達美航空 (DAL) 2023 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines June Quarter 2023 Financial Results Conference Call. My name is Matthew, and I'll be your coordinator.

大家早上好，歡迎參加達美航空 2023 年 6 月季度財務業績電話會議。我叫馬修，我將擔任你們的協調員。

(Operator Instructions)

（操作員說明）

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

我現在想將會議交給投資者關係副總裁朱莉·斯圖爾特 (Julie Stewart)。請繼續。

Thank you, Matthew. Good morning, everyone, and thanks for joining us for our June quarter 2023 earnings call. Joining us from Atlanta today are CEO, Ed Bastian; our President, Glen Hauenstein; our CFO, Dan Janki. Ed will open the call with an overview of Delta's performance and strategy. Glen will provide an update on the revenue environment, and Dan will discuss costs in our balance sheet. After the prepared remarks, we'll take analyst questions. We please ask that you limit yourself to one question and a brief follow-up, so we can get to as many of you as possible.

謝謝你，馬修。大家早上好，感謝您參加我們的 2023 年 6 月季度財報電話會議。今天從亞特蘭大加入我們的是首席執行官 Ed Bastian；我們的總裁格倫·豪恩斯坦；我們的首席財務官 Dan Janki。 Ed 將首先概述達美航空的業績和戰略。格倫將提供收入環境的最新情況，丹將討論我們資產負債表中的成本。在準備好的發言之後，我們將回答分析師的問題。我們請您只提出一個問題並進行簡短的跟進，以便我們能夠與盡可能多的人聯繫。

And after the analyst Q&A, we will move to our media questions. 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. We'll also discuss non-GAAP financial measures, and all results excludes special items unless otherwise noted. You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com.

在分析師問答之後，我們將轉向媒體問題。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期望。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。達美航空向 SEC 提交的文件中描述了可能導致此類差異的一些因素。我們還將討論非公認會計準則財務指標，除非另有說明，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 衡量標準的調節表。

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

然後，我會將電話轉給埃德。

Thanks, Julie. Good morning, everyone. We appreciate you joining us. Today, thanks to the great work of our team, we announced record revenue and earnings, reflecting the strength of demand for and momentum of Delta's differentiated brand. During the June quarter, we generated earnings of $2.68 per share, a 90% increase over last year. This marks the highest quarterly earnings result in our history and achievement that moves Delta Beyond recovery and firmly on a great path forward. Revenue was 19% above last year, and we achieved a 17% operating margin. This resulted in operating income of $2.5 billion bringing our operating profit over the last 12 months to $6 billion.

謝謝，朱莉。大家，早安。我們感謝您加入我們。今天，在我們團隊的努力下，我們公佈了創紀錄的收入和盈利，反映了達美差異化品牌的強勁需求和動力。在 6 月季度，我們每股收益為 2.68 美元，比去年增長 90%。這標誌著我們歷史上最高的季度盈利結果和成就，推動達美航空超越復甦並堅定地走上偉大的道路。收入比去年增長 19%，營業利潤率達到 17%。這導致營業收入達到 25 億美元，使我們過去 12 個月的營業利潤達到 60 億美元。

We generated over $1 billion of free cash during the quarter bringing our first half free cash flow to $3 billion. We continue to repay debt and we reinstated the quarterly dividend, signifying strong execution on our 3-year plan and creating value for our owners. At Delta, transportation is what we do, but experiences are what we deliver, and that's made possible by the exceptional service provided by the industry's best employees. The 90,000 Delta people continue to deliver for our customers during this busy summer season.

本季度我們產生了超過 10 億美元的自由現金，使上半年的自由現金流達到 30 億美元。我們繼續償還債務，並恢復了季度股息，這標誌著我們對三年計劃的強有力執行，並為我們的所有者創造了價值。在達美航空，我們的業務是運輸，但我們提供的是體驗，而這一切都得益於業界最優秀的員工提供的卓越服務。在這個繁忙的夏季，達美航空的 90,000 名員工繼續為我們的客戶提供服務。

Over the 4th of July weekend, our people delivered a great operation, completing over 21,000 flights with a 99.5% completion factor and industry-leading on-time performance. The Delta people continue to be recognized. During the quarter, The Points Guy ranked Delta as the best U.S. airline for the fifth year in a row with consistently high scores for reliability, customer experience, network and loyalty. Sharing our success with our team is core to Delta's culture, and we continue to maintain a position of industry leadership on pay. During the quarter, eligible employees received a 5% pay increase on the 1st of April. And year-to-date, we have accrued over $660 million in profit sharing.

在 7 月 4 日的周末，我們的員工表現出色，完成了超過 21,000 架次航班，完成率達 99.5%，準點率處於行業領先水平。三角洲人繼續得到認可。本季度，達美航空連續第五年被 The Points Guy 評為美國最佳航空公司，在可靠性、客戶體驗、網絡和忠誠度方面始終獲得高分。與團隊分享成功是達美文化的核心，我們在薪酬方面繼續保持行業領先地位。本季度，符合條件的員工從 4 月 1 日起加薪 5%。今年迄今為止，我們已累計獲得超過 6.6 億美元的利潤分享。

In fact, more than the total profit sharing paid out for full year 2022. We expect our profit sharing payout next February will continue to lead the industry by a wide margin. We will always be guided by our values of putting our people and our customers first. They are the driving force of our success. I want to thank our entire team for all they do for Delta and our customers.

事實上，超過了 2022 年全年支付的利潤分享總額。我們預計明年 2 月的利潤分享支付將繼續大幅領先於行業。我們將始終以員工和客戶至上的價值觀為指導。他們是我們成功的動力。我要感謝我們整個團隊為達美航空和我們的客戶所做的一切。

As I've recently noted, the industry backdrop remains constructive. Air travel demand is strong and the consumer is in good financial shape, particularly the premium consumer base that we target. After years of spending on goods, consumers want to travel. It's their #1 big-ticket purchase priority and they desire premium experiences. No one provides this better than Delta. At the same time, aviation infrastructure is still fragile, and the industry continues to face multiple constraints across the supply chain, aircraft delivery delays and training needs.

正如我最近指出的，行業背景仍然具有建設性。航空旅行需求強勁，消費者財務狀況良好，尤其是我們瞄準的高端消費者群。經過多年的商品消費後，消費者想要旅行。這是他們的第一大購買重點，他們渴望優質的體驗。沒有人能比達美航空提供更好的服務。與此同時，航空基礎設施仍然脆弱，行業繼續面臨供應鏈、飛機交付延誤和培訓需求等多重製約。

As a result, we see a significant gap between the supply that is in place and what demand could sustain. And we expect this gap will remain for an extended period of time. Turning to our outlook. With our first half performance and visibility into the back half of the year, we are raising our full year outlook and now expect earnings of $6 to $7 per share. For the September quarter, demand momentum continues. We expect to deliver double-digit revenue growth of mid-teens operating margin and earnings of $2.20 to $2.50 per share. Glen and Dan will provide more details on the components of our outlook.

因此，我們看到現有的供應與可以維持的需求之間存在巨大差距。我們預計這種差距將持續很長一段時間。轉向我們的展望。根據我們上半年的業績和下半年的前景，我們提高了全年預期，目前預計每股收益為 6 至 7 美元。九月份季度，需求勢頭仍在持續。我們預計營業利潤將實現兩位數的收入增長，每股收益將達到 2.20 美元至 2.50 美元。格倫和丹將提供有關我們前景的更多詳細信息。

As we move to 2024 and beyond, our path forward is clear. The strategy that we shared at our Investor Day just a few weeks ago positions Delta incredibly well for the future. Our long-term priorities are to run the world's best airline, unlock the power of our brand, transform through digital and deliver long-term shareholder value. Our strategy is underpinned by a commitment to financial performance. With a focus on free cash flow, return on invested capital and earnings durability, we are currently executing ahead of our 3-year financial plan and are well positioned to achieve our 2024 earnings' target of over $7 per share.

