聯合航空 (UAL) 2023 Q2 法說會逐字稿

Good morning, and welcome to United Airlines Holdings' Earnings Conference Call for the Second Quarter 2023. My name is Silos, and I will be your conference facilitator today.

早上好，歡迎參加聯合航空控股公司 2023 年第二季度收益電話會議。我叫 Silos，今天我將擔任你們的會議主持人。

Following the initial remarks from management, we will open the line for questions. (Operator Instructions). 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.

在管理層發表初步評論後，我們將開通提問熱線。 （操作員說明）。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。您的參與即表示您同意我們對本次通話進行錄音。如果您不同意這些條款，只需掛斷電話即可。

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、投資者關係總監克里斯蒂娜·穆尼奧斯 (Kristina Munoz)。請繼續。

Thank you, Silos. Good morning, everyone, and welcome to United's Second Quarter 2023 Earnings Conference 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 financial performance.

謝謝你，筒倉。大家早上好，歡迎參加美聯航 2023 年第二季度收益電話會議。昨天，我們發布了收益報告，可在我們的網站 ir.united.com 上獲取。昨天發布的信息以及本次電話會議中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 the 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. Unless otherwise noted, we will be discussing our financial metrics on a non-GAAP basis on this call. Please refer to the related definitions and reconciliations in our press release.

所有前瞻性陳述均基於公司當前掌握的信息。許多因素可能導致實際結果與我們當前的預期存在重大差異。請參閱我們的收益報告、表格 10-K 和 10-Q 以及聯合航空控股公司和聯合航空向 SEC 提交的其他報告，以更全面地描述這些因素。除非另有說明，我們將在本次電話會議上討論非公認會計原則的財務指標。請參閱我們新聞稿中的相關定義和調節。

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.

有關這些非公認會計準則衡量標準與最直接可比的公認會計準則衡量標準的調節，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.

首席執行官斯科特·柯比 (Scott Kirby) 今天參加了我們的電話會議，討論了我們的業績和前景。主席布雷特·哈特；執行副總裁兼首席商務官安德魯·諾切拉；執行副總裁兼首席財務官 Gerry Laderman。此外，我們還有其他管理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。

Thank you, Kristina, and thanks, everyone, for joining us this morning. Before I discuss our financial performance for the second quarter, I'd like to first address the operational challenges at Newark at the end of last month. I am extremely proud of the people of United for all they did to recover under very challenging circumstances. Our pilots, flight attendants, gate agents, contact center teams and others went above and beyond to inform and assist our customers in an extremely stressful situation. We're now doing more than ever to mitigate the impact of weather, congestion and other infrastructure constraints at Newark and frankly, to build a schedule at Newark that's more manageable given the frequency of weather events beyond the very real operating constraints that exist there, even on Blue Sky days.

謝謝克里斯蒂娜，也謝謝大家今天早上加入我們。在討論第二季度的財務業績之前，我想首先解決上個月底紐瓦克的運營挑戰。我為曼聯人民感到非常自豪，他們在非常具有挑戰性的情況下為恢復所做的一切。我們的飛行員、乘務員、登機口工作人員、聯絡中心團隊和其他人員在極其緊張的情況下竭盡全力為我們的客戶提供信息和幫助。我們現在比以往任何時候都更加努力地減輕紐瓦克天氣、擁堵和其他基礎設施限制的影響，坦率地說，考慮到天氣事件的頻率超出了那裡存在的非常實際的運營限制，即使是在藍天天氣，我們也在紐瓦克制定了一個更易於管理的時間表。

Brett will highlight just a few of those changes shortly, but we've already put them in motion, already starting to improve the working experience for our people and travel experience for our customers.

布雷特很快將重點介紹其中的一些變化，但我們已經將它們付諸實施，已經開始改善我們員工的工作體驗和客戶的旅行體驗。

A bigger picture. This quarter was yet another proof point that our United Next strategy was correct and is working almost exactly as we expected. Over the past couple of years, I've talked a lot about 3 exogenous constraints facing the industry, but also the fact that those very constraints and challenges are going to set the table for improved financial results for the airline industry; one, pilot shortages; two, supply chain disruptions; and three, infrastructure limitations. At United, we have control over the first 2 constraints, pilot and supply chain, and we've mostly got ahead of the curve and had minimal issues there. But we're probably as exposed or the most exposed to the infrastructure constraints since our hubs are in some of the largest and most crowded airports in the country.

更大的圖景。本季度再次證明我們的 United Next 戰略是正確的，並且幾乎完全按照我們的預期運作。在過去的幾年裡，我多次談到了該行業面臨的 3 個外生約束，但事實上這些約束和挑戰將為改善航空業的財務業績奠定基礎；一、飛行員短缺；二、供應鏈中斷；第三，基礎設施的限制。在美聯航，我們可以控制前兩個限制：飛行員和供應鏈，而且我們基本上領先於形勢，並且在那裡遇到的問題很少。但我們可能同樣或最容易受到基礎設施限制，因為我們的樞紐位於該國一些最大、最擁擠的機場。

So now we're taking even more action to give us the ability to operate more reliably despite the infrastructure constraints. That means we've had to lower our capacity plans for the second half and therefore, raised our CASM-ex guidance. But the reality is that our CASM-ex will be better than it otherwise would have been because there's nothing as expensive as running an off-schedule operations and these changes are designed to get our operations, particularly at Newark, working at a level that reflects the fact that it only has one set of parallel runways operating in the most crowded airspace in the world.

因此，現在我們正在採取更多行動，使我們能夠在基礎設施有限的情況下更可靠地運營。這意味著我們不得不降低下半年的產能計劃，因此提高了 CASM-ex 指導。但現實情況是，我們的 CASM-ex 會比原來更好，因為沒有什麼比計劃外運營更昂貴的了，這些變化旨在讓我們的運營，特別是在紐瓦克，在一定水平上運行，反映出這樣一個事實：它在世界上最擁擠的空域中只擁有一組平行跑道。

The flip side of this coin, however, is that these exogenous constraints were also the basis of our United Next strategy, and it is off to an incredible, even record-setting start.

然而，硬幣的另一面是，這些外在限制也是我們 United Next 戰略的基礎，而且它已經有了一個令人難以置信、甚至創紀錄的開端。

This was an all-time record quarter for pretax earnings and EPS on an adjusted basis. This performance reflects our success in building a strategy to; one, aggressively hire pilots; two, grow our mid-continent hubs; three, upgauge our domestic fleet and four, expand our wide-body fleet and international exposure in response to the trends that we identified at the beginning of COVID.

本季度稅前盈利和調整後每股收益創歷史新高。這一業績反映了我們在製定戰略方面取得的成功：一、積極聘用飛行員；第二，發展我們的中部大陸樞紐；第三，升級我們的國內機隊，第四，擴大我們的寬體機隊和國際業務，以應對我們在新冠疫情初期確定的趨勢。

Importantly, we now expect to deliver earnings per share of $11 to $12, even with incremental conservatism in our cost in the back half of the year. The vision and strategic outlook that we first identified nearly 3 years ago is happening. Cost convergence is happening, which has changed our business dramatically on the domestic front. Long term, positive structural changes to the international markets are also apparent in our results. We continue to anticipate that the GDP relationship between airline revenues has been reset higher due to cost conversions and will continue to improve.

重要的是，我們現在預計每股收益將達到 11 至 12 美元，即使下半年我們的成本會逐漸保守。我們近三年前首次確定的願景和戰略前景正在發生。成本趨同正在發生，這極大地改變了我們在國內的業務。從長遠來看，國際市場的積極結構性變化也體現在我們的業績中。我們繼續預計，由於成本轉換，航空公司收入與 GDP 之間的關係已經重新調高，並將繼續改善。

The outlook for United and our United Next strategy is incredibly bright, as highlighted by our financial results this quarter. This quarter demonstrates that we're ahead of our planned targets and the challenges to emphasize that the industry backdrop gives us a clear path to our 14% pretax margin in 2026.

正如我們本季度的財務業績所強調的那樣，美聯航和我們的 United Next 戰略的前景非常光明。本季度表明我們領先於計劃目標和挑戰，強調行業背景為我們在 2026 年實現 14% 的稅前利潤率提供了明確的道路。

As we march towards that goal, we're focused on setting the airline up for success. I'm also pleased that we've reached an agreement on an industry-leading contract with ALPA. The 4-year agreement once ratified will deliver a meaningful pay raise and quality of life improvements for our pilots. Thanks to the team for getting this across the finish line. We are well on our way to being the best airline in the history of aviation. United Next gave us an unbeatable head start on that goal as long as we execute and execute we will.

當我們朝著這一目標邁進時，我們致力於幫助航空公司取得成功。我還很高興我們與 ALPA 就行業領先的合同達成協議。這項為期四年的協議一旦獲得批准，將為我們的飛行員帶來有意義的加薪和生活質量改善。感謝團隊沖過終點線。我們正在努力成為航空史上最好的航空公司。只要我們執行並執行我們的意願，United Next 就為我們在實現這一目標方面提供了無與倫比的領先優勢。

Thanks again to the United team. And with that, I'll turn it over to Brett.

再次感謝曼聯團隊。有了這個，我會把它交給布雷特。

Thank you, Scott. Thank you to our United team for their hard work this quarter. As Scott mentioned, during the last week of June, we experienced one of the most challenging operational environment in United's history, impacting primarily our largest international departure hub, Newark. Our hub locations make us disproportionately prone to weather and then the second quarter, weather was particularly challenging with 25 major irregular operation days accounting for 75% of our second quarter cancellations.

謝謝你，斯科特。感謝我們的曼聯團隊本季度的辛勤工作。正如斯科特提到的，在 6 月的最後一周，我們經歷了美聯航歷史上最具挑戰性的運營環境之一，主要影響到我們最大的國際出發樞紐紐瓦克。我們的樞紐位置使我們特別容易受到天氣影響，而第二季度的天氣尤其具有挑戰性，有 25 個主要的不正常運營日，佔第二季度取消航班的 75%。

Despite this, we are focused on setting United up for success, and being able to recover more quickly in the future. We are implementing a few new initiatives in Newark that will improve our operation. First, we are reducing the total flying in the peak hours to align better with the capabilities of today's constrained operating environment. Second, we expect to have additional gating as we bring the remaining 6 gates in Terminal A online, 2 of which are additional wide-body gates as well as make additional tactical changes at United.

