聯合航空 (UAL) 2025 Q3 法說會逐字稿

Good morning, and welcome to United Airlines Holdings earnings conference call for the third quarter of 2025. My name is Regina, and I will be your conference facilitator today. Following the initial remarks from management, we will open the lines for questions. (Operator Instructions) This call is being recorded and is copyrighted. Please note that no portion of the call may be recorded, transcribed or rebroadcast without the company's permission.

早安，歡迎參加聯合航空控股 2025 年第三季財報電話會議。我叫 Regina，今天我將擔任你們的會議主持人。在管理層發表初步評論後，我們將開放提問熱線。（操作員指示）此通話正在錄音，並受版權保護。請注意，未經本公司許可，不得錄製、轉錄或重播通話的任何部分。

Your participation implies your consent to our recording of this call. If you do not agree with these terms, simply drop off the line.

您的參與意味著您同意我們錄製此通話。如果您不同意這些條款，請直接掛斷電話。

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，我將把演示交給今天電話會議的主持人、投資者關係董事總經理克里斯蒂娜·愛德華茲 (Kristina Edwards)。請繼續。

Thanks, Regina. Good morning, everyone, and welcome to United's third quarter 2025 earnings conference call. Yesterday, we issued our earnings release, which is available on our website at ir.united.com. Information in yesterday's release and the remarks made during this conference call may contain forward-looking statements, which represent the company's current expectations, which are based upon information currently available to the company.

謝謝，里賈娜。大家早安，歡迎參加美聯航 2025 年第三季財報電話會議。昨天，我們發布了財報，可在我們的網站 ir.united.com 上查閱。昨天的財報以及本次電話會議中的言論可能包含前瞻性陳述，這些陳述代表了公司當前的預期，並基於公司目前掌握的資訊。

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

許多因素可能導致實際結果與我們目前的預期有重大差異。請參閱我們的收益報告、10-K 表和 10-Q 表以及聯合航空控股公司和聯合航空向美國證券交易委員會提交的其他報告，以獲得這些因素的更詳細描述。

Unless otherwise noted, we will be discussing our financial metrics on a non-GAAP basis on this call, and historical operational metrics will exclude pandemic years of 2020 to 2022. Please refer to the related definitions and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures at the end of our earnings release.

除非另有說明，我們將在本次電話會議上以非 GAAP 為基礎討論我們的財務指標，歷史營運指標將不包括 2020 年至 2022 年的疫情年份。請參閱我們收益報告末尾這些非 GAAP 指標的相關定義和與最直接可比較的 GAAP 指標的對帳。

Joining us on the call today to discuss our results and outlook are Chief Executive Officer, Scott Kirby; President, Brett Hart; Executive Vice President and Chief Commercial Officer, Andrew Nocella; and Executive Vice President and Chief Financial Officer, Mike Leskinen. We also have other members of the executive team on the line available for the Q&A.

今天參加電話會議討論我們的業績和前景的有首席執行官斯科特·柯比 (Scott Kirby)、總裁布雷特·哈特 (Brett Hart)、執行副總裁兼首席商務官安德魯·諾塞拉 (Andrew Nocella) 和執行副總裁兼首席財務官邁克·萊斯金 (Mike Leskinen)。我們還有其他執行團隊成員可以在線上回答問題。

And now I'll put the call over to Scott.

現在我將把電話轉給史考特。

Thanks, Kristina, and good morning, everyone. For the last few years, we've talked about an industry that is transforming and the United Airlines is competitively positioned to win. For United, that's meant winning brand loyal customers. The third quarter is another data point that is consistent with the structural, permanent and irreversible changes is occurring in this industry.

謝謝，克里斯蒂娜，大家早安。過去幾年，我們一直在談論這個正在轉型的行業，而美國聯合航空公司已具備贏得勝利的競爭優勢。對美聯航來說，這意味著贏得品牌忠誠的客戶。第三季是另一個與該行業正在發生的結構性、永久性和不可逆轉的變化一致的數據點。

We delivered strong third quarter results despite macro volatility in the first 9-months of the year, and we now expect to grow earnings for the full year. The first three quarters of the year were an economic downturn for airlines at least and our ability to grow earnings in the face of the macro issues is proof that the brand loyal United next strategy is resilient in tough times and a clear proof point on our path to solid double-digit margins.

儘管今年前九個月宏觀經濟波動較大，我們仍然取得了強勁的第三季業績，目前我們預計全年獲利將實現成長。今年前三個季度至少對航空公司來說是經濟衰退期，而我們在宏觀問題面前仍能實現盈利增長的能力證明了品牌忠誠度的聯合航空的下一個戰略在困難時期具有韌性，也是我們邁向穩健兩位數利潤率的明確證明。

What we've really proven is air travel is not a commodity. Our calls in the last few years, we spent a lot of time appropriately talking about the industry structure and making predictions about how that would play out in the future.

我們真正證明的是航空旅行不是一種商品。在過去幾年的電話會議中，我們花了很多時間適當地討論產業結構，並預測其未來將如何發展。

We're now seeing those predictions come true and even though it's only the second or third inning, I think the general contours of how that is going to end or widely known and easy to forecast everyone at this point. And given that, I think it's time to shift the focus and talk about how United gets to double-digit margins even in the current industry environment.

我們現在看到這些預測變成了現實，儘管這只是第二局或第三局，但我認為，事情將如何結束的大致輪廓已經廣為人知，現在每個人都很容易預測。有鑑於此，我認為現在是時候轉移焦點，討論美聯航如何在當前的產業環境下實現兩位數的利潤率。

There are two points on the revenue side and likewise, two points on the cost side. On the revenue side, it starts with winning brand loyal customers. United is investing over $1 billion in customer product enhancements annually. And that investment is in all cabins and class of service. Every customer who flies United gets more value.

收入方面有兩點，成本方面也有兩點。在收入方面，首先要贏得品牌忠誠客戶。美聯航每年投資超過 10 億美元用於客戶產品改進。這項投資涵蓋所有艙等和服務等級。每位搭乘美聯航的旅客都能獲得更多價值。

For basic economy customers, we don't just offer them a competitively priced ticket. We offer them the best app and on-time flight power in every seat, seatback screens, a great loyalty program, just to name a few. For brand loyal customers, we -- all the benefits I just mentioned, plus expansive clubs, more seats upfront, better food, more extensive route network to exotic destinations around the globe, and a loyalty program that gives bigger rewards and a tremendous amount of utility for their miles.

對於基本經濟艙乘客，我們不只是提供他們價格具競爭力的機票。我們為他們提供最好的應用程式和每個座位上的準點航班功能、座椅靠背螢幕、出色的忠誠度計劃，等等。對於品牌忠誠客戶，我們——除了我剛才提到的所有好處之外，還提供了廣闊的俱樂部、更多的預付座位、更好的食物、飛往全球各地異國目的地的更廣泛的航線網絡，以及為他們的里程提供更大獎勵和巨大效用的忠誠度計劃。

And most importantly, our people are our best asset, and they're delivering for all of our customers each and every day. We're in the people business and our people have done an amazing job of caring and providing friendly service that makes customers feel good and is the foundation of keeping them brand loyal. From basic economy all the way to the Polaris class, every United customer simply gets more value at United than what our competitors offer. And that's why they're brand loyal.

最重要的是，我們的員工是我們最寶貴的財富，他們每天都在為我們所有的客戶提供服務。我們從事以人為本的事業，我們的員工在關懷和提供友善服務方面做得非常出色，讓客戶感覺良好，也是保持品牌忠誠度的基礎。從基本經濟艙一直到北極星艙，每位美聯航乘客都能享受到比競爭對手更高的價值。這就是他們對品牌忠誠的原因。

It's also why we're winning more brand loyal customers every day, and it's the important competitive advantage that's giving us a generational lead versus most of the industry. We believe that winning brand loyal customer sets up our second revenue advantage, the potential to double the EBITDA from our loyalty program in the years to come.

這也是我們每天贏得更多品牌忠誠客戶的原因，也是我們在與大多數產業相比擁有領先優勢的重要競爭優勢。我們相信，贏得品牌忠誠客戶將為我們帶來第二個收入優勢，即未來幾年我們的忠誠度計畫有可能使 EBITDA 翻倍。

We're still in the pre-game warm-ups for taking the United loyalty program to another level. But in order to invest over $1 billion per year in incremental customer products and services, we had to find a different and better way to manage costs.

我們仍在進行賽前熱身，以將美聯航忠誠度計劃提升到一個新的水平。但為了每年在增量客戶產品和服務上投資超過 10 億美元，我們必須找到一種不同且更好的成本管理方法。

Historically, airlines looking to reduce costs and focused on cutting customer-friendly amenities like food, because most of our expense is in areas we can't control, like union contracts, airport fees, fuel, et cetera, or by adding utilization flying late at night on off-peak days or during slower times of the year. United is doing the exact opposite of that industry dogma, namely investing more for the customer and focusing on flying at times that can be profitable instead of just trying to maximize aircraft utilization. And you can see it in our numbers.

從歷史上看，航空公司為了降低成本，專注於削減食品等客戶友好設施，因為我們的大部分開支都在我們無法控制的領域，例如工會合約、機場費、燃料等，或增加非高峰日深夜或一年中較淡季的航班利用率。美聯航的做法與業界慣例截然相反，即為客戶投入更多資金，並專注於在可以獲利的時間飛行，而不僅僅是試圖最大限度地提高飛機利用率。您可以從我們的數字中看到這一點。

Our major cost focus at United is to drive real cost efficiencies through our use of technology that can also improve the customer experience. In public discussions, we tended to focus more on the app and customer-facing technology, but we're doing far more behind the scenes and we're the most cutting-edge technology airline in the world. Mike will give you some examples of these technology-driven savings that allow us to lower true CASM-ex. These technology investments are efficient for costs, but they also help us to run a more reliable operation for customers.

我們美聯航的主要成本重點是透過使用能夠改善客戶體驗的技術來提高真正的成本效率。在公開討論中，我們傾向於更專注於應用程式和麵向客戶的技術，但我們在幕後做得更多，我們是世界上最先進的技術航空公司。Mike 將向您提供一些技術驅動的節省範例，這些節省使我們能夠降低真正的 CASM-ex。這些技術投資不僅節省了成本，而且還幫助我們為客戶提供更可靠的營運。

And secondly, on costs, we have large gauge increases coming as both Boeing and Airbus get back to a better delivery cadence. This strategy is working and I expect us to add at least a point or more of margin each year normalized for any unusual macroeconomic activity up or down, which gets us to the low teen margins in this industry capacity environment.

其次，在成本方面，隨著波音和空中巴士恢復更好的交付節奏，我們的成本將大幅增加。這項策略正在發揮作用，我預計我們每年的利潤率將至少增加一個點或更多，以應對任何異常的宏觀經濟活動的上升或下降，這將使我們在這個行業產能環境中達到較低的利潤率。

But as I said earlier, the industry restructuring, i.e., each airline focusing its capacity in markets where they can be profitable is only in the second or third inning. And as that process plays out, I expect that to add several more margin points to United, moving us up into the mid-teens margins. And as we deliver on that, I'd bet that our multiples move up meaningfully as well.

但正如我之前所說，產業重組，即每家航空公司將其運力集中在能夠獲利的市場上，才剛進入第二或第三階段。隨著這項進程的推進，我預期美聯航的利潤率將進一步提升，達到十五六個百分點。當我們實現這一目標時，我敢打賭我們的倍數也會大幅上升。

I'll now turn it back to the team for a run through the quarter and our outlook.

現在我將把會議交還給團隊，回顧本季並展望未來。

Thank you, Scott, and good morning. This summer was the busiest in United's history. We surpassed 1 billion available seat miles in a single day and flew over 48 million customers in the quarter. Even with these volumes as well as significant summer weather disruptions and system-wide ATC challenges, our operation was resilient this quarter. The third quarter marked our lowest rate of cancellations for any third quarter in company history, and 6 of our 7 hubs ranked first or second for on-time departures.

謝謝你，斯科特，早安。這個夏天是美聯航史上最忙碌的夏天。我們單日可用座位里程超過 10 億英里，本季載客量超過 4,800 萬。即使有如此大的業務量以及嚴重的夏季天氣幹擾和全系統的空中交通管制挑戰，本季我們的營運仍然保持彈性。第三季度是我們公司歷史上航班取消率最低的第三季度，我們 7 個樞紐中有 6 個在準點出發率方面排名第一或第二。

We continue to adapt under pressure and to maintain flexibility during irregular operations, preserving travel plans for more than 290,000 customers by managing delays rather than canceling flights through use of connection [flight]. This is what drives the most value to our customers and helps build the brand loyalty we speak so much about. And our customer NPS score was up nearly 7% this summer versus summer 2024. This performance is a testament to the dedication of our United team. So thank you to each of you.

我們繼續在壓力下適應並在不正常運營期間保持靈活性，透過管理延誤而不是使用轉機取消航班，為超過 290,000 名客戶保留旅行計劃[航班]。這為我們的客戶帶來了最大的價值，並有助於建立我們一直在強調的品牌忠誠度。與 2024 年夏季相比，今年夏季我們的客戶 NPS 得分上升了近 7%。這次表現證明了我們聯合團隊的奉獻精神。所以感謝你們每一個人。

At United, we remain focused on innovation and providing our teams with the most advanced tools in the industry to help them deliver their best every day. We are modernizing applications for employees that allows us to recover faster, scale support for customers, enabling better experiences even when things don't go as planned.

