聯合航空 (UAL) 2022 Q3 法說會逐字稿

Good morning, and welcome to United Airlines Holdings' Earnings Conference Call for the Third Quarter 2022. My name is Candace, and I will be your conference facilitator today. Following the initial remarks from management, we will open the lines for questions. At that time, you may press pound 2 This call is being recorded and is copyrighted. Please note that no portion of the call may be recorded, transcribed or rebroadcast without the company's permission. Your participation implies your consent to our recording of this call. If you do not agree with these terms, simply drop off the line.

早上好，歡迎參加聯合航空控股公司 2022 年第三季度財報電話會議。我叫 Candace，今天我將擔任您的會議主持人。在管理層發表初步意見後，我們將打開提問欄。屆時，您可以按 2 英鎊。此通話正在錄音並受版權保護。請注意，未經公司許可，不得對通話的任何部分進行錄音、轉錄或轉播。您的參與意味著您同意我們對此次通話進行錄音。如果您不同意這些條款，只需下線即可。

I will now turn the presentation over to your host for today's call, Kristina Munoz, Director of Investor Relations. Please go ahead.

現在，我將把演示文稿交給今天電話會議的主持人，投資者關係總監 Kristina Munoz。請繼續。

Thank you, Candace. Good morning, everyone, and welcome to United's Third Quarter 2020 Earnings Call. Yesterday, we issued our earnings release, which is available on our website at ir.united.com. Information in yesterday's release and the remarks made during this conference call may contain forward-looking statements, which represent the company's current expectations or beliefs concerning future events and finance performance.

謝謝你，坎迪斯。大家早上好，歡迎參加美聯航 2020 年第三季度財報電話會議。昨天，我們發布了收益報告，可在我們的網站 ir.united.com 上查閱。昨天發布的信息和本次電話會議期間的言論可能包含前瞻性陳述，這些陳述代表了公司當前對未來事件和財務業績的預期或信念。

All forward-looking statements are based upon information currently available to this company. A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release, Form 10-K and 10-Q and other reports filed with the SEC by United Airlines Holdings and United Airlines for a more thorough description of these factors. Also, during the course of our call, we will discuss several non-GAAP financial measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the tables at the end of our earnings release.

所有前瞻性陳述均基於該公司目前可獲得的信息。許多因素可能導致實際結果與我們目前的預期大相徑庭。請參閱我們的收益發布、10-K 和 10-Q 表格以及聯合航空控股公司和聯合航空向美國證券交易委員會提交的其他報告，以更全面地描述這些因素。此外，在我們的電話會議期間，我們將討論一些非公認會計原則的財務措施。有關這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬，請參閱我們收益發布末尾的表格。

Joining us on the call today to discuss our results and outlook are Chief Executive Officer, Scott Kirby; President, Brett Hart; Executive Vice President and Chief Commercial Officer, Andrew Nocella; and Executive Vice President and Chief Financial Officer, Gerry Laderman. In addition, we have other members of the executive team on the line available to assist with the Q&A.

今天加入我們的電話會議討論我們的結果和前景的是首席執行官 Scott Kirby；布雷特·哈特總裁；執行副總裁兼首席商務官 Andrew Nocella；執行副總裁兼首席財務官 Gerry Laderman。此外，我們還有其他執行團隊成員在線協助問答。

And now I'd like to turn the call over to Scott.

現在我想把電話轉給斯科特。

Thanks, Kristina, and good morning. It's great having everyone on the call today. I want to start by congratulating and thanking everyone at United for your hard work, dedication and perseverance throughout the last 2.5 years. Our people stay focused on our unique long-term strategy, and we're now beginning to see the strong and differentiated results.

謝謝，克里斯蒂娜，早上好。今天讓每個人都參加電話會議真是太好了。首先，我要祝賀並感謝曼聯的每一個人，感謝你們在過去 2.5 年裡的辛勤工作、奉獻精神和堅持不懈。我們的員工始終專注於我們獨特的長期戰略，我們現在開始看到強勁和差異化的結果。

Our operation is firing on all cylinders. In fact, based on most metric, it's running better than ever. That isn't just better for customers. It also reduces costs and leads to strong financial performance that creates the foundation for United that really positions United to be the world's best airline. We recognize that the near-term geopolitical and macroeconomic risks and overall pessimism basing the global economy, including airlines, are unusually high right now.

我們的操作正在全力以赴。事實上，根據大多數指標，它比以往任何時候都運行得更好。這不僅對客戶更好。它還降低了成本並帶來了強勁的財務業績，為美聯航奠定了基礎，使美聯航真正成為世界上最好的航空公司。我們認識到，近期地緣政治和宏觀經濟風險以及基於包括航空公司在內的全球經濟的整體悲觀情緒目前異常高漲。

However, there are 3 industry tailwinds prevailing the COVID recovery for aviation and United that are currently overcoming those macro headwinds, and we believe will continue to do so in 2023. In increasing order of importance, first, aviation uniquely is still in the COVID recovery phase. Take 1 example. Japan just opened last week. And regardless of what you think demand for business travel will ultimately return to 100% or something less, it almost certainly is going higher from here.

然而，航空業和美聯航在 COVID 復甦中占主導地位的 3 個行業順風目前正在克服這些宏觀逆風，我們相信將在 2023 年繼續這樣做。按照重要性遞增的順序，首先，航空業獨特地仍處於 COVID 復甦中階段。舉1個例子。日本上周剛開業。無論您認為商務旅行的需求最終會恢復到 100% 還是更低，幾乎可以肯定它會從現在開始走高。

Second, there's been a permanent structural change in leisure demand because of the flexibility that hybrid work allows. With hybrid work every weekend could be a holiday weekend. That's why September, a normally off-peak month was the third strongest month in our history. People want to travel and have experiences and hybrid work environments untether them from the office and give them the newfound flexibility to travel far more often than before. I'll bet many of you listening today have taken an extra trip or 2 this year, because you can work remotely for a couple of those days. This is not pent-up demand. It's the new normal.

其次，由於混合工作的靈活性，休閒需求發生了永久性的結構性變化。每個週末的混合工作可能是一個假期週末。這就是為什麼 9 月（通常是非高峰月份）是我們歷史上表現第三強的月份。人們想要旅行並獲得體驗，混合工作環境將他們從辦公室中解放出來，並賦予他們新的靈活性，使他們比以前更頻繁地旅行。我敢打賭，今天收聽的你們中的許多人今年已經多走了一兩次，因為你可以遠程工作幾天。這不是被壓抑的需求。這是新常態。

And third, the strong demand environment is happening against the supply backdrop that currently has the industry, 10% to 15% smaller relative to GDP than it was in 2019, and with multiple constraints, pilot shortages, aircraft delivery shortages from both Boeing and Airbus, air traffic control saturation and airport infrastructure constraints around the world are all real and they are constraints that will take years to fully resolve.

第三，強勁的需求環境是在當前行業的供應背景下發生的，世界各地的空中交通管制飽和和機場基礎設施限制都是真實存在的，這些限制需要數年才能完全解決。

These 3 trends are why all airline revenues keep surprising to the upside, but they're also real and durable, which is why we're so optimistic about 2023 and the longer term despite the economic challenges. And for what it's worth, you need to believe all 3 of those trends were estimates to go up. Probably any 1 of them would do, though I happen to be confident that all 3 are already happening and are sustainable. And in that strong industry environment, United is uniquely positioned to benefit for the long term.

這三個趨勢是為什麼所有航空公司的收入都保持令人驚訝的增長，但它們也是真實而持久的，這就是為什麼我們對 2023 年以及儘管面臨經濟挑戰的長期前景如此樂觀。對於它的價值，你需要相信所有這三個趨勢都是估計會上升。可能其中任何一個都會這樣做，儘管我碰巧相信所有 3 個都已經發生並且是可持續的。在這種強大的行業環境中，美聯航具有獨特的優勢，可以長期受益。

United really did chart a different path due to pandemic than any other airline, differentiated fleet and growth decisions, increased exposure to growing international markets, real technology changes to change the customer experience and run the airline more efficiently, long-term investments in the infrastructure needed for growth to newer gates, building 14 additional simulator base during the pandemic, founding our own pilot training academy and a cultural transformation to be fast, creative, innovative and customer focused.

由於大流行，美聯航確實制定了與任何其他航空公司不同的道路、差異化的機隊和增長決策、增加對不斷增長的國際市場的敞口、真正的技術變革以改變客戶體驗並更有效地運營航空公司、對基礎設施的長期投資需要增長到新的大門，在大流行期間建造 14 個額外的模擬器基地，建立我們自己的飛行員培訓學院和文化轉型，以實現快速、創新、創新和以客戶為中心。

It is just 1 quarter, and we know we have a lot to prove, but our third quarter margin results and fourth quarter guidance with operating margins above 2019 are early indicators of both the absolute and relative potential of the new United Airlines. I am very proud of the United team for executing incredibly well, and I'm confident that we're well positioned for success next year and the years to come after that.

這只是一個季度，我們知道我們有很多東西要證明，但我們第三季度的利潤率結果和第四季度的營業利潤率高於 2019 年的指導是新聯合航空公司絕對和相對潛力的早期指標。我為曼聯團隊的出色表現感到非常自豪，我相信我們在明年和之後的幾年裡都處於成功的有利位置。

With that, I'll hand it over to Brett.

有了這個，我會把它交給布雷特。

Thanks, Scott. I also want to start by recognizing the entire United family for their hard work in the quarter. Our team never fails to pull together, and we couldn't be more proud. During the quarter, our operational performance set records. Our on-time arrival and disconnection rates were the best for a third quarter in company history when excluding the low flying quarters during the pandemic. We saved over 1,500 daily connections on average with our ConnectionSaver tool. This means over 137,000 additional customers got to their destinations on time. ConnectionSaver is a unique innovation and customer benefit for United.

