達美航空 (DAL) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines March Quarter 2024 Financial Results Conference Call. My name is Matthew, and I will be your coordinator. (Operator Instructions) As a reminder, today's call is being recorded. (Operator Instructions) I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations. Please go ahead.

大家早安，歡迎參加達美航空 2024 年 3 月季度財務業績電話會議。我叫馬修，我將是你們的協調員。 （操作員說明）謹此提醒，今天的通話正在錄音。 （操作員指示）我現在想將會議轉交給投資人關係副總裁 Julie Stewart。請繼續。

Thank you, Matthew. Good morning, everyone, and thanks for joining us for our March quarter 2024 earnings call. Joining us from Atlanta today are our CEO, Ed Bastian; our President, Glen Hauenstein; and our CFO, Dan Janki. Ed will open the call with an overview of Delta's performance and strategy, and Glen will provide an update on the revenue environment. Dan will discuss costs and our balance sheet. After the prepared remarks, we'll take analyst questions. We ask you to please 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。大家早安，感謝您參加我們的 2024 年 3 月季度財報電話會議。今天從亞特蘭大加入我們的是我們的執行長 Ed Bastian；我們的總裁格倫·豪恩斯坦；以及我們的財務長 Dan Janki。艾德將在電話會議上概述達美航空的業績和策略，格倫將提供有關收入環境的最新資訊。丹將討論成本和我們的資產負債表。在準備好的發言之後，我們將回答分析師的問題。我們要求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'll 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 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.

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有重大差異。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。我們也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 衡量標準的調整表。

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

然後，我會將電話轉給艾德。

Well, thank you, Julie, and good morning, everyone. We appreciate you joining us today. Earlier this morning, we reported our March quarter results, posting pretax earnings of $380 million or $0.45 per share, a $0.20 improvement over last year and revenue that was 6% higher and a new record for first quarter. Free cash flow was $1.4 billion, and we delivered a return on invested capital of nearly 14%, putting Delta's returns in the top half of the S&P 500.

嗯，謝謝你，朱莉，大家早安。我們感謝您今天加入我們。今天早些時候，我們公佈了 3 月份季度業績，稅前收益為 3.8 億美元，即每股 0.45 美元，比去年增加 0.20 美元，收入增長 6%，創第一季新紀錄。自由現金流為 14 億美元，投資資本報酬率接近 14%，達美航空的報酬率位居標準普爾 500 指數前半。

We are delivering industry-leading operational reliability and have widened the gap to our competition. Last summer, we made forward-leaning investments in the operation. And since then, our teams have delivered operational performance that is among the best in our history with mainline cancellations down 85% setting new records for completion factor in both the fourth quarter and the first quarter. I'd like to sincerely thank Delta's 100,000 people for your dedication, professionalism and hard work in delivering these outstanding results.

我們正在提供業界領先的營運可靠性，並擴大了與競爭對手的差距。去年夏天，我們對該業務進行了前瞻性投資。從那時起，我們的團隊實現了史上最好的營運績效，主線航班取消量下降了 85%，第四季和第一季的完工率都創下新紀錄。我衷心感謝台達十萬名員工的奉獻精神、專業精神和辛勤工作，才取得了這些出色的成果。

In February, we recognized the efforts of our people with $1.4 billion in profit sharing, more than the rest of the industry combined and continuing Delta's long-standing philosophy to reward industry-leading performance with industry-leading compensation. Reflecting our people-first culture, Forbes ranked Delta the fifth best large employer in America, and Delta was recently named the 2024 Global Airline of the Year by Air Transport World for our outstanding commitment to safety, operational performance and premium customer service.

2 月份，我們以 14 億美元的利潤分享來表彰員工的努力，這比行業其他公司的總和還要多，並延續了達美航空以行業領先的薪酬獎勵行業領先績效的長期理念。達美航空被《富比士》評為美國第五大最佳雇主，體現了我們以人為本的文化。達美航空最近被《航空運輸世界》評為2024 年全球年度航空公司，以表彰我們對安全、營運績效和優質客戶服務的傑出承諾。

While airline travel and transportation is what we do, it is the experiences on Delta that set us apart as a leading consumer brand and why Delta was recognized as number 11 on Fortune's list of the world's most admired companies. Exciting customer-facing enhancements are on the near horizon, including the opening of new Delta One Lounges in JFK, Los Angeles and Boston, the continued introduction of modern and fuel-efficient aircraft, new premium cabin service offerings, upgrades to the Fly Delta app and the international expansion of fast, free WiFi across our fleet.

雖然航空旅行和運輸是我們的業務，但達美航空的經驗使我們成為領先的消費品牌，也是達美航空在《財富》全球最受尊敬公司排行榜上名列第 11 名的原因。令人興奮的面向客戶的增強功能即將推出，包括在甘迺迪機場、洛杉磯和波士頓開設新的達美一號貴賓室、繼續推出現代化且節能的飛機、新的高級客艙服務產品、升級達美航空應用程式以及我們機隊中快速、免費 WiFi 的國際擴張。

The rollout of WiFi and Delta Sync continues to be a tremendous success. Since launching last year, customers have logged more than 45 million free streaming quality sessions on board and millions have joined the SkyMiles program through this channel, recognizing our investment to ensure the future of travel is connected, we took the number two spot in the travel category, a Fast Company's List of the Most Innovative Companies, the only airline to be recognized in the ranking. Loyalty to our brand has never been stronger. We continue to set new records with our remuneration from American Express, our most important commercial relationship and are well on our way to our long-term target of $10 billion.

WiFi 和 Delta Sync 的推出繼續取得巨大成功。自去年推出以來，客戶已在機上記錄了超過4500 萬次免費串流媒體品質會話，數百萬人透過此管道加入了「飛凡哩程常客計畫」計劃，這認可了我們為確保未來的旅行互聯而進行的投資，我們在旅行中排名第二類別，《Fast Company》最具創新力公司名單，是唯一一家在該排名中獲得認可的航空公司。對我們品牌的忠誠度從未如此強烈。美國運通是我們最重要的商業關係，我們的薪酬繼續創下新紀錄，並且朝著 100 億美元的長期目標邁進。

On February 1, we announced enhanced and refreshed benefits for our Delta SkyMiles American Express cards, providing more direct value and the customer response has been very positive. Turning to our outlook with strong first quarter performance and visibility into the strength of summer travel demand, we remain confident in our full year guidance for earnings of $6 to $7 per share, free cash flow of $3 billion to $4 billion and leverage of 2.5x., the 3 main guideposts that we shared with you in January.

2 月 1 日，我們宣布了達美「飛凡哩程常客計畫」美國運通卡的增強和更新優惠，提供了更直接的價值，客戶反應非常積極。展望我們的前景，憑藉強勁的第一季業績和對夏季旅遊需求強勁的了解，我們對每股收益6 至7 美元、自由現金流30 億至40 億美元和槓桿2.5 倍的全年指導仍然充滿信心.，我們在一月份與您分享的 3 個主要指南。

For the June quarter, we expect to deliver the highest quarterly revenue in our history of mid-teens operating margin and earnings of $2.20 to $2.50 per share. Our forecast for pretax profit of approximately $2 billion is on par with 2019 and just shy of last year due to higher fuel prices. Demand continues to be strong, and we see a record spring and summer travel season with our 11 highest sales days in our history, all occurring this calendar year.

對於 6 月季度，我們預計將實現歷史上最高的季度收入，營運利潤率為 10 左右，每股收益為 2.20 美元至 2.50 美元。由於燃油價格上漲，我們預計稅前利潤約為 20 億美元，與 2019 年持平，略低於去年。需求持續強勁，春季和夏季旅遊旺季創歷史新高，創下史上 11 個最高銷售日，全部發生在今年。

Spending on services recently to pass goods for the first time in 5 years, and there is further runway to return to their long-term trends. Delta's core consumers are in a healthy position and travel remains a top purchase priority. Generational shifts and evolving consumer preferences are driving secular growth in premium experiences. And business travel demand has taken another meaningful step forward this year with growth accelerating into the mid-teens over last year.

最近的服務支出五年來首次超過貨物，並且還有進一步的跑道回歸長期趨勢。達美航空的核心消費者狀況良好，旅行仍然是首要購買重點。代際轉變和不斷變化的消費者偏好正在推動優質體驗的長期成長。今年商務旅行需求又向前邁出了有意義的一步，與去年相比成長速度加快到了十幾歲。

When you put this level of demand strength together with the industry's increased focus on improving financial returns, this may be the most constructive backdrop that I've seen in my airline career. Our industry-leading performance continues to demonstrate the strength of Delta's differentiated brand and returns-focused strategy. And with our disciplined approach to capital investment and focus on free cash flow, Delta is exceptionally well positioned to further strengthen our balance sheet and deliver significant shareholder value.