在 United，我們始終專注於創新，並為我們的團隊提供業內最先進的工具，幫助他們每天都能發揮最佳水準。我們正在對員工應用程式進行現代化改造，以便我們能夠更快地恢復，擴大對客戶的支持，即使事情沒有按計劃進行也能提供更好的體驗。

We also continue to invest in our industry-leading digital customer experience with a new dedicated section and our mobile app focused on making tight connections smoother and more predictable for customers through real-time personalized tools and communication, driving further improvements in our customer experience and NPS scores. As we continue to take aircraft deliveries, we will also be growing our team. In 2026, we expect to hire over 2,000 pilots and over 3,200 new flight attendants.

我們也繼續投資於我們領先業界的數位客戶體驗，推出新的專用部分和行動應用程序，專注於透過即時個人化工具和通訊為客戶提供更順暢、更可預測的緊密連接，從而進一步改善我們的客戶體驗和 NPS 分數。隨著我們繼續接收飛機，我們的團隊也將不斷壯大。2026年，我們預計將招募2,000多名飛行員和3,200多位新空服員。

We are all proud of the fact that we continue to be a destination for great talent with over 27,000 applicants in just a few days for the most recent flight attendant posting. Regarding the negotiations with the AFA, we met with the mediator in mid-September, and our negotiation is scheduled for the end of October. We remain focused on getting our flight attendants, the best in the industry, the industry-leading contract they deserve.

我們為我們繼續成為優秀人才的聚集地而感到自豪，在最近的空服員職位發布後，短短幾天內就有超過 27,000 名申請者。關於與AFA的談判，我們於9月中旬與調解員會面，我們的談判計劃於10月底進行。我們始終致力於讓我們的空服人員成為業內最優秀的人才，並獲得他們應得的業內領先合約。

I want to thank Secretary, Duffy; Administrator, Bedford and the administration for their support and leadership on the improvement at Newark. We are pleased with the FAA's announcement that flights in Newark will be capped through October 2026 at 72 operations per hour, which better matches the capacity of the airport.

我要感謝部長達菲、行政長官貝德福德和政府對紐瓦克改善工作的支持和領導。我們很高興看到美國聯邦航空局宣布，到 2026 年 10 月，紐瓦克的航班數量將限制在每小時 72 架次，這將更好地匹配機場的容量。

The reduction in emissions, along with the continued focus on technology upgrades and ATC staffing further underpins our confidence in Newark's long-term outlook. Newark achieved its best ever on-time departure and Star D0 for any third quarter, clear proof that the investments being made are working.

排放量的減少，以及對技術升級和空中交通管制人員配備的持續關注，進一步增強了我們對紐瓦克長期前景的信心。紐瓦克航空實現了有史以來最好的準點率，並在第三季度實現了 Star D0 的佳績，這清楚地證明了所做的投資正在發揮作用。

Yesterday, our first Starlink Equipped Boeing 737-800 took off from Newark following FAA certification last month. This marks a major milestone in our journey to deliver the fastest, most reliable and free for Mileage Plus members, WiFi in the skies. More than half of our regional flight now has StarLink successfully installed. We believe this superior in-flight experience will be truly game-changing as it expands across the remainder of our fleet by 2027.

昨天，我們首架配備 Starlink 的波音 737-800 飛機在上個月獲得美國聯邦航空管理局認證後從紐瓦克起飛。這標誌著我們為 Mileage Plus 會員提供最快、最可靠和免費的空中 WiFi 服務過程中的一個重要里程碑。目前，我們一半以上的區域航班已成功安裝 StarLink。我們相信，到 2027 年，這種卓越的飛行體驗將擴展到我們剩餘的機隊，從而真正改變遊戲規則。

Thank you to the entire United team for your continued hard work and commitment to excellence this quarter. I will now hand it over to Andrew to provide an update on the revenue environment.

感謝整個聯合團隊本季的持續努力和對卓越的承諾。現在我將把時間交給安德魯，讓他提供有關收入環境的最新情況。

Thanks, Brett. United's top line revenues increased 2.6% to $15.2 billion in the quarter on a 7.2% increase in capacity. Consolidated TRASM for the quarter was down 4.3%. Domestic PRASM was down 3.3% in Q3 on 6.6% more capacity, premium cabins outperformed the main cabin once again. After a long stream of positive RASM in quarters, United's international flights in Q3 had PRASM down 7.1%.

謝謝，布雷特。本季度，美聯航的營業收入成長 2.6%，達到 152 億美元，運能成長 7.2%。本季合併 TRASM 下降 4.3%。第三季度，國內 PRASM 下降 3.3%，運能成長 6.6%，高級艙的表現再次優於主艙。在經歷了幾個季度的長期正 RASM 成長之後，美聯航的國際航班在第三季的 PRASM 下降了 7.1%。

Global long-haul demand continues to spread both earlier and later in the year out of Q3 making those periods stronger, but trade we take any day. Premium revenues were up 6% year-over-year and PRASM for premium cabins outperformed the main cabin by 5 points. United had the company's all-time highest business revenue (inaudible) during the week ended October 5, of the top-5 best weeks in our history, three of the remaining four occurred in September 2025.

全球長途運輸需求在第三季的年初和年末持續蔓延，使得這些時期更加強勁，但我們每天都會進行貿易。高級營收年增 6%，高級艙位的 PRASM 比主艙高出 5 個百分點。截至 10 月 5 日的一周，美聯航創造了公司歷史最高營業收入（聽不清楚），在我們歷史上表現最好的五個星期中，其餘四個星期中有三個發生在 2025 年 9 月。

Leisure demand is also healthy as we head into Q4. Not unlike 2024, capacity and demand are simply better balanced in the last quarter of this year, particularly for global long-haul flying. We saw bookings inflect positive in early July, and industry revenues are expected to be positive year-over-year for all remaining months of 2025.

進入第四季度，休閒需求也十分健康。與 2024 年類似，今年最後一季的運能和需求更加平衡，尤其是對於全球長途航班而言。我們看到 7 月初的預訂量出現正增長，預計 2025 年剩餘月份的行業收入將比去年同期出現正增長。

We expect our consolidated RASM to meaningfully improve in Q4 year-over-year. International RASMs in Q4 will outperform domestic based on the current outlook. We also expect that Q4 will have United's best revenue quarter ever, but also have the highest absolute RASM of any quarter of 2025.

我們預計，第四季合併後的 RASM 將年比大幅提升。根據目前的前景，第四季國際 RASM 的表現將優於國內。我們也預計，第四季將是美聯航有史以來收入最高的季度，同時也將是 2025 年任何季度中絕對 RASM 最高的季度。

As you can see by the stressed financials at many airlines, it is clear much of their domestic flying once again lost money in 2025, but also in the peak summer quarter. It is already beginning, but we believe more unprofitable industry flying will continue to be scaled back, although the timing remains uncertain. While the supply/demand imbalance did impact United's profits in the third quarter, we can report all seven of our hubs who are profitable in the quarter.

從許多航空公司的財務狀況可以看出，很明顯，他們的大部分國內航班在 2025 年再次虧損，而且在夏季旺季也是如此。這一進程已經開始，但我們相信，更多無利可圖的行業航班將繼續縮減，儘管具體時間仍不確定。雖然供需失衡確實影響了美聯航第三季的利潤，但我們可以報告本季所有七個樞紐均獲利。

We, at United, remained focused on refinements we can make to the network and commercial strategies to build a stronger margin, particularly in the third quarter of each year. Two years ago, we focused on adjustments to our Q1 network deployment that led to nearly a four point improvement in pre-tax margins. And in 2026, we're going to take a similar approach to Q3.

在聯合航空，我們始終專注於改善網路和商業策略，以創造更高的利潤率，特別是在每年的第三季。兩年前，我們專注於調整第一季的網路部署，這使得稅前利潤率提高了近四個百分點。2026 年，我們將採取與第三季類似的方法。

For most of recent prepandemic history, Q3 RASMs were consistent with Q2 and Q4, with the modest peaking of the capacity in Q3, where marginal RASM was greater than marginal CASM. However, in 2024, we saw GAAP emerge where Q3 RASM at United trailed Q2 and Q4.

在最近的疫情前歷史中，第三季的 RASM 與第二季和第四季一致，第三季的容量適度達到峰值，其中邊際 RASM 大於邊際 CASM。然而，在 2024 年，我們看到 GAAP 出現，美聯航第三季的 RASM 落後於第二季和第四季。

We expect -- in 2025, we expect this gap to once again exist and to have widened. This Q3 issue appears to be an industry issue not specific to United. As much as we love the relative Q4 performance in recent years, the idea that Q3 trails by the magnitude we've seen in 2024 and in 2025 represents an opportunity for margin expansion.

我們預計——到 2025 年，這一差距將再次存在，並且還會擴大。第三季的問題似乎是整個產業的問題，並非美聯航獨有。儘管我們很欣賞近年來第四季的相對錶現，但第三季的落後幅度與 2024 年和 2025 年的落後幅度相當，這代表著利潤率擴大的機會。

In 2026, we'll adjust how peaked our summer capacity plan is by ending the summer schedule a week early, operating 15% fewer Red Eye flights and tended more capacity from the July 4, holiday to name a few, in pursuit of higher margins. I also expect that our Atlantic capacity year-over-year, excluding Tel Aviv will be flat to negative in Q3 2026.

2026 年，我們將調整夏季運力高峰計劃，提前一周結束夏季航班時刻表，減少 15% 的紅眼航班運營，並從 7 月 4 日假期開始增加運力，以追求更高的利潤率。我還預計，到 2026 年第三季度，除特拉維夫外，我們的大西洋航線運力將與去年同期持平或為負。

United's business model now has a more balanced demand levels across more of the year as our increasingly optimal mix between leisure demand, premium leisure demand and business demand is yet another emerging advantage we have over commodity-based airlines.

由於我們在休閒需求、高端休閒需求和商務需求之間的日益優化組合，美聯航的商業模式現在在一年中的大部分時間裡擁有更加均衡的需求水平，這是我們相對於商品航空公司的另一個新興優勢。

United's ability to further de-seasonalize capacity, we think, creates yet another opportunity for cost convergence versus commodity airlines, they only see profit opportunities on peak leisure travel demand days or months. I think it's interesting to note, profitability is now inversely correlated with aircraft utilization in the US. The highest utilization airlines have the lowest margins.

我們認為，美聯航進一步淡化運力季節性的能力，為相對於商品航空公司的成本收斂創造了另一個機會，他們只在休閒旅遊需求高峰日或月份看到盈利機會。我認為值得注意的是，獲利能力現在與美國的飛機利用率呈反比。利用率最高的航空公司利潤率最低。

Mileage Plus had another strong quarter with total loyalty revenues up over 9%, overhead remuneration was up 15% year-over-year and should end the year up over 12%. We are seeing increased retention of cardholders along with higher spend as United's brand grows.

Mileage Plus 本季表現強勁，總忠誠度營收成長超過 9%，管理費用報酬年增 15%，預計年底將成長 12% 以上。隨著美聯航品牌的成長，我們看到持卡人的保留率不斷提高，消費額也不斷增加。

Today, I'd also like to share my view of where United has come from in the past decade, why our actual 2025 results thus far have proven so durable and what we expect to drive continued gains among brand loyal customers and double-digit margins down the line. Starting with our many transformational annual investments of over $1 billion for our customers, we have successfully decommoditized most of United's passenger revenues.

今天，我還想分享我對美聯航過去十年發展歷程的看法，為什麼我們迄今為止的 2025 年實際業績如此持久，以及我們預計如何推動品牌忠誠客戶的持續增長和未來兩位數的利潤率。從我們每年為客戶進行超過 10 億美元的轉型投資開始，我們已成功將美聯航的大部分客運收入非商品化。

We believe that our tilt to brand loyal capacity and products in the last 5-years was well timed, but also consistent with the demand profile in our hub cities, which is why it's worked so well and why our premium efforts will be more margin accretive than others. However, it's important to understand we're always investing to create value for all passengers in all cabins. Even our most premium yield passengers often fly in the main cabin and our efforts to convert passengers to brand loyal clearly starts in the main cabin.

我們相信，過去五年來，我們向品牌忠誠度運力和產品的傾斜是恰逢其時，同時也與我們樞紐城市的需求狀況相一致，這就是為什麼它如此有效，以及為什麼我們的高端努力將比其他努力產生更多的利潤增長。然而，重要的是要明白，我們始終在投資為所有艙等的所有乘客創造價值。即使是我們最優質的乘客也經常乘坐主艙，而我們讓乘客成為品牌忠誠度的努力顯然是從主艙開始的。

Basic Economy has altered the competitive landscape in the US and providing United a profitable entry far to attract many customers over a full life cycle. Quality and value matters more than ever to US consumers, clubs that are not overcrowded, enhanced meals, great wind, industry leading technology, great customer service, seat-back screens and fast WiFi to name a few, those are the attributes we focus on.

基本經濟艙改變了美國的競爭格局，並為美聯航提供了一個有利可圖的切入點，以在整個生命週期中吸引眾多客戶。對於美國消費者來說，品質和價值比以往任何時候都更加重要，不擁擠的俱樂部、優質的餐點、宜人的風、行業領先的技術、優質的客戶服務、座椅靠背屏幕和快速的 WiFi 等等，這些都是我們關注的屬性。

The quality part of the product offering was often overlooked by many as we favored simplicity and low cost. In our view, quality goes well beyond the schedule we offer are inherent excellent reliability. Smaller details do matter, and that combined with best-in-class customer service our team members deliver sets us up for success.