儘管如此，我們仍致力於讓曼聯取得成功，並在未來能夠更快地恢復。我們正在紐瓦克實施一些新舉措，以改善我們的運營。首先，我們正在減少高峰時段的飛行總量，以更好地適應當今受限的運營環境的能力。其次，我們預計將增加 A 航站樓剩餘 6 個登機口，其中 2 個是額外的寬體登機口，並在曼聯進行額外的戰術調整。

Third, we are adjusting our schedules to increase our out-and-back flying to limit the downline system impact of any cancellations or delays.

第三，我們正在調整航班時刻表，增加往返航班，以限制任何取消或延誤對下線系統的影響。

Fourth, we are increasing our resources and crew scheduling and accelerating the time line of our technology enhancements and automation.

第四，我們正在增加資源和人員調度，並加快技術增強和自動化的進度。

Lastly and importantly, our partnerships with the FAA and Port Authority are essential to the airline's success. Collaboration and communication amongst these groups has never been stronger.

最後也是重要的是，我們與美國聯邦航空局和港務局的合作對於航空公司的成功至關重要。這些團體之間的協作和溝通從未如此緊密。

To that end, Scott and our government affairs team continue to remain actively engaged in working with the administration and leaders in Congress to pass an FAA reauthorization bill. Legislation that equips the FAA with the resources, tools and funding they need isn't just essential to the success of our industry. It's among the best investments that we could make for the traveling public and the U.S. economy right now. And we're committed to continuing to advocate for a smart FAA reauthorization billing and to get it passed quickly.

為此，斯科特和我們的政府事務團隊繼續積極與政府和國會領導人合作，以通過美國聯邦航空管理局的重新授權法案。為聯邦航空局提供所需資源、工具和資金的立法不僅對我們行業的成功至關重要。這是我們目前可以為旅遊公眾和美國經濟做出的最佳投資之一。我們致力於繼續倡導智能聯邦航空局重新授權計費並使其迅速獲得通過。

These are only a few of the initiatives underway, but combined with lower capacity, these adjustments and approximately 1 to 2 points of incremental year-over-year pressure to our 2023 CASM-ex.

這些只是正在進行的一些舉措，但加上運力下降、這些調整以及我們 2023 年 CASM-ex 的同比壓力約增加 1 至 2 個百分點。

Gerry will go into more details, but running a successful and efficient airline is critical and United is laser-focused on getting our customers to their destinations safely and on time.

格里將詳細介紹，但經營一家成功且高效的航空公司至關重要，美聯航致力於讓我們的客戶安全、準時地到達目的地。

As we work to respond to these challenges, we are also investing in our customer experience. Recently, we announced new mobile app features that support our customers during travel disruptions. These first-of-their-kind tools will allow customers to rebook, track their bags and get meal and hotel vouchers when eligible on their personal device.

在我們努力應對這些挑戰的同時，我們也在投資於客戶體驗。最近，我們宣布了新的移動應用程序功能，可在旅行中斷期間為客戶提供支持。這些同類首創的工具將允許客戶在符合條件的個人設備上重新預訂、跟踪行李並獲得餐券和酒店優惠券。

It is important for us to provide our customers the resources they need for flight or their flight at their fingertips, especially when things don't go as planned. As Scott mentioned, over the weekend, we reached a tentative agreement with our pilots represented by ALPA. We're thankful for the hard work our pilots put in every day, and this agreement is a representation of that. We are still in active negotiations with our flight attendants represented by the AFA, and have new agreements in place for all other work groups.

對我們來說，為客戶提供飛行所需的資源或讓他們的航班觸手可及非常重要，尤其是當事情未按計劃進行時。正如 Scott 提到的，週末我們與 ALPA 代表的飛行員達成了初步協議。我們感謝飛行員每天的辛勤工作，這份協議就是這一點的體現。我們仍在與 AFA 代表的空乘人員進行積極談判，並為所有其他工作組制定了新協議。

The United team continues to be resilient. We're making real-time changes that directly impact the travel experience for our customers and for our employees day to day. Proud to be a member of this team. I want to thank everyone for their unwavering hard work.

曼聯隊繼續保持韌性。我們正在做出實時改變，這些改變直接影響我們的客戶和員工的日常旅行體驗。很榮幸成為這個團隊的一員。我要感謝大家的不懈努力。

And with that, I'll pass it over to Andrew to discuss the revenue...

有了這個，我會把它交給安德魯討論收入......

Thanks, Brett. I'd like to start off today by thanking the entire United team for their hard work and dedication and taking care of our customers, particularly during the final week of the quarter. Our financial results provide proof that our United Next plans are working and that the demand environment remains robust. United finished the second quarter with top line record quarterly revenues of $14.2 billion. Total revenues in the quarter were up 17%, ahead of our guidance of 14% to 16%.

謝謝，布雷特。首先，我要感謝整個美聯航團隊的辛勤工作、奉獻精神以及對我們客戶的照顧，特別是在本季度的最後一周。我們的財務業績證明我們的 United Next 計劃正在發揮作用，並且需求環境依然強勁。美聯航第二季度的季度營收創歷史新高，達 142 億美元。本季度總收入增長 17%，高於我們 14% 至 16% 的預期。

June was exceptionally strong and was our best revenue month ever. Since the start of June, we've had 13 of our 16 highest loan gross revenue days. TRASM in the quarter was down 0.4% and PRASM was up 2.2% with capacity up 17.5%.

六月異常強勁，是我們有史以來收入最高的月份。自 6 月初以來，我們的 16 個貸款總收入最高日中有 13 個日。本季度 TRASM 下降 0.4%，PRASM 增長 2.2%，運力增長 17.5%。

International results were exceptionally strong with passenger revenues up 44% year-over-year. International PRASM increased 13.3% year-over-year. Year-over-year PRASM results were strongest in the Pacific followed by the Atlantic and then Latin America. The resurgence of the United Pacific entity has been the most transformative. Margins for our global long-haul line continued to outpace domestic margins.

國際業績異常強勁，客運收入同比增長 44%。國際PRASM同比增長13.3%。與去年同期相比，PRASM 結果在太平洋地區最為強勁，其次是大西洋地區，然後是拉丁美洲地區。聯合太平洋公司的複興是最具變革性的。我們的全球長途航線的利潤率繼續超過國內利潤率。

Our second quarter capacity deployment plans, lean and international flying with 27% more capacity year-over-year, which proved advantageous. International ASMs represent 45.4% of United's 2Q capacity, up 2 points from 2019.

我們第二季度的運力部署計劃是精益國際飛行，運力同比增加 27%，事實證明這是有利的。國際 ASM 占美聯航第二季度運力的 45.4%，較 2019 年上升 2 個百分點。

Domestic passenger revenues were up 7.8% on 10.5% more capacity year-over-year, largely in line with our expectations at the start of the quarter. Domestic PRASM was down 2.4%, but that was a fantastic outcome as it compares to an exceptionally strong Q2 of '22. We expect similar or slightly better results for domestic PRASM in the third quarter.

國內客運收入增長 7.8%，運力同比增長 10.5%，基本符合我們本季度初的預期。國內 PRASM 下降了 2.4%，但與 22 年異常強勁的第二季度相比，這是一個了不起的結果。我們預計第三季度國內 PRASM 的結果類似或略好。

Our RM setup for the quarter proved to be the right one. We held back seats early in the booking curve, saving them for higher yields and closing bookings, and we ended the quarter with record top line results.

事實證明，我們本季度的 RM 設置是正確的。我們在預訂曲線的早期保留了席位，將其保留以獲取更高的收益並完成預訂，並以創紀錄的營收結束了本季度。

The business recovery remained stable. Revenue from international travelers flying for business grew 40% year-over-year, with 10% growth in the -- on domestic business travelers. On a ticketed basis, business travel revenue continues to trend roughly flat to 2019.

業務復甦保持平穩。國際商務旅客的收入同比增長 40%，國內商務旅客的收入增長 10%。按票務計算，商務旅行收入到 2019 年繼續基本持平。

Cargo revenues have normalized post pandemic. Yields were down 38% versus 2022, but do remain up 29% versus '19. We expect yields in the third quarter to be consistent with Q2. Healthy cargo revenues and yields are helping drive incremental profitability to our global long-haul flying.

疫情過後，貨運收入已恢復正常。與 2022 年相比，收益率下降了 38%，但與 19 年相比仍增長了 29%。我們預計第三季度的收益率將與第二季度保持一致。健康的貨運收入和收益率有助於提高我們全球長途飛行的盈利能力。

MileagePlus had another strong quarter with revenue up 11% year-over-year. We broke records this quarter for all key measurements from new card acquisitions to new member enrollment. Ancillary revenue from bags and seats hit a record $1 billion in Q2, up 19% year-over-year. Per passenger ancillary revenue increased 8% to $23.79.

前程萬里 (MileagePlus) 季度業績再次強勁，收入同比增長 11%。本季度我們打破了從新卡獲取到新會員註冊的所有關鍵衡量指標的記錄。第二季度，箱包和座椅的輔助收入達到創紀錄的 10 億美元，同比增長 19%。每名乘客的輔助收入增長 8%，達到 23.79 美元。

Replacement of single class RJs with mainline aircraft with multiple types of seat upgrade opportunities is a key driver of our revenue growth. Premium leisure demand remains very strong across the board. Our domestic first class capacity is up 4% from 2019, but RASM growth in that cabin is 12 points stronger than the main cabin even with corporate traffic not fully recovered.

用具有多種座位升級機會的干線飛機替換單艙 RJ 是我們收入增長的關鍵驅動力。高端休閒需求全面保持強勁。我們的國內頭等艙運力較 2019 年增長了 4%，但即使企業客流量尚未完全恢復，該艙的 RASM 增長仍比主艙強 12 個百分點。

Our global long-haul Polaris product is also offsetting the loss of corporate business revenue with premium leisure demand and validates the size of our Polaris Cabin post-pandemic are correct for United hubs.

