達美航空 (DAL) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Delta Airlines September quarter 2024 financial results conference call. My name is Matthew, and I will be your coordinator. (Operator Instructions)

大家早安，歡迎參加達美航空 2024 年 9 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）

As a reminder, today's call is being recorded. (Operator Instructions)

提醒一下，今天的通話正在錄音。 （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.

現在我想將會議交給投資者關係副總裁朱莉·史都華 (Julie Stewart)。請繼續。

Thank you, Matthew, and good morning, everyone. Thanks for joining us for our September quarter 2024 earnings call.

謝謝你，馬修，大家早安。感謝您參加我們的 2024 年 9 月季度財報電話會議。

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. Glen will provide an update on the revenue environment, and Dan will discuss costs and our balance sheet.

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。 Ed 將首先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信息，丹將討論成本和我們的資產負債表。

After the prepared remarks, we'll take analyst questions. We ask that you please limit yourself to one question and a brief follow-up so that we can get to as many of you as possible. After the analyst Q&A, we will move to media questions.

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。分析師問答結束後，我們將進入媒體提問環節。

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.

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。

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.

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。

Please note that page 2 of the earnings release today outlines the impact of the CrowdStrike-caused outage on our Q3 profitability and unit metrics, consistent with our initial disclosure on August 8.

請注意，今天的財報第 2 頁概述了 CrowdStrike 造成的中斷對我們第三季獲利能力和單位指標的影響，這與我們 8 月 8 日的初步揭露一致。

Now I'll turn the call over to Ed.

現在我將把電話轉給艾德。

Thank you, Julie. Good morning, everyone. We appreciate you joining us today.

謝謝你，朱莉。大家早安。我們感謝您今天加入我們。

Before we begin, I want to provide a quick update on Hurricane Milton. The safety of our people, customers, and communities is always paramount. And to that end, we've issued a fee waiver and implemented fair caps for those who need to change their travel plans or fly out of the storm's path. We've also added additional flights and upgauged aircraft into Florida this week to accommodate those evacuating the state.

在我們開始之前，我想快速介紹一下有關颶風米爾頓的最新情況。我們員工、顧客和社區的安全始終是最重要的。為此，我們發布了費用減免，並為需要改變旅行計劃或飛離風暴路徑的人實施了公平的上限。本週我們還增加了飛往佛羅裡達州的航班並升級了飛機，以容納撤離該州的人員。

Between yesterday and today, we have canceled approximately 600 flights in total, but we'll have a better sense of the impact as we learn of how our airports fared overnight. Our hearts are with all those in the Southeast who have been affected during the storm season.

從昨天到今天，我們總共取消了大約 600 架航班，但當我們了解機場夜間的表現時，我們會更了解所造成的影響。我們的心與東南部所有在風暴季節受到影響的人們同在。

Now turning to our earnings report. Earlier this morning, we reported our September quarter results, consistent with our latest guidance. On an earnings per share basis, our results would have been at the high end of initial guidance excluding the $0.45 impact from the CrowdStrike-caused outage. Delta continues to lead the industry, operationally and financially, while delivering on our 2024 plan. Year to date, our on-time performance is best in the industry, and our completion factor leads the network carriers even when including the impact of the outage.

現在轉向我們的收益報告。今天早些時候，我們報告了九月份季度的業績，與我們的最新指導一致。以每股收益為基礎，如果不考慮 CrowdStrike 造成的中斷造成的 0.45 美元影響，我們的業績將處於初始指引的高端。達美航空在營運和財務方面繼續引領業界，同時實現我們的 2024 年計畫。今年迄今為止，我們的準點率表現在行業中是最好的，即使考慮到中斷的影響，我們的完成率也領先於網路營運商。

Financially, we have delivered double-digit operating margins with nearly $3 billion of free cash flow year-to-date. And following the Fitch upgrade in July, our balance sheet now has two investment-grade ratings, and our dividend yield is in line with the S&P 500.

在財務方面，我們今年迄今已實現兩位數的營業利潤率和近 30 億美元的自由現金流。隨著惠譽 7 月的升級，我們的資產負債表現在擁有兩個投資等級評級，股息殖利率與標準普爾 500 指數一致。

Delta's year-to-date profitability is expected to represent 50% of the industry's total profits with a double-digit return on invested capital that is more than twice the industry average, reflecting the durability of our business model.

達美航空今年迄今的獲利能力預計將佔該行業總利潤的50%，投資資本回報率達到兩位數，是行業平均水平的兩倍以上，反映了我們商業模式的持久性。

I'm incredibly proud of the Delta people for delivering these results. I want to thank them for their outstanding work during this busy summer period and their dedication to providing best-in-class service for our customers. Sharing our financial success with our people as a long-standing pillar of our culture. With this quarter's financial performance, we've accrued nearly $1 billion year to date towards next February's profit sharing.

我為達美員工所取得的這些成果感到無比自豪。我要感謝他們在這個繁忙的夏季期間所做的出色工作以及他們為我們的客戶提供一流服務的奉獻精神。與我們的員工分享我們的財務成功，這是我們文化的長期支柱。根據本季的財務業績，我們今年迄今已為明年 2 月的利潤分享累積了近 10 億美元。

We expect this will be among our top profit-sharing payments in Delta's history and more than the rest of the industry combined. The combination of our industry leading reliability and best-in-class service from our people has firmly established Delta as the premium airline of choice empowers our brand momentum.

我們預計這將成為達美航空歷史上最高的利潤分享付款之一，並且超過該行業其他公司的總和。達美航空憑藉著業界領先的可靠性和員工一流的服務，穩固地確立了首選優質航空公司的地位，增強了我們的品牌動力。

The new Delta One Lounge in JFK has been an incredible success with very high customer satisfaction. Building on this momentum, this morning, we opened our new Delta One Lounge at LAX and we will be opening our third Delta One Lounge in Boston this December and a fourth in Seattle early next year. By year-end, Delta will have over 700,000 square feet across 55 Sky Clubs and 3 Delta One Lounges, a one-of-a-kind position across many of the largest airports in the country.

甘迺迪機場的全新達美航空休息室取得了令人難以置信的成功，客戶滿意度非常高。在此勢頭的基礎上，今天早上，我們在洛杉磯國際機場開設了新的達美一號貴賓室，並將於今年12 月在波士頓開設第三家達美一號貴賓室，並於明年初在西雅圖開設第四家。到年底，達美航空將擁有超過 70 萬平方英尺的 55 個天空俱樂部和 3 個達美一號貴賓室，這在全國許多最大的機場中都是獨一無二的。

On board, we are enhancing the customer experience with the rollout of our popular Delta Sync product to more than 330 aircraft, offering SkyMiles members a personalized experience that provides a smart TV on the seat back screen. More than 90% of our domestic mainline network now offers fast free Wi-Fi. And this summer, we began introducing fast-free Wi-Fi -- excuse me, fast-free in-flight Wi-Fi on long-haul international places.

在機上，我們正​​在向 330 多架飛機推出廣受歡迎的 Delta Sync 產品，從而增強客戶體驗，為「飛凡里程常客計畫」會員提供個人化體驗，在座椅靠背螢幕上提供智慧電視。目前，我們國內 90% 以上的幹線網路都提供快速免費 Wi-Fi。今年夏天，我們開始推出快速免費 Wi-Fi——對不起，在長途國際航班上提供快速免費機上 Wi-Fi。

Across the network, Delta's advantages continue to build. Core hubs are nearing full restoration as we close out the year, and we are harvesting the investments we've made in coastal gateways to improve margins and support profitable international growth.

在整個網路中，達美航空的優勢不斷增強。隨著年底的到來，核心樞紐已接近全面恢復，我們正在收穫在沿海門戶的投資，以提高利潤率並支持有利可圖的國際成長。

Around the world, we're continuing to develop our JV partnerships and leveraging our strengths. Our recently announced summer 2025 Transatlantic schedule will build on our strong performance and our largest and most profitable international region.

在世界各地，我們正在繼續發展我們的合資夥伴關係並利用我們的優勢。我們最近宣布的 2025 年夏季跨大西洋航線將建立在我們強勁的業績以及我們最大、盈利能力最強的國際區域的基礎上。

As brand preference continues to grow, we are driving deeper levels of engagement and our SkyMiles membership is attracting a younger consumer. We have seen a significant evolution in our active member base post COVID, with 3 million more active members under 40 years of age, more than doubling member engagement with non-air partnerships allowing us to earn a higher share of wallet. Deeper engagement with Delta drives higher customer satisfaction, reinforces loyalty, and creates greater lifetime customer value.

隨著品牌偏好的持續成長，我們正在推動更深層的參與，而我們的「飛凡哩程常客計畫」會員資格正在吸引年輕消費者。新冠疫情過後，我們的活躍會員基礎發生了重大變化，40 歲以下的活躍會員增加了 300 萬，非航空合作夥伴的會員參與度增加了一倍多，使我們能夠贏得更高的錢包份額。與達美航空更深入的合作可以提高客戶滿意度、增強忠誠度並創造更大的客戶終身價值。

Turning to our outlook. Consumers are continuing to prioritize premium experiences, and our core customer base is in a healthy financial position with travel remaining a top spend category. Corporate travel continues to improve, and Delta is well-positioned as the business carrier of choice.

