討論非 GAAP 財務措施，所有結果均不包括特殊項目，除非另有說明。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 over to Ed.

有了這個，我會把電話轉給埃德。

Well thanks, Jill. Good morning, everyone. Appreciate you joining us today. This morning, we reported a $2.6 billion adjusted pretax loss on a 79% decline in revenues for the September quarter. We ended the quarter with over $21 billion in liquidity, having brought our cash burn down to $18 million per day in the month of September. And while we still have a long road ahead of us when you look through the large toll that the pandemic has taken, we are showing progressive improvement across the business, performing well on factors within our control and ensuring the company is well positioned as demand starts to return.

好吧，謝謝，吉爾。大家，早安。感謝您今天加入我們。今天早上，我們報告了 26 億美元的調整後稅前虧損，原因是 9 月季度的收入下降了 79%。我們在本季度結束時擁有超過 210 億美元的流動資金，使我們在 9 月份每天的現金消耗降至 1800 萬美元。儘管當您審視大流行病造成的巨大損失時，我們還有很長的路要走，但我們正在展示整個業務的逐步改善，在我們控制範圍內的因素上表現良好，並確保公司在需求開始時處於有利地位回來。

And there are signs that customers are becoming increasingly confident in returning to air travel with TSA counts growing each week. But we are still running at a fraction of our normal capacity and expect that our December quarter revenues will be 30% to 35% of what we saw a year ago. With the improvement in context, our revenues bottomed out in the second quarter at only 10% of prior year levels or at 21% of prior year levels in the third quarter, and we expect them to be roughly 1/3 of prior year levels in the fourth quarter. Steady improvement as Q4 is expected to generate 3x the revenue of Q2 but still a long way to go.

有跡象表明，隨著 TSA 數量每週都在增加，客戶對重返航空旅行的信心越來越大。但我們仍以正常產能的一小部分運行，預計我們 12 月季度的收入將是一年前的 30% 至 35%。隨著環境的改善，我們的收入在第二季度觸底，僅為去年同期水平的 10%，或者在第三季度達到去年同期水平的 21%，我們預計它們將約為去年同期水平的 1/3第四季。穩步改善，因為預計第四季度的收入將是第二季度的 3 倍，但仍有很長的路要走。

To see a meaningful step-up in demand from here, we'll need business travel to further improve, local quarantines to end and international restrictions to lift. That will only come with widespread advances by the medical community and offices reopening, which many expect will start to happen in the first half of next year.

要想從這裡看到有意義的需求增長，我們需要進一步改善商務旅行，結束當地隔離並取消國際限制。這只會隨著醫學界的廣泛進步和辦公室的重新開放而到來，許多人預計這將在明年上半年開始發生。

As we all know, the path to revenue recovery is dependent on demand returning at scale. Until then, our focus is on doing a great job at what we can control, taking great care of our people and our customers, protecting our liquidity and managing our cost performance.

眾所周知，收入恢復的途徑取決於需求的大規模恢復。在那之前，我們的重點是在我們可以控制的範圍內做好工作，照顧好我們的員工和客戶，保護我們的流動性並管理我們的成本績效。

For our customers, we continue to emphasize safety and health with the Delta CareStandard, our multilayered approach that includes intense cleaning protocols, blocking middle seats and requiring masks onboard our planes. According to IATA, with over 1 billion air travelers worldwide in 2020, there have only been 44 documented cases of suspected COVID transmission onboard an aircraft, and virtually all of them were in the early months of the pandemic before masks and revised safety protocols came into existence. We carry at Delta over 1 million people a week and have had no documented transmission onboard any of our aircraft. The Delta CareStandard works, and it's keeping our customers and our employees safe. And as a result, customers are increasingly becoming comfortable returning through the year.

對於我們的客戶，我們繼續通過 Delta CareStandard 強調安全和健康，這是我們的多層次方法，包括密集清潔協議、封鎖中間座位並要求在我們的飛機上佩戴口罩。根據 IATA 的數據，2020 年全球有超過 10 億航空旅客，只有 44 例飛機上疑似 COVID 傳播的記錄在案，而且幾乎所有這些都發生在大流行的最初幾個月，之後口罩和修訂後的安全規程開始實施存在。我們在達美航空每週運送超過 100 萬人次，並且我們的任何飛機上都沒有記錄在案的傳輸。 Delta CareStandard 有效，它保護我們的客戶和員工的安全。結果，客戶越來越願意全年回來。

Our customer-focused approach is producing record Net Promoter Scores, which reached 75 in September, which is up a staggering 22 points over the prior year levels. This is a testament to the Delta people who have continued to shine throughout this historic crisis. By restoring customers' confidence in travel and investing in their long-term loyalty and trust, we're creating a path to sustainable revenue growth in the future, but we do believe it could still be 2 years or more until we achieve a normalized revenue environment. Until then, we will be smaller in the short term but also more agile and more efficient. Today, we're already 20% smaller than we were at the start of this year, having reduced our fleet, our headcount and our overhead. These were difficult but essential decisions that position delta to emerge as a more resilient airline.

我們以客戶為中心的方法產生了創紀錄的淨推薦值，該值在 9 月份達到了 75，比上一年的水平高出驚人的 22 分。這證明了在這場歷史性危機中繼續閃耀的台達人。通過恢復客戶對旅行的信心並投資於他們的長期忠誠度和信任，我們正在為未來的可持續收入增長開闢一條道路，但我們確實相信，實現收入正常化可能還需要 2 年或更長時間環境。到那時，我們將在短期內變得更小，但也會更敏捷、更高效。今天，我們已經比今年年初縮小了 20%，減少了我們的車隊、員工人數和管理費用。這些都是艱難但至關重要的決定，使達美航空成為一家更具彈性的航空公司。

We have resized our ground and flight attendant workforces by 20%. I'm grateful to all those employees for the sacrifices, from those taking early retirement decisions to the 40,000 staff who took unpaid voluntary leaves throughout the pandemic and, thus, reducing our labor cost for our nonpilot groups by more than 40% over the past 6 months. This was the driving factor that allowed us to avoid furloughs and protect their jobs. We are still working with ALPA, and hopefully, we can achieve that same result with our pilots. But if not, we will be furloughing roughly 1,700 pilots on the 1st of November.

我們已將地面和空乘人員的勞動力規模調整了 20%。我感謝所有這些員工的犧牲，從那些做出提前退休決定的員工到在整個大流行期間自願無薪休假的 40,000 名員工，從而使我們非飛行員團隊的勞動力成本比過去減少了 40% 以上6個月。這是使我們能夠避免休假並保護他們工作的驅動因素。我們仍在與 ALPA 合作，希望我們的飛行員能夠取得同樣的結果。但如果沒有，我們將在 11 月 1 日讓大約 1,700 名飛行員休假。

We've reduced our fleet by retiring more than 200 aircraft this year and accelerated our fleet simplification to retire nearly 30% of our fleet or 400 aircraft by 2025. Along with our revised Airbus order book, this cuts years off the time line to achieving a higher-gauge fleet with lower seat cost and a better customer experience.

我們今年通過退役 200 多架飛機減少了我們的機隊，並加速了我們的機隊精簡，到 2025 年將退役近 30% 的機隊或 400 架飛機。連同我們修訂的空中客車訂單，這將實現目標的時間縮短了數年更高規格的機隊，座位成本更低，客戶體驗更好。

By making these structural changes to our cost base in this constrained environment, we will have significant cost and margin tailwind ahead of us as higher-yielding business travel does return and our load factor caps begin to ease. And we are seeing early signs of our cost-efficiency steps paying off as our fourth quarter all-in CASM is projected to be roughly flat despite a 40% reduction in capacity year-over-year. It's an incredible result and creates nice momentum heading into '21.

通過在這種受限的環境中對我們的成本基礎進行這些結構性改變，隨著更高收益的商務旅行確實回歸併且我們的載客率上限開始放寬，我們將在成本和利潤方面獲得巨大的推動力。我們看到我們的成本效益措施取得成效的早期跡象，因為儘管產能同比減少 40%，但我們的第四季度 CASM 預計將大致持平。這是一個令人難以置信的結果，並為進入 21 世紀創造了良好的勢頭。

The challenges of this year have reinforced our belief in the importance of an investment-grade balance sheet, and our top financial priority will be to regain that as soon as possible. The first step in that process is getting back to breakeven cash flow. We had initially hoped to be there by the end of this year, but as the virus has had greater impact on our business than expected, that goal has shifted a few months. We expect to average a daily cash burn rate of $10 million per day in the December month with good line of sight to positive cash flow by the spring. Once we achieve that milestone, we'll have a heightened focus on paying down debt.

今年的挑戰加強了我們對投資級資產負債表重要性的信念，我們的首要財務優先事項將是盡快恢復。該過程的第一步是恢復盈虧平衡現金流。我們最初希望在今年年底前到達那裡，但由於該病毒對我們業務的影響比預期的要大，該目標已經改變了幾個月。我們預計 12 月份的每日現金消耗率平均為 1000 萬美元，到春季有望實現正現金流。一旦我們實現了這一里程碑，我們將更加關注償還債務。

Putting all this good work into perspective, it's been about positioning Delta to accelerate into a post-COVID recovery. Do we know exactly when that recovery will happen or what it will look like? No. But by taking out complexity, simplifying our cost structure, improving our products and service levels now and maintaining strong employee morale in the face of this challenging time, we do know that we'll be even more customer-focused with a stronger brand and a solid financial foundation. And with that, we will be well positioned to adapt and to win.