當你將這種需求強度與行業對提高財務回報的日益關注結合起來時，這可能是我在航空職業生涯中看到的最具建設性的背景。我們業界領先的業績繼續證明了達美差異化品牌和注重回報的策略的實力。憑藉我們嚴格的資本投資方法和對自由現金流的關注，達美航空處於非常有利的地位，可以進一步加強我們的資產負債表並提供顯著的股東價值。

In closing, the momentum in the business continues to build. We are focused on delivering excellent reliability, elevating the customer experience and improving efficiency across the company to support growth in our earnings and cash flow. I am excited for Delta's opportunities ahead, and we'll talk more about that and provide new long-term financial targets at our Investor Day, which we are scheduling for November 19 and 20th in New York City. Please put that on your calendar.

最後，業務動能持續增強。我們致力於提供卓越的可靠性、提升客戶體驗並提高整個公司的效率，以支持我們的收入和現金流的成長。我對達美航空未來的機會感到興奮，我們將在我們定於 11 月 19 日至 20 日在紐約舉行的投資者日上更多地討論這一點並提供新的長期財務目標。請把它記在你的日曆上。

Thank you again. And with that, let me hand it over to Glen for more details on our commercial performance.

再次感謝你。接下來，讓我將其交給格倫，以了解有關我們商業表現的更多詳細資訊。

Thank you, Ed, and good morning. I want to start by thanking our employees for providing the best service and reliability in the industry to our customers every single day. 2024 is off to a great start, and we're delivering on our commercial priorities to optimize our network, grow higher-margin revenue streams and invest in our future. Revenue for the March quarter increased 6% year-over-year to a record $12.6 billion on capacity growth of 6.8%. This result is at the high end of our initial guidance with upside driven by industry-leading operational performance and strength in close-in bookings.

謝謝你，艾德，早安。首先，我要感謝我們的員工每天為我們的客戶提供業內最好的服務和可靠性。 2024 年是一個好的開端，我們正在落實我們的商業優先事項，以優化我們的網路、增加更高利潤的收入來源並投資於我們的未來。三月季度的營收年增 6%，達到創紀錄的 126 億美元，運力成長 6.8%。這一結果處於我們最初指導的高端，受到業界領先的營運績效和近距離預訂實力的推動，有上升空間。

Since the start of the year, we've seen a sustained acceleration in business travel. Managed corporate travel sales grew 14% over the prior year with technology, consumer services and financial services leading that momentum. We delivered positive unit revenues in our 2 largest entities, Domestic and transatlantic, reflecting the continued optimization of our network. Total unit revenue growth improved 3 points sequentially to down 0.7%, including nearly a 1-point headwind from cargo and MRO.

自今年年初以來，我們看到商務旅行持續加速。在科技、消費者服務和金融服務的引領下，管理型商務旅行銷售額比上年增長了 14%。我們在國內和跨大西洋這兩個最大的實體中實現了正的單位收入，反映出我們網路的持續優化。總單位營收成長比上一季提高 3 個百分點，下降 0.7%，其中貨運和 MRO 帶來近 1 個百分點的阻力。

Domestic revenue grew 5% with record March quarter unit revenues, up 3% over the prior year. The more than 7-point improvement from 4Q to 1Q reflects strong demand trends and improving industry backdrop. International revenues grew 12% on a unit revenue decline of 3% as unit revenue growth in the transatlantic was muted by capacity investments from the continued rebuild of our Latin and Pacific franchise.

國內營收成長 5%，三月季度單位營收創歷史新高，比去年同期成長 3%。從第四季到第一季超過 7 個百分點的改善反映了強勁的需求趨勢和不斷改善的行業背景。國際收入成長了 12%，但單位收入下降了 3%，因為我們繼續重建拉丁美洲和太平洋特許經營權，產能投資削弱了跨大西洋地區的單位收入成長。

Diverse high-margin revenue streams generated 57% of total revenue, differentiating Delta and underpinning industry-leading financial performance. Premium revenue was up 10% over prior year, and we have runway ahead as we continue adding more premium seats to our aircraft, improving our retailing capabilities and further segmenting our products. Total loyalty revenue grew 12% on continued strength in the American Express co-brand portfolio with record quarterly remuneration of $1.7 billion.

多樣化的高利潤收入來源佔總收入的 57%，使達美航空脫穎而出並支撐業界領先的財務表現。高級收入比上年增長了 10%，隨著我們繼續在飛機上增加更多高級座位、提高我們的零售能力並進一步細分我們的產品，我們已經取得了巨大的進步。由於美國運通聯名品牌組合持續強勁，季度薪酬達到創紀錄的 17 億美元，忠誠度總收入成長了 12%。

Following the refresh co-brand benefits, we saw our card applications reach new records as we are seeing the highest premium acquisition mix in our program's history. Turning to our outlook. Consumer demand is robust and premium trends remain strong. The outlook for corporate travel is positive. 90% of Companies in our recent survey intend to maintain or increase travel volumes in 2Q, putting us back on track to deliver record corporate revenues in the back half of this year.

在刷新聯合品牌優惠之後，我們看到我們的信用卡申請達到了新的記錄，因為我們看到了我們計劃歷史上最高的溢價收購組合。轉向我們的展望。消費者需求強勁，高端趨勢依然強勁。商務旅行的前景樂觀。在我們最近的調查中，90% 的公司打算在第二季度維持或增加旅行量，使我們重回正軌，在今年下半年實現創紀錄的企業收入。

For the June quarter, we expect revenue growth of 5% to 7% on capacity growth of 6% to 7% with unit revenues flat to down 2% from last year's very strong performance. Similar to the March quarter, 2Q faces a headwind from the normalization of travel credits. Domestically, we expect unit revenues to be flattish over prior year with growth focused on restoring our core hubs where departures and seats are not yet fully restored.

對於六月季度，我們預計營收成長 5% 至 7%，產能成長 6% 至 7%，單位營收與去年非常強勁的表現持平或下降 2%。與三月季度類似，第二季面臨旅行積分正常化帶來的阻力。在國內，我們預計單位收入將與去年持平，成長重點是恢復我們的核心樞紐，這些樞紐的出發和座位尚未完全恢復。

The final stage of our core hub restoration will be the full return of regional flying. Pilot hiring has stabilized, increasing the capacity we expect to fly over the summer. We expect progressive improvement through 2025, driving higher asset utilization and improving our profitability. In the transatlantic, we are looking forward to another strong summer with record revenues. 2Q unit revenues are expected to be similar to the last year as we lock record performance and benefit from the healthy demand for our premium cabins and improved corporate trends.

我們核心樞紐恢復的最後階段將是支線航班的全面回歸。飛行員招募已經穩定，增加了我們預計夏季飛行的能力。我們預計到 2025 年將逐步改善，推動更高的資產利用率並提高我們的獲利能力。在大西洋彼岸，我們期待著另一個收入創紀錄的強勁夏季。由於我們鎖定了創紀錄的業績，並受益於對我們高級客艙的健康需求和改善的企業趨勢，第二季的單位收入預計將與去年相似。

In Latin America, profitability remains solid. Unit revenues are expected to be down double digits due to pressure in short-haul leisure markets. These markets are expected to see healthy improvements in the second half of the year as supply and demand comes back into balance. Our flying into deep South America, we are very pleased with the results. We are increasing capacity about 40% with minimal impact to unit revenues as we continue to deepen our ties with our JV partner, LATAM.

在拉丁美洲，獲利能力依然穩固。由於短途休閒市場的壓力，單位收入預計將下降兩位數。隨著供需恢復平衡，這些市場預計將在下半年出現健康改善。我們飛往南美洲深處，我們對結果非常滿意。隨著我們繼續深化與合資夥伴 LATAM 的聯繫，我們將產能提高了約 40%，同時對單位收入的影響最小。

We expect Pacific unit revenues to be in line with the prior year on 30% growth in capacity driven by strong demand for Korea and Japan, offsetting lower unit revenues in China. Profitability is expected to set a record as we continue to harvest the benefits of our multiyear restructuring. In closing, I'm pleased with how we have started 2024.

我們預計，由於韓國和日本的強勁需求推動，太平洋地區的單位收入將與去年持平，運力成長 30%，抵消了中國單位收入的下降。隨著我們繼續收穫多年重組的成果，獲利能力預計將創下紀錄。最後，我對 2024 年的開局感到滿意。

Delta is continuing to lead on all fronts with industry-leading margin and returns, highlighting the strength of our trusted brand and differentiated commercial strategy.

達美航空繼續以業界領先的利潤和回報在各方面處於領先地位，凸顯了我們值得信賴的品牌和差異化商業策略的實力。

And with that, I'd like to turn it over to Dan to talk about the financials.

說到這裡，我想把它交給丹來談談財務狀況。

Great. Thank you, Glen, and good morning to everyone. For the March quarter, we delivered pretax income of $380 million, an improvement of $163 million over last year, earnings of $0.45 per share was at the upper end of our guidance as great operational performance and strong demand more than offset higher-than-expected fuel prices. Operational excellence is central to Delta's brand promise, and I couldn't be prouder of how our teams are delivering record reliability for our customers.

