聯合航空 (UAL) 2024 Q4 法說會逐字稿

Good morning and welcome to United Airlines Holdings earnings conference call for the fourth quarter and full year 2024.

早上好，歡迎參加聯合航空控股公司 2024 年第四季和全年收益電話會議。

My name is Regina and I will be your conference facilitator today.

我叫雷吉娜，今天我將擔任你們的會議主持人。

(Operator Instructions).

（操作員說明）。

This call is being recorded and is copyrighted.

此通話正在錄音並受版權保護。

Please note that no portion of the call may be recorded transcribed or rebroadcast without the company's permission.

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。

Your participation implies your consent to our recording of this call.

您的參與即表示您同意我們對本次通話進行錄音。

If you do not agree with these terms, simply drop off the line.

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.

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。

Please go ahead.

請繼續。

Thank you, Regina.

謝謝你，雷吉娜。

Good morning and welcome to United's fourth quarter and full year 2024 earnings conference call.

早安，歡迎參加美聯航第四季和 2024 年全年財報電話會議。

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 which are based upon information currently available to the company.

昨天，我們發布了收益報告，可在我們的網站 ir.united.com 上查看。昨天發布的資訊和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的預期，這些預期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.

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。

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.

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。

Unless otherwise noted, we will be discussing our financial metrics on a non-GAAP basis on this call.

除非另有說明，我們將在本次電話會議上討論非公認會計準則基礎上的財務指標。

Please refer to the related definitions and reconciliations in our press release.

請參閱我們新聞稿中的相關定義和調節。

For reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the tables at the end of our earnings release.

有關這些非公認會計準則衡量標準與最直接可比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 today on the call to discuss our results and outlook are Chief Executive Officer, Scot Kirby; President Brett Hart; Executive Vice President and Chief Commercial Officer, Andrew Nocella, and Executive Vice President and Chief Financial Officer, Mike Leskinen.

今天加入我們的電話會議討論我們的業績和前景的是首席執行官斯科特·柯比 (Scot Kirby)；布雷特·哈特總統；執行副總裁兼首席商務官安德魯‧諾塞拉 (Andrew Nocella) 和執行副總裁兼財務長 Mike Leskinen。

In addition, we have other members of the executive team on the line available for Q&A.

此外，我們還有其他執行團隊成員可以在線上進行問答。

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

現在我想把電話轉給史考特。

Thanks, Kristina and thanks to everyone for joining us today.

謝謝克里斯蒂娜，也謝謝大家今天加入我們。

I want to begin by saying that our thoughts are with those affected by the wildfires in the Los Angeles area.

首先我想說，我們對那些受洛杉磯地區野火影響的人們表示同情。

We've been in close touch with our employees and communities in the area to offer them support.

我們一直與該地區的員工和社區保持密切聯繫，為他們提供支援。

We'll continue to monitor the situation to see if there are more ways that we can help.

我們將繼續關注事態發展，看看是否有更多方法可以提供幫助。

Turning to earnings, 2024 is another solid proof point on our way to double digit margins.

談到獲利，2024 年是我們實現兩位數利潤率的另一個堅實證據。

By the fall of 2020, several months after COVID struck, we at United had a clear vision of how our airline and the industry were going to evolve and 2024 seems to have been the year that we gained broad recognition from others that the vision is playing out as we expected.

到2020 年秋天，即新冠疫情爆發幾個月後，我們美聯航對我們的航空公司和行業將如何發展有了清晰的願景，而2024 年似乎是我們獲得其他人廣泛認可的一年，我們的願景正在發揮作用正如我們預期的那樣。

Our outlook has always been based on a realistic view of how the economics of the industry were going to change and how those changes had the potential to drive structural, permanent and irreversible changes in the entire industry.

我們的前景始終基於對產業經濟將如何變化以及這些變化如何有可能推動整個產業的結構性、永久性和不可逆轉的變化的現實看法。

Our 2024 plan developed from what that vision and our results were, the culmination of years of thoughtful planning, bold action and strategic investments.

我們的 2024 年計畫是根據我們的願景和成果制定的，是多年來深思熟慮的規劃、大膽的行動和策略投資的結晶。

I'd like to thank our employees for these stellar results and I'm proud to say that we'll be paying out $713 million in profit sharing this year.

我要感謝我們的員工取得了這些出色的業績，我很自豪地說，今年我們將支付 7.13 億美元的利潤分享。

In 2024, United continued to make progress with our United Next plan and once again, delivered earnings within our original range.

2024 年，美聯航繼續在 United Next 計劃上取得進展，並再次實現了我們最初範圍內的盈利。

Our investments over the last several years have further differentiated United from the rest of the industry and led to strong customer preference for the United brand.

我們過去幾年的投資進一步使美聯航與業內其他公司區分開來，並導致客戶對美聯航品牌產生了強烈的偏好。

But the bigger point here is that the changes that led to this moment are structural and durable.

但這裡更重要的一點是，導致這一刻的改變是結構性的、持久的。

Cost convergence, which we first talked publicly about on this call in Houston two years ago, combined with effective revenue diversity at United for the first time ever, and industry leading product and service causing customers to choose United are just irreversible structural changes that have created a competitive moat for United.

兩年前，我們在休士頓的電話會議上首次公開討論了成本趨同，再加上美聯航首次實現有效的收入多元化，以及導致客戶選擇美聯航的行業領先產品和服務，這些都是不可逆轉的結構性變化，曼聯的競爭護城河。

Answering an analyst question two quarters ago, I talked about how this feels very much like 2012 to 2014.

在兩個季度前回答分析師問題時，我談到了這與 2012 年至 2014 年的感覺非常相似。

But today, I'll add that there are two additional tailwinds this time around.

但今天，我要補充一點，這次還有兩個額外的有利因素。

The international environment which Andrew will discuss in more detail is going to be far stronger for longer because of the structural supply constraints that are going to last at least for the rest of this decade.

安德魯將更詳細討論的國際環境將在更長時間內變得更加強勁，因為結構性供應限制將持續至少到本十年剩餘時間。

Wide body supply, both airframes and engines is even more challenged than narrow bodies.

寬體機身和發動機的供應比窄體飛機面臨的挑戰更大。

And second, domestically, the seeds of the 2012 to 2014 era's demise were being sown at the time with 15% to 20% growth from the ULCC.

其次，在國內，2012年至2014年時代消亡的種子當時已經播下，ULCC成長了15%至20%。

It's very hard to see that happening again.

很難看到這種情況再次發生。

Importantly, all of this means that the industry is evolving into an equilibrium where each airline driven by economic necessity will be primarily focused on flying where they have a competitive advantage.

重要的是，所有這一切意味著該行業正在演變成一種均衡，在經濟需求的驅動下，每家航空公司將主要專注於在具有競爭優勢的地方飛行。

Different airlines have different competitive strengths and weaknesses in the post COVID era.

後疫情時代，不同航空公司有不同的競爭優勢和劣勢。

Cost convergence has been the most impactful at the big high-cost airports in the country.

成本趨同對該國大型高成本機場影響最大。

The cost per passenger in the three New York City airports is $48 compared to the average ULCC fare of $67 in those three airports.

紐約市三個機場的每位乘客的費用為 48 美元，而這三個機場的 ULCC 平均票價為 67 美元。

When an airline is spending 72% of their fare on airport costs, it's hard for me to imagine that they could ever be profitable in those airports.

當航空公司將 72% 的票價用於機場成本時，我很難想像他們能夠在這些機場獲利。

At the same time, ULCC do have an advantage and will always be able to be more profitable than United in point-to-point low cost airports.

同時，ULCC確實有優勢，在點對點低成本機場方面永遠能夠比美聯航獲得更多的利潤。

It really is a transformed industry and United more than anyone is leading the way.

這確實是一個轉型的行業，而曼聯比任何人都更領先。

We have seven great hubs.

我們有七個偉大的樞紐。

We got well ahead of the curve in investing for the future.

我們在未來投資方面遙遙領先。

And we're focusing all of our efforts and growth in our hubs where we have the competitive advantage.

我們將所有的努力和成長集中在我們擁有競爭優勢的中心。

The combined virtues of our size and our innovative culture make us a competitive

我們的規模和創新文化的綜合優勢使我們成為具有競爭力的企業

[turn out].

[結果發現]。

We know who we are, we know our strength, we also know our weaknesses and we're going to focus on our strength and nothing else, but we won't rest on our laurels, and we'll never be complacent or satisfied with our results.

我們知道自己是誰，知道自己的長處，也知道自己的弱點，我們會專注於自己的長處，而不是別的，但我們不會滿足於現狀，也永遠不會自滿或滿足於現狀。結果。

We'll continue to be an airline where good leads the way by focusing on ways to even better airline for our customers.

我們將繼續成為一家以良好為導向的航空公司，專注於為我們的客戶打造更好的航空公司。

Starlink is one of the most obvious high-profile investments for customers that's really just the visible tip of the iceberg.

星鍊是對客戶來說最明顯、最引人注目的投資之一，但實際上只是冰山一角。

Our digital team is expanding our best in the world technology by making further improvements to make the airline even more transparent we need you to do business with.

我們的數位團隊正在透過進一步改進來擴展我們世界上最好的技術，以使我們需要與您開展業務的航空公司更加透明。

And our Ops team is focused on changing the unchangeable and trying to solve problems that no other airline in the world has ever even tried to fix.

我們的營運團隊專注於改變不可改變的事物，並試圖解決世界上其他航空公司從未試圖解決的問題。

And we'll continue to invest in a brand that inspires pride and employees and customers alike.

我們將繼續投資於一個能夠激發員工和客戶自豪感的品牌。

This year, we expect to grow our EPS by approximately 18% at the midpoint.

今年，我們預計每股收益中位數將成長約 18%。

And we'll deliver strong free cash flow while continuing to invest in the future, that includes signing industry leading contracts with our United team, which is made up of the best aviation professionals in the world.

我們將提供強勁的自由現金流，同時繼續投資未來，其中包括與由世界上最優秀的航空專業人士組成的美聯航團隊簽署行業領先的合約。

We are the best airline in the history of aviation and we're going to continue to raise that bar that's been and will continue to be increasingly good for our employees, customers and our shareholders.

我們是航空史上最好的航空公司，我們將繼續提高這項標準，這項標準已經並將繼續為我們的員工、客戶和股東帶來越來越好的好處。

And with that, I'll turn it over to Brett.

有了這個，我會把它交給布雷特。

Thank you, Scott and good morning. 2024 was an exceptional year for United.

謝謝你，斯科特，早安。 2024 年對曼聯來說是不平凡的一年。

The investments we've made to improve our operational reliability and resilience have driven top tier results.

我們為提高營運可靠性和彈性而進行的投資推動了一流的績效。

We served a record nearly 174 million customers last year and finished the year first in on time departures at all seven of our hubs.

去年，我們為近 1.74 億名乘客提供了創紀錄的服務，並且全年在我們所有七個樞紐的準點出發方面均排名第一。

We had the busiest December in our history flying on average 511,000 people a day.

我們經歷了歷史上最繁忙的 12 月，平均每天有 511,000 人次搭乘飛機。

And when so many of our customers were counting on us to get them home safely for the holidays, we closed out the month of December ranked number one in on time departures.

當我們的許多客戶都指望我們能安全回家過節時，我們在 12 月的航班準點率中排名第一。

I want to thank the incredible professionals at United who worked through the holidays and through tough weather to deliver for our customers.

我要感謝美聯航出色的專業人士，他們在假期和惡劣天氣中努力為我們的客戶提供服務。

Thanks to an enhanced processes for recovering crews during a regular operation events.

得益於在常規營運活動期間增強的救援人員流程。

We achieved an 82% reduction in crew related cancellations compared to two prior years.

與前兩年相比，我們與船員相關的取消航班減少了 82%。

Additionally, we continued refining our aircraft turn process, focusing on key components such as aircraft, cleaner time and boarding efficiency, driving improved turnaround speed and overall operational performance.

