達美航空 (DAL) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to the Delta Air Lines March Quarter 2022 Financial Results Conference Call. My name is April, and I will be your coordinator. (Operator Instructions) As a reminder, today's call is being recorded.

大家好，歡迎參加達美航空公司 2022 年 3 月季度財務業績電話會議。我的名字是四月，我將是你的協調員。 （操作員說明）作為提醒，今天的通話正在錄音中。

And I would now like to turn the call over to Julie Stewart, Vice President of Investor Relations. Please go ahead.

我現在想把電話轉給投資者關係副總裁朱莉·斯圖爾特。請繼續。

Thank you, April, and good morning, everyone. Thank you for joining us for our March quarter 2022 earnings call. Joining us from Atlanta today are our CEO, Ed Bastian; our President, Glen Hauenstein; 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 cost, fleet and our balance sheet. After the prepared remarks, we'll take analyst questions. (Operator Instructions)

謝謝你，April，大家早上好。感謝您加入我們的 2022 年 3 月季度財報電話會議。今天從亞特蘭大加入我們的是我們的首席執行官 Ed Bastian；我們的總裁格倫·豪恩斯坦；我們的首席財務官 Dan Janki。 Ed 將在電話會議開始時概述 Delta 的業績和戰略。 Glen 將提供有關收入環境的最新信息，Dan 將討論成本、車隊和我們的資產負債表。在準備好的評論之後，我們將回答分析師的問題。 （操作員說明）

Today's discussion contains forward-looking statements that represent our beliefs or expectations about future events. All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Some of the factors that may cause such differences are described in Delta's SEC filings.

今天的討論包含代表我們對未來事件的信念或期望的前瞻性陳述。所有前瞻性陳述都涉及可能導致實際結果與前瞻性陳述產生重大差異的風險和不確定性。 Delta 向美國證券交易委員會提交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. You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com.

我們還將討論非 GAAP 財務指標，除非另有說明，否則所有結果均不包括特殊項目。您可以在 ir.delta.com 的投資者關係頁面上找到我們的非公認會計原則措施的對賬。

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

有了這個，我會把電話轉給 Ed。

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

嗯，謝謝你，朱莉。大家，早安。感謝您今天加入我們。

Before we begin, I want to acknowledge the humanitarian crisis in Ukraine. We are proud to have raised the Ukrainian flag at our global headquarters in Atlanta in solidarity with the people of Ukraine. At Delta, we've provided meaningful financial and operational support to assist the people of the region in connection with our partnership through the International Red Cross.

在開始之前，我想承認烏克蘭的人道主義危機。我們很自豪能夠在亞特蘭大的全球總部升起烏克蘭國旗，聲援烏克蘭人民。在達美，我們通過國際紅十字會提供了有意義的財務和運營支持，以協助該地區的人民與我們的伙伴關係。

This morning, we reported March quarter results, marking another important step forward in our recovery. We generated $200 million of free cash flow in the quarter and a 10% operating margin in the month of March. Our revenue recovery in the March quarter reached 79% of 2019 levels, 5 points ahead of the midpoint of our initial guidance.

今天上午，我們公佈了 3 月份季度業績，標誌著我們在復蘇過程中又向前邁出了重要一步。我們在本季度產生了 2 億美元的自由現金流，並在 3 月份實現了 10% 的營業利潤率。我們在 3 月季度的收入恢復達到了 2019 年水平的 79%，比我們最初指導的中點高出 5 個百分點。

As expected, January and February generated operating losses. As Omicron receded, we saw a surge in demand, supporting an inflection to a solid profit in the month of March.

正如預期的那樣，1 月和 2 月產生了經營虧損。隨著 Omicron 的消退，我們看到需求激增，支持 3 月份實現穩健利潤的拐點。

Delta continues to provide best-in-class operational, customer and financial results in a dynamic environment. This results from the dedication, professionalism and hard work of Delta's more than 75,000 people worldwide. Restoring capacity during a period of rapid demand recovery has proven challenging for all of us in the industry, but Delta people continue to lead the way. I want to thank our customers for their patience and understanding as we navigate the challenges of ramping up operations into the peak travel period. And I know our teams have been working incredibly hard, and I want to thank all of them for what they're doing for our customers and for each other.

達美繼續在動態環境中提供一流的運營、客戶和財務成果。這得益於達美全球 75,000 多名員工的奉獻精神、專業精神和辛勤工作。在需求快速恢復期間恢復產能對我們行業中的所有人來說都是一項挑戰，但達美人繼續引領潮流。我要感謝我們的客戶在我們應對在旅行高峰期增加運營的挑戰時的耐心和理解。我知道我們的團隊一直在努力工作，我要感謝他們所有人為我們的客戶和彼此所做的一切。

We rewarded our people with a special profit-sharing payout in February based on the second half of 2021 profitability and announced a 4% pay increase that's going to be effective May 1. These actions align with Delta's long-standing values of shared success with our people.

我們在 2 月根據 2021 年下半年的盈利能力向員工發放了特殊的利潤分享獎金，並宣布將加薪 4%，將從 5 月 1 日起生效。這些行動符合達美長期以來與我們共同成功的價值觀。人們。

With the rebound in demand, the month of March was the best cash sales month in Delta's history, outpacing our prior record from spring of 2019 despite offering 10% fewer seats.

隨著需求的反彈，3 月份是達美航空歷史上現金銷售最好的月份，儘管提供的座位減少了 10%，但仍超過了我們自 2019 年春季以來的記錄。

In March, we had our first month in 2 years of positive unit revenue compared to 2019, and we achieved record co-brand acquisitions, co-brand spend and cargo revenue.

3 月，與 2019 年相比，我們在 2 年內實現了正單位收入的第一個月，我們實現了創紀錄的聯合品牌收購、聯合品牌支出和貨運收入。

Domestic consumer revenues are exceeding 2019 levels. And the recovery in business travel, revenue has accelerated as offices reopen and business travelers rebuild face-to-face relationships.

國內消費收入超過 2019 年水平。隨著辦公室重新開放和商務旅客重建面對面的關係，商務旅行的複蘇、收入加速增長。

Demand for long-haul international is growing as travel restrictions lift, led by the transatlantic. To date, we have not seen an impact to travel demand from the conflict in Ukraine, but we, of course, are monitoring this closely.

隨著以跨大西洋航線為首的旅行限制解除，對長途國際航線的需求正在增長。迄今為止，我們還沒有看到烏克蘭衝突對旅行需求的影響，但我們當然會密切關注這一點。

Nearly all European countries have now removed entry testing requirements for vaccinated customers. We continue to join the rest of the U.S. travel industry, urging the U.S. government to lift predeparture testing requirements.

幾乎所有歐洲國家現在都取消了對已接種疫苗客戶的入境測試要求。我們繼續加入美國旅遊業的其他行業，敦促美國政府取消出發前測試要求。

As we prepare for the peak summer season, we continue to be very focused on operational readiness. With 4,000 new members joining the Delta team already this year, we feel good about our staffing and our ability to meet demand as we continue to restore the airline.

在為夏季旺季做準備時，我們將繼續非常關注運營準備情況。今年已有 4,000 名新成員加入達美團隊，我們對我們的人員配備和我們在繼續恢復航空公司的過程中滿足需求的能力感到滿意。

Our customers are seeing the benefits of our ongoing investments to improve the travel experience. This spring, we are opening new, modernized terminals in Los Angeles, LaGuardia and Seattle. These generational investments enhance Delta's already leading positions in key hubs and provide an elevated ground experience for our customers.

我們的客戶正在看到我們持續投資以改善旅行體驗的好處。今年春天，我們將在洛杉磯、拉瓜迪亞和西雅圖開設新的現代化航站樓。這些代際投資增強了達美在主要樞紐的領先地位，並為我們的客戶提供了提升的地面體驗。

We continue to upgrade our fleet, recently taking delivery of our first Airbus 321neo. The state-of-the-art aircraft is scheduled to begin service May 20 from Boston to San Francisco and features our new domestic first-class seat design. With nearly 1/3 of the seats in premium cabins and improved fuel efficiency, this will be the best aircraft we fly for our customers and generate the highest returns for our owners. Our strategic decision to accelerate investments in our airports, our fleet and our technology during the pandemic will benefit Delta and our customers for years to come.

我們繼續升級我們的機隊，最近接收了我們的第一架空客 321neo。這架最先進的飛機計劃於 5 月 20 日從波士頓飛往舊金山，並採用我們全新的國內頭等艙座椅設計。憑藉近 1/3 的高級客艙座位和更高的燃油效率，這將是我們為客戶飛行的最佳飛機，並為我們的所有者帶來最高回報。我們在大流行期間加快對機場、機隊和技術的投資的戰略決策將使達美和我們的客戶在未來幾年受益。

As COVID shifts from a pandemic to a manageable, seasonal virus, there are clear signs of pent-up demand for travel and experiences as consumers' spending shifts from goods to services and experiences, travel restrictions lift and business travelers continue to return to the skies. Against this improving backdrop, we are building momentum in the June quarter with expectations for a 12% to 14% operating margin and strong free cash flow despite higher fuel prices. Our revenue recovery is expected to reach 93% to 97% of 2019 levels with double-digit unit revenue improvement.

隨著 COVID 從大流行病轉變為可控制的季節性病毒，隨著消費者的支出從商品轉向服務和體驗、旅行限制解除以及商務旅客繼續重返天空，有明顯跡象表明對旅行和體驗的需求被壓抑.在這種改善的背景下，儘管燃料價格上漲，我們仍在 6 月季度建立勢頭，預計營業利潤率為 12% 至 14%，自由現金流強勁。我們的收入恢復率預計將達到 2019 年水平的 93% 至 97%，單位收入增長兩位數。

We are successfully recapturing a significant portion of the run-up in fuel. This is occurring almost in real time, given the strong demand environment as well as Delta's growing brand preference, our premium product focus and measured approach to capacity. While we are confident in summer demand and the capacity plans that we have in place, given macro uncertainty, we will remain nimble on capacity for the second half of the year and continue to prioritize sustained profitability.

我們正在成功地重新獲得燃料增長的很大一部分。鑑於強勁的需求環境以及達美不斷增長的品牌偏好、我們對優質產品的關注和衡量能力的方法，這幾乎是實時發生的。儘管我們對夏季需求和我們制定的產能計劃充滿信心，但鑑於宏觀不確定性，我們將在下半年保持靈活的產能，並繼續優先考慮持續盈利。

I'd like to pause and put that Q2 guidance into perspective. At 12% to 14% operating profit, we are only 4 points behind our June 2019 quarterly operating margin, and that's despite fuel prices being up 50% from that time period and our capacity only 85% restored. So we are greatly encouraged by the momentum we are seeing, and we remain confident in our outlook for meaningful full year profit for 2022.

