達美航空 (DAL) 2024 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines December quarter and full year 2024 financial results conference call.

大家早安，歡迎參加達美航空 12 月季度和 2024 年全年財務業績電話會議。

My name is Matthew, and I will be your coordinator.

我叫馬修，我將是你們的協調員。

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

（操作員說明）謹此提醒，今天的通話已錄音。

(Operator Instructions)

（操作員說明）

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

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

Please go ahead.

請繼續。

Thank you, Matthew.

謝謝你，馬修。

Good morning, everyone, and thanks for joining us for our December quarter and full year 2024 earnings call.

大家早安，感謝您參加我們 12 月季度和 2024 年全年財報電話會議。

Joining us from Atlanta today are our CEO, Ed Bastian; our President, Glen Hauenstein; and our CFO, Dan Janki.

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 will open the call with an overview of Delta's performance and strategy.

Ed 將首先概述達美航空的業績和策略。

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

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.

在準備好的發言之後，我們將回答分析師的問題。

We ask you, please limit yourself to one question and a brief follow up so we can get to as many of you as possible.

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.

在分析師問答之後，我們將轉向媒體問題。

As a reminder, today's discussion contains forward-looking statements that represent our beliefs or expectations about future events.

提醒一下，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。

All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements.

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.

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。

We'll also discuss non-GAAP financial measures, and all results exclude special items unless otherwise noted.

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。

You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com.

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.

嗯，謝謝你，朱莉，早安。

We appreciate everyone joining us today.

我們感謝今天加入我們的所有人。

Before we start, the hearts of the entire Delta family go out to all those who are being impacted by the devastating wildfires in Southern California.

在我們開始之前，整個達美航空大家庭的心與所有受到南加州毀滅性野火影響的人們同在。

We're incredibly grateful to the heroic first responders who are working at great personal risk to keep our communities safe.

我們非常感謝英勇的急救人員，他們冒著巨大的個人風險來維護我們社區的安全。

We announced yesterday that Delta will donate $1 million to the American Red Cross to aid the individuals, families and communities in the region who have been affected.

我們昨天宣布達美航空將向美國紅十字會捐贈 100 萬美元，以援助該地區受影響的個人、家庭和社區。

I also wanted to say a few words on the recent passing of President Carter.

我還想就卡特總統最近過世說幾句話。

As a Georgia-based airline, his life and legacy has had deep impact on Delta's mission to connect the world.

作為一家總部位於喬治亞州的航空公司，他的一生和遺產對達美航空連接世界的使命產生了深遠的影響。

Among his many accomplishments, his administration led the deregulation of our industry, making air travel more accessible and affordable to all Americans.

在他的眾多成就中，他的政府領導了我們行業的放鬆管制，使所有美國人更容易獲得和負擔得起航空旅行。

I had the privilege of knowing President Carter and traveled with him on multiple occasions.

我有幸認識卡特總統，並多次與他同行。

He always took the time to personally greet our staff and every single customer on each flight we are on.

他總是花時間親自問候我們的員工和我們乘坐的每個航班上的每一位乘客。

He was as gracious and genuine leader as I've ever met, a truly great man.

他是我所見過的一位仁慈而真誠的領導者，一個真正偉大的人。

His life of service embodied our motto to always keep climbing.

他的一生體現了我們不斷攀登的座右銘。

And on behalf of the entire Delta family, we honor his memory and celebrate the many achievements of President Carter's life.

我們代表整個達美航空大家庭，紀念他並慶祝卡特總統一生所取得的諸多成就。

Earlier this morning, we reported December quarter and full year results.

今天早些時候，我們報告了 12 月季度和全年業績。

The Delta team delivered a strong close to the year, both operationally and financially.

達美航空團隊在今年末取得了營運和財務方面的強勁表現。

We reported a December quarter pretax profit of $1.6 billion, with earnings per share of $1.85 at the top end of our guidance on record revenue and outstanding operational performance.

我們公佈的 12 月季度稅前利潤為 16 億美元，每股收益為 1.85 美元，處於我們創紀錄收入和出色營運績效指引的上限。

This marks the largest December quarter profit in Delta's history, improving more than $500 million over last year.

這標誌著達美航空史上最大的 12 月季度利潤，比去年增加了 5 億多美元。

Operationally, we achieved industry-leading performance with the a number one system completion factor and on-time performance amongst our peer set throughout the December quarter.

在營運方面，我們在整個 12 月季度中實現了行業領先的績效，系統完成率和準時率在同行中排名第一。

I want to thank all 100,000 members of our team for their outstanding efforts, particularly during a busy holiday travel season.

我要感謝我們團隊所有 100,000 名成員的傑出努力，特別是在繁忙的假期旅行季節。

For the full year '24, our operational teams delivered 78 brand perfect days.

24 年全年，我們的營運團隊實現了 78 個品牌完美日。

Last week, Delta was recognized for the fourth consecutive year with Cirium's Platinum Award for operational excellence and as the most on-time airline in North America.

上週，達美航空連續第四年因其卓越營運而榮獲 Cirium 白金獎，並被評為北美最準點的航空公司。

Financially, we expect our results will lead the industry across all key measures with a double-digit operating margin and $5.2 billion of pretax income, representing nearly 50% of the industry's profitability.

在財務方面，我們預計我們的業績將在所有關鍵指標上領先於該行業，實現兩位數的營業利潤率和 52 億美元的稅前收入，佔行業盈利能力的近 50%。

Our return on invested capital of 13% is in the upper half of the S&P 500 and double the rest of the industry.

我們的投資資本回報率為 13%，位於標準普爾 500 指數的上半部分，是該行業其他公司的兩倍。

This performance reflects Delta's sustained differentiation and durability.

這一表現反映了達美航空持續的差異化和耐用性。

Full year earnings per share of $6.16 was above the midpoint of our initial $6 to $7 guidance from the start of the year when normalizing for the $0.45 impact of the CrowdStrike caused outage in the September quarter.

全年每股收益為 6.16 美元，高於我們年初制定的 6 至 7 美元初始指引的中點，當時對 CrowdStrike 造成的 9 月份季度服務中斷造成的 0.45 美元影響進行了正常化。

Free cash flow is expected to lead the industry at $3.4 billion, a nearly $1.5 billion improvement over '23.

自由現金流預計將達到 34 億美元，領先產業，比 23 年提高近 15 億美元。

Robust cash generation supported further debt reduction and a 50% increase to our quarterly dividend during the year.

強勁的現金產生支持了我們進一步減少債務，並使我們的季度股息在這一年增加了 50%。

Recognizing the strength of our financial foundation, S&P upgraded Delta last month, returning our balance sheet to investment-grade level at all three major credit agencies.

認識到我們財務基礎的實力，標準普爾上個月升級了達美航空，將我們的資產負債表恢復到三大主要信貸機構的投資等級。

Now these results would not be possible without the incredible work of the Delta people.

如果沒有達美航空員工的辛勤工作，這些成果是不可能實現的。

Our employees are the best in the business, and we are proud to recognize their commitment to industry-leading performance with industry-leading rewards.

我們的員工是業內最優秀的員工，我們很自豪地認可他們對行業領先績效和行業領先獎勵的承諾。

In 2024, we provided our employees with a 5% pay increase, and I'm pleased to announce that we will celebrate them with $1.4 billion in well-earned profit sharing on Valentine's Day in February.

2024 年，我們為員工提供了 5% 的加薪，我很高興地宣布，我們將在 2 月的情人節以 14 億美元的應得利潤分享來慶祝他們。

This will represent one of the top three profit-sharing payouts in Delta's history and is expected to be more than the rest of the industry combined.

這將成為達美航空歷史上三大利潤分享支出之一，預計將超過該行業其他公司的總和。

The Delta people are our number one competitive advantage, and our 2024 performance reflects their commitment to best-in-class operations and service for our customers.

達美員工是我們的第一個競爭優勢，我們 2024 年的業績體現了他們致力於為客戶提供一流營運和服務的承諾。

Now turning to our outlook. '25 is off to a great start, and we are on track to deliver the best financial year in our history with revenue growth and margin expansion driving record profitability.

現在轉向我們的展望。 '25 是一個很好的開端，我們有望實現歷史上最好的財政年度，收入成長和利潤率擴張推動創紀錄的獲利能力。

Across the industry, carriers are taking action to improve their financial health, creating an increasingly constructive backdrop.

在整個行業中，營運商正在採取行動改善其財務狀況，創造了一個日益建設性的背景。

The US consumer is financially healthy and continues to prioritize spending on experiences.

美國消費者的財務狀況良好，並且繼續優先考慮在體驗方面的支出。

Closing out 2024, we saw an acceleration in air travel demand from corporates and consumers and co-brand card spending growth accelerated.

2024 年即將結束，我們看到企業和消費者的航空旅行需求加速，聯名卡支出成長加速。

This momentum is continuing into the March quarter, where we expect to grow the top line by 7% to 9%, expand margins by 2 points and nearly double earnings over last year.

這一勢頭將持續到 3 月季度，我們預計營收將成長 7% 至 9%，利潤率將成長 2 個百分點，獲利將比去年成長近一倍。

For the full year, we expect earnings per share greater than $7.35, increasing more than 20% compared to 2024 as reported.

我們預計全年每股收益將超過 7.35 美元，比報告的 2024 年增長 20% 以上。

When comparing to a normalized EPS, excluding the impact of CrowdStrike, this represents growth ahead of our long-term target of 10% average annual growth.

與標準化每股盈餘相比，排除 CrowdStrike 的影響，這表明成長超過了我們 10% 平均年增長率的長期目標。

Cash generation is an important differentiator for Delta, and in 2025, we expect to generate over $4 billion of free cash flow, supporting further debt reduction and bringing our leverage ratio down to 2 times or less.

現金生成是達美航空的重要差異化因素，到 2025 年，我們預計將產生超過 40 億美元的自由現金流，支持進一步削減債務，並將我們的槓桿率降至 2 倍或更低。

As we shared at Investor Day in November, Delta has a clear focused strategy that capitalizes on 15 years of investment in our brand, customer experience, and financial foundation.

正如我們在 11 月的投資者日分享的那樣，達美航空擁有明確的重點策略，該策略充分利用了 15 年對我們品牌、客戶體驗和財務基礎的投資。

Entering our next century of flight, Delta has never been more differentiated from the industry.

