聯合航空 (UAL) 2023 Q3 法說會逐字稿

Good morning, and welcome to the United Airlines Holdings Earnings Conference Call for the Third Quarter 2023. My name is Silos, and I will be your conference facilitator today. Following the initial remarks from management, we will open the line for questions. (Operator Instructions)

早安，歡迎參加聯合航空控股 2023 年第三季財報電話會議。我叫 Silos，今天我將擔任你們的會議主持人。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）

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

此通話正在錄音並受版權保護。請注意，未經本公司許可，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。現在，我將把簡報交給今天電話會議的主持人、投資者關係總監克里斯蒂娜愛德華茲 (Kristina Edwards)。請繼續。

Thank you, Silos. Good morning, everyone, and welcome to United's Third 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. All forward-looking statements are based upon information currently available to the company.

謝謝你，筒倉。大家早安，歡迎參加美聯航 2023 年第三季財報電話會議。昨天，我們發布了收益報告，可在我們的網站 ir.united.com 上取得。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。所有前瞻性陳述均基於公司目前掌握的資訊。

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. 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.

許多因素可能導致實際結果與我們目前的預期有重大差異。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。有關這些非公認會計準則衡量標準與最直接可比較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 our Executive Vice President and Chief Financial Officer, Michael Leskinen. In addition, we have other members of the executive team on the line available to assist with the Q&A.

執行長 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；以及我們的執行副總裁兼財務長 Michael Leskinen。此外，我們還有其他管理團隊成員在線上協助問答。

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

現在，我想把電話轉給史考特。

Thank you, Kristina. I want to start today by saying how heartbroken we are by the horrific attacks on Israel and the escalating conflict in the region that has millions of innocent people in harm's way. Here at United when tragedy strikes anywhere around the world, we focus first on safety and second on how we can use our unique capabilities to help. While we suspended our service to Tel Aviv, we were the first U.S. carrier to add extra flights to Athens where customers connect from airlines operating between Tel Aviv and Athens.

謝謝你，克里斯蒂娜。今天首先我想說的是，我們對以色列遭受的可怕襲擊以及該地區不斷升級的衝突使數百萬無辜人民受到傷害感到多麼心碎。在美聯航，當世界各地發生悲劇時，我們首先關注安全，其次關注如何利用我們獨特的能力提供幫助。雖然我們暫停了飛往特拉維夫的服務，但我們是第一家增加飛往雅典的額外航班的美國航空公司，客戶可以從特拉維夫和雅典之間運營的航空公司轉機。

We also outgained from regularly scheduled flights to Athens, added a dedicated Tel Aviv support desk, and continued (inaudible) to maximize flexibility for our customers with tickets to Tel Aviv. We're closely monitoring the situation on the ground and staying in close touch with state department officials so that we can resume service as soon as possible.

我們也超越了飛往雅典的定期航班，增加了專門的特拉維夫支援台，並繼續（聽不清楚）為購買飛往特拉維夫機票的客戶提供最大程度的靈活性。我們正在密切關注當地情況，並與國務院官員保持密切聯繫，以便盡快恢復服務。

We look forward to the cessation of violence in the region and as we've done in the past crisis around the globe, we expect United to continue to play a meaningful role in the humanitarian response.

我們期待該地區停止暴力，正如我們在過去的全球危機中所做的那樣，我們期望美聯航能夠繼續在人道主義應對中發揮有意義的作用。

Turning back to the business. I want to start by welcoming Mike to the leadership team. You all know him well that I'm excited to have him as a partner who agrees with my no-excuses approach who is 100% committed to making United work for our employees, customers and shareholders. I also want to congratulate Kristina for her recent announcement as from Crain's here in Chicago as one of the Top 40 Under 40.

回到正題。首先，我想歡迎麥克加入領導團隊。你們都非常了解他，我很高興能有他作為合作夥伴，他同意我的無藉口方針，100% 致力於讓美聯航為我們的員工、客戶和股東服務。我還要祝賀克里斯蒂娜 (Kristina) 最近在芝加哥 Crain’s 宣布成為 40 歲以下 40 強之一。

The third quarter was another solid milestone to demonstrate that United Next is working as we expected, and the growth we are adding is profitable.

第三季是另一個堅實的里程碑，證明 United Next 正在按我們的預期運作，並且我們所增加的成長是有利可圖的。

Though fuel spiked this quarter, we're very encouraged about our results. It's clear to see why from the numbers. Our top-line revenue grew 12.5% to $14.5 billion, making it as the highest third quarter in our history. Our costs were also on track with our plan as we delivered strong operations in both August and September. United's diverse revenue streams have also allowed us to handle variations in demand and produce solid absolute even better relative results. It's evident in the numbers. United and one other airline expected to account for 98% of the total industry revenue growth this quarter and over 90% of the industry's total pretax profitability.

儘管本季燃料價格飆升，但我們對我們的業績感到非常鼓舞。從數字中就可以清楚看出原因。我們的總收入成長了 12.5%，達到 145 億美元，成為我們歷史上最高的第三季營收。我們的成本也符合我們的計劃，因為我們在 8 月和 9 月實現了強勁的營運。美聯航多樣化的收入來源也使我們能夠應對需求的變化，並產生可靠的絕對甚至更好的相對結果。從數字可以明顯看出。美聯航和另一家航空公司預計本季將佔該行業總收入增長的 98%，並佔行業總稅前盈利能力的 90% 以上。

Even in a tough industry environment, United's diverse model is building strong, absolute even more impressive relative margins. So what is it about revenue diversity that makes us different? First, because of our size and industry-leading global network, our loyalty program is the most attractive program in the world for customers and therefore, generates significantly directly earned EBIT, significant loyalty but also a significant opportunity to do even more with it in the future. Expect to hear a lot more details from us on this front starting at an Investor Day in early 2024.

即使在嚴峻的產業環境中，美聯航的多元化模式也正在建立強勁、絕對甚至更令人印象深刻的相對利潤率。那麼收入多元化是什麼讓我們與眾不同呢？首先，由於我們的規模和行業領先的全球網絡，我們的忠誠度計劃是世界上對客戶最具吸引力的計劃，因此，可直接產生可觀的息稅前利潤、顯著的忠誠度，同時也是在這個領域利用它做更多事情的重要機會。未來。預計從 2024 年初的投資者日開始，我們將聽到更多關於這方面的詳細資訊。

Second, we have unmatched geographic diversity with a large domestic network complemented by the largest long-haul international network and both are solidly profitable. While this is a great attribute, it does create some short-term risk and volatility as we're seeing right now with the transitory hit to margins this quarter as a result of the tragedy in Israel. Third, we appeal to both business travelers, and it's been nice to see recent momentum in that segment, but also increasingly the leisure customers as well. We've got a lot more agile at pivoting capacity in the leisure market and not surprisingly have found that our core customers can now fly us in both business and leisure markets as we add seats to leisure destinations.

其次，我們擁有無與倫比的地域多樣性，擁有龐大的國內網絡，輔以最大的長途國際網絡，而且兩者都具有穩健的盈利能力。雖然這是一個很好的屬性，但它確實會造成一些短期風險和波動，正如我們現在所看到的，由於以色列的悲劇，本季度的利潤率受到了短暫的打擊。第三，我們不僅吸引商務旅客，而且很高興看到該領域最近的發展勢頭，也吸引了越來越多的休閒客戶。我們在休閒市場的運力調整方面更加靈活，毫不奇怪地發現，隨著我們在休閒目的地增加座位，我們的核心客戶現在可以在商務和休閒市場上乘坐我們的航班。

Our ability to move domestic capacity in the leisure markets when they're strong is a consequential driver of our strong relative revenue performance. And fourth, we continue to advance and improve our segmentation efforts. This is a project almost a decade in the making, but all the way from basic economy, which allows us to compete profitably on price on the low end and all the way up to Polaris on long-haul international, United is able to give our customers the real choice they want.

我們在休閒市場強勁時轉移國內產能的能力是我們強勁的相對收入表現的必然驅動力。第四，我們繼續推進並改進我們的細分工作。這是一個醞釀了近十年的項目，但從基礎經濟艙（這使我們能夠在低端飛機上進行有利可圖的價格競爭）一直到長途國際航班的北極星（Polaris），美聯航都能夠為我們提供客戶真正想要的選擇。

So what does that mean going forward? In short, it's a confirmation that United Next is working as we expected. We thought the industry operating environment would be difficult. We thought that medium-term capacity aspirations would be higher than demand growth. We thought that domestic would be a lot tougher than international in the short to medium term. But we also thought United would win share, grow our gauge and grow our connectivity, and that would allow United specifically to improve our results.

那麼，這意味著什麼？簡而言之，這證實了 United Next 正在按照我們的預期運作。我們認為行業經營環境將會很困難。我們認為中期產能期望將高於需求成長。我們認為，在中短期內，國內市場會比國際市場困難得多。但我們也認為曼聯將贏得份額，擴大我們的規模並增強我們的連通性，這將使曼聯能夠特別改善我們的業績。

By the way, we also expect and now believe will happen even faster that the domestic market is going to see a shakeout that leads to an improvement in margins over the medium to long term. It's impossible to call the timing exactly. But I guess that we see meaningful industry changes about 2H '24. And for what it's worth, that's what has happened every single time we've been through one of these cycles in my career. And as that is happening, I'll continue closely tracking the airline industry revenue to GDP relationship. I've talked about this in the past, but that ratio declined by approximately 35% in the past few decades.

順便說一句，我們還預計並且現在相信，國內市場將出現一次洗牌，從而導致中長期利潤率改善，這種情況會發生得更快。準確地說出時間是不可能的。但我想我們會在 2H '24 看到有意義的產業變化。就其價值而言，這就是我職業生涯中每次經歷這些週期時都會發生的事情。當這種情況發生時，我將繼續密切追蹤航空業收入與 GDP 的關係。我過去曾談過這個問題，但在過去幾十年裡這個比例下降了大約 35%。

I don't think we'll make all that up, but almost everything we do makeup goes straight to the bottom line. So in conclusion, I'm proud of the team at United. We're creating something special here. Even in a tough industry environment, we're producing strong absolute results while producing the best relative results in our history. We believe we have a lot of runways ahead of us with United Next and our diverse revenue streams along with our ability to catch up, engage and connectivity positions United well.

我不認為我們會彌補所有這些，但幾乎我們所做的一切化妝都直接到了底線。總之，我為曼聯的團隊感到自豪。我們在這裡創造一些特別的東西。即使在嚴峻的產業環境中，我們仍能取得強勁的絕對業績，同時取得史上最好的相對業績。我們相信，United Next 擁有廣闊的發展空間，我們多樣化的收入來源以及追趕、參與和互聯互通的能力使聯合航空處於有利地位。

We expect that the current stress and segments of the industry is also going to lead to structural changes that lay the foundation for an even better future for United, our employees, our customers, and our shareholders. With that, I'll turn it over to Brett.

我們預計，當前的壓力和行業細分也將導致結構性變化，為美聯航、我們的員工、客戶和股東創造更美好的未來奠定基礎。有了這個，我會把它交給布雷特。

Thank you, Scott. And thank you to each member of the United team. Your dedication is what continues to propel us to the top. I also want to acknowledge the tragic conflict in Israel. At United, our top priority is the safety of our crews and customers. We are closely monitoring the situation. While in our coordination with the State Department, we have suspended flights to Tel Aviv until the end of October, and we are offering waivers to impacted customers. We will continue to monitor the situation and adjust as needed.

謝謝你，斯科特。感謝曼聯隊的每一位成員。您的奉獻精神將繼續推動我們走向頂峰。我還想承認以色列發生的悲慘衝突。在美聯航，我們的首要任務是機組人員和乘客的安全。我們正在密切關注事態發展。在與國務院協調期間，我們已暫停飛往特拉維夫的航班直至 10 月底，並向受影響的客戶提供豁免。我們將繼續關注事態發展並根據需要進行調整。

Mike will provide more detail on the impact of these capacity investments shortly. Last quarter, we announced changes to our operation at Newark to better hedge against disruptions, including taking advantage of FAA-granted waivers to reduce our flight schedule along for necessary airspace relief in the highly congested region. While July was a difficult weather month. The Newark waivers and other proactive measures to improve reliability helped avoid pre-pandemic levels of ATC-related delays. In the third quarter, delayed arrivals were down 16 points versus the third quarter of 2019.