轉向我們的展望。消費者繼續優先考慮優質體驗，我們的核心客戶群財務狀況良好，旅行仍然是最高支出類別。商務旅行不斷改善，達美航空已成為首選的商務承運商。

And importantly, domestic supply growth continues to rationalize. Across much of the industry, there has been an accelerated pace of change, and we are encouraged by the actions the industry is taking to improve profitability and returns.

重要的是，國內供應成長繼續合理化。在整個產業的許多領域，變革的步伐都在加快，我們對產業為提高獲利能力和回報而採取的行動感到鼓舞。

In the December quarter, the improved revenue trends we saw in the month of September are continuing. And we expect to grow earnings 30% over last year, with pretax income of $1.4 billion, which would mark one of the best, if not the best, fourth quarters in our history. With this, our full-year outlook for earnings is expected to be around the midpoint of our initial $6 to $7 EPS guidance from the start of the year, excluding the $0.45 impact from the CrowdStrike-caused outage.

在 12 月季度，我們在 9 月看到的營收改善趨勢仍在持續。我們預計獲利將比去年成長 30%，稅前收入達到 14 億美元，這將是我們歷史上最好的第四季之一。因此，我們的全年獲利前景預計將約為年初 6 至 7 美元 EPS 指引的中點左右，不包括 CrowdStrike 造成的中斷帶來的 0.45 美元影響。

As we approach the end of our three-year plan that we laid out in late 2021, we have delivered consistent financial performance, restoring our financial foundation while navigating ever-changing macro in industry environments from a position of strength.

隨著我們在 2021 年底制定的三年計畫即將結束，我們實現了一致的財務業績，恢復了我們的財務基礎，同時以優勢地位應對不斷變化的宏觀產業環境。

Our performance is a testament to the durability we are creating at Delta, built on years of investing in our people and our product, while continuing to restore our balance sheet strength. Delta has built unmatched competitive advantages and structurally improved our business for the long term.

我們的業績證明了我們在達美航空所創造的持久性，這種持久性建立在多年來對員工和產品的投資之上，同時繼續恢復我們的資產負債表實力。達美航空已經建立了無與倫比的競爭優勢，並在結構上改善了我們的長期業務。

Next month, at our Investor Day, we will introduce an updated long-term financial framework that builds on our durability and reflects the opportunities that we see ahead to create sustainable long-term value for our owners. As we approach our 100-year anniversary next year, I've never been more excited about Delta's position and the opportunity that lies ahead.

下個月，在投資者日，我們將推出更新的長期財務框架，該框架以我們的耐用性為基礎，並反映我們未來看到的為所有者創造可持續長期價值的機會。明年我們即將迎來 100 週年紀念日，我對達美航空的地位和未來的機會感到前所未有的興奮。

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

再次感謝您。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 all of our employees for their hard work during this busy summer travel season. They are the Delta difference. Delta delivered September quarter revenue consistent with our latest guidance despite the impact from Hurricane Helene.

謝謝你，艾德，早安。首先，我要感謝我們所有員工在這個繁忙的夏季旅行季節的辛勤工作。他們是達美差異。儘管受到颶風海倫的影響，達美航空 9 月季度的收入仍符合我們的最新指引。

During the quarter, unit revenue improved sequentially in all geographic entities reflecting the strength in travel demand and an improving industry backdrop. In the month of September, unit revenue inflected to positive in both domestic and transatlantic.

本季度，所有地理實體的單位收入均連續成長，反映出旅遊需求的強勁和產業背景的改善。 9 月份，國內和跨大西洋地區的單位收入均轉為正值。

Domestic industry seat growth moderated significantly from the peak in June, with the industry now growing seats in line with demand. Transatlantic benefited from ongoing strength in US point of sale and a rebound in Paris demand as soon as the Olympics ended.

國內產業席位成長較 6 月高峰顯著放緩，目前產業席次成長符合需求。跨大西洋航空受益於美國銷售點的持續強勁以及奧運會結束後巴黎需求的反彈。

Corporate travel sales were up 7% during the quarter, led by double-digit growth in coastal hubs with broad-based strength across sectors. Delta is the clear industry leader in offering premium experiences and more choices for our customers with significant investment across the travel experience over the last 15 years. Our new Delta One Lounges in New York and LA with dedicated check-in and private TSA security truly differentiate Delta's premium offering in the two largest revenue markets in the United States.

本季商務旅行銷售額成長了 7%，其中沿海樞紐地區的兩位數成長帶動了各行業的廣泛實力。達美航空在過去 15 年來在旅行體驗方面進行了大量投資，在為客戶提供優質體驗和更多選擇方面是當之無愧的行業領導者。我們在紐約和洛杉磯新建的達美航空貴賓室配備了專門的報到服務和 TSA 私人保安，真正使達美航空在美國這兩個最大收入市場的優質服務中脫穎而出。

We also introduced Delta Premium Select on TransCon flights between JFK and LA and we'll expand this offering to all daily frequencies next month. Similar to our international rollout, the initial customer reception to Delta Premium Select has far exceeded our expectations.

我們還在甘迺迪國際機場和洛杉磯之間的 TransCon 航班上推出了達美豪華精選 (Delta Premium Select) 航班，下個月我們將將此服務擴展到所有每日航班。與我們在國際上的推廣類似，達美尊尚精選的最初客戶接待情況遠遠超出了我們的預期。

Consistently delivering elevated experience that customers value is driving outperformance in premium products across geographies. During the quarter, premium revenue growth outperformed the main cabin by 9 points.

持續提供客戶重視的優質體驗正在推動優質產品在各個地區取得優異的表現。本季度，保費收入成長快於主艙 9 個百分點。

At the same time, Delta is growing SkyMiles membership and deepening our customer engagement. The success of our strategy is best illustrated by our unit revenue premium relative to the industry, the growing loyalty of our brand, and our increasingly diversified revenue base.

同時，達美航空正在增加「飛凡哩程常客計畫」會員數量並加深客戶參與度。我們的策略的成功最好地體現在我們相對於行業的單位收入溢價、我們品牌忠誠度的不斷增長以及我們日益多元化的收入基礎。

Year to date, 57% of our revenue has been generated outside of selling main cabin seats, underpinning Delta's financial leadership and supporting durable performance that significantly outpaces the industry. Royalty revenue was up 6% versus last year, with growth in our SkyMiles membership and strengthen our American Express co-brand portfolio.

今年迄今為止，我們 57% 的收入來自主艙座椅銷售以外的收入，這鞏固了達美航空的財務領先地位，並支持顯著超越行業的持久業績。隨著我們的「飛凡哩程常客計畫」會員人數的增加以及美國運通聯名品牌組合的增強，版稅收入比去年增長了 6%。

American Express remuneration for the quarter was $1.8 billion, up 6% year-over-year, delivering solid performance and a backdrop of moderating inflation. Cargo revenue was 27% higher than last year with double-digit growth across all international regions. I am encouraged by the results and the opportunity to better leverage our increasingly cargo capable fleet.

美國運通本季薪資為 18 億美元，年增 6%，在通膨放緩的背景下表現穩健。貨運收入比去年增長 27%，所有國際地區均實現兩位數增長。我對結果和更好地利用我們日益強大的貨運能力的機隊的機會感到鼓舞。

Looking forward, demand for travel on Delta remains healthy with continued preference for our premium offerings. Our recent corporate survey indicates a positive outlook for business demand with 85% of respondents indicating they expect their travel spend to grow in 2025.

展望未來，達美航空的旅遊需求依然強勁，人們對我們的優質產品仍青睞有加。我們最近的企業調查表明，業務需求前景樂觀，85% 的受訪者表示，他們預計 2025 年旅行支出將會成長。

For the December quarter, we expect total revenue to increase 2% to 4% over prior year on a 3% to 4% higher capacity level. The improved unit revenue trends we saw in the month of September are continuing into the December quarter with healthy bookings for the holiday.

對於 12 月所在季度，我們預計總收入將比去年同期成長 2% 至 4%，產能水準提高 3% 至 4%。我們在 9 月看到的單位收入趨勢的改善將持續到 12 月季度，假期預訂量也很健康。

As we've seen historically, domestic travel demand is impacted in the weeks surrounding the election, resulting in an expected one-point impact to system unit revenue for the quarter. With favorable industry capacity dynamics and a strong demand set, we are well positioned as we close out the year and head into 2025. Our industry leadership and differentiation has never been greater creating the foundation for us to unlock the value of our trusted customer brand and further diversify our revenue base.

正如我們從歷史上看到的那樣，國內旅行需求在選舉前後的幾週內受到影響，預計會對本季度的系統單位收入產生一個百分點的影響。憑藉有利的行業產能動態和強勁的需求，我們在結束這一年並邁向2025 年時處於有利地位。奠定了基礎，進一步使我們的收入基礎多元化。

In closing, I'm excited about our opportunities ahead, and I look forward to sharing more with you at our Investor Day next month.

最後，我對未來的機會感到興奮，並期待在下個月的投資者日與您分享更多資訊。

And with that, let me turn it over to Dan.

接下來，讓我把它交給丹。

Thank you, Glen, and good morning to everyone. Operationally, our teams delivered through a busy summer travel season. Year-to-date, Delta has achieved 60 days of zero cancellations, nearly twice all of last year. Today, we reported another quarter of strong financial performance with $1.3 billion of pretax income for the September quarter. On nonfuel unit costs, performance was in line with our expectations.