進入下一個飛行世紀，達美航空在業界的差異化程度前所未有。

As a consumer brand that serves 200 million customers annually, we leverage innovation and technology to empower our people and further elevate the travel experience.

作為每年為 2 億客戶提供服務的消費品牌，我們利用創新和技術來增強員工的能力並進一步提升旅遊體驗。

Tuesday night, I had the honor of giving the keynote address at CES 2025 in Las Vegas at Sphere.

週二晚上，我有幸在拉斯維加斯 Sphere 舉行的 CES 2025 上發表主題演講。

In that unique space, we honored Delta century of connecting the world, presented our vision for the next century of flight and previewed how Delta is driving innovation to deliver more seamless journeys from home to your seat, including new personalized experiences that are arriving in the coming months.

在這個獨特的空間中，我們向達美航空連接世界的世紀致敬，展示了我們對下一個飛行世紀的願景，並預覽了達美航空如何推動創新，以提供從家到座位的更加無縫的旅程，包括即將在全球推出的全新個人化體驗。

This includes the introduction of Delta Concierge, the evolution of Delta Sync and exciting new partnerships that will enable us to better anticipate customers' needs and grow the value of SkyMiles membership.

其中包括達美禮賓服務的推出、達美同步的發展以及令人興奮的新合作夥伴關係，這些合作夥伴關係將使我們能夠更好地預測客戶的需求並提高「飛凡哩程常客計畫」會員的價值。

Delta Concierge is a new digital tool built into the Fly Delta app, which will support members as a virtual personal assistant powered by generative AI to make travel easier and less stressful.

達美禮賓服務是 Fly Delta 應用程式中內建的新型數位工具，它將作為由生成式人工智慧提供支援的虛擬個人助理為會員提供支持，使旅行變得更輕鬆、壓力更小。

The next phase of Delta Sync, starting later this year includes a new and exclusive partnership with YouTube, the world's largest video platform to provide access to ad-free, YouTube Premium and music streaming on board via Delta Sync's seatback screens and our fast, free Wi-Fi for SkyMiles members.

Delta Sync 的下一階段將於今年稍後開始，其中包括與全球最大的視訊平台YouTube 建立新的獨家合作夥伴關係，透過Delta Sync 的座椅靠背螢幕和我們的快速免費服務，提供無廣告、 YouTube Premium 和機上音樂串流服務為「飛凡哩程常客計畫」會員的 Wi-Fi。

And we announced an exclusive new partnership with Uber where SkyMiles members will earn miles for eligible rides and deliveries in the US.

我們也宣布與 Uber 建立獨家新合作夥伴關係，「飛凡哩程常客計畫」會員將在美國境內透過符合資格的乘車和送貨服務贏取里程。

This unique relationship creates new opportunities to integrate further and expand our partnerships with category leaders broadening the Delta SkyMiles ecosystem and the range of benefits we provide to our members every day.

這種獨特的關係創造了新的機會，可以進一步整合並擴大我們與類別領導者的合作關係，從而擴大達美「飛凡哩程常客計畫」生態系統以及我們每天為會員提供的一系列福利。

Together, these products and partnerships reflect our continued commitment to investing in and providing our customers with a superior travel experience.

這些產品和合作夥伴關係共同體現了我們對投資並為客戶提供卓越旅行體驗的持續承諾。

They drive greater engagement with our SkyMiles members that extend well beyond air travel, improving customer satisfaction and deepening loyalty to Delta.

他們推動與「飛凡哩程常客計畫」會員的更多互動，其範圍遠遠超出了航空旅行的範圍，提高了客戶滿意度並加深了對達美航空的忠誠度。

In closing, Delta's people continue to differentiate what we deliver for our customers and our owners.

最後，達美航空員工將繼續為客戶和業主提供差異化服務。

With momentum entering our 100 year, we are positioned to deliver another year of industry-leading performance.

隨著進入 100 週年的勢頭，我們有能力再創業界領先的業績。

And now I'll turn it over to Glen.

現在我會把它交給格倫。

Thank you, Ed, and good morning, everyone.

謝謝你，艾德，大家早安。

I want to start by thanking our employees for their hard work and dedication in delivering a great year.

首先，我要感謝我們的員工的辛勤工作和奉獻精神，為我們帶來了美好的一年。

December quarter revenue was a record $14.4 billion, 5.7% higher than 2023 and above the top end of our guidance on industry-leading operational performance and strong closing demand.

12 月季度營收達到創紀錄的 144 億美元，比 2023 年增長 5.7%，高於我們對行業領先營運業績和強勁成交需求的指導上限。

Post election, we recorded 4 of the top 10 revenue days in our history and saw a step-up in booking activity from both leisure and corporate travelers, driving double-digit growth in cash sales.

選舉後，我們有 4 個記錄了歷史上收入最高的 10 天，並且休閒和商務旅客的預訂活動有所增加，推動現金銷售額實現兩位數增長。

Total unit revenue reports grew [ four, 10 of a point ] over prior year, with sequential improvement in all geographies.

總單位收入報告比前一年增長了 [ 4, 10 個點 ]，所有地區均出現連續改善。

Domestically, unit revenues picked up nicely following the election and international unit revenues improved across all three geographies and performed ahead of our expectations.

在國內，選舉後單位收入大幅回升，所有三個地區的國際單位收入均有所改善，表現超出了我們的預期。

Corporate sales grew 10% year-over-year, improving 3 points sequentially.

企業銷售額年增 10%，季增 3 個百分點。

Strength built through the quarter, driven by both volume and fare with broad-based strength in geographically and across all sectors.

在銷售和票價的推動下，整個季度的實力不斷增強，在地域和所有領域都有廣泛的實力。

We also saw an acceleration in co-brand trends with American Express remuneration of really -- of nearly $2 billion during the quarter, up 14% year-over-year on a broad-based acceleration in card spend and acquisitions.

我們也看到了聯合品牌趨勢的加速，美國運通本季的薪酬接近 20 億美元，年增 14%，這得益於卡片支出和收購的廣泛加速。

For the full year, we delivered a record revenue of $57 billion, 4% above 2023's prior record with diversified streams, including premium, loyalty and cargo leading and contributing 57% of total revenue.

我們全年實現創紀錄的收入 570 億美元，比 2023 年之前的記錄高出 4%，業務多元化，其中保費、忠誠度和貨運業務領先，佔總收入的 57%。

Premium revenue performance outpaced main cabin throughout the year, up 8% over prior year with positive unit revenues in all four quarters of '24.

全年高級艙收入表現超過主艙，比去年同期增長 8%，2024 年所有四個季度的單位收入均為正值。

Total loyalty revenue was up 9% over 2023 with remuneration from American Express reaching approximately $7.4 billion for the year, driven by high single-digit growth in co-brand spend and over one million new card acquisitions.

受聯名品牌支出高個位數成長和超過 100 萬張新卡收購的推動，忠誠度總收入較 2023 年增長 9%，美國運通當年的薪酬達到約 74 億美元。

We are confident in another year of high single-digit growth in co-brand remuneration in '25 as we progress towards our long-term goal of $10 billion.

隨著我們朝 100 億美元的長期目標邁進，我們對 25 年聯名品牌薪酬將再次實現個位數高成長充滿信心。

Cargo revenue grew 14% over 2023 with sequential improvement throughout the year.

貨運收入比 2023 年成長 14%，全年季增。

Turning to our outlook.

轉向我們的展望。

Delta is capitalizing on demand strength and improving industry dynamics.

達美航空正在利用需求優勢並改善產業動態。

We expect March quarter revenue to be up 7% to 9% higher than last year, ahead of our capacity growth as unit revenues improved several points sequentially with progression in all geographies.

我們預計 3 月季度營收將比去年增長 7% 至 9%，領先我們的產能成長，因為隨著所有地區的進步，單位收入連續提高了幾個百分點。

Domestic demand remains robust with considerable improvement in the supply backdrop over the last few months as unprofitable supply is removed across the industry.

過去幾個月，隨著整個產業無利可圖的供應被消除，供應背景顯著改善，國內需求仍然強勁。

Delta is well positioned in this environment as we focus on our core strengths and optimize our core hubs.

達美航空在這種環境中處於有利地位，因為我們專注於我們的核心優勢並優化我們的核心樞紐。

Transatlantic unit revenue is expected to lead at up mid-single digits for the second quarter in a row.

預計跨大西洋單位營收將連續第二季實現中個位數成長。

Demand across the Atlantic is benefiting from strong US point of sale and an extension of the season with unprecedented off-peak results.

大西洋彼岸的需求正受惠於美國強勁的銷售點和季節的延長，以及前所未有的非高峰業績。

We have good visibility into the spring and summer and expect another year of record profitability our largest international entity.

我們對春季和夏季有良好的預見性，並預計我們最大的國際實體在明年將創紀錄的獲利能力。

Latin unit revenue is expected to improve sequentially for the third consecutive quarter and inflect positive as capacity investments mature, particularly in long-haul South America where we have increased connectivity with our partner, LATAM.

拉丁美洲單位收入預計將連續第三個季度環比增長，並隨著運力投資的成熟而產生積極影響，特別是在長途南美洲，我們在那裡增加了與合作夥伴 LATAM 的連接。

The Pacific is leading in overall revenue growth.

太平洋地區在整體收入成長方面處於領先地位。

Unit revenues are expected to be modestly negative on mid-teens capacity increases.

由於產能增加，預計單位收入將出現小幅負值。

Trends are improving sequentially and margins continue to be at record levels.

趨勢正在持續改善，利潤率繼續保持在創紀錄的水平。

We congratulate our partner, Korean Air, on closing their acquisition of Asiana.

我們祝賀我們的合作夥伴大韓航空完成對韓亞航空的收購。

We look forward to expanding our joint venture and increasing our options for our joint venture customers along the Pacific following the integration.

我們期待在整合後擴大我們的合資企業，並為太平洋沿岸的合資企業客戶增加選擇。

This merger will facilitate even better connectivity and opportunity for further -- to further expand our operations to Seoul over the coming years.

這次合併將促進更好的連接和進一步的機會——在未來幾年內進一步將我們的業務擴展到首爾。

Turning to our network plans for the full year.

