達美航空 (DAL) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Delta Airlines June quarter 2025 financial results conference call. My name is Matthew, and I'll be your coordinator. (Operator Instructions) As a reminder, today's call is being recorded. (Operator Instructions)

大家早安，歡迎參加達美航空 2025 年 6 月季度財務業績電話會議。我叫馬修，我將擔任您的協調員。（操作員指示）提醒一下，今天的通話正在被錄音。（操作員指示）

I'd 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 thanks for joining us for our June quarter 2025 earnings call. Joining us from Atlanta today are our CEO, Ed Bastian; our President, Glen Hauenstein; and our CFO, Dan Janki. Ed will open the call with an overview of Delta's performance and strategy. Glen will provide an update on the revenue environment, and Dan will discuss costs and our balance sheet.

謝謝你，馬修。大家早安，感謝您參加我們的 2025 年 6 月季度財報電話會議。今天從亞特蘭大加入我們的有我們的執行長 Ed Bastian、我們的總裁 Glen Hauenstein 和我們的財務長 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 their prepared remarks, we'll take analyst questions. We ask that you please limit yourself to one question and a brief follow-up so that we can get to as many of you as possible. After the analyst Q&A, we will move to our media questions.

在他們發表準備好的發言後，我們將回答分析師的問題。我們要求您只提出一個問題並進行簡短的跟進，以便我們可以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.

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預期。所有前瞻性陳述均包含風險和不確定性，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。

We'll also discuss non-GAAP financial measures, and all results exclude special items unless otherwise noted. Year-over-year figures compare against results as reported unless otherwise stated. You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com.

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。除非另有說明，否則將同比數據與報告的結果進行比較。您可以在 ir.delta.com 的投資者關係頁面上找到我們的非 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。

Thank you, Julie, and good morning, everyone. We do appreciate you joining us today. Before we start, I'd like to take a moment to acknowledge the devastating events in Central Texas. Our hearts go out to the families and the communities that have been impacted. Delta is supporting the American Red Cross and their relief efforts to aid those affected.

謝謝你，朱莉，大家早安。我們非常感謝您今天加入我們。在我們開始之前，我想花點時間來了解德州中部發生的災難性事件。我們向受影響的家庭和社區表示深切慰問。達美航空正在支持美國紅十字會及其救援工作，為受災民眾提供援助。

Earlier this morning, we reported June quarter results, posting a pretax income of $1.8 billion or earnings of $2.10 per share on record quarterly revenue in line with our April guidance. This performance reflects strong execution in a demand environment that has stabilized and the continued resilience of our diverse, high-margin revenue streams.

今天早些時候，我們公佈了 6 月份季度業績，稅前收入為 18 億美元，即每股收益 2.10 美元，季度收入創歷史新高，與我們 4 月份的預期一致。這項業績反映了在需求環境趨於穩定的情況下的強勁執行力，以及我們多元化、高利潤收入來源的持續彈性。

We achieved an operating margin of 13.2% and generated $700 million of free cash flow during the quarter, bringing our year-to-date free cash flow to $2 billion. With strong cash generation, we continue to repay debt and announced a 25% increase to our quarterly dividend. I'm proud of the team for delivering strong financial and operational results in the first half of our Centennial year.

本季度，我們的營業利潤率達到 13.2%，並產生了 7 億美元的自由現金流，使我們年初至今的自由現金流達到 20 億美元。憑藉強勁的現金產生能力，我們繼續償還債務，並宣布將季度股息提高 25%。我為團隊在百年慶典上半年取得的強勁財務和營運表現感到自豪。

In a dynamic and somewhat unpredictable environment, our team has stayed focused, controlling what we can control and executing with discipline. Operationally, Delta once again led network peers across key reliability and customer experience metrics, including on-time performance, completion factor and net promoter score.

在動態且有點難以預測的環境中，我們的團隊保持專注，控制我們能夠控制的事情並嚴格執行。在營運方面，達美航空再次在關鍵可靠性和客戶體驗指標（包括準點率、完成率和淨推薦值）方面領先於同業。

This strong performance underscores the resilience of our operation and the exceptional efforts of our teams to take care of our customers despite greater-than-normal summer storms across our system. Consistent with Delta's long-standing commitment to industry-leading total rewards for industry-leading performance, we awarded our people with a well-deserved base pay increase of 4% during the quarter, and we're also on track for another industry-leading profit-sharing payout next February.

這一強勁表現凸顯了我們營運的韌性，以及儘管我們的系統遭遇了比正常情況更嚴重的夏季風暴，我們的團隊仍為照顧客戶做出了非凡的努力。達美航空長期以來致力於為行業領先的績效員工提供行業領先的整體獎勵，為此，我們在本季度為員工提供了當之無愧的 4% 基本工資增長，並且我們還有望在明年 2 月再次實現行業領先的利潤分享支出。

Turning to demand. The environment has been stable since resetting to a lower growth rate earlier this year. Overall demand for air travel remains similar to last year with softness largely contained to main cabin and particularly during off-peak periods. Diversified revenue streams, which make up nearly 60% of Delta's revenue remain resilient.

轉向需求。自今年稍早恢復較低成長率以來，環境一直保持穩定。航空旅行的整體需求與去年相似，疲軟主要局限於主艙，尤其是在非尖峰時段。多元化的收入來源佔達美航空總收入的近 60%，且維持強勁成長。

The fundamentals of the US economy are solid. Our core consumer is in good shape and continues to prioritize travel and affinity for Delta's brand has never been stronger. This is evidenced by the sustained strength of our premium products and our industry-leading co-brand card with consumer spend growth on the Delta American Express Card up double digits in the first half of the year.

美國經濟基本面穩健。我們的核心消費者狀況良好，繼續優先考慮旅行，對達美航空品牌的熱愛從未如此強烈。我們的優質產品和業界領先的聯名卡的持續強勁表現就是明證，今年上半年達美航空美國運通卡的消費者支出實現了兩位數的增長。

The recent passage of the reconciliation package creates certainty around tax policy. And with continued progress on trade negotiations, we expect both consumer and corporate confidence to improve in the second half of the year, creating the environment for travel demand to accelerate.

最近通過的和解方案為稅收政策帶來了確定性。隨著貿易談判不斷取得進展，我們預計下半年消費者和企業信心都將改善，為旅遊需求加速成長創造環境。

On the supply side, we're encouraged by the industry's actions to align capacity with demand as we move beyond the peak summer period. Importantly, seats at the lower end of the market are scheduled to contract as carriers adjust to the environment and work to improve financial performance.

在供應方面，隨著夏季高峰期的過去，產業採取行動使產能與需求保持一致，這令我們感到鼓舞。重要的是，隨著航空公司適應環境並努力提高財務業績，低端市場的座位數量將會減少。

Against this backdrop, Delta remains very well positioned. We have also adjusted to a lower growth environment. And as discussed in April, our focus is managing the levers in our control to generate strong earnings and free cash flow. This includes adjusting our capacity to match demand and aggressively managing our cost base to deliver on our commitments.

在此背景下，達美航空仍處於非常有利的地位。我們也適應了較低的成長環境。正如四月所討論的，我們的重點是管理我們能夠控制的槓桿，以產生強勁的收益和自由現金流。這包括調整我們的產能以滿足需求，並積極管理我們的成本基礎以履行我們的承諾。

For the September quarter, the midpoint of our guidance is for earnings per share flat to last year on low single-digit revenue growth and a double-digit operating margin. The upper end of our outlook positions us to deliver earnings for the first nine months of the year that are flat with 2024.

對於九月當季，我們預期的中間值是每股盈餘與去年持平，營收成長率為個位數，營業利潤率為兩位數。根據我們的預期，今年前九個月的獲利將與 2024 年持平。

While not the growth we are planning for at the start of the year, this would represent solid performance in a very dynamic environment and highlights the durability of our business model as well as the growing divergence that we're seeing across the industry.

雖然這不是我們在年初計劃的成長，但這代表著在非常動態的環境中取得的穩健表現，並凸顯了我們商業模式的持久性以及我們在整個行業中看到的日益擴大的差異。

Reflecting our confidence in the business, we are restoring financial guidance for the full year. We expect to deliver earnings per share of $5.25 to $6.25 and free cash flow of $3 billion to $4 billion. This free cash flow outlook is within our long-term target range and enables us to pay down $3 billion of debt this year while also returning cash to shareholders.

為了體現我們對業務的信心，我們正在恢復全年財務指導。我們預計每股收益為 5.25 美元至 6.25 美元，自由現金流為 30 億美元至 40 億美元。這一自由現金流前景符合我們的長期目標範圍，使我們能夠在今年償還 30 億美元的債務，同時向股東返還現金。

Looking beyond 2025, I am confident in our ability to deliver financial performance that is consistent with the three- to five-year framework we outlined for you last fall. In our 100th year of flight, our strategic focus is clear. We're continuing to invest in elevating the world's best airline, expanding our global footprint and transforming through technology.

展望 2025 年，我相信我們有能力實現與去年秋天為您概述的三至五年框架一致的財務表現。在我們飛行100週年之際，我們的策略重點非常明確。我們將繼續投資，以提升我們作為全球最佳航空公司的地位，擴大我們的全球影響力，並透過科技實現轉型。

Globally, we have strengthened our network through a portfolio of best-in-class partnerships, providing access to over 90% of global demand, be it nonstop or one-stop service. What sets our international strategy apart is how we create value through both our global partnerships and our equity investments in them.

在全球範圍內，我們透過一流的合作夥伴關係加強了我們的網絡，可以滿足全球 90% 以上的直飛或一站式服務需求。我們的國際策略的獨特之處在於我們如何透過全球合作夥伴關係及其股權投資創造價值。

This quarter, we saw a meaningful appreciation in our GAAP results and the value of several of our equity stakes with a more than $700 million mark-to-market gain, underscoring the strength and health of our portfolio. We also announced two new opportunities, further enhancing our long-term international growth potential.

本季度，我們的 GAAP 業績和部分股權價值均有顯著升值，以市價計算的收益超過 7 億美元，凸顯了我們投資組合的實力和健康狀況。我們也宣布了兩項新機遇，進一步增強了我們的長期國際成長潛力。

Our recently announced equity stake in WestJet helped solidify our standing as the carrier of the Americas, and our relationship with IndiGo is a critical next step to establish connectivity between India, Europe and North America with India's largest and fastest-growing airline. We are also continuing to make meaningful investments in technology across the business.

