達美航空 (DAL) 2020 Q2 法說會逐字稿

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

各位早上好，歡迎參加達美航空 6 月季度財務業績電話會議。我的名字是塞西莉亞，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, Cecilia. Good morning, everyone, and thanks for joining us for our June quarter earnings call. Speaking today on the call will be our CEO, Ed Bastian; and our CFO, Paul Jacobson. We also have our President, Glen Hauenstein; and our entire leadership team here with us for the Q&A. (Operator Instructions)

謝謝，塞西莉亞。大家早上好，感謝您加入我們的 6 月季度財報電話會議。今天在電話會議上發言的是我們的首席執行官 Ed Bastian；以及我們的首席財務官 Paul Jacobson。我們還有總裁 Glen Hauenstein；以及我們的整個領導團隊與我們一起進行問答。 （操作員說明）

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

今天的討論包含前瞻性陳述，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 will also discuss non-GAAP financial measures. 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 財務指標。除非另有說明，否則所有結果均不包括特殊項目。您可以在 ir.delta.com 的投資者關係頁面上找到我們的非 GAAP 措施的對賬。

And with that, I'll turn it over to Ed.

有了這個，我會把它交給埃德。

Thanks, Jill. Good morning, everyone. Thank you for joining us today. We are now 4 months into the pandemic, and the nearly $4 billion pretax loss that we just posted reflects the severe impact that COVID-19 is having on our company and our industry. The June quarter was remarkable for a confluence of crises that have wrought our nation. In addition to the pandemic and its impact on public health and the economy, the issue of inequality and social injustice for Black Americans has been front and center. In this environment, our #1 focus is taking care of our people. This includes not only protecting the health and safety of our employees but also maintaining our commitment to supporting the fight for equality and social justice. We are committed to listening and understanding. We must be a stronger advocate for justice and equality across our business, from our operating procedures to the programs that we offer our people to support for policy change. Our people are the heart and soul of Delta, and I am incredibly proud of their perseverance and resiliency through these trying times and forever grateful for the sacrifices that they are making for our company.

謝謝，吉爾。大家，早安。感謝您今天加入我們。我們現在已經進入大流行 4 個月了，我們剛剛公佈的近 40 億美元的稅前虧損反映了 COVID-19 對我們公司和我們行業的嚴重影響。六月這個季度對於困擾我們國家的一系列危機來說是非凡的。除了大流行病及其對公共衛生和經濟的影響外，美國黑人的不平等和社會不公正問題一直是前沿和中心問題。在這種環境下，我們的第一要務是照顧好我們的員工。這不僅包括保護我們員工的健康和安全，還包括保持我們支持爭取平等和社會正義的承諾。我們致力於傾聽和理解。從我們的運營程序到我們為員工提供的支持政策變化的計劃，我們必須在我們的企業中大力倡導正義和平等。我們的員工是 Delta 的核心和靈魂，我為他們在這些艱難時期的毅力和韌性感到無比自豪，並永遠感謝他們為我們公司做出的犧牲。

Since demand bottomed in mid-April at less than 5% of our normal traffic, we've seen a small but welcome uptick in passenger volume being driven almost entirely by domestic leisure travelers or those flying for essential reasons. And while it's encouraging to see customers start to return, the revenue environment remains challenging. We have thought from the start that the recovery will be choppy, and the past few weeks have shown that to be true. We're expecting our overall revenue for the September quarter will be only 20% to 25% of what we saw last summer, and we've seen demand growth flatten recently with the rise in COVID-19 cases. We are watching trends closely and have pared back our capacity plans for August. Business travel, which typically provides 50% of our revenue, has not yet returned in any meaningful way with corporate offices slow to reopen, quarantine restrictions in markets like New York and Chicago and states in the Sun Belt reversing or pausing reopening plans. We remain cautious on the pace of recovery through the balance of the year.

由於需求在 4 月中旬觸底，低於我們正常客運量的 5%，我們看到客運量出現了小幅但可喜的上升，幾乎完全由國內休閒旅客或出於必要原因飛行的旅客推動。雖然看到客戶開始回歸令人鼓舞，但收入環境仍然充滿挑戰。我們從一開始就認為複蘇將是起伏不定的，過去幾週的情況表明這是事實。我們預計 9 月季度的總收入將僅為去年夏天的 20% 至 25%，而且隨著 COVID-19 病例的增加，我們最近看到需求增長趨於平緩。我們正在密切關注趨勢並削減了 8 月份的產能計劃。商務旅行通常提供我們 50% 的收入，但尚未以任何有意義的方式恢復，公司辦公室重新開放速度緩慢，紐約和芝加哥等市場的檢疫限制以及陽光地帶各州正在扭轉或暫停重新開放計劃。我們對今年餘下時間的複蘇步伐保持謹慎。

In addition, there isn't a clear time line when international borders will open for U.S. travelers, so it's against that uncertain backdrop that we are taking the industry's most conservative approach to capacity. For the September quarter, we expect our seats available for sale, which accounts for 60% load factor cap, will be 20% to 25% of last year's level, up from 10% in the June quarter. Given how dynamic the current environment is, we are maintaining our flexibility, and we'll adjust our capacity plans, as needed, based on changes in demand.

此外，國際邊界何時對美國遊客開放還沒有明確的時間表，因此正是在這種不確定的背景下，我們對運力採取了業內最保守的方法。對於 9 月季度，我們預計佔載客率上限 60% 的可供出售座位將達到去年水平的 20% 至 25%，高於 6 月季度的 10%。鑑於當前環境的動態變化，我們將保持靈活性，並將根據需求變化按需調整容量計劃。

Since the crisis began, we have taken decisive actions to protect our people and our customers, increase our liquidity, and importantly, preserve our ability to respond in the future. Customer, employee safety remain our top priority, and restoring consumer confidence in travel is at the forefront of our recovery plan. We have taken extensive and proactive measures to implement a multilayer approach to protect customers and employees. Additionally, all of our aircraft are equipped with HEPA filters, generating high-quality, hospital-grade air quality on board. Restoring consumer confidence to travel on Delta is the driving force behind our Delta CareStandard, which includes requiring customers and employees to wear masks, enhancing clean protocols for aircraft, electrostatic spraying before every departure, blocking middle seats and capping load factors at 60% to provide more space on board. We're committed to blocking middle seats through September and expect to continue our policy beyond that date as well.

自危機爆發以來，我們採取了果斷行動來保護我們的員工和客戶，增加我們的流動性，重要的是，保持我們未來的應對能力。客戶、員工安全仍然是我們的首要任務，恢復消費者對旅行的信心是我們恢復計劃的重中之重。我們採取了廣泛而積極的措施來實施多層方法來保護客戶和員工。此外，我們所有的飛機都配備了 HEPA 過濾器，可在機上產生高質量、醫院級的空氣質量。恢復消費者乘坐達美航空旅行的信心是我們達美航空 CareStandard 背後的驅動力，其中包括要求客戶和員工佩戴口罩、加強飛機清潔規程、每次起飛前進行靜電噴塗、封鎖中間座位以及將載客率限制在 60%，以提供船上有更多空間。我們致力於在 9 月之前阻止中間席位，並希望在該日期之後繼續我們的政策。

We've also created a Delta Global Cleanliness organization and are collaborating with 2 of the world's best health organizations, the Mayo Clinic and Quest Diagnostics. The Mayo Clinic is helping to assess our safety protocols, consulting on how to improve safeguards as well as designing COVID-19 testing for our full workforce, both for the active virus and the presence of antibodies. The added layers of protection are having an impact. Since implementing these changes as of the first of May, the infection rate among our customer-facing employees, those who spend their days working on board our aircraft and in our airports, is well below the national average, providing another solid data point on the safety of air travel. In addition, our Net Promoter Scores have never been higher as customers recognize our health and safety efforts on board and on the ground.

我們還創建了 Delta Global Cleanliness 組織，並與世界上最好的兩個健康組織 Mayo Clinic 和 Quest Diagnostics 合作。梅奧診所正在幫助評估我們的安全協議，就如何改進保障措施進行諮詢，並為我們的全體員工設計 COVID-19 測試，包括活性病毒和抗體的存在。增加的保護層正在產生影響。自 5 月 1 日實施這些變更以來，我們面向客戶的員工（那些整天在我們的飛機上和機場工作的員工）的感染率遠低於全國平均水平，這為我們提供了另一個可靠的數據點航空旅行的安全。此外，我們的淨推薦值空前高，因為客戶認可我們在機上和地面上的健康和安全努力。

Our top financial priority has been to protect our liquidity. Paul and the team moved quickly and decisively to raise capital, ending the quarter with $15.7 billion in liquidity. Entering this crisis with a strong balance sheet allowed us to access nearly $15 billion in new capital on top of the $5.4 billion from the CARES Act without issuing equity. And while accessing capital is critical, the most important liquidity action we can take is reducing our cash burn. In June, our daily cash burn for the month averaged $27 million a day, a substantial improvement from the $100 million per day that we were experiencing in late March. The major force in that improvement is our cost performance, which has been remarkable as we will take out over 50% of our total operating expenses for both the June and September quarters. That's due, in large part, to the more than 40,000 Delta people who have volunteered to take short-term unpaid leaves, our crews who have seen their hours reduced as flying has been cut back and the sacrifices made by our hourly and merit ground employees whose work schedules have been similarly reduced by 25%. I want to thank all the Delta people who volunteered for an unpaid leave. They are making a real difference in helping us navigate this crisis. We also want to thank all our colleagues who have been serving our customers in the face of this pandemic. The spirit and teamwork of our people is inspirational and that Delta Difference has never shined brighter.