由於我們注重簡單性和低成本，產品的品質常常被許多人忽略。我們認為，品質遠遠超出了我們提供的時間表，並且具有固有的卓越可靠性。細節確實很重要，再加上我們團隊成員提供的一流客戶服務，我們就獲得了成功。

Consistency of our products and services was unsurprisingly low at the early stages of our transformation, but is now reaching critical mass. United now operates 765 jets with more than 146,000 seat-back screens. These screens are one way of defining a premium airline in the US. Our signature interior conversion is now at 64% and an investment of over [$1.6 million].

在我們轉型的早期階段，我們的產品和服務的一致性很低，這並不令人意外，但現在已達到臨界點。美聯航目前營運 765 架飛機，擁有超過 146,000 個座椅靠背螢幕。這些螢幕是美國定義優質航空公司的一種方式。我們標誌性的室內裝修改造現已達到 64%，投資超過[160萬美元]。

At United, we've proven our ability to increase our relative RASM with the best results, while at the same time increasing domestic gauge by almost 20% since 2019. We said a decade ago that not all capacity was created equal, and our results have proven that business case. The statement is only true for Brand Loyal Airlines.

在美聯航，我們已經證明了我們能夠以最佳成績提高相對 RASM，同時自 2019 年以來將國內航班量提高了近 20%。十年前我們就說過，並非所有產能都是平等的，而我們的結果已經證明了這個商業案例。此聲明僅適用於品牌忠誠航空公司。

Domestic gauge is expected to once again accelerate in 2027 as our 200 seat A321 fleet reaches critical mass after years of delay, helping drive better customer experience, but also creating cost convergence with others. This gauge increases a proven formula for margin growth and accelerate as we retire smaller, lower-margin A319 and A320 aircraft from our fleet by 2030.

隨著我們的 200 個座位的 A321 機隊在經過多年的延遲後達到臨界規模，國內航線預計將在 2027 年再次加速，這有助於提升客戶體驗，同時也與其他航空公司的成本趨同。這項指標提高了利潤率成長的成熟公式，隨著我們在 2030 年前淘汰體型較小、利潤率較低的 A319 和 A320 飛機，利潤率也將加速成長。

United hubs can support this higher gauge and allows us to accept more basic economy fasteners at a profit. Our transformation is making the world a smaller place for United and allowed us to add unique find places including, but not limited to, Greenland and Mongolia. A large thanks to the 100,000-plus United team members together have built this durable generational lead.

聯合樞紐可以支援這種更高規格的列車，並允許我們以盈利的方式接受更多基本經濟型緊固件。我們的轉型讓世界對美聯航來說變得更小，並讓我們能夠添加獨特的發現地點，包括但不限於格陵蘭島和蒙古。非常感謝十多萬名聯合航空團隊成員共同打造的這一持久的世代領先地位。

I'm going to turn it over to Mike to talk about our financial results. Mike?

我將把時間交給麥克來談談我們的財務表現。麥克風？

Thanks, Andrew. We delivered a strong third quarter. Customers are speaking with their wallets and are increasingly choosing to fly United because of our strong operational performance and the significant investments we made and continue to make in the airline. StarLink is another example of how we're differentiating our customer experience for the better.

謝謝，安德魯。我們第三季表現強勁。顧客們用錢包說話，並且由於我們強勁的營運業績以及我們對航空公司做出的和將繼續做出的重大投資，越來越多的顧客選擇乘坐美聯航的航班。StarLink 是我們如何更好地實現客戶體驗差異化的另一個例子。

This quarter, I'm particularly proud of our team for our disciplined cost management. I expect that our negative 0.9% CASM-ex performance will be industry-leading.

本季度，我對我們團隊嚴謹的成本管理感到特別自豪。我預計我們的負 0.9% CASM-ex 表現將處於行業領先地位。

As Scott mentioned, we made strategic investments in our products that drive higher costs, but we are helping to offset those by running the core airline more efficiently. And those investments are increasingly differentiating United Airlines, creating brand loyal customers, decommoditizing United and driving solid margins and returns on capital. We've been investing over $1 billion annually over the last few years into improving our aircraft, our clubs, our food and our WiFi, and we expect to spend another $1 billion next year.

正如史考特所提到的，我們對產品進行了策略性投資，這會導致成本上升，但我們正在透過更有效地經營核心航空公司來幫助抵消這些成本。這些投資使聯合航空日益脫穎而出，創造了品牌忠誠的客戶，使聯合航空去商品化，並帶來了可觀的利潤率和資本回報。過去幾年，我們每年投資超過 10 億美元用於改善我們的飛機、俱樂部、食品和 WiFi，預計明年我們將再投資 10 億美元。

We increased the amount we spend on food by 25% this year. We're investing $1 billion on our rollout of Starlink WiFi so that our customers have the best-in-class connectivity. Our investments in clubs doubled in 2025 and is expected to more than double in 2026 as demand for this product continues to grow.

今年我們在食品上的支出增加了25%。我們將投資 10 億美元推出 Starlink WiFi，以便我們的客戶獲得一流的連線。2025 年，我們對俱樂部的投資翻了一番，隨著對該產品的需求不斷增長，預計 2026 年這一數字將增加一倍以上。

These are just a few examples, but it's important to note that we're doing this all while delivering industry-leading cost performance. Being able to invest in our customer experience is possible because we're simultaneously driving efficiency in the core operation. That produces meaningful and permanent savings. Some examples include modernizing all of our maintenance technologies so that can be used on iPads, allowing our technicians quicker access to United resources.

這些只是幾個例子，但值得注意的是，我們在實現這一切的同時也提供了業界領先的性價比。我們之所以能夠投資於客戶體驗，是因為我們同時也提高核心營運的效率。這會產生有意義且持久的節省。一些例子包括使我們所有的維護技術現代化，以便可以在 iPad 上使用，讓我們的技術人員更快地存取聯合資源。

For example, before introducing iPads throughout the shift, our technicians would walk to and from our hangers and aircraft, checking the aircraft's paper logbook, printing manuals from the legacy mainframe systems at the hangar and ordering parts from their terminal at the hangar to ultimately fix the aircraft. Today, iPads give technicians the ability to instantaneously access, troubleshooting manuals and order parts, all while at the aircraft, turning airplanes faster and improving the efficiency of our workforce.

例如，在整個輪班期間引入 iPad 之前，我們的技術人員會在機庫和飛機之間走動，檢查飛機的紙質日誌，從機庫的傳統主機系統列印手冊，並從機庫的終端訂購零件，最終修復飛機。如今，iPad 使技術人員能夠在飛機上即時存取、查看故障排除手冊並訂購零件，從而加快飛機運轉速度並提高員工的工作效率。

Additionally, significant investments in people, process and technology have been made to improve our recovery from IROPs events which enables us to restart the airline following an event much quicker than we have in the past. One particular tool already in use is our Orca tool, which optimizes aircraft routing, crew pairings and customer connections so that our targeted delays or cancels prioritize our customers and the optimal plan for guiding the airline through significant events.

此外，我們在人員、流程和技術方面進行了大量投資，以改善我們從 IROP 事件中恢復的能力，這使我們能夠比過去更快地重啟航空公司。我們已經在使用的一個特殊工具是 Orca 工具，它可以優化飛機路線、機組人員配對和客戶連接，以便我們的目標延誤或取消能夠優先考慮客戶，並為航空公司提供引導其度過重大事件的最佳計劃。

Our operational leadership and frontline employees are performing the best in our history. This has led to United leading the industry in the quickest recovery following significant events and you can see the direct impact of that comparing our third quarter cost to others in the industry.

我們的營運領導層和第一線員工的表現達到了我們歷史上的最佳水平。這使得美聯航在重大事件後以最快的速度復甦，領先於業內其他航空公司，透過比較我們第三季度的成本與業內其他航空公司的成本，您可以看到其直接影響。

We're not just looking to make our operation more efficient. We're making process changing -- changes and using AI to make -- the work of our headquarters management team more efficient too. In fact, our management headcount is 4% lower than last year as this efficiency work continues, we're planning to shrink another 4% in 2026. This is a new culture at United Airlines, and as such, I'm going to give a long-term framework on how we're thinking about CASM-ex.

我們不僅僅希望提高營運效率。我們正在改變流程，並利用人工智慧來提高總部管理團隊的工作效率。事實上，隨著效率工作的持續，我們的管理人員數量比去年減少了 4%，我們計劃在 2026 年再縮減 4%。這是美國聯合航空的新文化，因此，我將給出一個關於我們如何看待 CASM-ex 的長期框架。

General inflation in this industry is running about 3% to 4% annually, and we expect that to continue inclusive of labor. At United, our gauge growth should provide about a 1-point annual tailwind through the end of the decade. We're also committed to driving efficiency into the core business of another one point per year. So together, our core CASM-ex growth should run up at 1% to 2% annually if we did nothing else. But as we've been highlighting, United is transforming because of our investments we have made into improving the customer experience and decommoditizing air travel.

該行業的總體通貨膨脹率每年約為 3% 至 4%，我們預計包括勞動力在內的通貨膨脹率將持續上升。在聯合航空，我們的客運量成長將在未來十年內帶來每年約 1 點的順風。我們也致力於每年將核心業務的效率提高一個點。因此，如果我們不採取其他措施，我們的核心 CASM-ex 成長率每年應該會達到 1% 到 2%。但正如我們一直強調的那樣，美聯航正在轉型，因為我們在改善客戶體驗和實現航空旅行非商品化方面進行了投資。

You should expect that to continue. And on average, we expect that to add about one point of CASM-ex pressure per year that is more than offset by revenue generation. Altogether, our CASM-ex run rate should run up around 2% to 3% annually.

你應該預料到這種情況會持續下去。平均而言，我們預計這將使 CASM-ex 壓力每年增加約 1 個百分點，而創造收入將足以抵消這一增加。總體而言，我們的 CASM-ex 運行率每年應會上漲 2% 至 3% 左右。

Now turning to the quarter. We delivered third quarter earnings per share of $2.78 above the top end of our guidance range of $2.25 to $2.75. And ahead of Wall Street expectations of $2.68. Our pre-tax margin was 8% and would have been a point higher absent the disruptions earlier this year at Newark. We had industry-leading operational performance that underpins strong unit cost performance.

現在轉向本季。我們第三季每股收益為2.78美元，高於我們2.25美元至2.75美元的預期區間上限，也高於華爾街2.68美元的預期。我們的稅前利潤率為8%，如果沒有今年稍早紐瓦克工廠的營運中斷，我們的利潤率還會更高。我們擁有業界領先的營運績效，這支撐了強勁的單位成本績效。

Our third quarter CASM-ex was down 0.9%. Our costs in the quarter did benefit by approximately one point of expense moving to the fourth quarter, primarily driven by maintenance and approximately one point from the timing of certain labor contracts.

我們的第三季 CASM-ex 下跌了 0.9%。我們本季的成本確實受益了大約一個點，轉移到第四季度，這主要受到維護的影響，以及某些勞動合約的時間大約一個點的影響。

Looking to the fourth quarter. The momentum in the revenue environment, Andrew described continues, and we expect fourth quarter EPS to be $3 to $3.50, that brings our full year EPS towards the better half of our full year 2025 guidance range of $9 to $11 and should position us to be the only airline to grow earnings this year. This demonstrates that winning brand loyal customer drives resilience in the business and when the economy rallies provides upside.

展望第四季。安德魯表示，收入環境的勢頭仍在繼續，我們預計第四季度每股收益為 3 美元至 3.50 美元，這將使我們全年每股收益接近 2025 年全年指導範圍 9 美元至 11 美元的一半，並使我們成為今年唯一一家盈利增長的航空公司。這表明，贏得品牌忠誠客戶可以增強業務的彈性，並在經濟復甦時帶來上行空間。

As I mentioned last quarter, the industry now has two brand loyal, structurally profitable and revenue diverse airlines, which together will represent about 100% of industry profits in 2025. We continue to target double-digit pre-tax margins in the long term.

正如我上個季度提到的，該行業現在有兩家品牌忠誠度高、結構盈利能力強、收入多元化的航空公司，到 2025 年，這兩家航空公司的利潤將佔行業利潤的 100% 左右。我們長期的目標是繼續實現兩位數的稅前利潤率。

Turning to the balance sheet. We continue to march towards our goal of an investment-grade balance sheet. During the quarter and earlier this month, we bought back 377 aircraft off of expensive COVID Air leases to carry implied interest rates in the high single digits. This accelerated our deleveraging efforts while further optimizing our cost of capital. We've eliminated all expensive financing from the balance sheet and have no fixed coupons over 6%, an average floating margin of 1.9% and an average cost of debt of less than 5%.

轉向資產負債表。我們繼續朝著投資等級資產負債表的目標邁進。在本季和本月初，我們從昂貴的 COVID Air 租賃中回購了 377 架飛機，以實現高個位數的隱含利率。這加速了我們的去槓桿努力，同時也進一步優化了我們的資本成本。我們從資產負債表中剔除了所有昂貴的融資，沒有超過 6% 的固定息票，平均浮動保證金為 1.9%，平均債務成本低於 5%。

These actions are being noticed by the rating agencies. We are upgraded by S&P to double-B-plus from double-B on August 12, the highest they have rated us in over two decades. This change gives recognition to the fact that our business plan is working as our earnings grow and become more resilient and continue our migration towards investment-grade credit ratings.