謝謝，斯科特。我還想首先感謝整個聯合大家庭在本季度的辛勤工作。我們的團隊總是齊心協力，我們感到無比自豪。在本季度，我們的運營業績創下紀錄。不包括大流行期間的低飛行季度，我們的準時到達率和斷線率是公司歷史上第三季度最好的。我們使用 ConnectionSaver 工具平均每天節省了 1,500 多個連接。這意味著超過 137,000 名額外的客戶準時到達目的地。 ConnectionSaver 是美聯航的一項獨特創新和客戶福利。

In addition, our team did a fantastic job helping our customers and their bags get to their destination as seamlessly as possible. In fact, our mishandled bag ratio in September was better than 2019 levels. Our daily controllable cancels, which are driven by maintenance or crew challenges, dropped over 95% in September versus what they were in January.

此外，我們的團隊做得非常出色，幫助我們的客戶及其行李盡可能無縫地到達目的地。事實上，我們 9 月份的錯誤處理行李比率好於 2019 年的水平。與 1 月份相比，我們在 9 月份因維護或船員挑戰而導致的每日可控取消量下降了 95% 以上。

With a reduction in these cancels alone, we were able to add 1% of incremental capacity to the third quarter. This provides a better experience for our customers but also leads to much more cost-efficient flying.

僅通過減少這些取消，我們就能夠在第三季度增加 1% 的增量容量。這為我們的客戶提供了更好的體驗，同時也帶來了更具成本效益的飛行。

We look forward to continuing these trends into the final part of the year. Putting that all together and despite all the challenges around the industry, this was the best third quarter operationally for a full schedule in United's post-merger history, huge kudos to the team.

我們期待將這些趨勢延續到今年的最後一部分。綜上所述，儘管整個行業面臨所有挑戰，但這是曼聯合併後歷史上最好的第三季度運營，這是對團隊的巨大讚譽。

One of the most significant changes for United operationally and for cost has been return of the Pratt & Whitney Boeing 777s. As they're grounding, we've had to make suboptimal operational and scheduled jet adjustments that have led to a more complex operation and the work required to return these aircraft to service created a heavy burden on our Tech Ops organization. For the first time this -- for the first part of this year, we had over 500 of our technicians dedicated to this fleet in Victorville, California, with over 175,000 hours of work spent to get these aircraft back into service. This drove inefficiencies in our technician staffing with negative cost and operational impacts.

美聯航在運營和成本方面最重大的變化之一是普惠波音 777 的回歸。由於它們正在停飛，我們不得不進行次優的操作和預定的噴氣式飛機調整，這導致了更複雜的操作，並且使這些飛機恢復服務所需的工作給我們的技術運營組織帶來了沉重的負擔。這是第一次 - 今年上半年，我們有超過 500 名技術人員致力於加利福尼亞州維克多維爾的這支機隊，花費了超過 175,000 小時的工作使這些飛機重新投入使用。這導致我們的技術人員配備效率低下，對成本和運營產生負面影響。

The great news is that this work is behind us. These technicians have returned to their basis which has led to the improvement in our performance metrics. With these aircraft fully back in service, our fleet can be more efficiently positioned for both our operations and our customers. I'd like to thank the entire Tech Ops organization for their significant effort and returning these aircraft to service.

好消息是，這項工作已經落後於我們。這些技術人員已經回到了他們的基礎，這導致了我們績效指標的改進。隨著這些飛機全面恢復服務，我們的機隊可以更有效地為我們的運營和客戶定位。我要感謝整個 Tech Ops 組織所做的巨大努力，並讓這些飛機重新投入使用。

We're proud that a career at United remains in high demand. This year, we're on track to hire 7,000 airport personnel, 4,000 flight attendants, 2,300 pilots and 2,000 technicians. Momentum is high. For example, a recent announcement for flight attendant openings received over 5,600 applications in just 48 hours. Ultimately, we expect to welcome 15,000 new team members this year and another 15,000 next year to support our United Next goal.

我們很自豪在曼聯的職業生涯仍然很受歡迎。今年，我們有望招聘 7,000 名機場人員、4,000 名空乘人員、2,300 名飛行員和 2,000 名技術人員。勢頭很高。例如，最近發布的空乘職位空缺公告在短短 48 小時內就收到了 5,600 多份申請。最終，我們預計今年將迎來 15,000 名新團隊成員，明年將再迎來 15,000 名新成員，以支持我們的 United Next 目標。

And with that, I'll hand it off to Andrew to talk about the revenue environment in more detail.

有了這個，我將把它交給安德魯更詳細地討論收入環境。

Thanks, Brett. TRASM for the third quarter finished up 25.5% versus the same period in 2019 on about 10% less capacity. September was our third best TRASM month in our history, excluding the low flying pandemic months. We saw a number of record revenue days that were more typical of a peak summer period than off peak. In -- any way, September where we operated with an 86% passenger load factor, 5 points better than September of '19 was indicative of what we believe to be the new normal where hybrid work gives customers the flexibility to turn any weekend into a short trip, and we believe because of that, the off-peak periods are now stronger.

謝謝，布雷特。第三季度的 TRASM 與 2019 年同期相比增長了 25.5%，產能減少了約 10%。 9 月是我們歷史上第三好的 TRASM 月，不包括低飛大流行月份。我們看到了一些創紀錄的收入天數，這些天數比非高峰期更典型的是夏季高峰期。無論如何，在 9 月，我們以 86% 的客座率運營，比 19 年 9 月高 5 個百分點，這表明我們認為混合工作讓客戶可以靈活地將任何週末變成一個新常態。短途旅行，我們相信正因為如此，非高峰期現在更強。

All parts of the network performed well in the quarter. First, across the Atlantic, United increased capacity by 22% versus the third quarter of 2019, adding 10 new cities and 18 new routes. We also pushed into new regions becoming a relevant competitor to Africa for the first time. New nonstop service between Washington and Cape Town, in fact, will begin later this year, that's subject to government approval.

網絡的所有部分在本季度都表現良好。首先，在大西洋彼岸，美聯航的運力與 2019 年第三季度相比增加了 22%，增加了 10 個新城市和 18 條新航線。我們還首次進軍新地區，成為非洲的相關競爭對手。事實上，華盛頓和開普敦之間的新直飛服務將於今年晚些時候開始，這需要政府批准。

Atlantic PRASM increased 21% versus the third quarter of '19, which we consider outstanding. United is now the largest airline across the Atlantic, where our strategic partnership with Lufthansa and Air Canada is working better than ever. Last week, we announced yet another Atlantic expansion plan for 2023 of 9 new routes.

大西洋 PRASM 與 19 年第三季度相比增長了 21%，我們認為這非常出色。美聯航現在是大西洋彼岸最大的航空公司，我們與漢莎航空和加拿大航空的戰略合作夥伴關係比以往任何時候都更好。上週，我們宣布了 2023 年 9 條新航線的另一項大西洋擴張計劃。

A few weeks ago, we announced a new partnership with Emirates. This partnership will allow United to resume service to Dubai, the largest and best hub in the Middle East after a 7-year absence. Dubai is unique as a hub in the region as it has both significant local markets, and a large amount of premium demand but also massive connectivity.

幾週前，我們宣布與阿聯酋航空建立新的合作夥伴關係。這一合作夥伴關係將使美聯航能夠在缺席 7 年後恢復飛往中東最大、最好的樞紐迪拜的服務。迪拜作為該地區的樞紐是獨一無二的，因為它既有重要的本地市場，又有大量的優質需求，而且連通性也很大。

While our Pacific flying is our least recovered so far from the pandemic, we continue to expand capacity as economies open. Overall capacity in the region was down 59% versus 2019 and Pacific PRASM increased 41% versus 2019, and we continue to experience much stronger cargo yields. We'll be focused on resuming the bulk of our Pacific capacity, excluding China in the next year now that Japan is fully open for business.

雖然到目前為止，我們的太平洋航班從大流行中恢復最少，但隨著經濟的開放，我們將繼續擴大運力。與 2019 年相比，該地區的整體運力下降了 59%，而太平洋地區 PRASM 與 2019 年相比增長了 41%，我們的貨運收益繼續增長。由於日本已全面開放，我們將專注於恢復大部分太平洋地區的產能，明年不包括中國。

We continue to build our partnership with Virgin Australia. We will begin new nonstop service to Brisbane from San Francisco in a few weeks. We're the only airline that maintain continued service to Australia from the U.S. during the pandemic, and now United expects to be the largest airline operating to and from Australia this winter for the first time ever.

我們將繼續與維珍澳大利亞航空建立合作夥伴關係。我們將在幾週內開始從舊金山到布里斯班的新直飛服務。我們是唯一一家在大流行期間繼續從美國飛往澳大利亞的航空公司，現在美聯航預計將成為今年冬天有史以來首次往返澳大利亞的最大航空公司。

Latin American PRASM was up 20% on 4% more capacity than 2019. Domestic PRASM was up 20.4% on 10.5% less capacity versus '19. Our domestic gauge versus '19 also increased 11% as we continue to replace regional jet flying with mainline jets. Gauge increases are being absorbed well without much of a negative impact on PRASM.

拉丁美洲 PRASM 的容量比 2019 年增加 4%，增長了 20%。與 19 年相比，國內 PRASM 的容量減少了 10.5%，增長了 20.4%。隨著我們繼續用乾線噴氣式飛機取代支線噴氣式飛機，我們的國內飛機與 19 年相比也增加了 11%。軌距增加正在被很好地吸收，而對 PRSM 沒有太大的負面影響。

Cargo volumes were strong even as we face much more competitive capacity. Yields in the quarter did continue to fall, consistent with our expectations relative to pandemic highs and were 90% greater than 2019. The corporate business travel recovery in the quarter was about 80% of volume of '19 and stable over the quarter. While larger corporations clearly lagged the recovery rate, we believe new network patterns and hybrid work environments are having positive and offsetting impacts on revenue.