我們的全球長途北極星產品還通過優質休閒需求抵消了企業業務收入的損失，並驗證了大流行後我們北極星客艙的大小對於美聯航樞紐來說是正確的。

For Q3, we expect the total revenue to be up 10% to 13% year-over-year with capacity up approximately 16%. The demand environment remains strong, and September and October looked particularly strong relative to both 2019 and July and August. Another sign that seasonality has changed in the summer peak period is more spread out relative to the past.

對於第三季度，我們預計總收入將同比增長 10% 至 13%，產能增長約 16%。需求環境仍然強勁，與 2019 年以及 7 月和 8 月相比，9 月和 10 月看起來尤其強勁。夏季高峰期季節性變化的另一個跡象相對於過去更加分散。

Once again, Q3 capacity deployment focuses on international markets with capacity expected to be up 23% versus 13% for domestic. We believe international revenue will continue to outperform domestic revenue in the third quarter across the globe other than Latin America. Overall, our domestic margins are now back to 2019 levels while our international margins are trending well above where they were in '19.

第三季度產能部署再次聚焦於國際市場，預計產能將增長 23%，而國內市場則增長 13%。我們認為，除拉丁美洲之外，第三季度全球其他地區的國際收入將繼續跑贏國內收入。總體而言，我們的國內利潤率現已回到 2019 年的水平，而我們的國際利潤率則遠高於 19 年的水平。

Earlier this week, we announced an expansion of our Pacific line this fall with new non-stop service from Manila to San Francisco. We also announced a second daily flight from San Francisco to Taipei, a new daily nonstop flight from Los Angeles to Hong Kong and will resume our service between Los Angeles and Narita as planned. These additions to our key Pacific destinations are in addition to our previously announced expansion plan to the South Pacific.

本週早些時候，我們宣布今年秋季擴大太平洋航線，新增從馬尼拉到舊金山的直達服務。我們還宣布開通每日第二個從舊金山飛往台北的航班，新增每日從洛杉磯飛往香港的直飛航班，並將按計劃恢復洛杉磯和成田之間的服務。這些新增的太平洋主要目的地是我們之前宣布的南太平洋擴張計劃的補充。

All international volume remains our focus. We also have plans to improve domestic margins by rebuilding and enhancing connectivity versus 2019, grow and engage faster than any other U.S. carriers and staying focused on our existing 7 hubs.

所有國際交易量仍然是我們關注的焦點。我們還計劃通過重建和增強 2019 年的連通性來提高國內利潤，比任何其他美國運營商更快地發展和參與，並繼續專注於我們現有的 7 個樞紐。

Domestic connectivity fell materially in the pandemic because we decided to retire about 300 regional jets. But our connectivity is growing every month as we take United Next deliveries, and that will continue to drive PRASM higher each month. Like the period from 2017 to 2019 when we grew RASM and margins by growing connectivity, we'll do it once again but this time with large mainline jets preferred by our customers.

由於我們決定退役約 300 架支線飛機，國內連通性在疫情期間大幅下降。但隨著 United Next 的交付，我們的連通性每個月都在增長，這將繼續推動 PRASM 每個月都更高。就像 2017 年至 2019 年期間，我們通過增強連通性來提高 RASM 和利潤率一樣，我們將再次這樣做，但這次是使用客戶首選的大型乾線噴氣式飛機。

Gauge has also been a key gap and opportunity for United. Larger gate narrow-bodies with 190 or more seats operate with the best single line margins in North America.

對於曼聯來說，Gauge 也是一個關鍵的差距和機會。擁有 190 個或更多座位的大型登機口窄體客機的運營單線利潤率在北美最高。

The introduction of the A321 and MAX 10 were always a key enabler of our United Next gauge growth and margin growth. The potential of these larger jets is proven and further upside to United airline when we finally enter the fleet.

A321 和 MAX 10 的推出始終是我們 United Next 客機增長和利潤增長的關鍵推動因素。當我們最終進入機隊時，這些大型噴氣式飛機的潛力得到了證明，並為聯合航空公司帶來了進一步的優勢。

I also want to add to Scott and Brett's comments about Newark and our United Next plans. United Next always contemplated that the only way to grow Newark was upgauging from regional to mainline flying. We expected that to lead to higher growth in seats and ASMs at Newark even though the total number of flights would not be growing.

我還想補充斯科特和布雷特對紐瓦克和我們的 United Next 計劃的評論。 United Next 始終認為，發展紐瓦克的唯一途徑是將支線航班升級為乾線航班。我們預計，儘管航班總數不會增長，但紐瓦克的座位數和 ASM 數量將出現更高增長。

Our growth in Newark has always been contingent upon larger aircraft, not more aircraft. While we may need to cut departures more than planned, we don't believe these changes will impact our long-term capacity from Newark due to the use of larger gauge aircraft.

我們在紐瓦克的發展始終取決於更大的飛機，而不是更多的飛機。雖然我們可能需要比計劃減少更多的出發航班，但由於使用較大規格的飛機，我們認為這些變化不會影響我們從紐瓦克出發的長期運力。

And with that, I will turn it over to Gerry to talk about our financial results. Gerry?

接下來，我將把它交給格里來談論我們的財務業績。格里？

Thanks, Andrew, and good morning, everyone. I am pleased to report that for the second quarter, we delivered the highest quarterly pretax earnings in the United's history of $2.2 billion. Our earnings per share of $5.03 was also an all-time record. And in addition, we produced a record second quarter pretax margin of 15.3%, 3 points higher than second quarter of 2019 and ahead of our expectations. This exceptional performance was driven by stronger-than-expected revenue and lower-than-expected fuel prices.

謝謝安德魯，大家早上好。我很高興地向大家報告，第二季度我們實現了曼聯歷史上最高的季度稅前盈利 22 億美元。我們的每股收益為 5.03 美元，也創下了歷史記錄。此外，我們第二季度稅前利潤率創歷史新高，達到 15.3%，比 2019 年第二季度高 3 個百分點，超出了我們的預期。這一出色的業績是由強於預期的收入和低於預期的燃油價格推動的。

The severe weather at the end of June, which drove multiple consecutive days of strained operations, did lead to a 1 point reduction in capacity for the quarter. We also incurred incremental disruption related costs that weren't anticipated at the time of our guidance. The capacity loss and added costs led to a CASM-ex impact of approximately 1.5 points for the quarter.

6月底的惡劣天氣導致連續多日運行緊張，確實導致本季度運力減少1個百分點。我們還產生了與中斷相關的增量成本，這些成本在我們發布指導時並未預料到。產能損失和成本增加導致本季度 CASM 影響約 1.5 個百分點。

Excluding this impact, until June 24, we were trending below the midpoint of our CASM-ex range for the quarter. An indication that our core costs remain under control. And for the rest of the year, the operational and scheduling changes that Brett discussed have reduced our full year capacity plans from our prior expectations, and we now expect full year capacity to be up approximately 18% versus 2022.

排除這一影響，截至 6 月 24 日，我們的趨勢均低於本季度 CASM-ex 範圍的中點。這表明我們的核心成本仍然受到控制。對於今年剩餘時間，Brett 討論的運營和調度變化已使我們的全年產能計劃比之前的預期有所減少，我們現在預計全年產能將比 2022 年增長約 18%。

Additionally, our CASM-ex guidance now incorporates an expectation of additional incremental costs in order to address the operational challenges. Specifically, for the third quarter, we expect CASM-ex to be up 2% to 3% with capacity up approximately 16%, both versus the third quarter of last year. When combined with our results for the second quarter and our expectations for the fourth quarter, we now anticipate our 4-year CASM-ex to be up approximately 1% to 2% versus last year.

此外，我們的 CASM-ex 指南現在納入了額外增量成本的預期，以應對運營挑戰。具體來說，我們預計第三季度 CASM-ex 將增長 2% 至 3%，運力將比去年第三季度增長約 16%。結合我們第二季度的業績和對第四季度的預期，我們現在預計 4 年期 CASM-ex 將比去年增長約 1% 至 2%。

However, just like the second quarter, outside of the revisions I discussed, our core costs for the rest of the year are trending as expected.

然而，就像第二季度一樣，除了我討論的修訂之外，我們今年剩餘時間的核心成本趨勢符合預期。

Furthermore, our CASM-ex expectation for the year continues to include the impact of our recently announced agreement with our pilots.

此外，我們對今年 CASM-ex 的預期繼續包括我們最近宣布與飛行員達成的協議的影響。

Turning to earnings. The strong revenue environment and moderate fuel prices continue to provide strength to our bottom line. For the third quarter, we expect earnings per share to be $3.85 to $4.35, with a fuel price of $2.50, $2.80. More importantly, given our second quarter performance and third quarter outlook, we are raising our full year earnings per share expectation to the top half of our previous guidance range of $10 to $12.

轉向收益。強勁的收入環境和適中的燃油價格繼續為我們的盈利提供支撐。我們預計第三季度每股收益為 3.85 美元至 4.35 美元，燃油價格為 2.50 美元至 2.80 美元。更重要的是，考慮到我們第二季度的業績和第三季度的前景，我們將全年每股收益預期提高到之前指導範圍 10 至 12 美元的上半部分。

On fleet, we took delivery of 20 Boeing 737 MAX aircraft in the second quarter and paid for 10 of those aircraft with cash. We expect to take delivery of 28 737 MAX aircraft in the third quarter and also look forward to our first Airbus A321neo later this fall. We continue to expect our full year adjusted capital expenditures to be approximately $8.5 billion.

在機隊方面，我們在第二季度接收了 20 架波音 737 MAX 飛機，並以現金支付了其中 10 架飛機的費用。我們預計將在第三季度接收 28 737 MAX 飛機，並期待在今年秋天晚些時候接收我們的第一架空客 A321neo。我們仍然預計全年調整後資本支出約為 85 億美元。

Turning to the balance sheet. We ended the quarter with $21 billion in liquidity, including our undrawn revolver. We are comfortable with our current level of liquidity, particularly given the uncertain macroeconomic backdrop. In the second quarter, we opportunistically issued $1.3 billion of enhanced equipment trust certificates secured by a pool of recently delivered Boeing MAX aircraft with an interest rate of 5.8%, which was attractive in the current interest rate environment.