當我們邁向 2024 年及以後時，我們的前進道路是明確的。幾週前我們在投資者日分享的戰略為達美航空的未來奠定了極其良好的基礎。我們的長期優先事項是經營世界上最好的航空公司，釋放我們品牌的力量，通過數字化轉型並提供長期股東價值。我們的戰略以對財務業績的承諾為基礎。我們專注於自由現金流、投資資本回報率和盈利持久性，目前正在提前執行 3 年財務計劃，並準備好實現 2024 年每股超過 7 美元的盈利目標。

On free cash flow, we introduced a new goal to generate over $10 billion of free cash flow from 2023 to 2025. The strong cash generation will enable us to return our balance sheet to investment-grade metrics, while consistently reinvesting in the business. In closing, thanks to the outstanding work of our people, Delta continues to set itself apart. We have unique opportunities to grow earnings by leveraging our powerful brand, extending our durable competitive advantages and accelerating our digital transformation.

在自由現金流方面，我們提出了一個新目標，即從 2023 年到 2025 年產生超過 100 億美元的自由現金流。強勁的現金流將使我們能夠將資產負債表恢復到投資級指標，同時持續對業務進行再投資。最後，得益於我們員工的出色工作，達美航空繼續脫穎而出。我們擁有獨特的機會通過利用我們強大的品牌、擴大我們持久的競爭優勢並加速我們的數字化轉型來增加收入。

One other point I'd like to add. While our team has been hard at work returning the level of excellence to the skies that our customers deserve, we have not let go of our commitments to our community. Our team was recently recognized as the #1 corporate blood drive donor with the American Red Cross with the sixth consecutive year with the record units of blood collected.

我還想補充一點。雖然我們的團隊一直在努力恢復客戶應得的卓越水平，但我們並沒有放棄對社區的承諾。我們的團隊最近被美國紅十字會評為排名第一的企業獻血者，連續第六年採集的血液數量創紀錄。

To me, these types of achievements are as rewarding as the great financial and operational results that we are publishing today and what makes this company truly great. Thank you again. And with that, let me turn the call over to Glen and Dan to go through the details of the quarter.

對我來說，這些類型的成就與我們今天發布的出色的財務和運營業績一樣有價值，也是這家公司真正偉大的原因。再次感謝你。接下來，讓我將電話轉給格倫和丹，以了解該季度的詳細信息。

Thank you, Ed, and good morning. I want to start by recognizing our people for their exceptional work during the always challenging peak summer travel period. Thank you. Delta produced record June quarter revenue of $14.6 billion, up 19% over last year. Revenues were ahead of our initial expectations with momentum in June. June 30 was a new record for industry volume and our highest summer revenue day in history.

謝謝你，艾德，早上好。首先，我想表彰我們的員工在充滿挑戰的夏季旅行高峰期間所做的出色工作。謝謝。達美航空 6 月份季度營收創歷史新高，達到 146 億美元，比去年同期增長 19%。六月份的收入勢頭強勁，超出了我們最初的預期。 6 月 30 日創下了行業交易量的新紀錄，也是我們歷史上最高的夏季收入日。

Total unit revenues were up 1.3% over prior year on improved yield and load factor. Consumer demand strength continues to be the primary driver of our revenue growth. Business travel in the quarter improved year-over-year, primarily driven by international. Overall, international passenger revenue grew 61%, led by the transatlantic and Latin America. Domestic passenger revenue was 8% higher on a similar capacity increase. Premium revenue grew 25%, supporting growth in unit revenues and continuing to outperform Main Cabin. Delta Premium Select is now offered on over 80% of our wide-body fleet and customer response to the product has been terrific with returns outpacing our expectations.

由於產量和載客率提高，單位總收入比上年增長 1.3%。消費者需求強勁仍然是我們收入增長的主要驅動力。本季度的商務旅行同比有所改善，這主要是由國際旅行推動的。總體而言，國際客運收入增長了 61%，其中跨大西洋和拉丁美洲的客運收入增長最快。由於類似的運力增長，國內客運收入增長了 8%。高級艙收入增長了 25%，支持了單位收入的增長，並繼續跑贏經濟艙。目前，我們超過 80% 的寬體機隊均提供達美優選精選服務，客戶對該產品的反應非常好，回報超出了我們的預期。

Total loyalty revenue was up 20% versus last year, with continued momentum in our American Express co-brand portfolio. Remuneration of $1.7 billion was 22% higher year-over-year with $3.4 billion through the first half. We are firmly on track to exceed the $6.5 billion target for this year and focused on reaching our new long-term goal of $10 billion.

忠誠度總收入比去年增長了 20%，美國運通聯合品牌組合的勢頭持續強勁。上半年薪酬為 17 億美元，同比增長 22%，達到 34 億美元。我們堅定地有望超越今年 65 億美元的目標，並致力於實現 100 億美元的新長期目標。

Turning to the outlook. For September quarter, we expect total revenue to be similar to 2Q, increasing 11% to 14% year-over-year. On capacity outlook of 16% growth, unit revenues are expected to be 2% to 4% lower. While a deceleration from the June quarter, this is consistent with historic performance between 2Q and 3Q when factoring in the holiday shifts and tougher international comps as we lap the removal of restrictions.

轉向前景。對於 9 月份的季度，我們預計總收入將與第二季度相似，同比增長 11% 至 14%。根據產能增長 16% 的預期，單位收入預計將下降 2% 至 4%。雖然較六月季度有所放緩，但考慮到假期班次和取消限制後更嚴格的國際比較，這與第二季度和第三季度的歷史表現一致。

Domestically, demand remains robust, and our core hub rebuild is advancing with growth focused in Atlanta. In our coastal hubs, we are leveraging facility investments and progressively improving margins. On international, demand strength is continuing, and we are confident in delivering record profitability and margins across all 3 international entities. System bookings for travel beyond Labor Day are encouraging into the fall.

在國內，需求依然強勁，我們的核心樞紐重建工作正在推進，增長重點集中在亞特蘭大。在我們的沿海樞紐，我們正在利用設施投資並逐步提高利潤率。在國際方面，需求持續強勁，我們有信心在所有 3 個國際實體中實現創紀錄的盈利能力和利潤率。進入秋季，系統預訂勞動節之後的旅行情況令人鼓舞。

On corporate, we expect steady improvement in demand. Our recent corporate survey shows businesses expect to increase travel in the second half with several of the least recovered sectors conveying optimism or increased travel in the fall. Similar optimism was reflected in Morgan Stanley's recent Global Corporate Travel survey, where respondents indicated travel was expected to grow 9% year-over-year in the second half and 8% into 2024.

在企業方面，我們預計需求將穩步改善。我們最近的企業調查顯示，企業預計下半年旅行將增加，其中幾個恢復最差的行業將在秋季傳達樂觀情緒或增加旅行。摩根士丹利最近的全球商務旅行調查也反映了類似的樂觀情緒，受訪者表示，預計下半年旅行將同比增長 9%，到 2024 年將增長 8%。

Delta's capacity growth will normalize to mid-single digits in 2024, enabling us to further improve reliability, optimize the network and drive efficiency to reduce unit costs and support margin expansion. With an integrated and proven commercial strategy and the best people in the industry, we have significant opportunity ahead. In closing, I'm so proud of the team for delivering a great first half of the year and excited about the momentum we are building. And with that, I'll turn it over to Dan to talk about the financials.