我們的首要財務重點是保護我們的流動性。 Paul 和團隊迅速果斷地籌集資金，本季度結束時流動資金為 157 億美元。以強勁的資產負債表進入這場危機，使我們能夠在不發行股票的情況下，在 CARES 法案的 54 億美元之外獲得近 150 億美元的新資本。雖然獲取資金至關重要，但我們可以採取的最重要的流動性行動是減少我們的現金消耗。 6 月，我們當月的每日現金消耗平均為 2700 萬美元，與 3 月下旬的每天 1 億美元相比有了很大改善。改善的主要力量是我們的成本表現，這是非常顯著的，因為我們將在 6 月和 9 月兩個季度支出超過 50% 的總運營費用。這在很大程度上要歸功於自願休短期無薪假的 40,000 多名達美員工、我們的機組人員因飛行時間減少而減少工作時間，以及我們的時薪和績效地勤員工做出的犧牲他們的工作時間表同樣減少了 25%。我要感謝所有自願休無薪假的三角洲員工。他們在幫助我們度過這場危機方面發揮了真正的作用。我們還要感謝所有在面對這種大流行病時一直為我們的客戶提供服務的同事。我們員工的精神和團隊合作精神鼓舞人心，Delta Difference 從未如此耀眼。

With demand growth stalled at present, we expect July's daily cash burn to be similar to what we saw in June. As we go through the summer and into the fall, we'll continue to move quickly to balance what we're seeing in the revenue environment with our ability to get costs out of the business and keep us on the path to achieve our goal of breakeven cash burn by the end of the year.

由於目前需求增長停滯，我們預計 7 月份的每日現金消耗將與 6 月份的情況相似。在我們度過夏季和秋季的過程中，我們將繼續迅速採取行動，以平衡我們在收入環境中看到的情況與我們從業務中降低成本的能力，並使我們走上實現我們目標的道路到年底達到收支平衡的現金消耗。

Given the combined effects of the pandemic and associated financial impact on the global economy, we continue to believe it could be 2 years or more before we see a sustainable recovery. So to succeed in this environment, we are building resilience across the company in creating a new, stronger Delta, albeit one that will need to be smaller for the next several years. That means accelerating strategies to streamline our company, simplify our fleet and reduce our fixed cost base in ways not possible in the past. We have made the decision to permanently retire more than 100 aircraft this year, including the entire MD-88, MD-90, 777 and 737-700 fleets. We have the most flexible fleet in the U.S. and are pulling forward these and additional fleet simplification initiatives which we believe will provide a lasting benefit to our cost structure. The difficult reality of resizing the airline is that we need a smaller workforce until we see demand return. We'll be wrapping up our voluntary departure and early retirement programs this month. And as of last night, we already had over 17,000 employees who voluntarily sign up to depart the company. We also have thousands more signed up for voluntary unpaid leaves of absence into the fall. We are hopeful that we can accomplish the vast majority of the head count changes we need through these programs, minimizing, if not eliminating, the need for involuntary furloughs. This will require creativity and collaboration across all of our work groups, and I'm hopeful that we can get there.

鑑於大流行病的綜合影響以及相關的金融影響對全球經濟的影響，我們仍然認為可能需要 2 年或更長時間才能看到可持續的複蘇。因此，為了在這種環境下取得成功，我們正在全公司範圍內建立彈性，以創建一個新的、更強大的三角洲，儘管在未來幾年內需要縮小三角洲的規模。這意味著加快戰略以精簡我們的公司，簡化我們的車隊並以過去不可能的方式減少我們的固定成本基礎。我們已決定今年永久退役 100 多架飛機，包括整個 MD-88、MD-90、777 和 737-700 機隊。我們擁有美國最靈活的機隊，並且正在推進這些和其他機隊簡化計劃，我們相信這將為我們的成本結構帶來持久的好處。調整航空公司規模的艱難現實是，在我們看到需求回升之前，我們需要更少的勞動力。我們將在本月結束我們的自願離職和提前退休計劃。截至昨晚，我們已經有超過 17,000 名員工自願報名離開公司。我們還有數千人報名參加秋季自願無薪休假。我們希望我們能夠通過這些計劃完成我們需要的絕大多數人數變化，從而最大限度地減少（如果不能消除）非自願休假的需要。這將需要我們所有工作組的創造力和協作，我希望我們能夠做到這一點。

And as we navigate this difficult environment, we're also working closely with our airline partners around the world who are facing even more significant financial challenges. During the quarter, both LATAM and AeroMexico filed for bankruptcy here in the U.S. under Chapter 11, and Virgin Atlantic is working through an out-of-court recapitalization. While each of these is disappointing, none of our partners' home countries were prepared to provide governmental financial support similar to what the U.S. Treasury did with the CARES Act which necessitated their decisions to restructure. We have the most -- the utmost confidence in all of our partners and remain firmly committed to our partnerships which will be important when we rebuild a much more resilient international network in the recovery.

在我們度過這個艱難的環境時，我們還與世界各地的航空公司合作夥伴密切合作，他們面臨著更加嚴峻的財務挑戰。本季度，LATAM 和 AeroMexico 均根據破產法第 11 章在美國申請破產保護，而維珍航空正在進行庭外資本重組。儘管每一項都令人失望，但我們合作夥伴的母國都沒有準備提供類似於美國財政部對 CARES 法案所做的那樣的政府財政支持，該法案迫使他們做出重組決定。我們對所有合作夥伴充滿信心，並繼續堅定地致力於我們的伙伴關係，這對於我們在復蘇中重建更具彈性的國際網絡非常重要。

In closing, we remain grounded in the strengths that are core to Delta's business: our people, our brand, our network and our operational reliability. These strengths and the shared values of the Delta family guide every decision we make, differentiating Delta with our customers and positioning us to succeed when demand returns.

最後，我們仍然立足於達美業務的核心優勢：我們的員工、我們的品牌、我們的網絡和我們的運營可靠性。這些優勢和 Delta 家族的共同價值觀指導著我們做出的每一個決定，使 Delta 與我們的客戶脫穎而出，並使我們在需求恢復時取得成功。

I want to thank everyone who's contributing to Delta's support and recovery efforts through the most challenging time in the storied company's history, our customers, partners, suppliers, owners, community leaders, government officials. Their support has been overwhelming. And a special thank you to the finest group of airline professionals ever assembled, our Delta people who are managing this difficult environment with grace and poise determined to return Delta to her position of leadership in our industry and in our world.

我要感謝所有在這家傳奇公司歷史上最具挑戰性的時期為 Delta 的支持和恢復工作做出貢獻的人，我們的客戶、合作夥伴、供應商、業主、社區領袖、政府官員。他們的支持勢不可擋。還要特別感謝有史以來最優秀的航空公司專業人士團隊，我們的達美人正以優雅和沈著的態度應對這一艱難的環境，他們決心讓達美航空重回行業和世界的領導地位。

And with that, I'll turn it over to Paul to go through our financials. Paul?

有了這個，我會把它交給保羅來檢查我們的財務狀況。保羅？

Thank you, Ed, and good morning, everybody. These June quarter results we reported this morning illustrate the truly staggering impact of this pandemic on our business. Revenues declined 91%, and we reported a $3.9 billion pretax loss, one of the largest in Delta's history.

謝謝你，埃德，大家早上好。我們今天上午報告的這些 6 月季度業績說明了這種流行病對我們業務的真正驚人影響。收入下降了 91%，我們報告了 39 億美元的稅前虧損，這是達美歷史上最大的虧損之一。

Results exclude several items directly related to the impact from COVID-19 and our response, including $2.5 billion in impairment charges from fleet-related decisions, $2.1 billion in write-downs related to equity partners and a $1.3 billion benefit from the CARES Act grant recognized during the quarter.

結果不包括與 COVID-19 的影響和我們的回應直接相關的幾個項目，包括與機隊相關的決策產生的 25 億美元減值費用、與股權合作夥伴相關的 21 億美元減記以及 CARES 法案撥款確認的 13 億美元收益在本季度。

During this quarter, our total operating expenses declined $5.5 billion or 53%. The June quarter cost performance was more than $400 million better than our original expectations, in part, due to the incredible contributions of more than 40,000 employees who have elected to take voluntary unpaid leaves. With substantially reduced flying, fuel expense was nearly $2 billion lower compared to the prior year quarter, and we generated over $250 million of savings from parking more than 700 aircraft. We were also able to reduce facilities expense by consolidating concourses and temporarily closing the Sky Clubs while eliminating nearly all discretionary spending. In the September quarter, we expect to achieve a similar 50% year-over-year reduction in operating expenses despite a sequential increase in capacity. This reflects the increased variability we've achieved in our cost structure and what we've been discussing since the COVID epidemic.

本季度，我們的總運營費用下降了 55 億美元或 53%。 6 月季度的成本績效比我們最初的預期高出 4 億美元以上，部分原因是 40,000 多名選擇自願無薪休假的員工做出了令人難以置信的貢獻。由於飛行次數大幅減少，燃油費用比去年同期減少了近 20 億美元，我們通過停放 700 多架飛機節省了超過 2.5 億美元。我們還能夠通過合併大廳和暫時關閉 Sky Clubs 同時消除幾乎所有可自由支配的支出來減少設施費用。在 9 月季度，儘管產能連續增加，但我們預計運營費用將實現類似的 50% 同比減少。這反映了我們在成本結構中實現的可變性增加以及自 COVID 流行以來我們一直在討論的內容。

As Ed said, our top financial priority remains to ensure that we have sufficient liquidity to weather whatever comes at us. To this end, we've taken decisive action to bolster our liquidity position, ending the quarter with $15.7 billion of liquidity. Daily cash burn also improved sequentially each month during the quarter to average $27 million in the month of June. This outperformed our initial expectation of $50 million cash burn per day during the 2 months of June -- during the month of June, sorry. 1/3 of that improvement came from better cost performance with 2/3 from an improvement in net sales, which inflected positive in early June and remain there. It's worth nothing that approximately $10 million of our cash burn is attributable to our international business. So our domestic business is only burning $17 million a day, which is a testament to the efficiency of the reduced operation.

