達美航空 (DAL) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines March quarter 2025 conference call.

大家早安，歡迎參加達美航空 2025 年 3 月季度電話會議。

My name is Matthew and I'll be your coordinator.

我叫馬修，我將擔任您的協調員。

(Operator Instructions)

（操作員指示）

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

(Operator Instructions)

（操作員指示）

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. Good morning, everyone, and thank you for joining us.

謝謝你，馬修。大家早安，感謝大家的收看。

On today's call, we will hear from 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.

在今天的電話會議上，我們將聽取執行長 Ed Bastian 的演講；我們的總裁格倫·豪恩斯坦；以及我們的財務長 Dan Janki。艾德將在電話會議開始時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情況，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 please ask that you limit yourself to one question and a brief follow up so we can get to as many of you as possible. After the analyst Q&A, we'll move to our media questions.

在準備好的發言之後，我們將回答分析師的問題。請您將問題限制在一個簡短的跟進範圍內，以便我們盡可能多地了解您的情況。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 actual results to differ materially from the forward-looking statements. Some of the factors that may cause such differences are described in Delta's SEC filings. We'll also discuss non-GAAP financial measures, and all results exclude special items unless otherwise noted. You can find a reconciliation of our non-GAAP measures on the IR's website at ir.delta.com.

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。所有前瞻性陳述都涉及風險和不確定性，可能導致實際結果與前瞻性陳述有重大差異。達美航空提交給美國證券交易委員會的文件中描述了一些可能導致此類差異的因素。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 網站 ir.delta.com 上找到我們的非 GAAP 指標的對帳表。

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

說完這些，我將把電話轉給 Ed。

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

好吧，謝謝你，朱莉。大家早安。感謝您今天加入我們。

Earlier this morning, we reported our first quarter results posting pre-tax earnings of $382 million or $0.46 per share, which is flat to last year. Revenue was 3.3% higher than the prior year, a new record for the March quarter, and operating margin was approximately 5%.

今天早些時候，我們報告了第一季業績，稅前收益為 3.82 億美元，即每股 0.46 美元，與去年持平。營收比上年成長 3.3%，創下 3 月季度的新紀錄，營業利益率約 5%。

We delivered free cash flow of $1.3 billion and a double digit return on invested capital. Despite a choppy start to the year, I'm proud of our team for delivering a solid profitability and strong returns that are expected to lead our industry.

我們實現了 13 億美元的自由現金流和兩位數的投資資本回報率。儘管今年開局不順，但我為我們的團隊取得了穩健的盈利能力和強勁的回報而感到自豪，預計將引領我們的行業。

Operationally, we delivered leading on time performance and system completion factor among our network peers. I would like to thank our people for their outstanding performance and hard work during the quarter, especially with the severe weather that we experienced across the country at the start of the year.

在營運方面，我們在網路同行中實現了領先的準時效能和系統完成率。我要感謝我們的員工在本季的出色表現和辛勤工作，特別是在年初全國經歷惡劣天氣的情況下。

The Delta people will always be our number one competitive advantage, and sharing our success is essential to our culture and our values. In February, we celebrated their well-earned profit sharing payout of $1.4 billion recognizing 2024's performance.

達美航空的員工永遠是我們最大的競爭優勢，分享我們的成功對我們的文化和價值觀至關重要。今年 2 月，我們慶祝了他們獲得 14 億美元的利潤分享，以表彰 2024 年的表現。

Fortune Magazine recently recognized our people first culture, ranking Delta, the number 15 company on their list of the 100 best companies to work for.

《財星》雜誌最近對我們以人為本的文化表示認可，將達美航空列為 100 家最適合工作的公司中的第 15 名。

Turning to demand and consistent with our update last month, February and March reflected a much more challenging macro environment than anyone initially planned for. Coming into 2025, we were positioned for another year of strong growth.

談到需求，與我們上個月的更新一致，二月和三月反映出的宏觀環境比任何人最初計劃的都要更具挑戰性。進入 2025 年，我們可望再創強勁成長。

However, given broad economic uncertainty around global trade, growth has largely stalled. The impact has been most pronounced in domestic and specifically in the main cabin with softness in both consumer and corporate travel.

然而，鑑於全球貿易普遍存在的經濟不確定性，經濟成長基本上停滯。國內航班受到的影響最為明顯，尤其是主艙，消費者和商務旅行都表現疲軟。

While not immune in this environment, we do continue to see greater resilience in international and our diversified revenue streams, including premium and loyalty, reflecting underlying strength of our core consumer.

雖然在這種環境下我們也無法倖免，但我們確實看到國際和多元化收入來源（包括保費和忠誠度）繼續表現出更大的彈性，這反映了我們核心消費者的潛在實力。

In this uncertain environment, our focus is taking action on those areas we can control, protecting margins and free cash flow. Our largest cost and lever is capacity, and we are making plans to keep our second half capacity growth flat over last year, with domestic main cabin sales declining as we align supply to demand.

在這種不確定的環境中，我們的重點是針對我們能夠控制的領域採取行動，以保護利潤率和自由現金流。我們最大的成本和槓桿是運力，我們計劃保持下半年運力成長與去年持平，隨著我們調整供需，國內主艙銷售將下降。

Cost management remains an important tool to protect margins, and we are aggressively managing our cost base to reflect the lower levels of flying and deliver on our commitment of low single digit growth in non-fuel unit cost.

成本管理仍然是保護利潤率的重要工具，我們正在積極管理成本基礎，以反映較低的飛行水平，並兌現非燃料單位成本低個位數成長的承諾。

And as always, the best way to ensure efficient and effective cost management is to deliver Delta's world-class reliability and premium service to our customers, at which our people are the very best in the business. The start of these actions are reflected in our June quarter outlook for double digit operating margins and pre-tax income of $1.5 billion to $2 billion on revenue that is essentially flat to last year.

像往常一樣，確保高效和有效成本管理的最佳方法是向我們的客戶提供達美航空世界一流的可靠性和優質服務，而我們的員工是業內最優秀的。這些舉措的開始反映在我們對 6 月當季的預期中：營業利潤率將達到兩位數，稅前收入將達到 15 億至 20 億美元，營收將與去年基本持平。

Given the broad macro uncertainty, it is premature to project the full year. So we are not providing an updated full year outlook at this time. However, with the actions we are taking and where fuel prices currently sit, Delta is well-positioned to deliver solid profitability and meaningful cash flow in 2025.

鑑於宏觀經濟的普遍不確定性，現在預測全年情況還為時過早。因此我們目前不提供更新的全年展望。然而，憑藉我們正在採取的行動以及當前的燃油價格，達美航空已做好準備，在 2025 年實現穩健的盈利能力和有意義的現金流。

Over the last 15 years, we've worked to diversify our business and differentiate ourselves from the industry. During periods of heightened uncertainty, our differentiators and structural advantages become even more apparent, helping to insulate our business and create durability in our financial performance.

在過去的 15 年裡，我們一直致力於實現業務多元化，並在行業中脫穎而出。在不確定性加劇的時期，我們的差異化和結構優勢變得更加明顯，有助於保護我們的業務並創造持久的財務表現。

No matter the environment, we manage our business from margins, cash flow, and returns. And with our biased action and our position of strength, I expect our financial results will continue to lead the industry, and this year proved to be another validation of our strategy as we create differentiation and demonstrate financial durability.

無論環境如何，我們都從利潤、現金流和回報來管理我們的業務。憑藉我們明智的行動和雄厚的實力，我預計我們的財務表現將繼續引領行業，而今年也再次證明了我們策略的有效性，因為我們創造了差異化並展示了財務的持久性。

Thank you again for joining us.

再次感謝您的參與。

And with that, let me turn the call over to Glen and Dan to go through the details of the quarter and outlook and the actions that we are taking.

說完這些，讓我把電話轉給格倫和丹，讓他們來談談本季的細節和展望以及我們正在採取的行動。

Thank you, Ed and good morning.

謝謝你，艾德，早安。

I want to start by thanking our employees for providing the best service and reliability in the industry to our customers every single day. March quarter revenue was $13 billion, 3.3% higher than last year, with unit revenues declining 1%.

首先，我要感謝我們的員工每天為客戶提供業內最好的服務和可靠性。3 月季度營收為 130 億美元，比去年同期成長 3.3%，單位營收下降 1%。

January unit revenue growth was solidly positive and in line with our expectations. As consumers and business confidence moderated, unit revenue trends stepped down in February and again in March with stabilization as we exited the quarter.

一月份單位營收成長穩健，符合我們的預期。隨著消費者和企業信心的減弱，單位收入趨勢在 2 月和 3 月再次下降，並在本季結束時趨於穩定。

Through the quarter, diverse high margin revenue streams showed resilience, growing at mid single digits year on year to reach nearly 60% of total revenue. Premium and loyalty revenue were both up approximately 7% over the prior year.

本季度，多樣化的高利潤收入流表現出韌性，較去年同期成長中個位數，達到總收入的近 60%。保費收入和忠誠度收入均比上年增長約 7%。

Remuneration from American Express grew 13% to $2 billion driven by cobrand spend and acquisitions. Revenue from our travel products portfolio grew by 7%. Cargo revenue increased 17% year over year on higher yields and double-digit volume growth, and MRO revenue grew 7% on heavier engine work scopes.

受聯名品牌支出和收購的推動，美國運通的薪酬成長了 13%，達到 20 億美元。我們的旅遊產品組合收入成長了7%。由於收益率提高和運量實現兩位數增長，貨運收入同比增長 17%，而由於發動機工作範圍擴大，MRO 收入增長 7%。

From a geographic perspective, domestic revenue grew 1% impacted by demand softness in the main cabin. International revenue growth was 7% on solidly positive unit revenue over prior year. Transatlantic revenue grew 5% with unit revenue strength driven by premium products and network optimization.