我想暫停一下，把第二季度的指導放在眼裡。營業利潤為 12% 至 14%，僅比 2019 年 6 月的季度營業利潤率低 4 個百分點，儘管燃料價格較那個時期上漲了 50%，而我們的產能僅恢復了 85%。因此，我們對所看到的勢頭感到非常鼓舞，我們對 2022 年有意義的全年利潤前景充滿信心。

As we take note of these achievements, I'm pleased with the progress we're making across the 3 core priorities we laid out at Capital Markets Day last December. First, we continue to fortify our trusted consumer brand, demonstrated by loyalty and record engagement with our customers. The strength of our brand has never been greater and has been recognized by the Wall Street Journal, Fortune, Business Travel News and many, many others. And our customers are taking note that our Net Promoter Scores consistently above 2019 coming out of the pandemic. We intend to build on the momentum we gained over the last 2 years.

當我們注意到這些成就時，我對我們在去年 12 月資本市場日制定的 3 個核心優先事項方面取得的進展感到高興。首先，我們繼續鞏固我們值得信賴的消費者品牌，這體現在我們對客戶的忠誠度和創紀錄的參與度上。我們品牌的實力從未如此強大，並得到了《華爾街日報》、《財富》、《商務旅遊新聞》和許多其他媒體的認可。我們的客戶注意到，我們的淨推薦值始終高於 2019 年的大流行。我們打算在過去 2 年取得的勢頭的基礎上再接再厲。

Second, we are restoring our financial performance. As revenue improves and we regain a competitive cost structure, we're returning to profitability, generating strong free cash flow and making progress on debt repayment.

其次，我們正在恢復我們的財務表現。隨著收入的改善和我們重新獲得具有競爭力的成本結構，我們正在恢復盈利，產生強勁的自由現金流並在償還債務方面取得進展。

And our third priority is building a better future for our people and our planet, including our ongoing commitment to creating a sustainable future for aviation. We are continuing to invest in the physical, emotional and financial well-being of our people while prioritizing diversity, equity and inclusion at all levels of the company.

我們的第三個優先事項是為我們的人民和我們的星球建設更美好的未來，包括我們持續致力於為航空創造可持續的未來。我們將繼續投資於員工的身體、情感和財務福祉，同時優先考慮公司各個層面的多樣性、公平性和包容性。

Our mission of connecting the world has never been more important than it is today, and I'm as confident as ever that we'll achieve our ambition for a leading consumer brand to transcend the industry and deliver financial outcomes that create significant and resilient long-term value for all of our stakeholders. It's been an encouraging period of recovery, and it's exciting to see our customers returning to the skies.

我們連接世界的使命從未像今天這樣重要，我和以往一樣有信心，我們將實現我們的雄心壯志，成為領先的消費品牌，超越行業並提供財務成果，創造顯著且有彈性的長期- 我們所有利益相關者的長期價值。這是一個令人鼓舞的複蘇時期，看到我們的客戶重返天空令人興奮。

Thank you again. And with that, I'll turn it over to Glen to update the revenue environment.

再次感謝你。有了這個，我會把它交給格倫來更新收入環境。

Thank you, Ed, and good morning, everyone. With robust demand, growing preference for the Delta brand and quick actions to recapture higher fuel prices, we achieved significant milestones in the month of March and have momentum as we head into the summer. None of this would be possible without our people, and I couldn't be prouder of the Delta team and the results that they are delivering. A huge thank you to all.

謝謝你，Ed，大家早上好。憑藉強勁的需求、對達美品牌的日益偏好以及為重新獲得更高的燃油價格而採取的快速行動，我們在 3 月份取得了重要的里程碑，並在進入夏季時勢頭強勁。如果沒有我們的員工，這一切都不可能實現，我為 Delta 團隊和他們所取得的成果感到無比自豪。非常感謝大家。

During the March quarter, we generated $8.2 billion of revenue. This was approximately $500 million higher than our initial guidance in January, resulting in a revenue recovery of 79% compared to 2019.

在 3 月季度，我們創造了 82 億美元的收入。這比我們 1 月份的初始指導高出約 5 億美元，與 2019 年相比，收入恢復了 79%。

We continue to execute a disciplined approach to keeping capacity in line with demand. For the quarter, capacity was 83% restored versus 2019 and at the low end of our initial guide and below the industry.

我們將繼續執行嚴格的方法來保持容量與需求一致。本季度，與 2019 年相比，產能恢復了 83%，處於我們初始指南的低端，低於行業。

The quarter was a tale of 2 halves. While Omicron depressed demand in the January and early February, we saw an unparalleled demand recovery from Presidents Day on. Our revenue recovery versus 2019 progressed from 70% in January to approximately 80% in February to 85% in March with momentum building into April. March was the first month in 2 years of positive unit revenue compared to 2019 with PRASM up 1% and TRASM up 3%.

這個季度是一個兩半的故事。儘管 Omicron 在 1 月和 2 月初抑制了需求，但我們看到從總統日開始的需求出現了空前的複蘇。與 2019 年相比，我們的收入恢復率從 1 月份的 70% 增長到 2 月份的約 80% ，再到 3 月份的 85% ，勢頭一直持續到 4 月份。與 2019 年相比，3 月是 2 年來單位收入為正的第一個月，PRASM 增長 1%，TRASM 增長 3%。

Premium products once again led the way with domestic premium revenue approximately 100% restored to March of 2019 levels.

高端產品再次領跑，國內高端收入約 100% 恢復至 2019 年 3 月的水平。

We also achieved our highest-ever monthly cash sales, as Ed mentioned, ;our highest direct sales; highest co-brand acquisitions; highest co-brand spend; and highest cargo revenue in the month of March.

正如 Ed 所說，我們還實現了有史以來最高的月度現金銷售額；我們最高的直接銷售額；最高的聯合品牌收購；最高的聯合品牌支出； 3 月份貨運收入最高。

Business travel volumes reached the highest post-pandemic levels we've seen. And importantly, in March, corporate fares inflected to positive versus 2019 for the first time. This drove an acceleration in the recovery of business revenues with improvement in both corporate contracted customers and small- and medium-sized enterprises.

商務旅行量達到了我們所見過的大流行後的最高水平。重要的是，在 3 月份，公司票價首次與 2019 年相比轉為正值。帶動業務收入加速回升，企業簽約客戶和中小企業均有所改善。

As we exited the quarter, domestic corporate sales improved to approximately 70% recovered versus 2019, and our recent survey results show that 90% of our corporate accounts anticipate travel volumes to increase in the June quarter as offices continue to reopen.

當我們結束本季度時，國內企業銷售額比 2019 年恢復了約 70%，我們最近的調查結果顯示，隨著辦公室繼續重新開放，我們 90% 的企業客戶預計 6 月季度的旅行量將增加。

Additionally, we are seeing more corporates implement changes to travel policies. For example, domestic travel restrictions have been completely removed for all of our top corporate accounts. And increasingly, corporates are allowing upsells to premium cabins and refundable products.

此外，我們看到越來越多的公司對差旅政策進行了更改。例如，我們所有頂級公司賬戶的國內旅行限制已完全取消。越來越多的公司允許向高級客艙和可退款產品追加銷售。

Strength in cash sales and seasonality drove a $2.8 billion sequential increase in our air traffic liability. The increase in advanced ticket sales outpaced normal seasonal trends, resulting in an ATL balance of $9.1 billion at the end of March, up from $6.6 billion in March of 2019. We expect the ATL will continue to build in the June quarter, albeit at a slower rate than what we saw in the March quarter.

現金銷售和季節性的強勁推動我們的空中交通負債連續增加 28 億美元。預售票銷售的增長超過了正常的季節性趨勢，導致 3 月底的 ATL 餘額為 91 億美元，高於 2019 年 3 月的 66 億美元。我們預計 ATL 將在 6 月季度繼續增長，儘管在比我們在 3 月季度看到的速度要慢。

For the June quarter, we expect revenue recovery versus 2019, as Ed mentioned, to improve to 93% to 97% on 84% capacity restoration. This reflects a low double-digit TRASM growth versus 2019 with all entities expected to post positive unit revenues compared to '19, except for the Pacific.

正如 Ed 所說，對於 6 月季度，我們預計與 2019 年相比，收入恢復率將提高至 93% 至 97%，而產能恢復率為 84%。這反映了 TRASM 與 2019 年相比較低的兩位數增長，與 19 年相比，所有實體預計將實現正單位收入，但太平洋地區除外。

We expect April yields to be up double digits compared to 2019 with further strengthening as we approach June, positioning us to successfully recapture a significant portion of the higher prices -- fuel prices in the June quarter.

我們預計 4 月份的收益率將比 2019 年增長兩位數，並且隨著我們接近 6 月份進一步走強，使我們能夠成功奪回較高價格的很大一部分——6 月份季度的燃料價格。

Geographically, domestic and Latin revenues continue to lead the recovery, and fewer restrictions in major international markets are unlocking demand for long-haul travel. We expect a very strong summer in the transatlantic based on demand trends. And in the Pacific, we are encouraged by the opening of Australia, South Korea and other countries in Southeast Asia.

從地域上看，國內和拉丁美洲的收入繼續引領復甦，主要國際市場的限制減少正在釋放對長途旅行的需求。根據需求趨勢，我們預計跨大西洋的夏季將非常強勁。而在太平洋，我們對澳大利亞、韓國和東南亞其他國家的開放感到鼓舞。

When countries reopen, we see a rapid restoration of demand. For example, following South Korea's border opening on April 1, we expect load factors to improve from the low 50s in March to the low 90s by June. We expect that heavily restricted regions, such as China and Japan, will continue to put pressure on overall Pacific unit revenues until borders fully reopen.

當各國重新開放時，我們看到需求迅速恢復。例如，在 4 月 1 日韓國邊境開放之後，我們預計載客率將從 3 月的 50 年代低點提高到 6 月的 90 年代低點。我們預計，在邊境完全重新開放之前，中國和日本等受到嚴格限制的地區將繼續對太平洋地區的整體收入構成壓力。

A few months ago at Capital Markets Day, we outlined 3 commercial strategy pillars, and we've made strong progress across each of these for the start of this year. First, our premium products continue to lead the recovery, and the introduction of Delta Premium Select to the transatlantic marketplace has been a success with early returns far exceeding our expectations. By this summer, we will have expanded Delta -- DPS to 80% of our transatlantic flights. Over the next few years, we expect premium seat growth to continue to outpace Main Cabin, and we're confident in the consumer shift towards higher-quality products is here to stay. To date, premium recovery has been led by consumer, and we see further upside as more and more business travelers return to the skies.

幾個月前的資本市場日，我們概述了 3 個商業戰略支柱，今年年初我們在每一個方面都取得了長足的進步。首先，我們的優質產品繼續引領復甦，將 Delta Premium Select 引入跨大西洋市場取得了成功，早期回報遠遠超出我們的預期。到今年夏天，我們將把 Delta - DPS 擴大到我們跨大西洋航班的 80%。在接下來的幾年裡，我們預計高級座位的增長將繼續超過主艙，我們相信消費者轉向更高質量的產品的趨勢將持續下去。迄今為止，保費復甦一直由消費者主導，隨著越來越多的商務旅客重返天空，我們看到了進一步的上行空間。

Next, growing loyalty is evident across several key metrics. Our Net Promoter Score remains above 2019, even as volumes increase. And during the quarter, we acquired a record number of new SkyMiles members, and our co-brand spend continues to far outpace 2019, up 39% in the month of March. Loyalty is an important driver of our third pillar, increasing our revenue diversification. Other revenue was fully recovered to 2019 levels during the March quarter, led by loyalty and cargo.

