聯合航空 (UAL) 2024 Q3 法說會逐字稿

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Good morning, and welcome to United Airlines Holdings earnings conference call for the third-quarter 2024. My name is Krista and I will be your conference facilitator today. Following the initial remarks from management, we will open the lines for questions. (Operator Instructions)

早安，歡迎參加聯合航空控股公司 2024 年第三季收益電話會議。 在管理層發表初步評論後，我們將開放提問熱線。 （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.

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。

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

現在，我將把簡報交給今天電話會議的主持人、投資者關係董事總經理 Kristina Edwards。 請繼續。

Thank you, Krista, and good morning, everyone, and welcome to United's Third Quarter 2024 earnings conference call. Yesterday, we issued our earnings release, which is available on our website at ir dot united.com. Information in yesterday's release and remarks made during this conference call may contain forward-looking statements which represent the Company's current expectations are forward looking statements are based upon information currently available to the Company .

謝謝克里斯塔，大家早安，歡迎參加美聯航 2024 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 dot United.com 上取得。 昨天發布的資訊和本次電話會議期間的言論可能包含代表公司目前預期的前瞻性陳述，這些陳述是基於公司目前掌握的資訊。

A number of these factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release and Form 10-K and 10-Q and other reports filed with the SEC by United Airlines, building and United Airlines for a more thorough description of these factors, unless otherwise noted, 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 us.

其中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。 請參閱我們的收益發布以及10-K 和10-Q 表格以及聯合航空、建築和聯合航空向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，否則我們將討論我們的財務指標本次電話會議基於非公認會計原則，請參閱我們新聞稿中的相關定義和調節。

Installation of these non-GAAP measures to the muster directed directly comparable GAAP measures, please refer to the tables at the end of our earnings release.

將這些非公認會計準則衡量標準與直接可比較的公認會計準則衡量標準結合，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, our Chief Executive Officer, Scott Kirby, President; Brett Hart, Executive Vice President and Chief Customer Officer; Linda Jojo, Vice President; and Chief Commercial Officer Andrew Nocella; and Executive Vice President and Chief Financial Officer, Mike Leskinen.

我們的執行長兼總裁 Scott Kirby 今天參加了我們的電話會議，討論我們的業績和前景。 Brett Hart，執行副總裁兼首席客戶長；琳達‧喬喬，副總裁；首席商務官安德魯‧諾塞拉 (Andrew Nocella)；執行副總裁兼財務長 Mike Leskinen。

And in addition, we have other members of the executive team online available to assist with the Q&A. And now I'd like to call turn the call over to Jeff for a bridge.

此外，我們還有其他線上執行團隊成員可以協助問答。 現在我想打電話給傑夫轉接電話。

Kristina, and good morning, everyone. Before we start, I wanted to acknowledge the devastation that has occurred in the Southeast to severe hurricanes that impacted the region's. So, you know, team is working overtime for customers and employees. So for the node in both the orders, we've also raised hurricane relief funds and transporters military. Those are the reasons.

克里斯蒂娜，大家早安。 在我們開始之前，我想承認東南部地區遭受嚴重颶風破壞。 所以，你知道，團隊正在為客戶和員工加班。 因此，對於這兩個命令中的節點，我們也籌集了颶風救援資金和運輸軍。 這些就是原因。

Turning to the quarter, the inflection we spoke about on our last call happened there. We're seeing unprofitable Congress to begin to exit the market, leading to the expected domestic yield improvements from once again delivered a solid quarter. And I won't think that, you know to you for taking care of our customers and producing these strong results, all while strengthening our culture that puts the safety of our customers, employees.

談到本季度，我們在上次電話會議中談到的變化就發生在那裡。 我們看到無利可圖的國會開始退出市場，導致預期的國內殖利率再次實現穩健的季度改善。 我不認為，您知道您照顧我們的客戶並取得了這些出色的成果，同時加強了我們的文化，確保我們的客戶和員工的安全。

First, today's results are another proof point of what we've been outlined was going to happen on these calls for several years now, both United and in the industry. More broadly, how have we gotten here over the last several years, you know, has worked hard to improve the customer experience.

首先，今天的結果再次證明了我們幾年來在這些電話會議中所概述的事情將會發生，無論是曼聯還是業界。 更廣泛地說，我們在過去幾年中是如何做到這一點的，你知道，我們一直在努力改善客戶體驗。

Let's start with a great culture and great people that are proud to be a part of United and what you are customers to fuel the sodium was over a multiyear period. We've also made significant product investments that are important to our customers like new aircraft with seatback screens empower their receipt, expanded glove and the fastest wildfires in the industry with Starwood.

讓我們從偉大的文化和偉大的員工開始，他們為成為美聯航的一員而感到自豪，以及你們多年來為鈉提供燃料的客戶。 我們還進行了對客戶來說非常重要的重大產品投資，例如帶有座椅靠背屏幕的新飛機（可讓他們收據）、擴展的手套以及喜達屋業內最快的野火。

It is also the pure innovation leader in global aviation in our technology is now without question the best of any airline in the world and by a wide margin. What are the most common comments are different customers now is about how much better the node up than any other airline .

它也是全球航空業純粹的創新領導者，我們的技術毫無疑問是世界上最好的航空公司，而且遙遙領先。 現在不同的客戶最常見的評論是關於該節點比任何其他航空公司好多少。

But no investment is more important than mill was $10 billion investment we've made in our people over the last four years. During this time, we also reached industry-leading contracts with four of our five major workgroups recurrently of federal mediation with the AFA. We're committed to reaching the same kind of agreement for flows, but we knew doing all that following COVID would be difficult.

但沒有什麼投資比工廠更重要了，過去四年我們為員工投資了 100 億美元。 在此期間，我們還與經常與 AFA 進行聯邦調解的五個主要工作組中的四個達成了行業領先的合約。 我們致力於就流量達成同樣的協議，但我們知道在新冠疫情之後要做這一切將會很困難。

We could have just hope that the world would revert to pre-COVID doors. That's allowed us to be considered. We are ahead of the curve and often move opposite the consensus. And we've been consistently right all of these actions and investments combined with our you know, next plan has propelled United to a leadership position operationally financially and for our customers, employees.

我們只能希望世界能夠回到新冠疫情前的狀態。 這讓我們得以被考慮。 我們走在潮流的前面，常常與共識背道而馳。 我們一貫正確的所有這些行動和投資，再加上我們的下一步計劃，已經推動美聯航在財務運營以及客戶和員工方面處於領先地位。

All these actions position United provide benefits to all of our stakeholders financially stable, secure career for our people, improved experience for customers. And now that we've done those two things, we can return value to our shareholders. This success has led to our strong financial results for the facilitated our ability to restore our balance sheet and position us to take the next step and solidify our leadership position in the industry. Our Board of Directors has approved a $1.1 billion share repurchase program.

所有這些行動都使美聯航能夠為我們所有利害關係人帶來利益，讓我們的員工獲得穩定的財務、有保障的職業生涯、改善客戶體驗。 現在我們已經完成了這兩件事，我們可以為股東回報價值。 這一成功為我們帶來了強勁的財務業績，促進了我們恢復資產負債表的能力，並使我們能夠採取下一步行動並鞏固我們在行業中的領導地位。 我們的董事會已批准一項價值 11 億美元的股票回購計畫。

Mike will go into the details about our capital allocation framework for this is a critical next step for United as we work to crude value for all of our stakeholders were proud of our current results and excited about the innovation that we have ahead for customers. But we're also glad to see that the industry inflection point, which we've been predicting has actually happened. We believe that also with that, I'll hand it to Brett.

麥克將詳細介紹我們的資本配置框架，因為這是美聯航關鍵的下一步，因為我們致力於為所有利益相關者創造粗略價值，他們對我們當前的成果感到自豪，並對我們為客戶帶來的創新感到興奮。 但我們也很高興看到我們一直預測的產業轉折點實際上已經發生了。 我們相信，我也會把它交給布雷特。

Thank you, Scott, and good morning. I'd also like to thank the United team for closing out this summer. On a high note, this quarter was the busiest third quarter in Company history setting the company records for the most ever passengers carried from the July fourth and Labor Day holidays for the highest number of customers carried in a day at 552,000 in July.

謝謝你，斯科特，早安。 我還要感謝曼聯今年夏天的結束。 值得注意的是，本季是公司歷史上最繁忙的第三季度，創下了公司自 7 月 4 日和勞動節假期以來載客量最多的記錄，7 月份單日載客量最高為 552,000 人。

Despite record numbers of passengers and challenging weather across our network, we ranked first in on-time departure and second in on-time arrival amongst major US airlines, the third quarter with the best on-time departure in the month of August and September. These results are testament to the investments we've made in our operations, resources and tools to bolster the durability and resilience of our operation.

儘管我們網路上的旅客數量創歷史新高，且天氣條件惡劣，但我們在美國主要航空公司中，起飛準點率排名第一，到達準時率排名第二，第三季度出發準點率最好的是8月和9 月。 這些結果證明了我們在營運、資源和工具方面所做的投資，以增強我們營運的持久性和彈性。

These investments, along with what we've learned from operating in challenging geographies has further improved our recovery during whether an irregular operations events. In addition, our safety measures have only become stronger this year with additional investments in our people and technology.

這些投資，加上我們在充滿挑戰的地區營運中學到的經驗，進一步改善了我們在發生不正常營運事件時的復原力。 此外，隨著對人員和技術的額外投資，我們的安全措施今年只會變得更加強大。

This year, we launched training for our pilots focused on safety and professionalism and more will be rolled out next year. We added additional safety resources across the operation, and we are investing in new technology that will make it easier for employees to engage with our safety programs. Running a safe and reliable operation is the backbone of this airline and one of the many contributors to the success of our business.

今年，我們為飛行員啟動了以安全和專業為重點的培訓，明年還將推出更多培訓。 我們在整個營運過程中增加了額外的安全資源，並且正在投資新技術，使員工更容易參與我們的安全計畫。 安全可靠的營運是這家航空公司的支柱，也是我們業務成功的眾多貢獻者之一。

Investing in the customer experience has also been key widening our competitive advantage. Our NPS scores continue to reflect the benefit from these investments. Our third quarter NPS was up five points versus the same period last year. And it's up 24 points versus 2019 year to date. These results would not have been possible without the vision and leadership of our Executive Vice President and Chief Customer Officer, Linda Jojo last month lend to share the news as she will retire at the end of this year.

投資客戶體驗也是擴大我們競爭優勢的關鍵。 我們的 NPS 分數繼續反映這些投資的收益。 我們第三季的 NPS 比去年同期上升了 5 個百分點。 與 2019 年迄今相比，上漲了 24 個百分點。 如果沒有我們的執行副總裁兼首席客戶長 Linda Jojo 的遠見和領導力，這些成果是不可能實現的。

Her 10 years, and I lead a team that revolutionized air travel and has enabled so many of our industry leading customer innovations. These innovations have continued to set United apart and have delivered real value to our brand and our business. But the most lasting element of our legacy, it likely to be the impact that she had on our call culture and is well known across the company for for commitment to mentoring.

在她和我的 10 年裡，我們領導的團隊徹底改變了航空旅行，並為我們許多領先業界的客戶帶來了創新。 這些創新繼續讓美聯航脫穎而出，並為我們的品牌和業務帶來了真正的價值。 但我們遺產中最持久的元素可能是她對我們的通話文化的影響，並且因致力於指導而在整個公司廣為人知。

The next generation of leaders that United, especially ones, countless people, men and women across the airline, not just on her team have benefited from wind. His wisdom and or willingness to generously shared leadership will not be easily replaced, but it's certainly an example. We'll aim to follow. Now that I have thoroughly embarrassed her, let me hand it off to Linda to talk about the changes you've seen at United in our 10 years.