從地理角度來看，受主艙需求疲軟的影響，國內收入成長了 1%。國際收入成長 7%，單位收入較上年同期大幅成長。跨大西洋收入成長了 5%，單位收入的成長得益於優質產品和網路優化。

Pacific also performed well, up 16% year over year, with modestly positive unit revenue growth on double-digit capacity growth, driven by strong demand to Japan and into Seoul as our partnership with Korean airlines matures.

太平洋航空​​的表現同樣出色，年增 16%，單位收入小幅增長，運力實現兩位數增長，這得益於我們與韓國航空公司的合作關係日趨成熟，對日本和首爾的需求強勁。

Latin grew revenue 5% on modestly negative unit revenue. And now turning to our June quarter outlook. Given the recency of last week's policy changes and market moves, it's early to assess the impact on consumer and corporate travel demand.

拉丁語的收入增加了 5%，但單位收入略有下降。現在來談談我們六月季度的展望。鑑於上週政策變化和市場趨勢的近期性，現在評估其對消費者和商務旅行需求的影響還為時過早。

For the June quarter, we expect 2Q revenue to be down 2% to up 2% over the prior year. Consumers remain cautious and corporate travel trends are choppy, with overall corporate volumes currently expected to be flattish over last year, similar to what we saw in March.

對於 6 月季度，我們預計第二季度營收將比去年同期下降 2% 至成長 2%。消費者仍保持謹慎，商務旅遊趨勢不穩定，目前預期整體商務旅遊量與去年持平，與 3 月的情況類似。

Main cabin demand softness in both domestic and international is persisting, particularly in off-peak times. Premium, loyalty, and international are continuing to show greater resilience. Internationally, approximately 80% of revenues are US point of origin, with bookings remaining strong for the peak summer period.

國內和國際航班主艙需求持續疲軟，尤其是在非尖峰時段。高端、忠誠和國際化繼續展現出更強的韌性。在國際上，約 80% 的收入來自美國，夏季高峰期的預訂量依然強勁。

The strength of our brand and quality of our offering are enabling us to drive strong load factors, attract new SkyMiles members, and continue to grow our valuable American Express cobrand program. With more moderate demand growth, we are reducing expected capacity growth in the second half of the year to flat over last year to apply supply with demand and optimize margins in this environment.

我們品牌的實力和產品的品質使我們能夠提高載客率、吸引新的「飛凡哩程常客計畫」會員，並繼續發展我們寶貴的美國運通聯品牌計畫。隨著需求成長趨於溫和，我們將下半年的預期產能成長下調至與去年持平，以實現供需平衡，並在當前環境下優化利潤率。

We are prudently using our available levers to efficiently manage where and how we fly, focusing on where we have seen the most weakness. With these changes, our main cabin seat growth will be down year over year in the second half.

我們正在謹慎地利用現有的手段來有效地管理我們的飛行地點和方式，並專注於我們發現的最薄弱的領域。由於這些變化，我們下半年主艙座位數的成長將比去年同期下降。

At the same time, we are executing on our multi-year commercial priorities outlined at our November Investor Day that support our long-term margin expansion by continuing to make the right investments in the customer experience and diversify our revenue stream.

同時，我們正在執行我們在 11 月投資者日概述的多年商業重點，透過繼續對客戶體驗進行正確的投資並實現收入來源多元化，支持我們的長期利潤率擴張。

Yesterday, we announced a significant milestone for our maintenance, repair and overhaul business with a 10-year agreement with UPS. This is an exciting win for our MRO team and supports long-term revenue diversification and growth.

昨天，我們宣布與 UPS 達成為期 10 年的協議，這是我們維護、維修和大修業務的一個重要里程碑。對於我們的 MRO 團隊來說，這是一個令人興奮的勝利，並支持長期收入多樣化和成長。

In closing, while this year has started differently than we expected, we are taking action and leveraging our advantages while staying true to our long-term strategy.

最後，雖然今年的開局與我們的預期不同，但我們正在採取行動並利用我們的優勢，同時堅持我們的長期策略。

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

說完這些，我會把話題交給丹來談論財務問題。

Thank you, Glen, and good morning to everyone.

謝謝你，格倫，大家早安。

For the March quarter, we delivered pre-tax income of $382 million with an operating margin of 4.6%. Earnings of $0.46 per share were flat to last year despite a more challenging macro environment than we anticipated as we started the year.

3 月季度，我們的稅前收入為 3.82 億美元，營業利潤率為 4.6%。儘管今年宏觀環境比我們年初預期的更具挑戰性，但每股收益 0.46 美元與去年持平。

Non-fuel unit costs were up 2.6% over last year. It's better than our initial expectations and roughly 1 point better sequentially despite elevated winter weather early in the quarter as the teams continue to deliver on efficiency.

非燃料單位成本比去年上漲了2.6%。儘管本季初冬季天氣較為寒冷，但由於各團隊持續提高效率，業績仍好於我們最初的預期，季增約 1 個百分點。

Fuel prices were $2.45 per gallon, approximately $0.03 higher than our initial expectations, including breakeven contribution from the refinery. We generated free cash flow of $1.3 billion after paying $1.4 billion in profit share to our employees and investing $1.2 billion back into the business.

燃料價格為每加侖 2.45 美元，比我們最初的預期高出約 0.03 美元，其中包括煉油廠的損益平衡貢獻。在向員工支付了 14 億美元的利潤分成並將 12 億美元重新投資於業務後，我們產生了 13 億美元的自由現金流。

On debt, we repaid $530 million, ending the quarter with gross leverage of 2.6 times. Recognizing the strength of our investment grade balance sheet, Moody's further upgraded Delta's rating during the quarter, our third credit upgrade in eight months, representing Delta's highest credit quality in decades.

在債務方面，我們償還了 5.3 億美元，本季末的總槓桿率為 2.6 倍。穆迪認可我們投資級資產負債表的實力，在本季度進一步提升了達美航空的評級，這是我們八個月內的第三次信用升級，代表了達美航空幾十年來最高的信用質量。

Moving to the outlook. For the June quarter, we expect an operating margin of 11% to 14% and earnings of $1.70 to $2.30 per share. Non-fuel unit cost growth in the June quarter is expected to be up low single digit year over year with performance similar to the March quarter.

轉向展望。對於 6 月季度，我們預計營業利潤率為 11% 至 14%，每股收益為 1.70 美元至 2.30 美元。預計 6 月季度非燃料單位成本成長率將年減 1 個位數，與 3 月季度表現相似。

As we reduce expected capacity growth this year, we are managing our cost base to deliver on our long-term target of up low single digit non-fuel unit cost growth. On the fleet, we now expect our net aircraft additions this year to be less than 1% with 10 or fewer incremental aircraft as we manage both retirement and deliveries.

由於我們今年降低了預期的運能成長，我們正在管理成本基礎，以實現非燃料單位成本成長率維持在個位數以下的長期目標。在機隊方面，由於我們要同時管理退役和交付，我們目前預計今年的淨飛機增加量將低於 1%，即增加 10 架或更少的飛機。

Lower growth and accelerate aircraft retirements will drive incremental maintenance savings. Additionally, we are adjusting plans around our workforce and supplier base to align to lower growth levels. For the full year, we now expect our workforce to be below levels of last year on natural attrition. While it's still early, and there is much to play out for the year, we continue to adjust to the evolving environment by aligning supply and demand and managing our cost to protect margins and cash flow.

降低成長率和加速飛機退役將推動維修成本的增加。此外，我們正在調整圍繞勞動力和供應商基礎的計劃，以適應較低的成長水平。就全年而言，我們預計由於自然減員，我們的員工人數將低於去年的水平。雖然現在還為時過早，今年還有很多事情要做，但我們會繼續適應不斷變化的環境，透過協調供需和管理成本來保護利潤率和現金流。

Durable cash flow is an important differentiator for Delta. It enables us to de-risk the business by further fortifying our balance sheet and growing unencumbered assets to the highest level in our history. We continue to expect to repay at least $3 billion of debt this year and we'll be opportunistic on our highest cost debt through repayments or refinancing.

持久的現金流是達美航空的重要差異化因素。它使我們能夠透過進一步加強資產負債表並將無抵押資產增加到歷史最高水準來降低業務風險。我們預計今年將償還至少 30 億美元的債務，並且我們將透過償還或再融資的方式償還成本最高的債務。

In closing, Delta's decade plus commitment to our consistent strategy, investment and execution has created a differentiated and durable business that positions us to navigate periods of uncertainty. Over the medium to long term, we continue to see secular tailwinds for our industry and are confident in delivering on our three to five-year financial framework.

最後，達美航空十多年來一直致力於我們一貫的策略、投資和執行，創造了差異化和持久的業務，使我們能夠度過不確定的時期。從中長期來看，我們將繼續看到行業長期順風，並有信心實現我們的三到五年財務框架。

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

說完這些，我會把話題交還給朱莉問答。

Thank you, Dan.

謝謝你，丹。

Matthew, can you please remind the analysts how to queue up for a question and then go to our first analyst question from Conor Cunningham, Melius Research?

馬修，您能否提醒分析師如何排隊提問，然後回答來自 Melius Research 的 Conor Cunningham 提出的第一個分析師問題？

(Operator Instructions)

（操作員指示）

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

I was hoping you could provide some context just to the high and the low end of the guide in the second quarter. Glen, you mentioned stabilizing trends, exiting the quarter, but then noticed -- noted the policy changes.