其次，忠誠度在幾個關鍵指標上的增長是顯而易見的。即使銷量增加，我們的淨推薦值仍高於 2019 年。在本季度，我們獲得了創紀錄數量的“飛凡里程常客計劃”新會員，我們的聯合品牌支出繼續遠遠超過 2019 年，在 3 月份增長了 39%。忠誠度是我們第三大支柱的重要推動力，增加了我們的收入多元化。在忠誠度和貨運的帶動下，其他收入在 3 月季度完全恢復到 2019 年的水平。

Remuneration from American Express during the quarter of $1.2 billion was 25% higher than 2019, a new quarterly record that keeps us on track for our full year goal of more than $5 billion in remuneration.

美國運通在本季度的薪酬為 12 億美元，比 2019 年高出 25%，這是一個新的季度記錄，使我們能夠實現全年薪酬超過 50 億美元的目標。

Cargo had an exceptional quarter, up 51% compared to 2019, with the month of March marking our best-ever cargo month in the company's history.

貨運季度表現出色，與 2019 年相比增長 51%，3 月份是公司歷史上貨運量最好的月份。

MRO revenues were 22% below 2019 as supply chain issues slowed our engine throughput. MRO margins remain healthy, and we are excited to scale this business over the next few years as the installed base of next-generation engines continues to grow.

由於供應鏈問題減緩了我們的發動機吞吐量，MRO 收入比 2019 年下降了 22%。 MRO 利潤率保持健康，隨著下一代發動機的安裝基礎持續增長，我們很高興在未來幾年擴大這項業務。

By leveraging the Delta platform, we are further diversifying our revenue mix. In the March quarter, premium products and non-ticket revenue sources generated 58% of total revenue, up 3 points from the same period in 2019. This improvement gives us a high level of confidence in achieving our goal of more than 60% by 2024 as we laid out in Capital Markets Day.

通過利用 Delta 平台，我們正在進一步多元化我們的收入組合。在 3 月季度，優質產品和非票務收入來源佔總收入的 58%，比 2019 年同期增長 3 個百分點。這一改善使我們對實現到 2024 年超過 60% 的目標充滿信心正如我們在資本市場日所述。

In closing, Delta has emerged in a stronger relative position by staying true to our core competitive strengths and our commitment to our customers and employees. And as the final phase of demand recovery takes hold and preference for our brand continues to grow, I am more confident than ever in Delta's path to exceed 2019 financial performance by 2024.

最後，通過忠於我們的核心競爭優勢以及我們對客戶和員工的承諾，達美已經處於更強大的相對地位。隨著需求復甦的最後階段站穩腳跟，對我們品牌的偏好持續增長，我比以往任何時候都更有信心達美在 2024 年之前超過 2019 年的財務業績。

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

有了這個，我想把它交給丹來更多地談論財務。

Thank you, Glen, and good morning to everyone.

謝謝你，格倫，大家早上好。

Starting with the highlights of the March quarter. Our operating loss of $793 million was better than our expectation. As anticipated, we saw losses in January and February due to Omicron and seasonal weakness, and we inflected to a solid profit in March with a 9.4% adjusted operating margin.

從三月季度的亮點開始。我們 7.93 億美元的經營虧損好於我們的預期。正如預期的那樣，由於 Omicron 和季節性疲軟，我們在 1 月和 2 月看到了虧損，我們在 3 月以 9.4% 的調整後營業利潤率實現了穩健的利潤。

Fuel expense was $2.1 billion. It increased 32% sequentially from the December quarter. Fuel price per gallon averaged $2.79 for the quarter. This included a $0.07 per gallon benefit from the refinery.

燃料費用為 21 億美元。它比 12 月季度環比增長 32%。本季度每加侖燃油價格平均為 2.79 美元。這包括煉油廠每加侖 0.07 美元的收益。

Nonfuel costs rose 6% sequentially with nonfuel CASM up 15% compared to 2019 on 17% less capacity.

非燃料成本環比增長 6%，非燃料 CASM 與 2019 年相比增長 15%，產能減少 17%。

We generated operating cash flow of $1.8 billion. We reinvested $1.6 billion into the business, resulting in free cash flow of $200 million. Delivering a profit in the month of March and positive cash flow for the quarter were important achievements, especially considering the impact of Omicron and higher fuel prices.

我們產生了 18 億美元的經營現金流。我們向該業務再投資了 16 億美元，產生了 2 億美元的自由現金流。 3 月份實現盈利和本季度現金流為正是重要成就，特別是考慮到 Omicron 和燃料價格上漲的影響。

We ended the quarter with adjusted net debt of $20.9 billion. This was more than $1 billion better than our initial expectations due to strength in cash receipts that Ed and Glen spoke to. We repaid $1.4 billion of gross debt, ending March with nearly $13 billion of liquidity.

我們在本季度結束時調整後的淨債務為 209 億美元。由於 Ed 和 Glen 談到的現金收入強勁，這比我們最初的預期好 10 億多美元。截至 3 月底，我們償還了 14 億美元的總債務，流動性接近 130 億美元。

Now turning to the outlook. We expect the June quarter nonfuel CASM to be up 17% compared to 2019. The 2-point increase from the March quarter is driven by higher selling-related costs, unexpected; 45% sequential increase in revenue; and our anticipated step-up in maintenance costs on a similar level of capacity restoration. With the first half nonfuel CASM in the mid-teens, which is 2 points higher than planned on lower capacity, we expect to be closer to the high end of the full range of up 7% to 10%, implying the second half will improve up to the mid-single digits. This improvement is driven by continued capacity restoration from the low to mid-80s in the first half to the mid-90s by the end of the year. The resulting scale and efficiency will drive the step function change in our nonfuel CASM.

現在轉向前景。我們預計 6 月季度的非燃料 CASM 將比 2019 年增長 17%。3 月季度的增長 2 個百分點是由更高的銷售相關成本推動的，出乎意料；收入環比增長 45%；以及我們預期在類似水平的容量恢復下維護成本的增加。由於上半年非燃料 CASM 處於 10 多歲，比計劃的低產能高出 2 個百分點，我們預計將接近 7% 至 10% 的全範圍高端，這意味著下半年將有所改善直到中間個位數。這種改善是由於從上半年的低至 80 年代中期到年底到 90 年代中期的持續產能恢復推動的。由此產生的規模和效率將推動我們的非燃料 CASM 中的階躍函數變化。

Now let me give you a little context on how we get this improvement. The recovery in international travel enables us to shift our wide-bodies from our domestic to our international, where we get better efficiency from gauge and stage and improved staffing. Narrowbody utilization will improve with a 10-point increase expected by the end of the year, giving us a combined benefit of higher capacity and more efficient allocation of our fleet.

現在讓我給你一些關於我們如何獲得這種改進的背景信息。國際旅行的複蘇使我們能夠將我們的寬體從國內轉移到國際，在那裡我們可以從機位和舞台上獲得更高的效率，並改善人員配置。到今年年底，窄體飛機的利用率預計將提高 10 個百分點，從而為我們帶來更高的運力和更有效的機隊分配的綜合優勢。

Further, as we fill out our schedules and we create greater stability in our operations with more consistency and depth in both the domestic and the international network, this is enabling efficiency gains in our facilities and productivity of our workforce. We remain confident in our multiyear cost framework laid out at Capital Markets Day.

此外，隨著我們填寫日程表並在國內和國際網絡中更加一致和深入地在運營中創造更大的穩定性，這將提高我們的設施效率和員工的生產力。我們對在資本市場日制定的多年成本框架仍然充滿信心。

Regaining a competitive cost structure is critical to our success. At the same time, we will continue to remain nimble on capacity as we manage for profitability in this higher fuel price environment.

恢復具有競爭力的成本結構對我們的成功至關重要。與此同時，我們將繼續保持靈活的產能，因為我們在這種較高的燃料價格環境中管理盈利能力。

On fuel for the June quarter, we expect an adjusted fuel price per gallon of $3.20 to $3.35. This includes a $0.20 benefit from the refinery, and these are based on the forward curves as of last Friday. Our Monroe refinery provides a unique benefit, acting as a partial hedge to elevated cracks. This is especially true with New York Harbor jet cracks, where our production at Monroe provides 100% offset.

在 6 月季度的燃料方面，我們預計調整後的每加侖燃料價格為 3.20 美元至 3.35 美元。這包括煉油廠 0.20 美元的收益，這些收益基於上週五的遠期曲線。我們的門羅煉油廠提供了獨特的優勢，可作為高位裂縫的部分對沖。紐約港噴氣機裂縫尤其如此，我們在門羅的生產提供 100% 的補償。

Based on our June quarter outlook for revenue and costs, we expect operating margins to be between 12% and 14%.

根據我們對收入和成本的 6 月季度展望，我們預計營業利潤率將在 12% 至 14% 之間。

With the expectations for solid profitability and further build in our air traffic liability, we expect to generate another quarter of positive free cash flow after investing $1.2 billion in the business and expect to end the June quarter with adjusted net debt of approximately $20 billion.

隨著對穩健盈利能力的預期和我們的空中交通負債的進一步建立，我們預計在對該業務投資 12 億美元後將產生另一個季度的正自由現金流，並預計在 6 月季度末調整後的淨債務約為 200 億美元。

As we achieve sustained cash generation, we will continue to opportunistically manage our balance sheet, reducing debt to return to investment-grade metrics and making progress towards our $15 billion adjusted net debt target by the end of 2024.

隨著我們實現持續的現金產生，我們將繼續機會主義地管理我們的資產負債表，減少債務以恢復投資級指標，並在實現到 2024 年底 150 億美元的調整後淨債務目標方面取得進展。

For the year, our CapEx outlook of $6 billion is unchanged with our reinvestment primarily driven by the continued renewal of our fleet. We expect to take delivery of approximately 70 new and gently used aircraft this year, including 26 A321neos. This large grade -- gauge aircraft fits well with our upgauging strategy and will be our most fuel-efficient aircraft in our fleet with the lowest seat cost.

今年，我們 60 億美元的資本支出前景保持不變，我們的再投資主要受我們機隊持續更新的推動。我們預計今年將接收大約 70 架新的和輕用飛機，其中包括 26 架 A321neo。這架大規格飛機非常符合我們的升級戰略，將成為我們機隊中燃油效率最高、座位成本最低的飛機。

We also continue to accept delivery of new 220s, 3 3,900s and 3 5,900s. These aircraft are expected to contribute to the full restoration of our capacity and to our goal of using at least 7% less fuel per ASM in 2022 when compared to 2019.

