聯合航空 (UAL) 2026 Q2 法說會逐字稿

Good morning, and welcome to United Airlines Holdings earnings conference call for the second quarter 2026. My name is Regina, and I will be your conference facilitator today. (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公司 2026 年第二季財報電話會議。我叫 Regina，今天將擔任本次會議的主持人。(接線員指示) 本通話將被錄音並受著作權保護。請注意，未經公司許可，本通話任何部分不得被錄音、轉錄或再廣播。

Your participation implies your consent to our recording of this call. If you do not agree with these terms, simply drop off the line. I will now turn the presentation over to your host for today's call, Kristina Edwards, Managing Director of Investor Relations. Please go ahead.

您的參與即表示您同意我們對本通話進行錄音。若您不同意這些條款，請直接掛線離開。現在我將把簡報交給今天的主持人——投資人關係董事總經理 Kristina Edwards。請開始。

Thank you, Regina. Good morning, everyone, and welcome to United's second quarter 2026 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 and are based upon information currently available to the company.

謝謝你，Regina。各位早安，歡迎參加聯合航空 2026 年第二季財報電話會議。昨天我們發布了財報新聞稿，可於 ir.united.com 的網站上取得。昨天新聞稿中的資訊以及本次電話會議中的發言可能包含前瞻性陳述，這些陳述代表公司目前的預期，並以公司目前可得資訊為基礎。

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.

多項因素可能導致實際結果與我們目前的預期出現重大差異。關於這些因素更完整的說明，請參閱我們的財報新聞稿、Form 10-K 與 10-Q，以及聯合航空控股公司與聯合航空向美國證券交易委員會（SEC）提交的其他報告。

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，本次電話會議將以非 GAAP 基礎討論我們的財務指標，且歷史營運指標將排除 2020 至 2022 年的疫情年度。請參閱我們財報新聞稿末尾處，這些非 GAAP 指標的相關定義，以及與最直接可比 GAAP 指標之間的調節表。

Joining us today to discuss our results and our outlook are our 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 Q&A. And now, I'd like to turn the call over to Scott.

今天與我們一同討論業績與展望的有：執行長 Scott Kirby；總裁 Brett Hart；執行副總裁暨商務長 Andrew Nocella；以及執行副總裁暨財務長 Mike Leskinen。我們也有其他高階管理團隊成員在線上，供問答環節使用。接下來我想把電話交給 Scott。

Thank you, Kristina, and good morning, everyone. I want to start by thanking the United team for staying focused on taking care of our customers and running a best-in-class airline and not letting the conflict in Iran distract from the consistent execution we've become accustomed to.

謝謝你，Kristina，各位早安。我想先感謝聯合航空團隊始終專注於照顧我們的客戶、營運一流的航空公司，並且沒有讓伊朗衝突分散注意力，持續維持我們已習以為常的穩定執行力。

2026 is once again demonstrating the durability and strength of the United business model. Our focus on building brand loyalty is evident in our strong top-line performance with second-quarter revenues up 16%, covering about half the increase in fuel price for the period.

2026 年再次展現聯合航空商業模式的耐久性與韌性。我們專注於建立品牌忠誠度，從強勁的營收表現可見一斑：第二季營收成長 16%，約抵銷了本期間燃油價格上漲的一半影響。

The significant increase in fuel in just past week is also proof that our strategy is resilient. At this time last week, I was planning to tell you that we had a good line of sight to growing earnings year-over-year based on what we expected our guidance to be at the time.

僅在過去一週燃油大幅上漲，也證明我們的策略具備韌性。就在上週此時，我原本打算告訴各位，基於當時預期的指引，我們對於年對年獲利成長有相當清晰的能見度。

But fuel has gone up a lot in the last week, and we've decided to once again be a leader by changing our guidance policy on fuel. We feel we owe it to investors to update our practice and provide guidance to reflect the most current fuel prices. The fuel price spike this month is equal to $1.12 of EPS. So if fuel goes back to where it was earlier this month, we expect to be above the high end of the guidance range.

但燃油在過去一週大幅上漲，我們決定再次以領導者之姿，調整我們對燃油的指引政策。我們認為有責任對投資人更新作法，提供能反映最新燃油價格的指引。本月燃油價格飆升相當於每股盈餘（EPS）減少 1.12 美元。因此，若燃油回到本月稍早的水準，我們預期將高於指引區間的上緣。

While our multiples don't yet reflect it, we believe this industry has structurally changed, as demonstrated by the quickness of the fuel recovery for United, but also at an industry level. Perhaps the most important structural change in the industry has been the significant inflation and harmonization in non-fuel costs like airport fees, labor, and maintenance.

雖然我們的估值倍數尚未反映，但我們相信本產業已發生結構性改變；這不僅體現在聯合航空燃油成本回復的速度，也體現在整體產業層面。或許最重要的結構性改變，是非燃油成本（如機場費用、勞動成本與維修）出現顯著通膨並趨於一致化。

Cost inflation is what is driving fares higher, though fares still remain 13% lower in real terms compared to pre-pandemic. In the quarters ahead, I expect yields to continue returning to reasonable pre-COVID levels that will ultimately allow the industry to earn its cost of capital.

成本通膨正推動票價走高，儘管以實質（通膨調整後）計算，票價仍較疫情前低 13%。在接下來幾季，我預期收益率將持續回到合理的疫情前水準，最終使產業能賺取其資本成本。

The impact of structural changes are just now beginning to be felt. Demand remains robust as we expect both 3Q and 4Q RASM to grow faster than 2Q's 12%, and yields for fourth quarter are currently booked about 14 points higher for 4Q than at the same point in time for 3Q.

結構性改變的影響才剛開始顯現。需求仍然強勁，我們預期第三季與第四季的 RASM 成長將快於第二季的 12%；而第四季的收益率目前的訂位水準，較同一時間點的第三季高出約 14 個百分點。

Demand is strong, and the overall cost pressures continue forcing fares higher. United has proven that our brand loyal strategy is working, and we're using today's environment to accelerate our investment in all aspects of the customer experience from nose to tail. My conviction in building a brand loyal airline is stronger than ever, and I'm encouraged by the consistent share gains we've seen across the board and the corresponding financial results.

需求強勁，整體成本壓力也持續推升票價。聯合航空已證明我們的品牌忠誠策略正在奏效，我們正利用當前環境，加速在客戶體驗各面向（從機頭到機尾）的投資。我對打造品牌忠誠航空公司的信念比以往更強，也對我們在各方面持續看到的市占提升及相應的財務成果感到振奮。

The more brand loyalty we have, the stronger we expect our earnings will be during good times and the more resilient our earnings will be during industry shock events. And I can already see and hear from customers that getting Starlink on all our aircraft is going to be a step function increase and are attractive to those customers. With that, I'll hand it over to Brett.

我們的品牌忠誠度越高，我們預期在景氣良好時獲利會更強，而在產業遭遇衝擊事件時獲利也會更具韌性。我已經能從客戶那裡看到並聽到，讓所有飛機都配備 Starlink 將帶來階躍式的提升，並對這些客戶具有吸引力。接下來我把時間交給 Brett。

Thank you, Scott, and good morning, everyone. Second quarter is always an important moment for United as we accelerate into the busy summer travel season. And our employees once again rose to the occasion. Across the operation, our teams delivered a safe, reliable experience for our customers with the care, professionalism, and commitment that show how good leads the way every day.

謝謝你，Scott，各位早安。第二季對聯合航空而言一直是重要時刻，因為我們正加速進入繁忙的暑期旅遊旺季。而我們的員工再次挺身而出。在整體營運上，我們的團隊以關懷、專業與承諾，為客戶提供安全、可靠的體驗，展現「以卓越領航」每天都在落實。

In the quarter, United carried 10 of our highest passenger days in company history, with the highest being over 640,000 customers carried on June 18. We had top-tier on-time departures for the sixth consecutive quarter, ranking second amongst our largest US competitors and representing our best on-time departure rate in the second quarter since the pandemic. We also had our lowest second-quarter seat cancellation rate in company history.

本季，聯合航空創下公司史上最高載客日中的 10 天，其中最高的一天是 6 月 18 日，載運超過 64 萬名旅客。我們連續第六季在準點起飛表現名列前茅，在美國主要競爭對手中排名第二，並創下疫情以來第二季最佳的準點起飛率。我們也創下公司史上最低的第二季座位取消率。

Notably, we saw meaningful improvements at our newer hub, our busiest global gateway. For the month of June, New York ranked number one in on-time arrivals, delivered its best on-time departure rate ever, and its lowest seat cancellation rate since 2018. These results reflect the continued strength of our operation and the work our teams are doing across the network to solve problems in real time, adjust as conditions change, and deliver a safe, reliable experience for our customers.

值得一提的是，我們在較新的樞紐、也是最繁忙的全球門戶機場，看到顯著改善。在 6 月份，紐約的準點抵達排名第一，創下史上最佳準點起飛率，並達到自 2018 年以來最低的座位取消率。這些成果反映我們營運持續強勁，也反映團隊在整個航網中即時解決問題、隨情況變化調整，並為客戶提供安全可靠體驗所做的努力。

And our customers noticed. We had our highest second-quarter net promoter score since the pandemic in the second quarter. Starlink is another example of how we are investing in a better customer experience and differentiating United.

而我們的客戶也注意到了。第二季我們的淨推薦值（NPS）創下疫情以來第二季最高水準。Starlink 也是我們投資更佳客戶體驗、並讓聯合航空差異化的另一個例子。

During the quarter, we accelerated the rollout of free Starlink Wi-Fi and now expect to have close to 1,000 Starlink-equipped aircraft by the end of this year. Early customer feedback has been very strong. And WiFi satisfaction scores on Starlink equipment are more than double the scores of other WiFi operating aircraft.

本季我們加速推動免費 Starlink Wi‑Fi 的部署，目前預期在今年年底前，將有接近 1,000 架飛機配備 Starlink。早期客戶回饋非常正面。而在配備 Starlink 的機隊上，WiFi 滿意度分數是其他提供 WiFi 的飛機之兩倍以上。

On labor, we are pleased that our flight attendants ratified a new agreement in May. This agreement is an important investment that is included in our outlook for the third quarter and full year 2026, and we remain committed to reaching much deserved agreements across all workgroups.

在勞動方面，我們很高興空服員於 5 月批准了一份新的協議。這份協議是一項重要投資，已納入我們對 2026 年第三季與全年展望之中；我們也仍致力於在所有工作群組中達成應得的協議。

United Next continues to be the right plan for the company. We are building a United that is more reliable, more elevated, more global, and more customer-focused, strengthening the experience we deliver today and positioning us well for the future.

United Next 仍然是公司正確的計畫。我們正在打造一家更可靠、更高端、更全球化、也更以客戶為中心的聯合航空，強化我們今天所提供的體驗，並讓我們在未來具備良好定位。

We believe that our ability to remain nimble and proactively respond to evolving industry headwinds, such as higher fuel, maximizes our earnings potential and improves how we have structurally changed for the better. Thank you again to the entire United team for delivering for our customers and each other. With that, I'll turn it over to Andrew to discuss the revenue environment.