將所有這些出色的工作放在正確的角度來看，它一直是關於定位達美航空以加速進入 COVID 後恢復。我們是否確切知道復甦何時發生或它會是什麼樣子？不會。但是，通過消除複雜性、簡化我們的成本結構、改進我們的產品和服務水平，並在這個充滿挑戰的時期保持強大的員工士氣，我們確實知道我們將更加以客戶為中心，打造更強大的品牌和堅實的財務基礎。有了這些，我們將能夠很好地適應並取勝。

Now I'll turn the call over to Glen.

現在我會把電話轉給格倫。

Thanks, Ed, and good morning, everyone. Since we last spoke in July, we've seen a steady progression in demand. This has resulted in our net cash sales improving from $5 million to $10 million per day at the beginning of the quarter to approximately $25 million to $30 million per day at the end of the quarter. That said, demand strength varied in different regions and segments of our business. Corporate demand has shown signs of modest improvement. And while the volume of corporate travel at the end of the quarter was 15% of last year's levels, corporate volumes are trending upward across all industries, and we expect this to continue into 2021.

謝謝，艾德，大家早上好。自從我們在 7 月上次談話以來，我們看到需求穩步增長。這導致我們的淨現金銷售額從本季度初的每天 500 萬美元到 1000 萬美元增加到本季度末的每天約 2500 萬到 3000 萬美元。也就是說，不同地區和我們業務部門的需求強度各不相同。企業需求已顯示出適度改善的跡象。雖然本季度末的商務差旅量是去年水平的 15%，但所有行業的商務差旅量都呈上升趨勢，我們預計這種情況將持續到 2021 年。

Apart from the Caribbean and Mexico, international demand remains weak. This is largely due to government-imposed restrictions in key markets. In the U.S., we've seen demand recover to 35% to 40% of prepandemic levels with strength in leisure markets like Florida, the Mountain West and the beach destinations. However, cities that are under quarantine requirements like New York and Boston are recovering more slowly and are now just above 20% of prepandemic levels.

除加勒比海和墨西哥外，國際需求依然疲軟。這主要是由於政府對主要市場施加的限制。在美國，我們看到需求已恢復到大流行前水平的 35% 至 40%，並且佛羅里達州、西部山區和海灘目的地等休閒市場表現強勁。然而，紐約和波士頓等受到隔離要求的城市恢復速度較慢，目前僅略高於大流行前水平的 20%。

As we approach the holiday travel period, we've been pleased with the recent booking trends for Thanksgiving and Christmas, which show that customers continue to gain confidence in booking further out. Our nonticket businesses have held up relatively well during the quarter with both loyalty revenue and cargo outperforming passenger revenues. The strength in our loyalty revenue stream is in large part due to the spend on the Delta co-brand card. American Express has stated that the spend on our co-brand card has held better than other Amex cards.

隨著假期旅行期的臨近，我們對最近感恩節和聖誕節的預訂趨勢感到滿意，這表明客戶繼續獲得對更遠期預訂的信心。我們的非票務業務在本季度表現相對良好，忠誠度收入和貨運收入均優於客運收入。我們忠誠度收入流的優勢在很大程度上歸功於達美聯名卡的支出。美國運通表示，我們的聯名卡消費比其他美國運通卡更好。

We recently launched a card-acquisition campaign after putting those efforts on hold and have had excellent response to this offering. This, in combination with spend trends that Amex has seen, suggest that our customers' aspirations to travel remain intact.

在擱置這些努力後，我們最近發起了一項卡片獲取活動，並且對此產品反響很好。這與美國運通所看到的消費趨勢相結合，表明我們的客戶對旅行的渴望保持不變。

As Ed mentioned, we focused on making sure Delta is well positioned for a future recovery. We've been accelerating redevelopment projects in our airports, and we were excited to open Concourse 8 in Salt Lake City. This was the first new U.S. hub airport to open in 20 years.

正如埃德所說，我們專注於確保達美航空為未來的複蘇做好準備。我們一直在加快我們機場的重建項目，我們很高興在鹽湖城開設 8 號大廳。這是 20 年來第一個開放的美國新樞紐機場。

In New York and Los Angeles, we're taking years out of our construction time lines, getting our customers a faster path to a better terminal experience while also lowering our construction costs. I'd like to call out our properties and facilities team for the excellent work they've been doing across the network on accelerating all of our airport projects.

在紐約和洛杉磯，我們將建設時間縮短了數年，讓我們的客戶更快獲得更好的航站樓體驗，同時降低我們的建設成本。我想感謝我們的物業和設施團隊在整個網絡中為加速我們所有的機場項目所做的出色工作。

We've made it easier for customers to do business with Delta, eliminating most domestic change fees, extending Medallion and Sky Club benefits and refunding approximately $2.8 billion back to our customers so far this year. We're also rebuilding the network by leveraging our strengths, focusing on connecting customers through our core hubs and adding capacity to coastal hubs only as demand returns.

今年到目前為止，我們已經讓客戶更容易與達美開展業務，取消了大部分國內改簽費，擴大了尊爵會和天空俱樂部的禮遇，並向我們的客戶退還了大約 28 億美元。我們還通過利用我們的優勢重建網絡，專注於通過我們的核心樞紐連接客戶，並僅在需求恢復時才增加沿海樞紐的容量。

In the domestic network, 80% of our current capacity is in our core hubs of Atlanta, Detroit, Minneapolis and Salt Lake City. And in those hubs, we're using our most cost-efficient, highest-gauged equipment as we retire less-efficient aircraft. Internationally, majority of our long-haul capacity is in our JV partner hubs, where we are able to efficiently connect traffic. Similar to the domestic entity, we're moving towards using our most cost-efficient, wide-body aircraft in our international operations by leveraging the A330s and the A350s and eliminating the subscale 777 fleets and sunsetting the 767-300ERs.

在國內網絡中，我們目前 80% 的運力位於亞特蘭大、底特律、明尼阿波利斯和鹽湖城的核心樞紐。在這些樞紐中，我們正在使用最具成本效益、規格最高的設備，因為我們淘汰了效率較低的飛機。在國際上，我們的大部分長途運力都在我們的合資合作夥伴樞紐，我們能夠在那里高效地連接交通。與國內實體類似，我們正在通過利用 A330 和 A350 並淘汰規模較小的 777 機隊和淘汰 767-300ER，在我們的國際運營中使用我們最具成本效益的寬體飛機。

While the longer network rebuild is underway, we are also tactically managing the network in the near term. We are increasing capacity around the peak leisure holiday periods like Thanksgiving and Christmas, while reducing it during off-peak periods like Halloween and the election week. This approach will result in our December quarter capacity being 40% to 45% lower year-on-year or approximately 60% lower when you factor in our block seats. By doing so, we're aligning capacity with the emerging demand environment and our expectations that December quarter revenue will be down 65% to 70% versus last year.

在進行較長時間的網絡重建的同時，我們還在近期內對網絡進行戰術管理。我們在感恩節和聖誕節等休閒假期高峰期增加運力，同時在萬聖節和選舉周等非高峰期減少運力。這種方法將導致我們 12 月季度的運力同比下降 40% 至 45%，或者當您考慮到我們的座席時，下降約 60%。通過這樣做，我們正在使產能與新興的需求環境以及我們對 12 月季度收入將比去年下降 65% 至 70% 的預期保持一致。

Before I turn the call to Paul, I'd like to just thank our entire commercial team for all they've done in managing through these extraordinary times. We all know it's been a difficult 6 months, but we feel like we're very well positioned for where we stand and where the pandemic is.

在我把電話轉給保羅之前，我只想感謝我們整個商業團隊為度過這些非凡時期所做的一切。我們都知道這是艱難的 6 個月，但我們覺得我們對我們所處的位置和流行病的位置非常有利。

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

有了這個，我想把電話轉給我的好朋友保羅。

Thank you, Glen. Good morning, everyone, and thank you for joining us. This morning, we reported an adjusted pretax loss of $2.6 billion on revenue of $2.6 billion. This quarter's results exclude onetime charges that are due to our response to the COVID-19 pandemic, including $2.2 billion in fleet-related charges, a $3.1 billion charge from the voluntary separation and early retirement packages and a $1.3 billion benefit from the CARES Act grant funds.

謝謝你，格倫。大家早上好，感謝您加入我們。今天早上，我們報告調整後的稅前虧損為 26 億美元，收入為 26 億美元。本季度的業績不包括因應對 COVID-19 大流行而產生的一次性費用，包括 22 億美元的機隊相關費用、31 億美元的自願離職和提前退休計劃費用以及 13 億美元的 CARES 法案補助金福利資金。

Our results this quarter were underpinned by a strong focus on costs as we reduced operating expenses by $5.5 billion or 52%, similar to the decline achieved in the June quarter despite flying 23 points more capacity. We also expect our December quarter operating expenses to be approximately 50% lower year-over-year, producing a December quarter consolidated CASM that is flat to down on 40% to 45% lower capacity, a truly remarkable outcome.

我們本季度的業績得益於對成本的高度關注，因為我們將運營支出減少了 55 億美元或 52%，這與 6 月季度的降幅相似，儘管運力增加了 23 個百分點。我們還預計我們 12 月季度的運營費用將同比下降約 50%，從而產生 12 月季度的合併 CASM，產能下降 40% 至 45% 持平至下降，這是一個非常了不起的結果。

We've gotten here by resizing the airline by 20%. First, we had approximately 18,000 of our coworkers opt to take either a voluntary separation or early retirement package earlier this summer. In addition, we still have over 12,000 employees on a voluntary unpaid leave of absence who will return at various times over the next 12 months. In total, the voluntary exits, the voluntary leaves, our reductions and other employee initiatives have saved Delta over $1.9 billion in salary costs so far this year.