轉向資產負債表。本季度結束時，我們的流動資金為 210 億美元，其中包括未提取的左輪手槍。我們對當前的流動性水平感到滿意，特別是考慮到不確定的宏觀經濟背景。第二季度，我們機會性地發行了 13 億美元的增強型設備信託證書，由一批最近交付的波音 MAX 飛機擔保，利率為 5.8%，這在當前利率環境下具有吸引力。

Additionally, we prepaid $1 billion of floating rate debt, which carried a current coupon of over 9%. Our adjusted net debt is now down almost $3 billion since the end of 2022 and $6 billion since the end of 2021. With the reduction in debt and the improvement in earnings, at the end of the second quarter, our trailing 12-month adjusted net debt-to-EBITDAR ratio improved by a full turn to 2.4x versus the end of the first quarter, putting us back to where we were prior to the pandemic and ahead of pace to achieve our target of less than 3x by the end of 2023. We also continue to expect to generate positive free cash flow for the full year, including the impact of our new pilot agreements.

此外，我們還預付了 10 億美元的浮動利率債務，該債務的當前票面利率超過 9%。自 2022 年底以來，我們調整後的淨債務現已減少近 30 億美元，自 2021 年底以來已減少 60 億美元。隨著債務的減少和盈利的改善，到第二季度末，我們過去 12 個月的調整後淨債務與 EBITDAR 比率比第一季度末提高了整整 2.4 倍，使我們回到了大流行之前的水平，並提前實現了到 2 年底低於 3 倍的目標。 023. 我們還繼續預計全年將產生正的自由現金流，包括新試點協議的影響。

In conclusion, we are encouraged by the trends we are seeing and believe we're adequately mitigated against additional operational risk in the back half of the year. I'm extremely proud of the United team for delivering our strong financial results.

總之，我們對所看到的趨勢感到鼓舞，並相信我們已充分緩解了今年下半年的額外運營風險。我為曼聯團隊取得了強勁的財務業績感到非常自豪。

Six months ago, when we first announced our full year EPS guidance, we were met with skepticism from some of you listening. Now more than halfway through the year, as we increase our EPS guidance, I hope all of you are as comfortable as we are with the value of the United Next plan, where we continue to march toward meeting our long-term targets and delivering for our customers, employees and shareholders.

六個月前，當我們首次宣布全年每股收益指引時，一些聽眾對我們表示懷疑。今年已過半，隨著我們提高每股收益指引，我希望你們所有人都像我們一樣對 United Next 計劃的價值感到滿意，我們將繼續朝著實現我們的長期目標並為我們的客戶、員工和股東提供服務。

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

接下來，我將把它交給克里斯蒂娜來開始問答。

Thank you, Gerry. (Operator Instructions).

謝謝你，格里。 （操作員說明）。

(Operator Instructions) The first question comes from Dave Vernon from Bernstein.

（操作員說明）第一個問題來自 Bernstein 的 Dave Vernon。

So Scott and Gerry, maybe a bigger picture level question for you. We're kind of coming up to $11 to $12 in earnings this year, can you help point out the 2 or 3 things that are unique to your strategy that are going to make it possible to kind of grow from that level? And there's a lot of concern about domestic slowing down. There's a concern about peak earnings. I'm just wondering how do we think about sustaining this level of earnings power or even building on it, on a 1- or 2-year view, conceptually, not trying to get guidance for '24. Just trying to think about conceptually what's going to help us kind of build from these record levels of profitability?

斯科特和格里，也許對你來說是一個更大的問題。今年我們的盈利將達到 11 至 12 美元，您能否幫忙指出您的策略中獨特的 2 或 3 點，這些因素將使其有可能從該水平實現增長？人們對國內經濟放緩有很多擔憂。人們擔心收入峰值。我只是想知道我們如何考慮維持這種水平的盈利能力，甚至從概念上看，從 1 年或 2 年的角度來看，如何在此基礎上繼續發展，而不是試圖獲得 24 世紀的指導。只是想從概念上思考什麼可以幫助我們實現這些創紀錄的盈利水平？

I guess I'll start and maybe let Andrew give you some details to follow. But at its core, 2 to 3 years ago, we started describing United Next. We started describing the intellectual framework for United Next what we thought was going to change in the industry. And in particular, we thought that the international market was going to be really, really good because we thought demand would recover. And we were literally the only large airline in the world that decided to keep all our airplanes and actually took more airplanes during the pandemic and grow. That has, in fact, happened.

我想我會開始，也許讓安德魯給你一些細節。但從本質上講，我們在 2 到 3 年前就開始描述 United Next。我們開始描述 United Next 的知識框架，我們認為這將給行業帶來改變。特別是，我們認為國際市場將會非常非常好，因為我們認為需求將會復蘇。事實上，我們是世界上唯一一家決定保留所有飛機的大型航空公司，並且在疫情期間實際上購買了更多飛機並實現增長。事實上，這已經發生了。

Domestically, we thought that the cost convergence was likely to happen. One, because of inflation. We probably think that 2 or 3 years ago, about 18 months ago, we thought that, that inflation was going to drive cost convergence and that the expectations for capacity were going to be unfulfilled because supply chain constraints, pilot shortages and infrastructure constraints. And to fix that particular issue, all 3 of those things have to come together. It's not enough if you get the supply chain remedy. It's not enough to get pilots remedied. All 3 of them have to happen.

在國內，我們認為成本趨同可能會發生。一是因為通貨膨脹。我們可能認為，兩三年前，大約18個月前，我們認為通貨膨脹將推動成本趨同，並且由於供應鏈限制、飛行員短缺和基礎設施限制，對運力的預期將無法實現。為了解決這個特定問題，所有這三件事必須結合在一起。僅獲得供應鏈補救措施還不夠。僅僅對飛行員進行補救是不夠的。這 3 件事都必鬚髮生。

And so kind of from a big picture level, like this is playing out exactly like we thought it would. And it's a fair question. We get the question. We've gotten it for at least 6 or 7 quarters in a row. And the results just keep getting better because the industry backdrop is getting better, particularly for large airlines that have international exposure and that are at the top of the food chain for hiring pilots and for supply chain issues, which is where United is.

從大局來看，事情的發展與我們想像的完全一樣。這是一個公平的問題。我們得到了問題。我們已經連續至少 6 或 7 個季度得到它。結果越來越好，因為行業背景正在變得更好，特別是對於那些具有國際影響力並且在招聘飛行員和供應鏈問題方面處於食物鏈頂端的大型航空公司來說，這就是聯合航空所在的地方。

And you further that with United -- so that's the industry backdrop. But United specifically thought this was going to happen, and we made a really big bet on this happening. And the truth is we're the only ones in the world to do that. While everyone else was shrinking and retiring airplanes, we started betting on growth and getting ready for United Next. We thought it would play out like this. It is playing out like this. I really am confident that our margins are set to grow 1 to 2 points a year for each of the next -- at least through 2026, and that this is the new normal. Andrew?

你通過聯合航空進一步推動了這一點——這就是行業背景。但曼聯明確認為這將會發生，我們對這件事的發生下了很大的賭注。事實上，我們是世界上唯一能做到這一點的人。當其他人都在縮減飛機數量並淘汰飛機時，我們開始押注於增長並為 United Next 做好準備。我們以為事情會這樣發展。事情就是這樣進行的。我非常有信心，至少到 2026 年，我們的利潤率將每年增長 1 到 2 個百分點，這將成為新常態。安德魯？

I guess I'll add on a few more details. First, I think we're in the really early stages of the United Next plan, and our results this quarter give us a lot of confidence. We're on the right path. But I really look at all the details. And when I look at them all, what I would tell you is, one, the MAX 10 and the A321 are really important to our plan. They're large single-aisle narrow-body jets that everybody knows has superior economics, and we don't have a single one in our fleet today, and that's a gap we will close.

我想我會添加更多細節。首先，我認為我們正處於 United Next 計劃的早期階段，本季度的業績給了我們很大的信心。我們走在正確的道路上。但我真的會關注所有的細節。當我審視所有這些時，我要告訴您的是，第一，MAX 10 和 A321 對我們的計劃非常重要。它們是大型單通道窄體噴氣機，眾所周知具有優越的經濟性，而我們今天的機隊中還沒有一架，我們將縮小這一差距。

We've already increased gauge by 20% since 2019, more than any other U.S. airline and 8 points more than the industry and yet we lead in unit revenue performance. The United network has been under-gauged and we've said that over and over again. And our ability to add low unit cost planes at high marginal RASMs is now well proven and will drive earnings.

自 2019 年以來，我們已經將軌距增加了 20%，超過任何其他美國航空公司，比行業高 8 個百分點，但我們在單位收入表現方面處於領先地位。美聯航網絡的測量不足，我們已經說過一遍又一遍了。我們以高邊際 RASM 增加低單位成本飛機的能力現已得到充分證明，並將推動盈利。

And larger gauge, of course, gives us the ability to manage our overall unit cost down in a way others just don't have the ability to do, in our opinion, and this, again, is a unique advantage to us. We think our gauge growth in the coming years will be faster than any of our competitors based on the public sheet plans that are out there.

當然，更大的規格使我們能夠以其他人沒有能力做到的方式管理我們的整體單位成本，我們認為，這對我們來說又是一個獨特的優勢。根據現有的公開表計劃，我們認為未來幾年我們的儀表增長將比任何競爭對手都要快。

Of course, all of our mainline jets will eventually have a signature interior with seat-back screens and Wi-Fi. These jets have higher NPS scores as a result. These jets also come with larger first-class cabins, more Economy Plus seats. We provide our customers with more options to upgrade and choose their ideal onboard experience while generating increasing levels of ancillary revenues.

當然，我們所有的干線噴氣式飛機最終都將擁有帶座椅靠背屏幕和 Wi-Fi 的標誌性內飾。因此，這些噴氣式飛機具有更高的 NPS 分數。這些飛機還配備了更大的頭等艙和更多的豪華經濟艙座位。我們為客戶提供更多選擇來升級和選擇他們理想的船上體驗，同時產生越來越高的輔助收入。

The pandemic clearly created a boom in premium leisure demand that we see today and these passengers often purchase an upgraded experience.

這場流行病顯然創造了我們今天看到的高端休閒需求的繁榮，這些乘客經常購買升級的體驗。

As Scott said, we have a large order book of narrow-body jets. Boeing and Airbus are largely sold out until the end of the decade. We can use these planes for growth or we can use them for retirement depending on conditions.

