Allegiant Travel Co (ALGT) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Second Quarter 2023 Allegiant Travel Company Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Sherry Wilson, Managing Director of Investor Relations. Please go ahead.

下午好，感謝您的耐心等待。歡迎參加 Allegiant Travel 公司 2023 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，投資者關係董事總經理雪莉威爾森 (Sherry Wilson)。請繼續。

Thank you, Michelle. Welcome to the Allegiant Travel Company's Second Quarter 2023 Earnings Call. On the call with me today are John Redmond, the company's Chief Executive Officer; Greg Anderson, President; Scott DeAngelo, our EVP and Chief Marketing Officer; Drew Wells, our SVP and Chief Revenue Officer; Robert Neal, SVP and Chief Financial Officer and a handful of others to help answer questions.

謝謝你，米歇爾。歡迎參加 Allegiant Travel 公司 2023 年第二季財報電話會議。今天與我通話的是該公司執行長約翰‧雷德蒙德 (John Redmond)；格雷格·安德森，總裁； Scott DeAngelo，我們的執行副總裁兼首席行銷長；威爾斯 (Drew Wells)，我們的資深副總裁兼首席營收長；高級副總裁兼財務長羅伯特·尼爾 (Robert Neal) 和其他一些人幫助回答問題。

We will start the call with commentary and then open it up to questions. We ask that you please limit yourself to one question and one follow-up. The company's comments today will contain forward-looking statements concerning our future performance and strategic plans. Various risk factors could cause the underlying assumptions of these statements and our actual results to differ materially from those expressed or implied by our forward-looking statements.

我們將以評論開始電話會議，然後提出問題。我們要求您只提出一個問題和一項後續行動。該公司今天的評論將包含有關我們未來業績和戰略計劃的前瞻性陳述。各種風險因素可能導致這些陳述的基本假設和我們的實際結果與我們的前瞻性陳述所明示或暗示的結果有重大差異。

These risk factors and others are more fully disclosed in our filings with the SEC. Any forward-looking statements are based on information available to us today. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The company cautions investors not to place undue reliance on forward-looking statements, which may be based on assumptions and events that do not materialize. To view this earnings release as well as the rebroadcast of the call, please feel free to visit the company's Investor Relations site at ir.allegiantair.com.

這些風險因素和其他因素在我們向 SEC 提交的文件中得到了更全面的揭露。任何前瞻性陳述均基於我們今天掌握的資訊。我們沒有義務公開更新任何前瞻性陳述，無論是由於未來事件、新資訊或其他原因。該公司提醒投資者不要過度依賴前瞻性陳述，這些陳述可能基於未實現的假設和事件。若要查看本財報以及電話會議的重播，請隨時造訪該公司的投資者關係網站 ir.allegiantair.com。

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

有了這個，我會把它交給約翰。

Thank you very much, Sherry, and good morning, everyone. I'm thrilled to report an 18% operating margin and 99.7% controllable completion for the second quarter, among the highest in the industry during the quarter, both operationally and financially. In the face of high demand and operational complexity, the team continues to deliver. It is their exceptional efforts that have allowed us to meet and exceed our customers' expectations.

非常感謝你，雪莉，大家早安。我很高興地報告第二季度的營業利潤率為 18%，可控完成率為 99.7%，無論是在營運方面還是在財務方面，均位居本季度行業最高水平。面對高需求和營運複雜性，團隊繼續交付。正是他們的非凡努力使我們能夠滿足並超越客戶的期望。

Over the last year, we have increased our NPS scores by an average of 10 points and are now at the highest scores since the pandemic. I could not be prouder of the work our team members do each and every day. Thank you very much for your continued passion and dedication.

去年，我們的 NPS 分數平均提高了 10 分，目前處於大流行以來的最高分數。我為我們團隊成員每天所做的工作感到無比自豪。非常感謝您持續的熱情和奉獻。

Our commitment to enhancing the travel experience remains a key driver of our success. Over the years, we have invested in our services and our brand, ensuring we not only meet the evolving needs of our customers but also create new opportunities for growth and expansion.

我們對增強旅行體驗的承諾仍然是我們成功的關鍵驅動力。多年來，我們對服務和品牌進行了投資，確保我們不僅滿足客戶不斷變化的需求，而且創造新的成長和擴張機會。

One area that continues to pay dividends is our co-branded credit card. With over 600,000 credit cards issued, the program continues to surpass expectations. Cardholder spend has increased by 220% since 2019 and shows no signs of slowing. We believe the opening of Sunseeker Resort later this year will provide further value propositions for our cardholders and guests and help drive cardholder sign us well into the future.

我們的聯名信用卡是持續帶來紅利的一個領域。該計劃已發行超過 60 萬張信用卡，繼續超出預期。自 2019 年以來，持卡人支出增加了 220%，並且沒有放緩的跡象。我們相信，聖瑪麗度假村今年稍後的開業將為我們的持卡人和客人提供進一步的價值主張，並幫助推動持卡人與我們簽約，邁向未來。

Last quarter, I spoke about the key strategic initiatives of this management team. I'd like to provide a quick update on our progress. First and foremost, finalizing our outstanding labor contracts remains our top priority. Greg will provide additional detail around our status, but it is of the utmost importance that we continue making progress and deliver contracts that our teams are proud to support.

上個季度，我談到了該管理團隊的關鍵策略舉措。我想快速介紹一下我們的進展。首先，敲定未履行的勞動契約仍是我們的首要任務。格雷格將提供有關我們狀況的更多詳細信息，但最重要的是我們繼續取得進展並交付我們的團隊自豪地支持的合約。

Secondly, we are committed to continuing to deliver high operational performance. It is our obligation to our guests to strive for industry-leading performance as shown in our Q2 results. It is a necessary pillar in ensuring we protect the investments we've made over the years in our brand.

其次，我們致力於持續提供高營運績效。正如我們第二季的業績所示，我們對客人有義務努力實現業界領先的業績。這是確保我們保護多年來對我們品牌的投資的必要支柱。

Finally, I'm happy to report -- we remain on track to open Sunseeker Resort in Port Charlotte, Florida, in mid-October. This has been a long time coming. The project full challenges and delays outside of our control, so to see the end insight is remarkable.

最後，我很高興地向大家報告——我們仍按計劃於 10 月中旬在佛羅裡達州夏洛特港開設 Sunseeker 度假村。這已經是很長一段時間了。該專案的全部挑戰和延誤超出了我們的控制範圍，因此看到最終的洞察力是非凡的。

Bookings for Sunseeker continue coming in from all corners of the country, 42 states, all total, which speaks volumes of the breadth of the database. To date, excluding group bookings, we have sold approximately 3,300 transient room nights at an average room rate of $410 per night. This transient room nights booked to date are impressive, in that most people book hotel rooms inside 50 days of arrival.

Sunseeker 的預訂源源不斷地來自全國各地，總共 42 個州，這充分說明了資料庫的廣度。迄今為止，不包括團體預訂，我們已售出約 3,300 間臨時客房，平均房價為每晚 410 美元。迄今為止預訂的短暫客房住宿數量令人印象深刻，因為大多數人在抵達後 50 天內預訂酒店客房。

Regarding group bookings, over 50 groups have contracted or in the process of contracting nearly 40,000 room nights. The team continues to bring in high-quality groups and I fully expect this group room nights booked number to grow to roughly 75,000 by year-end, covering all years booked. These are incredible group numbers for our property and brand that has never existed in the market.

團體預約方面，超過50個團體已簽約或正在簽約近4萬個間夜。團隊將繼續引進高品質的團體，我完全預計到年底，該團體的間夜預訂數量將增長到大約 75,000 間，涵蓋所有預訂年份。對於我們的財產和品牌來說，這些數字令人難以置信，市場上從未存在過。

The team in Florida is in full hiring mode looking to onboard a targeted headcount of around 1,200 personnel. We received over 5,700 applications with over 70% of those applicants residing within a 50-mile radius of the resort, demonstrating our commitment to supporting the local economy. Underpinning this influx in applications is a unique retention bonus we announced in early July for our inaugural nonmanagement Sunseeker Resort team members. It provides an annual retention bonus of $10,000 for 10 years after completing 10 years of continuous full-time employment.

佛羅裡達州的團隊正處於全面招募模式，希望招募約 1,200 名員工的目標人員。我們收到了 5,700 多份申請，其中超過 70% 的申請者居住在度假村 50 英里半徑範圍內，這反映了我們對支持當地經濟的承諾。推動申請湧入的因素是我們在 7 月初宣佈為首批非管理 Sunseeker Resort 團隊成員提供的獨特保留獎金。在完成 10 年後的連續全職工作後的 10 年內，它提供每年 10,000 美元的保留獎金。

Interestingly, we have received applications from people residing in 49 states. Given the early response, we would expect the application pool to exceed 7,000 people. With an application pool that continues to grow, this innovative program should help us attract and retain the very best hospitality professionals, and we already see evidence of this within the pool.

有趣的是，我們收到了居住在 49 個州的人們的申請。鑑於早期的反應，我們預計申請池將超過 7,000 人。隨著申請池的不斷增長，這項創新計畫應該可以幫助我們吸引和留住最優秀的飯店專業人士，我們已經在申請池中看到了這方面的證據。

From a financial perspective, the Sunseeker Resort budget remains at $695 million. As indicated in prior calls, costs will ramp in the third quarter due to preopening expenses. We estimate the total cost impact will be roughly $15 million this quarter. Consistent with last quarter, the full year impact to consolidated EPS remains at $1.25 loss.