這些措施引起了評級機構的關注。標準普爾在 8 月 12 日將我們的評級從 BB 上調至 BB+，這是二十多年來我們的最高評級。這項變更表明，隨著我們的獲利不斷增長、變得更具彈性，並繼續向投資等級信用評級邁進，我們的業務計劃正在發揮作用。

Free cash flow generation also remains a key focus, and we expect to generate over $3 billion in free cash flow this year. I've talked about free cash flow conversion around 50%, and this year, we're trending well above that due to the timing of aircraft deliveries. As aircraft deliveries accelerate and CapEx rises, we expect to remain in the 50% range. And as we exit the decade, we expect the conversion to accelerate closer to around 75%.

自由現金流的產生仍然是我們關注的重點，我們預計今年將產生超過 30 億美元的自由現金流。我曾談到自由現金流轉換率約為 50%，而今年，由於飛機交付的時間安排，我們的趨勢將遠高於這一水平。隨著飛機交付速度加快和資本支出增加，我們預計將保持在 50% 的範圍內。隨著我們即將度過這個十年，我們預計轉換率將加速至接近 75% 左右。

On the buyback, we continue to take a measured approach and take advantage of opportunistic moves in the market while also working towards getting our net leverage below 2 times.

在回購方面，我們繼續採取審慎的態度，利用市場中的機會舉措，同時努力將我們的淨槓桿率降至 2 倍以下。

To wrap it up, I want to thank the team for their continued execution. Our ability to manage through what has been an earnings recession for the airline industry has been remarkable. And while I still think there is upside to our absolute margin, and that matters the most, our relative margin is outstanding. My confidence in the financial future continues to grow as we exit the year.

最後，我要感謝團隊的持續努力。我們渡過航空業獲利衰退時期的能力非常出色。雖然我仍然認為我們的絕對利潤率還有上升空間，而且這是最重要的，但我們的相對利潤率已經非常出色。隨著今年的結束，我對財務未來的信心不斷增強。

United Airlines and the industry continue to transform into a customer-centric brand-loyal business. United Airlines will continue to provide more value to our customers, to our employees and to our shareholders.

美國聯合航空和整個航空業繼續轉型成為以客戶為中心的品牌忠誠度企業。美國聯合航空將繼續為我們的客戶、員工和股東提供更多價值。

Now back to Kristina to start Q&A.

現在回到克里斯蒂娜開始問答。

Thanks, Mike. We will now take questions from the analyst community. We want to get to as many of you as possible, so please limit yourself to one question and if absolutely needed one follow-up question.

謝謝，麥克。我們現在將回答分析師群體的問題。我們希望盡可能多地與大家聯繫，因此請將問題限制在一個範圍內，如果確實需要，請提出一個後續問題。

Regina, please describe the procedure to ask a question.

里賈納，請描述一下提問的程序。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Good morning everyone. Thanks for the time. To me first, a follow-up to Scott's margin commentary to kick off the call. We've seen domestic main cabin seats come out of the market this year, although there has been backfill. You noted that system margins would go up a couple of points if the industry rationalized more.

大家早安。謝謝你的時間。對我來說，首先要跟進的是史考特在電話會議上發表的保證金評論。今年，我們看到國內主艙座位退出了市場，儘管市場上已經有了一些回補。您指出，如果產業進一步合理化，系統利潤率將會上升幾個點。

But what's your view on what would happen to main cabin margins if there was a step function change in main cabin supply? Would that narrow or even close the gap between main cabin and premium cabin margins? Or there just always going to be a gap given the demand profile of price-sensitive versus more premium customers?

但是，如果主艙供應量發生階躍變化，您認為主艙利潤率會發生什麼變化？這會縮小甚至消除主艙和高級艙之間的利潤差距嗎？或者說，考慮到價格敏感型客戶和高端客戶的需求情況，總是會有差距？

Thanks.

謝謝。

So thanks, Catherine. That's an interesting and, I think, insightful question. But to answer it, I'm going to give you some of the -- I think you guys take a step back and give some of the history and evolution of the industry. And for most of my career, essentially everyone associated with the airline industry -- airline executives, including myself for the first decade, but Wall Street analysts and investors have thought of the airline industry as a commodity, not just price, but that schedule. Schedule drove everything.

所以謝謝你，凱瑟琳。我認為這是一個有趣且富有洞察力的問題。但為了回答這個問題，我將提供給你們一些——我認為你們應該退一步，介紹一下這個行業的歷史和發展。在我的大部分職業生涯中，基本上每個與航空業相關的人——航空公司高管，包括我自己在內，在職業生涯的第一個十年，華爾街的分析師和投資者都將航空業視為一種商品，不僅僅是價格，還有航班時刻表。時間表決定了一切。

And that's how most of us thought of the industry. And by the way, it's why people on Wall Street right notes that essentially every seat is created equal and do competitive capacity analysis or implicitly the assumption that every seat is created equal.

這就是我們大多數人對這個行業的看法。順便說一句，這就是為什麼華爾街的人指出，基本上每個席位都是平等的，並進行競爭能力分析，或者隱含地假設每個席位都是平等的。

I also think, by the way, it's the reason we trade at such low multiples because that's what happens in commodity industries. But what we've proven and continue to prove in the last few years is that it is possible to transform into a brand loyal airline, which is dramatically different than the commoditized portion of the industry.

順便說一句，我還認為，這就是我們以如此低的倍數進行交易的原因，因為這就是大宗商品行業的情況。但在過去幾年中，我們已經證明並將繼續證明，轉型成為一家品牌忠誠度航空公司是可能的，這與行業中的商品化部分截然不同。

For brand loyal customers, if you think about those, I think that the majority of customers in the industry, they're not all, but they're the majority of the customers in the industry. And for them, schedule is still the number 1 factor. That's kind of how we got to thinking of this as a commoditized industry.

對於品牌忠誠的客戶，如果你考慮一下，我認為他們是行業中的大多數客戶，雖然不是全部，但他們是行業中的大多數客戶。對他們來說，時間安排仍然是首要因素。這就是我們將其視為商品化產業的原因。

But most customers have multiple airlines that have broadly competitive and similar schedules that give them the option. And so most of those customers like to choose an airline to give their loyalty to accumulate miles, get the credit card, go on great exotic destinations around the globe. And winning those customers is the winning formula. You have to win them, you have to give them great value, but winning those customers is the winning formula.

但大多數客戶都有多家航空公司，這些航空公司的競爭力很大，而且航班時刻表也差不多，因此客戶可以選擇。因此，大多數顧客都願意選擇航空公司來表示他們的忠誠，以累積里程、獲得信用卡、前往世界各地的異國目的地。贏得這些客戶就是成功的秘訣。你必須贏得他們，你必須給他們巨大的價值，但贏得這些客戶才是成功的秘訣。

And for those customers, it starts with the schedule, but that's just the starting point. And from there, it's the product, it's the technology, it's the service, it's how people treat all of them that allow us to win those customers. And we look at the data from the last 5-years in each of our hubs, we've won significant market share of customers that live in those cities.

對於那些客戶來說，一切都從時間表開始，但這只是起點。從那時起，產品、技術、服務以及人們對待它們的方式讓我們贏得了這些客戶。我們查看了每個中心過去 5 年的數據，發現我們贏得了居住在這些城市的客戶的大量市場份額。

And it's those brand loyal customers that we have won. And that's something that we've been working on for almost a decade now, billions of dollars of investments to get there, a focused strategy that has been consistent over time.

我們贏得的正是這些品牌忠誠的客戶。這是我們近十年來一直致力於的事情，為此我們投入了數十億美元的資金，並始終堅持這項重點策略。

That's why I say that is structural, that is a structural change, but because it's structural, it's permanent and irreversible. What that means on the commodity portion of the business, we do have some of our seats that are being supplied to the commodity portion of the business.

這就是為什麼我說這是結構性的，這是結構性變化，但正因為它是結構性的，所以它是永久的、不可逆轉的。這意味著，就業務的商品部分而言，我們確實有一些席位供應給業務的商品部分。

It's less -- the percentage is less than others, but everyone does. I think that portion of the business currently loses money for everyone. For the ultra low-cost carriers, they're 100% commoditized, and you can see how much it loses, but it really loses money across the board.

雖然比例比其他人少，但每個人都有。我認為目前這部分業務對每個人來說都是虧損的。對於超低成本航空公司來說，它們已經 100% 商品化，你可以看到它損失了多少，但它實際上是全面虧損的。

Brand loyal is higher margin, but commodity loses money. That supply is adjusting in the commodity portion of the business. I think it is going to -- I just started the tip of the sphere is the airlines that are 100%, but it's not going to stop there.

品牌忠誠度較高，但商品虧損。該供應正在業務的商品部分進行調整。我認為它會——我剛開始討論的領域尖端是航空公司，佔 100%，但它不會止步於此。

And I think within a couple of years, the supply and demand will be balanced for the commodity portion of the business, and it will be profitable for everyone. I think it will be low margin as all commodity businesses are, but it will be profitable.

我認為幾年之內，商品業務的供需將會達到平衡，每個人都會獲得利潤。我認為它的利潤率會很低，就像所有商品業務一樣，但它會有利可圖。

But the great news for us is that the majority of our revenue is going to come from the brand loyal customers. I think we're proving this year that, that revenue stream is resilient in tough times, but that also has more -- even more upside in the good times.

但對我們來說好消息是，我們大部分的收入將來自品牌忠誠的客戶。我認為我們今年證明了，收入流在困難時期具有韌性，但在好時期也具有更大的上升空間。

So I think commoditized seats on an airline, the more commoditized seats you have, the lower the margins are going to be. I think they will be profitable. But that future really is going to go into the couple of brand loyal airlines that I think are going to be able to achieve more stability in earnings, less cyclicality, more stability and mid-teens margins.

所以我認為航空公司的商品化座位越多，利潤率就越低。我認為他們將會獲利。但我認為，未來真正屬於幾家對品牌忠誠的航空公司的是，這些航空公司的盈利將更加穩定，週期性更小，更加穩定，利潤率將達到十幾歲左右。

Thanks so much for all that color, Scott. I really appreciate it. Maybe if I can squeeze in a quick follow-up for Mike on cost. So last quarter, you had said fourth quarter costs will look similar to 2Q inclusive of flight attendant deal. There's quite a lot of moving pieces since then with the flight attendants and some maintenance shift. Can you just update us on pulling that tethered could CASM still be close to that 2Q reference point?

非常感謝你提供的所有顏色，斯科特。我真的很感激。也許我可以擠出時間快速跟進麥克的費用問題。上個季度，您曾說過，第四季的成本將與第二季度相似，包括空服員交易。從那時起，空服人員和一些維修人員的輪班就發生了很大變化。您能否向我們更新有關 CASM 是否仍能接近 2Q 參考點的資訊？

Or if not, just help us frame it a bit more?

或者如果不是，請幫我們進一步完善一下框架？

Thank you so much.

太感謝了。

Thanks for the question, Catie. And look, we -- we've got about a point benefit from maintenance moving from 3Q into 4Q, as I said. We also get about a point benefit from the labor agreement. Underlying that, we also got a further third point of goodness that I think is indicative of what you're going to see in the future from us of underlying core efficiency. So all that came together for really an excellent result.

謝謝你的提問，凱蒂。而且，正如我所說，我們從維護工作從第三季度轉移到第四季度獲得了大約一點好處。我們也從勞動協定中獲得了大約一點的利益。在此基礎上，我們還獲得了第三個優點，我認為這表明您將來會看到我們潛在的核心效率。所以，所有這一切結合起來確實取得了優異的成績。

I do expect 4Q to trend up from the 3Q level, but really proud of those results.

我確實預計第四季度的業績會比第三季度有所上升，但我對這些結果感到非常自豪。

Jamie Baker, JP Morgan.

摩根大通的傑米貝克。

Yeah, good morning. So a question for Andrew. Last week, the topic of premium leisure yields exceeding certain corporate yields came up. Obviously, it's easy to find isolated examples of this. But my question to you is how widespread might this be across your network? And does this potentially represent a secular change? Or should investors still remain focused on corporate yields as representing the gold standard in the long run, the way they clearly were a decade ago?

是的，早安。所以我想問安德魯一個問題。上週，高端休閒收益超過某些企業收益的議題被提出。顯然，很容易找到這樣孤立的例子。但我想問的是，這在您的人脈中會有多廣泛？這是否可能代表著長期的改變？或者投資人應該繼續關注企業收益率，將其視為長期的黃金標準，就像十年前一樣？

It's a really good question, Jamie. And it's a new [nuisance] answered, based on everything else in our business that's complicated. So the answer is the premise is correct that we've seen the growth, the premium leisure and the yield quality accelerate really fast. And when we look at it across our domestic system, we find, in fact, the quality of premium leisure business often exceeds that traditional corporate business, which, by the way, is a much smaller percentage of United business than it was in 2019.

這真是一個好問題，傑米。這是一個新的[麻煩]，基於我們業務中所有其他複雜的問題來回答。所以答案是前提是正確的，我們已經看到成長、優質休閒和收益品質的快速提升。當我們縱觀我們的國內體系時，我們發現，事實上，高端休閒業務的品質往往超過傳統的企業業務，順便說一句，傳統企業業務在聯合航空業務中所佔的比例比 2019 年要小得多。

I think the distinction that I'll give you, that's a little bit different is that, that same phenomenon is not yet true in global long haul, that the corporate there does remain a much higher yield than the premium leisure business at this point.