談談我們全年的網路計劃。

As we noted in Investor Day, we expect to increase capacity 3% to 4% in 2025, with more than 85% of incremental seats in premium cabins.

正如我們在投資者日中指出的那樣，我們預計到 2025 年運力將增加 3% 至 4%，其中 85% 以上的增量座位位於高級客艙。

Domestically, 80% of our growth will be in our most profitable core hubs and internationally, growth is normalizing following our multiyear restoration and investment phase.

在國內，我們 80% 的成長將來自獲利能力最強的核心樞紐；在國際上，經過多年的復原和投資階段，成長正在正常化。

We are confident in our ability to drive margin improvement in 2025 as we focus on efficient growth across high-margin premium cabins in our most profitable hubs.

我們對 2025 年推動利潤率提高的能力充滿信心，因為我們專注於利潤最高的樞紐的高利潤高級客艙的高效增長。

And we are well positioned to capture upside in the main cabin margins as industry health improves.

隨著產業健康狀況的改善，我們處於有利地位，可以抓住主艙利潤率的上升空間。

In closing, we had a great 2024, and I am excited about Delta's opportunity to make our Centennial the best year in our history.

最後，我們度過了美好的 2024 年，我很高興達美有機會讓我們的百年紀念成為我們歷史上最好的一年。

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

接下來，我將把它交給丹來討論財務狀況。

Thank you, Glen, and good morning to everyone.

謝謝你，格倫，祝大家早安。

I'm incredibly proud of the Delta team for their hard work in 2024.

我為達美團隊在 2024 年的辛勤工作感到無比自豪。

We closed out the year in a position of strength.

我們以強勢的姿態結束了這一年。

In the December quarter, we delivered a record fourth quarter revenue and profit with earnings of $1.85 per share at the top end of our guidance and more than 40% higher year-over-year.

在 12 月這個季度，我們第四季度的收入和利潤創下了歷史新高，每股收益為 1.85 美元，處於我們指導的上限，同比增長超過 40%。

Operating margins of 12% were up 2 points over the prior year.

營業利益率為 12%，較上年提高 2 個百分點。

For the full year, we reported a double-digit operating margin earnings of $6.16 per share and a return on invested capital of 13%, with strong operational performance through the year and a company-wide focus on efficiency, the teams delivered on our full year target of low single-digit non-fuel unit cost growth.

全年，我們報告了每股 6.16 美元的兩位數營業利潤率和 13% 的投資資本回報率，憑藉全年強勁的營運業績以及全公司範圍內對效率的關注，團隊充分實現了我們的目標非燃料單位成本低個位數成長的年度目標。

During the year, we invested in our people through pay and benefit increases.

這一年裡，我們透過增加薪資和福利來投資我們的員工。

And in our customers with ongoing rollout of our fast free Wi-Fi for SkyMiles members, the introduction of our three Delta One lounges and the completion of generational airport upgrades.

在我們的客戶中，我們不斷為「飛凡哩程常客計畫」會員推出快速免費 Wi-Fi、引入我們的三個達美一號休息室以及完成代際機場升級。

Delta is investing at levels unmatched in the industry while delivering better relative non-fuel cost performance.

達美航空正在以業界無與倫比的水平進行投資，同時提供更好的相對非燃油成本績效。

Operating cash flow for the full year was $8 billion, and after reinvesting $4.8 billion back into the business, we generated free cash flow of $3.4 billion.

全年營運現金流為 80 億美元，在將 48 億美元重新投資回業務後，我們產生了 34 億美元的自由現金流。

Strong cash generation supported debt repayment of $4 billion including $1 billion of early repayments.

強勁的現金產生支持了 40 億美元的債務償還，其中包括 10 億美元的提前還款。

We ended 2024 with gross leverage at 2.6 times and unencumbered assets of $30 billion.

截至 2024 年，我們的總槓桿率為 2.6 倍，未支配資產為 300 億美元。

And in the December quarter, our balance sheet return to investment grade at all three major credit rating agencies.

在 12 月季度，我們的資產負債表在三大主要信用評等機構中均恢復至投資等級。

Differentiating Delta and reflecting our financial durability.

讓達美航空脫穎而出並體現我們的財務穩健性。

Now turning to our outlook.

現在轉向我們的展望。

As part of our ongoing effort to focus on primary financial metrics that drive shareholder value, we are providing full year guidance that aligns to the three to five year financial framework, including EPS, cash flow, and leverage.

作為我們持續關注推動股東價值的主要財務指標的一部分，我們提供了與三到五年財務框架一致的全年指導，包括每股收益、現金流和槓桿率。

On a quarterly basis, we'll be providing guidance for revenue growth, operating margins and EPS, with directional color on unit metrics.

我們將按季度提供收入成長、營業利潤和每股收益的指導，並在單位指標上提供方向性顏色。

For the March quarter, we expect revenue growth of 7% to 9%.

對於 3 月季度，我們預計營收將成長 7% 至 9%。

An operating margin of 6% to 8% and earnings of $0.70 to $1 per share.

營業利益率為 6% 至 8%，每股收益為 0.70 美元至 1 美元。

This represents more than 2 points of margin expansion and a nearly doubling of earnings at the midpoint.

這意味著利潤率擴大了 2 個百分點以上，中點收益幾乎翻了一番。

Non-fuel unit cost growth in the March quarter is expected to be up low single digits year-over-year with performance similar to the December quarter.

3月季度的非燃料單位成本成長預計將年比低點個位數成長，表現與12月季度相似。

As the year progresses, we should see improvement in non-fuel cost growth as we continue to drive efficiency.

隨著時間的推移，隨著我們繼續提高效率，我們應該會看到非燃料成本成長的改善。

For the full year, we expect earnings per share ahead of our long-term average annual growth target of 10%, with earnings of greater than $7.35 per share.

對於全年，我們預計每股收益將超過 10% 的長期年均成長目標，每股收益將超過 7.35 美元。

Free cash flow of greater than $4 billion and leverage of 2 times or less.

自由現金流超過 40 億美元，槓桿率不超過 2 倍。

This outlook incorporates margin expansion opportunities in our control, including improvements from revenue mix as we grow high-margin streams like premium and loyalty while driving efficiency across the business.

這一前景將利潤擴張機會納入我們的控制之中，包括隨著我們發展溢價和忠誠度等高利潤流，同時提高整個業務的效率，收入組合的改善。

As Ed and Glen noted, the industry backdrop continues to improve, providing potential for additional margin upside from the main cabin.

正如艾德和格倫所指出的那樣，行業背景持續改善，為主艙提供了額外利潤上升的潛力。

We expect non-fuel unit cost growth consistent to our performance in 2024 and our long-term target of low -- up low single digits, even as -- capacity is down 2 to 3 points from last year's growth as we are better able to leverage our existing assets and maintenance expense begins to normalize.

我們預計非燃料單位成本成長將與我們 2024 年的業績保持一致，並且我們的長期目標是低個位數成長，即使運力比去年的成長下降 2 到 3 個百分點，因為我們能夠更好地利用我們現有的資產和維護費用開始正常化。

This will help fund ongoing investments in our people, and our customer experience.

這將有助於為我們的員工和客戶體驗的持續投資提供資金。

In 2025, half our expected capacity growth is being funded by improved utilization of both our mainline and regional fleets with incremental capacity deployed primarily into our high-margin core hubs.

到 2025 年，我們預期運力成長的一半將透過提高幹線和支線機隊的利用率來提供資金，增量運力主要部署到我們的高利潤核心樞紐。

We are growing into our workforce and expect another year where headcount growth is below capacity as our people gain experience with opportunities across our operational groups.

我們的員工隊伍正在不斷壯大，預計隨著我們的員工透過營運團隊的機會獲得經驗，員工數量的成長將低於產能。

2025 is the final year of our generational airport developments.

2025年是我們這一代機場發展的最後一年。

With their completion, we are now well positioned for the next several decades with a premium ground experience that is unique to Delta, given the long-term nature of these investments, cost per employment will improve over time as we grow into our assets.

隨著這些項目的完成，我們現在已在未來幾十年處於有利地位，擁有達美航空獨有的優質地面經驗，考慮到這些投資的長期性，隨著我們資產的增長，單位就業成本將隨著時間的推移而提高。

Strong cash flow remains an important differentiator for Delta.

強勁的現金流仍然是達美航空的重要差異化因素。

Our outlook for more than $4 billion of free cash flow is 10% of our current market cap and more than $500 million improvement over 2024.

我們預計自由現金流將達到當前市值的 10%，超過 40 億美元，比 2024 年改善超過 5 億美元。

Capital allocation, we expect to reinvest $5 billion of capital into the business, including approximately 40 aircraft deliveries and continued investment in technology and facilities, including Sky Clubs and Delta One Lounges.

資本配置方面，我們預計將向業務再投資 50 億美元，包括交付約 40 架飛機以及對技術和設施的持續投資，包括天空俱樂部和達美一號休息室。

Beyond investing in the business, debt paydown remains our priority.

除了投資業務之外，償還債務仍然是我們的首要任務。

We plan to pay cash for $3 billion of our 2025 debt maturities this year and will opportunistically repay higher cost debt to end the year with gross leverage of 2 times or less, progressing towards our long-term target of 1 times.

我們計劃今年為 2025 年到期的 30 億美元債務支付現金，並將在年底前以 2 倍或更低的總槓桿率機會償還成本較高的債務，朝著我們 1 倍的長期目標邁進。

In closing, Delta is executing against our long-term financial framework and creating significant value as we expand margins, deliver durable earnings and free cash flow and further strengthen our investment-grade balance sheet.

最後，達美航空正在根據我們的長期財務框架執行任務，並在擴大利潤率、提供持久收益和自由現金流以及進一步加強我們的投資等級資產負債表的過程中創造巨大價值。

Returns remain industry-leading and we expect to make progress towards our return on invested capital target of 15% this year.

回報率仍保持行業領先，我們預計今年將朝著 15% 的投資資本回報率目標取得進展。

We are excited about our momentum as we enter a historic year for Delta.

當達美航空進入歷史性的一年時，我們對我們的發展勢頭感到興奮。

I would like to thank our people for all that they do every day.

我要感謝我們的人民每天所做的一切。

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

接下來，我會將其轉回給朱莉進行問答。

Thanks, Dan.