從財務角度來看，Sunseeker Resort 的預算仍為 6.95 億美元。正如先前的電話會議所示，由於開業前的費用，第三季的成本將會上升。我們估計本季的總成本影響約為 1500 萬美元。與上季一致，全年對合併每股盈餘的影響仍為 1.25 美元損失。

I continue to be encouraged by the long-term value creation of Sunseeker Resorts. Upon completion of the project, the team will shift focus to begin laying the groundwork for our asset-light growth trajectory. With the opening around the corner, some of you will continue to speculate about our future intentions regarding expansion plans or future projects requiring material capital outlays. We will not pursue any such projects without an equity partner.

我繼續對聖瑪麗度假村的長期價值創造感到鼓舞。該專案完成後，團隊將轉移重點，開始為我們的輕資產成長軌跡奠定基礎。隨著開業在即，你們中的一些人將繼續猜測我們未來關於擴張計劃或需要物質資本支出的未來項目的意圖。如果沒有股權合作夥伴，我們不會進行任何此類專案。

In closing, I could not be happier where we sit today. Our upward guidance revisions reflect our conviction about the balance of the year and to continue to deliver strong performance in the coming years. As such, I am pleased to announce that the Allegiant Travel Board of Directors has authorized an annual dividend of $2.40, payable in equal amounts quarterly, beginning September 1, through the second quarter 2023. We remain committed to growing profitably by enhancing our offerings, driving customer satisfaction and delivering increased value to our shareholders.

最後，我對我們今天坐的位置感到非常高興。我們的上調指引反映了我們對今年剩餘時間以及在未來幾年繼續實現強勁業績的信念。因此，我很高興地宣布，Allegiant Travel 董事會已批准派發2.40 美元的年度股息，從9 月1 日開始，直至2023 年第二季度，每季度支付等額股息。我們仍然致力於透過增強我們的產品和服務來實現獲利成長，提高客戶滿意度並為股東提供更高的價值。

With that, I'll turn it over to Greg Anderson.

有了這個，我會把它交給格雷格·安德森。

John, thank you. Over the past year, the industry has faced a uniquely challenging operating environment. Despite these many obstacles, Team Allegiant is delivering exceptional results. In our business, everything begins and ends with operations, and here at Allegiant, we are only days away from having the heaviest flying periods of the year behind us, March and summer.

約翰，謝謝你。過去一年，該行業面臨著獨特的充滿挑戰的經營環境。儘管存在諸多障礙，Allegiant 團隊仍取得了卓越的成果。在我們的業務中，一切都以營運開始和結束，在 Allegiant，我們距離一年中飛行最繁忙的時期（三月和夏季）只有幾天的時間。

Through July, we are running an impressive 99.8% controllable completion factor and that's year-to-date. In addition, during the month of June, we are amongst the industry leaders in on-time performance. The results we are seeing today represent a significant improvement over where we were a year ago. This improvement has driven our year-to-date irregular operation costs down by $80 million compared to the same period in 2022.

截至 7 月，我們的可控完成率達到了令人印象深刻的 99.8%，這是今年迄今為止的結果。此外，在 6 月份，我們的準點率在業界名列前茅。我們今天看到的結果比一年前有了顯著改善。這項改進使我們今年迄今的非正常營運成本比 2022 年同期減少了 8,000 萬美元。

Obviously, an unreliable operation is much more expensive to run. It also leads to unnecessary disruption and frustration for our guests and our frontline team members. Overly ambitious scheduling may lead to higher revenues, but when its results in excessive delays and cancellations, the juice isn't worth the squeeze. We are committed to maintaining a balanced scheduling approach. This approach is executed jointly by our planning and operational teams as together, they expertly manage a schedule to meet the leisure demand environment while maintaining operational integrity. Our unique ability in adjusting capacity is differentiated by our low fixed cost structure.

顯然，不可靠的操作運行成本要高得多。它還會給我們的客人和第一線團隊成員帶來不必要的干擾和沮喪。過於雄心勃勃的日程安排可能會帶來更高的收入，但當它導致過度延誤和取消時，就不值得擠壓了。我們致力於維持平衡的調度方法。這種方法由我們的規劃和營運團隊共同執行，他們熟練地管理時間表以滿足休閒需求環境，同時保持營運完整性。我們獨特的產能調整能力因我們較低的固定成本結構而與眾不同。

One of the interesting themes you are hearing from other carriers has been around leisure traffic. Moreover, some carriers are reshaping their network and adjusting their schedules accordingly by lowering off-peak capacity. This leisure focus and focused flying on peak days has been our approach for over 20 years. We are ideally suited for this leisure peak flying approach, and you can see this in our results. And going forward, we believe this approach will continue to pay dividends.

您從其他業者那裡聽到的有趣主題之一是休閒交通。此外，一些營運商正在重塑其網絡，並透過降低非尖峰運能來相應調整其時間表。 20 多年來，我們一直致力於休閒度假和高峰時段飛行。我們非常適合這種休閒高峰飛行方式，您可以在我們的結果中看到這一點。展望未來，我們相信這種方法將繼續帶來紅利。

In addition to our operational and financial performances, there is also an incredible amount of work being accomplished behind the scenes to strengthen our foundation and to be able to support a 200-plus aircraft airline in roughly 5 years. Our major system implementations are a key step in getting there, and I'm happy to report SAP went live on July 1, a major milestone along this journey. This once-in-a-generation system changeover will help drive internal efficiencies across our back office teams.

除了我們的營運和財務表現外，我們還在幕後完成了大量工作，以鞏固我們的基礎，並能夠在大約 5 年內支持一家擁有 200 多架飛機的航空公司。我們的主要係統實施是實現這一目標的關鍵一步，我很高興地報告 SAP 已於 7 月 1 日上線，這是這一歷程中的一個重要里程碑。這種千載難逢的系統轉換將有助於提高我們後台團隊的內部效率。

Additionally, we plan to cut over to Navitaire in late August. We delayed its go-live date to move any potential operational disruption to outside of our peak summer travel period. Navitaire is expected to drive incremental ancillary revenue due to its dynamic pricing capabilities. In addition, system will support our expansion into Mexico with our joint venture partner, Viva Aerobus. However, due to recent actions undertaken by Mexico affecting U.S. carrier operations at Mexico City Airport, our ATI application with the DOT has been temporarily put on hold. We want to be clear though, that this does not affect the merits of our application. It's also worth noting that we have readied the areas within our control to be able to launch once ATI is approved.

此外，我們計劃在 8 月下旬切換到 Navitaire。我們推遲了其上線日期，以便將任何潛在的營運中斷轉移到夏季旅行高峰期之外。由於其動態定價能力，Navitaire 預計將推動輔助收入的增量。此外，該系統還將支援我們與合資夥伴 Viva Aerobus 向墨西哥擴張。然而，由於墨西哥最近採取的行動影響了美國航空公司在墨西哥城機場的運營，我們向 DOT 提出的 ATI 申請已暫時擱置。但我們想明確的是，這不會影響我們應用程式的優點。另外值得注意的是，我們已經準備好在我們控制範圍內的區域，以便在 ATI 獲得批准後能夠啟動。

The execution of the incredible team members at Allegiant truly amazes me. Not only do they continue to strengthen our foundation, but their efforts delivered industry-leading controllable completion and operating margins during the first half of 2023. This triggered a maximum profit share amount, paying out over 12 million to our airline team members. We could not be prouder of the work team Allegiant does and thank you.

Allegiant 令人難以置信的團隊成員的執行力確實令我驚訝。他們不僅繼續鞏固我們的基礎，而且在 2023 年上半年實現了業界領先的可控完工率和營業利潤率。這觸發了最大利潤分成金額，向我們的航空公司團隊成員支付了超過 1,200 萬美元。我們為 Allegiant 團隊的工作感到無比自豪，並感謝你們。

We believe we are incredibly well positioned for the future and are uniquely set up to be a destination airline for all of our team members. A key element of this is to ensure we maintain competitive labor contracts.

我們相信，我們已經為未來做好了令人難以置信的有利準備，並以獨特的方式成為我們所有團隊成員的目的地航空公司。其中一個關鍵要素是確保我們維持有競爭力的勞動合約。

Last quarter, our dispatchers, who are represented by the IBT, ratified a 2-year contract extension more than a year before the amendable date of their CBA, which included pay rate increases at the higher end of the industry. Similarly, we are happy to have reached a formal tentative agreement with mechanics, also represented by the IBT more than 3 years prior to their amendable date. This TA provides for significant increases in rates and as a 2-year extension to the current contract. The TA is subject to approval by the mechanics in the coming weeks.

上個季度，以 IBT 為代表的調度員在 CBA 修改日期前一年多批准了為期 2 年的合約延期，其中包括行業高端的薪資上漲。同樣，我們很高興與同樣由 IBT 代表的機械師在修訂日期前 3 年多達成了正式的臨時協議。該技術協議規定費率大幅提高，並將當前合約延長 2 年。技術援助須在未來幾週內獲得機械師的批准。

In June, we announced a tentative agreement with the TWU, which represent our flight attendants. While this initial TA was unfortunately voted down, we remain focused and committed to reaching a deal with our flight attendants and reengaging at the table with the TWU in short order.

6 月，我們宣布與代表我們空服員的 TWU 達成臨時協議。雖然最初的 TA 不幸被否決，但我們仍然專注並致力於與空服人員達成協議，並在短時間內與 TWU 重新談判。

Regarding our pilot group, who are represented by the IBT, we remain in mediation and working towards pathways to a deal. Given the uncertainty around the timing of a deal, we felt it necessary to address pilot compensation outside of bargaining and recognize the importance our pilots play in our ongoing success. As such, in early June, we were pleased to announce a retention bonus for all pilots that remain with the company through ratification of the deal. We began banking a 35% increase to their current rates, except for first year first officers, which accrue at an even higher rate of 82%.