我認為我要給的差異是，有點不同，同樣的現像在全球長期來看還沒有出現，目前那裡的企業收益率確實比高端休閒業務高得多。

But again, premium leisure continues to accelerate. The percentage of the cabinet continues to grow, and our overall sold load factors and Polaris continue to grow. So we seek through RM, the best of both worlds. We seek to maintain all that corporate business and gain corporate share, while at the same time, as we reconfigure aircraft, taken on more and more premium leisure business.

但高端休閒產業仍持續加速發展。機櫃的百分比持續成長，我們的整體銷售負載率和北極星持續成長。因此，我們透過 RM 尋求兩全其美的解決方案。我們尋求維持所有企業業務並獲得企業份額，同時，隨著我們重新配置飛機，承擔越來越多的高端休閒業務。

So I couldn't be more excited about this trend, like it's just an amazing thing that I don't think anybody would have predicted in 2019, but it's come true and it's come true quarter after quarter, I think for 3-years in a row now, and it will come true again in the Q4 this year, and we will lean further into premium capacity next year as a result with things we planned a couple of years ago.

因此，我對這一趨勢感到非常興奮，這是一件令人驚奇的事情，我認為沒有人會在 2019 年預測到它，但它已經成為現實，並且一個季度又一個季度地成為現實，我想現在已經連續 3 年了，它將在今年第四季度再次成為現實，因此，我們明年將進一步傾向於高端產能，這是我們幾年前計劃好的。

And somewhat related to that, Andrew, the relationship between revenue and nominal GDP got a lot of airplay during the recovery from COVID. It's not really a talking point anymore, but the bull case at one time, was it enough structural change has taken place that we would see the industry exceed the pre-COVID long-term relationship.

與此相關的是，安德魯，在新冠疫情復甦期間，收入與名目 GDP 之間的關係得到了廣泛的關注。這實際上不再是一個討論點，但曾經是一個牛市案例，如果發生了足夠的結構性變化，我們就會看到該行業超越 COVID 之前的長期關係。

And certainly, based on the A48 data that hasn't happened yet, maybe you crunched the numbers differently. But is this topic merely a blast from the past or something that we should continue thinking about? Do you think about it, put it that way?

當然，根據尚未發生的 A48 數據，也許您對數字的計算方式有所不同。但這個主題只是過去的一個話題還是我們應該繼續思考的事情？你想過嗎，這樣說嗎？

Thanks.

謝謝。

I don't think about it that way anymore. And I don't think about it that way. In a large part, what Scott gave is a narrative on how we're different, how a few airlines like us are different. And our revenue streams are simply different and durable relative to the commodity-based airline.

我不再那樣想了。但我並不這麼認為。在很大程度上，史考特講述的是我們與其它一些航空公司的不同之處，以及我們與其他一些航空公司的不同之處。與以商品為基礎的航空公司相比，我們的收入來源截然不同，而且更加持久。

So when you look at the GDP relationship, you're looking at one big total of revenues, and it doesn't distinguish the high-quality airlines and the high-quality seats from the low-quality seats. And that's the thing that I think has been lost in the formula that we all used to rely upon. So no, we do not rely upon that formula as we used to.

因此，當你觀察 GDP 關係時，你看到的是一個很大的總收入，它並沒有區分高品質的航空公司和高品質的座位與低品質的座位。我認為，我們過去所依賴的公式已經失去了這一點。所以，我們不再像以前那樣依賴那個公式。

Andrew Dodora, Bank of America.

美國銀行的安德魯‧多多拉 (Andrew Dodora)。

Hey, good morning, everyone. Thanks for taking the questions. First question for Andrew. I guess I noticed the air traffic liability fell only 3% sequentially. If I look back historically, it's been closer to down [10] 2Q to 3Q. So I think this clearly supports some of the bullish commentary that you've had on the call. I guess my question, how should we read into this decline in the ATL? Does this speak to just the strong pricing that you're seeing?

嘿，大家早安。感謝您回答這些問題。第一個問題問安德魯。我注意到空中交通責任僅較上季下降了 3%。如果回顧歷史，第二季到第三季度，經濟下滑趨勢更為接近[10]。所以我認為這清楚地支持了您在電話會議上發表的一些樂觀評論。我想我的問題是，我們該如何解讀 ATL 的這種衰退？這是否說明您所看到的定價強勁？

Or does it say something just in terms of how you're booked today for the rest of the year in terms of volumes than maybe you typically are at this point in time?

或者它是否僅僅說明了您今年剩餘時間的預訂量與平時相比如何？

Those facts are correct in terms of the ATL. I would -- it's the momentum in the business. It is clearly a lot of good bookings that we've taken over the last few months and months reflecting our outlook for Q4, which we're really proud of the outlook for Q4 and how it is inflected nicely from Q3. We're also booked a little bit ahead as we go into Q4 that reflects that. But overall, we've seen a really good environment.

就 ATL 而言，這些事實是正確的。我會——這是業務的發展勢頭。顯然，過去幾個月我們接到了很多不錯的訂單，這反映了我們對第四季度的展望，我們對第四季度的展望以及它與第三季度的良好銜接感到非常自豪。隨著我們進入第四季度，我們的預訂也提前了一點，這反映了這一點。但總體而言，我們看到了一個非常好的環境。

I said in my prepared remarks, what we saw from business traffic at United, our bookings over the last few weeks, which have been really amazing. So looking forward to a positive news for Q4 and great 2026.

我在準備好的發言中說過，我們看到美聯航的商務客流量以及過去幾週的預訂量確實令人驚嘆。因此期待第四季的正面消息和 2026 年的美好。

Got it. And then just as a follow-up, I kind of wanted to ask you on the Latin America results in the quarter. Your calls are very focused on margins. So just curious, why did you grow so much in Latin America in 3Q when it seems like the RASM performance certainly didn't warrant it. Just curious your thoughts there and how maybe you can fix that going forward?

知道了。然後作為後續問題，我想問您本季拉丁美洲的業績情況。您的電話非常關注利潤。所以我只是好奇，為什麼你們在第三季在拉丁美洲實現瞭如此大的成長，而 RASM 的表現似乎並沒有保證這一點。只是好奇您的想法以及您今後如何解決這個問題？

Thank you.

謝謝。

Yeah. I think that's a very fair question. Look, results for Latin, we're disappointed. As we look towards Q4, I think Latin will have our largest sequential improvement, but that's not an easy -- it is an easy comp, I guess, at the end of the day.

是的。我認為這是一個非常公平的問題。看看拉丁文的結果，我們很失望。展望第四季度，我認為拉丁語將實現我們最大的連續改善，但這並不容易——我想，歸根結底，這是一個容易的比較。

So look, I expect elevated year-over-year capacity in the region to exist for approximately another two quarters by United and the industry, while competitive capacity tailwinds are favorable across most of our network in the coming quarters, that isn't true in Latin America, and that's very focused on Mexico and Central America.

因此，我預計美聯航和整個航空業在未來大約兩個季度內，該地區的運力同比將有所提升，而未來幾個季度，我們大部分網絡的運力競爭優勢將十分有利，但拉丁美洲的情況並非如此，我們主要關注的是墨西哥和中美洲。

As we see in our domestic line, we believe most of the new competitive line in the region to the United States is unprofitable and transitory. We have a good position in Houston, and we intend to hold our ground. Non-core, non-Houston line by United that underperformed will be removed.

正如我們在國內航線中看到的那樣，我們認為該地區飛往美國的大部分新競爭航線都是無利可圖且短暫的。我們在休士頓擁有良好的地位，我們打算堅守自己的立場。聯合航空表現不佳的非核心、非休士頓航線將被取消。

And I'll also say deep south line is setting up for a nice peak season driving improvements. But core United capacity to and from Houston to Mexico and Central America will continue as planned, and we remain very focused on the long term when it comes to our Houston hub and our Latin American franchise.

我還要說的是，深南線正在為旺季的駕駛改進做好準備。但聯合航空往返休士頓和墨西哥及中美洲的核心運力將按計劃繼續進行，我們仍然非常關注休士頓樞紐和拉丁美洲特許經營權的長期發展。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning guys, and thank you. Maybe two questions. The first one, short term. Can we talk about the sequential unit revenue trajectory for Q4, the moving pieces of domestic versus international. It's just somewhat interesting that international is going to outperform given where schedules are shaping up? Can you just give us a little bit of data on the booking curve and how the holidays are looking?

大家早安，謝謝大家。也許有兩個問題。第一個，短期。我們能否談談第四季的連續單位收入走勢，以及國內和國際的變化。考慮到航班時刻表的製定情況，國際航班的表現將會更好，這是否有點有趣？您能否向我們提供一些有關預訂曲線和假期狀況的數據？

Sure. Look, it's Andrew. Q4 is setting up nicely, as I've indicated. And I think as you all can figure out, if you look at our guidance, we're seeing really significant sequential gains in our RASMs. I'll start off with is Newark clearly had a substantial negative impact on Q3 of a little more than one point and while we're always yield focused as a premium branded loyal airline, we did temporarily use lower prices across all products to regain share following that event, and that continued for most of Q3.

當然。看，這是安德魯。正如我所指出的，Q4 的設定很順利。我想大家都能看出，如果看一下我們的指導，就會發現我們的 RASM 確實取得了顯著的連續成長。首先我要說的是，紐瓦克航空的事件顯然對第三季度產生了略多於一個百分點的負面影響，雖然我們作為一家高端品牌忠誠航空公司始終注重收益，但在該事件之後，我們確實暫時降低了所有產品的價格以重新獲得市場份額，並且這種做法在第三季度的大部分時間裡持續了下去。

New York share did rebound first with lower yield in local leisure passengers and then with higher yield leisure and corporate business following the improvement throughout the quarter. And while the impact of bookings is largely dissipated, we did build a small deficit of Q3 bookings traveling into Q4, which is in our guide, by the way. The remainder of our Q3 [gap] relates to the timing of events in 2024, including the Paris Olympics and CrowdStrike. And I think that's pretty simple math that others in the industry have explained.

紐約的市場份額確實首先出現反彈，原因是當地休閒旅客的收益較低，隨後隨著整個季度的改善，休閒和企業業務的收益有所提高。雖然預訂量的影響已基本消散，但我們在進入第四季度後，第三季度的預訂量確實出現了小幅赤字，順便說一下，這已在我們的指南中。我們第三季的剩餘[差距]與 2024 年的活動時間有關，包括巴黎奧運和 CrowdStrike。我認為這是一個非常簡單的數學問題，業內其他人已經解釋過了。

So I'm really excited about the inflection. I think all three international entities are going to see really good sequential improvement. By the way, I think Atlantic, even with elevated capacity will absolutely be positive in Q4 year-over-year and probably the same is true for our Pacific entity. And so we did see this onetime gap in Q3 based on how we shape capacity. And as I said earlier in my prepared remarks, we're going to alter our schedule for 2026 to account for that.

所以我對這種轉變感到非常興奮。我認為這三個國際實體都將實現真正良好的連續改善。順便說一句，我認為大西洋航運公司即使運力增加，第四季的業績也絕對會比去年同期呈現正成長，而我們的太平洋航運公司可能也會出現同樣的情況。因此，根據我們如何塑造產能，我們確實在第三季看到了這一一次性差距。正如我之前在準備好的演講中所說，我們將根據這一情況調整 2026 年的日程安排。

And then in the end, across the entire globe, Hawaii has definitely been a strong spot for us. But I'd say the rest of the globe is all performing at the same rate, which is a rate we're pretty happy with when we look again at the sequential improvement.

最後，在全球範圍內，夏威夷無疑是我們的強項。但我想說，全球其他地區的表現速度都是一樣的，當我們再次看到連續的改善時，我們對這個速度感到非常滿意。

Okay. And maybe a longer-term question. So maybe for you, if you'd like. You mentioned the 100 bps of margin improvement per year. How do you think about that as CASM-ex rises 2% to 3% per year. It implies margin expansion is assuming RASM up low to mid-single digits per year.

好的。這或許是個長期問題。如果你願意的話，也許對你來說是這樣。您提到了每年 100 個基點的利潤率提高。由於 CASM-ex 每年上漲 2% 至 3%，您對此有何看法？這意味著利潤率擴張假設 RASM 每年上漲低至個位數至中位數。

So how do you think about the drivers of that? And obviously, a significant divergence from history?

那麼您如何看待這現象的驅動因素？顯然，這與歷史有很大差異？

Yeah, it does -- the math means that RASM has to outperform CASM. I do expect that to happen. I mean if you look at next year, it's easy comps to start with. But we just continue to have a lot of traction with brand loyal customers and look deeper into the data where we won market share in each of our hubs and how that is reacted -- how that is flowing through the margins. I feel pretty confident that we ought to be able to get at least one point of margin per year.

是的，從數學角度來看，RASM 的表現必須優於 CASM。我確實希望這會發生。我的意思是，如果你展望明年，那麼一開始就很容易進行比較。但我們只是繼續對品牌忠誠的客戶保持很大的吸引力，並深入研究我們在每個中心贏得市場份額的數據，以及這種反應如何——這是如何在利潤率中流動的。我非常有信心，我們每年應該能夠獲得至少一個點的利潤。

And I think if you kind of look at this year, there's been an unprecedented amount of stuff that has happened this year kind of across the whole industry at a macro level and also to us, specifically in Newark. And the fact that we're going to grow earnings this year, I think, is quite remarkable.