謝謝，丹。

Matthew.

馬修.

We will now open it up for analyst Q&A.

我們現在將開放供分析師問答。

(Operator Instructions) Catherine O'Brien, Goldman Sachs.

（操作員指示）Catherine O'Brien，高盛。

It's good to be back on one of these things.

回到其中一件事情是件好事。

So (technical difficulty) [maybe just to start], I don't want to be greedy after the fourth quarter beat and fourth quarter revenue guide that was much higher than I was expecting.

所以（技術難度）[也許只是開始]，在第四季度業績和第四季度收入指南遠高於我的預期之後，我不想貪婪。

But I'd love to dig in on the greater piece of your greater than $735 million full year guide.

但我很想深入了解您超過 7.35 億美元的全年指南中更重要的部分。

And Dan hinted at a little bit in his prepared remarks, but if we can assume that your prior commentary around mid-single-digit revenue growth for the full year stands and you're starting off with high single-digit growth, would it be fair to assume that the $735 million has a pretty conservative back half revenue outlook baked in there?

丹在他準備好的演講中暗示了一點，但如果我們可以假設您之前關於全年中個位數收入增長的評論成立，並且您以高個位數增長開始，那麼會是這樣嗎？假設7.35 億美元的後半收入前景相當保守？

And then upside of potential revenue upside, what else drives that upside from the $735 million?

那麼，除了潛在的營收成長之外，還有什麼因素可以推動 7.35 億美元的成長呢？

Well, as we talked about at Investor Day and you think about it with -- as you -- talked about with capacity growth in the low single digits, revenue growth of 5% and when you think about margin expansion of about 50 basis points, that gives you about 10% earnings growth.

好吧，正如我們在投資者日談到的那樣，您會想到——就像您一樣——談到產能成長處於低個位數，收入成長5%，當您考慮利潤率擴張約50 個基點時，這會為你帶來大約 10% 的收益成長。

So with this forecast, we're focused on things that we can control, as it relates to our capacity, where we're putting it the premium revenue growth, loyalty, those types of elements along with driving efficiencies from a Delta perspective.

因此，透過這項預測，我們將重點放在我們可以控制的事情上，因為它與我們的能力相關，我們將其放在溢價收入增長、忠誠度等這些類型的要素上，並從達美航空的角度提高效率。

And that provides us the confidence.

這給了我們信心。

And we have good visibility as we sit here today as it relates to first quarter and really the first half of the year, good about that.

今天我們坐在這裡，我們有很好的能見度，因為這與第一季和實際上是今年上半年有關，這很好。

Second half will unfold as we progress, and we'll give you more color and context on that.

下半場將隨著我們的進展而展開，我們將為您提供更多的色彩和背景資訊。

And as I mentioned in the note, I think the industry constructed, how it evolves through the year and especially the back half as it relates to main cabin that we've talked about, that could provide additional upside as it relates to margins as we progress through the year.

正如我在說明中提到的，我認為該行業的構建，它在這一年中的發展方式，尤其是後半段，因為它與我們討論過的主艙有關，這可能會提供額外的上行空間，因為它與我們討論的利潤率有關一年來的進步。

That's great.

那太棒了。

Thanks.

謝謝。

And then maybe one for Glen, a quick one.

然後也許是給格倫的，一個快速的。

In the press release, you noted that all geographic entities came in stronger in the fourth quarter than you were initially expecting.

在新聞稿中，您指出所有地理實體在第四季度的表現都比您最初預期的要強。

Was there any one standout in terms of the magnitude of that improvement?

就這項改進的幅度而言，是否有任何一個面向表現突出？

And how do these trends inform your view on capacity allocation geographically over the course of 2025?

這些趨勢如何影響您對 2025 年地理產能分配的看法？

Well, I would say the outstanding performance was in the transatlantic.

嗯，我想說的是，出色的表現是在跨大西洋。

You're right, as most -- everybody knows, the summer [iota] season is the peak and the winter is the off-peak.

你是對的，正如大多數人都知道的那樣，夏季是高峰期，冬季是非高峰期。

And usually, we're not able to generate significant returns in the off-peak, many months in the off-peak.

通常，我們無法在非高峰期、在非高峰期的許多個月內產生顯著的回報。

And just really strong, not only advanced bookings, but close-in business travel going in the transatlantic has been incredibly strong.

而且非常強勁，不僅是提前預訂，而且跨大西洋的近距離商務旅行也非常強勁。

And you asked what is driving that, and it's really US point of origin.

你問是什麼推動了這一點，這確實是美國的原點。

Again, today, the dollar was up again, the Euro is down to EUR1.02. Europe is an incredibly screaming by as a tourist destination.

今天，美元再次上漲，歐元跌至 1.02 歐元。歐洲是一個令人難以置信的旅遊目的地。

People are finding that particularly in Southern Europe, that the weather is actually pretty nice in the winter and the streets aren't as crowded.

人們發現，尤其是在南歐，冬天的天氣其實相當好，街道也不那麼擁擠。

So it's not a bad time to go.

所以現在去還不錯。

So I think we've got a confluence of a lot of things happening, but all of those are favorable to our environment and we're really capitalizing on it.

所以我認為我們已經發生了很多事情，但所有這些都有利於我們的環境，我們確實在利用它。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Congrats on the results today.

恭喜今天的結果。

Nice to see the market taking notice.

很高興看到市場注意到這一點。

Ed, definitely exciting at CES this week, and I know you guys announced a lot of new partnerships, but maybe can you elaborate more for investors how you plan to monetize SkyMiles going forward, especially with like Sync and some of the news you announced this week.

Ed，本週在CES 上絕對令人興奮，我知道你們宣布了很多新的合作夥伴關係，但也許您能為投資者詳細說明一下您計劃如何通過“飛凡里程常客計劃”貨幣化，特別是像是Sync 和您宣布的一些消息星期。

Well, thanks, Brandon.

嗯，謝謝，布蘭登。

It was good that you were out there to see it.

很高興你能在外面看到它。

It was an exciting week for Delta.

對達美航空來說，這是激動人心的一周。

The question of monetization is interesting.

貨幣化的問題很有趣。

We're not announcing these partnerships so that we can start taking and starting to try to capture revenue immediately out of it.

我們宣布這些合作關係並不是為了讓我們能夠立即開始獲取並嘗試從中獲取收入。

This is all about creating a much longer-term relationship and experience based platform for our customers.

這一切都是為了為我們的客戶創建一個更長期的關係和基於體驗的平台。

The monetization opportunities will unfold in due course.

貨幣化機會將在適當的時候出現。

But the more valuable item in my mind, is how we're growing the value of a SkyMiles membership and wanting our customers to continue to demonstrate an even greater amount of loyalty to Delta as part of that, giving them more reason to be flying Delta than ever before in every step of the journey.

但在我看來，更有價值的是我們如何提高「飛凡哩程常客計畫」會員的價值，並希望我們的客戶繼續表現出對達美航空更高的忠誠度，從而讓他們有更多理由搭乘達美航空的航班旅程的每一步都比以往任何時候都更加重要。

The Uber relationship is unique and its exclusive and it's new.

Uber 的關係是獨一無二的、排他性的、全新的。

It's something that, as we think about Uber and the impact, not just for Uber but Uber Eats as well, I think we'll have a big impact on them as well as with us.

當我們思考 Uber 及其影響時，不僅是對 Uber，還有 Uber Eats，我認為我們將對他們以及我們自己產生巨大影響。

YouTube is going to be a huge enhancement for our in-flight entertainment product offerings.

YouTube 將大大增強我們的機上娛樂產品。

And it's going to drive more and more sign-ups to be part of the SkyMiles

這將促使越來越多的人註冊成為「飛凡哩程常客計畫」的一部分

[partnership].

[合夥]。

So we'll talk about monetization at some point in the journey, but that's not the initial goal of what we're doing here.

因此，我們將在旅程中的某個時刻討論貨幣化，但這不是我們在這裡所做的最初目標。

Definitely appreciate that, Ed. And then, Dan, can you give us some insight into some of the levers you're pulling this year on keeping CASM low single digits.

非常感謝，埃德。然後，Dan，您能否向我們介紹您今年為保持 CASM 較低個位數而採取的一些措施。

Maybe we underappreciate how much like network restoration costs were in the last couple of years.

也許我們低估了過去幾年的網路復原成本。

Yes.

是的。

I think consistent to many of the items that we talked about at Investor Day, it really -- they come down to -- you know that so-called investments that we'll make in cost related to our people and the growth in seniority.

我認為與我們在投資者日討論的許多項目一致，實際上 - 它們歸結為 - 你知道，我們將在與我們的員工和資歷增長相關的成本方面進行所謂的投資。

We still have in 2025, the airports coming online and the full run rate of those developments, along with the rate and inflationary elements that we're seeing in those, and that will be somewhat consistent to what we saw in 2024, and the continued investment in customer experience.

到 2025 年，我們仍然會看到機場上線，這些開發項目的全面運行率，以及我們在其中看到的率和通貨膨脹因素，這將與我們在 2024 年看到的情況有些一致，並且持續對客戶體驗的投資。

But then as you're alluding to on the efficiency side, it's really getting better utilization out of our assets and investments that we made.

但正如您所提到的效率方面，我們的資產和投資確實得到了更好的利用。

Part of it is the fleet and the network.

其中一部分是機隊和網路。

It's about -- the growth is going into the higher margin, Glen alluded to it, the premium seats are driving vast majority of the seats that we're adding.

格倫提到，成長將進入更高的利潤率，高級席位正在推動我們增加的絕大多數席位。

The capacity that we're adding is going into the low-cost, high-margin core hub structures, over 80% of the incremental capacity half of the growth of capacity is coming from the utilization of the fleet, mainline and regionals.

我們新增的運能將進入低成本、高利潤的核心樞紐結構，新增運能的 80% 以上，一半的運能成長來自於機隊、幹線和支線的利用率。

We expect the regionals to be back to full flying of our assets.

我們預計區域性資產將恢復全面運作。

We have that capability so that inefficiency has been sitting as part of our financials and our run rate associated with it.

我們擁有這種能力，因此低效率一直是我們財務狀況和與之相關的運作率的一部分。

The workforce, the Delta teams and contractors, we put that capability and Ed really pushed us and the team to put that capability and get that operational excellence as we restore the airline, and we're growing into that experience.