達美航空的運力增長將在 2024 年正常化至中個位數，使我們能夠進一步提高可靠性、優化網絡並提高效率，以降低單位成本並支持利潤率擴張。憑藉經過驗證的綜合商業戰略和業內最優秀的人才，我們面臨著巨大的機遇。最後，我為我們的團隊在今年上半年取得的出色成績感到非常自豪，並對我們正在建立的勢頭感到興奮。接下來，我將把它交給丹來討論財務狀況。

Thank you, Glen, and good morning to everyone. In the June quarter, we delivered earnings of $2.68 per share and an operating margin of 17%, ahead of our guidance and a significant improvement over the last year. Our nonfuel unit costs were down -- were up 2.4% year-over-year. Fuel prices for the quarter averaged $2.52 per gallon, including a refinery benefit of $0.04. We generated operating cash flow of $2.6 billion, and after reinvesting $1.6 billion into the business, free cash flow was $1.1 billion. Liquidity ended the quarter at $8.8 billion, with adjusted net debt of $19.8 billion. During the first half of 2023, we repaid $3 billion of debt, including $1.4 billion of early repayments with a focus on our high-cost debt. For the year, we expect to repay over $4 billion of gross debt resulting in interest costs over $100 million lower than our initial expectations.

謝謝你，格倫，祝大家早上好。在 6 月季度，我們實現了每股 2.68 美元的盈利，營業利潤率為 17%，超出了我們的指導，並且比去年有顯著改善。我們的非燃料單位成本下降了，同比增長 2.4%。本季度燃油價格平均為每加侖 2.52 美元，其中煉油廠收益為 0.04 美元。我們產生了 26 億美元的運營現金流，在向業務再投資 16 億美元後，自由現金流為 11 億美元。本季度末流動性為 88 億美元，調整後淨債務為 198 億美元。 2023 年上半年，我們償還了 30 億美元的債務，其中包括 14 億美元的提前還款，重點是高成本債務。今年，我們預計將償還超過 40 億美元的總債務，從而導致利息成本比我們最初的預期低 1 億美元以上。

Our leverage ratio improved to 3.2x on a trailing 12-month basis and this is down from 5x at the end of the year. During the quarter, we announced the reinstatement of a quarterly dividend, opening the shareholder base to yield-focused investors.

我們的槓桿率在過去 12 個月中提高至 3.2 倍，低於年底的 5 倍。在本季度，我們宣布恢復季度股息，向注重收益的投資者開放股東基礎。

Now moving on to guidance for the September quarter and full year. We expect mid-teen operating margins and earnings of $2.20 to $2.50 per share in the September quarter. Nonfuel unit costs have reached an important inflection point. We expect nonfuel unit costs to decline 1% to 3% year-over-year in the September quarter. This is consistent with our expectations for a low single-digit decline in the second half of 2023.

現在轉向九月季度和全年的指導。我們預計 9 月份季度的運營利潤率和每股收益為 2.20 美元至 2.50 美元。非燃料單位成本已達到一個重要的拐點。我們預計第二季度非燃料單位成本將同比下降 1% 至 3%。這與我們對 2023 年下半年低個位數下降的預期一致。

Rebuild costs are substantially behind us and capacity is returning through our most efficient core hubs. July marks our peak ASM production for the year and capacity seasonally declining in the fall and winter. As our capacity growth normalizes, it enables our operating teams to drive efficiency. We have over $1 billion opportunity from initiatives across the enterprise as hiring and training slow and our workforce gains experience. Improving our nonfuel unit cost is an enterprise-wide priority, and remains within our control.

重建成本已大大降低，產能正在通過我們最高效的核心樞紐恢復。 7 月是我們全年 ASM 產量的峰值，而秋季和冬季產能會季節性下降。隨著我們的產能增長正常化，我們的運營團隊能夠提高效率。隨著招聘和培訓的緩慢以及我們的員工經驗的積累，我們從整個企業的舉措中獲得了超過 10 億美元的機會。提高非燃料單位成本是整個企業的首要任務，並且仍在我們的控制範圍內。

On fuel, we expect the September quarter fuel price to be between $2.50 to $2.70 per gallon. This includes a 4-set refinery benefit. As part of our routine maintenance done once every 5 years, the refinery will undergo a turnaround in mid-September that will continue through November. With production offline during this period, we expect the refinery to break even during the second half of the year.

在燃油方面，我們預計 9 月份季度燃油價格將在每加侖 2.50 美元至 2.70 美元之間。這包括 4 套煉油廠效益。作為我們每 5 年進行一次的例行維護的一部分，煉油廠將於 9 月中旬進行檢修，並將持續到 11 月。由於在此期間停產，我們預計煉油廠將在下半年實現收支平衡。

With our second quarter performance and our third quarter outlook, we now expect the full year earnings to be $6 to $7 per share and an operating margin greater than 12% and free cash flow of $3 billion. Delivering these financial results also positions us to reduce our leverage ratio to 3x by the end of the year and significantly improve our return on invested capital.

根據我們第二季度的業績和第三季度的展望，我們現在預計全年收益為每股 6 至 7 美元，營業利潤率超過 12%，自由現金流為 30 億美元。實現這些財務業績還使我們能夠在年底前將槓桿率降低至 3 倍，並顯著提高我們的投資資本回報率。

For the full year, we expect our return on invested capital to be approximately 14%, a 6-point improvement versus last year. In closing, we're ahead of plan in 2023, and in 2024, we remain confident in delivering earnings per share of over $7 a share while generating over $4 billion of free cash flow and achieving our investment-grade metrics.

我們預計全年投資資本回報率約為 14%，比去年提高 6 個百分點。最後，我們提前完成了 2023 年的計劃，到 2024 年，我們仍然有信心實現每股超過 7 美元的每股收益，同時產生超過 40 億美元的自由現金流並實現我們的投資級指標。

As we shared at Investor Day, we see significant opportunities beyond 2024 as we build on the strength of the core airline, leverage our existing capital base to grow high-margin revenue streams and delivered durable earnings through a full economic cycle. We couldn't do this without the hard work of our employees who are delivering for our customers every day. I'd like to thank the Delta people for all they do.

正如我們在投資者日分享的那樣，我們看到了 2024 年以後的重大機遇，因為我們將利用核心航空公司的實力，利用我們現有的資本基礎來增加高利潤收入流，並在整個經濟周期中實現持久的盈利。如果沒有每天為客戶提供服務的員工的辛勤工作，我們就無法做到這一點。我要感謝達美航空員工所做的一切。

Now with that, I'd like to turn it back to Julie for Q&A.

現在，我想把它轉回給朱莉進行問答。

Matthew, can you please remind the analysts how to queue up for questions?

Matthew，您能提醒一下分析師如何排隊提問嗎？

(Operator Instructions)

（操作員說明）

Your first question is coming from Helane Becker from TD Cowen.

你的第一個問題來自 TD Cowen 的 Helane Becker。

I just have a point of clarification and then my question. The point of clarification is Dan, did you just say that you're going to do 4 -- more than $4 billion in free cash flow for this year, and is that an official guidance update? And then my question really has to do with as you think about your digital footprint and the technology investments that you have to make, how are you thinking about what's customer facing versus what's back office and the cost to invest in both?

我只想澄清一點，然後提出我的問題。需要澄清的是 Dan，你剛才是否說過今年要增加 4 項——超過 40 億美元的自由現金流，這是官方指導更新嗎？然後我的問題實際上與您考慮您的數字足跡和必須進行的技術投資有關，您如何考慮客戶面臨的問題與後台的問題以及兩者的投資成本？

I'll start with the first one. And as it relates to free cash flow for this year, 2023, at Investor Day, we raised our guidance from $2 billion to $3 billion. $3 billion is the number for this year. And we expect as part of our 3-year plan, we said that we'd be at $4 billion or greater in 2024. And Ed talked about the 3-year collective plan that we're working towards, which is over $10 billion for the cumulative period of '23 through '25.