謝謝你，格倫，祝大家早安。在營運方面，我們的團隊度過了繁忙的夏季旅行季節。今年迄今，達美航空已實現 60 天零取消航班，幾乎是去年全年的兩倍。今天，我們報告了另一個季度強勁的財務業績，9 月季度的稅前收入為 13 億美元。在非燃料單位成本方面，表現符合我們的預期。

Unit costs grew 5.7%, including a 3.2 point impact from the CrowdStrike-caused outage and a 0.5 point impact from the decision to reward employees with travel passes for their hard work through the summer.

單位成本增加了 5.7%，其中包括 CrowdStrike 造成的中斷造成的 3.2 個百分點的影響，以及因夏季辛勤工作而獎勵員工旅行通行證的決定造成的 0.5 個百分點的影響。

Now fuel prices declined 9% over prior year, averaging $2.53 per gallon for the quarter, including a $0.03 loss from the refinery. Fuel efficiency improved approximately 1% year over year. During the quarter, we took delivery of nine next-gen Airbus aircraft and retired six aircraft. We continue to expect our fleet growth to be less than 2% this year with 20 net aircraft additions as half of our new deliveries are replacements.

現在，燃料價格比去年同期下降了 9%，本季平均每加侖 2.53 美元，其中煉油廠損失 0.03 美元。燃油效率年增約 1%。本季度，我們接收了九架下一代空中巴士並退役了六架。我們仍然預計今年機隊成長將低於 2%，淨增加 20 架飛機，因為我們新交付的飛機中有一半是替換飛機。

Operating cash flow year-to-date was $6.2 billion. After reinvesting $3.6 billion back into the business, we generated free cash flow of $2.7 billion. Strong cash generation has supported debt repayment of $2.4 billion year to date, including $900 million of early repayments. Gross leverage ended the quarter at 2.9 times. For the year, we expect to repay nearly $4 billion of debt, bringing our cumulative debt paydown to more than $12 billion over the last three years.

年初至今的營運現金流為 62 億美元。在將 36 億美元重新投資回業務後，我們產生了 27 億美元的自由現金流。強勁的現金產生能力支持了今年迄今 24 億美元的債務償還，其中包括 9 億美元的提前還款。本季末總槓桿率為 2.9 倍。今年，我們預計將償還近 40 億美元的債務，使過去三年的累積債務償還超過 120 億美元。

As we retire secured debt, and pay cash for our aircraft, our unencumbered asset base is expected to grow to $30 billion by year end. Our financial foundation continues to strengthen. We achieved a meaningful milestone during the quarter with our balance sheet receiving an upgrade to investment grade from Fitch. Delta is now investment grade rated at Moody's and Fitch and one notch away at S&P with a positive outlook.

隨著我們償還擔保債務並支付現金購買飛機，我們的未支配資產基礎預計到年底將成長到 300 億美元。我們的財務基礎持續加強。我們在本季實現了一個有意義的里程碑，惠譽將我們的資產負債表提升至投資等級。達美航空目前獲得穆迪和惠譽的投資等級評級，比標準普爾的投資等級低一級，前景樂觀。

Now moving to guidance. For the December quarter, we expect to deliver 2 points of margin, operating margin expansion and earnings growth of 30% compared to the prior year. Fuel prices are expected to be $2.20 to $2.40 per gallon, more than 20% lower year over year, including a few [$0.01] impact from a modest loss at the refinery.

現在轉向指導。對於 12 月所在季度，我們預計與去年同期相比，利潤率將提高 2 個百分點，營業利潤率將擴大，獲利將成長 30%。燃油價格預計為每加侖 2.20 美元至 2.40 美元，年減 20% 以上，其中包括煉油廠小幅虧損帶來的一些 [0.01 美元] 影響。

Unit costs are expected to be up 3% from last year as capacity growth moderates to 3% to 4%, keeping our full year outlook for nonfuel costs in line with our initial guidance of up low single digit. With hiring and training normalizing, we are growing into our resources and gaining traction on efficiency and initiatives, helping fund continued investments in our people and brand. December quarter earnings are expected to be $1.60 to $1.85 per share on 11% to 13% operating margins.

隨著產能成長放緩至 3% 至 4%，單位成本預計將比去年上漲 3%，使我們對全年非燃料成本的展望與我們最初的低個位數成長指引保持一致。隨著招募和培訓的正常化，我們正在不斷豐富我們的資源，並提高效率和舉措，幫助為我們的人員和品牌的持續投資提供資金。 12 月季度收益預計為每股 1.60 美元至 1.85 美元，營業利潤率為 11% 至 13%。

We are focused on finishing the year strong, delivering industry-leading performance with a return to earnings growth and margin expansion, positioning us well as we head into 2025. Delta's differentiation has never been greater. Our brand and financial performance are transcending the industry, and we are generating a return on invested capital that is 5 points ahead of our cost of capital and better than half of the S&P 500.

我們致力於以強勁的勢頭結束這一年，實現行業領先的業績，恢復盈利增長和利潤率擴張，為我們進入 2025 年做好準備。我們的品牌和財務表現超越了行業，我們的投資資本回報率比我們的資本成本高出 5 個百分點，超過標準普爾 500 指數的一半。

Looking forward, we remain focused on delivering durable earnings and cash generation that enable us to further strengthen our balance sheet and create long-term value for our shareholders. I look forward to sharing more details with you at our Investor Day next month.

展望未來，我們仍然專注於提供持久的盈利和現金生成，使我們能夠進一步加強我們的資產負債表並為股東創造長期價值。我期待在下個月的投資者日與您分享更多細節。

In closing, our performance is a result of the hard work of our employees. I want to thank the Delta people for continuing to go above and beyond for our customers and each other every day.

最後，我們的業績是員工辛勤工作的成果。我要感謝達美航空員工每天不斷為我們的客戶和彼此超越。

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

現在，我將把它轉回給朱莉進行問答。

Thanks, Dan. Matthew, can you please go to the first analyst question?

謝謝，丹。馬修，你能回答第一個分析師問題嗎？

(Operator Instructions) David Vernon, Bernstein.

（操作員說明）大衛‧弗農，伯恩斯坦。

So Glen, first question for you on the election. Can you just help us get comfortable with how you're separating out that impact from what you're seeing internally? And maybe talk to what gives you confidence that this isn't just a weakness in the consumer that's showing up in some of the forward revenue data?

格倫，第一個問題是關於選舉的。您能否幫助我們了解您如何將這種影響與您內部看到的影響區分開來？也許談談是什麼讓您相信這不僅僅是一些遠期收入數據中顯示的消費者的弱點？

Absolutely. I think it's -- if you were looking at our internal numbers, it's really obvious to see the trend lines where you have markets that are performing incredibly well with positive momentum in October. And then again, as soon as the week after the election is complete, and on into December and really all the way into January. So if you took a trend line, you'd see these two weeks just being way off trend.

絕對地。我認為，如果您查看我們的內部數據，您會很明顯地看到趨勢線，其中市場在 10 月表現得非常好，勢頭積極。再說一次，選舉結束後的一周，一直到 12 月，一直到 1 月。因此，如果您採用趨勢線，您會發現這兩週遠遠偏離趨勢。

And I think it's -- we said in the comments that it is domestic, but it's also short haul Latin. It's pretty much across the board that those two weeks are underperforming the trends before and after those weeks.

我認為，我們在評論中說過，它是國內航班，但它也是短途拉丁航班。這兩週的表現幾乎全面低於之前和之後幾週的趨勢。

Okay. And then maybe just, Ed, can you talk at a high level about how Delta is thinking about domestic capacity kind of going forward, lower cost airlines cutting capacity? Does it make you think about share any differently here?

好的。 Ed，您能否從高層次談談達美航空如何考慮未來國內運力以及低成本航空公司削減運力的問題？這是否讓你對分享有什麼不同的想法？

Well, David, that's a great prelude into next month's Investor Day, where we'll be giving you our perspective on that. We did, as file our summer schedule last week and Atlanta is one of the markets where we are finally at a position to be at, if not better, than pre-COVID levels in capacity. So very excited about that.

好吧，大衛，這是下個月投資者日的一個偉大的前奏，我們將向您提供我們對此的看法。我們做到了，正如上週提交的夏季計劃一樣，亞特蘭大是我們最終能夠達到（如果不是更好的話）產能水平的市場之一。對此非常興奮。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

A couple for Glen. So Glen, when I think about the phenomenon of tightening domestic capacity, my assumption has always been that the first routes that are called provide the greatest uplift to RASM? And from there, RASM benefits still accrue over time, but at sort of a declining rate of improvement. Is that the right way to be thinking about it that the benefits are front-end loaded? Or is the reality of something different?

格倫的一對。那麼，格倫，當我思考國內運力緊縮的現象時，我的假設一直是第一批被掛靠的航線對 RASM 的提升最大？從那時起，RASM 的好處仍然會隨著時間的推移而增加，但改善的速度會下降。前端加載的好處是正確的思考方式嗎？或現實情況有所不同？

Well, Jamie, I'm trying to understand whose perspective you're looking at that from? Are you looking at it from the perspective of the people who are cutting the capacity or the people who are the beneficiary of those capacity cuts?