我們通過將航空公司規模調整 20% 實現了這一目標。首先，今年夏天早些時候，我們有大約 18,000 名同事選擇自願離職或提前退休。此外，我們仍有超過 12,000 名員工自願無薪休假，他們將在未來 12 個月的不同時間返回。總的來說，自願離職、自願休假、我們的裁員和其他員工舉措今年迄今已為達美航空節省了超過 19 億美元的工資成本。

Second, we accelerated our fleet simplification with our intention to retire our CRJ-200 fleet by 2023 and our 717 and 767-300ER fleet by 2025. We've also reached agreement with Airbus on the restructuring of our order book. This restructuring reduces our aircraft purchase commitments by more than $2 billion in 2020 and by more than $5 billion through 2022. Our fleet actions will result in the retirement of almost 400 aircraft by 2025, including more than 200 this year alone. This will eliminate 4 fleet families, reducing complexity and driving meaningful cost savings in areas like maintenance and pilot training while also producing a far better customer experience.

其次，我們加快了機隊精簡速度，計劃到 2023 年退役 CRJ-200 機隊，到 2025 年退役 717 和 767-300ER 機隊。我們還與空中客車公司就訂單重組達成協議。此次重組使我們的飛機採購承諾在 2020 年減少超過 20 億美元，到 2022 年減少超過 50 億美元。我們的機隊行動將導致到 2025 年將有近 400 架飛機退役，其中僅今年就有 200 多架。這將消除 4 個機隊系列，降低複雜性並在維護和飛行員培訓等領域顯著節省成本，同時還提供更好的客戶體驗。

So while some of the cost actions we have taken this year are temporary and will come back as we rebuild the business, the changes we have made on headcount and fleet are structural. Those actions and the eventual easing of our load factor caps will allow us to bring capacity back in a measured way and at lower incremental costs, providing future margin tailwinds for the business.

因此，雖然我們今年採取的一些成本措施是暫時的，並且會在我們重建業務時恢復，但我們在員工人數和機隊方面所做的改變是結構性的。這些行動以及我們載客率上限的最終放寬將使我們能夠以有節制的方式並以較低的增量成本恢復產能，為企業提供未來的利潤順風。

Our strong cost focus has also allowed the increase we've seen in net sales, which is tickets purchased versus tickets refunded, to flow directly into an improvement in our daily cash burn, which improved from $27 million per day in June to $18 million per day in the month of September. Looking forward, we expect to see a progressive trend in our daily cash burn and currently expect to exit the year with an average daily cash burn of $10 million to $12 million for the December quarter.

我們對成本的強烈關注也讓我們看到的淨銷售額（即購買的門票與退款的門票）的增長直接轉化為我們每日現金消耗的改善，從 6 月份的每天 2700 萬美元增加到每天 1800 萬美元九月的一天。展望未來，我們預計我們的每日現金消耗將呈漸進趨勢，目前預計以 12 月季度的平均每日現金消耗為 1000 萬至 1200 萬美元結束今年。

Turning to the balance sheet. We ended the September quarter with $21.6 billion in liquidity and adjusted net debt of only $17 billion, up $6.5 billion since the end of the December quarter 2019. During the quarter, we raised $9 billion backed by the cash flows and IP of our SkyMiles program. The financing was nearly 6x oversubscribed and priced at a blended rate of 4.75%, an amazing outcome for the largest debt offering ever by an airline. Really, really great work and amazing execution by our finance, SkyMiles and legal teams all working together to get that done.

轉向資產負債表。截至 9 月季度末，我們的流動資金為 216 億美元，調整後的淨債務僅為 170 億美元，比 2019 年 12 月季度末增加了 65 億美元。在本季度，我們通過 SkyMiles 計劃的現金流和 IP 籌集了 90 億美元.此次融資獲得了近 6 倍的超額認購，並以 4.75% 的混合利率定價，這對於航空公司有史以來規模最大的債務發行來說是一個驚人的結果。我們的財務、“飛凡里程常客計劃”和法律團隊齊心協力完成了這項工作，真的非常出色，執行力驚人。

With our cash burn trajectory on track to achieve breakeven by spring and a solid liquidity position, our balance sheet work has already begun. Last week, we repaid the $3 billion outstanding under our 364-day term loan due in March of next year. We also paid down $2.6 billion we had drawn on our revolvers earlier in the year, and that capacity remains available in the future. We have now flattened our near-term debt maturities with $2.3 billion of obligations due through the end of 2021.

隨著我們的現金消耗軌蹟有望在春季實現盈虧平衡和穩固的流動性狀況，我們的資產負債表工作已經開始。上週，我們償還了明年 3 月到期的 364 天定期貸款中未償還的 30 億美元。我們還償還了今年早些時候從我們的左輪手槍中提取的 26 億美元，並且該容量在未來仍然可用。我們現在已經將我們的短期債務期限拉平，到 2021 年底有 23 億美元的債務到期。

Our actions also freed up more than $3 billion in collateral tied to the term loan. As a result, we now have $9 billion to $10 billion of unencumbered assets, including newer vintage aircraft. We are on track to end the year with more than $16 billion in liquidity and adjusted net debt of approximately $19 billion.

我們的行動還釋放了超過 30 億美元與定期貸款相關的抵押品。因此，我們現在擁有 90 億至 100 億美元的未支配資產，包括較新的老式飛機。我們有望在今年年底擁有超過 160 億美元的流動資金和約 190 億美元的調整後淨債務。

In closing, we've made significant strides over the last 6 months. However, more hard work is still ahead to ensure that we build the foundation for Delta's recovery. I'm confident that with the Delta spirit and values that our employees exhibit every single day, the airline will pull through and emerge stronger and more resilient.

最後，我們在過去 6 個月中取得了重大進展。但是，要確保我們為達美的複蘇奠定基礎，還有更多的努力要做。我相信，憑藉我們員工每天展現的達美精神和價值觀，該航空公司將渡過難關，變得更強大、更有彈性。

And 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, Paul. Cassidy, we are ready for the analyst question period. If you could give the instructions on how to get into the queue.

謝謝，保羅。卡西迪，我們已經為分析師提問期做好了準備。如果你能給出如何進入隊列的說明。

(Operator Instructions) Our first question comes from Joe DeNardi of Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Joe DeNardi。

Paul, you talked about all-in CASM being in line with 4Q '19 despite the lower capacity. Can you talk about what level of ASMs do you think you need to fly for ex-fuel unit costs to be in line with 2019 levels? Is it 70% of 2019 capacity? Is it 90%? Is it 105%? What's the right way to think about that?

保羅，你談到儘管產能較低，但 CASM 與 19 年第四季度一致。你能談談你認為你需要飛行什麼水平的 ASM 才能使前燃料單位成本與 2019 年的水平保持一致？是2019年產能的70%嗎？是90%嗎？是105%嗎？什麼是正確的思考方式？

Yes, Joe. So we're looking at everything, obviously, on an all-in cost basis going forward. And I think it's important to note that we've managed to keep our total operating expenses flat or the reduction flat over the last few quarters as we continue to ramp up capacity of the airline. As I mentioned in my comments, I think it's important to note that some of what we've done is obviously temporary, and the balance here is making sure that we're bringing costs back at the same pace or at a measured pace with demand returning in our capacity decisions as well. Fuel price is going to be an important part of that. But as we look at where we're positioned today, fuel matters, and we've got to make sure that we take that into account.

是的，喬。所以我們正在考慮一切，顯然，在未來的總成本基礎上。而且我認為重要的是要注意，隨著我們繼續提高航空公司的運力，我們已經設法在過去幾個季度中保持我們的總運營費用持平或減少持平。正如我在評論中提到的，我認為重要的是要注意我們所做的一些事情顯然是暫時的，這裡的平衡是確保我們以與需求相同或有節制的速度恢復成本也返回我們的能力決定。燃油價格將是其中的重要組成部分。但是當我們審視我們今天的定位時，燃料很重要，我們必須確保我們考慮到這一點。

And the important thing is that we're flying, as we said, with capacity down roughly 40% to 50% in the fourth quarter. But we don't have all of that available for sale, even though we're absorbing all of the cost of it. So as we think going forward, we're positioning the airline to make sure we're all-in CASM at a reasonable level that can be absorbed as we grow capacity. And I think the team has done a good job of that.

重要的是，正如我們所說，第四季度運力下降了大約 40% 至 50%。但我們並沒有出售所有這些產品，即使我們承擔了所有的成本。因此，在我們思考未來的時候，我們正在對航空公司進行定位，以確保我們在合理的水平上投入 CASM，隨著我們增加容量，可以吸收。我認為團隊在這方面做得很好。

Okay. And then, Ed, along with the SkyMiles transaction, you provided revenue and profitability disclosures for the loyalty program, which highlighted how profitable and durable that portion of your business is. I'm not seeing any of those disclosures being provided today. That's something you alluded to doing at your June Investor Day pre-COVID. So my question is, will you commit to, starting in 2021, begin disclosing those same metrics, revenue, EBITDA, cash proceeds for the loyalty program on a quarterly basis?