麥克很快將提供有關這些產能投資影響的更多詳細資訊。上季度，我們宣布對紐瓦克的營運進行調整，以更好地應對幹擾，包括利用美國聯邦航空局授予的豁免來減少我們的航班時刻表，並在高度擁擠的地區提供必要的空域緩解。雖然七月是個天氣惡劣的月份。紐瓦克豁免和其他提高可靠性的主動措施有助於避免疫情前與空中交通管制相關的延誤。第三季度，延誤抵達人數比 2019 年第三季下降了 16 個百分點。

Additionally, in August, we had the fewest cancels of any August in history, while operating the third-largest quarter wide-body schedule ever. In September, the FAA granted extensions to the New York airspace waivers, allowing the ability to maintain a reduced flight schedule at Newark that will help minimize air traffic delays through the rest of the year. The flexibility enabled by waivers are proving to be successful in ensuring operational reliability and resiliency at our largest international hub and have meaningfully improved the travel experience for our customers traveling in and out of Newark and throughout our network.

此外，8 月份，我們的航班取消數量是歷史上任何 8 月份中最少的，同時運營有史以來第三大的季度寬體航班時刻表。 9 月，美國聯邦航空管理局 (FAA) 延長了紐約空域的豁免，允許紐瓦克保持減少的航班時刻表，這將有助於最大限度地減少今年剩餘時間的空中交通延誤。事實證明，豁免帶來的靈活性成功地確保了我們最大的國際樞紐的營運可靠性和彈性，並顯著改善了進出紐瓦克以及整個網路的客戶的旅行體驗。

Looking to our system operations. During the quarter, we carried over 482,000 revenue passengers daily. The most in any quarter in United's history. The top-tier system customer D00 in August and September. We're grateful to the FAA for allowing us to make necessary adjustments in Newark work and thank our employees who worked hard to get our customers to their destinations safely and on time. While most of our network has recovered to 2019 capacity levels or beyond. Our China network has been last to recover. At the start of the quarter, we were operating 4 flights a week from San Francisco to Shanghai. And this month, we increased that to a daily flight.

看看我們的系統操作。本季度，我們每天運送超過 482,000 名收入乘客。這是曼聯歷史上任何一個季度最多的。 8月和9月的頂級系統客戶D00。我們感謝美國聯邦航空局允許我們對紐瓦克的工作進行必要的調整，並感謝我們的員工，他們努力工作，讓我們的客戶安全、準時地到達目的地。雖然我們的大部分網路已恢復到 2019 年的容量水準或更高。我們的中國網路是最後恢復的。本季度初，我們每週營運 4 趟從舊金山飛往上海的航班。這個月，我們將其增加為每日航班。

Next month, we will be the first U.S. airline to return to Beijing with a daily flight from San Francisco. We believe this measured approach to bringing China capacity back online as appropriate as demand slowly recovers. These increased flights are a significant step forward in rebuilding our Asia Pacific network. Late last month, our pilots ratified their industry-leading agreement. This contract enables us to continue providing great career opportunities in United, and I'm excited for the future as we continue to execute our United X plan. At this point, we ratified agreements for 4 out of our 5 major work groups.

下個月，我們將成為第一家每天從舊金山出發返回北京的美國航空公司。我們認為，隨著需求緩慢復甦，這種謹慎的方法可以使中國產能恢復正常。這些增加的航班是重建我們亞太地區網路的重要一步。上個月末，我們的試點批准了他們行業領先的協議。這份合約使我們能夠繼續在曼聯提供良好的職業機會，隨著我們繼續執行我們的 United X 計劃，我對未來感到興奮。至此，我們批准了 5 個主要工作小組中 4 個的協議。

Flight attendants represented by AFA are in active negotiations, and we look forward to sharing an update when we have one. As a reminder, we began accruing for pilot pay rate increases in the first quarter of this year. Our outlook has and continues to represent our expectations for this agreement. And with that, I will hand it over to Andrew to discuss the revenue environment.

AFA 代表的空服人員正在積極談判，我們期待在談判達成後分享最新消息。提醒一下，我們從今年第一季開始提列試辦加薪。我們的展望已經並將繼續代表我們對該協議的期望。接下來，我將把它交給安德魯來討論收入環境。

Thanks, Brett. Total revenue for the third quarter increased 12.5%. 1 point ahead of our guidance midpoint. TRASM was down 2.8%. PRASM was down 1% and capacity increased 15.7% year-over-year. Capacity came in a bit below our original outlook, mostly due to the changes in our Hawaii flying levels in response to the fires. It's nice to come in ahead of our revenue outlook as the strong Q3 outcome further validates that our United Next commercial strategies are working well and that we have differentiated United from our competition.

謝謝，布雷特。第三季總營收成長12.5%。比我們的指導中點領先 1 個點。 TRASM 下跌 2.8%。 PRASM 年減 1%，運力年增 15.7%。運力略低於我們最初的預期，這主要是由於我們夏威夷的飛行高度因火災而發生的變化。很高興能夠提前預測我們的收入前景，因為第三季度的強勁業績進一步證明了我們的 United Next 商業策略運作良好，並且我們使美聯航在競爭中脫穎而出。

Demand for the Atlantic and the Pacific was truly outstanding, and we see that trend continuing into the fourth quarter. Third-quarter domestic PRASM results were consistent with our year-over-year performance in the second quarter of down 2.1 points. In other words, we saw no real change in our domestic trends in the quarter-over-quarter review. Our focus on prudent gauge growth centered in our hubs resulted in strong positive marginal revenue on our incremental capacity.

對大西洋和太平洋地區的需求確實非常突出，我們看到這種趨勢持續到第四季。第三季國內 PRASM 業績與第二季年減 2.1 個百分點的表現一致。換句話說，我們在季度環比審查中看到國內趨勢沒有真正的變化。我們專注於以樞紐為中心的審慎軌距成長，這為我們的增量產能帶來了強勁的正邊際收入。

We did focus a majority of our third-quarter growth on international flying. International capacity increased by 22%. International PRASM was up 1.3% year-over-year. International profit margins remain well ahead of domestic, though domestic margins remain solidly profitable. We also saw strong performance across most of the globe. Clearly, Europe was a standout with capacity being up 12% and with positive PRASM performance. Asia Pacific led international PRASM up 3.8% on 86% more capacity. Turning to our outlook for the fourth quarter. We expect total revenue to be up approximately 10.5% on approximately 15.5% more capacity.

我們確實將第三季成長的大部分集中在國際航班上。國際運能成長 22%。國際PRASM年增1.3%。儘管國內利潤率仍然穩健，但國際利潤率仍遠遠領先國內。我們也看到全球大部分地區的強勁表現。顯然，歐洲表現突出，運能成長了 12%，並且 PRASM 表現良好。亞太地區運能成長 86%，引領國際 PRASM 上漲 3.8%。轉向我們對第四季的展望。我們預計總收入將成長約 10.5%，產能增加約 15.5%。

This implies TRASM will be down around 4.5% year-over-year. Our guide assumes we began limited service to Tel Aviv began in November. Tel Aviv accounts for approximately 2% of United's consolidated capacity. As we think about the sequential trend in unit revenues, I know many of you are wondering if we are seeing a slowdown. Resurgence of the Pacific flying is resulting in many long-haul flights being added, increasing United's long-haul international stateline by 5 points versus Q3. United's Q4 unit revenue expectations are consistent with Q3 adjusted for the stage.

這意味著 TRASM 將年減 4.5% 左右。我們的指南假設我們從 11 月開始提供飛往特拉維夫的有限服務。特拉維夫約佔美聯航綜合運力的 2%。當我們思考單位收入的連續趨勢時，我知道你們很多人都想知道我們是否看到了放緩。太平洋航班的復甦導致許多長途航班的增加，美聯航的長途國際航線較第三季增加了 5 個百分點。曼聯第四季單位營收預期與第三季經階段調整後的預期一致。

United has taken full advantage of the demand surge across the Pacific with capacity being added to key markets, including the long-pending resumption of daily flights to Beijing, and Shanghai from San Francisco and the addition of Manila, just to name a few. Having done capacity plans in my entire career, I have said that our team is the best in the business. United properly allocated our 2023 growth to international markets over domestic and in domestic markets, we wisely invested in gauge, not scope or depth. Less than 1% of United's domestic capacity this winter is in new markets, not for in 2019.

美聯航充分利用了太平洋地區需求激增的機會，在主要市場增加了運力，包括長期懸而未決的恢復從舊金山飛往北京和上海的每日航班以及新增馬尼拉航班等。我在整個職業生涯中都做過容量規劃，我說過我們的團隊是業界最好的。美聯航將我們 2023 年的成長適當地分配給國際市場而不是國內市場，在國內市場上，我們明智地投資於規模，而不是範圍或深度。今年冬天，美聯航國內運力中只有不到 1% 用於新市場，2019 年則不然。

Capacity planning for 2024 will be even more important to achieve our financial goals. While we're not going to provide guidance for 2024 today, we have plans to let the 30% growth we've added to the Atlantic since 2019 mature in 2024. And expect to fly a similar level of capacity in '24 as '23. We also plan on little to no growth for the first half of next year on domestic flying. This preview of our 2024 capacity, I think, will allow United to continue to produce top-tier results as we align with industry conditions. I wanted to touch on a few other important commercial elements today as well.

2024 年的產能規劃對於實現我們的財務目標將更加重要。雖然我們今天不打算提供 2024 年的指導，但我們計劃讓自 2019 年以來大西洋航線增加的 30% 增長在 2024 年成熟。並預計 24 年的運力水平與 23 年類似。我們也計劃明年上半年國內航班幾乎沒有成長。我認為，對 2024 年產能的預覽將使美聯航能夠在符合行業條件的同時繼續取得頂級成果。今天我還想談談其他一些重要的商業元素。

Recently, the question I get asked the most often by our frequent flyers is about potential changes to achieve premier status on United. The good news is we have no material changes planned for 2025 program year. We've carefully managed our premier population in recent years to maintain a robust and valuable set of benefits for each premier member. We very much believe and never causing a situation where everyone has a premier status which obviously results in no one receiving an adequate level of premier benefits. Our United Next strategy offer premier members access to more premium seats than each of our competitors is enhancing the value of our frequent flyer loyalty program.

最近，我們的飛行常客最常問我的問題是關於在美聯航獲得貴賓地位的潛在變化。好消息是我們沒有計劃對 2025 計劃年進行重大變更。近年來，我們精心管理我們的高級會員，為每位高級會員維持強大且有價值的福利。我們非常相信，並且永遠不會造成每個人都享有首要地位的情況，這顯然會導致沒有人獲得足夠水平的首要福利。我們的 United Next 策略為高級會員提供比我們每個競爭對手更多的高級座位，從而提高了我們常旅客忠誠度計劃的價值。

I also wanted to take a moment to talk about revenue segmentation. We've worked really hard on perfecting segmentation of our products in recent years. Not only do we have multiple product types appealing to a broad range of customers but we also have new, more effective ways to distribute our products by united.com and NDC technology. United is, of course, very focused on growing all of our premium products, given where our hubs are located. When I look back at where United was in 2017, we simply didn't offer premium products that many of our best customers were willing to pay for.

我還想花點時間談談收入細分。近年來，我們非常努力地完善我們產品的細分。我們不僅擁有吸引廣泛客戶的多種產品類型，而且還擁有透過 United.com 和 NDC 技術更有效的新方式來分銷我們的產品。當然，鑑於我們的樞紐所在地，美聯航非常注重發展我們所有的優質產品。當我回顧 2017 年美聯航的情況時，我們根本沒有提供許多優質客戶願意付費的優質產品。

We put a plan in place with United Next to correct this disconnect in our commercial plans, and we're making quick progress. Premium Plus is one of our best examples of segmentation and has been a huge success. Premium Plus third quarter 2023 capacity is 5x that of 2019, with revenue up 7x 2019 and is now our most profitable cabin. Premium Plus is now offered on all twin-engine international aircraft to United and also on board -- will be onboard our new A321 XLR jets, which replaced our 757 starting in 2025. Another important driver of revenues has been the success in domestic first class.

我們與 United Next 制定了一項計劃，以糾正我們商業計劃中的這種脫節，並且我們正在取得快速進展。 Premium Plus 是我們細分市場的最佳範例之一，並且取得了巨大的成功。 Premium Plus 2023 年第三季的運能是 2019 年的 5 倍，營收是 2019 年的 7 倍，現在是我們利潤最高的客艙。目前，美聯航的所有雙引擎國際飛機均提供Premium Plus 服務，機上也將配備我們的新型A321 XLR 噴射機，該飛機將於2025 年開始取代我們的757。收入的另一個重要推動因素是國內頭等艙的成功。

We plan on increasing our first-class seats per departure from 9 in 2019 to 16 by 2027, an 80% increase. This increase in first-class seats comes as more and more customers are seeking elevated experiences. United's Basic Economy product represents the other side of the spectrum compared to many of our premium products. Basic has made United more competitive versus ultra-low-cost competitors and giving our customers more choices. Basic economy is now 12% of our domestic passengers, and we expect to be even more competitive in this segment of the market in the future with the arrival of our large narrow-body jets in 2024 and 2025.