此外，我們持續改善飛機週轉流程，重點關注飛機、清潔時間和登機效率等關鍵零件，從而提高週轉速度和整體營運績效。

In 2024 we had the company's best post-pandemic turn execution, reducing cancellations and improving efficiency, both meaningfully cut costs and results in a much better experience for our customers.

2024 年，我們實現了公司在大流行後最好的輪換執行，減少了取消並提高了效率，既有意義地削減了成本，又為我們的客戶帶來了更好的體驗。

Despite that progress, staffing at the FAA remains a challenge for the airline industry.

儘管取得了這些進展，美國聯邦航空局的人員配備仍然是航空業面臨的挑戰。

And most importantly, the traveling public.

最重要的是，旅遊大眾。

In 2024, even on clear blue-sky days, 66% of United's delays were driven by ATC challenges in technology and staffing.

2024 年，即使在晴朗的藍天，美聯航 66% 的延誤都是由 ATC 在技術和人員配置方面的挑戰造成的。

We remain engaged with leaders in Washington and in both parties to get the FAA the resources they need.

我們將繼續與華盛頓和兩黨領導人保持接觸，為美國聯邦航空管理局提供他們所需的資源。

And we'll look for opportunities to work with the new Congress and new administration to achieve that goal.

我們將尋找與新國會和新政府合作的機會來實現這一目標。

Over the last several years, our culture of innovation has fueled countless advancements in technology and empower our employees and improve customers' experiences.

在過去的幾年裡，我們的創新文化推動了無數的技術進步，增強了員工的能力並改善了客戶體驗。

In just the last several months, our team has developed new capabilities for our award-winning app, like integrating Apple Airtag data to help us reunite customers with their bags and allowing customers to select seat preferences so they can get moved to the seat they prefer automatically as soon as it becomes available.

在過去的幾個月裡，我們的團隊為我們屢獲殊榮的應用程式開發了新功能，例如整合Apple Airtag 數據以幫助我們將客戶與行李重新整合，並允許客戶選擇座位偏好，以便他們可以轉移到他們喜歡的座位一旦可用就會自動。

Translating our entire app into Spanish drove usage even higher.

將我們的整個應用程式翻譯成西班牙語進一步提高了使用率。

And now nearly 90% of customers engage with our digital channels on the day they travel.

現在，近 90% 的客戶在旅行當天就使用了我們的數位管道。

In 2024, these and other app enhancements enabled half of our customers who experienced a cancellation to utilize a self-service or automated method to get back on their way, a 28% increase year over year.

2024 年，這些應用程式和其他應用程式增強功能使半數經歷過取消預訂的客戶能夠利用自助服務或自動化方法重新出發，年增 28%。

Our industry leading app has led to happier customers who have more control over their travels and employees who have more time to help customers who most need it.

我們領先業界的應用程式讓客戶更滿意，他們對自己的旅行有更多的控制權，員工也有更多的時間來幫助最需要的客戶。

At United, we're proud of this culture of innovation because it's central to our effort to differentiate our good leads away brand and give our customers even more reasons to choose United.

在美聯航，我們為這種創新文化感到自豪，因為它是我們努力使我們的優秀品牌脫穎而出並為我們的客戶提供更多選擇美聯航的理由的核心。

With that, I'll hand it over to Andrew to review our strong revenue performance in 2024 and discuss our expectations for revenue environment in 2025.

接下來，我將把它交給 Andrew 來回顧我們 2024 年強勁的收入表現，並討論我們對 2025 年收入環境的預期。

Thanks Brett.

謝謝布雷特。

The fourth quarter revenue environment materially improved as the capacity backdrop for the industry became more constructive.

隨著產業產能背景變得更具建設性，第四季營收環境顯著改善。

United's Q4 TRASM increased 1.6% year over year on a 6.2% increase in capacity.

美聯航第四季 TRASM 年成長 1.6%，運能成長 6.2%。

The Sunday after Thanksgiving was our best revenue day in history, shattering the former record by 25%.

感恩節後的星期日是我們歷史上收入最高的一天，比之前的記錄增加了 25%。

United's domestic capacity increased 7.8% in Q4 with RASM down 1.9%.

第四季美聯航的國內運能成長了 7.8%，而 RASM 則下降了 1.9%。

We project domestic RASM will turn solidly positive in Q1.

我們預計國內 RASM 將在第一季轉為正值。

The domestic pricing environment is improving as underperforming airlines remove unprofitable capacity at an increase in rate and business traffic growth accelerates.

隨著業績不佳的航空公司加快削減無利可圖的運力以及業務流量成長的加速，國內定價環境正在改善。

Industry fair sales are less prevalent with lower discount rates as airlines are prioritizing profitability.

由於航空公司優先考慮獲利能力，行業展會銷售不那麼普遍，折扣率也較低。

All United's hubs were profitable in Q4 and for the last 12 months with only a 7-point pre-tax margin difference between the best and the worst performing hub, the narrowest spread we've recorded in a quarter since 2016.

聯合航空的所有樞紐在第四季度和過去12 個月內均實現盈利，表現最好的樞紐和表現最差的樞紐之間的稅前利潤率僅相差7 個百分點，這是自2016 年以來我們在一個季度記錄到的最窄差距。

Our network health is very strong with room for margin expansion as we continue our United Next plan.

我們的網路健康狀況非常強勁，隨著我們繼續實施 United Next 計劃，利潤率還有擴大的空間。

After years of waiting, we're also finally starting to gain a critical mass of larger near body aircraft which allows us to execute on our plans to increase gauge.

經過多年的等待，我們終於開始獲得更大的近體飛機的臨界質量，這使我們能夠執行增加規格的計劃。

United's international capacity was clearly the star of the quarter in terms of RASM growth relative to Q3.

就 RASM 相對於第三季的成長而言，美聯航的國際運能顯然是本季的明星。

As a result, international margins continue to outpace domestic margins in 2024.

因此，到 2024 年，國際利潤率將持續超過國內利潤率。

United's plan during the pandemic was to double down on international flying and it's proven to be the right move.

美聯航在疫情期間的計畫是加倍投入國際航班，事實證明這是正確的舉措。

Q4 Pacific capacity moderated in China headwind slowed versus Q3 resulted in PRASM flipping from down 15.7% to up 4.1%.

第四季度，太平洋地區運力因中國逆風而放緩，導致 PRASM 從下降 15.7% 上升至上升 4.1%。

Pacific PRASM was up high single digits for the last two thirds of the quarter versus last year.

與去年相比，太平洋 PRASM 在本季最後三分之二的時間內成長了高個位數。

United has profitably digested a 31% increase in Pacific capacity in 2024 and we have now fully reinstated our pre-pandemic capacity levels across the region with margins that are now above system averages.

美聯航已獲利地消化了 2024 年太平洋地區運力成長 31% 的情況，我們現已完全恢復了該地區疫情爆發前的運力水平，利潤率現已高於系統平均水平。

In the past, the Pacific margins routinely lagged.

過去，太平洋地區的利潤率通常落後。

We plan to moderate our Pacific growth as we head into the first half of 2025 letting capacity to be added in 2024 mature.

我們計劃在 2025 年上半年放緩太平洋地區的成長，讓 2024 年新增產能成熟。

During 2025, we are excited to launch a new initiative to operate 737s on a small number of Narita-B flights to destinations in Asia that do not support non-stop service to the US.

2025 年，我們很高興推出一項新計劃，在少量飛往不支援直飛美國的亞洲目的地的成田 B 航班上運營 737 飛機。

We anticipate this unique initiative made possible by our Guam base will extend our lead as the largest trans-Pac carrier build an unmatchable network scope.

我們預計，關島基地促成的這一獨特舉措將擴大我們的領先地位，成為最大的跨太平洋航空​​公司，打造無與倫比的網路範圍。

We're going to redeploy under form assets and efficiently grow load factors from Japan to the US where local origin demand still is not fully recovered from the pandemic.

我們將重新部署無形資產，並有效提高從日本到美國的載客率，而美國的本地需求尚未從疫情中完全恢復。

2024 was also a great year for the United's Atlantic network and Q4 was no exception with PRASM up 7.1% on flat capacity.

2024 年對美聯航大西洋網路來說也是偉大的一年，第四季也不例外，PRASM 運力持平，成長了 7.1%。

We entered 2024 PRASM capacity growth for the year in the Atlantic after rapid growth in the region post pandemic.

在大流行後該地區快速成長後，我們進入了 2024 年大西洋地區 PRASM 產能增長期。

Our plan for 2024 worked extremely well.

我們的 2024 年計畫非常順利。

All months in Q4 were PRASM positive year over year.

第四季的所有月份均與去年同期相比，PRASM 呈正值。

But December RASM up double digit.

但 12 月 RASM 上漲兩位數。

United is the largest US carrier flying over the Atlantic by SMs.

美聯航是美國最大的使用 SM 飛越大西洋的航空公司。

And in 2025, we plan to have low to minimal capacity growth in Q1 to support continued PRASM strength.

到 2025 年，我們計劃第一季的產能成長從低到最低，以支持 PRASM 的持續實力。

From what we see today, we expect the first quarter to be our best Atlantic financial result in the company's first quarter histories.

從我們今天看到的情況來看，我們預計第一季將成為公司歷史上最好的大西洋財務表現。

Latin America trailed the other regions throughout 2024.

2024 年，拉丁美洲落後於其他地區。

However, it's important to note that United continued to operate profitably in the region despite these challenges.

然而，值得注意的是，儘管面臨這些挑戰，美聯航仍繼續在該地區實現盈利。

PRASM was up slightly in Q4 and the outlook for early 2025 is positive.

PRASM 在第四季略有上升，2025 年初的前景樂觀。

Overall, the momentum for international flying in the fourth quarter was exceptionally strong.

整體而言，第四季國際航班的勢頭異常強勁。

We believe the pandemic era, global long haul reset along with a sluggish delivery rate of new wide body jets sets up the industry really well for years to come international flying.

我們相信，大流行時代、全球長途航線重置以及新型寬體噴射機交付率低迷將使該行業在未來幾年的國際飛行中真正受益。

Cargo also had a very strong showing in 2024.

貨運在 2024 年也表現強勁。

Cargo revenues for the year were up nearly 17% and up almost 30% in Q4 versus last year.

與去年相比，今年的貨運收入成長了近 17%，第四季成長了近 30%。

It was a very good quarter and year for cargo.

對於貨運來說，這是一個非常好的季度和年份。

The business traffic recovery was a nice tailwind in Q4.

第四季商業流量的復甦是一個很好的推動力。

Results in Q4 and our outlook for Q1 clearly shows this trend in higher yield corporate traffic volumes.

第四季的結果和我們對第一季的展望清楚地顯示了企業流量收益較高的趨勢。

Low flown business revenue grew 16% in Q4 year over year.

第四季低空飛行業務營收年增 16%。

We expect that trend to continue in Q1 which is a tailwind for our business focused network.

我們預計這一趨勢將在第一季繼續下去，這對我們以業務為中心的網路來說是一個順風車。

Contracted business sales in the quarter for all future travel were up 14% year of the year.

本季所有未來旅行的合約業務銷售額年增 14%。

Premium passenger revenues increased 10% year over year and premium cabin unit revenues were positive, both trends that persisted throughout the year.

高級乘客收入年增 10%，高級客艙單位收入呈正值，這兩個趨勢全年持續。

We see no change in consumer behavior, seeking out increased premium experiences but we also remain committed to our most basic product.

我們認為消費者行為沒有變化，他們尋求更多的優質體驗，但我們仍然致力於我們最基本的產品。

In Q4, basic economy, passengers increased 21% year over year and now represent 15% of domestic passengers up 2-points versus 2023.

第四季度，基礎經濟艙乘客年增 21%，目前佔國內旅客的 15%，較 2023 年成長 2 個百分點。

Loyalty revenues grew at a healthy pace of 12% in 2024.

2024 年，忠誠度收入將以 12% 的健康速度成長。

Co-brand spend was up 9% with 1 million new card acquisitions.

聯合品牌支出成長 9%，新卡購買量達到 100 萬張。

Turn into the product, we reached a milestone of deployment of our signature interior with nearly 50% of the fleet work complete as of year-end 2024.