我將從第一個開始。由於與今年（2023 年）的自由現金流相關，我們在投資者日將指導值從 20 億美元提高到 30 億美元。今年的數字是30億美元。我們預計，作為我們 3 年計劃的一部分，我們預計到 2024 年我們的收入將達到 40 億美元或更多。Ed 談到了我們正在努力實現的 3 年集體計劃，該計劃將超過 100 億美元'23 到 '25 的累計期間。

And Helane, on your question regarding digital, I think I mentioned a couple of weeks ago at our Investor Day, I consider this one of the most important activities and investments that we are making in the company. We are -- on the one hand, we're far along. We've been working on this for a while, but clearly, we have a lot to go as well.

Helane，關於你關於數字化的問題，我想我幾週前在投資者日提到過，我認為這是我們在公司進行的最重要的活動和投資之一。一方面，我們已經走得很遠了。我們已經為此努力了一段時間，但顯然我們還有很多工作要做。

And most of the work that we are doing is clearly within the run rate or CapEx run rate. I don't anticipate any increase in capital as a result of that. If anything, a lot of the work that should start sunsetting by the end of '24 in terms of moving our infrastructure to the cloud will start to dissipate and that'll create even more capacity within the existing spend level for digital.

我們正在做的大部分工作顯然都在運行率或資本支出運行率範圍內。我預計不會因此而增加任何資本。如果說有什麼不同的話，那就是，在將我們的基礎設施遷移到雲方面，本應在 24 年底開始完成的許多工作將開始消散，這將在現有的數字支出水平內創造更多的容量。

Your next question is coming from Ravi Shanker from Morgan Stanley.

你們的下一個問題來自摩根士丹利的 Ravi Shanker。

Glen, you commented on the fall. Any chance you can expand on those comments a little bit more, especially U.S. domestic. I mean you spoke about corporate a little bit. I think most folks are focused on what the demand looks like beyond the summer, which is obviously very, very strong right now?

格倫，你對秋天發表了評論。如有機會，您可以進一步擴展這些評論，尤其是美國國內的評論。我的意思是你談到了一些公司問題。我認為大多數人都關注夏季過後的需求，目前的需求顯然非常非常強勁？

Right. We see strong demand, both domestically and internationally as far as we can see. And we can see internationally probably to the end of summer, IATA in October and see very, very strong results there. And domestically, we've seen some very positive trends. I think that was one of our increases in the June quarter we talked about in the earnings, and we've seen some inflection in terms of closing build, where it's starting to look better as we move later in the summer, and we're very encouraged with those trends as well.

正確的。據我們所知，國內和國際的需求都很強勁。我們可以看到國際上可能到夏末，十月份的國際航空運輸協會（IATA），並看到非常非常強勁的結果。在國內，我們看到了一些非常積極的趨勢。我認為這是我們在收益中談到的 6 月季度的增長之一，而且我們在收尾建設方面看到了一些變化，隨著我們在夏季晚些時候採取行動，情況開始看起來更好，我們正在這些趨勢也讓我深受鼓舞。

Great. And as a follow-up, maybe Ed or Dan, kind of you're going to hit your long-term EPS target of $7 at the high end of your guide this year, which obviously is very, very impressive. But I think, what's the next bar here? What's the next step? Are you looking at $10? And obviously, you just had to give us kind of the long-term outlook and the beyond Analyst Day in terms of the initiatives out there. But what are we thinking in terms of kind of financial targets for the long term?

偉大的。作為後續行動，也許 Ed 或 Dan 可能會在今年達到指南高端 7 美元的長期 EPS 目標，這顯然非常非常令人印象深刻。但我想，這裡的下一個酒吧是什麼？下一步是什麼？你在看10美元嗎？顯然，您只需向我們提供長期前景以及分析師日之後的舉措。但我們在長期財務目標方面有何想法？

Ravi, we're going to -- we need to get to $7 first before we talk about what's next.

Ravi，我們需要先達到 7 美元，然後才能討論下一步。

Really halfway through a 3-year plan.

三年計劃確實已經完成一半了。

Just to increase the current year guide. We will most likely some point next year, hopefully, in the first half of the year, have our updated long-term plan conversation where we can talk about where we see the long-term financial targets for the company going. But right now, we want to focus on in a very busy part of the year. We want to deliver a great operation for our customers. And we'll talk more over the course of the next 12 months as to how far the EPS can get.

只是為了增加當年的指導。我們很可能會在明年的某個時候，希望在今年上半年，進行更新的長期計劃對話，我們可以討論我們對公司長期財務目標的看法。但現在，我們希望專注於一年中非常繁忙的時期。我們希望為客戶提供出色的運營服務。我們將在接下來的 12 個月內更多地討論 EPS 能達到什麼水平。

It's a very high-quality problem to have.

這是一個非常高質量的問題。

Your next question is coming from Catie O'Brien from Goldman Sachs.

你們的下一個問題來自高盛的 Catie O'Brien。

So yesterday, we had a pretty sizable month-over-month step-down in airfare CPI. I did some quick analysis that shows that, that data isn't very correlated to the industry's RASM or yield historically, but it doesn't feel quite right to fully ignore a data point like that. I guess did you see anything similar to that step down in your own data, maybe even on domestic or lower end of the field fair spectrum?

因此，昨天，機票 CPI 環比大幅下降。我做了一些快速分析，結果表明，該數據與行業的 RASM 或歷史產量並沒有很大的相關性，但完全忽略這樣的數據點感覺不太正確。我想您是否在自己的數據中看到了類似的下降，甚至可能在國內或低端的現場公平範圍內？

I know you're guiding to a decel in 3Q versus 2Q better than what myself in the Street was forecasting but a deceleration. Is it as simple as that? Or are there flaws on how that CPI data is calculated where it's relevant to Delta?

我知道您對第三季度與第二季度的減速的指導比我在華爾街的預測要好，但只是減速。就這麼簡單嗎？或者與達美航空相關的 CPI 數據的計算方式是否存在缺陷？

Well, the methodology is a sample of a sample. And so we're not seeing the same. And it's a different data point than what we have and what we're seeing. So I'll leave it to that. If you want the definition which I think explains why there may be a big variance to what you're seeing, we can forward that to you.

嗯，該方法論是樣本中的樣本。所以我們沒有看到同樣的情況。這是一個與我們現有的和我們所看到的不同的數據點。所以我就這樣吧。如果您想要我認為可以解釋為什麼您所看到的內容可能存在很大差異的定義，我們可以將其轉發給您。

One thing for the call because I know most people have this question, just think about where we were last May and June, demand had just turned on in a crazy hot way. Supply was really low. People didn't care where they were going or how much they spent, they just wanted to go someplace. And we're seeing fares up 30%, 40%, 50% in -- particularly in a lot of the domestic markets where they could travel to.

這次電話會議有一件事，因為我知道大多數人都有這個問題，想想我們去年五月和六月的情況，需求剛剛以瘋狂的方式增長。供應量確實很低。人們不在乎他們要去哪里或花多少錢，他們只是想去某個地方。我們看到票價上漲了 30%、40%、50%，特別是在他們可以前往的許多國內市場。

That's obviously not sustainable. And that's the comp set that you -- it's in the data that's being compared to as well. So we're now at a much more normalized level of stability in the fare environment, particularly domestically. And I think it's a really poor comparison to try to draw what that 1 CPI print was off of the survey and how that relates to Delta for the future.

這顯然是不可持續的。這就是您的比較集——它也在進行比較的數據中。因此，我們現在的票價環境處於更加正常化的穩定水平，特別是在國內。我認為，試圖從調查中得出 1 CPI 的數據以及它與達美航空未來的關係，這是一個非常糟糕的比較。

I very much agree. Maybe one more for Dan too. Dan, you're well on your way on your $3 billion free cash flow target, I understand fuel has been volatile to see how the ATL shapes up in the back half of the year. But if your free cash flow was to come in better, would there be upside to that $4 billion plus debt paydown you spoke to? Is that at all capped by your level of prepayable debt? Or you're happy to pay prepayment penalties that means you take down that interest cost burn faster and derisk the business?