我們相信，保持敏捷並主動因應不斷演變的產業逆風（例如燃油成本上升）的能力，能最大化我們的獲利潛力，並改善我們在結構上已朝更好方向轉變的成果。再次感謝整個聯合航空團隊，為我們的客戶以及彼此全力以赴。接下來我把時間交給 Andrew，請他談談營收環境。

Thanks, Brett. Overall, revenue performance was exceptional in the quarter, improved once again United's ability to quickly adjust to an ever-changing environment. I think our outlook for the rest of 2026 validates our commercial plans are working well.

謝謝，Brett。整體而言，本季營收表現非常出色，再次提升了聯合航空快速調整以因應瞬息萬變環境的能力。我認為我們對 2026 年剩餘期間的展望，驗證了我們的商業計畫運作良好。

United's revenue accelerated across the board in Q2, with total operating revenue up 16% to $17.7 billion. TRASM was up 12.1% year-over-year with load factors up slightly, which indicates strong demand for United's products. We observed minimal to no negative impact on demand from higher price points, a trend we see continuing.

聯合航空第二季各項營收全面加速成長，總營運收入年增 16% 至 177 億美元。TRASM年增 12.1%，載客率亦小幅上升，顯示市場對聯合航空產品的需求強勁。我們觀察到較高票價對需求幾乎沒有或完全沒有負面影響，且預期此趨勢將持續。

Domestic passenger revenue was up 20.3%, with PRASM up 12.2%. International PRASM was also up 12%. Pacific led the way with PRASM up 14%, Atlantic up 12.1%, and Latin up 10.7%. Cargo revenues were also strong, up 22.6%, and loyalty revenue was up 11.3%.

國內客運收入年增 20.3%，PRASM 年增 12.2%。國際 PRASM 亦年增 12%。其中以太平洋航線領先，PRASM 年增 14%；大西洋航線年增 12.1%；拉丁美洲航線年增 10.7%。貨運收入同樣強勁，年增 22.6%，而忠誠度收入年增 11.3%。

MileagePlus program changes have been very effective in building momentum in new co-brand accounts, spend, engagement and membership as expected. New co-branded credit card accounts reached a record level for the second quarter, up 22%, with Q2 card spend increasing 14%. MileagePlus enrollments were up 9%, outpacing capacity by 5 points. We saw the largest increase in membership in Chicago and in New York.

MileagePlus 計畫的調整如預期般非常有效，帶動新的聯名帳戶、消費金額、互動參與與會員數的動能。第二季新增聯名信用卡帳戶創下歷史新高，年增 22%，第二季卡片消費金額年增 14%。MileagePlus 註冊人數年增 9%，比運能增幅高出 5 個百分點。我們看到會員成長幅度最大的是芝加哥與紐約。

Premium revenues were up 16.4% and premium PRASM up 11.6% in the quarter. RASM specific to the Polaris and Premium Plus cabins was up even more at 13.6% in the quarter. Main cabin RASMs were up 11.5% in the quarter. This is the second quarter in a row where we've seen main cabin RASMs positive after years of below-average performance at an industry level.

本季高端艙等收入年增 16.4%，高端艙等 PRASM 年增 11.6%。Polaris 與 Premium Plus 艙等的 RASM 本季增幅更高，達 13.6%。主艙等 RASM 本季年增 11.5%。這是我們連續第二個季度看到主艙等 RASM 轉為正成長；在產業層面，過去多年主艙等表現一直低於平均。

While main cabin RASMs turned the corner in 2026, our main cabin fares remain far behind inflation, driven by all costs, not just fuel. We are now just seeing a necessary catch-up in pricing. In fact, to put these current fare levels in context, the average main cabin fare today is minimally up versus 2024, well short of inflation, which is up nearly 7%.

雖然主艙等 RASM 在 2026 年出現轉折，但我們的主艙等票價仍遠落後於通膨；通膨是由所有成本推動，而不僅是燃油。我們現在才剛看到票價出現必要的追趕。事實上，為了讓大家理解目前票價水準的背景：今天的平均主艙等票價相較 2024 年僅小幅上升，遠低於通膨近 7% 的增幅。

Close in business travel is exceptionally strong in Q2, with contracted business revenues flown up an impressive 27% year-over-year and bookings up 30%, led by technology, financial services, and professional services. In Q2, United grew corporate share year-over-year in all of our hubs.

第二季臨近出發日的商務旅遊需求異常強勁，已飛行的合約商務收入年增達 27%，訂位年增 30%，主要由科技、金融服務與專業服務業帶動。第二季，聯合航空在我們所有樞紐的企業市占率均較去年同期提升。

The same positive business demand trends continued into early July, and we expect to continue for the remainder of the year. We have adjusted our revenue management posture to save more seats for close-in business demand.

同樣正向的商務需求趨勢延續到 7 月初，我們預期將持續到今年剩餘期間。我們已調整收益管理策略，保留更多座位以滿足臨近出發日的商務需求。

The load factor contribution of business travel from all channels in the quarter was up about half a point year-over-year. Our outlook for the remainder of 2026 assumes demand strength from Q2 is consistent in Q3 and in Q4.

本季來自各通路的商務旅遊對載客率的貢獻，較去年同期約增加 0.5 個百分點。我們對 2026 年剩餘期間的展望假設：第二季的需求強度在第三季與第四季將維持一致。

Looking ahead, the pricing environment remains strong across the entire network, with selling yields up mid to high teens year-over-year in recent weeks, setting up a strong double-digit increase in year-over-year RASM. Currently, we're booked about 58% booked through Q3, and given current selling yields and strong demand, we do expect year-over-year RASM in Q3 and Q4 to exceed Q2.

展望未來，整體航網的定價環境仍然強勁，近幾週銷售收益率（selling yields）較去年同期上升中到高十幾個百分點，為 RASM 年增達到強勁的雙位數成長奠定基礎。目前我們第三季的訂位已約達 58%；在目前的銷售收益率與強勁需求下，我們預期第三季與第四季的 RASM 年增幅將高於第二季。

Consolidated Q4 yield is currently tracking up a strong 19% year-over-year, while Q3 yield at the same point in the booking curve sat up only 5%. United continues to gain local share in each of our seven hubs. Passenger share in our hubs has increased 7 points from 2019, by far the largest increase of any airline from their respective hubs.

目前第四季合併收益率（consolidated yield）年增強勁達 19%；而在訂位曲線相同時間點，第三季收益率當時僅年增 5%。聯合航空持續在我們七個樞紐中的每一個提升本地市占率。自 2019 年以來，我們在樞紐的旅客市占率提升了 7 個百分點，這是所有航空公司相較其各自樞紐中增幅最大者。

United's Q3 schedules are largely final. United's Q4 domestic schedules are not final and will be adjusted downward when finalized. While we are not providing capacity guidance anymore, we will make a final determination on Q4 capacity as we get closer to the quarter where we can properly consider the latest fuel and demand trends.

聯合航空第三季班表大致已定案。聯合航空第四季國內班表尚未定案，最終確定時將向下調整。雖然我們不再提供運能指引，但在更接近第四季、能適當納入最新燃油與需求趨勢時，我們將對第四季運能做出最終決定。

United's efforts to decommoditize our revenue streams and create more consumer choice are accelerating as we head into 2027. New fleet and product initiatives positioned the business for RASM and margin gains in 2027 and beyond, and we're particularly excited to get Relax Row and the CRJ450 out for sale.

隨著我們邁向 2027 年，聯合航空推動營收來源去商品化並創造更多消費者選擇的努力正在加速。新的機隊與產品計畫使公司在 2027 年及之後具備提升 RASM 與利潤率的有利條件，我們也特別期待推出 Relax Row 與 CRJ450 供市場購買。

We also have a very clear path to larger gauge in 2027 as well, which we expect will be accretive to the results and a tailwind to CASM-ex. We have renewed optimism that will take delivery of our first MAX 10 in mid to late 2027. The MAX 10 has more premium seats than the aircraft it replaces, along with the best-in-class CASM. We've absorbed an increase in gauge from 104 to 126 seats since we announced United Next, but we're still about 10 seats from our goal of 136 seats in North America.

我們在 2027 年也有非常清晰的放大機型（larger gauge）路徑，預期將對業績具增益效果，並成為 CASM-ex 的順風因素。我們重新燃起樂觀情緒，預期將在 2027 年年中至年底接收首架 MAX 10。MAX 10 的高端座位數多於其所替換的機型，並具備同級最佳的 CASM。自我們宣布 United Next 以來，我們已吸收機型座位數由 104 增至 126 的提升，但距離我們在北美達到平均 136 座的目標仍約差 10 個座位。

We can also now see on the horizon completion of key aircraft modification programs, including fast and free Starlink Wi-Fi, seatback entertainment, larger overhead bins, and our fresh onboard branding. Our United Next plan will be largely done in 2027, but we have many new commercial and product initiatives coming. We will begin to rapidly spool up our flying on our new premium 321s, the XLR and the Coastliner, later this year and into 2027. We anticipate a fleet of 100 premium configured 321s by the end of the decade.

我們也已能在可見的未來看到關鍵機隊改裝計畫的完成，包括快速且免費的 Starlink Wi‑Fi、椅背娛樂系統、更大的行李置物櫃，以及我們全新的機上品牌識別。我們的 United Next 計畫將在 2027 年大致完成，但我們仍有許多新的商業與產品計畫即將推出。我們將在今年稍晚並延續至 2027 年，開始快速擴大以全新高端 321 機型（XLR 與 Coastliner）執飛的航班量。我們預期在本十年末前，將擁有 100 架高端配置的 321 機隊。

At United, we're rewriting the definition of what a premium global airline looks like every day. By late 2027, we'll provide a consistent and elevated experience for all customers in all cabins unmatched by anyone. I wanted to say thanks to the entire United team for delivering these excellent results across the spectrum.

在聯合航空，我們每天都在重新定義「高端全球航空公司」應有的樣貌。到 2027 年底，我們將在所有艙等為所有客戶提供一致且更高端的體驗，無人能及。我想感謝整個聯合航空團隊，在各個面向交出這些卓越成果。

And with that, I'll hand it over to Mike.

接下來我把時間交給 Mike。

Thanks, Andrew. The second quarter provided yet another proof point of the strength and resilience of our business and our United Next strategic plan. We've decommoditized United Airlines by earning an ever-growing proportion of brand loyal customers, which in turn then allow us to generate durable financial results, especially during tough environments for the broader industry.

謝謝，Andrew。第二季再次提供了證據，證明我們業務以及 United Next 策略計畫的實力與韌性。我們透過獲得日益提高比例的品牌忠誠客戶，使聯合航空去商品化；而這也讓我們能產生更具持續性的財務成果，尤其是在整體產業環境艱困之際。

Our strategy continues to deliver margins at the top end of the industry, a strengthening balance sheet and an overall financial position that allows us to focus on the long-term. Our confidence in our ability to deliver double-digit pre-tax margins in 2027 and mid-teen pre-tax margins beyond that has never been higher.

我們的策略持續帶來位於產業高端的利潤率、持續強化的資產負債表，以及使我們能專注長期的整體財務狀況。我們對於在 2027 年實現雙位數稅前利潤率、並在其後達到中十幾個百分點稅前利潤率的信心，從未如此之高。

We delivered second quarter earnings per share of $1.99 at the high end of our guidance range of $1 to $2. And pre-tax margin of 4.8%, despite a $2.3 billion year-over-year headwind from fuel. Second quarter CASM-ex was up 6.1% year-over-year, which reflected pressure from labor deals and capacity reductions, all consistent with our expectations. We remain focused on driving greater efficiency without compromising the investments in our people, customers, and product that underpin our growing brand loyal customer base.