正如埃德所說，我們的首要財務優先事項仍然是確保我們有足夠的流動性來應對我們遇到的任何問題。為此，我們採取了果斷行動來加強我們的流動性狀況，本季度末流動性達到 157 億美元。本季度的每日現金消耗也逐月改善，6 月份平均為 2700 萬美元。這超出了我們最初的預期，在 6 月的兩個月內每天消耗 5000 萬美元的現金——對不起，在 6 月。 1/3 的改善來自更好的成本表現，2/3 來自淨銷售額的改善，淨銷售額在 6 月初轉為正數並保持不變。我們的現金消耗中約有 1000 萬美元歸因於我們的國際業務，這毫無價值。因此，我們的國內業務每天僅消耗 1700 萬美元，這證明了減少後的運營效率。

As Ed mentioned, we are staying agile to balance what we're seeing in the revenue environment with our ability to get costs out of the business. This approach improves our cash burn trajectory, which helps us to preserve our balance sheet capacity for the future.

正如 Ed 所提到的，我們正在保持敏捷，以平衡我們在收入環境中看到的情況與我們從業務中獲得成本的能力。這種方法改善了我們的現金消耗軌跡，這有助於我們保持未來的資產負債表能力。

The strength of our balance sheet has been evident during the pandemic as we have raised $15 billion in new liquidity at a blended average rate of 5.5%. When combined with funds received under the CARES Act Payroll Support Program, we ended the June quarter with this $15.7 billion of liquidity. Even with no improvement in our cash burn rate, this equates to 19 months of liquidity. This is more than sufficient to address our upcoming maturities. But if needed, we have the ability to continue to raise additional capital through either our own efforts by leveraging our unencumbered assets or electing to participate in the CARES Act secured loan program. In an effort to ensure compliance and flexibility throughout the recovery, we also amended all of our bank credit facilities to permanently replace the fixed charge coverage covenant with a $2 billion minimum liquidity covenant. So in spite of the significant amount of debt we have raised, our adjusted net debt has only increased by $3.4 billion since the start of the year to $13.9 billion. Reducing our daily cash burn is critical to keeping the net debt down, and that is why we remain uniquely focused on it.

在大流行期間，我們資產負債表的實力顯而易見，因為我們以 5.5% 的混合平均利率籌集了 150 億美元的新流動資金。加上根據 CARES 法案薪資支持計劃收到的資金，我們以 157 億美元的流動性結束了 6 月季度。即使我們的現金消耗率沒有改善，這也相當於 19 個月的流動性。這足以解決我們即將到期的問題。但如果需要，我們有能力通過利用我們未支配的資產或選擇參與 CARES 法案擔保貸款計劃，通過我們自己的努力繼續籌集額外資金。為了確保整個複蘇過程中的合規性和靈活性，我們還修改了我們所有的銀行信貸額度，以 20 億美元的最低流動性契約永久取代固定費用覆蓋契約。因此，儘管我們籌集了大量債務，但自年初以來，我們調整後的淨債務僅增加了 34 億美元，達到 139 億美元。減少我們每天的現金消耗對於降低淨債務至關重要，這就是我們一直專注於此的原因。

In closing, while we have a long road ahead of us, we've made tremendous progress in just the last 4 months. By raising cash early and aggressively managing costs, we are prepared to navigate what will be a volatile revenue period while making decisions to position Delta well for the eventual recovery. Our people have acted quickly and decisively to protect our customers and our company, and I'm so proud of what the people of Delta have accomplished with that grace, professionalism and determination that Ed mentioned. They are the reason I'm confident we will emerge from this crisis as a stronger, more resilient Delta as our customers return.

最後，雖然我們還有很長的路要走，但我們在過去的 4 個月裡取得了巨大的進步。通過儘早籌集現金和積極管理成本，我們準備好度過一個收入波動的時期，同時做出讓達美航空為最終復甦做好準備的決定。我們的員工迅速果斷地採取行動來保護我們的客戶和公司，我為達美員工以埃德提到的那種優雅、專業和決心所取得的成就感到非常自豪。這就是為什麼我有信心隨著客戶的回歸，我們將從這場危機中脫穎而出，成為一個更強大、更有彈性的達美航空。

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. Cecilia, we are ready for questions from the analysts, if you could give them instructions on how to get in the queue.

謝謝，保羅。 Cecilia，我們已經準備好接受分析師的提問，如果你能告訴他們如何進入隊列。

(Operator Instructions) And we'll go first to Hunter Keay of Wolfe Research.

（操作員說明）我們將首先聯繫 Wolfe Research 的 Hunter Keay。

Ed, you mentioned -- you recently said you expect some amount of business travel. I think you said 20%, which are not to be unproductive in retrospect and suggesting, obviously, it's not going to return. So what are some of the specific characteristics of the business travelers that do come back that might be different from the ones who don't? Like, for example, maybe they fly more per year but to fewer cities or these are the people that use lounges more often, things like that. So what do these people look like? And how do you win them or keep them?

埃德，你提到過——你最近說你預計會有一些商務旅行。我想你說的是 20%，回想起來這並不是無益的，而且很明顯，它不會回來。那麼，真正回來的商務旅行者有哪些可能與沒有回來的商務旅行者不同的具體特徵呢？例如，也許他們每年飛得更多，但去的城市更少，或者這些人更經常使用休息室，諸如此類。那麼這些人長什麼樣呢？你如何贏得或留住他們？

Well, first of all, Hunter, I think, fundamentally, business travel is going to come back, and it's going to come back at scale. I'm not one that thinks that we are in a permanently depressed level of business travel for the foreseeable future. I do think there's a lot of inefficiency, which we can all appreciate in business travel. The number of trips that the average road warrior takes, I'm sure, is going to come down in certain cases. The international trips that we've all been on where we've flown over to Europe for a 2-hour meeting and flown back that does nothing but beat you up, and you certainly be much easily better accommodated over a video call, but it's going to be trips that are focused on relationship building, interacting, whether it's with your customers, conventions, new contacts, reviewing performance on a global scale, those are going to stay. I just don't see a -- there's a substitute for that over time. It will take some time to get back. I don't think we'll ever get back entirely to where we were in 2019 on the volume of business traffic, but the resiliency of the business traffic that we are going to now bake into our business model going forward, I think, will be a better way to measure the sustainability of the recovery.

嗯，首先，亨特，我認為，從根本上說，商務旅行將會捲土重來，而且會大規模捲土重來。我並不認為在可預見的未來我們的商務旅行會一直處於低迷狀態。我確實認為效率低下很多，我們在商務旅行中都能體會到這一點。我敢肯定，在某些情況下，普通公路勇士的出行次數會減少。我們都經歷過的國際旅行，我們飛到歐洲參加了一個 2 小時的會議，然後又飛回來，除了打敗你什麼也做不了，而且通過視頻通話你肯定更容易得到更好的適應，但它將成為專注於建立關係、互動的旅行，無論是與您的客戶、會議、新聯繫人、在全球範圍內審查績效，這些都會留下來。我只是看不到 - 隨著時間的推移會有替代品。回來需要一些時間。我認為我們永遠不會完全回到 2019 年的業務流量水平，但我認為，我們現在將融入我們未來業務模型的業務流量的彈性，將會是衡量復甦可持續性的更好方法。

And then another one for you, Ed. When was the last time you talked to Steve Squeri? And what is your single biggest shared commercial concern right now? And what is it that he tells you is most important to preserve the relationship and the economics that your company share?

然後再給你一個，埃德。你最後一次與 Steve Squeri 交談是什麼時候？您目前最大的共同商業關注點是什麼？他告訴你什麼是保持你們公司共享的關係和經濟最重要的？

I talk to Steve all the time. He's not just a great business partner, he's a great friend, and we share our thoughts and strategies together. We are their biggest and most important business partner, and American Express is ours in turn. And we're navigating this crisis together in a way that you would expect. I mean they've seen some meaningful recovery over the course of the quarter in volumes on the card, which is certainly one of our bright spots in a dark quarter, the revenue recovery we're seeing on spend. But they provide a great lens into customer behaviors and the types of things that are going to be very important for Delta to maintain the position we have with the company. So I'm -- I continue, as Steve does, to be optimistic of the future. We're both realistic. We realize the T&E spend is not going to be at the levels we saw in the prior years, but we're going to both do our very best to build a better future for our respective stakeholders.

我一直和史蒂夫說話。他不僅是一個很好的商業夥伴，還是一個很好的朋友，我們可以一起分享我們的想法和策略。我們是他們最大和最重要的商業夥伴，美國運通也是我們的。我們正在以您期望的方式共同度過這場危機。我的意思是，他們在本季度的卡片交易量中看到了一些有意義的複蘇，這無疑是我們在黑暗季度中的亮點之一，即我們在支出方面看到的收入復甦。但它們提供了一個很好的視角來了解客戶行為以及對達美航空保持我們在公司的地位非常重要的事物類型。所以我——我繼續像史蒂夫一樣，對未來持樂觀態度。我們都很現實。我們意識到 T&E 支出不會達到前幾年的水平，但我們將盡最大努力為我們各自的利益相關者建設更美好的未來。

And 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。

Paul, a question on labor. So as I see it, there are sort of 4 moving parts here. We've got the voluntary unpaid leaves, which have already dropped off the P&L for now, but some level phase back end in the future. We've got the early retirement, which will completely drop out. We've got what might happen -- or might happen after October 1. And then I assume in the event of furloughs, you have some severance expenses. So what I'm trying to reconcile with these various flows is whether the net is that they temporarily give you labor cost relief in the fourth quarter, and that's what gets you to cash breakeven, but then labor costs potentially rise after that. I guess another way of asking is in what quarter do you think your labor expense line will truly be reflective of the cost structure going forward?