偉大的。謝謝你，格倫，祝大家早安。 3 月份季度，我們實現稅前收入 3.8 億美元，比去年增加 1.63 億美元，每股收益 0.45 美元處於我們指導的上限，因為良好的營運業績和強勁的需求足以抵消高於預期的影響燃油價格。卓越營運是達美品牌承諾的核心，我對我們的團隊如何為客戶提供創紀錄的可靠性感到無比自豪。

A strong completion factor drove 1 point of higher capacity and nonfuel unit cost favorability. Nonfuel CASM was 1.5% above last year and ahead of guidance. Fuel prices averaged $2.76 per gallon, $0.16 higher than the midpoint of our guidance range. The refinery provided a $0.05 benefit generating a profit of $49 million. This was down $173 million from last year on more normalized refining margins. Fuel efficiency was 1.9% better than last year, benefiting from the continued renewal of our fleet and running a strong operation.

強勁的完成係數推動產能和非燃料單位成本優勢提高 1 個百分點。非燃料 CASM 比去年高 1.5%，高於指引值。平均燃油價格為每加侖 2.76 美元，比我們指導範圍的中位數高出 0.16 美元。該煉油廠提供了 0.05 美元的效益，產生了 4,900 萬美元的利潤。由於煉油利潤更加正常化，這比去年減少了 1.73 億美元。由於我們機隊的持續更新和強勁的運營，燃油效率比去年提高了 1.9%。

Operating margin of 5.1% was 0.5 point higher year-over-year. Our pretax margin improved over 1 point, benefiting from reduced interest, pension expense and higher earnings from our equity investments. We generated free cash flow of $1.4 billion. This was after paying $1.4 billion in profit sharing to our employees and investing $1.1 billion into the business. Debt reduction remains a top priority. Our leverage ratio improved to 2.9x. During the quarter, we repaid $700 million of debt, including $400 million of scheduled maturities and $300 million of additional debt initiatives.

營業利益率為 5.1%，年增 0.5 個百分點。受益於利息、退休金支出的減少以及股權投資收益的增加，我們的稅前利潤率提高了 1 個百分點以上。我們產生了 14 億美元的自由現金流。這是在向我們的員工支付 14 億美元的利潤分享並向公司投資 11 億美元之後。減少債務仍然是首要任務。我們的槓桿率提高至 2.9 倍。本季度，我們償還了 7 億美元的債務，其中包括 4 億美元的預定到期債務和 3 億美元的額外債務計畫。

We expect to repay at least $4 billion of debt this year and continue to be opportunistic in accelerating debt reduction. We are currently investment-grade rated at Moody's and BB+ at both S&P and Fitch, with all agencies now on positive outlook following updates from Fitch and Moody's during the quarter. Moving to the June quarter guidance. Combined with our outlook for top line growth, we expect an operating margin of 14% to 15%, with earnings of $2.20 to $2.50 per share. Fuel prices are expected to be $2.70 to $2.90 per gallon, including a $0.10 contribution from the refinery.

我們預計今年至少償還40億美元債務，並繼續以伺機加速減債。目前，我們在標準普爾和惠譽的評級中均獲得穆迪投資級和 BB+ 評級，在惠譽和穆迪在本季度發布最新消息後，所有機構均對我們的前景持積極態度。轉向六月季度指引。結合我們對營收成長的展望，我們預期營業利潤率為 14% 至 15%，每股收益為 2.20 美元至 2.50 美元。燃油價格預計為每加侖 2.70 美元至 2.90 美元，其中包括煉油廠貢獻的 0.10 美元。

At the midpoint of this range, our all-in fuel price is expected to be over 10% higher than last year. Nonfuel unit costs are expected to be approximately 2% higher than last year, consistent with our full year outlook of low single digit. Growth is normalizing, and we've entered a period of optimization with a focus on restoring our most profitable core hubs and delivering efficiency gains across the enterprise.

在此範圍的中點，我們的總燃油價格預計將比去年高出 10% 以上。非燃料單位成本預計將比去年高出約 2%，這與我們對全年較低個位數的預期一致。成長正在正常化，我們已經進入了優化時期，重點是恢復我們最盈利的核心樞紐並在整個企業內實現效率提升。

The investments we made in fleet health and reliability in the second half of 2023 are paying off, supporting industry-leading operational performance. As we discussed with you in January, these investments are expected to continue through 2024 as we complete an elevated volume of heavy airframe and engine checks while managing through industry-wide supply chain constraints. The intensity of hiring and training has moderated. The teams have good momentum in delivering on our efficiency goals for the year. This will help fund the investment in our people, in our operations and the customer experience that support our revenue premium.

我們在 2023 年下半年對機隊健康和可靠性所做的投資正在取得回報，支持業界領先的營運績效。正如我們在 1 月與您討論的那樣，這些投資預計將持續到 2024 年，因為我們將完成大量重型機身和引擎檢查，同時管理整個行業的供應鏈限制。招募和培訓的強度有所放緩。這些團隊在實現我們今年的效率目標方面勢頭良好。這將有助於為我們的員工、營運和客戶體驗的投資提供資金，從而支持我們的收入溢價。

In closing, we continue to be confident in our full year outlook of earnings of $6 to $7 per share and free cash flow of $3 billion to $4 billion. Our industry-leading operational and financial performance is a result of the hard work and dedication of the Delta people. I'd like to thank each of them for what they do every day. With that, I'll turn it back to Julie for Q&A.

最後，我們仍然對全年每股收益 6 至 7 美元、自由現金流 30 億至 40 億美元的前景充滿信心。我們行業領先的營運和財務表現是台達人辛勤工作和奉獻的結果。我要感謝他們每一個人每天所做的事情。這樣，我會將其轉回給朱莉進行問答。

Thanks, Dan. Matthew, can you please remind the analysts how to queue up for questions? And go to first analyst question comes from Duane Pfennigwerth.

謝謝，丹。 Matthew，您能提醒一下分析師如何排隊提問嗎？第一個分析師問題來自 Duane Pfennigwerth。

(Operator Instructions) Your first question is coming from Duane Pfennigwerth from Evercore ISI.

（操作員說明）您的第一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Just on the improved cost execution, you just talked on it in the script there, Dan, but can you speak to maintenance expense and the outlook relative to your expectations? The tone sounds like you're turning a corner on maintenance. And how do you think about that line into the second half and perhaps into next year?

就改善成本執行而言，丹，您剛剛在腳本中談到了這一點，但是您能談談維護費用和相對於您的期望的前景嗎？聽起來你的維護工作正在好轉。您如何看待下半年甚至明年的這條線？

Well, maintenances -- Duane, thank you, maintenance is on plan and performing as we expected as we talked to you at the beginning part of the year, maintenance, we expect it to be up year-over-year $350 million. We expect that for the full year, the first quarter was on plan, and the team is executing well.

嗯，維護工作——杜安，謝謝你，維護工作正在按計劃進行，並且正如我們在今年年初與您交談時所預期的那樣進行，我們預計維護費用將比去年同期增加 3.5 億美元。我們預計全年第一季都按計劃進行，團隊執行良好。

And those investments, as I mentioned, that we made in fleet health will continue as we go through this year, those proactive visits along touching the aircraft. You're seeing the impact. Cancellations from a maintenance perspective year-over-year were down 80% sequentially, they improved 30%. So team is doing a good job. They're on plan and as expected.

正如我所提到的，我們在機隊健康方面所做的投資將在今年繼續下去，這些活動涉及飛機。你正在看到影響。從維修角度來看，取消訂單量年減了 80%，改善了 30%。所以團隊做得很好。他們正在計劃中並符合預期。

Duane, if I could add on to that, I want to congratulate the TechOps team, John Laughter, his leadership over there in terms of helping to make that turn. We are seeing a renewed set of confidence back in the team. It's been a tough few years on the rebuild. Too early to declare victory. We know the supply chain continues to have a tremendous amount of constraint in it. But I'm confident that we're on a good journey. It's a good path here.

Duane，如果我可以補充一點的話，我想祝賀 TechOps 團隊 John Laughter，他在幫助實現這一轉變方面發揮了領導作用。我們看到團隊重新煥發了信心。重建工作經歷了艱難的幾年。宣布勝利還為時過早。我們知道供應鏈仍然受到巨大的限制。但我相信我們的旅程很順利。這裡是一條好路。

Appreciate those thoughts. And then maybe more of a conceptual one for my follow-up on corporate and the continued recovery in corporate you're pointing to. I assume that's generally close in. And I wonder if you could comment on if you're seeing a decrease in average trip length. So maybe more trips but fewer days on the road per trip. Any commentary on those trends?