我們最近宣布入股西捷航空，這鞏固了我們作為美洲航空的地位，而我們與靛藍航空的合作關係是我們透過印度最大、發展最快的航空公司在印度、歐洲和北美之間建立連結性的關鍵下一步。我們也將繼續對整個業務的技術進行有意義的投資。

For our customers, we're enhancing the travel experience with Delta Concierge, our virtual personal assistant built into the Fly Delta app that is launching later this year. In the operation, we're driving efficiency through predictive intelligence that improves resource availability and optimizes maintenance.

對於我們的客戶，我們透過 Delta Concierge 提升了旅行體驗，這是我們的虛擬個人助理，內建於 Fly Delta 應用程式中，將於今年稍後推出。在營運中，我們透過預測智慧來提高資源可用性並優化維護，從而提高效率。

And commercially, we're optimizing revenue through our partnership with Fetcherr, leveraging AI-enhanced pricing solutions. While we are still in the test phase, results are encouraging. As has always been the case, our greatest advantage though is our people and their unmatched skill, dedication and commitment to serving our customers.

從商業角度來看，我們透過與 Fetcherr 的合作來優化收入，利用人工智慧增強的定價解決方案。雖然我們仍處於測試階段，但結果令人鼓舞。與以往一樣，我們最大的優勢是我們的員工以及他們無與倫比的技能、奉獻精神和為客戶服務的承諾。

In closing, we are focused on leveraging our competitive strengths and our scale advantage while controlling what we can to deliver for our customers, our employees and our owners. Our centennial year is a powerful opportunity to demonstrate the magnitude of the differentiation that we have created and the growing durability of our financial performance.

最後，我們專注於利用我們的競爭優勢和規模優勢，同時控制我們能為我們的客戶、員工和業主提供的服務。我們的百年慶典是一個絕佳的機會，可以展示我們所創造的差異化程度以及我們財務表現日益增強的持久性。

Thank you again for joining us. And with that, I'll turn it over to Glen and to Dan to cover the details of the quarter.

再次感謝您的參與。接下來，我將把時間交給 Glen 和 Dan 來介紹本季的細節。

Thank you, Ed, and good morning. I want to begin by expressing my appreciation to the entire Delta team for your dedication throughout this busy summer travel season and to our customers for continuing to place their trust in Delta.

謝謝你，艾德，早安。首先，我要向達美航空全體團隊表示感謝，感謝你們在這個繁忙的夏季旅行季節的奉獻，也感謝我們的客戶對達美航空的持續信任。

June quarter revenue increased approximately 1% year over year to $15.5 billion in line with our April guidance range. During the quarter, demand trends stabilized at levels that are flat to last year. Our teams did a great job optimizing revenue performance in this environment by leveraging Delta's structural advantages and engaging customers beyond flight to generate a revenue premium to the rest of the industry.

6 月季度營收年增約 1%，達到 155 億美元，符合我們 4 月的預期範圍。本季度，需求趨勢穩定在與去年持平的水平。在這種環境下，我們的團隊透過利用達美航空的結構優勢以及在航班之外吸引客戶來優化收入表現，從而創造了高於業內其他公司的收入。

Diverse high-margin revenue streams continue to show resilience growing mid-single digits year over year and driving double-digit operating margins. Premium revenue grew 5% over the prior year, outpacing main cabin. We are actively rolling out expanded premium cabins in both domestic and international markets and have recently begun booking tickets for travel this fall with our newly refined and further segmented cabin products.

多樣化的高利潤收入流繼續表現出韌性，同比增長中個位數，並推動兩位數的營業利潤率。高級艙收入較上年同期成長 5%，增幅超過主艙收入。我們正在國內和國際市場積極推出擴大的豪華艙位，並於最近開始使用我們全新改進和進一步細分的艙位產品預訂今年秋季的旅行機票。

The early results are positive, and we expect this to be a long-term driver of margin expansion. [Royalty] revenue grew 8% as customer engagement meets new records with millennial and Gen-Z segments representing nearly 50% of our active member base.

早期結果是正面的，我們預計這將成為利潤率擴張的長期驅動力。由於千禧世代和 Z 世代客戶參與度創下新高，[特許權使用費] 收入增長了 8%，其中千禧世代和 Z 世代客戶占我們活躍會員群的近 50%。

This positions us well to build long-term customer loyalty and capture more share of wallet through our expanding ecosystem. Our best-in-class partnership with American Express continues to grow and lead to broader consumer card industry.

這使我們能夠透過不斷擴大的生態系統建立長期的客戶忠誠度並獲得更多市場份額。我們與美國運通的最佳合作關係不斷發展，並引領更廣泛的消費卡產業。

In the quarter, we saw a record level of spend on our card portfolio, highlighting both the strength of our customer and the appeal of our program. Remuneration from American Express was $2 billion, up 10% over the prior year on double-digit spend growth and momentum in new card acquisitions. We remain on track for full-year remuneration of approximately $8 billion, providing durability to both earnings and cash flow.

本季度，我們的信用卡組合支出達到了創紀錄的水平，凸顯了我們客戶的實力和我們計劃的吸引力。來自美國運通的報酬為 20 億美元，比上一年增長 10%，得益於兩位數的支出成長和新卡收購的勢頭。我們仍有望實現約 80 億美元的全年薪酬，從而確保盈利和現金流的持久性。

We benefit from a highly engaged, high spending card member base, customers who are deeply loyal to Delta and possess strong credit profiles. Revenue from Delta's travel products portfolio grew 8% with significant growth in cars, stays and cruise products as a record percentage of customers added travel products to their flight bookings.

我們受益於高度參與、高消費的卡片會員基礎，這些客戶對達美航空非常忠誠，並且擁有良好的信用狀況。達美航空旅遊產品組合的收入成長了 8%，其中汽車、住宿和遊輪產品收入顯著增長，因為創紀錄比例的顧客在航班預訂中添加了旅遊產品。

Cargo revenue grew 7% year over year on higher yields, and MRO revenue growth accelerated to 29% over prior year on higher volumes and work scopes. Corporate revenue improved modestly year over year and Delta share premium remains at historic highs.

由於收益率提高，貨運收入年增 7%，由於運輸量和工作範圍擴大，MRO 收入年增 29%。公司營收較去年同期略有成長，達美航空的股價溢價仍處於歷史高點。

From a profitability perspective, margins are solid in all hubs and geographies with our strongest margins in our domestic core hubs where we have industry leading scale and connectivity. International margins have structurally improved and become more durable, reflecting the success of our multi-year international transformation through strategic investments in network, fleet and our partnerships.

從獲利能力的角度來看，所有樞紐和地區的利潤率都很穩健，其中我們利潤率最高的是國內核心樞紐，因為我們擁有領先業界的規模和連結性。國際利潤率已得到結構性改善並變得更加持久，這反映了我們透過對網路、機隊和合作夥伴關係進行策略性投資而實現的多年國際化轉型所取得的成功。

Main cabin margins remain soft across both domestic and international markets. We expect improvement as industry demand and supply rebalances and we continue to make progress on our commercial initiatives laid out in Investor Day last year.

國內和國際市場的主艙利潤率依然疲軟。我們預計，隨著行業需求和供應重新平衡，情況將會有所改善，並且我們將繼續在去年投資者日提出的商業計劃上取得進展。

Post-summer, we have proactively adjusted capacity to address areas of softness, the reductions in main cabin and off-peak flying beginning in August on a year-over-year basis. While consumer confidence has improved from the lows we saw earlier this spring, we're monitoring booking trends closely and leveraging Delta's strength to optimize revenue in this environment.

夏季過後，我們主動調整運力，以解決客運量疲軟的問題，自 8 月開始，主艙和非尖峰航班的客運量較去年同期減少。雖然消費者信心已從今年春季初的低點回升，但我們仍在密切關注預訂趨勢，並利用達美航空的優勢在這種環境下優化收入。

For the September quarter, we expect revenue to be flat to up 4% year over year. Our outlook reflects stable demand across both consumer and corporate segments with the midpoint similar to second-quarter performance, excluding the impact from lapping the CrowdStrike cost outage.

對於 9 月當季，我們預計營收將與去年同期持平或成長 4%。我們的展望反映了消費者和企業領域需求的穩定，中點與第二季的表現相似，不包括 CrowdStrike 成本中斷的影響。

Diverse revenue streams remain resilient, and as the industry further rationalizes domestic supply, we expect unit revenue trends to improve through the back half of the year. Internationally, while we are seeing some unit revenue pressure through the peak summer months, trends are improving as we move into the shoulder season, September and beyond.

多樣化的收入來源依然保持彈性，隨著產業進一步合理化國內供應，我們預期單位收入趨勢將在下半年改善。在國際上，雖然我們看到在夏季旅遊旺季期間單位收入面臨一些壓力，但隨著進入9月及以後的平季，趨勢正在改善。

This is most pronounced in the transatlantic, where softness in European outbound travel is impacting July and August. At the same time, there is a continued shift from US point of sale demand into the shoulder periods as consumers look to avoid peak crowds and summer heat.

這種現像在跨大西洋地區最為明顯，歐洲出境旅遊的疲軟對 7 月和 8 月產生了影響。同時，由於消費者希望避開高峰人潮和夏季高溫，美國銷售點需求持續轉移到平季。

Our new markets are performing very well, and we look ahead to 2026. We're incorporating these evolving seasonal patterns into our international network planning to align with customer preferences and travel behavior.

我們的新市場表現非常良好，我們展望2026年。我們將這些不斷變化的季節性模式納入我們的國際網路規劃中，以符合客戶偏好和旅行行為。

While focused on optimizing revenues and margins in the current environment, we are also making steady progress on our longer term priorities. That includes investing in the travel experience, expanding customer choice, deepening loyalty to the Delta brand and engaging customers beyond their flight.

在專注於優化當前環境下的收入和利潤率的同時，我們也在長期優先事項上取得了穩步進展。其中包括投資旅行體驗、擴大客戶選擇、加深對達美航空品牌的忠誠度以及在航班之外吸引客戶。

In the air, we continue to invest in expanding premium cabins and are elevating the Delta One experience with new premium amenities and a rollout of fast free Wi-Fi for SkyMiles members is nearly complete.