我希望您能提供一些有關第二季度指南的高端和低端的背景資訊。格倫，你提到了穩定趨勢、退出本季度，但隨後注意到——注意到了政策變化。

So we're just trying to figure out how the weakness you're seeing in the price sensitive US domestic market doesn't eventually bleed over to international and premium as you guys highlighted those areas of strength.

因此，我們只是想弄清楚，正如你們所強調的，在價格敏感的美國國內市場中看到的疲軟最終不會蔓延到國際和高端市場。

Well, Conor, I think that's something we're all watching very closely. We know that approximately $5 trillion of wealth has been wiped off the books, but we're still about $32 billion higher than we were in 2019 in terms of the affluent cohorts wealth factor.

嗯，康納，我認為這是我們大家都在密切關注的事情。我們知道大約有 5 兆美元的財富從帳面上消失了，但就富裕群體的財富因素而言，我們仍然比 2019 年高出約 320 億美元。

So while we're watching closely, we haven't seen it yet. And we continue to see strong cash sales and continue to see strong cash sales for long-haul travel as well. So -- but we are cognizant of what's going on in the marketplace and we're keeping a close eye on demand closer than we've ever looked before.

因此，儘管我們正在密切關注，但我們尚未看到它。我們繼續看到強勁的現金銷售，並且繼續看到強勁的長途旅行現金銷售。所以——但我們清楚市場上正在發生的事情，我們比以往任何時候都更密切地關注需求。

And then bigger picture, does the slowdown change your view just on the long term industry structure? Just trying to understand how your conviction level has changed with demand weakening and just if your priorities are shifting at all as you look like over the next couple of years?

那麼從更大的角度來看，經濟放緩是否會改變您對長期行業結構的看法？只是想了解隨著需求減弱，您的信念程度發生了怎樣的變化，以及在未來幾年內您的優先事項是否會轉變？

This is Ed. I'll take that.

這是艾德。我會接受的。

Obviously, in this environment, there's not a lot that you can say in the next year or two without having some better clarity as to how the tariff skirmishes end up. But what I can tell you is that for the last 20 years, every time that we've had any level of economic dislocation, Delta has been advantaged.

顯然，在這種環境下，如果對關稅衝突的結果沒有更清楚的認識，那麼未來一兩年就很難說得清楚。但我可以告訴你的是，在過去的 20 年裡，每當我們遭遇任何程度的經濟混亂時，達美航空都會佔優勢。

Delta has done the right things, has stepped forward, has been opportunistic. And if you compare where Delta was 20 years ago to where Delta is today, there's no comparison. So I would anticipate there will be opportunities during this bump in the road.

達美航空做了正確的事情，邁出了步伐，抓住了機會。如果你將達美航空 20 年前的狀況與現在的狀況進行比較，你會發現根本無法相比。因此我預計在這段困難時期中仍將存在機會。

We're not quite sure how long it's going to be, but I'm confident it's not going to be elongated, and you can expect that the strong will get stronger.

我們不太確定它會持續多久，但我相信它不會被延長，而且你可以期待強者會變得更強。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

Maybe first question. Just kind of a few quick ones here just on the capacity cuts that you talked about. I guess first, when we look at the 2Q schedules, are those set right now? Should we expect any changes there?

也許是第一個問題。這裡只想簡單談談您剛才談到的產能削減問題。我想首先，當我們查看第二季的時間表時，這些時間表現在都確定了嗎？我們應該期待那裡發生任何變化嗎？

And then second, just on the back half cuts, should those start over the summer or is this something that you're thinking about kind of post Labor Day and any color you can give geographically would be helpful as well?

其次，關於後半部的剪裁，這些剪裁應該從夏天開始嗎？或者這是您在勞動節之後考慮的事情，並且您能提供地理位置上的資訊也會有所幫助嗎？

Well, we're working through these cuts as we speak. And I think what we would say is that 2Q is largely intact. There may be some trimming around the edges, but largely intact. 3Q, we have a very different disparity in terms of what is traveling post August 15 with the South continuing to go back to school earlier and earlier and with Florida being a big component of our network, August demands are much lower.

嗯，我們正在努力解決這些削減問題。我認為，我們可以說第二季度基本上保持完好。邊緣可能有一些修剪，但大部分完好無損。第三季度，8 月 15 日之後的旅行情況差異很大，南方地區開學越來越早，佛羅裡達州是我們網路的重要組成部分，因此 8 月的需求要低得多。

And August is no longer a peak month for Delta's travel. So we will be trimming starting in August and moving through the rest of the year, not waiting for Labor Day. And those trends in August will be concentrated in the Southeast where the schools go back earlier.

八月不再是達美航空的旅行旺季。因此，我們將從八月開始修剪，並持續到今年剩餘時間，而不是等到勞動節。八月份的趨勢將集中在學校開學較早的東南部地區。

Other than that, I think that's all the color we're going to give right now other than to say that we're monitoring this every day and we're going to take out capacity that has high recapture and that will improve our profitability and our margins moving.

除此之外，我想這就是我們現在所能給出的全部信息，除了說我們每天都在監控這一點，我們將取消那些回收率高的產能，這將提高我們的盈利能力和利潤率。

Glen then maybe as a follow up, in a recessionary environment, can you maybe talk to maybe how the different demand cohorts have performed? Maybe corporate premium, main cabin, international? I know every downturn is different, but what have you learned from history?

那麼，格倫，作為後續問題，在經濟衰退的環境下，您能否談談不同的需求群體的表現如何？也許是公司高級艙、主艙、國際艙？我知道每次經濟衰退都是不同的，但你從歷史中學到了什麼？

I'm going to take this one as well. I don't think we've ever had premium as large a percent of our total revenues as we do right now, as expressed in our comments today. What I have been impressed by through everything as we continue to develop and widen the aperture on our ability to sell those tickets, that it has proved more resilient, through more -- currently, it's sitting very resilient.

我也要拿這個。正如我們今天的評論中所表達的，我認為我們的保費收入佔總收入的比例從來沒有像現在這麼大。隨著我們不斷發展和擴大售票能力，我所看到的一切都給我留下了深刻的印象，事實證明，它更具彈性，目前，它的彈性非常大。

And so while parts of our business right now are challenged and they're mostly on the main cabin lower end, we have not seen any cracks yet in the premium and we're hopeful. Again, we're going to go through this together that those stay more resilient as we've offered more ways for people to get in the front cabin than ever, whether or not you use base fares and miles, whether or not you use miles themselves, and the intent to repurchase is so high on those, we don't see people downgrading it in a recessionary environment.

因此，雖然我們目前的部分業務面臨挑戰，而且主要集中在主艙低端市場，但我們尚未看到高端市場出現任何裂痕，我們充滿希望。再次，我們將共同努力，使這些產品保持更強的彈性，因為我們為人們提供了比以往更多的進入前艙的方式，無論您是否使用基本票價和里程，無論您是否使用里程本身，並且重新購買的意願如此之高，我們不會看到人們在經濟衰退的環境中降低它的評級。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

My first question is for Dan. So you're cutting capacity in the back half and based on 1Q actual and 2Q schedule, give or take, I think that means you'll increase capacity closer to 2% this year. So about 1 point below the low end of your initial guide. Makes a lot of sense given the uncertainty.

我的第一個問題是問丹的。因此，你們在下半年削減了產能，根據第一季的實際情況和第二季的計劃，我認為這意味著你們今年的產能將增加近 2%。因此比初始指南的低端低約 1 點。考慮到不確定性，這很有意義。

But you're maintaining your CASM-ex outlook. You called out attrition and maintenance in your prepared remarks. But can you just give us some examples of where you have the ability to get cost out of the system this year?

但您仍維持 CASM-ex 觀點。您在準備好的發言中呼籲減員和維持。但您能否舉一些例子來說明今年您有能力從系統中節省成本嗎？

Yes. As you go out and you look at capacity, we always looking where Glen and the commercial team want to go, where there's demands softness, but we're also looking at where our highest cost capacity is. So immediately, the first things are your direct flying cost related to your crew and those items come out as you take the flying out.

是的。當你出去查看容量時，我們總是關注格倫和商業團隊想要去的地方，哪裡有需求軟弱，但我們也在關注我們的最高成本容量在哪裡。因此，首先要考慮的是與您的機組人員相關的直接飛行成本，這些項目在您取消飛行時就會產生。

You also look at your maintenance cycles, where those come out, but also the timing of maintenance, which ones might be heavier, which ones may not be. As it relates to airport operations, both with the Delta workforce and the contracted workforce, it's about lining labor hours to that new volume level, wherever that may be, whether it's within the day or within the hour of the day, you've got to adjust that appropriately associated with it.

您也要查看維護週期，以了解維護週期的發生位置，以及維護的時間，哪些維護可能更繁重，哪些維護可能不繁重。就機場營運而言，無論是達美航空的員工還是合約工，都需要根據新的工作量水平來安排工時，無論是在一天內還是在一天中的某個小時內，您都必須進行相應的調整。

And we'll continue. We have a supplier base that you're more aggressive in this environment of lower growth, no growth to really go after that. And all the support activity across the company. You look at how do you also continue to find that non-value added cost.

我們將繼續。我們擁有一個供應商基礎，在這種低成長、沒有成長可言的環境下，你會更加積極主動。以及整個公司的所有支援活動。你看看你如何還能繼續發現那些非增值成本。

You manage the workforce appropriately. And there's discretionary spending there where we have options to manage it. And it's line item by line item. So all those will give us the confidence that as we take out the capacity, we will go after the incremental cost.

