達美航空 (DAL) 2022 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines June Quarter 2022 Financial Results Conference Call. My name is Cody, and I'll be your coordinator. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations. Please go ahead.

大家早上好，歡迎參加達美航空 2022 年 6 月季度財務業績電話會議。我的名字是科迪，我將成為你的協調員。 （操作員說明）作為提醒，今天的通話正在錄音中。我現在想將會議轉交給投資者關係副總裁 Julie Stewart。請繼續。

Thank you, Cody, and good morning, everyone. Thanks for joining us for our June quarter 2022 earnings call. Joining us today from Atlanta, our CEO, Ed Bastian; our President, Glen Hauenstein; our CFO, Dan Janki. Ed will open the call with an overview of Delta's performance and strategy. Glen will provide an update on the revenue environment, and Dan will discuss costs in our balance sheet.

謝謝科迪，大家早上好。感謝您加入我們的 2022 年 6 月季度財報電話會議。今天，我們的首席執行官 Ed Bastian 從亞特蘭大加入我們；我們的總裁格倫·豪恩斯坦；我們的首席財務官 Dan Janki。 Ed 將在電話會議開始時概述 Delta 的業績和戰略。 Glen 將提供有關收入環境的最新信息，Dan 將在我們的資產負債表中討論成本。

After the prepared remarks, we'll take analyst questions. (Operator Instructions) 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.

在準備好的評論之後，我們將回答分析師的問題。 （操作員說明）今天的討論包含代表我們對未來事件的信念或期望的前瞻性陳述。所有前瞻性陳述都涉及可能導致實際結果與前瞻性陳述產生重大差異的風險和不確定性。 Delta 向美國證券交易委員會提交的文件中描述了一些可能導致此類差異的因素。

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

我們還將討論非 GAAP 財務指標，除非另有說明，否則所有結果均不包括特殊項目。您可以在 ir.delta.com 的投資者關係頁面上找到我們的非公認會計原則措施的對賬。有了這個，我會把電話轉給 Ed。

Well, thank you, Julie, and good morning. We appreciate everyone joining us today. In a challenging operating environment for the entire industry, I want to thank our customers for their patience and understanding as we restore the reliability that you've come to expect from Delta. I'll speak more to the operation in a moment, but the good news is that we're making great progress to deliver the best-in-class experience that our customers deserve, and I'm pleased with our July performance to date.

好吧，謝謝你，朱莉，早上好。我們感謝今天加入我們的每一個人。在整個行業充滿挑戰的運營環境中，我要感謝我們的客戶在我們恢復您對 Delta 所期望的可靠性時的耐心和理解。稍後我將詳細介紹該操作，但好消息是，我們在提供客戶應得的一流體驗方面取得了巨大進展，我對我們 7 月份迄今為止的表現感到滿意。

This morning, we reported June quarter earnings per share of $1.44 with $1.4 billion of operating income and a 12% margin on revenues that were close to 2019 levels. Results improved throughout the quarter with revenue in the month of June 4% ahead of the June 2019 number, with a June month operating margin of 16.5%. So it was only 3.5 points lower than June of 2019 despite a near doubling in fuel prices and our schedule only 82% restored.

今天上午，我們報告了 6 月季度每股收益 1.44 美元，營業收入 14 億美元，收入利潤率接近 2019 年水平，為 12%。整個季度的業績有所改善，6 月份的收入比 2019 年 6 月的數字高 4%，6 月份的營業利潤率為 16.5%。因此，儘管燃料價格幾乎翻了一番，而且我們的時間表僅恢復了 82%，但它僅比 2019 年 6 月低 3.5 個百分點。

We generated $1.6 billion in free cash flow in the quarter, which brings us close to $2 billion year-to-date, reflecting the robust demand environment and enabling further delevering as we work to regain an investment-grade balance sheet. June quarter performance represents an important financial inflection and resulted in a profit sharing accrual for our employees. These results are a validation of the dedication of our people who have done an amazing job under the most difficult of circumstances imaginable over the past 2.5 years.

我們在本季度產生了 16 億美元的自由現金流，使我們年初至今接近 20 億美元，這反映了強勁的需求環境，並在我們努力恢復投資級資產負債表的過程中進一步去槓桿化。六月季度的業績代表了一個重要的財務轉折點，並為我們的員工帶來了利潤分享。這些結果驗證了我們員工的奉獻精神，他們在過去 2.5 年中可以想像的最困難的情況下完成了出色的工作。

We're happy to have been able to reward eligible employees with a 4% raise on May 1, and we're looking forward to Delta people celebrating well-deserved and meaningful profit-sharing payouts for years to come with our return to profitability.

我們很高興能夠在 5 月 1 日以 4% 的加薪獎勵符合條件的員工，我們期待達美員工在未來幾年慶祝當之無愧和有意義的利潤分享支出，同時我們恢復盈利。

Rebuilding Delta's operation during an unprecedented surge in customer demand has been a remarkable feat, and I'm grateful to our people for everything they do on a daily basis. While the demand and revenue landscape is the best we've seen, the operational environment for the entire industry remains uniquely challenged. I'd like to sincerely apologize to those who have been impacted by cancellations, delays and long wait times over the last 2 months.

在客戶需求空前激增的情況下重建達美航空的運營是一項了不起的壯舉，我感謝我們的員工每天所做的一切。雖然需求和收入環境是我們所見過的最好的，但整個行業的運營環境仍然面臨著獨特的挑戰。我想向在過去 2 個月中因取消、延誤和漫長等待時間而受到影響的人表示誠摯的歉意。

This quarter's operational performance has not been up to our industry-leading standards, and restoring operational excellence is our top priority. Steps we've taken include the strategic direction to hold capacity at the June month level for the remainder of this year as well as additional investments to restore operational integrity, including earlier boarding procedures and operational buffers. We are pleased with the progress and July is off to a very good start with a 99.2% completion factor through the first 11 days of the month, which is exactly on par with the same holiday period in 2019.

本季度的運營業績沒有達到我們行業領先的標準，恢復卓越運營是我們的首要任務。我們已採取的步驟包括在今年剩餘時間內將運力保持在 6 月份水平的戰略方向，以及恢復運營完整性的額外投資，包括更早的登機程序和運營緩衝。我們對進展感到滿意，7 月份開局良好，前 11 天完成率為 99.2%，與 2019 年的同一假期完全一致。

In fact, over the last 7 days of this period, we've had only 25 cancellations worldwide on over 30,000 departures. Over this period, 84% of our flights have arrived on time, as measured within 14 minutes of scheduled arrival. Since the start of 2021, we've hired 18,000 new employees and our active headcount is at 95% of 2019 levels, despite only restoring less than 85% of our capacity.

事實上，在此期間的最後 7 天裡，我們在全球範圍內僅取消了 25 次，取消了 30,000 多趟航班。在此期間，我們 84% 的航班準時到達，在預定到達的 14 分鐘內測算。自 2021 年初以來，我們已經僱用了 18,000 名新員工，我們的活躍員工人數是 2019 年水平的 95%，儘管我們僅恢復了不到 85% 的產能。

The chief issue we're working through is not hiring but a training and experience bubble. Coupling this with the lingering effects of COVID and we've seen a reduction in crew availability and higher overtime. By ensuring capacity does not outstrip our resources and working through our training pipeline, we'll continue to further improve our operational integrity. While our actions delayed the improvement we expect in nonfuel cost, we know the best path to driving a competitive cost structure is running a high-quality operation.

我們正在解決的主要問題不是招聘，而是培訓和體驗泡沫。再加上 COVID 的揮之不去的影響，我們已經看到船員可用性的減少和加班時間的增加。通過確保能力不會超出我們的資源並通過我們的培訓渠道，我們將繼續進一步提高我們的運營完整性。雖然我們的行動推遲了我們對非燃料成本的預期改善，但我們知道推動具有競爭力的成本結構的最佳途徑是開展高質量的運營。

And the most important point I'd leave with you is that the issues we're facing are temporary. We are already seeing significant improvement and operating in line with our record-setting performance levels of July of 2019.

我要告訴你的最重要的一點是，我們面臨的問題是暫時的。我們已經看到了顯著的改善，並按照我們 2019 年 7 月創紀錄的業績水平運營。

Turning to the revenue environment. Strong demand and pricing trends are continuing into the September quarter. We expect revenue to be up 1% to 5% versus 2019 with an 11% to 13% operating margin. Consumer demand continues to maintain strength as we look to the fall, and we're seeing steady progress in the return of business and international travel.

轉向收入環境。強勁的需求和定價趨勢將持續到 9 月季度。我們預計收入將比 2019 年增長 1% 至 5%，營業利潤率為 11% 至 13%。展望秋季，消費者需求繼續保持強勁，我們看到商務和國際旅行的回歸穩步推進。

Like all consumer businesses, we're closely monitoring consumer behavior and have yet to see any meaningful pullback in demand. However, if demand were to weaken, I'm confident we have the tools and resources to remain profitable through the cycle. The last time an economic recession hit our business was in 2009 and absent fuel hedge losses at that time, which we no longer utilize, Delta was profitable that year. Comparing then to now, Delta's business has structurally evolved in significant ways over the last decade, building a trusted and premium consumer brand with proven competitive advantages within a much improved industry.

與所有消費者業務一樣，我們正在密切關註消費者行為，尚未看到任何有意義的需求回落。但是，如果需求減弱，我相信我們擁有在整個週期內保持盈利的工具和資源。上一次經濟衰退襲擊我們的業務是在 2009 年，當時沒有燃料對沖損失，我們不再使用，但那一年達美實現了盈利。與現在相比，達美航空的業務在過去十年中發生了顯著的結構性發展，在一個大大改善的行業中建立了一個具有公認競爭優勢的值得信賴的優質消費品牌。

Our revenues are far more diversified with much larger contributions from our premium product offerings and high-margin loyalty business as well as our growing MRO and cargo businesses. And our balance sheet and access to capital are much stronger as proven during the pandemic. We've recently made major customer enhancements that will strengthen our brand for years to come, including recent openings this quarter of world-class airport facilities at LAX and New York's LaGuardia Airport, 2 largest markets for travel in the country as well as new Delta Sky Clubs in key markets.

我們的收入更加多元化，我們的優質產品和高利潤忠誠度業務以及我們不斷增長的 MRO 和貨運業務的貢獻更大。正如大流行期間所證明的那樣，我們的資產負債表和獲得資本的機會要強大得多。我們最近對客戶進行了重大改進，這將在未來幾年加強我們的品牌，包括最近在洛杉磯國際機場和紐約拉瓜迪亞機場開設的世界級機場設施，該國的兩個最大的旅遊市場以及新的達美航空主要市場的天空俱樂部。

We spent over a decade building our reputation as the most reliable airline globally, but we're not only determined to deliver that same standard of excellence but are investing to bring it to an even higher level. In the face of the pandemic, financially, we've been profitable over the last 12 months, with margins this summer beginning to approach 2019 levels despite meaningfully lower capacity and a doubling in fuel prices. In my opinion, a pretty remarkable turn in performance.

我們花費了十多年的時間來建立我們作為全球最可靠航空公司的聲譽，但我們不僅決心提供同樣的卓越標準，而且正在投資以將其提升到更高的水平。面對大流行，在過去 12 個月中，我們在財務上一直在盈利，儘管運力明顯下降且燃料價格翻了一番，但今年夏天的利潤率開始接近 2019 年的水平。在我看來，性能上的一個非常顯著的轉變。

With our results in the first half of the year, we remain confident in our 2024 targets for earnings per share of over $7, more than $4 billion in free cash flow and a return to investment-grade metrics. Now I'll turn it over to Glen to talk about the revenue environment.

憑藉我們上半年的業績，我們對 2024 年每股收益超過 7 美元、自由現金流超過 40 億美元和投資級指標的回報充滿信心。現在我將把它交給格倫來談談收入環境。

Thank you, Ed, and good morning, everyone. I want to start by thanking every one of our employees for their professionalism and the care they deliver to our customers every day. We are pleased with the return of demand across all categories and regions. Momentum accelerated through the June quarter, enabling the recapture of higher fuel prices. Looking forward, we are seeing demand and pricing strength carry into the late summer and fall as demand remains strong.

謝謝你，Ed，大家早上好。首先，我要感謝我們每一位員工的專業精神和他們每天為客戶提供的關懷。我們對所有類別和地區的需求恢復感到高興。勢頭在 6 月季度加速，使燃油價格回升。展望未來，隨著需求依然強勁，我們看到需求和定價的強勢持續到夏末和秋季。

The success of our customer-focused strategy and strength of the Delta brand is evident in strong June quarter results across our diverse revenue streams, including premium product outperformance and a record quarter for both Amex remuneration and cargo. We generated $12.3 billion of revenue in the June quarter and achieved a total unit revenue that was 20.5% higher than 2Q of 2019. Revenue compared to 2019 progressed from down 15% in the month of March to up 4% in the month of June, resulting in quarterly revenues that were 1% below 2019 levels.