美聯航的下一代領導人，尤其是航空公司的無數員工，而不僅僅是她的團隊，都從風中受益。 他的智慧和/或慷慨地分享領導力的意願不會輕易被取代，但這無疑是一個例子。 我們將致力於追隨。 現在我已經讓她徹底尷尬了，讓我把這個問題交給琳達來談談你在曼聯這十年裡看到的變化。

Thanks, Brett. We believe that United has the best hub cities, the best network on the best people to create an airline that customers choose to fly. We need to deliver great customer experience. That's why over the last decade, we've invested over $14 billion in technology to help our employees work more efficiently and deliver outstanding service.

謝謝，布雷特。 我們相信，美聯航擁有最好的樞紐城市、最好的網路和最優秀的人才，能夠創造一家客戶選擇搭乘的航空公司。 我們需要提供出色的客戶體驗。 這就是為什麼在過去十年中，我們投資了超過 140 億美元的技術來幫助我們的員工更有效率地工作並提供卓越的服務。

We believe these investments getting United a unique competitive advantage, further strengthening our brand and foster a culture of innovation that's hard to match. For example, one of the tough decisions we made when I joined United was the issue I phones to our flight attendants. Once these devices were in our employees' hands and unlock a new way of thinking for both our frontline and our digital technology teams.

我們相信這些投資將為美聯航帶來獨特的競爭優勢，進一步強化我們的品牌並培養難以匹敵的創新文化。 例如，當我加入美聯航時，我們做出的艱難決定之一就是我打電話給空服員的問題。 一旦這些設備到達我們的員工手中，就會為我們的第一線和數位技術團隊開啟一種新的思維方式。

These devices now help our flight attendants, deliver more personalized service from recognizing someone's birthday to offering in a moment, care to share in connecting gate inflammation, building a stronger connections with our customers and drive a higher NPS scores.

這些設備現在可以幫助我們的空服員提供更個人化的服務，從識別某人的生日到立即提供服務，關心分享連接登機口的炎症，與我們的客戶建立更牢固的聯繫並提高 NPS 分數。

Along the way. We've also moved to a paperless flight deck issued, I pass to our technicians upgraded our contact center crew scheduling on airport tools, resulting in more efficient aircraft times and better communication, especially during irregular operations.

一路上。 我們也轉向了無紙化駕駛艙，我向我們的技術人員傳達了升級了我們的聯絡中心機組人員在機場工具上的調度，從而實現了更高效的飛機時間和更好的通信，特別是在不規則操作期間。

This culture of innovation, combined with our investments in our technique, IT infrastructure enabled us to launch dozens of industry first capabilities for our customers. Employees. For example, we lost connection save our more than five years ago during the day for over 3 million customers. Since then have a customer benefits still not copied by other airlines like Scott, I'm very proud of our app. It's used by 90% of our customers on the day of travel for.

這種創新文化與我們對技術和 IT 基礎設施的投資相結合，使我們能夠為客戶推出數十項業界首創的功能。 僱員。 例如，我們在五年多前的白天為超過 300 萬客戶失去了連線。 從那時起，我們的客戶福利仍然沒有被像斯科特這樣的其他航空公司複製，我對我們的應用程式感到非常自豪。 我們 90% 的客戶在旅行當天都會使用它。

They can save up to 30 minutes at the airport. And when things don't go as planned, we take steps to automatically rebooking. And we've introduced new features like allowing customers to list standby for earlier flight and access to hotel and the other items, our self-service success rate in the it has doubled since making these changes, which translates to customers getting on their way faster and our employees freed up to assist those customers who need more help.

他們可以在機場節省最多 30 分鐘的時間。 當事情沒有按計劃進行時，我們會採取措施自動重新預訂。 我們還推出了新功能，例如允許客戶列出較早航班的候補名單以及酒店和其他項目的使用權，自進行這些更改以來，我們的自助服務成功率增加了一倍，這意味著客戶可以更快地出發我們的員工也騰出時間來幫助那些需要更多幫助的客戶。

Our patented agent onto and technology gives customers the option to test, talk or video call a live agent from United app and enables our teams to collaborate across airports, aligning our people resources to where they're needed.

我們的專利代理技術讓客戶可以選擇透過美聯航應用程式對現場代理進行測試、交談或視訊通話，並使我們的團隊能夠跨機場協作，將我們的人力資源調整到需要的地方。

Most during a recent harm in Houston, over 7,000 customers got live, got help from live United airport agents already on duty and other airports who were not impacted by the storms. Our pace of innovation continues so far this year, we've allowed customers to be automatically move to the preferred C printed a flight filter So travelers can confirm an aircraft can accommodate their wheelchair, expanded live activities to Apple Watch and signed the industry's largest deal with StarLink for interest in-flight WiFi.

在休士頓最近發生的災害中，超過 7,000 名乘客在現場得到了幫助，他們得到了已經值班的美聯航機場工作人員和其他未受風暴影響的機場的幫助。 今年到目前為止，我們的創新步伐仍在繼續，我們已經允許客戶自動轉移到首選的C 列印飛行過濾器，以便旅客可以確認飛機是否可以容納他們的輪椅，將現場活動擴展到Apple Watch，並簽署了業界最大的協議與 StarLink 一起享受飛行中的 WiFi。

The StarLink announcement was a full circle moment from a finding a way to improve in-flight WiFi many years long challenge. And like when we gave eyeballs to our flight attendants nearly a decade ago, I think this will completely transform the onboard experience in ways. We probably can't imagine today. And that's why I can't wait to see what the team on the next, I'll now hand it over to Andrew to talk about the revenue environment.

StarLink 的發布是一個完整的循環時刻，源自於多年來尋找改進機上 WiFi 的方法的挑戰。 就像近十年前我們對空服人員的關註一樣，我認為這將在某種程度上徹底改變機上體驗。 今天的我們恐怕無法想像。 這就是為什麼我迫不及待地想看看球隊接下來會做什麼，我現在將其交給安德魯來談論收入環境。

It's been an exciting decade at United. Thank you, Linda. The United. We take great pride in our leaving rather than results over the last few years. Our segmentation strategies, multiple product choices from basic pillars and network capacity deployment decisions have created strong relative margins for United versus others.

在曼聯度過了激動人心的十年。 謝謝你，琳達。 聯合。 我們對自己的離開而不是過去幾年的成果感到非常自豪。 我們的細分策略、基本支柱的多種產品選擇以及網路容量部署決策為美聯航創造了相對於其他公司而言較高的相對利潤。

Elimination of change fees swapping out a single class RGA's for Mainland. Jeff has been very positive for United and negative for our competitors. Turning to our third quarter revenue results . United top line revenue grew 2.5% year over year to $14.8 billion on 4.1% more capacity versus the third quarter of '23.

取消將單級 RGA 更換為大陸的變更費用。 傑夫對曼聯非常積極，但對我們的競爭對手持消極態度。 轉向我們第三季的收入結果。 美聯航營收年增 2.5%，達到 148 億美元，運力較 2023 年第三季增加 4.1%。

Consolidated traffic was down 1.6% year over year, aligned with our expectations of a challenge in domestic industry capacity dynamic in July. As expected, we reached the domestic inflection point. Domestic presence was slightly positive in August and September year over year, which was a material improvement from earlier in the quarter were down 4%. United's domestic capacity in 20 that the industry remove unprofitable capacity in earnest in Q4.

綜合運輸量年減 1.6%，符合我們對 7 月國內產業產能動態面臨挑戰的預期。 正如預期的那樣，我們已經到達了國內拐點。 8 月和 9 月的國內業務同比略有增長，較本季早些時候下降 4% 有了實質改善。 聯合國內產能達20%，顯示產業在第四季認真剔除不獲利產能。

As a result, United expanded slower than most during the first three quarters of the year when capacity dynamics were less favorable. But importantly, our timing was right tools in our growth this quarter or the industry conditions would be the best network and business model changes due to large financial losses by others are resulting in improving domestic and near Latin America pricing and yield environment.

因此，今年前三個季度，當運力動態不太有利時，美聯航的擴張速度比大多數公司都慢。 但重要的是，我們的時機是本季成長的正確工具，或者產業條件將是最好的網路和商業模式變化，因為其他人的巨額財務損失正在改善國內和拉丁美洲附近的定價和收益環境。

We expect more of the same in 2025. The time in our rigorous push into Europe in 2022 and 2023 proved to be spot on with recovering demand post pandemic. This year, we allowed capacity added in 2022 and 2023 to mature, creating good Rajan result. We entered Q4 with momentum across the Atlantic as resin growth was strong.

我們預計 2025 年會出現更多相同的情況。 今年，我們讓2022年、2023年新增產能成熟，創造了良好的拉詹成績。 由於樹脂增長強勁，我們在跨大西洋的勢頭中進入了第四季度。

Angus, as we exited Q3, a plus 4% gotten pretty good at knowing when and where to grow and just as importantly, none when and where not to grow. While our Asia Pacific never is solidly profitable. Asia rather than was challenged in the quarter as we continue to face China and South Pacific headwinds, driven by simply returning to a more normalized revenue environment. United expanded Asian capacity by 27% year over year, up from two 3% and 50% in the last 12 months.

安格斯，當我們退出第三季時，有 4% 的人非常擅長知道何時何地成長，同樣重要的是，沒有人知道何時何地不成長。 而我們的亞太地區卻從未實現穩定獲利。 亞洲在本季並沒有受到挑戰，因為我們繼續面臨中國和南太平洋的逆風，而這只是由於恢復了更正常化的收入環境而推動的。 美聯航在亞洲的運能年增了 27%，高於過去 12 個月的 3% 和 50%。

Dividend capacity across the network remains a focus. As we enter Q4, we're in the process of recalibrate. We are reallocating underperforming narrow body capacity in our Guam operation to create new revenue pools and activity in Tokyo. United's plant-specific growth will moderate to 7% in Q4 and further again in 2025.

整個網路的分紅能力仍然是一個焦點。 當我們進入第四季度時，我們正在進行重新校準。 我們正在重新分配關島業務中表現不佳的窄體飛機運力，以在東京創造新的收入池和活動。 美聯航的具體工廠成長率將在第四季放緩至 7%，並在 2025 年進一步放緩。

We plan to return to more typical specific growth rate once our post pandemic network is fully restored, but stronger year-over-year performance expected across the Atlantic and Pacific in Q4. United has also seen a much better global year over year rather outlook for fiscal oh three. We remain bullish about the long-term growth prospects of our global long of time for structural shift in profitability is evident in two of the three international entity that United so far in 2024.

一旦我們的疫情後網路完全恢復，我們計劃恢復到更典型的具體成長率，但預計第四季度大西洋和太平洋地區的同比業績將更加強勁。 曼聯的全球財務前景也比去年好得多。 我們仍然看好我們的全球長期成長前景，因為獲利能力的結構性轉變在 2024 年迄今為止聯合航空的三個國際實體中的兩個中是顯而易見的。

We're optimistic that performance to Latin America will improve in the coming quarters as the region to see and significantly significant capacity asset rationalization by low margin airlines. United's network health remains strong, all united hubs and all four entities produce profits in Q three produce profits year to date and produce profits over the last 12 months. Corporate demand acceleration was nice to see in September across all regions and is expected to continue into Q4.