您適當地管理勞動力。並且存在可自由支配的支出，我們可以選擇對其進行管理。並且是逐項逐項地進行。因此，所有這些都讓我們有信心，隨著我們削減產能，我們將追求增量成本。

And Katie, this is like one other thing I'd add to Dan's comments is that we're announcing and making this decision now so that we have several months to make sure we get ahead of scheduling (technical difficulty)

凱蒂，我想補充一下丹的評論，我們現在宣布並做出這個決定，這樣我們就有幾個月的時間來確保我們能夠提前完成計劃（技術難度）

Ladies and gentlemen, please remain on the line while I reconnect the speaker to the conference room. Once again, ladies and gentlemen, please do remain on the line while I reconnect the speaker to the conference room.

女士們、先生們，請繼續保持通話，我將重新連接會議室的揚聲器。女士們、先生們，再次請大家不要掛斷電話，我將重新把揚聲器連接到會議室。

Just figured if something's wrong with the phone. We might as well --

我只是想知道手機是否有問題。我們不妨--

And the speaker line is now reconnected to the conference room.

現在揚聲器線路已重新連接到會議室。

Matthew, we can now go to our next analyst question.

馬修，我們現在可以進入下一個分析師問題。

Duane Pfennigwerth, Evercore.

杜安‧芬尼格韋斯 (Duane Pfennigwerth)，Evercore。

Just on the capacity cuts, maybe you've touched on this, but what regions if you had to guess now, will you be most focused on and what fleet types as we think about maybe retirements, would you be most focused on?

就運力削減而言，也許您已經談到了這一點，但如果現在讓您猜測的話，您會最關注哪些地區？當我們考慮退休時，您會最關注哪些類型的機隊？

Most focused on domestic main cabin and off peak time channels for domestic main cabin. This would be our first line of defense. Then again, accelerating retirements on the older airplanes.

大部分集中於國內主艙及國內主艙非尖峰時段的頻道。這將是我們的第一道防線。再次，加速老舊飛機的退役。

Consistent of what we've been doing with the 75s. You'll see some of the 76s in some of the older 319, 320s.

與我們對 75 年代的做法一致。您會在一些較舊的 319、320 中看到一些 76。

And then on loyalty, if you can disaggregate that a little bit for us. Kind of on the same-store sales basis, how are you seeing card spend? And how much of the double digit growth is being driven by card growth versus card spend in the current environment?

關於忠誠度，您能否為我們稍微分解一下？從同店銷售額來看，您如何看待信用卡消費？在當前環境下，兩位數的成長有多少是由信用卡成長和信用卡消費所推動的？

Good one. Most of it is driven by spend growth. Acquisitions accounts for probably 3 to 4 points of the double digit improvement. But a vast majority is due from existing card number we're spending more on our cards.

很好。其中大部分是由支出成長推動的。收購大概佔兩位數成長的 3 到 4 個百分點。但絕大部分是因為我們現有的卡號讓我們在卡片上花費更多。

And what's exciting about that is even through, we have the swipes up through yesterday and they seem to be holding up. So we don't have the revenue associated with it. But the transaction numbers are still remaining at these elevated levels.

令人興奮的是，即使如此，我們昨天仍然進行了滑動，而且它們似乎仍然保持著。所以我們沒有與之相關的收入。但交易數量仍維持在較高水準。

So hopefully, that stays intact as well.

所以希望它也能保持完好。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林伯格。

I got two here for Glen. Glen, can you just talk about how bookings have trended over the last week or so? Presumably they took a hit. And are you actually seeing a notable increase in cancellations, tickets that have been booked where maybe people are backing away?

我買了兩個給格倫。格倫，您能談談過去一周左右的預訂趨勢嗎？推測他們受到了打擊。您是否真的發現取消預訂的人數明顯增加，或者說，人們可能正在放棄預訂？

Yeah. I'd say initially, we had a drop off, but it was really only for a single day or a day and a half. We're back to -- as of today, yesterday's sales were above last year's level. So I think we're seeing close in strength. And last year this time of year was the week after Easter, so the baseline was pretty high.

是的。我想說，最初，我們有一個下車點，但實際上只停留一天或一天​​半。我們回到——截至今天，昨天的銷售額高於去年的水平。所以我認為我們看到的實力非常接近。去年這個時候是復活節後的一周，因此基線相當高。

So haven't really seen the impact of cash sales yet, but again, watching like an eagle on all this to see if the trends trail off. And refunds, no significant increase in refunds.

因此，還沒有真正看到現金銷售的影響，但再次，像鷹一樣觀察這一切，看看趨勢是否會減弱。至於退款，退款金額並沒有明顯增加。

And then just as you think about the booking curve and maybe how it could potentially shift, sort of two things on that. One, how much of, say, transatlantic is on the books for, say, summer, right, or maybe I should ask international more broadly?

然後，正如您考慮預訂曲線以及它可能如何變化一樣，有兩件事需要考慮。第一，比如說，夏季跨大西洋航線的預訂量有多少，對吧，或者我應該更廣泛地詢問國際航線？

And last quarter, or I'd say earlier this -- in the March quarter, you made some tweaks to how you priced along the booking curve given the fact that you weren't seeing strength close in. Are you seeing an improvement from some of those changes that you made on the pricing side, or is it still a work in progress?

上個季度，或者說今年早些時候，也就是 3 月這個季度，考慮到沒有看到強勁的勢頭，您對預訂曲線的定價方式做了一些調整。您是否看到您在定價方面所做的某些改變有所改善，還是仍在進行中？

Sure. Well, I think those are really the same question in different ways because, yes, the booking curve has changed and it's moved further out, which is what left us -- when it did that in February, March, which is what left us with empty seats at the end of the curve.

當然。嗯，我認為這些實際上是同一個問題，只是方式不同，因為，是的，預訂曲線已經發生了變化，並且進一步向後移動，這就是我們在二月、三月發生這種情況時所得到的，這就是我們在曲線末端留下空座位的原因。

So we did reposition to take more bookings earlier in the process so that we could mitigate the close in demand weakness. And we effectively went into April after going into February and March intentionally a couple of points behind.

因此，我們確實進行了重新定位，以便在流程早期接受更多預訂，從而能夠緩解需求疲軟的影響。我們在進入四月時，故意落後了二月和三月的幾分。

We entered April slightly ahead. We'd like to improve that as we move into May, June and July. So we're continuing to have a load factor bias right now until we get to the loads to where we want them to be. But yes, we're in the process of correcting that yield, I mean the booking curve changes.

我們稍微提前進入了四月。我們希望在進入五月、六月和七月時能夠改善這種情況。因此，我們現在繼續存在負載係數偏差，直到負載達到我們想要的水平。但是是的，我們正在糾正收益率，我的意思是預訂曲線的變化。

Glen, international on the book?

格倫，國際上有這本書嗎？

And international on the books, April's well over 90. May is in the 80s, June is in the 70s. And so international is well booked for the early part of the summer and spring.

從國際上看，4 月的記錄已經遠遠超過 90。五月是 80 多度，六月是 70 多度。因此，夏季初和春季的國際航班預訂已經很充足。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

There's a debate about trade down in this environment. And I think the low cost carriers often say that they should see a share gains, but I feel like given that your evolution with revenue segmentation and the carrier stake that you have with the loyalty program and the global network, I feel like Delta and other legacy carriers are better positioned for -- to retain share in this environment.

在這種環境下，存在著關於降級貿易的爭論。我認為廉價航空公司經常說他們應該看到市場份額的增長，但我覺得考慮到你們的收入細分以及你們在忠誠度計劃和全球網絡中的航空公司股份的演變，我覺得達美航空和其他傳統航空公司更適合——在這種環境下保留市場份額。

But I let me get your view on trade down and it's the broader competitive environment in the demand slowdown.

但我想聽聽您對貿易下滑的看法，以及需求放緩的更廣泛的競爭環境。

We're very excited because our brand is so strong. And demand for Delta is very high. And so when we have seats that become available at the lower end, I think we have what we call first call on those customers.

我們非常興奮，因為我們的品牌非常強大。而且對 Delta 的需求非常高。因此，當我們在低端有空閒座位時，我認為我們可以優先考慮這些客戶。

And so as we think about that, that probably puts more pressure at the bottom end carriers than you would think at the surface. So we will run full. We might run and as we did even through the Great Recession but we might run at slightly lower yields, which I think puts a lot of pressure on them.

因此，當我們考慮這一點時，這可能會給底端運營商帶來比表面運營商更大的壓力。因此我們將全力以赴。我們可能會繼續經營，就像我們在經濟大衰退期間所做的那樣，但我們的收益率可能會略低，我認為這給他們帶來了很大的壓力。

And just as a follow up. I'd love to get your perspective on the risk that tariffs can have in your cost structure. You have a bigger Airbus order book, but you called out a Champagne partnership today. I'm just also curious on the food and the catering side, maybe on spare parts within tech ops, but then any color there and how investors should be thinking about how you manage that risk?

這只是後續行動。我很想聽聽你們對關稅可能對你們的成本結構帶來的風險的看法。你們擁有更大的空中巴士訂單，但你們今天卻宣布了香檳合作夥伴關係。我只是對食品和餐飲方面感到好奇，也許對技術運營中的備件感到好奇，但那裡有任何顏色嗎？投資人應該如何考慮如何管理這種風險？

As it relates to when you think about our procured supply base, right? It's about $20 billion in total and about 85% of that is service related. Only the mid teens is related to goods. And the predominant amount of those goods are actually sourced in the US directly.

當您考慮我們的採購供應基地時，這是否相關？總額約 200 億美元，其中約 85% 與服務相關。只有十幾歲的人與商品有關。而這些商品中的大部分其實都是直接來自美國的。

We are mindful of second and third tier supply bases that we'll have to manage. And the teams will actively manage those.