對於以 IBT 為代表的試點小組，我們仍在進行調解並努力尋找達成協議的途徑。鑑於交易時間的不確定性，我們認為有必要在談判之外解決飛行員薪酬問題，並認識到飛行員對我們持續成功的重要性。因此，在 6 月初，我們很高興地宣布，為所有通過交易批准而留在公司的飛行員提供保留獎金。我們開始將目前的利率提高 35%，第一年大副除外，其利率更高，達到 82%。

These retention bonuses are intended to bring our pilot pay more in line with the industry, with the understanding final pay rates will continue to be negotiated through the mediation process. We are pleased the IBT supported this retention bonus as we continue to work with them towards a contract that our pilots deserve.

這些保留獎金的目的是使我們的飛行員薪酬更加符合行業水平，並理解最終薪酬將繼續透過調解過程進行協商。我們很高興 IBT 支持這項保留獎金，因為我們將繼續與他們合作，爭取我們的飛行員應得的合約。

In closing, I want to thank all of team Allegiant. You are the best in the business. We appreciate everything you do.

最後，我要感謝 Allegiant 團隊的所有人。你是業界最優秀的。我們感謝您所做的一切。

With that, I'll turn it over to Scott.

有了這個，我會把它交給史考特。

Thanks, Greg. Our second quarter saw continued strong domestic leisure travel demand and capture that remain near our historic highs in 2022. Thanks to improved operations, a testament to the strong leadership of our Chief Operating Officer, Keny Wilper, along with his expert leadership team and the great work by all in the Allegiant family, this year's controllable completion rate being far above last year's level, means we're keeping and recognizing a much greater portion of book revenue year-to-date.

謝謝，格雷格。我們第二季度的國內休閒旅遊需求和客流量持續強勁，到2022 年仍接近歷史高位。得益於營運改善，這證明了我們的首席營運長Keny Wilper 及其專家領導團隊和偉大的領導者的強有力領導。在 Allegiant 家族所有人的努力下，今年的可控完成率遠高於去年的水平，這意味著我們今年迄今為止保留並確認了圖書收入的更大一部分。

Looking forward, while there's no shortage of opinions with regards to macroeconomic conditions and their impact on consumer domestic leisure travel behavior, we spend less time trying to predict the future and more time ensuring we're prepared to succeed in it. It all starts with keeping our fingers on the pulse of customer sentiment and their leisure travel intention.

展望未來，雖然關於宏觀經濟狀況及其對消費者國內休閒旅行行為的影響的觀點不乏，但我們花更少的時間來預測未來，而花更多的時間來確保我們為成功做好準備。這一切都始於我們密切關注客戶情緒及其休閒旅行意圖的脈動。

Just as we did following the past 2 quarters, we surveyed a representative sample from both our most frequent flying repeat customers as well as those who flew us for the first time this past quarter.

正如我們在過去兩個季度所做的那樣，我們對最常乘坐航班的回頭客以及上個季度首次乘坐我們航班的客戶進行了代表性樣本調查。

The results remain strong and unchanged from the past 2 quarters. Among both groups, about 50% said that economic conditions will have no impact on their flying behavior with Allegiant in the next 12 months and more than 30% said that economic considerations will actually make them more likely to fly with Allegiant in the next 12 months. The market is moving toward us.

業績依然強勁，與過去兩季相比沒有變動。在這兩個群體中，約50% 的受訪者表示，經濟狀況不會影響他們在未來12 個月內搭乘Allegiant 航班的飛行行為，而超過30% 的受訪者表示，經濟因素實際上會讓他們更有可能在未來12 個月內搭乘Allegiant 的航班。市場正在向我們走來。

For our most frequent flying repeat customers, the rationale for their unchanged sentiment and intention stems from the fact that the vast majority of them are either flying to visit family or relatives more than 40% of the group or are flying between their primary residence and their vacation home, just under 40% of the group. These remain the most resilient forms of leisure travel during any macroeconomic environment.

對於我們最常搭飛機的回頭客來說，他們的情緒和意圖沒有改變的原因在於，他們中的絕大多數要么飛去探望家人或親戚（佔該群體的40% 以上），要么在他們的主要住所和他們的住所之間飛行。度假屋，佔該群體的不到 40%。在任何宏觀經濟環境下，這些仍然是最具彈性的休閒旅行形式。

Quarter rewarding our most frequent flying repeat customers, along with engaging new customers and turning them into repeat customers, is our Allways Rewards loyalty program. Year-to-date, nearly 90% of our customer bookings have come from Allways Rewards members. The number of members with activity year-to-date is up nearly 30% versus last year, and the number of new members with their first activity is up nearly 15% versus last year. Ultimately, having such broad coverage with Allways Rewards enables us to reward the vast majority of our customers with points that can be easily used as currency, in any amount, at any time, for anything sold at allegiant.com.

我們的 Allways Rewards 忠誠度計劃會季度獎勵我們最常搭乘航班的回頭客，同時吸引新客戶並將其轉變為回頭客。今年迄今為止，我們近 90% 的客戶預訂來自 Allways Rewards 會員。今年迄今開展活動的會員數量比去年增加了近 30%，首次開展活動的新會員數量比去年增加了近 15%。最終，Allways Rewards 擁有如此廣泛的覆蓋範圍，使我們能夠用積分獎勵絕大多數客戶，這些積分可以輕鬆地用作貨幣，無論金額、任何時間、在 allegiant.com 上銷售的任何商品。

Year-to-date, on average, Allways Rewards members are 1.5x more valuable than nonmembers. Most notably, this value was largely driven by them spending 60% more on air ancillary products than nonmembers do. Their take rates of core air ancillary products, seats and bags, are 10 to 20 percentage points higher than that of nonmembers.

今年迄今為止，Allways Rewards 會員的平均價值是非會員的 1.5 倍。最值得注意的是，這一價值主要是由於他們在航空輔助產品上的支出比非會員多 60%。他們對航空核心配套產品－座椅、箱包的使用率比非會員高出10到20個百分點。

Our most loyal and engaged segment within the Allways Rewards program is, of course, our co-brand credit card holders who are 3x more valuable than nonmembers. Currently, about 2.5% of our total active customer database of 17 million has the card. As such, we believe there is significant growth potential. In 7 years, we have grown the program into a $100 million business unit, and we expect to double that in the next 3 years.

當然，Allways Rewards 計劃中最忠誠、參與度最高的群體是我們的聯名信用卡持有者，他們的價值比非會員高出 3 倍。目前，我們 1,700 萬活躍客戶資料庫中約有 2.5% 持有該卡。因此，我們相信存在巨大的成長潛力。在 7 年內，我們已將該計劃發展成為價值 1 億美元的業務部門，並預計在未來 3 年內將這一數字翻倍。

To that end, I'm excited to announce an upcoming change to our program. Later this month, we will be transitioning our co-brand credit card network partner from Mastercard to Visa. Our Allegiant World MasterCard will be renamed and rebranded as the Allegiant Allways Rewards Visa Card. While Bank of America remains our issuing partner and no [existing] cardholder benefits will change. We made the decision to move to Visa, the nation's leading brand in credit card issuance and acceptance because we believe it will enable us to drive higher levels of both new cardholders and cardholder spend, the 2 largest ways that we derive revenue from the program.

為此，我很高興地宣布我們的計劃即將發生變化。本月晚些時候，我們將把我們的聯名信用卡網路合作夥伴從 Mastercard 過渡到 Visa。我們的 Allegiant World MasterCard 將更名為 Allegiant Allways Rewards Visa 卡。儘管美國銀行仍然是我們的發卡合作夥伴，[現有]持卡人福利不會改變。我們決定轉向美國信用卡發行和受理領域的領先品牌Visa，因為我們相信這將使我們能夠推動新持卡人和持卡人支出的更高水平，這是我們從該計劃中獲得收入的兩種最大方式。

We asked Allegiant customers who do not currently have our co-brand credit card, which card they would be most likely to apply for. 60% said Visa, while only 25% said MasterCard. In addition, one of the nation's largest retailers, Costco only accepts Visa and more than 40% of our customers say they regularly shop there.

我們詢問了目前沒有我們聯名信用卡的 Allegiant 客戶，他們最有可能申請哪張卡片。 60% 的人表示使用 Visa，而只有 25% 的人表示使用萬事達卡。此外，作為美國最大的零售商之一，Costco 只接受 Visa，我們超過 40% 的顧客表示他們經常在那裡購物。

What's more? Visa will provide stronger financial, technical and analytic support for growing the Allegiant Allways Rewards Visa Card program and in providing additional benefits through their exclusive partnerships and proprietary capabilities.

更重要的是？ Visa 將為發展 Allegiant Allways Rewards Visa 卡計劃提供更強大的財務、技術和分析支持，並透過其獨家合作夥伴關係和專有能力提供額外福利。

Wrapping up. Year-to-date, in as much as demand is slightly below last year's historic high levels, we believe this simply represents a continued return to normalized pre-pandemic peak and nonpeak seasonal travel patterns. We continue to view domestic leisure travel in the cities and among the customers we serve as strong, but we remain close to our customers end as it's been the hallmark of our company throughout its history, we stand ready to adapt to any changes in the demand environment.