我們以客戶為中心的戰略的成功和達美品牌的實力在我們各種收入來源的強勁 6 月季度業績中顯而易見，包括優質產品的出色表現和美國運通公司薪酬和貨運的創紀錄季度。我們在 6 月季度創造了 123 億美元的收入，總單位收入比 2019 年第二季度高 20.5%。與 2019 年相比，收入從 3 月份的下降 15% 上升到 6 月份的 4%，導致季度收入比 2019 年水平低 1%。

We've seen broad-based demand and yield momentum with each region generating positive unit revenue growth. Premium product revenue continues to outperform and is at 10 point higher than 2019 domestically outpacing the growth in Main Cabin. Domestic consumer revenue remains healthy and is ahead of 2019 levels. International consumer revenue showed significant improvement during the quarter as travel restrictions eased and many countries removed testing requirements, including the United States. Latin America and Transatlantic exceeded 2019 levels in June, and the Pacific is accelerating as Korea and Australia have reopened and restrictions are easing in Japan.

我們已經看到了廣泛的需求和收益勢頭，每個地區都產生了正的單位收入增長。高端產品收入繼續跑贏大市，比 2019 年國內高出 10 個百分點，超過主艙的增長。國內消費收入保持健康，領先於 2019 年的水平。隨著旅行限制的放寬以及包括美國在內的許多國家/地區取消了測試要求，國際消費者收入在本季度出現了顯著改善。拉丁美洲和跨大西洋在 6 月超過了 2019 年的水平，隨著韓國和澳大利亞重新開放以及日本的限制放鬆，太平洋地區正在加速發展。

Business travel continues to improve. During the June quarter, domestic corporate sales were 80% of 2019 levels on a 65% recovery in volume. International corporate sales improved 30 points during the quarter to 65% of 2019 levels, led by the Transatlantic where the recovery is now on par with domestic. Our recent corporate survey results show positive corporate expectations for business travel in 3Q, with several of the least recovered sectors conveying strong optimism for increased travel this fall. As the recovery progresses in these sectors, we expect an outsized impact on our coastal hubs. Our corporate customers expressed increased plans to travel internationally in the second half of the year, given the elimination of the pre-departure test requirement for flights returning to the United States.

商務旅行繼續改善。在 6 月季度，國內企業銷售額為 2019 年水平的 80%，銷量回升 65%。國際企業銷售額在本季度增長了 30 個百分點，達到 2019 年水平的 65%，其中跨大西洋地區的銷售額目前與國內水平相當。我們最近的企業調查結果顯示企業對第三季度商務旅行的積極預期，其中幾個複蘇最慢的行業對今年秋季旅行增加表示強烈樂觀。隨著這些行業的複蘇進程，我們預計會對我們的沿海樞紐產生巨大影響。由於取消了返回美國的航班的出發前測試要求，我們的企業客戶表示在下半年增加了國際旅行的計劃。

Similar optimism was reflected in Morgan Stanley's recent Global Corporate Travel Survey, where respondents indicated travel volumes would reach 84% of 2019 levels in the second half of 2022. This is 20 points above the June quarter volumes and over 90% by 2023. As the leading carrier for business travel with a best-in-class product in the air and on the ground, we will benefit disproportionately as the business community continues to reconnect in person.

摩根士丹利最近的全球企業旅行調查也反映了類似的樂觀情緒，其中受訪者表示，到 2022 年下半年，旅行量將達到 2019 年水平的 84%。這比 6 月季度的數量高出 20 個百分點，到 2023 年將超過 90%。領先的商務旅行承運商，在空中和地面提供一流的產品，隨著商界繼續親自重新聯繫，我們將受益匪淺。

For the September quarter, we expect revenue versus 2019 to be up 1% to 5% on capacity that is 15% to 17% lower, with total unit revenues versus 2019 improving sequentially. For the full year, we expect capacity to be 15% lower than 2019. This is a 5% reduction from our initial guidance. As we move to the back half of the year, we expect stronger corporate and international trends to offset seasonally lower customer demand.

對於 9 月季度，我們預計收入與 2019 年相比將增長 1% 至 5%，而產能下降 15% 至 17%，總單位收入與 2019 年相比將連續改善。全年，我們預計產能將比 2019 年下降 15%。這比我們最初的指導減少了 5%。隨著我們進入下半年，我們預計更強勁的企業和國際趨勢將抵消季節性下降的客戶需求。

With a strong brand and diversified revenue base, Delta is positioned to consistently deliver a revenue and profitability premium to the industry. We expect more than 60% of revenue will come from premium products and non-ticket revenue sources by 2024. Premium continues to lead with load factors and yields higher than 2019. And as we increase the mix of premium seats in our fleet, improve the display and sales channels and see progression in the recovery of business, premium will continue to grow.

憑藉強大的品牌和多元化的收入基礎，達美有能力持續為行業提供收入和盈利能力溢價。我們預計，到 2024 年，超過 60% 的收入將來自高端產品和非機票收入來源。高端產品的載客率和收益率繼續領先於 2019 年。隨著我們增加機隊中的高端座位組合，改善展示和銷售渠道業務的複蘇進展，溢價將繼續增長。

A structural shift to premium is key to managing through inflation and economic cycles. Historically, more price-sensitive products like Basic Economy, which is currently less than 10% of our sold fares, have struggled to keep up with inflation, while high-value premium offerings performed much better and have proven to be much more resilient through the pandemic.

向保費的結構性轉變是管理通脹和經濟周期的關鍵。從歷史上看，基礎經濟艙（Basic Economy）等對價格更為敏感的產品（目前僅占我們已售票價的 10%）一直難以跟上通貨膨脹的步伐，而高價值優質產品的表現要好得多，並且通過大流行。

Loyalty to the Delta brand is growing at record levels. We acquired another record number of new SkyMiles members in the quarter and achieved record spend and acquisitions on our Amex co-brand card. More than 1 in 4 new cards acquired were Platinum and Reserve cards. Our premium tier is providing another proof point on the growing demand for premium products and brands.

對 Delta 品牌的忠誠度正以創紀錄的水平增長。我們在本季度新增了創紀錄數量的“飛凡里程常客計劃”會員，並在我們的美國運通聯名卡上實現了創紀錄的消費和收購。超過四分之一的新卡是白金卡和儲備卡。我們的高端產品為高端產品和品牌不斷增長的需求提供了另一個證據。

Amex remuneration of $1.4 billion was 35% higher than the June 2019 quarter. And to put this in context, that is more than the remuneration for the full year in 2009. We're on track to receive over $5 billion in remuneration this year from American Express, and we remain confident in our 2024 target of $7 billion.

美國運通的薪酬為 14 億美元，比 2019 年 6 月季度高出 35%。綜合來看，這超過了 2009 年全年的薪酬。我們今年有望從美國運通獲得超過 50 億美元的薪酬，我們對 2024 年 70 億美元的目標仍然充滿信心。

The decommoditization of our business, combined with diversifying revenue through the growth of loyalty, MRO and Cargo have improved our financial resiliency and cash generation. We entered the second half of the year ahead of many of our commercial goals set at the Capital Markets Day. And we're excited about the opportunities to elevate our performance by extending our advantages and leveraging the Delta platform.

我們業務的非商品化，加上通過忠誠度、MRO 和貨運的增長實現收入多元化，提高了我們的財務彈性和現金生成能力。我們在資本市場日設定的許多商業目標之前進入了下半年。我們很高興有機會通過擴展我們的優勢和利用 Delta 平台來提升我們的業績。

Delta has been the most disciplined in restoring capacity and will remain nimble depending on the environment while staying true to our core competitive advantages.

Delta 在恢復產能方面一直是最自律的，並將根據環境保持靈活，同時保持我們的核心競爭優勢。

With that, I'll turn it over to Dan to talk about the financials.

有了這個，我會把它交給丹來談談財務。

Thank you, Glen, and good morning to everyone. For the June quarter, we delivered earnings per share of $1.44, operating income of $1.4 billion and $1.6 billion of free cash flow. Our nonfuel unit cost was 21.8% higher than 2019, largely because our network is 18% smaller. Our operating margin was 11.7%. It came in below our most recent guidance as operational disruptions impacted both revenue and fuel prices moved higher.

謝謝你，格倫，大家早上好。在 6 月季度，我們實現了 1.44 美元的每股收益、14 億美元的營業收入和 16 億美元的自由現金流。我們的非燃料單位成本比 2019 年高 21.8%，主要是因為我們的網絡規模縮小了 18%。我們的營業利潤率為 11.7%。由於運營中斷影響收入和燃料價格走高，它低於我們最近的指導。

Operating cash flow of $2.5 billion was driven by solid profitability and a sequential build in the advanced ticket sales. Quarterly gross CapEx spend was $864 million. With nearly $2 billion of free cash flow in the first half of the year, we repaid $2.4 billion of gross debt, ending June with $13.6 billion of liquidity and $19.6 billion in adjusted net debt. Our first half financial performance puts us ahead of our initial expectations at the start of the year, supporting our outlook for meaningful profitability in 2022.

25 億美元的經營現金流是由穩健的盈利能力和提前售票的連續增長推動的。季度總資本支出為 8.64 億美元。憑藉今年上半年近 20 億美元的自由現金流，我們償還了 24 億美元的總債務，截至 6 月末，流動資金為 136 億美元，調整後的淨債務為 196 億美元。我們上半年的財務表現使我們超出了年初的最初預期，支持了我們在 2022 年實現可觀盈利的前景。

The exception to this outperformance is our nonfuel unit cost. At Capital Markets Day in December, we laid out a progression to return our nonfuel unit cost structure to within a few points of 2019 by 2024. The actions that Ed spoke about have changed the pace of our unit cost progression but not the destination. The primary drivers are slower capacity restoration and additional investments that deliver the operational excellence. The biggest impact is in the third quarter, where we expect nonfuel CASM to be up approximately 22% versus 2019 on capacity that is 15% to 17% below 2019.

這種優異表現的例外是我們的非燃料單位成本。在 12 月的資本市場日，我們制定了到 2024 年將我們的非燃料單位成本結構恢復到 2019 年的幾個點的進展。埃德談到的行動改變了我們單位成本進展的步伐，但沒有改變目的地。主要驅動因素是產能恢復速度較慢和提供卓越運營的額外投資。最大的影響發生在第三季度，我們預計非燃料 CASM 將比 2019 年增長約 22%，而產能比 2019 年下降 15% 至 17%。

For the full year, we now expect nonfuel unit costs to be approximately 8 points higher than we initially guided. The level of capacity restoration accounts for the majority of this increase, as we are largely carrying the full cost of the airline with only 85% of our flying restored. As a result, we are not fully utilizing our assets. For example, third quarter aircraft utilization is about 10% lower than 2019. And while we have over 95% of the employees needed to fully restore capacity, we have thousands in some phase of hiring and training process.

對於全年，我們現在預計非燃料單位成本將比我們最初的指導高出約 8 個百分點。運力恢復水平佔這一增長的大部分，因為我們在很大程度上承擔了航空公司的全部成本，只有 85% 的航班恢復了。結果，我們沒有充分利用我們的資產。例如，第三季度的飛機利用率比 2019 年低 10% 左右。雖然我們有超過 95% 的員工需要完全恢復運力，但我們在招聘和培訓過程的某個階段有數千人。

The remainder of the increase is driven by investments to support the operation, along with smaller items like higher maintenance and inflation.

其餘的增長是由支持運營的投資以及更高的維護和通貨膨脹等較小的項目推動的。

Actions related to reliability include added operational buffers and overtime. Premium pay and overtime is expected to total over $700 million this year. This is 50% higher than 2019. While we're delaying our unit cost recovery, it is pace-dependent and within our control. We remain confident in our ability to meaningfully improve our unit cost as we rebuild capacity, improve efficiency and run our operations in line with the Delta high standard.

與可靠性相關的措施包括增加運營緩沖和加班。今年的保費和加班費總額預計將超過 7 億美元。這比 2019 年高出 50%。雖然我們推遲了單位成本回收，但它取決於速度並且在我們的控制範圍內。在我們重建產能、提高效率並按照達美高標準運營業務時，我們仍然有能力顯著改善單位成本。

Now moving to fuel. Second quarter fuel expense increased nearly 60% sequentially on higher prices and volume, with an adjusted fuel price per gallon of $3.82. The refinery continues to provide a hedge to historically high cracks, accounting contributing $269 million of operating income during the quarter. This resulted in a $0.31 benefit to our adjusted fuel price per gallon. For the September quarter, we expect the adjusted fuel per gallon between $3.45 to $3.60. Including a $0.27 per gallon contribution from the refinery based on the forward curves as of last Friday, we expect fuel efficiency to be about 5% better than 2019. Based on our September quarter outlook for revenue and costs, we expect operating margins to be between 11% and 13%.