員工、達美團隊和承包商，我們投入了這種能力，埃德確實推動我們和團隊在我們恢復航空公司的過程中投入這種能力並獲得卓越的運營，我們正在積累這種經驗。

So this year, you saw us grow the airline 6%, [and on an] average head count was up 2%.

今年，您看到我們的航空公司成長了 6%，[並且] 平均員工人數增加了 2%。

We ended the year on a year-over basis flat as we start to now step down into 3% to 4% growth.

今年我們的成長率與去年同期持平，現在我們開始將成長率降至 3% 至 4%。

So you're starting to see that experience come through and getting that.

所以你開始看到這種經驗的出現並得到它。

And then we think in Delta, we have the unique element as it relates to maintenance, John and the team at Tech Ops, we've a high level of volume of activity.

然後我們認為，在達美航空，我們擁有與維護相關的獨特元素，約翰和技術營運團隊，我們的活動量很高。

That will start to normalize.

這將開始正常化。

And then you get the improvement in that whole maintenance supply chain.

然後整個維護供應鏈都會改善。

Turnaround times are still -- they talked about at Investor Day, well above historical levels.

他們在投資人日上談到，週轉時間仍然遠高於歷史水準。

They were stable in 2024.

2024 年它們保持穩定。

But in 2025, we expect to start to make progress.

但到 2025 年，我們預計將開始取得進展。

The question will be how much progress does the industry make and we want to be part of leading that improvement and driving that efficiency and that team there is gaining experience.

問題是這個行業取得了多大的進步，我們希望成為領導這項改進和提高效率的一部分，而團隊正在累積經驗。

So across all these, I wouldn't say there were network efficiencies -- inefficiencies I'd say just across the company.

因此，在所有這些方面，我不會說存在網路效率——我會說整個公司的效率低。

We have the opportunity for broad-based efficiencies and grow into our airports those will -- move over with time.

我們有機會實現廣泛的效率，並發展我們的機場，這些將隨著時間的推移而改變。

And then we also talked about this at Investor Day.

然後我們也在投資者日討論了這個問題。

I think we're just at the doorstep of what technology can unlock over the long term, and that -- we won't see big dollars associated with that in '25, but that's multi-multiyear for the next three to five years that we're quite excited about what that can do for the company.

我認為，從長遠來看，我們正處於技術可以解鎖的大門前，而且 - 我們不會在 25 年看到與此相關的巨額資金，但在未來三到五年內這是多年的事情我們對這能為公司帶來的好處感到非常興奮。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Going obviously, a really solid start for 1Q.

顯然，第一季的開局確實不錯。

But there's a lot of moving parts this year from the calendar, and I think you benefited from the max grounding last year.

但今年的日曆中有很多變動的部分，我認為你從去年的最大禁足中受益。

So your comps are actually particularly difficult.

所以你的比賽其實特別困難。

So shouldn't we expect a somewhat strong sequential acceleration into the spring?

那麼，我們難道不該期待進入春季時會出現一定程度的連續加速嗎？

Just trying to understand if like your actual core results are even stronger than what you're reporting here today, even though those are really good, too, as well.

只是想了解您的實際核心結果是否比您今天在這裡報告的結果更強，儘管這些結果也確實很好。

Just any thoughts there.

只是有任何想法。

Thank you.

謝謝。

I'd just say we're experiencing a very strong demand period as we see our sales in January, we usually don't post record sales.

我想說的是，我們正經歷一個非常強勁的需求時期，因為我們看到一月份的銷售情況，我們通常不會創下銷售記錄。

We've had top of our top record sales day since the beginning of the year.

自今年年初以來，我們的銷售日創下了最高紀錄。

And so I think early signs are that this is going to be a very strong year for us.

因此，我認為早期跡象表明，這對我們來說將是非常強勁的一年。

It's too early to call the second and third and fourth quarters.

現在判斷第二節、第三節和第四節還為時過早。

But what we can see in the first quarter and maybe into April is a really strong demand set across all entities.

但我們在第一季甚至四月可以看到，所有實體的需求都非常強勁。

Helpful.

有幫助。

And then I think a lot of (technical difficulty) -- just around the idea of like better supply in the US domestic market.

然後我想到了很多（技術困難）——圍繞著美國國內市場更好的供應的想法。

But I think there's an argument to be made that there's an even better supply story on the international side.

但我認為有理由認為國際方面的供應情況較好。

Widebodies are hard to come by, there's some engine issues there as well.

寬體機很難取得，而且引擎也存在一些問題。

Can you just talk about the international setup as you look from a supply standpoint and what that could mean for the Atlantic again this year?

您能否從供應的角度談談國際格局，以及這對今年的大西洋航線意味著什麼？

Yes.

是的。

We're really excited about the way the spring and summer are shaping up in terms of competitive capacity in the transatlantic.

我們對春季和夏季跨大西洋競爭力的發展感到非常興奮。

And I think all the basis points are in there for another record year in the transatlantic.

我認為所有的基點都已經存在，跨大西洋將迎來另一個創紀錄的一年。

Again, early in the booking.

再次強調，提前預訂。

We had the real big transatlantic booking season coming up over the next 1.5 months, as people firm up their plans for summer travel.

隨著人們確定夏季旅行計劃，真正的跨大西洋預訂旺季將在接下來的 1.5 個月內到來。

But I expect that we're going to see a very robust returns.

但我預計我們將看到非常強勁的回報。

And I'd also point out that last year, we had the Olympics in Paris, which was a very big negative for us as we pass through the summer quarter, starting in late June and through the July and August peak.

我還想指出，去年我們在巴黎舉辦了奧運會，這對我們來說是一個非常大的負面影響，因為我們正經歷夏季，從六月底開始一直到七月和八月的高峰期。

So I think not only do we have a great competitive dynamic, but we also have some things that are uniquely beneficial to Delta as you look at this summer's performance in the transatlantic versus last summer, knowing how big we are in Paris.

因此，我認為我們不僅擁有強大的競爭動力，而且還擁有一些對達美航空獨特有利的東西，當您對比今年夏天在跨大西洋航線和去年夏天的表現時，就會知道我們在巴黎的規模有多大。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Could you maybe elaborate a little bit on what you're seeing across customer segments to business and leisure as well as by age cohort, so maybe boomers and Gen X versus some of the Millennials.

您能否詳細說明您在商務和休閒客戶群以及年齡層中所看到的情況，例如嬰兒潮世代和 X 世代與一些千禧世代。

Sure.

當然。

Well, I'm happy to report first on the second part of the question.

嗯，我很高興首先報告問題的第二部分。

The boomers are driving the premium and being a boomer myself, I'm proud of us driving our premium results which is, I think, great for now, but also great for later because we know as people continue as the cohort continues to age out and the new generation passes that threshold of wanting to buy more premium products and services.

嬰兒潮世代正在推動溢價，我自己也是嬰兒潮世代，我為我們推動我們的溢價結果感到自豪，我認為，這對現在來說很好，但對以後也很好，因為我們知道隨著人群的不斷老化，人們會繼續下去新一代跨越了想要購買更多優質產品和服務的門檻。

The newer generation is wealthier, and it's -- we have a bigger share of that generation.

新一代更加富有，而且我們在這一代中所佔的比例更大。

So excited not only for today as the boomers are driving it, but excited for tomorrow as we pass it on to the next generation.

不僅對今天感到興奮，因為嬰兒潮世代正在推動它，而且對明天感到興奮，因為我們將其傳遞給下一代。

So that's the question on.

這就是問題所在。

And then across the spectrum, consumer leisure very strong.

從各方面來看，休閒消費都非常強勁。

Demand across corporate is very strong.

整個企業的需求非常強勁。

Unit revenues in the fourth quarter, as we pointed out, our sales in the fourth quarter, up 10% on corporate sales.

第四季的單位收入，正如我們所指出的，我們第四季的銷售額比企業銷售額成長了 10%。

Those trends are continuing into the first quarter.

這些趨勢持續到第一季。

So continued very strong growth.

因此持續非常強勁的成長。

Our survey's out.

我們的調查結束了。

We survey the corporate traveler every year, the corporate travel managers.

我們每年都會對商務旅客、商務旅行經理進行調查。

I think the number was 90% expected to exceed or meet last year's spend.

我認為這個數字 90% 預計將超過或達到去年的支出。

So all the components that we see are driving a really robust demand drop as we sit here in January.

因此，當我們在一月份坐在這裡時，我們看到的所有組件都在推動需求的強勁下降。

And then just as a follow-up, I'd love to hear what you're seeing in some of your core hubs.

作為後續行動，我很想聽聽您在一些核心中心看到的情況。

We've seen, obviously, Southwest going back in Atlanta and a lot of the low cost and ultra-low-cost pulling back significantly out of places like Minneapolis.

顯然，我們已經看到西南航空重返亞特蘭大，而許多低成本和超低成本航空則大幅撤出明尼阿波利斯等地。

So curious just what you're seeing in bookings and yields there.

很好奇你在預訂和收益中看到了什麼。

Congrats on the quarter.

恭喜本季。

Right.

正確的。

Well, we're not going to start giving hub by hub yield and traffic information.

好吧，我們不會開始逐一提供樞紐的產量和交通資訊。

But I would say that we're very encouraged by the competitive dynamics that are going on in all our hubs as we head into the spring and summer with the possible exception of Boston, which is at an elevated capacity level, but I would say surprisingly resilient for us in the off-peak.

但我想說的是，隨著我們進入春季和夏季，我們所有樞紐正在發生的競爭動態讓我們深受鼓舞，波士頓可能是個例外，它的運力水平很高，但我想說的是令人驚訝在非尖峰時段對我們來說有彈性。

Boston is a very seasonal market, and we're in really the low season for Boston right now, and it's performing incredibly well despite the fact that it's got a significant amount of industry capacity in it.

波士頓是一個季節性很強的市場，目前正處於波士頓的淡季，儘管它擁有大量的行業產能，但它的表現卻非常好。

So I think we like where we're sitting.

所以我認為我們喜歡我們坐的地方。

Of course, the wildfires in Los Angeles are not helping Los Angeles origin and destination, but there's always something going on.