包起來。今年迄今為止，儘管需求略低於去年的歷史高位，但我們認為這僅僅代表著疫情前高峰和非高峰季節性旅行模式的持續回歸。我們繼續將城市和我們服務的客戶中的國內休閒旅遊視為強大的，但我們仍然貼近客戶終端，因為這是我們公司整個歷史的標誌，我們隨時準備適應需求的任何變化環境。

And with that, I'll turn it over to our Chief Revenue Officer, Drew Wells.

接下來，我會將其交給我們的首席營收長德魯威爾斯 (Drew Wells)。

Thank you, Scott, and thanks, everyone, for joining us this morning. I'm extremely pleased with the record second quarter performance of $684 million in total revenue, growth of nearly 9% on system ASM growth of 1.3%. This combination produced TRASM of [13.64 cents] which vested any previous second quarter by $0.005 and grew year-over-year by 7.5%.

謝謝斯科特，也謝謝大家今天早上加入我們。我對第二季總營收創紀錄的 6.84 億美元業績感到非常滿意，系統 ASM 成長了 1.3%，成長了近 9%。這一組合產生了 [13.64 美分] 的 TRASM，比先前第二季的收益增加了 0.005 美元，年增了 7.5%。

As Greg mentioned, we achieved remarkable operational results in the second quarter on top of financial results among the best in the industry.

正如格雷格所提到的，我們在第二季度取得了令人矚目的營運業績，財務表現在業界名列前茅。

The current operating environment has proven challenging and we are not immune to this. Three months ago, we talked about trimming about 2.5 points of capacity from the summer schedule, and we believe it was absolutely worth it. I want to reiterate how impressed I am with the planning and operations teams coming together to do an incredible job aligning our schedule with available resources and anticipating risk areas to help mitigate potential issues, both controllable and uncontrollable alike.

事實證明，當前的營運環境充滿挑戰，我們也不能倖免。三個月前，我們討論了從夏季計劃中削減約 2.5 個百分點的產能，我們相信這絕對是值得的。我想重申，規劃和營運團隊齊心協力，完成了一項令人難以置信的工作，使我們的日程安排與可用資源保持一致，並預測風險領域，以幫助減輕潛在的問題（無論是可控的還是不可控的），這給我留下了深刻的印象。

The buffer is added into our schedule enable better recovery options when faced with the regular operations, including ATC-related concerns, especially out of Florida. We've done the commercial piece as well or better than anyone else in the world as measured by margins and returns, but candidly, often at the expense of operational excellence. In first half of 2023, we showed that we could do the operational piece while maintaining that industry-leading financial position. Those 2 in harmony is an elite combination.

將緩衝區添加到我們的時間表中，可以在面對常規操作時提供更好的恢復選項，包括與 ATC 相關的問題，尤其是在佛羅裡達州之外。從利潤和回報來看，我們在商業方面的表現與世界上任何其他公司一樣好，甚至更好，但坦白說，這往往是以犧牲卓越營運為代價的。 2023 年上半年，我們證明我們可以在保持行業領先的財務狀況的同時完成營運工作。這兩個人和諧相處，堪稱精英組合。

We still have more work to do to continually improve, but this summer will serve as a great foundation going forward to ensure operational reliability in conjunction with the appropriate deployment of capacity.

我們還有更多工作要做來不斷改進，但今年夏天將為確保營運可靠性以及適當的容量部署奠定良好的基礎。

Diving into revenue a bit. The strength in the quarter was well balanced as yields and ancillary products each contributed roughly $5 incremental per passenger versus the second quarter in 2022. We exceeded $70 per passenger in ancillary revenue once again, in large part thanks to Allegiant Extra and continued success with our bundled ancillary products as well as the Allegiant co-brand program, which continues to thrive.

稍微深入研究一下收入。本季的實力非常均衡，與2022 年第二季相比，收益和輔助產品各自為每位乘客貢獻了約5 美元的增量。我們的每位乘客輔助收入再次超過70 美元，這在很大程度要歸功於Allegiant Extra 以及我們的持續成功捆綁的輔助產品以及持續蓬勃發展的 Allegiant 聯合品牌計劃。

Allegiant Extra is now featured on 14 aircraft and continues to exceed expectations. While we don't expect any incremental aircraft with this layout in 2023, all Boeings coming in 2024 will have the Allegiant Extra option.

Allegiant Extra 目前已應用於 14 架飛機，並且繼續超出預期。雖然我們預計 2023 年不會有任何採用這種佈局的增量飛機，但 2024 年推出的所有波音飛機都將配備 Allegiant Extra 選項。

Additionally, the strength of our operations and diligence from the charter team allowed us to capitalize on additional fixed fee business from both new and current clients to grow fixed fee revenue over 30%. As previously mentioned, we are still maintaining the expectation of TRASM over the last 9 months to be up mid-single digits, though now expected to narrow to the lower side of the mid-single-digit range.

此外，我們的營運實力和包機團隊的勤奮使我們能夠利用新客戶和現有客戶的額外固定費用業務，使固定費用收入成長超過 30%。如前所述，我們仍然維持過去 9 個月 TRASM 成長中個位數的預期，但現在預計將收窄至中個位數範圍的下限。

In addition to the continued story of incredible demand, the upside factors for Allegiant remain the same, continued operational stability and an expanded Allegiant Extra product we've talked about. Another upside factor is an historically mature network, but that doesn't mean 0 routes in development. 5 new routes and 3 reintroduced routes started service this summer, including growth in Portland, Oregon, Provo, Utah and Denver, among other cities. I'm extremely happy that all 8 have their own with some even exceeding system average profitability from the start.

除了持續不斷的令人難以置信的需求外，Allegiant 的上行因素保持不變，即持續的營運穩定性和我們討論過的擴展的 Allegiant Extra 產品。另一個有利因素是歷史上成熟的網絡，但這並不意味著正在開發的路線為零。今年夏天，5 條新航線和 3 條重新開通的航線開始運營，其中包括俄勒岡州波特蘭、猶他州普羅沃和丹佛等城市的成長。我非常高興所有 8 家企業都擁有自己的獲利能力，其中一些甚至從一開始就超過了系統平均獲利能力。

Additionally, last month, we announced 6 new routes for the winter season, mainly focused on Florida with one added to our Mesa base. These announcements are booking above average compared to prior announcements, which is continued evidence of a strong leisure demand presence.

此外，上個月，我們宣布了 6 條冬季新航線，主要集中在佛羅裡達州，並在我們的梅薩基地增加了一條航線。與先前的公告相比，這些公告的預訂量高於平均水平，這持續證明了休閒需求的強勁存在。

Lastly, Navitaire should provide a lift to our ancillary program. However, given the integration delay, we will not see the previously anticipated upside in the third quarter, though we are still baking that lift into the fourth. Furthermore, we did see some yield compression through the heart of the summer booking curve, somewhat offset by atypical close-in demand.

最後，Navitaire 應該為我們的輔助計劃提供提升。然而，考慮到整合的延遲，我們在第三季不會看到先前預期的上漲，儘管我們仍在將這種成長推遲到第四季。此外，我們確實看到夏季預訂曲線中心的收益率有所壓縮，但在一定程度上被非典型的近期需求所抵消。

As you all know, Allegiant prides itself on matching capacity with demand. For more than 20 years, our daily and monthly levels of flying have fluctuated meaningfully. We have a great understanding of the leisure customer and when they most want to fly. The third quarter will be no different as roughly 80% of our ASMs will fall on our peak leisure days and September ASMs look to be roughly 55% of July's flying, both generally in line with the third quarter of 2022. Scheduled service ASMs are expected to be very slightly negative in the quarter, while a full year guide remains intact at flat to up 3%.

眾所周知，Allegiant 以其產能與需求相匹配而自豪。 20 多年來，我們每日和每月的飛行次數發生了顯著的波動。我們非常了解休閒客戶以及他們最想飛行的時間。第三季也不會有什麼不同，因為大約80% 的ASM 航班將發生在休閒高峰期，而9 月的ASM 航班大約佔7 月航班的55%，兩者總體與2022 年第三季一致。預計定期服務ASM 航班本季將出現非常輕微的負增長，而全年指引則保持不變，保持在持平至增長 3% 的水平。

And with that, I'd like to turn it over to Robert.

說到這裡，我想把它交給羅伯特。

Thanks, Drew, and thank you, everyone, for joining us on the call today. We're pleased to report another quarter of strong financial results. Allegiant produced $76.9 million of consolidated adjusted net income for the second quarter, resulting in adjusted EPS of $4.35, in line with 2019 earnings. We recognized record total operating revenue in the quarter of $684 million, up 8.6% over the prior year on 1.3% higher capacity.

謝謝德魯，也謝謝大家今天加入我們的電話會議。我們很高興地報告又一個季度強勁的財務業績。 Allegiant 第二季綜合調整後淨利為 7,690 萬美元，調整後每股收益為 4.35 美元，與 2019 年收益一致。我們確認本季的總營業收入達到創紀錄的 6.84 億美元，比上年同期成長 8.6%，運力增加 1.3%。

Our nonfuel unit cost increased 12.9% year-over-year with 4 points of that increase attributable to pilot payroll accruals and other frontline labor cost increases, which, as Greg noted, we announced in June that were effective beginning May 1. Similar to our last call, unit costs were pressured in comparison to the same period last year by lower productivity, which accounts for about 3 points of the increase. Improved operational performance drove a nice tailwind by reducing a regular operations expense in the quarter, that was largely offset by inflationary cost pressure in stations.