好吧，傑米，我想了解你是從誰的角度來看這個問題的？您是從去產能的人還是從去產能的受益者的角度來看這個問題？

The latter, the beneficiary, so Delta in this case.

後者是受益人，在本例中是達美航空。

I would say if you think about how it just normal course of business, and this is just hypothetical, that if you're cutting capacity, you're cutting your worse roots first, so the upside accrual from that to the remaining capacity is actually the least. And as you move through and go up to better and better capacity cuts that more and more accrues to the remaining capacity.

我想說的是，如果你考慮一下這只是正常的業務過程，這只是假設，如果你削減產能，你首先會削減你最糟糕的根源，所以從剩餘產能中獲得的上行收益實際上是最少的。隨著產能削減的進展越來越好，剩餘產能也會越來越多。

Okay. All right. That's very helpful. And then second, on corporate demand, I'm curious what sort of recovery you're thinking about for 2025? But more importantly, does it influence how you think about the network?

好的。好的。這非常有幫助。其次，關於企業需求，我很好奇您認為 2025 年會出現什麼樣的復甦？但更重要的是，它會影響您對網路的看法嗎？

I mean, hypothetically, I'm not arguing that this would happen. But if we saw a full restoration to where corporate trends would be had COVID not occurred would you need to rebalance the network much? Or would it simply be an exercise of potentially allocating less capacity to lower fare buckets?

我的意思是，假設地，我並不認為這會發生。但如果我們看到企業趨勢完全恢復到沒有發生新冠疫情的情況下，您是否需要重新平衡網路？或者這只是為了減少票價而分配較少的運力？

I would suggest it's the latter. As we pointed out, that premium products are really doing much better currently than coach. And as we move through the next couple of schedule changes and adjustments hitting into the tail end of the year, we expect that momentum to pick up as the carriers that have primarily coach products begin rationalizing capacity.

我建議是後者。正如我們所指出的，目前高端產品的表現確實比 Coach 好得多。隨著我們在今年年底進行接下來的幾次班次變更和調整，我們預計，隨著主要提供長途客車產品的航空公司開始合理化運力，這種勢頭將會增強。

So I think we always have room for our business customers onboard our network. And clearly, if certain companies pick up business or start new factories, we're always talking to our clients to see where they might need additional capacity. But generally, I think we're in a very good spot.

因此，我認為我們的網路上始終為企業客戶提供空間。顯然，如果某些公司開始開展業務或開設新工廠，我們總是會與客戶交談，看看他們在哪裡可能需要額外的產能。但總的來說，我認為我們處於一個非常好的位置。

Savanthi Syth, Raymond James.

薩凡西·賽斯，雷蒙德·詹姆斯。

Glen, I was wondering if you could give a little bit more color on how you're thinking about kind of the unit revenue projection in the fourth quarter by entity and just kind of the trends beyond the elections.

格倫，我想知道您是否可以對您如何考慮實體第四季度的單位收入預測以及選舉之後的趨勢進行更多說明。

Yeah. I got -- something is wrong with your phone there. So you're asking about trends after the election by entity?

是的。我發現──你的手機出了點問題。那麼您是在詢問實體選舉後的趨勢嗎？

What your expectations are?

你的期望是什麼？

Right. I think we certainly said that domestic and transatlantic are leading the way, and I think that will continue as we head into the back half of the year. Actually, I'm most excited about this winter in the transatlantic where we've done some capacity adjustments and underperforming capacity last year, and we see really encouraging signs of where we've allocated that capacity, along with robust demand in the off-season. So really looking forward to the transatlantic results.

正確的。我認為我們確實說過國內和跨大西洋航線正在引領潮流，而且我認為隨著我們進入今年下半年，這種情況將繼續下去。事實上，我最興奮的是今年冬天跨大西洋的情況，我們去年進行了一些運力調整和表現不佳的運力，我們看到了我們在哪里分配運力的真正令人鼓舞的跡象，以及外部的強勁需求。所以真的很期待跨大西洋的結果。

Pacific, we had more -- some additional capacity. And as we head out of this year, I think it's -- Japan looks strong, the South Pacific looks strong. China is looking stronger as we lapse the big increase in capacity last year. And we're seeing a little weakness in South Korea, but nothing major, and so we'll keep an eye on that.

太平洋地區，我們還有更多——一些額外的能力。當我們進入今年時，我認為日本看起來很強大，南太平洋看起來很強大。隨著去年產能的大幅成長，中國看起來更加強大。我們看到韓國有一點弱點，但沒什麼大不了的，所以我們會密切注意。

And then Latin is continuing its improvement as we move through the quarter. And hopefully, we can inflect that into positive as we move into January and beyond. So I think we're sitting in a pretty good spot with all entities as we head out of this year and into 2025 and very encouraged by the trends when you look beyond the election.

隨著本季度的進展，拉丁語正在繼續改進。希望我們能夠在進入一月份及之後將其轉化為積極的一面。因此，我認為，隨著我們從今年邁入 2025 年，我們與所有實體都處於一個非常好的位置，並且當您展望選舉之外時，我們對趨勢感到非常鼓舞。

Very helpful. And if I might, just on the -- follow-up on the Hurricane Helene impact. You called out the impact of $0.03. I know it's really early days. I was just kind of curious if you have kind of the impact of Hurricane Milton in your guidance and how you're thinking about it?

非常有幫助。如果可以的話，我想談談颶風海倫影響的後續行動。您指出了 0.03 美元的影響。我知道現在還為時過早。我只是有點好奇你的指導中是否有米爾頓颶風的影響以及你是如何看待它的？

It's too early to give you that, Savi. We'll have to see what happens. If we're fortunate and it's moved out quickly, it will be modest, but we really have to see.

現在告訴你還為時過早，薩維。我們得看看會發生什麼。如果我們幸運的話並且它很快就搬走了，那將是適度的，但我們確實必須看看。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

Glen, I recall -- I want to say this was to the last conference call or maybe it was a conference where I think you were asked about where organic demand was relative the fact that we were seeing demand up 7%, 8% in the summer.

格倫，我記得 - 我想說這是上次電話會議，或者也許是在一次會議上，我認為您被問到有機需求的相對位置，事實上我們看到需求增長了 7%、8%夏天。

And I think you had indicated that actually a lot of it was promotional -- driven by promotions and then our organic demand was maybe closer to about 4% domestically. When I heard you talk about in the comments in your script, you talked about domestic where it seems like supply and demand are now in sync.

我想你已經指出，實際上很多都是促銷——由促銷推動，然後我們的國內有機需求可能接近 4% 左右。當我聽到你在腳本的評論中談論時，你談到了國內，供應和需求現在似乎是同步的。

And if I look at where domestic supplies right now, it is about 1.5%, 2%. Are you sort of indicating that maybe domestic demand organically is around 2%? Are we running a little bit better than that? Can you just -- some additional color on that?

如果我看看現在國內的供應情況，大約是 1.5%、2%。您是否在暗示國內需求的有機成長可能約為 2%？我們跑得比那好一點嗎？你能在上面添加一些顏色嗎？

Yeah. I think we haven't gotten there yet. So it's really impossible for me to say. But I would -- I think we are still in that kind of 4%-ish. So we'll see if capacity is up 1.5% or 2% as we get through these next few months.

是的。我想我們還沒有到達那裡。所以我真的沒辦法說。但我認為——我認為我們仍然處於 4% 左右的水平。因此，在接下來的幾個月裡，我們將看看產能是否會成長 1.5% 或 2%。

And we see continued positive momentum in yield that will tell. And I think that's what we're encouraged about. And that's what we're excited about as we head to the end of this year as we think this balance has not been as good in quite some time.

我們看到收益率持續呈現正面勢頭，這將說明一切。我認為這就是我們受到鼓勵的原因。這就是我們在今年年底感到興奮的地方，因為我們認為這種平衡在相當長的一段時間內都沒有那麼好。

Great. And then just my second question, I think, on the distribution front, it does look like you've -- I believe, correct me if I'm wrong, you may have recently sort of renewed your agreements with all of the GDSs. And I know that you've been moving more into sort of the -- on the NDC side with respect to distribution. How should we think about that, your cost of distribution -- is that going to be maybe a potential tailwind as we head into 2025?

偉大的。接下來是我的第二個問題，我認為，在分銷方面，您確實--我相信，如果我錯了，請糾正我，您最近可能已經與所有 GDS 續簽了協議。我知道你們已經更關注 NDC 方面的分配問題。我們應該如何看待這個問題，即你的分銷成本——當我們進入 2025 年時，這是否可能成為潛在的推動因素？

I think our strategy is really; one, we want to meet customers where they want to be and if they're going to use -- if they want to use OTAs, if they want to use GDS, we want to have the best suite of products in each one of those. And over time, I think you've seen a decrease in distribution costs. And will that continue? I don't know. That's what consumers want to do. And I think our job is to make sure that we have best-in-class products on the shelves at all of our distributors.