轉向產品，我們實現了標誌性內裝部署的里程碑，截至 2024 年底，已完成近 50% 的車隊工作。

With installation work moving quickly now, we expect to be at 70% by the end of 2025.

隨著安裝工作目前進展迅速，我們預計到 2025 年底將達到 70%。

Across the entire United Network, we expect to have 150,000 CPAP screens full of rich content available to all of our passengers with a better ability to personalize everyone's experience by the end of 2025.

在整個美聯航網絡中，我們預計到 2025 年底，將擁有 150,000 個充滿豐富內容的 CPAP 螢幕，供所有乘客使用，並能夠更好地個性化每個人的體驗。

As you can see from our first quarter outlook, we continue to make progress on improving the financial performance of that quarter.

從我們第一季的展望中可以看出，我們在改善該季度的財務表現方面繼續取得進展。

Changes to our capacity deployment across hubs, days a week and time of day have been very effective.

我們對跨中心、每週幾天和一天中不同時間的容量部署的變更非常有效。

Return to more corporate traffic and the desirability of the southern European vacation in the winter is also a tailwind.

更多企業客流量的回歸以及冬季南歐度假的願望也是一個有利因素。

As we announced a few weeks ago, we're tracking ahead of our schedule on Starlink installation, which we think will be a material advantage versus slower for pay Wi-Fi services offered by other US carriers.

正如我們幾週前宣布的那樣，我們正在提前追蹤 Starlink 安裝情況，我們認為，與其他美國營運商提供的付費 Wi-Fi 服務速度較慢相比，這將是一個實質優勢。

United Starlink plan is yet one more action to elevate our product, creating a brand customers use more and more often.

United Starlink 計畫是提升我們產品的另一個舉措，旨在創造客戶越來越頻繁使用的品牌。

We will share more on product innovation, merchandizing and capacity optimization in the coming year further in our lead.

來年，我們將進一步分享更多關於產品創新、銷售和產能優化的資訊。

We'll also talk about how we believe Starlink will unlock a host of new digital benefits for our customers and shareholders.

我們還將討論我們如何相信 Starlink 將為我們的客戶和股東帶來一系列新的數位利益。

We believe that creating more choice, more segmentation and enhancing our products is the winning formula.

我們相信，創造更多選擇、更多細分和增強我們的產品才是致勝之道。

Merchandizing, selling and managing the complexity of these multiple experiences is our proven expertise.

推銷、銷售和管理這些多重體驗的複雜性是我們經過驗證的專業知識。

With that, I want to say thanks to the entire United team for an amazing 2024, and I'll hand it off to Mike to talk about our financial results.

說到這裡，我想對整個曼聯團隊表示感謝，感謝他們在 2024 年取得了輝煌的成績，我將把這個問題交給麥克來談談我們的財務表現。

Mike?

麥克風？

Thanks Andrew.

謝謝安德魯。

We delivered record fourth quarter earnings with earnings per share of $3.26 ahead of expectations in a fourth quarter pretext margin of 9.7%, up 3.5 points year over year.

我們實現了創紀錄的第四季度盈利，每股收益為 3.26 美元，超出預期，第四季度藉口利潤率為 9.7%，同比增長 3.5 個百分點。

The strong fourth quarter results brought our full year earnings per share to $10.61 above the midpoint of our initial guidance range of $9 to $11.

強勁的第四季度業績使我們的全年每股收益達到 10.61 美元，高於我們最初指導範圍 9 至 11 美元的中點。

Much of this success is due to the strong revenue performance that Andrew just discussed, but the foundation of our success is a strong operation and I'm incredibly grateful for the tremendous efforts of our operations team this quarter.

這一成功很大程度上歸功於安德魯剛才討論的強勁收入表現，但我們成功的基礎是強大的運營，我非常感謝我們運營團隊本季度的巨大努力。

Our hubs are in some of the most congested airspace in the world and still we delivered industry leading operational performance during the quarter.

我們的樞紐位於世界上一些最擁擠的空域，但我們在本季仍提供了業界領先的營運績效。

Importantly, an operation that runs on time and with few cancellations (technical difficulty) cost efficient operation.

重要的是，按時運行且取消次數很少（技術難度）的操作具有成本效益。

Finally, I'd like to celebrate our stock performance over the last 12 months.

最後，我要慶祝我們的股票在過去 12 個月的表現。

In 2024, we were the fourth best performing stock in the S&P 500.

2024 年，我們是標準普爾 500 指數中表現第四好的股票。

I've long believed in the potential for a stock three rate given the structural improvements in our business.

鑑於我們業務的結構性改善，我長期以來一直相信股票三利率的潛力。

It's nice that the market is beginning to recognize the shareholder value we've delivered.

很高興市場開始認識到我們所提供的股東價值。

For the first quarter of 2025, we expect earnings per share of $0.75 to a $1.25, and approximately $400 million improvement from the first quarter of last year at the midpoint, implying an approximately 3.5 point improvement in pre-tax margin.

對於 2025 年第一季度，我們預計每股收益為 0.75 美元至 1.25 美元，比去年第一季中位數提高約 4 億美元，這意味著稅前利潤率提高約 3.5 個百分點。

The commercial team has done a great job of continuing to shape the network to match demand in what has historically been our seasonally weakest quarter.

商業團隊在繼續塑造網路以滿足歷史上季節性最弱季度的需求方面做得非常出色。

Further billing off first quarter momentum, we expect full year 2025 earnings per share to be between $11.50 and $13.50. At the midpoint, this represents 18% growth in earnings per share versus 2024.

進一步發揮第一季的勢頭，我們預計 2025 年全年每股收益將在 11.50 美元至 13.50 美元之間。中點來看，這意味著每股盈餘較 2024 年成長 18%。

We expect a similar pace of earnings growth is sustainable as we march toward low double digit pre-tax margin.

我們預計，隨著我們朝著低兩位數的稅前利潤率邁進，類似的獲利成長速度是可持續的。

We have decommoditized air travel.

我們已經使航空旅行非商品化。

Our operation is strong and the United Next plan continues to deliver both higher and more sustainable profits.

我們的營運強勁，United Next 計劃繼續帶來更高、更永續的利潤。

Airlines with less competitive offerings are cutting money losing routes and frequencies.

產品競爭力較差的航空公司正在削減虧損的航線和班次。

The industry set up has never been better and we believe United is uniquely positioned to succeed.

該行業的發展從未如此美好，我們相信美聯航具有獨特的成功優勢。

On costs.

關於成本。

CASM-ex was up 5% on 6.2% capacity growth versus the fourth quarter of last year.

CASM-ex 較去年第四季成長 5%，運力成長 6.2%。

As we look ahead to 2025, we are focused on driving efficiency improvements throughout the business while also improving the experience for our customers and enabling our employees to be more effective at their jobs.

展望 2025 年，我們的重點是推動整個企業的效率提高，同時改善客戶的體驗，並使我們的員工能夠更有效地工作。

For the year, we continue to expect 2 points to 3 points of CASM-ex pressure from our labor agreements not yet signed.

今年，我們預計尚未簽署的勞資協議將給 CASM 帶來 2 至 3 個百分點的壓力。

Shifting gears to the fleet.

轉向艦隊。

In the fourth quarter, we took delivery of 5 Boeing Max aircraft, 14 Airbus, a 321 Neo aircraft and 3 Boeing 787s.

第四季度，我們接收了5架波音Max飛機、14架空中巴士飛機、1架321架Neo飛機和3架波音787飛機。

In 2025, we are planning to take delivery of 71 narrow body aircraft and 10 wide body aircraft.

2025年，我們計畫接收71架窄體飛機和10架寬體飛機。

Recall, we had been planning for approximately 100 narrow body aircraft deliveries in 2025 but due to the OEM production delays, we are planning for less which leads to our expected full year CapEx spend to be below $7 billion.

回想一下，我們原本計劃在 2025 年交付約 100 架窄體飛機，但由於 OEM 生產延遲，我們計劃減少，這導致我們預計全年資本支出將低於 70 億美元。

That's below the low end of our $79 billion multi-year guidance.

這低於我們 790 億美元的多年指導的下限。

Turning to the balance sheet.

轉向資產負債表。

We ended the year with $17.4 billion in liquidity, including our undrawn revolver.

截至年底，我們的流動資金為 174 億美元，其中包括未提取的左輪手槍。

We generated $3.4 billion of free cash flow.

我們產生了 34 億美元的自由現金流。

In 2024, we paid down $7.4 billion of debt, $3.6 billion of which we voluntarily prepaid.

2024 年，我們償還了 74 億美元的債務，其中 36 億美元是我們自願預付的。

We've now prepaid or refinanced our remaining high cost, COVID air debt, bringing our total cost of debt down to 4.6%.

我們現在已經預付或再融資了剩餘的高成本新冠航空債務，使我們的總債務成本降至 4.6%。

Our net leverage was 2.4x at year end, an improvement as we made progress to our long term net leverage target of less than 2x.

截至年底，我們的淨槓桿率為 2.4 倍，隨著我們在實現低於 2 倍的長期淨槓桿目標方面取得進展，這一數字有所改善。

On the buyback.

關於回購。

In the quarter, we repurchased $81 million worth of shares, leaving over $1.4 billion left in the authorization.

本季度，我們回購了價值 8,100 萬美元的股票，授權剩餘金額超過 14 億美元。

We remain firm believers that United stock is undervalued as we continue to grow earnings and margins year after year with further room for multiple expansion.

我們仍然堅信，美聯航股票被低估，因為我們的利潤和利潤率逐年增長，並有進一步的倍數擴張空間。

Finally, I want to reiterate the consistent and growing free cash flow generation remains a top priority.

最後，我想重申，持續且不斷增長的自由現金流產生仍然是重中之重。

And in 2025 we are targeting free cash flow around the $3.4 billion we delivered in 2024.

到 2025 年，我們的自由現金流目標是 2024 年交付的 34 億美元左右。

The future at United Airlines has never looked brighter and I'm excited as we continue to build upon our competitive advantages in 2025 and beyond.

聯合航空的未來從未如此光明，我很興奮我們將在 2025 年及以後繼續鞏固我們的競爭優勢。

Now, back to Kristina to start the Q&A.

現在，回到克里斯蒂娜開始問答。

Thank you, Mike.

謝謝你，麥克。

We will now take questions from the analyst community.

我們現在將回答分析師群體的問題。

Please limit yourself to one question and if needed one follow up question.

請只回答一個問題，如果需要，請提出一個後續問題。

Regina, please describe the procedure to ask a question.

里賈納（Regina），請描述提問的程序。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, good morning, guys and thanks for taking the question.

嘿，早上好，夥計們，感謝您提出問題。

So like maybe could you talk a little bit about how much of the trend improvement you're seeing in 1Q and how that extends kind of into the full year guide.

因此，也許您可以談談您在第一季看到的趨勢改善程度以及這種改善如何延伸到全年指南中。

I'm trying to get a sense for whether the range that you're putting out there for us for the year contemplates things continuing to get better from where we are today or kind of just a reflection of where we are today.

我試圖了解你們今年為我們提供的範圍是否考慮了我們今天的情況繼續變得更好，或者只是反映了我們今天的情況。

Hey, thanks, David.

嘿，謝謝，大衛。

I love the question.

我喜歡這個問題。

We've had a long standing policy of setting guidance with a no excuses philosophy, and that has served us well.

我們有一個長期的政策，以沒有藉口的理念來制定指導方針，這對我們很有幫助。

We delivered over 3-points of margin expansion in Q4 and I expect to deliver 3 points to 4 points of margin expansion again Q1.

我們在第四季實現了超過 3 個百分點的利潤率擴張，我預計第一季將再次實現 3 到 4 個百分點的利潤率擴張。

We'll continue to build a single act of God into our longer term guidance so that we deliver even in imperfect conditions.

我們將繼續將上帝的單一行為納入我們的長期指導，以便我們即使在不完美的條件下也能實現目標。

That's kind of a hallmark of our guidance strategy.

這是我們指導策略的一個標誌。

It's pretty easy, however, for us to sit here and think there's opportunity in the back half of the year and then we could do even better than our full year guide.