當然，洛杉磯的山火對洛杉磯的出發地和目的地沒有任何幫助，但總是有事情發生。

And I feel really good about where we sit today.

我對我們今天坐的位置感覺非常好。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

So this is probably for Glen.

所以這可能是給格倫的。

Dan might have thought as well.

丹可能也是這麼想的。

The topic is fuel recapture.

主題是燃料回收。

At one point in the not too distant past, my professional lifetime, it could take up to a year for the industry to recalibrate the higher input costs, higher fuel costs.

在不久的過去，也就是我的職業生涯中，該行業可能需要長達一年的時間來重新調整更高的投入成本和更高的燃料成本。

But given the evolution we've been on, it now seems like higher fuel can be recaptured somewhere inside of two quarters, okay.

但考慮到我們一直以來的發展，現在看來可以在兩個季度內的某個地方重新獲得更高的燃料，好吧。

When we think about that past precedent, though, yield production was, I don't know, kind of modest.

然而，當我們思考過去的先例時，我不知道產量是多少。

Whereas today, we're in a strong environment, at least in most markets.

而今天，我們正處於一個強大的環境中，至少在大多數市場上是如此。

So that's my question.

這就是我的問題。

With yields already being pretty strong, do you think that alters the calculus?

由於收益率已經相當強勁，您認為這會改變微積分嗎？

Does it make it harder and longer to recapture higher fuel?

這是否會讓回收更多燃料變得更困難、更耗時？

Or do we still get to that 100% recapture mark inside of a couple of quarters?

或者我們還能在幾季內達到 100% 收復目標嗎？

I believe that it's never been short.

我相信它從來都沒有短過。

And that's a personal belief based on how the industry is responding.

這是基於行業反應的個人信念。

And the fact that the bottom half of the industry is under intense pressure to continue to improve its results.

事實上，該行業的下半部分面臨著繼續改善業績的巨大壓力。

So I think that backdrop is what you have to focus on in terms of fuel recapture.

因此，我認為在燃料回收方面，您必須關注這一背景。

The industry needs to recapture that fuel faster than it has in the past.

該行業需要比過去更快地回收燃料。

And not only fuel but I mean margins are at very low levels and they have to capture non-fuel costs and fuel costs, improve margins overall.

不僅是燃料，我的意思是利潤率非常低，他們必須捕獲非燃料成本和燃料成本，提高整體利潤率。

So I think that's the backdrop that Ed talked about in regards to improving industrial industry backdrop that we're sitting in.

所以我認為這就是艾德談到的關於改善我們所處的工業產業的背景。

Excellent.

出色的。

And then just a quick follow-up on corporate.

然後是對公司的快速跟進。

Post-COVID, Delta and some of your competitors have talked about changes in how business travelers are flying that's had some impact on -- they have weak demand, somewhat elongated booking curve.

新冠疫情過後，達美航空和一些競爭對手談到了商務旅客飛行方式的變化，這對他們的需求疲軟、預訂曲線有所拉長產生了一些影響。

There is my question.

這是我的問題。

As corporate continues to rebound, is corporate behavior beginning to revert back to the way that it used to be?

隨著企業持續反彈，企業行為是否開始恢復到以前的狀態？

Or are those behavioral trends that you're seeing today kind of consistent with the post-COVID world that we live in?

或者您今天看到的這些行為趨勢是否與我們所處的後新冠世界一致？

I'd say on the margin, it's reverting, but it's still different.

我想說的是，它正在恢復，但仍然不同。

On the margin, closing has picked up because the booking curves had elongated in the COVID recovery.

整體而言，由於新冠疫情復甦期間預訂曲線拉長，成交量有所回升。

Those have come in over the past year or so.

這些都是在過去一年左右的時間裡出現的。

And yes, a Tuesday and Wednesday travel is picking up.

是的，週二和週三的旅行正在增加。

So I would say it's not back to where it was, but on the margin it's coming more towards what it was pre-COVID.

所以我想說，它並沒有回到原來的水平，但在某種程度上，它正在接近新冠疫情之前的水平。

Duane Pfennigwerth, Evercore ISI.

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

Just to maybe continue that theme.

只是為了也許繼續這個主題。

As we play back the fourth quarter, what was the revenue surprise really driven by?

當我們回顧第四季時，收入驚喜的真正推動因素是什麼？

There was some stronger post-election trends, which obviously some of the hotels called out, but do you think the compressed period between Thanksgiving and peak holidays actually stimulated compression in corporate?

選舉後出現了一些更強勁的趨勢，顯然一些酒店指出了這一點，但您認為感恩節和高峰假期之間的壓縮時間實際上刺激了企業的壓縮嗎？

And how would you mark that corporate recovery, excluding some of the seasonal noise into 2025?

排除一些季節性因素，您如何評估 2025 年企業的復甦？

I think clearly, for the month of December, late Thanksgiving is helpful for the month.

我清楚地認為，對於 12 月來說，感恩節晚些時候對這個月是有幫助的。

But when you put those two months together, I don't think it's that much different, whether it compresses or doesn't compress.

但是當你把這兩個月放在一起時，我認為無論壓縮或不壓縮，都沒有太大不同。

Next year, November is -- the return date for Thanksgiving will be in November and not December, most essentially one day, and I think we'll see similar results next year.

明年，11 月——感恩節的回歸日期將是 11 月，而不是 12 月，最重要的是有一天，我認為明年我們會看到類似的結果。

I think the big surprise for us is, again, when we did earnings, it was right after the election, right before, right after the election.

我認為對我們來說最大的驚喜是，當我們發布財報時，就是在選舉之後、選舉前、選舉後。

And we haven't really seen that strength of sales leading into the election, and it was a definite uptick you could see and you could feel post-election that goes out for 365 days, that people felt more confident and they felt a little bit less confident before the election.

我們還沒有真正看到選舉前的銷售強勁，但你可以看到，你可以感覺到選舉後 365 天的銷售明顯上升，人們感到更加自信，他們感覺有點大選前信心不足。

And that was a big inflection point.

那是一個很大的轉捩點。

That's helpful.

這很有幫助。

And then just for a follow-up, Glen.

然後是後續行動，格倫。

In LATAM, what inning are we in for the rebuild of that entity?

在拉丁美洲，我們正處於重建該實體的哪個階段？

Delta has been in investment mode there for a while.

達美航空在那裡的投資模式已經有一段時間了。

When would you expect to enter harvest mode?

您預計什麼時候進入收穫模式？

I think we're -- as we indicated in the script, we're toning down our investment in LATAM.

我認為，正如我們在劇本中所指出的，我們正在減少對拉丁美洲的投資。

We've got most of the corridors in place that we need to feed each other, and we've worked on that coming out of COVID, so I wouldn't say we're moving into harvest, but we're definitely moving into a more mature position in deep South America.

我們已經準備好了大部分需要互相餵養的走廊，而且我們已經在應對新冠疫情方面做出了努力，所以我不會說我們正在進入收穫期，但我們肯定正在進入收穫期南美腹地的地位更加成熟。

Shannon Dougherty, Deutsche Bank.

香農·多爾蒂，德意志銀行。

Maybe just one for Glen here.

也許只是給格倫的一個。

With premium revenue growth continuing to outpace main cabin, could it be possible that the RASM gap actually stays the same between [the Q], even as you're growing your premium seat mix just given higher yields and overall enhanced product offering?

隨著高級收入成長持續超過主艙，RASM 差距是否有可能實際上在 [Q] 之間保持不變，即使您只是考慮到更高的收益和整體增強的產品供應而增加高級座位組合？

Right.

正確的。

Well, I think our plan for 2025 indicates or assumes that we will continue to keep the premium revenues growth trajectory that we're on.

嗯，我認為我們的 2025 年計畫表明或假設我們將繼續保持目前的保費收入成長軌跡。

I think the upside surprise for us would be if main cabin starts to accelerate as we move through the year given the fact that capacity at the industry level has come down significantly in that pool.

我認為，考慮到該池中行業層面的運力已大幅下降，如果主艙在這一年中開始加速，那麼對我們來說，上行驚喜將是。

So that's how we would bring 2025 is continued trends that we're seeing in premium and potential upside being in the main cabin improving significantly.

因此，這就是我們在 2025 年帶來的持續趨勢，我們看到主艙的溢價和潛在上升空間顯著改善。

As my follow-up here, what are your thoughts on some calendar shifts, a little later Easter this year?

作為我的後續行動，您對今年復活節稍晚的日曆變化有何看法？

Could it be possible that if a RASM positive in both the March and June quarters as travelers take two trips this year instead of one with maybe to last year?

如果 RASM 在 3 月和 6 月季度均呈陽性，因為旅行者今年有兩次旅行，而不是去年可能只有一次，是否有可能？

Spring break and Easter. -- Is that the question, I didn't really hear.

春假和復活節。 ——這個問題我沒聽清楚。

Thoughts on Easter shift.

關於復活節轉變的想法。

Oh, Easter shift.

哦，復活節輪班。

[Could you be seeing more travel? ]

【你能看到更多的旅行嗎？ ]

Usually, a late Easter is bad for March but is good for the airline.

通常，復活節晚點對三月不利，但對航空公司有利。

So we'll see how that plays out this year.

所以我們將看看今年的情況如何。

But as you say, the longer that travel peak period the better the general returns are for the season, but then the months play out differently because you can press the [PEP], which is not a good thing, but the longer season offsets that.

但正如你所說，旅行高峰期越長，該季節的總體回報就越好，但隨後幾個月的表現會有所不同，因為你可以按[PEP]，這不是一件好事，但較長的季節抵消了。

-- [ compressed that PEP ].

-- [壓縮該 PEP]。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Glen, if I can revisit the topic of Europe, just this kind of unusual strength in 1Q, you elaborated on that a little bit.

格倫，如果我可以重新討論歐洲的話題，就是第一季這種不尋常的強勢，你對此做了一些詳細的闡述。

But are you confident that this is not pulling forward from later in the summer?

但你有信心這不會從夏季晚些時候開始嗎？

I am very confident.

我非常有信心。

I'm very confident.

我非常有信心。

This is another year of -- and if you think about the baby boomers travel, if you thread all these together, you say, who's driving premium revenue, it's the boomers.