我們非常重視必須管理的二級和三級供應基地。團隊將積極管理這些問題。

Savanthi Syth, Raymond James.

Savanthi Syth，雷蒙德·詹姆斯。

I wanted to take a step back and just on the revenue expectations in the guide for the second quarter. Could you talk about like how you're thinking about the four entities that's and what's reflected in that guide?

我想回顧一下第二季度指南中的收入預期。您能談談您對這四個實體的看法以及指南反映了什麼嗎？

Sure. I think the largest weakness as we've talked about is in domestic, and it's in domestic main cabin. Atlantic, and particularly the Pacific is looking very strong into June. We'll see what happens with these new tariffs to China.

當然。我認為，正如我們所討論的，最大的弱點是在國內，而且是在國內主艙。大西洋，尤其是太平洋，在六月看起來非常強勁。我們將看看這些針對中國的新關稅會帶來什麼結果。

But that's -- China's a small part of our Pacific -- Trans-Pacific. And Latin is looking as expected. So it fluctuates from positive to negative throughout the quarter. But it's still hanging in there quite well. So I think where we sit today, internationally continues to be a point of strength for us relative to domestic.

但那是──中國祇是我們太平洋──跨太平洋的一小部分。拉丁語看起來正如預期的那樣。因此整個季度它都在正值和負值之間波動。但它仍然很好地堅持在那裡。因此我認為，就我們目前所處的位置而言，相對於國內市場，國際市場仍然是我們的一個優勢。

Just to clarify, so maybe domestic getting a little weaker and the rest similar. And I'm kind of curious as you talk about more expensive capacity, does that mean you can see more regional capacity cuts in the second half as well or is -- am I kind of reading to that incorrectly?

只是為了澄清一下，也許國內的情況變得有點弱，其他的情況也類似。我有點好奇，當您談到更昂貴的容量時，這是否意味著下半年您還會看到更多區域容量削減，或者 - 我是否理解錯了？

I think we are going to eliminate unprofitable flying wherever that is. And so when we eliminate unprofitable flying, we'll associate that with what type of airplanes it's on, what type of flying it is. And as we said in the comments, we think that off peak is going to have a disproportionate hit to peak day flying.

我認為我們將取消所有無利可圖的航班。因此，當我們消除無利可圖的飛行時，我們會將其與飛機的類型、飛行類型聯繫起來。正如我們在評論中所說，我們認為非尖峰時段的航班將對高峰時段的航班造成不成比例的打擊。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

I wanted to ask you a little more on international. And I guess that what you've seen perhaps in Canada, US, and if you've seen something, Mexico, US that how have those markets played out. I guess the kind of bad news on tariffs came a bit earlier than April 2 with the kind of really high tariffs on the broader world.

我想問您一些有關國際的問題。我想您可能已經看到了加拿大、美國的情況，如果您還看到了墨西哥、美國的情況，那麼這些市場是如何發展的。我想，有關關稅的壞消息比 4 月 2 日來得早一些，因為當時全球範圍內的關稅確實很高。

Can you tell us what you've seen on that and does that inform what you think could be the risk looking forward on transatlantic? So that's the first question.

您能否告訴我們您對此的看法？這是否顯示您認為跨大西洋未來可能面臨的風險是什麼？這是第一個問題。

Yeah. In Canada, we have seen a significant drop off in bookings. In Mexico, it's kind of a mixed bag. Some of the markets are performing better, some are performing worse. I think there's a lot of pressure on VFR more than business traffic to Mexico right now.

是的。在加拿大，我們發現預訂量大幅下降。在墨西哥，情況有點複雜。有些市場表現較好，有些市場表現較差。我認為目前飛往墨西哥的 VFR 航班面臨的壓力比商務航班更大。

So we're navigating through those waters. And I think we will be looking at Canada and Mexico as places that we probably want to reduce our capacity levels as we move forward.

所以我們正在這些水域中航行。我認為，隨著我們前進，我們會將加拿大和墨西哥視為可能希望減少產能水準的地方。

And how do you think about the risk for transatlantic? I know you skew pretty heavily towards US point of sale. If that continues to be strong, but Europeans traveling to the US fall off meaningfully. So I guess that would affect your partner or the European airlines.

您如何看待跨大西洋的風險？我知道您非常傾向於美國銷售點。如果這種勢頭持續強勁，那麼前往美國的歐洲遊客數量將大幅下降。所以我猜這會影響您的合作夥伴或歐洲航空公司。

But presumably, that would negatively affect the market as well just supply and demand. So how do you think about that if it's kind of one side of the equation falls off more sharply and and the US point of sale is strong?

但據推測，這也會對市場供需產生負面影響。那麼，如果等式的一邊下降幅度更大，而美國的銷售點卻很強，您怎麼看呢？

How does that affect the international?

這對國際有何影響？

Well, one of the reasons we're biased towards US point of origin is because the fares that we have been getting historically out of the US are significantly higher than they are out of the rest of the world. So over time, we've continued to push the percentage of sales that come onshore to where we sit.

嗯，我們偏向美國出發地的原因之一是因為我們過去從美國出發的票價明顯高於從世界其他地區出發的票價。因此，隨著時間的推移，我們不斷提高本土銷售的百分比。

About 80% of our long haul international now is onshore US. We have not seen yet a crack in the rest of the world to the United States, and we're mindful that that could happen, but we haven't seen it yet, but that only represents about 20% of our international point of sale revenues.

目前，我們的長途國際航班約有 80% 是在美國境內。我們還沒有看到世界其他地區與美國之間的貿易出現裂痕，我們也意識到這種情況可能會發生，但我們還沒有看到，但這只占我們國際銷售點收入的 20% 左右。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

I want to ask two questions. The first on corporate. That is always on top of corporate demand surveys. So obviously, you talked about some of that changing. Maybe can you talk about how much risk there is given we're just getting back to pre-pandemic levels in the corporate and why corporate flowed?

我想問兩個問題。第一個是關於企業的。這始終是企業需求調查的首要內容。顯然，您談到了其中的一些變化。也許您能談談，鑑於我們的企業剛剛恢復到疫情前的水平，存在多大的風險，以及企業為何會外流？

Was it just the volatility or are they actually cost cutting? And if you want to talk about industries?

這只是波動性還是他們實際上在削減成本？如果您想談論行業？

I'm going to let Ed talk about his perception of how US industry is dealing with this. What we have seen is that some of the sectors that have been impacted like auto have taken a disproportionate hit. And so when you think about the entirety of our portfolio being roughly flat year over year, there are banking, tech being up, offset by some of the more industrial companies that have been impacted on the front end of these tariffs being down more to get you to a kind of flattish.

我將讓艾德談談他對美國工業如何應對這一問題的看法。我們看到，一些受到影響的行業，例如汽車業，遭受的打擊尤其嚴重。因此，當您想到我們的整個投資組合與去年同期相比基本持平時，銀行業和科技業的股價都在上漲，而一些受這些關稅前端影響的工業公司的股價則下降了，從而使投資組合的股價處於一種持平狀態。

And I'll let Ed opine on how he thinks CEOs are thinking about this.

我會讓艾德發表意見，談談他認為執行長們是如何看待這個問題的。

Well, Sheila in a period of maximum -- or potentially maximum uncertainty, all companies do what they can to make sure they protect their future. And Delta's doing that, as we said, whether it's reducing capacity or finding other ways to save cash and protect our margins.

好吧，希拉，在最不確定的時期——或者潛在的最不確定的時期，所有公司都會盡其所能確保保護自己的未來。正如我們所說，達美航空正在這樣做，無論是減少運力還是尋找其他方法來節省現金並保護我們的利潤率。

Historically, corporate travel has been the first thing, one of the easiest things to minimize if you're a company. Encouragingly, it hasn't gone negative. It's just it's flat on a year over year basis. So there's about a 10 point velocity rate change from where we were at the beginning of the year to where we are now, which is flat.

從歷史上看，商務旅行對一家公司來說一直是首要的事情，也是最容易減少的事情之一。令人鼓舞的是，它並沒有變成負面的。與去年同期相比，這一數字持平。因此，從年初到現在，速度率變化了大約 10 個點，保持穩定。

And I think a lot of companies are trying to figure out what the future is. If we continue on in this elongated sense of uncertainty, no question, you'll see continued reductions in corporate travel, but I think it's premature to project too far ahead at this time.

我認為很多公司都在試圖弄清楚未來是什麼。如果我們繼續處於這種不確定的狀態，毫無疑問，你會看到商務旅行持續減少，但我認為現在進行太遠的預測還為時過早。

And maybe one for Dan. Dan, what do you need to see your flat capacity in the second half? What do you need to see to actually have reduce your fleet and increase your retirement?

也許還有一本給丹。丹，你需要做什麼才能看到下半年的產能持平？您需要看到什麼才能真正減少您的車隊並增加您的退休率？

With flat capacity, I talked about a little bit in the prepared remarks. We are taking down our view from where we started the year as it relates to net additions, and that's both managing the retirement side of it and also being mindful of the cap backs and cash side of it as it relates to additions to the fleet.

由於能力有限，我在準備好的發言中談了一點。我們正在從年初開始考慮與淨增加量有關的觀點，這既要管理退休方面，也要留意與增加船隊有關的上限返還和現金方面。

And we'll be under 10. So when you think about less than 10 additions in a fleet, that's 1,300. You've got less than 1% net addition growth. So when we look at that and we look at retirements, we've always talked about we'd operate in this range of 20 to 30.