在空中，我們繼續投資擴大高階客艙，並透過新的高階設施提升達美航空至臻商務艙的體驗，並且為「飛凡哩程常客計畫」會員推出的高速免費 Wi-Fi 也已接近尾聲。

On the ground, we're expanding our clubs and premium lounge footprint. Just a few weeks ago in Seattle, we opened a new Sky Club and our fourth Delta One lounge. With 57 clubs and lounges, Delta customers have access to the largest and most awarded lounge network of any US airline. We are also growing the value of SkyMiles memberships by expanding ways to earn miles beyond travel, including our newest partnership with Uber, which launched during this quarter.

在地面上，我們正在擴大我們的俱樂部和高級休息室的覆蓋範圍。就在幾週前，我們在西雅圖開設了一個新的天空俱樂部和第四個達美航空至臻商務艙休息室。達美航空擁有 57 個俱樂部和休息室，乘客可以享受美國航空公司中最大、獲獎最多的休息室網路。我們也透過拓展旅遊以外的哩程累積方式來提升「飛凡哩程常客計畫」會員的價值，包括本季與優步建立的最新合作關係。

In closing, our consistent and proven strategy is delivering a sustained unit revenue premium and returns well in excess of our cost of capital. Our ability to deliver these strong results while the broader industry works to reestablish equilibrium underscores Delta's growing differentiation and enduring leadership position.

最後，我們一貫且行之有效的策略是提供持續的單位收入溢價和遠超資本成本的回報。在更廣泛的產業努力重建平衡的同時，我們能夠取得這些強勁的業績，這凸顯了達美航空日益增長的差異化和持久的領導地位。

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

接下來，我將把話題交給丹來談談我們的財務狀況。

Thank you, Glenn, and good morning, everyone. For the June quarter, we delivered pre-tax income of $1.8 billion with an operating margin of 13.2% and earnings of $2.10 per share consistent with our April guidance. Non-fuel unit cost growth of 2.7% was similar to the March quarter.

謝謝你，格倫，大家早安。6 月季度，我們的稅前收入為 18 億美元，營業利潤率為 13.2%，每股收益為 2.10 美元，與 4 月的預期一致。非燃料單位成本成長率為 2.7%，與 3 月季度持平。

Cost execution continues to be an important focus across the enterprise. I'd like to thank the teams for delivering strong results in line with our expectations despite a challenging operating environment. Severe weather impacted operations throughout the quarter, with the number of irregular operation days more than 50% higher than last year and our historical average.

成本執行仍然是整個企業關注的重點。我要感謝團隊在充滿挑戰的營運環境中取得了符合我們預期的出色業績。惡劣天氣影響了整個季度的運營，不正常運營天數比去年和歷史平均高出 50% 以上。

For the first half of the year, operating cash flow was $4.3 billion. And after reinvesting $2.3 billion in the business, we generated free cash flow of $2 billion. Strong cash generation supported debt paydown of $1.5 billion through the first half with gross leverage ending at 2.5 times.

上半年，營運現金流為43億美元。在對業務進行23億美元的再投資後，我們產生了20億美元的自由現金流。強勁的現金產生能力支持公司上半年償還了 15 億美元的債務，總槓桿率達到 2.5 倍。

After reinvesting in the business, debt reduction remains our top capital allocation priority. Delta is investment grade rated at all three major credit agencies, has a fully funded pension and significant uncovered assets and secured debt capacity.

在對業務進行再投資後，減少債務仍然是我們資本配置的首要任務。Delta 在三大信用評級機構中均獲得投資等級評級，擁有資金充足的退休金和大量未擔保資產及擔保債務能力。

In addition to using cash flow for debt maturities, we are opportunistically pre-paying and refinancing high costs debt where we can drive economic benefit. During the quarter, we successfully completed a $2 billion unsecured note offering and achieved a blended rate of 5.1%. This transaction creates a marker for the industry and demonstrates the strength of our investment-grade balance sheet, which has an average cost of debt of 4.6%.

除了利用現金流償還債務外，我們還在機會主義地預付和再融資高成本債務，以獲得經濟效益。本季度，我們成功完成了 20 億美元的無擔保票據發行，並實現了 5.1% 的混合利率。此次交易為該行業樹立了標桿，並證明了我們投資等級資產負債表的實力，平均債務成本為 4.6%。

At the same time, we are committed to shareholder returns. We recently announced a 25% increase to our quarterly dividend starting in the third quarter, bringing our annual commitment to approximately $500 million. And at our current price this puts our annualized dividend yield at 1.5%, and that's ahead of the S&P 500 average.

同時，我們致力於股東回報。我們最近宣布，從第三季開始，季度股息將上調25%，使我們的年度承諾股息達到約5億美元。以目前股價計算，我們的年化股息殖利率達到1.5%，高於標準普爾500指數的平均值。

Now turning to our outlook. For the September quarter, we expect earnings of $1.25 to $1.75 per share and a 9% to 11% operating margin, and that's compared to 9.4% last year. As Glen discussed, our outlook for revenue growth is flat to up 4% compared to last year. On the cost side, we continue to execute well and make progress on driving efficiency. We expect third quarter will mark our strongest cost performance of the year with non-fuel unit costs flat to down compared to 2024.

現在轉向我們的展望。對於 9 月當季，我們預計每股收益為 1.25 美元至 1.75 美元，營業利潤率為 9% 至 11%，而去年為 9.4%。正如格倫所說，我們預計收入成長與去年持平，但增幅為4%。在成本方面，我們持續保持良好執行，並在提升效率方面取得進展。我們預計第三季將是我們今年成本表現最強勁的季度，非燃料單位成本與 2024 年相比將持平或下降。

We are effectively managing the levers within our control, reducing capacity growth post summer and managing our cost base to deliver on our long-term targets of low single digit non-fuel unit cost growth. We expect our performance to lead the industry and year-over-year unit cost growth for the second consecutive year, improving our relative cost position.

我們正在有效地管理我們控制範圍內的槓桿，減少夏季後的產能成長，並管理我們的成本基礎，以實現非燃料單位成本成長率保持在個位數的長期目標。我們預計我們的業績將連續第二年引領產業，單位成本年增，從而改善我們的相對成本地位。

With a stable demand environment, a more constructive industry supply backdrop, strong cost execution and current fuel prices, we are positioned to deliver full-year results that reflect Delta's growing differentiation and durability.

在穩定的需求環境、更具建設性的產業供應背景、強勁的成本執行和當前的燃料價格的幫助下，我們有能力實現全年業績，以反映達美航空日益增長的差異化和持久性。

For the full year, we expect to deliver earnings per share of $5.25 to $6.25 and free cash flow of $3 billion to $4 billion. This free cash flow outlook is within our long-term target and enables us to pay down $3 billion of debt while also returning cash to shareholders.

我們預計全年每股收益為 5.25 美元至 6.25 美元，自由現金流為 30 億美元至 40 億美元。這一自由現金流前景符合我們的長期目標，使我們能夠償還 30 億美元的債務，同時向股東返還現金。

Looking beyond 2025, we remain confident in our ability to achieve our long-term financial targets we outlined last November, delivering a margin expansion, durable earnings and cash flow, and reducing leverage to the lowest level in company's history.

展望2025年後，我們仍有信心實現去年11月所訂定的長期財務目標，即提高利潤率、實現持久的獲利和現金流，並將槓桿率降至公司歷史上的最低水準。

This confidence is grounded in Delta's enduring competitive advantages, positioning us to generate sustained value for our owners. In closing, I want to extend my sincere thanks to the entire Delta team for their dedication to one another and to our customers, especially during this busy summer travel season.

這種信心源自於達美航空持久的競爭優勢，使我們能夠為業主創造持續的價值。最後，我要向整個達美航空團隊表達誠摯的感謝，感謝他們為彼此以及為我們的客戶所付出的奉獻，尤其是在這個繁忙的夏季旅行季節。

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. Matthew, can you please remind the analysts how to enter the question queue.

謝謝你，丹。馬修，您能否提醒分析師如何進入提問隊列。

(Operator Instructions) Ravi Shanker, Morgan Stanley.

（操作員指示） 摩根士丹利的 Ravi Shanker。

Ed or Glen, I think you said in your prepared remarks that you're encouraged by industry supply actions, especially lower end capacity coming out. Can you elaborate on that a little bit more and give us your thoughts on industry capacity in 3Q and 4Q? Do you think we are at a point that we were at last summer where demand and supply came into balance and that was supportive of RASM even in a falling jet fuel environment?

艾德或格倫，我想你們在準備好的發言中說過，你們對產業供應行動感到鼓舞，尤其是低端產能的釋放。您能否進一步闡述一下，並談談您對第三季和第四季產業運力的看法？您是否認為我們現在處於去年夏天那樣的供需平衡點，即使在航空燃油價格下跌的環境下，這也對RASM（遠程短程運輸）有利？

Hey, Robby. It's Glen. When you look back, I think when you look back into April for domestic, for example, we were -- industry was up around [3%]. And as you move forward through the period between May, June, July, August, and then into September, it appears as though the industry has taken 4 points of capacity out. And by the time we hit September, domestic industry seats are actually down close to 1%.

嘿，羅比。是格倫。回顧一下，比如說，4月份國內航空業的客座率成長了約[3%]。而隨著5月、6月、7月、8月以及9月的推進，國內航空業的運能似乎下降了4個百分點。到了9月份，國內航空業的客座率實際上下降了近1%。

So that's a significant reduction in capacity, and it's a significant reduction in off-peak capacity that's even greater than that. So I think the industry has done an amazing job. And as you know, I've been in this business quite a long time and I've really never seen that amount of capacity come out in a non-recessionary environment, and I don't think anybody's predicting that we're in a recession. So I think this is a really good indication that the industry is doing what it needs to do to restore profitability.

因此，這是容量的大幅減少，而且非高峰容量的大幅減少甚至更為嚴重。所以我認為這個行業做得非常出色。正如你所知，我在這個行業工作了很長時間，從未見過在非經濟衰退時期出現如此大規模的產能釋放，而且我認為沒有人預測到我們會陷入經濟衰退。所以我認為這是一個很好的跡象，表明該行業正在採取必要措施來恢復盈利能力。

Understood. That's really helpful. Maybe for a follow up, Glen, can you just give us a little more color on the cabin segmentation? Again, how that's being received? What that means for premium cabin? And also there's speculation that you guys may launch a new ultra premium credit card. So how do you think about premium cabin economics over the next couple of quarters?