我們計劃在 2027 年將每次出發的頭等艙座位數從 2019 年的 9 個增加到 16 個，增幅為 80%。頭等艙座位的增加是因為越來越多的乘客尋求更高的體驗。與我們的許多優質產品相比，美聯航的基礎經濟艙產品代表了另一面。 Basic 讓美聯航相對於超低成本競爭對手更具競爭力，並為我們的客戶提供了更多選擇。目前，基礎經濟艙乘客占我們國內乘客的 12%，隨著我們的大型窄體噴射機於 2024 年和 2025 年上市，我們預計未來在這一市場領域將更具競爭力。

These new jets have low marginal CASMs allowing United to be price competitive with anyone at any time. While it took time to perfect the offer and we are only in the early stages of inducting these jets, Basic has changed the competitive dynamics of our industry. I think it's also becoming increasingly care that United's core business model of multiple product choices and expanding club network, experience levels from basic economy to Polaris providing travelers choices, and for United's grown premium product choice travelers are willing to pay for. Beyond segmentation, United network split evenly between domestic and global capacity, our leading positions…

這些新飛機的 CASM 邊際值較低，使美聯航隨時能夠與任何人競爭價格。雖然完善報價需要時間，而且我們還處於引進這些飛機的早期階段，但 Basic 已經改變了我們行業的競爭動態。我認為，人們也越來越關心美聯航的核心業務模式，即多種產品選擇和不斷擴大的俱樂部網絡，從基礎經濟艙到北極星的體驗水平為旅客提供選擇，以及旅客願意為美聯航日益增長的高端產品選擇付費。除了細分之外，聯合航空網絡在國內和全球運力之間平均分配，這是我們的領先地位…

In view of that brief interruption, can we continue, Silos?

鑑於這次短暫的中斷，我們可以繼續嗎，Silos？

Thank you for standing by. We are now live again to the audience.

謝謝你的支持。現在我們再次向觀眾直播。

Andrew, you can go ahead..

安德魯，你可以繼續…

Thank you. I'll just add with diversified revenue streams provide United with a resiliency other business models will just not ever achieve. RASM-accretive gauge growth focused in our hubs in turn provides United with the unmatched ability to create cost convergence for years to come with our low-cost providers.

謝謝。我只想補充一點，多元化的收入來源為美聯航提供了其他商業模式無法實現的彈性。集中在我們的樞紐的 RASM 成長的軌距成長反過來又為美聯航提供了無與倫比的能力，可以在未來幾年與我們的低成本供應商實現成本融合。

Thanks again to the best team in the business. And with that, I will hand it off to Mike.

再次感謝業界最好的團隊。接下來，我會將其交給麥克。

Thanks, Andrew. And good morning, everyone. Before I get into the results, I want to take a minute to say how honored and excited I am to join the United executive team during such a transformative time. Industry dynamics are constantly changing, and I continue to see the incredible opportunity ahead for United. We believe our no-excuses mentality and clear strategy with United Next are laying the foundation for success. I look forward to continuing the conversations I've had with the investment community thus far in my new role, and I'm excited to lead the talented finance team here at United.

謝謝，安德魯。大家早安。在公佈結果之前，我想花一點時間表達一下，在這樣一個變革的時期加入曼聯高階主管團隊，我感到多麼榮幸和興奮。產業動態不斷變化，我仍然看到曼聯面臨著難以置信的機會。我們相信，我們不找藉口的心態和與 United Next 的明確策略正在為成功奠定基礎。我期待著在新職位上繼續與投資界進行的對話，我很高興能夠領導曼聯才華橫溢的財務團隊。

Now let's turn to the results. For the third quarter, we delivered pretax earnings of $1.6 billion and a pretax margin of 10.8%. Our earnings per share of $3.65 was ahead of expectations as our revenue growth came at a full point ahead of our guidance midpoint. Thanks to the amazing commercial team for their great work. They truly are the best in the business. Fuel remains volatile and worked against us in the quarter. Our average fuel price for the quarter ended $0.30 higher than the midpoint of our July expectation and more than accounts for the entirety of the reduced outlook for the third quarter.

現在讓我們看看結果。第三季度，我們實現稅前獲利 16 億美元，稅前利潤率為 10.8%。我們的每股收益為 3.65 美元，超出了預期，因為我們的收入成長比我們的指導中位數高出整整一個百分點。感謝出色的商業團隊所做的出色工作。他們確實是業界最優秀的。燃料仍然不穩定，本季對我們不利。我們本季的平均燃油價格比我們 7 月預期的中點高出 0.30 美元，並且超過了第三季預期下調的全部原因。

Our CASM-ex remained on track, up 2.6% versus the third quarter of 2022. Our operation in Tel Aviv has been impacted by the recent events in the region and is materially impacting our outlook as this market represents approximately 2% of our capacity. For the fourth quarter, we expect CASM-ex to be up approximately 3.5%, with capacity up 15.5%, both versus the fourth quarter of last year. Our guidance incorporates no service to Tel Aviv through the end of October. If flights are further suspended through the end of the year, it would reduce capacity by an additional approximately 1.5 points and add approximately 1.5 points of CASM-ex as it's very difficult to cut the associated expenses related to this flying so close in.

我們的CASM-ex 仍處於正軌，與2022 年第三季相比成長了2.6%。我們在特拉維夫的業務受到該地區最近發生的事件的影響，並對我們的前景產生了重大影響，因為該市場約占我們產能的2%。對於第四季度，我們預計 CASM-ex 將成長約 3.5%，運力較去年第四季成長 15.5%。我們的指導意見不包含到 10 月底為止飛往特拉維夫的航班。如果航班在年底進一步暫停，運力將額外減少約 1.5 個點，並增加約 1.5 個 CASM-ex 點，因為很難削減與如此臨近的航班相關的相關費用。

These changes bring capacity for the full year, up around 17.5% year-over-year just below our guidance. We're proud of that result given all the headwinds United and our industry faced, a huge testament to the hard work of our operations team. Lower capacity along with elevated maintenance expense has pressured CASM-ex and pushed us above the high end of our CASM-ex range for the full year. For the fourth quarter, we expect earnings per share of approximately $1.80 with an average fuel price of approximately $3.28. Absent our Tel Aviv flying through the rest of the year, our fourth-quarter earnings per share would be reduced by approximately $0.30.

這些變化使全年產能年增約 17.5%，略低於我們的指引。考慮到美聯航和我們的行業面臨的所有阻力，我們對這一結果感到自豪，這充分證明了我們營運團隊的辛勤工作。產能下降和維護費用增加給 CASM-ex 帶來壓力，並將我們推至全年 CASM-ex 範圍的高端之上。我們預計第四季度每股收益約為 1.80 美元，平均燃油價格約為 3.28 美元。如果我們的特拉維夫航班沒有在今年剩餘時間運營，我們第四季度的每股收益將減少約 0.30 美元。

Looking ahead to 2024, we feel good about the core fundamentals of our expenses. However, we are facing sizable headwinds with labor and expectation of a new flight attendant agreement and continued higher maintenance expenses. We believe our capacity growth, along with improvements in utilization are helpful tailwinds as we manage our expenses. We are working through our 2024 budget and new projections for 2024 capacity, CASM-ex and our other financials, and we'll provide our customary guidance on our January call.

展望 2024 年，我們對支出的核心基本面感到滿意。然而，我們面臨著巨大的阻力，包括勞動力和新空服員協議的預期以及持續增加的維護費用。我們相信，我們的產能成長以及利用率的提高對於我們管理開支來說是有益的順風車。我們正在製定 2024 年預算以及 2024 年產能、CASM-ex 和其他財務數據的新預測，我們將在 1 月的電話會議上提供慣例指導。

On the fleet, in the third quarter, we took delivery of 18 Boeing 737 MAX aircraft and pay for 14 of those aircraft with cash. We expect to take delivery of 2737 MAX aircraft in the fourth quarter, and we took delivery of our first Airbus A321neo last week. This is a reduction of 12 aircraft versus our plan in July for the second half of the year. Due to these aircraft shifting into 2024, we now expect our full year 2023 adjusted capital expenditures to be approximately $8 billion. Earlier this month, we announced for sixty A321neo and exercised options for fifty 787s for delivery in 2028 and beyond. Managing the delivery skyline for the future of United is critical. This order builds on the successes we have already seen with United Next and reflects our confidence as we extend our planning into the next decade.

在機隊方面，第三季度，我們接收了 18 架波音 737 MAX 飛機，並以現金支付了其中 14 架飛機的費用。我們預計將在第四季度接收 2737 MAX 飛機，上週我們接收了第一架空中巴士 A321neo。與我們 7 月的下半年計劃相比，這減少了 12 架飛機。由於這些飛機將在 2024 年交付，我們現在預計 2023 年全年調整後的資本支出約為 80 億美元。本月早些時候，我們宣布購買 60 架 A321neo，並行使了 50 架 787 的選擇權，這些飛機將在 2028 年及以後交付。管理交付天際線對於美聯航的未來至關重要。該訂單建立在我們與 United Next 的成功基礎上，反映了我們將規劃延伸到下一個十年的信心。

With the retirement of our Boeing 757 and 767 fleet later this decade, these aircraft are important additions as we work towards fleet simplification and capitalize on our cost reduction opportunity. Turning briefly to the balance sheet. We ended the quarter with almost $19 billion in liquidity, including our undrawn revolver. Before we end our prepared remarks today, it's important to recognize that while our financial results remain strong, as an industry, we are facing new and unique challenges. Our growth has helped us deliver strong relative cost performance, and that's even before we begin the accelerated gauge growth that we expect will come from the 737 MAX 10 and the A321 additions to our fleet.

隨著我們的波音 757 和 767 機隊在本十年晚些時候退役，這些飛機成為我們致力於機隊簡化和利用降低成本機會的重要補充。簡單地轉向資產負債表。本季結束時，我們的流動資金接近 190 億美元，其中包括未提取的左輪手槍。在我們結束今天準備好的發言之前，重要的是要認識到，雖然我們的財務業績仍然強勁，但作為一個行業，我們正面臨著新的、獨特的挑戰。我們的成長幫助我們實現了強勁的相對成本效益，甚至在我們開始加速機規格成長之前就已經實現了這一成長，我們預計這將來​​自於我們機隊中 737 MAX 10 和 A321 的增加。

We are committed to continuing to deliver industry-leading cost performance. And this will form the foundation for continued cost convergence and improving absolute profitability. And because our growth is focused on our hubs, we're also growing with industry-leading PRASM. There are and will always be headwinds facing our industry. But as we enter 2024, United has great momentum, and I'm confident a very bright future. With that, I'll hand it over to Kristina to start the Q&A.

我們致力於持續提供業界領先的性價比。這將為持續的成本收斂和提高絕對獲利能力奠定基礎。由於我們的成長主要集中在我們的樞紐上，因此我們也透過業界領先的 PRASM 來實現成長。我們的行業現在和將來都會面臨阻力。但隨著我們進入 2024 年，曼聯勢頭強勁，我對美好的未來充滿信心。接下來，我將把它交給克里斯蒂娜來開始問答。

Thank you, Mike. We will now take questions from the analyst community. (Operator Instructions)

謝謝你，麥克。我們現在將回答分析師群體的問題。 （操作員說明）

(Operator Instructions) The first question comes from Jamie Baker from JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Jamie Baker。

So following up on some of the prepared remarks, probably for Andrew or maybe Scott, I can't recall a time when there's been such a chasm between domestic yields at United, and those of the [LMAs.] How would you rank order the drivers of this? How much is reflective of low-end consumer weakness? How much is your own success with basic economy, how much is loyalty, maybe the LMAs are just selling out too far in advance. Just trying to assess the permanence of the phenomenon. So if you could rank order the drivers, that would be great.

因此，根據一些準備好的評論（可能是安德魯或斯科特），我不記得曼聯的國內收益率與[LMA]的國內收益率之間存在如此大的鴻溝。您會如何排序這個的驅動程序？在多大程度上反映了低端消費的疲軟？你自己在基礎經濟方面的成功有多少，忠誠度有多少，也許 LMA 只是提前賣得太早了。只是想評估這種現象的持久性。因此，如果您可以對驅動程式進行排名，那就太好了。

Jamie, I'll try to give that a try, I mean, rank order them may be a little difficult, but let's see what we can do. I do think your question is really one of the most important questions that anyone could ask today because there's such a difference occurring versus the past. And clearly, what I think I would start off is there's a large range of business models today that didn't exist in years past in this business.