我們的非燃料單位成本年增12.9%，其中4 個百分點的增長歸因於飛行員應計工資和其他一線勞動力成本的增加，正如格雷格指出的，我們在6 月份宣布，這些成本從5 月1日開始生效。最後一次電話會議中，與去年同期相比，單位成本因生產力下降而受到壓力，而生產力下降約佔成長的 3 個百分點。營運績效的改善透過減少本季的常規營運費用帶來了良好的推動力，這在很大程度上被車站的通膨成本壓力所抵消。

Variable team member compensation related to improved financial performance drove roughly 2.5 points of the increase over the second quarter last year and 2 points of CASM increase in the quarter came from some onetime nonrecurring costs which included the cancellation fee related to the transition of our co-brand credit card for Mastercard to Visa, and the remainder of our ex-fuel unit cost increase was related to various other items. Fuel costs came in below our expectations at $2.69 per gallon, helping to drive an airline operating margin of 18.6%.

與財務績效改善相關的可變團隊成員薪酬推動了去年第二季度約2.5 個百分點的成長，本季CASM 成長2 個百分點來自一些一次性的非經常性成本，其中包括與我們合作夥伴過渡相關的取消費用。從萬事達卡到維薩卡的品牌信用卡，我們的前燃料單位成本增加的其餘部分與各種其他項目有關。燃油成本為每加侖 2.69 美元，低於我們的預期，幫助航空公司實現了 18.6% 的營運利潤率。

Shifting to full year guidance. We are increasing our estimated airline earnings per share by $0.75 at the midpoint to $11.75. The increase in expected full year EPS is fully attributable to a $0.10 decrease in our full year estimated fuel cost per gallon from $3 to $2.90.

轉向全年指導。我們將航空公司每股盈餘預估上調 0.75 美元，達到 11.75 美元。預計全年 EPS 的成長完全歸因於我們全年估計每加侖燃料成本從 3 美元下降到 2.90 美元，下降了 0.10 美元。

As John noted, we continue to expect a full year loss related to Sunseeker Resort of $1.25 per share. We expect preopening costs to ramp during the third quarter at approximately $15 million, ahead of opening the property early in the fourth quarter. When taken in conjunction and using the midpoint of our guide, we expect the consolidated full year adjusted earnings per share of roughly $10.50.

正如 John 指出的那樣，我們仍然預計 Sunseeker Resort 將全年每股虧損 1.25 美元。我們預計，在第四季初開業之前，第三季開業前成本將增加至約 1500 萬美元。結合我們指南的中點，我們預計全年調整後合併每股收益約為 10.50 美元。

Turning to the balance sheet. We ended the June quarter with $1.4 billion in available liquidity. That's just over $1 billion in cash and investments and $356 million in capacity and undrawn revolvers and PDP financing facilities after a prepayment of $61 million in aircraft secured debt in late June.

轉向資產負債表。截至 6 月季度末，我們的可用流動資金為 14 億美元。在 6 月底預付了 6,100 萬美元的飛機擔保債務後，這剛剛超過 10 億美元的現金和投資，以及 3.56 億美元的產能和未動用的左輪手槍和 PDP 融資設施。

Net debt remained consistent with last quarter at $1.1 billion. Our net debt was down to 2.2 turns, a reduction from 3.7 at year-end driven by strong EBITDA production during the first 6 months of the year. We do expect to add some incremental debt leading up to delivery of our first 737 MAX aircraft late in the fourth quarter and would expect net leverage to be up just slightly above the current level at the end of the year.

淨債務與上季持平，為 11 億美元。由於今年前 6 個月強勁的 EBITDA 產出，我們的淨債務週轉率從年底的 3.7 週轉降至 2.2 週轉。我們確實預計在第四季末交付第一架 737 MAX 飛機之前增加一些增量債務，並預計到年底淨槓桿率將略高於當前水準。

Second quarter capital expenditures included $147 million related to aircraft purchases, induction, predelivery deposits and other fleet-related costs. We spent an additional $29 million in other airline capital expenditures and deferred heavy maintenance CapEx came in at $21.7 million. CapEx for our Sunseeker Resort property was $92 million during the quarter.

第二季資本支出包括與飛機採購、入職、交付前押金和其他機隊相關成本相關的 1.47 億美元。我們在其他航空公司資本支出上額外支出了 2,900 萬美元，延期重型維護資本支出為 2,170 萬美元。本季我們 Sunseeker Resort 度假村的資本支出為 9,200 萬美元。

Moving to fleet. We inducted 2 Airbus A320 aircraft into operation and ended the quarter with 91 A320 and 35 A319 aircraft in service. We had one additional A320 aircraft owned and undergoing induction work as of the quarter end and expect to purchase 2 additional A320 aircraft during the remainder of 2023.

轉向艦隊。我們投入營運 2 架空中巴士 A320 飛機，本季末共有 91 架 A320 和 35 架 A319 飛機投入營運。截至本季末，我們還擁有一架 A320 飛機並正在進行入職工作，預計在 2023 年剩餘時間內再購買 2 架 A320 飛機。

And on the 737 fleet. Updates from Boeing indicate that our first 2 MAX aircraft, which were scheduled for delivery at the end of this year, will each be delayed by approximately 4 weeks, leaving one aircraft for delivery to us in 2023 and moving the second into 2024. While the follow-on effect on the remainder of our 2024 delivery schedule is still under discussion, our 2023 capacity plans are not impacted by this delay. As we've shared previously, we expect to begin operating our first 737 aircraft in the first quarter of next year and expect to take delivery of approximately 2 aircraft per month throughout 2024.

還有 737 機隊。波音公司的最新消息顯示，我們原定於今年年底交付的第一架 2 MAX 飛機將分別推遲約 4 週，其中一架飛機將在 2023 年交付給我們，第二架將推遲到 2024 年。對我們2024 年剩餘交付計畫的後續影響仍在討論中，我們2023 年的產能計畫不受此次延遲的影響。正如我們之前所分享的，我們預計將於明年第一季開始營運第一架 737 飛機，並預計在 2024 年每月接收約 2 架飛機。

Our updated full year CapEx guide today implies just under $500 million in aircraft engine and induction-related spend this year with the reduction from prior guidance related to timing of predelivery deposits and timing of aircraft deliveries. All in, we expect full year airline CapEx to be roughly $640 million.

我們今天更新的全年資本支出指南意味著今年飛機引擎和引進相關支出略低於 5 億美元，與先前與預交付存款時間和飛機交付時間相關的指南相比有所減少。總而言之，我們預計航空公司全年資本支出約為 6.4 億美元。

I'm very pleased with the financial trajectory we've seen in the past few quarters and excited for the earnings potential in our business. We can start to unlock the benefits of the infrastructure investments we've been making. EBITDA in the trailing 12 months is approximately $4.5 million per aircraft on a trailing 12-month fuel cost of $3.38 per gallon. Adjusting for fuel, we would be back to our 2019 level of $6 million in EBITDA per aircraft, notwithstanding some of the added cost pressures I mentioned earlier. While I recognize there are certainly many moving parts here, we expect continued improvement on this metric as our numerous initiatives come online.

我對過去幾季的財務軌跡感到非常滿意，並對我們業務的獲利潛力感到興奮。我們可以開始釋放我們一直在進行的基礎設施投資的好處。過去 12 個月每架飛機的 EBITDA 約為 450 萬美元，而過去 12 個月的燃料成本為每加侖 3.38 美元。儘管我之前提到過一些額外的成本壓力，但調整燃油後，我們將回到 2019 年每架飛機 EBITDA 600 萬美元的水平。雖然我認識到這裡肯定有許多變化的部分，但隨著我們眾多舉措的上線，我們預計這一指標將持續改進。

Running a reliable operation has been paramount to achieving the results that we're sharing today. We're extremely proud of our team members and the way that they have worked together to schedule and operate the airline during a time that remains challenging. I want to just end by thanking our 5,400 team members for all of their contributions during this busy peak summer travel season.

運行可靠的營運對於實現我們今天分享的成果至關重要。我們對我們的團隊成員以及他們在充滿挑戰的時期共同安排和運營航空公司的方式感到非常自豪。最後，我想感謝我們的 5,400 名團隊成員在這個繁忙的夏季旅遊旺季所做的所有貢獻。

Michelle, we're ready to begin taking analyst questions.

米歇爾，我們準備好開始回答分析師的問題了。

(Operator Instructions) The first question comes from Duane Pfennigwerth with Evercore.

（操作員說明）第一個問題來自 Evercore 的 Duane Pfennigwerth。

John, what would you envision the segmentation mix for Sunseeker to be? I mean if you had to guess, how much would be group versus transient? And for the groups that you have contracted with, what do those rates look like relative to the transient rate that you cited?

John，您對 Sunseeker 的細分組合有何設想？我的意思是，如果你必須猜測，團體與瞬態的比例是多少？對於與您簽訂合約的團體，相對於您引用的臨時費率而言，這些費率是什麼樣的？

Duane, good questions. I think when you look at that, you have to kind of look at it by year. So in '24, we'll start with the full year of '24, you're probably looking at something in the range of, I'd say, maybe 12 to -- it's going to be a wide range just because we'll be booking into the year, but probably in the range of like 12% to 18%, could get as high as 20%, but probably in that range of 12% to 18%. When you're looking at the out years starting with '25, you're probably looking at 20% to 25% would be more normal as we move forward.