我們樂觀地認為，拉丁美洲的業績將在未來幾季有所改善，因為該地區的低利潤航空公司將進行顯著的運力資產合理化。 美聯航的網路健康狀況依然強勁，所有美聯航樞紐和所有四個實體在第三季度均產生了利潤，今年迄今也產生了利潤，並且在過去 12 個月內產生了利潤。 9 月份，所有地區的企業需求加速成長，預計將持續到第四季。

Contracted corporate revenues were up 13% in September at 95% in 2019. Revenues, which is 13 points higher than July and August United to centered in the largest business markets and test corporate demand expands, we expect a material tailwind. Load factor from managed business was down nearly 2.5 points in Q three still versus 2019, and we look forward to a slow but steady gains as we enter 2025.

9 月合約企業營收成長13%，達到2019 年的95%。力。 與 2019 年相比，第三季託管業務的負載率仍下降了近 2.5 個百分點，我們期待在進入 2025 年時緩慢但穩定的成長。

We've seen eight of the top 10 biggest post pandemic corporate revenue booking days since the start of September, including the biggest day and United history revenue, United's premium cabins was up 2% in Q. three. Premium Cabin resin perform better than Main Cabin and all entities during the quarter or the other.

自9 月初以來，我們已經看到疫情後企業收入最高的10 個預訂日中的8 個，其中包括美聯航歷史上收入最高的一天，美聯航的高級客艙在第三季度增長了2% 。 高級艙樹脂在本季或其他季度的表現優於主艙和所有實體。

In the spectrum. Basic Economy arranged an important product with volumes up 21% year over year. Mileageplus revenue was up 11%, and our connected media business continues to spool up as we invest in technology and seatback screens to create new high-margin revenue streams. Asset membership Mileage Plus was up 13% year over year, and holders of a credit card have reached a new penetration record with credit cards have been reached new records, up 9% year over year.

在光譜中。 基礎經濟艙安排了重要產品，銷售量較去年同期成長 21%。 前程萬裡 (Mileageplus) 收入增長了 11%，隨著我們投資於技術和座椅靠背屏幕以創造新的高利潤收入來源，我們的互聯媒體業務繼續蓬勃發展。 資產會員「前程萬裡」(Mileage Plus) 較去年同期成長 13%，信用卡持卡人滲透率達到新紀錄，其中信用卡滲透率達到新紀錄，較去年同期成長 9%。

Shown flyers increasingly engaged with all United has to offer. I will end with a quick view of the revenue set up for early 2025. Much of the revenue challenges we have seen in Q3 were and we yields for domestic leisure customers who book travel far out as we look into Q1 were selling these very same tickets at yields that are much higher.

所顯示的傳單越來越多地與美聯航提供的所有服務相關聯。 最後，我將快速瀏覽一下2025 年初設定的收入。的機票的收益率要高得多。

We believe Q1 yield strength will be possible due to the significant schedule changes and business model changes that that will continue to be implemented by low margin airlines. While there's still a bunch of noise in Q4 due to the multiple calendar shifts that make the positive magnitude of the domestic revenue pivot a bit difficult to see for some environment is improving rapidly just as we anticipated, in addition to the positive yield leisure yields we expect in Q1, we're clearly seeing an acceleration of return to office policies, which are driving corporate traffic revenue growth and an accelerated level and creating a great setup for 2025.

我們相信，由於低利潤航空公司將繼續實施重大的航班時刻表變化和業務模式變化，第一季的收益率將可能強勁。 儘管由於多個日曆變化，第四季度仍然存在大量噪音，這使得國內收入樞軸的積極幅度有點難以看到，因為某些環境正在迅速改善，正如我們預期的那樣，除了我們的休閒收益率為正值之外預計第一季度，我們明顯看到重返辦公室政策的加速，這正在推動企業流量收入的成長和加速水平，並為 2025 年創造了良好的基礎。

Further. As I said earlier, Asia unit revenues are clearly pivoted in Q4. Thanks to the entire team for a job well done. With that, I'll turn it over to Mike to discuss our financial results.

更遠。 正如我之前所說，亞洲單位收入在第四季明顯改變。 感謝整個團隊的出色工作。 接下來，我會將其交給麥克討論我們的財務表現。

Thanks, Andrew, and thank you to United team for another solid quarter. In the third quarter, we delivered a pretax margin of 9.7% and earnings per share of $3.33 above the high end of our guidance range. Despite challenges from the CrowdStrike outage and suspension of our flights to Tel Aviv in Oman, revenue trends improved across most geographies as industry capacity rationalize all while we see that all while we saw relief in fuel prices, customers continue to choose United as we invest in our hard product, our people and a resilient cooperation.

謝謝安德魯，也感謝曼聯又一個穩定的季度。 第三季度，我們的稅前利潤率為 9.7%，每股收益為 3.33 美元，高於我們指導範圍的上限。 儘管受到CrowdStrike 中斷和飛往阿曼特拉維夫航班暫停的挑戰，但隨著行業運力的合理化，大多數地區的收入趨勢有所改善，同時我們看到，儘管燃油價格有所下降，但客戶繼續選擇美聯航，因為我們投資於我們的硬產品、我們的員工以及堅韌的合作。

Turning to costs in the quarter causing a CASMex was up 6.5% on 4.1% capacity growth for the third quarter of last year. Reflected CASMex to be pressured in the quarter with lower capacity growth. This was further amplified with an approximately one point reduction in capacity from CrowdStrike and suspension until the winter months. We look to the fourth quarter, we expect some unit cost improvement of labor headwinds moderate and our capacity growth steps back up .

就本季的成本而言，CASMex 成長了 6.5%，而去年第三季的運力成長了 4.1%。 反映出 CASMex 在本季面臨產能成長放緩的壓力。 由於 CrowdStrike 的容量減少了約 1 個百分點並暫停至冬季，這一情況進一步放大。 展望第四季度，我們預期勞動力逆風溫和，單位成本將會改善，我們的產能成長將回升。

We expect that our costs will remain pressured from reduced capacity, where the reductions in both our domestic and Atlantic schedules and delivered delivery delays from Airbus and Boeing. As we look ahead the CASMex in 2025, we expect to see tailwinds from better utilization and firmer capacity plans. Assuming OEM delivery delays moderate, we expect to continue to see pressure from labor agreements of around two to three points, which should mean industry headwinds as well.

我們預計，我們的成本仍將因運力減少而受到壓力，其中包括我們的國內和大西洋航班時間表的減少以及空中巴士和波音的交付延遲。 當我們展望 2025 年的 CASMex 時，我們預計將看到更好的利用率和更堅定的產能計畫帶來的動力。 假設 OEM 交貨延遲適度，我們預計將繼續面臨約兩到三個百分點的勞工協議壓力，這也意味著產業逆風。

For the fourth quarter, we expect earnings per share to be between $2.50 and $3. Turning to the fleet. In the quarter, we took delivery of 17 Boeing MAX aircraft and three, a 2021 neo aircraft. In the fourth quarter, we expect to take delivery of 19 narrow-body aircraft and three wide-body aircraft.

我們預計第四季每股收益將在 2.50 美元至 3 美元之間。 轉向艦隊。 本季度，我們接收了 17 架波音 MAX 飛機和三架 2021 neo 飛機。 第四季度，我們預計將接收19架窄體飛機和3架寬體飛機。

Our estimate accounts for our current assessment of the impact of delays of both Airbus and Boeing. To put these deliveries, we now expect full-year adjusted capital expenditures to be less than $6.5 billion. On capital allocation.

我們的估計考慮了我們目前對空中巴士和波音延誤影響的評估。 為了實現這些交付，我們現在預計全年調整後的資本支出將低於 65 億美元。 關於資本配置。

Our United next plan is working and the airline industry is in the midst of a positive transformation, but the commoditization of our customers are choosing United based on the wide selection of products from premium international seats to flexible travel for domestic business travelers and basic economy for us, price-sensitive customers, our investments have solidified a leading position for us in the industry.

我們的美聯航下一個計劃正在實施，航空業正處於積極轉型之中，但我們的客戶正在選擇美聯航，因為我們的商品化是基於從高級國際座位到針對國內商務旅客的靈活旅行以及針對國內商務旅客的基礎經濟艙的廣泛產品選擇。

As our strategy has worked, our relative profitability has improved materially, but our stock hasn't kept up. We believe there's tremendous value in our shares and now have a balance sheet and free cash flow to opportunistically repurchase those shares.

由於我們的策略發揮了作用，我們的相對盈利能力大幅提高，但我們的股票卻沒有跟上。 我們相信我們的股票具有巨大的價值，現在擁有資產負債表和自由現金流，可以趁機回購這些股票。

Our Board Chair of this program that we intend to execute beginning this quarter and throughout 2025, this program will be funded by free cash flow generation as we expect our profitability to improve. It's imperative that we balance our priorities of investing in the business and consistently returning value to our shareholders.

我們打算從本季度開始一直到 2025 年執行該計劃，該計劃的董事會主席將透過自由現金流產生提供資金，因為我們預計我們的獲利能力將得到改善。 我們必須平衡業務投資和持續為股東回報價值的優先事項。

While also deleveraging our current. That leverage is 2.7 times and we are targeting below two times in the next few years. In parallel with new buyback authorization, I'm happy to share that we've already repurchased approximately 82 million shares that were issued when a portion of the warrants originally granted to the US Treasury under the CARES Act. Payroll Support Program were exercised during the quarter, repurchase of just over 2 million shares fully offset the dilution associated with these exercise warrants.

同時也在去槓桿化我們的當前。 該槓桿率為 2.7 倍，我們的目標是未來幾年低於兩倍。 在獲得新的回購授權的同時，我很高興地告訴大家，我們已經回購了大約 8200 萬股股票，這些股票是在最初根據 CARES 法案授予美國財政部的部分認股權證時發行的。 薪資支持計劃在本季度行使，回購了略多於 200 萬股的股票，完全抵消了與這些行使認股權證相關的稀釋。

The shares were purchased at an average price of $39.99. We're delivering on our financial commitments and expect to deliver on our EPS guidance for the 2nd year in a row. We're greatly encouraged by our third quarter performance and the progress we made, the positively differentiate our product, increased transom, improve our balance sheet and return cash to shareholders. The future at United Airlines is incredibly bright.

這些股票的平均價格為 39.99 美元。 我們正在兌現我們的財務承諾，並預計連續第二年兌現我們的每股盈餘指引。 我們對第三季的業績和取得的進展感到深受鼓舞，我們的產品具有積極的差異化優勢，增加了橫梁，改善了我們的資產負債表並向股東返還現金。 聯合航空的未來非常光明。

With that, I'll pass it over to Christina to start the Q&A.

接下來，我將把它交給克里斯蒂娜來開始問答。

I think that things like will now take questions from analyst Q&A. Please limit yourself to one question and if needed. one follow-up question, Chris, that please describe the procedure to ask a question.

我認為類似的事情現在將接受分析師問答的提問。 如果需要，請限制自己提出一個問題。 克里斯，一個後續問題，請描述提問的程序。

(Operator Instructions) Conor Cunningham, Melius Research.

（操作員說明）Conor Cunningham，Melius Research。

Thank you, Tom. A question I get a pretty often from investors is just how you plan to capitalize on an evolving industry backdrop and 25, many of your car, your competitors are making significant changes to the network and product. When you take a step back, where do you see the biggest opportunity in the U.S. domestic next year? Thank you.

謝謝你，湯姆。 我經常從投資者那裡得到的一個問題是，你計劃如何利用不斷變化的行業背景，25，你的許多汽車，你的競爭對手正在對網路和產品做出重大改變。 退一步來說，您認為明年美國國內最大的機會在哪裡？ 謝謝。

I've tried to take it and we're focused on United and you know, our outlook and continuing to develop United Next Plan. So there's a lot of opportunity. I think first of all, we're going to continue to build activity in our mid-con hubs. We add that as one of our newer restaurants for a long time time will continue to do that. But we're also going to continue to invest in the customer to make our product one that they choose more and more often.