傑米，我會嘗試一下，我的意思是，對它們進行排序可能有點困難，但讓我們看看我們能做什麼。我確實認為你的問題確實是今天任何人都可以問的最重要的問題之一，因為與過去相比，現在發生瞭如此大的差異。顯然，我想我首先要考慮的是，今天這個行業有很多在過去幾年中不存在的商業模式。

And these models are clearly creating winners and losers in a way many of us did not anticipate during the pandemic. I would call telling all of you on the Q1 [2022] call that industry domestic margins will be challenging post-pandemic. Clearly, the thinking at the time was -- for most, at least, was that all airlines would be pressured equally at best are the legacy carriers even more so, right? It was widely assumed that lower margin, higher cost legacy carriers, which shrink, rebalancing supply and demand, an outcome that has happened so many times in the past. So why not again? The number of times I heard that the airline with the lowest cost wins the race, I can't even begin to count. So that kind of sets up what about the business models has shifted so much to cause this paradigm change we're seeing today.

這些模式顯然正在以我們許多人在大流行期間沒有預料到的方式創造贏家和輸家。我想在 [2022] 第一季電話會議上告訴大家，疫情後產業的國內利潤率將面臨挑戰。顯然，當時的想法是——至少對大多數人來說，所有航空公司充其量都將面臨同樣的壓力，傳統航空公司的壓力甚至更大，對嗎？人們普遍認為，利潤率較低、成本較高的傳統航空公司會萎縮，從而重新平衡供需，這種結果在過去已經發生過很多次。那為什麼不再呢？我已經數不清有多少次聽說成本最低的航空公司贏得了比賽。因此，商業模式發生瞭如此大的轉變，導致了我們今天看到的範式變化。

Why are these low-cost airlines so unprofitable? Why does United have top-tier results and first, I just want to be really clear, United domestic network is profitable. So it's not simply our great global network that's creating this outcome for us. The first issue, of course, Mike talked about it is cost, every airline has to manage higher inflationary cost pressures with the lowest cost carriers' cost structure relative to the legacy carriers are clearly converging.

為什麼這些廉價航空公司如此無利可圖？為什麼曼聯擁有頂級業績，首先，我只想明確一點，曼聯的國內網絡是盈利的。因此，為我們創造這成果的不僅是我們龐大的全球網絡。麥克談到的第一個問題當然是成本，每家航空公司都必須應對更高的通膨成本壓力，成本最低的航空公司的成本結構相對於傳統航空公司顯然正在趨同。

The shrinking cost gap is just a fundamental shift for United in our industry. And I guess I would rank that number one. You said it's impossible to run your airline like it is in 2019. High utilization was a critical ingredient for success of certain models, and that's simply not possible where we are today. And also having large labor cost differentials are not possible. Low-cost carriers also tend to operate at a very high gauge already. It will be much more difficult for them to drive cost materially lower with larger gauge plans like United.

成本差距的縮小只是美聯航在我們產業中的根本轉變。我想我會把它排在第一名。您說不可能像 2019 年那樣經營您的航空公司。高利用率是某些機型成功的關鍵因素，而這在我們今天的情況下根本不可能實現。而且勞動成本差異也不大。低成本航空公司也傾向於以非常高的標準運作。對他們來說，透過像聯合航空這樣的大型客機計畫來大幅降低成本將會困難得多。

United has increased domestic gauge more than any airline since 2019, and our plan is to push that even further in the years to come. Another issue that I think we should talk about is it's difficult for many to graph, not every ASM is created equal. It's easy to mistake made often in the middle of really large spreadsheets that everyone uses to evaluate our outlook, right? At United, we proved this point early in 2018 and '19 with our growth and revenue performance and we just did it again in Q3.

自 2019 年以來，美聯航國內航班票價成長超過任何一家航空公司，我們的計畫是在未來幾年進一步推動這一目標。我認為我們應該討論的另一個問題是，對許多人來說很難繪製圖表，並不是每個 ASM 都是平等的。在每個人都用來評估我們的前景的大型電子表格中，很容易犯錯，對嗎？在曼聯，我們在 2018 年初和 19 年的成長和收入表現中證明了這一點，我們在第三季度再次做到了這一點。

Market saturation of the low-cost business model in certain regions is creating very low marginal RASMs for some of our competitors. In fact, many of our competitors have marginal revenue percentages that are negative. There are only so many seats of Florida, Cancun or Vegas can support in such a short period of time. Also low-cost carriers generally must operate a very large gaming equipment to have low-cost without the connectivity benefit of the hub-and-spoke business model, expansion of the low-cost model into smaller and medium-sized markets with these very large jets lack in connectivity just creates low marginal RASMs.

某些地區低成本商業模式的市場飽和正在為我們的一些競爭對手創造非常低的邊際 RASM。事實上，我們的許多競爭對手的邊際收入百分比都是負數。佛羅裡達州、坎昆或維加斯在如此短的時間內只能支持這麼多的席位。此外，低成本業者通常必須營運非常大型的遊戲設備才能獲得低成本，而無需享受中心輻射型業務模式的連接優勢，將低成本模式擴展到擁有這些大型遊戲機的中小型市場噴射機缺乏連通性只會導致邊際RASM 較低。

Market saturation and the mismatch of gauge and other connectivity continues to plague certain business models, expansion opportunities with this type of business model are not endless in our view, but in response to that shortcoming, many of our domestic competitors have doubled down with plans for even more growth in 2024. 2024 marginal growth in markets will absolutely be no better than 2023. No airline network team would say, let's add the bad markets in 2023, so we can save the good ones for 2024.

市場飽和以及軌距和其他連接的不匹配繼續困擾著某些商業模式，我們認為這種商業模式的擴張機會並不是無限的，但為了應對這一缺點，我們的許多國內競爭對手已經加倍努力，計畫2024 年會有更多成長。2024 年市場的邊際成長絕對不會比2023 年好。沒有航空公司網路團隊會說，讓我們在2023 年增加不好的市場，這樣我們就可以把好的市場留到2024 年。

The other factor is the percentage of ASMs that these airlines have in new markets. Very fast growth rates simply create a high percentage of new capacity, which by its nature in the best of times is below average. The fourth quarter -- this fourth quarter, United has less than 1% of our ASMs in new markets versus '19. This is an absolute difference maker. And capacity growth is designed as a strategy to maintain low cost without revenue accretive markets to add the entire business model can break. And that is what we think is happening right now.

另一個因素是這些航空公司在新市場中擁有的 ASM 的百分比。非常快的成長率只會創造很高比例的新增產能，而從本質上來說，即使在最好的時期，新增產能也低於平均值。第四季—今年第四季度，與 19 年相比，曼聯在新市場的 ASM 比例不到 1%。這是一個絕對的差異製造者。容量成長被設計為一種保持低成本的策略，而無需增加整個商業模式可能打破的收入成長市場。這就是我們認為現在正在發生的事情。

United's domestic capacity growth has always been about correcting a gauge mismatch created by the overuse of high-cost passenger and friendly single-class regional jets. At United, we have this diversity of revenue streams that provide us long-term stability in earnings that one-dimensional plan will never achieve. We have a range of products, including array of premium seating options that's increasingly popular with our travelers.

美聯航的國內運力成長始終致力於糾正因過度使用高成本客運和友善的單艙支線飛機而造成的軌距不匹配。在美聯航，我們擁有多元化的收入來源，為我們提供了長期穩定的收入，這是一維計劃永遠無法實現的。我們擁有一系列產品，包括一系列越來越受旅客歡迎的高級座椅選擇。

We fly as much capacity in global markets as we do domestically. We fly to big cities and small. We have a great hub-and-spoke business model. United has significant margin accretive growth, and we've proven that time and time again. United's business model can support dramatically higher gauge and once added, we send less and less traffic to others. United's higher gauge will create more and more cost conversions between now and 2027. The complexity of United's product offering is not a disadvantage. It in fact is a structural advantage that generates revenues more than the cost it creates by the complexity and just cannot be replicated.

我們在全球市場上的運力與在國內市場上的運力一樣多。我們飛往大城市和小城市。我們擁有出色的中心輻射型商業模式。聯合航空的利潤成長顯著，我們已經一次又一次證明了這一點。美聯航的商業模式可以支援顯著更高的軌距，一旦增加，我們向其他人發送的流量就會越來越少。從現在到 2027 年，美聯航更高的標準將帶來越來越多的成本轉換。美聯航產品的複雜性並不是劣勢。事實上，它是一種結構性優勢，產生的收入超過其複雜性所產生的成本，而且無法複製。

In the past, United and other legacy carriers that have emerged from the crisis smaller, creating excess plans and other resources for others to grow. This time, that will not happen. This time around, it is not United with the low margins. We will not adjust our plans. United's focus on global markets has clearly won the day in Q3, and you can see that in the results. Our focus on domestic gauge is absolutely the right one. We'll no longer spill as much revenue to others as we've done in the past. Our focus on basic fares means we'll be able to be even more competitive.

過去，美聯航和其他擺脫危機的傳統航空公司規模較小，為其他航空公司的發展創造了過多的計劃和其他資源。這一次，這種情況不會發生。這一次，曼聯的利潤率不再那麼低。我們不會調整我們的計劃。曼聯對全球市場的關注顯然在第三季度取得了勝利，您可以在結果中看到這一點。我們對國產儀表的關注絕對是正確的。我們將不再像過去那樣向他人提供那麼多收入。我們對基本票價的關注意味著我們將能夠更具競爭力。

United will moderate our domestic growth plan, as I said earlier, for the first half of 2024 because we're focused on building our Asia Pacific line where we see the strongest short-term results. But I have to say, maybe in our timing, there may be off to a few other -- the timing may be off, Jamie, but the quarters are coming, and there's a lot of other variables. And I truly am confident that sooner or later, the industry will rebalance like it has done in the past, and the United and a few others with similar diversified revenue streams are going to come out on top. I know that was a long answer. I didn't rank exactly the way you want...

正如我之前所說，美聯航將在 2024 年上半年調整我們的國內成長計劃，因為我們專注於建造亞太航線，我們在那裡看到了最強勁的短期業績。但我不得不說，也許在我們的時間安排上，可能還有其他一些問題——時間可能不對，傑米，但季度即將到來，還有很多其他變數。我堅信，該行業遲早會像過去那樣重新平衡，而美聯航和其他一些具有類似多元化收入來源的公司將脫穎而出。我知道這是一個很長的答案。我沒有完全按照你想要的方式排名...

Andrew, that's great. I really do appreciate it. But let me just follow up with a quick philosophical question. If spill carriers can't make money but full-service airlines can. Doesn't that suggest we're actually at the optimal amount of domestic capacity rather than the oversupply that investors keep asking me about?

安德魯，那太好了。我真的很感激。但讓我接著問一個快速的哲學問題。如果洩漏承運人無法賺錢，但提供全方位服務的航空公司卻可以。這是否表明我們實際上處於國內產能的最佳狀態，而不是投資者一直問我的供應過剩？

Well, I guess I'll try now. It's hard to follow Andrew. That was a great answer and very comprehensive. And probably what we feel that what Andrew said is why we feel so different that I recognize everyone on this call feels or then the market feels. We feel really confident about where we're headed, what this means for margins out in 2026. By the time we're there, we just feel really confident. But without answering the question about sort of overall industry capacity, I kind of at a high level, think of this, Jamie is, to me, one of the most remarkable statistics this quarter is that 90% of the industry revenue growth is going to be at 2 airlines and 90% of the pretax profitability.

好吧，我想我現在就試試。很難跟隨安德魯。這是一個很好的答案，而且非常全面。也許我們對安德魯所說的感覺就是為什麼我們感覺如此不同，我認識到這次電話會議中每個人的感覺，或者市場的感覺。我們對我們的發展方向非常有信心，這對 2026 年的利潤率意味著什麼。當我們到達那裡時，我們真的非常有信心。但在不回答有關行業整體產能的問題的情況下，我認為，傑米對我來說是一個很高的水平，本季度最引人注目的統計數據之一是，90％的行業收入增長將擁有2 家航空公司和90% 的稅前獲利能力。

We just have better model. And what we've tried to do is we went through -- the goal was to create an airline that had better product service experience for customers across the board. We can't just be a leisure airline. We can't just be a low fair airline. We can't just be a premium airline. We need to deliver for all customers. We try to create products that were better on the high end, but all the way down to the low end.

我們只是有更好的模型。我們一直在努力做的是——我們的目標是創建一家為所有客戶提供更好的產品服務體驗的航空公司。我們不能只是一家休閒航空公司。我們不能只是一家低公平的航空公司。我們不能只是一家優質航空公司。我們需要為所有客戶提供服務。我們試圖創造出在高端市場更好的產品，但一直到低階市場。

I believe strongly that air travel is not a commodity. Some of the industry thinks it's a commodity. And that's how you get the low-cost wins, if you believe it's a commodity, I do not think that. And I think we are proving -- our results of 2 airlines are proving that air travel is not a commodity. So without commenting on what the total industry growth is, what is happening is to have that differentiated product service experience are getting almost all of the revenue growth and customers are voting with their wallets and those models are working.