即使我們面臨更具競爭力的能力，貨運量依然強勁。本季度的收益率確實繼續下降，與我們對大流行病高點的預期一致，比 2019 年高出 90%。本季度的企業商務旅行恢復量約為 19 年的 80%，並且在本季度保持穩定。雖然大公司明顯落後於恢復率，但我們認為新的網絡模式和混合工作環境正在對收入產生積極和抵消的影響。

It's also worth noting that business traffic for long-haul segments across the Atlantic have recovered at a faster pace than domestic. It's our observation that a Zoom meeting is simply less practical in a global setting. We remain optimistic that business traffic will continue to get better from this point forward. Our traditional view on business traffic recovery rates relative to 2019 may now be obsolete measurement given the changes in how customers now travel in a remote work environment or business and leisure trips often are combined.

還值得注意的是，橫跨大西洋的長途航線的商業客流量恢復速度快於國內航線。根據我們的觀察，Zoom 會議在全球環境中不太實用。我們仍然樂觀地認為，從現在開始，業務流量將繼續好轉。鑑於客戶現在在遠程工作環境中旅行或商務和休閒旅行經常結合在一起的方式發生了變化，我們對相對於 2019 年的商業流量恢復率的傳統看法現在可能已經過時了。

New revenue segmentation efforts versus '19 have been increasingly successful. Premium Plus, our new mid-tier global long-haul product is now 7% of our long-haul capacity, producing yields that are twice that of the main cabin. Our efforts to better market and sell main cabin seats have also produced strong results with seat revenue per passenger up 21% from 2019.

與 19 年相比，新的收入細分工作越來越成功。 Premium Plus 是我們全新的中端全球長途產品，目前占我們長途運力的 7%，產量是主艙的兩倍。我們為更好地營銷和銷售主艙座位所做的努力也產生了強勁的業績，每位乘客的座位收入比 2019 年增長了 21%。

September was a strong revenue month, and we are entering the fourth quarter with a lot of momentum and October is on track to date to quickly replace September as our third best TRASM month ever, excluding the low flying pandemic months. In fact, we currently anticipate a similar TRASM increase in the fourth quarter as we saw in the third of between 24% and 25% on between 9% and 10% less capacity. While I recognize recent headlines would otherwise indicate our revenue performance should be faltering, I hope this strong revenue outlook puts those thoughts to rest.

9 月是收入強勁的月份，我們正以強勁的勢頭進入第四季度，到目前為止，10 月有望迅速取代 9 月成為我們有史以來第三好的 TRASM 月，不包括低飛的大流行月份。事實上，我們目前預計第四季度的 TRASM 將出現類似的增長，正如我們在第三季度看到的那樣，增幅在 24% 到 25% 之間，而容量減少了 9% 到 10% 之間。雖然我認識到最近的頭條新聞會表明我們的收入表現應該會步履蹣跚，但我希望這種強勁的收入前景能讓這些想法得以平息。

I wanted to briefly address some of the recent changes on RJ operating costs. We expect that these recent cost changes to alter the balance of pilots, choosing a career at United Express versus a ULCC. With competitive pay United Express versus ULCC for the first time, we'll be better able to staff our United Express operation, albeit at higher costs. United Express pilots who joined our AVA program can transition to a United (inaudible) job in 4 years, making it for the best short-term and long-term career option. We do expect that given the overall pilot shortage today, at non-legacy carriers, it may take a while and probably until 2026 to fully utilize in our 300 to 400 RJs we'd like to operate by our express partners.

我想簡要介紹一下最近關於 RJ 運營成本的一些變化。我們預計這些最近的成本變化會改變飛行員的平衡，選擇在聯合快運而不是 ULCC 的職業。 United Express 首次與 ULCC 相比具有競爭力的薪酬，我們將能夠更好地為 United Express 運營配備人員，儘管成本更高。加入我們 AVA 計劃的 United Express 飛行員可以在 4 年內過渡到美聯航（聽不清）工作，使其成為最佳的短期和長期職業選擇。我們確實預計，鑑於今天的總體飛行員短缺，在非傳統航空公司，可能需要一段時間，可能要到 2026 年才能充分利用我們希望由我們的快遞合作夥伴運營的 300 到 400 個 RJ。

Finally, a quick update on our MileagePlus program. I have to say every key indicator we measure is positive. We've seen a record number of memberships to date with more enrollment so far this year than all of 2021. Mileage redemptions this quarter were the highest for any third quarter in our history and new co-brand accounts were up over 25% year-over-year, and we saw the highest quarter of spend in the history of the program in the third quarter. Momentum is strong, and we expect 2023 to set new records as we continue to grow the program. I wanted to say thanks to the entire United team.

最後，快速更新我們的前程萬里 (MileagePlus) 計劃。我不得不說我們衡量的每一個關鍵指標都是積極的。迄今為止，我們已經看到了創紀錄的會員數量，今年迄今為止的註冊人數超過了 2021 年全年。本季度的里程兌換是我們歷史上任何第三季度中最高的，新的聯合品牌賬戶同比增長超過 25%-與去年同期相比，我們在第三季度看到了該計劃歷史上最高的季度支出。勢頭強勁，隨著我們繼續發展該計劃，我們預計 2023 年將創下新紀錄。我想對整個曼聯隊表示感謝。

And with that, I will hand it over to Gerry.

有了這個，我會把它交給格里。

Thanks, Andrew, and a big thank you to the whole United team for achieving another quarter of profitability. As Brett mentioned, our recent operational performance has been record setting, and we believe the worst of the operational-driven cost pressures we've talked about on previous calls are now behind us.

謝謝，安德魯，非常感謝整個曼聯團隊實現了又一個季度的盈利。正如布雷特所說，我們最近的運營業績創下了歷史新高，我們相信我們在之前的電話會議上談到的運營驅動的成本壓力中最糟糕的情況現在已經過去了。

Importantly, we've completed all remedial work on our 52 Pratt-powered 777s and the vast majority are back in service with the last few expected to be online by next month. On previous calls, we have noted the significant CASM-ex headwinds driven by the ground of 777, but it was more than just the capacity implications. We believe -- as we piece together a schedule with a suboptimal mix of aircraft, we also incurred a variety of direct and indirect costs in many of our operating groups as we waited for the return to service of a significant portion of our wide-body fleet.

重要的是，我們已經完成了 52 架由 Pratt 提供動力的 777 的所有補救工作，並且絕大多數已經恢復服務，最後幾架預計將在下個月上線。在之前的電話會議中，我們注意到由 777 的地面驅動的重大 CASM-ex 逆風，但這不僅僅是對容量的影響。我們相信，當我們將時間表與次優的飛機組合拼湊在一起時，我們還在等待我們的大部分寬體飛機恢復服務時，在我們的許多運營團隊中產生了各種直接和間接成本艦隊。

To put in context how impactful it is to have these aircraft flying again, our fleet was able to produce over 20% more ASMs for mainline aircraft per day in the third quarter compared to the first quarter. This provides a meaningful improvement in our utilization, which is 1 of the primary drivers of improved unit costs.

為了說明讓這些飛機再次飛行的影響有多大，與第一季度相比，我們的機隊在第三季度每天能夠為乾線飛機生產超過 20% 的 ASM。這為我們的利用率提供了有意義的改進，這是提高單位成本的主要驅動力之一。

Looking at the numbers for the third quarter. We reported pretax income of $1.1 billion on an adjusted basis and an operating margin of 11.5% also on an adjusted basis. This was 1 point better than our most recent guidance driven by a combination of stronger revenue and better costs. Our third quarter CASM-ex was up 14.5% versus the third quarter of 2019. This is a 1.5 points better than earlier expectations. The outperformance was driven in large part by our improved operational performance.

看第三季度的數字。我們報告調整後的稅前收入為 11 億美元，調整後的營業利潤率也為 11.5%。這比我們在收入增長和成本下降共同推動下的最新指引高出 1 個百分點。我們的第三季度 CASM-ex 與 2019 年第三季度相比增長了 14.5%。這比之前的預期高出 1.5 個百分點。出色的表現在很大程度上是由於我們改善了運營績效。

A reliable operation is an efficient operation and a key to our strong unit cost performance today and for the future. As an example, Power's strong operation benefits our costs. In September, we saw a 27% reduction in the premiums and overtime paid as compared to an average month in the first half of the year. That equates to a $35 million improvement in September alone. This reduction in premium pay is expected to reduce fourth quarter CASM-ex by more than 1 point compared to the first quarter of this year. As we look into the future, retaining top-tier operational performance will continue to be a key element to our execution on costs.

可靠的操作是高效的操作，也是我們今天和未來強勁的單位成本績效的關鍵。例如，Power 的強大運營使我們的成本受益。與上半年的平均月份相比，9 月份的保費和加班費減少了 27%。這相當於僅在 9 月份就增加了 3500 萬美元。與今年第一季度相比，預計保費的減少將使第四季度的 CASM-ex 減少 1 個百分點以上。展望未來，保持頂級運營績效將繼續成為我們執行成本的關鍵因素。

Looking ahead, we expect fourth quarter 2022 CASM-ex to be up between 11% and 12% with capacity down 9% to 10% versus the fourth quarter of 2019. As Andrew mentioned, we expect the revenue environment to remain strong throughout the fourth quarter. As a result, we expect our fourth quarter 2022 adjusted operating margin to be about 10%, exceeding the fourth quarter of 2019 and adjusted diluted earnings per share, a metric we are happy to talk about again, of $2 to $2.25.

展望未來，我們預計 2022 年第四季度 CASM-ex 將增長 11% 至 12%，產能將比 2019 年第四季度下降 9% 至 10%。正如 Andrew 所說，我們預計收入環境將在整個第四季度保持強勁四分之一。因此，我們預計 2022 年第四季度調整後的營業利潤率約為 10%，超過 2019 年第四季度和調整後的稀釋每股收益，我們很高興再次談論這一指標，即 2 美元至 2.25 美元。

In the third quarter, we took delivery of 11 Boeing 737 MAX aircraft and 1 Boeing 787 aircraft. In the fourth quarter, we expect to take delivery of 20 MAXs and 4 787s. Assuming these aircraft are delivered for the full year 2022, we now expect total adjusted capital expenditures to be $4.7 billion.