我非常同意。也許丹也能再多一份。 Dan，您正在順利實現 30 億美元自由現金流目標，我知道燃料一直在波動，以觀察 ATL 在今年下半年的走勢。但如果你的自由現金流能夠更好，那麼你所說的 40 億美元加上債​​務償還會有什麼好處嗎？這是否受到您的預償還債務水平的限制？或者您願意支付提前還款罰金，這意味著您可以更快地降低利息成本並降低業務風險？

Certainly. Any -- as we've talked about paying down debt is a priority here, generating cash, paying down debt, those 2 -- head-to-head, any additional cash that we generate, we certainly would pay down debt with it. I think you'll see us -- even in the back half of this year, we will be over that $4 billion that I talked about a gross debt pay down. And our team has been -- Ken and the team out there have been really good about doing what we've done year-to-date. We've done actually through open market repurchase and other activities, and we're just going to continue to work down the debt.

當然。任何 - 正如我們所討論的，償還債務是這裡的首要任務，產生現金，償還債務，這兩個 - 頭對頭，我們產生的任何額外現金，我們當然會用它來償還債務。我想你會看到我們——即使在今年下半年，我們的債務償還總額也將超過我所說的 40 億美元。我們的團隊 - 肯和那裡的團隊非常出色地完成了我們今年迄今為止所做的事情。實際上，我們已經通過公開市場回購和其他活動做到了這一點，我們將繼續努力降低債務。

Your next question is coming from Mike Linenberg from Deutsche Bank.

您的下一個問題來自德意志銀行的 Mike Linenberg。

Yes. Can I -- I just want to touch back on, I think, Ed, you talked about summer being strong, maybe Glen also added to it for international, not summer, but international being strong, extending into the fall. And I did note that for many of your seasonal European markets, it does look like you've extended the season into November, December instead of restarting in April and May. It seems like they're coming back in early March, maybe even February.

是的。我可以——我只是想回顧一下，我想，艾德，你談到了夏季的強勁，也許格倫還添加了國際比賽的內容，不是夏季，而是國際比賽的強勁，一直延續到秋季。我確實注意到，對於許多季節性歐洲市場來說，看起來確實將季節延長到 11 月、12 月，而不是在 4 月和 5 月重新開始。看起來他們會在三月初，甚至二月回來。

What is -- is there a secular shift that is going on here where you're just picking up more and more international, it's a longer season? Maybe these markets are becoming more mature on one hand. And my follow-up would be, when you look at your domestic, what's the load factor points that are being driven by international? Is it 5 points of load, 8 points a load factor that are on a connecting itinerary?

這是什麼——這裡正在發生一個長期的轉變，你會看到越來越多的國際比賽，這是一個更長的賽季嗎？也許一方面這些市場正在變得更加成熟。我的後續問題是，當您查看國內航班時，國際航班驅動的載客率點是多少？轉機行程中是否有 5 點載客量、8 點載客率？

Sure. On the seasonality, we have extended a lot of those seasonal deferrals were because of the way we did maintenance in the past, and we're adjusting that. I think what we want to accomplish for most of our markets is at least a full season of summer IATA, which is, of course (technical difficulty). And so you've seen a lot of extensions into that period. We've seen travel patterns emerging post pandemic to Europe that tend to see that Southern Europe has a longer season than it has had historically. And so we're taking advantage of that. While Northern Europe does have a much shorter season. And so trying to work both of those issues to create a network that produces the best returns on a year-round basis.

當然。在季節性方面，我們延長了很多季節性延期，這是因為我們過去進行維護的方式，我們正在對此進行調整。我認為我們希望為大多數市場實現的目標至少是整個夏季 IATA，這當然是（技術難度）。所以你已經看到了那個時期的很多延伸。我們已經看到大流行後歐洲出現的旅行模式往往會導致南歐的季節比歷史上更長。所以我們正在利用這一點。而北歐的季節確實要短得多。因此，我們試圖解決這兩個問題，以創建一個能夠全年產生最佳回報的網絡。

And we have a lot of improvement. We're going to have a really great summer, and our goal is to have a great winter as well. And so that's what we are doing. And on the domestic portion of international journey, I think in the last call, we said it was about 10. And I think that's about where it's staying. And again, that depends whether you call domestic portion of international journey to the long hauls or to the short haul, including the Caribbean and Mexico. And so the number I'm giving you includes the Caribbean and Mexico, which is really part of North America. If you took the truly long hauls out of that, it would be a lower number.

我們還有很多改進。我們將度過一個非常美好的夏天，我們的目標也是度過一個美好的冬天。這就是我們正在做的事情。至於國際旅程的國內部分，我想在上次通話中，我們說大約是 10 點。我認為這就是它停留的地方。同樣，這取決於您將國際旅程的國內部分稱為長途還是短途，包括加勒比海和墨西哥。所以我給你的數字包括加勒比海和墨西哥，它們實際上是北美的一部分。如果你從中剔除真正的長途運輸，這個數字將會更低。

Your next question is coming from Sheila Kahyaoglu from Jefferies.

您的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Great quarter on profitability. You raised the margin guidance for the year for 12% for 2023. That implies 100 basis points of improvement in the second half. How much of that is coming from fuel and nonfuel cost to mention that down 1 to 3 points? Is it all just cost benefits? Or are you assuming some continued yield strength in the Atlantic like we were just talking about and benefit from domestic hub restoration?

季度盈利能力出色。您將 2023 年的利潤率指導上調至 12%。這意味著下半年將改善 100 個基點。其中有多少來自燃料和非燃料成本才能下降 1 到 3 個百分點？難道這一切都只是成本效益嗎？或者您是否假設大西洋地區的產量持續強勁，就像我們剛才討論的那樣，並從國內樞紐的恢復中受益？

Yes. When you think about it, first half to second half, a couple of things to think about, certainly nonfuel is the biggest driver there. We were up in the first half, going to be down low single digits in the back half. That's your real benefit related to that on that basis. The other benefit you have is when you think about the halves, you really have a second quarter, pretty similar when you have a fourth quarter versus a first quarter performance in that half performance. And when you put all that together, that also drives that margin performance first half versus second half.

是的。當你仔細想想，上半年到下半年，有幾件事需要考慮，非燃料無疑是最大的推動因素。我們在上半場領先，但在後半場將落後個位數。在此基礎上，這才是您真正的利益。你擁有的另一個好處是，當你考慮上半場時，你確實有第二季度，當你在上半場的表現中看到第四季度和第一季度的表現時非常相似。當你把所有這些放在一起時，這也會推動上半年與下半年的利潤率表現。

Great. And then if I could just ask a follow-up on cash. The CapEx assumption, does it still remain 5.5%? And should we think about the Skyline at 43 aircraft for the year, given you mentioned some delivery constraints?

偉大的。然後我是否可以詢問有關現金的後續情況。資本支出假設仍保持 5.5% 嗎？鑑於您提到了一些交付限制，我們是否應該考慮 Skyline 今年的飛機數量為 43 架？

Yes. We've held our -- even as we updated our free cash flow for the year from 2 to 3, we've held our CapEx at 5.5%. We're still holding right around that 42, 43 aircraft for the year, that can always move around as it has a year by a few.

是的。即使我們將今年的自由現金流從 2 更新為 3，我們仍將資本支出保持在 5.5%。我們今年仍然保留著 42、43 架飛機，它們總是可以移動，因為它每年都會有幾架飛機。

Your next question is coming from Scott Group from Wolfe.

您的下一個問題來自沃爾夫的斯科特集團。

Glen, you said that the third quarter RASM would have been in line with seasonality if you make a few adjustments. Can you just maybe give a little bit color on the adjustments you're sort of thinking about? And then just -- I don't know if I heard it yet, so maybe just share domestic versus international RASM expectations for the third quarter?