然而，對我們來說，坐在這裡思考下半年有機會，然後我們可以做得比全年指南更好，這很容易。

All right.

好的。

Thanks for that.

謝謝你。

And then just to be clear about the guidance range as well, that includes the incorporation of some potential [flen] to the deal in the course of the year.

然後還要明確指導範圍，其中包括在今年的交易中納入一些潛在的[flen]。

Correct?

正確的？

Yes, it does, and it always does.

是的，確實如此，而且總是如此。

All right, thanks very much for the time, guys.

好的，非常感謝你們抽出時間。

Sheila Kahyaoglu, Jeffries.

希拉·卡哈奧格魯，杰弗里斯。

Good morning.

早安.

Congrats team on great results.

祝賀團隊取得優異成績。

So Mike, maybe this one's for you since you entered your script with the stock is undervalued but bought back only $81 million in Q4.

所以麥克，也許這個適合你，因為你輸入腳本時股票被低估，但在第四季度只回購了 8,100 萬美元。

So great free cash flow in 2024 $3.4 billion.

2024 年自由現金流將達到 34 億美元。

The guide is for 20% earnings growth and CapEx is up less than expected.

該指南預計獲利成長 20%，資本支出增幅低於預期。

So it would suggest free cash flow north of $2.5 billion to $3 billion in '25.

因此，這表明 25 年自由現金流將超過 25 億美元至 30 億美元。

How are you thinking about your deployment priorities towards your leverage targets with the voluntary pre-payments as well versus share repurchases.

您如何考慮透過自願預付款以及股票回購來實現槓桿目標的部署優先事項。

Thanks, Sheila.

謝謝，希拉。

And let me remind everyone that over the last four years, we've also invested $32 billion in our business and our people, which has been central to our success.

讓我提醒大家，在過去四年中，我們還在我們的業務和員工方面投資了 320 億美元，這是我們成功的核心。

The strong performance and evaluation, it was a steep increase just as soon as we announced the share buyback authorization late last year.

強勁的業績和評價，去年底剛宣布股票回購授權就大幅上漲。

And so this first quarter out of the gate regarding the buyback, we started conservatively.

因此，在第一季的回購問題上，我們開始保守。

Seemed like a reasonable approach.

看起來是個合理的方法。

Right now, we have -- to balance our improvement in our balance sheet and repurchasing shares.

現在，我們必須平衡資產負債表的改善和股票回購。

And so I think that was the right approach.

所以我認為這是正確的方法。

We're really pleased to see the stocks.

我們很高興看到這些股票。

The stock moving so strongly.

該股走勢如此強勁。

We were number four out of the S&P 500 last year.

去年我們在標準普爾 500 指數中排名第四。

I mentioned that in my script and you'll continue to see an opportunistic repurchase of shares as we move forward through 2025.

我在腳本中提到這一點，隨著 2025 年的進展，您將繼續看到機會主義的股票回購。

I'll remind you that we've got a $1 billion for an authorization, expect continued multiple expansion.

我要提醒您的是，我們已經獲得了 10 億美元的授權，預計將繼續進行倍數擴張。

We're going to be really, really deliberate about that.

我們將非常非常認真地考慮這一點。

I'll also add that the deleveraging that we this journey that we're on, we expect to reach below 2x net leverage during this calendar year.

我還要補充一點，我們正在進行的去槓桿化進程，預計在本日曆年將達到淨槓桿率的 2 倍以下。

Great.

偉大的。

Thank you.

謝謝。

Connor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Thank you.

謝謝。

On basic economy, can you talk a little bit about -- I mean, in the script, you talked about how the industry is discounting a lot less and there's obviously a big move in premium from the low-cost guys.

關於基本經濟，你能談談——我的意思是，在劇本中，你談到了該行業的折扣如何少得多，而且低成本公司的溢價顯然有很大的變化。

Can you just talk about how you're going to deploy basic economy?

能簡單談談您將如何部署基礎經濟嗎？

Is there an evolution in how that changes?

這種變化是否有演變？

It just seems like, there's going to be the Barbell approach that you had this last couple of years before the industry, really structurally change.

看起來，在產業真正發生結構性變化之前的幾年裡，將會出現槓鈴方法。

Is maybe that evolves on how you deploy the basic economy side of the equation overall.

也許這會隨著你如何部署整體等式的基本經濟面而演變。

Thank you.

謝謝。

Thanks, Connor.

謝謝，康納。

This is Andrew.

這是安德魯。

You know, I would say, as we look out into the next 12 months, we don't intend to change that, that we're incredibly happy with the effectiveness of basic economy, particularly as we grow our gauge as a competitive tool.

你知道，我想說，當我們展望未來 12 個月時，我們不打算改變這一點，我們對基本經濟的有效性感到非常滿意，特別是當我們將指標發展為競爭工具時。

It's done exactly what we wanted it to do.

它完全按照我們的意願完成了。

And it does seem to me the more of it we do actually the better off we are.

在我看來，我們做得越多，我們的生活就越好。

Obviously there are points.

顯然有幾點。

We are clearly balancing multiple product sites in our quiver here and many of it premium, but also basic.

我們顯然正在平衡我們的箭袋中的多個產品網站，其中許多是優質產品，但也有基本產品。

And we truly believe that a broad spectrum of choice for consumers and being able to offer the lowest possible fare to flying United where you get a signature interior CPAP, entertainment, free Wi-Fi is the winning recipe and we're not going to change that recipe as we go through 2025.

我們堅信，為消費者提供廣泛的選擇，並能夠以盡可能最低的票價乘坐美聯航航班，讓您獲得標誌性的室內 CPAP、娛樂、免費 Wi-Fi 是製勝秘訣，我們不會改變2025年我們將遵循這個食譜。

Okay.

好的。

And then maybe big picture.

然後也許是大局。

Your relative margin performance obviously speaks to your willingness to adapt to the environment overall.

您的相對利潤率表現顯然顯示您適應整體環境的意願。

But you know, the United next day, we talked a ton about up gauging and obviously there's been a lot of delivery delays and so on.

但你知道，第二天在曼聯，我們談了很多關於升級的問題，顯然存在著許多交付延誤等問題。

So I'm just trying to understand on your conviction level around the up-gauging strategy.

所以我只是想了解您對升級策略的信念程度。

Do you have a lot of that baked into 2025?

2025 年你有很多這樣的想法嗎？

It just seems like there's still multiple margin points that you have from these uniquely United opportunities that you have going forward.

看起來你仍然可以從這些獨特的曼聯機會中獲得多個優勢點。

Just any thoughts there.

只是有任何想法。

Thank you.

謝謝。

Yeah, look, I think gauge is -- it's not a secret weapon, but gauge is, I think really important to us.

是的，聽著，我認為量規——它不是秘密武器，但量規對我們來說非常重要。

For 2025, gauge is not moving a lot.

2025 年，指標變化不大。

You know, the delivery delays have been extensive and our ability to put RJs back to full utilization proved to be the right decision for 2025.

您知道，交付延遲已經很嚴重了，事實證明，我們使 RJ 恢復充分利用的能力是 2025 年的正確決定。

What I can say is as we look out through the end of the decade, I believe we have the highest gauge possibilities, which is going to be great for the business, great for our unit cost and great for our customers because these new aircraft have incredibly high NPS scores as we bring them online.

我能說的是，當我們展望本世紀末時，我相信我們擁有最高的機距可能性，這對我們的業務、我們的單位成本和我們的客戶都有好處，因為這些新飛機當我們將它們放到網路上時，NPS 分數非常高。

So we think there's an incredible amount of runway related to gauge.

所以我們認為有大量與軌距相關的跑道。

We obviously operate in hubs that are gigantic from local population base.

顯然，我們在當地人口基數龐大的中心運作。

But they're also now gigantic from a connectivity base, allowing us to use these larger gauge aircraft.

但它們現在的連接基礎也非常龐大，使我們能夠使用這些更大規格的飛機。

We're behind on this.

我們在這方面落後了。

I think this summer we had 12 A-321 that seat 200 people.

我想今年夏天我們有 12 架 A-321，可容納 200 人。

Next summer we have, I think, in the mid 40s.

我想，明年夏天我們會在 40 多歲左右。

And that's probably still, you know, 150 aircraft behind our nearest competitor.

你知道，這可能仍然比我們最接近的競爭對手落後 150 架飛機。

And as we said over and over again, the large gauge in body aircraft are the highest margin aircraft line in the country.

正如我們一再說過的那樣，大規格機身飛機是該國利潤率最高的飛機系列。

And that is going to be a meaningful tailwind to United margin acceleration as we head into 2026 and 2027.

當我們進入 2026 年和 2027 年時，這將成為曼聯利潤率加速成長的重要推動力。

The 2025 is a bit of a pause year.

2025 年是一個有點停頓的一年。

But we look forward to getting back on the gauge of Bandwagon in 2026 and beyond.

但我們期待在 2026 年及以後重新回到 Bandwagon 的軌道上。

Hey, Brandon, this is Mike.

嘿，布蘭登，這是麥克。

I just want to add an extra point there.

我只是想補充一點。

As we look into '26 and '27 as Andrew said, the gauge really starts to accelerate and so it becomes an idiosyncratic CASM-ex benefit for United in '26 and it really starts to kick in '27.

正如安德魯所說，當我們研究“26”和“27”時，該指標確實開始加速，因此它成為曼聯在“26”中的一項特殊的CASM-ex 福利，並且在“27”中真正開始發揮作用。

So, and you're not seeing the benefit of that in any of our guides for this calendar year, but you will see it in coming years.

因此，您在本日曆年的任何指南中都看不到這一點的好處，但您將在未來幾年看到它。

Great.

偉大的。

Thank you.

謝謝。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey, congratulations team on what was a great year and obviously a good outlook here.

嘿，祝賀團隊度過了美好的一年，顯然這裡的前景也很好。

And Mike maybe just following up on that, I presume with that comment about gauge you know, looking at years ahead, that's including some expectation that Max 10 is in the mix?

麥克也許只是跟進這一點，我想你知道，關於儀表的評論，展望未來幾年，其中包括對 Max 10 的一些期望？

We are becoming more hopeful that the Max 10 will be a important gauge for United.

我們越來越希望 Max 10 將成為曼聯的重要衡量標準。

We like the Max 9.

我們喜歡 Max 9。

The Max 9 is a great aircraft.

Max 9 是一架很棒的飛機。

But we are -- with Boeing starting to make some real progress in improving their business, we we're becoming more bullish on the Max 10.

但隨著波音開始在改善其業務方面取得一些真正的進展，我們對 Max 10 變得更加看好。

That's correct.

這是正確的。

But I'll just add whether it's the Max 9 or 10, our gauge is going to increase a lot.

但我只想補充一點，無論是 Max 9 還是 Max 10，我們的儀表都會增加很多。

So the 10 would be great.

所以 10 就很棒了。

But you know, I'm counting on the 9 and the A-321 to do what I described a few minutes ago.

但你知道，我指望 9 和 A-321 能夠完成我幾分鐘前描述的任務。

If we have the 10 available to us, that only helps it even further.

如果我們有 10 個可用的，那隻會進一步幫助我們。

Well, and Andrew maybe for my follow up, on those lines, your domestic capacity growth is a little bit elevated here.

好吧，安德魯也許是我的後續行動，在這些方面，你們的國內產能成長在這裡有點高。

What, what are the priorities in the network as you look in 2025 domestically, especially with those constraints on gauge.

2025 年國內網路的優先事項是什麼，尤其是在軌距限制的情況下。

And it looks like, the solidly positive PRASM comment on domestic is pretty bullish for 1Q.

看起來，PRASM 對國內的正面評論對第一季相當樂觀。

So can you elaborate on those?

那您能詳細說明一下嗎？

Sure, we've been working really hard, particularly for off-peak months and quarters like Q1 to readjust how we deploy our capacity, whether it be by day, week or hub.

當然，我們一直在努力工作，特別是在第一季度這樣的非高峰月份和季度，以重新調整我們的容量部署方式，無論是按天、按週還是按中心。

And I think it's been incredibly effective.