第三季度，我們接收了 11 架波音 737 MAX 飛機和 1 架波音 787 飛機。在第四季度，我們預計將接收 20 架 MAX 和 4 787 架。假設這些飛機在 2022 年全年交付，我們現在預計調整後的資本支出總額為 47 億美元。

Our most recent capacity guidance for next year assumes 179 aircraft deliveries from now through the end of 2023. There's certainly downside risk to that assumption but under almost any circumstance next year, we expect to take delivery of more aircraft in 1 year than any other airline in history. We continue to work closely with Boeing and Airbus regarding our deliveries we plan to provide you an updated outlook for 2023 in January.

我們對明年的最新運力指導假設從現在到 2023 年底交付 179 架飛機。這種假設肯定存在下行風險，但在明年幾乎任何情況下，我們預計一年內交付的飛機數量將超過任何其他航空公司在歷史上。我們將繼續與波音和空中客車就我們的交付密切合作，我們計劃在 1 月份為您提供 2023 年的最新展望。

Turning to the balance sheet. We ended the third quarter with over $20 billion of liquidity, including our undrawn revolver, which allows us to maintain flexibility as we meet the uncertainties that remain in our industry. We used some of our cash to purchase all of our aircraft delivered to date this year, and we expect to use cash about half of the remaining deliveries in the fourth quarter. And remember that every aircraft purchased for cash today increases our pool of unencumbered assets, which further protects our future.

轉向資產負債表。我們在第三季度結束時擁有超過 200 億美元的流動性，包括我們未動用的左輪手槍，這使我們能夠在應對行業仍然存在的不確定性時保持靈活性。我們用部分現金購買了今年迄今為止交付的所有飛機，我們預計第四季度剩餘交付量的一半左右將使用現金。請記住，今天以現金購買的每架飛機都會增加我們的未支配資產池，從而進一步保護我們的未來。

In addition to aircraft purchases beginning in 2023, we will have the opportunity to prepay a portion of our debt at par. In the current rate environment it is a tremendous benefit to have the flexibility to prepay debt, continue to pay cash for new aircraft or access the financing markets opportunistically for new aircraft deliveries. And at all times, we remain committed to restoring our balance sheet and working towards our long-term leverage targets. I again want to thank the whole United team for all we accomplished this quarter. We are executing our plan and making good progress towards our United Next goal.

除了從 2023 年開始購買飛機外，我們將有機會按面值預付部分債務。在當前的利率環境下，能夠靈活地預付債務、繼續為新飛機支付現金或為新飛機交付機會性地進入融資市場是一個巨大的好處。我們始終致力於恢復我們的資產負債表並努力實現我們的長期槓桿目標。我要再次感謝整個曼聯團隊在本季度所取得的成就。我們正在執行我們的計劃，並朝著我們的 United Next 目標取得良好進展。

And with that, I will turn it over to Kristina for the Q&A.

有了這個，我將把它交給克里斯蒂娜進行問答。

Thank you, Gerry. We will now take questions from the analysts committee. Please limit yourself to 1 question and if needed, 1 follow-up question. Candace, please describe the procedure to ask a question.

謝謝你，格里。我們現在將接受分析師委員會的提問。請限制自己回答 1 個問題，如果需要，請回答 1 個後續問題。 Candace，請描述提問的過程。

(Operator Instructions) The first question comes from Michael Linenberg from Deutsche Bank.

（操作員說明）第一個問題來自德意志銀行的 Michael Linenberg。

Yes. great numbers. I'm just -- 1 quick 1 here. Right, you brought up 137,000 of saved connections during the quarter. I think you said 1,500 a day. Can you just give us a sense of what that translates into savings from a reaccommodation cost perspective? I mean are we talking about tens of millions of dollars here? Just trying to get a sense of this new technology and how it's helping improve your product.

是的。偉大的數字。我只是 - 1 快 1 在這裡。對，您在本季度帶來了 137,000 個已保存的連接。我想你說的是一天1500。您能否從重新住宿成本的角度讓我們了解這可以轉化為節省的成本？我的意思是我們在這裡談論的是數千萬美元嗎？只是想了解這項新技術以及它如何幫助改進您的產品。

Mike, you have to -- look it's a number of things. Yes, the savings is in the millions. But more importantly, it dramatically improves customer satisfaction. People are comfortable now flying United because they know we're looking after them.

邁克，你必須 - 看看這是很多事情。是的，節省了數百萬。但更重要的是，它極大地提高了客戶滿意度。人們現在乘坐美聯航很舒服，因為他們知道我們正在照顧他們。

Yes. For us, it's much more about NPS and the overall experience.

是的。對我們來說，更多的是關於 NPS 和整體體驗。

Great. And then...

偉大的。接著...

Are you there, Mike?

你在嗎，邁克？

Please go ahead. Mike? Mr. Linenberg, please go ahead.

請繼續。麥克風？ Linenberg 先生，請繼續。

Sorry, I was muted. I'm back on. Just a quick 1 on capacity, maybe preliminarily for next year, Andrew. I know, Gerry, you said that January we're going to get an update on kind of how you're thinking about 2023. But Andrew, the comment that you made that next year, it looks like you're preparing for all of Asia Pacific to recover or be back in the plan with the exception of China. I think your prior number was that you grew no more than 8%. Has that number now been adjusted down by a couple of hundred basis points? Any sort of initial view on 2023 capacity?

對不起，我被靜音了。我回來了。只是一個快速的容量 1，也許是明年的初步，安德魯。我知道，格里，你在一月份說過，我們將獲得關於你如何看待 2023 年的最新消息。但是安德魯，你明年發表的評論，看起來你正在為所有除中國外，亞太地區將恢復或重返計劃。我認為您之前的數字是您的增長不超過 8%。現在這個數字是否已經下調了幾百個基點？對 2023 年產能有何初步看法？

Well, Gerry won't let me tell you, so I'll have to wait now. We'll let you know that in due course, Mike, probably in January. What I'll say about Asia Pacific, just to give you some color on that is, excluding China, in December this year, our schedule as published is 89% recovered. So we are already well on our way to flying the full trans-Pac schedule, excluding China at this point as we enter into next year, early in the year.

好吧，格里不讓我告訴你，所以我現在必須等待。我們會在適當的時候通知你，邁克，可能在一月份。我要說的是亞太地區，只是為了給你一些顏色，不包括中國，今年 12 月，我們公佈的時間表已恢復 89%。因此，在我們進入明年年初的時候，我們已經很好地完成了整個跨太平洋計劃，此時不包括中國。

Mike, the only thing I would add is that if you're looking at the most optimistic side of what we've said in the past, I would say there's a downward bias to that. If nothing else, I mentioned 179 aircraft scheduled for delivery through the end of next year. I'll take the under on that number.

邁克，我唯一要補充的是，如果你看到我們過去所說的最樂觀的一面，我會說這是一個向下的偏見。如果不出意外，我提到了計劃到明年年底交付的 179 架飛機。我會在那個號碼下面。

Our next question is from Ravi Shanker from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

If we were to cast our minds back 12 months, I think you and the rest of the industry were sort of struggling with an environment where you are seeing very peaky peaks and very troughy troughs. And I think in your commentary, you sort of indicated that what's happening right now is the exact opposite where even the shoulder seasons are actually kind of picking up and kind of running it similar to almost peak like levels. And you also spoke about like a permanent structural change in the leisure and corporate traveler.

如果我們回想 12 個月，我認為您和行業的其他人都在與一個看到非常高峰和非常低谷的環境作鬥爭。而且我認為在你的評論中，你有點表示，現在發生的事情與現在完全相反，即使是肩部賽季實際上也有所回升，並且運行起來類似於幾乎達到頂峰的水平。您還談到了休閒和商務旅行者的永久性結構變化。

What does all of this mean for the way United is going to like build your network and your fleet over the next 3 to 5 years? Do you need to make any structural changes to adapt to this new normal? Or do you think that you can make it work with the current system?

所有這一切對美聯航在未來 3 到 5 年內建立您的網絡和機隊的方式意味著什麼？您是否需要進行任何結構性改變以適應這一新常態？或者你認為你可以讓它與當前系統一起工作嗎？

Well, I think this new normal is actually -- really allows us to become more and more efficient. For example, Tuesdays and Wednesdays are not as much of a trough as used to be in a traditional week. For holiday traffic, holiday traffic is now spread out more. So it doesn't necessarily peak as much on 1 or 2 days. It actually spreads out across a few days. And we see that time and time and again.

嗯，我認為這個新常態實際上是——真的讓我們變得越來越有效率。例如，週二和周三不像過去的傳統週那樣是低谷。對於節假日流量，現在節假日流量更加分散。所以它不一定在 1 或 2 天達到峰值。它實際上在幾天內蔓延開來。我們一次又一次地看到這一點。

And we also see like secondary holidays are incredibly strong, not just the primary holidays. And ultimately, what this could mean is that we operate a less peak schedule and a less peak schedule, we think come with really enormous efficiency gains and that the marginal cost of an ASM in February is very different than that in July. So a lot more to come on that subject, but I think a really interesting opportunity for United as it transitions from a very peaky schedule to something that's less peaked.

而且我們還看到次要假期非常強大，而不僅僅是主要假期。最終，這可能意味著我們運行的高峰時間表和高峰時間表都減少了，我們認為會帶來真正巨大的效率提升，並且 2 月份 ASM 的邊際成本與 7 月份有很大不同。所以關於這個主題還有很多，但我認為對曼聯來說是一個非常有趣的機會，因為它從一個非常高峰的賽程過渡到一個不太高峰的賽程。

Great. And just a quick follow-up. You said a couple of weeks ago that you expect 2023 transatlantic to be 10% above 2022 levels. If you can just kind of unpack that a little bit more, kind of are you seeing signs in the data that gives that confidence? Or kind of just -- what gives you confidence in like a 9-month outlook given the current macro?