現在轉向燃料。由於價格和數量的增加，第二季度的燃料費用環比增長了近 60%，調整後的每加侖燃料價格為 3.82 美元。該煉油廠繼續為歷史高位裂縫提供對沖，在本季度貢獻了 2.69 億美元的營業收入。這為我們調整後的每加侖燃油價格帶來了 0.31 美元的收益。對於 9 月季度，我們預計調整後的每加侖燃油在 3.45 美元至 3.60 美元之間。根據截至上週五的遠期曲線，包括煉油廠每加侖 0.27 美元的貢獻，我們預計燃油效率將比 2019 年提高約 5%。根據我們 9 月季度的收入和成本展望，我們預計營業利潤率將介於11% 和 13%。

Gross CapEx is expected to be approximately $1.8 billion as we take more aircraft deliveries. We've seen some delays in deliveries and it's possible this trend continues. Debt reduction remains a key priority. We expect to end third quarter with adjusted net debt of approximately $20 billion. Our goal is to reduce net debt by $5 billion through 2024, bringing us back to investment-grade metrics. We remain confident in our ability to make this goal, unlocking significant equity value for our shareholders.

隨著我們交付更多飛機，總資本支出預計約為 18 億美元。我們已經看到一些交貨延遲，而且這種趨勢可能會持續下去。減債仍是重中之重。我們預計第三季度末調整後的淨債務約為 200 億美元。我們的目標是到 2024 年將淨債務減少 50 億美元，使我們回到投資級指標。我們仍然對實現這一目標的能力充滿信心，為我們的股東釋放可觀的股權價值。

In closing, we have made meaningful progress in restoring our financial foundations. With this progress, our opportunities ahead and the resilient demand for air travel, we remain confident in our 2024 financial targets. In closing, I'd like to thank the Delta people for their hard work, the service they provide our customers day in and day out. Our people will always be the Delta difference.

最後，我們在恢復財務基礎方面取得了有意義的進展。憑藉這一進展、我們的機遇和對航空旅行的彈性需求，我們對 2024 年的財務目標仍然充滿信心。最後，我要感謝達美人的辛勤工作，感謝他們日復一日地為我們的客戶提供的服務。我們的人永遠是Delta的不同之處。

With that, I'll turn it back over to Julie for questions.

有了這個，我會把它交給朱莉提問。

Cody, can you please remind the analysts how to queue up for a question and start the Q&A?

Cody，請您提醒分析師如何排隊提問並開始問答？

(Operator Instructions) And we'll take our first question from Jamie Baker with JPMorgan.

（操作員說明）我們將向摩根大通的 Jamie Baker 提出第一個問題。

So Dan, building on the prepared remarks, what needs to happen in order to achieve the 2023 capacity plan? Being flat with 2019, you're running well below right now, which you could see training bottlenecks presumably ease at some point, but the pilot shortage seems more acute than at Capital Markets Day. Regional is cutting back. You mentioned delivery delays. Maybe there's a utilization issue that I'm not modeling for. I'm just trying to assess the feasibility of getting back to 2019 capacity next year and given the implication that, that would have on ex fuel CASM.

那麼，丹，在準備好的評論的基礎上，為了實現 2023 年產能計劃需要做什麼？與 2019 年持平，您現在的表現遠低於此水平，您可能會看到培訓瓶頸可能在某個時候得到緩解，但飛行員短缺似乎比資本市場日更為嚴重。區域正在削減。你提到了交貨延遲。也許有一個我沒有建模的利用率問題。我只是想評估明年恢復到 2019 年產能的可行性，並考慮到這將對前燃料 CASM 產生的影響。

Yes, certainly, and we can talk about the feasibility of getting back in and really the progression of nonfuel CASM. Maybe I'd start with the framework when you think about the total year with the 8 points. We had originally guided 7 to 10, pick 9 points as the starting point, you add the 8, that's 17. And when you think about that, we did that on capacity that was 85% restored. You assume you step up to that 100%, that's 15 points of capacity restoration. That drives 12-point improvement in that as you get that utilization of your resources and your capability.

是的，當然，我們可以討論重新參與的可行性以及非燃料 CASM 的真正進展。當您考慮 8 分的總年份時，也許我會從框架開始。我們最初指導的是 7 到 10，選擇 9 個點作為起點，你加上 8，即 17。當你想到這一點時，我們是在恢復 85% 的容量上這樣做的。您假設您達到了 100%，即 15 個容量恢復點。當您充分利用資源和能力時，這將推動 12 點的改進。

Now as I talked about in the prepared remarks, not about the hiring, as Ed talked about, it's really, we have 95% of the people will be substantially complete with that hiring and training as we move through the second half by year-end, so we'll be well positioned for that 100%. Additionally, there's 2 points in there of rebuild that we're incurring to do that, to bring those employees on, to hire them, to train them. And as I talked about, we're running overtime and premium 50% higher than 2019, and that was a level that was already elevated. So you take that out, that's another 2 points.

現在，正如我在準備好的評論中談到的那樣，而不是像 Ed 所說的那樣招聘，真的，我們有 95% 的人將在年底前完成下半年的招聘和培訓，所以我們會為這 100% 做好準備。此外，我們在重建過程中有 2 點要做，即讓這些員工上崗、僱用他們、培訓他們。正如我所說，我們的加班費和溢價比 2019 年高出 50%，而這個水平已經提高了。所以你把它拿出來，那是另外2分。

So that's a 14-point improvement by just better leveraging your infrastructure utilization and the sunsetting of that rebuild off that 17. And that, along with -- we're certainly going to continue to invest back in the airline. We laid out at Capital Markets Day around the airports and that capability, continue to have that marker in there as it relates to escalation around our workforce and the components around that and managing our supplier inflation, that really puts you in that single-digit level for 2023 on a run rate basis. So it really comes back to we're building it to be fully restored. We'll have those assets on. It's really then dependent on bringing that capacity online.

因此，通過更好地利用您的基礎設施利用率和取消 17 點的重建，這是一個 14 點的改進。此外，我們肯定會繼續對航空公司進行投資。我們在資本市場日圍繞機場和該能力進行了佈局，繼續在其中保留該標記，因為它與我們的員工隊伍及其周圍的組件的升級以及管理我們的供應商通脹有關，這確實使您處於個位數的水平2023 年按運行率計算。所以它真的回到了我們正在建造它以完全恢復。我們將擁有這些資產。這實際上取決於將這種能力帶到網上。

And that's fully restored on a full year basis or fully restored by the fourth quarter of 2023?

這是全年完全恢復還是到 2023 年第四季度完全恢復？

Jamie, this is Ed. Let me jump in here for a moment. Good questions. I thought Dan did a good job laying out the -- this is entirely within our control, if there's an underlying sentiment that we've kind of lost something in the operating prowess, I don't see that at all. It's not a full year number of '23 in terms of capacity. We're going to pace it to demand.

傑米，這是埃德。讓我在這裡跳一會兒。好問題。我認為丹做得很好 - 這完全在我們的控制範圍內，如果有一種潛在的情緒是我們在運營能力上失去了一些東西，我根本看不到這一點。就容量而言，這不是 23 年的全年數字。我們將根據需求調整它的速度。

I think, in my opinion, by summer of '23 would be our target to get back to 100%. I think we could do it maybe a little earlier or a little later, depending on what we see in the economy. What happens is that the last phases of the restoration of the industry comes together. But I think we have all the piece parts together. We just are very careful that we not incur any of the disruptive influences and elements that we saw during that 6-week period from mid-May to June. And we're going to stay within our capabilities. So I don't think there's anything that's outside of our control here.

我認為，在我看來，到 23 年夏天將是我們恢復 100% 的目標。我認為我們可以早一點或晚一點做，這取決於我們在經濟中看到的情況。發生的事情是該行業恢復的最後階段走到了一起。但我認為我們將所有部分放在一起。我們只是非常小心，不要招致我們在 5 月中旬到 6 月的 6 週期間看到的任何破壞性影響和因素。我們將保持在我們的能力範圍內。所以我認為這裡沒有任何事情超出我們的控制範圍。

Okay. And just a real quick follow-up for Glen. The strength in premium, any changes in how consumers are purchasing premium products? Is the percent sold at initial ticketing and the subsequent percent sold predeparture, is that staying the same? I'm just wondering if the inflationary backdrop is causing any changes in the buying patterns of premium. I realize the aggregate outcome remains very encouraging.

好的。對格倫來說，這只是一個真正的快速跟進。優質的力量，消費者購買優質產品的方式有何變化？最初售票的百分比和隨後的出發前售出的百分比是否保持不變？我只是想知道通脹背景是否會導致溢價購買模式發生任何變化。我意識到總體結果仍然非常令人鼓舞。

No. We had record load -- paid load factors in every one of our premium cabins during the quarter. We had record yields. The travel patterns are pretty sustainable in terms of most of it still being purchased at time of purchase. Actually, the encouraging factor is the continued momentum in corporates authorizing premium travel for their employees who are traveling frequently. So as we move into September, we expect that to continue as we get back into a more seasonal business travel market.

沒有。我們的載客量創歷史新高——本季度我們的每間高級客艙都支付了載客率。我們取得了創紀錄的收益。就購買時仍在購買的大部分旅行而言，旅行模式是相當可持續的。實際上，令人鼓舞的因素是企業為經常出差的員工授權高級旅行的持續勢頭。因此，隨著我們進入 9 月，我們預計隨著我們回到更具季節性的商務旅行市場，這種情況將繼續下去。

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

我們將向美國銀行的 Andrew Didora 提出下一個問題。

First question for Glen. So it seems like the June trend is continuing into 3Q here. But can you comment a little bit on what you're seeing into your September bookings and kind of how you view the pace of unit revenues throughout the quarter? I would think you're baking in a September that is probably lower than July and August. Am I right on that? And then any thoughts that you could provide around how you're thinking about the corporate and leisure recovery come the fall would be helpful as well.

格倫的第一個問題。因此，6 月份的趨勢似乎正在持續到第三季度。但是，您能否評論一下您對 9 月份的預訂情況以及您如何看待整個季度的單位收入步伐？我認為你在九月烘烤可能低於七月和八月。我是對的嗎？然後，您可以提供的任何關於您如何看待秋季到來的企業和休閒復甦的想法也會有所幫助。

Well, our thesis is really what I outlined in my comments that as we get towards the end of summer into the more traditional business travel season, that we're going to see an uptick in corporate travel. And that's been reinforced by a couple of surveys. The Delta survey, which really just closed last week, had some very encouraging statistics in that our customers are expecting that travel will pick up meaningfully as we get to the fall.

好吧，我們的論點確實是我在評論中概述的內容，即隨著夏末進入更傳統的商務旅行季節，我們將看到商務旅行的增長。一些調查進一步證實了這一點。上周剛剛結束的達美調查有一些非常令人鼓舞的統計數據，因為我們的客戶預計，隨著秋季的到來，旅行將顯著回升。

I think the other piece is the international and the rebound of international. That was delayed and came later than the rebound at domestic. And as we look out to September, we have some really very, very strong data points in terms of travel for international for September. As a matter of fact, September, what we have on the books today, which is about 60% of the total bookings for international, is at record levels much higher than what we experienced in June. So that piece, which we already have in our books is very, very strong, and then we're just anticipating that there's a shift from high, high demand leisure to a little bit better mix of corporate versus leisure demand in the fall.

我認為另一部分是國際化和國際化的反彈。這被推遲了，而且比國內的反彈來得晚。展望 9 月，我們在 9 月的國際旅行方面有一些非常非常強大的數據點。事實上，在 9 月份，我們今天的預訂量（約佔國際航班總預訂量的 60%）遠高於 6 月份的記錄水平。因此，我們已經在我們的書中擁有的那篇文章非常非常強大，然後我們只是期待在秋季從高需求休閒轉變為更好地混合企業與休閒需求。

Got it. Makes sense. And then look, obviously, everyone is trying to find the cracks out there in the in-services spend. Obviously, you have a big partner in Amex that has kind of a lot of data around this. How are you working with Amex to maybe identify potential areas of weakness in the consumer? What are they telling you about how consumers could behave in the back half of this year?