我已經嘗試接受它，我們專注於曼聯，你知道，我們的前景並繼續制定曼聯下一步計劃。 所以有很多機會。 我認為首先，我們將繼續在中型中心開展活動。 我們補充說，作為我們的新餐廳之一，在很長一段時間內將繼續這樣做。 但我們也將繼續對客戶進行投資，使我們的產品成為他們越來越頻繁選擇的產品。

And we continue to see market share gains related to that. And then I think the last point, I would say, particularly from a corporate point of view, we see corporate traffic accelerating that's United to bread and butter. We've been waiting for that to happen for a while.

我們繼續看到與此相關的市場份額的成長。 然後我認為最後一點，特別是從企業的角度來看，我們看到企業流量正在加速，這是聯合航空的麵包和黃油。 我們等待這件事發生已經有一段時間了。

Particularly important in Q1, and we think it's going to happen in Q1, and that creates a great set of for us to we're going to stay focused on building products that customers want to buy. We're going to stay focused on building our high yield share as we go forward and build and connectivity. And of course, those in our global network, which is up incredibly well at the last few years.

在第一季尤其重要，我們認為這將在第一季發生，這為我們創造了一系列偉大的條件，我們將繼續專注於打造客戶想要購買的產品。 隨著我們前進和建立連結性，我們將繼續專注於建立我們的高收益份額。 當然，還有我們全球網路中的那些人，該網路在過去幾年中發展得非常好。

Okay, great. Thank you. And then maybe just sticking with are going back to United Next. You know, when we first went that playing out in 2021, obviously a lot has changed your forecasting your double-digit pretax margin by 2026. I was just curious if you could update us on your thought process on how you get to that double digit margin. You've obviously done a very good job of pivoting and driving margins relative to others. But just any thoughts there would be would be helpful. Thank you.

好的，太好了。 謝謝。 然後也許只是堅持回到曼聯下一步。 你知道，當我們在2021 年第一次進行這種情況時，顯然，你對2026 年稅前利潤率達到兩位數的預測發生了很大的變化。你如何達到兩位數的最新思考過程利潤。 與其他公司相比，您顯然在調整和提高利潤方面做得非常好。 但任何想法都會有幫助。 謝謝。

Sure for the past couple of years, we've been describing and industry evolution that we are confident will lead the higher margins that we anticipated that we'd reach an inflection point that we kicked off a multiyear run that looked a lot like the 2012 2014 for airlines earnings investors for some history. In 2011, each of Delta, United and Southwest had pretax margins between 3% and 4%.

當然，在過去的幾年裡，我們一直在描述行業的演變，我們有信心將帶來更高的利潤，我們預計我們將達到一個拐點，我們開始了多年的運行，看起來很像 2012 年2014年對於航空公司的獲利投資者來說有些歷史。 2011年，達美航空、聯合航空和西南航空的稅前利潤率均在3%至4%之間。

Southwest committed to low growth until the road could have certain targets, and they lived up to that commitment for the next three years. three years later, they're margins expanded by nine points of the network. Carriers had expanded by an average of about eight points that all happened, even while the ULCCs were growing 15% to 20% per year. Fast-forward to today, Southwest and what other airline for the larger, let's start with margins that are actually even lower in absolute.

西南航空承諾在道路實現特定目標之前保持低成長，並且他們在未來三年兌現了這一承諾。 三年後，他們的利潤率擴大了網路的九個點。 儘管 ULCC 每年增長 15% 至 20%，但承運商的擴張平均約為 8 個百分點。 快進到今天，西南航空和其他規模更大的航空公司，讓我們從絕對利潤率實際上更低的開始。

So they were in 2011 relative margins that are significantly worse than they were in 2011 response. Southwest has once again mid to long-term capacity commitment. At the same time, the ULCCs may not even survive much less 15% to 20%. And while we've been predicting the Seritage scenario would happen, it's no longer theoretical that happened in mid-August.

因此，2011 年的相對利潤率明顯低於 2011 年的反應水準。 西南航空再次做出中長期運力承諾。 同時，ULCC 的存活率甚至可能低於 15% 至 20%。 雖然我們一直預測 Seritage 場景將會發生，但 8 月中旬發生的情況已不再是理論上的。

The only question now is how much margins expand compared to what happened in the 2012 to 2014 time period? I suppose you have reasonable debate about whether it will be the same eight to nine points or something less, but regardless, there's likely going to be a meaningful expansion of margins in each of the next three years.

現在唯一的問題是，與 2012 年至 2014 年期間相比，利潤率擴大了多少？ 我想你對是否會是相同的八到九個點還是更少有合理的爭論，但無論如何，未來三年的利潤率可能會出現有意義的擴張。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, good morning. And a question on sort of the international expansion. And it sounds like a differentiated strategy, mid sort of leads into the idea of longer lost on. Can you talk a little bit about the rationale here and maybe your process to picking on a nuc Greenland kind of down to the system versus any other city? And what kind of impact seasoning some of these newer routes there and of undiscovered country may have on results for next year? Thank you.

嘿，早安。 還有一個關於國際擴張的問題。 這聽起來像是一種差異化的策略，中間有點導致長期迷失的想法。 你能談談這裡的基本原理嗎？ 那裡和未被發現的國家的一些新航線的調味可能會對明年的業績產生什麼樣的影響？ 謝謝。

Well, thanks for the question. We spend a lot of time debating how and where will grow. And this announcement is clearly caught the attention of a lot of people. Most importantly, our customers and I think it's very exciting announcement with the backdrop for the announcement is the fact that United Airlines simply has the best global gateways in the business. And those global gateways allow us to fly successfully to a broad range to destinations.

嗯，謝謝你的提問。 我們花了很多時間討論如何以及在哪裡發展。 而這個消息顯然引起了許多人的注意。 最重要的是，我們的客戶和我認為這是一個非常令人興奮的公告，其背景是聯合航空擁有業內最好的全球網關。 這些全球門戶使我們能夠成功飛往廣泛的目的地。

We are heavily fly into our partner hubs, which is the traditional model in our business, but we're also able to do just as well financially outside of our partner hubs. And so we look across the globe, we look for new destinations. We look for hot destination and destinations. But most importantly, we can make money and we had a really good track record of this. Very little of what we've added over the last few years.

我們大量飛往合作夥伴中心，這是我們業務中的傳統模式，但我們在合作夥伴中心之外也能在財務上做得同樣好。 因此，我們放眼全球，尋找新的目的地。 我們尋找熱門目的地和目的地。 但最重要的是，我們可以賺錢，而且我們在這方面有著良好的記錄。 我們在過去幾年中添加的內容非常少。

We have canceled. And two. As we look forward, we look for those new destinations and it ended today, Greenland, he's got a lot of attention, but it is only two seven 37 per week. So its impact on our system will be small, but its impact on United our brand and our customer profile and financial Mileage Plus will be great. And there's so much more possible on this front than even I thought was possible five or six years ago.

我們已經取消了。 還有兩個。 當我們展望未來時，我們尋找那些新的目的地，今天結束了，格陵蘭島，他受到了很多關注，但每週只有二七三十七。 因此，它對我們系統的影響很小，但對美聯航品牌、我們的客戶資料以及財務前程萬裡 (Mileage Plus) 的影響將會很大。 這方面的可能性比我五、六年前想像的多很多。

As the United Next Plan and build the connectivity as our global hubs are just in these great cities with high volumes of cargo, high volumes of leisure volume of traffic and most importantly, high volumes of business traffic. We just have a lot to unlock out there.

隨著聯合下一步計畫和建立連結性，我們的全球樞紐就位於這些貨運量大、休閒交通量大、最重要的是商業交通量大的大城市。 我們還有很多東西要解鎖。

We'll do it very carefully, will make sure we're growing profitably, but expect more to come on this front, I think, nine.

我們會非常小心地做這件事，將確保我們的獲利成長，但預計這方面會出現更多，我想，九。

And then maybe just a brief follow-up on the wide-body situation. Boeing's announced they're going to have another delay, the triple Southern Access. How do you think that's going to affect sort of sort of supply and demand as you're looking out on the next couple of years and the delays in production platform for the next generation wide-body?

然後也許只是對寬體機情況的簡短跟進。 波音公司宣布，他們將再次推遲三班南部航線的航班。 當您展望未來幾年以及下一代寬體飛機生產平台的延遲時，您認為這將如何影響某種供應和需求？

So we've talked about this this many times since they run even in the middle dependent on global capacity. A lot of a three these and other wide bodies are grounded and many of those aircraft remain grounded. All the airlines are bringing them back. There's no doubt about that. The fact is that the production lines for wide-body aircraft probably will not keep up with demand over the next three to five years based on everything we see that in turn, I think creates a better set up for the global home network.

因此，我們已經多次討論過這一點，因為它們甚至在依賴全球容量的中間運作。 其中許多三架飛機和其他寬體飛機已停飛，其中許多飛機仍處於停飛狀態。 所有航空公司都將它們帶回來。 毫無疑問。 事實上，根據我們所看到的一切，寬體飛機的生產線可能無法滿足未來三到五年的需求，而我認為反過來會為全球家庭網路創造更好的設置。

We obviously remain bullish on it based on our announcement last week, and we'll do it prudently. But we think the setup is pretty good in the triple seven X appears to be delayed yet again, David.

根據我們上週的公告，我們顯然仍然看好它，我們會謹慎行事。 但我們認為三重七的設定非常好 X 似乎再次被推遲，大衛。

This is Mike. I'll just pile on. We're more focused on the 77 delays, as you might expect us to be. And um, we're rooting for Boeing and they are certainly making some smart decisions. We would apply are there with at least the rumor decision to raise some equity in the capital markets to stabilize the business. B ut as we've seen delays on the 70 sevens, we would expect that there's a bias downward and CapEx if those delivery the delivery delays continue.

這是麥克。 我就繼續堆吧 正如您所期望的那樣，我們更關注 77 次延誤。 嗯，我們支持波音公司，他們肯定做出了一些明智的決定。 我們會申請至少有傳言決定在資本市場籌集一些股權以穩定業務。 但正如我們在 70 個七人組中看到的延遲一樣，我們預計如果這些交付繼續延遲，資本支出會下降。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Hi, good morning, everyone. Kind of piggybacking off of that. Last question, maybe Scott or Mike, I mean, it's a bigger picture. What do you see as the implications across your company from a from the Boeing strike? And then, Mike, just kind of following up on your and your last answer is a tail search. Is it reasonable to expect something in the lower end of year 17, $9 billion CapEx range next year, just given everything we know from a production perspective? Thank you.

嗨，大家早安。 有點搭便車。 最後一個問題，也許是斯科特或麥克，我的意思是，這是一個更大的圖像。 您認為波音罷工對您的公司有何影響？ 然後，麥克，你的最後一個答案的後續就是尾部搜尋。 考慮到我們從生產角度所知道的一切，預計明年的資本支出將達到 17 年的下限，即 90 億美元，是否合理？ 謝謝。

Well, I'll start big picture there that might give you the CapEx answers. But I what I care about with Bouygues is the long term. We're trying to build the best airline in history of aviation for the long term. And I'm very focused on the water, and I'm actually encouraged with Boeing.