Glen，您說過，如果您進行一些調整，第三季度的 RASM 將符合季節性。您能否對您正在考慮的調整提供一些說明？然後 - 我不知道我是否聽說過，所以也許只是分享一下國內與國際 RASM 對第三季度的預期？

Yes. On the seasonality between 2Q and 3Q, we had some of the days shipped. The outbound 4th of July was in 2Q, which are some of the best days of the summer, as we pointed out in this. So if you take that and adjust for that, we're about 1 point off into the normal and hopefully, we can make that point up in the quarter. But if you look back to last year, I think that's the more important comp when you see the deceleration from 1 to a midpoint of minus 3. Last year's international RASM went between 2Q and 3Q was up 16 points as the restrictions -- travel restrictions went off in 2Q. So that had that big surge in demand on a limited capacity last year. So I think we're really -- we're looking at a 2Q to 3Q that's really right in line with what we think the seasonal norms are.

是的。由於第二季度和第三季度之間的季節性，我們有一些發貨天數。 7 月 4 日出境是在第二季度，正如我們在本文中指出的那樣，這是夏季最好的日子。因此，如果你考慮到這一點並進行調整，我們與正常情況相比大約落後 1 分，希望我們能夠在本季度彌補這一點。但如果你回顧去年，我認為當你看到從 1 到負 3 中點的減速時，這是更重要的比較。去年的國際 RASM 在第二季度和第三季度之間上升了 16 個點，因為旅行限制於第二季度關閉。因此，去年在有限的產能下需求大幅增加。所以我認為我們確實 - 我們正在研究第二季度到第三季度，這確實符合我們認為的季節性標準。

Okay. Helpful. And then, Dan, I don't know if I'm getting a little ahead of myself, but when I think about the inflection in CASM in the back half of this year, that's still with a pilot deal. So as we look ahead to next year, I know you've already said down low single digits, but am I wrong in thinking that the first half is going to be better than that?

好的。有幫助。然後，丹，我不知道我是否有點超前了，但當我想到今年下半年 CASM 的變化時，這仍然是一項試點協議。因此，當我們展望明年時，我知道您已經說過下降了低個位數，但我認為上半年會比這更好的想法是錯誤的嗎？

Well, the pilot deal you have throughout this year, and as we've talked about, you have every quarter, and it's about 4 points along with the wage increase overall for the entire Delta workforce that came through for the year. When you think about next year and you think about what we talked about is low single digits, really, we've out there with mid-single-digit capacity growth. You get that benefit. And then as you get into the scale and efficiency and rebuild, that is another element that we'll benefit from.

嗯，今年全年都有試點協議，正如我們所討論的，每個季度都有，而且達美航空今年所有員工的工資總體漲幅約為 4 個百分點。當你想到明年並想到我們所說的低個位數時，實際上，我們已經實現了中個位數的產能增長。你會得到這樣的好處。然後，當你進入規模和效率並進行重建時，這是我們將從中受益的另一個因素。

So we get efficiency. You won't have to repeat it, the rebuild that we had this year. And then the offset to that is the continued movement as it relates to a couple of points when you think about pilots and wages into next year. And that's what gets you to low single digits is the general framework associated with the drivers there.

這樣我們就獲得了效率。你不必重複我們今年的重建工作。然後，抵消這一影響的是持續的變動，因為當你考慮明年的飛行員和工資時，它與幾個點有關。這就是與驅動程序相關的一般框架使您達到低個位數的原因。

Your next question is coming from Jamie Baker from JPMorgan.

您的下一個問題來自摩根大通的傑米·貝克。

So Glen, does your third quarter RASM guide assume any share pickup at the expense of any competitors that may be alternating their distribution strategy or rethinking their Northeast footprint?

那麼，格倫，您的第三季度 RASM 指南是否假設任何份額的增加都會以犧牲任何可能改變其分銷策略或重新考慮其東北足蹟的競爭對手為代價？

There's 2 questions in there. And the first question is, I think our third quarter is based on what we see in the second quarter and moving forward, and there haven't been any changes to distribution strategies in the quarter. So I'd tell you, it's what we see today just moving forward from there. And on the cessation of the (inaudible), listen, we compete well in New York. We've had a long history of competing well in New York, and we're really confident how that -- as it evolves, that we'll be able to continue to win in New York which has been our long-term strategy for 10 years, and we're not deviating from that.

裡面有2個問題。第一個問題是，我認為我們的第三季度是基於我們在第二季度看到的情況並向前推進的，本季度的分銷策略沒有任何變化。所以我想告訴你，這就是我們今天所看到的，只是從那裡向前邁進。在（聽不清）停止後，聽著，我們在紐約競爭得很好。我們在紐約有著良好競爭的悠久歷史，而且我們非常有信心——隨著情況的發展，我們將能夠繼續在紐約獲勝，這一直是我們的長期戰略10年了，我們並沒有偏離這一目標。

And on the corporate survey work, any shifts in how individual sectors are responding? For example, is the messaging from your tech customers unchanged from what it's been that sort of thing?

在企業調查工作中，各個部門的反應有何變化？例如，來自您的技術客戶的消息與以前的情況相比是否沒有變化？

I think we pointed out that the laggards are the ones that are most encouraged as you get to the fall. And I think Ed has always said, and I agree with him 100%, that your propensity to travel is directly related to whether or not you're in the office. And as we see more and more offices trying to reopen or reopening and people are trying to get back into the -- corporations trying to get people back in the office. I think that's a great constructive backdrop for us as we head into the fall and the post Labor Day period.

我想我們已經指出，當你進入秋季時，落後者是最受鼓舞的。我認為埃德總是說，我百分百同意他的觀點，你的旅行傾向與你是否在辦公室直接相關。當我們看到越來越多的辦公室試圖重新開放或重新開放，人們試圖回到辦公室時，企業試圖讓人們回到辦公室。我認為，當我們進入秋季和勞動節後時期時，這對我們來說是一個巨大的建設性背景。

I'd like to add one additional comment there. All these comparisons in terms of corporate travel, unfortunately, are still all made to 2019. And we lose sight of the fact that our economy is 20% plus or minus larger than it was in 2019. So what you're talking about actually is there is a lot of room to improve for corporate America on travel. And I think that's part of the underpinning why we think there's going to -- you're going to continue to see some steady improvement here this fall, and you're hearing it from the travel managers as well.

我想在此補充一條評論。不幸的是，所有這些關於商務旅行的比較仍然都是針對 2019 年進行的。我們忽視了這樣一個事實，即我們的經濟比 2019 年增長了 20% 左右。所以你所說的實際上是美國企業界在旅行方面還有很大的改進空間。我認為這就是我們認為今年秋天將會繼續看到一些穩定改善的部分原因，而且您也從旅行經理那裡聽到了這一點。

Your next question is coming from Conor Cunningham from Melius Research.

您的下一個問題來自 Melius Research 的 Conor Cunningham。

Just to follow up on Jamie's question. So you do sound a bit better on corporate travel recovering in the back half. But I'm just curious -- like just to be clear, is that in your guide? Or is that additional upside if those things do come in a little bit better?

只是為了跟進傑米的問題。因此，在下半年商務旅行複蘇方面，你的聲音聽起來確實好一些了。但我只是很好奇——想澄清一下，這是在你的指南中嗎？或者如果這些東西確實變得更好一點，這是否會帶來額外的好處？

We have a continued slow and steady build in our guide if it was to accelerate beyond what it's been doing, that would be upside.

我們的指南中有一個持續緩慢而穩定的構建，如果它要加速超越它正在做的事情，那將是有利的。

Okay. That's helpful. And then just on the domestic RASM, I think you guys are going to be one of the best in the industry, if not the best. I was just curious if you could unpack what was the outperformance? Is that purely just your core hub rebuild and coastal investment kind of coming in at higher unit revenues? Just trying to understand maybe back to Catie's question, like the differences between regular economy seats and what Delta kind of offers out there?