知道了。說得通。然後看，顯然，每個人都在試圖找出服務支出中的裂縫。顯然，你在美國運通有一個大合作夥伴，他有很多關於這方面的數據。您如何與美國運通合作，以找出消費者潛在的弱點？他們告訴你消費者在今年下半年的表現如何？

Amex is our closest and best partner and we talk to them constantly and they're not seeing any indications yet. And I think we're all looking for it. But as of now, I think we're enjoying the very, very robust demand that's not only in our spend -- airline spend but in our whole portfolio, Amex portfolio spend as well.

美國運通是我們最親密和最好的合作夥伴，我們經常與他們交談，他們還沒有看到任何跡象。我認為我們都在尋找它。但截至目前，我認為我們正在享受非常、非常強勁的需求，這不僅體現在我們的支出——航空公司支出中，還體現在我們的整個投資組合、美國運通投資組合支出中。

Andrew, this is Ed. Let me add to Glen's comments. I spoke to some of the media last night, this morning about this as well. There is such pent-up demand for our product. You've got to remember, people have not had access to our product for the better part of 2 years many -- particularly business and some higher end consumers.

安德魯，這是埃德。讓我補充一下格倫的評論。昨晚我和一些媒體談過這個問題，今天早上也談到了這個問題。對我們的產品有如此被壓抑的需求。你必須記住，人們已經有 2 年的大部分時間沒有使用我們的產品了——尤其是企業和一些高端消費者。

And we're not going to satisfy that quench, that thirst in a space of a busy summer period. So there's a lot in there that is yet to come. But that is our thesis, as Glen mentioned. And yes, the data supports what we're seeing today, but we also acknowledge that our crystal ball is only about 3 to 4 months right now and it doesn't go all the way as far as people would like us to think.

而且我們不會在繁忙的夏季期間滿足那種解渴，那種渴望。所以還有很多東西還沒有到來。但正如格倫所說，這是我們的論點。是的，數據支持我們今天所看到的，但我們也承認我們的水晶球現在只有大約 3 到 4 個月，它並沒有像人們希望我們想像的那樣發展。

But everything we see tells us that we've got to run -- the only fly in the ointment, in my opinion, is that we don't run a quality operation. I mean, that will keep people from the product. And that's why we are so focused on delivering a high-quality operation, which is exactly what our team is delivering and that we'll continue to deliver.

但是我們所看到的一切都告訴我們必須運行——在我看來，唯一的美中不足是我們沒有運行高質量的操作。我的意思是，這將使人們遠離產品。這就是為什麼我們如此專注於提供高質量的運營，這正是我們團隊正在提供的，我們將繼續提供。

And the second thing, and it's been talked about in the industry and we talked about it last Investor Day is not just the move from goods to service spend because our economy is a lot larger today than it was in 2019, regardless of whatever you think that GDP is, whether we're already into the technically mild recession or not at the present time. I think by most estimates, our economy is about 15% higher than what it was in 2019. And our industry is only about 90% to 95% restored. That's a pretty big cushion or delta or hedge, depending on your point of view in terms of where the demand strength will be supported.

第二件事，業內已經討論過了，我們在上個投資者日討論過，不僅僅是從商品支出轉向服務支出，因為我們今天的經濟比 2019 年要大得多，不管你怎麼想無論我們目前是否已經進入技術上的溫和衰退，GDP 都是如此。我認為根據大多數估計，我們的經濟比 2019 年高出約 15%。而我們的行業僅恢復了約 90% 至 95%。這是一個相當大的緩衝或增量或對沖，這取決於您對需求強度將在何處得到支持的觀點。

And for Delta, it's even lower because we're only about 85% restored. So when you put all those factors together, it gives us confidence that we're going to see continuing strength. We will see some seasonal shift, as Glen mentioned. But I don't think the season will be as pronounced as it's been in the past. And we expect, as long as we run a high-quality operation, which we are doing and we'll continue to do, we should be well positioned.

而對於 Delta 來說，它甚至更低，因為我們只恢復了大約 85%。所以當你把所有這些因素放在一起時，它讓我們相信我們會看到持續的力量。正如格倫所說，我們將看到一些季節性變化。但我不認為這個賽季會像過去那樣明顯。我們預計，只要我們進行高質量的運營，我們正在做並且我們將繼續這樣做，我們應該處於有利地位。

We'll take our next question from Scott Group with Wolfe Research.

我們將向 Scott Group 和 Wolfe Research 提出我們的下一個問題。

Dan, can you help us on the 22% CASM in third quarter going to around 10% in Q4? Can you help us sort of bridge to that? And then as I look out to the 2023 CASM guide you gave at Capital Markets Day, I understand the impact of we'll see how much capacity we can add back. But if I look this year, CASM is 8 points worse on 5 points less capacity, so there's, call it, 3 points of sort of underlying cost. Should we just take that 3 points and add that to 2023 or can some of that go away as well?

丹，您能否幫助我們將第三季度的 22% CASM 提高到第四季度的 10% 左右？你能幫我們搭橋嗎？然後，當我查看您在資本市場日提供的 2023 CASM 指南時，我了解我們將看到我們可以增加多少容量的影響。但如果我看一下今年，CASM 在容量減少 5 點的情況下差了 8 點，所以有，稱之為 3 點的潛在成本。我們應該把這 3 分加到 2023 年，還是其中一些也可以消失？

Yes, 2 pieces. Let me bridge it first to fourth quarter and the step down. We're going to come out, I talked about and run capacity at our June levels as we go -- progress through the back half of the year. As you do that and you run that consistently, you get relative restoration in the fourth quarter. So capacity was to be stepped up to be 94% restored, a 10-point step up from the midpoint of our range.

是的，2 件。讓我把它從第一節過渡到第四節，然後下台。我們要出來了，我談到了我們在 6 月份的水平運行產能——在今年下半年取得進展。當您這樣做並始終如一地運行時，您會在第四季度獲得相對恢復。因此，產能將提高到 94%，比我們範圍的中點高出 10 個百分點。

So when you do that, that's where you get that relative improvement as it relates to capacity and efficiency and utilization relative to 2019. That, along with a step-down in some of the rebuild expenses in the quarter, that gives you your -- over your 10-point improvement really gets you to that 10% level as we go into -- as we go and execute through fourth quarter. That was the first one.

因此，當您這樣做時，您會在相對於 2019 年的產能、效率和利用率方面獲得相對改善。再加上本季度一些重建費用的下降，您可以——當我們進入第四季度時，超過 10 分的改進確實會讓你達到 10% 的水平。那是第一個。

The second one, when you think about that, yes, there are -- we're building ahead. So some of that cost that you're seeing on those 3 points are costs that were occurring ahead related to it. Some of it is the additional point that I talked about in rebuild. We're incurring more overtime and more premium to run the airline this year. So you'd expect that one -- those costs to come out. So it's both making the investments in and those rebuild costs that will diminish that you'll see improvement in.

第二個，當您考慮到這一點時，是的，我們正在向前發展。因此，您在這 3 點上看到的一些成本是與它相關的提前發生的成本。其中一些是我在重建中談到的附加點。今年，我們為運營這家航空公司付出了更多的加班費和更多的溢價。所以你會期望那個——那些成本會出來。因此，投資和重建成本都會減少，你會看到改進。

One of those costs is we put cost in, in regards to our reporting practices and the changes associated with that. Yes, that's an increase, but that's going to be efficiencies for us throughout our network in regards to how we run and operate that throughout the system. And we did a lot of work -- the operating teams did a lot of work to test that. validate that, and we know we'll get those efficiencies as we go forward.

其中一項成本是我們在報告實踐和與之相關的變化方面投入了成本。是的，這是一個增長，但這將是我們整個網絡的效率，就我們如何在整個系統中運行和操作而言。我們做了很多工作——運營團隊做了很多工作來測試它。驗證這一點，我們知道我們將在前進的過程中獲得這些效率。

Okay. And then just second question, just more about the third quarter guide. So it sounds like June had revenue up 4% and margins of 16%, and I'm sure there was some impact from operational issues. It sounds like that's getting better and fuel is coming down. Just I'm trying to understand the 11% to 13% margin guidance for Q3 relative to that 16% in June. So any thoughts there would be great.

好的。然後是第二個問題，關於第三季度指南的更多信息。因此，聽起來 6 月份的收入增長了 4%，利潤率為 16%，我相信運營問題會產生一些影響。聽起來情況正在好轉，燃料正在下降。只是我想了解第三季度相對於 6 月份的 16% 的 11% 到 13% 的利潤率指導。所以任何想法都會很棒。

The -- you have the...

——你有...

Talking about the month of June.

說起六月。

For the month of June. As you think about -- let me -- July will be a lot like June and then you step down as you progress through. So the June, July, you get that momentum, but then you get the seasonality and the step-down that Glen talked about regarding top line as you progress through the rest of August and September.

對於六月。正如你所想的——讓我想想——七月會很像六月，然後你會隨著你的進步而下台。因此，在 6 月、7 月，您會獲得這種動力，但隨著您在 8 月和 9 月剩餘時間的進展，您會獲得 Glen 談到的關於頂線的季節性和降級。

And then the other element in there as you think about guide, we also -- so that -- and underneath that, remember, we're coming off at June capacity rate. So we have underlying volume growth associated in that, about 7% to 8% associated with that. So you're getting bridge on that.

然後，當您考慮指南時，其中的另一個元素，我們也 - 所以 - 在此之下，請記住，我們將以 6 月的容量速度下降。因此，我們有與之相關的潛在銷量增長，大約 7% 到 8% 與此相關。所以你在這方面得到了橋樑。

I think the other thing, Scott, this is Ed in there, that we have a pretty significant profit sharing accrual also in the September quarter. In June, most of the results were offset by the loss in the first quarter of the year. So we have a profit sharing accrual but it's modest. I think we're looking at close to another $200 million, plus or minus, at these guidance levels of additional expense for profit sharing, which also affects a little bit of the trend there.

我認為另一件事，斯科特，這裡是 Ed，我們在 9 月季度也有相當可觀的利潤分享應計。 6月份，大部分業績被今年第一季度的虧損所抵消。所以我們有利潤分享應計，但它是適度的。我認為在這些指導水平的利潤分享額外費用方面，我們正在考慮另外近 2 億美元，上下浮動，這也影響了那裡的一些趨勢。

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

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

Dan, just to kind of stick on the cost outlook here. So we're looking for up low to mid-singles, we're ending '22 up 18, I guess, sort of 15, 18, whatever the number is, a little bit worse than were before. Just can you help us kind of understand like are we still looking up to low to mid-single digits off of the costs that have been pulled forward? Or should we be expecting that to moderate a little bit?

丹，只是在這裡堅持成本展望。因此，我們正在尋找中低檔單曲，我們將在 22 年結束時提高 18 歲，我猜大概是 15 歲、18 歲，無論數字是多少，都比以前差一點。你能不能幫助我們理解一下，我們是否仍然希望從已經拉高的成本中獲得低到中個位數？還是我們應該期待它會緩和一點？

And then as you think about those -- the overtime and the costs that have been put in ahead of the demand recovering, is there going to be some sort of deceleration in some of that cost even kind of independent of the volume as we kind of think about the back half of this year? Or is that going to also be pushed into 2023?

然後當你考慮那些——加班和在需求恢復之前投入的成本時，其中一些成本是否會出現某種減速，甚至與我們的數量無關想想今年下半年？或者這也將被推到 2023 年？

You see that step-down slightly in fourth quarter on that. And then it really, really starts to sunset as you flip the calendar and move into 2023 related to that. So you certainly do. The first part of the question, I missed the very beginning of it.

你會看到第四季度略有下降。然後，當您翻轉日曆並進入與此相關的 2023 年時，它真的，真的開始日落了。所以你當然會。問題的第一部分，我錯過了它的開頭。

So as you look at -- we were -- I think the guidance from the Capital Markets Day was up low to mid-singles on unit cost. Should we be kind of moderating that because of the 2022 sort of outperformance on cost? Or is it still sort of in that same kind of range from a directional standpoint?

所以當你看到 - 我們是 - 我認為資本市場日的指導在單位成本上是低到中等的。我們是否應該因為 2022 年的成本表現而有所緩和？或者從方向的角度來看，它仍然處於同樣的範圍內嗎？

Yes. I think it's -- again, as we talked about, the destination '24 hasn't changed in regards to it. It will be pace-dependent. As Ed talked about, it's in our control, putting the cost in ahead. It will be really when that capacity comes in and the pace of that capacity that comes in that will dictate that as we progress through 2023. So we'll have to -- as we get to the end of this year, we're going to look at that capacity and how we bring it on, and that will pace how the calendar falls out associated with it. But we expect that the leverage that we're going to get in the incremental CASM to be right in line with where we're expecting it. So yes, no change in leverage.