今年又是一年——如果你想想嬰兒潮世代的旅行，如果你把所有這些放在一起，你會說，誰在推動溢價收入，那就是嬰兒潮世代。

Who's driving?

誰在開車？

Why is that happening?

為什麼會發生這種情況？

The Euro at [EUR1.02], go to a restaurant in New York and then go to a restaurant in Europe, you see a vast difference in your bill.

歐元[EUR1.02]，去紐約的一家餐館，然後去歐洲的一家餐館，你會發現帳單上有巨大的差異。

And so this is a great time to travel to Europe.

所以現在是去歐洲旅行的好時機。

People are seeing that.

人們正在看到這一點。

US consumers are very smart.

美國消費者非常聰明。

They figure these things out pretty quickly, and we're seeing robust demand in the off-peak, and I'm sure that the peak is going to be even better.

他們很快就解決了這些問題，我們在非高峰時段看到了強勁的需求，我相信高峰時段會更好。

I think a lot difference in the quarter of the food as well.

我認為食物的四分之一也有很大差異。

Maybe as a follow-up, how do we think about the pricing algorithm between main cabin, mid-cabin and the front of the plane kind of as you talk about more momentum in main cabin RASM, like is that -- like do you adjust front of plan pricing kind of in real time to adjust for that?

也許作為後續行動，我們如何考慮主機艙、中艙和飛機前部之間的定價演算法，就像您談論主機艙 RASM 的更多動力一樣，就像您調整一樣前面的計劃定價是否會即時調整？

Or how do you see that flow through to the cabin?

或者您如何看待流向機艙的情況？

Right.

正確的。

I think one of the things that -- one of the reasons we decided to really focus on premium back 10 or 15 years ago was we wanted to control our own destiny.

我認為 10 或 15 年前我們決定真正專注於溢價的原因之一是我們想要控制自己的命運。

So the fact that we've been able to get this premium revenue growth despite the fact that main cabin has been under a lot of duress.

因此，儘管主艙承受了極大的壓力，但我們仍然能夠實現優質收入成長。

I would expect us to be able to continue to optimize that, but we've tried to disconnect main cabin from premium products in terms of our pricing abilities.

我希望我們能夠繼續優化這一點，但我們已經嘗試在定價能力方面將主艙與優質產品分開。

And I think that will be our strategy.

我認為這將是我們的策略。

We don't want to price ourselves out.

我們不想讓自己定價過高。

We want people to continue to grow and experience this because once they do, they tend not to go back.

我們希望人們能夠繼續成長並體驗這一點，因為一旦他們這樣做了，他們往往就不會再回去了。

So our as we continue to put more premium seats in driving premium revenue is going to come from higher loads, not necessarily higher yields.

因此，隨著我們繼續投入更多的優質座位來推動優質收入，我們將來自更高的負載，而不一定是更高的收益。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

I guess, Glen, maybe when we look out past one, the first quarter, I know it's early, but domestic schedule showing kind of high single-digit growth in 2Q, I guess, obviously, relatively high to the 3% to 4% full year outlook.

我想，格倫，也許當我們回顧過去的第一季時，我知道現在還為時過早，但國內時間表在第二季度顯示出較高的個位數增長，我想，顯然相對較高，達到3% 到4%全年展望。

But when I look historically, this can come in anywhere of 1 to 3 points.

但當我回顧歷史時，這可能是 1 到 3 個點。

Do you think that's reasonable?

你覺得合理嗎？

And then any comments or color on how you think your capacity could trend throughout this year?

那麼您對今年全年產能趨勢有何評論或看法？

Well, thank you for that question because I've been looking for the opportunities to give a little bit of context of the shape of the growth in capacity.

嗯，謝謝你提出這個問題，因為我一直在尋找機會提供一些有關容量增長形式的背景資訊。

First quarter, we're going to be probably somewhere between 4.5% and 5%.

第一季度，我們的成長率可能會在 4.5% 到 5% 之間。

I think we have [ 4.7% ] loaded right now.

我認為我們現在已經加載了 [ 4.7% ]。

We'll see what completion is, but somewhere between [4.5% and 5%], I would assume, depending on how completion factor plays out.

我們將看看完成度是多少，但我認為介於 [4.5% 和 5%] 之間，這取決於完成度因素如何發揮。

Second quarter, we have not really looked our schedules yet.

第二季度，我們還沒有真正查看我們的日程安排。

You'll start to see this weekend, I believe April, next part of April is going in, which will be a couple of points reduction of what we have selling out there, and you'll see us continue to bring that back into line.

你會從這個週末開始看到，我相信四月，四月的下半月即將到來，這將是我們在那裡銷售的產品減少幾個點，你會看到我們繼續將其恢復到正常水平。

I would expect that June, July and August would be our low point for year-over-year growth and the off-peak with a little bit more growth in the off-peak to try and get better utilization back to Dan's point of how do we work the trade between unit costs and revenues to ensure that we're optimizing our margins.

我預計 6 月、7 月和 8 月將是我們同比增長和非高峰的低點，非高峰增長一點點，以嘗試獲得更好的利用率，回到 Dan 的觀點：我們在單位成本和收入之間進行權衡，以確保優化利潤。

That's great color.

那顏色真棒。

And then maybe just sticking on the capacity front, obviously, you've spoken to, we've seen the strong trends in the Atlantic.

然後也許只是堅持運力方面，顯然，正如您所說，我們已經看到了大西洋的強勁趨勢。

Clearly, the demand is there.

顯然，需求是存在的。

How should we think about your growth across the Atlantic this year?

我們該如何看待你們今年在大西洋彼岸的成長？

Will it be system average above or below?

會高於還是低於系統平均值？

Just thinking about how that could trend as we progress through the year?

只要想一想，隨著這一年的進展，這種趨勢會如何發展？

I think for the transatlantic, our schedules are pretty well loaded.

我認為對於跨大西洋航線來說，我們的日程安排得非常滿。

There may be some tweaks around the edges as we move through on aircraft availability and crew availability.

隨著我們對飛機可用性和機組人員可用性的研究，可能會出現一些邊緣調整。

But I think largely, we're in place, and it's slightly above the average, not significantly.

但我認為在很大程度上，我們已經就位，並且略高於平均水平，但並不顯著。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So Glen, going back to corporate demand right now, the 10% growth.

格倫，現在回到企業需求，即 10% 的成長。

Is there a way that you can help us understand kind of how much of that sort of volume, how much of that's yield?

有沒有一種方法可以幫助我們了解這種數量有多少，其中有多少是產量？

And then obviously, last year was a pretty interesting year for corporate growth with American taking a step back, Southwest participating more in GDS's, just trying to get a sense for maybe how share is trending in corporate from your perspective.

顯然，去年對於企業成長來說是非常有趣的一年，美國航空退後了一步，西南航空更多地參與了 GDS，只是試圖從您的角度了解企業中的份額趨勢。

So we don't comment on other people's share.

所以我們不對其他人的分享發表評論。

What we can say is our share is at one year record highs every month.

我們可以說的是，我們的份額每個月都創下下一年來的新高。

And so we see no deterioration in our share in the past year and the forward sales.

因此，我們認為去年我們的份額和遠期銷售並沒有惡化。

And then as it relates to these trends, it was primarily early in the year, driven by traffic.

然後，由於與這些趨勢相關，它主要是在今年年初，由流量驅動的。

And then as we headed towards the end of the year, it was driven by both the mix of traffic and yield.

然後，當我們接近年底時，它是由流量和收益共同推動的。

So now we have yields positive and traffic positive contributing to that number.

所以現在我們的產量和流量都是正值，對這個數字做出了貢獻。

Excellent.

出色的。

And then as you think about the ASM growth that you shaped for us, that was really helpful.

然後，當您想到您為我們塑造的 ASM 成長時，這確實很有幫助。

Can you help us understand kind of the balance between international and domestic as we progress through the year?

您能否幫助我們了解這一年中國際與國內之間的平衡？

Yes.

是的。

I think probably a little bit higher on international with the Latin being the lowest growth rates as we move through the year and continuing with the Pacific, the run rates.

我認為國際航線的成長率可能會更高一些，因為拉丁航線的成長率是最低的，隨著我們全年的發展，繼續太平洋航線的運作率。

And when we get to the latter part of this year, the Pacific will come down significantly.

到今年下半年，太平洋地區的氣溫將會大幅下降。

But the Atlantic is going to be just slightly ahead of our system average and domestic probably just slightly below.

但大西洋航線將略高於我們系統的平均水平，而國內航線可能略低於我們的系統平均水平。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

If I might on the CapEx front of the aircraft deliveries.

如果我可以考慮飛機交付的資本支出。

I'm guessing your CapEx is still -- thinking is around $5 billion.

我猜你的資本支出還是 50 億美元左右。

But you did have kind of 46 deliveries in -- sorry, 38 versus kind of a 46 assumption.

但你確實有 46 次交付——抱歉，是 38 次，而假設是 46 次。

Curious what you're expecting in '25, and if that $5 billion CapEx is still a good level?

想知道您對 25 年的預期是什麼，以及 50 億美元的資本支出是否仍然是一個不錯的水平？

Yes. $5 billion is a good level.

是的。 50億美元是一個不錯的水平。

We had a few less deliveries in '24 than we expected.

24 年我們的交貨量比我們預期的要少一些。

We expect right around 40-ish here in 2025.

我們預計到 2025 年，這個數字將達到 40 左右。

Got it.

知道了。

And Dan, maybe if I can follow up with -- on the non-OpEx side, any color that you can provide on how we should think about it for this year in terms of kind of interest side, but also kind of the non-interest side.

丹，也許我可以跟進——在非運營支出方面，你可以提供任何顏色，說明我們今年應該如何從利益方面考慮它，但也包括非運營支出方面。

Yes.

是的。

I think it will be -- think of it as flattish where you have a benefit from the deleveraging.

我認為，當你從去槓桿化中受益時，你可以把它想像成平坦的。

That's probably just under $100 million benefit.

這可能是略低於 1 億美元的收益。

And then you -- the real question will be, where does all the other pieces fall out, pension finalizing it here as we go through the month of January.

然後你 - 真正的問題將是，所有其他部分都在哪裡，退休金在我們度過一月份時在這裡最終確定。

It performed well.

它表現良好。

It should be flattish to maybe a slight improvement.