正如斯科特所說，我們有大量窄體飛機訂單。直到本世紀末，波音和空客的大部分飛機都已售空。我們可以根據情況使用這些飛機來實現增長，也可以將它們用於退休。

Also, as Scott said, and I think really, really important, the international long-haul environment is just structurally different. This cycle for our business will have higher international margins versus domestic, a reversal from pre-pandemic. United has the largest international network amongst U.S. carriers. And as a result, we're going to benefit the most.

此外，正如斯科特所說，我認為非常非常重要的是，國際長途環境在結構上有所不同。我們業務的這個週期將比國內業務擁有更高的國際利潤率，這與大流行前相反。美聯航擁有美國航空公司中最大的國際網絡。結果，我們將受益最多。

No other U.S. airline has coastal gateway hubs like United. Our hubs are where most of the business class, premium demand and cargo demand enter and exit the United States, and they have superior geography for connecting traffic. This advantage is largely unique to United. Of course, we have a larger order book for wide-body jets, as Scott said. Our domestic connectivity is not where we want it to be.

沒有其他美國航空公司像美聯航一樣擁有沿海門戶樞紐。我們的樞紐是大多數商務艙、高端需求和貨運需求進出美國的地方，並且具有連接交通的優越地理位置。這一優勢在很大程度上是曼聯獨有的。當然，正如斯科特所說，我們有更大的寬體飛機訂單。我們國內的連通性並未達到我們想要的水平。

We know we can close it and we know what the margin gains are going to be for that. And while we continue to use regional jets, we won't over rely on them. Cargo is an amazing strong spot for us and really helps fuel our long-haul growth.

我們知道我們可以關閉它，並且我們知道由此帶來的利潤收益是多少。雖然我們繼續使用支線飛機，但我們不會過度依賴它們。貨運對我們來說是一個驚人的優勢，確實有助於推動我們的長途業務增長。

The other thing I'd say, and I think this is really important, is all United hubs are producing strong profit margins. And we have the option to grow these hubs with our large narrow body order book, which creates a different paradigm for United than most.

我要說的另一件事是，我認為這非常重要，所有聯合航空樞紐都產生了強勁的利潤率。我們可以選擇通過我們的大型窄體訂單簿來發展這些樞紐，這為美聯航創造了與大多數航空公司不同的範例。

Simply, we start with a strong foundation to support our growth and neither must we shrink a hub to profitability or seek to grow a hub with sub-power margins, and I think that's a really important setup for us.

簡而言之，我們從支持我們增長的堅實基礎開始，我們既不能縮小樞紐的盈利能力，也不能尋求發展利潤率較低的樞紐，我認為這對我們來說是一個非常重要的設置。

As Scott said, constraints to growth continue. Cost convergence is now well documented. The other thing I'll add, United is far less reliant today on contracted corporate business, and that business has clearly been slow to return, but that doesn't mean it won't. If it does, the legacy business model will benefit the most.

正如斯科特所說，增長的限制仍在繼續。成本趨同現已得到充分記錄。我要補充的另一件事是，如今美聯航對合同企業業務的依賴要少得多，而且該業務的恢復速度顯然很慢，但這並不意味著它不會。如果確實如此，傳統的商業模式將受益最多。

Further, NDC is changing distribution in this space as passengers want more flexibility in when they travel and how they travel and are increasingly preferring to work directly with United on our industry-leading app. More and more often, individual corporate customers pick airlines they want to fly on versus the purchasing manager at their business recommendation. This change in consumer behavior is locked in during the pandemic and now seems irreversible to me.

此外，NDC 正在改變這一領域的分佈，因為乘客希望在旅行時間和旅行方式上獲得更大的靈活性，並且越來越願意在我們行業領先的應用程序上直接與美聯航合作。越來越多的情況是，個人企業客戶選擇他們想要乘坐的航空公司，而不是採購經理根據他們的業務推薦。消費者行為的這種變化是在大流行期間鎖定的，現在對我來說似乎是不可逆轉的。

Of course, we're focused on our high ground and our last advantage, of course, is our great team of innovation.

當然，我們專注於我們的製高點，我們的最後一個優勢當然是我們偉大的創新團隊。

All right. Well, Dave, that was a lot. But you -- we tell, we feel confident.

好的。好吧，戴夫，這已經很多了。但我們告訴你，我們充滿信心。

Our next question comes from Conor Cunningham from Melius Research.

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

On the LCCs right now are ramping back capacity and on your far sales. That seems to be out there that seems to be having like a little impact on you right now. I'm just curious on what's actually what changes is a mindset around your unwillingness to match these fares? Or is it premium cost? Just any thoughts there would be helpful.

低成本航企目前正在削減運力和遠銷。那似乎現在對你產生了一點影響。我只是好奇你不願意匹配這些票價的心態實際上發生了什麼變化？還是溢價成本？只要有任何想法都會有幫助。

Well, that's largely a domestic question. And I think our domestic environment has done well. As you know, in Q2, we really just hit it right on the head in terms of our guidance for the domestic entity. And in Q3, our performance looks to be very, very similar. So we're pretty pleased by how Q3 is setting up. I just think with where we are with our brand, our network, our upgauge, we're carefully, from an RM point of view, determined in our policy. And as we started Q2, we decided to hold out and book later in the curve. I think that proved right. And as we go into Q3, I think this guidance would tell you that we don't see a change. So I'm sure there are other things happening in the environment that are both positive or negative. But we don't see a change in the Q3 environment of down a little bit for domestic PRASM is entirely consistent with the Q2. And so we don't see a change, and we see a steady and strong demand.

嗯，這很大程度上是一個國內問題。我認為我們的國內環境做得很好。如您所知，在第二季度，我們對國內實體的指導確實擊中了要害。在第三季度，我們的表現看起來非常非常相似。所以我們對第三季度的設置非常滿意。我只是認為，從 RM 的角度來看，我們在品牌、網絡、升級方面處於什麼位置，我們會謹慎地確定我們的政策。當我們開始第二季度時，我們決定堅持下去，並在曲線後期進行預訂。我認為事實證明這是對的。當我們進入第三季度時，我認為本指南會告訴您我們沒有看到變化。所以我確信環境中還發生了其他積極或消極的事情。但我們並沒有看到Q3環境有什麼變化，對於國產PRASM來說下降一點點與Q2完全一致。因此，我們沒有看到任何變化，我們看到了穩定而強勁的需求。

Great. And then just on the international landscape, you did obviously take a huge advantage there. Just curious on what's next for the Atlantic. Are you comfortable with that network? And then just on the Pacific build-out, there seems to be a lot of upside there. I'm just curious on your expectations for that fall launch.

偉大的。然後就國際格局而言，你顯然在那裡佔據了巨大的優勢。只是好奇大西洋接下來會發生什麼。您對該網絡感到滿意嗎？然後，就太平洋地區的擴建而言，似乎有很多好處。我只是好奇您對秋季發布的期望。

Sure. I think that's a really good question. Look, what I would tell you is our international RASM in Q2 and profitability was well above even our very lofty expectations from April. As we head into Q3, the year-over-year comparison is different than Q2. And during Q3, most of the world was already easy to travel to where in Q2 '22, travel was still limited. And that will make a difference in our year-over-year comps. When we compare versus 2019, it's easy to see that Q3 is tracking very, very close to Q2. So it looks really good. So not -- unlike domestic, we go into Q3, expect an amazing performance, but tougher RASM comps year-over-year and RASMs that are roughly flat.

當然。我認為這是一個非常好的問題。看，我要告訴您的是我們第二季度的國際 RASM 和盈利能力甚至遠高於我們 4 月份的很高預期。當我們進入第三季度時，同比比較與第二季度不同。在第三季度，世界大部分地區已經很容易前往 22 年第二季度旅行仍然受到限制的地方。這將對我們的年度比較產生影響。當我們與 2019 年進行比較時，很容易看出第三季度的情況與第二季度非常非常接近。所以看起來真的很好。所以不是——與國內不同的是，我們進入第三季度，預計會有令人驚嘆的表現，但 RASM 同比表現更強勁，RASM 大致持平。

Profitability is going to be amazingly strong. Latin America is going to be the weakest. But to your question about the Atlantic, it looks really good, particularly demand to Southern Europe. And that's motivated to us to extend our seasonal flying to Southern Europe well into Q4, which we didn't normally do. But as you can imagine, and again, to your question about the Pacific, given our announcement earlier this week, on adding 4 new Trans-Pac routes this fall, you can imagine we're most bullish on Asia.

盈利能力將驚人地強勁。拉丁美洲將是最弱的。但對於你關於大西洋的問題，它看起來真的很好，特別是對南歐的需求。這促使我們將飛往南歐的季節性航班延長至第四季度，而我們通常不會這樣做。但正如你可以想像的那樣，對於你關於太平洋的問題，考慮到我們本週早些時候宣布將在今年秋天增加 4 條新的跨太平洋航線，你可以想像我們最看好亞洲。

As a result, we moved capacity into the Pacific, including our first-ever nonstop flight from San Francisco to Manila, a third daily flight to Hong Kong, a second daily flight to Taipei, and we're resuming our L.A. Narita flight. We also expect that Japan is going to remain strong well into 2024 as it did not fully reopen until this spring. So in summary, Asia is going gangbusters, and we're really happy with where it's at, and we've leaned into it. And overall, for international exposure, what I can tell you is we were -- in Q2, we were up 2.3 points in terms of percent of international ASMs of the company versus 2019.

因此，我們將運力轉移到了太平洋地區，包括有史以來第一條從舊金山飛往馬尼拉的直飛航班、第三條每日飛往香港的航班、第二條每日飛往台北的航班，以及我們正在恢復洛杉磯成田的航班。我們還預計日本將在 2024 年保持強勁，因為它直到今年春天才完全重新開放。總而言之，亞洲正在蓬勃發展，我們對目前的狀況感到非常滿意，並且我們已經向它傾斜了。總體而言，就國際業務而言，我可以告訴您的是，在第二季度，我們公司的國際 ASM 百分比與 2019 年相比上升了 2.3 個百分點。

And in Q4, we're going to be up 3.1 to 3.4 points to show you how much we're leaning into the global long-haul environment because that's where we think the revenue is right now.