好的。然後，Ed，連同“飛凡里程常客計劃”交易，您提供了忠誠度計劃的收入和盈利能力披露，這突出了您業務的這一部分的盈利能力和持久性。我今天沒有看到任何這些披露。這就是你在 COVID 之前的 6 月投資者日提到的事情。所以我的問題是，您是否會承諾從 2021 年開始每季度披露忠誠度計劃的相同指標、收入、EBITDA 和現金收益？

Well thanks, Joe. Yes, we are continuing to improve our disclosures. I frankly haven't gotten to the 2021 disclosure list yet. We're trying to get through 2020 first. But yes, you're right. When we -- when you look at the transaction and you start to get a sense for the importance of the loyalty program to not just our balance sheet but our overall future, it's a strategic competitive advantage, one of the most important ones we have. And we'll do, I think, continue to do a better job of giving our investor base an appreciation for that. But at the same time, we also have to be mindful of the other sensitivities around that data.

好吧，謝謝，喬。是的，我們正在繼續改進我們的披露。坦率地說，我還沒有進入 2021 年的披露清單。我們正在努力首先度過 2020 年。但是，是的，你是對的。當我們 - 當您查看交易並且您開始意識到忠誠度計劃不僅對我們的資產負債表而且對我們的整體未來的重要性時，這是一種戰略競爭優勢，這是我們擁有的最重要的優勢之一。我認為，我們會繼續做得更好，讓我們的投資者基礎對此表示讚賞。但與此同時，我們還必須注意圍繞該數據的其他敏感性。

Our next question comes from Hunter Keay of Wolfe Research.

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

Paul, on the fourth CASM-Ex, the flat CASM-Ex amount, how much do we need to strip out for the third-party refinery sales? And what's been driving that line up so much over the last couple of quarters? And then more broadly, how do we think about the overall ancillary business expense on the P&L into 2021?

保羅，關於第四次 CASM-Ex，固定的 CASM-Ex 金額，我們需要為第三方煉油廠銷售剝離多少？在過去的幾個季度裡，是什麼推動瞭如此多的排隊？然後更廣泛地說，我們如何看待 2021 年損益表中的總體輔助業務費用？

Yes. Sure. Thanks for that question, Hunter. The refinery sales, as you know, we had managed a lot of that through exchanges for jet fuel. Obviously, with jet consumption down, we've had more volatility in just a pure third-party sales as we're not able to exchange that, so we're managing through that going forward. And we expect that, that will be a little bit noisy as we continue through our recovery before things normalize, both in terms of capacity at the airline and then as well as production and normalization at the refinery as well.

是的。當然。謝謝你提出這個問題，亨特。煉油廠的銷售，如你所知，我們通過交換噴氣燃料來管理很多。顯然，隨著噴氣機消費量的下降，我們在純第三方銷售中的波動性更大，因為我們無法交換它，所以我們正在通過這種方式進行管理。我們預計，隨著我們在事情恢復正常之前繼續恢復，無論是在航空公司的運力方面，還是在煉油廠的生產和正常化方面，這都會有點嘈雜。

As third-party expenses go, obviously, we continue to see improvement on the horizon in our MRO business. We've talked about that before with the opportunities ahead of us with the Pratt and the Rolls-Royce agreements going forward. Obviously, there's been some noise around that in the midst of the COVID pandemic. But we'll continue to see expenses related to those go up as volumes increase. But that should be really be viewed as a separate kind of independent business as we think from the cost base of the airline itself.

顯然，隨著第三方費用的減少，我們繼續看到 MRO 業務的改善。我們之前已經討論過這一點，隨著 Pratt 和 Rolls-Royce 協議的推進，我們面臨著機遇。顯然，在 COVID 大流行期間，圍繞這一點存在一些噪音。但我們繼續看到與這些相關的費用隨著數量的增加而增加。但從航空公司本身的成本基礎來看，這確實應該被視為一種獨立的獨立業務。

Okay. And then how many aircraft deliveries do you have now planned in relation to the 383 that you have coming out over that same time horizon?

好的。然後，對於在同一時間範圍內推出的 383，您現在計劃交付多少架飛機？

Well we've reduced with the deal that has been announced today and the numbers in our fleet tables. We've taken out about 77 aircraft through the end of 2021 and kind of redistributed that over time as we continue to work through the impact of the pandemic.

好吧，我們已經減少了今天宣布的交易和我們機隊表中的數量。到 2021 年底，我們已經淘汰了大約 77 架飛機，隨著我們繼續努力應對大流行的影響，隨著時間的推移，我們對這些飛機進行了重新分配。

Our next question comes from Brandon Oglenski of Barclays.

我們的下一個問題來自巴克萊銀行的 Brandon Oglenski。

Paul, just a quick clarification. I think you said you want to end the year with about $16 billion in liquidity, but I think you ended 3Q at about $21 billion. Can you just help us bridge that? And then maybe off that last question, like how are you thinking about CapEx into 2021, please?

保羅，快速澄清一下。我想你說過你想在今年年底擁有約 160 億美元的流動資金，但我認為你在第三季度結束時的流動資金約為 210 億美元。你能幫我們解決這個問題嗎？然後也許是最後一個問題，比如你如何看待 2021 年的資本支出？

Thanks, Brandon. So obviously, the 2 sort of impacts here are the cash burn, which we're reducing to $10 million to $12 million a day, which is roughly $1 billion for the quarter. We also had $3 billion that we paid down the term loan. And then there's some of the residual onetime payments to employees who are under the voluntary early retirement separation programs, et cetera, that we'll continue to pay out into the fourth quarter. So that's the reconciliation.

謝謝，布蘭登。很明顯，這裡的兩種影響是現金消耗，我們每天減少到 1000 萬到 1200 萬美元，這個季度大約是 10 億美元。我們還有 30 億美元用於償還定期貸款。然後還有一些剩餘的一次性付款給自願提前退休離職計劃等的員工，我們將繼續支付到第四季度。這就是和解。

Okay. And then any view on CapEx next year?

好的。然後對明年的資本支出有何看法？

I think it's too soon to tell at this point. I think what you heard in Ed's comments is that we're going to continue to focus on paying down debt as soon as we get to cash breakeven. And I think you're going to see similar discipline to what you've seen in the past that led to the balance sheet strength that we had pre-COVID. I think that's reinforced by this pandemic, and we'll manage CapEx accordingly.

我認為現在下結論還為時過早。我想你在 Ed 的評論中聽到的是，一旦我們達到現金收支平衡，我們將繼續專注於償還債務。而且我認為你會看到與過去看到的類似的紀律，這些紀律導致了我們在 COVID 之前的資產負債表實力。我認為這種流行病加強了這一點，我們將相應地管理資本支出。

And just 1 quick follow-up, Brandon. I also failed to mention, apologies, the $450 million maturity in December is also a cash reduction.

布蘭登，只需 1 次快速跟進。抱歉，我也沒有提到 12 月到期的 4.5 億美元也是現金減少。

Our next question comes from Jamie Baker of JPMorgan.

我們的下一個問題來自摩根大通的傑米貝克。

A couple of questions for Glen. Can you remind us prepandemic what the top 3 or 4 types of businesses were that make up your corporate demand? And maybe what percentage of total revenue they represent?

有幾個問題要問 Glen。您能否提醒我們大流行前構成您的企業需求的前 3 或 4 種業務類型是什麼？也許它們佔總收入的百分比是多少？

Sure. Banking, of course, financial services and manufacturing and transportation.

當然。銀行業，當然還有金融服務業、製造業和運輸業。

And roughly what percentage of total revenue does that account for?

這大約佔總收入的百分比是多少？

Does that -- did that account for?

這是否 - 這說明了嗎？

Yes. Would that account for, yes.

是的。那會佔嗎，是的。

This is an off-the-cuff number because I don't have that in my head. So let's get back to you on that.

這是一個現成的數字，因為我腦子裡沒有。因此，讓我們就此回复您。

Okay. Fair enough. And second, can you discuss the sort of the evolution of the booking curve since March? And more importantly, what do you think has to happen to the curve in order to bring Delta closer to cash breakeven? And do you see any structurally permanent changes in the curve post vaccine?

好的。很公平。其次，您能否討論一下自 3 月以來預訂曲線的演變情況？更重要的是，您認為曲線必鬚髮生什麼變化才能使達美航空更接近現金收支平衡？您是否看到疫苗接種後的曲線有任何結構上的永久性變化？

I think it's too early to tell what permanent changes there are in the booking curve. What we saw, of course, at the beginning of the pandemic was no bookings at all, and cancellations to new bookings were like 100 to 1 in favor of cancellations. And as we move through this, we saw net positive in terms of bookings. That was the first gate we had to get through in the early parts. And then to positive booking in the second quarter, where we're actually generating positive cash flows.

我認為現在判斷預訂曲線有哪些永久性變化還為時過早。當然，我們在大流行開始時看到的是根本沒有預訂，新預訂的取消率大約是 100 比 1，有利於取消。隨著我們的發展，我們在預訂方面看到了積極的影響。那是我們在早期部分必須通過的第一道門。然後是第二季度的積極預訂，我們實際上正在產生積極的現金流。

And now in the third quarter, I think we're still seeing a very condensed curve but people really willing to book further out. So we're seeing good booking momentum for Thanksgiving and Christmas. And really, even into the off-peak periods in December and into early January, we're seeing more activity than we had in the last month. So every month we move through this, we see more and more customers with more confidence, booking both close in and further out. And that's what we continue to need to see, that development and confidence.