好吧，我將從這裡開始大局觀，這可能會給你資本支出的答案。 但我對布伊格的關注是長期的。 從長遠來看，我們正在努力打造航空史上最好的航空公司。 我非常關注水，波音公司確實讓我受到了鼓勵。

I've already referenced to the challenge at Boeing has for, to my view for decades been that the cultural, a cultural challenge where they focused on short-term profitability in the short term stock price at the expense of what the label and great would do building great products.

我已經提到過波音公司所面臨的挑戰，在我看來，幾十年來，這是一種文化挑戰，他們專注於短期股價的短期盈利能力，而犧牲了品牌和偉大的利益。產品。

Great engineering, great quality, reliability, safe, do you count on? And I think Kelly Ortberg is pivoting the company back to their routes. I think the all the employees of Boeing will rally around that. To me. The biggest news in the last couple of decades. Really Boeing is the willingness reported willingness to sell equity that's making the right long-term decision regardless of what the Street thinks about it in the short term.

優秀的工程、卓越的品質、可靠性、安全性，您值得信賴嗎？ 我認為凱利·奧特伯格正在將公司重心轉向他們的路線。 我認為波音公司的所有員工都會圍繞著這一點團結起來。 大部頭書。 近幾十年來最大的新聞。 事實上，波音公司願意出售股權，無論華爾街短期內如何看待它，它都會做出正確的長期決定。

So I applaud them for doing that as a long-term customer, the right thing to do for the shareholders long term also. And so I'm encouraged with the changes you're making this the strike, is it a lot of ways. A cultural legacy of the same happened over the past couple of decades. It's tough, but they will get there.

因此，我讚揚他們作為長期客戶這樣做，從長遠來看，這對股東來說也是正確的事情。 因此，我對這次罷工所做的改變感到鼓舞，有很多方法。 在過去的幾十年裡，同樣的文化遺產也發生了。 這很艱難，但他們會到達那裡。

I am confident they will certain that all the folks that are out of the picket line now along with the management team all share a desire to make Boeing great and be part of a great company. That's one of the most important companies in the world. And so there really were through this is going to be we're going to have fewer airplanes in the near term than that.

我相信他們會確信現在所有脫離糾察線的人和管理團隊都有共同的願望，讓波音變得偉大並成為偉大公司的一部分。 這是世界上最重要的公司之一。 因此，短期內我們的飛機數量確實會比這個少。

We would have been hoping for, but our is focused on the long term. I wanted to get through it and get through it and build a company that core loans are. I think we are very good, sir. And you let me let me pile on them and let me be clear. The aircraft we have on order with Boeing and Airbus are based on the profitability that you're seeing in our results for the third to third quarter. Based on our forward expectations for profitability.

我們本來希望如此，但我們著眼於長期。 我想度過難關，度過難關，建立一家以核心貸款為核心的公司。 我認為我們很好，先生。 你讓我把它們堆砌起來，讓我說清楚。 我們向波音和空中巴士訂購的飛機是基於您在我們第三季至第三季的業績中看到的獲利能力。 基於我們對獲利能力的前瞻性預期。

We want those aircraft and we want them as soon as Boeing confirmed, complete them and deliver them, um, um, the that said, pragmatically as these delays are unlikely to be resolved quickly, we would expect down we do have a downward bias to CapEx.

我們想要這些飛機，我們希望波音公司確認後儘快完成並交付它們，嗯，嗯，話雖這麼說，但實際上，由於這些延誤不太可能很快得到解決，我們預計會下降，我們確實有向下的偏見資本支出。

I expect it to stay within that range and we'll give more precise guidance on the January call and we normally would. But you're correct to assume downward bias based on production delays.

我預計它將保持在這個範圍內，我們將在一月份的電話會議上提供更精確的指導，我們通常會這樣做。 但你基於生產延遲假設的向下偏差是正確的。

James Baker, JPMorgan.

詹姆斯貝克，摩根大通。

Yes, I'll take it on Friday, but it also has tested. So couple of for Andrew. You know, looking back at this past summer, the elevated capacity these have to put pressure on yields. I'm simply is that a I guess, for lack of better term that several of your competitors through its capacity at the peak as they could particularly airlines that are struggling for even scientist page to profitability. I know a lot can change between now and mix summer put. Should we assume that maybe this is the new normal, so, you know, as LMAs continue to struggle, builds us through as much capacity at the peaks.

是的，我會在周五接受，但它也已經過測試。 對安德魯來說，這是一對。 你知道，回顧去年夏天，產能的增加必然會對殖利率帶來壓力。 我只是這麼想，因為缺乏更好的術語來形容你的一些競爭對手通過其巔峰時期的能力，特別是那些正在為盈利而苦苦掙扎的航空公司。 我知道從現在到夏季混合放，很多事情都可以改變。 我們是否應該假設這可能是新常態，所以，你知道，隨著 LMA 繼續掙扎，我們會在高峰時通過盡可能多的能力來建立我們。

So those peaks become a little bit softer off peaks become firmer more than that seasonal trends that we've seen in the past. His thoughts on that. I didn't know your So sympathetic to in excess of nice to hear. Well, like I just kind of get their logic.

因此，與我們過去看到的季節性趨勢相比，這些峰值變得更加柔和，峰值變得更加堅挺。 他對此的想法。 我不知道你如此同情，非常高興聽到。 好吧，就像我有點明白他們的邏輯一樣。

I mean, it obviously didn't help, but no, I'm not claiming to be at a Chair of or anything. Well, if I I'm not an expert on their business model than their business models are clearly struggling and they are changing them as rapidly as they as they can.

我的意思是，這顯然沒有幫助，但不，我並沒有聲稱自己擔任主席或任何其他職位。 好吧，如果我不是他們商業模式的專家，那麼他們的商業模式顯然正在苦苦掙扎，而且他們正在盡快改變它們。

However, it is hard to change to it and it's hard to change your spots that quickly, of course, they did exactly what you described. I think I went through the stages, agree on what you do not have sufficient a couple of quarters ago all quarters ago, and I think that is one of the stages. Kris, you wind up with an airline that has is complete and balance of utilization.

然而，很難改變它，也很難那麼快地改變你的位置，當然，他們完全按照你所描述的那樣做了。 我想我經歷了這些階段，同意你在幾個季度前和所有季度前沒有足夠的東西，我認為這是階段之一。 克里斯，您最終會選擇一家擁有完整且利用率平衡的航空公司。

Wary of unproductive uses for a majority or aircraft for six or seven months per year. And I'm not sure that financial model works either will have to wait and see. The point of all that is there's an incredible amount of unprofitable capacity in the United States marketplace. We've seen that exiting at a rapid pace starting in mid August. That continues into next year.

警惕大多數飛機每年有六、七個月的非生產性用途。 我不確定財務模型是否有效，也必須拭目以待。 最重要的是，美國市場上存在大量無法獲利的產能。 我們已經看到，從八月中旬開始，這種退出速度很快。 這種情況將持續到明年。

And my expectation is that will continue at the same time that in International remains strong at business traffic, which is our bread and butter, remained strong and weak in march towards higher margins. As Scott talked about, this evolution occurs.

我的期望是，這種情況將持續下去，同時國際業務流量仍然強勁，這是我們的麵包和黃油，在邁向更高利潤率的過程中，業務流量保持強勁和疲軟。 正如斯科特所說，這種演變發生了。

So I remain bullish that where we are right now is only getting better and the changes we've seen so far, only the actually the tip of the iceberg is the model just don't work in that way in my mind that you can work for six months, not the other six months.

因此，我仍然樂觀地認為，我們現在的情況只會變得更好，到目前為止我們所看到的變化，實際上只是冰山一角，在我看來，這個模型並不能以這種方式工作，你可以工作六個月，而不是其他六個月。

That's helpful. And then on the 20, you think you said 21% rise in Basic Economy volumes. So my ability to track Basic Economy supply is obviously limited. I'm assuming you track it internally. Can you comment on how your basic economy inventory compares with that of Delta and American and with growth of this magnitude?

這很有幫助。 然後在 20 日，您認為您所說的基礎經濟艙數量增加了 21%。 所以我追蹤基礎經濟供應的能力顯然是有限的。 我假設你在內部跟踪它。 您能否評論一下您的基本經濟庫存與達美航空和美國航空的庫存以及如此大規模的增長相比如何？

I mean, is it United's intent to essentially become the largest supplier of discount capacity domestically down down the road of by some measures, perhaps that's already been achieved? Following our intent is to expand our margins to be really clear. Our intent is to offer a full range of products to customers, particularly in our hubs that want everything from basic to Polaris and all the categories based on expanding our margins.

我的意思是，美聯航是否打算通過某些措施，實質上成為國內最大的折扣運力供應商，也許這已經實現了？ 我們的意圖是擴大我們的利潤，這一點非常明確。 我們的目的是向客戶提供全系列的產品，特別是在我們的中心，他們想要從基本款到北極星的所有產品，以及基於擴大利潤的所有類別。

But we have come to the firm conclusion that offer and basic and offered in a substantial amount of volume is good. United is profitable for United and is that our competitors. And so we are going to continue to do. It's good for United. It expanded. I think it's in the neighborhood of 15% to 16% of our domestic passenger volumes right now as we grow our engage with lower marginal cost.

但我們得出了堅定的結論：基本的報價和大量的報價都是好的。 曼聯為曼聯帶來獲利，也是我們的競爭對手。 我們將繼續這樣做。 這對曼聯來說有好處。 它擴大了。 我認為，隨著我們以較低的邊際成本擴大業務，目前該客運量約占我們國內客運量的 15% 至 16%。

I think you could go higher on as we go forward. But again, we'll pivot and do what's right for that from the bottom line at the end of the day. But I would say say that the experiment with basic, which was an experiment seven, eight or nine years ago, is a solid home run and has changed the business dramatically to our benefit.

我認為隨著我們的前進，你可以走得更高。 但同樣，我們將在一天結束時從根本上調整並採取正確的做法。 但我想說的是，七、八、九年前的實驗，基本的實驗是一個堅實的本壘打，它極大地改變了業務，使我們受益。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Hi, everyone. Thanks very much for the time. Would you help us understand that the sizing of the contribution from Mileage Plus and connected media on margin expansion in 2025?

大家好。 非常感謝您抽出時間。 您能否幫助我們了解前程萬裡 (Mileage Plus) 和互聯媒體對 2025 年利潤成長的貢獻大小？

I don't think we're prepared to do that today. My Mileage Plus is a jewel in our business and has not been focused on enough over the last few years.

我認為我們今天還沒有準備好這樣做。 我的前程萬裡 (My Mileage Plus) 是我們業務中的瑰寶，但在過去幾年中並未得到足夠的重視。

And we took a different path about a year ago when we hired richer non we took a different path as we invest in the technology there. That investment in technology is going to do a lot of things for our business. First and foremost, it's going to allow us to personalize service to our customers in a way that I don't think any airlines done.

大約一年前，當我們聘請更富有的人時，我們走了一條不同的道路，但我們在投資那裡的技術時走了一條不同的道路。 對科技的投資將為我們的業務帶來許多好處。 首先也是最重要的是，它將使我們能夠以我認為任何航空公司都沒有做到的方式為客戶提供個人化服務。

Of course, Starlink is accord core part of that, which obviously was just recently announced. So we'll have a lot more to fan this, but it is going to be material going to spool up starting next year. But I have to go I'm not going to give you the details today on that, but it's pretty substantial.

當然，星鍊是雅閣的核心部分，這顯然是最近才宣布的。 因此，我們將有更多內容來推動這一點，但從明年開始，這將是大量材料。 但我必須走了，今天我不會向您提供相關細節，但它非常重要。

Tom, I'm going to give you a little bit of detail, and that is that 25, this is an investment phase we're going to that's going to not be losing money, will make a little bit of money on a 25, but this really starts to accelerate in 26 and beyond. So as you think about modeling $25 a ton of momentum in the core business, I wouldn't layer a bunch of Mileage Plus connective revenue on in 2025. I do expect we'll be giving more and more disclosure. So you can model this on your own.