好的。這很有幫助。然後就國內 RASM 而言，我認為你們即使不是最好的，也將成為業內最好的之一。我只是好奇你是否能解釋一下什麼是出色的表現？這純粹只是你的核心樞紐重建和沿海投資帶來了更高的單位收入嗎？只是想了解一下凱蒂的問題，比如普通經濟艙座位與達美航空提供的服務之間的區別？

Well, I think we said that it's been continuing to be led by premium products and services. And our domestic rebuild has, as we've spoken about earlier, initially focused on the coastal gateways and now -- right now moving back into the core. And so we have the lapping of the investments we've made in the coastal gateways coming out of COVID now producing very good returns for us as well as the investments in the core, which, of course, come in at higher unit revenues. So I think it's a combination of those 2 factors moving together.

嗯，我想我們說過它一直以優質產品和服務為主導。正如我們之前談到的，我們的國內重建最初集中在沿海門戶，現在又回到了核心地區。因此，我們在新冠疫情期間對沿海門戶進行的投資現在為我們以及在核心地區的投資帶來了非常好的回報，當然，這會帶來更高的單位收入。所以我認為這是這兩個因素共同作用的結果。

Your next question is coming from Savi Syth from Raymond James.

您的下一個問題來自 Raymond James 的 Savi Syth。

Just curious on the international capacity. It's been growing at a faster pace in domestic given that, that's where the restoration has been to a greater degree. I was curious how long you expect international capacity to grow to kind of continue to outpace domestic here?

只是好奇國際能力。鑑於國內的恢復程度更大，它的增長速度更快。我很好奇您預計國際產能增長到繼續超過國內產能需要多長時間？

Well, as capacity trends down as we head out of restoration into a more normal growth cycle, I can still see a pretty even distribution between domestic and international as we head into '24. We really haven't given any guidance on that yet. And internally, we haven't even completed our '24 plan yet, but I would expect it to be very similar split between domestic and international.

嗯，隨著我們走出恢復階段，進入更正常的增長周期，產能呈下降趨勢，進入 24 世紀，我仍然可以看到國內和國際之間的分佈相當均勻。我們確實還沒有就此給出任何指導。在內部，我們甚至還沒有完成我們的 24 小時計劃，但我預計國內和國際之間的劃分會非常相似。

Got it. And if I might just ask on the Latin entity, Glen, just could you provide a little bit more color on what you're seeing, especially broken out between kind of near international, which recovered first in kind of the South America markets?

知道了。如果我可以問一下拉丁實體格倫，您能否就您所看到的情況提供更多信息，尤其是在近國際市場之間的突破，該市場首先以南美市場的形式複蘇？

Yes. Of course, we've been really thrilled with the results with LATAM and the improvements in our South America revenue base. So South America is moving at a great clip. And again, the short and medium haul, Latin America markets were some of the first to recover, and they're still continuing to be strong, but not posting those great -- the giant gains they did in the early part of the recovery.

是的。當然，我們對拉丁美洲的成果以及南美收入基礎的改善感到非常興奮。因此，南美洲正在快速發展。再說一次，中短途的拉丁美洲市場是最先復甦的市場之一，而且它們仍然繼續保持強勁，但沒有表現出在復蘇初期取得的巨大收益。

Your next question is coming from Duane Pfennigwerth from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Congrats on the strong results. On your transatlantic JV, I just wondered if there's any new approaches, maybe any learnings through the pandemic that will change the way you operate going forward versus maybe what you've done in the past? How much each side flies, things like that?

祝賀取得的強勁成果。在你們的跨大西洋合資企業中，我只是想知道是否有任何新的方法，也許從大流行中學到的東西會改變你們未來的運營方式，而不是過去的做法？雙方各飛了多少距離之類的？

We have a great transatlantic joint venture. It was the first one and the most integrated and one that we think has huge customer benefits. And it's always evolving. And that's the great -- and we have great partners that want it to evolve. So we're continuing evaluating how we approach the marketplace together. You've seen some swaps in the fall from things that we have flown to the things that our partners are now going to fly. And so I don't think there are any huge headline changes, but it's always evolving.

我們有一個很棒的跨大西洋合資企業。這是第一個，也是最集成的一個，我們認為它能為客戶帶來巨大的利益。而且它總是在不斷發展。這就是偉大的——我們有偉大的合作夥伴希望它不斷發展。因此，我們正在繼續評估我們如何共同進入市場。你已經看到秋天我們已經飛過的東西和我們的合作夥伴現在要飛的東西之間的一些交換。所以我不認為有任何巨大的標題變化，但它總是在發展。

Okay. And then maybe just for my follow-up on seasonally shaping capacity. It looks like nominally ASMs peak in July. They stepped down a little bit in August and they stepped down a little bit again in September, which seems to make some sense. Not all your peers are kind of taking that approach. In some cases, August is bigger than July, et cetera. So is this just getting back to kind of your view on normal seasonality? Or is this more operationally driven?

好的。然後也許只是為了我對季節性塑造能力的後續行動。名義上，ASM 似乎在 7 月達到頂峰。 8月份他們退了一點，9月份又退了一點，這似乎是有道理的。並非所有同行都採取這種方法。在某些情況下，八月比七月更大，等等。那麼這是否只是回到了您對正常季節性的看法？或者這更具操作驅動力？

No, absolutely. It's more normal seasonality. Of course, in the south, you have the schools going back earlier and earlier. This year, for example, schools go back in Georgia, the first of August. And so we're through the summer travel period in the south where the north tends to go back after Labor Day. So if you look more granularly, you'd see the Southern -- the Atlanta hub and the south trends down in the second half of August, and we keep the northern tier operating a little bit longer and then pull that down after Labor Day. So we are actually getting much more back to where we want to be as we say we come out of restoration to a much more normal seasonality.

不，絕對是。這是比較正常的季節性。當然，在南方，學校開學時間越來越早。例如，今年佐治亞州的學校將於八月一日返校。現在，我們正在經歷南方的夏季旅行期，而北方往往會在勞動節後返回。因此，如果你更仔細地觀察，你會看到南部——亞特蘭大中心和南部在八月下半月呈下降趨勢，我們將北部地區的運營時間延長一點，然後在勞動節之後將其拉低。因此，我們實際上正在更多地回到我們想要的狀態，正如我們所說，我們已經恢復到更加正常的季節性。

We'll now go to our final analyst question.

現在我們將討論最後的分析師問題。

Your next question is coming from Brandon Oglenski from Barclays.

你們的下一個問題來自巴克萊銀行的布蘭登·奧格倫斯基。

Glen, so I guess -- and I know we're not guiding to 4Q here, but implied revenue in 4Q maybe feels a little bit softer in 3Q for the full year, just given your full year guidance, sorry. Is that conservatism around the off-peak periods like we were talking about back in 1Q with booking trends that have just changed and cancel fees that -- or the lack of cancel fees that have changed consumer behavior?

格倫，所以我想 - 我知道我們不會在這裡指導第四季度，但第四季度的隱含收入可能感覺全年第三季度的收入有點軟，只是考慮到您的全年指導，抱歉。這是圍繞非高峰期的保守主義嗎？就像我們在第一季度討論的那樣，預訂趨勢剛剛發生了變化並取消了費用，或者取消費用的缺乏改變了消費者的行為？

I just think we know the least about 4Q right now. And so as we get towards the end of this quarter, I think we'll have a much better view that we could share with you in the October call.

我只是認為我們現在對 4Q 知之甚少。因此，當我們接近本季度末時，我認為我們將有一個更好的觀點，我們可以在 10 月份的電話會議中與您分享。

Okay. I appreciate that. But I guess can you talk maybe structurally, how are you approaching the off-peak period differently than earlier this year?