杜安，好問題。我認為當你看這個的時候，你必須按年份來看。所以在 24 年，我們將從 24 年全年開始，你可能會看到一些範圍內的東西，我想說，也許是 12 到——這將是一個很大的範圍，因為我們'會在今年預訂，但可能在12% 到18% 的範圍內，可能高達20%，但可能在12% 到18% 的範圍內。當您考慮從 25 年開始的未來幾年時，您可能會認為隨著我們的前進，20% 到 25% 會更加正常。

Just to give you some color on that, when you look at the roughly 40,000 group room nights that have already been booked, about 26,300 of those fall into '24. So that's roughly more than 10% -- slightly over 10% of the total room nights that we would have in a given year. So that kind of gives you a good barometer, and that's why I think that's where it's going to fall. But again, we're dealing with a brand and a property that hasn't existed to run these percentages as we are is incredibly impressive, but I think that's kind of like the 25% range would be where it starts to peak in '25.

只是為了讓您對此有所了解，當您查看已預訂的大約 40,000 間團體間夜時，您會發現其中大約 26,300 間屬於 24 年。因此，這大約超過 10%——略高於我們某一年的總間夜數的 10%。所以這給了你一個很好的晴雨表，這就是為什麼我認為這就是它會下降的地方。但同樣，我們正在處理一個不存在的品牌和財產，像我們這樣運行這些百分比是令人難以置信的令人印象深刻，但我認為這有點像 25% 的範圍將在 25 年開始達到峰值。

And John, on the group rates, there are 250 to 300 or thereabouts.

約翰，團體價格上有 250 到 300 人左右。

Yes, they've been averaging around 290-ish when you look at all 40,000 room nights. And I would expect those to ramp up to as there's a greater awareness of the property and we're not selling into an unknown. So the rates we're selling into -- I mean, the rates we're getting are more than we expected, again, selling into an unknown property, but those will continue to ramp up in the out years as we get into '25, '26. It's just is another data point. So we have group room nights that have already been booked into '27.

是的，當你查看所有 40,000 個間夜時，他們的平均住宿晚數約為 290 左右。我預計隨著人們對該房產的認識不斷提高，並且我們不會將其出售給未知的人，這些數字將會增加。因此，我們出售的利率 - 我的意思是，我們獲得的利率再次高於我們的預期，出售給未知的房產，但隨著我們進入 25 年，這些利率將在未來幾年繼續上升，'26。這只是另一個數據點。因此，我們已經預訂了 27 年的團體房晚。

Got it. Appreciate the thoughts. I know it's somewhat hypothetical at this point. And then just on the OpEx run rate, can you give us a little help in the quarter? I know you got some insurance reimbursement. So what was kind of the OpEx run rate for Sunseeker in 2Q? And how do you see that kind of ramping into 3Q and 4Q?

知道了。欣賞這些想法。我知道目前這有點假設。然後就營運支出運行率而言，您能否在本季度為我們提供一些幫助？我知道你得到了一些保險報銷。那麼 Sunseeker 第二季的營運支出運作率是多少呢？您如何看待第三季和第四季的這種成長？

I think the 2Q number -- I think 3Q, we're talking about the $15 million, which was, of course, is all preopening as you're talking about. The 2Q number, I don't have off the top of my head what that was but obviously, it would be probably for sure, less than half that number.

我認為第二季度的數字 - 我認為第三季度，我們談論的是 1500 萬美元，當然，正如您所說，這都是預先開放的。第二季的數字，我不知道那是什麼，但顯然，可能肯定，不到這個數字的一半。

Yes. I think we had...

是的。我想我們曾經...

Go ahead, B.J.

繼續吧，B.J.

Like $5 million to $7 million, I want to say, between the first and second quarter, per quarter.

我想說的是，第一季和第二季之間，每季 500 萬到 700 萬美元。

Yes.

是的。

And sorry, that $15 million when you're sort of up and running with the full fourth quarter, what does that look like?

抱歉，當你在整個第四季開始運行時，這 1500 萬美元會是什麼樣子？

Once we're up and operating, we haven't put out any financial data from an operating standpoint. We intend to do that probably, at the same time, provide guidance for the airline, which should be historically we do after Q4. So we would provide operating guidance for the resort at that same time. So right now, we are only providing the OpEx, a piece before opening. So adjust just preopening numbers.

一旦我們啟動並經營，我們還沒有從營運角度發布任何財務數據。我們打算這樣做，同時為航空公司提供指導，這應該是我們在第四季之後所做的歷史。所以我們同時也會對度假村進行營運指導。所以現在我們只提供營運支出，這是開業前的一部分。所以只調整開盤前的數字。

There is public numbers that we put out there a few years ago. Obviously, they're dated, and I would expect results to be significantly better because I think the ADR in those projections was something around the $250 range, $250 a night. And as you can see, we're running much better even when you blend group and transient.

幾年前我們在那裡發布了一些公眾號。顯然，它們已經過時了，我預計結果會明顯更好，因為我認為這些預測中的 ADR 約為 250 美元左右，即每晚 250 美元。正如您所看到的，即使您混合組和瞬態，我們的運行也會好得多。

(Operator Instructions) The next question comes from Savi Syth with Raymond James.

（操作員說明）下一個問題來自 Savi Syth 和 Raymond James。

Just if I could talk a little bit about the pilot bonus that you're offering and has that improved kind of the attrition rates that you're seeing there? And if you could talk a little bit about the retention and hiring capabilities today?

我能否談談你們提供的試點獎金以及你們所看到的員工流動率是否有所改善？您能否談談今天的保留和招募能力？

Savi, sure. It's Greg. Thanks for the question. And the bonus in general, as we came up and moving forward with it, and just to hit on was the right thing to do. Now we have so many of our pilots that want to be at Allegiant that we were talking to and providing us feedback to say, how is it difficult to want to stay here when the rates are so low. I mean we want to be here, but the rates are low compared to the industry. We felt overall, this was the right thing to do for our pilots because they do want to be here, and they understand the unique setup that Allegiant has in terms of that out and back quality of life.

薩維，當然。是格雷格。謝謝你的提問。總的來說，當我們提出並繼續推進它時，我們的獎金是，只要碰上它就是正確的事情。現在，我們有很多飛行員想加入忠誠航空，我們正在與他們交談並向我們提供反饋，讓我們知道，在費率如此低的情況下，想要留在這裡是多麼困難。我的意思是我們想來到這裡，但與行業相比，費率很低。總的來說，我們覺得這對我們的飛行員來說是正確的事情，因為他們確實想來這裡，並且他們了解忠實航空在生活品質方面的獨特設置。

Don't get me wrong. This is one step. The contract is ultimately where we need to get, and we need to make a lot of improvements in certain areas, including quality of life, pay rates, retirement and so forth.

別誤會我的意思。這是一步。合約最終是我們需要得到的，我們需要在某些領域做出很多改進，包括生活品質、薪資水平、退休等等。

In terms of staffing, maybe let's just -- I'll break it down to 2 pieces. Let's -- the schoolhouse being one, Savi, and then I'll talk about kind of the net pilots and the attrition that we've been seeing. But schoolhouse, as we've seen over the past couple of months, a terrific increase in the number of pilots coming through the physical house. I mean classes are full. I think beginning the last 3 or 4 classes have been full. So about 20 to 25 per class. Before that perspective in the first part of the year, we were seeing roughly 12 to 14 per class.

在人員配置方面，也許我們可以將其分解為兩部分。讓我們——薩維，校舍就是其中之一，然後我會談談網路試點和我們所看到的人員流失情況。但正如我們在過去幾個月所看到的，校舍內的飛行員數量大幅增加。我的意思是課程已滿。我想從最後三、四堂課開始就已經滿了。所以每班大約20到25人。在今年上半年出現這種觀點之前，我們每班大約看到 12 到 14 個學生。

So really encouraged by what we're seeing there. Our team, led by Tyler Hollingsworth has really kind of turned that around and focused on a lot of -- several different pathway programs and recruiting the right type of pilots that want to be at Allegiant that sees this, this unique quality of life set up. So -- and as we look forward to the rest of the year, we still remain really encouraged about the classes, those that have signed up and continue to maintain kind of that full class status, if you will.

我們在那裡所看到的一切讓我們深受鼓舞。由 Tyler Hollingsworth 領導的我們的團隊確實扭轉了這一局面，並專注於許多不同的途徑計劃，並招募合適類型的飛行員，他們希望加入Allegiant，看到這一點，這種獨特的生活品質建立起來。因此，當我們展望今年剩餘時間時，我們仍然對這些課程感到非常鼓舞，那些已經報名並繼續保持那種完整課程狀態的課程，如果你願意的話。

But in terms of staffing, just to maybe put some guardrails around that and around the attrition or the notices that we were receiving. So I'd say like in April, May, it was roughly -- we were receiving notice about nearly a pilot a day, I mean, just to put it into simple terms.

但在人員配備方面，也許只是為了圍繞這一點以及我們收到的人員流失或通知設置一些護欄。所以我想說，就像四月、五月一樣，我們每天都會收到關於幾乎一個飛行員的通知，我的意思是，簡單地說。

And since June -- since early June, that number has been cut down to 1/4 of that number. So we've certainly seen some encouraging trends along those lines. Some of that's probably seasonal. Some of it hopefully is due not just to the retention bonus, but us, going out there and trying to make the improvements we can outside of collective bargaining. And also -- but again, I want to reiterate the most important thing we could do in a big step of getting that deal done and then go from there to continue to make this a destination airline, not just for all of our pilots, but all of our team members.