保羅，關於勞動的問題。所以在我看來，這裡有 4 個移動部件。我們有自願的無薪休假，目前已經從損益表中扣除，但在未來會有一定程度的回退。我們有提前退休，這將完全退出。我們已經了解了可能發生的事情——或者可能在 10 月 1 日之後發生的事情。然後我假設在休假的情況下，你會有一些遣散費。因此，我試圖與這些不同的流動相協調的是，淨額是否是它們在第四季度暫時減輕了你的勞動力成本，這就是讓你實現現金收支平衡的原因，但之後勞動力成本可能會上升。我想另一種提問方式是，您認為您的人工費用線將在哪個季度真正反映未來的成本結構？

Jamie, there's a lot in that question. I think we're still really assessing the overlap right now between the early retirement and the voluntary leave program, so there's a sense of duplication there. But what it does do, at an absolute minimum, is it puts a permanence around what were short-term leaves and volatility. So we expect that, in addition to the leaves that Ed mentioned -- I'm sorry, the separations that Ed mentioned voluntarily, we also have leaves that will continue on top of that. So we're going to continue to assess and see where we stand on the salaries and related line. There's no doubt that that's been a big driver of how we've gotten our cash burn down in quick action. And as we continue to shape the airline for how we think it's going to be sized next summer and into the future, we've got to be able to manage all of that agility and flexibility, and the voluntary leaves are going to be -- continue to be an important piece of that puzzle going forward.

傑米，這個問題涉及很多。我認為我們現在仍在評估提前退休和自願休假計劃之間的重疊，因此存在重複感。但它所做的，至少，是讓短期休假和波動性變得持久。因此，我們預計，除了 Ed 提到的離職之外——對不起，Ed 自願提到的離職，我們還有一些離職將在此基礎上繼續進行。因此，我們將繼續評估並查看我們在薪水和相關方面的立場。毫無疑問，這是我們快速消耗現金的重要推動力。隨著我們繼續根據我們認為明年夏天和未來的規模調整航空公司，我們必須能夠管理所有這些敏捷性和靈活性，而自願離職將是 -繼續成為這個難題的重要組成部分。

So as we think about salaries and related, we should get to that kind of trend line, I would think, in that fourth quarter, first quarter. But then we'll see as demand shapes back, customers are ultimately going to determine how big the airline is.

因此，當我們考慮工資和相關問題時，我認為我們應該在第四季度、第一季度達到那種趨勢線。但隨後我們將看到，隨著需求的回升，客戶最終將決定航空公司的規模。

Jamie, if I could add a couple of thoughts. For the second quarter and the third quarter, we are reducing our total operating expenses by a bit over 50%, which is enormous. And that will continue to be our goal as we progress through the fourth quarter as well. And while the composition of the savings will be more sustainable given the size of the early outset, we have 20% of the company will be exiting. And as you can appreciate, it's the senior-most 20% of the company as well, which is going to give us an added benefit on top. There's a lot of creativity and collaboration with our work groups about reducing. We're trying to protect jobs and every one pitching in to work fewer hours but to save more jobs. And that's across the company, there's a real spirit of doing that. So whether it gets to the fourth quarter, first quarter at some point, the labor savings here are sustainable.

傑米，如果我可以添加一些想法。對於第二季度和第三季度，我們將總運營費用減少了 50% 以上，這是巨大的。隨著我們在第四季度取得進展，這將繼續成為我們的目標。雖然考慮到早期的規模，儲蓄的構成將更具可持續性，但我們有 20% 的公司將退出。正如您所理解的那樣，它也是公司最高層的 20%，這將給我們帶來額外的好處。我們的工作組在減少方面有很多創造力和協作。我們正在努力保護工作，每個人都在努力減少工作時間，但要保住更多的工作。這就是整個公司，真正做到這一點的精神。因此，無論是在某個時候進入第四季度，還是第一季度，這裡的勞動力節省都是可持續的。

But to answer your question more specifically, it's really going to be on the commercial side of the business that's going to be much more important to getting us down to that breakeven level as demand hopefully starts to -- growth picks up once again as we look into the late summer and fall. And that will be the more important contributor to getting to a breakeven cash flow position.

但是為了更具體地回答你的問題，它真的會在業務的商業方面，這對於讓我們降到收支平衡水平更為重要，因為需求有望開始增長 - 正如我們所看到的那樣，增長再次回升進入夏末和秋天。這將是實現盈虧平衡現金流的更重要貢獻者。

Okay. That's very helpful. Second multipart question. How do we think of loyalty in the remaining unencumbered asset pool? Does Delta have the flexibility to do what United did with loyalty in terms of sort of a quasi-securitization of both third-party sales and the intercompany cash flows? Or did you pledge SkyMiles as part of the loan?

好的。這很有幫助。第二個多部分問題。我們如何看待剩餘未支配資產池中的忠誠度？在第三方銷售和公司間現金流量的准證券化方面，達美航空是否具有靈活性，可以像聯合航空那樣以忠誠度來做事？或者您是否承諾將“飛凡里程常客計劃”作為貸款的一部分？

So Jamie, we're an infinitely competitive business, but hats off to United for that execution. I thought they did a very good job with that, and it's one that I think is available to a multitude of carriers. That is not included in the most recent guidance that we've given of $6 billion to $7 billion of unencumbered assets. And we're looking at all of our options, and we'll continue to keep them open.

所以傑米，我們是一家競爭無限的企業，但要向曼聯的執行力致敬。我認為他們在這方面做得很好，而且我認為這是許多運營商都可以使用的。這不包括在我們給出的 60 億至 70 億美元未支配資產的最新指導中。我們正在研究我們所有的選擇，我們將繼續保持開放。

We have made -- we have advanced the ball with the government by signing the term sheet, which they announced a couple of weeks ago, and we continue to move along that process. But we have not decided to take a government loan, and we're assessing, really, all of our options as well as the environment that we're in.

我們已經 - 我們通過簽署他們幾週前宣布的條款清單與政府取得了進展，我們將繼續推進這一進程。但我們還沒有決定接受政府貸款，我們正在評估我們所有的選擇以及我們所處的環境。

We'll go next to Duane Pfennigwerth of Evercore ISI.

接下來我們將介紹 Evercore ISI 的 Duane Pfennigwerth。

Totally agree with the perspective that Delta has been careful with capacity and how you brought it back. Just from an industry perspective, it looked like the industry has guessed wrong on July at least so far. So schedules indicate your capacity is up about 90%, 9-0, from June to July, yet demand has stalled. So I'm just curious how cash burn can be similar in July versus June. Was it just that we had a good July 4 on the books before demand rolled over? Or is there something going on with debt payments and CapEx?

完全同意達美航空對運力非常謹慎的觀點，以及你們是如何恢復運力的。僅從行業的角度來看，至少到目前為止，行業似乎對 7 月的猜測是錯誤的。因此，時間表表明您的產能從 6 月到 7 月增加了約 90%，增幅為 9-0，但需求卻停滯不前。所以我很好奇 7 月和 6 月的現金消耗有何相似之處。僅僅是因為在需求回滾之前我們在 7 月 4 日的賬面上表現不錯嗎？或者債務支付和資本支出有什麼問題嗎？

Well I'll start with that, Duane. The trajectory that we've been on and what we articulated through June was that we had seen steadily increasing net sales that was coming, really, from both variable sales were going up and trending higher, while at the same time, refunds have been trending down, which put us from a -- I think at the beginning, we said $20 million to $30 million a day we were burning in March to turning positive and staying there in June. So while we've seen that sales growth level off in the wake of the latest rise in infections, it has remained relatively stable in that area. So as we see the continued trajectory of reducing our operating expenses 50% and keeping those net sales numbers relatively flat, that's where July comes out flat to June.

好吧，我將從這裡開始，Duane。我們一直走的軌跡以及我們在 6 月份闡明的是，我們看到淨銷售額穩步增長，實際上，可變銷售額都在上升並且呈上升趨勢，而與此同時，退款一直呈上升趨勢下降，這讓我們從 - 我想一開始，我們說我們在 3 月份每天燃燒 2000 萬到 3000 萬美元，到 6 月份轉為積極並保持在那裡。因此，雖然我們已經看到隨著最近感染人數的增加，銷售增長趨於平穩，但該地區的銷售增長一直保持相對穩定。因此，當我們看到將運營費用減少 50% 並保持這些淨銷售額相對持平的持續軌跡時，這就是 7 月與 6 月持平的地方。

Okay. And maybe I'll stick with you. Just high level, how is your budget for aircraft rent change for this year as we think about the net impact of sale-leaseback activity versus aircraft retirements? The only reason I bring it up is it looked like the op lease liabilities didn't really change much sequentially, so maybe you can help us understand what's going on under the covers.

好的。也許我會和你在一起。高層，當我們考慮售後回租活動與飛機退役的淨影響時，您今年的飛機租金預算如何變化？我提出這個問題的唯一原因是看起來經營租賃負債並沒有真正按順序發生太大變化，所以也許你可以幫助我們了解幕後情況。

Yes. I think, Duane, we'll take that off-line, and it will be more apparent when the Q comes out later today of just the breakdown between financing leases and operating leases under all the new accounting guidelines. So it's all there, but it has a little bit of a different geography to it, depending on the transactions.

是的。我認為，Duane，我們將把它脫機，當今天晚些時候 Q 出現時，根據所有新會計準則，融資租賃和經營租賃之間的細分將更加明顯。所以它都在那裡，但它有一點不同的地理位置，具體取決於交易。

We'll go next to Helane Becker of Cowen.

我們將去 Cowen 的 Helane Becker 旁邊。

So I have 2 questions. One is your comments on international and the 777s that are leaving the fleet and some of the 767s. It seemed like you might have to do more pruning there. So have you like retired enough aircraft, do you think? Or do we expect to see more during the rest of the year?