我堅信航空旅行不是商品。一些業內人士認為這是一種商品。這就是你獲得低成本勝利的方式，如果你相信它是一種商品，我不這麼認為。我認為我們正在證明——我們兩家航空公司的結果正在證明航空旅行不是一種商品。因此，在不評論整個行業成長的情況下，正在發生的事情是，差異化的產品服務體驗幾乎獲得了所有的收入成長，客戶用他們的錢包投票，這些模式正在發揮作用。

Our next question comes from Michael Linenberg from Deutsche Bank.

我們的下一個問題來自德意志銀行的麥可‧林伯格（Michael Linenberg）。

Yes. Congratulations, Mike, on your promotion and Kristina on your recognition. Scott, I'm going to go to the other end, kind of the side of your business that caters to call it the higher-end consumer. And I guess when I think about just the recent top-up order on the 787s, adding to your current order, I mean, it's significant. I think it's actually one of the largest wide-body orders out there, at least for a U.S. carrier. Is the internal thinking at United just given the shape of the OEMs, whether it's the manufacturers or the engine makers that we could be facing maybe some kind of wide-body shortage in the back half of this decade? What are your thoughts on that?

是的。祝賀麥克獲得晉升，並祝賀克里斯蒂娜獲得認可。史考特，我要講到另一端，也就是您業務中迎合高端消費者的一面。我想，當我想到最近 787 的充值訂單以及您當前的訂單時，我的意思是，這非常重要。我認為這實際上是最大的寬體機訂單之一，至少對於美國航空公司來說是這樣。聯合航空的內部思維是否只是考慮到原始設備製造商的形狀，無論是製造商還是發動機製造商，我們可能會在本十年後半段面臨某種寬體飛機短缺？您對此有何看法？

Mike, I'll give it a try. I do think the production lines for wide-body jets don't produce nearly as many aircraft as the narrow-bodies, as you know. So there are definitely not as many that are going to be produced. But more to the point, the wide-bodies we just ordered are for 2028 and beyond. And it's really our confidence in our plan, but it's particularly our confidence that we are going to increasingly pivot in the latter part of the decade to global growth and not domestic growth.

麥克，我會嘗試一下。如你所知，我確實認為寬體噴射機的生產線生產的飛機數量遠不如窄體飛機那麼多。因此，肯定不會生產那麼多。但更重要的是，我們剛訂購的寬體飛機適用於 2028 年及以後。這確實是我們對我們的計劃的信心，但尤其是我們對我們將在本十年後半段日益轉向全球增長而不是國內增長的信心。

And so we secured those positions. We're confident we'll use them. We have a significant fleet of 777 and 767 that need to retire at some point later this decade, at least for the 767 for sure. And so with the number of retirements we have, the confidence in our plan and some of the OEM issues that you just brought up, this just made sense. Again, it's for 2028 and beyond. It's a long time away. But we are really confident in the plan. We're confident that global growth we will have to lean into that, and we will want to lean into that in the latter part of the decade.

因此我們確保了這些職位。我們有信心我們會使用它們。我們擁有一支由 777 和 767 組成的重要機隊，需要在本十年晚些時候的某個時候退役，至少 767 是肯定的。因此，考慮到我們退休的人數、對我們計劃的信心以及您剛才提出的一些 OEM 問題，這是有道理的。再說一遍，這是 2028 年及以後的事。已經很久遠了。但我們對這個計劃非常有信心。我們相信，全球成長必須依靠這一點，而且我們希望在本世紀後半段依靠這一點。

Mike, this is Mike. I'll pile on. With the delays in the supply chain, they've become persistent. And so part of what we're doing is controlling skyline for a longer period of time than we have historically. This industry has been an industry that has in the past gone from putting out fire to fire and United Next strategy is putting us on a firmer footing to plan for the longer term. So a, I want to highlight that the contractual delivery dates, they've been pushing to the right. And we'll probably continue to see that. And you see us -- as you see us playing internally, we'll have some expectation of continued slipping.

麥克，這是麥克。我會繼續堆。隨著供應鏈的延誤，這種情況變得越來越嚴重。因此，我們正在做的部分工作是在比歷史上更長的時間內控制天際線。這個產業在過去一直是個從救火到救火的產業，United Next 策略讓我們為長期規劃奠定了更堅實的基礎。因此，我想強調的是，他們一直在推遲合約交付日期。我們可能會繼續看到這一點。你看到我們——當你看到我們在內部比賽時，我們會有一些繼續下滑的預期。

But make no mistake, we will make adjustments to the order book and the delivery times in a way that maximizes the returns to our shareholders. And we will focus on return on invested capital in addition to our pretax margin as we take delivery of those aircraft.

但毫無疑問，我們將以最大化股東回報的方式調整訂單簿和交貨時間。當我們接收這些飛機時，除了稅前利潤之外，我們還將關注投資資本回報率。

Okay. Great. And just one quick follow-up. Just any early thoughts on maybe this proposed regulation around credit cards and maybe a cap on merchant fees. I know it's proposed legislation, so it obviously has to go through a process, but any sort of early take on it or maybe it's a TBD?

好的。偉大的。只需一個快速跟進。關於信用卡擬議監管以及商家費用上限的任何早期想法。我知道這是擬議的立法，所以它顯然必須經過一個過程，但任何形式的早期採取它或可能是一個待定？

I'm happy to answer that. Look, it would be really, really bad policy for consumers in this country. It's a bill that would 84% of U.S. consumers have some kind of rewards card in their wallet, almost everyone in this call has one. And they like them a lot. Our customers certainly like them a lot. And so I think it'd be hard in Congress to take a vote that 84% of your voters are going to be upset with the outcome of that vote. And by the way, this kill rewards program that would not exist anymore. We kill debit card rewards programs when it happens. And I think it's a bad policy.

我很高興回答這個問題。看，對於這個國家的消費者來說，這將是非常非常糟糕的政策。根據這項法案，84% 的美國消費者的錢包裡都會有某種獎勵卡，幾乎每個參加電話會議的人都有一張。他們非常喜歡它們。我們的客戶當然非常喜歡它們。因此，我認為國會很難進行投票，因為 84% 的選民會對投票結果感到不滿。順便說一句，這個擊殺獎勵計劃將不再存在。當這種情況發生時，我們會終止簽帳卡獎勵計劃。我認為這是一個糟糕的政策。

And I also think it kind of misses the mark because in the credit card is just a couple of things. And this is the market with small businesses. I understand the frustration with small businesses. But small businesses are actually -- there's middleman in between credit card companies, the banks and the small businesses. And I think that's probably where the bulk of the issues are. Some of those middlemen charge, square charges as little as 35 basis points, and some of those middlemen are charging businesses 300 or 400 basis points. And so I think it probably misses the market. And then the final point would be, it's remarkable how good the cybersecurity is at the credit card process.

我還認為這有點不切實際，因為信用卡中只有幾件事。這是小企業的市場。我理解小企業的挫敗感。但小型企業實際上是——信用卡公司、銀行和小型企業之間有中間人。我認為這可能是大部分問題所在。其中一些中間商收取的費用低至 35 個基點，而其中一些中間商則向企業收取 300 或 400 個基點。所以我認為它可能錯過了市場。最後一點是，信用卡流程中的網路安全性非常出色。

They've invested heavily in it. It's not easy to replicate. Let me think about how many billions of transactions are happening every day and how rare breaches or problems are. And so I think this is one of those that I've spent now a fair amount of time in D.C. talking to people. They didn't know much about it before because as it's come up. But as you talk to people about it, they more and more say, well, those are a bunch of good points. We need to go through regular order, we need to examine this. And so I think as long as we do that, as long as we examine it through order, which is the right way to pass consequential legislation. The facts will win today and nothing is going to happen. It won't...

他們對此投入了大量資金。複製並不容易。讓我想想每天有多少億筆交易發生，違規或問題是多麼罕見。所以我認為這是我現在在華盛頓花費大量時間與人們交談的其中之一。他們之前對此了解不多，因為它已經出現了。但當你與人們談論它時，他們越來越多地說，嗯，這些都是很多優點。我們需要進行常規訂單，我們需要對此進行檢查。所以我認為只要我們這樣做，只要我們透過命令來審查它，這就是透過後續立法的正確方式。今天事實將獲勝，什麼都不會發生。它不會...

Next question from Conor Cunningham with Melius Research.

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

Just on cost. I'm trying to understand the trends between your core cost performance and just how these supply chain transitory issues that you've laid out are kind of impacting. I realize that it's probably really hard to tell right now, but you could just frame up when you think some of these potential transitory cost pressures may ease next year. That would be helpful.

只是看成本。我試著去了解你們的核心成本績效之間的趨勢以及你們提出的這些供應鏈暫時性問題是如何產生影響的。我意識到現在可能真的很難說，但當你認為明年這些潛在的暫時成本壓力可能會緩解時，你可以框架一下。那會有幫助的。

Conor, this is Mike. Let me take a shot at that. And I won't acknowledge the 4Q CASM headwind we faced versus our expectations earlier in the year. Let me try to size that. We expect to fly in the fourth quarter about 3 points lower than we thought just 3 months ago. Now 2 points of that is due to captain upgrade issue that Scott talked about on our last earnings call. The captain upgrade issue has impacted the entire industry. We have navigated that really well at United but it did hit us here at the end of the year. Our new contract with ALPA does fix that. And so the -- on the horizon, we have a full expectation that constraint goes away.

康納，這是麥克。讓我試試。我不會承認第四季度 CASM 與我們今年早些時候的預期相比面臨的逆風。讓我試著確定一下大小。我們預計第四季的飛行速度將比 3 個月前的預期低約 3 個百分點。其中有兩點是由於史考特在我們上次財報電話會議上談到的隊長升級問題。船長升級問題影響了整個產業。我們在曼聯已經很好地應對了這一點，但它確實在今年年底對我們造成了打擊。我們與 ALPA 的新合約確實解決了這個問題。因此，在不久的將來，我們完全期望約束會消失。

But for the fourth quarter, that caused 2 of the 3 points. The other point was due to the violence in Tel Aviv and the loss of that flying. That is something that we can reposition over time, and we would expect to be able to serve Tel Aviv when the violence ceases. And so those 3 full points coming out relatively rapidly, you can't take the cost out. That was the majority of the CASM of the increase in the CASM for the fourth quarter. Industry is facing other issues, but that's what happened here at United.

但在第四節，這導致了三分中的兩分。另一點是由於特拉維夫的暴力事件和航班的損失。隨著時間的推移，我們可以重新定位這一點，我們希望在暴力停止後能夠為特拉維夫提供服務。因此，這 3 個滿分的出現速度相對較快，因此您無法扣除成本。這是第四季 CASM 增量的大部分。產業還面臨其他問題，但這就是曼聯發生的事情。

And we expect to mitigate that in 2024 and beyond. The other issue, which I'm not sure how persistent is yet is that maintenance cost. Maintenance costs throughout the years have been higher than we expected. And for United, it's been a big piece -- has been the increased need for spare parts. That's on aircraft, but particularly when we repair engines as the work scope has been larger than expected. Some of that is related to supply chain, and it's difficult to see when that ends. I will add -- and so those were the 2 components. Majority capacity and then some additional headwinds for maintenance in the fourth quarter. We're not giving 2024 guidance at this time.

我們預計在 2024 年及以後會減輕這種情況。另一個我不確定是否持續存在的問題是維護成本。多年來的維護成本一直高於我們的預期。對曼聯來說，這是一件大事——備件的需求不斷增加。這是在飛機上，特別是當我們修理引擎時，因為工作範圍比預期的要大。其中一些與供應鏈有關，很難看出這種情況何時結束。我要補充一點——這就是兩個組成部分。第四季的大部分產能以及維護方面的一些額外阻力。我們目前不提供 2024 年指導。

The industry is facing cost pressures, inflationary cost pressures, labor cost pressures, maintenance cost pressures. What I will commit to today is that United will be industry-leading in how we manage our costs. Cost convergence is a structural trend. It is what is causing the lower-cost carriers and they're not lower cost for long, the low-cost carriers to struggle and it is a foundation to United Next. So I don't know where all that's going to settle. We will give you guidance as we would normally on the January conference call, but I will commit to industry-leading CASM going forward.

產業面臨成本壓力、通膨成本壓力、勞動成本壓力、維護成本壓力。我今天要承諾的是，美聯航將在成本管理方面處於行業領先地位。成本趨同是結構性趨勢。這就是導致低成本航空公司的原因，而且它們的成本不會長期下降，低成本航空公司陷入困境，這是 United Next 的基礎。所以我不知道這一切將在哪裡解決。我們將像平常在 1 月的電話會議上一樣為您提供指導，但我將致力於在未來保持行業領先的 CASM。

Okay. That's super helpful. And then maybe just a little bit on -- so a lot of your cost stuff next year kind of seems like it's somewhat capacity-related or delivery -- new delivery related. So I'm just trying to understand if you could maybe -- is there any swing capacity -- excess swing capacity that you may be able to have that could protect some of that growth that you have next year that may be slowed as a result of some of these delivery delays.