偉大的。只是一個快速的跟進。您幾週前曾說過，您預計 2023 年跨大西洋航線將比 2022 年水平高出 10%。如果您可以稍微解開一點，您是否在數據中看到了賦予這種信心的跡象？或者只是——考慮到當前的宏觀形勢，是什麼讓你對 9 個月的前景充滿信心？

I don't think I gave that number. Somebody else may have. But look, we announced a number of new routes, I think just last week going across the Atlantic. Our partnerships are doing really well. Quite frankly, where the dollar stands is incredibly useful from a U.S. origin point of view for transatlantic travel. And this season was incredible based on the numbers we've seen. This fall is also incredible based on everything we're seeing.

我想我沒有給出那個號碼。別人可能有。但是看，我們宣布了一些新航線，我想就在上週穿越大西洋。我們的合作夥伴關係非常好。坦率地說，從美國起源的角度來看，美元所處的位置對於跨大西洋旅行非常有用。根據我們所看到的數字，這個賽季令人難以置信。根據我們所看到的一切，今年秋天也令人難以置信。

So just, it's full speed ahead across the Atlantic. And we are very bullish on the outlook, not only there, but across our entire global network. There's just a lot of good indicators across the entire network. Once economy is open, traffic rebounds very quickly, and we expect to see that in Japan over the coming months.

就這樣，它全速穿越大西洋。而且我們非常看好前景，不僅在那裡，而且在我們整個全球網絡中。整個網絡只有很多好的指標。一旦經濟開放，交通量會迅速反彈，我們預計未來幾個月日本會出現這種情況。

Next, we have Helane Becker from Cowen.

接下來，我們有來自 Cowen 的 Helane Becker。

Can I just ask a question about the routes that were added this past summer on the North Atlantic. A lot of them were leisure focused. And I just wondered how they compared versus your expectations and whether all those routes are coming back next summer or if some of them were below expectations, the new routes that you announced last week, are they kind of replacing them?

我能問一個關於去年夏天在北大西洋添加的路線的問題嗎？他們中的很多人都以休閒為中心。我只是想知道它們與你的預期相比如何，以及所有這些路線是否會在明年夏天回歸，或者如果其中一些低於預期，你上周宣布的新路線，它們會取代它們嗎？

Sure. We announced a number of new routes for this past summer and all of them but 1 will be coming back for next summer. So I think that just tells you we had a pretty good success rate going across the Atlantic. And so again, we're bullish across the Atlantic and all but 1 will be coming back for next.

當然。我們在去年夏天宣布了多條新路線，除 1 條外，其他所有路線都將在明年夏天回歸。所以我認為這只是告訴你我們在跨越大西洋的成功率很高。因此，我們再次看好大西洋彼岸，除了 1 之外的其他所有人都將在下一次回歸。

And then are they -- just a follow up on that. Are they -- can you talk about relative to system average? Are they better or worse than system average?

然後是他們 - 只是對此的跟進。它們是——你能談談相對於系統平均值嗎？它們比系統平均值好還是差？

I won't give you all the details, Helane, because I don't want to have all my secrets out. But I will say that 1 or 2 of those routes we added were our best reps across the Atlantic.

我不會告訴你所有的細節，海倫，因為我不想洩露我所有的秘密。但我會說，我們添加的這些路線中的 1 或 2 條是我們橫跨大西洋的最佳代表。

Next, we have Steve Trent from Citigroup.

接下來是花旗集團的史蒂夫·特倫特。

Just 1 for me. I was curious how you're thinking about the Star Alliance going forward? I mean not to say that you guys are leading Star or anything like that, but it was intriguing to see your new alliances with Emirates and Virgin Australia and 1 of your South American partners seems to be getting involved with Abra. So just sort of on a high level, I'd just love to hear your thoughts about how you think about these alliances outside of your sort of traditional networks?

對我來說只有 1 個。我很好奇你對星空聯盟的未來有何看法？我的意思不是說你們正在領導 Star 或類似的事情，但是看到你們與阿聯酋航空和維珍澳大利亞航空的新聯盟以及你們的一個南美合作夥伴似乎與 Abra 有牽連，這很有趣。所以只是在高層次上，我很想听聽你對傳統網絡之外的這些聯盟的看法？

Sure. I'll give it a try. First of all, our alliances, particularly going across the Atlantic with Lufthansa and Air Canada is, first and foremost, that is gigantic. It's the #1 alliance across the Atlantic and we have the best partners and the best hubs supply to in Europe. And that is and will continue to be our primary focus. So I just want to be clear on that. And of course, across specific with ANA, down to the South Pacific with Air New Zealand, these are all things we focus on every day here and are key to our global network.

當然。我會試一試。首先，我們的聯盟，尤其是與漢莎航空公司和加拿大航空公司跨越大西洋的聯盟，首先是巨大的。這是橫跨大西洋的 #1 聯盟，我們擁有歐洲最好的合作夥伴和最好的樞紐供應。這將繼續是我們的主要關注點。所以我只想說清楚。當然，具體到全日空，再到新西蘭航空公司的南太平洋，這些都是我們在這裡每天關注的所有事情，也是我們全球網絡的關鍵。

That being said, the Middle East was the way we use the term a white spot for United. Our global gateway support all kinds of markets across the globe. And when we looked at the opportunity to do a partnership with Emirates, it did fill in this white spot and allowed us to access a lot of destinations that we could not otherwise access with our existing partnerships. And so that mitigated that. And the same is true in Australia, where Virgin Australia has a fantastic franchise. We're so excited to partner with them. We were already the largest airline to Australia. And now I hope to be not only the largest airline to Australia, but the most profitable airline to Australia.

話雖如此，中東是我們使用曼聯白點這個詞的方式。我們的全球網關支持全球各種市場。當我們看到與阿聯酋航空建立合作夥伴關係的機會時，它確實填補了這個空白，讓我們能夠進入很多我們現有的合作夥伴無法進入的目的地。所以這減輕了這一點。澳大利亞也是如此，維珍澳大利亞航空擁有出色的特許經營權。我們很高興與他們合作。我們已經是澳大利亞最大的航空公司。而現在我希望不僅成為澳大利亞最大的航空公司，而且成為澳大利亞最賺錢的航空公司。

And I think that comes with the strong network we have and great partnerships across the board, definitely Virgin Australia. So we'll continue to look for opportunities that don't interfere with our core strategic immunized alliances. And that's what these 2 things in my mind represented. Quite frankly, at this point, United's global network is pretty comprehensive. I'm not sure there's many more of those out there in the world, but we'll keep looking.

我認為這與我們擁有的強大網絡和全面的合作夥伴關係有關，尤其是維珍澳大利亞航空。因此，我們將繼續尋找不干擾我們核心戰略免疫聯盟的機會。這就是我心中的這兩件事所代表的。坦率地說，在這一點上，美聯航的全球網絡相當全面。我不確定世界上還有更多這樣的人，但我們會繼續尋找。

Our next question is from Jamie Baker from JPMorgan.

我們的下一個問題來自摩根大通的 Jamie Baker。

So Gerry, the sequential drawdown in the air traffic liability was larger than I would have expected. I'm just trying to square that with the strength in bookings. So how do I reconcile these 2 metrics?

所以格里，空中交通責任的連續縮減比我預期的要大。我只是想把它與預訂的實力相提並論。那麼如何協調這兩個指標呢？

I don't -- it wasn't that unusual. It was just seasonal as we get back to the sort of the normal booking trends that we see over time. So I don't see anything unusual there.

我不 - 這不是那麼不尋常。這只是季節性的，因為我們回到了我們隨著時間的推移看到的那種正常的預訂趨勢。所以我看不出有什麼不尋常的地方。

Okay. It was just the sheer dollar magnitude that surprised me. But you're right, if I look at it as a percentage of trailing revenue, I suppose it's not that unique.

好的。只是純粹的美元規模讓我感到驚訝。但你是對的，如果我將其視為跟踪收入的百分比，我想它並不是那麼獨特。

Second question. So Scott, there's an airline business model that I would describe as predicated on an abundance of cheap capital, an abundance of aircraft, an abundance of pilots and the pilot wage arbitrage and seating density. So how should we think about that business model in an environment where none of that, say, for density seems to exist any longer?

第二個問題。所以斯科特，有一種航空公司的商業模式，我將其描述為基於大量廉價資本、大量飛機、大量飛行員以及飛行員工資套利和座位密度。那麼，在密度似乎不再存在的環境中，我們應該如何考慮這種商業模式呢？

Everybody in the room is worried about what I am going to say, more is going to be restrained on this call. We feel like obviously super optimistic about where United is headed, but recognize that the market isn't there with this quite yet, and that was going to be restrained. But that's (inaudible).

房間裡的每個人都擔心我要說的話，更多人會在這次電話會議上受到限制。我們顯然對曼聯的發展方向感到非常樂觀，但要認識到市場還沒有出現這種情況，這將受到限制。但那是（聽不清）。

Look, I think there's a huge change that's happened, that's not appreciated yet. I will perhaps be even more pejorative, I describe that business model as upon [15] to because it is predicated on growing 15% to 20% a year. The only way you keep your costs low is 15% to 20% of your growth, and that is now going to be a positive.

看，我認為發生了巨大的變化，但還沒有被欣賞。我可能會更加貶義，我將這種商業模式描述為 [15] 到，因為它的預測是每年增長 15% 到 20%。保持低成本的唯一方法是 15% 到 20% 的增長，現在這將是積極的。

I mean, look, others are going to get on a conference call next week and say it's a temporary issue. There is a real pilot shortage that is real. It's going to take years to resolve. It's not the only 1 by the way. Boeing and Airbus are probably 2 to 3 years away from getting back to producing airplanes at the same rate. The air traffic control system, they do a great job at the FAA of trying to manage the system.