湯姆，我要給你一些細節，那就是 25，這是我們將要進入的一個投資階段，不會賠錢，會在 25 上賺一點錢，但這種情況在 26 年後才真正開始加速。 因此，當您考慮在核心業務中建立每噸 25 美元的動力時，我不會在 2025 年將大量前程萬裡 (Mileage Plus) 連接收入納入其中。 所以你可以自己建模。

You don't have that information at this time, but I'm committed to giving you more information to allow you might allow you to model it yourself. And I'll just bring up if I don't know exactly how it's going to bring up. one other point that the program is doing incredibly well.

您目前沒有該信息，但我致力於為您提供更多信息，以便您可以自行建模。 如果我不知道具體會如何提出，我會提出來。 另一點是該計劃做得非常好。

And again, we don't we don't talk about it enough. And we should revenue from the premier population in the quarter was up 9%, and that drove the majority of the revenue growth at the airline. And so our Premier members are heavily engaged with us. As I said earlier, they hold the credit card in record numbers and they're spending record amounts on their credit card.

再說一次，我們沒有，我們對此討論得還不夠。 我們應該認為本季來自尊貴人群的收入成長了 9%，這推動了該航空公司大部分的收入成長。 因此，我們的高級會員與我們密切合作。 正如我之前所說，他們持有的信用卡數量創下了紀錄，他們在信用卡上的支出也創下了紀錄。

But the fact that the premier population base is even that much more revenue on a base that is actually close to flat because we've made sure that we can deliver benefits to all of our premium members and we hold the level of their members flat. The program is doing incredibly well.

但事實上，頂級人口基數的收入實際上接近持平，因為我們確保我們可以為所有高級會員提供福利，並且我們將其會員水準保持不變。 該計劃進展得非常好。

That's all really helpful, I think thanks so much for your information. And could you just elaborate a little bit on what the customer reaction on the connective has been? And then maybe some of the early reactions on brands that are advertising on the platform?

這一切都非常有幫助，我想非常感謝您提供的資訊。 能否詳細說明一下客戶對連接詞的反應？ 然後也許是對在該平台上做廣告的品牌的一些早期反應？

Thanks again for the time, everyone. I think our activities to dated and rather small, there's been no, no customer interaction that I could become.

再次感謝大家抽出時間。 我認為我們的活動已經過時而且規模很小，我無法與客戶互動。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks. Good morning. And so when I look at third a third quarter, chasm axes up about six resins down about one. When do you think we see an inflection with ramp them up more than chasm?

嘿，謝謝。 早安. 因此，當我查看第三季和第三季時，裂縫會向上傾斜大約六顆樹脂，向下大約一顆樹脂。 你認為我們什麼時候會看到比鴻溝更進一步的轉折點？

I don't think it's fourth quarter, but if you have any color on Q4 and ultimately, I guess, do you have confidence that we see that in 25 with rather more than chasm? Government simple answer that simply in 25, we would expect that inflection where I can give you guidance on the quarter by quarter at this time as we traditionally wouldn't.

我不認為這是第四季度，但如果你對第四季度有任何看法，我想，最終，你有信心我們在 25 季度看到的不僅僅是鴻溝嗎？ 政府簡單地回答說，就在 25 日，我們預計會出現這種變化，我可以在這個時候為您提供逐季度的指導，而我們傳統上不會這樣做。

But we absolutely expect that inflection in the calendar year 2025 a share. In my prepared remarks, the kind of some pacing of cosmetics, let me repeat for for clarity on Q3, I expect will be the peak for CASMex. We expect CASMex to decline into the fourth quarter and the decline further into 2025.

但我們絕對預期 2025 年 A 股會出現這種拐點。 在我準備好的演講中，為了清楚起見，讓我重複第三季的化妝品節奏，我預計這將是 CASMex 的高峰。 我們預計 CASMex 將在第四季出現下滑，並在 2025 年進一步下滑。

We're going to work aggressively to cut all the costs that we should run an efficient operation. And so new, I'm committed to that personal way, and the team is working hard to make sure we run very, very efficient operation.

我們將積極努力削減高效營運所需的所有成本。 因此，我致力於以個人方式行事，團隊正在努力確保我們的營運非常非常有效率。

At the same time, we're going to continue to invest in the customer because we're not focused on CASMex as a metric at United, we're focused on driving profitability and through no excuses velocity. We've been really good at delivering on bottom line earnings per share growth, and we're committed to continuing to do that. And we have the right balance of cutting the cutting the costs that are around efficiency, but adding the costs that are driving customers to increasingly choose United.

同時，我們將繼續對客戶進行投資，因為我們並不專注於將 CASMex 作為美聯航的衡量標準，我們專注於提高盈利能力，並且沒有任何藉口的速度。 我們非常擅長實現每股獲利成長，並且我們致力於繼續這樣做。 我們在削減與效率有關的成本和增加促使客戶越來越多地選擇美聯航的成本之間取得了適當的平衡。

Helpful. And just a follow-up, maybe just some directional color on your resin expectations for Q4, positive negative or flat, and then some of the differences in there from the regions would be helpful. Thank you.

有幫助。 只是一個後續行動，也許只是您對第四季度的樹脂預期的一些方向性顏色，積極、消極或持平，然後這些地區的一些差異將會有所幫助。 謝謝。

Well, I want to answer that question, but I will give you another hit. So January and I'm going to talk about key. one is again, January is currently 77 days from the start of the month and 100 to 7 days from the end of the month. At this same point, domestic yields were down 9% in July, down 2% in September and up 3% in January. And so the yield environment is just looking good. Raleigh booked small percentage of our booking curve for January.

好吧，我想回答這個問題，但我會再給你一次。 因此，一月和我將討論關鍵問題。 再說一遍，一月目前距離月初有 77 天，距離月底有 100 到 7 天。 同時，7 月國內收益率下降 9%，9 月下降 2%，1 月上升 3%。 因此，良率環境看起來不錯。 羅利的預訂只占我們一月份預訂曲線的一小部分。

But I just want to say that Q1 is shaping up well as the pricing environment looks better. Capacities, obviously different across the industry and business traffic continues to rebound.

但我只想說，第一季的情況良好，定價環境看起來更好。 各行業產能差異明顯，業務量持續回升。

Duane Pfennigwerth, Evercore ISI.

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

Okay. Thank you. Good morning. Domestically. Are there any regions that stick out in terms of recovery? Specifically as it relates to corporate, are you seeing any signs of recovery in lagging West Coast markets like San Francisco?

好的。 謝謝。 早安. 國內。 是否有一些地區在復甦方面表現突出？ 具體到企業方面，您是否看到舊金山等落後的西海岸市場有復甦的跡象？

Now I would be the opposite to the coastal hubs are stronger than interior hubs in the corporate bucket. Professional services, financial services and tech are growing fastest, where are energy. And a few of these are growing slow, but all verticals are growing in corporate traffic looks good, but the coastal hubs are much stronger than interior hubs at this point.

現在我認為沿海樞紐比內部樞紐在企業桶中更強。 專業服務、金融服務和科技成長最快，其中能源也成長最快。 其中一些增長緩慢，但所有垂直行業的企業流量都在增長，看起來不錯，但目前沿海樞紐比內陸樞紐要強大得多。

Great. And then numb. Mike touched on it, and I think it came up in a couple of questions. But just contrasting the setup of on the kind of step-up in growth in 2025, the step-up in CapEx in 2025 versus prior years, where it was a little bit of a placeholder given OEM. constraints, if it does the setup fueled different now looking into 2025, I know you recast and derisk some of your deliveries, but is your confidence higher into 2025 gross or time last year into 2024? Thank you.

偉大的。 然後就麻木了。 麥克談到了這個問題，我認為它是在幾個問題中提到的。 但與 2025 年成長加速的設定相比，2025 年資本支出的加速與前幾年相比，在前幾年中，它對 OEM 來說有點佔位。限制因素，如果現在展望2025 年，這種設定確實推動了不同，我知道您會重新調整並消除一些交付的風險，但您對2025 年總量的信心更高還是去年對2024 年的信心更高？ 謝謝。

Do you think you're asking me about CapEx expectations and 25 foot cash CapEx and really growth just did it was seen in prior years? It was a placeholder at this point in time given OEM constraints and you have a better view into how those work out than than we do on the outside. Just wondering if the confidence is any higher now into your planned growth?

您認為您是在問我關於資本支出預期和 25 英尺現金資本支出以及前幾年的實際增長嗎？ 考慮到 OEM 的限制，它在此時只是一個佔位符，與我們外部相比，您可以更好地了解這些是如何運作的。 只是想知道現在您對計劃增長的信心是否更高了？

And it's been it has been in prior years. Let me trying to let me try to be responsive. We've been very clear about a range of CapEx of seven to $9 billion. And as we sit here today, given the strike at Boeing, given other delays, we'd expect there to be a downward bias within the range for CapEx in 2025.

前幾年也是如此。 讓我嘗試讓我嘗試回應。 我們非常清楚資本支出範圍為 70 至 90 億美元。 當我們今天坐在這裡時，考慮到波音的罷工以及其他延誤，我們預計 2025 年資本支出範圍內將出現下行偏差。

Now separately, I know there's a relationship with separately. Are you thinking about capacity in 2025? We're not going to give guidance for capacity and 25 at this point. But you can trust us, you should expect we have earned that trust that we're going to fly the capacity that maximizes profitability for United.

現在分開了，我知道和分開有關係了。 您是否在考慮 2025 年的產能？ 目前我們不會提供容量和 25 的指導。 但您可以相信我們，您應該期望我們贏得了這種信任，我們將提供最大限度提高美聯航盈利能力的航班。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Good morning, everyone, and congrats on a great quarter, and we'll touch on this a little bit. Maybe we could question a little bit more on the domestic allowed them standpoint all in Q3 on from 1.9 in Q2. It doesn't seem like much, but Andrew, I think you just give a little bit of color on how July was and how August trended obtains a much bigger step and permits. And maybe can you talk about what drove that? Wasn't the case? How much was capacity, how much of corporate payments will share gain in the economy?

大家早安，恭喜這個季度的出色表現，我們將對此進行一些討論。 也許我們可以對國內允許他們在第三季從第二季的 1.9 開始的立場提出更多質疑。 看起來似乎不多，但是安德魯，我想你只是對七月的情況以及八月的趨勢如何獲得更大的進步和許可提供了一些色彩。 也許你能談談是什麼推動了這一點？ 不是這樣的嗎？ 產能有多少，企業支付多少將分享經濟利益？

Any details you could provide?

您可以提供任何詳細資訊嗎？

I mean, it was a lot of things. I will say that September was dramatically better than July. July was clearly the low point for the year in terms of the year over year rather than we saw, gains are really in all the entities. But September again was much better.

我的意思是，有很多事情。 我想說九月比七月好得多。 就同​​比而言，7 月顯然是今年的最低點，而不是我們看到的，所有實體都確實有所成長。 但九月又好多了。

We expect the Pacific market to also improve as we head into Q4. Business traffic was up, I think about 6% in the whole quarter, but was up 13% in September to give you an idea of the spool up. So we exited the quarter with some really, I think, a much better performance. And we were hopeful that that performance translates into a good quality earnings in Q4 and beyond. Hopefully that does that answer your question.