我們第二季每股盈餘為 1.99 美元，位於我們 1 至 2 美元指引區間的高端。稅前利潤率為 4.8%，儘管燃油成本較去年同期帶來 23 億美元的不利影響。第二季 CASM-ex 年增 6.1%，反映了勞動協議與運能縮減帶來的壓力，皆符合我們的預期。我們仍專注於提升效率，同時不犧牲對員工、客戶與產品的投資；這些投資是我們不斷成長的品牌忠誠客群的基礎。

In the quarter, we were able to recapture 50% of the increase in fuel expense and accounting for the sharp rise in fuel recently, we expect to recover 80% to 90% in the third quarter and full recovery by the fourth quarter. At today's prices, fuel remains almost $6 billion higher for the year compared to our outlook at the start of the year.

本季我們得以收回燃油費用增加的 50%；考量近期燃油大幅上漲，我們預期第三季可收回 80% 至 90%，並在第四季完全收回。以目前價格計算，燃油成本相較於年初展望，全年仍高出近 60 億美元。

Our focus on efficiency has helped offset some of the fuel headwind. But our ability to drive higher yields has been critical in helping cover the heightened cost of our operation. And as Andrew mentioned, United has not seen a measurable demand impact based on the higher fares. In fact, if you zoom out to consider price inflation for travel over the last 10- and 20 years, airfare stands out as a tremendous value.

我們對效率的聚焦已協助抵消部分燃油逆風。但我們提升收益率的能力，對於協助涵蓋營運成本上升至關重要。而如 Andrew 所提，聯合航空並未因票價提高而看到可衡量的需求影響。事實上，若拉長時間來看過去 10 年與 20 年的旅遊價格通膨，機票價格仍是非常超值。

Our customers increasingly desire a better travel experience. And we believe they will continue to pay reasonable prices for it. That's why we invest billions of dollars into our business. It's why our margins have been near the top of the industry, and it's why we expect to continue to deliver strong top-line revenue growth and mid-teens margins in the years to come. Looking ahead, we expect third-quarter earnings per share to be between $2.50 and $3.50. Underpinned with an all-in fuel price of approximately $3.69 based on Tuesday's curve.

我們的客戶愈來愈渴望更好的旅行體驗。我們相信他們將持續願意為此支付合理價格。這也是我們投入數十億美元於業務的原因。這也是我們的利潤率接近產業頂端的原因，並且我們預期未來幾年將持續帶來強勁的營收成長與中十位數的利潤率。展望未來，我們預期第三季每股盈餘介於 2.50 至 3.50 美元，並以週二曲線推算的全包燃油價格約 3.69 美元為基礎。

Given the recent run-up in oil, we felt it prudent to adjust our outlook to reflect the current environment. For the full year, we are tightening our guidance range to the high end of our previous guide and expect earnings per share between $9 and $11. Since early July, fuel prices have increased 15% to 20%, and our guidance reflects that pressure. However, if fuel prices return to prior levels, we expect to be above the high end of both ranges.

鑑於近期油價上漲，我們認為審慎起見應調整展望以反映當前環境。就全年而言，我們將指引區間收斂至先前指引的高端，預期每股盈餘介於 9 至 11 美元。自 7 月初以來，燃油價格上升 15% 至 20%，我們的指引已反映該壓力。然而，若燃油價格回到先前水準，我們預期將高於兩個區間的高端。

Additionally, given oil volatility, we expect crack spreads to remain elevated for the remainder of the year. In a year where the industry is experiencing a multibillion-dollar shock from oil, this would be a fantastic outcome that demonstrates United's ability to absorb and manage through times of uncertainty and meaningful financial pressure.

此外，考量油價波動，我們預期裂解價差（crack spreads）在今年剩餘期間仍將維持高檔。在產業正遭遇因油價造成的數十億美元衝擊之年，這將是極佳的結果，展現聯合航空在不確定性與顯著財務壓力下吸收並管理的能力。

On cost specifically, our plan, volume adjusted, has remained consistent with our expectations at the start of the year. The pressure on our unit costs in the first half of the year was solely driven by our close-in capacity adjustments and will remain a headwind to unit costs for the remainder of the year.

就成本而言，我們的計畫在經量能調整後，仍與年初預期一致。上半年單位成本的壓力完全由我們臨近期的運能調整所致，且在今年剩餘期間仍將對單位成本形成逆風。

We've consistently demonstrated that we will adjust capacity when necessary rather than operate flying that does not make economic sense. These actions reflect our focus on maximizing long-term profits and cash flow. With this in mind, in 2027, we plan to retire at least 80 aircraft as we continue to renew and up gauge our fleet, a step up from the last few years.

我們一貫證明，必要時我們會調整運能，而不是執飛在經濟上不合理的航班。這些行動反映我們專注於最大化長期利潤與現金流。基於此，2027 年我們計畫至少汰退 80 架飛機，持續更新並提升機隊機型級距（up gauge），相較過去幾年將加快步伐。

Turning to the balance sheet. As the quarter began, the industry faced significant risk and uncertainty driven by the hostilities with Iran and the closure of the Strait of Hormuz. Given that heightened volatility, we proactively secured additional funding to build extra liquidity to manage through a scenario where oil remained higher for longer.

接著談資產負債表。本季開始時，產業面臨由與伊朗的敵對行動以及荷姆茲海峽封鎖所驅動的重大風險與不確定性。鑑於波動性升高，我們主動取得額外資金以建立更多流動性，因應油價在較高水準維持更久的情境。

We raised capital through a series of private bank transactions that raised $3.7 billion of new debt that is attractively priced at a fixed rate equivalent in the low 5% range, pricing well inside of our most expensive existing debt. Once the oil price is stabilized, our intent is to use this newly raised debt to prepay more expensive debt and to purchase aircraft with cash.

我們透過一系列私人銀行交易籌資，新增 37 億美元新債務，定價具吸引力，固定利率等同於 5% 出頭的區間，且定價明顯優於我們現有成本最高的債務。待油價穩定後，我們的意圖是用這筆新舉借的債務提前償還成本較高的債務，並以現金購買飛機。

Our ability to raise this quantum of debt at these terms further demonstrates United's improved financial position and progress towards investment grade. Since the beginning of the second quarter, we have prepaid approximately $1 billion of higher-cost legacy aircraft debt and PSP debt. We will continue to closely monitor the situation in the Middle East, but in the interim, this capital provides us plenty of flexibility.

我們能以這些條件籌得如此規模的債務，進一步證明聯合航空財務狀況的改善，以及朝投資級邁進的進展。自第二季初以來，我們已提前償還約 10 億美元成本較高的既有飛機債務與 PSP 債務。我們將持續密切關注中東局勢，但在此期間，這筆資金為我們提供了充足的彈性。

We ended the quarter with $19.6 billion of available liquidity. We remain focused on achieving investment-grade credit rating metrics and remain optimistic for our prospects later this year.

本季結束時，我們可用流動性為 196 億美元。我們仍專注於達成投資級信用評等的財務指標，並對今年稍晚的前景保持樂觀。

To wrap up, demand for the United product is as strong as ever. Our customers continue to demonstrate a preference for the value our products provide. This supports our relative financial performance and reinforces our confidence in the durability of our strategy and our ability to deliver mid-teens margins in the future. I'll turn it to Kristina to kick off the Q&A.

總結來說，市場對聯合航空產品的需求一如既往地強勁。我們的客戶持續展現對我們產品所提供價值的偏好。這支持了我們相對的財務表現，並強化我們對策略韌性以及未來達成中十位數利潤率能力的信心。我把時間交給 Kristina 來開始問答。

Thanks, Mike. We will now take questions from the analyst community. (Event Instructions) Regina, please describe the procedure to ask a question.

謝謝你，Mike。我們現在開始接受分析師社群的提問。（活動說明）Regina，請說明提問流程。

(Operator Instructions)

（接線員說明）

Catherine O'Brien, Goldman Sachs.

Catherine O'Brien，高盛。

Hey, good morning, team. Thanks so much for the time. I know we're not going to get an actual RASM guide, but Andrew has had a couple of questions, all related, on the fact that 3Q RASM should accelerate into 3Q versus 2Q. Can you just help us think what that looks like for each of your regions RASM, system RASM comp that's fairly comparable to 2Q? But domestic has a tougher comp, and then the three international regions have easier comps. And I guess just anything we should also be aware of on other revenue or cargo as we make our assumptions on RASM acceleration, just trying to get a sense of the puts and takes. Thanks.

嗨，大家早安。非常感謝撥冗。我知道你們不會提供實際的 RASM 指引，但 Andrew 提了幾個彼此相關的問題，都是關於第三季 RASM 相較第二季應該會加速。能否請你們協助我們思考各區域的 RASM 會呈現什麼樣子、以及系統整體 RASM 的比較基期大致與第二季相當？但國內線的比較基期較嚴峻，而三個國際區域的比較基期較容易。另外，在我們對 RASM 加速做假設時，是否也有其他營收或貨運方面需要留意的事項？我只是想掌握其中的利多與利空因素。謝謝。

Sure. When we look across the system, as I said in my script, we see strength just about everywhere. In Q2, I think we're particularly proud of our performance across the board but really in the Atlantic and Pacific. And if you look at those numbers year over two, even more proud, like we've got it really dialed in on those entities -- and we see continued strength in both of those entities in Q3.

當然。就整個系統來看，如同我在講稿中所說，我們幾乎在各處都看到強勁表現。在第二季，我認為我們特別以整體表現為傲，但尤其是在大西洋與太平洋市場。如果你看那些數字的兩年期比較，我們更感到自豪；我們在那些業務上已經調校得非常到位——而且我們在第三季也看到這兩個業務持續強勁。

Internationally, Latin America year-over-year will be the standout in Q3, considering it definitely has an easy comp, but the number for Latin in Q3 for PRASM growth year-over-year will be off the charts. Cargo had a really strong quarter. Most of the gains in Cargo were yield-related, not volume related. And I expect that to continue into Q3 as well. So I think a really good outlook.

在國際市場方面，考量拉丁美洲確實有較容易的比較基期，第三季拉丁美洲的年增表現將會最突出；拉丁美洲第三季 PRASM 年增的數字將非常驚人。貨運本季表現非常強勁。貨運的大部分增長來自收益率，而非運量。我預期這種情況在第三季也會延續。所以我認為展望相當不錯。

The only place that combined that has lower yields than I would otherwise expect is Hawaii. But other than that, I think the system is firing on all cylinders. We've done a really good job our capacity planning group putting capacity where it needs to be. And I think that shows up in our yields in the outlook for Q3 and what we've told you about the outlook for Q4.

唯一一個合併來看收益率低於我原本預期的地方是夏威夷。但除此之外，我認為整個系統都火力全開。我們的運能規劃團隊在把運能配置到需要的地方方面做得非常好。我認為這也反映在我們第三季展望的收益率，以及我們告訴各位的第四季展望上。

Our next question will come from the line of Andrew Didora with Bank of America. Please go ahead.

我們的下一個問題將由美國銀行（Bank of America）的 Andrew Didora 提出。請開始。

Hi, good morning, everyone. First question, Mike, I see '26, CapEx came down a little bit, I know, on some delivery changes. As we think about modeling your free cash flow the next few years, what year do you see as sort of peak CapEx and when do you begin to see it bend down a bit more significantly?