我們還繼續接受新的 220、3 3,900 和 3 5,900 的交付。與 2019 年相比，這些飛機預計將有助於全面恢復我們的產能，並實現我們在 2022 年每 ASM 使用至少 7% 的燃料的目標。

In addition to the financial benefits, improved efficiency is an important step in our journey to a more sustainable future. During the quarter, we announced actions to scale and advance sustainable fuels. We signed an offtake agreement with Gevo for approximately 75 million gallons of SAF annually over 7 years. We anticipate to start in mid-2026, progressing us towards our 2030 10% SAF commitment.

除了經濟利益之外，提高效率也是我們邁向更可持續未來的重要一步。在本季度，我們宣布了擴大和推進可持續燃料的行動。我們與 Gevo 簽署了一項在 7 年內每年購買約 7500 萬加侖 SAF 的承購協議。我們預計將於 2026 年年中開始，朝著 2030 年 10% SAF 的承諾邁進。

We also announced a collaboration with Airbus on the research and development of hydrogen-powered aircraft and the infrastructure it requires.

我們還宣布與空中客車公司合作研發氫動力飛機及其所需的基礎設施。

So in closing, we are executing against our priorities laid out at Capital Markets Day, and I'm encouraged by the momentum in our financial recovery. I would sincerely like to thank the Delta people for everything they do every day. Our people will always be our most important competitive advantage.

所以最後，我們正在執行我們在資本市場日制定的優先事項，我對我們金融復甦的勢頭感到鼓舞。我衷心感謝台達人每天所做的一切。我們的員工永遠是我們最重要的競爭優勢。

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

因此，我將把它轉回給 Julie 進行問答。

Thanks, Dan. April, can you please remind the analysts how to queue up for a question and then go to our first question?

謝謝，丹。 April，能否請您提醒分析師如何排隊等待一個問題，然後轉到我們的第一個問題？

(Operator Instructions) And we'll first hear from Mike Linenberg of Deutsche Bank.

（操作員說明）我們將首先聽取德意志銀行的 Mike Linenberg 的來信。

Fantastic outlook. I guess I want to focus on capacity with -- so my question is to Glen. Look, you operated 83% of 2019 in the March quarter, and things have obviously gotten a lot better for the June quarter. I mean, I just sort of think about the Omicron impact in January and February, I think it was pretty impactful. And yet, we're just moving up 1 point sequentially, 83% to 84%. So I guess, Glen, is this as much driven by the fact that it's all about maintaining operational reliability and really just running the best schedule that there is, and that will drive not just the revenue premium but overall revenue and less reaccommodation costs?

夢幻般的前景。我想我想專注於能力——所以我的問題是向格倫提出的。看，您在 2019 年第三季度運營了 83% 的業務，而 6 月份季度的情況顯然好得多。我的意思是，我只是想想 1 月和 2 月的 Omicron 影響，我認為它非常有影響力。然而，我們只是連續上升 1 個百分點，從 83% 上升到 84%。所以我想，格倫，這是否同樣受到以下事實的推動：這一切都是為了保持運營可靠性，真的只是運行現有的最佳時間表，這不僅會推動收入溢價，還會推動整體收入和減少重新安置成本？

And I guess as a sort of corollary to that question, are you watching what's going on over in Europe and seeing how several European carriers are being forced to cancel because of the spread of this other variant, and so you guys want to make sure that you're just well prepared and well reserved?

我想作為這個問題的一種推論，你是否正在關注歐洲正在發生的事情，並看到幾家歐洲航空公司是如何因為這種其他變體的傳播而被迫取消的，所以你們想確保你只是做好了充分的準備和保留了嗎？

I think it's all of the above. I think you asked and answered your own question there. You did a great job of articulating our viewpoint as the priority is to operate reliably, and the other priorities do not get ahead of demand. So this is a very recent demand increase that we've seen. The uptick just started about 6 to 8 weeks ago, in late February and March. And so as we get through the year, if these demand trends continue, we have the opportunity to take another tick up or we could pivot in a different direction if warranted.

我想就是以上所有。我想你在那裡問並回答了你自己的問題。您很好地闡明了我們的觀點，因為首要任務是可靠運行，而其他優先事項並沒有超越需求。所以這是我們最近看到的需求增長。大約 6 到 8 週前，2 月下旬和 3 月才開始上漲。因此，當我們度過這一年時，如果這些需求趨勢繼續下去，我們就有機會再次上漲，或者如果有必要，我們可以轉向不同的方向。

But I think, Ed has made it very clear to us that being nimble until we get to the very end of this is the key to our success, and I think we've done a very good job as a company being nimble in our offering throughout the pandemic and really been closest to actual demand if you look back at what demand was.

但我認為，Ed 已經向我們明確表示，在我們完成這一切之前保持敏捷是我們成功的關鍵，而且我認為作為一家靈活提供產品的公司，我們做得非常好在整個大流行期間，如果您回顧一下需求是什麼，它確實最接近實際需求。

Great. We and investors love the discipline.

偉大的。我們和投資者都喜歡這門學科。

Next, we'll hear from Catherine O'Brien of Goldman Sachs.

接下來，我們將聽取高盛的凱瑟琳奧布萊恩的來信。

So maybe a bit of a follow-up to Mike's question. I've been hearing from some of your peers and other industry folks that labor supplies continue to lay down on the ability to ramp up capacity. And as we enter 2Q, labor might actually be a bit tighter than we thought at the beginning of the year, just given Omicron-driven training delays and higher attrition rates. I guess, first, are you seeing the same at Delta? And if so, did that impact your 2Q capacity plans versus your plans back at Investor Day at all?

所以也許是對邁克問題的一點跟進。我從你的一些同行和其他業內人士那裡聽說，勞動力供應繼續依賴於提高產能的能力。當我們進入第二季度時，勞動力實際上可能比我們年初想像的要緊張一些，只是考慮到 Omicron 驅動的培訓延遲和更高的流失率。我想，首先，你在達美看到同樣的情況嗎？如果是這樣，這是否會影響您的第二季度產能計劃與您在投資者日的計劃？

Catie, this is Ed. I'll take that. We've been at this for the better part of the last 18 months and getting ahead of it. And we hired over 10,000 people last year. We've hired another 4,000 people already this year, so we've hired 15,000 people. And we are largely where we need to be on staffing. Yes, pilots have a training pipeline and will take some time before pilots are fully in category and where we want them positioned. It'll probably take another year or 2. Flight attendants, likewise, we're hiring flight attendants, and there's a queue as to how much -- many people we can put through the training pipeline.

凱蒂，這是埃德。我會接受的。在過去 18 個月的大部分時間裡，我們一直在做這件事，並且領先一步。去年我們僱傭了超過 10,000 人。今年我們已經又僱傭了 4000 人，所以我們已經僱傭了 15000 人。我們在很大程度上是我們需要人員配備的地方。是的，飛行員有一個培訓渠道，並且需要一些時間才能讓飛行員完全進入類別以及我們希望他們定位的位置。可能還需要一兩年。空乘人員，同樣，我們正在招聘空乘人員，而且我們可以安排多少人通過培訓管道。

But that's not where the real congestion is. It's in the airport, it's on the ground experience. It's making sure we have our suppliers ready and positioned.

但這並不是真正的擁堵之處。它在機場，它在地面上的體驗。它確保我們的供應商準備就緒並定位。

One thing we did last year, really almost 2 years ago now, is we took over a lot of the functions at the airport that had been outsourced, catering, cleaning, wheelchair pushing. And we have Delta people in position, and we've hired Delta people to do it to make certain that we get the best experience for our customers. And you know what? Not only are people doing a much better job at it, we're also doing it much more efficiently and effectively, and customers are appreciating it.

我們去年做的一件事，實際上是差不多兩年前的事了，我們接手了機場很多外包的功能，餐飲、清潔、輪椅推車。我們有達美員工就職，我們聘請了達美員工來做這件事，以確保我們為客戶提供最佳體驗。你知道嗎？人們不僅在這方面做得更好，而且我們的工作效率和效率也更高，客戶也很欣賞它。

So the labor situation, you're right, has changed pretty dramatically over the course of the last 2 years. We've been out ahead, and that's why you look at our operational stats over that time frame, we've led the industry consistently.

所以，你說得對，勞動力狀況在過去 2 年中發生了相當大的變化。我們一直處於領先地位，這就是為什麼您查看我們在那個時間範圍內的運營統計數據，我們一直在行業中處於領先地位。

That's great. And maybe just a quick one for Glen. The Amex remuneration is a bright spot again this quarter. But would I be correct to think maybe Omicron created some noise at the start of the Q and maybe we see that accelerate even further as we move through the year? I know you just reiterated your goal that you said at Investor Day for $5 billion plus contribution this year. But if we do see an acceleration from 1Q, might we still be some upside to that? Congrats.

那太棒了。也許對格倫來說只是一個快速的。美國運通的薪酬在本季度再次成為亮點。但是我認為也許 Omicron 在 Q 開始時製造了一些噪音，也許我們會看到隨著我們一年的到來進一步加速，這是否正確？我知道你剛剛重申了你在投資者日所說的目標，即今年的捐款超過 50 億美元。但是，如果我們確實看到第一季度的加速，我們是否還有一些上漲空間？恭喜。

Yes, I think we're always hopeful for upside. I think what we're excited about when we dissect the spend is that you can really see the spend moving from goods to services and particularly increases in the airline spend on the card, so those are very encouraging statistics for us to continue to monitor as we move through the year. But I think you're really seeing that as the moving away from goods and the movement towards experiences and services.

是的，我認為我們總是對上漲充滿希望。我認為，當我們剖析支出時，我們感到興奮的是，您確實可以看到支出從商品轉移到服務，尤其是航空公司在卡上的支出增加，因此這些是非常令人鼓舞的統計數據，我們需要繼續監控我們度過了這一年。但我認為你真的把它看作是從商品轉向體驗和服務。

Next, we'll hear from Brandon Oglenski of...

接下來，我們將聽到布蘭登·奧格倫斯基的...

Glen, you provided an update. I think you said domestic corporate travel 70% recovered and international 50% in March. Can you just give us some insight on how those bookings are shaping up here early in 2Q?

格倫，你提供了更新。我想你說 3 月份國內商務旅行恢復了 70%，國際商務旅行恢復了 50%。您能否向我們介紹一下這些預訂在第二季度初的情況如何？

And then second to this question, how much do you think the international testing requirement is holding back trips across the Atlantic right now?

然後是這個問題的第二個問題，您認為國際測試要求現在在多大程度上阻礙了跨大西洋旅行？

First, I'll answer the second first. I think that is the next leg up that we see in the demand set, and we think we have very -- quite robust demand. But there certainly is, in the minds of some consumers, some hesitancy to go abroad and risk being caught, not being able to get back because of catching COVID. So hopefully, we can see that roll back in the next few weeks here. I think there are -- we are hearing good signs from Washington. We'll see -- hopefully, that comes out here. And that would be one of the final things that we would need in place for us to really say that COVID is in our rearview mirror. So hopefully, that happens.