是的。我認為這是 - 再次，正如我們所談到的，目的地 '24 並沒有改變它。這將取決於速度。正如 Ed 所說，它在我們的控制之中，把成本放在了前面。確實，當這種能力進入時，這種能力的進入速度將決定我們在 2023 年的進展。所以我們必須 - 當我們到今年年底時，我們將繼續看看這種能力以及我們如何實現它，這將決定日曆如何與它相關聯。但我們預計，我們將在增量 CASM 中獲得的槓桿作用與我們的預期相符。所以是的，槓桿沒有變化。

And then -- and Glen, maybe just to kind of shift gears for a second and talk about corporate. As you think about the way corporates are buying, are you seeing a return to sort of close-in travel? Or is that -- has that changed a little bit, the booking windows being a little bit more elevated? And how does that think of -- and how does that change the load factor you ought to be running the operation at? Or does it have any impact on that?

然後 - 和格倫，也許只是換檔一秒鐘並談論公司。當您考慮企業的購買方式時，您是否看到了近距離旅行的回歸？或者是 - 這是否發生了一些變化，預訂窗口有點高？那是怎麼想的——以及這如何改變你應該運行操作的負載因子？或者它對此有什麼影響？

What we've seen is a little bit of an elongation of the booking cycle. I think that is also dependent on the relaxation of the cancellation fees. I think one of the things that we didn't talk about is when you look at our quarterly results here, remember, we have no change fees, and that was $1 billion that we had to overcome in the bottom line. So I think we're all learning what the new world is without change fees, and we're seeing some change in travel patterns in terms of APs and in terms of stays. But I think we've got that well managed. And we are going to run load factors that I think are very similar to 2019 levels throughout the rest of the third quarter and likely into 4Q.

我們看到的是預訂週期有所延長。我認為這也取決於取消費用的放寬。我認為我們沒有談論的一件事是，當您在這裡查看我們的季度業績時，請記住，我們沒有變更費，這是我們必須在底線中克服的 10 億美元。因此，我認為我們都在了解新世界是什麼而無需更改費用，並且我們看到旅行模式在 AP 和停留方面發生了一些變化。但我認為我們管理得很好。我們將在第三季度剩餘時間內運行我認為與 2019 年水平非常相似的負載率，並可能持續到第四季度。

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

我們將回答 Sheila Kahyaoglu 和 Jefferies 的下一個問題。

If we think about the overtime pay in the $700 million range for the full year, how much of that was incurred in the first half? And how do we think about it for the remainder of the year, just given the operational adjustments you've made?

如果我們考慮全年 7 億美元的加班費，上半年發生了多少？考慮到您所做的運營調整，我們如何看待今年餘下的時間？

Yes, it's pretty balanced. I would say second and third quarter were the highest with it stepping down slightly that we anticipated in fourth quarter as we stabilize and run the operation.

是的，它很平衡。我想說第二和第三季度是最高的，隨著我們穩定和運營業務，它在第四季度的預期略有下降。

Okay, great. And then as a follow-up to that, I appreciate you guys have the hardest job on the planet here. But how do we think about flex options as we think about labor and salaries, just the number of employees you guys have in 2023, just given the potential different economic scenarios we might have next year? How are you guys planning for that?

好，太棒了。然後作為後續行動，我感謝你們在這裡擁有地球上最艱難的工作。但是，當我們考慮勞動力和工資時，我們如何考慮彈性選項，只是考慮到明年我們可能擁有的不同經濟情景，你們在 2023 年擁有的員工數量？你們打算怎麼做呢？

Sheila, this is Ed. Let me take a stab at that. Obviously, we haven't given '23-specific guidance. We've given you ranges and direction but we haven't given you guidance. I'm going to defer on getting into any detail as to labor in '23, what the cost implications are. We mentioned at the Capital Markets Day that we do have long-term cost growth built into our model, and that is true for all of our work groups.

希拉，這是埃德。讓我試一試。顯然，我們沒有給出 '23 特定的指導。我們給了你範圍和方向，但我們沒有給你指導。我將推遲對 23 年勞動力的任何細節，以及成本影響。我們在資本市場日提到，我們的模型中確實包含長期成本增長，這對我們所有的工作組都是如此。

We'll see how the year progresses. Obviously, we're in the midst of a pilot contract negotiation, which I'm not going to speak to publicly. So we'll learn more as we go, but I don't see anything to lead me to believe that the core elements of what we described back in December are going to be that much different when you get to '24, what the trajectory is.

我們將看到這一年的進展情況。顯然，我們正在進行試點合同談判，我不會公開談論。所以我們會隨著時間的推移了解更多，但我沒有看到任何東西可以讓我相信我們在 12 月描述的核心要素會在你到 24 年時有很大的不同，軌跡是怎樣的是。

And one other thing, I know a lot of it -- Dan has been getting a lot of the questions on cost, which I fully understand. But thinking about it from our seat, the last 2 years, we've been all about trying to drive down cost. And I think our team has done a really good job. In fact, for the better part of the pandemic, we had over 50% of our cost out, which was unheard of, showing the unforeseen flexibility which we're going to avail ourselves to once we get the operations stabilized.

還有一件事，我知道很多——丹收到了很多關於成本的問題，我完全理解。但是從我們的角度考慮，在過去的兩年裡，我們一直在努力降低成本。而且我認為我們的團隊做得非常好。事實上，在大流行的大部分時間裡，我們已經支出了超過 50% 的成本，這是聞所未聞的，這表明一旦我們的運營穩定下來，我們將利用這種不可預見的靈活性。

And my direction has been to stabilize and drive reliability. And now that we have demand like we haven't seen ever before as well, all hands are on deck to support and serve that demand. We're going to get to equilibrium over the course of the next 12 months, where cost and revenue and everything's going to be in balance. I'm confident we're going to end up in a better net spot on at all.

我的方向是穩定和提高可靠性。現在我們也有前所未有的需求，所有的人都在甲板上支持和滿足這種需求。我們將在接下來的 12 個月內達到平衡，成本和收入以及一切都將保持平衡。我有信心我們最終會在一個更好的淨點上結束。

But when you have revenues already surpassing 2019 levels, it's hard for the operations to make sure we have enough staff on hand and the focus there. So there's also a lot of costs that are embedded within the system that are hard to tease out but are a function of a very, very intense period of time that we're under.

但是，當您的收入已經超過 2019 年的水平時，運營部門就很難確保我們手頭有足夠的員工並專注於那裡。因此，系統中還嵌入了很多成本，這些成本難以梳理，但卻是我們所處的一個非常非常緊張的時期的函數。

We'll now take our next question from Brandon Oglenski with Barclays.

我們現在將向巴克萊銀行的 Brandon Oglenski 提出我們的下一個問題。

Ed, maybe expanding on that answer. Obviously, it was a challenging operational period in 2Q. But you mentioned it yourself, your employment levels are close to 95% recovered. I think your own disclosure of pilot headcount is actually kind of flat with where you were in 2019. So can you speak more to maybe what unfolded? What's changed in July? And thinking about it from a brand perspective and a premium revenue perspective, obviously, if you incur a lot more cancellations and queuing at Sky Clubs and things like that, doesn't that erode that ability in the future? So how are you, I guess, protecting that moving forward?

Ed，也許會擴展這個答案。顯然，這是第二季度充滿挑戰的運營期。但是你自己提到過，你的就業水平已經恢復了接近95%。我認為你自己披露的飛行員人數實際上與你在 2019 年的情況持平。所以你能多談談可能發生的事情嗎？七月有什麼變化？從品牌的角度和溢價收入的角度考慮，顯然，如果您在 Sky Clubs 和類似的事情上發生更多的取消和排隊，這不會在未來削弱這種能力嗎？那麼，我猜你是如何保護前進的？

It absolutely does erode that into the future. That's the risk, Brandon. I agree with that. What we've seen in July as compared to that last 6 weeks at the end of the second quarter is some different scheduling practices that we've taken within all of the work categories, including our pilots, our flight attendants and others. We've made schedule adjustments as well. We've taken any growth out. We're positioned not just for the next month or so. We're positioned for the balance of this year to kind of stay where we're at, and that level of stability gives the operations the capability to focus on the task at hand rather than continuing to invest and build on growth at the same time.

它絕對會侵蝕未來。這就是風險，布蘭登。我同意這一點。與第二季度末的最後 6 週相比，我們在 7 月份看到的是我們在所有工作類別中採取的一些不同的調度實踐，包括我們的飛行員、空乘人員和其他人。我們也進行了日程調整。我們已經消除了任何增長。我們的定位不僅僅是下個月左右。我們已經準備好在今年的剩餘時間裡保持現狀，這種穩定水平使運營能夠專注於手頭的任務，而不是同時繼續投資和建立增長.

We'll build -- we're going to have the capacity to grow when we're ready, but we want to make sure we're focused on serving what we have. And it's really remarkable being in this business for 25 years now. You run a better airline, everything runs better and the efficiencies start to materialize, that over time goes away on its own. The lines start to move quicker.

我們將建立——當我們準備好時，我們將有能力發展，但我們要確保我們專注於為我們所擁有的服務。從事這項業務 25 年真的很了不起。你經營一家更好的航空公司，一切都運行得更好，效率開始實現，隨著時間的推移，它會自行消失。線條開始移動得更快。

And we can also accelerate the training and the experience of our team. When you think about the fact that we've got 18,000 new people that have joined us, many of them over the last 12 months, there's a lot of experience that they're gaining, and that experience and scale is going to pay off. But you don't step into these jobs and you learn it overnight. There's a significant learning factor that we're also going through. And that's -- whether it's in the airports with what you guys see or what's going on behind the scenes in tech ops or in reservations or in all categories of employment, even technology.

我們還可以加速我們團隊的培訓和經驗。當你想到我們有 18,000 名新人加入我們的事實時，其中許多人是在過去 12 個月中加入的，他們正在獲得很多經驗，而且這種經驗和規模將會得到回報。但你不會踏入這些工作，而是一夜之間學會的。我們也在經歷一個重要的學習因素。這就是 - 無論是在機場，你們看到的，還是在技術運營或預訂或所有類別的就業，甚至技術方面的幕後發生的事情。

So you see all behind the scenes, all the moving parts of how much new folks, new leadership we have in place, it's breathtaking. And I'm optimistic they're doing a really good job, but there's a pretty big learning curve. It's hard to put a dollar amount against, but I know it's going to really pay off as we move forward.

所以你看到了幕後的一切，我們有多少新人，新領導層的所有動人部分，這令人嘆為觀止。我很樂觀，他們做得非常好，但學習曲線相當大。很難用一美元來對抗，但我知道隨著我們的前進，它會真正得到回報。

We'll go ahead and take our next question from Helane Becker with Cowen.

我們將繼續從 Helane Becker 和 Cowen 那裡回答我們的下一個問題。

So my one question is related to when you add time, which is what I assume you're doing in changing the boarding process, you're adding time between flights. Does that exacerbate pilots and flight attendants running out of time? Does it help baggage handling? Like how should we think about that? I think Dan, you already talked to the cost side. But how should we think about that from the actually day of operations side?

所以我的一個問題與您何時添加時間有關，我假設您正在更改登機流程，您正在添加航班之間的時間。這是否會加劇飛行員和空乘人員的時間不足？對行李處理有幫助嗎？比如我們應該怎麼想？我想丹，你已經和成本方面談過了。但是我們應該如何從實際的運營日考慮呢？

I'll take that. It doesn't, Helane. Obviously, it's a fact -- you got to look at the full impact on overall utilization. Obviously, utilization comes down a touch. So it's embedded into the aircraft utilization. Dan talked about our aircraft utilizations already having been down versus '19, and we're capitalizing a little bit on that to take advantage of some boarding time.

我會接受的。不是，海倫。顯然，這是一個事實——您必須了解對整體利用率的全面影響。顯然，利用率下降了一點。所以它被嵌入到飛機的使用中。 Dan 談到我們的飛機利用率與 19 年相比已經下降，我們正在利用這一點來利用一些登機時間。

But the fact of the matter is that the -- we were running, with the large narrow-bodies in the domestic system, too hot in the airport environment. We didn't have enough time for our customers. And this is just recognizing the reality of the operation, which we're already running, which enables everybody to get in position ahead of time. And yes, we're tweaking show in times, reporting times and when the actual assets are being operated. But it doesn't really change a lot in the dynamics. It's going to give our people a little more time to board promptly.