我的意思是，看，其他人將在下週參加電話會議並說這是一個臨時問題。真正的飛行員短缺是真實的。這將需要數年時間才能解決。順便說一句，這不是唯一的1。波音和空中客車可能還需要 2 到 3 年才能恢復以同樣的速度生產飛機。空中交通管制系統，他們在美國聯邦航空局試圖管理系統方面做得很好。

But we have fewer controllers in the United States than we had 30 years ago, we have tripled the operations. That works sort of okay in September. It does not work in July. And it's not their fault. They do incredible work. In the FAA to put their fingers in the dice and try to do their best to manage day-to-day, but they've been pulled in so many directions they've had to do drones and space launches and so many more people working on certification and aircraft issues without their budget going up. And until Congress authorizes more controllers, that is going to be a hard constraint on the operations of all airlines during the summer.

但我們在美國的控制人員比 30 年前少，我們的業務增加了兩倍。這在 9 月份還可以。它在 7 月不起作用。這不是他們的錯。他們做了令人難以置信的工作。在美國聯邦航空局（FAA），他們將手指放在骰子上，並儘最大努力管理日常事務，但他們被拉向瞭如此多的方向，他們不得不進行無人機和太空發射，還有更多的人在工作在不增加預算的情況下解決認證和飛機問題。在國會授權更多的管制員之前，這將成為夏季所有航空公司運營的硬性限制。

And so there's just no airline, including us, that's going to be able to grow at 15% to 20% a year anymore. And I think that's a real advantage for us at United. It is a real challenge for those business models. The whole business model is predicated on 3 things: One, growing 15% to 20% a year; two, jamming people in like sardines; and three, it's not nickel dining them, $50 and $100 in them to debt with add-on fees as they don't know until they show up at the airport. And I think that's a doomed business model.

因此，包括我們在內的任何航空公司都無法再以每年 15% 到 20% 的速度增長。我認為這對我們曼聯來說是一個真正的優勢。對於這些商業模式來說，這是一個真正的挑戰。整個商業模式基於三件事：一，每年增長 15% 到 20%；二、像沙丁魚一樣擠人；第三，吃飯不是鎳，50 美元和 100 美元的附加費是他們在機場出現之前不知道的債務。我認為這是一種注定失敗的商業模式。

Our next question is from Scott Group from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Scott Group。

I'm wondering what the better Q3, Q4 CASM means for next year, at this point, do you see more upside or downside risk to the plus-5% guidance on CASM for next year?

我想知道更好的 Q3、Q4 CASM 對明年意味著什麼，在這一點上，您認為明年 CASM 的正值 5% 指引是否存在更多上行或下行風險？

Scott, so we'll provide, obviously, more color in January. But what I can tell you right now, as I think I said in my prepared remarks, these numbers just increase the confidence we have in hitting our numbers for next year. So I think that's the way to look at it. And the fact that we are confident in our ability to hit our pretax margin target, I think, says a lot.

斯科特，所以我們顯然會在一月份提供更多顏色。但是我現在可以告訴你的是，正如我在準備好的發言中所說的那樣，這些數字只會增加我們對明年實現數字的信心。所以我認為這就是看待它的方式。我認為，我們對達到稅前利潤率目標的能力充滿信心，這一事實說明了很多。

Okay. And then just on this idea of like the new normal. So if you're right that there's more leisure demand and better off-peak performance, but perhaps maybe there's less business travel. So what's the net impact of more leisure, maybe less corporate, less peaky schedules? What's the net impact of all this on long-term margin?

好的。然後只是關於這個新常態的想法。因此，如果你是對的，那就是休閒需求更多，非高峰期表現更好，但也許商務旅行會更少。那麼，更多的休閒活動、更少的公司活動、更少的繁忙日程的淨影響是什麼？所有這些對長期利潤率的淨影響是什麼？

Well, I think so far, and you can see by our results over the last 90 days and our outlook for the next 90 days, we think it's a pretty good trend. So obviously, I would say that it's positive for margin. There's still a lot more to come. And I have to say that business traffic will continue to get better from this point. So I'm optimistic that all of those like headwinds that United Airlines faced in the pandemic are still in the transitioning period to tailwinds. And particularly the coastal gateway impact. I think we still have a long way to go, particularly on domestic traffic from our coastal gateway. So I think there's a lot more upside.

嗯，我認為到目前為止，你可以從我們過去 90 天的結果和我們對未來 90 天的展望中看到，我們認為這是一個非常好的趨勢。所以很明顯，我會說這對利潤率是積極的。還有很多事情要做。不得不說，從這一點開始，商業流量會繼續變好。因此，我樂觀地認為，聯合航空公司在大流行中面臨的所有不利因素仍處於順風的過渡期。尤其是沿海門戶的影響。我認為我們還有很長的路要走，特別是在來自我們沿海門戶的國內交通方面。所以我認為還有很多好處。

Our next question -- I'm so sorry about that. I will have that turned off for you right away. Our next question is from Duane Pfennigwerth from Evercore ISI.

我們的下一個問題——我很抱歉。我會立即為您關閉它。我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Why don't we start right there. On corporate recovery, can you offer some thoughts on recovery by market or hub in the U.S.? How would you mark to market or speak to the momentum of the recovery in, say, a New York versus a Chicago versus a San Francisco? And Andrew or Scott, I'd just be really curious, as you look into the future, would really appreciate your thoughts on kind of the Bay Area and how travel patterns may have changed there and kind of the upside you see into next year?

我們為什麼不從那裡開始。關於企業復甦，您能否就美國市場或中心的複蘇提供一些想法？例如，在紐約、芝加哥和舊金山，你將如何標記市場或談論復甦的勢頭？安德魯或斯科特，我真的很好奇，當你展望未來時，會非常感謝你對灣區的看法，以及那裡的旅行模式可能發生的變化，以及你明年看到的上行空間？

Yes. I'll try with a little bit of color here, Scott, (inaudible). I will say we track this by hub. We track this by industry vertical. And the ones that are the biggest United Airlines are, in fact, the ones that trail the most. So tech trails the most and professional services trail the most. And yes, our results, I think, are leading the industry. So I think we've quickly and affirmatively adapted to this new environment.

是的。我會在這裡嘗試一點顏色，Scott，（聽不清）。我會說我們通過集線器進行跟踪。我們按行業垂直跟踪這一點。事實上，最大的聯合航空公司是落後最多的航空公司。因此，技術跟踪最多，專業服務跟踪最多。是的，我認為，我們的成果在行業中處於領先地位。所以我認為我們已經迅速而積極地適應了這個新環境。

That being said, I still think those are going to recover. And in particular, I'm convinced they're going to recover on global long haul at a faster pace than the recovery in the short haul -- domestic. And I will say even in the last few weeks, while it hasn't been a radical change, there is a positive flow to the recovery rate that was, I think, really nice to see. So from that perspective, I will say that business traffic in these key coastal gateways in New York and San Francisco still trail that of the interior hubs on average. And that's why as we go forward, as those tailwinds get stronger, and we do believe we'll get stronger, I think that uniquely benefits United given where we are, given what we're doing fine today with these new dynamics, I think we'll just do better in the future.

話雖如此，我仍然認為那些會恢復。特別是，我相信他們將在全球長期以比國內短期復蘇更快的速度復甦。我會說，即使在過去的幾周里，雖然這並沒有發生根本性的變化，但恢復率有一個積極的流動，我認為這真的很高興看到。因此，從這個角度來看，我會說紐約和舊金山這些主要沿海門戶的商業流量平均仍落後於內陸樞紐。這就是為什麼隨著我們前進，隨著順風變得更強，我們相信我們會變得更強大，我認為鑑於我們所處的位置，鑑於我們今天在這些新動態下做得很好，我認為這對曼聯來說是獨一無二的我們只會在未來做得更好。

Appreciate those thoughts. And maybe a follow-up for Gerry on the 179 aircraft you plan to take between now and the end of 2023. How much of that financing is in place? How much do you still have to do? And how has your expectation for cost of capital change? I mean, Gerry, you've seen a lot of these cycles. So -- we haven't seen rate momentum like this. How are you thinking about sort of supporting that aircraft book over the balance of the next couple of years?

欣賞這些想法。也許你計劃從現在到 2023 年底之間對 Gerry 採取的 179 架飛機的後續行動。其中有多少資金到位？你還有多少事情要做？您對資本成本變化的預期如何？我的意思是，格里，你見過很多這樣的周期。所以——我們還沒有看到像這樣的利率動量。您如何考慮在未來幾年的剩餘時間內支持該飛機書籍？

So good question, Duane. So it's too early to tell you our entire plan for the mix of financing or paying for cash for next year's aircraft. So more to come on that. We will remain as I said, opportunistic. Yes, there's no question we're in a higher interest rate environment. But keep in mind, the financing portion of ownership cost for a new aircraft is such a small fraction of the overall cost of that aircraft and the benefit so overwhelms that even in the current interest rate environment, it really doesn't have a dramatic impact on us.

這麼好的問題，杜安。因此，現在告訴您我們為明年的飛機融資或支付現金的整個計劃還為時過早。所以還有更多的事情要做。正如我所說，我們將繼續投機取巧。是的，毫無疑問，我們處於更高的利率環境中。但請記住，新飛機擁有成本的融資部分僅佔該飛機總成本的一小部分，而且收益如此之大，即使在當前的利率環境下，它也不會產生巨大的影響在我們身上。

Sure, I love doing double ATCs at 3% but double ATCs at 6% or a little bit higher, that's what we used to do 7, 8 years ago. So there's nothing new here.