從六月開始，從六月初開始，這個數字已經減少到了原來的 1/4。因此，我們確實看到了一些令人鼓舞的趨勢。其中一些可能是季節性的。其中一些希望不僅歸功於留任獎金，還歸功於我們走出去並努力在集體談判之外做出我們能做的改進。而且，我想再次重申，我們可以做的最重要的事情是完成這筆交易，然後從那裡繼續使這家航空公司成為目的地航空公司，不僅對我們所有的飛行員來說，而且對我們來說也是如此。我們所有的團隊成員。

That's super helpful color. And if I might, on the MAX deliveries and just early thoughts on 2024 is, is 2024 going to be another year where capacity is somewhat constrained as you kind of make these investments to operate well and kind of the MAX uncertainty? Or how are you thinking about like what type of kind of capacity growth you could target in 2024, recognizing it's still very early?

這是超級有用的顏色。如果可以的話，關於 MAX 交付量以及對 2024 年的初步想法是，2024 年是否會又是產能受到某種程度限制的一年，因為您要讓這些投資運作良好，並且存在 MAX 的不確定性？或者，您認為 2024 年產能成長的目標還為時過早，您對此有何看法？

Savi, it's Drew here. First and foremost, one of the biggest components will be timing of getting a CBA done with our flight crews above and beyond the MAX delivery. As we focus on the MAXs though and the constraints we have today, we'll still have training requirements that will drive through all of '24. So I would expect there to be a little bit of a ceiling relative to the fleet we're bringing on in terms of what we're able to produce ASM-wise until maybe the end of the year. I think we can start to get a lot closer to our historic run rate, but I might pull that back a little bit.

薩維，我是德魯。首先也是最重要的，最重要的組成部分之一是與我們的機組人員在 MAX 交付範圍之外完成 CBA 的時機。儘管我們專注於 MAX 以及我們今天所面臨的限制，但我們仍然有貫穿整個 24 年的培訓要求。因此，我預計到今年年底，我們能夠生產的 ASM 數量相對於我們正在引進的機隊來說會有一點上限。我認為我們可以開始更接近我們的歷史運行率，但我可能會稍微拉回一點。

Yes. Savi, the only other thing I would mention there is that we haven't yet confirmed our retirement schedule on some of the A320s, we expect to take out of the fleet. And so that just gives us a little bit of flexibility. And so we haven't come out with the 2024 fleet plan specifically as we want to wait and gain some certainty around the MAX delivery schedule.

是的。 Savi，我唯一要提到的另一件事是，我們尚未確認一些 A320 的退役計劃，我們預計將從機隊中淘汰。這給了我們一點彈性。因此，我們還沒有具體制定 2024 年的機隊計劃，因為我們希望等待並獲得 MAX 交付時間表的一些確定性。

And Savi, I'm just going to -- this is Greg. I'm going to add one more quick comment. I mentioned in my remarks, over the next 5 years, we're planning to be 200-plus aircraft. So I just want to reorient around that, and that's what we're doing. We're building a strong foundation to support an airline of that size. We're strengthening that foundation. We're looking at long-term growth. We're investing in all the right things and most importantly in our people. And we believe we're going to -- we have a path to get there. It may not be at this -- we don't know the exact cadence, but that's what we're planning on.

薩維，我要──這是格雷格。我將再添加一條快速評論。我在演講中提到，未來5年，我們計劃擁有200多架飛機。所以我只是想圍繞這個重新定位，這就是我們正在做的事情。我們正在為支持如此規模的航空公司奠定堅實的基礎。我們正在加強這一基礎。我們著眼於長期成長。我們投資所有正確的事情，最重要的是投資我們的員工。我們相信我們將會－我們有一條路可以到達那裡。可能不是這樣——我們不知道確切的節奏，但這就是我們的計劃。

And so a lot of the moves we're seeing is us getting prepared for that. And we believe that we're able to continue to grow and grow profitably as we hit that 200-plus aircraft number in the next 5 years.

因此，我們看到的許多舉措都是在為此做好準備。我們相信，當我們在未來 5 年內達到 200 多架飛機的數量時，我們能夠繼續發展並實現盈利增長。

(Operator Instructions) The next question comes from Andrew Didora with Bank of America.

（操作員說明）下一個問題來自美國銀行的安德魯·迪多拉（Andrew Didora）。

Just a couple of questions on CASM. I think you had been targeting kind of low double-digit growth this year. Where the new -- were the pilot retention bonuses paid out in June, part of that number? And then I think you were including maybe about [1/3 of a cent] from the pilots in that outlook. Any change to that number given all the tentative agreements out there with others in the industry?

關於 CASM 有幾個問題。我認為今年你們的目標是實現兩位數的低成長。 6 月支付的飛行員保留獎金（該數字的一部分）在哪裡？然後我認為您在該展望中可能包括了飛行員的大約 1/3 美分。考慮到與業內其他公司達成的所有臨時協議，這個數字有什麼變化嗎？

Andrew, it's B.J. I'll start, and Greg, if you want to jump in on the second part of that. But yes, no, we continue to think about it like around 1/3 of a cent. I will mention, in the second quarter, we only included 2 months of those accruals. And so moving throughout the rest of the year, you'll burden through each of the 3 months in the quarter. But yes, you're right, kind of low double-digit growth year-over-year on unit costs for the back half of the year.

安德魯，我是 B.J.，格雷格，如果你想參與第二部分的話。但是，是的，不，我們繼續考慮大約 1/3 美分。我要提到的是，在第二季度，我們只計入了 2 個月的應計費用。因此，在今年剩餘的時間裡，您將在本季的 3 個月中承受沉重負擔。但是，是的，你是對的，今年下半年的單位成本年比出現了兩位數的低成長。

And Andrew, just a couple of maybe clarifying points. It's not paid out in June. It is actually a retention bonus and it's paid out upon ratification of an agreement for those pilots that are still actively employed at that time. We've locked in the rates at that 35% for all pilots with the exceptions of the first year, first officers at [82%]. That's locked in over that period. But we'll continue to negotiate final rate through the mediation process, but this is a retention bonus.

安德魯，我想澄清幾點。六月還沒付款。它實際上是一種保留獎金，是在協議批准後向當時仍在積極僱用的飛行員支付的。我們已將所有飛行員的稅率鎖定為 35%，第一年除外，副駕駛的稅率為 [82%]。那是在那段時間鎖定的。但我們將繼續透過調解過程協商最終費率，但這是保留獎金。

Right. Understood. And look, I know there are a lot of moving parts between timing a pilot deal, training requirements for the MAXs. But you mentioned in response to Savi's question about maybe it's suboptimal, lower than historical growth in 2024 in that type of scenario? How should we think about kind of CASM growth next year? Any puts and takes you can provide around that would be helpful?

正確的。明白了。看，我知道在試點交易的時間安排和 MAX 的培訓要求之間有很多變化的部分。但您在回答薩維的問題時提到，在這種情況下，這可能不是最理想的，低於 2024 年的歷史成長？我們該如何看待明年 CASM 的成長？您可以提供任何有幫助的看跌期權和看跌期權嗎？

Yes. Andrew, I'm sorry, I don't have a lot in front of me, but I'll just say it's real early to give kind of CASM guidance on '24. Just there's a lot of moving parts, like you mentioned around the actual delivery schedule of the MAX, which will determine how many pilots are useful in producing ASM at each different period throughout the year? And then what are we doing on retirements of the 320s. I hope by the time of the next call, we've got a little bit more color to share with you. So apologies just a little early to give that kind of guidance.

是的。 Andrew，很抱歉，我面前的事情不多，但我只想說，現在就 24 日提供 CASM 指導還為時過早。只是有很多活動部件，就像您在 MAX 的實際交付時間表中提到的那樣，這將決定全年每個不同時期有多少飛行員可用於生產 ASM？那麼我們在 320 年代退休後正在做什麼呢？我希望下次通話時，我們能與您分享更多的色彩。因此，抱歉為時過早提供此類指導。

Got it. And maybe I could sneak one more housekeeping one in. I saw in your guidance, interest expense came down a little bit. I think, in your prepared remarks, you said that you're going to take on a bit more debt through year-end as the MAXs were delivered. Just curious what was the driver of the lowest -- lower interest expense there?

知道了。也許我可以再偷偷地再做一份家事。我在你的指導中看到，利息費用下降了一點。我想，在您準備好的演講中，您說過隨著 MAX 的交付，您將在年底承擔更多的債務。只是好奇最低的驅動因素是什麼——較低的利息支出？

The driver of the lower interest expense this year, yes. So a little bit of it is we prepaid $60 million -- $61 million in some aircraft secured debt at the end of the second quarter, which gives us a bit of relief in the final 2 quarters of this year. And then my comment on opening remarks that just year-end leverage was -- I just wanted to set expectations, we still will add a little bit of debt as we continue making PDP payments in the final 2 quarters of the year. And then there's still 1 MAX delivery at the end of the year.

是的，今年利息支出下降的驅動因素。因此，我們在第二季末預付了 6,000 萬美元——6,100 萬美元的一些飛機擔保債務，這讓我們在今年最後兩季得到了一些緩解。然後我對開場白的評論是——我只是想設定預期，隨著我們在今年最後兩個季度繼續支付 PDP，我們仍然會增加一點債務。然後年底還有1 MAX 交貨。

And Andrew, I'm just going to add just piggyback on that. The equity value in those 737 aircraft day 1 it's meaningful, and it gives B.J. and the team the opportunity to put an effective and efficient financing. We're very comfortable being able to go out and finance those aircraft. But something else that I just want to remind our investors in our Street is the opportunistic nature of the 737 deal and the timing and particularly around the tax law and bonus appreciation -- depreciation, excuse me, that we received.