我認為這是非常有效的。

And you see that in the guidance along with the fact that business traffic is coming back.

您可以在指南中看到這一點以及業務流量正在恢復的事實。

So we're pretty optimistic that this is moving in the right direction and we can really close margin gaps by making the off-peak periods better.

因此，我們非常樂觀地認為，這正在朝著正確的方向發展，我們可以透過改善非尖峰時段來真正縮小利潤差距。

As we think about 2025, and I've said this in the past and I'll say it again, we're really focused on building connectivity in our bank structures, particularly in Chicago, Houston and Denver where our hubs are fantastic, but they lack the same level of connectivity that we see at some of our larger OA competitor hubs.

當我們考慮 2025 年時，我過去曾說過這一點，我會再說一遍，我們確實專注於在我們的銀行結構中建立連通性，特別是在芝加哥、休斯頓和丹佛，我們的樞紐非常棒，但是它們缺乏與我們在一些較大的OA 競爭對手中心看到的相同水平的連接。

And so we're going to be able to close that gap materially in 2025, which I think is going to be really good for our relative brows and results as we go forward.

因此，我們將能夠在 2025 年實質地縮小這一差距，我認為這對我們前進的相對眉毛和結果來說非常有利。

So that'll be our focus in 2025 at this point.

因此，這將是我們 2025 年的重點。

Thank you.

謝謝。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Great.

偉大的。

Thanks morning, everyone.

謝謝大家早安。

Just a question Starlink.

只是一個問題星鏈。

Obviously, you guys mentioned that a couple of times in you prepared remarks.

顯然，你們在準備發言時多次提到了這一點。

Any thoughts on kind of ruling that out.

任何關於排除這種情況的想法。

How much of a differentiator do you think that will be, what the initial performance has been like and maybe how we can monetize that?

您認為這將帶來多大的差異化？

Sure.

當然。

It's an excellent question and I have to say this is one of the things we are absolutely most excited about at United.

這是一個很好的問題，我必須說，這絕對是我們在曼聯最興奮的事情之一。

We did a ton of research on this product and all the alternative products.

我們對該產品和所有替代產品進行了大量研究。

And I feel 100% convinced that this is going to be a game changer fast and free Wi-Fi available to our customers, including the ability to game, to have games on your personal device is going to be amazing.

我 100% 相信這將改變遊戲規則，為我們的客戶提供快速且免費的 Wi-Fi，包括玩遊戲的能力，在您的個人設備上玩遊戲將是令人驚奇的。

But look, I think the big question here is with connected and our ability to grow mileage plus and you're going to see us, I think unleash a lot of really unique things on this front.

但是，我認為這裡最大的問題是互聯和我們增加里程的能力，而且你會看到我們，我認為在這方面釋放了很多真正獨特的東西。

And in particular, I think we see an opportunity maybe where others don't.

特別是，我認為我們可能看到了其他人看不到的機會。

And I think that comes from a number of factors that are probably unique to United.

我認為這來自於曼聯獨有的許多因素。

And, one is we have advanced screens on the vast majority of our fleet.

而且，其一是我們的絕大多數機隊都配備了先進的螢幕。

We need advanced screens to be able to personalize service and deliver content in the way that we're going to be doing going in the future, which we can obviously make service for our customers better, travel with less friction, but also monetize the media sales.

我們需要先進的螢幕，以便能夠以我們未來將要做的方式提供個人化服務和內容，這顯然可以為我們的客戶提供更好的服務，減少旅行中的摩擦，同時也可以透過媒體獲利銷售量。

Second, with Starlink connectivity, which we'll have, which I don't think any of our major competitors will have, it allows us to do that in a way that really older Wi-Fi services could not do.

其次，我們將擁有 Starlink 連接，我認為我們的任何主要競爭對手都不會擁有它，它使我們能夠以真正較舊的 Wi-Fi 服務無法做到的方式做到這一點。

And then you combine that with the size of mileage plus the legacy program size.

然後將其與里程大小加上舊計劃大小相結合。

And I think our innovative spirit here at United, it is a very good recipe.

我認為我們曼聯的創新精神是一個非常好的秘訣。

You know, I think, we need to prove out this as we go forward.

我認為，你知道，我們需要在前進的過程中證明這一點。

But we're very excited to do this.

但我們很高興能做到這一點。

We're very excited that it's United being unique on this front and we hope to show you in the coming quarters and years what can be made possible with these investments?

我們非常高興曼聯在這方面是獨一無二的，我們希望在未來幾季和幾年裡向您展示這些投資可以帶來什麼？

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

Maybe for a follow up.

也許是為了跟進。

Obviously, lots of momentum with the story, stocks doing great.

顯然，這個故事有很大的動力，股票表現也很好。

You know, everything is going to set up pretty well.

你知道，一切都會安排得很好。

Can it possibly be greater?

它可能更大嗎？

You guys hinted last year at potential creative options, the loyalty program, obviously, it's been a long time since you gave us United next and then a lot of change with the world since.

你們去年暗示了潛在的創意選擇，忠誠度計劃，顯然，自從你們給我們下一個曼聯以來已經很長一段時間了，從那時起，世界就發生了很多變化。

Any thoughts on hosting that Investor Day potentially at some point this year or kind of, how do you think about giving us updates on some of those big picture items?

對於在今年某個時候舉辦投資者日有什麼想法嗎？

Hey, Ravi, thanks for the question.

嘿，拉維，謝謝你的提問。

And we still, we continue to see tremendous value in the loyalty program.

我們仍然繼續看到忠誠度計劃的巨大價值。

But we're going to start to disclose data on that when it makes sense for the business.

但當這對業務有意義時，我們將開始揭露相關數據。

We're still discussing the timing of an Investor Day.

我們仍在討論投資者日的時間表。

However, we've been really effective getting our message to all of you during these earnings calls and investor conferences.

然而，在這些財報電話會議和投資者會議期間，我們非常有效地向大家傳達了我們的訊息。

Unlike other airlines, our investor calls are much closer to many Investor Days.

與其他航空公司不同，我們的投資者電話會議更接近許多投資者日。

We give you a long term guidance, we are giving you a lot more free cash flow commentary as well.

我們為您提供長期指導，我們也為您提供更多的自由現金流評論。

We manage our earnings calls like we manage our business with a focus on the long term and today's call is a good example of that.

我們管理獲利電話會議就像管理我們的業務一樣，著眼於長期，今天的電話會議就是一個很好的例子。

So stay tuned.

所以請繼續關注。

Investor Day is an important tool.

投資者日是一個重要的工具。

But no update on precise timing today.

但今天沒有確切時間的更​​新。

Understood.

明白了。

Thanks, bye.

謝謝，再見。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

Oh, hey, good morning, everybody.

噢，嘿，大家早安。

So Andrew, in the past, I think it was last summer, you talked about that life cycle for discounted airlines.

安德魯，過去，我想是去年夏天，您談到了折扣航空公司的生命週期。

Obviously, since that time, we've seen a bankruptcy, domestic capacity has tightened, we're seeing discounters experiment with New Lopas.

顯然，從那時起，我們看到了破產，國內產能收緊，我們看到折扣店正在嘗試 New Lopas。

Do your original comments still stand or has there been enough evolution in that particular business model that, maybe the outlook from United's perspective is a little bit brighter than what you articulated last year.

您最初的評論是否仍然成立，或者特定的商業模式是否已經發生了足夠的演變，也許從聯合航空的角度來看，前景比您去年所闡述的要光明一些。

Any thoughts on that?

對此有什麼想法嗎？

Well, look, I think it's largely still stands.

嗯，看，我認為它基本上仍然有效。

You know, I think as Scott said earlier, we each have our expertise is what we're great and what we're less great maybe.

你知道，我認為正如斯科特之前所說，我們每個人都有自己的專長，這就是我們的優勢和劣勢。

At United, we think we're great a lot of things, but there's a few things we don't do and we don't intend to do.

在曼聯，我們認為我們在很多事情上都很棒，但也有一些事情我們沒有做，也不打算做。

But we manage the complexity of many product types from basic to premium and I think do very well in the premium space and it's because of generations of investment that came before me.

但我們管理著從基礎到高端的許多產品類型的複雜性，我認為在高端領域做得非常好，這是因為在我之前幾代人的投資。

And the management team here in the room today.

今天的管理團隊也在場。

And you just can't snap your fingers and make those generational investments overnight.

你不可能一夕之間就完成這些世代投資。

So I'm a bit surprised by the amount of change.

所以我對變化的數量感到有點驚訝。

But the effectiveness of that change remains to be seen.

但這變化的有效性還有待觀察。

The effectiveness of what we've been putting in place for years now has been proven.

我們多年來所採取的措施的有效性已經得到證明。

We're going to do more of it in 2025.

2025 年我們將做得更多。

So I think that life cycle I went through still holds and I don't expect that we're going to see airlines compete at the level of you know, United in terms of this broad range of products and experiences any time soon.

因此，我認為我所經歷的生命週期仍然有效，而且我預計我們不會很快看到航空公司在廣泛的產品和體驗方面達到美聯航那樣的水平。

Thank you for that.

謝謝你。

And then quickly for Scott.

然後很快就到了斯科特。

It was several years ago -- I think it was at a conference that I asked you if you could clear up one analyst or investor misperception, what would it be?

幾年前——我想是在一次會議上，我問你是否可以消除一位分析師或投資者的誤解，那會是什麼？

And I don't remember your exact words, but you basically, you said that you'd confront the idea that all capacity is created equal and all capacity is equally bad.

我不記得你具體說了什麼，但基本上，你說你會面對這樣的想法：所有能力都是平等的，所有能力都一樣糟糕。

You and Mike spend a lot of time in front of clients.

你和麥克花了很多時間在客戶面前。

I know I have my opinions on this, but where do you think you are in terms of addressing that capacity topic and would your answer be the same if I had simply asked the question a second time?

我知道我對此有自己的看法，但是您認為您在解決該能力主題方面處於什麼位置？

Thanks.

謝謝。

Well, I don't know if the answer to it would have been the same.

好吧，我不知道答案是否會是一樣的。

But it's a good answer regardless and, I think I would say that is all capacity is definitely not created equal.

但無論如何，這都是一個很好的答案，我想我想說的是，所有的能力絕對不是天生平等的。

And you know even if you look, if you just look at total industry capacity in the fourth quarter or in the first quarter, you'd probably reach a different conclusion than if you disaggregate it by, who is doing the growing the difference is an airline like United, Delta is the same.

你知道，即使你只看第四季或第一季的產業總產能，你可能會得出不同的結論，而不是按誰在增加差異來分類。的。

You know, we tend to add service at route frequency because that's good for customers.

您知道，我們傾向於按路線頻率添加服務，因為這對客戶有利。

We don't chase load factor.

我們不追求負載率。

We've been running lower load factors.

我們一直在降低負載率。

We maintain pricing integrity and because we don't chase load factor and are willing to run lower loads, if that's appropriate, it just has a much less negative impact on industry rather than growth from some carriers who manage only load factor.

我們保持定價的完整性，因為我們不追求載客率，並且願意運行較低的載客量，如果合適的話，它對行業的負面影響要小得多，而不是一些只管理載客率的航空公司的成長。

And so I think not all growth is anywhere close to created equal.

因此，我認為並非所有成長都接近平等。

And the impact you are seeing that in the results today, the results in the fourth quarter and the first quarter proved that that thesis was correct.

您在今天的結果中看到的影響，第四季度和第一季的結果證明了該論文是正確的。

I also think that it's going to continue for years to come, which could be a longer discussion, but it's going to continue for years to come.

我還認為這將持續數年，這可能是一個更長的討論，但它將持續數年。

All good stuff.

都是好東西。

Thanks, Scott.

謝謝，斯科特。

Appreciate it.

欣賞它。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Hi, good morning, everyone.

嗨，大家早安。

Maybe coming back to loyalty a little bit.

也許會稍微回到忠誠度上來。

Scott, Andrew with revenues up kind of double digits in 4Q and you continue to invest a few billion dollars each year into your product, whether that be Starlink, Connective lounges, et cetera, that's more than most airlines spend in total per year.