明白了。這真的很有幫助。格倫，接下來，您能否再跟我們講講客艙劃分的細節？大家對此的接受程度如何？這對高階艙位意味著什麼？另外，還有傳言說你們可能會推出一張新的超高階信用卡。那麼您如何看待未來幾季的高級客艙經濟狀況？

Well, premium has certainly been where our margins have continued to expand. And so, we're highly focused on continuing to provide improved service to those customers and more segmentation. And I think the segmentation that we've done in main cabin is kind of the template that we're going to bring to all of our premium cabins over time because different people have different needs.

嗯，高端產品肯定是我們的利潤持續擴大的來源。因此，我們高度重視繼續為這些客戶提供更好的服務和更多的細分。我認為，我們在主艙進行的細分是一種模板，隨著時間的推移，我們將把它推廣到所有的高級艙位，因為不同的人有不同的需求。

And the more choices we can give customers with the more price points that provide value, the better I think the answer is going to be for Delta and for our customers. So it's all about giving people more choice, more pricing options, and more products and services in every cabin.

我認為，我們能為顧客提供的選擇越多，價格越有價值，對達美航空和我們的客戶就越有利。因此，我們的宗旨是為乘客提供更多選擇、更多定價選項以及每個艙位的更多產品和服務。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

A question for Glen, and thanks to Ravi because it was a good lead in. So the spread between premium growth and the cabin contraction widened to 10 points in the second quarter. The spread has been accelerating for the past several quarters, but it seems that this is a little bit more about main cabin weakness than just premium resilience.

向 Glen 提一個問題，感謝 Ravi，因為這是一個很好的引導。因此，第二季保費成長與客艙萎縮之間的差距擴大至 10 個百分點。過去幾個季度，價差一直在加速擴大，但這似乎更多的是由於主艙的疲軟，而不僅僅是高端艙的彈性。

So can I ask if premium trends, whether you define that by revenue or maybe I don't know, payload factor, did it match your expectations in the second quarter? And is it safe to assume given your earlier commentary that we see at least another quarter of expansion?

那麼我可以問一下，保費趨勢，無論您是透過收入還是我不知道的有效載荷因素來定義的，它是否符合您第二季度的預期？根據您先前的評論，我們是否可以安全地假設我們至少會看到另一個季度的擴張？

I think there's nothing in any of the forward bookings that would have us indicate that there's a diminishing demand for premium cabins or services. And so, as we continue to re-evaluate even now the [loop is] on the airplanes and put more and more premium, we are able to do two things.

我認為，任何提前預訂的情況都表明，對高級艙位或服務的需求正在減少。因此，當我們繼續重新評估飛機上的[循環]並投入越來越多的資金時，我們能夠做兩件事。

One is sell more of it, and two is accommodate more of our heaviest frequent flyers with upgrades, which is something we want to continue to do to provide additional value to them. So we're very excited about where we sit today and we're very excited about the possibilities moving forward.

一是銷售更多機票，二是為更多最常搭乘飛機的常旅客提供升等服務，我們希望繼續這樣做，為他們提供額外的價值。因此，我們對目前的狀況感到非常興奮，我們對未來的可能性感到非常興奮。

Okay. And then a follow up for you, Glenn, or maybe this is for Ed. One of the post-COVID realities was workplace mobility, flexibility, the advent of [bleezer] and Ed, I know you're not a fan of that term, neither am I, but when I think of the return to office trends -- and look, maybe biased, my company has certainly been vocal on this topic.

好的。接下來是Glenn，或者說Ed的後續問題。後疫情時代的現實之一是工作場所的流動性、靈活性，以及[bleezer]的出現。 Ed，我知道你不喜歡這個詞，我也不喜歡，但當我想到重返辦公室的趨勢時——你看，也許有偏見，我的公司確實在這個話題上直言不諱。

But I guess the question is whether your demand forecasts are at all tempered by the fact that at least for some of us we can't escape to Europe with impunity the way we might have a year or two ago. Any thoughts on that? And maybe I'm just projecting.

但我想問題在於，您的需求預測是否會受到以下事實的影響：至少對我們中的一些人來說，我們不能像一兩年前那樣毫無顧忌地逃到歐洲。對此有什麼想法嗎？或許我只是在推測。

I think a little bit you're projecting. I think the workplace under any circumstances has become more flexible than it was pre-pandemic. And people while they may be required to be in the office a few days a week, all the way up to five days a week, all of us, I think, have more flexibility on being places we want to be, and we continue to see that embedded in the demand strength here.

我覺得你有點在做推測。我認為，在任何情況下，工作場所都比疫情前更有彈性。儘管人們可能需要每週在辦公室待幾天，甚至五天，但我認為，我們所有人都可以更靈活地選擇自己想待的地方，而且我們繼續看到這一點體現在對辦公室的需求強度中。

And I don't think -- the offset of that is as people continued to return to the office this fall, there could be even more upside in the business travel. We don't have that in our forecast, but we'll see. We're optimistic that business has been pretty resilient through this part of the demand set and hopefully it accelerates as we move into the fall.

而且我認為，隨著人們今年秋天繼續返回辦公室，商務旅行可能會有更大的成長空間。我們的預測中沒有這一點，但我們會看到。我們樂觀地認為，在這一部分需求中，業務表現得相當有彈性，並且希望隨著秋季的到來，業務成長能夠加速。

And Jamie, this is Ed. I'll tag on to Glen's comments with one additional thought. We shouldn't lose sight of the fact that business travel, while it is returned, is still very much in line with where it had been versus where the size of the economy is today, particularly the growth rate.

傑米，我是艾德。我接著格倫的評論，補充一點想法。我們不應忽視這樣一個事實：商務旅行雖然有所恢復，但與目前的經濟規模（尤其是增長率）相比，仍然與以前的水平基本一致。

So on any true comp, you have easily another 15% or 20% of business travel that isn't being done, that used to be done. And I think with all the new tools and flexibility models and being in person is more important than ever in this turbulent world. I think there's going to be a lot more opportunity yet to see business growth.

所以，在任何一家真正的公司，你很容易就會發現，過去常進行的商務旅行現在反而減少了15%或20%。我認為，在這個動盪的世界裡，有了各種新工具和靈活的模式，面對面交流比以往任何時候都更重要。我認為，未來將有更多的機會實現業務成長。

David Vernon, Bernstein.

大衛‧弗農，伯恩斯坦。

So first question on the capacity outlook as we're looking at the second half of the year. I mean, clearly there's no explicit guidance around what the capacity is going to look like. I'm kind of wondering how much of the guide for improving unit revenue trends is based on what you think you can control in your network versus what you're expecting peers to do on the capacity front.

第一個問題是關於下半年的產能前景。我的意思是，顯然目前還沒有關於容量的明確指導。我有點好奇，改善單位收入趨勢的指南有多少是基於你認為在自己的網路中可以控制的內容，而不是你對同業在容量方面所做的預期。

I'm sorry, you were kind of fading out at the end of that question. Could you just repeat?

抱歉，你回答完這個問題之後就有點失神了。你能再說一次嗎？

Yeah. I'm trying to figure out how much of the guide for 2H is based on what you think you can control in your network versus what you're expecting peers to do on the capacity front, right? Are you building the forecast based on what you're expecting the industry to do or based on what you think you can do within your customers in your network?

是的。我想弄清楚 2H 指南有多少是基於您認為您可以在網路中控制的內容以及您期望同行在容量方面所做的事情，對嗎？您是根據對行業的預期來製定預測，還是根據您認為您可以在網路中的客戶身上做什麼來制定預測？

I think it's a combination of both. We certainly know what we can control, and there are pieces that we don't control, which is the other airlines' capacity. But from what we see in the open for sale tapes, and we think it's probably loaded well through September at this point. There's probably some more adjustments that need to come in the back half of the year, October through December.

我認為這是兩者的結合。我們當然知道我們能控制什麼，也有一些我們無法控制的部分，那就是其他航空公司的運能。但從我們在公開銷售的錄影帶中看到的情況來看，我們認為目前為止，錄影帶的裝載量可能已經達到九月的水平。今年下半年（十月至十二月）可能還需要一些調整。

And what other carriers are saying about their capacity levels. So I feel it's a combination of both. Certainly, we can control what we can control in our customer base, but also we're responding to what the macro environment is for all capacity in the industry.

以及其他承運商對其運力水準的評價。所以我覺得這是兩者的結合。當然，我們可以控制客戶群中我們可以控制的內容，但我們也在對產業中所有產能的宏觀環境做出反應。

All right. Thanks for that. And then maybe it is a bigger picture question on aircraft deliveries, right? Last time we spoke, the tariff news had just hit and people were kind of trying to figure out what this is going to mean.

好的。謝謝。那麼這也許是關於飛機交付的一個更大的問題，對嗎？上次我們談話時，關稅消息剛剛傳出，人們都在試圖弄清楚這意味著什麼。

Do you have any updated thoughts on how tariffs are going to impact the order book? And what are the discussions that you're having right now around -- with the industry or with the government around trying to make sure we don't see disruptions in the order book?

您對關稅將如何影響訂單有什麼最新看法？您目前正在與業界或政府進行哪些討論，以確保訂單不會中斷？

Well, my thoughts, David, haven't changed. We're not planning on paying any tariffs for aircraft deliveries, and that's a pretty strong point of view here on the Delta side. That said, we are encouraged by the progress that we see happening in the discussions in Washington.

嗯，大衛，我的想法沒有改變。我們不打算為飛機交付支付任何關稅，這是達美航空非常堅定的觀點。儘管如此，我們對華盛頓討論的進展感到鼓舞。

We are heartened by the UK, US acknowledgement in the recent trade agreement that the 1979 Aviation Act where there would be no tariffs on a reciprocal basis would be honored, and we hope that template will continue in future negotiations.

我們很高興看到英國和美國在最近的貿易協定中承認將遵守1979年《航空法》，該法案規定在互惠基礎上不徵收關稅，我們希望這一模板能夠在未來的談判中繼續沿用。

Our industry is one that's maybe unique in our country's economy, in which the size of the surplus that we throw off, given the strength of our industry for aviation and aerospace is the largest in the world, and this is not an area where tariffs would do anything but hurt US companies and consumers.