現在在第三季度，我認為我們仍然看到一條非常緊湊的曲線，但人們真的願意預訂更遠的地方。因此，我們看到感恩節和聖誕節的良好預訂勢頭。實際上，即使進入 12 月的非高峰期和 1 月初，我們也看到了比上個月更多的活動。因此，每個月我們都會經歷這一過程，我們會看到越來越多的客戶更有信心，在附近和更遠的地方進行預訂。這就是我們繼續需要看到的，即發展和信心。

And I think when you think of what we've done with the brand and what we've done with the seating and the cleanliness and all the protocols we've put in place, it's all about building consumer confidence because without consumers being confident, we can't do that. So I think we've made a lot of great progress as an industry. Certainly more to go. But we're on a good path. And hopefully, we're -- while we know we're closer to the end of the pandemic than we are to the beginning, but we don't know exactly how it's going to evolve from here to the end. So we'll stay nimble.

而且我認為當你想到我們對品牌所做的事情以及我們對座位和清潔所做的事情以及我們制定的所有協議時，這都是為了建立消費者信心，因為如果消費者沒有信心，我們不能那樣做。所以我認為我們作為一個行業已經取得了很大的進步。當然還有更多。但我們正走在一條好的道路上。希望我們——雖然我們知道我們比開始時更接近大流行的結束，但我們不知道它將如何從這裡發展到結束。所以我們會保持靈活。

And if I can just squeeze in a third, what stat are you looking at to determine when you lift the load factor cap or set of statistics, I suppose?

如果我只能擠進三分之一，我想你會查看什麼統計數據來確定何時取消負載係數上限或一組統計數據？

Jamie, this is Ed. We haven't made that decision yet. We continue to watch it. Obviously, it's going to be condition on consumer sentiment and confidence in air travel. I think as each week goes by, as Glen said, that confidence is improving. We've got a lot of studies coming out from experts about the safety of air travel. And sometime in the first half of next year, I have no doubt, we will be lifting those caps. But we haven't picked a date yet, and I'd say we will continue to start the new year with the caps in place.

傑米，這是埃德。我們還沒有做出那個決定。我們繼續關注它。顯然，這將取決於消費者的情緒和對航空旅行的信心。正如格倫所說，我認為隨著每週的過去，信心正在提高。我們從專家那裡得到了很多關於航空旅行安全的研究。在明年上半年的某個時候，我毫不懷疑，我們將取消這些上限。但我們還沒有選擇日期，我想說我們將繼續在新的一年開始時設置上限。

(Operator Instructions) Our next question comes from Savi Syth of Raymond James.

（操作員說明）我們的下一個問題來自 Raymond James 的 Savi Syth。

I think, Ed, you've said that it's not about building back to what was the building for the future, although you probably put it a lot more [clearly] than that. So I was just wondering, have the teams have substantial conversations with corporate customers to kind of get an idea of what the makeup and size of business travel may look like once kind of pandemic fears are behind us, especially now that customers have had a chance to see both what video conferencing technology can and cannot deliver?

我想，Ed，你說過這不是要重建到未來的建築，儘管你可能比那說得更[清楚]。所以我只是想知道，團隊是否與企業客戶進行了大量對話，以了解一旦對大流行的恐懼已經過去，尤其是現在客戶有機會，商務旅行的構成和規模會是什麼樣子看看視頻會議技術可以提供什麼，不能提供什麼？

Savi, yes, we are in frequent daily conversation with all of our corporate customers. And a couple of interesting stats, today, we have roughly 90% of our primary corporate customers who do have travelers, who are traveling, small numbers in many of those, but they're getting their own sense for what the new travel experience is. And anecdotally, they're coming back to us with really strong reviews of safety and confidence in restoring their travel spend.

Savi，是的，我們每天都在與我們所有的企業客戶進行頻繁的對話。還有一些有趣的統計數據，今天，我們大約 90% 的主要企業客戶確實有旅行者，他們正在旅行，其中很多人人數很少，但他們對新的旅行體驗有自己的看法.有趣的是，他們帶著非常強烈的安全評價和恢復旅行支出的信心回到我們這裡。

How video technology is going to impact long-term business travel, I'm of the view that it will have some impact, but it's not going to be a substitute. It will be a complement to business travel. It won't be a substitute for business travel. I don't think anybody knows. There's lots of experts out there that put dates out as to when the new normal will be achieved. My sense is that we could be looking at anywhere from 10% to 20% reduction in the next couple of years when we get to that new normal of business travel.

視頻技術將如何影響長期商務旅行，我認為它會產生一些影響，但不會成為替代品。它將成為商務旅行的補充。它不會替代商務旅行。我想沒有人知道。有很多專家對何時實現新常態提出了日期。我的感覺是，當我們進入商務旅行的新常態時，我們可能會在未來幾年內減少 10% 到 20% 的費用。

But the one thing I'll also tell you, Savi, having been in this business for a long time, every crisis that I've been part of, and it's been a lot of crises over that 20-plus years, this was the first thing that people always talked about was that business travel was -- the death of business travel and technology was going to replace the need for travel. And every single time, business travel has come back stronger than anyone anticipated. So I think we're going to see that same consumer behavior. It will undoubtedly be different, but I think it's going to come stronger than most of the pundits view.

但是我還要告訴你一件事，薩維，我在這個行業工作了很長時間，我參與過的每一次危機，在過去 20 多年裡經歷過很多次危機，這是人們總是談論的第一件事是商務旅行——商務旅行和技術的消亡將取代旅行的需求。每一次，商務旅行的回歸都比任何人預期的都要強勁。所以我認為我們會看到同樣的消費者行為。毫無疑問，它會有所不同，但我認為它會比大多數專家的觀點更強大。

Helpful. And then if I might ask a clarification question on the cash burn. Is the kind of the improvement from what you saw in September to what you're kind of thinking that you'll see in the fourth quarter, is that from -- has to come from all revenue given most of the retirement happens in August? Or are there some other drivers in that improvement?

有幫助。然後我可以問一個關於現金消耗的澄清問題。從你在 9 月看到的那種改善到你在第四季度看到的那種想法，是來自 - 必須來自所有收入，因為大部分退休發生在 8 月？或者在這種改進中是否還有其他一些驅動因素？

That's principally revenue.

這主要是收入。

Our next question comes from Diane Pfennigwerth of Evercore.

我們的下一個問題來自 Evercore 的 Diane Pfennigwerth。

Still Duane. So just on Savi's question there, maybe some longer-term perspective from Ed or whomever because I think you guys have been fairly thoughtful about the potential for longer-term impairment in corporate. And my question is, if that does play out, how will Delta offset that and work to restore its earnings power? Is this strictly a cost challenge? And obviously, we've got some good news on that front in terms of what you've given us for the fourth quarter. Is this strictly a cost challenge? Or do you think the industry can think about how it prices leisure travel differently than it has in the past?

還是杜安。因此，就 Savi 的問題而言，也許是 Ed 或其他人的一些長期觀點，因為我認為你們已經相當深思熟慮了企業長期受損的可能性。我的問題是，如果真的發生了，達美將如何抵消它並努力恢復其盈利能力？這嚴格來說是成本挑戰嗎？顯然，就您為第四季度提供給我們的內容而言，我們在這方面有一些好消息。這嚴格來說是成本挑戰嗎？或者您認為該行業可以考慮如何以不同於過去的方式對休閒旅游進行定價？

Well there's a lot of speculation in that question, Duane. Today, we're 20% smaller as an airline, and that certainly gives us a chance to resize the demand set. What impact that will have on international is still an open question mark. We are very well positioned with our hub structure. We feel good about that base of travel. We're really getting great comments and compliments back from our corporate customers about the travel they're doing. So share is -- while small, share is very, very strong. And we'll see. I wouldn't go out to try to suggest what kind of changes. Certainly, there will be some interesting opportunities to look at, a new business model around pricing and competitive markets. But we're doing what we do here. We're playing the long game. And over the long term, I'm confident that the strength of our service levels, the focus of our people on taking good care of our customers will be the most important thing of anything out there.

嗯，這個問題有很多猜測，Duane。今天，作為一家航空公司，我們的規模縮小了 20%，這無疑給了我們調整需求集規模的機會。這將對國際產生什麼影響，仍然是一個懸而未決的問號。我們的中心結構非常適合我們。我們對這個旅行基地感覺很好。我們真的從我們的公司客戶那裡得到了關於他們正在做的旅行的好評和讚美。所以份額是——雖然很小，但份額非常非常大。我們拭目以待。我不會出去嘗試建議什麼樣的變化。當然，會有一些有趣的機會值得關注，一種圍繞定價和競爭市場的新商業模式。但我們正在做我們在這裡所做的事情。我們正在玩長期遊戲。從長遠來看，我相信我們服務水平的實力，以及我們員工對照顧好客戶的專注，將是最重要的事情。

And maybe if I could sneak in a shorter-term one. Just on the down 40% capacity in the fourth quarter, would you be willing to talk about the cadence by month and any early look into the first quarter? I appreciate you taking the questions.

也許我可以偷偷帶一個短期的。僅就第四季度下降 40% 的產能而言，您是否願意按月談論節奏以及對第一季度的任何早期調查？感謝您提出問題。

Duane, no, we don't have a good-enough crystal ball in this environment.

Duane，不，我們在這種環境下沒有足夠好的水晶球。

Okay. But it does feel like it implies a bit of a pickup into November and December.

好的。但確實感覺這意味著 11 月和 12 月會有所回升。

Modest. Again, very, very small.

謙虛的。同樣，非常非常小。

Our next question comes from Mike Linenberg of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Mike Linenberg。

Two quick ones here. Paul, just on CapEx '21 and '22, I think you said, at least through '21, you're going to take 77 more airplanes. At least on a gross basis, could you give us what CapEx -- what a rough forecast is for at least next year?