它應該是平坦的，也許會有輕微的改善。

We'll see where we finally lock that in here as we get through January.

一月份過後，我們將看到最終將其鎖定在哪裡。

We have always the moving pieces with equity earnings from our partners and whether they'll be up or down, and that progresses through the year.

我們始終掌握來自合作夥伴的股本收益的動態數據，以及它們是否會上漲或下跌，以及全年的進展。

We benefited from that this past year as they were better than expected, and that drove some of the improvement.

去年我們受益匪淺，因為它們比預期的要好，這推動了一些改進。

And we won't have the reoccurring gains that we had from some investments that we sold.

我們將不會像出售某些投資那樣獲得經常性收益。

So that will be a headwind.

所以這將是一個逆風。

So I plan it flattish, right around that $800 million mark thereabouts.

所以我的計劃是持平的，大約在 8 億美元左右。

And Julie and team can kind of work with you if there's any dynamic as it relates to quarterly splits.

如果有任何與季度分割相關的動態，朱莉和團隊可以與您合作。

Matthew, we'll now go to our final analyst question.

馬修，我們現在來回答最後一個分析師問題。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Great quarter, guys.

很棒的季度，夥計們。

Maybe just sticking on the fleet comments, if we could elaborate, I have 2 questions.

也許只是堅持艦隊評論，如果我們能詳細說明的話，我有兩個問題。

First on just stepping up retirements here again in 2025.

首先是 2025 年再次加快退休步伐。

How do you think about the number of A350 deliveries this year and how that signals to the strong Atlantic demand that you're seeing?

您如何看待今年 A350 的交付數量？

I'm wondering if you're seeing any changes around how you're thinking about 767 and 757 retirements?

我想知道您對 767 和 757 退休的看法是否有任何變化？

I'll take the retirement a little bit.

我會稍微退休一下。

On the retirements, we retired just over 20 aircraft in 2024.

在退役方面，我們在 2024 年退役了 20 多架飛機。

We expect in 2025 for that to be a little bit higher, probably closer to 30, thereabouts.

我們預計 2025 年這一數字會更高一些，可能接近 30 左右。

We'll kind of see how this year progresses and how the fleet plan settles in for 2026.

我們將看看今年的進展以及 2026 年的機隊計畫如何。

We'll be finalizing that late spring, early summer associated with that.

我們將最終確定與此相關的春末夏初。

But that's a good thing.

但這是一件好事。

It allows John and the team to have a material flow back into the tech ops team, and they're really good about having that back into the installed base and fleet and driving efficiency associated with that.

它允許約翰和團隊將物質流回技術營運團隊，他們非常擅長將其返回安裝基礎和車隊並提高與之相關的效率。

As it relates to our deliveries when -- about 40-plus, just about 12, 13 of those in 2025 will be widebodies as a mix of the 330s and 350s.

因為這與我們的交付量有關，到 2025 年，大約 40 架以上，大約 12 架，其中 13 架將是寬體機，包括 330 和 350 的混合體。

And maybe, Dan, if I could ask a follow-up on just maintenance spend.

丹，也許我可以詢問維護支出的後續情況。

How do we think about it for 2025 as it works towards normalized levels?

當 2025 年走向正常化程度時，我們如何看待它？

I think it's going to move towards normalized levels.

我認為它將走向正常化水平。

We should see an improvement year-over-year.

我們應該會看到逐年改善。

We start to see that we're going to invest a little bit more year-over-year in the first quarter.

我們開始看到，第一季我們將比去年同期增加一些投資。

And then you'll see it start to step down.

然後你會看到它開始下降。

But the normalization of that doesn't occur in one year, it's over multiple years.

但這種正常化不會在一年內發生，而是需要多年的時間。

Matthew, we'll now move to the media portion of the question.

馬修，我們現在轉向問題的媒體部分。

Certainly.

當然。

(Operator Instructions) Leslie Joseph, CNBC.

（操作說明）Leslie Joseph，CNBC。

Just wanted to ask about Los Angeles flights.

只是想問一下洛杉磯的班機。

Can you talk about the level of cancellations or delays that you're seeing just kind of given that in areas that aren't affected, just kind of like limited resources and difficulty getting around the city and do you expect any material impact?

您能談談您所看到的取消或延誤的程度嗎？

And then second, on the incoming administration and tariffs, do you have the ability to take planes exclusively from mobile in the case of narrowbodies?

其次，關於即將到來的管理和關稅，在窄體飛機的情況下，你們是否有能力專門透過移動方式搭乘飛機？

And anything else that you're doing to prepare for potential tariffs?

您還做了哪些準備來應對潛在的關稅？

On the Los Angeles wildfires, we monitor sales on a daily basis by geographic region, and we have seen a decline in sales, not a wholesale reduction or an uptick in cancellations, but a decline in sales during this period.

在洛杉磯山火中，我們每天按地理區域監控銷售情況，我們發現銷售量下降，不是批發減少或取消訂單增加，而是在此期間銷售量下降。

So we'll see, I think, as soon as the period ends, we can probably put a wrapper around how much we thought that cost us.

因此，我認為，一旦該時期結束，我們就可以對我們認為的成本進行包裝。

But I don't think it's going to be significant to the quarter, hopefully not.

但我認為這對本季不會產生重大影響，希望不會。

Leslie, it's Peter Carter on tariffs.

萊斯利，我是彼得卡特，負責關稅問題。

We do have some, I'll say, alternative ways to receive delivery of aircraft to mitigate the impact of tariffs, which is what we used in the last Trump administration.

我想說，我們確實有一些替代方式來接收飛機，以減輕關稅的影響，這就是我們在上屆川普政府中使用的方法。

Our hope, of course, is that Airbus is not subject to tariffs, but because as we know, a substantial portion of those aircraft are produced in the US and employ thousands of Americans.

當然，我們希望空中巴士公司不受關稅影響，但因為據我們所知，這些飛機很大一部分是在美國生產的，並僱用了數千名美國人。

Alison Sider, Wall Street Journal.

艾莉森‧賽德，《華爾街日報》。

Just curious in the current fare environment, are you seeing any indications or have any concerns that with higher fares, there might be some inflation fatigue among consumers, especially in basic or main cabin?

只是好奇在當前的票價環境下，您是否看到任何跡像或擔心隨著票價上漲，消費者可能會出現一些通膨疲勞，尤其是基本艙或主艙？

I think the answer to that is clearly no.

我認為答案顯然是否定的。

We see robust demand.

我們看到強勁的需求。

We see record sales.

我們看到創紀錄的銷量。

And if you think about airline tickets, while coming out of COVID, there was an acceleration that reflected the new economics of the airline.

如果你想想機票，在疫情過後，機票價格出現了加速成長，這反映了航空公司的新經濟。

Last year, the inflation for airline tickets was relatively benign.

去年，機票通膨相對溫和。

So it's really driving volumes and slightly higher fares, but not anything that we think is going to destroy value over the medium to long term.

因此，它確實推動了銷量和略高的票價，但我們認為不會在中長期破壞價值。

And we've just seen other companies and other industries rethinking of sustainability pledges and DEI commitments.

我們剛剛看到其他公司和其他行業重新考慮永續發展承諾和 DEI 承諾。

And I'm just curious if there's anything you could share if there's anything Delta is kind of reevaluating in either of those spaces?

我只是很好奇，如果達美航空在這兩個領域有什麼重新評估的事情，你是否可以分享一下？

Again, it's Peter Carter.

又是彼得卡特。

No, we are not.

不，我們不是。

We are steadfast in our commitments because we think that they are actually critical to our business.

我們堅定不移地履行我們的承諾，因為我們認為它們實際上對我們的業務至關重要。

Sustainability is about being more efficient in our operations.

永續發展是指提高我們的營運效率。

And really DE&I is about talent, and that's been our focus.

DE&I 確實關乎人才，這也是我們關注的焦點。

And of course, the key differentiator is our people.

當然，關鍵的差異在於我們的員工。

Thanks, Ali.

謝謝，阿里。

Matthew, we have time for one call, one more if we could get one in, please.

馬修，我們有時間打一通電話，如果可以的話請再打一通電話。

Mary Schlangenstein, Bloomberg News.

瑪麗‧施蘭根斯坦，彭博新聞。

I wanted to go back to the impact of LA fires.

我想回到洛杉磯火災的影響。

I'm just wondering if, over time, after the fires themselves that are largely put out do you expect perhaps a drop in demand in that area because all these people who have lost their -- everything they have and are likely to be much less inclined to travel for a certain period?

我只是想知道，隨著時間的推移，在大火被基本撲滅之後，您是否預計該地區的需求可能會下降，因為所有這些人都失去了他們擁有的一切，並且可能會少得多傾向於在一段時間內旅行？

I think, unfortunately, after natural disasters, we actually see an uptick in demand as people go in to rebuild it, insurance adjustments come from all over the country.

我認為，不幸的是，在自然災害發生後，隨著人們參與重建，我們實際上看到需求上升，保險調整來自全國各地。

So I'd say until it's rebuilt, you actually -- you never -- a natural disaster is a terrible thing and certainly something that -- our hearts go out to everybody in Los Angeles affected by this.

所以我想說，在它重建之前，你實際上——你從來沒有——自然災害是一件可怕的事情，當然，我們的心與洛杉磯受此影響的每個人同在。

But from a long-term airline projective, we faced hurricanes, we face flooding.

但從航空公司的長期預測來看，我們面臨颶風，我們面臨洪水。

We faced all of that, and usually, the impacts are in the beginning phases, followed by a recovery basis.

我們面臨所有這些，通常，影響處於開始階段，然後是恢復的基礎。

If you take Asheville, for example, we are actually having more traffic to Asheville than we did in the pre-pandemic or the pre-flooding experience as people go in to rebuild their homes and businesses.

以阿什維爾為例，隨著人們開始重建家園和企業，阿什維爾的交通實際上比疫情前或洪水前的情況還要多。

So it's an unfortunate occurrence, but I think nothing that will long term impact us.

所以這是一個不幸的事件，但我認為不會對我們產生長期影響。

That should conclude the call today, Matthew.

馬修，今天的電話會議到此結束。

Thank you very much.

非常感謝。

Thank you.

謝謝。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you, everyone, for your participation.

謝謝大家的參與。