好的。這非常有幫助。然後可能只是一點點 - 所以明年你的很多成本看起來有點與容量相關或交付 - 新的交付相關。所以我只是想了解你是否可以——是否有任何搖擺能力——你可能擁有的多餘的搖擺能力可以保護明年的一些增長，而這種增長可能會因此而放緩其中一些交貨延遲。

You're thinking about it the right way. But we are -- given all the constraints, we are working to -- in the incremental flights from United being quite profitable, given the great results from our commercial team. We're going to fly as much as we can to maximize profitability, but we do face some of those constraints. The key around -- the key around the pressure of growing is you do need to hire folks on board before you actually add the ASM.

你的思考方式是正確的。但考慮到我們正在努力的所有限制，考慮到我們商業團隊的巨大成果，美聯航增加的航班是相當有利可圖的。我們將盡可能多地飛行以最大限度地提高盈利能力，但我們確實面臨一些限制。關鍵——圍繞成長壓力的關鍵是，在實際添加 ASM 之前，您確實需要雇用人員。

And so we -- that's a headwind United faces as long as we're executing on the United Next strategy. We're going to work to optimize that, but that doesn't go fully away until you would return to a slower growth rate.

因此，只要我們執行「United Next」策略，這就是曼聯面臨的逆風。我們將努力優化這一點，但除非您恢復到較慢的成長率，否則這種情況不會完全消失。

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

我們的下一個問題來自高盛的凱瑟琳·奧布萊恩。

And congrats, Mike and Kristina. I noticed in the release you called out the basic economy was up 50% year-over-year. Andrew, can you just dig into what drove that? Is that 12% of domestic passengers? Is that up significantly? Is there also a pricing element?

恭喜麥克和克里斯蒂娜。我注意到您在新聞稿中指出基本經濟年增了 50%。安德魯，你能深入研究一下是什麼推動了這一點嗎？那是國內旅客的12%嗎？漲幅顯著嗎？還有定價因素嗎？

It's a good question. Last year, facing the surge in demand. Just maybe the simplest way to say it is we sold out too soon and we didn't have appropriate room for these basic passengers and are engaged with smaller and this year, as we get closer to implementing all of our United Next plans, we were much more careful not to sell out too soon. So our close-in bookings are actually quite strong. It's interesting to say that as I read commentary from around the rest of the industry that kind of says the opposite, and I do have to wonder whether one is tied to the other, obviously.

這是一個好問題。去年，面臨需求激增。也許最簡單的說法是，我們的機票賣得太早了，我們沒有足夠的空間容納這些基本乘客，我們正在與較小的乘客合作，今年，隨著我們越來越接近實施所有的United Next 計劃，我們更要小心不要太早賣完。所以我們的近距離預訂其實相當強勁。有趣的是，當我讀到業內其他公司的評論時，他們的說法恰恰相反，我確實想知道其中一個顯然是否與另一個相關。

But because we say we didn't sell out too soon because we have plenty of room and because we have just a normal booking curve for all this, we were able to accommodate those passengers in this quarter, unlike we did in the past. And with the new gauge aircraft coming in the future, we'll be able to continue to do that going forward. So I think that's the simplest and easiest explanation as to why you saw that change in our basic economy passengers. And look, it's a product we've talked about a lot, provides choice for our customers on the low end. We have lots of products on the high end as well. It gives us the diversity we need. And I think it's really allowed us to compete very effectively with all of our competitors, but particularly our ultra-low-cost competitors.

但因為我們說我們沒有太快售罄，因為我們有足夠的空間，而且我們只有正常的預訂曲線，所以我們能夠在本季度容納這些乘客，與過去不同。隨著新規格飛機的到來，我們將能夠繼續這樣做。因此，我認為這是關於為什麼我們的基本經濟艙乘客會看到這種變化的最簡單、最容易的解釋。看，這是我們經常談論的產品，為我們的低端客戶提供了選擇。我們也有很多高端產品。它為我們提供了所需的多樣性。我認為這確實使我們能夠與所有競爭對手進行非常有效的競爭，特別是與我們的超低成本競爭對手。

That's great. And then maybe one for Mike, just a follow-up on the delivery -- continued delivery delays we're seeing. With the recent announcement on Pratt potentially putting pressure on engine availability on neo deliveries. And then I don't think the MAX 10 has been serviced yet, but correct me if I'm wrong, how do we think about that delivery outlook for next year? Are there alternatives to the MAX 10 maybe you would consider? Or I appreciate now that you guys have in the queue of the contractual deliveries versus the expected. But should we expect to see that delta maybe grow when we get the queue later today?

那太棒了。然後也許是麥克的一個，只是交付的後續行動——我們看到持續的交付延遲。最近普拉特的公告可能會給新交付的引擎供應帶來壓力。然後我認為 MAX 10 還沒有得到維修，但如果我錯了，請糾正我，我們如何看待明年的交付前景？您可能會考慮 MAX 10 的替代品嗎？或者我現在很感激你們在合約交付與預期的隊列中。但是，當我們今天晚些時候排隊時，我們是否應該期望看到增量可能會增長？

Thanks for the question, Katy. That is what we can do is we can manage our expected deliveries versus the contractual deliveries and size the business appropriately, the more that we hire workforce for aircraft that don't come, they weren't delivered when we needed them, the bigger that headwind is for us. And so one of the first things I need to do in my new role is to properly size that buffer between expected and contracted delivery.

謝謝你的提問，凱蒂。這就是我們能做的，我們可以管理我們的預期交付量與合約交付量，並適當調整業務規模，我們為不來的飛機僱用的勞動力越多，它們在我們需要時沒有交付，規模就越大逆風對我們來說是有利的。因此，我在新角色中需要做的第一件事就是適當調整預期交付和合約交付之間的緩衝區大小。

So that's point one. Point two, we have older aircraft, and we will push some of those older aircraft to fly longer with expected delays in delivery. I happen to love that option because that is also a return on invested capital enhancing. And so in the long run, we want to simplify the fleet and those MAX 10s are going to be structurally lower cost. We're excited about them. The A321s are fantastic aircraft. Both of those aircraft are fantastic for a network like United, where gauge -- we get a real advantage out of gauge. I expect those deliveries to really start to drive lower CASM in 2025, not 2024. And so we should understand the timing of that. But we've got numerous levers to manage the delays from the supply chain, and we can do a better job optimizing based on delays that are becoming a little bit more predictable.

這就是第一點。第二點，我們有較舊的飛機，我們將推動其中一些較舊的飛機飛行更長時間，預計交付會延遲。我碰巧喜歡這個選擇，因為這也是投資資本報酬率的提升。因此，從長遠來看，我們希望簡化機隊，而這些 MAX 10 的結構成本將會更低。我們為他們感到興奮。 A321 是非常棒的飛機。對於像美聯航這樣的網路來說，這兩架飛機都非常棒，在這種情況下，我們獲得了超乎尋常的真正優勢。我預計這些交付將在 2025 年而不是 2024 年真正開始降低 CASM。因此我們應該了解這一時間點。但我們有很多手段來管理供應鏈的延誤，並且我們可以根據變得更加可預測的延誤來更好地進行最佳化。

Our next question comes from Ravi Shanker with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

I just wanted to follow up on the commentary earlier about you need to cater to all customers, which I totally get kind of given the broad base of the market. But obviously, we're seeing some of your peers try to push into premier or pushing into the low end. And I know just kind of the face of it feels like specializing may be an easier thing to go after than trying to cater to everyone with the network and the product you have, so kind of just wanted to get us -- dig a little deeper into kind of why that strategy of kind of being everything to everyone rather than being just maybe a full-service premium network airline.

我只是想跟進之前關於你需要迎合所有客戶的評論，鑑於市場的廣泛基礎，我完全理解這一點。但顯然，我們看到一些同行試圖進入高端或低端市場。我知道從表面上看，專業化可能比試圖透過網路和產品迎合每個人更容易，所以只是想讓我們——更深入地挖掘為什麼這種策略是為每個人提供一切，而不是僅僅成為提供全方位服務的優質網路航空公司。

I'll start. I assume others may want to chime in on this. But first, I think there's a really important distinction in your question that we need to clarify. We're not trying to be all things to all people within the United States or around the globe. There are parts of our network that don't cover every single market in the United States. And I think if you were to try and say we are going to cover every single O&D player in the United States, the world's largest airline, that would be incredibly challenging, and that is not something we're trying to do.

我開始吧。我想其他人可能也想對此發表意見。但首先，我認為你的問題有一個非常重要的區別，我們需要澄清。我們並不試圖滿足美國或全球所有人的需求。我們網路的某些部分並未涵蓋美國的每個市場。我認為，如果你試圖說我們要涵蓋美國這個世界上最大的航空公司的每一個 O&D 參與者，那將是非常具有挑戰性的，而這不是我們想要做的事情。

We are trying in our hubs and all the folks we serve well from our hubs to make sure we offer a diverse range of products that appeal to all the customers that fly on United Airlines. And some of those customers, by the way, flying United Airlines for business and sometimes the same customers fly on United for leisure vacation or other needs. And so they have that optionality to purchase anything from basic economy to Polaris as part of that. And if they join MileagePlus, they have obviously a larger chance to get upgraded into our large premium economy sections are into our first-class cabins, which are growing.

我們正在我們的樞紐以及我們在樞紐中提供良好服務的所有人員中努力確保我們提供多樣化的產品來吸引所有搭乘聯合航空航班的乘客。順便說一句，其中一些客戶乘坐美聯航進行商務飛行，有時同樣的客戶則乘坐美聯航進行休閒度假或其他需求。因此，他們可以選擇購買從基本經濟艙到北極星的任何東西，作為其中的一部分。如果他們加入前程萬裡 (MileagePlus)，他們顯然有更大的機會升級到我們的大型高級經濟艙和頭等艙，而且這些艙等還在增加。

So that diverse set of revenue streams -- I know others -- I know it sounds complicated, but it is our secret recipe. It is what the market wants. It's what our customers want. And we are not trying to be all things to all people. We're trying to make sure for the customers that fly United that they have a range of product choices for the particular trip they're going to take on that journey.

因此，多樣化的收入來源——我知道其他人——我知道這聽起來很複雜，但這是我們的秘訣。這就是市場想要的。這就是我們的客戶想要的。我們並不試圖滿足所有人的需求。我們正在努力確保乘坐美聯航航班的乘客能夠針對即將進行的特定旅行有一系列產品選擇。

And I would say it as -- it is more complicated. You're right. It's simpler to you're going to only try to appeal to one niche. But the niches are small. The number of markets that exist that you can only be a low-fare, low-cost commoditized player Is -- the number of markets that exist that you can only be a premium airline is even smaller. And so they're just tiny niches, and we're a big airline.

我想說的是——它更複雜。你說得對。更簡單的是，您只需嘗試吸引一個利基市場。但利基市場很小。只能成為低票價、低成本商品化航空公司的市場數量是──只能成為高端航空公司的市場數量就更少了。所以它們只是很小的利基市場，而我們是一家大型航空公司。

And I will just pile on, we fly 200 million passengers annually. And those passengers fly for different reasons, and they -- in the passengers will shift from leisure to business passengers throughout their life. And so it is important that we serve all of them and we serve all of them with a product that suits their needs.

我會繼續說下去，我們每年運送 2 億名乘客。這些乘客出於不同的原因而飛行，他們——在乘客中將終其一生從休閒乘客轉變為商務乘客。因此，重要的是我們為所有人提供服務，並為他們提供適合他們需求的產品。

That's very helpful color. And maybe as a quick follow-up, and apologies if I missed this earlier. There is some speculation about us potentially being at peak international right now, specifically peak transatlantic. What would you say to that kind of going into 2024? Kind of do you see enough runway? I think you said in the coming out of the summer of 2022, that 2023 would be a lot bigger and kind of had that visibility. Are you confident that, that strength can continue in 2024 as well?

這是非常有用的顏色。也許作為一個快速的後續行動，如果我之前錯過了這一點，我深表歉意。有人猜測我們現在可能正處於國際高峰，特別是跨大西洋高峰。對於這種進入 2024 年的情況，您有何看法？你看到足夠的跑道嗎？我想你在 2022 年夏天即將到來時說過，2023 年將會更大，並且有這樣的知名度。您是否有信心這種勢頭在 2024 年也能持續？

Well, I'd say right now, particularly today, for example, we continue to see strength across Atlantic. We particularly see it to Southern Europe, I can tell the industry does by all of our changes, and that's great to see. So we think that the trends are going to continue. That being said, I did say earlier in my comments that we are going to give the Atlantic a rest. We've run a lot since 2019 for sure. And this year, it will be a year of basically no capacity growth across the Atlantic.