欣賞這些想法。然後，也許更多的是我對企業的後續行動以及您所指的企業持續復甦的概念性關注。我認為這通常很接近。我想知道您是否可以評論一下您是否發現平均行程長度有所減少。因此，也許旅行次數會增加，但每次旅行的路上天數會減少。對這些趨勢有何評論？

No, I'd just say we're seeing both. We're seeing some shorter, and we're seeing some longer where people are blending the leisure trip with the business trips. And generally, they're purchasing a little bit further out than they had. And I think that's related to not having change fees any longer. So we've seen some changes in the booking curve, but really encouraged by what we see in terms of corporate bookings as we look forward through this quarter and as we look forward into the next couple of quarters.

不，我只是說我們兩者都看到了。我們看到一些較短的旅行，也看到一些較長的旅行，人們將休閒旅行與商務旅行融為一體。一般來說，他們的購買時間比原來還要遠。我認為這與不再收取變更費用有關。因此，我們看到預訂曲線發生了一些變化，但當我們展望本季和未來幾季時，我們在企業預訂方面所看到的情況確實令人鼓舞。

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。

Glen, I want to get back, you talked about the normalization of travel credits and how that still represents a bit of a headwind. Can you quantify what that impact is on June Q RASM?

格倫，我想回來，你談到了旅行積分的正常化，以及這仍然代表著一點阻力。您能量化這對 June Q RASM 的影響嗎？

I think we said in our previous that we faced headwinds up to 2 -- a couple of points. And I think we're not going to go into the details of that. But that's generally what we've disclosed in the past.

我想我們在之前說過我們面臨最多 2 點的阻力。我認為我們不會詳細討論這一點。但這通常是我們過去所揭露的內容。

Okay. Great. And then just my second question to Ed. Ed, can you just give us an update on the status of the -- I guess, it's an appeal process with the DOT on Aeromexico. How does that play out? Or I should say, what is the time line of that? And any milestones we should look forward with respect to that?

好的。偉大的。然後是我向艾德提出的第二個問題。 Ed，您能否向我們介紹一下該事件的最新狀態——我猜，這是向墨西哥航空運輸部提出的上訴程序。結果如何？或者我應該說，時間線是多少？在這方面我們該期待什麼里程碑？

Hey, Mike, it's Peter Carter. Thanks for the question. That was a tentative order, and I think, as you know, our strong view is the DOT really struck out on that one. They're typically a great partner. But this was an example of regulatory overreach, which is why we've challenged it. It's bad for consumers, it's bad for competition, it's bad for the local economies that those flights have served. We are currently engaged with the administration and discussing, I'll say, less punitive solutions than the tentative order that was proposed.

嘿，麥克，我是彼得卡特。謝謝你的提問。這是一項暫定命令，我認為，如您所知，我們的強烈觀點是交通部確實對該命令進行了否決。他們通常是一個很好的合作夥伴。但這就是監管越權的一個例子，這就是我們對此提出質疑的原因。這對消費者不利，對競爭不利，對這些航班所服務的當地經濟不利。我們目前正在與政府接洽，並討論比提議的暫定命令懲罰性更少的解決方案。

And I would say we've had hundreds of our, I'll say, allies with respect to the connection between Mexico and America weight in, in support of this joint venture. We think this is going to take some time before the DOT issues a final order, a number of months, but we're cautiously optimistic that they're going to come up with a better solution.

我想說，在墨西哥和美國之間的聯繫方面，我們有數百個盟友參與進來，支持這項合資企業。我們認為交通部發布最終命令還需要一段時間（幾個月），但我們對他們會提出更好的解決方案持謹慎樂觀的態度。

Your next question is coming from Scott Group from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Scott Group。

Glen, when I think about the original guide for the year or 3 months ago, I think it was sort of flat RASM for the year. So we're down slightly in Q1, midpoint of guide for Q2, down slightly. So what's your visibility to second half RASM inflection? I guess ultimately, at this point, do you see more upside or downside risk to that flat RASM? And maybe just with that, like the travel credit headwind, is that bigger or smaller in the second half?

Glen，當我想到一年或 3 個月前的原始指南時，我認為今年的 RASM 有點平淡。因此，我們在第一季略有下降，在第二季指導的中點，略有下降。那麼您對下半年 RASM 變化的看法如何？我想最終，在這一點上，您認為扁平的 RASM 有更多的上行風險還是下行風險？也許正是這樣，就像旅行信貸的逆風一樣，下半年的阻力是更大還是更小？

No, I think it's pretty -- first, on the travel credit headwinds, it is consistent through the year. But what I would say, is that we're ahead of our internal plan to get to flattish for the year and the comps get easier as we move through the year. And if you look at the back half of guidance as well as what people have loaded in their schedules, it looks like industry capacity is reaching a peak in 2Q. So I think we see a great setup for the back half of this year and we're on plan or ahead of plan from where we sit right now.

不，我認為這很漂亮——首先，在旅行信貸逆風方面，全年情況都是一致的。但我想說的是，我們提前實現了今年持平的內部計劃，隨著這一年的進展，比較變得更加容易。如果你看一下指導的後半部分以及人們在日程安排中加載的內容，你會發現行業產能在第二季度達到了高峰。因此，我認為今年下半年我們看到了一個很好的安排，我們正在按計劃或提前計劃。

Okay. And then I just want to follow up just on RASM a little bit. So if you just -- last year, your absolute RASM in second quarter just meaningfully outperformed seasonality. And then you underperformed in Q3, right? If you look this year, you're guiding again like to really outperform like pre-pandemic seasonality.

好的。然後我只想對 RASM 進行一些跟進。因此，如果您去年第二季的絕對 RASM 明顯優於季節性。然後你在第三季表現不佳，對嗎？如果你看看今年，你會發現，你的指導再次像大流行前的季節性一樣真正跑贏大盤。

I'm wondering, do you think that there is a seasonal shift from Q3 into Q2 relative to what we used to see? And does that help in Q2? Does it potentially hurt Q3? I'm just curious your thoughts on that.

我想知道，您認為相對於我們過去看到的情況，從第三季到第二季有季節性轉變嗎？這對第二季有幫助嗎？這對第三季有潛在傷害嗎？我只是好奇你對此的想法。

I have thoughts some very -- yes, it has changed, and it's related to schools coming back in the south, in particular, earlier and earlier into August. As a matter of fact, here, I believe, schools in Georgia go back the first week of August now. And so that has materially changed, I think, over the years, making the second quarter stronger and making the third quarter a bit weaker.

我有一些非常--是的，它已經改變了，這與南方的學校回歸有關，特別是越來越早到八月。事實上，我相信喬治亞州的學校現在已經回到八月的第一周了。因此，我認為，多年來，情況發生了重大變化，使第二季變得更強，而使第三季變得更弱。

But I think as we think about how we plan that now, we're incorporating that into our capacity plans moving forward.

但我認為，當我們考慮現在如何規劃時，我們正在將其納入我們未來的產能計畫中。

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。

So it looks like your leverage is getting to be in a pretty good place. When do you think you can start flexing the balance sheet for other use of cash kind of CapEx, cash return over the next 12 months?

所以看起來你的槓桿已經處於一個非常好的位置了。您認為什麼時候可以開始調整資產負債表以用於其他用途的現金資本支出、未來 12 個月的現金回報？

Well, thanks, Ravi. We're not in a position yet to make any comments or any decisions around that. We still have more debt than we're comfortable with, and that continues to be the first call on cash to continue to take risk off the table. Interesting, I was looking at some numbers preparing for this call. If you look at our target for the end of this year and you factor in that we actually have eliminated the pension obligation, which we had at the end of 2019.

嗯，謝謝，拉維。我們還無法就此發表任何評論或做出任何決定。我們的債務仍然超出了我們所能承受的範圍，這仍然是我們首次需要現金來繼續降低風險。有趣的是，我正在查看一些為這通通話做準備的數字。如果你看看我們今年年底的目標，你會發現我們實際上已經取消了 2019 年底的退休金義務。

We're actually pretty close to the leverage ratio we were at, at the end of 2019, entering the pandemic. So we have made a lot of progress. That said, we'll be talking a bit about that at our Investor Day in November. But the first call will be and will be for some time to pay down the debt.

事實上，我們的槓桿率已經非常接近 2019 年底疫情爆發時的水準。所以我們已經取得了很大的進步。也就是說，我們將在 11 月的投資者日討論這一點。但第一個要求將是並將持續一段時間來償還債務。

Got it. That's helpful. And maybe as a follow-up and a little bit of a nuance detailed question here. Obviously, with the Paris Olympics kind of being a pretty big catalyst for transatlantic travel in this summer, are we thinking of that potentially bringing on some noise towards end of 2Q, early 3Q? Is that something that you would caution us in terms of modeling cadence versus seasonality?

知道了。這很有幫助。也許作為後續行動和一點細微差別的詳細問題。顯然，巴黎奧運是今年夏天跨大西洋旅行的一個相當大的催化劑，我們是否考慮到這可能會在第二季末、第三季初帶來一些噪音？您是否會在建模節奏與季節性方面提醒我們？

Well, generally, the Olympics are not good for airline revenues. And this year, I think, is no exception to that. So while we see a very favorable backdrop for Europe in its totality, there are some challenges for Paris as generally business travel ceases to and from the local markets as the Olympics approach. So I wouldn't say that, that's going to be a windfall. It's actually going to be a bit of a headwind for us in the numbers we've shared with you.