首先，我先回答第二個。我認為這是我們在需求集中看到的下一步，我們認為我們有非常 - 非常強勁的需求。但在一些消費者的心目中，肯定有一些出國的猶豫和被抓的風險，因為感染了新冠病毒而無法返回。因此，希望我們可以在接下來的幾週內看到這種情況的回滾。我認為有——我們聽到了來自華盛頓的好跡象。我們會看到 - 希望它會出現在這裡。這將是我們真正說 COVID 在我們的後視鏡中所需要的最後一件事。所以希望這會發生。

And then your second question was what? I'm sorry.

然後你的第二個問題是什麼？對不起。

When you were talking about, I think, domestic corporate travel at about 70%, international at about 50% in March, can you give us any insights into how that's improving in 2Q?

當您談到，我認為 3 月份國內商務旅行約佔 70%，國際商務旅行約佔 50%，您能否就第二季度的改善情況給我們提供任何見解？

Absolutely. And I think the one that we're really excited about right now is transatlantic business which, for the first time last week, crossed domestic restoration in terms of volume. And so that was a big improvement from where we had been just 6 or 8 weeks ago. So it does look like transatlantic business is returning robustly, and that's very exciting for us.

絕對地。我認為我們現在真正興奮的是跨大西洋業務，這是上週第一次在數量上跨越國內恢復。因此，與 6 或 8 週前相比，這是一個很大的進步。所以看起來跨大西洋業務正在強勁回歸，這對我們來說非常令人興奮。

And I think what we're also excited about is the survey that we just got back that said 90% expect to travel more in 2Q than they did at 1Q. So I think when we report to you next quarter, we'll see both of those numbers continuing to move up.

我認為我們也很興奮的是，我們剛剛收到的一項調查顯示，90% 的人預計第二季度的旅行量將超過第一季度。因此，我認為當我們下個季度向您報告時，我們會看到這兩個數字繼續上升。

And of course, the big question mark is when will Japan and China reopen. And that's probably not in this next quarter and hopefully sometime this fall, but that's a little bit further out. What I would say is when these countries are open, business returns quickly. So to Korea, to Australia, we've seen very rapid increases in business demand as those countries have opened.

當然，最大的問號是日本和中國何時重新開放。這可能不在下個季度，希望在今年秋天的某個時候，但這有點遠。我想說的是，當這些國家開放時，業務會迅速恢復。因此，對於韓國和澳大利亞，隨著這些國家的開放，我們已經看到商業需求的快速增長。

Next, we'll hear from Helane Becker of Cowen.

接下來，我們將聽取 Cowen 的 Helane Becker 的來信。

So just a couple of questions on the cost side of the equation. I know there's not a lot you can do about fuel. But on the labor cost side, to attract people, I mean, I think, Ed, you said you're not going to have to hire that many more people this year. But to retain people, are you finding that you have to raise salaries more than the 4% that you've already slated for May first?

所以只是關於等式的成本方面的幾個問題。我知道你對燃料無能為力。但在勞動力成本方面，為了吸引人，我的意思是，我想，Ed，你說過今年你不需要雇傭那麼多人。但是為了留住人才，你是否發現你必須將工資提高到超過你已經計劃在 5 月開始的 4%？

Helane, no, we're not. One of the great things about our brand is throughout this period we've been able to attract and bring in the 15,000 people I talked about with fundamentally not having to change the scales we've used in select high-priced markets, some sign-on bonuses very judiciously. But fundamentally, no, our scales are intact, and the 4% increase May 1 helps.

海倫，不，我們不是。我們品牌的一大優點是，在此期間，我們已經能夠吸引和吸引我談到的 15,000 人，而從根本上不必改變我們在精選高價市場中使用的規模，一些跡象-在獎金上非常明智。但從根本上說，不，我們的規模是完整的，5 月 1 日 4% 的增長有幫助。

That's very helpful. And then my other question is like kind of unrelated, but I think -- I feel like it was Glen who mentioned that you saw a record cargo number in March, I want to say. So I'm thinking about what you're carrying and what you're seeing in air freight rates and why you think it was so strong and whether that can continue into the second quarter and if it's meaningful. Like 18 questions in there, Glen.

這很有幫助。然後我的另一個問題有點不相關，但我想——我覺得是格倫提到你在 3 月份看到了創紀錄的貨運數量，我想說。因此，我正在考慮您所攜帶的物品以及您在空運費率中看到的情況，以及為什麼您認為它如此強勁，以及這是否可以持續到第二季度以及它是否有意義。就像那裡的 18 個問題一樣，格倫。

Right. Well, clearly, we know about supply chains trying to catch up. And clearly, air freight has been one of the ways to relieve that pressure, and so we've seen air freight rates continue to move in a favorable direction.

對。好吧，很明顯，我們知道供應鏈正在努力追趕。顯然，空運一直是緩解這種壓力的方法之一，因此我們看到空運價格繼續朝著有利的方向發展。

I'd say the one caution I have right now is the closure of China. And China has been, of course, a very strong, strong market for us in the cargo area. And with Shanghai closed and we're literally not flying to China right now until Shanghai reopens, so that's going to weigh a little bit on cargo revenues as we move forward. But as that does reopen, then you can see that pent-up demand for goods that need to get shipped out of China and potentially even another leg up.

我想說我現在要注意的一個問題是關閉中國。當然，中國在貨運領域對我們來說是一個非常強大的市場。由於上海關閉，在上海重新開放之前，我們現在實際上不會飛往中國，因此在我們前進的過程中，這將對貨運收入造成一點影響。但隨著那確實重新開放，你會看到對需要運出中國的商品的被壓抑的需求，甚至可能會再次上升。

So I'd say we're in a temporary pause right now because of the issues in China. But I expect, as China comes back online, and I don't know the exact date, I don't think anybody does, but we could see an even stronger demand coming out of that.

所以我想說，由於中國的問題，我們現在處於暫時的停頓狀態。但我預計，隨著中國重新上線，而且我不知道確切的日期，我認為沒有人會這樣做，但我們可以看到由此產生的更強勁的需求。

Off a good year last year.

去年過得不錯。

Yes, off a great year last year.

是的，去年過得很好。

Conor Cunningham, MKM Partners.

康納坎寧安，MKM 合夥人。

You've really invested in the operation over the years and just the customer experience in general. And maybe this is a follow-up to what Mike was getting to. Just there's been a lot of meltdowns around you. And I'm just curious on how you, as Delta, go after those customers that have maybe been displaced by another airline. I think about like Boston this past week and just curious on how you attract them and make them permanent Delta passengers.

多年來，您確實對運營進行了投資，而總體上只是對客戶體驗進行了投資。也許這是邁克所做的後續行動。只是你周圍發生了很多崩潰。我只是好奇你作為達美航空是如何追捕那些可能被另一家航空公司取代的客戶的。上週我像波士頓一樣思考，只是好奇你如何吸引他們並讓他們成為達美航空的永久乘客。

Well, thanks, Conor. I think the -- again, throughout the pandemic, we have, as Glen said, been the most disciplined in the return of supply and have -- probably have a better match to demand than anyone else. And it's been interesting to watch because a lot of airlines have taken different approaches over the course of the last 2 years.

好吧，謝謝，康納。我認為——再一次，在整個大流行期間，正如格倫所說，我們在供應回報方面是最自律的，並且可能比其他任何人都更能滿足需求。值得關注的是，許多航空公司在過去 2 年中採取了不同的方法。

Fundamentally, our commitment and our promise to our customers is to give them a great, safe, on-time, reliable experience, and we continue to invest more and more in the premium categories of our aircraft, of our service elements and the quality of our -- of the service that our people drive, and it speaks for itself. We take, very humbly the various awards we've won over the course of the last couple of years. I think we've expanded our leadership during COVID. We had the most to lose, and I think we gained the most over that time frame, candidly. And clearly, we've got some really nice momentum as we're bringing and opening new airports. We've got the new LaGuardia opening in June, which we'll all be very pleased to be the new LAX that we cut the ribbon on with the mayor a couple of weeks ago and the new international facility in Seattle and continued expansions in Salt Lake and improvements in Minneapolis, many other places. So we're going after the customer experience on the ground, as well as in the air, with a heightened focus on premium. That's about all we can say.

從根本上說，我們的承諾和我們對客戶的承諾是為他們提供出色、安全、準時、可靠的體驗，我們將繼續在我們的飛機的高端類別、我們的服務元素和質量方面投入越來越多的資金。我們的——我們的員工所提供的服務，它不言自明。我們非常謙虛地接受我們在過去幾年中贏得的各種獎項。我認為我們在 COVID 期間擴大了領導力。坦率地說，我們失去的最多，我認為我們在這段時間內獲得的最多。很明顯，隨著我們引進和開放新機場，我們的勢頭非常好。我們已經在 6 月開設了新的拉瓜迪亞機場，我們都很高興成為幾週前我們與市長一起剪彩的新洛杉磯國際機場，以及西雅圖的新國際設施和鹽場的持續擴張明尼阿波利斯湖和其他許多地方的改進。因此，我們正在追求客戶在地面和空中的體驗，並更加關注優質。這就是我們所能說的。

Myles Walton, UBS.

邁爾斯沃爾頓，瑞銀。

There are some concerns about looking forward potential consumer softening through the course of the year. And obviously, you're not seeing that in 2Q. But I was wondering, Ed, if you're looking for signals of softening in your business, do you think it would sort of start to show up first in a lower uptake of premium products? Would it show up first in maybe leisure routes demand drying up there or somewhere else? Maybe you can just talk to what you'd look for in your watchtower.

有一些關於展望全年潛在消費者疲軟的擔憂。顯然，您在第二季度看不到這一點。但我想知道，Ed，如果您正在尋找業務疲軟的信號，您認為它會首先出現在高端產品的較低吸收率中嗎？它會首先出現在休閒路線需要乾涸的地方或其他地方嗎？也許你可以談談你在瞭望塔里尋找的東西。

Well, you're right, Myles, we're not seeing it. But at the same time, we acknowledge our crystal ball is only as good as the next 60 to 90 days or whatever we have in terms of kind of a decent build of bookings on hand. And certainly, the next 60 to 90 days look good, as evidenced by our guidance, so we expect a very strong summer coming through that.

好吧，你是對的，邁爾斯，我們沒有看到。但與此同時，我們承認，我們的水晶球只能在接下來的 60 到 90 天或我們現有的任何一個體面的預訂量方面發揮作用。當然，接下來的 60 到 90 天看起來不錯，正如我們的指導所證明的那樣，因此我們預計夏季會非常強勁。

Consumer -- the health of the consumer is something we spend a lot of time talking about and watching and looking at. But there's other elements at play here with respect to the consumer. One is that consumers have not been traveling over the last 2 years, so this is a category that they're prioritizing as they're looking at where their spend is going into travel. You see it in credit card data. You see it all across the board. And this is not just true at Delta. This is true within our industry. Hotels are seeing it, rental car companies, et cetera. People are looking for experiences. You're seeing a pretty significant shift coming out of goods and retail into experiences and services, and that's not just the fact that people haven't traveled. They've also saved money as they've accumulated some meaningful cash and discretionary income for what they have been doing over the last couple of years.