但事實上，我們正在運行，國內系統中的大型窄體，在機場環境中太熱了。我們沒有足夠的時間為我們的客戶服務。這只是認識到我們已經在運行的操作的現實，這使每個人都能夠提前就位。是的，我們正在調整時間、報告時間和實際資產的運行時間。但它並沒有真正改變動態。這將使我們的員工有更多時間迅速登機。

It's also giving us the opportunity, which we haven't been able to fully take advantage in the past actually to depart early when ready. And we're seeing that in meaningful ways. It's improving bags performance. I think the only pinch point we're seeing is making that we analyze make certain we had enough time to get the cleaners off the planes because we're not going to compromise on cleaning either. And so this has been worked on for the better part of the last year. It wasn't something we thought of overnight. And I think we're fully plugged in across all of the operating groups, that it's going to be a better customer experience, can be a better employee experience. And behind that, it's going to be a better brand experience as well.

這也給了我們機會，我們在過去未能充分利用這一機會，實際上在準備好時提前離開。我們正在以有意義的方式看到這一點。它正在提高袋子的性能。我認為我們看到的唯一關鍵點是讓我們分析確保我們有足夠的時間讓清潔工下飛機，因為我們也不會在清潔方面妥協。因此，去年大部分時間都在進行這項工作。這不是我們一夜之間想到的。而且我認為我們已經完全融入了所有運營團隊，這將是更好的客戶體驗，可以是更好的員工體驗。在此之後，這也將是更好的品牌體驗。

That's very helpful. And then just for my follow-up question is on what kind of technology can you use to speed the boarding process? I know you were working with biometrics and doing some of that leading-edge stuff pre pandemic and then even during the pandemic. But can you accelerate your IT spend to speed the process up and help day of operations, I wonder?

這很有幫助。然後我的後續問題是關於您可以使用哪種技術來加快登機流程？我知道您在大流行之前甚至在大流行期間都在使用生物識別技術並做一些前沿的東西。但是，我想知道，您能否加快 IT 支出以加快流程並幫助日常運營？

Yes, we're doing that. We're certain a lot of that's on the front end coming through security. And you may have seen that we've added additional biometric processes and face ID and helping -- working with CLEAR and TSA to get customers through the security queues faster. At boarding at the moment, I don't see any magic bullets to get physically the number of people that we have on the plane and seated with their bags stowed that much sooner. But we're trying to make it more comfortable process. I don't think it's going to be faster, but hopefully, it'll be more comfortable.

是的，我們正在這樣做。我們確信其中很多都是通過安全性的前端。您可能已經看到，我們添加了額外的生物識別流程和麵部識別並提供幫助——與 CLEAR 和 TSA 合作，讓客戶更快地通過安全隊列。目前在登機時，我沒有看到任何靈丹妙藥可以讓我們在飛機上坐下並提早收拾行李的人數。但我們正在努力讓它變得更舒適。我不認為它會更快，但希望它會更舒服。

We'll now take our next question from Mike Linenberg with Deutsche Bank.

我們現在將向德意志銀行的 Mike Linenberg 提出下一個問題。

Glen, I want to go back to the point that you made where you talked about some of the revenue segments that you were -- that you focused on, to some extent, a hedge against inflation. You talked about basic economy being under 10%. How has that progressed over, say, the last few quarters as inflation has picked up and presumably some of the more price-sensitive passengers are just getting crowded out by your premium customers. Can you give us sort of a sense of how that's trended?

格倫，我想回到你剛才談到的一些收入領域——在某種程度上，你專注於對沖通脹。你談到基本經濟低於 10%。例如，隨著通貨膨脹的加劇，過去幾個季度的進展情況如何，並且可能一些對價格更敏感的乘客正被您的高級客戶擠走。你能給我們一些關於這種趨勢的感覺嗎？

Well, I think you just described what's happened is as fares came up and as inventory controls went into place, while the fares per basic economy were filed, they were not readily available as they were squeezed off by our higher-yielding customers. So our target has been, and really, these are soft targets, but to have less than 20% of our capacity available on Basic Economy. That's our very soft kind of macro target that we have. And that's come down to below 10% or right around 10% as the high demand through the summer has really displaced those customers. That's a result, not an intent.

好吧，我認為您剛剛描述了發生的情況，即票價上漲和庫存控製到位，雖然每個基本經濟艙的票價已提交，但由於被我們的高收益客戶擠出，它們並不容易獲得。因此，我們的目標一直是，實際上，這些都是軟目標，但基礎經濟的可用產能不到 20%。這是我們擁有的非常軟的宏觀目標。由於整個夏季的高需求確實取代了這些客戶，因此這一比例已降至 10% 以下或 10% 左右。這是結果，而不是意圖。

Okay, great. And then can you give us a sense, if we go back to 2019 and we looked at sort of how many points of load factor on domestic flights connected to international, and sort of where we are today because I would think that there's probably some decent upside there as you start to turn on more of Asia, for example. You are a fairly big connecting airline. Where were we then and maybe where are we now?

好，太棒了。然後你能給我們一個感覺嗎，如果我們回到 2019 年，我們看看國內航班與國際航班有多少載客率，以及我們今天所處的位置，因為我認為可能有一些不錯的例如，當您開始打開更多亞洲市場時，那裡就有上行空間。你們是一家相當大的中轉航空公司。我們當時在哪裡，也許我們現在在哪裡？

So the domestic portion of international journey is generally about 10% of our total capacity or less. And that's about -- it's right now in the high single digits so that's a couple of points of load in the domestic system.

因此，國際旅程的國內部分通常約為我們總運力的 10% 或更少。這就是 - 它現在處於高個位數，所以這是國內系統中的幾個負載點。

Okay. All very high margin, I presume, as it comes on?

好的。我想，所有的利潤都很高，因為它來了？

Absolutely. And the recovery has really been led by domestic premium. And now what we're really seeing is the acceleration of international premium as we move into the late summer and the fall. So very exciting for us.

絕對地。復甦實際上是由國內溢價引領的。現在我們真正看到的是隨著我們進入夏末和秋季，國際溢價的加速。對我們來說非常令人興奮。

We'll now take our next question from Savi Syth with Raymond James.

現在，我們將回答 Savi Syth 和 Raymond James 的下一個問題。

I noticed the kind of used aircraft purchases this quarter, and I was wondering if you could kind of take a step back and as we look to like 2023, '24 kind of plan and maybe even a little bit beyond, guessing that the small RJ reduction in your fleet is probably faster than you had expected back at Investor Day. I'm just kind of curious what holes you have in the order book? Essentially, what do you need in terms of growth or replacement compared to what you have in the order book today? Like what could we expect in terms of additional either used or new aircraft that needs to be added to your outlook?

我注意到本季度購買的二手飛機，我想知道你是否可以退後一步，因為我們期待 2023 年、24 年的計劃，甚至可能更遠一點，猜測小型 RJ您的機隊減少可能比您在投資者日的預期更快。我只是有點好奇你在訂單簿上有什麼漏洞？本質上，與您今天的訂單相比，您在增長或更換方面需要什麼？比如我們對需要添加到您的前景中的其他舊飛機或新飛機的期望是什麼？

Savi, this is Ed. We're reasonably good placed with the order book. Obviously, we have opportunity in the next 3 to 5 years of delivery for some additional narrow-body, large narrow-body acquisitions, and that's something that we're always talking to Airbus and Boeing about and whether that's used or whether that's new, there's opportunity there.

薩維，這是埃德。我們在訂單簿上處於相當好的位置。顯然，我們有機會在接下來的 3 到 5 年內進行一些額外的窄體、大型窄體收購，這是我們一直在與空客和波音討論的問題，以及是否已使用或是否是新的，那裡有機會。

On the widebodies, we have focused a lot of our energy in the last few years on the wide-body and specifically the 350 and the 330, and we're pleased with the used 350s that we've acquired. And we've got a pretty healthy stream of wide-bodies coming. So I'd say the focus in the back end of the 5-year period is on the large narrow-bodies.

在寬體機上，我們在過去幾年中將大量精力集中在寬體機上，特別是 350 和 330，我們對我們獲得的二手 350 感到滿意。而且我們有相當健康的寬體流即將到來。所以我想說5年後期的重點是大型窄體。

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

我們將向花旗銀行的斯蒂芬·特倫特提出下一個問題。

Just one quick one here. When we look back earlier this year, there was this ongoing noise about these 5G towers getting installed in our airports. That all seemed to quiet down. And in that sort of general theme, are you seeing anything from other industries or maybe government proposals that are causing some concern at the moment? Or have these conversations, whether they're industries, with Secretary Buttigieg and not giving you any sort of concern like that?

這裡只有一個快速的。當我們回顧今年早些時候時，關於這些 5G 塔安裝在我們的機場中的噪音持續不斷。這一切似乎都安靜了下來。在那種普遍的主題中，您是否看到其他行業或政府提案目前引起了一些關注？或者與Buttigieg部長進行這些對話，無論它們是行業，而不是給你任何這樣的關注？

Steve, it's Peter Carter. Thanks for the question. We have a very, I would say, direct and open dialogue with the administration, with the Secretary and the FAA. And we don't see any, I'll say, storm clouds with respect to any of the initiatives that the government has been talking about. You may have seen that the Secretary proposed a bill of rights for passengers traveling with disabilities last Friday. That was just a restatement of existing regulations that Delta has been following. And obviously, we do everything we can to make sure that our disabled passengers are taken care of every step of the journey.

史蒂夫，是彼得卡特。謝謝你的問題。我想說，我們與政府、部長和美國聯邦航空局進行了非常直接和公開的對話。我會說，對於政府一直在談論的任何舉措，我們都沒有看到任何烏雲。你可能已經看到，局長在上週五提出了一項殘疾乘客的權利法案。這只是對達美一直遵循的現有法規的重申。顯然，我們盡我們所能確保我們的殘疾乘客在旅途的每一步都得到照顧。

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

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

Almost fell asleep. Nice to speak with you both. Ed, with a longer-term view that operations will kind of normalize and clearly, there's a lot of nonrecurring in the baseline this year that your unit costs will normalize into 2023, what sounds like a constructive view on demand, meaningful free cash flow generation this quarter.

差點睡著了。很高興和你們倆說話。埃德，從長遠來看，運營將會正常化，很明顯，今年的基線中有很多非經常性事件，您的單位成本將正常化到 2023 年，這聽起來像是對需求的建設性看法，有意義的自由現金流產生本季度。

How do you and the Board think about your stock here in the 20s? I think the plan was to stick to your knitting on deleveraging. But are you shocked with where your equity is trading? And is there any increased emphasis or increased thought on buyback with your stock down here when the restrictions come off?

您和董事會如何看待您在 20 年代的股票？我認為計劃是在去槓桿方面堅持你的編織。但是你對你的股票在哪裡交易感到震驚嗎？當限制解除時，你的股票下跌時，是否有更多的重點或更多的想法？

Thanks, Duane. Yes, I think we're all surprised with where the stock is, for the industry, by the way, it's not Delta-specific, is trading at. And I think it's a function of all the distractions or noise, whatever you want to call it. We've got a lot of moving parts in the industry as we get through the last phases of this pandemic. And we see the whipsaw effect, whether it's extraordinarily high revenue or high cost to serve that revenue and fuel prices. So there's a lot of moving parts there.

謝謝，杜安。是的，我認為我們都對股票的位置感到驚訝，順便說一下，對於行業而言，它不是特定於 Delta 的，而是交易的。而且我認為這是所有乾擾或噪音的功能，無論你想怎麼稱呼它。當我們度過這場大流行的最後階段時，我們在行業中有很多動態的部分。我們看到了洗盤效應，無論是非常高的收入還是服務於該收入和燃料價格的高成本。所以那裡有很多活動部件。

We can't do anything at the moment with respect to CARES Act limitation, so I can't provide you any specifics on that. But we talk over the long term that we've got a responsibility to all constituencies, to our customers, to our employees and importantly to our owners as well as our communities. And our owners shouldn't be forgotten about and we didn't forget about them during the pandemic. We did not dilute. Our owner's one of the only airlines that didn't do that. So it's an important point to us, but at this point in time, I really can't speak much about that.

對於 CARES 法案的限制，我們目前無能為力，因此我無法向您提供任何具體細節。但我們從長遠來看，我們對所有選區、我們的客戶、我們的員工以及重要的是對我們的所有者和我們的社區負有責任。我們的主人不應該被遺忘，在大流行期間我們也沒有忘記他們。我們沒有稀釋。我們的所有者是唯一沒有這樣做的航空公司之一。所以這對我們來說很重要，但在這個時候，我真的不能說太多。

Okay. And then maybe just one last one on Transatlantic. Some constructive comments from Glen, but can you talk about recovery sort of U.S. point of sale versus Europe point of sale and how you see that sort of changing over the balance of the year?