所以我有兩個問題。一是您對國際航空和離開機隊的 777 以及部分 767 的評論。看起來你可能需要在那裡做更多的修剪。那麼，您認為退役的飛機夠多了嗎？還是我們希望在今年餘下的時間裡看到更多？

Helane, it's Ed. I -- international is going to lag domestic. I think we have some time to watch how it recovers. The 777 fleet for us was the sub fleet that made the most sense to sit down. We certainly have additional international capable aircraft. We have a very large 767 fleet with opportunities to early retire as we get a better sense for where the recovery is. But some of those decisions, we have a little bit of time to take yet. As I indicated in my remarks, there's more to be done. And we're not investing any money in that fleet, and we can see how international recovery is shaped before we make those final decisions.

海蘭，是埃德。我——國際將落後於國內。我想我們有時間觀察它是如何恢復的。對我們來說，777 機隊是最適合坐下來的子機隊。我們當然有更多的具有國際能力的飛機。我們擁有非常龐大的 767 機隊，隨著我們更好地了解復甦的方向，我們有機會提前退役。但是其中一些決定，我們還有一些時間可以做出。正如我在發言中指出的那樣，還有更多工作要做。而且我們沒有在該機隊上投資任何資金，在我們做出最終決定之前，我們可以看到國際復甦是如何形成的。

Okay. That's very helpful. And then my follow-up question, really, has to do with changes in booking patterns because of increased refunds or because of more flexibility to people who book and then maybe cancel. So could you just address people booking and then actually showing up for the flight, especially in July? Or are you seeing people booking and then canceling at the last instant?

好的。這很有幫助。然後我的後續問題，真的，與預訂模式的變化有關，因為退款增加或因為預訂然後可能取消的人更加靈活。那麼，您能否只解決預訂然後實際出現在航班上的人，尤其是在 7 月？或者您是否看到有人預訂並在最後一刻取消？

Helane, it's Glen. How are you doing? We've seen the no-show rate -- good, I hope your summer is going well. We see no-show rates grow from about 3% historically to about high single digits. So most people at day of departure who have reservations are showing up for the flight, but the higher no-show rates also makes a little bit harder to revenue manage with the caps. So we've been managing through that, and we hope we can get better and better at that as we move through the fall. But clearly, giving people more flexibility is where we need to be as there's so much uncertainty in the virus right now.

海蘭，是格倫。你好嗎？我們已經看到了缺席率——很好，我希望你的暑假一切順利。我們看到未入住率從歷史上的約 3% 增長到大約高個位數。因此，大多數在出發當天預訂的人都會出現在航班上，但較高的未出現率也使得通過上限進行收入管理變得有點困難。所以我們一直在努力解決這個問題，我們希望隨著秋季的到來，我們能在這方面做得越來越好。但很明顯，給人們更多的靈活性是我們需要做的，因為現在病毒有很多不確定性。

We'll go next to Joe Caiado of Crédit Suisse.

接下來我們將請瑞士信貸銀行的 Joe Caiado 發言。

My first question relates to your fleet and actually your order book. Any update on your discussions with Airbus regarding your order book there? And can you describe for us maybe what it is that you're hoping to achieve there? Do you just want to sort of adjust the time line for deliveries? Are you looking to restructure sort of the composition of the aircraft in the order book? Just any details there.

我的第一個問題與您的機隊有關，實際上是您的訂單簿。您與空中客車就那裡的訂單簿進行的討論有何最新進展？你能為我們描述一下你希望在那裡實現的目標嗎？您只是想調整交貨時間嗎？您是否希望重組訂單中的飛機組成？只是那裡的任何細節。

We are working with Airbus, as you can appreciate, and they've been very good partners with us, managing the crisis. Clearly, we're in a situation where we don't need any aircraft. We have a lot of aircraft on the ground and doing our best to manage through the next 18 to 24 months to minimize deliveries. We're not ready to make any announcements yet. I can assure you there will be no cash CapEx on any aircraft at Delta for some period of time, certainly through the end of this year. And Airbus has been a very good partner.

我們正在與空中客車公司合作，正如您所理解的那樣，他們一直是我們很好的合作夥伴，共同應對危機。顯然，我們處於不需要任何飛機的情況。我們有很多飛機在地面上，並儘最大努力在接下來的 18 到 24 個月內進行管理，以盡量減少交付。我們還沒有準備好發布任何公告。我可以向你保證，在一段時間內，達美航空的任何飛機都不會出現現金資本支出，肯定會持續到今年年底。空客一直是非常好的合作夥伴。

Got it. That's very clear on the CapEx. But I was curious, just especially as it relates to your comments on the expected time lines for recovery of domestic versus international, if you'd also be looking to adjust the actual composition of the aircraft that are in your order book as opposed to just actually delaying or revising the time line for the deliveries?

知道了。這在資本支出上非常清楚。但我很好奇，尤其是當它涉及到你對國內與國際恢復的預期時間表的評論時，如果你還想調整訂單中飛機的實際組成，而不是僅僅實際延遲或修改交貨時間表？

And if I could just throw up my second actual follow-up, which is just a quick clarification for Paul. On the stalled demand recovery, did you say that July net bookings are flat with June, so they are positive month-to-date? Can you just describe in a little bit more detail the evolution in those net bookings trends over the last 2 weeks?

如果我可以拋出我的第二次實際跟進，這只是對保羅的快速澄清。關於需求復蘇停滯，您是說 7 月的淨預訂量與 6 月持平，因此本月迄今為正？您能否更詳細地描述過去 2 週內這些淨預訂趨勢的演變？

You want to start? No. That's okay, Joe. On your question with Airbus again, we're not providing any specifics at this point. You can rest assured everything that we're doing is pushing a lot of the deliveries to the right. And when we're ready to -- we haven't reached a final plan with Airbus. When we do reach that plan, we'll be sure to let you know.

你想開始嗎？不，沒關係，喬。關於你再次向空客提出的問題，我們目前不提供任何細節。您可以放心，我們所做的一切都是為了將大量交付推向正確的方向。當我們準備好時——我們還沒有與空中客車公司達成最終計劃。當我們確實達成該計劃時，我們一定會通知您。

And Joe, on the cash burn, so we had seen a pretty steady progression upwards of sales and a slight decline in refunds really kind of from May to early mid-June, and that's when we started to see it stabilized. So the data that we've seen so far in July is pretty consistent with what we saw at the end of June, which is really reflective of what we've seen in this latest wave of infections throughout the country. And that's why we've got the confidence that it's somewhat stabilized here at these levels. And hopefully, if things start to improve, we can see improvements off of those levels as we get later into the quarter.

喬，在燒錢方面，我們看到銷售額穩步上升，退款略有下降，從 5 月到 6 月中旬，那時我們開始看到它趨於穩定。因此，我們在 7 月份到目前為止看到的數據與我們在 6 月底看到的數據非常一致，這確實反映了我們在全國最新一波感染浪潮中看到的情況。這就是為什麼我們有信心它在這些水平上有所穩定。希望，如果情況開始好轉，我們可以在本季度後期看到這些水平的改善。

We'll go next to Mike Linenberg of Deutsche Bank.

下面請德意志銀行的 Mike Linenberg 發言。

Paul, just back to how you're thinking about the ATL as we progress through the quarter. I mean normally, under a normal year, the seasonal impact is that as we get to the latter part of the quarter, we tend to see it become a drag on cash. And I realize that this is not a normal year. So I mean are you sort of expecting that as we get into the latter part of the quarter that we will see it become a drag on the ATL? Or sort of where is your thinking around that right now?

保羅，隨著我們本季度的進展，回到你對 ATL 的看法。我的意思是，通常情況下，在正常年份，季節性影響是當我們進入本季度的後半部分時，我們往往會看到它成為現金的拖累。我意識到今年不是正常的一年。所以我的意思是，當我們進入本季度的後半部分時，您是否有點期待它會成為 ATL 的拖累？或者你現在的想法是什麼？

Mike, that's a bit of a doozy of a question because I think the one thing we all know is that the historical air traffic liability models are broken right now. It's not behaving in any way that a normalized seasonality pattern would have. As evidence, we've actually refunded now over $2 billion of that ATL since the beginning of the year, which the bulk of that has been done in the post-COVID, post March 1 time frame. So we actually think that a lot of that refund activity, particularly in the transatlantic and international destinations which were already booked pre-COVID, heading into the summer, we refunded a lot of that activity. And it's a little bit of a -- it's a big contributor to the international cash burn that I gave that composition in my prepared remarks. So we can actually see things stabilizing, and we would expect that refunds will continue to trend down in the status quo. Obviously, it's going to be choppy, but any new sales data that come in, any new demand should be accretive to the ATL in a way that, seasonally, you wouldn't necessarily expect. So we're prepared for that. I think the one given is that there's a lot of uncertainty here, which is why we've gone the route of really looking to raise as much liquidity as we can.

邁克，這個問題有點無聊，因為我認為我們都知道的一件事是，歷史上的空中交通責任模型現在已經被打破了。它不會以任何方式表現出標準化的季節性模式。作為證據，自今年年初以來，我們實際上已經退還了超過 20 億美元的 ATL，其中大部分是在 3 月 1 日之後的 COVID 之後完成的。所以我們實際上認為很多退款活動，特別是在 COVID 之前已經預訂的跨大西洋和國際目的地，進入夏季，我們退還了很多活動。它有點——它是我在準備好的發言中給出的國際現金消耗的一個重要貢獻者。因此，我們實際上可以看到情況趨於穩定，我們預計退款將繼續保持現狀下降趨勢。顯然，它會起伏不定，但任何新的銷售數據，任何新的需求都應該以一種你不一定期望的季節性方式增加 ATL。所以我們為此做好了準備。我認為給出的一個是這裡存在很多不確定性，這就是為什麼我們已經走上了真正尋求盡可能多地籌集流動性的道路。

Okay. That's very helpful. And then just maybe this is an easier one. You talked earlier about upcoming maturities, and I'll throw CapEx in there as well. As we look to the second part of the year, what is CapEx? I'm sure it's probably close to 0 now based on everything that you've cut back or deferred. And you did allude or mention upcoming maturities. What are the big maturities for the second half of 2020?