斯科特，安德魯，第四季度的收入增長了兩位數，並且您每年繼續在您的產品上投資數十億美元，無論是Starlink、Connective 休息室等，這都比大多數航空公司每年的總支出還要多。

So maybe can you help frame the growth opportunity over the next few years as these investments come online and maybe speak to how you think this changes the value proposition for a traveler and drive them into the loyalty program over time.

因此，隨著這些投資的上線，也許您可以幫助確定未來幾年的成長機會，也許您可以談談您認為這將如何改變旅行者的價值主張，並隨著時間的推移推動他們加入忠誠度計劃。

Any thoughts that would be appreciated?

有什麼想法值得讚賞嗎？

Thanks.

謝謝。

Well, look, I talked about it a few minutes ago but we are -- the whole mileage plus Connective foundation is incredibly strong.

好吧，看，我幾分鐘前談過，但我們 - 整個里程加上 Connective 基礎非常強大。

And you know, I couldn't be more bullish on the opportunity.

你知道，我對這個機會非常樂觀。

It does require some investment and some technology and we're well on our way.

它確實需要一些投資和一些技術，而且我們正在順利進行中。

But look, we did, I think 12% growth last year in loyalty revenue.

但你看，我們做到了，我認為去年忠誠度收入成長了 12%。

And that was pretty amazing.

這真是太神奇了。

I think hopefully we'll show that we lead the industry with that number.

我想我們希望能夠以這個數字證明我們在行業中處於領先地位。

And our goal for this year is more than that in percentage terms.

我們今年的目標不僅僅是百分比。

And so we believe this is an accelerating momentum at this point.

因此，我們認為目前勢頭正在加速。

We need to prove it as we head into 2025 and beyond.

進入 2025 年及以後，我們需要證明這一點。

The connected media in particular, like our media sales, we intend to double them next year and double them again the following year.

特別是互聯媒體，例如我們的媒體銷售額，我們打算明年將其翻一番，並在下一年再翻一番。

And so it's a lot of opportunity.

所以這是很多機會。

It's a lot of work.

這是很多工作。

We have a brand new team on board to help us execute on that.

我們有一個全新的團隊來幫助我們執行這項任務。

And as we do all that and personalize the service more and more, I just think we make mileage plus even that much more attractive to our customer base.

隨著我們所做的一切以及越來越個性化的服務，我認為我們使里程加起來對我們的客戶群更具吸引力。

We have a fly wheel effect with more credit cards that are issued.

隨著信用卡的發行量增加，我們產生了飛輪效應。

I think we did about a million last year.

我想我們去年做了大約一百萬。

We'll do more this year.

今年我們會做得更多。

So it's just going exceedingly well and I think there's a lot more to come and we look forward to at the appropriate time disclosing more and more.

所以一切進展得非常順利，我認為還會有更多的事情發生，我們期待在適當的時候披露越來越多的信息。

But it's an interesting story I gave you many of the unique things that I think our in our quiver related to this.

但這是一個有趣的故事，我給了你許多獨特的東西，我認為我們的箭袋與此相關。

And we intend to fully exploit that to the best of our ability while delivering, I think a more personalized experience for our customers, which we think will reduce friction and air travel a lot, particularly when you're on board the aircraft.

我們打算盡最大努力充分利用這一點，同時為我們的客戶提供更個性化的體驗，我們認為這將大大減少摩擦和空中旅行，特別是當您在飛機上時。

So there's a lot more to say on how we're going to use these screens and how we're going to deliver a great service to our customers.

因此，關於我們將如何使用這些螢幕以及我們將如何為客戶提供優質服務，還有很多話要說。

And we're going to do that in the due course.

我們將在適當的時候這樣做。

And I'm going to pile on that real quickly.

我很快就會講到這一點。

Just the quality of the earnings from mileage plus.

只是里程加收入的品質。

Not only are they growing rapidly but the stability of those earnings, that high margin business.

它們不僅成長迅速，而且獲利穩定，即高利潤業務。

As we grow that business, I do think it's important that you all think about that differentiated stability and it's something we're going to work hard to highlight in our disclosures as time goes on.

隨著我們業務的發展，我確實認為大家都應該考慮差異化的穩定性，這一點很重要，隨著時間的推移，我們將在披露中努力強調這一點。

Thanks for the question.

謝謝你的提問。

Dwayne Finning, Evercore ISI.

德韋恩·芬寧，Evercore ISI。

Hey, thanks.

嘿，謝謝。

Just on seasonality of margins.

只是利潤率的季節性。

Maybe you can remind us about some of the network changes you've made over the years.

也許您可以提醒我們這些年來您對網路所做的一些改變。

Historically, we didn't really think of the first quarter as a breakout quarter for relative margins for United.

從歷史上看，我們並不真正認為第一季是曼聯相對利潤率的突破季度。

So what changes have you made?

那你做了哪些改變呢？

Is it geography, is it how you're flying?

是地理因素，還是飛行方式？

You know, what's changed versus maybe pre COVID?

你知道，與新冠疫情之前相比，發生了什麼變化？

Well, look, I would say it's a lot of things and I definitely how we fly is pretty meaningful to that.

嗯，看，我想說這有很多事情，而且我絕對我們的飛行方式對此非常有意義。

But I look, first of all, I think you have a brand that is rising across the board as we invest in multiple products and multiple experiences and we're just an airline people are choosing more and more often.

但我認為，首先，我認為隨著我們投資多種產品和多種體驗，您的品牌正在全面崛起，而我們只是人們越來越頻繁選擇的航空公司。

So like that's just foundational.

這只是基礎。

And you know, I think we're really proud of that.

你知道，我認為我們對此感到非常自豪。

Now in the nuts and bolts, yes, the schedule has changed a lot.

現在，從具體細節來看，是的，日程安排已經發生了很大變化。

We're very, very careful in particular how we work with utilization, just adding flights for the sake of ASMs.

我們非常非常小心，特別是在使用率方面，只是為了 ASM 而增加航班。

Yeah, we proved that last year and first quarter was not a great idea from the industry perspective, and we didn't do it and we're not doing it this year.

是的，我們證明去年和第一季從行業角度來看並不是一個好主意，我們沒有這樣做，今年也不會這樣做。

In fact, our utilization rate for this year is actually probably lower than last year at the current rate.

事實上，以目前的速度，我們今年的利用率實際上可能低於去年。

So we're being very careful in how we deploy capacity.

因此，我們在部署容量方面非常謹慎。

And I think we're the best in the business of it, but that goes not only within the quarter, but it's by day of week, it's by hub and it's by aircraft type and all those changes including more sunshine capacity, I think have been really important.

我認為我們在這方面是最好的，但這不僅是在季度內，而且是在一周中的每一天，按樞紐和飛機類型以及所有這些變化，包括更多的日照容量，我認為真的很重要。

And then the last thing, Q1 was always a strength point for corporate traffic that didn't exist during the pandemic or right after the pandemic.

最後一件事，第一季始終是企業流量的優勢點，而在疫情期間或疫情後並不存在。

And what we see today is corporate traffic coming back very strongly in Q1 which I think will be uniquely beneficial to the business centric airlines, which obviously United is one of them.

我們今天看到的是，企業客流量在第一季強勁回升，我認為這將對以商業為中心的航空公司特別有利，顯然美聯航就是其中之一。

So that's really important.

所以這非常重要。

And then the last thing that I think is maybe underappreciated is the fact that Europe is becoming more of a year round destination.

我認為最後一件事可能被低估了，歐洲正在成為一個全年旅遊目的地。

And so, Europe always did not so great is a polite way to say it, particularly from 15 January through mid March.

因此，用禮貌的說法，歐洲總是不太好，特別是從 1 月 15 日到 3 月中旬。

And now we're seeing a totally different result where people are willing to go on a Southern European vacation.

現在我們看到了完全不同的結果，人們願意去南歐度假。

And so that's just great and that really helps the seasonal Europe.

所以這真是太棒了，這確實對歐洲的季節性有幫助。

At the same time that our connectivity with our Lufthansa hubs builds back to normal.

同時，我們與漢莎航空樞紐的連結恢復正常。

At the same time, the business traffic builds back to London Heathrow.

同時，倫敦希斯洛機場的商業流量也有所增加。

And you put all those factors together a lot of them, created by United through schedule changes, some of them created by industry dynamics and we're de seasonalized in Q1 and making it look a lot better.

你把所有這些因素放在一起，其中很多是由美聯航通過時間表變化造成的，其中一些是由行業動態造成的，我們在第一季度進行了去季節化，使其看起來好多了。

That was our goal a number of years ago.

這是我們多年前的目標。

And we're really proud to say we've come a long way.

我們非常自豪地說我們已經取得了長足的進步。

We have a long way to go still, but we've come a long way.

我們還有很長的路要走，但我們已經走了很長的路。

That's really helpful, Andrew.

這真的很有幫助，安德魯。

Thank you.

謝謝。

And then just on the path to double digit margins and you know, which implies a bit of improvement relative to pre COVID, you touched on in your prepared remarks.

然後，就在通往兩位數利潤的道路上，你知道，這意味著相對於新冠疫情之前有所改善，你在準備好的演講中提到了這一點。

Is this really about structurally higher margins in international and maybe holding serve on domestic or do you see it more balanced and again not necessarily a 2025 answer, but over the next few years.

這真的是關於國際比賽中結構性更高的利潤率，也許是國內比賽中的保發，還是你認為它更加平衡，同樣不一定是 2025 年的答案，而是未來幾年的答案。

Thanks for taking the questions.

感謝您提出問題。

Well, so as I said in my opening, international margins are higher, but we think they have room to expand, particularly by making the off-peak periods better.

嗯，正如我在開場白中所說，國際利潤率更高，但我們認為它們還有擴大的空間，特別是透過改善非尖峰時段。

So we'll we remain excited about that.

所以我們對此保持興奮。

But there is an opportunity on international.

但國際上有機會。

There's also a bigger opportunity on domestic as our mid continent hubs in particular reach that critical mass of connectivity and guage that we're seeking.

國內也有更大的機會，因為我們的中部大陸樞紐尤其達到了我們正在尋求的臨界質量的連接和規格。

We're still a bit off from where we want to be on guage as we said, this year is a bit of a gauge-pause year.

正如我們所說，我們距離我們想要的指標還有一點距離，今年是一個指標暫停的一年。

But starting in 2026 and beyond, we're going to really focus on gauge which is incredibly efficient.

但從 2026 年及以後開始，我們將真正專注於極其高效的儀表。

It's going to unlock the connectivity in our hubs even further.

它將進一步解鎖我們中心的連接性。

And so I'm actually more optimistic that margin growth in the domestic system, given all the structural changes we're putting in place and what's happening around us by our competitors has an incredible amount of upside and we can start to close the gap with international.

因此，我實際上對國內系統的利潤成長更加樂觀，考慮到我們正在實施的所有結構性變化以及我們的競爭對手在我們周圍發生的事情具有令人難以置信的上行空間，我們可以開始縮小差距國際的。

But I have to say national strength is just unbelievably strong right now.

但不得不說，現在的國力實在強大得令人難以置信。

And we'll close the gap.

我們將縮小差距。

I don't think -- we'll close some of the gap.

我不認為——我們會縮小一些差距。

I don't think we'll close all of the gap from the way I look at it at this point.

從我目前的角度來看，我認為我們不會彌合所有差距。

So international is going to continue to lead the way I think for the coming years.

因此，未來幾年國際將繼續引領我的想法。

And as we said at the beginning, there's just a significant supply constraint when it comes to wide body aircraft and wide body engines that we think confidently last through the end of the decade at this point.

正如我們在一開始所說的那樣，寬體飛機和寬體發動機方面存在嚴重的供應限制，我們認為目前這種情況可以持續到本世紀末。

Thank you.

謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks, good morning.

嘿，謝謝，早安。

Scott and one of the earlier questions you said that you think the current industry backdrop has years to go.

斯科特和您之前提到的問題之一是，您認為當前的行業背景還需要數年時間才能實現。

I guess what gives you the confidence in the duration part of this story.