嗨，各位早安。第一個問題，Mike，我看到 2026 年的資本支出（CapEx）因為一些交付變更而小幅下降，我知道。當我們思考未來幾年如何建模你們的自由現金流時，你認為哪一年會是資本支出的高峰？以及你們何時開始看到它更明顯地下彎？

Andrew, thanks very much for the question. We're focused free cash flow, uniquely focused on free cash flow. We've talked about a 50% conversion rate for the next few years, heading to 75% as we exit the decade. The CapEx is going to vary based on our results. We're determined to get to double-digit margins, as I said in my script, mid-teens margins longer term.

Andrew，非常感謝你的提問。我們專注於自由現金流，獨特地專注於自由現金流。我們談過未來幾年的轉換率為 50%，並在本十年結束時提升到 75%。資本支出將會依據我們的業績而有所變動。我們決心達到兩位數的利潤率，正如我在講稿中所說，長期目標是中段十幾%的利潤率。

As we get there faster, we may allow CapEx to be a little bit higher as we get there more slowly, we'll manage CapEx appropriately. But what we're committed to is those free cash conversion figures.

如果我們更快達成，我們可能會允許資本支出略高一些；如果進展較慢，我們就會適當管理資本支出。但我們承諾的是那些自由現金轉換的數字。

Okay, understood. And then just as a quick follow-up here, investment grade, obviously, a big goal of yours this year. When you couple that with that path to double-digit margins, kind of the CapEx comments you just had, how do you think about target leverage and future capital return potential as that kind of CapEx maybe decelerates from the peak?

好的，了解。接著快速追問一下，投資級（investment grade）顯然是你們今年的一大目標。把這點與邁向兩位數利潤率的路徑、以及你剛才對資本支出的評論放在一起看，當資本支出可能從高峰開始放緩時，你如何看待目標槓桿，以及未來資本回饋的潛力？

We've had significant consultations with the rating agencies. I expect and we plan for net debt to be below two turns. I think if you normalized our earnings this year, for fuel, we would already be there. As we look into 2027, we will absolutely trend below two turns. And in addition to the actual metrics, what we've proven through this fuel crisis is the resiliency of this business.

我們與信評機構進行了大量諮詢。我預期且我們也規劃淨負債將低於兩倍。我認為如果把今年的獲利（就燃油因素）做正常化，我們其實已經達到那個水準。展望 2027 年，我們絕對會趨勢性地低於兩倍。此外，除了實際的指標之外，我們在這次燃油危機中證明了這個業務的韌性。

And at least for the airlines that have a brand-loyal strategy, we've proven the resilience that would earn us a higher rating for the industry and the business itself. So put those meaningful factors together, and I think we're -- the market is already recognizing us with investment-grade type terms. And I think the rating is right on the precipice.

至少對於採取品牌忠誠策略的航空公司而言，我們已證明其韌性，這將使我們在產業與業務本身層面獲得更高的評級。把這些重要因素綜合起來，我認為我們——市場已經以投資級類型的條件在認可我們。我也認為評級正處在臨門一腳。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Maybe just to start it off, can you talk about Starlink? You've now installed it on 450 aircraft out of your 1000 aircraft fleet, and that's expected by year-end or nearly most of your fleet. How do you think about monetizing the addition of Starlink and the advantage versus your peers? And I guess, how do you think about new product introductions more broadly? You mentioned MAX 10 finally coming into the fleet at the end of 2027 and the XLRs.

也許先從 Starlink 談起，你們現在已在 1,000 架機隊中的 450 架飛機上完成安裝，並預期在年底前覆蓋到幾乎整個機隊。你們如何思考把 Starlink 的導入變現，以及相較同業的優勢？另外，你們更廣泛地如何看待新產品導入？你提到 MAX 10 終於會在 2027 年底加入機隊，以及 XLR。

Well, thanks, Sheila. We've been doing a lot in the past five years, six years to really invest in the customer experience and we look at the -- this aggregated data, market shared data, every single one of our hubs like just incredible growth from the local customers, and it's been the right strategy. And I think Starlink is probably going to be the biggest of everything that we've done. And like the feedback I get from customers is just unbelievable, good when they get on a flight. We're doing everything we possibly can including taking aircraft out of service as fast as Starlink can produce the antennas for us.

謝謝，Sheila。過去五、六年我們做了很多投資在客戶體驗上；我們看彙總數據、市占數據，在我們每一個樞紐機場都看到來自本地客戶的驚人增長，這一直是正確的策略。我認為 Starlink 可能會是我們做過所有事情中影響最大的一項。我從客戶那裡得到的回饋非常不可思議，他們一上機就覺得很棒。我們正盡一切可能，包括只要 Starlink 能夠為我們生產天線，我們就以最快速度讓飛機停飛改裝。

We're going to get them on the airplane. And I think particularly for many of the Premium customers, but all customers, but for Premium customers that really want to be able to make sure they're connected with high speed, it is going to lead to big share gains for us. We're excited about it, proud of it. And it's just the next step forward for us at United. But we can already tell it's going to be big.

我們會把它裝到飛機上。我認為特別是對許多高端（Premium）客戶——其實對所有客戶都是——但對於那些非常希望確保能以高速連線的高端客戶而言，這將為我們帶來很大的市占提升。我們對此感到興奮，也很自豪。這只是我們聯合航空（United）向前邁進的下一步。但我們已經可以看出它會很大。

Great. And just on the new product introductions with the MAX 10 coming in, how do you think about that more broadly?

很好。再談談 MAX 10 導入等新產品推出，你們更廣泛地如何看待這件事？

Well, we've been waiting a really long time for the MAX 10. And hopefully, that wait is coming to an end. We have our first implementation going down the line for, I think, a July delivery of next year. So we're anxious to see that. With the MAX 10, you'll see us stop taking delivery of MAX 9 shortly thereafter.

我們等 MAX 10 等了非常久。希望這段等待快要結束了。我們的第一架正在產線上進行，我想是明年 7 月交付。所以我們很期待看到它。隨著 MAX 10 到來，你會看到我們在不久之後停止接收 MAX 9 的交付。

The MAX 10 will be superior in every way, a little bit larger and far less cost on the incremental side. So the marginal CASM is very low, applying the bigger aircraft. And that goes towards our CASM-ex goal. I think it's going to be a really great aircraft for making sure we have efficient growth into the future.

MAX 10 在各方面都更優越，機身稍大一些，而在增量成本方面低得多。因此，使用更大的飛機，其邊際 CASM 非常低。這有助於我們的 CASM-ex 目標。我認為這會是一款非常出色的飛機，能確保我們未來實現高效率的成長。

Across the board, the products look great on these aircraft. However, the XLR and Coastliner, which is the 321 NEO platform, are arriving this year. They have a lot of premium seats on board those aircraft, and you'll see us deploy them rapidly as we go into 2027, which will increase our Premium seating faster than our Main Cabin seating for a bit.

整體而言，這些飛機上的產品看起來都很棒。不過，XLR 與 Coastliner（也就是 321 NEO 平台）將在今年交付。這些飛機上有很多高端座位，你會看到我們在邁入 2027 年時快速部署，這將使我們的高端座位增速在一段時間內快於主艙座位。

And we're really excited about that. These aircraft will have Starlink on board, they'll fly our most premier routes within the United States and of course, to smaller definitions in Europe and Latin America. And I think we'll be a game changer. We have about 100 of these coming before the end of the decade, far more than any of our primary competitors.

我們對此非常興奮。這些飛機都會配備 Starlink，將執飛我們在美國境內最頂級的航線，當然也會飛往歐洲與拉丁美洲較小的目的地。我認為這會改變遊戲規則。在本十年結束前我們大約會引進 100 架，遠多於任何主要競爭對手。

So we're really leaning into the premium narrow-body. We think it's going to be a structural advantage for United, and we're excited about that. And then last, the elevated 789. We have those flying, the Studio suite is performing unbelievably well, and we are excited to rapidly introduce the size of the elevated 789 fleet in 2027. We will have an infinite number of aircraft with that many premium seats.

所以我們正大力投入高端窄體機。我們認為這將成為聯合航空的結構性優勢，對此我們很興奮。最後是升級版 789。我們已經在飛了，Studio 套房的表現好得令人難以置信，我們也很期待在 2027 年快速擴大升級版 789 機隊規模。我們將擁有數量非常多、配備那麼多高端座位的飛機。

That's a really large complement onboard, but we'll have enough to fly key routes in Asia into London, Heathrow where that plane makes appropriate sense, and our customers and the NPS scores show that they really love the amenities onboard the aircraft. So that all adds up to a lot of different product features. There is more to come, and we will let you know what those are, at the appropriate point in time.

機上配置非常龐大，但我們會有足夠的機隊來執飛亞洲的關鍵航線、飛往倫敦希斯洛（Heathrow）等這款機型最合適的航線；而我們的客戶與 NPS 分數顯示，他們真的很喜歡機上的設施。因此，這些加總起來就是許多不同的產品特色。未來還會有更多，我們會在適當的時間點告訴大家是哪些。

Connor Cunningham, Melius Research.

Connor Cunningham，Melius Research。

Mike, it seems like we're going to face peak cost pressures in 3Q this year. I know it's early and you're still investing heavily in the product and the customer experience. But it just seems like you have the biggest opportunity on cost come next year. So maybe you could just talk about the puts and takes there? And just why shouldn't we already be penciling in United leading on costs in 2027?

Mike，看起來我們今年第三季會面臨成本壓力的高峰。我知道現在還早，而且你們仍在產品與客戶體驗上大力投資。但看起來你們在成本方面最大的機會會在明年出現。所以也許你可以談談其中的利弊權衡？以及為什麼我們不應該現在就把 2027 年聯合航空在成本上領先納入預估？

Thanks, Conor. And to answer the question simply, I think you should. As we roll into 2027, we remain committed and expect the CASM-ex in the 2% to 3% range, core CASM-ex. That includes some investment -- continued investment in the consumer. I also think you are thinking about the pacing of CASM-ex in 2026 correctly.

謝謝你，Conor。簡單回答這個問題，我認為你應該這麼看。隨著我們邁入2027年，我們仍然堅定承諾，並預期核心CASM-ex將維持在2%到3%的區間。這其中包含一些投資——持續在消費者端的投資。我也認為你對於2026年CASM-ex節奏的理解是正確的。

I expect Q3 will be peak, and everything is working to plan. We're doing a great job of managing core CASM-ex. We're investing in the customer. And the gauge growth that reaccelerates in '27, is going to get us right back on that 2% to 3% core CASM-ex path.

我預期第三季會是高峰，一切都按計畫進行。我們在管理核心CASM-ex方面做得非常好。我們正在投資客戶。而在'27年重新加速的運能成長，將會讓我們回到2%到3%核心CASM-ex的軌道上。

Great. And then you guys have obviously done a very good job of managing the business this year and your conviction level around double-digit pre-tax margins next year only seems to get a bit stronger. But like. I still think about the opportunity set in front of you.

很好。另外，你們今年顯然在經營管理上做得非常出色，而你們對於明年稅前利潤率達到兩位數的信心似乎又更強了一些。但就像……我仍然會去思考你們面前的機會集合。

You have Starlink unlocking, NPS scores, ad businesses and so on, gauge, premium, merchandising. You have a ton of stuff, and a lot of that ramps actually past '27. So if you could just talk a little bit about how you view the long-term margin profile of the business, and it just seems like we are at a much different place than we've been ever before.