好的。這很有幫助。然後也許這是一個更容易的。您之前談到過即將到期的債券，我也會將資本支出投入其中。當我們展望今年下半年時，什麼是資本支出？根據您削減或推遲的所有內容，我敢肯定它現在可能接近 0。你確實提到或提到了即將到期的債券。 2020 年下半年有哪些大型債券到期？

Yes. Sure. So the -- we didn't give any formal CapEx guidance because it's really the same as we gave immediately after the COVID epidemic, which is we've essentially eliminated all CapEx. There's some technology spend on projects that are already in process and some small purchases here and there, but it's not material to the overall story.

是的。當然。所以——我們沒有給出任何正式的資本支出指導，因為它與我們在 COVID 流行病後立即給出的指導是一樣的，我們基本上已經消除了所有資本支出。有一些技術支出用於已經在進行中的項目，還有一些小額採購，但這對整個故事來說並不重要。

As far as debt maturities go, the biggest one we have is a $450 million maturity in December. When you combine that with a $600 million unsecured in April of '21, that's the unsecured deal that we just took out. So we've already successfully refinanced that. And then we have the $3 billion bridge loan that is due in March that has collateral attached to it that we haven't decided exactly what to do with that.

就債務到期日而言，我們擁有的最大一筆債務是在 12 月到期的 4.5 億美元。當您將其與 21 年 4 月的 6 億美元無擔保交易相結合時，這就是我們剛剛完成的無擔保交易。所以我們已經成功地為其再融資。然後我們有 3 月份到期的 30 億美元過橋貸款，它附帶有抵押品，我們還沒有決定如何處理它。

As part of the amendment to the credit facilities, we also extended by 1 year a $1.3 billion maturity in April of our revolver. So that's pushed out to 2022. So we've actually gotten a very, very good handle on all of the maturities, really, for the next 18 months.

作為信貸安排修正案的一部分，我們還將 4 月份到期的 13 億美元循環貸款延長了 1 年。所以這被推遲到 2022 年。所以我們實際上已經非常非常好地處理了接下來 18 個月的所有到期日。

And we'll go next to Savi Syth of Raymond James.

接下來我們將介紹 Raymond James 的 Savi Syth。

Just a couple of follow-up questions. On the cash burn, if we don't get much of an improvement on the commercial side, what do you think you can kind of get the cash burn by the fourth quarter with some of the incremental things that are happening on the cost side?

只是幾個後續問題。在現金消耗方面，如果我們在商業方面沒有得到太大改善，您認為您可以在第四季度之前通過成本方面發生的一些增量事情來實現現金消耗嗎？

Savi, I think as we mentioned in our comments, we're kind of on this trajectory right now as things have stabilized, and we're continuing to assess what the second half looks like. So as we continue to monitor capacity and demand, that will affect what we do on the cost input side as well. I think we're really counting on some continued improvement in demand, however gradual and however choppy that might be. We're 90 days into this, and we already know a lot more about the virus. And that's giving a little bit more confidence in the longer and intermediate-term demand profile, but we've got to continue to be agile. So I think we'll kind of be in this mid-20s level as we continue to assess. And if we need to take further actions, we will.

薩維，我認為正如我們在評論中提到的那樣，隨著事情的穩定，我們現在正處於這條軌道上，我們將繼續評估下半年的情況。因此，隨著我們繼續監控產能和需求，這也會影響我們在成本投入方面所做的工作。我認為我們真的指望需求會持續改善，無論這種改善是漸進的還是不穩定的。我們已經 90 天了，我們已經對這種病毒有了更多的了解。這讓我們對長期和中期的需求狀況有了更多的信心，但我們必須繼續保持敏捷。因此，我認為隨著我們繼續評估，我們將處於 20 多歲的水平。如果我們需要採取進一步行動，我們會的。

Savi, this is Ed. I don't want anyone to get a sense that we've got a gloomy forecast on revenue or demand growth, not at all. This is expected. We said at the start of this pandemic that this is going to be choppy. It's going to be unpredictable. It's going to be driven by factors outside of our control. It's really advances on the medical front in containing the virus. It's advances by general -- the general public about wearing masks and doing their very best to be cautious in restoring confidence in air travel.

薩維，這是埃德。我不想讓任何人覺得我們對收入或需求增長的預測很悲觀，一點也不。這是意料之中的。我們在這場大流行開始時說過，這將是波濤洶湧的。這將是不可預測的。它將由我們無法控制的因素驅動。在遏制病毒方面，這確實是醫學前沿的進步。這是普遍的進步——公眾戴口罩並儘最大努力保持謹慎，以恢復對航空旅行的信心。

I'm optimistic as we get through the late summer and the fall, we're going to see some real improvements here. We need to see improvements. And I think the sensitivity and the caution you hear in our voice for the current month is the fact that we're in the South, and we're obviously under -- going back into more of a closed setting in our local economy than opening. But at the same time, that's for the goal of reopening later this summer and fall to a bit of a better standpoint. So I do think you're going to see continued improvement in cash burn.

當我們度過夏末和秋天時，我很樂觀，我們將在這裡看到一些真正的改進。我們需要看到改進。我認為本月你從我們的聲音中聽到的敏感性和謹慎是因為我們在南方，而且我們顯然處於 - 回到我們當地經濟的封閉環境而不是開放.但與此同時，這是為了在今年夏天晚些時候重新開放並達到更好的立場。所以我確實認為你會看到現金消耗持續改善。

Cost on the margin could improve. But when you got more than 50% of your cost out, it's hard to see much more coming out. I think it's going to be the same type of momentum that we saw in June hopefully reemerging in the latter part of the summer and early fall that's going to make another material dent in bringing us down to that flat breakeven level.

邊際成本可能會改善。但是，當您支出了超過 50% 的成本時，就很難再支出更多了。我認為這將是我們在 6 月份看到的那種勢頭，希望在夏末和初秋再次出現，這將對我們降至持平的盈虧平衡水平產生另一個重大影響。

That makes sense and helpful. And my other follow-up question is just on the business travel commentary, it looks like a lot of probably business travel might not happen until 2021. But just based on your surveys and things like that, is there any level of expectation of what we might see in the fourth quarter here? Or -- and kind of tied to that, I mean, does kind of the blocked middle seats have -- get removed when demand is stronger or when the virus is a little bit more contained? Or what drives those decisions?

這是有道理和有幫助的。我的另一個後續問題只是關於商務旅行的評論，看起來很多商務旅行可能要到 2021 年才會發生。但是僅僅根據您的調查和類似的事情，我們對什麼有任何期望嗎？可能會在第四季度看到這裡？或者——與此相關，我的意思是，當需求更強或病毒得到更多控制時，是否有某種被封鎖的中間席位被取消？或者是什麼推動了這些決定？

We're talking to our corporates all the time, as you can appreciate, and doing a lot of work with them to get them more confident. They are starting to come back. They're in small numbers, but they're starting. And what we've been doing is taking them out with us on tours and seeing the airport. It's interesting for travelers that have spent their life as road warriors, the first time back in this environment, it feels very different. And they need to refamiliarize themselves with what it's like and the benefits of your travel. And I'd say the most significant observation that they give us is that it is actually not only safe, it's significantly better than what they -- their view of air travel was pre pandemic. So there's confidence that's returning.

正如您所理解的那樣，我們一直在與我們的公司交談，並與他們一起做很多工作以使他們更有信心。他們開始回來了。他們的人數很少，但他們正在開始。我們一直在做的是帶他們出去旅遊和參觀機場。對於一生都是馬路勇士的旅行者來說很有趣，第一次回到這種環境，感覺很不一樣。他們需要重新熟悉旅行的感受和好處。我想說的是，他們給我們的最重要的觀察是，它實際上不僅安全，而且明顯好於他們——他們在大流行前對航空旅行的看法。因此，信心正在恢復。

I think you're going to see it improve as businesses start to reopen. I'd say, post Labor Day, businesses start to open up. As international operations start to slowly open up, you'll see that will be another driver for business travel. But business travel is going to clearly be a 12- to 18-month lag, awaiting for advances on the medical front, vaccines, therapeutics, reasons to think that it's safe, that companies can safely put their employees back out in the road.

我認為隨著企業開始重新開業，您會看到情況有所改善。我想說，勞動節過後，企業開始營業。隨著國際業務開始慢慢開放，您會發現這將成為商務旅行的另一個驅動力。但商務旅行顯然會滯後 12 到 18 個月，等待醫療方面的進步、疫苗、療法，以及有理由認為它是安全的，公司可以安全地讓他們的員工回到路上。

The other thing, and I've mentioned this in one of the interviews I did this morning, is that while the corporations may not be traveling, we know the individuals are traveling. And we see it in the SkyMiles data and our frequent flyer information. So people are learning about the new way of travel, and they're telling us it's actually better than it was previous.

另一件事，我在今天早上的一次採訪中提到過，是雖然公司可能不在旅行，但我們知道個人在旅行。我們在“飛凡里程常客計劃”數據和常旅客信息中看到了這一點。所以人們正在了解新的旅行方式，他們告訴我們它實際上比以前更好。

And does the blocked middle seat, is that kind of tied to COVID? Is that kind of tied to demand levels?

被擋住的中間座位是否與 COVID 相關？這與需求水平有關嗎？

I'm sorry. I didn't hear that, Savi. Sorry.

對不起。我沒聽到，薩維。對不起。

Sorry. On the kind of -- you mentioned that the middle seating blocked probably continues beyond September. Just wondering what drives that decision.