我認為，如果你回顧今年，你會發現今年整個產業在宏觀層面上發生了許多前所未有的事情，對我們來說也是如此，特別是在紐瓦克。我認為，我們今年的收益將會成長，這是相當了不起的。

I use the word resilient, but it's also a demonstration that our strategy. If you strip all that out, we grew by more than a margin -- a full point of margin this year. And so we feel really confident to dig into the data on brand loyal customers and what's happening in each of our hubs that that's going to be a tailwind.

我使用了「有韌性」這個詞，但這也證明了我們的策略。如果把這些因素都拿掉，今年我們的成長率就超過了 1 個百分點——整整 1 個百分點。因此，我們非常有信心深入挖掘品牌忠誠客戶的數據以及每個中心發生的情況，這將成為順風。

And I also briefly mentioned it in my opening remarks, but we have some really big ideas on the loyalty program, which we're not going to tell you today for anyone else asking, but I think we're going to double the EBITDA by the end of the decade in that program, which is going to add more. I think we're just beginning to realize the full potential of the loyalty program, and there's a lot of -- a lot of runway there.

我在開場白中也簡要地提到了這一點，但我們對忠誠度計劃有一些非常重要的想法，今天我們不會告訴任何人，但我認為到本世紀末，我們將在該計劃中將 EBITDA 翻一番，這將增加更多。我認為我們才剛開始認識到忠誠度計劃的全部潛力，並且還有很大的發展空間。

Sheila, I can help the pile on. When I talked about the CASM-ex buildup, I talked about 1% to 2% of CASM-ex related to inflation after we manage -- have the opportunity to drive Engage. And then we're adding a point as we create more segmentation, more premium product. We're adding that point very cautiously because it's driving consumer preference. It's driving consumers to upgrade their cabins, driving consumers to buy what is a premium product.

希拉，我可以幫忙堆放。當我談到 CASM-ex 的累積時，我談到了在我們管理之後與通貨膨脹相關的 1% 到 2% 的 CASM-ex——有機會推動 Engage。然後，隨著我們創造更多的細分市場、更多的優質產品，我們又增加了一個點。我們非常謹慎地添加這一點，因為它會影響消費者的偏好。它促使消費者升級他們的客艙，促使消費者購買高階產品。

And so that's profit accretive. If it wasn't profit accretive, we wouldn't spend it.

這就是利潤增值。如果它不能增加利潤，我們就不會花它。

And then I'll just pile on since we're all talking for next year, our premium capacity will be up two to three points more than our total capacity. I'm not going to give you guidance for next year. But we've preprogrammed this long ago to make advantage of these premium trends. And we know that we need to change our commercial strategies, our configurations and our products in order to achieve those RASM gains. And the good news is we've preplanned it, and it's going to happen.

然後，既然我們都在談論明年，那麼我再補充一下，我們的優質運力將比我們的總運力增加兩到三個百分點。我不會給你明年的指導。但我們很久以前就預先設定了這個目標，以利用這些優質趨勢。我們知道，為了實現 RASM 收益，我們需要改變我們的商業策略、配置和產品。好消息是我們已經預先計劃好了，而且它一定會發生。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thanks. I appreciate it. You've covered a lot of good stuff already. But I wondered if we could bridge from the tone mid-September conferences to today, not really about the third quarter, but forward bookings. I assume you have a good head start on 4Q bookings and advanced yields year-over-year.

嘿，謝謝。我很感激。您已經涵蓋了很多好東西。但我想知道我們是否可以將九月中旬的會議氣氛延續到今天，實際上不是關於第三季度，而是關於預訂。我認為您在第四季度的預訂量和收益同比方面已經取得了良好的開端。

Can you comment on how much of a head start you've built, specifically maybe on advanced book yields. And is your relative optimism about transatlantic, is that a volume comment? Or is that a yield comment?

您能否評論一下您已經取得了多大的領先優勢，特別是在預售圖書收益方面。您對跨大西洋的相對樂觀態度，是數量評論嗎？或者這是一個收益評論？

Look, definitely, over the next 2-months, we've booked ourselves ahead versus last year. So we go into the quarter, booked a couple of points ahead, which was intentional on our part. We did use a little bit of yield to make that happen again, but that was intentional based on what we did last year and how we manage the capacity. And so we're happy with that.

看起來，毫無疑問，在接下來的兩個月裡，我們已經比去年提早完成了預定。因此，當我們進入本節比賽時，領先幾分，這是我們有意為之。我們確實使用了一點收益來再次實現這一點，但這是根據我們去年所做的事情以及我們如何管理產能而有意為之的。我們對此感到高興。

On the Atlantic, there's a Tel Aviv story, which is different than the rest. But Atlantic, again, we've learned a lot about Q3 seasonality and where capacity should be placed, and we are going to be a lot more prudent with July and August in particular next year and push capacity out into the other quarters.

在大西洋上，有一個特拉維夫的故事，它與其他故事不同。但是大西洋航空，我們再次了解到許多有關第三季季節性以及應該將運力分配到哪裡的知識，我們將對明年七月和八月更加謹慎，並將運力推向其他季度。

And so as we look at Atlantic, and you can see the numbers, we're growing pretty swiftly in Q3 or Q4, sorry. And I told you already that we expect we will be positive RASM across the Atlantic. So we properly placed our capacity. We're aware of the demand trends, and we're very happy with what it looks like.

因此，當我們觀察大西洋時，你可以看到數字，我們在第三季或第四季成長得相當快，抱歉。我已經告訴過你們，我們預計我們將在大西洋彼岸取得積極的 RASM 進展。因此我們合理地安排了我們的產能。我們了解需求趨勢，並且對其現狀感到非常滿意。

And the last thing I'll add is, in particular for us, the propensity or the share of revenue in premium cabins is the lowest in Q3 and the highest in Q4, which favors United Airlines given our business-centric airline and how we do well.

最後我要補充的是，特別是對於我們來說，高級艙位的收入傾向或份額在第三季度最低，在第四季度最高，考慮到我們以商務為中心的航空公司以及我們的良好表現，這對聯合航空有利。

And so we're heading into amazingly, which is a point of strength Q4 across the Atlantic, which, again, I don't think if we went back to 2017, '18 or '19, I would be able to say that. And I'm really excited about that. I think that opens up all kinds of possibilities for the airline on how we manage our capacity and it's off to a great start. We're early in the quarter, but it's off to a great start.

因此，我們正迎來令人驚訝的第四季度，這是大西洋彼岸的一個強勁點，同樣，我認為如果我們回到 2017 年、2018 年或 2019 年，我不可能這麼說。我對此感到非常興奮。我認為這為航空公司如何管理運力開闢了各種可能性，這是一個好的開始。雖然本季才剛開始，但已經有了良好的開端。

Thank you, Andrew. And just quickly on costs. Mike, can you talk more specifically about the maintenance expense that shifted here? It just -- I mean, the muscle memory is such that there always seems to be something that's going to come back and then it never does. So I think you've been good and conservative there. Is there an accrual for flight attendants specifically baked into the 4Q guide? And should we think about 2026 as one of your framework 2- to 3-years?

謝謝你，安德魯。並快速討論成本問題。麥克，你能更具體地談談轉移到這裡的維護費用嗎？只是——我的意思是，肌肉記憶就是這樣，似乎總有一些東西會回來，但它卻再也沒有回來。所以我認為你在那裡表現得很好而且很保守。4Q 指南中是否專門包含空服人員的累積福利？我們是否應該將 2026 年視為您的 2 至 3 年框架計劃之一？

Thank you.

謝謝。

Yeah thanks, Duane. I think there are three questions in there. Let me try to address them in order. 2020, the quarter, the 1% movement was primarily engines. This happens with some frequency where an engine event that we had been expecting pushes from 3Q to 4Q or 2Q to 3Q that happens.

是的，謝謝，杜安。我認為其中有三個問題。讓我嘗試按順序解決這些問題。 2020 年本季，1% 的變動主要是引擎。這種情況發生的頻率是，我們預期的引擎事件會從 3Q 推到 4Q 或從 2Q 推到 3Q。

And then, yes, sometimes what happens is that another separate engine event pushes from 4Q into 1Q and therefore, you don't see a catch up. I do think you'll see the catch-up of that point in 4Q of this year. So that was the point.

是的，有時會發生的情況是，另一個單獨的引擎事件從第四季度推到第一季度，因此，你看不到追趕。我確實認為你會在今年第四季看到這一點的追趕。這就是重點。

Regarding flight attendants, look, we've got the best flight attendants in the business. They deserve an industry-leading contract. We're going to give them an industry-leading contract. We're hoping to get back to the negotiation table here in late October and very optimistic we will have a ratified deal in 2026, early 2026 to get them that industry-leading pay, but we're not going to accrue for expenses in the quarter when we don't expect a ratification in that quarter.

至於空服人員，你看，我們擁有業界最好的空服人員。他們值得獲得一份領先業界的合約。我們將給他們一份業界領先的合約。我們希望在 10 月底回到談判桌前，並且非常樂觀地認為我們將在 2026 年初達成一項批准的協議，讓他們獲得行業領先的薪酬，但如果我們預計該季度不會批准，我們就不會在該季度計提費用。

And then your final question around 2026. I think that 2% to 3% is the right expectation for CASM-ex as you look over a multi-year time frame. We have -- we do have a build to pay on the labor front. I've been saying for some time that, that bill is two to three points when all of those labor agreements ratify. And so we will have some added expense relative to that in 2026.

最後一個問題是關於 2026 年左右。我認為，從多年時間範圍來看，2% 到 3% 是 CASM-ex 的正確預期。我們確實需要在勞動力方面付出努力。我一直在說，當所有這些勞工協議獲得批准時，該法案將有兩到三點改進。因此，到 2026 年，我們的支出將會增加一些。

Connor Cunningham, Meallius Research.

康納·坎寧安（Connor Cunningham），Meallius Research。

Hi, everyone.

大家好。

Thank you, Scott. I know you asked us not to ask about the doubling of the loyalty EBITDA, but it's a pretty big cat, so I have to ask. Maybe you could talk about -- you redid the deal with the -- on your credit card with Chase right before the pandemic. I think that we're getting up to the time when we start to renegotiate a new one. So maybe you could talk about what is the driver behind doubling in terms of a new rate and versus what you're going to do behind the scenes to make the loyalty program more valuable?

謝謝你，斯科特。我知道你讓我們不要問忠誠度 EBITDA 翻倍的情況，但這是一個相當大的問題，所以我不得不問。也許您可以談談—在疫情爆發之前，您與大通銀行重新簽訂了信用卡交易。我認為我們已經到了開始重新談判新協議的時候了。那麼，也許您可以談談新費率翻倍背後的驅動力是什麼，以及您將在幕後採取哪些措施來使忠誠度計劃更有價值？

Thank you.

謝謝。

Well, look, I'll start. Look, we -- I mean, we couldn't be more excited about the opportunity. There's a lot going on in the space, and I'm not going to divulge the details of our Chase contract in terms of its term, that remains confidential, but the term doesn't go forever, just like every contract we enter into. I think the broader point is when we think about the frequent flyer program, United is a true loyalty program. And loyalty is different than a reward program.

好吧，看，我就開始吧。瞧，我們——我的意思是，我們對這個機會感到無比興奮。這個領域發生了很多事情，我不會透露我們與大通的合約期限細節，這仍然是機密，但這個期限不會永遠有效，就像我們簽訂的每一份合約一樣。我認為更廣泛的觀點是，當我們考慮飛行常客計畫時，美聯航是一個真正的忠誠度計畫。忠誠度與獎勵計劃不同。

And it's important that we manage our program in that vein. And there are a bunch of things we can do to take advantage of our unique status. And we think there's only in the United States, two to four loyalty programs, everything else we talk about is a reward program.

按照這個思路來管理我們的專案非常重要。我們可以做很多事情來利用我們獨特的地位。我們認為，只有在美國，才有兩到四個忠誠度計劃，我們談論的其他一切都是獎勵計劃。

And so we're not going to announce it today, but we're going to be working very hard to make sure that consumers fully understand the distinction between our program and the alternatives and the rewards and the value that can be achieved at United in a way that I don't think has been done in the past. So I think that's enough of a hint for now and more to come. But as Scott said, we're very excited about this, and we'll see where we get.

因此，我們今天不會宣布這一消息，但我們將竭盡全力確保消費者充分理解我們的計劃與其他計劃的區別，以及在聯合航空可以獲得的獎勵和價值，我認為這種方式在過去是前所未有的。所以我認為這對現在和將來來說已經足夠了。但正如斯科特所說，我們對此感到非常興奮，我們將拭​​目以待。

Okay. We'll look forward to that. Maybe sticking with the whole hub stuff in capacity in general. Scott, I think you did interview not too long ago, you talked about how United only fights battle from the high ground. When you first came here -- when you guys first came there to take over United and reshape it, you talked a fair bit about the Mid-Con hub strategy.

好的。我們對此充滿期待。可能總體上堅持使用整個集線器容量。史考特，我記得不久前你接受過採訪，你談到了美聯航如何只在高地上作戰。當你們第一次來到這裡——當你們第一次來到這裡接管聯合航空並重塑它時，你們談論了很多關於 Mid-Con 樞紐戰略的事情。

I was hoping you could just mark where we are in terms of that rebuild. It just seems like there's -- the industry is in flux right now. There's an opportunity to kind of start to potentially think about focus cities and whatnot. Can you just talk about the opportunity beyond the seven hubs in general?