你們有Starlink的解鎖、NPS分數、廣告業務等等，還有運能、優質產品、周邊商品。你們有非常多的事情，而且其中很多其實是在'27年之後才會真正加速爬坡。所以如果你能稍微談談你如何看待公司長期的利潤率輪廓，感覺我們正處在一個與以往任何時候都大不相同的位置。

Well, thanks, Connor. I'm afraid to answer that because you said it all so well. I don't want to screw it up. But here is what I think the margin path is for United. And it's just consistent with what I said in the past. I think we're on a trajectory to get to low double-digit margins with no structural changes in the industry. Just everything that you just talked about, the path that we're on, gets us to low double-digit margins.

嗯，謝謝你，Connor。我有點害怕回答，因為你已經講得太好了。我不想把它搞砸。但以下是我對聯合航空（United）利潤率路徑的看法。而且這與我過去說的一致。我認為在產業沒有任何結構性變化的情況下，我們也正走在達到低兩位數利潤率的軌道上。就你剛剛提到的那些事情、我們正在走的這條路，就能把我們帶到低兩位數利潤率。

And by the way, somebody may ask it later, but we're going to exit 2026 at a revenue run rate here in the second half that would just -- on its own imply double-digit margins for next year, which I also expect. But we'll get to low double-digit margins with no other kind of structural changes in the industry.

順帶一提，也許稍後會有人問，但我們在2026年下半年退出時的營收年化運行水準，單就那個水準本身就意味著明年會有兩位數利潤率，而我也同樣預期如此。但即便產業沒有其他任何結構性變化，我們也會達到低兩位數利潤率。

I do, however, think that -- and I think getting to mid-double -- mid-teens margins requires or is likely to require some more intellectual changes in the industry. And I do think that's going to happen. I mean it doesn't happen immediately. It takes time, but economic gravity always wins.

不過我確實認為——而且我認為要達到中兩位數、也就是十幾%的利潤率，需要、或很可能需要產業出現一些更深層的變化。而我也認為那會發生。我的意思是，它不會立刻發生。需要時間，但經濟重力終究會勝出。

And the reality is this year, four of the eight publicly traded commercial airlines are probably going to lose money. They have an awful lot of flying that loses money on an individual route basis. And one way or another, that gets resolved over time. I'm not going to try to predict when. I'm not going to predict exactly when it happens.

現實是，今年八家上市的商業航空公司中，可能有四家會虧損。他們有大量航班在單一航線層級是虧錢的。而不管用什麼方式，這些問題會隨時間被解決。我不會試著預測何時。我也不會預測它究竟會在什麼時候發生。

But I think that probably drives us into the mid-teens margin range. So on our own, even if none of that happens, we're in a pretty straightforward path, I think, to low double-digit margins. And you get to add several points on to that, structural changes happening in the industry.

但我認為那大概會把我們推進到十幾%的利潤率區間。所以就我們自身而言，即使那些事情都不發生，我認為我們也有一條相當直接的路徑可以達到低兩位數利潤率。而如果產業發生結構性變化，你還可以在此基礎上再加上好幾個百分點。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

Scott, on fuel, one concern we all hear quite often, particularly by the elevated fourth quarter schedules is that when fuel prices ultimately received capacity will come back on and hurt RASM. You may recall that back in 2015 and 2016, I actually criticized you -- well, I mean, not you personally, but we -- I know you can take it.

Scott，關於燃油，有一個我們常常聽到的擔憂，特別是第四季航班時刻表偏高的情況下：當燃油價格最終回落時，運能會回來，並傷害RASM。你可能還記得，在2015年和2016年，我其實批評過你——嗯，我是說，不是針對你個人，但我們——我知道你能承受。

We felt that American under your leadership did just that. Huge fuel cost savings at that time as a way to sort of hammer some of your competitors, particularly discounters. So that's the basis of my question. Do you think the industry has evolved to the point that this is less of a risk? Or is this something that analysts and investors should still fret about?

我們當時覺得，在你的領導下，美航（American）確實做了那件事。在那段時間利用巨大的燃油成本節省，作為一種方式去「猛敲」一些競爭對手，特別是低成本航空。所以這就是我問題的背景。你認為產業已經演進到這種風險比較小的程度了嗎？還是分析師和投資人仍然應該為此擔心？

Well, let me start with why cost prices have gone up. It's not fuel price. Fuel prices accelerated a little. It's not fuel price and it's not capacity. It is what I said in my script, probably the biggest structural change that's happened in the industry coming out of COVID is cost inflation and cost harmonization.

好，我先從成本為什麼上升談起。不是燃油價格。燃油價格確實小幅加速上升。但不是燃油價格，也不是運能。而是我在講稿裡提到的：COVID之後產業發生的最大結構性變化，可能就是成本通膨與成本同質化（harmonization）。

And the harmonization is really important. And what has happened is airport fees have gone up something like 60% since COVID, labor costs have escalated dramatically, maintenance is off the charts in terms of escalation. And those are all costs that every single airline pays the same. And that has driven -- that is why four of eight airlines are going to lose money this year. It's why one airline went out of business this year.

而同質化非常重要。發生的情況是：機場費用自COVID以來上升了大約60%，勞動成本大幅攀升，維修成本的漲幅更是驚人。而這些都是每一家航空公司都要支付、而且支付水準相同的成本。這也導致——這就是為什麼八家航空公司中有四家今年會虧損。也是為什麼今年有一家航空公司倒閉。

That is the underlying driver of price increases. And even with fares up this year, as I said earlier this morning, earlier in my script, airfares are down still 13% in real terms, compared to where they were in 2019. And that's just basic economics, and any industry has to pass along the price increases.

這才是票價上漲的根本驅動因素。而且即使今年票價上升，正如我今天早上先前所說、也在我講稿前面提到的，若以實質（通膨調整後）計算，機票價格相較2019年仍然下降了13%。這就是基本經濟學，任何產業都必須把價格上漲傳導出去。

So I look at kind of where prices are right now. I would say 10% of the price increase -- 10% of price here in the second quarter was less capacity growth in the second and third quarter. 90% of it is the structural change that happened with cost increases. There was another fare increase this week as fuel started to go back up. And there were no fare decreases when fuel went down.

所以我看目前的價格水準。我會說，第二季這裡的票價上漲中，大約10%是因為第二、第三季運能成長較少；90%則是成本上升帶來的結構性變化。本週隨著燃油開始回升，又出現了另一波票價上調。而當燃油下跌時，並沒有出現票價下調。

And so if you're an investor, what's different this time than 2016 is the cost harmonization across the industry. It's a dramatic structural difference. And so I think it's fair to be arguing about what the capacity is going to be. By the way, I think capacity for the fourth quarter is likely to come down. That's what happens every quarter, likely to come down.

所以如果你是投資人，這次與2016年不同之處在於：整個產業的成本同質化。這是一個重大的結構性差異。因此，我認為去討論運能會是多少是合理的。順帶一提，我認為第四季的運能很可能會下修。每一季通常都會發生這種情況，很可能會下修。

But if it doesn't, you're really talking about 10% of the fare increase that's sort of at risk. And the 90% is probably not done yet because all those costs haven't yet been recovered. This is about a structural change in the cost side of the business, which is forcing a structural change in the pricing and revenue side of the business.

但即使沒有下修，你真正談到的也只是那一部分大約10%的票價上漲存在風險。而另外90%可能還沒結束，因為那些成本尚未完全被回收。這是商業成本端的結構性變化，正在迫使定價與營收端也出現結構性變化。

Excellent. And then for Mike, on this capital raise in the quarter, how does this play into management's overall conservative? Is that conservatism -- excuse me, in the remarks in my view that you didn't need to be this proactive. You have tight secured access. You've got access to WTCs. I guess I was kind of wondering why you prefund all this CapEx when other options seem to exist?

很好。接著問Mike，關於本季這次資本募集，這如何融入管理層整體偏保守的作風？也就是說，恕我直言，從你的談話來看，我覺得你們其實不必這麼積極主動。你們有緊密的擔保融資管道。你們也能使用WTCs。我有點想知道，為什麼在看起來還有其他選項的情況下，你們要先行預籌（prefund）這些資本支出（CapEx）？

Jamie, thanks for the question. And look, we just -- we have a track record, and we're going to maintain that of being proactive. We are right on the precipice of investment grade that's going to unlock a lot of options for us. And this is a very cost effective. And the net cost, as we invest the proceeds in money markets is very low.

Jamie，謝謝你的提問。你看，我們一直——我們有一個過往紀錄，而且我們會維持主動出擊的作風。我們正站在取得投資等級的門檻邊緣，這將為我們解鎖很多選項。而且這是一個非常具成本效益的作法。而淨成本方面，當我們把募集資金投資在貨幣市場時，成本非常低。

And so this was a very cost-effective way of adding some extra insurance in a way that will bring down our overall cost of carry as we prepay the more expensive debt. So it was truly a no regrets move, and I'm really proud of the treasury team for the execution.

因此，這是一種非常具成本效益的方式，等於是增加一些額外的保險，同時在我們提前償還成本較高的債務時，也能降低整體持有成本。所以這確實是一個不會後悔的決定，我也為財資團隊的執行感到非常自豪。

Tom Fitzgerald, TD Cowen.

Tom Fitzgerald，TD Cowen。

Two for me on loyalty. Just one, would you just update us on your latest thinking about the timeline on that contract renegotiation? I know that's one of the longer-term upside drivers for you guys? And then just my follow-up is I know you redid the credit card program in -- back in March just to further incentivize and align with the credit card holders. I'm wondering how -- what the early learnings from that's been? If that's having an intended result? Thanks for the time.

我有兩個關於忠誠計畫的問題。第一個，你能否更新一下你們對於那份合約重新談判時程的最新想法？我知道那是你們其中一個較長期的上行驅動因素。接著我的追問是，我知道你們在——今年三月重新調整了信用卡計畫，以進一步強化誘因並與持卡人更一致。我想了解一下——目前從中得到的初步學習是什麼？是否達到預期效果？謝謝你們撥冗。

Sure. In terms of duration, I'll say, I think it's out there on the Internet. We're in the sunset phase of the current contract and -- but we have not started to reengage, with our bank partner Chase at this point. But soon, we'll do so. But I think we're -- I can describe it as a sunset phase.

當然。就期限而言，我會說，我想網路上也查得到。我們正處於現行合約的日落期——但目前我們還沒有開始與我們的銀行合作夥伴 Chase 重新接洽。不過很快就會。但我想我們——我可以把它形容為日落期。

In terms of the program changes, look, I gave a bunch of stats on my opening remarks, and we're really happy with the changes we did. Some of them were new and unique for the industry. But I think it's had the desired effect.

至於計畫變更，你看，我在開場致詞中提供了一堆數據，我們對所做的調整非常滿意。其中有些在業界是全新且獨特的。但我認為它已經達到預期效果。

I think the credit card space is most interesting and complicated and also full of a lot of upside for United Airlines as we grow and take advantage of these opportunities as our business -- core of our business, it allows us to grow the credit card business even more. So we're super excited about it.