我認為我們的策略確實是；第一，我們希望在客戶想去的地方以及他們是否打算使用時滿足他們的需求——如果他們想使用 OTA，如果他們想使用 GDS，我們希望在每個產品中擁有最好的產品套件。隨著時間的推移，我認為您已經看到分銷成本下降。這種情況會持續下去嗎？我不知道。這就是消費者想要做的事。我認為我們的工作是確保我們所有經銷商的貨架上都有一流的產品。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Really outside of you guys and United, the industry continues to try to reinvent itself through product and network changes. When you think about the opportunity that presents to you, just how aggressive do you like pretend -- like thinking -- or thinking about being just given the turmoil and others? Like you're already deepening your moat like in real time. I'm just trying to understand how deep it is or how deep you can get it from here?

事實上，在你們和曼聯之外，這個產業仍在繼續嘗試透過產品和網路變革來重塑自身。當你思考向你呈現的機會時，你有多積極地假裝——比如思考——或者思考剛剛面臨的混亂和其他？就像你已經在實時加深你的護城河一樣。我只是想了解它有多深或你能從這裡得到多深？

First, I think we'll have much more to talk about that at Investor Day because that really goes to the strategy in the next three years. But I think our strategy is consistent to develop free cash flow, pay down our debt and that to be a great mode in the long term. So maybe I'll turn it over to Dan to talk about that.

首先，我認為我們將在投資者日討論更多內容，因為這確實涉及未來三年的策略。但我認為我們的策略是一致的，即發展自由現金流、償還債務，長遠來看，這是一個很好的模式。所以也許我會把它交給 Dan 來討論這個問題。

I think as you -- Conor, as you -- we want to build off of our the success that we had. And if you look at it even over the last decade, but even over the last 18 months, that durability of earnings to be double digit when the industry has been down and to deliver double-digit margins over that period of time, I think, continue to speak to the durability of the franchise and the ability to create the profitability but generate the cash.

我認為，作為你——康納，作為你——我們希望在我們已經取得的成功的基礎上再接再厲。如果你看看過去十年，甚至過去 18 個月，當行業低迷時，盈利的持久性將達到兩位數，並在這段時間內實現兩位數的利潤率，我認為，繼續談論特許經營的持久性和創造盈利能力但產生現金的能力。

And Glen picked up on a word there, which is consistency. You're just going to consistently see us do it, whether it's how we execute commercially, where we put our aircraft, the amount of aircraft that we're taking, the investment back in the business, we're just -- that consistency of executing the strategy has always been core to Delta and will continue to be core.

格倫在那裡學到了一個詞，那就是一致性。你會看到我們始終如一地這樣做，無論是我們的商業執行方式、我們將飛機放置在哪裡、我們佔用的飛機數量、對業務的投資回報，我們只是——這種一致性執行策略一直是達美航空的核心，並將繼續成為核心。

Okay. That's helpful. And then we're starting to hear a little bit more or see the products that the domestic leisure carriers are offering. And when you look at Delta Comfort+ in that offering and compare it to what the industry is announcing, you talked a little bit about Delta Sync, but what else is there to kind of to widen that gap to the new products that are already out there or that are being announced, I should say?

好的。這很有幫助。然後我們開始聽到更多地聽到或看到國內休閒航空公司提供的產品。當您查看該產品中的 Delta Comfort+ 並將其與行業宣布的產品進行比較時，您談到了 Delta Sync，但還有什麼可以擴大與已經推出的新產品的差距或者我應該說正在宣布？

I hope you're available in November to come to our Investor Day because I think we'll have a lot of exciting things for you to take a look at -- becoming a theme today. Yeah.

我希望您能在 11 月參加我們的投資者日，因為我認為我們將有很多令人興奮的事情供您查看 - 成為今天的主題。是的。

Conor, this is Ed. And Glen is right. We'll be spending a lot of time talking about that next month. But this is a platform we've been on for 15 years, right? So I understand how others are now looking to adapt.

康納，這是艾德。格倫是對的。下個月我們將花很多時間討論這個問題。但我們已經在這個平台上待了 15 年了，對吧？所以我理解其他人現在正在尋求如何適應。

It's really hard to change course and to try to catch what is a train that's moving at a pretty good speed. I should say a plane, really, moving at a pretty good speed here, whether it's the investment in the lounges that you're seeing, and the Delta One experience, the free Wi-Fi, and I know everybody wants to do free Wi-Fi now. And we've been out on this for years. And so we'll continue on the pace we're on. We're not going to change course.

改變路線並試圖趕上以相當快的速度行駛的火車確實很困難。我應該說一架飛機，真的，在這裡以相當快的速度移動，無論是你所看到的休息室的投資，還是達美航空的體驗，免費的Wi-Fi，我知道每個人都想要免費的Wi-Fi - 現在連線。我們多年來一直在這方面努力。因此，我們將繼續保持現有的步伐。我們不會改變路線。

If anything, we're just going to continue to accelerate.

如果有什麼不同的話，那就是我們將繼續加速。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Just on seasonality, obviously, there's a lot of or a bit of noise right now in the baseline with hurricane impacts and with holiday shifts here in October. But as we look at volume growth for the industry, it looks like trends are following much more 2019 baseline than they are really last year. And so I wanted to ask you, do you see seasonality changing on the leisure side or on the corporate travel side? And was there anything about this time last year that was an anomaly?

就季節性而言，顯然，目前在颶風影響和十月假期變化的基線中存在很多或一些噪音。但當我們觀察該行業的銷售成長時，趨勢似乎更遵循 2019 年的基準，而不是去年的實際情況。所以我想問您，您認為休閒方面或商務旅行方面的季節性有變化嗎？去年這個時候有什麼異常的地方嗎？

Well, you mentioned one, it was the shift of the Jewish holidays into October for September, of course, the hurricanes. But I think if you take a broader longer-term vision, we have seen really, August, in particular, but to a slightly lesser extent, July become less peaky, particularly in long-haul international and that September and October are becoming prime travel months.

嗯，你提到了一個，那就是猶太節日從十月轉移到了九月，當然還有颶風。但我認為，如果你有更廣泛的長期願景，我們確實看到了，特別是八月，但在較小程度上，七月變得不那麼高峰，特別是在長途國際旅行中，九月和十月正在成為主要旅行幾個月。

And I think that's something that will continue as schools continue to go back earlier in a lot of the country. And the weather in Europe in August is really hot and that people who have choices when they can take their vacations, are moving into, let's call it, more temperate months.

我認為隨著全國許多地方的學校繼續提早返校，這種情況將會持續下去。歐洲八月的天氣非常炎熱，人們可以選擇何時可以度假，他們正在進入，我們稱之為更溫和的月份。

Corporate, we haven't seen much change year over year, but I think it's continuing to shift travel to Europe, in particular, from July and August peak to a September and October peak.

就企業而言，我們並沒有看到同比發生太大變化，但我認為歐洲旅行正在繼續發生變化，特別是從七月和八月的高峰轉向九月和十月的高峰。

That's helpful. And then just -- thanks, Glen. For my follow-up, as you think about more modest fleet growth, less training investment, less maintenance investment, maybe there should be a question mark at the end of that one, going forward. What inning are we in for productivity, recovery at Delta? And what metrics should we be watching on that front?

這很有幫助。然後就是——謝謝，格倫。對於我的後續行動，當你考慮更溫和的機隊成長、更少的培訓投資、更少的維護投資時，也許在這一點的末尾應該有一個問號，繼續前進。達美航空的生產力和復甦正處於哪一階段？我們應該在這方面關注哪些指標？

We are -- thanks, Duane. Yes, we're still in the early innings of where we -- and we're pleased with the progress, if you look at how we ended last year in the last six months and you look at this year up, low single digits. We expect to be 2% for the year on nonfuel cost. You're starting to see that. I think one of the proxies that we've always talked about is that we put the workforce in ahead of the operation and growth and that you'd see efficiency come off of that.

我們是－－謝謝，杜安。是的，我們仍處於早期階段，如果你看看我們去年在過去六個月中的表現，以及今年的成長，低個位數，我們對進展感到滿意。我們預計今年非燃料成本為 2%。你開始看到這一點了。我認為我們一直在談論的代理之一是，我們將勞動力放在營運和成長之前，你會看到效率隨之提高。

So if I point you to something, look at third quarter workforce year over year, it's up 1.5% and the network is up over 5%, right? So you're starting to grow into those resources and drive that efficiency across your work groups. But as I talked about, different parts of our operation are a different journey. And we're just starting. As you know, this year, we made an incremental investment in maintenance that we talked about, the $350 million.

因此，如果我向您指出一些事情，請看一下第三季度的勞動力同比增長 1.5%，網絡增長超過 5%，對吧？因此，您開始利用這些資源並提高整個工作小組的效率。但正如我所說，我們運營的不同部分是不同的旅程。我們才剛開始。如您所知，今年我們在維護方面進行了增量投資，即我們所說的 3.5 億美元。

That's having the impact that we wanted, maintenance cancels are down 75% year-to-date year-over-year. And so -- but that part of the productivity will start as we get into next year and the year beyond and the year beyond, as we make progress against that. The same with our crews. And so you're seeing it in operations that have already started, airport operations, our customer care operations, making good progress on efficiency and more will kick in as we go through next year.