這裡有兩個快速的。保羅，就 21 年和 22 年的資本支出而言，我想你說過，至少到 21 年，你將再購買 77 架飛機。至少在總的基礎上，你能給我們什麼資本支出——至少明年的粗略預測是多少？

I think a little bit premature to give total numbers for next year. We talked about a $5 billion reduction. But it's important to note in this environment, all of the aircraft are going to come with financing in place for that. We need to make sure, obviously, we'll have decisions to make as we go into 2021, depending on the balance sheet, the pace of recovery, cash, et cetera. But we've got facilities in place to be able to backstop finance those aircraft, if needed.

我認為給出明年的總數還為時過早。我們談到了 50 億美元的削減。但值得注意的是，在這種環境下，所有飛機都將為此提供融資。顯然，我們需要確保在進入 2021 年時，我們將根據資產負債表、復甦步伐、現金等因素做出決定。但是，如果需要，我們已經具備了能夠為這些飛機提供資金支持的設施。

Okay. Fair enough. And then just my second question, the headline out recently, where it looks like the Brazilian regulators are going to put the Delta-LATAM deal on trial. And that's, of course, after they approved it. Can you still proceed and move forward regardless of an ongoing trial? Does that prevent you from doing what you want to do?

好的。很公平。然後是我的第二個問題，最近的標題是，巴西監管機構似乎將對 Delta-LATAM 交易進行審判。當然，那是在他們批准之後。不管正在進行的試驗，你還能繼續前進嗎？這會阻止你做你想做的事嗎？

Mike, it's Peter. A couple of things. One is our joint venture is under review with the U.S. Department of Transportation. Ultimately, for that to go forward, we will need those approvals. Of course, we do have the codeshare agreements with them, which are ongoing. And we do expect -- we do anticipate that the Brazilian Tribunal will approve the transaction. This is just a second look.

邁克，是彼得。幾件事。一是我們的合資企業正在接受美國交通部的審查。最終，為了向前推進，我們將需要這些批准。當然，我們確實與他們簽訂了代碼共享協議，該協議正在進行中。我們確實希望 - 我們確實希望巴西法庭會批准該交易。這只是第二眼。

Our next question comes from Helane Becker of Cowen.

我們的下一個問題來自 Cowen 的 Helane Becker。

Completely unrelated to things that we've been talking about. You guys had an open pilot contract prior to COVID starting. And I'm just wondering if the negotiations that you're undertaking prior to November 1 include updates to that contract or if that's just on hold.

與我們一直在談論的事情完全無關。在 COVID 開始之前，你們有一份開放的試點合同。我只是想知道您在 11 月 1 日之前進行的談判是否包括對該合同的更新，或者是否只是擱置。

Helane, we're not going to talk about negotiations publicly. But what I can tell you is that the focus is trying to find a way to eliminate the need to furlough 1,700 junior pilots. And we've given the ALPA, the union, a lot of different options. And I'm hopeful we can reach a resolution, but I'm not trying to suggest or forecast that.

Helane，我們不會公開談論談判。但我可以告訴你的是，重點是試圖找到一種方法來消除讓 1,700 名初級飛行員休假的需要。我們已經為 ALPA、工會提供了很多不同的選擇。我希望我們能夠達成解決方案，但我並不是要建議或預測這一點。

I know, I understand that. Just understanding that the main part of the contract is on hold until we get through this part. Is that right?

我知道，我明白這一點。只知道合同的主要部分在我們完成這一部分之前被擱置。是對的嗎？

I would say that's a fair observation.

我會說這是一個公平的觀察。

Okay. Good. And then my other completely unrelated question is on the airport construction acceleration and all the other stuff that you're doing, which obviously will help improve customer experience as we come out of this. Can you just talk about some of those things? Are there a thermal camera imaging going into place? Are there testing centers for COVID or other things? How is the airport going to look going forward? And how should we think about the costs associated with landing fees changing next year? If you're smaller and everyone else is smaller, I guess we should think landing fees going up. Is that true?

好的。好的。然後我的另一個完全不相關的問題是關於機場建設加速和你正在做的所有其他事情，這顯然將有助於改善客戶體驗。你能談談其中的一些事情嗎？是否有熱像儀成像到位？是否有 COVID 或其他東西的測試中心？機場將如何展望未來？我們應該如何考慮與明年變化的著陸費相關的成本？如果你小而其他人都小，我想我們應該考慮提高著陸費。真的嗎？

Well you asked a lot of questions in there. So our main focus is to take advantage of the reduced volume of travel to accelerate progress in getting our new facilities built in LaGuardia; LAX; Seattle, which has opened up; the brand-new Salt Lake City airport, which is magnificent. And hopefully, you all get a chance to get out there and see it sometime soon. And that's been the single biggest focus.

那麼你在那裡問了很多問題。因此，我們的主要重點是利用減少的旅行量來加快在拉瓜迪亞建造新設施的進度；放寬；已經開放的西雅圖；嶄新的鹽湖城機場，氣勢磅礴。希望不久之後你們都有機會出去看看。這是最大的焦點。

Yes, we are working on, particularly for international travel, pilots, by which we can start to open up lanes of international travel, which I believe will -- testing will be an important ingredient to getting there and working with airport authorities as to how we would administer that. We're working both here in the U.S. as well as overseas, working with those authorities, working with the CDC in very close contact.

是的，我們正在努力，特別是對於國際旅行，飛行員，通過它我們可以開始開闢國際旅行通道，我相信這將 - 測試將是實現這一目標並與機場當局就如何進行合作的重要組成部分我們會管理它。我們在美國和海外開展工作，與這些當局合作，與 CDC 保持密切聯繫。

So I don't foresee them having big structural changes. I don't see testing being conducted, for example, on a U.S. basis before people fly. I could see it for international. Relative to thermal and temp screening, we've asked TSA repeatedly to take that over as part of their screening services. And right now, we've been unable to convince them of that. So I know a few airports are working on that. But again, I don't see that being a meaningful change to the airport infrastructure.

所以我不認為他們會有大的結構變化。例如，我沒有看到人們在飛行前在美國進行測試。我可以在國際上看到它。相對於熱和溫度篩查，我們已多次要求 TSA 將其作為篩查服務的一部分接管。而現在，我們無法讓他們相信這一點。所以我知道一些機場正在為此努力。但同樣，我不認為這是對機場基礎設施的有意義的改變。

And your question on landing fees, I can't -- I don't know. I think our airports have done a very good job of minimizing their own cost and taking advantage of where they've received some government support, using that to reduce cost. But '21 is an open question.

關於著陸費的問題，我不能——我不知道。我認為我們的機場在最小化自身成本和利用政府支持方面做得很好，以此來降低成本。但是'21是一個懸而未決的問題。

Our next question comes from David Vernon of Bernstein.

我們的下一個問題來自伯恩斯坦的大衛弗農。

So Paul, first question on the balance sheet. Can you tell us kind of what the maturities look like over the next 24 months since we end the year at $15 billion, $16 billion? Is there anything that's going to be coming due? And is there any flexibility in renegotiating?

所以保羅，資產負債表上的第一個問題。你能告訴我們自今年年底 150 億美元、160 億美元以來未來 24 個月的到期情況嗎？有什麼要到期的嗎？重新談判是否有任何靈活性？

Thanks, David. We've done a lot of that work to date. So the biggest maturities that we have, we've got a $450 million unsecured maturity in December that I referenced earlier. We have a $600 million unsecured maturity in April. Previously, we had already pushed out our revolver into 2022. And we've got primarily just beyond those 2 amortization payments now that we've paid off that bridge loan. So I think it's very manageable under $2 billion over the next kind of 15 to 18 months.

謝謝，大衛。迄今為止，我們已經做了很多這樣的工作。因此，我們擁有的最大期限，我們在 12 月份有 4.5 億美元的無擔保到期，我之前提到過。我們在 4 月份有 6 億美元的無擔保到期。以前，我們已經將我們的左輪手槍推遲到 2022 年。現在我們已經還清了那筆過橋貸款，我們基本上已經超過了這 2 筆攤銷付款。因此，我認為在接下來的 15 到 18 個月內，它在 20 億美元以下是非常易於管理的。

All right. And then -- and Ed, maybe on the topic of testing, we've been looking at that quite a bit. And I'm wondering what your perspective is on timing for when you think either through testing with partners or testing with other international entities, when you might start to think that quarters of international travel may start to open up. Is that something we should be thinking about in the next sort of 3 months, 6 months, 9 months? Like how are you thinking about that in general?

好的。然後 - 埃德，也許關於測試的話題，我們已經研究了很多。我想知道您對時間的看法是什麼，當您考慮通過與合作夥伴進行測試或與其他國際實體進行測試時，您可能會開始認為四分之一的國際旅行可能會開始開放。這是我們應該在接下來的 3 個月、6 個月、9 個月內考慮的事情嗎？就像您總體上是如何考慮的？

Well we're laying down -- we're laying the tracks to create the testing environment. Obviously, the advancement in the development of rapid tests are key to that, not only in terms of a fairly quick turnaround but also relatively low cost. As you know, the U.S. government has already acquired large supplies in advance of that. So we're talking to the government about that.