在第四季度，我們將上漲 3.1 到 3.4 個百分點，以向您展示我們對全球長途環境的傾斜程度，因為我們認為目前的收入就在於此。

Our next question comes from Catherine O'Brien from Goldman Sachs.

我們的下一個問題來自高盛的凱瑟琳·奧布萊恩。

I couldn't tell as I was talking, I heard my line was unmuted, so I hope you can hear me now. Can you help us think about the total impact of operational issues at the end of the second quarter into the third, plus the impact of the changes you're making to shore up operations going forward? Like what that is to third quarter and full year EPS outlook? It sounds like the 1 to 2-point headwind to CASM is all tied to this. But just wondering, correct me if I'm wrong there. I'm just wondering, correct me, to take into account any revenue impact. I'm asking mainly because of the move in the full year midpoint EPS is a bit smaller than the 2Q beat. So I would just love to get some color.

我在說話時無法分辨，我聽到我的線路沒有靜音，所以我希望你現在能聽到我的聲音。您能否幫助我們思考第二季度末到第三季度運營問題的總體影響，以及您為支持未來運營而做出的變革的影響？比如第三季度和全年每股收益展望是什麼？聽起來 CASM 的 1 到 2 分逆風都與此有關。但只是想知道，如果我錯了，請糾正我。我只是想知道，糾正我，要考慮到任何收入影響。我問這個問題主要是因為全年中點每股收益的變動略小於第二季度的變動。所以我只想得到一些顏色。

Catie, let me take a crack at that. So let me talk first on the cost side, where -- what you saw us do for the second quarter, third quarter full year is a just CASM entirely related to the operational disruptions, which is why I wanted to emphasize that costs aside from that, our core costs are trending right in line with our expectations. So the variance versus our prior guidance is all attributable to this. So the way to think about it is about 1/3 of that CASM variance is related to the actual incurred costs from the disruptions and 2/3 just related to the capacity adjustment.

凱蒂，讓我來嘗試一下。因此，讓我首先談談成本方面，您看到我們在第二季度、第三季度全年所做的只是一個完全與運營中斷相關的 CASM，這就是為什麼我想強調除此之外的成本，我們的核心成本趨勢與我們的預期完全一致。因此，與我們之前的指導意見的差異都是由此造成的。因此，思考這個問題的方法是，大約 1/3 的 CASM 方差與中斷造成的實際成本相關，2/3 與容量調整相關。

The overall impact in the second quarter versus our forecast prior to June 24, I would call it about 1 point of margin is what we've lost in the second quarter because of the events. And we've incorporated our expectation on lower capacity in our EPS guidance for the third quarter and full year. And so it's fair to say that -- but for those adjustments, our guidance for the full year of top half of the range, yes, it could have been a little bit higher because of those changes. But that's the way to look at it.

與我們 6 月 24 日之前的預測相比，第二季度的總體影響，我認為大約 1 個百分點的利潤率是我們在第二季度因這些事件而損失的。我們已將產能下降的預期納入第三季度和全年的每股收益指導中。因此，可以公平地說，但對於這些調整，我們對全年範圍上半部分的指導，是的，由於這些變化，它可能會更高一些。但這就是看待它的方式。

Okay. Great. That's really helpful. And then maybe one for Andrew. Can you just walk us through some of the assumptions you're making underlying the view that domestic RASM performance is steady or better, 3Q versus 2Q? What's the corporate assumption? And really just asking because that's different from what some of your peers are expecting.

好的。偉大的。這真的很有幫助。也許還有一個是給安德魯的。您能否向我們介紹一下您所做出的一些假設，即國內 RASM 的表現（第三季度與第二季度相比）穩定或更好？公司的假設是什麼？其實只是問一下，因為這與你的一些同行的期望不同。

So just wondering what's unique to United that's going to hold in a little bit better than some others are seeing?

所以只是想知道曼聯有什麼獨特之處，會比其他人看到的更好一些？

Well, I won't go through my long list of what's unique to United. Again, I think that may be a little bit too much. I would love to, but look, we're looking at the numbers for Q3. What I would tell you is that there's clearly been some shift out of Q3 into Q4. October is, I think, setting up to be a stronger month of the year than it was in 2019. And June is now the strongest month of the year itself. So that is causing some shifts in seasonality and margin, I think, for United and for the industry.

好吧，我不會列出一長串曼聯的獨特之處。再說一次，我認為這可能有點太多了。我很樂意，但是看，我們正在研究第三季度的數字。我要告訴你的是，顯然從第三季度到第四季度發生了一些轉變。我認為，10 月將成為一年中比 2019 年更強勁的月份。而 6 月現在是一年中最強勁的月份。因此，我認為，這導致了曼聯和整個行業的季節性和利潤率發生一些變化。

But overall, we just -- I think we have a really good setup. Our international system is just performing outstandingly. There's not like a single part of the globe, a single part of the network that's not working. And we've leaned into it really strongly. And I think that's shown up in the results.

但總的來說，我認為我們有一個非常好的設置。我們的國際體系表現出色。地球上沒有任何一個地方、網絡的任何一個地方都無法正常工作。我們已經非常強烈地傾向於它。我認為這已經在結果中體現出來了。

And on the domestic front, I think this is just -- we have the right aircraft in the right places. New York City, in particular, is doing dramatically better than it had been in the past for us. So we're really pleased by that. And all the hubs, as I said, are profitable and performing well. So we just think a very good capacity plan and a really strong environment.

在國內方面，我認為這只是——我們在正確的地方擁有正確的飛機。尤其是紐約市，我們的表現比過去要好得多。所以我們對此感到非常高興。正如我所說，所有中心都盈利且表現良好。所以我們只是想一個非常好的產能計劃和一個非常強大的環境。

Our next question comes from Ravi Shanker from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

So just to kind of follow up on the July 4 disruptions. I don't know if it's a fair question, but are you able to quantify kind of what percentage of the disruption was sort of in your hands or factors within your control versus like what was fostered upon you, if you will, or externally imposed. And also kind of in the near term, it does make sense to draw down capacity, but kind of what is the long-term plan to make sure that Newark serves as an effective hub for you?

這只是對 7 月 4 日中斷事件的後續行動。我不知道這是否是一個公平的問題，但你是否能夠量化你手中或你控制範圍內的因素所佔破壞的百分比，以及你願意的話或外部強加給你的破壞的百分比。而且在短期內，減少運力確實有意義，但確保紐瓦克成為您的有效樞紐的長期計劃是什麼？

Well, first and most important thing is to get Newark working effectively. And we've done some tactical things at United already. We've got some more changes that are coming that are in the schedule that are kind of embedded in the cost that Gerry talked about. But I think the biggest thing that has happened in New York just this month is a level of communication, coordination with the FAA as the highest it's ever been. What that does is what is planned.

嗯，首先也是最重要的事情是讓紐瓦克有效運作。我們已經在曼聯做了一些戰術上的事情。我們即將在時間表中進行更多更改，這些更改已包含在格里談到的成本中。但我認為本月在紐約發生的最大的事情是與美國聯邦航空局的溝通和協調達到了有史以來的最高水平。所做的就是計劃好的。

And the thunderstorms are tough. And if there's thunderstorms, they close departure routes in an airport, you're going to be canceling a lot of flights. But if you can plan it in advance and not have airplanes in the air, you wind up not having to divert airplanes. And that's where you get in trouble as we have to do that. And the best to add to me is this past weekend, our team would tell you that the weather in Newark was worse than it was that last week of June. But because we were closely coordinated with the FAA, we had advanced planning. We had to cancel a lot of flights while the weather was over Newark, but we were able to immediately start the recovery as soon as the weather was passed.

而且雷暴天氣很猛烈。如果有雷暴天氣，機場的出發航線就會關閉，很多航班都會被取消。但如果你能提前計劃並且沒有飛機在空中飛行，那麼你最終就不必讓飛機改道。這就是你遇到麻煩的地方，因為我們必須這樣做。最值得補充的是上週末，我們的團隊會告訴您紐瓦克的天氣比六月最後一周更糟糕。但由於我們與美國聯邦航空局密切協調，因此我們有提前規劃。當紐瓦克的天氣結束時，我們不得不取消很多航班，但天氣一過去，我們就能立即開始恢復工作。

And in total, we canceled 77% fewer flights. And so Newark is going to always be a difficult airport. It's got 2 parallel runways, 40 departures on 1 runway, 40 arrivals per hour on another. That's a flight every 1.5 minutes. It's about the most we can do. And it's in the most crowded airspace in the world. But I feel really good about where we are and where the FAA is with us on getting the most out of Newark when those events do happen.

總的來說，我們取消的航班減少了 77%。因此，紐瓦克機場將永遠是一個困難的機場。它有 2 條平行跑道，其中 1 條跑道每小時 40 次出發，另一條跑道每小時 40 次到達。也就是說每 1.5 分鐘就有一趟航班。這是我們能做的最大的事情了。而且它位於世界上最擁擠的空域。但當這些事件發生時，我對我們的處境以及美國聯邦航空局與我們一起充分利用紐瓦克感到非常滿意。

Understood. And then maybe as a follow-up, I think it was mentioned earlier, and I agree that your comment on 3Q PRASM domestic being flat to up slightly is a pretty differentiated message from your peers. Do you have enough visibility into what 4Q might look like compared with 3Q?

明白了。然後也許作為後續行動，我認為之前已經提到過，我同意您對 3Q PRASM 國內持平到略有上升的評論是與您的同行截然不同的信息。與第三季度相比，您是否對第四季度的情況有足夠的了解？

We're not going to give guidance for Q4 today. And look, what I'll tell you is that I'd already hinted, October, I think, is seasonally strong relative to 2019. We spent a lot of time refining our third quarter forecast. We're obviously already at the top half of the range, and we look forward to refining our Q4 forecast, but we're not going to do that today.

我們今天不會給出第四季度的指導。看，我要告訴你的是，我已經暗示過，我認為 10 月相對 2019 年來說是季節性強勁的。我們花了很多時間完善第三季度的預測。我們顯然已經處於該範圍的上半部分，我們期待著改進我們的第四季度預測，但我們今天不打算這樣做。

Our next question comes from Jamie Baker from JPMorgan.

我們的下一個問題來自摩根大通的傑米·貝克。

Thorough conference call thus far. Just a couple of quick ones for Gerry. The comment on free cash flow for the year being inclusive of the AIP. Just to be clear, you're including retro pay, not merely wages and work rules?