這達到了我們想要的效果，今年迄今為止，維護取消量比去年同期下降了 75%。所以——但這部分生產力將在我們進入明年、後年和後年時開始，因為我們在這方面取得了進展。我們的船員也是如此。因此，您可以在已經開始的營運、機場營運、客戶服務營運中看到這一點，在效率方面取得良好進展，並且隨著我們明年的發展，更多的工作將會開始實施。

And we'll get the benefit of the full year of having our core hubs restored, which are a low-cost -- that will be the full impact next year, and we're going to continue to get utilization out of the fleet and better utilization out of the regional aircraft will be by next summer, 100% restored on those and continue to get better wide-body utilization as we get this extended flying season and counter seasonal flying.

我們將受益於全年核心樞紐的恢復，這是低成本的——這將是明年的全面影響，我們將繼續提高機隊的利用率，到明年夏天，支線飛機的利用率將得到提高，這些飛機將100% 恢復，隨著飛行季節的延長和反季節性飛行，寬體飛機的利用率將繼續提高。

So all those are -- the things that you saw started today are things that you're going to hear us talk about at our Investor Day, and you're going to hear us through '25 and '26 just be components that we can build on.

所以，所有這些都是 - 您今天看到的事情是您將在投資者日聽到我們談論的事情，並且您將在 25 和 26 年聽到我們所說的只是我們可以做到的組成部分建立在.

And Duane, technology also plays a big role in that continued productivity opportunity as we now have our team fully up to speed and the development, the experience set where we want it to be, we'll be able to leverage those tools a little better going forward.

杜安，科技在持續的生產力機會中也發揮著重要作用，因為我們現在讓我們的團隊完全跟上速度和開發，我們想要的經驗集，我們將能夠更好地利用這些工具繼續前進。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

So I know, Glen, you don't typically talk much about like monthly trends, but just directionally, just so we understand, can you maybe give some color, like is October in your view of December, right, if we eliminate the November and the elections, are October and December positive on unit revenue?

所以我知道，格倫，你通常不會談論太多月度趨勢，而只是定向，只是為了讓我們理解，你能否給出一些顏色，就像你對12 月的看法一樣，對吧，如果我們消除11 月以及選舉，10 月和 12 月的單位收入是否積極？

Yeah. We're not going to give that level of detail, but I would say that October and December are significantly better than November.

是的。我們不會提供如此詳細的信息，但我想說 10 月和 12 月明顯好於 11 月。

Okay. Fair enough. And then Dan, can you just maybe talk about some of the puts and takes to be thinking about for CASM next year? I know we'll get probably more of a guide at the Analyst Day, but just directionally just puts and takes to be thinking about?

好的。很公平。 Dan，您能否談談明年 CASM 需要考慮的一些事項？我知道我們可能會在分析師日得到更多指導，但只是定向地考慮看跌期權和看跌期權？

Yes, I'd say building off of -- thanks, Scott. Building off the previous question, and we will share more at Investor Day. But the context is, again, consistency, right? Things that you saw this year, we're going to continue to invest back into our workforce, continue to invest back into our brand. You're going to see those consistently.

是的，我想說的是──謝謝，史考特。在上一個問題的基礎上，我們將在投資者日分享更多內容。但上下文又是一致性，對吧？正如您今年看到的那樣，我們將繼續投資我們的員工隊伍，並繼續投資我們的品牌。你會一直看到這些。

But at the same time, you're going to have the benefits of efficiency growing into that workforce. You've got the elements that I talked about with maintenance. We know -- we put the incremental investment in, we'll start to get those elements back the crew, the other components associated with that.

但同時，您將受益於員工隊伍效率的提升。您已經掌握了我談到的維修要素。我們知道——我們投入了增量投資，我們將開始將這些要素回饋給船員，以及與之相關的其他組件。

And then as Ed mentioned, longer term, technology, you start to get it next year, but that will come for years to come, the industry is built for it and we're built for it.

然後，正如艾德所提到的，從長遠來看，技術，你明年就會開始獲得它，但這將在未來幾年內實現，這個行業是為此而建立的，我們也是為此而建立的。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

So Ed or Glen, you guys did volunteer, so maybe I'll try to provide a little bit of a preview of Investor Day out of here. But you did talk about Atlanta being up in the summer schedule next year. I think you even have a news article saying flights could be up high single-digit levels. Can you maybe specifically speak to that aspect of the strategy as you look forward without maybe giving too much away?

艾德或格倫，你們確實是志願者，所以也許我會嘗試在此處提供一些投資者日的預覽。但你確實談到亞特蘭大明年夏季賽程表中的情況。我想你甚至有一篇新聞文章說航班可能會上漲個位數。您能否在不透露太多內容的情況下具體談談您的策略的這方面？

We have really wanted, as we've said earlier in the -- coming out of COVID to solidify our positions in the coastal cities. And I think as you look at where we are today, clearly the leader in Boston, we assert ourselves as the leader in New York, made incremental improvements in Seattle and widened our lead in Los Angeles. So I put a checkmark on those. At -- to the detriment of the core hubs because we just didn't have enough assets to do it all at once.

正如我們早些時候所說，我們確實希望擺脫新冠疫情的影響，鞏固我們在沿海城市的地位。我認為，當你看看我們今天的處境時，我們顯然是波士頓的領導者，我們聲稱自己是紐約的領導者，在西雅圖取得了漸進式的進步，並擴大了在洛杉磯的領先優勢。所以我在這些上打了勾。這會損害核心樞紐，因為我們沒有足夠的資產來同時完成這一切。

And so we're really focused, and we'll talk much more about this next week. Next year is really about some incremental adds, of course, that are key to continuing our journey in the coastal gateways. But a vast majority of that going back into our core hubs as the regional jets come back to full utilization as we can push utilization up.

所以我們真的很專注，下週我們將更多地討論這個問題。當然，明年確實會增加一些增量，這是我們繼續海岸門戶之旅的關鍵。但隨著支線飛機恢復充分利用，其中絕大多數將回到我們的核心樞紐，因為我們可以提高利用率。

And I think if you take a long-term view of Atlanta over the -- not just last year or the year before, but where we've come, it's really about driving efficiency through our core hub, which represents about 30% to 35% of our total unit revenues that flow through here and really driving efficiency through that with larger gauge with actually fewer frequencies still than we had in '19, but seats that will be above that level.

我認為，如果你從長遠角度看待亞特蘭大，不僅是去年或前年，而是我們所取得的成就，這實際上是為了透過我們的核心樞紐提高效率，這代表了大約 30% 到 35%我們的總單位收入的百分比流經這裡，並透過更大的軌距真正提高效率，實際上仍然比19 年少，但座位數將高於該水準。

So another push through gauge through Atlanta as well as then taking those smaller airplanes and building our feed network back in Detroit and Minneapolis. So we're really excited about where we're going to go next year. We're going to have much more details about that all next month, but we're pumped about where we're headed for '25.

因此，另一次通過亞特蘭大的儀表，然後乘坐那些較小的飛機並在底特律和明尼阿波利斯建立我們的饋送網路。所以我們對明年要去的地方感到非常興奮。下個月我們將獲得更多有關這方面的詳細信息，但我們對 25 年的發展方向感到興奮不已。

Really appreciate that, Glen. And then, Dan, maybe just as a quick follow-up on that. I mean does this have broader implications for your airport costs because those seem to be part of the inflationary pressures here on the industry at whole. Going back to your core hubs, does that have a positive impact looking ahead?

真的很感激，格倫。然後，丹，也許只是對此的快速跟進。我的意思是，這是否會對機場成本產生更廣泛的影響，因為這些似乎是整個產業通膨壓力的一部分。回到您的核心樞紐，這會對未來產生正面影響嗎？

Yes. When you look at that airport line, you see it in the SEC filings, right, for the quarter and year to date, it's up over 20%. And a third of that is these investments we made that we're making in these generational assets. And as Glen always reminds me, they're always the most expensive on day one and you grow into them over time. So the opportunity in front of us is to grow in and get better utilization out of those assets that we've invested in over this period of time.

是的。當你查看該機場線路時，你會在 SEC 的文件中看到它，對吧，本季和今年迄今為止，它上漲了 20% 以上。其中三分之一是我們對這些世代資產所做的投資。正如格倫總是提醒我的那樣，它們在第一天總是最昂貴的，隨著時間的推移，你會逐漸適應它們。因此，我們面前的機會是成長並更好地利用我們在這段時間投資的資產。

And you see it throughout the network. It's all the places that Glen talked about in regards to the New York markets with both LaGuardia, JFK, LA, Salt Lake City, but also the investment we consistently make year in and year out through Atlanta and continue to make that the flagship of Delta. So it will give us continued leverage.

你可以在整個網路中看到它。這是格倫談到的所有關於紐約市場的地方，包括拉瓜迪亞機場、甘迺迪機場、洛杉磯、鹽湖城，還有我們透過亞特蘭大年復一年持續進行的投資，並繼續將其打造成達美航空的旗艦。因此，這將為我們提供持續的影響力。

The thing I would add, Brandon, is that the bulk of those investments are behind us. And as we see what's going on in the industry, we know there's other airports, not necessarily Delta core hubs that still have work to go. So this is something that we're going to be able to leverage over the next few years, having made the investment and starting to drive better efficiency. And I think it will be a unique opportunity for us.

布蘭登，我要補充的是，大部分投資都已經過去了。當我們看到該行業正在發生的事情時，我們知道還有其他機場，不一定是達美航空核心樞紐，仍然有工作要做。因此，在進行投資並開始提高效率之後，我們將在未來幾年內能夠利用這一點。我認為這對我們來說將是一個獨特的機會。

Tom Fitzgerald, TD. Cowen.