好吧，我們正在鋪設——我們正在鋪設軌道以創建測試環境。顯然，快速測試開發的進步是實現這一目標的關鍵，不僅在相當快的周轉時間方面，而且在相對較低的成本方面。如你所知，美國政府在此之前已經獲得了大量物資。所以我們正在與政府討論這個問題。

But I think when you try to put a time line on it, one of the big wildcards is how the virus is doing, both here in the U.S. as well as in other countries. Because the goal in all of this is to eliminate the need to quarantine when you get to your destination. And as we see going on in Europe right now, we're seeing another wave of the virus starting to spike across Europe, and that is of concern to the local authorities. Certainly, their concern likewise here is to seeing rising case counts in the U.S. So I'd say that your timing has more to do with the state of the virus and the medical containment of it than it does any specific a strategy that we could deploy to make certain everybody stays safe because the goal in this is that we want to eliminate quarantines.

但我認為，當你試圖給它設定一個時間表時，最大的不確定因素之一就是病毒在美國和其他國家的表現如何。因為所有這一切的目標是消除到達目的地時隔離的需要。正如我們目前在歐洲看到的那樣，我們看到另一波病毒開始在歐洲蔓延，這引起了地方當局的關注。當然，他們在這裡同樣擔心的是看到美國的病例數上升。所以我想說你的時機更多地與病毒的狀態和它的醫療控制有關，而不是我們可以部署的任何具體策略確保每個人都安全，因為我們的目標是取消隔離。

And would there be some work you need to do to kind of integrate some of the rapid tests in the QR codes and things like that into that boarding process? Or is that stuff you guys have already figured out?

您是否需要做一些工作來將 QR 碼中的一些快速測試和類似的東西集成到登機過程中？還是你們已經想通了？

We are looking at how you could deploy rapid testing as part of the check-in and boarding process, yes.

是的，我們正在研究如何將快速測試部署為值機和登機流程的一部分。

Our next question comes from Joe Caiado of Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Joe Caiado。

Just a quick one first. Could you comment on the trends in American Express Card spend in the third quarter, just how that compared with the second quarter? And to the extent you can comment on it, how that's trending here in the fourth quarter, month to date?

只是一個快速的第一個。您能否評論一下第三季度美國運通卡支出的趨勢，與第二季度相比如何？就您可以對此發表評論的程度而言，本月迄今第四季度的趨勢如何？

Well we don't give specifics on it. I'd say the trends have been improving. We -- I think we disclosed that we were down about 20%. And so we've seen that 20% come back up. And most encouragingly, we've watched the T&E lines within the card and their progression. And at the worst of the crisis, the airline spend was actually a negative number. It was minus 103%, and we've seen that consistently move up, and now we're down in the low 70s. So that's another exciting sign for us. Not only is the total spend improving but the spend on airlines itself is improving dramatically. So I think that's about all the color we can share.

好吧，我們不提供具體細節。我會說趨勢一直在改善。我們——我想我們透露我們下降了大約 20%。所以我們看到 20% 的人回來了。最令人鼓舞的是，我們觀察了卡片中的 T&E 行及其進展。在危機最嚴重的時候，航空公司的支出實際上是負數。它是負 103%，我們看到它一直在上升，現在我們下降到 70 年代的低點。所以這對我們來說是另一個令人興奮的跡象。不僅總支出有所改善，航空公司本身的支出也在急劇增加。所以我認為這就是我們可以分享的所有顏色。

That's great. I appreciate that, Glen. And then just maybe another quick one for Paul. I think you had previously talked about sort of the base level of investment just to maintain the business. So maintenance, nonaircraft CapEx as being maybe $500 million to $700 million a year. Obviously, you took that pretty much to 0 this year, but that's obviously not sustainable long term. My question is just, given all the structural cost reduction efforts across the enterprise, is that still roughly the ballpark for run rate maintenance CapEx 2 or 3 years out? Or is that run rate number now lower as well?

那太棒了。我很感激，格倫。然後也許只是保羅的另一個快速的。我想您之前曾談到過為了維持業務而進行的基本投資。因此，維護、非飛機資本支出每年可能為 5 億至 7 億美元。顯然，今年你幾乎把它降為 0，但這顯然是長期不可持續的。我的問題是，考慮到整個企業的所有結構性成本削減努力，這是否仍然是 2 或 3 年後運行率維護資本支出的大致範圍？還是該運行率數字現在也降低了？

Well I think, certainly, we're 20% smaller than we were before. So I would argue that it's probably a little bit lower than what it's been. But a lot of this is going to be timing, and we see this in terms of what we're doing across the fleet and really kind of optimizing. But we're not missing out on the opportunity to accelerate where we can particularly in technology and that space and the facilities that we already mentioned.

嗯，我認為，當然，我們比以前小了 20%。所以我認為它可能比以前低一點。但其中很多都是時間安排，我們從我們在整個機隊中所做的事情以及真正的優化中看到了這一點。但我們不會錯過加速我們可以加速的機會，特別是在我們已經提到的技術、空間和設施方面。

So I think that probably $500 million is a good range, but I expect that we're going to want to drive the airline to better cash performance to enable us to invest more. And that's really the message here is that we've got to continue to invest within our means while we have the additional goal now of paying down a substantial amount of debt over the coming years and through the recovery.

因此，我認為 5 億美元可能是一個不錯的範圍，但我預計我們將希望推動航空公司實現更好的現金業績，以使我們能夠進行更多投資。這確實是這裡要傳達的信息，我們必須繼續在力所能及的範圍內進行投資，同時我們現在還有一個額外的目標，即在未來幾年和通過復甦償還大量債務。

Our next question comes from Andrew Didora of Bank of America.

我們的下一個問題來自美國銀行的 Andrew Didora。

Paul, as you get through the crisis and you implement your fleet simplification plan, what kind of unit cost savings can this give you, say, versus 2019? And is there anything that you're willing to share about where you would like your unit cost structure to be as the industry returns to a more normalized trend?

保羅，當你度過危機並實施機隊簡化計劃時，與 2019 年相比，這可以為你節省什麼樣的單位成本？隨著行業恢復到更正常化的趨勢，您是否願意分享您希望單位成本結構的位置？

Yes. Thanks for that question, Andrew. We haven't given any specifics on the unit cost around that. But when you look at the gauging potential, the fuel efficiency, the simplification of all overhead functions around training, around maintenance, tooling, et cetera, we have previously said as part of our Investor Day that it was worth billions of dollars a year as we complete that. What we've been able to do is, as -- to date, probably accelerate that time line by more than 5 years against where we thought we were going to be pre-COVID.

是的。謝謝你提出這個問題，安德魯。我們沒有給出有關單位成本的任何細節。但是，當您查看衡量潛力、燃油效率、圍繞培訓、維護、工具等的所有管理費用的簡化時，我們之前在投資者日表示，它每年價值數十億美元，因為我們完成了。到目前為止，我們能夠做的是，與我們認為我們將成為 COVID 之前的時間相比，我們可能將該時間線加快了 5 年以上。

So I think as we position the airline going forward, there's no doubt that we are very, very focused on keeping CASM below pre-COVID levels. I think the jury is out as to how effective we can do that based on how demand returns and how CASM come -- or how capacity comes back. But I think the early returns based on what we're able to -- what we think we're going to be able to do in the December quarter is going to be a pretty good early indication of our focus working in the right direction.

因此，我認為，在我們對航空公司進行定位時，毫無疑問，我們非常、非常專注於將 CASM 保持在 COVID 之前的水平以下。我認為，根據需求如何返回以及 CASM 如何出現——或者產能如何恢復，我們能否有效地做到這一點尚無定論。但我認為，基於我們能力的早期回報——我們認為我們將在 12 月季度能夠做的事情，將是一個很好的早期跡象，表明我們的重點是朝著正確的方向努力。

That's great. And then just sort of a near-term modeling question. When I just look at your peer salaries and wages line item, it's been at about $2 billion in the last 2 quarters. Do you think that's a good baseline to work off of going forward here? Or can you get that down a little bit more with some further workforce actions?

那太棒了。然後只是一個近期建模問題。當我只看你的同行薪水和工資項目時，過去兩個季度約為 20 億美元。您認為這是繼續前進的良好基準嗎？或者你能通過一些進一步的勞動力行動來降低一點嗎？

Well I think, Andrew, as we've talked about, we're currently not anticipating any furloughs of ground and flight attendant employees. And with the leads that we've taken, we're approaching a pretty good run rate on where we'd expect to be going forward. So beyond the actions that we've already announced and potentially a transaction with the pilots or managing to get that cost out, there's a little bit more to go. But I think largely, we've done what we needed to do to date.

好吧，我認為，安德魯，正如我們所討論的，我們目前預計不會有任何地勤和空乘人員休假。憑藉我們取得的領先優勢，我們正在接近我們預期前進方向的良好運行率。因此，除了我們已經宣布的行動以及可能與飛行員進行交易或設法降低成本之外，還有更多工作要做。但我認為，在很大程度上，我們已經完成了迄今為止需要做的事情。

And Cassidy, we're going to have time for one more question from the analysts.

卡西迪，我們將有時間回答分析師的另一個問題。

Our final question comes from Myles Walton of UBS.

我們的最後一個問題來自瑞銀集團的邁爾斯沃爾頓。

I know probably a little premature question, but thinking about the long game, Ed, with the Airbus delivery schedule cleaned up, retirement plans set through '25, is now the right time for opportunistic overtures to Boeing for thinking about an order, given the pro forma fleet in that out-year still 40% Boeing, but obviously, your order book there still essentially 0?