我們預計，進入第四季度，太平洋市場也將有所改善。 整個季度的業務流量成長了 6%，但 9 月成長了 13%，讓您對成長有一個大致的了解。 因此，我認為我們在本季的表現確實要好得多。 我們希望這種業績能夠轉化為第四季及以後的優質收益。 希望這能回答你的問題。

For a little bit. Maybe I could follow up on my two one-time on Sunday made with bookings. Bookings are strong, but only minimally bulk sale. How do we think about what drove that strength into Q1 and how you're seeing that as an awareness that chunk coming from? Is it different than what you saw a lot still to attend our performance in?

一點點。 也許我可以跟進我周日的兩次一次性預訂。 預訂量很大，但大量銷售很少。 我們如何看待是什麼推動了第一季的這種優勢？ 這和你經常觀看我們演出時看到的有什麼不同嗎？

I don't have it geography, but what we are seeing is that there's just a much better pricing environment for leisure yields at the very early in the booking curve. And we attribute that to changes in capacity, the elimination of unprofitable capacity, better business bookings, although very slim at this point and changes in business models of the low-margin airlines, all of these factors are leading to what we anticipate will be a much stronger environment in 2025 for United Airlines.

我不知道地理位置，但我們看到的是，在預訂曲線的早期，休閒收益有一個更好的定價環境。 我們將其歸因於運能的變化、無利可圖運力的消除、更好的商務預訂（儘管目前還非常渺茫）以及低利潤航空公司商業模式的變化，所有這些因素都導致了我們預期的2025年，聯合航空的環境會更加強勁。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey, good morning, and congrats on retirement, Linda, and congrats on the team. I'm pretty strong 3Q outcome here with all the headwinds that you had from Mike, I really like the no excuses attitude here, the share repurchase, definitely a vote of confidence. I guess, can you help investors because we understand the CapEx dynamics next year, but longer term, you guys are going to be in this range of $79 billion. That is a little elevated compared to others. But how integral is that spending and the investments maybe even outside of the aircraft fleet into achieving that double digit in our margin target?

嘿，早安，恭喜你退休，琳達，恭喜你的團隊。 我對第三季的結果相當強勁，儘管有來自麥克的所有阻力，我真的很喜歡這裡沒有藉口的態度，股票回購，絕對是信任票。 我想，你能幫助投資人嗎，因為我們了解明年的資本支出動態，但從長遠來看，你們的資本支出將在 790 億美元的範圍內。 與其他人相比，這有點高。 但是，為了實現兩位數的利潤率目標，這些支出和投資（甚至可能在飛機機隊之外）的重要性如何？

Hi, Brandon. I know you. I appreciate the question is something that we think about for a lot in the finance department . These venues at United CapEx is elevated on that refreshing of the fleet. The growth of the fleet has been absolutely integral, though, to the United mix strategy, the gauge increase from the narrow bodies that frankly what's driving our ability to provide basic economy, which is creating a competitive dynamic that is just fundamentally reshaping the industry.

嗨，布蘭登。 我認識你。 我很高興這個問題是我們財務部門經常思考的問題。 聯合航空資本支出的這些場所因機隊的更新而提升。 不過，機隊的成長對於美聯航的混合戰略來說絕對是不可或缺的，坦白說，窄體飛機的規格增加推動了我們提供基本經濟的能力，這正在創造一種競爭動力，從根本上重塑該行業。

So they are intertwined. That said, as the strategy progresses and our margins expand, I am focused on free cash flow conversion and are in the near term and the next two or three years, we're focused on a free cash flow conversion target of 50%. We're not going to manage perfectly and in every in every individual year, but over the next three years, I would use 50% as a target on later in the decade. I am aiming higher, I think 70% to 75% on longer term than that.

所以它們是交織在一起的。 也就是說，隨著策略的進展和我們的利潤率的擴大，我將重點放在自由現金流轉換上，並且在短期內和未來兩三年內，我們將重點放在50% 的自由現金流轉換目標上。 我們不會在每一年都進行完美管理，但在接下來的三年中，我將使用 50% 作為十年後的目標。 我的目標更高，我認為從長遠來看，我的目標是 70% 到 75%。

You know, I think there's an opportunity, but near term, think about 50% in later in the decade, think about a target of 75% for free cash conversion.

你知道，我認為這是一個機會，但從近期來看，考慮在十年後的 50% 中實現自由現金轉換，考慮 75% 的目標。

Mike, I appreciate that. It's actually very helpful. And that's within the context of that $7 billion to $9 billion outlook on CapEx for the next few years, right? $ 7 billion to $9 billion remains the target for the next few years. And we'll give you an update to that in the future. But for the next few years, $79 million remains the target.

麥克，我很感激。 這實際上非常有幫助。 這還是在未來幾年 70 億至 90 億美元資本支出前景的背景下，對嗎？ 70億至90億美元仍然是未來幾年的目標。 我們將來會向您提供更新資訊。 但未來幾年，7,900 萬美元仍然是目標。

And let me say for the third time that has a downward bias next year.

讓我第三次說明年有向下的偏見。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

Yes, hey, good morning, everyone. And it obviously keeping with your no excuses mantra said it was interesting that there was nothing in the release as it relates to CrowdStrike. I know, Mike, you called out one point of chasm, but at the end of the day you did cancel. I want to say it was, like I said, 2,500 or 2,600 flights on United as partners.

是的，嘿，大家早安。 很明顯，這符合你沒有任何藉口的口號，有趣的是，發布中沒有任何與 CrowdStrike 相關的內容。 我知道，麥克，你指出了一個鴻溝，但最終你確實取消了。 我想說的是，正如我所說，作為合作夥伴的美聯航有 2,500 或 2,600 個航班。

What was the revenue impact impact? Or is it just with your booking tools, your ability to react comedy maybe better than others that the revenue hit maybe was not as much as even worth reporting? And Mike, Scott and Andrew, if they want to provide some detail, obviously they can.

收入影響是什麼？ 或者只是因為你的預訂工具，你對喜劇的反應能力可能比其他人更好，以至於收入損失可能不值得報告？ 麥克、斯科特和安德魯，如果他們想提供一些細節，顯然他們可以。

But on healthy businesses, healthy industrials, healthy businesses don't make excuses about CrowdStrike. Domenic chooses about whether we build into our guidance for the expectation. There will be one act of God in a quarter that impacts the business and a negative way.

但在健康的企業、健康的工業、健康的企業方面，健康的企業不會為 CrowdStrike 找藉口。 多梅尼克選擇我們是否將期望納入我們的指導中。 每個季度都會有一個天災對業務產生負面影響。

And if that impact ends up not being so large that we can beat coming into the high end or beat our guidance on if you have a series of events in a quarter or a massive event, then of course, not always going to hit your guidance.

如果這種影響最終沒有那麼大，以至於我們可以擊敗進入高端或超過我們的指導，如果你在一個季度內發生一系列事件或大型活動，那麼當然，並不總是會達到你的指導。

But I think it's just basic a basic setting of targets in a way that expects is not always to be a perfectly sunny day, and I'll actually use this to expand on a cultural for us do that, I think is really important here at United. Does it get it that the United States Air Force Academy, the best thing I learned was no excuses, no excuses or it's hard to see that point of the things that are your fault, that they'll feel like they're your fold, those, what are your basic answers?

但我認為這只是一個基本的目標設定，預計並不總是一個完美的陽光明媚的日子，我實際上會用它來擴展我們的文化，我認為這樣做非常重要團結的。 在美國空軍學院，我學到的最好的東西就是沒有藉口，沒有藉口，或者很難看出那些是你的錯的事情，他們會覺得他們是你的折疊，這些，你的基本答案是什麼？

And we have tried to get that philosophy still through a united. What that means is it forces you to constantly get better. It's easy to have an MBA in a cubicle somewhere commit at 9 A.M. on Monday and a rare condition office and calculate how much center that is that's wrong. But that then that's the end of the story. If you have a no excuses mantra that you don't allow people to even go calculate those numbers, it forces people to go find innovation and creative ways to get better and better and better so that you can overcome those these when they happen.

我們試圖透過團結來維持這一理念。 這意味著它迫使你不斷變得更好。 上午 9 點在某個小隔間裡完成 MBA 課程很容易。週一和一個罕見的條件辦公室併計算有多少中心是錯誤的。 但故事就這樣結束了。 如果你有一個沒有任何藉口的口頭禪，你甚至不允許人們去計算這些數字，它會迫使人們去尋找創新和創造性的方法來變得越來越好，這樣你就可以在這些問題發生時克服它們。

And we said in the future on this call. So we are the innovation leader in the airline industry around the globe and second places for behind them. And they no excuses for us is a big part of it forces us to do things that we would otherwise do. If we let ourselves just look at the calendar, look at the bad things that happened, they write those off.

我們在未來的電話會議上表示。 因此，我們是全球航空業的創新領導者，位居第二，僅次於他們。 他們沒有為我們找藉口，這在很大程度上迫使我們做我們本來會做的事情。 如果我們讓自己只看日曆，看看發生的壞事，他們就會把它們註銷。

It's really important cultural point that the team has in both the revenue side and the cost side. And I'm proud of the team for ticket at the heart of our Chief Operating Officers and their Toby and he says it a different way, but great pieces. We're talking about things like the weather. It may not be our fault, but it is our responsibility.

團隊在收入方面和成本方面都具有非常重要的文化點。 我為我們的營運長和他們的托比核心票務團隊感到自豪，他以不同的方式表達了這一點，但卻是偉大的作品。 我們正在談論諸如天氣之類的事情。 這也許不是我們的錯，卻是我們的責任。

And that's yet to be here.

但這還沒到來。

Great. Thanks for that, Scott and Mike. And then just a Andrew, I'm just on looking more towards the smaller cities in your network during COVID. I want to say there was probably 30 or 40 markets that you had pulled out of because it's a pilot issue. It now feels like that's been alleviated somewhat. When I think about your competitive moat and some of those markets you serve, you were the only game in town.

偉大的。 謝謝你，斯科特和麥克。 安德魯，在新冠疫情期間，我只是更關注你們網絡中的小城市。 我想說的是，您可能已經退出了 30 或 40 個市場，因為這是一個試點問題。 現在感覺這種情況已經有所緩解了。 當我想到你們的競爭護城河和你們所服務的一些市場時，你們是城裡唯一的遊戲。

Mike has mentioned Geno, some resin or excuse me, some chasm pressure in 2025, maybe related to some additional regional flying. I suspect that maybe some of those markets are coming back online. Any anything that you can add to that? Thanks for taking my questions.

麥克提到了 Geno，一些樹脂，或者對不起，2025 年的一些鴻溝壓力，可能與一些額外的區域飛行有關。 我懷疑其中一些市場可能會重新上線。 您還有什麼可以補充的嗎？ 感謝您回答我的問題。

Sure, Mike, this briefly, I the Argentine network. First of all, the RJ flying has pulled back up to its new run rate in Q4. And to do that has it has come down from the line a little bit quicker than we anticipated at the beginning of the year. And they are small aircraft and the new pressure chasm. We also they help rather than and profitability, which of course what we've done it, we are back to full utilization on the RJs at our new run-rate fleet.

當然，麥克，我簡單介紹一下阿根廷網路。 首先，RJ 航班在第四季度已恢復至新的運行率。 為此，它的下降速度比我們年初的預期要快一些。 它們是小型飛機和新的壓力裂縫。 我們還幫助他們而不是盈利能力，當然我們已經做到了這一點，我們在新的運行率機隊中恢復了對 RJ 的充分利用。

We announced the deal last week for 11 CRJ five 50s with SkyWest's that that aircraft has been a are actually much better than expected for United. So we're glad to be able to expand that, which allows us to better serve the smaller communities. But I also don't think there's a large-scale change some in at United and how we serve the smaller communities are our plan over the long run is slightly less schedule depth with lowered lower from frequently with aircraft that are bigger that have lower unit costs.