消費者——消費者的健康是我們花費大量時間談論、觀察和關注的事情。但對於消費者而言，這裡還有其他因素在起作用。一個是消費者在過去 2 年沒有旅行，所以這是他們優先考慮的一個類別，因為他們正在研究他們的旅行支出。您可以在信用卡數據中看到它。你可以看到這一切。這不僅適用於達美航空。這在我們的行業中是正確的。酒店、租車公司等都在看到它。人們正在尋找經驗。您會看到從商品和零售到體驗和服務的重大轉變，這不僅僅是人們沒有旅行的事實。他們還存了錢，因為他們為過去幾年的工作積累了一些可觀的現金和可自由支配的收入。

So we feel pretty strongly that we're going to continue to see the strong demand extend beyond just the normal summer surge but into the fall. At the same time, we're watching it. I think the place we'd be looking for is pricing resistance. When we start to see pricing, particularly with high input costs, like fuel, starting to challenge our demand and supply assumptions, then we'll take the next step-up. For now, we're feeling cautiously bullish about the summer.

因此，我們非常強烈地認為，我們將繼續看到強勁的需求超出正常的夏季激增範圍，而是延續到秋季。同時，我們也在關注它。我認為我們要尋找的地方是價格阻力。當我們開始看到定價，特別是在燃料等高投入成本的情況下，開始挑戰我們的供需假設時，我們將採取下一步行動。目前，我們對夏季持謹慎樂觀的態度。

Next, we'll hear from Duane Pfennigwerth of Evercore.

接下來，我們將聽取 Evercore 的 Duane Pfennigwerth 的來信。

Glen, if I could, on your commentary on yields improving sequentially through the balance of 2Q, I assume that is based on what you're seeing in advanced book yields. Can you just comment on like when you add it all up, not just advanced book yields, but also bookings, how would you characterize kind of your visibility into May, June versus a normal time? Is it also running ahead? I mean it's not as snarky as a question as it sounds. I guess my question is, as you offer higher fares out into the future, are you seeing any pushback? Are you seeing any hesitancy?

格倫，如果可以的話，關於您對第二季度餘額中收益率連續提高的評論，我認為這是基於您在高級賬面收益率中看到的情況。你能不能評論一下，當你把它加起來時，不僅僅是提前的圖書產量，還有預訂量，你會如何描述你在 5 月、6 月與正常時間的可見度？是不是也跑在前面了？我的意思是它不像聽起來那樣刻薄。我想我的問題是，隨著您在未來提供更高的票價，您是否看到任何阻力？你看到有什麼猶豫嗎？

Well, I'd say absolutely not. As a matter of fact, we've been trying to catch up to this robust demand. And our quest in the revenue management team, who I think has done an excellent job in managing this surge, is to not run out of seats as we get towards the peak travel, summer travel season. So we want to have reasonably priced offers in market right up to day of departure, and we don't want to be running out of seats.

好吧，我會說絕對不是。事實上，我們一直在努力趕上這種強勁的需求。而我們在收入管理團隊中的任務，我認為他們在管理這一激增方面做得非常出色，是在我們接近夏季旅遊高峰期時不要用完座位。因此，我們希望在出發之日之前在市場上提供價格合理的報價，並且我們不希望座位用完。

Having said that, we are running ahead in terms of absolute bookings domestically in the rest of the quarter, and so we're actively managing that down a little bit so that we don't run out as we get very close to departure date. So I hope that gave you some color as to what we're looking at right now. But we're, right now, in the mode of trading traffic for yield.

話雖如此，我們在本季度剩餘時間在國內的絕對預訂量方面領先，因此我們正在積極管理這一點，以便在我們非常接近出發日期時不會用完。所以我希望這能給你一些關於我們現在正在看的東西的顏色。但我們現在正處於以流量換收益的模式。

That's helpful. And then I don't know if we've seen enough of kind of an off-peak environment yet here in 2Q, but can you contrast for us how are you seeing sort of peak yield improvement relative to 2019 versus off-peak yield improvement? Are you starting to see any, I guess, torque on off-peak?

這很有幫助。然後我不知道我們是否已經在第二季度看到了足夠多的非高峰環境，但您能否為我們對比一下，您如何看待相對於 2019 年的峰值產量改善與非高峰產量改善?我猜你是否開始看到非高峰時的扭矩？

No. As a matter of fact, when you look at where we're booked ahead, we have had the offers slightly ahead in peak days and peak travel periods versus off-peak. And we've seen the consumer demand that you would expect, travelers moving into the off-peak period, but at higher yields. So really, really encouraged by what we see as we head into late spring and summer, and we'll see how it actually materializes. But everything we see right now points to a very, very robust travel through the remainder of spring and summer.

不。事實上，當您查看我們提前預訂的位置時，我們在高峰日和旅行高峰期相對於非高峰期的報價略超前。我們已經看到了您所期望的消費者需求，旅行者進入了非高峰期，但收益率更高。因此，當我們進入春末和夏季時，我們所看到的真的非常鼓舞人心，我們將看到它是如何實現的。但我們現在所看到的一切都表明，在春季和夏季的剩餘時間裡，旅行將非常非常強勁。

Next, we'll hear from Jamie Baker of JPMorgan.

接下來，我們將聽取摩根大通的 Jamie Baker 的來信。

Yes. Glen, a question on premium revenue. What percent is sold at the initial time of ticketing as opposed to during the window between ticketing and departure? And how has that changed over time?

是的。格倫，關於保費收入的問題。與出票和出發之間的窗口期相比，在最初出票時售出的百分比是多少？隨著時間的推移，情況發生了怎樣的變化？

We have moved more and more to ticketing, time of ticketing. So I'd say, and I don't have these numbers, I can follow up with you, but my guess is that they're around 70% is done at time of ticketing and about 30% post purchase.

我們越來越多地轉向票務，票務時間。所以我想說，我沒有這些數字，我可以跟進你，但我猜他們大約 70% 是在售票時完成的，大約 30% 是在購買後完成的。

Andrew Didora of Bank of America.

美國銀行的安德魯·迪多拉。

Can you hear me?

你能聽到我嗎？

Yes. Go ahead.

是的。前進。

Glen, I know it's really early on in the corporate travel recovery, but we've been hearing from some hotel companies that the corporate booking curve has just shortened tremendously. I think they've been mentioning under 2 weeks versus normally 30 to 45 days. Are you seeing a similar shortening in the corporate booking curve? And I guess, are you beginning to see any other changes to the way corporates behave here as the recovery unfolds?

格倫，我知道現在企業旅行複蘇還處於早期階段，但我們從一些酒店公司那裡聽說，企業預訂曲線剛剛大大縮短。我認為他們一直在提到不到 2 週，而通常是 30 到 45 天。您是否看到企業預訂曲線出現類似的縮短？我想，隨著復甦的展開，您是否開始看到企業在這裡的行為方式發生任何其他變化？

Yes. I would not say that we're seeing that same phenomenon. Our corporate booking seems -- outside of 21 days now, seems to be trending similarly to inside of '21. So I'd say we're seeing very normal booking curves in terms of business. And I think what we're seeing, and this is more anecdotally than you see in the type of transaction you have, but people's reason for traveling for business is slightly different. We are seeing an increase in meetings, an increase in groups, and I think that may be why hotels are seeing further out APs because it's harder to get big blocks.

是的。我不會說我們看到了同樣的現象。我們的公司預訂似乎——現在在 21 天之外，似乎與 21 天之內的趨勢相似。所以我想說我們在業務方面看到了非常正常的預訂曲線。我認為我們所看到的，這比你在交易類型中看到的更有趣，但人們出差的原因略有不同。我們看到會議的增加，團體的增加，我認為這可能是酒店越來越多地看到 AP 的原因，因為很難獲得大塊。

Savi Syth of Raymond James.

雷蒙德·詹姆斯的薩維·賽斯。

Just a quick follow-up to, I think, Brandon's question earlier. So just if you look at the 2Q guide, what's the level of demand recovery that's reflected in that guide, business demand?

我認為，只是對布蘭登早些時候的問題的快速跟進。因此，如果您查看第二季度指南，該指南中反映的需求恢復水平是多少，業務需求？

The business demand is in the low 70s.

業務需求處於低位 70 年代。

Okay. Got it. And then just switching a little bit to the regional airline segment. You started a transition in that segment back -- dating back to, I think, 2012 and kind of accelerated here during COVID. I was just curious if you kind of view the kind of the pilot supply issues that the regional industry are facing, are those kind of transitory? Or is there a need to revisit the regional airline strategy at Delta?

好的。知道了。然後只是稍微切換到區域航空公司部分。您開始在該部分進行過渡-我認為可以追溯到 2012 年，並且在 COVID 期間在這裡加速。我只是好奇您是否認為區域行業面臨的試點供應問題是暫時的？或者是否需要重新審視達美的區域航空公司戰略？

Thanks, Savi. Yes, there is certainly a challenge to the business model that the regionals are experiencing. And you're right, we've moved pretty aggressively to transition out of the lower category, the 50-seat regional jet, over the last 10 years. So as a result of that, we have less lift coming out of the regional in terms of aggregate shelves and pilot requirements and staffing obligations than some of our other competitors in the industry. They were down to less than 150-seat regionals, probably meaningfully less, at the present time, and we don't intend to grow that. It's going to continue to drop.

謝謝，薩維。是的，地區性企業正在經歷的商業模式肯定存在挑戰。你說得對，在過去的 10 年裡，我們非常積極地從 50 座支線噴氣式飛機這一較低級別的飛機過渡。因此，與行業中的其他一些競爭對手相比，我們在總貨架、試點要求和人員配備義務方面從該地區獲得的提升更少。目前，他們的席位已降至不到 150 個地區，可能明顯更少，我們不打算擴大這一點。它會繼續下降。

It's a reset period. I think everyone is dealing with their partners in a certain way. Certainly, it's driving up cost on the pilot side to keep the pilots in the regional category until we're ready to bring them up to the main lines. But fundamentally, it's still a good business for us. We've got a considerable investment in it, and we're going to do our best to continue to grow it but not at the lower category. We're happy with our 76-seat product. And to the extent we can get more of those, we would.

這是一個重置期。我認為每個人都以某種方式與他們的合作夥伴打交道。當然，在我們準備好將他們帶入主線之前，將飛行員保持在區域類別中會增加試點成本。但從根本上說，這對我們來說仍然是一項好生意。我們對它進行了相當大的投資，我們將盡最大努力繼續發展它，但不是在較低的類別。我們對我們的 76 座產品感到滿意。如果我們能得到更多，我們會的。

Next, we'll hear from David Vernon of Bernstein.

接下來，我們將聽取 Bernstein 的 David Vernon 的來信。

Dan, appreciate the color the incremental cost guidance. I think we can back into what that number looks like in absolute dollar terms. Could you give us some sense of what are the risks, upside, downside risks to achieving that cost guidance? Do we need international to really kind of reopen on some set schedule? Or do you feel pretty good about where we're going to be?