當然，我喜歡 3% 的雙 ATC，但 6% 或更高的雙 ATC，這就是我們 7、8 年前所做的。所以這裡沒有什麼新鮮事。

Our next question is from Conor Cunningham from Melius Research.

我們的下一個問題來自 Melius Research 的 Conor Cunningham。

Just on the business travel recovery, you talked a little bit about it. What is actually -- what is your assumption for business travel in the fourth quarter that's underpinning your revenue guidance? And then can you just speak to just the international volume side, that sounds great, but I think there's still some work to do on the yield side. And I guess that's a pretty good tailwind into '23. So just any high-level thoughts there would be helpful.

剛剛關於商務旅行的複蘇，你談到了一點。實際上，您對第四季度商務旅行的假設是什麼，這是您收入指導的基礎？然後你能不能只談談國際音量方面，這聽起來不錯，但我認為在收益方面還有一些工作要做。我想這對 23 年來說是一個很好的順風。因此，任何高層次的想法都會有所幫助。

Yes. We -- when we did the forecast, it's pretty much flat. So we're not expecting a significant recovery on the traditional way we measured it. I'm not sure that's the right way to measure it anymore, to be clear. So we'll be agile on that as we go forward from this at this point.

是的。我們 - 當我們進行預測時，它幾乎持平。因此，我們預計不會在我們衡量它的傳統方式上出現顯著復甦。我不確定這是否是衡量它的正確方法，要清楚。因此，我們將在這一點上保持敏捷。

Okay. And then just back...

好的。然後就回來了……

Yes, I didn't finish your question. On cabins, I think your perspective is somewhat correct there. We've seen incredible strength in the new Premium Plus cabin and in the coach cabin. We've also seen really good strength in the Polaris Cabin but not as good, I have to say, as the back of the airplane. And so as that business continues to come back, we will hopefully likely see, I think, further strength in the front section of the aircraft.

是的，我沒有完成你的問題。在小屋上，我認為您的觀點在那裡有些正確。我們已經在新的 Premium Plus 客艙和長途客艙中看到了令人難以置信的力量。我們還看到北極星客艙的強度非常好，但我不得不說，不如飛機後部那麼好。因此，隨著該業務繼續恢復，我認為我們有望看到飛機前部的進一步實力。

Again, the numbers are pretty downright strong from a load factor point of view. But the more leisure-oriented nature of some of the Polaris traffic today does fly at a lower yield than has traditionally been in that cabin. So as that returns to normal, however fast or slow that occurs, that will continue to provide, I think, more of a tailwind going forward.

同樣，從負載係數的角度來看，這些數字非常強勁。但是，如今某些 Polaris 交通更注重休閒的性質確實以低於傳統客艙的收益率飛行。因此，隨著這種情況恢復正常，無論發生的速度是快是慢，我認為這將繼續為未來提供更多的順風。

Okay. And then just to piggyback on Scott's question earlier, just the -- bending the cost curve, all that stuff, we're turning in the right direction, it seems. And just from a high level, I know there's a lot of unknowns on the capacity side. But when I think about the buckets of the headwinds and tailwinds as we go into '23, less disruption costs, less 777 maintenance, but pay is obviously trending higher regional expense. Just can you buck in any 1 are like high level things that we may be missing out there as we think about '23 overall?

好的。然後只是背著斯科特早些時候的問題，只是 - 彎曲成本曲線，所有這些東西，我們似乎正朝著正確的方向轉向。僅從高層次來看，我知道在容量方面還有很多未知數。但是，當我想到進入 23 年的逆風和順風桶時，中斷成本降低，777 維護成本降低，但薪酬顯然趨勢更高的區域費用。你能不能在任何 1 中降壓，就像我們在考慮 23 年整體時可能會錯過的高級事物？

I don't think you're missing anything. The inflationary pressures are there. I think we're pretty comfortable that we have a good handle on that, and that's been incorporated into our thinking all year. We have the tailwinds from the return of the 777s, the tailwinds from this record-setting operation that we have going on. So there isn't any magic to it. I think we've been pretty clear what all the components are.

我不認為你缺少任何東西。通脹壓力是存在的。我認為我們很舒服，我們對此有很好的處理，並且這已被納入我們全年的思考中。我們從 777 的回歸中獲得了順風，從我們正在進行的這項創紀錄的操作中獲得了順風。所以它沒有任何魔法。我認為我們已經很清楚所有組件是什麼。

Our next question is from Dave Vernon from Bernstein.

我們的下一個問題來自 Bernstein 的 Dave Vernon。

So Andrew, I wanted to follow up on that point you made about running a less peaky schedule. If I look back sort of historically or think back historically, anyway, first and fourth quarter load factors was (inaudible)

所以安德魯，我想跟進你關於運行不那麼高峰的時間表的觀點。如果我回顧歷史或回顧歷史，無論如何，第一季度和第四季度的負載係數是（聽不清）

Mr. Bernstein...

伯恩斯坦先生...

Can you hear me?

你能聽到我嗎？

We can now, try again. We got the first sentence or two but you cut out.

我們現在可以，再試一次。我們得到了第一句話或兩句話，但你刪掉了。

Sorry. So I guess, Andrew, I'm trying to dig into this idea of running less peaky operation. I'm wondering if the quarterly drop-offs from sort of 3Q to 4Q, 1Q, if that should be a little bit more moderate kind of coming out of the pandemic because of some of the changes you're making in terms of scheduling the airline and just building to the new normal.

對不起。所以我想，安德魯，我正試圖深入研究這種減少高峰期操作的想法。我想知道從第 3 季度到第 4 季度、第 1 季度的季度下降是否會因為您在安排航空公司，只是建立新常態。

Exactly true. In fact, 1 of the good examples will be our European schedule for this winter, we would use to cut off Tuesday or Wednesday, a non-peak day on many of our transatlantic flights from New York. And this winter, if you look at them, I think a higher percentage of them operate daily throughout the entire week. And the other example is the first 2 weeks of December. So after Thanksgiving, but before Christmas, we're already booked to 2, 2.3 points ahead of where we expected to be and versus '19.

完全正確。事實上，其中一個很好的例子就是我們今年冬天的歐洲時間表，我們會在周二或週三切斷我們從紐約出發的許多跨大西洋航班的非高峰日。而今年冬天，如果你看一下它們，我認為它們中有更高的比例在整個一周內每天都在運行。另一個例子是 12 月的前 2 週。因此，在感恩節之後，但在聖誕節之前，我們已經預定了 2 分，比我們預期的要早 2.3 分，並且與 19 年相比。

Again, that off-peak period is doing swimmingly well. And so more and more, we'll digest all this. And to the extent we can run an operation that has fewer peaks in it, particularly having the summer peak, not be so much higher than the rest of the year, that creates a dramatic amount of efficiency because when you think about it, we staff our pilot workforce for the flying that we do in -- from June 15 to like August 15. And if we can staff for a much larger chunk of time that should be incredibly efficient.

同樣，非高峰期表現得非常好。越來越多，我們會消化這一切。在某種程度上，我們可以運行一個高峰期較少的運營，特別是夏季高峰期，不會比一年中的其他時間高太多，這會產生巨大的效率，因為當你考慮到這一點時，我們的員工我們從事飛行的飛行員隊伍——從 6 月 15 日到 8 月 15 日。如果我們能在更長的時間內配備人員，那應該是非常高效的。

Outstanding. And maybe just as a quick follow-up. Can you help us kind of orient where we are on premium product inventory sort of from the hard aspects of service in terms of seats and cabins that kind of thing from where we were in 2019? I'm just trying to get a sense for how much more runway there is in that premiumization? I know it's a long runway. There's a lot of room to catch up. But I'm just trying to think like is there any way.

傑出的。也許只是作為一個快速跟進。您能否幫助我們確定我們在優質產品庫存方面的位置，比如從座位和客艙等服務的硬方面，比如我們在 2019 年的情況？我只是想了解這種高端化還有多少跑道？我知道這是一條很長的跑道。有很多空間可以趕上。但我只是想想想有什麼辦法。

Well, you have to separate it domestically versus internationally. On the international front, we have -- almost all of our aircraft that have gone through the Polaris mod. I think we're down to 1 or 2 787s that need to be done. And the bulk of our 767 400. We have 1 or 2 of those done. And so we'll be done with that Polaris mod shortly. Versus '19, we also have the Premium Plus cabin, which was -- just had been started, but was not significant. And today, I think it's about 7% of our long-haul ASMs. So that is out there.

好吧，您必須將其在國內與國際分開。在國際方面，我們幾乎所有的飛機都通過了 Polaris mod。我認為我們需要完成的只有 1 或 2 架 787。還有我們 767 400 的大部分。我們已經完成了 1 或 2 個。所以我們很快就會完成那個 Polaris mod。與 '19 相比，我們還有 Premium Plus 艙，它剛剛開始，但並不重要。而今天，我認為它約占我們長途 ASM 的 7%。所以就在那裡。

I think the big tailwind comes domestically as these United Next aircraft arrive with dual-class cabins plus a large premium section in coach. And as you can already see from our per seat sales, which I think were up about 20% in the quarter. As we replace single class RJs with those jets, I think there's a lot more of that ancillary revenue to come. So I think domestically, there's just -- we've only just started would be my take on that front. Internationally, I think our premium distribution in terms of seats in Polaris is, at this point, pretty stable, given where we are just finishing up the reconfigurations.

我認為大順風來自國內，因為這些 United Next 飛機抵達時配備了雙艙客艙和一個大型的豪華艙。正如您已經從我們的每座位銷售額中看到的那樣，我認為本季度增長了約 20%。當我們用這些噴氣式飛機取代單級 RJ 時，我認為會有更多的輔助收入。所以我認為在國內，我們剛剛開始將是我在這方面的看法。在國際上，我認為我們在北極星座位方面的溢價分佈在這一點上相當穩定，因為我們剛剛完成了重新配置。

We will now switch to the media portion of the call. (Operator Instructions) Our first question comes from Alison Sider from the Wall Street Journal.