好的。我很感激。但我想你能否從結構上談談，你如何以與今年早些時候不同的方式對待非高峰期？

Well, I think what we have left to go in a year is we have to get through Labor Day, of course, and I think we have good visibility through Labor Day. Then we have October, which is historically a very strong travel month for business. So we'll see how that unfolds. And then we have the holidays, which are the peak holidays. That's all that's really left in the year, and we have good bookings for the holidays. We have good visibility on that.

嗯，我認為一年後我們剩下的就是我們必須度過勞動節，當然，我認為我們在勞動節期間有很好的能見度。然後是十月，從歷史上看，這是一個非常強勁的商務旅行月份。所以我們將看看事情如何發展。然後我們就有假期，這是假期高峰。這就是一年中真正剩下的一切，我們已經有很好的假期預訂了。我們對此有很好的了解。

So it's really going to depend on -- and I think it's potential upside, as you said earlier, does business travel return more than we expect. And if so, then we have some good upside for the back half of the year. If not, we're going to trend where we see today.

因此，這實際上取決於——正如您之前所說，我認為這有潛在的好處，商務旅行的回報是否超過我們的預期。如果是這樣，那麼我們今年下半年會有一些良好的上行空間。如果沒有，我們將走向今天所看到的趨勢。

We'll wrap up the analyst portion of the call. I'll now turn it over to Tim Mapes to start the media questions.

我們將結束電話會議的分析師部分。現在我將把它交給蒂姆·梅普斯來開始媒體提問。

Thank you, Julie. Matthew, if you would please just remind the members of the media about queuing up for the call, and we'll jump in with members of the media.

謝謝你，朱莉。馬修，請您提醒媒體成員排隊等候電話，我們將與媒體成員一起參與。

(Operator Instructions)

（操作員說明）

Your first question is coming from Alison Sider from Wall Street Journal.

你的第一個問題來自《華爾街日報》的艾莉森·賽德。

I wanted to ask about Viasat yesterday reported it had a deployment issue with its recently launched satellite. Just curious if that causes any potential problems for Delta's free WiFi plans, either for the current -- what's currently in place or the future rollouts and if you have to consider any kind of alternatives?

我想問一下 Viasat 昨天報導稱其最近發射的衛星存在部署問題。只是好奇這是否會對達美航空的免費 WiFi 計劃造成任何潛在問題，無論是當前的情況還是未來的推出，以及您是否必須考慮任何替代方案？

Obviously, we were disappointed as Viasat was with the news yesterday, but we're committed long term and they will get through this. We see no meaningful impact to our -- to where we stand currently with our domestic capacity, and we're working closely with them to make sure the domestic performance maintains what we've been seeing, which has been great. I think if anything, it may cause a delayed rollout on some of the international markets. But it's too early to tell.

顯然，我們對 Viasat 昨天的消息感到失望，但我們致力於長期發展，他們會渡過難關。我們認為目前的國內產能不會受到任何有意義的影響，我們正在與他們密切合作，以確保國內業績保持我們所看到的水平，這非常棒。我認為，如果有的話，它可能會導致在某些國際市場上的推出延遲。但現在下結論還為時過早。

Got it. Okay. And I also wanted to see if Delta has any view on some of the proposals that Congress is considering around simulator training counting towards pilot experience hours? Is that something you do favorably or if Delta would have any plans to offer a trading program of its own if the Senate proposal goes through or how you're thinking about that?

知道了。好的。我還想知道達美航空對國會正在考慮的有關模擬器培訓計入飛行員經驗時間的一些提案有何看法？如果參議院提案獲得通過，達美航空是否有計劃提供自己的交易計劃，或者您對此有何看法？

Alison, it's Peter. Delta has not weighed in on those particular proposals. We think the way pilots are trained is obviously incredibly effective, and it's important to maintain those type of training requirements.

艾莉森，是彼得。達美航空尚未對這些具體提議發表意見。我們認為飛行員的培訓方式顯然非常有效，維持這些類型的培訓要求非常重要。

Your next question is coming from Leslie Josephs from CNBC.

你的下一個問題來自 CNBC 的萊斯利·約瑟夫斯 (Leslie Josephs)。

Also wondering if Delta has any view on raising the pilot age potentially to 67, if not beyond that, at some point? And then also with the affirmative action ruling from last month, is Delta reviewing or looking at its current DEI policies and they're expecting any changes that has to make?

還想知道達美航空是否有任何看法，可能會在某個時候將飛行員年齡提高到 67 歲（如果不是超過 67 歲）？然後，根據上個月的平權行動裁決，達美航空是否正在審查或研究其當前的 DEI 政策，並且他們預計必須做出任何改變？

Leslie, I'll take the first. No, we don't have a point of view on that. I think that's something that within the pilot community, there's a lot of different opinions around. So we'll stand by and observe and watch how that discussion unfolds. Peter will touch on the affirmative action.

萊斯利，我先走。不，我們對此沒有看法。我認為在試點社區中存在很多不同的意見。因此，我們將袖手旁觀，觀察討論如何展開。彼得將談到平權行動。

Yes. Leslie, I will tell you at Delta, we continue to be fully committed to our DE&I objectives. And also, we don't have an affirmative action program at Delta. We always hire the very best.

是的。 Leslie，我會告訴您，在達美航空，我們將繼續全力致力於我們的 DE&I 目標。而且，達美航空沒有平權行動計劃。我們總是聘用最優秀的人才。

Your next question is coming from Mary Schlangenstein from Bloomberg News.

您的下一個問題來自彭博新聞社的瑪麗·施蘭根斯坦。

With your expectation that the corporate travel recovery is going to slowly continue during the fall, will that step up enough that it will make up for any decline in leisure travel after schools return? Or do you not expect to see that historical dip in leisure travel this fall?

您預計商務旅行的複蘇將在秋季緩慢持續，這種複蘇是否足以彌補學校返校後休閒旅行的下降？或者您預計今年秋天休閒旅遊不會出現歷史性下滑？

Well, I'll just give you a view of what we do see because domestic demands, of course, come a little bit later on. But for international travel post Labor Day, we see very robust leisure demand continuing through the October period. So combine that with, hopefully, we'll get some upside surprise on the increase in business, but we're not really counting on anything more than what we see today.

好吧，我只是向您介紹一下我們所看到的情況，因為國內需求當然會稍後出現。但對於勞動節後的國際旅行來說，我們看到非常強勁的休閒需求將持續到十月期間。因此，結合起來，希望我們能在業務增長方面獲得一些上行驚喜，但我們並不真正指望比今天看到的更多的事情。

Your next question is coming from David Slotnick from TPG.

您的下一個問題來自 TPG 的 David Slotnick。

I wondered if Delta has any contingency planning or views surrounding the legislation potentially effect in credit card fees and charges, I know that would probably have a significant impact on your MX revenue? Are you planning for if that works in play through or have it make up for that or anything else?

我想知道達美航空是否有任何針對可能影響信用卡費用和收​​費的立法的應急計劃或觀點，我知道這可能會對您的 MX 收入產生重大影響？您是否計劃在遊戲中發揮作用，或者彌補這一點或其他什麼？

David, it's Peter. Obviously, that's legislation that we're watching carefully. And if, in fact, it becomes the law, we will adjust accordingly. But we don't really think it has a good opportunity to be ultimately signed into law.

大衛，是彼得。顯然，這是我們正在仔細關注的立法。如果事實上它成為法律，我們將進行相應調整。但我們並不認為它有很好的機會最終簽署成為法律。

Thank you, David. Matthew, I think that will wrap it up for questions from members of the media.

謝謝你，大衛。馬修，我想媒體提問就到此結束了。

All right. Well, thank you, everyone, for joining us, and I hope you have a great rest of your summer, and we'll talk to you in October.

好的。好的，謝謝大家加入我們，希望你們度過了愉快的暑假，我們將在 10 月份與你們交談。

Thank you. That concludes today's conference. Thank you for your participation today.

謝謝。今天的會議到此結束。感謝您今天的參與。