我們將少於 10 人。因此，當你考慮到艦隊中新增不到 10 艘艦艇時，那就是 1,300 艘。淨增增長率不到 1%。因此，當我們考慮這個問題並考慮退休時，我們總是說我們會在 20 到 30 的範圍內開展工作。

I think we'll be at 30, probably above maybe here as it relates to retirements. And we tie that back to where we're flying the process as Glen talked about, the profitability of that flying, whereas the ones that are the -- that we can get at that are money losing that tie both to the commercial side but also have costs associated with them so that we focus on margins.

我認為我們將達到 30 歲，或許更高，因為這與退休有關。正如格倫所說，我們將其與我們的飛行過程聯繫起來，即飛行的盈利能力，而我們可以得到的是金錢損失，這既與商業方面有關，也與成本有關，因此我們專注於利潤率。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So Dan, when you think about the CapEx budget going forward, how should we be thinking about the impact of tariffs on new deliveries and what that might kind of do in terms of your appetite to maybe defer some aircraft that might be coming into the network?

那麼丹，當您考慮未來的資本支出預算時，我們應該如何考慮關稅對新交付的影響，以及這可能會對您可能推遲一些可能進入網路的飛機產生什麼影響？

Hey David. This is Ed. Let me take that.

嘿，大衛。這是艾德。讓我來接手吧。

Obviously, in this environment, we're going to work and we are working very closely with Airbus, which is the only airline we've got deliveries coming from for the balance of this year. And they've been a great partner. They are a great partner. We'll do our very best to see what we have to do to minimize tariffs.

顯然，在這種環境下，我們將努力工作，並且我們正在與空中巴士密切合作，空中巴士是今年剩餘時間內唯一向我們提供飛機交付的航空公司。他們一直是很好的合作夥伴。他們是一個很好的合作夥伴。我們將盡最大努力尋找降低關稅的辦法。

But the one thing that you need to know we're very clear on is that we will not be paying tariffs on any aircraft deliveries we take. These times are pretty uncertain. And if you start to put a 20% incremental cost on top of an aircraft, it gets very difficult to make that math work.

但您需要知道的一件事是，我們非常清楚，我們不會為接收的任何飛機支付關稅。這些時間相當不確定。如果你開始在飛機上增加 20% 的增量成本，那麼計算起來就會變得非常困難。

So we've been clear with Airbus on that, and we'll work through and see what happens from that.

因此，我們已經向空中巴士明確了這一點，我們將努力解決並看看結果如何。

And then maybe Glen, just as a quick follow up. And when you're thinking about the buyups that you're seeing between main cabin and adult comfort, is there anything you're seeing in terms of how those are holding up in relation to this downturn in the main cabin?

然後也許是格倫，只是作為一個快速的跟進。當您考慮主艙和成人舒適艙之間的購買情況時，您是否看到它們與主艙的低迷時期有何關係？

Like I mean are the biops actually getting a little bit wider right now? Are you seeing them just going to kind of stay the same absolute level? I'm just trying to get a sense for kind of how this new segmentation strategy is actually sort of acting in this weaker demand period.

我的意思是，現在切片的範圍是不是真的變寬了一點？您是否認為它們會保持相同的絕對水平？我只是想了解這種新的細分策略在需求較弱的時期實際上是如何發揮作用的。

Well, the premiums continue to widen the lead over main cabin. And so we're expecting the spreads and the yields to actually widen in this next quarter as opposed to converge.

嗯，保費繼續擴大與主艙之間的差距。因此，我們預期下個季度利差和收益率實際上會擴大，而不是趨於一致。

And do you think that's sustainable?

您認為這是可持續的嗎？

I don't have a crystal ball on that. I can just report what we're seeing as of today. And what we're seeing as of today is they're not converging, they're separating.

我對此沒有水晶球。我只能報告我們今天所看到的情況。而我們今天看到的是，它們並不是融合，而是分離了。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

So as others expand their premium product and some make changes like bank fees and things like that, how do you think about the risks and the opportunities that that presents?

那麼，當其他公司擴大其高端產品，並做出諸如銀行費用等改變時，您如何看待由此帶來的風險和機會？

Well, I think it highlights all the investments we've been making over the last 20 years, whether or not it's the reliability of the airline, whether or not it's the club network we developed, whether or not it's the stickiness of our card structure. It's one thing to be able to produce a premium seat, and that's probably the easiest piece of the equation. It's another to get customer loyalty, which is very, very difficult and takes a long period of time and a lot of investment.

嗯，我認為它凸顯了我們在過去 20 年裡所做的所有投資，無論是航空公司的可靠性，還是我們開發的俱樂部網絡，還是我們的卡結構的黏性。生產優質座椅是一回事，這可能是最簡單的部分。獲得客戶忠誠度是另一回事，這非常非常困難，需要很長時間和大量投資。

So I look at our competitive set and saying in a more challenging environment, will they be able to make those types of investments whether it's free Wi-Fi, whether or not it's club networks, whether or not it's all those investments that we've made year after year in the last 20 years, it seems to me that they're going to be more constrained in capital than they were probably just even a couple of months ago, and trying to get there is going to be more difficult for them, not less difficult.

因此，我審視我們的競爭對手，並在一個更具挑戰性的環境中思考，他們是否能夠進行這些類型的投資，無論是免費 Wi-Fi，還是俱樂部網絡，還是我們在過去 20 年裡年復一年進行的所有投資，在我看來，他們的資本將比幾個月前更加緊張，而試圖實現這些目標對他們來說將更加困難，而不是更容易。

And that will widen our lead. And as people continue to change their products to try and align more with full service carriers, I think there are opportunities to go after some of their more loyal customers, which we'll be taking advantage of as we move through here.

這將擴大我們的領先優勢。隨著人們不斷改變他們的產品以嘗試與全方位服務業者保持一致，我認為有機會吸引一些更忠實的客戶，我們將在此過程中利用這些機會。

We've had some very successful programs that have gotten us a lot of new members in places that other carriers are operating as the largest carrier, but maybe not the one people want to align with.

我們已經開展了一些非常成功的計劃，這些計劃為我們帶來了大量新會員，而其他運營商在當地是最大的運營商，但可能不是人們想要與之結盟的運營商。

And then Glen, if you look at historically in a downturn, international can be down more than domestic. And I know there's been some questions about this, but that's not happening yet. Do you think that's just the longer booking curve for international that you talked about?

格倫，如果你從歷史上看，在經濟低迷時期，國際市場的下滑幅度可能比國內市場的下滑幅度更大。我知道對此存在一些疑問，但這還沒有發生。您是否認為這只是您所說的國際預訂曲線較長的情況？

And this is bound to get worse in the second half of the year? Maybe that speaks to the lack of full year uncertainty, or do you think there's a reason why international just holds up better this time?

下半年這種情況一定會變得更糟嗎？這或許說明全年缺乏不確定性，或是您認為這次國際表現較好是有原因的嗎？

Well, I'm going to go out on a limb here and say the reason that I don't see it right now is that we monitor cash sales by entity every day. And those cash sales that are coming in the door as of yesterday that we're recording today as cash are very strong for international through the summer all the way out to September and October.

好吧，我要冒險說一下，我現在看不到的原因是我們每天都按實體監控現金銷售。我們今天記錄的從昨天開始的現金銷售額對於整個夏季一直到九月和十月的國際市場來說都非常強勁。

So we're actually up significantly in transatlantic, for example, in cash sales year over year. So you would think that's the first line of it's not just the booking curve, it's people's intent to travel in the future. So again, uncharted territories. This is kind of, I think what many people are characterizing as a self-imposed issue in terms of uncertainty and we'll see how it resolves itself.

因此，我們在跨大西洋地區的現金銷售額實際上比去年同期大幅成長。所以你會認為這不僅僅是預訂曲線的第一線，而是人們未來旅行的意願。所以這又是未知領域。我認為，很多人認為這是一個不確定性方面的自我強加的問題，我們將看看它如何解決。

The other thing I would say is that the cohort that is traveling right now has an average age in Delta One in the 60s, which means the baby boomers are traveling. And being a baby boomer, I can say this without fear of retribution, there's only so much time to go to Europe or almost so much time to go see Australia or Japan.

我想說的另一件事是，目前搭乘達美航空一號航班的旅客平均年齡在 60 多歲，這意味著他們是嬰兒潮世代。身為嬰兒潮世代，我可以毫無顧忌地說，去歐洲的時間是有限的，去澳洲或日本的時間也差不多。

And so you've got this wealth effect where this cohort of retirees is wealthier than any other cohort even with the most recent rundown, and they want to go do things.

因此你就得到了這種財富效應，即使按照最近的統計，這群退休人員比其他任何群體都更富有，而且他們想要去做一些事情。

A couple of things to add to Glen's comments on that, Scott. Since 2019, and we've used this stat several times, our core customer is, in fact, I'd say not just core, I'd say almost exclusively our customer has household earnings on an annual basis of $100,000 or more, which, by the way, represents 40% of US households.

斯科特，我想補充幾點格倫對此的評論。自 2019 年以來，我們已經多次使用這個統計數據，我們的核心客戶實際上不僅僅是核心客戶，我想說幾乎都是我們的客戶，他們的家庭年收入在 100,000 美元或以上，順便說一下，這代表了美國家庭的 40%。

So it's not an elitist definition by any means. That group of people has accumulated just since 2019 $35 trillion of overall wealth between their home, real estate market, et cetera. So when you look at where the market has pulled back, say, in the $5 trillion to $7 trillion range in recent weeks, that's a huge number. And I can understand people's concerned with what that means to them individually.