我想是什麼讓你對這個故事的持續時間部分充滿信心。

I guess is what's the risk in your mind that is domestic pricing turn positive and others start making, maybe making a little bit more money that they start chasing it and adding capacity again.

我想你心中的風險是什麼，即國內定價轉正，其他人開始賺錢，也許賺更多的錢，他們開始追逐它並再次增加產能。

Well, the short answer is, it's just math.

嗯，簡短的回答是，這只是數學。

And this has been driven by economic reality.

這是由經濟現實所驅動的。

You know, I said in my prepared remarks, I gave some stats on the expense of flying at big airports in New York.

你知道，我在準備好的演講中說過，我提供了一些有關在紐約大型機場飛行的費用的統計數據。

Like that doesn't mean, things won't get a little more positive and people will try to put more capacity back one or two quarters.

但這並不意味著情況不會變得更加積極，人們會嘗試在一兩個季度內恢復更多產能。

But it -- I just don't see how it's possible to be a low cost carrier and fly profitably to the New York airports or Chicago or Los Angeles or San Francisco, like the business model just doesn't work because the governments in those entities have priced low-cost carriers out of the market.

但它——我只是不明白如何成為一家廉價航空公司，並在飛往紐約機場、芝加哥、洛杉磯或舊金山的航班上盈利，這種商業模式行不通，因為這些國家的政府實體已將低成本航空公司擠出市場。

And it's just math, like every airline that has low margins that don't look like Delta and United has unprofitable capacity.

這只是數學問題，就像每家利潤率較低的航空公司一樣，達美航空和聯合航空似乎沒有獲利能力。

And the only way to solve that is to not fly it.

解決這個問題的唯一方法就是不要駕駛它。

That doesn't mean they'll do it overnight.

這並不意味著他們會在一夜之間做到這一點。

There will be some ups and downs along the way.

一路上會有一些坎坷。

There'll be ego involved in that.

會有自我參與其中。

But ultimately, it is math and it is going to come out because it cannot be profitable.

但歸根結底，它是數學，它會出現，因為它無法獲利。

Okay?

好的？

And then maybe just Mike a numbers question.

然後也許只是麥克提出一個數字問題。

1Q clearly has RASM outperforming CASM.

第一季 RASM 的表現明顯優於 CASM。

Does the guidance contemplate that you have a positive spread all year or is there something unique about the 1Q strength?

該指導意見是否認為您全年都有正利差，或者第一季的實力有什麼獨特之處嗎？

And I know you talked about 2 points to 3 points from labor.

我知道你談到了 2 點到 3 點的勞動。

Anything else on the cost side you want to add some color on?

您還想在成本方面添加一些其他內容嗎？

Thank you.

謝謝。

Thanks, Scott.

謝謝，斯科特。

Let me try to be clear about it.

讓我試著澄清一下。

For the full year we expect RASM to exceed CASM.

我們預計全年 RASM 將超過 CASM。

We expect continued margin expansion.

我們預計利潤率將持續擴大。

I expect continued margin expansion into '26 as well.

我預計利潤率也會持續擴大到 26 年。

Regarding costs, I think about cost in three buckets, I think about industry wide inflationary pressures, whether that be labor, whether that be airport costs, whether that be food costs, fuel costs, those costs are going to be passed through to the consumer, 100%.

關於成本，我考慮三個方面的成本，我考慮整個行業的通膨壓力，是否是勞動力，是否是機場成本，是否是食品成本，燃料成本，這些成本將轉嫁給消費者, 100%。

It's frustrating that those inflationary costs have been persistent.

令人沮喪的是，這些通膨成本一直持續存在。

We need to make sure that we do at least as well as the industry regarding those, that number one bucket of costs, but those costs should not interfere with our long term profitability.

我們需要確保我們在這些第一大成本方面至少做得和行業一樣好，但這些成本不應幹擾我們的長期盈利能力。

The second bucket, I'll break into two categories an A and a B and that is what can we do as an airline to drive efficiency into the operation?

第二個方面，我將分為 A 和 B 兩類，作為航空公司，我們可以採取哪些措施來提高營運效率？

Gauge at United is the largest measure of efficiency that will really kick in as I said earlier in '26 and '27.

正如我在 26 年和 27 年早些時候所說，曼聯的衡量標準是最大的效率衡量標準，它將真正發揮作用。

But we're doing lots more with our app.

但我們正在利用我們的應用程式做更多事情。

We've got the best digital technology team in the business to drive efficiency.

我們擁有業內最好的數位技術團隊來提高效率。

We're doing a great job with tech ops in the operation, driving efficiency and we feel we'll do better than average in that category.

我們在營運方面的技術運營方面做得很好，提高了效率，我們認為我們會在該類別中做得比平均水平更好。

There is a 2B though, and that is driving efficiency by flying more in red eye situations, flying more during the off peak and some of our competitors are doing that.

不過，還有一個 2B，那就是透過在紅眼情況下更多地飛行、在非高峰期更多地飛行來提高效率，我們的一些競爭對手正在這樣做。

We feel that that is and I think our results prove that flying in that way to drive utilization, it does drive down CASM, but it does not maximize profits.

我們認為確實如此，而且我認為我們的結果證明，以這種方式飛行以提高利用率，確實會降低 CASM，但不會最大化利潤。

So you will not see United Airlines driving efficiency in that way.

因此，您不會看到聯合航空以這種方式提高效率。

And then the third bucket is one that United's been on a mission for for several years and that is investing in the product and service to differentiate, to decommoditize the business.

第三個目標是美聯航多年來一直肩負的使命，即投資於產品和服務，以實現差異化，使業務非商品化。

And it is clearer than it has ever been that, that decommoditization of the product is driving higher margins and I think more stability to this business.

比以往任何時候都更清楚的是，產品的非商品化正在推動更高的利潤率，我認為這項業務更加穩定。

So you'll see continued investment by United that will drive CASM, but we think it will also expand margins.

因此，您將看到美聯航的持續投資將推動 CASM，但我們認為這也將擴大利潤率。

Thank you, guys.

謝謝你們，夥計們。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Thanks so much for the time and congrats on the great results.

非常感謝您抽出寶貴的時間，並祝賀取得如此好的成績。

There was a line in the press release that caught my eye on utilizing GenAI to expedite customer search.

新聞稿中有一句話引起了我的注意，即利用 GenAI 來加快客戶搜尋速度。

And I'm wondering if you could update us on other areas, you're already deploying GenAI in the business or thinking about it and how you're thinking about the impact whether on the revenue side or in the operations.

我想知道您是否可以向我們介紹其他領域的最新情況，您已經在業務中部署 GenAI 或正在考慮它，以及您如何考慮它對收入方面或營運方面的影響。

You know, we do have the leading digital team in the business.

您知道，我們確實擁有業界領先的數位團隊。

You can see in the app you can see in all kinds of places.

您可以在應用程式中看到您可以在各種地方看到的內容。

And we have been, I think, done a Yeoman's effort, but really using GenAI in all kinds of ways that maybe not be as sexy as some of the big high profile analysis, but a whole lot more impactful for the airline and the operation.

我認為，我們已經做了一些 Yeoman 的努力，但確實以各種方式使用 GenAI，這些方式可能不像一些引人注目的大型分析那麼性感，但對航空公司和營運的影響更大。

You talked about some of them.

你談到了其中一些。

One of the things that I'm most proud of is how much better we are than any airline in history has ever been at communicating with customers when there are delays, this choice and explaining it in terms that they understand.

我最引以為傲的一件事是，在出現延誤時，我們比歷史上任何一家航空公司都更善於與客戶溝通，做出這種選擇，並用他們理解的語言進行解釋。

And we're getting better and better and that I think we're in the first inning of that.

我們變得越來越好，我認為我們正處於第一局。

We're the only ones on the field.

我們是場上唯一的人。

No one else is even trying to do it.

甚至沒有人嘗試這樣做。

But GenAI has been an important unlock in that.

但 GenAI 是其中一個重要的解鎖點。

All kinds of other -- to me, one of the interesting applications, we have these old labor contracts that go back decades and they've got all these provisions that have built up over decades.

所有其他 - 對我來說，有趣的應用之一，我們有這些可以追溯到幾十年前的舊勞動合同，並且他們擁有幾十年來建立的所有這些條款。

And, we have people that have 25-, 30 years of experience trying to interpret what the labor contracts mean.

而且，我們有擁有 25 年、30 年經驗的人員試圖解釋勞動合約的含義。

When a pilot or flight attender or someone calls in with some unusual situation and some of the provisions are hard to know and always hard to figure out.

當飛行員或乘務員或有人打電話詢問一些不尋常的情況時，有些規定很難知道，而且總是很難弄清楚。

I literally a team of people that try to interpret and get those right.

我確實是一個試圖解釋並正確理解這些內容的團隊。

And they didn't always know.

他們並不總是知道。

Amazingly, GenAI can read the contract and give you a really good answer of what the output is.

令人驚訝的是，GenAI 可以閱讀合約並為您提供關於輸出內容的非常好的答案。

That's just a small example.

這只是一個小例子。

But you know, really what that means to me is, our team, it's down in the entire organization.

但你知道，這對我來說真正意味著我們的團隊，它在整個組織中都是如此。

You know, this isn't like some one cool sexy project that we talk about on an earnings call or some other forum, but really throughout the organization, embedded in the organization as part of what's driving us to be without question, the leading technology innovator of any airline around the world.

你知道，這並不像我們在財報電話會議或其他論壇上談論的某個酷炫性感的項目，而是真正貫穿整個組織，嵌入到組織中，作為推動我們毫無疑問成為領先技術的一部分世界各地航空公司的創新者。

Thanks so much.

非常感謝。

That's really helpful color.

這真是有用的顏色。

And then just as a follow up, Andrew, you talked about adding Sunshine Capacity being part of the success and improving 1Q.

然後，作為後續行動，安德魯，您談到添加陽光容量是成功和改善第一季的一部分。

And I'm just curious how you're thinking about Florida and in the broader domestic network.

我只是好奇你如何看待佛羅裡達州以及更廣泛的國內網絡。

And you know, if there's, if opportunities present themselves to maybe get larger in that region, whether a focus city or possibly a new hub, just love to hear your thoughts there.

你知道，如果有機會在該地區發展壯大，無論是一個焦點城市還是一個新的中心，我很樂意聽聽你的想法。

Thanks again for the time.

再次感謝您抽出時間。

Good question.

好問題。

We have seven great hubs.

我們有七個偉大的樞紐。

And you know, for all my years here, we've been focused on making those hubs as great as they can be.

你知道，在我在這裡的這些年裡，我們一直致力於讓這些中心盡可能地偉大。

And I don't think we're anywhere close to that.

我認為我們還沒有接近這個目標。

And you can look at our relative market shares in our hubs, relative to other hub competitors around the country.

您可以查看我們的樞紐相對於全國其他樞紐競爭對手的相對市場份額。

And you can see our shares are still low.

你可以看到我們的股價仍然很低。

And I think as our brand rises, people only us more and our gauges can increase.

我認為隨著我們品牌的崛起，人們只會更關注我們，我們的標準也會增加。

So we continue to be very focused on our hubs.

因此，我們繼續非常關注我們的樞紐。

That's not to say that it will always be that way.

這並不是說情況永遠如此。

But for now and for the foreseeable future, our opportunities in our hubs, there's a lot of growth and that's how we're going to grow earnings and grow our margins as Mike talked about earlier.

但就目前和可預見的未來而言，我們在中心的機會有很大的成長，這就是我們如何增加收入和提高利潤，正如麥克之前談到的那樣。

But we will continue to build on what is a very successful Florida franchise.

但我們將繼續在佛羅裡達州非常成功的特許經營權的基礎上繼續發展。

You know, I think it's done incredibly well, and we're told in a higher percent of our capacity into it, but at least in the short term, there's no plans for a hub in the southeast of Florida.

你知道，我認為它做得非常好，我們被告知我們的容量百分比更高，但至少在短期內，沒有計劃在佛羅裡達州東南部建立一個樞紐。

Catherine O'Brien, Goldman Sachs.

凱瑟琳‧歐布萊恩，高盛。

Good morning, everyone.