到目前為止，已經進行了徹底的電話會議。給格里講幾個快速的。對本年度自由現金流的評論包括 AIP。需要明確的是，您包括補發工資，而不僅僅是工資和工作規則？

We're including all cash going out the door, Jamie.

傑米，我們把所有現金都算進去了。

And second, your profit sharing formula isn't harmonized across working groups. At least not yet. If we think about the third quarter earnings guideposts or goalposts, excuse me, can you give us the approximate blended rate that you are using?

其次，您的利潤分享公式在各個工作組之間並不協調。至少現在還沒有。如果我們考慮第三季度的盈利指標或球門柱，請問您能給我們您正在使用的大致混合利率嗎？

No, Jamie, that's -- we can't right now because it really depends on the forecast. We can help you and anyone else offline with your spreadsheets on how to think about how profit sharing might best be sort of incorporated if you want.

不，傑米，我們現在不能，因為這實際上取決於預測。如果您願意，我們可以幫助您和其他任何人離線使用電子表格，了解如何考慮如何最好地合併利潤分享。

Our next question comes from Scott Group from Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的斯科特小組。

Sorry about my voice. Hopefully, you guys can hear me okay. Just to clarify just that last question. Is it -- I know you're not giving a number, but is it right that there's a pretty meaningful step-up in profit share from Q2 to Q3?

對不起我的聲音。希望你們能聽到我的聲音。只是為了澄清最後一個問題。是嗎——我知道你沒有給出一個數字，但是從第二季度到第三季度，利潤份額有一個相當有意義的提升，這是正確的嗎？

Scott, all we can tell you is that all profit sharing that we expect are incorporated in our full year numbers. That's the best way to look at it.

斯科特，我們只能告訴您的是，我們預期的所有利潤分享都已納入我們的全年數據中。這是最好的看待它的方式。

I'll follow up with you offline for that (inaudible) rest of the year.

今年剩下的時間裡（聽不清）我會在線下與您聯繫。

Fair enough. And then just -- I know it's early, but how are you thinking about overall capacity growth for next year, domestic versus international? And then is there any way to just think about some of the puts and takes for CASM for next year?

很公平。然後 - 我知道現在還為時過早，但是您如何看待明年國內與國際的整體產能增長？那麼有沒有什麼方法可以考慮明年 CASM 的一些投入和投入呢？

Sure. Let me answer that. It's very early in the planning process. So this is all very preliminary. But we do know about some of the headwinds and tailwinds that we're going to see as we start putting together the plan on the cost side. Headwinds would include the full year impact of the labor contracts and contractual increases. Inflation, which, by the way, what we're seeing now is a moderation in inflation.

當然。讓我來回答一下。目前還處於規劃過程的早期階段。所以這一切都是非常初步的。但我們確實知道，當我們開始製定成本方面的計劃時，我們將會看到一些不利因素和有利因素。不利因素將包括勞動合同和合同增長對全年的影響。通貨膨脹，順便說一句，我們現在看到的是通貨膨脹的溫和。

We've got constraints on growth due to infrastructure. And one of the big ones, and you'll actually see when we file the Q, our expectation for aircraft deliveries next year. Back in December, you may recall when we announced the widebody order, we gave some multiyear expectations on deliveries and CapEx.

由於基礎設施的原因，我們的增長受到了限制。其中最重要的一個，當我們提交 Q 時，您實際上會看到我們對明年飛機交付量的預期。早在 12 月，您可能還記得，當我們宣布寬體機訂單時，我們對交付量和資本支出給出了一些多年預期。

On the narrow-body side, now that we're that much further in, we have a -- what I describe is a clear expectation on aircraft deliveries.

在窄體飛機方面，既然我們已經走得更遠了，我所描述的是對飛機交付的明確期望。

I think for the total, including 8 787s, about 110 aircraft next year. That's down from what we showed you in December. But by the way, if you recall, that CapEx number of $11 billion for next year, we had in December, just counting aircraft, that's going to be closer to $9 billion and $11 billion of CapEx, a good guide, particularly when we are looking at free cash flow for next year.

我認為明年的飛機總數（包括 8 787 架）約為 110 架。這比我們 12 月份向您展示的有所下降。但順便說一句，如果你還記得，我們​​在 12 月份的明年資本支出為 110 億美元，僅算飛機，這將接近 90 億美元，資本支出為 110 億美元，這是一個很好的指導，特別是當我們考慮明年的自由現金流時。

But bottom line, I would say that with a variety of tailwinds we have as well, which would include improved utilization, improved productivity as our junior workforce begins to gain some experience. Putting it all together, right now, 6 months ahead of next year, I would say we're targeting high single-digit capacity growth and in that contract targeting flat CASM-ex for next year, but much more to come as we get into the planning process.

但最重要的是，我想說，隨著我們的初級勞動力開始獲得一些經驗，我們也有各種有利因素，其中包括提高利用率、提高生產力。現在，距離明年還有 6 個月，總而言之，我們的目標是實現高個位數的產能增長，並且在合同中目標是明年 CASM-ex 持平，但當我們進入規劃流程時，還會有更多的事情發生。

Our next question comes from Duane Pfennigwerth with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

So I agree with your differentiated bet on international recovery, you're winning the jump ball this summer, winning customers in summer 2023. Question would be, how do you think about keeping those customers as international carriers restore their capacity over time? What investments are you making to keep those customers beyond just metal, especially when we think about periods of operational disruption?

因此，我同意您對國際復甦的差異化押注，您將在今年夏天贏得跳球，並在 2023 年夏天贏得客戶。問題是，隨著國際航空公司隨著時間的推移恢復運力，您如何考慮留住這些客戶？您正在進行哪些投資來保留這些客戶，而不僅僅是金屬，特別是當我們考慮到運營中斷時期時？

Well, I'll start, maybe Scott wants to add on to it. First of all, we think there's just been a structural change in the international capacity relative to GDP that's very different from 2019, and it will take years of changes of fleet growth by the industry and us to actually make that change. So there's nothing that we see that's really going to change the structure back to what it was prepandemic anytime soon, if ever. So it's a really good reset of the ball.

好吧，我開始了，也許斯科特想補充一下。首先，我們認為國際運力相對於 GDP 發生了結構性變化，這與 2019 年有很大不同，行業和我們需要數年的時間來改變船隊增長才能真正實現這一變化。因此，我們認為沒有任何東西能夠真正將結構改變回大流行前的狀態（如果有的話）。所以這是一個非常好的球重置。

We're investing a lot in our product. We actually -- we talked about the elimination of the old business class seats million times at United. Well, as of today, we are only flying the new Polaris seat on all of our wide-body jets all over the world. So I think that's a lot of progress.

我們在我們的產品上投入了大量資金。事實上，我們在曼聯談論過取消舊商務艙座位的問題數百萬次。好吧，截至今天，我們在世界各地的所有寬體噴氣機上都只配備了新的北極星座椅。所以我認為這是一個很大的進步。

And we continue to focus on the customer and doing the right thing on high-speed Wi-Fi, you name it. And I think our brand is better and better positioned to compete not only here in the United States but around the globe with an award -- just leading partners in every part of the world recently adding Virgin Australia in the South Pacific, which is new and very helpful to our growth down there.

我們繼續以客戶為中心，在高速 Wi-Fi 上做正確的事情，凡是你能想到的。我認為，我們的品牌不僅在美國，而且在全球範圍內都處於更好的競爭地位，並贏得了獎項——世界各地的領先合作夥伴最近在南太平洋地區增加了維珍澳大利亞航空，這是一項新舉措，對我們在那裡的發展非常有幫助。

And of course, Emirates in the Middle East for that region of the world. So we've set this up really well, and we are confident that the international environment is our strongest long-term opportunity. We have a lot to do domestically in the short and medium term as well, but the international environment is really set up well.

當然，還有中東地區的阿聯酋航空。因此，我們已經做好了準備，我們相信國際環境是我們最強大的長期機會。中短期內我們在國內也有很多工作要做，但國際環境確實已經建立得很好。

Thanks, Andrew. And just a quick one for Gerry. Can you speak to how much sale leaseback activity you'd expect to utilize this year? And can you just help us bridge -- just remind us what's the difference between net CapEx and an all-in gross CapEx?

謝謝，安德魯。對於格里來說，只是簡單的一件事。您能否談談您預計今年將利用多少售後回租活動？您能否幫助我們建立橋樑——提醒我們淨資本支出和總資本支出之間有什麼區別？

Yes, I'm just trying to add together the sale leasebacks we're doing. It's probably 20 or 20 to 30 aircraft. Keep in mind, we use sale leasebacks just as another form of financing, where even if it's a sale leaseback, we're going to maintain control over that aircraft for its remaining useful life. And net CapEx, meaning CapEx net of financing or what you're asking there?

是的，我只是想把我們正在進行的售後回租加在一起。大概有20架或者20到30架飛機。請記住，我們將售後回租用作另一種融資形式，即使是售後回租，我們也將在飛機的剩餘使用壽命內保持對該飛機的控制。淨資本支出是指扣除融資後的資本支出，或者您在那裡問的是什麼？

Just the guidance is a net CapEx guidance. So how would that CapEx guidance compare to just the value of the fleet that you're bringing on?

該指導只是淨資本支出指導。那麼，該資本支出指導與您所引進的機隊的價值相比如何呢？

No, $8.5 billion is total CapEx. Yes. it's gross.

不，資本支出總額為 85 億美元。是的。太噁心了。

Our next question comes from Helane Becker from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Helane Becker。

So lately, we've been seeing a lot of articles about pilots refusing to move from the right seat to the left seat and being short captains. And that's something that existed for the regionals. But I didn't -- I was surprised to see it exists for major airlines as well. And I'm just wondering if the new contract addresses that and how you think about having enough captains to fly what you're intending to do?

最近，我們看到很多關於飛行員拒絕從右座移到左座以及機長矮的文章。這就是區域性的東西。但我沒有——我很驚訝地發現它也存在於主要航空公司。我只是想知道新合同是否解決了這個問題，以及您如何看待擁有足夠的機長來執行您打算執行的任務？

The short answer is, yes, the new contract does address that. It is also -- it's interesting. It's the first time that I've ever known it to happen in the airline industry. And it's one of those interesting artifacts of so much growth that you added. In the past, you spent 10, 12 years sometimes before you get your first shot at captain and if you didn't take it on the first shot, it might be another 5 or 6 before we came around again and so everyone took it, but now our pilots have enough confidence in the future, I think, as they should, that they can wait and let their seniority go up a little more, which helps the quality of life.