我們的產業可能是我國經濟中獨一無二的產業，鑑於我國航空航太產業的實力，我們所擺脫的盈餘規模是世界上最大的，而在這個領域，徵收關稅只會損害美國公司和消費者的利益。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

I wanted to touch in on your comment on Fetcherr. I think back at the Investor Day, you mentioned that their revenue management solutions were being deployed on about 1% of the network. I wondering if you could tell us where that number stands today and then just provide a little more details on what you've learned with another six months of experimenting with AI and revenue management.

我想談談您對 Fetcherr 的評論。我回想起在投資者日，您提到他們的收入管理解決方案已部署在約 1% 的網路上。我想知道您是否可以告訴我們這個數字目前處於什麼水平，然後提供一些更詳細的信息，說明您在接下來的六個月裡對人工智慧和收入管理進行實驗後學到了什麼。

So today, we're about 3% of domestic, and our goal is to have about 20% by the end of the year, and that's a goal. I mean, we can report back on what the actual numbers are, but you have to train these models as you might -- and you have to give it multiple opportunities to provide different results. So we're in heavy testing phase. We like what we see.

所以今天，我們的國內市佔率大約是 3%，我們的目標是到今年年底達到 20% 左右，這是一個目標。我的意思是，我們可以報告實際數字，但你必須盡可能地訓練這些模型——並且你必須給它多次機會來提供不同的結果。所以我們正處於嚴格測試階段。我們喜歡我們所看到的。

We like it a lot, and we're continuing to roll it out, but we're going to take our time and make sure that the rollout is successful as opposed to trying to rush it and risk that there are unwanted answers in there. So the more data it has and the more cases we give it, the more it learns, and we're really excited about it and we're really excited about partnering with Fetcherr.

我們非常喜歡它，並且正在繼續推出它，但我們會花時間確保推出成功，而不是試圖倉促推出並冒著出現不想要的答案的風險。因此，它擁有的數據越多，我們提供的案例越多，它學到的就越多，我們對此感到非常興奮，我們也對與 Fetcherr 合作感到非常興奮。

Okay. That's really helpful. Thank you so much. And then just as a follow up, you sounded constructive on corporate today. I'm just curious what you're hearing from some of your key accounts for the post Labor Day environment and then how you're characterized demand across some of the different sectors like financial services, tech, autos, agriculture, et cetera. Thanks again for the time.

好的。這真的很有幫助。太感謝了。然後作為後續問題，您今天對公司的看法聽起來很有建設性。我只是好奇您從一些主要客戶那裡聽到了什麼有關勞動節後環境的消息，以及您如何描述金融服務、科技、汽車、農業等不同領域的需求。再次感謝您抽出時間。

Sure. Most of our survey results indicate that people are going to spend the same or more, and they usually do that. So we'll see as it materializes. But as far as the sectors go, really the favorable sectors are banking, consultancies and technology, and the laggards are autos and manufacturing, which is kind of surprising given the way that the government is trying to bring manufacturing back. So hopefully, those will turn around here in the not-too-distant future.

當然。我們的大多數調查結果表明人們的支出將保持不變甚至更多，而且他們通常確實如此。因此我們將拭目以待它的實現。但就產業而言，真正表現良好的產業是銀行業、顧問業和科技業，而表現落後的產業是汽車業和製造業，考慮到政府正試圖恢復製造業，這有點令人驚訝。所以希望在不久的將來這些情況能夠被扭轉。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

So Ed, you mentioned on TV this morning that you see the consumer pullback starting to wane here. What are the biggest data points that you see driving it today? And can you potentially quantify what you see in your booking curves to support that right now?

艾德，你今天早上在電視上提到，你看到這裡的消費者回落開始減弱。您認為目前推動此趨勢的最大數據點是什麼？您能否量化您在預訂曲線上看到的數據來支持這一趨勢？

Sure, Andrew. I'm talking not specifically as much to the airline industry, I think the consumer data broadly. If you look at any measure of consumer confidence, it certainly took a big dip in the early part of the year and then again in April after the Liberation Day announcements were made, and it's been slowly starting to climb back.

當然，安德魯。我並不是專門針對航空業，而是廣泛地談論消費者數據。如果你觀察任何消費者信心指標，它肯定會在今年年初大幅下降，然後在四月份解放日公告發布後再次下降，現在正在緩慢回升。

I think our consumer particularly who I'm also speaking to is a consumer that has not been nearly as impacted by many of the consumers that are pulling down some of those surveys that be the lower income survey. Our target consumer is a household with $100,000 or more of annual earnings, which is not by the way an elite definition, that's 40% of all US households.

我認為我們的消費者，特別是我正在交談的消費者，並沒有受到許多消費者的影響，這些消費者正在拉低一些調查，即低收入調查。我們的目標消費者是年收入 10 萬美元或以上的家庭，這並不是精英定義，而是占美國家庭總數的 40%。

And that cohort has accumulated a significant amount of wealth in the post-COVID era, and we were worried, I think, in the earlier part of the year about the wealth effect that's going on in the markets and other financial instruments, but that's corrected itself, the markets beyond where it was even at the start of the year.

這群人在後疫情時代累積了大量財富，我認為，我們在今年稍早擔心市場和其他金融工具中正在發生的財富效應，但這種擔憂已經得到糾正，市場甚至超過了年初的水平。

So we look at a lot of data points. We talked to a lot of businesses, a lot of leaders and there's a growing sentiment of confidence moving forward and ready to move our economy forward. One other thing that I did get a chance to talk about this morning, the first-quarter actual results came in and the economy actually shrank a bit, just a tad the US economy.

所以我們查看了很多數據點。我們與許多企業、許多領導人進行了交談，他們對未來的信心日益增強，並準備推動我們的經濟向前發展。今天早上我確實有機會談論的另一件事是，第一季的實際結果已經出爐，經濟實際上有所萎縮，只是美國經濟萎縮了一點點。

And you know how highly correlated airline revenues are to the overall economy. The most recent Fed data is expecting in the second quarter and the full year overall US economic growth to decline, but still be positive at 1.5 percentage point. So you have a lot of data in there and you try to read through that, but there seems to be growing optimism, but clearly, we still have a long ways to go.

你知道航空公司收入與整體經濟的相關性有多高。聯準會最新數據預計第二季及全年美國經濟整體成長率將出現下降，但仍能維持1.5個百分點的正成長。因此，你擁有大量的數據，並且你嘗試閱讀這些數據，但似乎樂觀情緒正在增長，但顯然，我們還有很長的路要走。

And if I could just add to it, I've been hoping we get a question in regards -- we had our highest cash sales day in the month of July -- for the month of July in the 100-year history yesterday. So advanced bookings are doing well, and people are starting. I think at the beginning when people were fearful, we saw the further out bookings going away. We see those starting to return again and hopefully those trends continue.

如果我可以補充一點的話，我一直希望我們能問一個問題——昨天是我們七月現金銷售額最高的一天——也是一百年來七月份的最高紀錄。所以提前預訂的情況很好，人們也開始預訂了。我想，一開始大家很擔心的時候，看到提早預訂的情況正在減少。我們看到這些開始再次回歸，希望這些趨勢能持續下去。

Got it. Thank you for those thoughts. And just add the $3 billion to $4 billion of free cash flow in this environment, I think, is pretty powerful. I know you've been repaying debt. You increased the dividend, but how should we think about the deployment of future cash flow, particularly in respects to a buyback here? Thank you.

知道了。謝謝你的想法。我認為，在這種環境下，只要加上 30 億至 40 億美元的自由現金流，就已經非常強大了。我知道你們一直在償還債務。你們增加了股息，但我們應該如何考慮未來現金流的配置，尤其是在回購方面？謝謝。

Well, as you know, Andrew, we did file a shelf for a $1 billion buyback. In this environment, our priority continues to be debt repayment and the growth we recently announced around the dividend. It's a three-year shelf. I fully anticipate over the course of the three years, we will exercise it for share repurchases. But in the interim period, we're still heavily focused on debt reduction.

嗯，正如你所知，安德魯，我們確實申請了 10 億美元的回購。在這種環境下，我們的首要任務仍然是償還債務和實現我們最近宣布的股息成長。保存期限為三年。我完全預計在未來三年內，我們將行使這項權利進行股票回購。但在此期間，我們仍將重點放在減少債務上。

Conor Cunningham, Melius Research.

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

I've had a lot of questions on visibility today. And so I'm just trying to get a little bit more confidence in. I know you're not guiding 4Q, but you can back into it, obviously. And your assumptions kind of assume a fairly substantial -- I don't want to say substantial, but a pretty meaningful move in unit revenue performance, maybe an inflection in the fourth quarter.

我今天收到了很多關於可見性的問題。所以我只是想多一點信心。我知道你沒有指導 4Q，但顯然你可以回到它。您的假設有點假設了相當大的——我不想說是相當大的，但單位收入表現有一個相當有意義的變化，也許是第四季度的一個拐點。

So just trying to understand, can you just frame up the confidence there? It just seems like it's much more US domestic focused now than it is internationally. Maybe you could talk about the geographies within the context of what you're seeing in 4Q. I know it's early. Thank you.

所以只是想了解一下，你能建立起信心嗎？現在看起來它更關注美國國內而非國際。也許您可以結合您在第四季度看到的情況來談談地理位置。我知道還早。謝謝。

Sure. I think we have the most visibility on long-haul international, which is inflecting up as you head out of the peak summer into the shoulder season. So that's part of the base of what we see transforming to a better result in the fourth quarter than the third quarter in terms of unit revenue performance.

當然。我認為我們在長途國際航班上擁有最高的知名度，隨著夏季旺季的到來，長途國際航班的數量正在上升。因此，就單位收入表現而言，這是我們看到的第四季業績優於第三季的部分原因。

And then, of course, the domestic is hopefully going to inflect back to positive year. And all trends are forward bookings indicate that it is moving in the right direction. And sometime this fall, I would believe that we would inflect back into positive. I'm not predicting the date yet, but the indications of the early bookings are of much better days than we had for the peak summer at 60 or 90 days out.

當然，國內市場預計今年回暖，轉為正成長。所有趨勢都表明，預訂量正在朝著正確的方向發展。我相信，今年秋天的某個時候，我們的情況會重新變得積極。我還沒有預測日期，但早期預訂的情況表明，情況比 60 或 90 天前的夏季高峰期好得多。

And Conor, this is Ed. To add on to that, it's also one of the reasons we gave a pretty wide range in terms of the full-year guidance. I know everyone focuses on the midpoint. We're not that good in terms of that level of accuracy, and we do have a pretty wide range still given we know there's a lot more to come yet.