大家早安。

Thanks for the time.

謝謝你的時間。

Mike, one for you.

麥克，給你一個。

While respecting you don't give a CASM guide.

在尊重的同時，您不提供 CASM 指南。

You've already given us your high level thoughts and the different buckets of cost we should be thinking about over the next couple of years.

您已經向我們提供了您的高層次想法以及我們在未來幾年中應該考慮的不同成本。

Just was hoping to get some more color on the puts and takes for '25.

只是希望在 25 年的看跌期權和期權中獲得更多色彩。

You know, if you don't have a ratified flight attendant contract, for instance, how does that impact the timing of that 2 points to 3 points of labor head when you've spoken to and anything else potentially lumpy we should be aware of quarter to quarter.

例如，如果您沒有經過批准的空服員合同，那麼當您與您交談時，這會如何影響 2 到 3 分勞工負責人的時間安排以及我們應該注意的其他任何可能出現問題的情況季度到季度。

Hi, Katie, thanks for the question and let me try to expand around the edges.

嗨，凱蒂，謝謝你的問題，讓我嘗試圍繞邊緣進行擴展。

Talked about 2 points to 3 points of labor headwind that we expect in 2025.

談到了我們預計 2025 年勞動力逆風將出現 2 至 3 個百分點。

That anticipates a labor deal with the flight attendants, the timing of which we aren't going to discuss today, but it expects that if that timing were to push to the right, there would be less of a headwind.

這預計將與空服人員達成勞工協議，我們今天不打算討論該協議的時間，但它預計，如果該時間推向正確的位置，阻力就會減少。

If it pushes to the left to pushes earlier, then we'd have a little bit more of a headwind.

如果它向左推得更早，那麼我們就會遇到更多的逆風。

I would say we have 0.5 point to 1 point pressure from investments that are driving even more revenue into the business.

我想說，我們面臨來自投資的 0.5 點到 1 點的壓力，這些投資正在為業務帶來更多收入。

And so I feel really good about that as well.

所以我對此也感覺很好。

It does seem like the inflationary pressures overall at the industry level have started to have peaked and have started to abate.

整個產業層面的通膨壓力似乎已經開始見頂並開始減弱。

But as we sit here, I think that they persist longer than we might have thought 6 or 12 months ago.

但當我們坐在這裡時，我認為它們持續的時間比我們 6 或 12 個月前想像的要長。

So hopefully that helps.

希望這會有所幫助。

Yes, it does.

是的，確實如此。

Thanks.

謝謝。

And Andrew maybe one for you as well.

安德魯也許也適合你。

You know, you talked about managing the complexity of more products and more choices being an area of expertise for the team.

您知道，您談到管理更多產品和更多選擇的複雜性是團隊的專業領域。

Can you help us think through where the opportunities are to lean into this more going forward?

您能否幫助我們思考一下，未來有哪些機會可以進一步推動這一領域的發展？

You know, is this adding more cabins, this adding more varied soft products to your existing cabin?

你知道，這是在你現有的艙位上增加更多的艙等、增加更多樣的軟產品嗎？

Something else that, we haven't even thought of yet?

還有什麼我們還沒想到的嗎？

Anything there would be super helpful.

那裡的任何事情都會非常有幫助。

Thanks.

謝謝。

Oh, well, that's a really good question and I'm not going to answer it today.

哦，好吧，這是一個非常好的問題，我今天不打算回答它。

I'm going to say that other than to say, as I said in my opening script, you know, I think product choice has won the day and it's kind of ironic because if you go back a few years ago, there were people saying the opposite, which I never ever understood.

我想說的是，除了說，正如我在開場白中所說，你知道，我認為產品選擇贏得了勝利，這有點諷刺，因為如果你回到幾年前，有人說相反，我一直無法理解。

But product choice is won the day, we think we have some innovative ideas to expand on all that, including the merchandise the product choice, as we go forward and when I convince Mike to do an Investor Day, hopefully we'll talk about that more.

但產品選擇是勝利的一天，我們認為我們有一些創新的想法可以擴展所有這些，包括商品和產品選擇，隨著我們的前進，當我說服邁克舉辦投資者日時，希望我們能討論這一點更多的。

That was a joke, obviously.

顯然，這是一個笑話。

But the point of all that is we're not going to give it away today, but we are working on a bunch of innovative things that I think are going to be very exciting for customers.

但最重要的是，我們今天不會放棄它，但我們正在研究一系列創新的東西，我認為這些東西會讓客戶非常興奮。

So there's a lot more to come, there's a lot more investment occurring.

因此，還會有更多的事情發生，會有更多的投資發生。

You know, we wish we could announce it today, bring it to the marketplace even sooner.

你知道，我們希望今天就能宣布它，甚至更快地將其推向市場。

But these things take time.

但這些事情需要時間。

And, I said earlier, I think United has a multi generational lead.

而且，我之前說過，我認為曼聯擁有多個世代的領先優勢。

And we've been working over the last few years to make sure that lead expands and accelerates as we head into the latter part of this decade.

過去幾年我們一直在努力確保在進入本世紀後半段時領先地位能夠擴大並加速。

So there's quite a bit more to announce but just not today.

所以還有很多事情要宣布，但不是今天。

Great.

偉大的。

So we look forward to.

所以我們期待。

Thanks for the time.

謝謝你的時間。

(Operator Instructions)

（操作員說明）

Mary Shingles, Bloomberg news.

瑪麗·希格斯，彭博新聞。

Hi, thanks.

你好，謝謝。

Good morning.

早安.

The Trump administration has ordered the DOT and the FAA to rescind their DEI policies and review the job performance of individuals in critical safety positions.

川普政府已下令交通部和聯邦航空局撤銷其 DEI 政策，並審查關鍵安全職位個人的工作表現。

I'm wondering if you are concerned that that may cause some churn of employees and increase the problems that already exist with ATC and the staffing issues.

我想知道您是否擔心這可能會導致一些員工流失並增加 ATC 和人員配置問題上已經存在的問題。

And then secondly, I wanted to ask if United is considering rescinding its own DEI policies.

其次，我想問曼聯是否正在考慮廢除自己的 DEI 政策。

So I'll answer for United and let the DOT answer for themselves.

所以我會為曼聯負責，並讓交通部為自己負責。

Although we're -- [my boss] can feel good about the DOT and the administration and the impact that they will have on the air traffic control system.

儘管我們—[我的老闆]對交通部和政府以及他們對空中交通管制系統的影響感到滿意。

I think there's a ton of upside there.

我認為那裡有很多好處。

But at United, we have always have today and we'll continue to hire based on merit, but we're in the fortunate position that we're a very high quality employer and we make efforts to cast a wide net for people coming into United.

但在曼聯，我們一直擁有今天，我們將繼續根據績效進行招聘，但我們很幸運，我們是一家非常高品質的雇主，我們努力為進入的人們廣泛撒網。

In fact, last year, we had over 600,000 applications for fewer than 10,000 positions.

事實上，去年我們收到了超過 60 萬份申請，申請的職位還不到 1 萬份。

And because of that, we can be incredibly selective about who we pick.

正因為如此，我們可以非常挑剔地挑選我們的人。

Well, we do hire on merit, we can hire the absolute best of the best and have a naturally diverse workforce so we can do both.

嗯，我們確實根據績效聘用員工，我們可以聘用最優秀的人才，並且擁有一支自然多元化的員工隊伍，因此我們可以做到這兩點。

And the proof is in the result.

證據就在結果中。

We are performing better coming out of the COVID for the last few years than any other airline in the world and our workforce and having a diverse but also very best people is a huge part of the reason why we are the best airline in the world.

過去幾年，我們在走出新冠疫情後的表現比世界上任何其他航空公司都要好，我們的員工隊伍也很多元化，而且擁有最優秀的人才，這是我們成為世界上最好的航空公司的一個重要原因。

And why do you say that there's a ton of upside with the new administration, FAA and DOT.

為什麼你說新政府、聯邦航空局和交通部有很多好處呢？

Well, last year, even on clear blue sky days, 68% of our delays were because of air traffic control restrictions on the airspace that impacted millions of customers.

嗯，去年，即使在晴朗的藍天，我們 68% 的延誤都是由於空域的空中交通管制限製造成的，影響了數百萬乘客。

And it is just basic blocking and tackling.

這只是基本的阻擋和鏟斷。

And you know, when I talk to the President, he knows a lot about airplanes, he knows a lot about the airspace.

你知道，當我與總統交談時，他對飛機了解很多，對空域了解很多。

He is focused -- at even at his level on fixing it.

即使在他的水平上，他也專注於解決這個問題。

Incoming Secretary, Duffy, I spoke to this weekend also focused on fixing it and I think that they will do the basic blocking and tackling, get the FAA the right resources, the right technology to run effectively.

我本週末與即將上任的部長達菲進行了交談，重點是解決這個問題，我認為他們將進行基本的阻止和處理，為聯邦航空局提供正確的資源和正確的技術來有效運作。

And there is like everything else combined is not as big for airline customers as running the FAA effectively and officially.

對於航空公司客戶來說，其他一切加起來並不像有效和正式地運營美國聯邦航空局那麼重要。

That is bigger than everything else combined.

這比其他所有東西加起來還要大。

And I think we're going to be off to the races on that.

我認為我們將在這方面展開競爭。

Rajesh Singh, Reuters.

拉傑什辛格，路透社。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

I have a two part question.

我有一個由兩個部分組成的問題。

Scott, some people are calling it the new golden age of US airlines because of the capacity discipline as well as improved pricing.

斯科特，由於運力限制和定價的提高，一些人將其稱為美國航空公司的新黃金時代。

Do you subscribe to this view?

你同意這個觀點嗎？

And second, do you see any risk for the industry due to the increased macro uncertainty, not just from the demand perspective because of high inflation and interest rates, but also from supply perspective because of trade and tariffs.

其次，您是否認為由於宏觀不確定性增加，該行業面臨任何風險，不僅從需求角度來看，因為高通膨和利率，而且從供應角度來看，因為貿易和關稅。

Thank you.

謝謝。

So I think this is the golden age for airline customers, particularly at an airline like United.

因此，我認為這是航空公司客戶的黃金時代，尤其是像美聯航這樣的航空公司。

The amount we've invested in the product and the service, the loyalty program, the amount of customers who are brand loyal to United today, I think is bigger than it's ever been in history.

我認為，我們今天在產品和服務、忠誠度計劃以及對美聯航品牌忠誠的客戶數量方面的投資金額比歷史上任何時候都多。

The wide array of products, for premium all the way down to basic economy.

產品範圍廣泛，從高端一直到基礎經濟。

And so I think it's the golden age of customers and because customers like that and because customers choose United Airlines, it makes it really good for United Airlines as well.

所以我認為這是客戶的黃金時代，因為客戶喜歡這樣，因為客戶選擇聯合航空，這對聯合航空來說也確實有利。

That is a symbiotic relationship.

這是一種共生關係。

On the question about supply chain, we're early into the Trump administration.

在供應鏈問題上，我們正​​處於川普政府的早期階段。

So we'll see what happens with tariffs and such.

所以我們將看看關稅等會發生什麼。

But you know, just like my comments about what's going to happen at the FAA, I have a lot of confidence in this administration that they're focused on doing things that unlock American innovation and entrepreneurialism and that create -- remove regulatory burdens and expand the economy.

但你知道，就像我對聯邦航空局將要發生的事情的評論一樣，我對本屆政府充滿信心，他們專注於釋放美國創新和創業精神，創造——消除監管負擔並擴大經濟。

And so I think my base case is that the net of that is going to be a strong, robust economy and strong robust demand for United Airlines.

因此，我認為我的基本情況是，最終的結果將是強勁、強勁的經濟以及對聯合航空的強勁需求。

And 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.

感謝您今天加入通話。

Please contact investor media relations if you have any further questions and we look forward to talking to you next quarter.

如果您有任何其他問題，請聯絡投資者媒體關係，我們期待下季與您交談。

Stay warm.

保持溫暖。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference, and you may now disconnect.

女士們先生們，今天的會議到此結束，現在你們可以斷線了。