簡短的回答是，是的，新合同確實解決了這個問題。這也很有趣。這是我第一次知道航空業會發生這種情況。這是您添加的那些增長如此之快的有趣文物之一。過去，有時你要花10年、12年才能第一次成為機長，如果你第一次沒有接受，可能還要再過5、6年才能再次接受，所以每個人都接受了，但現在我們的飛行員對未來有足夠的信心，我認為，他們應該這樣做，他們可以等待，讓他們的資歷再提高一點，這有助於提高生活質量。

And so we have had not as many captains as we were hoped upgrading. It hasn't affected capacity yet. It is going to impact capacity in the fourth quarter. That's all in our numbers by the way, already. But the good news is the contract, I think, fixes that. It depends. I'm not sure how long before we get 100% back. I think it will be the second half of next year.

因此，我們升級的船長數量沒有我們希望的那麼多。它還沒有影響容量。這將影響第四季度的產能。順便說一句，這已經全部包含在我們的數據中了。但我認為好消息是合同解決了這個問題。這取決於。我不確定我們要多久才能 100% 恢復。我認為是明年下半年。

The union leadership thinks it will be a lot faster than that, but somewhere in that time frame, we'll get back to a full level of captains. That's a transitory issue that's already in our numbers, but we're on a good path. And the one data point I have is our first captain -- our most recent captain bid closed last night, and it was meaningfully better, and they haven't even seen the new contract yet. They just know that there is a new contract and so it's already made a difference. And this is a unique issue that will be in the rearview mirror sometime next year.

工會領導層認為這會比這快得多，但在那個時間範圍內的某個時間，我們將恢復到完整的隊長級別。這是一個暫時性的問題，我們已經意識到了這一點，但我們正走在一條良好的道路上。我掌握的一個數據點是我們的第一位隊長——我們最近的隊長投標於昨晚結束，而且明顯更好，而且他們甚至還沒有看到新合同。他們只知道有一份新合同，所以它已經產生了影響。這是一個獨特的問題，明年某個時候就會出現在後視鏡中。

That's very helpful. And then my other question is kind of unrelated. The app that allows people where you're -- I guess you're pushing meal vouchers or hotel vouchers or whatever to customers, how does that figure into your costs? Like how do you know what the impact of those that I don't know how to ask the question of that technology, like how do you figure out the impact of that on operations by pushing to customers rather than making them, I guess, go to a gate agent for a voucher.

這非常有幫助。然後我的另一個問題有點無關。該應用程序可以讓人們在你所在的地方 - 我猜你正在向客戶推送餐券或酒店券或其他任何東西，這如何計入你的成本？比如你如何知道那些我不知道如何提出該技術問題的人會產生什麼影響，比如你如何通過向客戶推送而不是讓他們去登機口代理處索取優惠券來弄清楚該技術對運營的影響。

Helane, this is Linda Jojo. I think the way to think about these vouchers is it's a more customer-friendly way and a more efficient way for operations to deliver to them what they would already get. So this is more about letting our agents be able to serve other aspects of the disruption versus this piece and making it much easier for our customers to actually receive them.

海蘭，這是琳達·喬喬。我認為考慮這些優惠券的方式是，這是一種對客戶更友好的方式，也是一種更有效的方式，可以讓運營商向他們提供他們已經得到的東西。因此，這更多的是讓我們的代理能夠為中斷的其他方面提供服務，而不是這部分，並使我們的客戶更容易實際接收它們。

Helane, just as a reminder, that kind of cost, which improves customer experience is also in our guidance.

Helane，提醒一下，這種改善客戶體驗的成本也在我們的指導範圍內。

Our next question comes from Sheila Kahyaoglu from Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

I wanted to ask about margins that you guys alluded to in the opening remarks, just great performance. Obviously, domestic margins in Q2 returned to 2019 level as well. International remained above 2019 levels. I guess on a comparative basis, can you let us -- give us an idea of the delta between the 2 today and how you think about it longer term? Does it reach equilibrium? Is there international runway from here?

我想問一下你們在開場白中提到的利潤，只是出色的表現。顯然，第二季度國內利潤率也恢復到了 2019 年的水平。國際仍高於 2019 年水平。我想在比較的基礎上，您能否讓我們了解一下兩者之間的差異以及您對它的長期看法？它達到平衡了嗎？這裡有國際跑道嗎？

I'm not going to give you the exact number. I'm going to say they are well above domestic margins, and we expect for this cycle for them to remain well above domestic margins. So look, our domestic margins are very solid, too. So I don't want to say anything too negative about that. I think international is just performing really well because of the structural change that happened during the pandemic.

我不會給你確切的數字。我想說的是，它們遠高於國內利潤率，我們預計在這個週期中它們將保持遠高於國內利潤率。所以看，我們的國內利潤率也非常穩固。所以我不想對此說太多負面的話。我認為由於大流行期間發生的結構性變化，國際表現非常好。

We will now switch to the media portion of the call. (Operator Instructions) The 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）第一個問題來自《華爾街日報》的艾莉森·賽德（Alison Sider）。

I guess this has probably been on the rough line. So I'll just ask. Scott, could you say anything about what caused you to take that private flight during the operational problems at Newark, like what was so urgent. And then if you've had any kind of conversations or feedback or consequences from the Board since then?

我想這可能已經是粗略的了。所以我就問一下。斯科特，您能否談談在紐瓦克發生運營問題期間導致您乘坐私人航班的原因，比如緊急情況。從那時起，董事會是否有過任何形式的對話、反饋或後果？

It was a mistake. And the best thing I learned at the Air Force Academy was to say no excuses, sir or no excuses, ma'am, in this case and move forward, and that's what I'm good here.

那是一個錯誤。我在空軍學院學到的最好的事情就是不要找藉口，先生，或者不要找藉口，女士，在這種情況下，繼續前進，這就是我在這裡擅長的。

Our next question comes from Mary Schlangenstein from Bloomberg.

我們的下一個問題來自彭博社的瑪麗·施蘭根斯坦。

Can you guys put a full dollar value on the cost of the Newark disruptions, like a dollar value of lost revenue or the cost? And are you also providing figures at this point in terms of how you're adjusting the flight if you're cutting flights by 5% or you're cutting 30 flights a day or whatever. Can you provide more specifics on that?

你們能否對紐瓦克中斷的成本給出一個完整的美元價值，比如收入損失或成本的美元價值？如果您要削減 5% 的航班或每天削減 30 個航班或其他什麼情況，您是否還提供了目前如何調整航班的數據？您能否提供更多具體信息？

Let me just talk about the financial impact first. So as I mentioned earlier, that disruption effectively cost us 1 point of margin in the second quarter.

我先說一下財務影響。正如我之前提到的，這種中斷實際上使我們第二季度的利潤損失了 1 個百分點。

In regards to the flights, our summer schedule normally is about 435 flights per day. In August, we expect our schedule to be well below 400, somewhere in the, I think, the 390 range.

在航班方面，我們的夏季航班正常情況下每天大約有 435 個航班。 8 月份，我們預計我們的日程安排將遠低於 400 人，我認為在 390 人的範圍內。

Our next question comes from Leslie Josephs from CNBC.

我們的下一個問題來自 CNBC 的萊斯利·約瑟夫斯。

Can you just repeat a bit on Newark, you were going from 435 flights per day to 390? Just go over like the 2 in the from and the cut and does it go into September? And then broadly, just considering all the weather that we've had in Newark, are you considering pulling back from that hub this year, next year and then maybe over the coming 5 years, how do you see Newark in your strategy?

您能否在紐瓦克重複一下，您的航班數量從每天 435 架次增加到 390 架次？就像原版和剪輯中的 2 一樣，它會進入 9 月嗎？然後，從廣義上講，考慮到紐瓦克的所有天氣，您是否考慮今年、明年甚至未來 5 年從該樞紐撤出，您如何看待紐瓦克的戰略？

Sure. Let me give it a try. The normal schedule in Newark in a summer, which has been the same schedule for many, many years, pre-pandemic, is about 435 flights per day. This summer, we are scheduling about 410 and this August, we're going to bring that down to 390. We are in constant conversation with the FAA about Newark and its overall ability to handle capacity, and we're going to work collaboratively with them to try and figure out the overall level of flight activity. I expect that level of flight activity will be down from our traditional 430 flights per day in the summer until we can come up with a creative solution to the constraints that we're all facing there.

當然。讓我嘗試一下。紐瓦克夏季的正常航班時刻表每天大約有 435 趟航班，在疫情爆發之前，多年來一直如此。今年夏天，我們計劃大約 410 架次，今年 8 月，我們將把這一數量減少到 390 架次。我們正在與 FAA 就紐瓦克機場及其處理運力的整體能力進行持續對話，我們將與他們合作，嘗試找出飛行活動的總體水平。我預計，在我們能夠針對我們都面臨的限制提出創造性解決方案之前，航班活動水平將從夏季傳統的每天 430 架次航班下降。

So hopefully, we will return to that bigger schedule in the future. But for next summer, I do think that we will have a smaller schedule, and we will operate a reliable schedule, and we're going to do that in cooperation with our partners at the port and the FAA and the Department of Transportation to make sure that we get it right for all of the customers that fly in and out of Newark and New York City.

所以希望我們將來能回到那個更大的時間表。但對於明年夏天，我確實認為我們的時間表會更小，我們將運營一個可靠的時間表，我們將與港口合作夥伴、美國聯邦航空局和交通部合作，以確保我們為所有進出紐瓦克和紐約市的乘客提供正確的服務。

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

現在，我將把電話轉回給克里斯蒂娜·穆尼奧斯，讓其致閉幕詞。

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

感謝大家今天加入電話會議。如果您有任何其他問題，請聯繫投資者和媒體關係部，我們期待下季度與您交談。

Thank you, all. This concludes today's conference. You may now disconnect.

謝謝你們。今天的會議到此結束。您現在可以斷開連接。