丹，欣賞顏色增量成本指導。我認為我們可以回到以絕對美元計算的數字。您能否讓我們了解實現該成本指導的風險、上行、下行風險是什麼？我們是否需要國際化才能真正按照既定的時間表重新開放？或者你對我們要去的地方感覺很好？

And then as a follow-up, as you think about '22 to '23, given that we've hired ahead, as Ed had mentioned, resourcing the network, bringing people in, getting the training up, how should we think about that incremental cost in absolute dollars for the next 5% of capacity relative to what we're seeing in the back half of this year? Not looking for guidance, just trying to get a sense for how we think about -- or how we should be thinking about that cost build from '22 to '23 given the hiring ahead of this demand recovery that we've seen at Delta.

然後作為後續行動，當您考慮 22 到 23 年時，鑑於我們已經提前招聘，正如 Ed 提到的，資源網絡，引入人員，進行培訓，我們應該如何考慮相對於我們在今年下半年看到的情況，未來 5% 的產能的絕對成本增量是多少？不尋求指導，只是想了解我們的想法——或者鑑於我們在達美看到的需求復甦之前的招聘，我們應該如何考慮從 22 年到 23 年的成本增加。

Yes. The -- so when you think about it, related to it, the biggest risk when you think about the step-up and step function change that we talked about in opportunity ultimately comes back to capacity, and it's the ASMs that we fly. And so that is the -- and you saw that, as we talked about the first half, we're 2 points lower on capacity, and that translates us to being higher than where we thought we'd be. So put that out there, that's the biggest element of it. That's 2/3 of 3/4 of it. The other 1/4 of it is driving the efficiency. It's the efficiency in the aircraft. It's the efficiency in the airports and the facilities and the people, but the biggest one is related to the restoration of ASMs. We're building this to be back restored, and it's a progression of that.

是的。 - 所以當你考慮它時，當你考慮到我們在機會中談到的升級和階梯功能變化時，最大的風險最終會回到產能，這是我們飛行的 ASM。所以這就是 - 你看到了，正如我們談到上半場時，我們的能力低了 2 分，這意味著我們比我們想像的要高。所以把它放在那裡，這是它最大的元素。這是其中 3/4 的 2/3。另外 1/4 用於提高效率。這是飛機的效率。這是機場、設施和人員的效率，但最大的一個與 ASM 的恢復有關。我們正在建立這個以恢復恢復，這是一個進展。

So we think we're -- when we set the multiyear framework, if you go back to that Capital Markets, said where we'd be this year would be 7% to 10%. We'd be low to mid-single digits as it relates to '23 and then very low single digits as it relates to '24. That, again, has you stepping up to being 100% restored in that period of time. So you really have, at that point in time, all that transition expense that we've talked about is now -- has been sunset. You pull through the restoration, now you're getting the real benefit of running it at 100%.

所以我們認為我們 - 當我們設定多年框架時，如果你回到資本市場，我們會說我們今年的目標是 7% 到 10%。因為它與 '23 相關，所以我們會是低到中個位數，然後是與 '24 相關的非常低的個位數。再一次，你是否在這段時間內達到了 100% 的恢復。因此，在那個時間點，您確實擁有我們討論過的所有過渡費用現在 - 已經日落了。您完成了恢復，現在您獲得了以 100% 運行它的真正好處。

Ravi Shanker of Morgan Stanley.

摩根士丹利的拉維·尚克。

Just a follow-up on the previous commentary on the 1Q to 2Q transition, obviously your 2Q guidance is pretty strong. Is it fair to say that the kind of extreme peaks that we saw in the back half of '21 juxtaposed by extreme troughs between it, kind of that is in the past? So when you think of a spring break to summer travel transition, you're not going to see as much of a trough in between those peaks? Is that because of corporate? And kind of what does that mean for your network reliability and your abilities around the airline?

只是對之前關於 1Q 到 2Q 過渡的評論的跟進，顯然你的 2Q 指導非常強大。公平地說，我們在 21 年後半段看到的那種極端高峰與它之間的極端低谷並列，那是過去嗎？因此，當您想到從春假到夏季旅行的過渡時，您不會在這些高峰之間看到那麼多低谷嗎？是因為企業嗎？這對您的網絡可靠性和您在航空公司的能力意味著什麼？

Well, I think one of the issues is, moving out of COVID, we probably will not run the peaks as peaky as we had in the past in order to create more efficiency in the network on a year-round basis. And I think we've really come -- we've instituted a lot of plans in that space to try and ease out some of the peakiness of our operational schedules.

好吧，我認為其中一個問題是，從 COVID 中移出，我們可能不會像過去那樣運行高峰，以便在全年的基礎上提高網絡效率。而且我認為我們真的來了 - 我們已經在該領域制定了很多計劃，以嘗試緩解我們運營計劃的一些高峰期。

And I'll give you an example is, historically, pre-COVID, we operated about 20% more wide-bodies in the summer than we did in the winter. So when you think about the way that we utilize our pilots or our flight attendants in those categories that they had very easy rosters in the off-peak and very tensed rosters in the peak. And what we've been really working on during COVID is to come out of this with a more deseasonalized network, so we can improve the asset utilization, flatten out the peaks and build up on the troughs. And we spent a lot of time thinking about that and creating it. And I think as we get to the fall and winter schedules, you'll see how we've dealt with that. I don't want to talk about that right now in detail, but I think those are the real things that we're looking at doing.

我給你舉個例子，從歷史上看，在 COVID 之前，我們在夏天運行的寬體機比在冬天多 20%。因此，當您考慮我們在這些類別中使用我們的飛行員或空乘人員的方式時，他們在非高峰期的名單非常輕鬆，而在高峰期的名單非常緊張。在 COVID 期間，我們真正努力的是通過更加季節性的網絡來擺脫這種情況，這樣我們就可以提高資產利用率，壓平高峰並在低谷上建立起來。我們花了很多時間思考並創造它。我認為當我們進入秋季和冬季的時間表時，你會看到我們是如何處理這個問題的。我現在不想詳細談論這個，但我認為這些是我們正在考慮做的真實事情。

Next, we'll hear from Sheila Kahyaoglu of Jefferies.

接下來，我們將聽取 Jefferies 的 Sheila Kahyaoglu 的來信。

It's Sheila Kahyaoglu from Jefferies. Can you maybe talk about your pricing strategy in this inflationary environment, how you've managed it, how that's changed and then how you've seen the impact to load factors? I think you said in an earlier question, demand hasn't changed. But obviously, for Q2, the guidance for capacity is still 16% below 2019 level. So maybe can you talk about how you're managing all that in?

是 Jefferies 的 Sheila Kahyaoglu。您能否談談您在這種通貨膨脹環境下的定價策略，您是如何管理它的，它是如何改變的，然後您是如何看待對負載因素的影響的？我想你在前面的問題中說過，需求沒有改變。但顯然，對於第二季度，產能指引仍比 2019 年水平低 16%。所以也許你能談談你是如何管理這一切的嗎？

Yes. I mean, we don't talk about future pricing as a rule, so we'll stay away from that subject. And I'd just say that when you have stronger demand, you clearly have opportunities on the margin to improve the offer in the marketplace and see if the consumers respond to that. And that's really what we've been doing as fuel prices have continued to run up and demand continues to remain strong. So those levers alone have gotten us to where we feel very comfortable about the 2Q revenue environment.

是的。我的意思是，我們通常不會談論未來的定價，所以我們會遠離這個話題。我只想說，當你有更強勁的需求時，你顯然有機會改善市場上的報價，看看消費者是否對此做出反應。這就是我們一直在做的事情，因為燃料價格繼續上漲，需求繼續保持強勁。因此，僅這些槓桿就讓我們對第二季度的收入環境感到非常滿意。

Sheila, did you have another question? I'm sorry.

希拉，你還有其他問題嗎？對不起。

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

這將結束電話的分析師部分。我現在將把它交給我們的首席營銷和傳播官 Tim Mapes，開始媒體提問。

Good morning, everybody. April, if you wouldn't mind reminding everybody about how to ask a question. And we have a lot of energy in the room, if we want to keep the pace of these moving, we'll try to knock out as many of these as possible.

大家早上好。 April，如果你不介意提醒大家如何提問的話。而且我們在房間裡有很多能量，如果我們想跟上這些運動的步伐，我們會嘗試盡可能多地淘汰這些。

(Operator Instructions) And we'll first hear from Leslie Josephs of CNBC.

（操作員說明）我們將首先聽取 CNBC 的 Leslie Josephs 的來信。

I was wondering if you could talk a little bit about the union drive of your flight attendants. There's been a lot of attention on other companies like Amazon and Starbucks. Do you expect your flight attendants to be unionized this year? And what is the impact on Delta? Do you think it helps or hurts your recruiting?

我想知道你是否可以談談你的空乘人員的工會運動。亞馬遜和星巴克等其他公司也受到了很多關注。你希望你的空乘人員今年加入工會嗎？對達美有什麼影響？您認為這對您的招聘有幫助還是有害？

And then my second question, are you still charging $200 a month additional for unvaccinated employees' health insurance?

然後我的第二個問題，您是否仍然為未接種疫苗的員工的健康保險每月額外收取 200 美元？

Well, Leslie, on the question with respect to labor and union, this is not new at Delta. We've been -- the unions for many, many years are looking at the Delta employees and have been actively seeking their support. So we, on the one hand, absolutely support our employees to make the best interest -- the best decision that's in their best interest. But at the same time, we know historically that the employees of Delta have been best served by having the direct relationship with our leadership. So we don't -- this is not anything new or different. It's really more of the same. So I wouldn't read too much into what the -- what's going on at Amazon or Starbucks or other places and try to equate that to Delta. It's a very different situation.

好吧，萊斯利，關於勞工和工會的問題，這在達美航空並不新鮮。多年來，工會一直在關注達美員工，並一直在積極尋求他們的支持。因此，一方面，我們絕對支持我們的員工做出最大利益——符合他們最大利益的最佳決定。但與此同時，我們從歷史上知道，與我們的領導層建立直接關係可以為達美員工提供最好的服務。所以我們沒有——這不是什麼新的或不同的東西。真的差不多。因此，我不會過多解讀亞馬遜、星巴克或其他地方正在發生的事情，並試圖將其等同於達美航空。這是一個非常不同的情況。

And we've dropped as of this month the additional insurance surcharge given the fact that we really do believe that the pandemic has moved to a seasonal virus, and any employees that haven't been vaccinated will not be paying extra insurance costs going forward.

鑑於我們確實相信大流行已經轉變為季節性病毒，並且任何未接種疫苗的員工今後都不會支付額外的保險費用，因此我們從本月開始降低了額外的保險附加費。

And next, we'll hear from Alison Sider of Wall Street Journal.

接下來，我們將聽取華爾街日報的艾莉森·賽德的來信。

Just curious what your take is on all the discussions of consolidation among some of the midsized airlines without asking you to comment any specific deal that may or may not happen. Just how would that sort of change the competitive landscape if you did start to see more consolidation among some of these carriers?