好的。然後也許只是跨大西洋的最後一個。 Glen 提出了一些建設性的意見，但您能否談談美國銷售點與歐洲銷售點的複蘇類型，以及您如何看待今年餘下時間的這種變化？

Right. Well, I'm glad I got this question because I actually (inaudible). So thank you for the question. I think one of the issues is with the euro perching parity is what are we seeing in terms of EU point-of-sale and EU demand set. And what I'd say is that -- right now, the difference between EU point-of-sale and U.S. point-of-sale in terms of referencing back to '19, they are almost identical in terms of the fare increases that we've realized.

正確的。好吧，我很高興收到這個問題，因為我實際上（聽不清）。所以謝謝你的問題。我認為問題之一是歐元平價是我們在歐盟銷售點和歐盟需求方面所看到的。我要說的是——現在，歐盟銷售點和美國銷售點之間在參考 '19 方面的差異，在票價上漲方面幾乎相同，我們'已經意識到。

Now one of the things I historically never understood is most things in Europe are more expensive than they are in the U.S. on a dollar-adjusted basis. Airfares in Europe to the United States were never one of those. So we've gotten some leverage here where we've gotten some nice fare initiatives and structures in place that are taking some of that disparity out of the U.S. point of origin versus the European point of origin.

現在，我在歷史上從未理解過的一件事是，在美元調整的基礎上，歐洲的大多數東西都比美國的要貴。歐洲到美國的機票從來都不是其中之一。因此，我們在這裡獲得了一些影響力，我們已經制定了一些不錯的票價舉措和結構，這些舉措和結構正在消除美國原產地與歐洲原產地之間的一些差異。

So I think we like where we sit. I think the one concern is right now, we are in a high U.S. point of sale. Everybody likes to go to Europe in the summer. And as we shift to the fall, late fall, certainly that extends throughout the October season. But as we get into the November through February, I'd just like to point out, it would be a great time for you to go to Europe. And the after-Christmas sales would be very good and you'd be -- your dollar would go further than ever.

所以我認為我們喜歡我們坐的地方。我認為現在的一個問題是，我們處於美國的高銷售點。每個人都喜歡在夏天去歐洲。隨著我們轉向秋季，深秋，當然這會延續到整個十月。但是隨著我們進入 11 月到 2 月，我想指出，這將是您去歐洲的好時機。聖誕節後的銷售會非常好，你會——你的美元會比以往任何時候都走得更遠。

So we will keep a close eye on that balance as we move in, given the fact that the euro has weakened substantially. But that's something I think we can accommodate through capacity offering.

因此，鑑於歐元已大幅走弱，我們將密切關注這一平衡。但這是我認為我們可以通過容量提供來適應的東西。

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

我們將向摩根士丹利的 Ravi Shanker 提出下一個問題。

Question for Glen or Dan. What percentage of your corporate contracts right now are still grandfather contracts, i.e., pricing from pre-pandemic levels where there could potentially be an opportunity to renew at much higher yields?

Glen 或 Dan 的問題。您現在的公司合同中有多少仍然是祖父合同，即從大流行前的水平定價，可能有機會以更高的收益率續約？

Well, most of our contracts are based off of published fares and inventory that's available in those published fares. So it floats. And so I think what we're seeing and when you look at 65% recovered in terms of volume and 80% in terms of sales, you see that we're getting a lot of yield momentum on the corporate side as well. So hopefully, as we get into the fall and corporate continues to return, we can realize those increased fares that are in the market today.

好吧，我們的大多數合同都是基於公佈的票價和這些公佈的票價中可用的庫存。所以它浮動。所以我認為我們所看到的，當你看到 65% 的銷量和 80% 的銷售額恢復時，你會看到我們在企業方面也獲得了很大的收益動力。因此，希望隨著我們進入秋季並且公司繼續回歸，我們可以實現當今市場上的票價上漲。

Got it. And maybe just one follow-up. Obviously, thank you for all the commentary on how you expect 3Q to pan out. But just wanted to confirm that based on the visibility you have in the booking curve right now, which I think should give you at least 3 months of visibility, you are not seeing any drop-off in domestic leisure demand post Labor Day beyond normal seasonality. Is that a fair comment?

知道了。也許只是一個後續行動。顯然，感謝您對第三季度如何預期的所有評論。但只是想確認一下，根據你現在在預訂曲線中的可見度，我認為這應該給你至少 3 個月的可見度，你沒有看到勞動節後國內休閒需求出現超出正常季節性的任何下降.這是一個公平的評論嗎？

That's fair.

這還算公平。

We'll now go to our last analyst question.

我們現在將轉到最後一個分析師問題。

We'll take our final analyst question from Chris Stathoulopoulos from Susquehanna Financial Group.

我們將回答來自 Susquehanna Financial Group 的 Chris Stathoulopoulos 的最後一個分析師問題。

So Ed or Dan, there was some news out recently about Boeing perhaps getting close to doing a sizable.

所以，Ed 或 Dan，最近有消息稱波音公司可能正在接近做一個相當大的項目。

(technical difficulty)

（技術難度）

order. And I understand if you don't want to comment on it. We might hear more on Farnborough in 2 weeks. But that would -- I think if I understand, that would put that first delivery in 2025. And I'm just trying to understand, if there's a pilot shortage out there, the consensus view out through mid-decade, which is a gating factor for domestic ASMs, could you just sort of frame, what is the peak year, if you will, for retirements for your current pilot workforce?

命令。如果您不想對此發表評論，我理解。兩週後我們可能會聽到更多關於範堡羅的消息。但那會——我想如果我理解的話，那將在 2025 年首次交付。我只是想了解，如果那裡存在飛行員短缺，那麼到十年中期的共識觀點，這是一個關口國內 ASM 的因素，您能否簡單介紹一下，如果您願意，您目前的試點勞動力退休的高峰年是哪一年？

So you raised a lot of speculation in your questions so I'll be careful to just speak to what I can. We don't have a massive reduction or retirement bubble in the Delta pilot. We have pilots retiring each year over the next handful of years. We were the only airline that offered a significant retirement inducement for our pilots. And close to 2,000 of our pilots took them back in the summer of 2020.

所以你在你的問題中提出了很多猜測，所以我會小心翼翼地只說我能說的。在 Delta 試點中，我們沒有大規模裁員或退休泡沫。在接下來的幾年裡，我們每年都有飛行員退休。我們是唯一一家為我們的飛行員提供重大退休獎勵的航空公司。 2020 年夏天，我們的近 2,000 名飛行員將他們帶回來。

And it's easy to have a revisionist history and wonder whether we should have done that or not should have done that. But you put yourselves back in summer of 2020 when the total revenues were probably less than 20% of 2019 levels. There was no knowledge of what a vaccine could do, when it would be found, the effectiveness, et cetera, and how the world was going to start to reunite. So I don't look back with any regret at all about those decisions.

很容易有修正主義的歷史，想知道我們是否應該這樣做或不應該這樣做。但是你讓自己回到 2020 年夏天，那時總收入可能不到 2019 年水平的 20%。沒有人知道疫苗可以做什麼，何時發現，有效性等等，以及世界將如何開始重新統一。因此，我對這些決定一點也不後悔。

That said, when you take out 2,000 pilots, you could imagine most of them are -- were at the senior-most levels of the company, that causes churn at a much higher level of Delta than other airlines because you effectively wind up training everybody at some point over the following couple of years because everyone will have an opportunity to move up and move to different categories and the like.

也就是說，當您淘汰 2,000 名飛行員時，您可以想像他們中的大多數都處於公司的最高級別，這導致達美航空的流失率比其他航空公司高得多，因為您最終有效地培訓了每個人在接下來的幾年中的某個時間點，因為每個人都將有機會升級並進入不同的類別等。

So we've done a good job of bringing in the next 2,000. We have many of them hired. We saw -- and some to go, but we're through much of that. I don't see any pilot shortage issue for Delta at all. It is the place pilots want to come to. And certainly by the period of time that you were speculating on the latter part of '25, '26, '27, I think we'll be in a great spot with respect to our pilot staff.

所以我們在引進接下來的 2,000 人方面做得很好。我們僱傭了很多人。我們看到了——還有一些要去，但我們已經經歷了很多。我根本看不到達美航空有任何飛行員短缺問題。這是飛行員想來的地方。當然，在你猜測 25 年、26 年、27 年下半年的那段時間裡，我認為我們的飛行員工作人員會處於一個很好的位置。

Okay, I appreciate that. Just a follow-up. So your survey work, I think you mentioned in your prepared comments, is fairly constructive post Labor Day and your answer to Robbie's question echoes that. But in your survey work, I know you do a lot of very detailed survey work. Have you looked at travelers that have not yet flown during the pandemic and for those that have, the frequency? Just trying to get a sense here for kind of look at this sort of pent-up demand from another angle using some of the survey work from the leisure side that you've done over the last few months.

好的，我很感激。只是一個後續。所以你的調查工作，我認為你在準備好的評論中提到，在勞動節之後是相當有建設性的，你對羅比問題的回答與此相呼應。但是在你的調查工作中，我知道你做了很多非常詳細的調查工作。您是否查看過在大流行期間尚未飛行的旅行者以及已經飛行的旅行者的頻率？只是想通過您在過去幾個月中從休閒方面所做的一些調查工作，從另一個角度了解這種被壓抑的需求。

Yes. The survey work Glen mentioned was largely around corporate travel that we spend an awful lot of time with. We also survey SkyMiles customers, and we have an active survey dialogue going on there. And there's still pretty -- some meaningful pent-up demand there. It's not just people that haven't traveled. It's volumes of trips that we anticipate people will take looking forward as they start to catch up on all the experience and all the opportunities that they lost.

是的。格倫提到的調查工作主要圍繞我們花費大量時間的商務旅行。我們還對“飛凡里程常客計劃”客戶進行了調查，並且正在進行積極的調查對話。而且那裡仍然存在一些有意義的被壓抑的需求。不只是沒有旅行過的人。我們預計人們會期待大量的旅行，因為他們開始追趕他們失去的所有經驗和所有機會。

When you think about this pent-up demand, it feels -- it sounds very impersonal. It actually is very personal. It's people investing in themselves to go see friends and family and have life experience that they haven't had time. I can't put how many weddings are being held now. And all the reasons why people travel have not gone away. They've just been deferred and now they're being accelerated in the next period of time.

當你想到這種被壓抑的需求時，感覺——這聽起來很沒有人情味。這實際上是非常個人化的。人們投資自己去見朋友和家人，體驗他們沒有時間的生活體驗。我不能說現在舉行了多少婚禮。人們旅行的所有原因並沒有消失。他們剛剛被推遲，現在他們正在下一個時期加速。

So whether it's the next 12 months, 18 months, 24 months, there's a lot of catch-up to be done. And every data point we look around indicates that. People aren't fearful of traveling. I mean, there's still some but it's a significantly shrinking number. But there's a lot of people that once they're now out on the road, they want to get back on the road. And the only inhibitor that I see, that I hear about is running a quality operation, and we're taking that off the table as a risk factor for our customers.

因此，無論是接下來的 12 個月、18 個月還是 24 個月，都有很多工作要做。我們環顧四周的每個數據點都表明了這一點。人們並不害怕旅行。我的意思是，仍然有一些，但這是一個顯著減少的數字。但是有很多人一旦他們現在上路了，他們就想重新上路。我看到的唯一阻礙是，我聽說是運行質量操作，我們將把它作為我們客戶的風險因素從桌面上刪除。

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

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

Thank you, Julie. Cody, if we could, as we thank the analysts for their time this morning and transition to questions from the media, just remind the members of the media of what our process is, and we'll try to get 4 or 5 questions answered while we have time here.

謝謝你，朱莉。 Cody，如果可以的話，因為我們感謝分析師們今天早上的時間並過渡到媒體的問題，請提醒媒體成員我們的流程是什麼，我們將嘗試回答 4 或 5 個問題，同時我們有時間在這裡。

(Operator Instructions) We'll take our first question from Alison Sider with The Wall Street Journal.

（操作員說明）我們將回答《華爾街日報》的艾莉森·賽德提出的第一個問題。

I was just wondering if you could talk a little bit about what you're seeing with fares. The CPI data came out this morning and it seems to show some softening. Does that -- have you seen that? Does that reflect any softening in demand or more resistance to higher fares? Or is it just fuel prices coming down?

我只是想知道您是否可以談談您對票價的看法。今早CPI數據出爐，似乎有些疲軟。那——你看到了嗎？這是否反映了需求疲軟或對更高票價的更多抵制？還是只是燃油價格下降？

We don't really generally talk about future fares so I'd like to stay away from that. What we see is a very robust demand set and our ability to harness that through both pricing and inventory in the future. So I think we expect a very strong demand set to last through the remainder of the summer and into the fall. And as Ed indicated in his previous comments, we do believe there's a lot of pent-up demand for people who maybe didn't make it in the summer or got priced out of the summer who will be able to travel in the fall in November.