對不起。關於那種——你提到中間席位的阻塞可能會持續到 9 月以後。只是想知道是什麼推動了這個決定。

Well, that's going to be consumer confidence. We're going to hear from customers as to their comfort in travel. We've got a lot of flights that we have to add back yet and opportunities to add flights back before we have to worry about filling up the middle seats. And we'll get there over the course of the end of the year, into early next year. But right now, I don't see a push to do that. Customers aren't pushing us to do it, and we've got -- I'd rather add more flights back and more seats into the market in a safe way than trying to maximize the number of people you can put on an individual airplane. And I think that's -- that would be inconsistent with the brand that Delta represents.

好吧，這將是消費者的信心。我們將聽取客戶關於他們在旅行中的舒適度的意見。我們有很多航班需要加回來，並且有機會在我們不必擔心填滿中間座位之前加回來航班。我們將在今年年底到明年初到達那裡。但現在，我沒有看到這樣做的推動力。客戶並沒有敦促我們這樣做，而且我們已經 - 我寧願以安全的方式增加更多的航班返回和更多的座位進入市場，而不是試圖最大限度地增加您可以在單個飛機上放置的人數.我認為那是——這與達美航空所代表的品牌不一致。

We'll go next to Brandon Oglenski of Barclays.

接下來我們將請巴克萊銀行的 Brandon Oglenski 發言。

So I guess, Ed, following up on that line of question. If business demand is going to lag here and you have some competitors out there that are going to come out of this without a lot of incremental debt, what's going to be a competitive landscape? And how do you reposition the network to be more leisure-focused, maybe lower cost? And does that impact the car strategy of really focusing on the branded products and everything on board?

所以我想，Ed，跟進這個問題。如果業務需求將在這裡滯後，並且您有一些競爭對手將在沒有大量增量債務的情況下擺脫困境，那麼競爭格局將如何？您如何將網絡重新定位為更專注於休閒，也許成本更低？這是否會影響真正專注於品牌產品和車上一切的汽車戰略？

Brandon, this is Ed. I'm not sure who you're referring to. Our incremental net debt is $3.5 billion at this point, so I wouldn't suggest that we have added a tremendous amount of increased debt burden on the company. Obviously, it's a large amount of money that we raised, but we also have a significant amount of cash that we can use to hopefully retire that once we get through the other side.

布蘭登，這是埃德。我不確定你指的是誰。目前我們的增量淨債務為 35 億美元，所以我不認為我們給公司增加了巨大的債務負擔。顯然，我們籌集了一大筆錢，但我們也有大量現金，一旦我們通過另一邊，我們就可以用它來退休。

We're not changing our long-term goal for this company, this brand. We are a business-oriented airline. We are a premium-oriented airline, and there's nothing that I see from what we've been through the last 4 months that suggests customers aren't going to value premium value, the quality of the experience, the health of the experience. And -- but we're going to be more resilient because there's a portion of that travel that will go away, and we'll size our business accordingly. So I don't see anything that gives me pause. Of course, there's going to be a lot of dislocation, disruption. It always happens in this industry during times of crisis, but I think we're pretty well positioned to be -- to come out this in a relatively stronger, competitive position than we were pre pandemic.

我們不會改變我們對這家公司、這個品牌的長期目標。我們是一家以商務為導向的航空公司。我們是一家以高端為導向的航空公司，從過去 4 個月的情況來看，我沒有看到任何跡象表明客戶不會重視高端價值、體驗質量和健康體驗。而且 - 但我們將變得更有彈性，因為有一部分旅行將會消失，我們將相應地調整我們的業務規模。所以我沒有看到任何讓我停下來的事情。當然，會有很多錯位和破壞。在危機時期，這個行業總是會發生這種情況，但我認為我們已經做好了充分準備——與大流行前相比，我們處於相對更強大、更具競爭力的地位。

Well, I appreciate that response. And I know that, looking forward is anyone's guess here. But can you give us any clarity on what -- and I think maybe, Paul, you alluded to it. But what level of demand you're expecting to get to cash breakeven by the end of the year?

好吧，我很欣賞這種回應。我知道，期待是任何人的猜測。但是你能不能給我們澄清一下——保羅，我想你可能提到過。但是，您預計到年底實現現金收支平衡的需求水平是多少？

And then maybe even more importantly, where you're seeing the sizing of the network for 2021 as you're making the difficult decisions?

然後也許更重要的是，當您做出艱難的決定時，您會在哪裡看到 2021 年的網絡規模？

So at a really high level, Brandon, if you look at our cash burn in June as well as in July in that $27 million a day number, virtually all of that needs to come through improvement in net cash sales. It's going to come in 2 ways. So one, the refund activity will continue to wind down. That will be a contributor in that. That's probably in the plus or minus $5 million a day improvement by the time we get to the end of the year, which leaves about $20 million of cash sales improvement. And that's -- if you think of a company our size is about a 20% improvement in our overall business volume that will get us there. So we'll probably need to see that $25 million come from the commercial side of the business, but that's the road map to get to breakeven.

因此，從一個非常高的水平來看，布蘭登，如果你看看我們在 6 月和 7 月每天 2700 萬美元的現金消耗情況，幾乎所有這些都需要通過淨現金銷售額的改善來實現。它將以兩種方式出現。因此，第一，退款活動將繼續結束。那將是其中的貢獻者。到年底時，這可能每天增加或減少 500 萬美元，這還剩下大約 2000 萬美元的現金銷售改善。那就是——如果你想到一家公司，我們的規模將使我們的整體業務量提高約 20%，這將使我們達到目標。因此，我們可能需要看到 2500 萬美元來自業務的商業方面，但這是實現收支平衡的路線圖。

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

塞西莉亞，我們將有時間回答分析師的另一個問題。

That question will come from Joseph DeNardi of Stifel.

這個問題將來自 Stifel 的 Joseph DeNardi。

Ed, I think over the last few years, you and your larger peers have been of the view that the DOJ had kind of put a red light on additional consolidation. I'm wondering if you think that has changed or that it needs the change and whether the calculus around how much liquidity you think you need takes into account that maybe consolidation is eventually a part of the strategy.

Ed，我想在過去的幾年裡，你和你的大同行一直認為司法部已經對額外的整合亮起了紅燈。我想知道你是否認為這已經改變或者它需要改變，以及你認為你需要多少流動性的計算是否考慮到整合最終可能是該戰略的一部分。

Joe, we can't speculate on that. Not to be turd, but that would be a really inappropriate response I'd have to give on that.

喬，我們不能推測。不是廢話，但那將是一個非常不恰當的回應，我不得不對此做出回應。

Okay. Fair enough. Paul, can you give us where you guys are year-to-date on mileage sales, cash proceeds? I think you did about $4.2 billion last year. Where are you guys year-to-date?

好的。很公平。保羅，你能告訴我們你們今年迄今為止在里程銷售、現金收益方面的進展嗎？我想你去年做了大約 42 億美元。今年到目前為止你們在哪裡？

Yes. We've seen, Joe, about a 50% reduction in the last quarter. I think if you look at some of American Express's commentary, it's in line to even slightly better than some of the cards in their portfolio, which I think is encouraging. That means that people remain attached to the brand, and they see value in the miles program. So we're going to continue to see that, but it obviously has been far more resilient than the demand for tickets and for travel itself, which is what we expected.

是的。喬，我們已經看到上個季度減少了大約 50%。我想如果你看一下美國運通的一些評論，它甚至比他們投資組合中的一些卡更好，我認為這是令人鼓舞的。這意味著人們仍然依附於該品牌，並且他們看到了里程計劃的價值。所以我們將繼續看到這種情況，但它顯然比我們預期的門票和旅行本身的需求更有彈性。

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

這將結束電話的分析師部分。我將把它交給我們的首席營銷和傳播官 Tim Mapes，負責媒體部分。

Good morning, everybody. We have about 10 minutes of questions for members of the media. (Operator Instructions)

大家早上好。我們為媒體成員提供了大約 10 分鐘的提問時間。 （操作員說明）

(Operator Instructions) And we'll go first to Robert Silk of Travel Weekly.

（操作員說明）我們將首先訪問 Travel Weekly 的 Robert Silk。

Yes. In the Virgin Atlantic announcement day, they mentioned for their restructuring plan that they're doing this with the support of shareholders, the Virgin Group and Delta, as well as some new investors. So I was wondering if there's any color or detail in the matter in which Delta is supporting this effort.

是的。在維珍航空公告日，他們在重組計劃中提到，他們是在股東、維珍集團和達美航空以及一些新投資者的支持下這樣做的。所以我想知道達美航空支持這項工作的事情是否有任何顏色或細節。

Not other than what's already been disclosed, which is that we are contributing through deferral of brand fees as well as certain other joint venture fees that we would typically earn. We were excited to see the recapitalization come about. It's been an extraordinarily difficult few months pulling that together, and all stakeholders have made some meaningful contributions to enable Virgin to fly again, and we're excited about that.

除了已經披露的內容外，我們正在通過推遲品牌費用以及我們通常會賺取的某些其他合資企業費用來做出貢獻。我們很高興看到資本重組的發生。幾個月的努力非常困難，所有利益相關者都做出了一些有意義的貢獻，使維珍能夠再次飛行，我們對此感到興奮。

We'll go next to Mary Schlangenstein of Bloomberg News.

下面請彭博新聞社的 Mary Schlangenstein 發言。

I wanted to see if you could break down for us how much of your second quarter revenue and possibly revenue going forward is from newly purchased tickets versus how much is from rescheduled flying?

我想看看您是否可以為我們分解您的第二季度收入和未來可能的收入中有多少來自新購買的機票，有多少來自重新安排的航班？

Sure. We have about 2/3 of the revenue coming in from newly purchased tickets and about 1/3 coming in from reissues and credits from postponed journeys. So getting a significant number of new journeys coming in, which is a good sign.