一般來說，奧運對航空公司的收入不利。我認為今年也不例外。因此，雖然我們看到整個歐洲的背景非常有利，但巴黎也面臨一些挑戰，因為隨著奧運的臨近，商務旅行通常會停止往返當地市場。所以我不會這麼說，這將會是一筆意外之財。從我們與您分享的數字來看，這實際上對我們來說有點不利。

That said, we are very excited as sponsor Team USA for the Paris Olympics and we'll get through it.

也就是說，身為巴黎奧運美國隊的贊助商，我們感到非常興奮，我們會度過難關。

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

您的下一個問題來自 TD Cowen 的 Helane Becker。

So I just have two questions. In the first quarter, your landing fees seemed a little bit higher than I would normally expect to see for a first quarter. Is that -- maybe you can explain that rather than me suggesting what it could be?

所以我只有兩個問題。在第一季度，你們的著陸費似乎比我通常預期的第一季要高一些。是不是——也許你可以解釋一下，而不是我建議它可能是什麼？

And then for my follow-up question, one of the issues that American Express cardholders have, of which I am one, is acceptance rate, especially in Europe. And I'm wondering if you're starting to see an improvement in that area as well?

對於我的後續問題，美國運通卡持卡人面臨的問題之一（我也是其中之一）是接受率，尤其是在歐洲。我想知道您是否也開始看到該領域的改進？

Yes. On landing fees, when you look at it year-over-year, yes, they're up. Volume, one; two, related to the cut in as it relates to our generational redevelopment projects you're picking up some of that expense. And then I would say the third item, airports across the country in 2022 and 2023 benefited from CARES. And as those have now gone away, they're adjusting their rates and you're seeing that come through.

是的。關於著陸費，當你逐年查看時，是的，它們正在上漲。卷，一；第二，與削減有關，因為它與我們的世代再開發項目有關，您將承擔其中一部分的費用。然後我想說第三項，2022年和2023年全國機場都受惠於CARES。隨著這些現在已經消失，他們正在調整利率，你會看到這一點已經實現。

And on American Express global acceptance rates, we worked very hard years back with American Express on improving the domestic acceptance rates. And right now, they're at all-time highs in terms of the number of merchants that you can use American Express at domestically. And they are also doing that internationally. So particularly places that were strong, and we worked with them on prioritizing those places that Americans like to go for vacations.

在美國運通全球接受率方面，我們幾年前與美國運通一起努力提高國內接受率。目前，就可以在國內使用美國運通卡的商家數量而言，它們處於歷史最高水準。他們也在國際上這樣做。因此，特別是那些實力雄厚的地方，我們與他們合作，優先考慮美國人喜歡去度假的那些地方。

Your next question is coming from Andrew Didora from Bank of America.

您的下一個問題來自美國銀行的安德魯·迪多拉。

So Glen, I had a question just with regards to your capacity. How are you thinking about the cadence as we move into the back half of the year, obviously, with the first half capacity up north of 6, 3Q schedules are still sort of above your 3% to 5% original guide. How should we think about your growth as we move through the back of the year because it would imply based on 3Q schedules that 4Q would be down. I kind of find that hard to believe. But just any thoughts there would be helpful.

格倫，我有一個關於你的能力的問題。當我們進入今年下半年時，您如何看待節奏，顯然，上半年產能超過 6 個，第三季的時間表仍然高於您最初指導的 3% 到 5%。當我們進入今年下半年時，我們應該如何考慮您的成長，因為這意味著根據第三季的計劃，第四季將會下降。我有點難以置信。但任何想法都會有幫助。

I think we're going to -- first of all, thanks to our operating teams who have given us such exceptional completion factors that accounted for even higher than we had planned for. So I'd say, if those continue, which I imagine they will, I hope they will, that we would be at the high of the 3% to 5%. And I think it's a bit early to say, but I think that we will be right at that 5% depending on how the completion factor comes in.

我認為我們將——首先，感謝我們的營運團隊，他們為我們提供瞭如此出色的完成因素，其比例甚至高於我們的計劃。所以我想說，如果這種情況繼續下去，我想他們會，我希望他們會，我們將處於 3% 至 5% 的高點。我認為現在說這個還為時過早，但我認為我們的 5% 是正確的，這取決於完成因素的計算方式。

That's helpful. And then I think in your prepared remarks, you spoke to MRO headwinds in the ancillary revenue line in the quarter. What is driving that? I just sort of thought given everyone's elevated maintenance expense, it would have been a little bit more of a tailwind? Any thoughts there?

這很有幫助。然後我認為在您準備好的講話中，您談到了本季度輔助收入線中 MRO 的不利因素。是什麼推動了這一點？我只是想，考慮到每個人的維護費用都增加了，這會不會有點順風順水？有什麼想法嗎？

Yes, say two things. One is, as it relates to our third-party activity, we're always -- we're constrained by what the industry is constrained by, which is material and ability to generate that output. And as we've talked about our TechOps team, John and the team are focused on the Delta fleet. But I would say the constraint continues to be material and turnaround times associated with it.

是的，說兩點。一是，當它與我們的第三方活動相關時，我們總是受到產業所限制的限制，即產生該產出的物質和能力。當我們談論我們的 TechOps 團隊時，約翰和團隊專注於達美航空機隊。但我想說，限制仍然是實質的，以及與之相關的周轉時間。

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。

A couple for Glen. First, on the topic of RASM premiums, pre-COVID, you were running, what, 20% domestic premium to the industry, and I think you were roughly flat on international. You and I spoke on one of the earnings calls as to what that -- what the path to achieving an international RASM premium might look like. Can we revisit that topic? Where is Delta currently both domestic and international, and where do you see that heading from here in the post-COVID world?

格倫的一對。首先，關於 RASM 保費的話題，在新冠疫情之前，您正在運行，什麼，國內保費為該行業的 20%，我認為您與國際保費大致持平。你和我在一次財報電話會議上談到了實現國際 RASM 溢價的途徑可能會是什麼樣子。我們可以再討論一下這個話題嗎？達美航空目前在國內和國際上處於什麼位置？您認為在後疫情時代，達美航空將走向何方？

Well, thanks for the question, Jamie. I think right now, we believe we are running international routes on premiums, that have primarily been driven by higher load factors on the fleet. But as the fleet continues to evolve and we continue to put more premium seats in the mix, we believe that is one of the key drivers for us to continue to accelerate our relative performance to our industry peers.

好吧，謝謝你的提問，傑米。我認為目前我們相信我們正在以溢價運營國際航線，這主要是由於機隊載客率較高而推動的。但隨著機隊的不斷發展，我們繼續在組合中加入更多的優質座位，我們相信這是我們繼續加快與行業同行相比的相對績效的關鍵驅動力之一。

So I think we're on a journey there, and I think we are now generating premiums consistently. And hopefully, we can accelerate those over the next several years as we execute on our plans to differentiate Delta.

所以我認為我們正在朝著這個目標邁進，我認為我們現在正在持續產生保費。希望我們能夠在未來幾年內加速實現這些目標，因為我們正在執行讓達美航空脫穎而出的計劃。

And as a follow-up, Glen, on premium. So premium revenue was up 10% in the quarter, Main Cabin was up 4%. What can you tell us about the constitution of that 4%? For example, what's the trend with basic economy? What percent of Main Cabin passengers are SkyMiles members compared to the premium cabins, that sort of thing?

作為後續行動，格倫，關於溢價。因此，本季保費收入成長了 10%，經濟艙收入成長了 4%。您能告訴我們關於這4%的人的組成嗎？例如基礎經濟的趨勢如何？與高級客艙之類的相比，經濟艙乘客中有多少百分比是「飛凡哩程常客計畫」會員？

I'm just trying to understand where the 4% is coming from. Are those new customers? Are you taking share from discounters? That sort of thing.

我只是想了解 4% 是從哪裡來的。那些是新客戶嗎？您是否從折扣商那裡獲取份額？之類的東西。

I think in the quarter, we ran a record domestic load factor in the first quarter. So what I believe drove that was the incremental traffic that we took over historical levels. So pretty excited about doing that in the first quarter. As you know, the first quarter is the most challenging in terms of loads. And for us to come through that quarter with the premiums that we took, I think, really is a testament to the strength of our brand.

我認為在本季度，我們的國內載客率創下了歷史新高。所以我認為推動這一趨勢的是我們的流量增量超過了歷史水平。對於在第一季做到這一點感到非常興奮。如您所知，就負載而言，第一季是最具挑戰性的。我認為，對於我們來說，我們在該季度獲得的溢價確實證明了我們品牌的實力。

And of course, as we get through the year, there'll be less and less discounted seats available as you get towards peak. But generally, we're most open in 1Q.