我知道這個問題可能有點過早，但埃德，考慮到長期的比賽，隨著空中客車交付時間表的清理，退休計劃設定到 25 年，現在是向波音公司提出機會主義提議以考慮訂單的合適時機，鑑於在那一年的備考機隊中波音仍佔 40%，但顯然，您的訂單基本上仍為 0？

Myles, I get asked that question by the press all the time. And I'll give you my standard response is that we talk to the OEMs about all aircraft all the time and always looking for opportunities. So I don't have anything to report on that, but you can be rest assured that we're always looking for opportunities where we're able to advance Delta.

邁爾斯，媒體總是問我這個問題。我會給你我的標準回應是，我們一直在與 OEM 討論所有飛機，並一直在尋找機會。所以我沒有什麼可報告的，但你可以放心，我們一直在尋找能夠推進達美航空發展的機會。

Is there a reason for the 2025 dating of the retirement plan for the 67 and 17s in particular?

將 67 歲和 17 歲的退休計劃定於 2025 年是否有原因？

No, it's just a convenient 5-year interval. Obviously, there will be more retirements post '25, but it's -- we figured 5 years is a pretty long look given what we've been through this year.

不，這只是一個方便的 5 年間隔。顯然，25 年後會有更多人退休，但它——我們認為 5 年是一個相當長的時間，因為我們已經經歷了今年。

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

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

In addition to welcoming all the members of the media to the call in the few moments that we have here, Cassidy, if you wouldn't mind just reiterating the instructions for each of them to enter the queue.

除了歡迎所有媒體成員在我們這裡的幾分鐘內參加電話會議外，卡西迪，如果你不介意重申一下讓他們每個人進入隊列的說明。

(Operator Instructions) Our first question comes from Tracy Rucinski from Reuters.

（操作員說明）我們的第一個問題來自路透社的 Tracy Rucinski。

(technical difficulty)

（技術難度）

that was repaid by GOL and how much is...

這是由 GOL 償還的，有多少是……

Miss Rucinski, if you don't mind just repeating yourself. We are now able to hear you.

Rucinski 小姐，如果你不介意重複一遍的話。我們現在可以聽到您的聲音了。

Sure. So about the Brazil GOL's loan that was refinanced last month, can you tell us how much was repaid by GOL and how much is outstanding and refinanced?

當然。那麼關於巴西GOL上個月再融資的貸款，你能告訴我們GOL償還了多少，還有多少未償還和再融資？

Tracy, this is Paul. So we had a -- we didn't actually have a loan to GOL. We had a $300 million guarantee. And what we did was restructured that guarantee and lent them $250 million. And we've got amortization payments that are required, and they are current with that loan. So that's where it currently sits.

特蕾西，這是保羅。所以我們有一個 - 我們實際上並沒有向 GOL 提供貸款。我們有 3 億美元的擔保。我們所做的是重組擔保並藉給他們 2.5 億美元。我們有所需的攤銷付款，而且他們正在償還這筆貸款。這就是它目前所在的位置。

Okay. And then just given your strong liquidity position now, are you planning to inject any cash into LATAM or Aeromexico?

好的。然後鑑於您現在的流動性狀況良好，您是否打算向 LATAM 或 Aeromexico 注入任何現金？

We have no plans at the present, Tracy. We need to get through our own crisis here first.

我們目前沒有計劃，特蕾西。我們需要先度過我們自己的危機。

Our next question comes from Alison Sider of Wall Street Journal.

我們的下一個問題來自華爾街日報的 Alison Sider。

I was wondering if you could just tell us anything about kind of what you're seeing or where things may stand in Washington over [Atox]. We've seen a lot of your peers, other top airline executives spending a lot of time in Washington and pushing for more aid and, at least publicly, haven't seen you there as much and wondering why that is.

我想知道您是否可以告訴我們任何關於您所看到的情況或在 [Atox] 問題上華盛頓的情況。我們已經看到您的許多同行，其他頂級航空公司高管在華盛頓花費大量時間並推動獲得更多援助，但至少在公開場合，並沒有那麼多地見過您，並且想知道為什麼會這樣。

Well we certainly support the extension of the CARES Act 2 as it's been labeled for PSP for airline workers. And I certainly hope, given the strong bipartisan support that exists, that a vehicle for that extension can be found here soon to be able to bring 32,000 airline industry employees back to work. We don't -- we're fortunate we haven't had to furlough anyone yet to this juncture. I do want to acknowledge the great work of the Delta team in making a real difference. We are not facing furloughs in any work group, with the lone exception of the pilots. We still have an overstaff situation where we're trying to work with the union on. But every other workgroup within Delta, we've been able to manage to mitigate it through all the voluntary leaves, 40,000 people taking unpaid leaves throughout the summer. 20% of our employees have opted to early retire. We've had reduced hours and work schedules, shared jobs. It's been incredible.

好吧，我們當然支持 CARES Act 2 的擴展，因為它已被標記為適用於航空公司工作人員的 PSP。我當然希望，鑑於存在的強大的兩黨支持，可以很快在這裡找到擴展的工具，從而能夠讓 32,000 名航空業員工重返工作崗位。我們沒有——我們很幸運，在這個關頭我們還沒有讓任何人休假。我確實要感謝 Delta 團隊在真正發揮作用方面所做的出色工作。除了飛行員，我們沒有面臨任何工作組的休假。我們仍然存在人員過剩的情況，我們正在努力與工會合作。但是達美航空內的所有其他工作組，我們已經能夠通過所有自願休假設法減輕它，整個夏天有 40,000 人無薪休假。我們有 20% 的員工選擇提前退休。我們減少了工作時間和工作時間表，共享工作。這太不可思議了。

And excluding the pilots for the moment out of the labor cost, we've been able to save 40% of our employee costs over the last 6 months as a result, which is eliminate the need to undergo furlough. So that's my view on that. Where this goes, I have no idea. It seems to change by the day, if not many times within the day. We're still hopeful something will happen.

將飛行員暫時排除在勞動力成本之外，結果是我們在過去 6 個月中節省了 40% 的員工成本，這消除了休假的需要。這就是我對此的看法。這是哪裡，我不知道。它似乎每天都在變化，即使一天之內變化不多。我們仍然希望會發生一些事情。

Okay. I guess do you see it as less of a priority for Delta then sort of given your success getting labor costs down in other ways?

好的。我想你是否認為它不是達美航空的優先事項，而是考慮到你通過其他方式成功降低了勞動力成本？

I don't think it's less of a priority for Delta. I think that with the large numbers of furloughs that are at other airlines, it's a heightened priority there, but we would be pleased to see that extension given to all the industry. However, the industry and everyone within the industry has managed the crisis a bit differently. The reality is, the virus is not at the level of containment that we all thought it would be when the first grant was issued. And we will all need additional time to get our businesses in a better spot over -- to get ready for next year.

我認為這不是達美航空的優先事項。我認為，由於其他航空公司有大量休假，所以這是一個更高的優先事項，但我們很高興看到整個行業都能休假。然而，該行業和行業內的每個人對危機的處理方式略有不同。現實情況是，該病毒並未達到我們在第一筆撥款發放時所認為的遏制水平。我們都需要更多時間來讓我們的業務處於更好的位置——為明年做好準備。

Cassidy, we need to get Ed and the members of the leadership team to an employee town hall, but we have time for 1 final question, please.

Cassidy，我們需要讓 Ed 和領導團隊的成員去員工市政廳，但我們還有時間問最後一個問題。

Our final question comes from Leslie Josephs of CNBC.

我們的最後一個問題來自 CNBC 的 Leslie Josephs。

Just a quick question on the loyalty program. You said you're seeing spending -- you expect spending to increase in the fourth quarter. Do you have any detail about where you expect spending to go in the first and second quarter and how that could contribute to you breaking even or you can go into cash flow positive?

只是一個關於忠誠度計劃的快速問題。你說你看到支出——你預計第四季度支出會增加。您是否有關於第一季度和第二季度預期支出去向的任何詳細信息，以及這將如何幫助您實現收支平衡或者您可以進入正現金流？

Well clearly, the loyalty program and the American Express deal have been great advantages for us through this pandemic. We have seen continued spend improvement through the second, third and now fourth quarter. And I think it's too early for us to go out and say that what Christmas will be like or what the post-Christmas spend will be, but the trends that we've seen today are very encouraging. I think a lot of that also has to do with does a stimulus bill gets passed either in November or in January. So there are a lot of factors that weigh into how people spend on those cards. But I would say we've been very encouraged by the trends we've seen.

很明顯，忠誠度計劃和美國運通交易在這場大流行病中為我們帶來了巨大優勢。我們看到第二、第三和現在第四季度的支出持續改善。而且我認為現在說聖誕節會是什麼樣子或聖誕節後的消費會怎樣還為時過早，但我們今天看到的趨勢非常令人鼓舞。我認為這在很大程度上也與刺激法案在 11 月或 1 月獲得通過有關。因此，有很多因素會影響人們在這些卡上的消費方式。但我想說，我們對所看到的趨勢感到非常鼓舞。

Okay. And would that contribute to you going cash flow breakeven or cash flow positive? Do you know to what degree or what the market is on it?

好的。這會有助於您實現現金流盈虧平衡或現金流為正嗎？你知道它的程度或市場是什麼嗎？

No, we're not going to disclose that, but it's a significant contribution.

不，我們不會透露這一點，但這是一項重大貢獻。

Great, Cassidy. Thank you very much, everyone. Appreciate everyone's time. We'll look forward to speaking with everyone in January.

太好了，卡西迪。非常感謝大家。珍惜每一個人的時間。我們期待在一月份與大家交談。

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may now disconnect.

謝謝。女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。