嗯，我想說的是，現在，尤其是今天，我們繼續看到大西洋彼岸的力量。我們尤其在南歐看到了這一點，我可以從我們所有的變化中看出該行業的變化，這是很高興看到的。所以我們認為這種趨勢將會持續下去。話雖這麼說，我之前在評論中確實說過，我們將讓《大西洋月刊》休息一下。自 2019 年以來，我們確實跑了很多次。而今年，將是大西洋兩岸運力基本上沒有成長的一年。

I said I wasn't going to give capacity guidance, but clearly, that's a big hint for a big part of the airline. So sorry, Mike. And the other thing I've said is like the last part of the world to recover is Asia. And Asia is still; however, you want to look at it, very strong. We're growing a lot of capacity on the front. And we're going to focus our efforts where we see that growth, where we see the profitability opportunity. And if you look at our schedules going into next year, you can see that a gigantic percent change in our capacity is, in fact, Asia. So we put the capacity where we think we need to put it. We're really bullish on international. We come a long way. It's very profitable.

我說我不會提供運力指導，但顯然，這對航空公司的很大一部分來說是一個很大的暗示。很抱歉，麥克。我說過的另一件事是，世界上最後一個恢復的地區是亞洲。亞洲依然如此；不過，你想看一下，很強。我們正在增加大量的前線能力。我們將把我們的努力集中在我們看到成長、我們看到獲利機會的地方。如果你看看我們明年的時間表，你會發現我們的產能發生巨大變化的實際上是亞洲。所以我們把產能放在我們認為需要的地方。我們非常看好國際。我們走了很長的路。這是非常有利可圖的。

And there's a lot more to come. And as I said, in the latter part of this decade, I think we'll lean into it even further. We have the right hubs, right gateways where we have the leading business demand, the leading leisure demand and the leading cargo demand. And that recipe is just unique to United, and we're going to take full advantage of it.

還有更多的事情要做。正如我所說，在本十年的後半段，我認為我們將進一步關注它。我們擁有合適的樞紐、合適的門戶，擁有領先的商業需求、領先的休閒需求和領先的貨運需求。這個秘訣對於曼聯來說是獨一無二的，我們將充分利用它。

I spoke to an earlier question around the -- I spoke to an earlier question around the constraints to industry capacity. And there's nowhere that's more true than for wide-body aircraft. In addition to that, as Andrew alluded to, but I'll just emphasize, we have the best international gateways leaving the United States of any carrier. And so this is where, as Andrew says, we were born on third base, and we're going to capitalize on that.

我早些時候談到了有關行業產能限制的問題。沒有什麼比寬體飛機更能體現這一點了。除此之外，正如安德魯所提到的，但我只是強調，我們擁有所有航空公司中最好的離開美國的國際門戶。因此，正如安德魯所說，這就是我們在三壘誕生的地方，我們將充分利用這一點。

Our next question comes from Scott Group with Wolfe Research.

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

So Scott, yesterday, you said that adjustments are inevitable and you expect them by the second half of '24. I guess I'm wondering what -- are you just talking about there are going to be capacity cuts by the second half next year? Are you talking about something bigger than that? And then when I just -- yes, go ahead, sorry.

斯科特，昨天，您說調整是不可避免的，您預計會在 24 年下半年進行調整。我想我想知道什麼 - 您只是在談論明年下半年將削減產能嗎？你在談論比這更大的事嗎？然後當我——是的，繼續吧，抱歉。

Well, I know you predict what the exact changes are going to be, but here's what I'd say. There's been a structural change in the industry. And the structural changes, I've hinted at this earlier in today's call. I don't think air travel is a commodity. Some of the industry think it is, I do not. I think product service experience matters. Everything we've been doing in the last 3 years has been focused on improving that for our customers.

好吧，我知道你預測到了具體的變化，但這就是我要說的。產業發生了結構性變化。至於結構性變化，我在今天的電話會議早些時候已經暗示過這一點。我不認為航空旅行是一種商品。一些業內人士認為是，我不這麼認為。我認為產品服務體驗很重要。過去 3 年我們所做的一切都致力於為我們的客戶改善這一點。

That's true across the board, from the premium, but all the way down to the basic economy customers. And it particularly as it pertains to low-cost carriers. I think there's 3 things that we have done that have completely changed the competitive dynamics there. First, as we're growing with higher gauge, we now have low marginal CASM on those big airplanes. We used to try to compete with them with regional jets, we could compete. We had a high-cost product and we ran -- we now have seats to sell on low marginal CASM on big growing airplanes.

從高端客戶一直到基礎經濟艙客戶，這一切都是如此。尤其是對於低成本航空公司而言。我認為我們所做的三件事徹底改變了那裡的競爭動態。首先，隨著我們的飛機規格越來越高，我們現在在那些大型飛機上的 CASM 邊際值較低。我們曾經嘗試用支線飛機與他們競爭，我們可以競爭。我們有一個高成本的產品，然後我們就開始運作——現在我們在大型飛機上以低邊際 CASM 出售座位。

Second is basic economy. And that is a product that is where we can be price competitive but offer a far superior product still then you can get on a low-cost carrier and still be price competitive. And the third is the pivot into leisure market. We've added more capacity and it's done really well. When we've added capacity into leisure market. And you put those 3 things together. And what we've tried to do is create a product that customers will choose. And so what we try to do is create a cost-competitive product for customers but that is better, and so they will choose to fly United.

二是基礎經濟。這是我們可以具有價格競爭力的產品，但提供的產品仍然比您乘坐低成本航空公司的產品要好得多，並且仍然具有價格競爭力。三是進軍休閒市場。我們增加了更多的容量，而且做得非常好。當我們增加休閒市場的容量。然後你把這三件事放在一起。我們一直在努力做的是創造一個客戶會選擇的產品。因此，我們試圖做的是為客戶創造一種具有成本競爭力的產品，但這樣更好，因此他們會選擇乘坐美聯航。

And that is exactly what we've done. That's why I see us have 2 airlines have 90% of the revenue growth. And that makes it hard if you're someone else. I'm not going to predict what is going to -- what they have to do. But if I was one of those airlines, I'd be really worried about not having a competitive product with United Airlines. That's the issue.

這正是我們所做的。這就是為什麼我看到我們有 2 家航空公司擁有 90% 的收入成長。如果你是其他人，這會讓事情變得困難。我不會預測會發生什麼事——他們必須做什麼。但如果我是這些航空公司之一，我真的會擔心沒有與聯合航空競爭的產品。這就是問題所在。

It strikes me, I don't think I've heard you talk so much and then so positively about basic economy in a while. It feels like a change in tone or strategy. Can you just talk about that and why it's happening now? Is it reflective of the competitive dynamic, the demand environment, just feels like a change.

令我震驚的是，我想我已經有一段時間沒有聽到你對基礎經濟談論如此多、如此積極了。感覺像是語氣或策略的改變。您能談談這件事以及為什麼現在會發生這種情況嗎？它是否反映了競爭動態、需求環境，感覺像是一種改變。

Look, I think it took us a while to work it out. It also helped that some of our competitors with the other direction. I mean charging people $99 at the gate and paying your employees a commission to take their persons away, cross the line. And so while they've gone in one direction, we've gone the other with an improved product. But the other thing that's really changed during the last year is we finally started to get the gauge right.

聽著，我想我們花了一段時間才解決這個問題。這也幫助我們的一些競爭對手走向了另一個方向。我的意思是在門口向人們收取 99 美元，並向你的員工支付佣金，讓他們帶人離開、越線。因此，當他們朝一個方向發展時，我們則以改進的產品朝另一個方向發展。但去年真正發生的另一件事是我們終於開始正確測量。

We couldn't make this work when we were flying 650 regional jets around the country. And like that's why I like this is all coming together. I love when a plan comes together. This is coming together. And I know it's not reflected in our stock price yet. And the market is skeptical. But this is a plan that is working exactly like we thought it would. And that is the big change for Basic Economy. It's a better product for us. We've figured out how to make it work, but we now have the gauge to be able to sell the product.

當我們在全國各地運營 650 架支線飛機時，我們無法完成這項工作。這就是我喜歡這一切的原因。我喜歡制定計劃。這正在走到一起。我知道這還沒有反映在我們的股價上。市場對此表示懷疑。但這是一個與我們想像的完全一樣的計劃。這就是基礎經濟的重大變化。這對我們來說是更好的產品。我們已經找到瞭如何讓它發揮作用，但我們現在有了能夠銷售產品的標準。

Our next question comes from Duane Pfennigwerth from Evercore ISI.

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

Mike, I was going to congratulate you on the promotion, but given I'm so far back in the queue. No, I'm just kidding. Congrats on the step up here. I don't want to pile on, on Basic Economy, but I did think the disclosure was kind of interesting. You called out 50% growth is that simply a function of kind of inventory availability. So this time last year, things were really tight and they're a bit looser this year so we can -- so we can drive that growth.

麥克，我本想祝賀你升職的，但考慮到我在隊列中排得很靠後。不，我只是開玩笑。恭喜你登上這裡了。我不想在基礎經濟上囉嗦，但我確實認為披露的內容很有趣。您指出 50% 的成長只是庫存可用性的函數。所以去年這個時候，情況確實很緊，今年有點寬鬆，所以我們可以——所以我們可以推動這種成長。

And I guess, depending upon the environment, that 12% of customers was also an interesting stat. So you can turn the dials and maybe you have kind of half of Spirit Airlines within United inventory to maybe kind of multiple Spirit Airlines within United inventory? I'm guessing you probably pushed back on that metaphor, but maybe you could just speak to kind of inventory availability as a driver there.

我猜想，根據環境的不同，12% 的客戶也是一個有趣的統計數據。所以你可以轉動旋鈕，也許聯合航空庫存中有一半的精神航空，或者聯合航空庫存中有多個精神航空？我猜你可能會反駁這個比喻，但也許你可以將庫存可用性作為驅動因素。

Well, we'll probably save that for a more smaller conversation, to be honest. What I would say is the comps last year, we just couldn't execute the way we wanted to execute. And so it's off a small base, it creates a big percentage, but it is a meaningful change and as I said earlier, we're going to lean into it. We have these big aircraft coming, and we're going to be more competitive in the future, not less.

好吧，老實說，我們可能會將其保留為更小型的對話。我想說的是去年的比賽，我們只是無法以我們想要的方式執行。因此，它的基礎很小，但它創造了很大的百分比，但這是一個有意義的變化，正如我之前所說，我們將傾向於它。我們將擁有這些大型飛機，未來我們的競爭力將變得更強，而不是更少。

Thank you for standing by. We are now live again to the conference.

謝謝你的支持。我們現在再次直播會議。

Are we back online?

我們恢復上線了嗎？

Yes, we are now back online.

是的，我們現在重新上線了。

Can you pass it on to the next analyst, which is Helane from Cowen?

你能把它傳遞給下一位分析師，即來自 Cowen 的 Helane 嗎？

Absolutely, Helane Becker from TD Cowen. You are unmuted.

當然，來自 TD Cowen 的 Helane Becker。你已取消靜音。

Kristina, congratulations. Given I was quoted in the article, I knew it was coming. And Mike seemed to you -- so here's my question. As I think about the fact that we have all these infrastructure issues, especially in the New York area that are going to persist for several years. How should we think about 2 things? You increased gauge, obviously, to capture the demand. But then there's a point where you want to capture higher ticket prices. So what's the sweet spot where you can do both, where you can benefit from capacity limitations with higher aircraft and raise ticket prices so that you improve margins?

克里斯蒂娜，恭喜你。鑑於我在文章中被引用，我知道它即將到來。麥克在你看來——所以這是我的問題。我認為我們面臨所有這些基礎設施問題，特別是在紐約地區，這些問題將持續數年。我們該如何思考兩件事？顯然，您增加了規格來滿足需求。但到了某個時候，你就想獲得更高的票價。那麼，什麼是最佳點，既可以同時實現這兩點，既可以從更高飛機的運力限制中受益，又可以提高機票價格，從而提高利潤呢？

Helane, we think about it through a different prism. We want to provide a good experience to our customers. And New York and New Jersey have not been a good experience for a decade. And the core reason they have is there are more flight schedule than the airports could handle. We are -- we think it is a win for everyone, particularly starting with customers to have the number -- a realistic number of flights at the airport capacity, air traffic control handling those airports, and we're very grateful to the FAA for doing that or listening and follow through on that.

Helane，我們從不同的角度思考這個問題。我們希望為客戶提供良好的體驗。而紐約和新澤西這十年來的經驗並不好。他們的核心原因是航班時刻表超出了機場的處理能力。我們認為這對每個人來說都是一場勝利，特別是從客戶開始，掌握機場容量的實際航班數量、處理這些機場的空中交通管制，我們非常感謝美國聯邦航空局這樣做或傾聽並堅持下去。

And we're anxious to serve as many customers as we can, and so we are upgauging. So we're providing more seats. We providing fewer number of flights but more seats as we're upgauging. And so we're focused on delivering for our customers, and that means providing bigger airplanes. Good news is bigger airplanes also have lower cost per seat. And when the operation running better, it's even lower cost per seat, which customers ultimately benefit from, and that's what we're doing.