只是好奇您對一些中型航空公司之間的所有合併討論有何看法，而不要求您評論任何可能發生或可能不會發生的具體交易。如果您確實開始看到其中一些運營商之間出現更多整合，那麼這將如何改變競爭格局？

Ali, that's a really good try, but we're not going to bite on that either.

阿里，這是一個非常好的嘗試，但我們也不會咬那個。

Next, we'll hear from David Koenig of Associated Press.

接下來，我們將聽取美聯社的 David Koenig 的來信。

Glen, you said you were hearing good signs, as you put it, about Washington perhaps rolling back the predeparture test requirement. What exactly are you hearing and from whom? And I guess I'd ask the same question about the mask mandate.

格倫，你說你聽到了好的跡象，正如你所說的，華盛頓可能會取消出發前的測試要求。你到底聽到了什麼，從誰那裡聽到的？我想我會問同樣的關於面具授權的問題。

Maybe I'll turn that over to Peter, our Chief Legal Officer.

也許我會把它交給我們的首席法務官彼得。

We're obviously engaged throughout the administration, and I will tell you that we are getting a strong indication that the testing, the predeparture testing will be phased out in the near future which is, of course, quite encouraging.

我們顯然在整個管理過程中都參與其中，我會告訴你，我們得到一個強有力的跡象，即測試、出發前測試將在不久的將來逐步取消，這當然是非常令人鼓舞的。

Dawn Gilbertson, USA Today.

黎明吉爾伯森，今日美國。

Two questions. First for Glen. There are a lot of questions about pricing resistance. And just a quick check of your fares for a July trip showed $1,500 round trip from Atlanta to Maui, $750 from LAX to Orlando. Are a lot of Americans going to be priced out of vacations this summer? And do you fear any backlash? That's my first question.

兩個問題。首先是格倫。關於定價阻力有很多問題。只需快速查看一下 7 月旅行的票價，從亞特蘭大到毛伊島的往返票價為 1,500 美元，從洛杉磯國際機場到奧蘭多的往返票價為 750 美元。今年夏天很多美國人會因為假期而被定價嗎？你害怕任何反彈嗎？這是我的第一個問題。

And the second one is, Ed, you mentioned at the top of the call about travelers' patience. Where are you still seeing issues? And how long before -- I mean, how long will travelers put up, say, with long waits on the phone and other ways to reach you guys?

第二個是，埃德，你在電話的開頭提到了旅行者的耐心。你還在哪裡看到問題？多久之前 - 我的意思是，旅行者會忍受多久，比如說，長時間等待電話和其他方式聯繫你們？

Sure. We haven't seen a lot of resistance to the price points that we have in market, and our goal is to have reasonable price points in market up to day of departure. And as we head to the peak, there are going to be constraints on peak days. And so as you shop around, if you're looking for lower fares, you have to be flexible in terms of which days you'd be willing to fly. But as we sit today, we have a load factor cushion versus where we sat in '19. So we have a higher percentage of our total seats already booked, which is, of course, putting a little bit of pressure on the ones we have remaining to sell in terms of increasing the offers on the margin.

當然。我們在市場上的價格點沒有看到很多阻力，我們的目標是在出發日之前在市場上擁有合理的價格點。當我們走向高峰時，高峰日將受到限制。因此，當您貨比三家時，如果您正在尋找更低的票價，您必須靈活選擇願意乘坐的日期。但就我們今天的坐姿而言，與 19 年的坐姿相比，我們有一個負載係數緩衝。因此，我們已經預訂了更高比例的總座位，這當然會給我們剩餘的座位帶來一點壓力，以增加邊際報價。

So look, my advice to travelers is to book early and be flexible if fares are your most important attribute. But what we're seeing more and more is that, that is not the only attribute. The quality of service and that the level of service counts more and more. So I hope that answered your question.

所以看，如果票價是您最重要的屬性，我對旅行者的建議是儘早預訂並保持靈活。但我們越來越多地看到，這並不是唯一的屬性。服務質量和服務水平越來越重要。所以我希望這回答了你的問題。

And, Dawn, on the question to reservations specifically, if that's what you were asking, we have continued a very, very aggressive drumbeat of hiring in reservations to the point where now over 50% of our total employees and reservations have been hired just within the last couple of years, and we're continuing to grow that. And as our people are getting more experienced and more comfortable, the service levels continue to improve.

而且，Dawn，特別是關於預訂的問題，如果這就是你要問的，我們會繼續非常非常積極地在預訂方面進行招聘，現在我們超過 50% 的員工和預訂已經被聘用。在過去的幾年裡，我們正在繼續發展。隨著我們的員工越來越有經驗，越來越舒適，服務水平也在不斷提高。

And we've also invested aggressively in our digital self-service options, where, several years ago, maybe only 20% of the reasons people would call us could -- they could actually manage it digitally through self-service channels. Today, that's over 60% of the reasons people call us can be handled digitally. And people are continuing to expand, and the adoption of self-service is growing substantially.

我們還積極投資於我們的數字自助服務選項，幾年前，人們打電話給我們的原因中可能只有 20% 可以——他們實際上可以通過自助服務渠道進行數字化管理。今天，超過 60% 的人們打電話給我們的原因都可以通過數字方式處理。人數在不斷擴大，自助服務的採用也在大幅增長。

Obviously, as demand has surged, that continues to put more pressure on the phones. As international is opening, that puts more pressure on the phones. But on balance, our phones are generally even -- and we allocate based on the level of service. And the Medallion category, they get responded to the quickest. But on average, the wait times on the phones are less than 30 minutes.

顯然，隨著需求的激增，這繼續給手機帶來更大的壓力。隨著國際開放，這給手機帶來了更大的壓力。但總的來說，我們的手機通常是平均的——我們根據服務水平進行分配。而獎章類別，他們得到最快的回應。但平均而言，手機上的等待時間不到 30 分鐘。

I'd just make one -- the number of transactions that you could actually complete on digital is in the low 80s. The adoption rate is in the low 60s, so continuing to push people. And since you have a direct line to the consumer is encouraging -- continue to encourage them to seek a digital answer first rather than calling and waiting on the line because most -- only very complicated transactions now can't be handled digitally.

我只想做一個——你可以在數字上實際完成的交易數量在 80 年代的低點。採用率處於 60 年代的低點，因此繼續推動人們。而且，由於您與消費者有直接聯繫，這令人鼓舞——繼續鼓勵他們首先尋求數字答案，而不是像大多數人那樣打電話和在線等待——現在只有非常複雜的交易無法以數字方式處理。

With that, April, we have time for one final question before we turn it back over to Ed, please.

有了這個，April，在我們把它轉回給 Ed 之前，我們有時間回答最後一個問題，拜託。

Absolutely. Our final question will come from Niraj Chokshi of New York Times.

絕對地。我們的最後一個問題將來自紐約時報的 Niraj Chokshi。

I just had 2 questions on fuel. First, I was wondering if you could speak to the effect of the higher cost of fuel could have on fares.

我只有兩個關於燃料的問題。首先，我想知道您是否可以談談燃油成本上漲對票價的影響。

And the other is if there's anything more you could add about sort of the role that refinery is playing and helping to offset that.

另一個是，如果您可以添加更多關於煉油廠正在扮演的角色並幫助抵消這一角色的內容。

I'll take the first question, and Dan can talk to the refinery. It's really a function of demand. To the extent we continue to see very, very strong demand for our product, our ability to push on, not just the increased cost of fuel, but all of our cost inputs, we're shortening the time lag between when we experience that cost and when it's in the pricing structure. But it's really a function of demand more so than any decisions that we take on our own.

我會回答第一個問題，丹可以和煉油廠談談。這實際上是需求的函數。在某種程度上，我們繼續看到對我們產品的非常非常強勁的需求，我們推動的能力，不僅是燃料成本的增加，還有我們所有的成本投入，我們正在縮短我們體驗成本之間的時間差當它在定價結構中時。但這實際上是需求的函數，而不是我們自己做出的任何決定。

And then related to the role of refinery as it relates to managing fuel, 20% of the refinery production is jet, and that jet fuel goes to our New York operations. So it is a direct hedge as it relates to the spreads associated with that, so really 100% hedged as it relates to how we run our operations and what it provides. The rest of the 80% production is diesel and gasoline as you go through that process, and so that provides a partial hedge related to the correlation of diesel and gas to jet. And so by and large, the refinery, when you think about in aggregate as it relates to spreads, it's about a 40% to 50% hedge as it relates to our fuel costs.

然後與煉油廠在管理燃料方面的作用有關，煉油廠生產的 20% 是噴氣式飛機，而噴氣式飛機燃料用於我們的紐約業務。所以它是一種直接對沖，因為它與與之相關的利差有關，所以真的 100% 對沖，因為它關係到我們如何運營我們的業務以及它提供什麼。剩下的 80% 的產量是柴油和汽油，因為您通過該過程，因此提供了與柴油和天然氣與噴氣機的相關性相關的部分對沖。所以總的來說，煉油廠，當你從整體上考慮它與價差有關時，它與我們的燃料成本有關，大約是 40% 到 50% 的對沖。

And just on fares, last month at the JPMorgan conference, Glen had given an estimate that Delta would need to recover, I think it was 15% to 20% each way on a $400 round trip, average. Are you able to kind of provide any update on that kind of figure given the higher fuel costs now?

就票價而言，上個月在摩根大通會議上，格倫估計達美航空需要恢復，我認為往返平均為 400 美元，單程票價為 15% 到 20%。鑑於現在較高的燃料成本，您能否提供有關此類數字的任何更新？

This is Ed again. We -- fares are all over the place. They move every day, and fuel prices move every day, so we're not going to track to any specific comment. I think you heard in our remarks that we're actually seeing in pricing today real-time coverage for where fuel costs are.

這又是埃德。我們——票價到處都是。它們每天都在變化，燃料價格也每天都在變化，所以我們不會追踪任何具體的評論。我想你在我們的評論中聽到了，我們實際上在今天的定價中看到了燃料成本所在的實時覆蓋範圍。

And now at this time, I'll turn the call back over to our presenters for any additional or closing comments.

現在，我會將電話轉回給我們的演示者，以獲取任何其他或結束的評論。

Well, I want to thank you all for joining us. We are thrilled with the performance of our team. The progress we've made in terms of serving the demand that is returning, we've been waiting for 2 years to see this, and we're ready to go. Customers are ready to go, and we look forward to a very, very strong spring and summer season and look forward to speaking to you all in July when we can report on the second quarter results. Everybody, have a good day. Thanks for joining us today.

好吧，我要感謝大家加入我們。我們對我們團隊的表現感到興奮。我們在滿足正在回歸的需求方面取得的進展，我們已經等了 2 年才能看到這一點，我們準備好了。客戶已準備就緒，我們期待著一個非常非常強勁的春夏季節，並期待在 7 月份與大家交流，屆時我們可以報告第二季度的業績。大家，有一個美好的一天。感謝您今天加入我們。

That does conclude today's conference. Thank you all for your participation. You may now disconnect.

今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。