當然，隨著這一年的過去，隨著高峰期的到來，可用的折扣座位會越來越少。但總的來說，我們在第一季最為開放。

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。

So Glen, I guess I wanted to come back to domestic growth this summer because it looks like you're jumping up to 6% or 7% from about 2% in the first quarter. In the context around this, I think investors were a little bit concerned that, that growth could lead to lower RASM, but obviously, you're guiding to flat. So can you dig a little bit deeper on your domestic network priorities and maybe a little bit more on regional expansion?

所以格倫，我想今年夏天我想回到國內成長，因為看起來你的成長率從第一季的 2% 左右躍升至 6% 或 7%。在這種情況下，我認為投資者有點擔心成長可能會導致 RASM 降低，但顯然，你正在指導持平。那麼，您能否更深入了解您的國內網路優先事項以及區域擴張？

I think there -- what we've said in the past, and I'd like to go back to is, we kind of coming out of COVID, we had to allocate the resources we had available. And those resources went to our once-in-a-lifetime opportunities to take leading positions in places like Boston and Los Angeles at the expense of rebuilding our core hubs, and we're still not done building our core hubs. And so our ability now to go back and to put seats back into our core where our cost structure is most advantaged and where our profitability is highest is where we're focused for the rest of this year.

我認為，我們過去說過，我想回顧一下，我們已經擺脫了新冠疫情，我們必須分配我們現有的資源。這些資源讓我們獲得了千載難逢的機會，在波士頓和洛杉磯等地佔據領先地位，但代價是重建我們的核心樞紐，而我們的核心樞紐建設還沒有完成。因此，我們現在有能力返回並將席位放回我們的核心，即我們的成本結構最有優勢和我們的盈利能力最高的地方，這是我們今年剩餘時間的重點。

And seat growth is about 1 point below, yes.

是的，席位增長大約低 1 個百分點。

And then, Glen, on the Latin differentiation, I think you were talking separately about short-haul and long-haul. Can you unpack that a little bit more for us?

然後，格倫，關於拉丁語的差異，我認為您是分別談論短途和長途的。您能為我們詳細解釋一下嗎？

Well, we are really pleased with our South America performance. As I said in the prepared remarks, our capacity is up in the 30% to 40% range, and we're doing that with minimal degradation of our unit revenue. So we're really off to a great start with LATAM, and I think we have a really great future working with them to continue to evolve as the leading carrier between the United States and South America in our joint venture.

嗯，我們對南美的表現非常滿意。正如我在準備好的演講中所說，我們的產能提高了 30% 到 40%，而且我們這樣做的同時，我們的單位收入下降幅度最小。因此，我們與拉美航空確實有了一個良好的開端，我認為我們與他們合作將擁有一個非常美好的未來，在我們的合資企業中繼續發展成為美國和南美洲之間的領先航空公司。

So put that aside and then say the particularly leisure destinations, there was an oversupply in the first quarter. I think in first quarter of '23, the industry saw historically higher returns. And so when there are historically high returns, everybody wants to do more of it. We did considerably more of it. The industry did considerably more of it. And listen, it was quite profitable for us, but at the expense of unit revenues.

所以拋開這一點，然後說特別是休閒目的地，第一季出現了供應過剩的情況。我認為在 23 年第一季度，該行業的回報率達到了歷史最高水平。因此，當回報達到歷史最高水準時，每個人都想做得更多。我們做了更多的事情。該行業做得相當多。聽著，這對我們來說是相當有利可圖的，但是以犧牲單位收入為代價的。

And so as we move through next year, I'd say there's going to be probably a moderation of capacity as there always is when those things happen as well as easier comps as we get to next year. So I'm looking forward to actually next year's comps in Latin America.

因此，當我們進入明年時，我想說，產能可能會有所調整，就像這些事情發生時一樣，而且明年的比賽也會更容易。所以我其實很期待明年在拉丁美洲舉行的比賽。

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 if we play back the performance in the U.S. domestic market in 1Q, it was pretty fantastic when you started off saying just expecting to inflect positive in March and you saw some improvement in quarter then an outcome of plus 3%. You've highlighted corporate momentum and premium. But I think there's a disparity in just your hub performance. Can you just talk about coastal gateways versus core hub rebuild and how things are playing out there just in general?

如果我們回顧第一季美國國內市場的表現，當你開始說只是期望在 3 月份出現積極的變化，並且你看到季度有所改善，然後結果增加了 3% 時，這真是太棒了。您強調了公司​​的動力和溢價。但我認為只是你們的集線器性能有差異。您能否談談海岸門戶與核心樞紐重建以及整體情況如何？

Well, I think we're very pleased with our coastal gateways and really, they're moving in a pretty tight band right now with more capacity going to our core hubs and our core hubs generally having a higher unit revenue base than our coastal gateways that should have a positive inflection on total revenues. And I think that gets accelerated in the second and third quarters. Again, we had probably a little bit more in Boston than we had planned on because there were some opportunities there for us to move airplanes in.

嗯，我認為我們對我們的沿海門戶非常滿意，實際上，他們現在正在一個非常緊張的範圍內移動，更多的運力流向我們的核心樞紐，而我們的核心樞紐通常比我們的沿海門戶具有更高的單位收入基礎這應該會對總收入產生正面的影響。我認為這種情況在第二季和第三季會加速。同樣，我們在波士頓的航班可能比我們計劃的要多一些，因為那裡有一些機會讓我們把飛機移進去。

But generally, we're really pleased with where we sit today and how the back half of this year should play out for us.

但總的來說，我們對今天的情況以及今年下半年的表現感到非常滿意。

Okay. And then it seems like there's a potential for regulatory oversight to potentially pick up your -- when you have conversations with the FAA, what are some changes that they're talking to you about just given the operating environment? And maybe what are you asking them in general? It just seems like it could be a wildcard to potential growth, maybe medium to long term. So just any thoughts there would be helpful.

好的。然後，監管監督似乎有可能會影響到您——當您與美國聯邦航空管理局 (FAA) 對話時，考慮到營運環境，他們正在與您討論哪些變化？也許您一般會問他們什麼？看起來它可能是潛在成長的通配符，也許是中長期成長。所以任何想法都會有幫助。

Conor, this is Peter. So just I'd say fundamentally, with the FAA, we're working very closely with them around staffing models because, as you know, there's an air traffic control shortage. And we're also engaged in Washington trying to help solve some of those, I'll say, more structural challenges around infrastructure. You probably have seen that the industry has made a request of the FAA to extend the New York slot waiver another season. And that's what I would call responsible partnership with our regulator in light of the staffing challenges they've had. So great relationship, deep partnership with them.

康納，這是彼得。因此，我想說的是，從根本上說，我們正在與美國聯邦航空局圍繞人員配置模式與他們密切合作，因為如您所知，空中交通管制存在短缺。我們也與華盛頓一起努力幫助解決一些圍繞基礎設施的結構性挑戰。您可能已經看到，該行業已向美國聯邦航空局提出請求，將紐約航班時刻豁免再延長一個賽季。鑑於他們所面臨的人員配置挑戰，這就是我所說的與我們的監管機構負責任的合作關係。與他們的關係非常好，夥伴關係深厚。

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 a follow-up to Jamie's question on the premium revenue. Just kind of curious if you could share how much of that 10% is coming from volume versus yield and I think you've mentioned, it's continuing to grow the premium offering. So just curious what the trend might be.

只是傑米關於保費收入問題的後續。只是有點好奇您能否分享一下這 10% 中有多少來自銷量與收益率，我想您已經提到過，它正在繼續增加優質產品。所以只是好奇趨勢可能是什麼。

Right. I would say right now, the premium is probably 50-50 split between traffic and yield.

正確的。我現在想說的是，流量和收益之間的溢價可能是 50-50。

That's helpful. And then in terms of the volume growth and offering, how should we think about that?

這很有幫助。那麼就銷售成長和供應量而言，我們該如何考慮？

Well, I think we've said that if you look at the longer-term trends that we really haven't been adding coach seats into the domestic arena over the past 10 years. And so all of our growth has been in the premium products and services. I think on Investor Day, we're going to talk a little bit more about where we see that going, but I think we see a long runway for that in the coming years.

嗯，我想我們已經說過，如果你看看長期趨勢，我們在過去 10 年裡確實沒有在國內賽場上增加教練席。因此，我們所有的成長都來自於優質產品和服務。我認為在投資者日，我們將更多地討論我們所看到的發展方向，但我認為未來幾年我們看到這一點還有很長的路要走。

Yes. Premium product outpaced Main Cabin all the way, as you look at our fleet deliveries through 2030.

是的。從我們到 2030 年的機隊交付量來看，高階產品一直超過經濟艙。

Helpful. And if I might, on another follow-up, just on the domestic capacity growth with building back the hub, is that then where the capacity comes a lot in the kind of regional type markets? Or should I think of it as kind of growth in regional then shift some of those aircraft on to other bigger markets that you could use those aircraft?