我希望您能標記出我們在重建方面的進展。看起來好像——這個行業現在正處於變化之中。這是一個開始考慮重點城市等問題的機會。您能否大致談談七大樞紐以外的機會？

Thank you.

謝謝。

Well, I'll start off and I'm sure Scott can add some of his listening to the conversation. But we haven't completed the United next assignment that we set out to do. We should complete that either probably in late 2026 or maybe early 2027, and that goal is to reach a certain level of connectivity, critical mass engage that allows us to achieve much higher domestic margins than we have traditionally achieved in our domestic hubs.

好吧，我先開始了，我相信斯科特可以加入一些他的聽力對話。但我們尚未完成我們設定的聯合下一個任務。我們大概應該在 2026 年底或 2027 年初完成這一目標，目標是達到一定程度的連結性和臨界規模參與，使我們能夠實現比傳統國內樞紐更高的國內利潤率。

As I've said many times and I'll say again today, international margins lead the way united. And while I expect that to be true over the long run, I do expect the gap to be able to shrink dramatically based on what we plan for the hubs.

正如我多次說過的，今天我還要再說一遍，國際利潤引領團結之路。雖然我預計從長遠來看這是正確的，但我確實預計，根據我們對樞紐的規劃，差距能夠大幅縮小。

And in particular, this gauge calculation, we still remain under-gauged, that gauge is going to change our cost convergence calculation even further allow us to capture more share the high end and more share at the low end all profitably. But we still have roughly one to two more years to go. We'll figure out the exact end point. But after that end point, we will take a broader look beyond our hubs at what makes sense. But we're very careful to make sure that whatever flying we add is margin accretive, and that will be a test beyond our hubs.

特別是，這個衡量標準計算，我們仍然處於低估狀態，這個衡量標準將進一步改變我們的成本收斂計算，使我們能夠在高端獲得更多份額，在低端獲得更多份額，並且都能獲利。但我們大約還有一到兩年的時間。我們將找出確切的終點。但在這個終點之後，我們將以更廣泛的視角看待我們的中心之外的事情，看看什麼是有意義的。但我們非常小心，確保我們增加的任何航班都能增加利潤，這將是我們樞紐之外的考驗。

But for right now, still very focused on our hubs.

但就目前而言，我們仍然非常關注我們的中心。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Good morning. I've got two quick ones, I'll just lump them into one. The loyalty EBITDA doubling, like just a rough starting point, like what percentage of the EBITDA is it today? I just want to get a sense of the base. And then Mike, just your point about two to three points -- point bill from labor. Is that all two to three points incremental that comes next year, have you realized some of that from some of the other labor deals?

嘿，謝謝。早安.我有兩個簡短的問題，我將把它們合併為一個。忠誠度 EBITDA 翻倍，只是一個粗略的起點，例如今天的 EBITDA 佔多少百分比？我只是想了解一下基地的狀況。然後麥克，你剛才提到了兩到三點──勞工法案。這些都是明年的兩到三個百分點的增量嗎？您是否從其他一些勞工協議中意識到了這一點？

I just want to is 5 to 10 in an -- incremental two to three points, I guess, that's what I'm trying to figure out?

我只是想以 5 到 10 為增量——以 2 到 3 點為增量，我想這就是我想要弄清楚的？

Let me take the expense question, Scott. This is not the time where we would give 2026 guidance and nor do we give CASM and TRASM guidance anymore. But what I will tell you is with the underlying inflation, with the labor headwinds we expect, we feel very confident about margin expansion and growth in earnings in 2026. For more detail on that, you're going to have to wait for the Q4 call.

史考特，讓我來回答費用問題。現在不是我們提供 2026 年指導的時候，我們也不再提供 CASM 和 TRASM 指導。但我要告訴你們的是，考慮到潛在的通貨膨脹和我們預期的勞動力逆風，我們對 2026 年的利潤率擴張和獲利成長非常有信心。要了解更多詳細信息，您必須等待第四季度的電話會議。

I'll give loyalty to Andrew.

我會向安德魯表示忠誠。

We can answer -- I mean, Andrew just answered a very similar question right before this, Scott. And we'll have to -- we'll also wait and see for an Investor Day when we provide a clear breakdown of the contribution of this business. But it's obviously a very meaningful portion of our earnings.

我們可以回答——我的意思是，安德魯剛剛回答過一個非常類似的問題，斯科特。我們還必須等待投資者日，屆時我們將對該業務的貢獻進行清晰的細分。但這顯然是我們收入中非常重要的一部分。

And for those of you that have -- that are next in the queue, I'd suggest you take my recommendation to limit yourself to one question.

接下來提問的各位，我建議你們採納我的建議，只問一個問題。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Hi, thanks so much for the time. I was wondering if you could just update us on the cadence of Starlink installation as we move through 2026 and then how the opportunities that opens up for Connective Media?

你好，非常感謝您抽出時間。我想知道您是否可以向我們介紹 2026 年 Starlink 安裝的節奏，以及這將為 Connective Media 帶來哪些機會？

Thanks again.

再次感謝。

I'll give it a start. For United Express, I think we're over halfway through at this point with the Embraer 175s and the CRJ 550s on board the aircraft, by the way, is amazing. Hopefully, everybody tuned into the today show yesterday to see that demonstration on board. And if you haven't, you can find it on social media and TikTok because it was quite amazing.

我會開始的。對於聯合快捷來說，我認為我們已經完成了一半以上的工作，飛機上配備了 Embraer 175 和 CRJ 550，順便說一句，這真是太棒了。希望大家昨天收看《今日秀》節目，看到船上的示威活動。如果你還沒有看過，你可以在社交媒體和 TikTok 上找到它，因為它非常棒。

Our first 737-800 took off yesterday from New York to Houston with dramatically higher NPS scores like off the chart on that aircraft equipped with StarLink. It is a game changer, a gate-to-gate experience, reliable and as fast as your living room. This is going to be a unique differentiator versus our other competition. And I'd tell you like of all the things we put onboard aircraft, all the changes we've made, whether it's wine or food or better seats, StarLink could be the biggest of them all.

我們的第一架 737-800 飛機昨天從紐約起飛飛往休士頓，配備了 StarLink 的飛機的 NPS 得分大幅提升，超乎預期。它將改變遊戲規則，提供門到門的體驗，可靠且像您的客廳一樣快速。這將成為我們與其他競爭對手的獨特差異化因素。我想告訴你，我們在飛機上添加的所有東西、所做的所有改變，無論是葡萄酒、食物還是更好的座位，StarLink 可能是其中最大的。

And as you pointed out, one of the more exciting things is how we intersect StarLink and the ability to deliver unique content to each and every seat in our Connected Media business. Obviously, we have, I think, through the end of 2027 to install StarLink on all of our aircraft, and we're going to do it on every single one of our aircraft.

正如您所指出的，更令人興奮的事情之一是我們如何與 StarLink 相結合，以及能夠向我們的互聯媒體業務中的每個席位提供獨特的內容。顯然，我認為，到 2027 年底，我們必須在我們所有的飛機上安裝 StarLink，而且我們將在我們每一架飛機上安裝它。

And when we have that fully enabled. So it's still a bit down the road, the unique things we can do by no one who's in a seat and being able to deliver unique content to that seat very quickly. And by the way, that's not only the media opportunity, but that's about delivering [aids] to help in the travel journey, whether you're luggage made an onboard the aircraft or what you're about to eat or any other thing you need to know to make sure that you are stress-free when you travel on United Airlines.

當我們完全啟用它時。因此，這還有一段距離，我們可以做一些獨特的事情，沒有人坐在座位上，並且能夠非常快速地向那個座位提供獨特的內容。順便說一句，這不僅僅是媒體機會，而且還提供旅行幫助，無論是行李托運還是登機，還是您要吃的東西，或者任何其他您需要知道的事情，以確保您在乘坐聯合航空旅行時沒有壓力。

So, so much upside. Again, I'm going to go back to the NPS scores on that flight the other day, we're off the chart, like a game changer for United. We couldn't be more excited about this. It's one of the biggest things we've done in a really long time and may be underappreciated, but it will soon be appreciated.

所以，有很多好處。再次，我要回顧前幾天那趟航班的 NPS 分數，我們的表現超出預期，對於美聯航來說，這就像是一個遊戲規則的改變者。我們對此感到非常興奮。這是我們很長一段時間以來所做的最大的事情之一，可能尚未得到充分重視，但很快就會得到重視。

And if you want to geek out, this is Toby on statistics, we had 145 paying customers, 170 devices connected on the inaugural and 145 gigabytes used on the flight, which is about 1,000 times more than a normal flight. But it's cool -- for the nerds out there.

如果你想了解更多，這是 Toby 的統計數據，我們有 145 名付費客戶，首航時連接了 170 台設備，飛行中使用了 145 GB 的數據，這大約是正常航班的 1,000 倍。但對於那些書呆子來說這很酷。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林伯格。

Yeah, hey, good morning everyone. Scott, I know this fourth quarter, I believe, you're going to be making a decision on the future shape and size of your wide-body fleet. And I know historically or at least the prevailing view has been that bringing on another airplane type, especially on the widebody side comes with various pain points. Can you just discuss some of the factors like how has that evolved? Or is it still as prohibitively expensive to bring on an additional type? Just your thoughts around that?

是的，嘿，大家早安。史考特，我相信，在第四季度，您將對寬體機隊的未來形態和規模做出決定。我知道，從歷史上看，或至少是普遍的觀點是，引入另一種飛機類型，尤其是寬體飛機，會帶來各種痛點。您能否討論一下其中的一些因素，例如它是如何演變的？或者說，增加一種類型的成本是否仍然高得離譜？您對此有什麼想法嗎？

Thanks for taking my question.

感謝您回答我的問題。

Hey Mike, this is Mike. I'm going to take that question. You're right. We're always thinking about fleet decisions and this fourth quarter is an important decision for us. There are complexity costs around having additional aircraft types.

嘿，麥克，我是麥克。我要回答這個問題。你說得對。我們一直在考慮船隊決策，而第四季對我們來說是一個重要的決策。增加飛機類型會帶來複雜性成本。

That is always true for United given the nature of our hub network that has not changed. The larger we grow and to the extend it to a larger sub fleet that gives us opportunity to mitigate. But there are also different capabilities of different aircraft and you need different range and you need different gauge.

鑑於我們的樞紐網絡的性質沒有改變，這對美聯航來說始終是正確的。隨著我們的發展壯大，並將其擴展到更大的潛艦艦隊，我們有機會緩解這種情況。但是不同飛機的能力也不同，所需的航程也不同，所需的規格也不同。

And so we're weighing those against one another, and we're weighing the price, and we're weighing the expected maintenance cost of the aircraft, and we're going to make the decision that optimizes profits for the long term for United. So stay tuned.

因此，我們正在權衡這些因素，權衡價格，權衡飛機的預期維護成本，我們將做出為聯合航空的長期利潤最大化的決定。敬請關注。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Hey, good morning. I was curious if you could remind us again how you're thinking about the fleet plan. It seems like you had a few more deliveries this year than you had additionally planned, so Airbus and Boeing getting their act together. So curious how you're thinking about kind of 2026 and how that progresses?

嘿，早安。我很好奇您是否可以再次提醒我們您對艦隊計劃的看法。看起來今年你們的交貨量比原計劃的要多，所以空中巴士和波音正在齊心協力。所以很好奇你對 2026 年有什麼看法以及進展如何？

Thanks, Savi. Look, Boeing is definitely getting their act together on the narrowbody side. And we're getting some additional deliveries versus what we had expected. And I think that's going to continue in '26. And maybe even '27. On the widebody front, we're still seeing some delays, although there's reason for some optimism on that front as well.

謝謝，薩維。看起來，波音公司在窄體飛機方面確實取得了進展。與我們的預期相比，我們收到了一些額外的交付。我認為這種情況將在 26 年繼續下去。甚至可能是 27 年。在寬體飛機方面，我們仍然看到一些延誤，儘管在這方面也有一些樂觀的理由。

To the extent that occurs, we'll see additional deliveries that will drive CapEx up in the short term. But the updating on the narrow-body side, in particular, combined with the financing terms and our prices, it is margin accretive. It's pretty quickly actually even return on capital accretive.

如果發生這種情況，我們將看到額外的交付，這將在短期內推動資本支出上升。但特別是窄體飛機的更新，結合融資條款和我們的價格，可以增加利潤。實際上，它甚至能很快增加資本報酬率。

And so we're welcoming -- welcoming some faster deliveries of delivery of aircraft. And as I talk about free cash conversion, we run a whole multitude of scenarios, and I feel very good about expanding free cash conversion even with growing CapEx.

因此，我們歡迎——歡迎一些更快的飛機交付。當我談到自由現金轉換時，我們運行了多種場景，即使資本支出不斷增長，我也對擴大自由現金轉換感到非常高興。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Great thanks morning everyone. Apologies if I missed this, but I think there hasn't been much talk of the government shutdown so far. If you can just help quantify what you're seeing out there? What are some of the puts and takes in terms of the range of outcomes and whether that is your active guard building your guidance for the quarter?

非常感謝大家早安。如果我錯過了這一點，請原諒，但我認為到目前為止，關於政府關門的討論並不多。您能否協助量化您所看到的情況？就結果範圍而言，有哪些利弊？這是否是您在為本季制定指導方針時採取的積極措施？

Thank you.