康納，這是艾德。另外，這也是我們給出全年業績指引範圍如此廣泛的原因之一。我知道每個人都關注中間點。就這種準確度而言，我們還不是那麼好，而且我們的範圍仍然很廣，因為我們知道還有很多事情要做。

Okay. And maybe I can go back to Andrew's comments on free cash flow. The $3 billion to $4 billion, it's great that we're talking about that again. I'm just trying to understand, it seems somewhat counter seasonal in the second half. And I was hoping you could just bridge to how you get there, driving the incremental $1.5 billion.

好的。也許我可以回顧一下安德魯關於自由現金流的評論。30億到40億美元，我們再次談論這個話題真是太好了。我只是想知道，下半年的情況似乎有點反季節。我希望你能闡明如何實現這一目標，推動 15 億美元的增量。

Is there something within the tax code, the changes to the tax bill, that drive up that a little bit? And maybe you can give an assumption around your long-term cash taxes, just given the new tax bill. That would be helpful. Thank you.

稅法中是否存在某些內容，或稅單的哪些變化，會稍微提高這個數字？也許您可以根據新的稅法對您的長期現金稅做出一個假設。那將會很有幫助。謝謝。

Yeah. Conor, thank you. Maybe a couple of things. I'll start with taxes, just to clear that and then move to the cash flow drivers on. Cash taxes as we talked about last November and came into the year, we expected to be a cash taxpayer in the mid single-digit level this year. But with both the change in the demand and profitability environment, that won't transpire. And now, we get the benefit of [permanency] or close to permanency as it relates to depreciation acceleration. So that will at least be deferred a full year.

是的。康納，謝謝你。也許有幾件事。我先從稅收開始，先把這個問題弄清楚，然後再討論現金流驅動因素。正如我們去年11月討論過的，以及今年年初，我們預計今年的現金稅額將達到個位數左右。但由於需求和獲利環境的變化，這種情況不會發生。現在，我們獲得了與折舊加速相關的[永久性]或接近永久性的好處。因此，這至少會推遲整整一年。

So potentially, a low single digit, single-digit cash taxpayer next year, and then that would march up over a longer-term period, multiple year period to mid-teens is how we see it today. But that will adjust as we learn more and look at our growth plans and our fleet plans associated with that in the underlying business.

因此，潛在的情況是，明年納稅人的現金收入將處於個位數的低位，然後，在較長時期內，即多年期內，這一數字將上升至十幾歲左右，這就是我們今天看到的情況。但隨著我們了解更多資訊並審視與基礎業務相關的成長計劃和車隊計劃，情況將會進行調整。

As it relates to cash flow, think about where we were through the half at $2 billion, things that as we go into the back half of the year, we're currently looking at all our investments and the pacing of that, and that's one lever that we have.

至於現金流，想想我們上半年的現金流是 20 億美元，進入下半年後，我們正在審視所有的投資及其節奏，這是我們掌握的槓桿。

Also, the $2 billion in the first half was impacted by the compression of the booking curve. And you think about that where you would have been, that was $400 million, $500 million associated with that. So any type of normalization benefits with that. And then third and one of our larger levers that we continue to have continues to be the working capital that we've built up in our operation as we restored the network.

此外，上半年的 20 億美元也受到預訂曲線壓縮的影響。你想想看，那將會花費 4 億美元、5 億美元。因此任何類型的規範化都會受益。第三，也是我們繼續擁有的更大的槓桿之一，就是我們在恢復網路時在營運中累積的營運資金。

And our operation and the teams are continuing to work on things across our operations, but particularly in maintenance and even with our third-party MRO activity where we've carried a lot of material, and we have the opportunity to continue as we reduce turnaround times and other elements to release that capital that we built up through the last few years and relate that back into cash flow.

我們的營運和團隊正在繼續致力於整個營運工作，特別是在維護方面，甚至在我們承載大量材料的第三方 MRO 活動中，我們有機會繼續減少週轉時間和其他因素，以釋放我們在過去幾年中積累的資本，並將其重新轉化為現金流。

And that's true both across our operations crew, also true with other elements of the business. So we're working all those levers and feel confident in the $3 billion to $4 billion range.

這不僅適用於我們的營運團隊，也適用於業務的其他部門。因此，我們正在利用所有這些手段，對 30 億至 40 億美元的規模充滿信心。

Duane Pfennigwerth, Evercore ISI.

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

I wanted to ask you a couple of credit card related questions, a data question and a growth question. Maybe for Glen. First, on the data, it just feels like there's a lot more credit card spend data swirling around. Many of the firms on this call are saying their client's data monthly or maybe even weekly.

我想問您幾個與信用卡相關的問題、一個數據問題和一個成長問題。也許是為了格倫。首先，從數據上看，感覺好像有大量的信用卡消費數據在流傳。參加此次電話會議的許多公司都每月甚至每週提供其客戶的數據。

What do you think the limitations of this credit card data might be? And I'm thinking about maybe different segments of customers or changes in the booking curve. What do you think the data might be missing?

您認為這些信用卡資料的限制是什麼？我考慮的可能是不同的客戶群或預訂曲線的變化。您認為數據可能缺少什麼？

I haven't spent a lot of time thinking about the data that comes out from others. I watched a comment this morning on somebody talking about credit card spend and that it was much worse at the lower end of the spectrum than it was at higher end.

我沒有花很多時間去思考別人得出的數據。今天早上我看到一則評論，有人在談論信用卡消費，說低端的情況比高端的情況要糟糕得多。

And I think that's what we are indicating here is we have the higher end. The higher end seems to feel more comfortable and is actually growing their disposable income. And so, I think when you look at all those numbers, it's an amalgamation of a lot of subsets that we don't have.

我認為這就是我們在這裡要表明的，我們擁有更高的端。較高端的人群似乎感覺更舒適，他們的可支配收入實際上正在增加。因此，我認為當你查看所有這些數字時，你會發現它是許多我們沒有的子集的融合。

That's helpful. And then on your own co-brand, I think we understand or appreciate the competitive dynamics within the airline industry, but how do you think about Delta's competitive advantages outside of the airline industry as we see high-end cards, maybe high-end clubs, but not attached specifically to an airline brand.

這很有幫助。然後關於您自己的聯合品牌，我想我們了解或欣賞航空業內部的競爭動態，但是您如何看待達美航空在航空業之外的競爭優勢，因為我們看到高端卡，也許是高端俱樂部，但並不專門與航空品牌相關。

Right? We spend a lot of time thinking about this and how we can continue to enhance the benefits. And I'll just give you a satisfaction number. Holders of our card have had the highest satisfaction in history of our card in the last quarter.

正確的？我們花了很多時間思考這個問題以及如何繼續提高效益。我只會給你一個滿意的數字。上個季度，我們的持卡人對我們卡片的滿意度達到了歷史最高水準。

So continuing to innovate on the product side, continuing to provide value that the people outside of our business can't provide, whether or not it's club access, whether or not it's Skytrax. And I think the totality of what we're offering our consumer is well received, and it results in us having continued high levels of acquisition and continued high levels of spend.

所以，我們會繼續在產品方面進行創新，繼續提供我們業務以外的其他人無法提供的價值，無論是俱樂部會員，還是Skytrax認證。我認為，我們為消費者提供的所有服務都很受歡迎，這也讓我們維持了持續的高客戶獲取率和高支出水準。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Despite a tough operational environment in the quarter, especially in Atlanta at the close of the quarter, your [ASM] came in line with plan. What else went better in the quarter to maybe offset some of those operational challenges? And do you think you can keep that momentum up going forward?

儘管本季的營運環境艱難，尤其是季末亞特蘭大的營運環境，但您的 [ASM] 仍符合計畫。本季還有哪些進展可以抵銷部分營運挑戰？您認為您能繼續保持這種勢頭嗎？

As it relates to operational performance, I think this is consistent with what you've seen over the last 12, 18, 24 months from the team, just good line of sight to things where we can drive efficiency across the operation. And those types of things are what offsets.

就營運績效而言，我認為這與您在過去 12、18、24 個月中從團隊中看到的情況一致，這為我們能夠提高整個營運效率提供了良好的視角。而這些事情就是抵銷因素。

Normally, you have the events that we had in the abnormal irregular operations and losing some of the ASM and you'd have a point impact, and our teams are able to execute through that because they're working on a whole basket of efficiency opportunities.

通常情況下，我們會遇到一些異常的不規則操作事件，失去一些 ASM，這會產生一定的影響，但我們的團隊能夠克服這些影響，因為他們正在努力尋找各種提高效率的機會。

And for instance, you see it in the line items of the SEC, you see maintenance down, the tech ops team, and we've talked about it, where we've had their cost at a high point over the last couple of years and last year hitting it and with volume and with improvement in efficiency and turnaround and other factors are getting more effective associated with that and you pick up that benefit. So those types of things that the teams are working on and working on those basket of opportunities.

例如，您可以在 SEC 的專案中看到它，您會看到維護費用下降，技術營運團隊，我們已經討論過它，在過去幾年中，我們的成本一直處於高點，去年達到了最高點，並且隨著數量的增加以及效率和周轉率的提高以及其他因素的提高，與之相關的效果也越來越好，您可以獲得這種好處。所以這些團隊正在致力於這些事情並努力抓住這些機會。

Got it. And then maybe MRO revenue saw strong growth this quarter. Can you just update us on where we should be thinking MRO revenues can get to over the coming years? Are you guys mostly caught up on some of the delayed maintenance from the COVID era on Delta's own fleet? Like just can you help us think about like how much more volume you can open up to third party over the coming months versus last year or two? Thanks so much for your time.

知道了。那麼本季 MRO 營收可能會出現強勁成長。您能否告訴我們未來幾年 MRO 營收將達到什麼水準？你們是否主要關注達美航空自身機隊在 COVID 時期的一些延遲維護？例如，您能否幫助我們思考一下，與去年或前兩年相比，未來幾個月您可以向第三方開放多少交易量？非常感謝您抽出時間。

No. We're excited about the future of MRO. And as we talked about consistently over the last two, three, four years that the priorities coming through pandemic was the restoration of the Delta network and the Delta capabilities, but really proud of the tech op team and the capabilities that we have there, and we're well positioned both on next-generation equipment, but also deep competencies on all those installed legacy engine types.