當然。我們有大約 2/3 的收入來自新購買的機票，大約 1/3 來自重新發行和推遲旅行的積分。因此，有大量新旅程進入，這是一個好兆頭。

And did the -- I assume that the new ticket purchasing fell in this recent sort of slump as well as the rescheduled. Is that right?

並且 - 我認為新購票在最近的這種低迷以及重新安排的情況下有所下降。是對的嗎？

If I could recharacterize it from a slump to really a much slower growth rate is that we have -- the industry had an awful lot of capacity going from June into July. And so what we've seen is a -- in June, we were growing at about 20% every week, week over week. I think maybe in some ways, that capacity is going to take a little bit longer to get absorbed because the growth rates have -- if you take Fourth of July out, they're coming in between 5% and 10% now. So the growth is at a much lower rate. As we look forward, it has slowed, but it hasn't stalled. I mean it's very flattish, just up slightly, but it's not a slump.

如果我能將它從低迷重新描述為真正慢得多的增長率，那就是我們——從 6 月到 7 月，該行業的產能非常大。因此，我們所看到的是——在 6 月，我們每週都以大約 20% 的速度增長，一周又一周。我認為也許在某些方面，這種能力需要更長的時間才能被吸收，因為增長率已經——如果你把 7 月 4 日排除在外，它們現在的增長率在 5% 到 10% 之間。所以增長速度要低得多。當我們向前看時，它已經放緩，但它並沒有停滯不前。我的意思是它非常平淡，只是略微上升，但不是暴跌。

We'll go next to Dawn Gilbertson of USA Today.

接下來我們將採訪《今日美國》的道恩·吉爾伯森。

Ed, I think you mentioned employee coronavirus infections being down because of all the measures you've put in place. Can we talk about passenger infections? We had the case, the recent case with Endeavor on the flights from Atlanta to Albany. How many instances is Delta seeing, hearing back from passengers after a flight about coronavirus infections? And can someone put that into perspective for me?

艾德，我想你提到過由於你採取了所有措施，員工冠狀病毒感染率下降了。我們可以談談乘客感染嗎？我們有案例，最近在從亞特蘭大到奧爾巴尼的航班上與 Endeavor 的案例。達美航空在飛行後看到、聽到乘客關于冠狀病毒感染的反饋有多少？有人可以幫我考慮一下嗎？

Dawn, it's really minimal. The flight last week was an Endeavor flight, as you mentioned, and that was after the fact that those 3 customers found out. So there's no question that in the general population, there's a virus. And when we do find out, we go back and contact trace with anyone that would have been in the immediate vicinity of a customer. But I can tell you, those instances are really, really small, and certainly, no instances that we've been aware of where there's been any transmission on board our planes.

黎明，實在是微乎其微。正如您提到的，上週的航班是奮進號航班，那是在那 3 位客戶發現之後。所以毫無疑問，在普通人群中，有一種病毒。當我們確實發現時，我們會返回並與可能在客戶附近的任何人聯繫跟踪。但我可以告訴你，這些實例非常非常小，當然，我們還沒有發現我們飛機上有任何傳播的實例。

We'll go next to Tracy Rucinski of Reuters.

接下來我們將請路透社的 Tracy Rucinski 發言。

I wanted to ask about the outlook for the Trainer refinery. Do you have any plans to divest it or stop operations?

我想問一下Trainer煉油廠的前景。您是否有剝離或停止運營的計劃？

Tracy, this is Paul. So the Trainer refinery in the quarter, we had about $100 million loss in the quarter, which was almost entirely focused in the month of April. So the refinery is continuing to produce economics at breakeven levels on the current trends. And as with everything in the business, we're looking at everything, but our plans have not changed with respect to the refinery right now.

特蕾西，這是保羅。因此，本季度的 Trainer 煉油廠虧損約 1 億美元，幾乎全部集中在 4 月份。因此，煉油廠將繼續根據當前趨勢在盈虧平衡水平上產生經濟效益。與業務中的一切一樣，我們正在研究一切，但我們目前關於煉油廠的計劃沒有改變。

And our next question comes from Claire Bushey of Financial Times.

我們的下一個問題來自金融時報的克萊爾布希。

I wanted to ask whether the federal government needs to pass a law requiring masks on airplanes. Or do your flight crews have enough leverage with passengers since they can be banned from flying with the airline?

我想問問聯邦政府是否需要通過一項法律，要求在飛機上戴口罩。或者您的機組人員是否對乘客有足夠的影響力，因為他們可以被禁止乘坐航空公司的航班？

Claire, this is Ed. I don't know that needs to pass a law, but I certainly see the opportunity to reinforce the work that the airlines are doing to ensure that customers wear their masks, both in the airports as well as on board our planes, is helpful. The airlines are, I think, are doing a very good job of reinforcing that, as well as, candidly, customers on board planes. If someone's not wearing a mask, they quickly get pointed out, and discussion with our flight attendants occur quickly. So it's really important that we, as a nation, comply with the mask policy. For an industry that's got a lot of regulation, I don't know that we need another regulation around mask wearing, but it'd be helpful but stronger that our federal government can reinforce the need to wear mask, the better, not just on air travel, but in life in general.

克萊爾，這是埃德。我不知道這需要通過法律，但我肯定看到有機會加強航空公司正在做的工作，以確保客戶在機場和飛機上都戴上口罩，這很有幫助。我認為，航空公司在加強這一點方面做得非常好，坦率地說，飛機上的客戶也是如此。如果有人沒有戴口罩，他們會很快被指出來，並且會很快與我們的空乘人員進行討論。因此，作為一個國家，我們遵守口罩政策非常重要。對於一個有很多監管的行業，我不知道我們是否需要關於戴口罩的另一項監管，但如果我們的聯邦政府能夠加強戴口罩的必要性，那將是有幫助的，但會更有力，更好，而不僅僅是空中旅行，但在一般生活中。

We'll go next to Leslie Josephs of CNBC.

接下來我們將採訪 CNBC 的萊斯利約瑟夫斯。

Do you have any idea of how many pilots need to be retrained on different aircraft given the retirements and then also potential furloughs and just kind of rejiggering of what they're going to be flying and what the cost might be of that?

您是否知道有多少飛行員需要在不同的飛機上進行退役再培訓，然後還有可能的休假以及對他們將要飛行的飛行進行某種重新調整以及可能的成本是多少？

Leslie, it's really premature. The pilot retirement plan still has almost a week yet to run, so we'll be in a better position to assess that over the next month. And we're continuing to work with ALPA to identify ways to mitigate the need to displace pilots and furlough.

萊斯利，這真的為時過早。試點退休計劃還有將近一周的時間要運行，所以我們將在下個月更好地評估它。我們將繼續與 ALPA 合作，以確定減輕取代飛行員和休假的需要的方法。

Your final question comes from David Slotnick of Business Insider.

你的最後一個問題來自 Business Insider 的 David Slotnick。

I'm wondering about blocking the middle seat. Have you gotten a sense from passengers or from surveys or anything that people are willing to pay a higher fare to fly a less full airplane?

我想知道要不要擋住中間的座位。您是否從乘客或調查或其他任何方面了解到人們願意支付更高的票價來乘坐不太滿載的飛機？

We have received a lot of customer feedback. And in fact, I would say, when we survey customers today about the reasons you're purchasing a ticket on Delta, the space on board the plane, the blocked middle seats has gone to the #1 reason why customers are choosing Delta. They really -- they see it consistent with our brand. Everyone appreciates it's not going to last forever. But in the face of a health crisis, that space on board really matters, and customers are telling that. And we're seeing it in our Net Promoter Scores, which have gone up considerably on a year-over-year basis, up 20 points in the month of June over last June, which last June was already a good number. And we hear it from our corporates. We hear it anecdotally from many of our travelers.

我們收到了很多客戶反饋。事實上，我想說的是，當我們今天調查客戶購買達美航空機票的原因時，飛機上的空間、擁擠的中間座位已經成為客戶選擇達美航空的第一大原因。他們真的 - 他們認為它與我們的品牌一致。每個人都明白它不會永遠持續下去。但面對健康危機，船上的空間真的很重要，客戶也這麼說。我們在我們的淨推薦值中看到了這一點，它與去年同期相比大幅上升，6 月份比去年 6 月份增加了 20 個百分點，去年 6 月份已經是一個不錯的數字。我們從我們的公司那裡聽到了。我們從許多旅行者那裡聽說過這件事。

And are you looking at charging more of a premium or raising your fares or anything? Or is this more like a brand and marketing investment for later once things stabilize?

您是否正在考慮收取更多費用或提高票價或其他什麼？還是這更像是一種品牌和營銷投資，以備事態穩定後使用？

It's not a brand or marketing investment. And no, we're not raising our fares to block the middle seat. This is, to us, a really important safety feature, and it's a health crisis that we're in, in our country. By being the most disciplined in terms of the amount of supply and capacity that we're offering, that's benefiting our pricing and yield, of course, and that's helping us have a better price on board the overall cabin. So indirectly, that is coming through in price. But this is not -- that's not the objective. The objective here is to make certain that we're restoring consumer confidence in air travel and being true to our brand promises.

這不是品牌或營銷投資。不，我們不會提高票價來阻止中間座位。對我們來說，這是一個非常重要的安全功能，也是我們國家面臨的健康危機。通過在我們提供的供應量和容量方面保持最嚴格的紀律，這當然有利於我們的定價和收益，並且這有助於我們在整個機艙內獲得更好的價格。所以間接地，這是通過價格來實現的。但這不是——那不是目標。此處的目標是確保我們正在恢復消費者對航空旅行的信心並忠實於我們的品牌承諾。

That will complete the June quarter earnings call. Thank you to everyone for your time and your questions today. Have a great day.

這將完成 6 月季度的財報電話會議。感謝大家今天的時間和問題。祝你有美好的一天。

Again, that concludes today's conference. Thank you for your participation today.

同樣，今天的會議到此結束。感謝您今天的參與。