謝謝。

Okay. I'll try. First, the controllers, despite a lot of the press, the controllers are professionals. The vast majority of the controller workforce is showing the business, we also have more communication and coordination at all levels with the FAA than I ever have seen in my entire career. And the sum of those two means that the system is actually running well.

好的。我會盡力。首先，儘管媒體對此大肆報道，但管制員都是專業人士。絕大多數管制員都表現出色，我們與聯邦航空管理局在各個層面上的溝通和協調也比我整個職業生涯中見過的任何時候都要多。這兩者相加意味著系統實際上運作良好。

We have our most cancellation rate in a decade for October, second best on-time performance. From a bookings perspective, the first couple of weeks, there hasn't really been a measurable impact in the first couple of weeks of October. Though I think the longer this drags on, obviously, the risk will grow on both of those points. So I hope our politicians will figure out how to get in the room, compromise and get something done.

十月我們的取消率是十年來最高的，準點率排名第二。從預訂角度來看，十月頭幾週並沒有明顯的影響。但我認為，這種情況拖得越久，顯然這兩點的風險就越大。因此我希望我們的政治家能夠想出辦法，達成妥協並完成一些事情。

Ravi, to your question of an active guide. I think we calibrated the range of earnings per share for Q4 with government shutdown in mind. It's one active guide, not two active guide but we've got reasonable room there for continued government shutdown, but it's not infinite.

拉維，回答你關於活躍指南的問題。我認為我們在調整第四季度每股收益範圍時考慮到了政府關門的影響。這是一個有效指南，而不是兩個有效指南，但我們有合理的空間來應對政府繼續關閉的情況，但這不是無限的。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey, good morning, everyone. I think I'm going to ask like a nerdy and geeky question of Andrew here. But speaking of brand loyal airlines versus commoditized low-cost carriers, I think from our perception, the booking window might actually be shorter at the lower end of the market, especially for like a spirit right now.

嘿，大家早安。我想我要在這裡向安德魯問一個書呆子氣又古怪的問題。但談到品牌忠誠度航空公司與商品化的廉價航空公司，我認為從我們的角度來看，低端市場的預訂窗口實際上可能更短，尤其是對於現在的烈酒而言。

So I guess can you talk to -- we're going to see another big chunk of capacity come out of the low end of the market here. That's disclosed by them in their reorganization plan. How is that going to impact dynamics competitively, especially as we go through the fourth quarter here.

所以我想您可以談談——我們將看到另一大批產能來自低端市場。他們在重組計劃中披露了這一點。這將如何影響競爭動態，特別是當我們進入第四季時。

I don't mean to make this a near-term question, but I guess any insights you can provide would be helpful?

我並不是想把這個問題當作近期的問題，但我想您提供的任何見解都會有所幫助？

Sure. I'll give it a try. Clearly, future schedules have been recently loaded that are materially different than past schedules and unprofitable capacity is leaving the system. Certain airlines definitely have a very close-in booking curve based on pricing and how they price relative to others, I suppose, is the macro level thing, I would say. And their booking curves are different than United's booking curves because we have a full range of customers and products and flying all over the world.

當然。我會嘗試一下。顯然，最近加載的未來時刻表與過去的時刻表有重大差異，無利可圖的運力正在離開系統。我認為，某些航空公司的定價確實具有非常接近的預訂曲線，而且它們的定價相對於其他航空公司的定價，這是宏觀層面的事情。他們的預訂曲線與美聯航的預訂曲線不同，因為我們擁有全方位的客戶和產品，航班遍布世界各地。

What it means for the future, look, as more and more unprofitable capacity comes out, we'll continue to adjust, but I'll tell you, basic economy is an entry point. There's always going to be ultra low-cost carriers in the marketplace. They may have different names over time.

這對未來意味著什麼，你看，隨著越來越多無利可圖的產能出現，我們將繼續調整，但我要告訴你，基本經濟是一個切入點。市場上總會有超低成本的航空公司。隨著時間的流逝，它們可能會有不同的名稱。

And we will always be competitive with them. The one thing we do think is going to change is unprofitable flying is going to be diminished because it just doesn't make sense in the long run, whether it be for United or any other carrier, we're going to make adjustments to Q3 as I reiterated earlier and others will have to and are being forced to make adjustments.

我們將始終與他們保持競爭力。我們確實認為有一件事會改變，那就是無利可圖的航班將會減少，因為從長遠來看這沒有任何意義，無論是對美聯航還是其他航空公司來說，我們都將對第三季度做出調整，正如我之前重申的那樣，其他航空公司也必須並且被迫做出調整。

So it's a really great setup as that unprofitable capacity and that commoditized capacity leaves the system and supply and balance demand rebalance to a great outlook.

因此，這是一個非常好的設置，因為無利可圖的產能和商品化的產能離開了系統，供應和需求重新平衡，前景很好。

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

我們現在將轉到通話的媒體部分。（操作員指示）

Niraj Chokshi, The New York Times.

尼拉吉‧喬希，《紐約時報》。

Hey, thank you. I was just curious, you guys have talked about how premium demand will be resilient in a downturn. Can you just kind of talk through a little bit more about how that is, why you believe that?

嘿，謝謝你。我只是好奇，你們討論過在經濟低迷時期高端需求將如何保持彈性。您能否再詳細談談這是怎麼回事以及為什麼相信這一點？

Sure. Actually, I call it brand loyal demand instead of premium demand to start with because many of our brand loyal customers are flying in economy. They sometimes fly up -- upfront as well, but they often are flying in economy. And -- and that demand has been resilient, I think, is resilient. There are people that, one, in many cases, do have the income to continue traveling.

當然。實際上，我稱之為品牌忠誠需求，而不是高端需求，因為我們的許多品牌忠誠客戶都乘坐經濟艙。他們有時也會乘坐頭等艙，但通常乘坐經濟艙。而我認為，這種需求一直具有彈性。有些人，在很多情況下，確實有收入來繼續旅行。

Travel is high on the list of what people want to do and most of those people do. Many of them of business travelers that are flying for business. And because you have a higher share there, that's what really makes that resilient.

旅行是人們最想做的事情之一，而且大多數人都會去旅行。其中許多是乘飛機出差的商務旅客。因為你在那裡擁有更高的份額，所以這才是真正具有彈性的原因。

If demand kind of bleeds off on the lower end when there's economic stress, there's more seats available on United Airlines for those brand loyal customers. And so it makes it resilient. And you can see that in our results this year, I think.

如果在經濟壓力下，低端需求下降，那麼聯合航空就會為那些品牌忠誠的客戶提供更多座位。因此它具有彈性。我想您可以從我們今年的業績中看到這一點。

Rajesh Singh, Reuters.

拉傑什辛格，路透社。

Hi, thanks for taking my question. Scott, I had a question on Russian overflights. United said this week that restrictions on flying over Russia means you are effectively bought from flying directly to China, from Chicago, Washington or New York.

你好，謝謝你回答我的問題。史考特，我有一個關於俄羅斯飛越的問題。美聯航本週表示，飛越俄羅斯的限制意味著您實際上被禁止從芝加哥、華盛頓或紐約直飛中國。

And United have called for expanding a proposed ban on Russian overflights to include Hong Kong. Should this band be included to other countries to bar their airlines from using Russian aerospace for flights to the US?

美聯航也呼籲將俄羅斯航空的飛行禁令擴大到香港。其他國家是否應該將此頻段納入其中，以禁止其航空公司使用俄羅斯航空航天系統飛往美國？

And the second part of my question is that how much of a competitive disadvantage is it for US airlines compared with other non-US carriers that are currently using the same aerospace?

我的問題的第二部分是，與目前使用相同航空航天的其他非美國航空公司相比，美國航空公司的競爭劣勢有多大？

Well, I'm going to focus on China. And I absolutely think this is just a matter of basic fairness. The Russian government does not allow US airlines to fly over Russia. And we are competing with Chinese airlines that are allowed to.

好吧，我將重點放在中國。我絕對認為這只是一個基本上公平的問題。俄羅斯政府不允許美國航空公司飛越俄羅斯。我們正在與獲得許可的中國航空公司競爭。

By the way, a country that is supporting Russia in the Ukrainian war. And a perfect example is we used to fly from New York to Hong Kong, and we cannot do it now. And we're competing with a Chinese airline that is allowed to fly from New York to Hong Kong, and that just isn't right, that isn't fair. And all we want is a level playing field and I absolutely think we should get it.

順便說一句，這個國家在烏克蘭戰爭中支持俄羅斯。一個很好的例子就是我們以前從紐約飛往香港，但現在卻做不到了。我們正在與一家獲準從紐約飛往香港的中國航空公司競爭，這是不對的，也是不公平的。我們想要的只是一個公平的競爭環境，我絕對認為我們應該得到它。

And I really appreciate that this administration is looking at the issue and focusing on the issue and it started. They started with Beijing and Shanghai, and I hope they will continue the logical efforts and include the other large Chinese city, Hong Kong in those efforts.

我真的很感激本屆政府正在關注這個問題，並開始關注這個問題。他們從北京和上海開始，我希望他們能繼續合理的努力，並將另一個中國大城市香港也納入其中。

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Hi, good morning. Thanks for taking my question. With the shutdown, is there a certain point that you think the airline could start feeling some of the impact we heard from another airline that maybe if they went on for 10 days longer, which we're kind of in that territory now that things could get a little bit more difficult?

嗨，早安。感謝您回答我的問題。隨著停飛，您是否認為航空公司在某個特定時間點會開始感受到我們從另一家航空公司聽到的一些影響，如果他們再繼續停飛 10 天，情況可能會變得更加困難？我們現在就處於這種情況。

Is there any sort of cutoff that you see there? And then second, there are a lot of other airlines large and small that are trying to go premium now. How successful do you think that can be? And how long do you think it takes to, I guess, to go upscale in certain products?

您在那裡看到任何形式的截止嗎？其次，現在有許多其他大大小小的航空公司都在努力邁向高端市場。您認為這會有多大的成功率？您認為某些產品要達到高端水準需要多長時間？

So on the first question, the answer is we don't know. It was a little unprecedented or at least it doesn't happen often, so you don't really know. So I -- I think that at least for the first couple of weeks, people thought it was going to get resolved, so they just kind of continue business as usual.

所以對於第一個問題，答案是我們不知道。這是史無前例的，或至少是不常發生的，所以你真的不知道。所以我——我認為至少在最初的幾周里，人們認為這個問題會得到解決，所以他們只是繼續照常做事。

But as time goes on, as people read headlines and say, it's not going to get resolved soon, people start to lose confidence in the government and the government's ability to resolve this. And that's going to start to impact books. So I don't know when that happens. It's not some magic step function. But every day that goes by, the risk to the US economy grows. So I hope we will avoid an unforced error here.

但隨著時間的推移，當人們看到頭條新聞並說這個問題不會很快解決時，人們開始對政府以及政府解決這個問題的能力失去信心。這將開始對書籍產生影響。所以我不知道什麼時候會發生這種情況。這並不是什麼神奇的階躍函數。但隨著時間的推移，美國經濟面臨的風險也增加。所以我希望我們能避免非受迫性失誤。

And the second question on other airlines. Look, we've been doing the investment in the customer for a decade. It is billions of dollars of CapEx and OpEx. There's two ways that you can get market -- you can get revenue improvements from the kinds of premium investments that people are making. One, you can get your own customer base to buy up to those products. Two, you can get market share shift.

第二個問題是關於其他航空公司的。你看，我們已經對客戶進行了十年的投資。這是數十億美元的資本支出和營運支出。有兩種方法可以獲得市場——你可以從人們所做的溢價投資中獲得收入的成長。一，你可以讓你自己的客戶群購買這些產品。二、可以獲得市場佔有率的轉變。

The other airlines, I think, will have some success in getting their own customers to pay more for some of their products. But the biggest upside is getting market share shift, and you're not going to get market share shift away from an airline that's been investing for a decade. Another airline getting a little bit better than they are today. Is it going to come nowhere close to what United is.

我認為，其他航空公司在讓自己的顧客為某些產品支付更多費用方面會取得一些成功。但最大的好處是獲得市場份額的轉移，而你不會從一家已經投資了十年的航空公司那裡獲得市場份額的轉移。另一家航空公司比現在的情況稍微好一點。它是否將遠遠落後於美聯航？

And a brand loyal customer is not going to say, all of a sudden, airline X closed one of 100 points of gap between United and them. So I'm going to switch my loyalty. They're going to stick with United. So I think they might have upside in their own customer base, but there's really not much upside in the market share shift part of it.

而品牌忠誠客戶不會說，突然之間，X 航空公司就縮小了與美聯航之間 100 個百分點的差距。所以我要改變我的忠誠。他們會繼續支持曼聯。所以我認為他們可能在自己的客戶群方面有優勢，但在市場份額轉移方面並沒有太大的優勢。

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

現在我將把電話轉回給克里斯蒂娜·愛德華茲 (Kristina Edwards) 進行最後發言。

Thanks, Regina. Thanks for flying with us this season. We'll see you again next quarter. Please contact Investor and Media Relations if you have any further questions.

謝謝，里賈娜。感謝您本賽季與我們一起飛行。我們下個季度再見。如果您還有其他問題，請聯絡投資者和媒體關係部門。

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

謝謝。女士們、先生們，今天的會議到此結束。您現在可以斷開連線。