所以無論如何它都不是一個精英主義的定義。自 2019 年以來，這群人透過住房、房地產市場等累積了 35 兆美元的總財富。因此，當你看到市場最近幾週回落到 5 兆至 7 兆美元左右時，你會發現這是一個巨大的數字。我能理解人們關心這對他們個人意味著什麼。

But on balance, what I think they're going to do is they're going to even further prioritize what they're spending on. And the demand set that we've seen for the last number of years, the desire to experience rather than acquire, I think is going to continue to stay strong.

但總的來說，我認為他們會進一步優先考慮他們的支出項目。我們在過去幾年中看到的需求，即體驗而不是購買的願望，我認為將繼續保持強勁。

And that's what you see in our booking data. That's what you've seen in our American Express data. That's what you see in the premium product category. And that's what Delta is the very best at. So I appreciate we're talking our book a little bit here, and it's early days.

這就是您在我們的預訂資料中看到的。這就是您在我們的美國運通數據中看到的。這就是您在高端產品類別中看到的。而這正是達美航空最擅長的。所以我很高興我們在這裡談論我們的書，現在還處於早期階段。

We don't -- we know we're not immune to the concerns of the overall economy. But I think this time feels different a bit, and we're going to be very close, as Glen said, in terms of monitoring it. But I do think there is some -- there will be some new learnings coming through this period of time.

我們不知道——我們知道我們無法免受整體經濟問題的影響。但我認為這次感覺有點不同，正如格倫所說，在監控方面我們會非常接近。但我確實認為，在這段時間裡，我們會學到一些新的知識。

And Scott, if I could add one more thing to the very end of that, the other thing we should note that the market effect of the -- the wealth effect of the market trade-off, the market is back to where we were a year ago.

史考特，如果我可以在最後再補充一點，我們應該注意的另一件事是市場效應——市場權衡的財富效應，市場已經回到了一年前的水平。

So it's not as if the market has fallen off a cliff. I mean none of us feel good about it, but this is where the market was a year ago, and the demand set was very strong then.

因此，市場並沒有大幅下滑。我的意思是，我們都對此感覺不好，但這是一年前的市場狀況，當時的需求非常強勁。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

Glen, does the booking curve for premium differ meaningfully from that of main cabin?

格倫，高級艙的預訂曲線與主艙的預訂曲線有顯著不同嗎？

Not significantly.

不太明顯。

And look, most of my RASM and CASM questions have been addressed, but I do have a question for Ed. Obviously, there have been a lot of new hires post-COVID. That's put some strain on operations in the past. And so for some portion of your workforce, this is going to be their first crisis or downturn or bump in the road, however you want to characterize it.

瞧，我的大部分 RASM 和 CASM 問題都已得到解答，但我確實有一個問題要問 Ed。顯然，疫情過後我們招募了許多新員工。這給過去的營運帶來了一些壓力。因此，對於部分員工來說，這將是他們第一次遇到危機、低迷或坎坷，無論你如何描述它。

Does that change how you personally, Ed, think about managing the business day to day? I'm just trying to think through the implication of lower profit sharing this year relative to last year, whether that feeds through to operations or customer service, anything like that.

艾德，這是否會改變您個人對日常業務管理的看法？我只是在想今年的利潤分享相對於去年減少意味著什麼，這是否會影響營運或客戶服務等諸如此類的事情。

And any thoughts on how you might be managing the workforce differently?

您對於如何以不同的方式管理員工有何想法？

That's an interesting question, Jamie. I don't think so. I mean obviously, we will take action. We're not planning on any involuntary actions at all at this point. But I think we have enough tools and levers in terms of manpower planning and schedule flexibility and opportunities as we demonstrate during COVID to get meaningful costs out in a relatively short basis using voluntary measures.

這是一個有趣的問題，傑米。我不這麼認為。我的意思是，顯然我們會採取行動。目前我們根本不打算採取任何非自願的行動。但我認為，正如我們在新冠疫情期間所展示的那樣，我們在人力規劃、時間安排靈活性和機會方面擁有足夠的工具和槓桿，可以透過自願措施在相對較短的時間內收回有意義的成本。

A lot of the new hires that you refer to that joined us on the front lines actually came from the industry, from other airlines because they always wanted to get to Delta. So these are people that do appreciate that this industry can get and bump into turbulence.

您提到的許多加入我們一線的新員工實際上都來自該行業，來自其他航空公司，因為他們一直想加入達美航空。所以這些人確實意識到這個行業可能會遇到動盪。

I can tell you virtually every time I speak with our frontline teams, and that's probably just about every day, I always remind them that while we may be doing well, this is a very humbling industry. And all we know is what we can see for the moment.

我可以告訴你，幾乎每次我與我們的一線團隊交談時，可能幾乎每天都是如此，我總是提醒他們，雖然我們可能做得很好，但這是一個非常謙卑的行業。而我們所知道的只是目前所能看到的。

And we always have to be prepared to make change. And when change happens, that's the opportunity for Delta to differentiate itself. So I don't look forward to this opportunity, but I'm confident the Delta team will rise to the occasion.

我們必須隨時做好改變的準備。當變化發生時，這就是達美航空脫穎而出的機會。所以我並不期待這個機會，但我相信達美航空團隊將能夠應對這項挑戰。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

So Ed or Glen, I mean I know this year is different with our self-inflicted liberation tariff wounds here. But if I just rewind the tape, for the industry, I feel like the last three years, we've been talking about off-peak weakness, and that's through what's been pretty much a growing economy for the past few years.

所以，無論是 Ed 還是 Glen，我的意思是，我知道今年的情況有所不同，因為我們自己造成了解放關稅的傷害。但如果我回顧一下，對於這個行業來說，我覺得過去三年，我們一直在談論非高峰期的疲軟，而這發生在過去幾年經濟基本上維持成長的時期。

So I guess at what point does the industry say we really have to restructure the way we look at off-peak or is that just too challenging from a cost perspective for a network like yours?

所以我想，業界什麼時候會說我們真的必須重新建構我們看待非尖峰時段的方式，或者從成本角度來看，這對於像你們這樣的網路來說是否太具挑戰性？

Well, as you pointed out, the last few years have been about revenue growth for the industry. And one of the things we do when revenue is growing is we build up our off peak time channels. And so if you look right now where we sit versus our competitive set, we are overbuilt, for example, on Tuesdays and Wednesdays versus where we were last year and higher than American and/or United in the mid to upper 90s.

嗯，正如您所指出的，過去幾年該行業的收入一直在增長。當收入成長時，我們所做的事情之一就是建立非尖峰時段管道。因此，如果您現在看看我們與競爭對手相比的情況，您會發現我們比去年同期建設量過大，例如週二和週三的建設量就高於美國航空和/或聯合航空，達到 95% 左右。

We try to do that so when we hit these environments or hit these air pockets, that becomes our first line of defense because that is always -- the weaker time channels are always what suffer in terms of profitability first.

我們嘗試這樣做，這樣當我們遇到這些環境或遇到這些氣泡時，這就會成為我們的第一道防線，因為這總是——較弱的時間管道總是首先在盈利能力方面受到影響。

And so right now, you'll see us go from overindexed on Tuesdays and Wednesdays to underindexed on Tuesdays and Wednesdays as we move into the second half of the year to align really where we think capacity, where demand is going to sit.

因此現在，隨著我們進入下半年，您將看到我們從週二和週三的超額指數轉變為週二和週三的低指數，以真正調整我們認為的產能和需求水準。

The other great thing about Tuesdays and Wednesdays is they tend to have very high recapture. So those become the most accretive. And when you think about what do you recapture on a Friday 5:00 PM flight versus what do you recapture on Tuesday at 11 AM, it's a very different profile.

週二和週三的另一個好處是，這兩個日子的回收率往往很高。因此這些將成為最具增值的。當你考慮到週五下午 5 點的航班重新捕獲什麼與週二上午 11 點的航班重新捕獲什麼時，你會發現情況截然不同。

So we're excited about the ability in this more choppy environment to go after the things that have low margins to begin with and high recapture rates.

因此，我們很高興能夠在這種更動盪的環境中追求利潤率較低但回收率較高的業務。

And Dan, maybe just one quickly on the fleet because I think you guys mentioned maybe incremental retirements. Is that correct? And how does that impact your maintenance planning and incremental maintenance spending outlook?

丹，也許我只想快速地談談艦隊，因為我認為你們提到了逐步退役。對嗎？這對您的維護計劃和增量維護支出前景有何影響？

Yeah. I guess two things. Yes. We have talked about incremental retirements. I think in general with last year, it was in the low 20, 21. This year, it will be 30 or above. We said less than 10 net additions. And I think overall, on maintenance that we've talked about is that we are in a unique period that we had a high water mark last year driven by our volume and the opportunity to bring that volume down over a multi-year basis, but also the proficiency of the workforce, the cycle times in the industry, the material availability and challenges that that drove as it relates to turn times.

是的。我猜有兩件事。是的。我們已經討論過逐步退休的問題。我認為與去年相比，總體而言，這個數字在 20 到 21 之間。今年將達到30個甚至更多。我們說淨增人數少於10人。我認為總體而言，就我們所討論的維護而言，我們正處於一個獨特的時期，去年我們的維護量達到了最高水平，這不僅是因為我們的維護量以及在多年基礎上降低維護量的機會，還因為我們的勞動力熟練程度、行業的周期時間、材料的可用性以及與週轉時間相關的挑戰。

So when you look at retirements and other items, we'll get additional benefit when we take out incremental flying. We'll look at that high costs flying, and there will be an element that has maintenance related savings associated with it.