我們上週宣布了與 SkyWest 的 11 架 CRJ 5 50 的交易，這架飛機實際上比美聯航​​的預期要好得多。 因此，我們很高興能夠擴大這一範圍，這使我們能夠更好地為較小的社區提供服務。 但我也不認為美聯航會發生大規模的變化，我們如何為較小的社區提供服務，從長遠來看，我們的計劃是稍微減少航班深度，經常使用較大、單位數量較少的飛機來降低航班深度成本。

We said that we united next number of years ago. We continue down that road and down that philosophy. So I expect the RJ fleet to still be around and do this thing, but it will become a smaller and smaller percentage of the business. And we will serve these smaller communities with a mixture of RGA's and mainline jets and have the lowest cost possible in those communities.

我們幾年前就說過要團結起來。 我們繼續沿著這條路和這個理念前進。 所以我預計 RJ 機隊仍然存在並做這件事，但它在業務中所佔的比例將越來越小。 我們將混合使用 RGA 和乾線噴射機為這些較小的社區提供服務，並在這些社區中盡可能降低成本。

Steve Trent, Citi.

史蒂夫特倫特，花旗銀行。

Good morning, everyone, and thanks very much for taking my question. Linda, best wishes to you on your retirement. I wanted to ask a very good trajectory in terms of reduced leverage. Could you give us some high-level view on how this could dovetail with your credit strategy may be investment grade rating on the horizon for Steve.

大家早安，非常感謝您提出我的問題。 琳達，祝你退休愉快。 我想問在降低槓桿方面有一個非常好的軌跡。 您能否給我們一些高層觀點，說明這如何與您的信貸策略相吻合，這可能是史蒂夫即將實現的投資級評級。

I appreciate that question. As our margin expands and our leverage decreases, we expect we will have investment grade metrics and we're going to work very hard to earn the trust of the credit rating agencies to get investment grade ratings to go along with those metrics, but two times less than two times net debt with margins that are double digit with an industry structure that is more resilient history. That's an investment grade company.

我很欣賞這個問題。 隨著我們的利潤率擴大和槓桿率下降，我們預計我們將擁有投資級指標，並且我們將非常努力地贏得信用評級機構的信任，以獲得與這些指標一致的投資級評級，但兩次不到淨債務兩倍，利潤率為兩位數，產業結構歷史上更具彈性。 那是一家投資級公司。

No, that makes a lot of sense. And unlike and appreciate that. And just one other quick question. You guys have some some great partnerships with names like Copa and some of your Star Alliance fellows. Do you anticipate a fair bit of both long term growth coming from these partnerships? Or are we really going to think about it organic drivers?

不，這很有意義。 不像並欣賞這一點。 還有一個簡單的問題。 你們與 Copa 和一些星空聯盟成員建立了一些良好的合作關係。 您預計這些合作關係會帶來相當大的長期成長嗎？ 或者我們真的會考慮有機驅動因素嗎？

That's a de-growth. Thank you. Sure I'll take that. You know that our partnerships are incredibly important to us, and we do have the marquee names across the globe with great hubs that we plan to. However, our approach to growth is balanced revenue.

這就是一種去生長。 謝謝。 當然我會接受的。 您知道，我們的合作關係對我們來說非常重要，我們確實在全球範圍內擁有知名品牌，並計劃建立大型樞紐。 然而，我們的成長方式是平衡收入。

As I said earlier, we have the ability to grow profitably in our partner hubs that we also have the ability to grow just as profitably outside out of our partner hubs, how we do incredibly well to London Heathrow, for example, which is not a partner hub for us.

正如我之前所說，我們有能力在我們的合作夥伴中心實現盈利增長，我們也有能力在合作夥伴中心之外實現盈利增長，例如，我們在倫敦希思羅機場的表現令人難以置信，這不是一個簡單的例子。

So I would expect a balanced approach to this again with the idea of expanding margins. But we will look to expand into new regions of the world that I think our uniquely supportable by habit hubs that are in New York and Washington, D.C. and San Francisco in particular, does help. That's just simply unlock the ability to fly to places like Marrakesh are Greenland, our other places that we've recently added to the map.

因此，我希望透過擴大利潤的想法再次採取平衡的方法。 但我們將尋求擴展到世界新地區，我認為我們在紐約、華盛頓特區和舊金山的習慣中心所提供的獨特支持確實有所幫助。 這只是簡單地解鎖了飛往馬拉喀什、格陵蘭島等地的能力，這是我們最近添加到地圖上的其他地方。

So international is an important part of United where clearly the largest of the big three line overseas, we expect that to continue the most importantly, we have a really good margins at least cross to the big entities today, and we look to expand those margins going forward.

因此，國際業務是聯合航空的重要組成部分，顯然是海外三巨頭中最大的一部分，我們預計這種情況將繼續下去，最重要的是，我們擁有非常好的利潤率，至少今天與大型實體相交叉，我們希望擴大這些利潤率繼續前進。

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

我們現在將切換到通話的媒體部分。 （操作員說明）萊斯利·約瑟夫斯。

Hi morning, everybody. Just wanted to ask around the election. I know what are your competitors talked about? I ITO decline maybe a week before the weekend after. Can you talk a little bit about what you're seeing? And then also in the quarter, seeing some really, really low fares as Europe kind of across the board across airlines and destinations on? Can you talk a little bit about that? What demand trends you're seeing it as if it's just kind of a maybe a function of a lot of capacity and maybe people traveled already? Or what kind of what's at play there?

大家早安。 只是想問選舉的情況。 我知道你的競爭對手在談論什麼？ ITO 可能會在一周前的周末之後拒絕。 你能談談你所看到的嗎？ 然後在本季度，歐洲各航空公司和目的地的票價都非常非常低？ 你能談談這個嗎？ 您認為需求趨勢是什麼，就好像它只是大量容量的函數，也許人們已經出行了？ 或是那裡有什麼樣的作用？

I think in terms of the election, I think what we'd say, you know, presidential election normally has an impact on resins are fewer people travel that week for the obvious reasons. And here we are it's four years later and we are seeing the same thing.

我認為就選舉而言，我認為我們會說，總統選舉通常會對樹脂產生影響，因為明顯的原因，本週出遊的人會減少。 四年後的今天，我們看到了同樣的事情。

So I don't think there's anything to be surprised by, um, in terms of Europe, Europe has a very good outlook. We've had a very good nine months so far in Europe. We expect it to be a good one for the rest of the year. I if you see a great fear out there, I urge you and all your friends to buy in to take a trip to Europe. It's great in the winter, particularly Southern Europe from is excellent in the winter.

所以我認為沒有什麼值得驚訝的，嗯，就歐洲而言，歐洲的前景非常好。 到目前為止，我們在歐洲度過了非常愉快的九個月。 我們預計今年餘下時間裡這將是一個好的情況。 如果您看到那裡存在著巨大的恐懼，我敦促您和您所有的朋友支持去歐洲旅行。 冬天很棒，尤其是南歐的冬天非常棒。

Mary Schlangenstein, Bloomberg.

瑪麗‧施蘭根斯坦，彭博社。

Thank you. I wanted to see if you could go back a little bit, is some of your comments about the outlook for Asia and China and how that might be changing and whether United plans to add back any additional China U.S. around us anytime soon?

謝謝。 我想看看你是否可以回顧一下，你對亞洲和中國的前景有什麼評論嗎？

Sure, Mary. I would say, and I've said this in the past that China is just completely different for United today than it was pre-pandemic resupply. I think roughly Tenplay today to China. I think those days are gone up. The demand environment is just entirely different.

當然，瑪麗。 我想說，我過去也說過，今天的中國對曼聯來說與大流行前的補給完全不同。 我想今天Tenplay大致到中國了。 我想那些日子已經過去了。 需求環境完全不同。

We just recently resumed Los Angeles, Shanghai, and we're bringing that up to daily, still bring us to three daily flights. And I really don't anticipate based on the demand. We're seeing a lot more than that anytime soon. It's just a completely different world of the situation. On terms of the ransomware shows talking about earlier is, as we've gone back to what is now a full schedule to China, we're back to what I would describe as normal resins.

我們最近剛恢復了洛杉磯、上海的航班，並將其增加到每天一班，仍然每天三班。 我真的不會根據需求進行預測。 我們很快就會看到更多的事情。 這只是一個完全不同的世界。 就之前討論的勒索軟體顯示而言，我們已經回到了現在前往中國的完整時間表，我們又回到了我所描述的正常樹脂。

And those resins came down significantly from during the pandemic time period where you just outline a few flights per week. And to that, that has had a negative impact on our year over year as a result across the Pacific for a number of quarters.

與大流行期間每週只列出幾個航班相比，這些樹脂顯著減少。 為此，這對我們在太平洋地區多個季度的年復一年產生了負面影響。

However, that comes to an end in Q4 and Q1 when we lap that completely. And therefore, the resin impact, the negative revenue impact of China will dissipate. And we see this pivot that starting in Q4 and hopefully continues into next year.

然而，當我們完全完成這一點時，這種情況在第四季度和第一季就結束了。 因此，樹脂影響，對中國收入的負面影響將會消散。 我們看到這種轉變從第四季開始，並希望持續到明年。

Thanks, Andy, can you give us an idea of the load factor on you're trying to find?

謝謝，安迪，您能否告訴我們您要找的負載係數？

I don't have that in front of me, but not high enough.

我面前沒有這個，但還不夠高。

Rajesh Singh, Reuters.

拉傑什辛格，路透社。

High-level on some of the personal loan volumes of Chris' lender that I thought affecting United deal. And secondly, politics person, Tim Clark, potent effect that chapter 11 is looming here. We'll have you done any contingency planning around that possibility?

克里斯的貸方的一些個人貸款量的高層，我認為這影響了曼聯的交易。 其次，政治人物提姆克拉克（Tim Clark）表示，第 11 章即將產生的強大影響。 我們會讓你針對這種可能性制定應急計畫嗎？

It's hard to hear all that, but we're not anticipating the outcome you described. And I do expect a whole bunch of this cycle starts having an impact on your schedule. It already does. That's immediate when the aircraft delivery.

很難聽到這些，但我們並沒有預料到你所描述的結果。 我確實希望這個週期的一大堆內容開始對你的日程安排產生影響。 已經是這樣了。 飛機交付時即刻。

But as I said in my earlier comments, we have we're encouraged that those folks over the long term, we want them focused on the long term. I thought the Kelly as recently as yesterday and appreciate his focus of the warm winter that we care about short-term impact by the boys positioning themselves for a strong winter.

但正如我在之前的評論中所說，我們對那些從長遠來看的人感到鼓舞，我們希望他們專注於長期。 我想起凱利就在昨天，並欣賞他對暖冬的關注，我們關心男孩們為度過一個堅強的冬天而定位的短期影響。

That concludes our question and answer session. And I will now turn the call back over to Kristina Edwards for closing remarks.

我們的問答環節到此結束。 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, Chris, and thanks to everyone joining the call today. Please contact Investor and Media Relations if you have any further questions and we look forward to talking next clinic .

謝謝克里斯，也感謝今天加入電話會議的所有人。 如果您還有任何其他問題，請聯絡投資者和媒體關係部，我們期待在下一次診所進行討論。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們先生們，今天的電話會議到此結束。 感謝您的參與，您現在可以斷開連接。