不。我們對 MRO 的未來充滿期待。正如我們在過去兩、三、四年中不斷討論的那樣，疫情期間的首要任務是恢復達美航空的網絡和能力，但我們對技術運營團隊和我們在那裡擁有的能力感到非常自豪，我們在下一代設備方面處於有利地位，而且在所有已安裝的傳統發動機類型方面也擁有深厚的能力。

And we're now getting back to being able to focus on that and drive that growth. You're going to see growth for the first time this year for the total year, and this is one that you're going to continue to grow well above the rate of the core airline. And I think a good marker of that was just here coming in the MRO Americas where we announced the UPS deal.

現在我們又能重新集中精力於此並推動其成長。今年我們將首次看到全年的成長，而且這一成長速度將繼續遠高於核心航空公司的成長速度。我認為一個很好的標誌就是我們在美洲 MRO 展會上宣布了與 UPS 的交易。

Again, this is a next generation. This is right in the heart of what we're really good at on the PW2000, and it's the largest in the history of Delta as it relates to third-party commercial relationship and getting that benefit along with the next generation. So this is something that can go from where it is today to $1 billion, $2 billion, $3 billion and continue to grow.

再說一次，這是下一代。這正是我們在 PW2000 上真正擅長的核心，也是達美航空歷史上最大的合作，因為它與第三方商業關係有關，並且與下一代產品一起受益。因此，這個數字可以從現在的水平增長到 10 億美元、20 億美元、30 億美元，並且繼續增長。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林伯格。

You talked about the fully funded pension. How should we think about that with respect to potential tailwinds either on the P&L or part of your cash flow this year? I mean, I realize that a lot of the plan -- I mean the plans are frozen, but there should be some sort of benefit. Can you size that for us?

您談到了全額基金退休金。我們該如何看待今年損益表或部分現金流的潛在順風？我的意思是，我意識到很多計劃——我的意思是計劃都被凍結了，但應該有一些好處。能為我們測量一下尺寸嗎？

Yeah. You see the expense benefit from it as the expense comes down in the other income line. It's a modest benefit this year in that line. So it hasn't been material. We've been working it down as the surplus has improved, and it's really about what rates do and how the asset performance comes in versus a targeted 7% rate.

是的。隨著其他收入線的支出下降，您會看到支出從中受益。這是今年該領域內的一項小福利。所以它並不重要。隨著盈餘的改善，我們一直在努力降低利率，這實際上與利率如何以及資產表現如何與 7% 的目標利率進行比較有關。

And every time you beat that, do better than that 7% and the overall rate, you have an improvement in reducing debt expense that you have. In fact, we feel really good. I think here we're close to $1 billion on a GAAP basis surplus.

每當你的目標超過這個數字，而且整體利率高於 7%，那麼你在減少債務支出方面就會取得進展。事實上，我們感覺非常好。我認為我們按照 GAAP 計算的盈餘接近 10 億美元。

Go back to a period of time five, six years ago, that was at $5 billion to $6 billion, it was much greater than that a decade ago. And I think it just speaks to the financial strength and wherewithal of Delta. So we're very happy that it's fully funded, and it will be less and less of a drag as long as we continue to hit those metrics.

回顧五、六年前，這個數字是 50 億到 60 億美元，比十年前高出許多。我認為這正好說明了達美航空的財務實力和財力。因此，我們很高興它獲得了充足的資金，只要我們繼續達到這些指標，它就不會對我們造成太大的拖累。

That's great. And then just my second question, Glen, just with respect to the booking curve, we've been hearing a lot of commentary how it just has gotten a lot closer in. I know Dan talked about on the cash flow as that normalizes, that's going to release cash and be beneficial.

那太棒了。然後是我的第二個問題，格倫，就預訂曲線而言，我們聽到了很多評論，說它是如何變得更接近的。我知道丹談到了現金流，隨著現金流的正常化，這將釋放現金並帶來好處。

Can you talk about how that has shifted and maybe whether you're seeing improvement? And as we think about how much you're booked up over the next few months, is that shorter booking curve manifesting in, say, 5 or 10 points lower on a load factor basis or not? Any color around that would be great.

您能談談情況如何變化以及是否看到了改善嗎？當我們考慮未來幾個月您的預訂量時，較短的預訂曲線是否會導致載客率降低 5 或 10 個百分點？周圍的任何顏色都很棒。

So yes, the booking curve has shifted in. And generally, outside of 120 days forward, it hasn't deteriorated that much. Inside of 120 down to 90, it has -- or actually down to 60, it has. So there's a piece in there that's moved closer in, and we tend to build a lot inside the month, which we didn't do last year because a lot of those tickets were already sold.

是的，預訂曲線已經向內移動了。一般來說，在 120 天之後，情況並沒有惡化那麼多。在 120 到 90 之間，它已經 — — 或實際上已經下降到 60 了。因此，其中的一部分已經靠近，我們傾向於在一個月內建造很多東西，而去年我們沒有這樣做，因為很多門票已經售出了。

So we have seen indications that it's starting to move back out again, and I think this is very correlated to consumer confidence. As confidence returns, people will continue to book further out, which, if that happens, would have a very favorable impact to cash flow in coming months.

因此，我們已經看到跡象表明它開始再次回升，我認為這與消費者信心密切相關。隨著信心的恢復，人們將繼續預訂，如果發生這種情況，將對未來幾個月的現金流產生非常有利的影響。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Maybe the first one on the main cabin down 5%. How do we think about that turning positive? What were the biggest areas of weakness? How do we think about the improvement in Q3 and Q4 and just the overall timeline to turning main cabin positive again.

也許主艙中的第一個下降了 5%。我們如何看待這種正向轉變？最大的弱點是什麼？我們如何看待第三季和第四季的改善以及主艙再次轉正的整體時間表。

So main cabin has been the weakest as we move through the year, and it's been very weak in off-peak. So how we've done with it, and I think a lot of the industry, if you listen to what they're all doing is, we're all taking the weakest trips out, which is what you would expect airlines to do. And they tend to be on off-peak days, so Tuesdays and Wednesdays and they tend to be at off-peak times pre 6:00 AM or post 21:00 departures.

因此，主艙是全年中最弱的，並且在非高峰期非常弱。所以，我們的做法是這樣的。我認為，如果你聽聽業內人士的做法，你會發現，我們都會把客流量最低的航班停飛，這也是航空公司應該做的。這些航班通常安排在非尖峰時段，例如週二和週三，通常是在非尖峰時段，例如早上 6:00 之前或晚上 21:00 之後起飛。

So that's really where we've concentrated and trying to eliminate those and consolidate that travel back on to the peak a little bit more. And I think you're seeing very favorable results as we move through the -- what I would expect to see very favorable results for main cabin as we move through the rest of the year given what the industry is reducing too.

所以這就是我們真正集中精力並試圖消除這些問題並進一步鞏固旅行回到巔峰狀態的地方。而且我認為，隨著我們度過這一年，您會看到非常有利的結果 - 考慮到整個行業也在減少，我預計隨著我們度過今年剩餘時間，主艙將會看到非常有利的結果。

Is there a timeline on -- could it be positive next year or in '25?

有沒有一個時間表——明年或 2025 年會取得正面成果嗎？

It could be positive this year. I'm not writing off that it could not be. I think we have a good shot of it becoming positive or at least neutral by the third quarter or fourth quarter of this year.

今年可能會出現正面的效果。我並不是否認這不可能。我認為，到今年第三季或第四季度，我們很有可能看到數據轉為正值，或至少是中性。

And then just maybe on the Atlantic commentary. How do you think about non-US point-of-sale exposure to the curve? What's going on in Europe? And what are some of the best-performing areas or countries versus lower performers?

然後也許只是關於大西洋的評論。您如何看待美國以外的銷售點對曲線的影響？歐洲發生了什麼事？與表現較差的地區或國家相比，表現最好的地區或國家有哪些？

Well, I think there's clearly less travel coming out of Europe, but currency changes have offset a lot of that in terms of the total revenue coming out of Europe. So lower customer accounts, but higher yields given the currency has appreciated more than 10% over the past few months here.

嗯，我認為來自歐洲的旅行人數明顯減少了，但就歐洲的總收入而言，貨幣變化已經抵消了很大一部分影響。因此，客戶帳戶數量減少，但收益率卻增加，因為過去幾個月這裡的貨幣升值了 10% 以上。

And so, those kind of balance each other out with just a slight negative. And what's really driving us and the peak being a little bit lighter than the shoulders is this change in demand set from the peak summer months when everybody is on vacation, prices are really high, places are crowded, Europe is hot and to times where it's a much more pleasurable experience, cooler temperatures, lower hotel rates.

因此，它們會相互抵消，只會產生輕微的負面影響。真正推動我們前進的因素是需求的變化，高峰期遊客數量比平肩少一些，而夏季高峰期，每個人都在度假，物價很高，各個地方都很擁擠，歐洲很熱，而夏季旅遊高峰期，遊客數量更多，氣溫更涼爽，酒店價格更低，遊客可以享受更愉快的體驗。

And so, I think we've seen this systematic shift. And this is not a one-year issue. This is multiyears that the peak is getting less peaky and the shoulders are getting stronger and that's happened over a three, four, five-year period since coming out of COVID.

所以，我認為我們已經看到了這種系統性的轉變。這不是一年一遇的問題。這是多年來，峰值逐漸下降，肩部變得越來越強，自從 COVID 爆發以來，這種情況已經持續了三、四、五年。

Stephen Trent, Citi.

花旗銀行的史蒂芬‧特倫特。

I wanted to get back just a little bit, maybe a follow-up on Andrew's question about the strong free cash flow you guys had. One way we think about the co-branded card remuneration around the working capital flow, I recall you guys were sort of looking to a high single-digit increase in co-branded card remuneration and it perhaps has come in a little bit stronger than that. If you could elaborate, please?

我想稍微回想一下，也許可以跟進一下安德魯關於你們擁有的強勁自由現金流的問題。我們考慮聯名卡報酬與營運資金流之間的關係的一種方式是，我記得你們都希望聯名卡報酬能出現較高的個位數增長，但實際上可能比這還要強勁一些。請詳細說明一下好嗎？

Yeah. Both card spend and the cash that we've received from Amex is up 10% in the quarter. So really good continued strong strength there.