因此，當您考慮退休和其他項目時，當我們取消增量飛行時，我們將獲得額外的好處。我們將研究高昂的飛行成本，其中將包括與維護相關的節省成本的因素。

Matthew, we'll now go to our final analyst question, Ravi Shanker, Morgan Stanley.

馬修，我們現在來回答最後一位分析師的問題，他是摩根士丹利的拉維‧尚克。

Maybe just to wrap up the call, if you can take a little bit of a step back here, can you just help us with what the anatomy of a downturn usually looks like? And is it normal to have growth slow to stalled growth and then slip to a decline, or I'm just trying to get a sense of should we be pleased that it's not worse than being stalled here, or is that like pretty normal for a downturn?

也許只是為了結束這通通話，如果您可以稍微退一步，您能否幫助我們了解一下經濟衰退通常是什麼樣的？成長放緩到停滯，然後下滑到下降，這正常嗎？或者我只是想知道，我們應該為情況沒有比停滯更糟而感到高興，或者這對經濟衰退來說很正常？

Ravi, having been here for 26 years, I've lived through most of the, at least recent history, whether it's 9/11 or recession, the period of time that we saw during COVID and they're all different. COVID, as you can remember, was dramatic.

拉維，我在這裡已經 26 年了，經歷了大部分歷史，至少是近代歷史，無論是 9/11 事件還是經濟衰退，以及我們在新冠疫情期間經歷的時期，它們都是不同的。您可能還記得，COVID 疫情非常嚴峻。

It happened overnight and it spread quickly and it affected every part of our business. And one of the things that this team is quite good at is managing those positions of challenge. I've said oftentimes, somewhat in jest that`, as airline managers, we're excellent in dealing with adversity, managing prosperity seems -- tends to be a problem for us sometimes.

這件事一夜之間發生，並迅速蔓延，影響到我們業務的方方面面。這支球隊非常擅長的一件事就是管理這些挑戰職位。我常常半開玩笑地說過，身為航空公司經理，我們非常善於處理逆境，但處理順境似乎有時對我們來說是個問題。

But we're good when when trouble hits, and we are. Because we know where the levers are. We know what the actions to take. We close ranks quickly and we make change. This right now, it's hard to know how this is going to play out given that this is somewhat self-imposed.

但當麻煩來臨時，我們表現得很好，事實也是如此。因為我們知道槓桿在哪裡。我們知道要採取什麼行動。我們迅速團結起來並做出改變。目前，由於這在某種程度上是自我強加的，因此很難知道事情將如何發展。

And I'm hopeful that the sanity will prevail and we'll move through this period of time on the global trade front relatively quickly. But we're prepared in any event to make sure that we protect Delta through this.

我希望理智能夠佔上風，我們能夠相對較快地度過全球貿易領域的這段時期。但我們已做好準備，無論如何都要確保達美航空的安全。

And maybe as a follow up, sorry if I missed this earlier, but can you remind us what percentage of the transatlantic is a European point of origin and if you see that drop off in the coming months for non-economic reasons, kind of how do you consider redirecting that capacity?

也許作為後續問題，如果我之前錯過了這一點，很抱歉，但您能否提醒我們跨大西洋航線中有多少比例的始發站是歐洲，如果您發現未來幾個月由於非經濟原因導致這一比例下降，您考慮如何重新定向這一運力？

Sure. It's only about 20% of our total transatlantic revenues. And the rest, of course, is from the rest of the world, whether or not it's through the hubs in London, Amsterdam, or Paris. And what we've seen in the past is those are -- we're able to resell that maybe not at the yield that we want. But there's enough demand to the US from the entire world that we can mitigate most of that softness should it occur. To this date, it hasn't occurred.

當然。這僅占我們跨大西洋總收入的20%左右。當然，其餘的則來自世界其他地區，無論是否經由倫敦、阿姆斯特丹或巴黎的樞紐。我們過去看到的情況是——我們能夠轉售這些，但收益可能達不到我們想要的水平。但全世界對美國的需求夠大，因此，如果出現疲軟，我們可以緩解大部分疲軟。到目前為止，這種情況還沒有發生。

So we'll keep a close eye on that.

因此我們會密切關注此事。

That will wrap up the analyst portion of the call, and I'll now turn it over to [Tim Nates] to start the media questions.

電話會議的分析師部分到此結束，現在我將把時間交給 [Tim Nates] 開始回答媒體問題。

This concludes the analyst portion of this call.

本次電話會議的分析師部分到此結束。

Thank you, Julie. Matthew, while we changed the queue to try to squeeze in a few members of the media questions, could you please restate just the process for queuing up and one question and one follow up please? So we get as many as we can in a few times -- few moments we have here.

謝謝你，朱莉。馬修，我們改變了排隊順序，試圖擠進一些媒體成員的提問，您能否重新說明一下排隊的流程以及一個問題和一個後續問題？因此，我們會在有限的時間內，盡可能多地獲取資訊。

(Operator Instructions)

（操作員指示）

Mary Schlangenstein, Bloomberg News.

瑪麗‧施蘭根斯坦，彭博新聞社。

I wanted to see if you could be any more specific on your discussion with Airbus on not paying tariffs on new planes that you're taking this year. Is that sort of a negotiation or is that just a flat out Delta position that you're not going to move off of? How does that play out?

我想看看您是否可以更具體地說明您與空中巴士就今年不支付新飛機關稅的討論情況。這算是一種談判嗎？或者這只是達美航空的明確立場，你們不會改變？結果如何？

Well, Mary, that only went into effect that tariff this week. So obviously, it's early. We'll work very closely with Airbus, who are great partners. And they understand our perspective. We will -- but our point is pretty clear. I'm not going to -- I don't think I need to elaborate that in any great depth.

嗯，瑪麗，該關稅本週才生效。顯然，現在還為時過早。我們將與空中巴士公司密切合作，他們是我們優秀的合作夥伴。他們理解我們的觀點。我們會的——但我們的觀點非常明確。我不會——我認為我不需要深入闡述這一點。

We hope that this issue will be resolved through the trade discussions as compared to actions that either Delta or Airbus have to take. One thing that I learned I didn't realize is that when you think about our business in terms of export import balance balance imbalance between the US and Europe, for the aerospace industry, the US exports 6 times to Europe the amount of trade that Europe imports into the US. That's a really important fact to know and I hope our leaders in Washington are paying attention to that.

我們希望這個問題能夠透過貿易談判得到解決，而不是由達美航空或空中巴士採取行動。我學到的一件我沒有意識到的事情是，當你從美國和歐洲之間的進出口平衡不平衡的角度來考慮我們的業務時，對於航空航天業來說，美國對歐洲的出口額是歐洲進口到美國的貿易額的6倍。這是一個非常重要的事實，我希望華盛頓的領導人能夠關注這一點。

And if I could quickly ask. I believe that you said earlier that you were seeing some decline in international leisure in the main cabin. Is that correct? And if that is, can you put any kind of a number or percentage on that?

如果我可以快速詢問的話。我相信您之前說過，您看到主艙的國際休閒活動減少。對嗎？如果是的話，您能給出一個數字或百分比嗎？

We would say of the international, that premium is outperforming main cabin, and we have not put a number on it, nor would we want to do that.

我們會說，就國際航班而言，高級艙的表現優於主艙，但我們還沒有給出具體數字，我們也不想這樣做。

Alison Sider, Wall Street Journal.

艾莉森‧賽德，《華爾街日報》。

Just to follow on Mary's question quickly, are you looking at deferring any deliveries until there's more clarity about the tariff situation or just because of the growth slowdown?

快速回答瑪麗的問題，您是否考慮推遲交貨，直到關稅情況更加明朗，或者只是因為增長放緩？

We will defer any deliveries that have a tariff on it.

我們將推遲任何涉及關稅的貨物的交付。

And if I can ask one more, just I know the investigation is still ongoing, but I'm curious if there's been anything that's sort of come out that you've learned, I guess through the -- after the Toronto incident, anything that you've re-evaluated in terms of pilot training or your regional operation?

如果我可以再問一個問題，我知道調查仍在進行中，但我很好奇您是否了解到了什麼，我想是通過——多倫多事件之後，您是否在飛行員培訓或區域運營方面重新評估了什麼？

It's Peter Carter. So that investigation is ongoing, and I think you know we don't comment on ongoing investigations until the final reports come out.

我是彼得卡特。所以調查仍在進行中，我想你知道我們不會對正在進行的調查發表評論，直到最終報告出來為止。

Matthew, if we could get one more in, maybe Leslie. We'll try to cut this right at 11:00, please.

馬修，如果我們能再加一個，也許是萊斯利。我們會盡量在 11:00 左右結束。

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Back in November, you has said that the incoming Trump administration is likely going to be kind of breath of fresh air compared with the fire and that was regarding some of the consumer regulations that the Biden administration put in. Have you had any response from the Trump administration on reversing any of those rules?

早在 11 月，您就曾表示，與火相比，即將上任的川普政府可能會帶來一股清新的空氣，而這指的是拜登政府出台的一些消費者法規。您是否曾收到川普政府關於撤銷任何這些規定的任何回應？

This is Peter again. So in fact, the Trump administration has issued an order that in essence, it's freezing many of those proposed regulations. And so we are hopeful that many of those end up being put aside for the long term.

我又是彼得。因此，事實上，川普政府已經發布命令，實質上凍結了許多擬議的法規。因此，我們希望其中許多問題最終能夠被長期擱置。

Matthew, that'll conclude our session today. Thank you if you want to conclude the call.

馬修，今天的會議到此結束。如果您想結束通話，謝謝。

Thank you, and that concludes today's conference call. Thank you, everyone, for your participation today.

謝謝，今天的電話會議到此結束。謝謝大家今天的參與。