湯姆·菲茨杰拉德，TD。考恩.

This past summer, United launched an advertising network, depending on the success of that, is that something you'd look to be a fast follower on?

去年夏天，曼聯推出了一個廣告網絡，根據其成功程度，您是否希望成為快速追隨者？

This is Ed. We'll have to see what it is. There's a lot of advertising and promotion being talked about. There's not a lot of doing on that front. We're very comfortable with where we sit in that space with the free WiFi and Delta Sync and the continued investment in personalization. We're not looking to push ads or try to monetize our customers as much as provide greater value to them. And I think that's the sustainable strategy over time.

這是艾德。我們得看看它是什麼。人們談論了很多廣告和促銷。在這方面並沒有做太多的事情。我們對自己坐在這個空間的位置感到非常滿意，因為這裡有免費 WiFi 和 Delta Sync 以及對個人化的持續投資。我們不希望推播廣告或試圖透過客戶獲利，而是希望為他們提供更大的價值。我認為這是長期可持續的策略。

And then just if I may, a quick modeling question. Does your fuel guide include a refinery -- or assume a refinery benefit or a refinery headwind?

如果可以的話，然後問一個快速的建模問題。您的燃料指南是否包括煉油廠，或假設煉油廠受益或煉油廠不利？

Yes, Tom. It has a few cents loss so a headwind as it relates to the guide.

是的，湯姆。它有幾美分的損失，因此與指南相關的是逆風。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

You guys were pretty vocal on the 2Q call that the industry had to take out capacity in 3Q and 4Q. From where you sit right now, looking at 1Q capacity, how do you feel about that? And do you feel like it's in a good spot or do you think there's more to come out? Or kind of how does that evolve?

你們在第二季的電話會議上非常直言不諱地表示，業界必須在第三季和第四季釋放產能。從你現在的位置來看，看看第一季的產能，你對此有何看法？你覺得它處於一個好的位置還是你認為還會有更多的東西出現？或者說它是如何演變的？

I don't think we want to comment about any individual. But in aggregate, I think we're encouraged by where the industry is finishing this year and likely that the way things have been loading into the schedule availability tapes, that there's probably more to come out of the first quarter, but that's a hypothesis, not a fact.

我認為我們不想對任何個人發表評論。但總的來說，我認為我們對今年行業的完成感到鼓舞，而且很可能將事情加載到時間表可用性磁帶中，第一季可能會有更多結果，但這是一個假設，這不是事實。

Understood. And maybe just a follow-up for Dan. Congrats on the investment grade here. Obviously, kind of big change from the pandemic time. Where does that lead the balance sheet kind of going into '25? And how do you think about continued debt paydown versus cash return?

明白了。也許只是丹的後續行動。恭喜您獲得投資評級。顯然，與大流行時期相比發生了很大的變化。這會導致資產負債表進入 25 年嗎？您如何看待持續的債務償還與現金回報？

Yeah, that's another one we'll spend time within next month. So stay tuned on that. But again, back to consistency, we're going to be continuing to be focused on cash generation, consistent reinvestment back into the business and with a primary focus on debt and debt paydown, continue to strengthen the balance sheet and effectively returning capital that way to investors through the accretion of the equity value of enterprise value.

是的，這是我們下個月要花的時間。所以請繼續關注。但再次回到一致性，我們將繼續專注於現金生成，持續對業務進行再投資，並主要關注債務和債務償還，繼續加強資產負債表並以這種方式有效地返還資本通過股權增值為投資者帶來企業價值。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Maybe two questions on premium. So if you look at premium cabin, it's outperformed main cabin by 9 points over the past two quarters versus the previous trend of about 5 points. So first, I guess, can we talk about the spread? How long does that continue? Does main cabin catch up? Or does premium have more to go?

也許有兩個關於保費的問題。因此，如果你看看高級客艙，你會發現在過去兩個季度中，它的表現比主艙高出 9 個百分點，而之前的趨勢約為 5 個百分點。首先，我想我們可以談談傳播嗎？這種情況持續多久？主艙跟得上嗎？或者溢價還有更多的發展空間嗎？

I'll take a stab at it, and Dan, feel free to add your comments. I think it's a little bit of both. I think we've got main cabin underperforming, and that was really what drove capacity rationalization, I think, by the industry because if all you have is main cabin you need to fix supply so you can get your unit revenues moving in the right direction. So I think we've seen that occurring right now and through the end of the year is that those incremental cuts -- capacity cuts come into play.

我會嘗試一下，丹，請隨意添加您的評論。我認為兩者都有一點。我認為我們的主艙表現不佳，這確實是行業推動產能合理化的原因，因為如果你擁有的只是主艙，你需要修復供應，這樣你才能讓你的單位收入朝著正確的方向發展。因此，我認為我們已經看到，從現在到今年年底，增量削減——產能削減——正在發揮作用。

So I would assume that main cabin, as we exit this year, is starting to improve on the margin. But we also think there's more to go on the premium products. And I think not to keep harping in on saying, come next month and join us for our Investor Day. But I think we'll be able to unveil why and how we think those can continue to improve over the medium and long term.

所以我認為，當我們今年退出時，主艙開始有所改善。但我們也認為高端產品還有更多的發展空間。我認為不要一直喋喋不休地說，下個月來參加我們的投資者日。但我認為我們將能夠揭示為什麼以及我們認為這些可以在中長期內繼續改進的原因和方式。

Yes. I agree with both.

是的。我都同意。

Maybe the second question on that same topic. How do we think about the margin implications of the benefit in the main cabin catch-up, which is clearly underperforming? Does it have a lesser impact on margins as we head into '25? Or do you see premium and main continuing to grow at the same rate?

也許是關於同一主題的第二個問題。我們如何看待明顯表現不佳的主艙追趕收益對利潤率的影響？當我們進入 25 世紀時，它對利潤率的影響是否會較小？或者您認為溢價和主力繼續以相同的速度增長？

I think yes, I think that's hard to say that we parse that out at this point in time. But I think what we're seeing is a much more constructive backdrop in both, whether or not it's the continued increase in business travel well as better distribution of our products and services in the premium cabins or whether or not it's the better supply/demand balance and coach. But I think all of those are coming into play as we head towards the end of this year.

我想是的，我認為很難說我們現在可以解析它。但我認為我們所看到的都是更具建設性的背景，無論是商務旅行的持續增長，還是我們的產品和服務在高級客艙中的更好分配，或者是否是更好的供需平衡和教練。但我認為，隨著今年年底的臨近，所有這些都將發揮作用。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Most of my questions have already been asked. But I know I've kind of asked this on some past calls, but as we prepare for Investor Day next month, and we think about the long-term free cash flow generation potential at Delta. Dan, can you just give us a sense of kind of when you become a cash taxpayer? And I think when you were a cash taxpayer pre-pandemic, your cash tax rate was in the low to mid-teens. Does that still hold? Any color around that would be helpful.

我的大部分問題已經被問到了。但我知道我在過去的一些電話中曾問過這個問題，但當我們為下個月的投資者日做準備時，我們會考慮達美航空的長期自由現金流產生潛力。丹，可以為我們介紹一下你成為現金納稅人的感受嗎？我認為，當你在大流行前是現金納稅人時，你的現金稅率處於十幾歲以下。這仍然成立嗎？周圍的任何顏色都會有幫助。

Certainly, I'm happy to talk about cash taxes. It's a pleasure to actually be in a position where in a plan and horizon, we will be a cash taxpayer. We expect to start paying some cash taxes next year as we burn through the deferred tax asset positions that we've had, and we'll step into that over the next three years.

當然，我很高興談論現金稅。很高興能夠在計劃和視野中真正處於這樣一個位置：我們將成為現金納稅人。我們預計明年將開始繳納一些現金稅，因為我們將耗盡現有的遞延稅資產頭寸，我們將在未來三年內著手解決這個問題。

And as you think about that -- the stabilized cash tax rate, it really depends also on where tax policy goes, legislation goes but think of it as it will progress to the high teens, maybe the low 20s, but we still have many years in front of us related to that.

當你想到這一點時——穩定的現金稅率，它實際上還取決於稅收政策的走向、立法的走向，但想想它會發展到十幾歲，也許是二十幾歲，但我們還有很多年的時間在我們面前與此相關。

Got it. That's helpful. And then maybe just a second one for Glen. Just from transatlantic commentary seems very positive. It seems like competitive capacity there looks pretty constructive over -- from what we can see in schedules. How would you rank the potential for transatlantic revenue generation amongst all of your entities as we head into 2025?

知道了。這很有幫助。然後也許只是格倫的第二個。僅從大西洋彼岸的評論來看，似乎非常積極。從我們在日程表中看到的情況來看，那裡的競爭能力看起來相當有建設性。進入 2025 年，您如何評價您所有實體跨大西洋創造收入的潛力？

Yes. I think domestic is going to be quite strong given the capacity levels that we're exiting the year from, and I think transatlantic will follow right behind. We have a lot of lapsing in Pacific in terms of capacity that we've added this year that I think will be better next year.