我們現在將切換到通話的媒體部分。 （操作員說明）我們的第一個問題來自華爾街日報的 Alison Sider。

I kind of wanted to ask you about your comments on the FAA and ATC staffing. You mentioned talking to Secretary Buttigieg earlier this week. Like how are those conversations going? Because publicly, he still tends to say most of the problems come from the airlines? And like are things more constructive behind the scene?

我有點想問你關於 FAA 和 ATC 人員配置的意見。你提到了本週早些時候與布蒂吉格部長的談話。比如那些談話進展如何？因為在公開場合，他仍然傾向於說大部分問題來自航空公司？就像幕後的事情更具建設性？

Well, you had a really good call with the Secretary on Monday, as you referenced because this is really something that we need to help them solve. It's not the FAA's fault. And so I think when you talk about (inaudible), that's probably the most important point. This is an agency that's done an incredible amount of work over the last couple of decades, and they've been asked to do far more. The asks of the age -- the number of people at that agency that are working on goes, space launches, aircraft certification programs, and it's just massively higher than it was before, and they were forced to fund that by taking headcount out of the operational budget, the day-to-day operational budget.

好吧，正如你所提到的，你周一與秘書打了一個很好的電話，因為這確實是我們需要幫助他們解決的問題。這不是 FAA 的錯。所以我認為當你談論（聽不清）時，這可能是最重要的一點。這是一家在過去幾十年中完成了大量工作的機構，而且他們被要求做的更多。時代的要求——該機構從事航天發射、飛機認證計劃的人數比以前高得多，他們被迫通過削減員工人數來為此提供資金運營預算，日常運營預算。

And it's hard to just look at the basic fact that there's fewer controllers today than there were 30 years ago. It's that sort of doesn't pass the smell test for anyone, I don't think. And -- but that's not their fault, that's an issue that we have to help them solve in FAA reauthorization. So that's the conversations are about how can we help you solve that? I've had 1 conversation with someone from the administration, 3 conversations with people on the hill just in the last 24 hours about that subject. And our goal in the airline industry is to help solve that problem.

很難僅僅看到一個基本事實，即今天的控制器比 30 年前少。我不認為這種氣味無法通過任何人的氣味測試。而且——但這不是他們的錯，這是我們必須幫助他們解決 FAA 重新授權的問題。所以這就是關於我們如何幫助您解決這個問題的對話？在過去的 24 小時內，我與政府人員進行了 1 次對話，與山上的人進行了 3 次關於該主題的對話。我們在航空業的目標是幫助解決這個問題。

Because until we -- it's a supply problem until you fix the fundamental issue, it's going to be challenging in (inaudible). Mostly works okay in a month like September, but we're going to always have struggles in a month like July until we get staffed up to a level that's more reflective of the amount of airline operations that are in the sky today.

因為在我們解決基本問題之前，這是一個供應問題，這將是一個挑戰（聽不清）。在像 9 月這樣的月份大部分情況下工作正常，但在像 7 月這樣的一個月裡，我們總是會遇到困難，直到我們的人員配備到更能反映當今空中航空公司運營數量的水平。

And so I think we're aligned between us and the on the need to work by a bipartisan way on the FAA reauthorization bill to increase their scrapping to be commensurate. And by the way, this is about -- we've made hundreds of billions of dollars of investment in infrastructure. This is the human infrastructure that goes along with all of that concrete that we're building. We had this Sunday in Denver, where we have 114 operations per hour beautiful, big airport, 4 parallel runway is built. But while I put something like a couple of sick calls, and the airport operation, not clear blue sky Sunday, it was cut from 114 to 68. Like we don't get to use our infrastructure unless we have the human capital to support it, and it's about to get the human capital to support all the infrastructure that we're building.

因此，我認為我們與兩黨就 FAA 重新授權法案合作的必要性保持一致，以增加他們的報廢程度。順便說一句，這大約是——我們已經在基礎設施方面進行了數千億美元的投資。這是與我們正在建造的所有混凝土相配套的人類基礎設施。我們在丹佛度過了這個星期天，在那裡我們每小時有 114 次運行，美麗的大型機場，4 條平行跑道正在建造中。但是，雖然我打了幾個病假電話，還有機場運營，週日沒有晴朗的藍天，但它從 114 減少到了 68。就像我們無法使用我們的基礎設施，除非我們有人力資本來支持它，它即將獲得人力資本來支持我們正在建設的所有基礎設施。

Our next question is from Leslie Josephs from CNBC.

我們的下一個問題來自 CNBC 的 Leslie Josephs。

I just wanted to clarify, you said 15,000 new employees this year and 15,000 next year, that's way ahead of, I think, what the goal was by 2026 with United Next. How much of that is to replace people retiring and maybe some attrition? And then also, if you have any update on the pilot negotiations? Do you expect to raise the pay compared with the original TA that was sent out ?

我只是想澄清一下，你說今年有 15,000 名新員工，明年有 15,000 名新員工，我認為這遠遠超過了 United Next 到 2026 年的目標。其中有多少是為了取代退休的人，也許是一些減員？然後，如果您對試點談判有任何更新？與原來派出的TA相比，你期望加薪嗎？

Yes. This is Brett Hart. So our hiring is actually right on schedule in terms of what we expect across the next 4 to 5 years with respect to United Next. And sure, some of that is to replace people who are no longer with the company, but the vast majority of that is geared towards meeting our overall plan. So -- and by the way, we're having no trouble finding terrific talent throughout the system.

是的。這是布雷特哈特。因此，就我們對 United Next 未來 4 到 5 年的預期而言，我們的招聘實際上是按計劃進行的。當然，其中一些是為了替換不再在公司工作的人，但其中絕大多數是為了滿足我們的總體計劃。所以——順便說一句，我們可以毫不費力地在整個系統中找到優秀的人才。

We are convinced at this point that we are definitely an employer of choice. So we have no issues meeting our needs and we expect to continue to hire, as we said earlier. With respect to the pilots, our discussions with our pilots are obviously ongoing with our other unions. So we don't typically comment much beyond that, but we're continuing to make what we hope will be of progress in that area.

在這一點上，我們確信我們絕對是首選雇主。因此，正如我們之前所說，我們在滿足我們的需求方面沒有任何問題，我們希望繼續招聘。關於飛行員，我們與飛行員的討論顯然正在與我們的其他工會進行。因此，我們通常不會對此發表過多評論，但我們將繼續取得我們希望在該領域取得進展的成果。

Next, we have David Schaper from NPR.

接下來，我們有來自 NPR 的 David Schaper。

I'd like to ask a question that's kind of maybe been a little bit addressed already, but that is about the holiday travel season from a passenger's perspective. What are you expecting in terms of demand for holiday travel? How is it different? I think you've addressed this a little bit about it being a little more spread out. And also, the pricing, with prices going up not just airline prices, but prices for everyone. How do you expect the demand to continue, especially with fears of -- not just inflation, but a recession?

我想問一個問題，這個問題可能已經解決了一些問題，但從乘客的角度來看，這是關於假日旅行季節的。您對假期旅行的需求有何預期？它有什麼不同？我認為您已經解決了這個問題，因為它會更加分散。此外，價格上漲，不僅是航空公司的價格，還有每個人的價格。您如何預計需求將持續下去，尤其是在擔心——不僅是通脹，還有衰退的情況下？

Sure. I'll give it a try. We are definitely seeing a lot of strength for the holidays or obviously approaching the Thanksgiving time period, and our bookings are incredibly strong. And as I said earlier and as you indicated, the bookings are a little bit different this year and that they're more spread out across multiple days than they were on any single day very, very close to the holiday in the past. So that definitely is a new travel pattern for us. And we're also seeing that develop for the Christmas time period as well.

當然。我會試一試。我們肯定在假期或感恩節臨近期間看到了很多力量，而且我們的預訂量非常強勁。正如我之前所說，正如你所指出的，今年的預訂有點不同，而且它們分佈在多天，比過去非常、非常接近假期的任何一天都要多。所以這對我們來說絕對是一種新的旅行模式。我們也看到聖誕節期間的情況也在發展。

The price point, there definitely is this inflationary pressure in the country and everybody can see it as they're booking a hotel room and booking -- or you can go into the grocery store, quite frankly, and we're managing our prices to make sure that we can produce the results we need to do and also add a great value and benefits to our customers. We're putting back in a lot of that money back into the customer itself as we invest in these new aircraft, which are going to be fantastic, whether they're with [spec] videos or Wi-Fi on board and so on and so forth. So I'd like to think that money is going to great use to create a much better experience on board.

價格點，這個國家肯定存在通脹壓力，每個人在預訂酒店房間和預訂時都可以看到——或者坦率地說，你可以去雜貨店，我們正在管理我們的價格確保我們能夠產生我們需要做的結果，並為我們的客戶增加巨大的價值和利益。當我們投資這些新飛機時，我們會將大量資金返還給客戶本身，這將是非常棒的，無論它們是否帶有 [spec] 視頻或機上 Wi-Fi 等等，等等。因此，我認為金錢將極大地用於創造更好的機上體驗。

United Airlines as well as you can see in great operations to make sure we're getting our customers for Thanksgiving or Christmas or any time, home to see grandma on time with their luggage as they expected.

聯合航空公司以及您可以看到的出色運營可確保我們在感恩節或聖誕節或任何時候讓我們的客戶按時回家看望奶奶，他們的行李是他們所期望的。

I will now turn the call back over to Kristina Munoz for closing remarks.

我現在將把電話轉回給 Kristina Munoz 做閉幕詞。

Thanks for joining the call today. Please contact Investor and Media Relations if you have any further questions, and we look forward to talking to you on the next quarter.

感謝您今天加入電話會議。如果您有任何其他問題，請聯繫投資者和媒體關係部，我們期待在下個季度與您交談。

Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。您現在可以斷開連接。