有幫助。如果我可以，在另一個後續行動中，只是關於國內產能成長以及重建樞紐，那麼這是否是區域型市場中產能大量增加的地方？或者我應該將其視為區域性的成長，然後將其中一些飛機轉移到您可以使用這些飛機的其他更大市場？

I think a little of both. We've been very short on our regionals. We still have probably at least 50 regionals, either not flying or underutilized probably almost 100 when you include the underutilization. So that's a lot of seats and a lot of departures that we need in our hubs, and we're missing a lot of the core feed from the regional feeds in the local vicinity. So right now, some of that's being done by mainline and those planes get gravitate out. But mostly, we'll be adding frequencies back and that historically have been there from feeder markets into our core hubs.

我覺得兩者都有一點。我們的區域性資源非常短缺。我們仍然可能有至少 50 個地區航班，要么不飛行，要么未充分利用，如果算上未充分利用的地區，可能有近 100 個。因此，我們的樞紐需要大量的座位和大量的出發航班，而且我們缺少來自當地附近地區的許多核心資訊。所以現在，其中一些工作是由主線完成的，這些飛機會被吸引出去。但最重要的是，我們將重新增加頻率，而歷史上一直存在著從支線市場到我們核心樞紐的頻率。

Your next question is coming from David Vernon from Bernstein.

你的下一個問題來自伯恩斯坦的大衛‧弗農。

Maybe just following up on that point, I thought there, Glen. As you think about the improvements in the regional utilization, is there also some room for improving utilization to prior pre-COVID levels on the narrowbody fleet as well? Or is this primarily just a regional issue?

也許只是跟進這一點，我想，格倫。當您考慮區域利用率的提高時，窄體機機隊的使用率是否也有提高到新冠疫情前水準的空間？或者這主要只是一個地區問題？

I would hope so. If we look at our widebodies, we're now at or above where we were in '19 in terms of annual utilization. And this is going to be a game of working with our operators to improve asset utilization across the network, whatever they are, planes, airports. And that's the game we're playing. That's the long game, and I think that's a really exciting challenge for us all.

我希望如此。如果我們看看我們的寬體機，就年利用率而言，我們現在處於或高於 19 年的水平。這將是一場與我們的營運商合作提高整個網路資產利用率的遊戲，無論它們是什麼、飛機、機場。這就是我們正在玩的遊戲。這是一場漫長的比賽，我認為這對我們所有人來說都是一個非常令人興奮的挑戰。

Okay. And then I guess as you think about the yield management problem sort of through the summer months, you said you have a lot more premium capacity into the mix, does that change the way you guys go about sort of the day-to-day and managing pricing? Are there opportunities in there that you see to continue to work the segmented cabin differently than you may have done in the past?

好的。然後我想當你在整個夏季思考產量管理問題時，你說你有更多的優質產能進入組合，這是否會改變你們日常工作的方式管理定價？您認為是否有機會繼續以與過去不同的方式工作分段艙？

I'm just trying to get a sense for as this new sort of model is being marketed at a higher level of volume and a greater distribution of the number of seats you have in these aircraft, is that changing sort of the upper frontier on what you might be able to get out of yield management?

我只是想了解一下，隨著這種新型型號的銷售量更大，這些飛機的座位數量分佈也更大，上限的變化是否會導致什麼？你也許能夠擺脫收益管理？

I think what we said is that, what really pushed us to do this journey several years back was the fact that on the premium products and experience side, we controlled more of our destiny than we did on the commodity side. And so absolutely, that's been our journey is to continue to play the game against ourselves as opposed to playing against the lowest common denominator.

我認為我們所說的是，幾年前真正推動我們踏上這趟旅程的事實是，在優質產品和體驗方面，我們比在商品方面更能掌控自己的命運。因此，絕對地說，我們的旅程就是繼續與自己對抗，而不是與最低公分母對抗。

And I think we'll have a lot again on our Investor Day to talk about what we see the next evolution. But we see a lot of runway, not to tease it out, but we see a lot of runway in taking this even further and using new tools and using things, things that we'll be talking about in November that I think will be very exciting for our investor base.

我認為我們將在投資者日再次有很多內容來討論我們看到的下一個演變。但我們看到了很多跑道，不是為了梳理它，而是我們看到了很多跑道，可以更進一步，使用新工具和使用新東西，這些東西我們將在 11 月討論，我認為這將是非常好的。讓我們的投資者群體興奮不已。

And then last one for me, you mentioned something about sort of improvements in retailing. Could you elaborate a little bit around what you're talking about there?

最後一個問題是，您提到了零售業的一些改進。您能否詳細說明一下您正在談論的內容？

Well, I think that that's the Holy Grail is why did we wind up in a commoditized environment was because we couldn't distribute products and services. We weren't -- the industry was not geared to this and this has been our long journey. And every day, I think we get better and better and better at it, whether or not we're working internally to improve our own internal displays where we're 65% direct-to-consumer right now or whether we're working with online booking tools, to improve their display of products and services and making progress on that front as well. So this has been a very, very long journey. And every day, we're working on improving it.

嗯，我認為這就是我們最終陷入商品化環境的聖杯，因為我們無法分銷產品和服務。我們不是——這個行業不適合這個，這是我們的漫長旅程。每一天，我認為我們都在這方面做得越來越好，無論我們是否在內部努力改進我們自己的內部展示（目前 65% 是直接面向消費者的），或者我們是否正在與線上預訂工具，以改善產品和服務的展示，並在這方面取得進展。所以這是一個非常非常漫長的旅程。我們每天都在努力改進它。

Your next question is coming from Sheila Kahyaoglu from Jefferies.

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

Maybe just a follow-up on Latin America. The large capacity growth there in partnership with LATAM obviously magnifies the unit revenue decline. But you've of course, talked about making these investments profitably. So maybe can you talk about where you are at today relative to your expectations in Latin America? And how you expect that profitability curve to shape up in the coming quarters and years?

也許只是拉丁美洲的後續行動。與 LATAM 合作的產能大幅成長顯然放大了單位收入的下降。但您當然談到如何使這些投資有利可圖。那麼您能否談談您目前的情況與您對拉丁美洲的期望相比？您預計未來幾季和幾年的獲利曲線將如何形成？

Yes. I think we still see opportunity. We've got a lot of the opportunities now in our baseline, and we'll continue to work with LATAM to refine that moving forward. But I don't think you'll see this kind of dramatic growth in the out years as we'll be more focused on turning that into more of a harvest mode as opposed to an investment mode as we continue to work on bridging the two networks together.

是的。我認為我們仍然看到機會。我們的基準現在有很多機會，我們將繼續與 LATAM 合作，並不斷改進這一點。但我認為你不會在未來幾年看到這種巨大的成長，因為我們將更加專注於將其轉變為更多的收穫模式而不是投資模式，因為我們將繼續致力於彌合兩者網絡在一起。

Okay. And then maybe one on cost, just to sum it up, Q1 CASM performance was really good, Ed, and you talked about completion factors and just operation is helping that. So the Q2 guide just seems a bit more normalized, putting you guys at 2% cost growth. So is it just fair to think about that run rate in the context of the year with a low single-digit guide? And what are the moving pieces as we think about headcount, maintenance costs and any other noise you've highlighted throughout the year?

好的。然後可能是成本方面的問題，總而言之，第一季 CASM 性能非常好，Ed，您談到了完成因素，而營運正在對此有所幫助。因此，第二季指南似乎更加標準化，讓你們看到 2% 的成本成長。那麼，在今年指導值低至個位數的背景下考慮運行率是否公平？當我們考慮員工人數、維護成本和您全年強調的任何其他噪音時，有哪些變化？

Yes. I think the 2% is in line with the low single digit. I think when you think about the variables inside of that run, it starts with running a great operation. When you run a great operation that sets the foundation. You get those frictional costs out, and it really allows the operators, and you're seeing it in 2 quarters in a row to have the confidence and really lean in and continue to drive not only better improvement in the operation, but also get after those efficiencies.

是的。我認為 2% 與較低的個位數相符。我認為當你考慮運行中的變數時，它是從運行一個偉大的操作開始的。當您進行一項出色的操作時，就奠定了基礎。你消除了這些摩擦成本，這確實讓運營商，並且你連續兩個季度看到它有信心並真正投入並繼續推動不僅更好地改進運營，而且還可以追趕那些效率。

And as you do that, we said that we're carrying headcount higher than historical for what we ran in 2019, about 10%, and we'll grow into that, and that drives the efficiency associated with that and no change to maintenance. Maintenance is as we expected. But we'll continue to manage the supply chain. It's going to be the one that is -- has the largest constraint still associated with it as we execute through the year.