我認為信用卡領域最有趣、也最複雜，同時對聯合航空而言也充滿很大的上行空間；隨著我們成長並把握這些機會，當我們的業務——也就是核心業務——成長時，也讓我們能把信用卡業務做得更大。所以我們非常興奮。

I think the numbers are all moving in the right direction. Just to point out, we did have a out-of-period onetime adjustment in loyalty of the revenue in the quarter. That made our number look a little bit lower than it otherwise would be. It showed just under 8% when -- without that onetime adjustment would have been over 13%. So if you're looking at those numbers and thinking that the revenue slowed a bit in the quarter, they did not, we expect strong numbers in Q3 as well. So I think we're really set up well.

我認為各項數字都朝著正確方向發展。特別指出一下，本季在忠誠計畫收入上有一筆跨期的一次性調整。這讓我們的數字看起來比原本應該呈現的稍微低一些。它顯示略低於 8%，但——若不含那筆一次性調整，本來會超過 13%。所以如果你看那些數字，覺得本季收入似乎放緩了，其實沒有；我們也預期第三季同樣會有強勁表現。所以我認為我們的布局非常到位。

I couldn't be prouder of the changes. That was 1.5 years of research and investigation and technology changes but they're all implemented. They were implemented flawlessly and are doing really well. I'll also point out, we implemented a lot of changes on united.com and how we sell tickets, how we sell nested fares. All those changes are really critical to our evolving and more complex product mix.

我對這些變更感到無比自豪。那是 1.5 年的研究、調查與技術變更，但現在都已經落地。它們的上線執行毫無瑕疵，而且表現非常好。我也要指出，我們在 united.com 以及售票方式、如何銷售巢狀票價（nested fares）方面也實施了許多變更。所有這些變更，對於我們不斷演進、且更複雜的產品組合而言都非常關鍵。

They were also implemented flawlessly. The technology worked perfectly, and I'm really proud of the team for delivering all that. And I think the nested selling is also delivering exactly what I wanted to deliver in the very early stages here.

它們同樣是零失誤地上線。技術運作得非常完美，我也為團隊交付這一切感到非常自豪。而且我認為巢狀銷售在目前非常早期的階段，也正如我所希望的那樣在交付成果。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，Morgan Stanley。

Scott, it's interesting that you tied the industry-wide fare increases to overall cost inflation rather than fuel. And you said there was another round of increase this month, despite fuel not hitting a new high watermark, I think that's a demonstration of that.

Scott，你把全產業票價上調與整體成本通膨連結，而不是與燃油連結，這點很有意思。你也提到本月又有一輪調漲，儘管燃油並沒有創下新的高點，我想這正好證明了你所說的。

So as investors or analysts, what do we think is the new benchmark for when United could raise pricing going forward in the coming years? Is there a certain number of points of CASM inflation? Is it specific cost catalysts like a new labor contract? Or I'm just trying to get a sense of how many kind of -- what is the opportunity for pricing ex-fuel benchmark for the industry going forward?

那麼，作為投資人或分析師，我們應該如何看待未來幾年聯合航空在什麼情況下能夠提高票價的新基準？是以 CASM 通膨的某個百分點為門檻嗎？是像新的勞動合約這類特定的成本催化因素嗎？我只是想更了解——就未來產業而言，扣除燃油後的定價基準機會大概是什麼樣子？

Well, I'm not going to answer a forward-looking question on pricing. But I think the way to think about pricing, what's happened this year is sort of cleaning up the core basic pricing environment. That's the 90% that I talked about relative to capacity.

嗯，我不會回答關於定價的前瞻性問題。但我認為看待定價的方式是：今年發生的事情，某種程度上是在整理並修復核心、基本的定價環境。這就是我提到相對於運能的那 90%。

There are no more $9 fares from Houston to Central America or $4 tickets from Los Angeles to Cabo with some of the crazy stuff -- that just doesn't exist anymore. I don't think it's ever going to exist again. And so the core fare structure is in a much more reasonable place today and it continues to go up as it has this week.

從休士頓到中美洲不會再有 9 美元票價，或從洛杉磯到卡波（Cabo）4 美元的機票，那些瘋狂的——那種情況已經不存在了。我不認為它還會再出現。因此，核心票價結構如今處在更合理的位置，而且就像本週一樣仍在持續上升。

The capacity side of the equation is really yield management. How often you sell the lowest fare versus higher fares in the market. And that's sort of the 90/10 ratio that I think exists. But I think really the way for investors to think about this, is to think about that 90/10 ratio. And the cost structure inflation and the harmonization meaning everyone's costs have gone up on those things that are outside of our control, it's 90% of the driver.

方程式中運能那一側，其實就是收益管理。也就是你在市場上有多常賣出最低票價、相對於較高票價。這就是我認為存在的 90/10 比例。但我認為投資人真正應該思考的是這個 90/10 比例。而成本結構的通膨與趨同（harmonization），也就是大家在那些我們無法控制的項目上成本都上升了，這是 90% 的驅動因素。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Just two quick things. The comment booked yield 14% higher for Q4, like any way to help us think like what that actually means for our model? Like is the implication RASM accelerates further Q3 to Q4. I just don't know like how to actually -- what to do with that comment? And then, Mike, you said retiring 80 aircraft next year. How much capacity is that? Any like preliminary directional thoughts about capacity growth next year?

兩個很快的問題。你提到第四季已訂位的收益率（booked yield）高出 14%，有沒有什麼方式能幫我們理解這對模型實際代表什麼？例如是否意味著 RASM 從第三季到第四季會進一步加速？我只是不太確定——該如何處理這個說法。另外，Mike，你說明年要退役 80 架飛機。那相當於多少運能？對於明年運能成長，有沒有任何初步的方向性想法？

Well, I'll start. Look, we kind of -- we don't give RASM guidance, but I did give a lot of hints and that Q3 and Q4 would be above Q2. So we obviously think we're in a really good year-over-year RASM set up for the remainder of the year. In terms of that particular comment, I think it's a reflection that the incredibly low fares, as Scott pointed out, from LA to Cabo of $4 or $14.

我先回答。你看，我們大致上——我們不提供 RASM 指引，但我確實給了很多提示，第三季和第四季會高於第二季。所以我們顯然認為，今年剩餘期間在年對年 RASM 方面的布局非常有利。至於那個特別的評論，我認為它反映的是，如 Scott 所指出的，從洛杉磯到卡波那種 4 美元或 14 美元的超低票價。

I think $14 is the accurate number -- are no longer out there. So leisure yields far out in the booking curve are actually seeing the highest year-over-year change because of their incredibly low base and they're reset during this current situation. So that's why that number seems so high. So I think we've given you the appropriate revenue guidance I think it's a really good revenue outlook, and I'll leave it at that and hand it over to Mike for the second half.

我想 14 美元才是正確的數字——已經不再存在了。因此，休閒旅遊在較長訂位曲線上的收益率，因為基期極低、且在目前情勢下被重新校準，反而呈現最高的年對年變化。所以那個數字看起來才會那麼高。因此我認為我們已經給了你們適當的營收指引；我認為營收展望非常好，我就先說到這裡，接著把後半段交給 Mike。

Thanks, Andrew. And Scott, thanks for the question. Look, we've seen an acceleration in production for the OEMs. So we do expect to see more new narrow bodies, and it be a few new additional wide-body aircraft delivered next year. The aircraft we're retiring are older, less fuel-efficient.

謝謝你，Andrew。Scott，也謝謝你的提問。你看，我們已經看到OEM的生產正在加速。因此，我們確實預期會有更多新的窄體機，並且明年也會交付少量新增的寬體機。我們要汰換的飛機都比較老、燃油效率也較差。

They have older cabins. And so this refresh of the fleet is going to be an important driver to help drive a CASM tailwind to get us to that 2% to 3% range that I spoke about. So we're excited about it. Some of the aircraft, frankly, would have been retired sooner if there hadn't been so many OEM delays.

它們的客艙也比較老舊。因此，這次機隊更新將會是重要的驅動因素，幫助帶來CASM的順風，讓我們達到我提到的2%到3%的區間。所以我們對此感到很振奮。坦白說，如果不是OEM延誤這麼多，其中一些飛機本來會更早退役。

John Godyn, Citigroup.

John Godyn，花旗集團。

Scott, you mentioned structural change a few times on the call. I think there's broad recognition that carriers like United are leading the charge in that, but that's obviously not the case for all the carriers. So the pushback we sometimes hear is that the industry structure is only as good as the least rational carrier and the least rational carrier can be pretty irrational.

Scott，你在這通電話會議中多次提到結構性變化。我想大家普遍認為像聯合航空這樣的業者正在帶頭推動，但顯然並非所有航空公司都是如此。因此，我們有時聽到的反駁是：產業結構的好壞取決於最不理性的那家航空公司，而最不理性的那家可能會非常不理性。

I'm just curious how you address that? Maybe you could just kind of reflect on that and how you see that playing out from here? Obviously, you're making the right moves, but you're not in control of what other irrational moves others make.

我只是好奇你如何回應這點？也許你可以談談你的看法，以及你認為接下來會如何發展？顯然，你們正在做正確的動作，但你們無法控制其他人做出什麼不理性的舉動。

Okay. I'll try. There's two structural changes. I talked about -- the first one I talked about which is going to be the focus -- the answer to your question is cost harmonization. And the short answer on that is not about doing something rational or irrational.

好。我試著回答。有兩個結構性變化。我談到的——第一個我談到、也是接下來的重點——你問題的答案是成本趨同（cost harmonization）。而對此的簡短回答是：這不是關於做出理性或不理性的事。

Like when your costs go up like you either -- your revenue go up or you get fired, and the next person makes your revenue go up or you go out of business. And so that's like -- that's not about like people making some decisions about where they fly and stuff like -- they just don't have a choice. And that's the sort of 90% on cost.

就像當你的成本上升時，你要嘛——你的營收上升，不然你就會被開除；接手的人要讓營收上升，不然你就會倒閉。所以這——這不是關於人們在決定飛哪裡之類的事情——他們其實沒有選擇。而這大概占成本面的90%。

They do have a choice on the 10% and sometimes they make bad decisions there. But again, it's like it's the 10% of pricing. I think that, that matters for. And that's the most important structural change for anyone trying to model the industry looking after the rest of this year, '27, and '28. There's a second point, which is, I think the second most important structural change that's happened is the emergence of brand loyal airlines.

他們在剩下的10%上確實有選擇，而有時會在那裡做出錯誤決策。但再說一次，這就像是定價那10%。我認為那確實會有影響。而且，對任何試圖在今年剩餘時間、以及'27與'28展望中建立產業模型的人來說，這是最重要的結構性變化。第二點是，我認為第二重要的結構性變化，是品牌忠誠型航空公司的崛起。

And there are two of us. It took us a decade to get there, a decade of investment. We look at our market share. You take at least -- I'm not trying to pick on them, but it's true in every one of our hubs in a place like Chicago, where in 2016, we had a 4 point deficit with local customers to our biggest competitor here, and we now have something like a 16 point premium.

而我們只有兩家。我們花了十年才走到這一步，十年的投資。我們看我們的市占率。至少——我不是要針對他們，但事實是在我們每一個樞紐都是如此——以芝加哥為例，2016年我們在本地客戶上相較於這裡最大的競爭對手落後4個百分點，而現在我們大概有16個百分點的溢價優勢。

It grew again in the latest data, even with all the capacity that's been added. We just -- brand loyalty wins. That does give us a level of not 100% -- does give us immunity to what happens from a competitive perspective, but it gives us a lot of resistance to it, much less exposed to what happens from a competitive perspective because the competitive capacity stuff impacts the commodity portion of the business has a much smaller impact on the brand loyal part of the business.