我們渴望為盡可能多的客戶提供服務，因此我們正在升級。所以我們提供更多座位。隨著我們的升級，我們提供的航班數量減少，但座位數量增加。因此，我們專注於為客戶提供服務，這意味著提供更大的飛機。好消息是飛機越大，每個座位的成本就越低。當營運運作得更好時，每個座位的成本就會更低，客戶最終會從中受益，而這就是我們正在做的事情。

So is the conclusion that I should have that the revenue is what it would have been had the infrastructure issue not existed and you flew more flights, but you would have had higher costs, right? This way, you have lower costs and the same amount of revenue. Is that right?

那麼我應該得出的結論是，如果基礎設施問題不存在並且您飛行了更多航班，那麼收入應該是這樣的，但您的成本會更高，對嗎？這樣，您可以降低成本並獲得相同的收入。是對的嗎？

I don't know that I'd kind of get into that level of detail you have in your spreadsheet. What I think is we're going to have a much better experience for customers.

我不知道我是否願意深入了解電子表格中的詳細程度。我認為我們將為客戶提供更好的體驗。

I think we will have lower costs because we'll have fewer irregular operations, and we'll have bigger airplanes. And I think that will probably keep prices certainly inline to -- growing with inflation. Be better for our customers, and we'll be more profitable because we don't have all the expenses associated with disruption and we don't have a lot the frustration that comes from that from customers. I think this is one of those few situations where it's a win-win-win for everyone.

我認為我們的成本將會更低，因為我們將減少不正常的運營，並且我們將擁有更大的飛機。我認為這可能會讓價格肯定與通貨膨脹同步成長。對我們的客戶更好，我們就會獲得更多利潤，因為我們沒有與中斷相關的所有費用，也沒有客戶帶來的太多挫折感。我認為這是為數不多的對每個人來說都是雙贏的情況之一。

The worst thing from a cost perspective is irregular operations. That's what surprises us. We built lots of buffers into the system to control for that. And with a better -- with better air traffic control, with airport that is capacity appropriately, we can do a lot more optimization.

從成本角度來看，最糟糕的是不規範的操作。這就是令我們驚訝的地方。我們在系統中內建了大量緩衝區來控制這一點。有了更好的空中交通管制，有了容量適當的機場，我們就可以做更多的最佳化。

Our next question comes from Brandon Oglenski from Barclays.

我們的下一個問題來自巴克萊銀行的布蘭登·奧格倫斯基。

Congrats, Mike and Kristina. So I know it's been a long call. I just want to get one more in here. But Andrew, I know you're not technically got into 2024, but you also mentioned domestic capacity, I believe in your prepared remarks, we should think about it being pretty much flat, I think, in the first half of the year, but maybe you can clarify that. And what's driving that?

恭喜麥克和克里斯蒂娜。所以我知道這是一個漫長的電話。我只是想在這裡再多一個。但是安德魯，我知道你在技術上還沒有進入 2024 年，但你也提到了國內產能，我相信在你準備好的講話中，我們應該考慮它在今年上半年幾乎持平，但是也許你可以澄清一下。是什麼推動了這一點？

Because I know under your next strategy, you did want to upgauge domestically. So this in concert with OEM delivery expectations, pilots, commercial? I mean, what are you seeing that's driving that?

因為我知道根據你的下一個策略，你確實想在國內升級。那麼這與 OEM 交付期望、試點、商業一致嗎？我的意思是，你認為是什麼推動了這個趨勢？

We're still putting our plan together. So I don't want to say it's final. But -- and I did say in my prepared remarks that we would have -- I forgot the exact words, but low type of really slow growth domestically. Look, our commercial efforts are just focused on overseas at this point. And across the Pacific, in particular, into the South Pacific and so we're executing -- we're going to execute really well on that capacity, in my opinion, and that's where our focus.

我們仍在製定計劃。所以我不想說這是最終的。但是——我在準備好的發言中確實說過——我忘記了確切的措辭，但國內增長確實緩慢。看，我們的商業努力目前只集中在海外。跨越太平洋，特別是進入南太平洋，我們正在執行——在我看來，我們將在這項能力上執行得非常好，這就是我們的重點。

As Mike said, there are a few constraints. We have OEM issues and all that kind of leads to that outcome. And we think it's the right outcome for our capacity for next year. And we'll have a lot more to say in early 2024.

正如麥克所說，有一些限制。我們有 OEM 問題，所有這些都會導致這樣的結果。我們認為這對我們明年的產能來說是正確的結果。 2024 年初，我們將有更多話要說。

We will now switch to the media portion of the call. (Operator Instructions) Leslie Josephs from CNBC.

我們現在將切換到通話的媒體部分。 （操作員說明）來自 CNBC 的 Leslie Josephs。

I was wondering if you are seeing -- if you just kind of put into context how many requests for Status matches you've seen since Delta made those changes last month? And then also on your push to premium, can you talk a little bit about the supply chain currently and how far behind you are on upgrading those cabins and when you expect things to catch up.

我想知道您是否看到 - 是否您只是將自達美上個月做出這些更改以來看到的狀態匹配請求數量結合起來？然後，在推動高端化方面，您能否談談目前的供應鏈，以及您在升級這些客艙方面落後了多少，以及您預計什麼時候能趕上。

Sure. Look, I'll give a little bit of commentary. Our status matches up dramatically? Yes. Is dramatically a big number? No. So that's all I'll say on that front. And in terms of the signature interiors, we are definitely facing some constraints, but I'll pass that over to Toby, who runs that program for us and he will let us know.

當然。聽著，我會做一些評論。我們的地位竟然如此契合？是的。是一個很大的數字嗎？不，這就是我在這方面要說的全部。就標誌性內飾而言，我們肯定面臨一些限制，但我會將其轉交給托比，他為我們運行該程序，他會讓我們知道。

Thank you, Andrew. I think we're about a year behind. But the good news is that we're still taking in new deliveries. So we're just right now flying about 120 airplanes that have the new interior design which really gotten great release, and which is really good for us operational as well because there is space for 1 bag for each passenger, so no bags has come out. So that's probably the biggest thing. So I think right now, we're targeting 2026 for 100% to be completed.

謝謝你，安德魯。我認為我們落後了大約一年。但好消息是我們仍在接收新的交付。因此，我們現在正在飛行大約120 架飛機，這些飛機採用了新的內部設計，這確實得到了很好的發布，這對我們的運營也非常有利，因為每個乘客都有空間容納1 個行李，所以沒有行李被拿出來。所以這可能是最重要的事情。所以我認為現在我們的目標是 2026 年 100% 完成。

Well, I'd just add that this is another one of the things that United got right, believe us. We believe back in 2020 that there was going to be a full recovery in demand and thought that the pandemic as tough as it was represented a once-in-history opportunity to get prepared and invest for the future. So 2 of the things we did was get ahead of the curve, we built more club space. So we now have 49% more club space than we did before the pandemic. And we just opened our the -- 2 largest clubs in our entire system that are great for customers. Feedback is awesome, one in Denver, one in Newark. So we plan ahead for that. And while the signature interiors are behind, we today have close to double the number of premium seats that we had pre-pandemic.

好吧，我想補充一點，相信我們，這是曼聯做對的另一件事。我們相信，早在 2020 年，需求就會全面復甦，並認為這場嚴峻的疫情代表著一個千載難逢的機會，為未來做好準備和投資。因此，我們所做的兩件事就是走在潮流前面，我們建造了更多的俱樂部空間。因此，我們現在的俱樂部空間比大流行之前多了 49%。我們剛剛開設了整個系統中最大的兩個俱樂部，這對客戶來說非常好。反饋很棒，一個在丹佛，一個在紐瓦克。所以我們為此提前計劃。雖然標誌性的內裝已經落後，但我們今天的高級座位數量幾乎是大流行前的兩倍。

So this is a team that started back in the summer of 2020 to prepare for the recovery in premium demand. And that's the reason Andrew said in his remarks, we don't need to change our programs and do anything because we're prepared for this.

這是一個從 2020 年夏天就開始為保費需求復甦做準備的團隊。這就是安德魯在演講中說的原因，我們不需要改變我們的計劃，也不需要做任何事情，因為我們已經為此做好了準備。

Okay. And on the other end of the spectrum with Basic Economy, are customers just buying that they're more price-sensitive now? Or -- and I wasn't sure 50%, what percentage of your revenue is basic economy.

好的。而在基礎經濟艙的另一端，客戶是否只是因為他們現在對價格更加敏感而購買？或者——我不確定 50%，基本經濟收入佔你收入的比例是多少。

Leslie, I would say, likely a lot more share shift that in the previous quarters and years, we didn't have the large gauge aircraft to accommodate all the different range of passenger types and product types adequately. And we are now just beginning, but we have a lot more flexibility, and we're able to accommodate those passengers and it happened. And I think I would describe it as probably a fair amount of share shift.

萊斯利，我想說，在前幾個季度和前幾年中，我們可能沒有大規格的飛機來充分容納所有不同範圍的乘客類型和產品類型。我們現在才剛開始，但我們有更多的彈性，我們能夠容納這些乘客，這一切都發生了。我想我會將其描述為可能是相當數量的股權轉移。

Moving to the next caller, Mary Schlangenstein from Bloomberg News.

接下來是下一位來電者，來自彭博新聞社的瑪麗‧施蘭根斯坦。

I wanted to ask you about the situation in Israel. And whether you are assessing potential for that to spread to other areas and perhaps even to some areas of Europe where you may have to cancel more flights because people might be poking away over worries. And if you're seeing any of that already where that's shifted to other countries or other cities that you serve?

我想問以色列的情況。您是否正在評估這種情況蔓延到其他地區的可能性，甚至可能蔓延到歐洲的某些地區，您可能必須取消更多航班，因為人們可能會因為擔憂而逃避。如果您已經看到其中任何一個已經轉移到您服務的其他國家或其他城市？

We're not seeing that at all.

我們根本沒有看到這一點。

Moving to our next caller Justin Bachman from the Messenger.

接下來是 Messenger 的下一位來電者 Justin Bachman。

I wanted to go back to Scott's point about the industry landscape changing. And I was hoping that you might be able to elaborate a bit on that, where if we are facing a situation where every American chooses to fly Delta and United, what does that suggest where -- for the rest of the industry as far as other players, do they become smaller, more niche or is there just too many airlines out there? I just wanted to see if you could expand on what that suggests over time.

我想回到斯科特關於產業格局變化的觀點。我希望您能夠詳細說明一下，如果我們面臨著每個美國人都選擇乘坐達美航空和美聯航航班的情況，這對該行業的其他公司以及其他行業來說意味著什麼？參與者，他們是否變得更小、更小眾，還是航空公司太多了？我只是想看看你是否可以隨著時間的推移擴展這些建議。

I don't think it suggest that, but I think what we are proving is that customers care about quality, product and service. And I think because of that, the airlines will succeed are going to invest in quality product and services. And if you don't do that, you're going to fail.

我不認為這表明這一點，但我認為我們正在證明的是客戶關心品質、產品和服務。我認為正因為如此，航空公司將投資於優質產品和服務，以取得成功。如果你不這樣做，你就會失敗。

And Justin, I'm going to jump in on this as well. What has changed is cost convergence, right? At this point, we're able to provide incremental seats to our customers at a price point that is competitive with the ULCCs and we provide a better product. And so customers are choosing to fly a better product at a similar price and we are just getting started.

賈斯汀，我也將參與其中。改變的是成本趨同，對吧？此時，我們能夠以與 ULCC 競爭的價格向客戶提供增量座位，並且我們提供更好的產品。因此，客戶選擇以相似的價格飛行更好的產品，而我們才剛開始。

Right. No, I fully understand that. I'm just thinking, if you play that movie out, what does that suggest for the competitive landscape in 2, 3, 4 years, if those trends continue and things don't continue as they have been?

正確的。不，我完全理解這一點。我只是在想，如果你播放那部電影，如果這些趨勢繼續下去並且事情不會像以前那樣繼續下去，這對 2、3、4 年後的競爭格局意味著什麼？

That's a question for those airlines, not for us.

這是那些航空公司的問題，而不是我們的問題。

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

現在我將把電話轉回給克里斯蒂娜·愛德華茲（Kristina Edwards）做總結發言。

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 next quarter.

感謝您今天加入通話。如果您有任何其他問題，請聯絡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, and you may now disconnect.

謝謝你們。今天的會議到此結束，您現在可以斷開連線了。