是的。我認為，考慮到我們今年即將退出的運力水平，國內航線將會相當強勁，而且我認為跨大西洋航線也將緊隨其後。我們在太平洋地區今年增加的運力方面有很多下降，我認為明年會更好。

So we have some uplift there. And then there's been -- again, we haven't talked about it much on this call, but there's been a significant amount of capacity rationalization in the leisure markets in Latin America, which I think should serve us well.

所以我們在那裡有一些提升。然後，再說一次，我們在這次電話會議上沒有過多討論，但拉丁美洲休閒市場的容量進行了大量的合理化，我認為這應該對我們有好處。

So hopefully, we're looking at all of them turning into positive sometime next year, but I'd say probably domestic and transatlantic being the strongest of the two -- of the four, I'm sorry.

因此，我們希望明年某個時候所有這些都變得積極，但我想說，國內和跨大西洋可能是這兩個中最強的——我很抱歉，四個中。

Matthew, we will now go to our final analyst question.

馬修，我們現在將討論最後的分析師問題。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Just wanted to dig in a little more. You mentioned your technology investments. I think I recall seeing Delta TechOps is using drones to help with -- in equipment inspections. And can you mention maybe sort of broadly thinking how you may deploy innovative solutions across your business?

只是想再深入一點。您提到了您的技術投資。我想我記得看到 Delta TechOps 正在使用無人機來幫助進行設備檢查。您能否提到如何在整個企業中部署創新解決方案？

Sure, Stephen. Again, we'll talk a little bit about this next month. But we have, I think, great opportunities with the technology foundation that we've built.

當然，史蒂芬。同樣，我們將在下個月討論一下這個問題。但我認為，憑藉我們所建立的技術基礎，我們擁有巨大的機會。

We are in the very early stages of understanding the potential of AI for our business, and there's no question that there are some really interesting applications to drive better predictive modeling and opportunities, whether that's on the revenue front or on the efficiency and the cost front.

我們正處於了解人工智慧對我們業務的潛力的早期階段，毫無疑問，有一些非常有趣的應用程式可以推動更好的預測建模和機會，無論是在收入方面還是在效率和成本方面。

And the thing with AI is that you need to -- especially as you scale it, you need to make sure that your foundation is clean and reliable. And that's what we've been working on doing. So big opportunities to come and stay tuned.

人工智慧的問題在於，你需要——尤其是當你擴展它時，你需要確保你的基礎是乾淨和可靠的。這就是我們一直在努力做的事情。如此巨大的機會即將到來，敬請關注。

Super. Well, I'm looking forward to November and thank you very much for the time.

極好的。嗯，我很期待 11 月，非常感謝你們抽出時間。

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

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, while we transition from the analysts to members of the media, if we could repeat the instructions and for the call queue, please.

謝謝你，朱莉。馬修，如果你不介意的話，當我們從分析師過渡到媒體成員時，請我們重複說明和呼叫隊列。

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Just curious on the shoulder season, you mentioned, Glen, I just wanted to clarify, you said that September and October are more like the previous July and August because of the weather changes. And then I also wanted to ask about your premium product offerings. You've been investing a lot, obviously, the LA and New York Delta One Lounges and just lounges in general.

只是對平季感到好奇，你提到格倫，我只是想澄清一下，你說九月和十月更像是之前的七月和八月，因為天氣變化。然後我還想問一下你們提供的優質產品。顯然，您已經在洛杉磯和紐約達美一號休息室以及一般休息室進行了大量投資。

What are you thinking about for hard products, specifically Delta One? And what are some of the features that customers are asking for that maybe you're not offering now? Or what are some of the areas that you'd like to improve there in the cabin?

您對硬體產品（尤其是達美一號）有何看法？客戶要求的哪些功能可能是您現在沒有提供的？或是您希望機艙內有哪些方面需要改進？

Well, Leslie, I think what I said was, October and December are the better months in November is the one that's off trend because of the election. So I think that's what I said on the earlier call. Yes, September 2. And October looked a lot like September.

好吧，Leslie，我想我說的是，十月和十二月是最好的月份，十一月是因為選舉而偏離趨勢的月份。所以我想這就是我在之前的電話會議中所說的。是的，9 月 2 日。

Okay. I thought you mentioned talking about the heat in Europe. I wasn't sure if that's like a permanent shift.

好的。我以為你有提到歐洲的炎熱天氣。我不確定這是否是永久性的轉變。

The transatlantic demand profile is switching from July and August being super peak to more of a -- not having as big a peak in July and August and moving that travel into September and October. So it's an interesting change.

跨大西洋的需求狀況正在從 7 月和 8 月的超級高峰轉變為更多的高峰——7 月和 8 月沒有那麼大的高峰，並將旅行移至 9 月和 10 月。所以這是一個有趣的改變。

Got it. It is hot. And then on the hard product, what's your thinking there, especially for the part of the cabin?

知道了。天氣很熱。然後在硬產品上，你有什麼想法，特別是機艙部分？

The whole Investor Day next month that we want to talk about it. So I don't think we want to unveil it here on this call. But hopefully you have time to join us, and we'll talk a lot about where we want to take premium products in the next four to five years at that meeting.

下個月的整個投資者日我們都想談論它。所以我認為我們不想在這次電話會議上公佈它。但希望您有時間加入我們，我們將在這次會議上詳細討論未來四到五年我們希望將優質產品帶到哪裡。

Alison Sider, Wall Street Journal.

艾莉森‧賽德，《華爾街日報》。

Curious -- I had an air traffic control airspace question. Curious what you're seeing in New York, if the shift to Philadelphia is kind of -- how that's working out for your other New York operations, if you're seeing the hope for benefits or if you've had any problems there?

很好奇——我有一個空中交通管制空域問題。想知道您在紐約看到的情況，如果轉移到費城對您在紐約的其他業務來說效果如何，您是否看到了獲益的希望，或者您在那裡遇到了任何問題？

Ali, it's Peter Carter. So we were with the FAA about a week ago talking about all of this. And what I would say is that the N90s shift seems to have gone well, but we still have the same constraints in the New York aerospace that we've had for the last couple of years. So as we all know, there's a shortage of air traffic controllers. And I think the FAA is obviously engaged in trying to solve that, but it's going to take some time.

阿里，我是彼得卡特。大約一週前，我們與美國聯邦航空管理局討論了這一切。我想說的是，N90 的轉變似乎進展順利，但我們在紐約航空航太業仍然面臨過去幾年同樣的限制。眾所周知，空中交通管制員短缺。我認為美國聯邦航空局顯然正在努力解決這個問題，但這需要一些時間。

And is New York kind of still the major -- that airspace is kind of like the major bottleneck in the system? Like how much does that ripple out to the rest of the country?

紐約是否仍然是主要的——空域有點像系統中的主要瓶頸？這會對全國其他地區產生多大的影響？

It's New York -- Florida, we're seeing some constraints as well.

在紐約和佛羅裡達州，我們也看到了一些限制。

Thanks, Ali. Matthew, we have time for one final question, please.

謝謝，阿里。馬修，我們有時間回答最後一個問題。

Mary Schlangenstein, Bloomberg News.

瑪麗‧施蘭根斯坦，彭博新聞。

Earlier when you were talking about the rebuilding of the core hubs and you made a reference to getting all of your regional feed back up, can you give just sort of an overview of what happened with your regional feed since the pandemic and how that like maybe what level it dropped to and how it's rebuilt?

早些時候，當您談論核心樞紐的重建並提到恢復所有區域反饋時，您能否概述一下自大流行以來區域反饋發生的情況以及情況如何它下降到什麼水平以及如何重建？

Certainly, as you know, pilot constraints as the majors were hiring early in the recovery period put a lot of strain on availability of pilot crews for the regional carriers, all of them. And we've been working very closely with them.

當然，如您所知，由於各大航空公司在恢復期初期招募飛行員，飛行員受到限制，這給支線航空公司所有飛行員的可用人員帶來了很大壓力。我們一直與他們密切合作。

And now that the industry growth are patterns are back to more normalized requirements or next year, we think the industry will generate about 5,000 new pilot jobs, which is about what it did in 2019. So returning to more normalized pilot hiring across the industry. The dearth of capacity in terms of pilots available for regionals is dissipating very quickly.

現在，產業成長模式已恢復到更標準化的要求，或明年，我們認為該產業將創造約5,000 個新的試點工作崗位，這與2019 年的情況大致相同。招聘。地區飛行員能力不足的問題正迅速消失。

And so in the beginning, we probably had only 35% to 40% of our capacity available. Most recently, this past year, it's been more like 65% to 70%. And by next summer, we think that will be back to 100% of the capacity that we had available in 2019.

因此，一開始，我們可能只有 35% 到 40% 的可用容量。最近，即去年，這一比例更像是 65% 到 70%。到明年夏天，我們認為產能將恢復到 2019 年的 100%。

Thank you, Mary. Matthew, that will wrap us up on the media questions, please.

謝謝你，瑪麗。馬修，這將結束我們關於媒體的問題。

Certainly.

當然。

Thank you for joining the call today, and we look forward to talking to you again in January. I think many of you next month at our Investor Day. Thank you very much.

感謝您今天加入電話會議，我們期待在一月再次與您交談。我想你們很多人都會在下個月的投資人日看到這一點。非常感謝。

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

今天的會議到此結束。感謝您今天的參與。