我們通常不會談論未來的票價，所以我想遠離那個。我們看到的是一個非常強勁的需求組合，以及我們未來通過定價和庫存來利用它的能力。因此，我認為我們預計非常強勁的需求將持續到夏季剩餘時間和秋季。正如 Ed 在他之前的評論中所指出的那樣，我們確實相信對於那些可能在夏天沒有成功或在夏天被定價但能夠在 11 月的秋天旅行的人來說，有很多被壓抑的需求。 .

Okay. And then just also curious if you're seeing any issues with replacement parts, including engines? Are you seeing any lack of availability of spare parts and is that causing any operational issues?

好的。然後只是好奇您是否發現更換零件（包括發動機）有任何問題？您是否發現缺少備件，這是否會導致任何操作問題？

Certainly. When you think about the supply chain as it relates to aviation, it has been -- it certainly has been challenged. It's been well documented from that perspective. We certainly have seen disruptions. It's forced us to think about how we -- the inventory levels that we carry. We're fortunate that our team has deep expertise and has been doing this for years, where they're able to navigate that where it hasn't impacted, in any way, entry into service or availability of aircraft in a material way. It's allowed us to fly what we wanted to fly.

當然。當您考慮與航空相關的供應鏈時，它已經 - 它當然受到了挑戰。從這個角度來看，它已經得到了很好的記錄。我們當然已經看到了中斷。這迫使我們思考我們如何 - 我們攜帶的庫存水平。我們很幸運，我們的團隊擁有深厚的專業知識，並且多年來一直在這樣做，他們能夠在沒有以任何方式影響飛機投入使用或飛機可用性的地方進行導航。它讓我們可以飛我們想飛的東西。

But it's certainly ongoing. We certainly see those disruptions. We feel them. We work closely with our OEM partners on that and to ensure that we're at the top of the list, but we're working proactively with them to increase the flow. But it's day-to-day.

但這肯定是在進行中。我們當然看到了這些干擾。我們感覺到它們。我們在這方面與我們的 OEM 合作夥伴密切合作，以確保我們位居榜首，但我們正在積極與他們合作以增加流量。但這是日常。

And is it especially engines or other products that have been a particular challenge?

尤其是發動機或其他產品是否特別具有挑戰性？

It cuts across both engines and components.

它跨越引擎和組件。

We then move on to our next question from Mary Schlangenstein with Bloomberg News.

然後，我們繼續討論來自彭博新聞的 Mary Schlangenstein 的下一個問題。

I want to try to follow up really quickly on Ali's question, with the CPI report showing that fares fell in June after 3 straight months of double-digit increases. So I know you don't want to comment specifically on fares, but could you just comment on, is that a signal now that being able to continue to increase fares across the industry is likely being limited?

我想盡快跟進 Ali 的問題，CPI 報告顯示，在連續 3 個月兩位數上漲後，6 月份票價有所下降。所以我知道你不想特別評論票價，但你能否評論一下，現在能夠繼續提高整個行業票價的信號可能會受到限制嗎？

And a second quick question. I wanted to see if you would comment on the report that you're close to a deal for a dozen or so new A220s with Airbus?

第二個快速問題。我想看看你是否會對有關你即將與空中客車公司達成十幾架新 A220 的交易的報導發表評論？

Mary, this is Ed. I think Glen answered it well. I didn't look at the CPI report yet that came out this morning, but I think that measure is kind of going from month to month. And when you think about our selling season, we're selling now into the latter part of the summer, early fall already, which seasonally is a little less amount of demand than what we've seen on the front end of the spring and summer surge.

瑪麗，這是埃德。我認為格倫回答得很好。我還沒有看今天早上發布的 CPI 報告，但我認為這個衡量標準是逐月進行的。當你考慮我們的銷售季節時，我們現在銷售到夏末，已經是初秋了，這個季節性的需求量比我們在春夏前期看到的要少一些湧。

So I don't -- the fare environment, it continues to be healthy. It's not something that we would talk about, but it is -- you can see in our guidance for Q3, the demand is quite strong. On your question relative to future acquisitions, as you know, we don't comment on such matters.

所以我不 - 票價環境，它仍然是健康的。這不是我們要談論的事情，但它是——你可以在我們對第三季度的指導中看到，需求非常強勁。如您所知，關於您關於未來收購的問題，我們不對此類問題發表評論。

We'll take our next question from Leslie Josephs with CNBC.

我們將向 CNBC 的 Leslie Josephs 提出我們的下一個問題。

On the training and experience backlog, can you provide a little more detail on how that affected you financially, operationally? And also where are you in hiring? Do you still -- do you have any hiring goals for this year? Or do you think that the pace is going to start to slow? Anything surrounding your plans would be helpful.

關於培訓和經驗積壓，您能否提供更多詳細信息，說明這對您的財務和運營有何影響？還有你在哪裡招聘？你還有 - 你今年有什麼招聘目標嗎？還是您認為步伐會開始放緩？圍繞您的計劃的任何事情都會有所幫助。

Yes. On the -- a lot of it is in training and we'll talk about pilots. We have an enormous amount of pilot activity and training going on. I'm not sure the exact number, but at any one point in time, we have 1,500 or more pilots in training, which is much larger than we would normally carry. And by the way, it's not just the training because you have pilots waiting to be trained, that are sitting on reserves. So there's a backup there as well in the process.

是的。在 - 很多是在訓練中，我們將討論飛行員。我們正在進行大量的試點活動和培訓。我不確定確切的數字，但在任何一個時間點，我們都有 1,500 名或更多飛行員在接受培訓，這比我們通常攜帶的人數要多得多。順便說一句，這不僅僅是訓練，因為你有等待訓練的飛行員，他們坐在預備隊。所以在這個過程中也有一個備份。

So it really impacts your overall productivity and efficiency. That will eventually sort itself out as we move through -- move the snake -- the bubble through the snake here and we get to the other end of that. It's going on with technicians, with mechanics. It's experience we see with our vendors, our contractors, their ability to repair parts. They're having some of the issues with experience the same way is we have new people learning.

因此，它確實會影響您的整體生產力和效率。當我們穿過——移動蛇——氣泡穿過這裡的蛇時，這最終會自行解決，我們到達另一端。技術人員和機械師都在進行。這是我們在供應商、承包商以及他們維修零件的能力方面看到的經驗。他們遇到了一些經驗問題，就像我們讓新人學習一樣。

So it touches every part of our operation. And the good news is that we've got all our folks. And so we're at peak with respect to "training" and I wouldn't call it inefficiency but the cost of efficiency. And every month that goes by, it's going to get better.

所以它涉及到我們運營的每一個部分。好消息是我們已經得到了所有的人。因此，我們在“培訓”方面處於巔峰狀態，我不會稱之為效率低下，而是效率成本。每個月過去，它都會變得更好。

And in terms of the hiring numbers, do you expect the pace of hiring to slow for the rest of the year, whether being full or...

就招聘人數而言，您是否預計今年剩餘時間的招聘步伐會放緩，無論是滿員還是……

Yes. We're at -- as I mentioned in my remarks, we're at roughly 95% of 2019. There's more hiring to be done in pilots. There's more hiring to be done in flight attendants, in mechanics. The big areas that we are hiring at much larger numbers previously were in the airports and the reservations. And in those 2 areas, we are largely where we need to be. So additional staffing, certainly, but that is largely resolved.

是的。我們現在——正如我在講話中提到的那樣，我們大約是 2019 年的 95%。在飛行員方面還有更多的招聘工作要做。在空乘人員和機械師方面還有更多的招聘工作要做。我們以前大量招聘的主要領域是機場和預訂處。在這兩個領域，我們基本上都在我們需要的地方。所以當然需要增加人員，但這在很大程度上已經解決了。

We'll take our next question from Dawn Gilbertson with Wall Street Journal.

我們將向華爾街日報的 Dawn Gilbertson 提出我們的下一個問題。

Ed, you gave some really good statistics on the nascent turnaround here in July. I wondered if you or Glen or somebody could talk about the baggage handling situation. I'm just hearing anecdotal evidence, not just the Delta on some baggage handling issues, lost bags. Can you share, I mean, how is Delta doing in baggage handling and if there are trouble spots, where they are and how you're addressing them?

Ed，你提供了一些非常好的統計數據，關於 7 月份的新生轉機。我想知道您或格倫或其他人是否可以談談行李處理情況。我只是聽到軼事證據，而不僅僅是達美航空在一些行李處理問題上，丟失了行李。您能否分享一下，達美航空在行李處理方面的表現如何？是否存在問題點，它們在哪里以及您如何解決這些問題？

Sure, Dawn. As you can imagine, when you hit a rough patch in your operations, the bags are going to be affected probably even more so than customers. And indeed, that's what we saw happening in May and June. That said, in July, month to date, we're actually ahead of goal that we had set for ourselves in terms of baggage performance. It's early but it's a good indication.

當然，黎明。正如您可以想像的那樣，當您在運營中遇到困難時，袋子受到的影響可能比客戶更大。事實上，這就是我們在 5 月和 6 月看到的情況。也就是說，到目前為止，在 7 月，我們實際上已經超過了我們為自己設定的行李性能目標。現在還早，但這是一個很好的跡象。

We missed our goal by a relatively modest amount in June, the month of June. But one of the things I was impressed with is the Atlanta airport, which is our biggest baggage center and our biggest customer point was actually ahead of goal for June. So the baggage issues for us are not domestic. Domestic, our operations are running in a really great place. It's tended to be more on the European side, where the airports -- the European airports have -- don't have the staff, and they haven't had the ability to invest ahead of time the way we've had here in the U.S.

在 6 月，也就是 6 月，我們以相對適度的幅度錯過了我們的目標。但給我留下深刻印象的一件事是亞特蘭大機場，它是我們最大的行李中心，我們最大的客戶點實際上提前了 6 月的目標。所以我們的行李問題不是國內的。在國內，我們的業務在一個非常好的地方運行。它往往更多地在歐洲方面，那裡的機場——歐洲機場——沒有工作人員，而且他們沒有能力像我們在歐洲那樣提前投資。我們。

We're working with our airports, with our partners, with people on the ground. We've gone as far as recently, we had a separate charter just to repatriate bags back to customers that have been stranded because of some of the operational issues the European airports were having. And we did that on our own nickel just to reunite or to help the customers sort their bags as quickly as possible.

我們正在與我們的機場、我們的合作夥伴以及地面人員合作。我們最近已經做到了，我們有一個單獨的包機，只是為了將行李送回由於歐洲機場遇到的一些運營問題而滯留的客戶。我們用自己的鎳做這件事只是為了團聚或幫助顧客盡快整理行李。

Thanks, Dawn. Cody, we have time for one final question, and then we'll turn it back over to Ed for closing comments. Thank you.

謝謝，黎明。 Cody，我們有時間提出最後一個問題，然後我們將把它交給 Ed 來結束評論。謝謝你。

We'll take our final question from Rajesh Singh with Reuters.

我們將接受路透社的 Rajesh Singh 的最後一個問題。

We are told that Delta is in talks with Airbus to expand the existing order for A220s and a deal could be signed next week. Is this accurate and if it is, can you please share the details?

我們被告知，達美航空正在與空中客車公司進行談判，以擴大 A220 的現有訂單，並可能在下週簽署協議。這是準確的，如果是，你能分享一下細節嗎？

We don't comment on upcoming decisions that have yet to be taken, so I'll leave that at that.

我們不會對即將做出的尚未做出的決定發表評論，所以我將把它留在那裡。

Well, I want to thank you all for joining us today. It's -- there's been a lot happening in our industry and in our business, and it was a very active second quarter. I'm proud of the work our team did to deliver a great financial result, a real inflection point as we coined it. And we look forward to a strong third quarter ahead.

好吧，我要感謝大家今天加入我們。這是 - 在我們的行業和我們的業務中發生了很多事情，這是一個非常活躍的第二季度。我為我們的團隊為實現出色的財務業績所做的工作感到自豪，這是我們創造的一個真正的轉折點。我們期待著第三季度的強勁表現。

We'll keep a close eye on the operations and encouraged with what we're seeing. And we expect to report even better results when we get to the Q3 report in October. So thank you for joining us, and hope you have a good rest of your summer.

我們將密切關注運營情況，並對我們所看到的情況感到鼓舞。我們希望在 10 月份發布第三季度報告時報告更好的結果。因此，感謝您加入我們，並希望您度過一個愉快的暑假。

Thank you. That does conclude today's conference. Thank you for your participation today.

謝謝你。今天的會議到此結束。感謝您今天的參與。