是的。本季度，我們從美國運通獲得的信用卡消費和現金均成長了 10%。因此，那裡的強勁實力確實持續存在。

And just a quick follow-up here. I also recall your international point of sale is maybe 80%-some-odd US. How does that look on the co-branded card side? Do you actually have a meaningful number of foreign cardholders? Or is this just pretty much entirely US cardholders? Thank you.

這裡只是簡短的跟進一下。我還記得您的國際銷售點大概 80% 左右在美國。從聯名卡的角度來看，它看起來怎麼樣？你們實際上擁有大量外國持卡人嗎？還是這幾乎全部都是美國持卡人？謝謝。

It's 99% US cardholders.

99% 的持卡人都是美國。

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

馬修，我們現在來討論最後一個分析師問題。薩維·西斯。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

If I might ask just given the level of uncertainty that was there the last time you had this earnings call, just how has your view on kind of the post summer capacity plan evolved? And if you can talk about like on the domestic side as well as the international side.

我可以問一下，考慮到上次召開財報電話會議時存在的不確定性，您對夏季後產能計畫的看法是如何演變的？您能否談談國內和國際方面的情況？

How has it evolved? Well, I think we've seen the industry continue to act responsibly and take capacity down, particularly in the off-peak and particularly in domestic main cabin. So those are the areas that have been the weakest.

它是如何演變的？嗯，我認為我們已經看到航空業繼續採取負責任的行動並降低運力，特別是在非高峰時段和國內主艙。所以這些是最薄弱的領域。

And I think the industry is doing a very effective job in terms of addressing that in the supplier offering. Internationally, I'd say, we're in pretty good shape. I don't think everybody's winter IATA schedules are loaded yet. So we'll keep a close eye on that. But there's probably -- that's where the slowdown in growth has not occurred as dramatically as it has domestically yet. But I think as we move through the year, we'll see more and more of that.

我認為該行業在供應商提供的解決方案方面做得非常有效。從國際上看，我想說我們的狀況相當良好。我認為每個人的冬季 IATA 航班時刻表都還沒有排滿。所以我們會密切注意這一點。但這些地區的經濟成長放緩可能還沒有像國內那麼劇烈。但我認為隨著時間的推移，我們會看到越來越多這樣的情況。

And does that apply for your thinking, Glen, too, like nothing really has changed from your approach?

格倫，這也適用於您的想法嗎？就好像您的方法實際上沒有任何改變？

No. I think a lot has changed for us. We've taken several points of capacity down. Our European capacity offering as you get to the shoulder is relatively flat. I think we're up 2.5% in seats. We were up in mid to high single digits at the peak of peaks. So I think everybody is doing their fair share in terms of trying to get this back to capital returns that are in excess of our cost of capital.

不。我認為我們已經發生了很多改變。我們已經減少了幾個點的容量。當您到達路肩時，我們的歐洲運力供應相對穩定。我認為我們的席位增加了 2.5%。在巔峰時期，我們的成長率達到了中高個位數。因此，我認為每個人都在盡自己的一份力，努力使資本回報超過資本成本。

I appreciate that. And just a last follow-up. Just you had a comment about replicating some of the shoulder seasonal patterns on the international network. Is that more of a transatlantic comment? Is that other Pacific and LatAm as well? Just kind of curious if you could flesh that out a little bit.

我很感激。這只是最後一次跟進。您剛才評論說要在國際網路上複製一些平季模式。這更像是一種跨大西洋的評論嗎？其他太平洋和拉丁美洲地區也是如此嗎？只是有點好奇你是否可以稍微詳細說明一下。

Well, LatAm is actually contra seasonal. So its peak is in December and January. And the Pacific is less seasonal than Europe. So this is really related to Europe, which is 60% to 65% of our total international.

嗯，拉丁美洲其實是反季節的。因此它的高峰期是在十二月和一月。太平洋的季節性比歐洲弱。所以這確實與歐洲有關，歐洲占我們國際業務總量的 60% 到 65%。

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

今天電話會議的分析師部分就到此結束了，現在我將把時間交給 Tim Mapes 來開始媒體提問。

Thank you, Julie. Matthew, if you don't mind reiterating for the members of the media the call instructions and the follow-up, please.

謝謝你，朱莉。馬修，如果你不介意的話，請向媒體成員重申通話指示和後續事宜。

This concludes the analyst portion of this call.

本次電話會議的分析師部分到此結束。

(Operator Instructions) Leslie Josephs, CNBC.

（操作員指示）Leslie Josephs，CNBC。

Just curious on the segmentation at the front of the plane. Is that something that you plan to roll out in 2025 or 2026? And would it look something more like a basic business where the customer doesn't have a seat assignment or something like that? Or do you plan to have a fancier or more desirable seat within Delta One or one of the other first-class cabins?

只是對飛機前部的分割感到好奇。你們計劃在 2025 年或 2026 年推出這項服務嗎？它會不會更像一項基礎業務，例如顧客沒有座位分配之類的？或者您打算在 Delta One 或其他頭等艙享受更豪華或更理想的座位？

I think we're going to reserve comments on that until we roll it out. I think we're testing it with customers today, and we're doing a lot of surveys. And we haven't rolled it out yet, not because we don't have the technological capability, but we want to make sure that customers understand what we're putting in market and that they find value in it.

我認為我們將保留對此的評論，直到我們推出為止。我想我們今天正在對客戶進行測試，我們正在做大量調查。我們還沒有推出它，並不是因為我們沒有技術能力，而是我們想確保客戶了解我們在市場上推出的產品，並且他們能從中找到價值。

Okay. Could you tell us what you're testing exactly currently?

好的。能告訴我們您目前具體在測試什麼嗎？

No. We can't. But thank you for the question.

不。我們不能。但感謝您的提問。

Mary Schlangenstein, Bloomberg News.

瑪麗‧施蘭根斯坦，彭博新聞社。

In the last quarterly report, you said you were going to just add an incremental 10 aircraft this year. I wondered is that still the plan or if that's changed? And for your capacity reductions later in the year, is that going to be mostly what you just talked about, dropping some of those off-peak time flights? Or will you be parking any planes or anything like that?

在上一季的報告中，您說過今年將增加 10 架飛機。我想知道這仍然是計劃嗎，還是已經改變了？至於今年稍後的運力削減，主要還是像您剛才說的那樣，取消一些非高峰時段的航班？或者您會停放飛機或做類似的事情嗎？

Yes. From a fleet perspective, we expect new deliveries to be around 40 aircraft, and we expect our retirements to be around 30 or slightly more. So adding just about 10 aircraft or under that. So about 1% of the fleet.

是的。從機隊角度來看，我們預計新交付的飛機數量約為 40 架，而退役的飛機數量約為 30 架或略多。因此，只增加約 10 架飛機或更少。約佔艦隊的 1%。

Okay. And what about how you're going to go about cutting capacity different ways?

好的。那麼，您將如何以不同的方式削減產能呢？

I think Glen talked about it earlier in regards to the focus has been mostly as it relates to where there's demand weakness. So domestic, particularly in the off-peak and shoulder periods, we've taken the unprofitable or where the weak demand is flying out.

我認為格倫之前談過這個問題，重點主要在於需求疲軟的地方。因此，在國內，特別是在非高峰期和平季，我們採取了無利可圖或需求疲軟的措施。

Alison Sider, Wall Street Journal.

艾莉森‧賽德，《華爾街日報》。

I guess I was just curious what you guys are seeing now in terms of crowding in the Sky Club, especially now that you've expanded the Delta One network and with some of the changes to limits on visits?

我只是好奇，你們現在看到的天空俱樂部的擁擠情況如何，特別是現在你們已經擴大了 Delta One 網絡，並且對訪問限制進行了一些更改？

We are continually working to eradicate the lines and crowding of Sky Clubs, whether or not that's building new and better Sky Clubs. We didn't mention, for example, the Sky Club last quarter in Atlanta opened up, replacing 8,000 square feet with 26,000 square feet. So we have a lot of plans to continue to address the places where we are constrained.

無論是否建造新的、更好的天空俱樂部，我們都在不斷努力消除天空俱樂部的排隊和擁擠現象。例如，我們沒有提到上個季度亞特蘭大的 Sky Club 開業，其面積從 8,000 平方英尺變為 26,000 平方英尺。因此，我們有很多計劃來繼續解決我們受到限制的地方。

Now one of the issues with the constraint is, and particularly with the weather that's been in New York this year with thunderstorms almost every day, with flights being delayed, is that you can't build a club big enough or lengthy delays. So I think we're trying to look at alternatives that we can use as overflow in those instances. But I think generally by structurally non-IROP days, we should have almost all of our crowding issues solved in the next 18 to 24 months.

現在，限制帶來的一個問題是，尤其是在紐約今年幾乎每天都有雷暴、航班延誤的天氣條件下，你無法組建一個足夠大的俱樂部，也無法承受長時間的延誤。所以我認為我們正在嘗試尋找替代方案，以便在這些情況下可以作為補充。但我認為，一般來說，到結構性非 IROP 時期，我們應該能夠在未來 18 到 24 個月內解決幾乎所有的擁擠問題。

Thanks. And how does the sort of general competitive landscape for lounges changed over the last couple of years? It just seems like there's so many lounges getting built by so many different providers.

謝謝。過去幾年休息室的整體競爭格局發生了怎樣的變化？看起來好像有很多不同的供應商正在建造很多休息室。

Yes. And we're very proud to have an award-winning portfolio and the largest portfolio in the United States. And it's very interesting to me to see carriers like Southwest say that they may need to start building clubs. So I think people have seen the value in the clubs and the value and the premiumization of Delta. And I think that's something that a lot of people are trying to emulate, but they're many, many, many years behind us.

是的。我們非常自豪擁有屢獲殊榮的投資組合和美國最大的投資組合。我很高興看到西南航空等航空公司表示他們可能需要開始建立俱樂部。所以我認為人們已經看到了俱樂部的價值以及達美航空的價值和高端化。我認為這是很多人都在努力效仿的，但他們已經落後我們很多很多年了。

Thanks, Ali. Matthew, we are right on time. So that will wrap us up.

謝謝，阿里。馬修，我們來得正是時候。我們就到此為止吧。

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

謝謝。今天的會議到此結束。謝謝大家今天的參與。