即使新增了這麼多運能，在最新數據中它又再度成長。我們只是——品牌忠誠會勝出。這確實讓我們在競爭層面上不是100%——但確實提供某種程度的免疫力；不過更準確地說，它讓我們對競爭衝擊有很強的抵抗力，因為競爭性的運能投放主要影響的是業務中偏商品化的部分，而對品牌忠誠那部分業務的影響要小得多。

And so those two trends, the cost harmonization is, I think, incredibly important. And then for United, specifically, the brand loyalty is a second structural trend that's permanent. I already said structural and irreversible.

因此，這兩個趨勢中，成本趨同我認為極其重要。而對聯合航空而言，品牌忠誠是第二個且永久性的結構性趨勢。我之前已經說過，這是結構性的、且不可逆的。

Mike Linenberg, Deutsche Bank.

Mike Linenberg，德意志銀行。

I just -- we saw that point caps were extended in Chicago, I think, a week ago through now the fall of 2027. How does that impact profitability? I know on one hand, you could argue there's less consumer choice. On the other, though, it allows you to run maybe just a more reliable hub and help connectivity.

我只是——我看到大概一週前，芝加哥的航班上限（caps）被延長，現在一路延到2027年秋季。這對獲利能力有何影響？我知道一方面你可以說消費者選擇變少。但另一方面，它也讓你可能可以營運一個更可靠的樞紐、並有助於轉機連結。

And then as a related follow-up, I saw recent caps being imposed in San Francisco. What's behind that? And is that a permanent change to the San Fran operation? And does that have an impact as well? Thanks for taking my question.

然後作為相關的追問，我看到最近舊金山也開始施加上限。背後原因是什麼？這會是舊金山營運的永久性改變嗎？也會帶來影響嗎？謝謝你回答我的問題。

Mike, it's Andrew. I'll start off. So in Chicago, the FAA recently put out an order that extends the caps for a year. Quite frankly, I don't know what's going to happen in 12 months where that's going to change because of the construction projects that O'Hare extend out almost indefinitely.

Mike，我是Andrew。我先開始。所以在芝加哥，FAA最近發布了一項命令，把上限再延長一年。坦白說，我不知道12個月後會發生什麼而讓它改變，因為歐海爾的施工計畫幾乎是無限期延伸。

And so we'll see. But our current plan given these caps used to fly 650 flights per day, which is what we're approved to fly almost indefinitely. And so that does change the dynamics above, we will seek to up-gauge it in the years to come to facilitate growth. And like I don't think these changes are going to, in any way, hurt our profitability. So it is what it is. I think we're a little bit disappointed, but we now have certainty.

所以我們再看看。但在這些上限之下，我們目前的計畫是每天飛650班，這基本上是我們幾乎可無限期獲准飛行的班次。因此，這確實改變了上方的動態；未來幾年我們會尋求透過放大機型（up-gauge）來促進成長。而且我不認為這些變化會以任何方式傷害我們的獲利能力。所以事情就是如此。我想我們有點失望，但現在我們有了確定性。

I think as to what it's going to look like for an extended period of time, and we will strive to gain as much market share, put as many large aircraft in here and expand through creative measures, and we will do so. We've done it in the past in New York, and we'll do it in Chicago, if that's the new reality. And I think I'll pass it over to Toby to briefly describe what's happening in San Francisco. Toby?

我想，對於它在較長期間會呈現什麼樣子，我們已經有概念；我們會努力爭取盡可能多的市占、在這裡投入盡可能多的大型飛機，並透過創意作法來擴張，我們會做到。我們過去在紐約做過，若這成為新的現實，我們也會在芝加哥做到。我想我把時間交給Toby，請他簡要說明舊金山發生了什麼。Toby？

All right. So real quickly, the FAA has changed the approach into San Francisco, which lowered the rate. We have worked hand-in-hand with them to try to come up with a new approach, which will get the landing rates up again. I'm not so 100% sure yet that we can get back to 100% where we were before, but it should be an improvement in landing rates in San Francisco over the next two to three weeks.

好。簡單說，FAA改變了進場舊金山的程序，導致起降率下降。我們一直與他們密切合作，嘗試提出新的進場方式，讓降落率再次提高。我目前還不能100%確定能回到之前的100%水準，但在接下來兩到三週內，舊金山的降落率應該會有所改善。

There's also been a runway construction this summer, so that's a big driver.

另外，今年夏天也有跑道施工，所以這是一個很大的驅動因素。

And that will be finished in October. Yes.

而那會在10月完工。是的。

And as also part of that, Mike, the last thing I'll add is that at the same time, the government extended the order in New York. So we are under similar levels of caps in [Newyork] for another year. And again, my expectation is that's likely to continue. We're simply out of runway space in many of these key airports. And it's why our long-term plan is to focus on gauge growth, which our fleet plan sets up really nicely.

另外，Mike，我最後再補充一點：同一時間，政府也延長了紐約的命令。所以我們在[Newyork]也會在未來一年維持類似程度的航班上限。同樣地，我的預期是這很可能會持續下去。在許多這些關鍵機場，我們的跑道空間就是不夠。這也是為什麼我們的長期計畫會聚焦於透過機型放大來成長，而我們的機隊規劃也把這點安排得非常到位。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

Andrew, maybe just a good follow-up to that conversation there on the fleet plan. And maybe just one for Mike as well. Just like how do you leverage the newer and the older aircraft in the fleet? And I appreciate the increased disclosure today of 80 retirements.

Andrew，或許就機隊規劃那段討論做個不錯的追問。也想順便問 Mike 一題。你們如何在機隊中運用較新的與較舊的飛機？也感謝今天提高揭露、提到有 80 架退役。

But even then, it looks like you're going to have a mix old and new. Are you looking to maybe leverage third portions of the fleet at peak periods, maybe on non-peak periods? If you could speak about those. I appreciate it.

但即便如此，看起來你們仍會是新舊機型混合。你們是否考慮在尖峰期間運用機隊中的第三部分（部分機隊），並在非尖峰期間（將其）調整下來？如果可以的話，請談談這些。謝謝。

Well, I think we're spending a lot of time understanding how much relative increase in capacity we offer in peak times. And we've talked about this on other calls. And I've been disappointed by our relative third quarter, for example, earnings and RASMs. And we worked really hard in this third quarter to make that a more durable quarter than it normally has. Obviously, the price of fuel kind of hide some of the progress we've made.

我想我們花了很多時間在了解尖峰時段我們提供的運能相對增加了多少。我們在其他電話會議也談過。例如，我對我們第三季相對的獲利與 RASM 表現感到失望。而我們在這個第三季非常努力，讓它成為一個比以往更具韌性的季度。當然，燃油價格某種程度上掩蓋了我們已取得的一些進展。

But overall, I think we're less excited about pushing the airline super hard in any particular week or quarter that happens in the period of increased demand because the -- we're worried about the increased cost of a 30-day peak or 60-day peak as we run those cost structures throughout all 12 months of the year, don't make as much sense anymore as they used to. So we're taking a look at that. So overall, hopefully, that gives you a little bit of color on the way we're thinking about it. I think we're going to be really careful on how we peak the airline in any given peak period.

但整體而言，我們對於在需求增加期間、在任何特定的一週或一個季度把航空公司推到極限，興趣反而沒那麼高，因為——我們擔心 30 天或 60 天尖峰所帶來的成本增加；當我們把那樣的成本結構貫穿全年 12 個月去運行時，已不像過去那麼合理。所以我們正在檢視這件事。總之，希望這能讓你更了解我們的思考方式。我想我們會非常謹慎地處理在任何尖峰期間如何拉高航空公司的尖峰運能。

But Brandon, I think it's a really insightful question. So thank you for it. I think a barbell approach when it comes to fleet makes a ton of sense. Having a modern, larger-gauge fuel-efficient fleet for chunk routes and for a core of the fleet makes a ton of sense.

但 Brandon，我覺得這是一個非常有洞見的問題。所以謝謝你。我認為在機隊方面採取「槓鈴式」策略非常合理。擁有一個現代化、較大機型且省油的機隊，用於主幹航線並作為機隊核心，非常有意義。

And we've got great pricing, great financing, it maximizes not only profits, but it maximize return on invested capital to have some of these -- a larger amount of the younger, more fuel-efficient aircraft without a doubt. But as we think about modulating capacity in the short and medium term based on the economics, we talk about, we're going to match demand to supply.

而且我們拿到很好的價格、很好的融資；毫無疑問，讓較多比例的年輕、省油機型加入，不僅能提高利潤，也能最大化投入資本報酬率。但當我們基於所談到的經濟性，在短中期調節運能時，我們會讓供給與需求匹配。

Having some older aircraft that had a lower capital cost that we can use to peak and/or to -- we can sit down cost effectively if the demand environment doesn't justify, makes a ton of sense. And so that's exactly how we're managing the fleet. We want to make sure as we think about the aircraft, we're ordering and we're taking delivery of that we always have an element and that barbell approach so that we can be -- remain nimble in many environments.

保留一些資本成本較低的老舊飛機，用來在尖峰時加開、以及／或在需求環境不支持時能以具成本效益的方式停放，這非常合理。因此這正是我們管理機隊的方式。我們希望確保在思考我們下訂與交付的飛機時，始終保有那個元素與槓鈴式配置，讓我們在多種環境下都能——保持靈活。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Good call and good outlook. I wanted to dive a little bit deeper on the corporate travel recovery. I think that 27% or 28% growth number you put out. I don't know if you can get this granular, but I assume when you talk about contracted business travel, that skews more towards larger corporate accounts, larger enterprises.

這次電話會議很不錯，展望也很好。我想更深入談談商務旅遊復甦。我記得你們提到 27% 或 28% 的成長數字。我不確定你們能否細到這個程度，但我猜當你們談到合約型商務旅遊時，應該更偏向大型企業客戶、大型公司。

Do you have any insight into the growth in small and medium-sized businesses, which I assume were probably impacted more significantly by tariffs last year. And then just along those lines, staying on the corporate theme, just geographically, any standout hubs or markets where the corporate growth rates are tracking higher?

你們是否能分享中小企業的成長情況？我猜它們去年可能更明顯受到關稅影響。另外同樣在企業主題下，從地理分布來看，有沒有任何特別突出的樞紐或市場，企業客的成長率更高？

Sure, Duane. I'll start off. Look, it was a standout quarter, to say the least. And I'll go back in time, just after the pandemic, we found our large corporates actually trail into smaller corporates, by a pretty significant amount. And I think you're correct in the last few quarters, the large corporates have accelerated well above the smaller corporates, but not by a lot, they're just above.

當然，Duane。我先說。你看，至少可以說這是一個非常突出的季度。我回顧疫情之後，我們發現大型企業客戶其實落後於較小型的企業客戶，而且差距相當明顯。而我認為你說得對，過去幾個季度大型企業的加速幅度確實高於小型企業，但差距不大，只是略高一些。

And I think if you look at it over a long period of time, they're just -- the large corporates are just kind of catching up with the small and probably even have got close to catching up yet. I haven't looked at that particular number.