當你這樣做時，我們說我們的員工人數比 2019 年的歷史水平要高，大約是 10%，我們將不斷發展壯大，這會提高與之相關的效率，並且不會改變維護工作。維護正如我們預期的那樣。但我們將繼續管理供應鏈。當我們全年執行時，這將是仍然具有最大約束的一個。

We'll now go to our final analyst question before moving to the media.

在轉向媒體之前，我們現在將討論最後的分析師問題。

Your last question is coming from Stephen Trent from Citi.

你的最後一個問題來自花旗集團的史蒂芬‧特倫特。

Just a follow-up question to Sheila's if I may. When we think about probably across the industry, fleets getting older. Could you give us a high-level sense about how valuable Delta TechOps is going to be for you guys over the next 10 years, for example, and that competitive advantage you have versus your legacy competitors?

如果可以的話，我想問希拉的後續問題。當我們考慮整個行業時，車隊正在老化。例如，您能否讓我們大致了解一下 Delta TechOps 在未來 10 年對你們來說有多大價值，以及你們相對於傳統競爭對手的競爭優勢？

Yes, we can. I think it is a unique advantage. That, along with our fleet, our fleet has actually gotten younger over the last few years. But we've also given the constraints in the industry around the OEMs have leaned in, so we've restored the network into our flex fleet. So flying 80 717s, flying the 757s longer than we anticipated. And that puts demand on our TechOps team and their ability to ensure that we have those aircraft that are reliable is -- really allows us to flex and be more nimble.

我們可以。我認為這是一個獨特的優勢。與我們的機隊一樣，我們的機隊在過去幾年中實際上變得更加年輕。但我們也考慮到原始設備製造商所面臨的行業限制，因此我們已將網路恢復到我們的彈性車隊中。因此，飛行了 80 717 架飛機，駕駛 757 架飛機的時間比我們預期的要長。這對我們的技術營運團隊提出了要求，他們確保我們擁有可靠的飛機的能力確實使我們能夠靈活、更加靈活。

And as we go through this period and it gets more normalized, we're in a period of more normalized growth and more consistency around equipment. It's also going to allow us to go into a period of more natural retirements. We haven't retired any aircraft in 2022 and 2023. We'll start that at the back half of this year and that's really where our team has always shined, the ability to naturally retire but then recoup that equipment and reuse that used material and run out the fleets and they did it with the MD-88 and 90s. They've done it for a decade, and they have that history. And that's really what we have in front of us.

當我們經歷這個時期並且它變得更加正常化時，我們正處於一個更正常化的成長和設備更加一致性的時期。它還將使我們能夠進入一個更自然的退休時期。我們沒有在 2022 年和 2023 年退役任何飛機。我們將在今年下半年開始退役，這確實是我們團隊一直表現出色的地方，能夠自然退役，但隨後收回設備並重新利用使用過的材料和材料。他們用MD-88 和90 做到了這一點。他們已經這樣做了十年，而且有這樣的歷史。這確實是我們面前的情況。

Steven, if I could add on the back end of Dan's comments. Two things, in the first quarter, our overall mainline reliability and completion factor was the strongest first quarter in our history. And that's quite a statement given where we've been through in supply chain constraints that still exist. And I attribute a lot of that to the maintenance team -- the TechOps team, having the product ready every day and responding to the opportunities that we see in front of us.

史蒂文，我能否補充一下丹評論的後端。有兩件事，在第一季度，我們的整體主線可靠性和完成度是我們歷史上最強的第一季。考慮到我們所經歷的供應鏈限制仍然存在，這確實是一個相當不錯的說法。我將這很大程度上歸功於維護團隊——技術營運團隊，他們每天都準備好產品，並對我們面前的機會做出回應。

So that's going to continue to be positive, green arrow forward as we move forward these next couple of years, as Dan was saying. Second thing is the MRO, while we've taken, I'd say, a pause given that we've had to focus our energies on our own fleet as compared to our customers' fleets, going forward in the next couple of years that's going to start turning back on again. And that growth rate that we've talked about is still there, it's just waiting for us.

因此，正如丹所說，隨著我們未來幾年的前進，這將繼續是積極的、綠色的箭頭。第二件事是 MRO，雖然我想說，考慮到我們必須將精力集中在我們自己的機隊上，而不是我們客戶的機隊，但我們已經暫停了，在接下來的幾年裡，將再次開始打開。我們談到的成長率仍然存在，只是在等著我們。

And I'm very, very excited as we talk about a 5- to 10-year time line on that. That business is, I think, is going to be -- our ability to capture that business is going to be even stronger than we were thinking pre-pandemic given what we've been all through. So hats off to the TechOps team, a lot more work to go, but we are absolutely on the right path.

當我們談論 5 到 10 年的時間線時，我非常非常興奮。我認為，鑑於我們所經歷的一切，我們捕獲該業務的能力將比我們在大流行前所想像的還要強大。向 TechOps 團隊致敬，還有很多工作要做，但我們絕對走在正確的道路上。

Thanks, Steve. That will wrap up the analyst portion of the call. I'll now turn it over to Tim Mapes to start the media questions.

謝謝，史蒂夫。這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 don't mind, as we transition from the analysts to reporters, could you repeat the instructions for 1 question and a follow-up, please.

謝謝你，朱莉。馬修，如果您不介意，當我們從分析師過渡到記者時，請您重複 1 個問題和後續問題的說明。

Certainly. At this time, we'll be conducting a Q&A session for media questions. (Operator Instructions) Your first question is coming from Leslie Josephs from CNBC.

當然。這次，我們將針對媒體問題進行問答環節。 （操作員說明）您的第一個問題來自 CNBC 的 Leslie Josephs。

On operations, just wondering if you saw any benefit from the fact that a lot of your hubs this past winter got rain and not blizzards. It seems like if it was 10, 15 degrees cooler, where everybody is talking about grounding the airline for a little bit at those hubs.

在運營方面，只是想知道您是否看到了去年冬天許多樞紐都下雨而不是暴風雪的事實帶來的任何好處。氣溫似乎低了 10、15 度，每個人都在討論航空公司在這些樞紐機場停飛一段時間。

And then separately, on the mechanical issues that some airlines have been having recently, have you reminded your employees or put out any kind of communication just to ensure that they're following all protocols and just reemphasize safety at Delta?

另外，關於一些航空公司最近遇到的機械問題，您是否提醒您的員工或進行任何形式的溝通，以確保他們遵守所有協議並再次強調達美航空的安全？

Leslie, it's Ed. With respect to weather, we certainly have had a nice run of weather broadly across our system, candidly across our country. And that certainly has helped with respect to the overall operational performance. But what we like to do is neutralize for weather events, and we see the performance of the airline weather adjusted within our own system, and we're outperforming our prior performance, even weather adjusted.

萊斯利，這是艾德。就天氣而言，坦白說，我們整個系統、整個國家的天氣狀況都很好。這無疑對整體營運績效有所幫助。但我們喜歡做的是對天氣事件進行中和，我們看到航空公司的天氣表現在我們自己的系統內進行了調整，而且即使經過天氣調整，我們的表現也優於之前的表現。

So the improved weather just adds a nice icing to the cake. But the fundamental of the core is running at a much, much better clip. And as communications, safety is job one at all times every single day. We don't send out special messages around safety. Every day is safety day around here.

因此，天氣的改善只是錦上添花。但核心的根本是以更好的速度運轉。作為通信，安全始終是每天的首要任務。我們不會發送有關安全的特殊資訊。這裡每天都是安全日。

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。

I wanted to ask on the request for an addition of the slot waiver through another year. Have you seen any improvement at all in the ATC issues in the New York area? And does the slot waiver extension also include the D.C. area?

我想詢問將時段豁免延長一年的請求。您是否看到紐約地區的 ATC 問題有任何改善？航班豁免延期是否也包括華盛頓特區？

So Mary, thank you. It's Peter Carter. It does traditionally include the DC area. That's the way the FAA likes to view it. And we still have a shortage of ATC controllers, so it's still an incredibly challenging environment.

瑪麗，謝謝你。這是彼得卡特。傳統上它確實包括華盛頓特區。這就是美國聯邦航空局喜歡的看待它的方式。而且我們仍然缺乏 ATC 控制器，因此這仍然是一個極具挑戰性的環境。

Have you seen any improvement at all?

您看到任何改進了嗎？

We've had the waivers in place. So of course, with those waivers, there would be improvement because there's a less capacity in that marketplace. But absent the waiver, I think we'd have some -- as an industry, some real challenges in New York.

我們已經制定了豁免。當然，有了這些豁免，情況就會有所改善，因為該市場的容量減少了。但如果沒有豁免，我認為作為一個產業，我們在紐約會面臨一些真正的挑戰。

Thank you for the question, Mary. Matthew, I believe that wraps up our time if you want to close out the call.

謝謝你的提問，瑪麗。馬修，如果您想結束通話，我相信我們的時間就到此結束了。

Certainly. Thank you. That completes our Q&A session. And everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

當然。謝謝。我們的問答環節到此結束。各位，今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。