如果把時間拉長來看，他們只是——大型企業只是某種程度在追上小型企業，而且可能甚至還沒完全追上。我沒有去看那個特定數字。

But that -- I do agree, the large corporates were a little bit more robust this time around than the smaller ones. But really, I think a standout quarter. It looks to continue into this quarter. It's a higher percentage of our load factor, which is nice to see. Although to give you an idea, it's still five points of our load factor lower than it used to be pre-COVID.

但——我同意，這次大型企業確實比小型企業更強韌一些。不過整體來說，我認為這是一個非常突出的季度。看起來這樣的趨勢會延續到本季。它在我們的載客率中占比更高，這點很樂見。不過給你一個概念，它在載客率上仍比 COVID 之前低了 5 個百分點。

So if corporate travel continues to accelerate and close that gap with basically an 80% yield Premium versus Leisure, that's a significant amount of upside in the plan. We're not assuming that, but the 0.5 point of load factor growth we saw was great.

所以如果商務旅遊持續加速，並把與過去的差距補上——基本上相較休閒客有 80% 的收益率溢價——那對計畫而言是相當可觀的上行空間。我們並沒有把這點納入假設，但我們看到載客率成長 0.5 個百分點，表現很棒。

It's also great. I was looking at across the Atlantic and Polaris to see our load factor up and our load factor up, was up in business premium and our load factor was up in leisure premium at the same exact time. That is just the trifecta, I think we need a third one to make a trifecta is really great.

另外也很棒的是，我在看跨大西洋與 Polaris 時，看到我們的載客率上升，而且我們的載客率同時上升——商務高端的載客率上升、休閒高端的載客率也在同一時間上升。

And so if we can continue to drive premium leisure growth as we drive corporate growth, wow, that's a lot of upside, and it's one of the reasons I think we're bullish for late this year and into 2027. So hopefully, that answers the question.

因此，如果我們能在推動企業成長的同時，持續帶動高端休閒的成長，哇，那就是很大的上行空間；這也是我認為我們對今年下半年以及一路到 2027 年都偏樂觀的原因之一。希望有回答到你的問題。

David Vernon, Bernstein.

David Vernon，Bernstein。

So Andrew, you mentioned earlier that your sort of -- you were very satisfied with the way that the nested selling strategy was kind of working out within the premium cabins. I think that's related, maybe it's a load factor. But can you give us some color around what exactly that's giving to you in terms of buy-ups or better utilization? And where you are sort of in the process of kind of implementing that fare strategy across the markets that you serve?

Andrew，你先前提到你對「巢狀銷售」策略在高端艙等內的運作方式感到非常滿意。我想這可能與載客率有關。但你能否多分享一些細節：這策略在加價升等（buy-ups）或更佳的座位利用率方面，究竟為你們帶來了什麼？以及你們在所服務市場中推行這套票價策略的進度到哪裡了？

Sure. We rolled it out a few months ago. Again, it was a lot of research, consumer testing and then technology changes to make that happen. Fundamentally, it provides consumers more choice, they get to pick the aspects of the journey, they find the most value in. So we think it's a win for consumers.

當然。我們在幾個月前推出。同樣地，這背後做了大量研究、消費者測試，並且也做了技術變更才得以實現。從根本上說，它為消費者提供更多選擇，讓他們可以挑選旅程中自己最重視、最有價值的面向。所以我們認為這對消費者是雙贏。

Right now, it is early days. And if I go back to the start of basic economy, I think we learned a lot over a period of years on how to best merchandise things and refine those very effectively over time. And so I would say we're in the very early ends of this. the buy-up rate to the standard premium Polaris ticket is actually -- I'm not going to give you the number, but the number is high. In fact, it's higher than I expected by a lot.

目前還在早期階段。如果我回想基本經濟艙（basic economy）剛開始時，我們在數年期間學到很多，了解如何以最佳方式做商品化（merchandise）並隨時間有效精進。所以我會說我們現在仍在非常早期的階段。升等到標準高端 Polaris 票種的 buy-up 比率其實——我不會給你數字，但這個數字很高。事實上，高得遠超出我的預期。

And so we have a lot of work to do to get things tweaked and optimize things. But again, early innings, we're really happy with it. and more to come as we offer more products and our technology evolves to best sell these products. So we're really far down this segmentation path but there's a lot more path ahead of us is what I would tell you.

因此，我們還有很多工作要做，來把各項細節調整到位並加以最佳化。但再次強調，現在還在初期階段，我們對目前的成果非常滿意。隨著我們提供更多產品、以及我們的技術持續演進以更有效地銷售這些產品，後續還會有更多進展。所以我們在這條分眾化（segmentation）的道路上已經走得很遠，但我想告訴各位的是，前方還有更長的路要走。

Savi Syth, Raymond James.

Savi Syth，Raymond James。

I was just wondering if you could just follow up on an earlier question on kind of capacity growth. I wonder if you could provide a little kind of medium-term color on how you're thinking about it. In terms of domestic versus international, given what you're planning on retiring and what you're seeing coming in?

我只是想追問一下先前關於運能成長的問題。想請你們提供一些中期（medium-term）的看法，說明你們是如何思考這件事的。就國內與國際而言，考量你們計畫退役的運能，以及你們看到新增進來的運能？

Sure, I'll start others may want to chime in. I think the domestic market is far more mature in my opinion. And so the growth rates need to reflect that ultimately with the GDP. The international market is different. I think it's been more lucrative for United, quite frankly, our hubs are in optimal locations for international growth, and the relationship to GDP for the international flying, it seems to be different than domestic.

當然，我先回答，其他人也可以補充。我認為國內市場成熟得多。因此，成長率最終需要反映其與GDP相符的特性。國際市場則不同。坦白說，對聯合航空而言，國際市場一直更具獲利性；我們的樞紐位置對國際成長非常有利，而且國際航班與GDP之間的關係，似乎也不同於國內市場。

So that's a long way of saying that I expect our international growth rate in the coming years to be above our domestic growth rate.

換句話說，我預期未來幾年我們的國際成長率會高於國內成長率。

That's helpful. And just if I might follow-up on that, just it looks like premium capacity was up 4% in 2Q. How do you expect that to trend over the next 12 to 18 months as you're kind of adding all these premium products and getting kind of larger gauge aircraft with a higher mix of premium?

這很有幫助。如果我可以再追問一下，看起來第二季高端（premium）運能年增4%。在未來12到18個月，隨著你們加入這些高端產品、並引進機型更大且高端座位占比更高的飛機，你們預期這個趨勢會如何發展？

Yes. So the Premium capacity will clearly grow faster than the Main Cabin capacity. I'm not going to give the numbers today, but that's fundamentally what our fleet plan and with the premium A321s that are coming online, that's going to happen. It's by design. We're happy with that.

是的。因此，高端運能顯然會比主艙（Main Cabin）運能成長得更快。我今天不提供具體數字，但這基本上就是我們的機隊規劃；隨著高端配置的A321投入營運，這將會發生。這是刻意的設計。我們對此感到滿意。

I'm pleased with that. However, that does not mean that we're going to step away from basic economy. It does not mean we're going to step away from the Main Cabin. There's a life cycle of the customer. We need to start with the customers that sit in the back of the aircraft and pay lower fares.

我對此感到高興。不過，這並不代表我們會放棄基本經濟艙（basic economy）。也不代表我們會放棄主艙。客戶有其生命週期。我們需要從坐在機艙後段、支付較低票價的客戶開始。

So ultimately, someday, they can sit in the front of the aircraft and pay higher fares. We don't -- we know the full life cycle of the customer, and we're not going to forget that everybody matters on the airplane, and we're going to give an elevated experience to everybody on the aircraft. And I think we have a lot of proof points to say we're actually executing on that.

如此一來，最終有一天，他們可以坐到機艙前段並支付更高票價。我們了解客戶完整的生命週期，我們不會忘記飛機上每一位乘客都很重要；我們會為機上每一位乘客提供更升級的體驗。我認為我們有很多具體例證可以證明，我們確實正在落實這件事。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，Wells Fargo。

Yeah, hey, late in the call. I'll just keep it at one. So I guess you guys talk about capacity in the fourth quarter, I think and then -- you're thinking about adjusting it relative to cost input fuel, potentially other things. Is there a way to sensitize that? I mean what are the sort of levels that you're looking at that give you a view on how you think about capacity in the fourth quarter? Any help you can give us around benchmarks would be great.

是的，嗨，已經接近電話會議尾聲了。我就問一個問題。我想你們談到第四季的運能，並且——你們在考慮相對於成本投入（例如燃油，可能還有其他因素）來調整。有沒有方法可以做敏感度分析（sensitize that）？我的意思是，你們在看哪些大致的水準，會影響你們對第四季運能的判斷？如果能提供一些基準（benchmarks）會很有幫助。

I'll start. Look, as we were, I think, at the JPMorgan conference and the price of oil was spiking, we made some aggressive changes to Q3, and you can actually see them in our sell and file. We think that was the right thing to do, and we would do again if we necessary. We wouldn't change anything.

我先回答。你看，當時我們在JPMorgan會議上，油價正在飆升，我們對第三季做了一些較為積極的調整，你其實可以在我們的銷售與申報資料（sell and file）中看到。我們認為那是正確的決定；如果有必要，我們也會再做一次。我們不會改變做法。

As we think about Q4, we think about the same exact framework I will say, just for a little bit of color, the reason our schedules are loaded the way they are currently in Q4 is -- we have been waiting on the FAA to issue the orders from Newark and Chicago, which just came out.

至於第四季，我們會用完全相同的框架來思考。我補充一點背景：我們目前第四季班表之所以以現在的方式載入，是因為——我們一直在等待FAA針對紐華克（Newark）與芝加哥發布命令，而這些命令才剛出來。

So they will allow us to adjust our capacity now sometime next week and a few weeks after that as we get everything firmly in place for Q4. So for all of you waiting to see what our Q4 capacity will be, you won't have to wait all that much longer.

因此，這將使我們能在下週某個時間、以及之後幾週內，隨著我們把第四季的各項安排確定到位，開始調整運能。所以各位若在等我們第四季的運能會是多少，不用再等太久。

Chris, I do want to pile on Andrew's statements just philosophically. We united are driving towards margins and cash flow generation. and we're going to match supply with demand, whether that's Q4, 2027 or beyond. We've built a good track record of that. You've seen when we've grown rapidly. We've done it in a way that is -- that does not dilute TRASM.

Chris，我也想在理念層面補充Andrew的說法。我們聯合航空正朝向提升利潤率與創造現金流的方向前進；我們會讓供給與需求相匹配，不論是第四季、2027年或更久以後。我們在這方面已建立良好的紀錄。你也看到我們在快速成長時，我們採取的方式是——不會稀釋TRASM（每可用座位英里總收入）。

This concludes the analyst portion of the call.

分析師提問部分到此結束。

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

我現在把電話會議交回給Kristina Edwards做結語。

Thanks, everyone. We appreciate your time today. Best of luck to everyone navigating the rest of earnings season. Safe travels, and please contact Investor Media Relations if you have any further questions. We'll speak to you next quarter.

謝謝各位。感謝大家今天撥冗參與。祝各位在接下來的財報季進行得順利。旅途平安；如有任何進一步問題，請聯絡投資人媒體關係部門（Investor Media Relations）。我們下季再與各位通話。

Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.

謝謝各位女士、先生。今天的會議到此結束。您現在可以掛線。