安德魯，我只想補充一點。這些 737 飛機第一天的股權價值很有意義，它為 B.J. 和團隊提供了有效且高效融資的機會。我們很高興能夠出去為這些飛機提供資金。但我想提醒我們華爾街投資者的另一件事是 737 交易的機會主義性質以及時機，特別是圍繞稅法和獎金升值 - 對不起，我們收到的折舊。

I mean, in essence, we're going to receive -- we estimate roughly $250 million in interest free rate loan from the government by moving forward with this deal. So that will offset cash taxes in the future.

我的意思是，實質上，透過推進這項交易，我們預計將從政府獲得約 2.5 億美元的無息貸款。這將抵消未來的現金稅。

(Operator Instructions) The next question comes from Ravi Shanker with Morgan Stanley.

（操作員說明）下一個問題來自摩根士丹利的 Ravi Shanker。

This is Katherine Kallergis on for Ravi. I wanted to follow up on a previous comment, in which you said airlines have started to favor peak periods, and that Allegiant has done this for some time. But I was curious if you could provide some color around the competitive dynamics during these periods. And if what you consider peak might be different than industry peers? Also just curious if these dynamics might be different in Florida market specifically.

我是拉維的凱瑟琳·卡勒吉斯。我想跟進先前的評論，您在評論中說航空公司已經開始青睞高峰期，而 Allegiant 這樣做已經有一段時間了。但我很好奇你能否提供一些有關這些時期競爭動態的資訊。您認為的高峰是否可能與業界同行不同？我也很好奇這些動態在佛羅裡達市場是否會有所不同。

Yes. I mean, Drew here. When we refer to peak, we're exclusively talking about domestic leisure peak, which is traditionally around school holidays, right? So your spring break, summer and holiday time frame, I think most would describe leisure peak as the same. And I think as -- and I'm speculating a bit here, [bigger] carriers are having a bit more leisure exposure. They're kind of coming around to how those dynamics are working.

是的。我是說，德魯在這裡。當我們提到高峰時，我們專門談論國內休閒高峰，傳統上是在學校假期前後，對吧？所以你的春假、暑假和假期時間框架，我想大多數人都會將休閒高峰描述為相同的。我認為—我在這裡推測一下，[更大的]航空公司有更多的休閒機會。他們開始意識到這些動力是如何運作的。

One of the great things about peak -- so if there is an excess of demand generally. And even in periods thinking pre-pandemic when capacity was quite elevated, particularly in the offpeak capacity -- sorry, peak capacity could soak up that demand pretty well. I don't anticipate competitive dynamics to change meaningfully. The peaks are a peak for a reason. And so in general, I believe it's a good thing, but the demand patterns fit the Allegiant model just exceedingly well and something like we mentioned that we've cater to for 20-plus years. So we're built for exactly this kind of dynamic.

高峰的一大好處是，如果普遍存在需求過剩的話。即使在疫情前運力相當高的時期，尤其是非高峰運力——抱歉，高峰運力也能很好地吸收這一需求。我預期競爭動態不會發生有意義的變化。峰值之所以成為峰值是有原因的。所以總的來說，我相信這是一件好事，但需求模式非常適合 Allegiant 模式，就像我們提到的，我們已經滿足了 20 多年的需求。所以我們就是為這種動態而生的。

And just as a quick follow-up. Your stat about how 50% of those surveyed stated economic conditions will have no impact on flying was interesting. Just curious what inelastic do you think demand really is? And maybe how you've seen the -- you all see it perform in past recessionary environments?

就像快速跟進。您關於 50% 的受訪者表示經濟狀況不會對飛行產生影響的統計數據很有趣。只是好奇您認為需求有多缺乏彈性？也許你們如何看待它在過去的經濟衰退環境中的表現？

No, thanks for that question. For those frequent flyers, the answer is it is pretty inelastic because they're traveling to and from family where they're staying and/or doing from their second and vacation homes. So in many of those instances, right, high interest rates, inflation, it's not as meaningful as say, a family vacation to an Orlando theme park or a Las Vegas casino. So amongst our core customers, it's fairly inelastic because they're flying to and from family and/or a second home.

不，謝謝你提出這個問題。對於那些經常乘坐飛機的人來說，答案是它非常缺乏彈性，因為他們要往返於他們居住的家人和/或從他們的第二個和度假屋出發。因此，在許多情況下，高利率、通貨膨脹，並不像家庭去奧蘭多主題樂園或拉斯維加斯賭場度假那麼有意義。因此，在我們的核心客戶中，彈性相當低，因為他們要飛往家人和/或第二個家。

Yes. But more broadly, the customer that we serve is generally still a very price-sensitive customer. Less so in summer peaks or peaks in general, when we have a thicker demand pool to choose from. And certainly, in the off-peaks, you still see that. Just by way of example, we're already pricing higher, closer in, taking advantage of relative inelasticity if you will, the ability to pass through more was a bit muted, right, especially in the face of $70 plus ancillary per passenger that we're trying to balance as we build load.

是的。但更廣泛地說，我們服務的客戶通常仍然是對價格非常敏感的客戶。在夏季高峰或一般高峰時，情況就不那麼嚴重了，因為我們有更豐富的需求池可供選擇。當然，在非高峰時段，您仍然會看到這種情況。舉個例子，我們已經定價更高，更接近，利用相對缺乏彈性，如果你願意的話，通過更多的能力有點減弱，對吧，特別是面對我們每名乘客 70 美元加上輔助費用在我們建立負載時試圖保持平衡。

So there's a pretty heavy mix on our aircraft that can be tricky to revenue manage. And I think it's a place where a product like Allegiant Extra can really help differentiate between the customer segments that we have and find that right balance of Allegiant type premium experience versus the main cabin, that's right for all of our customers.

因此，我們的飛機上有相當多的混合體，這對於收入管理來說可能很棘手。我認為，像 Allegiant Extra 這樣的產品確實可以幫助區分我們擁有的客戶群，並找到 Allegiant 型高級體驗與主艙之間的適當平衡，這適合我們所有的客戶。

(Operator Instructions) The next question comes from Helane Becker with TD Cowen.

（操作員說明）下一個問題來自 Helane Becker 和 TD Cowen。

This is (inaudible) on for Helane. Would you mind providing any color on what you're seeing in Las Vegas, just given some of the runway challenges that have been happening there? And then just any -- any of the drivers of the operational performance just beyond having more of a buffer, some learnings that you're taking with you for next year, that would be great?

這是 Helane 的（聽不清楚）。考慮到那裡發生的一些跑道挑戰，您介意提供有關您在拉斯維加斯看到的情況的任何資訊嗎？然後，除了擁有更多的緩衝之外，任何營運績效的驅動因素，以及您明年將學到的一些知識，那會很棒嗎？

Yes. Yes, great question. And we called out 3 months ago that Vegas had kind of an outsized portion of that 2.5%. April and May still had pockets of struggles as there were some concentrated days and periods of impact. But that materially turned around in June and July and I think Vegas went exceedingly well -- performed exceedingly well through the summer.

是的。是的，很好的問題。三個月前我們就指出維加斯在這 2.5% 中所佔的比例過大。 4 月和 5 月仍然存在一些困難，因為有一些集中的日子和時期的影響。但這種情況在六月和七月發生了實質的轉變，我認為維加斯的表現非常好——整個夏天的表現都非常好。

So outside some heat-related concerns but there's not a lot anybody can do there extremely happy with how Vegas panned out. Thinking more broadly, as we think about the schedule moving forward, reviewing things from firebreaks and adding some slack into the schedule that provides that recoverability, especially if you think about Florida and pretty routine thunder storms coming through at 3:30 every afternoon. We were better balanced about viewing that in its entirety, thinking about how a firebreak relates to extended churn times and where those minutes actually matter.

因此，除了一些與炎熱相關的問題之外，沒有人能對拉斯維加斯的表現感到非常滿意。更廣泛地思考，當我們考慮向前推進的時間表時，回顧防火帶的情況，並在時間表中添加一些寬鬆的時間，以提供可恢復性，特別是如果你考慮佛羅裡達州和每天下午3 :30 常出現的雷暴。我們更好地平衡了從整體上看待這個問題，思考防火線與延長的客戶流失時間之間的關係以及這些分鐘的實際重要性。

But perhaps, at least to me, one of the most impactful things, think about the overnight touch time for our mechanics and crews in getting that plane to the gate on time every morning so we could start the airline correctly and give ourselves a chance to succeed. So both starting on time and think about how we could recover through the day when things start to go awry. I think we got close to the right answer this year, but there's a lot more work for us to do to continue to refine and maintain our place towards the top of the industry.

但也許，至少對我來說，最有影響力的事情之一，想想我們的機械師和機組人員每天早上準時將飛機送到登機口的通宵接觸時間，這樣我們就可以正確地啟動航空公司，並給自己一個機會成功。因此，我們既要準時開始，也要思考當事情開始出錯時，我們如何在這一天恢復過來。我認為今年我們已經接近正確答案，但我們還有很多工作要做，才能繼續完善並保持我們在行業中頂尖的地位。

Yes. And Drew, I just want to add just a quick comment here, too. And that's where we sit today, we feel really confident about the second half of the year and moving on from the commentary that we talked about, the coordination between planning and ops and the [Drew], Keny Wilper heading up. But staffing levels are very solid. In fact, with the exception of pilot that's the best we've seen since 2019. So we're encouraged by that.

是的。德魯，我也想在這裡添加一個簡短的評論。這就是我們今天所處的位置，我們對今年下半年感到非常有信心，並從我們討論的評論、規劃和運營之間的協調以及[德魯]、肯尼·威爾珀的領導中繼續前進。但人員配置水準非常穩固。事實上，除了試點之外，這是我們自 2019 年以來見過的最好的。所以我們對此感到鼓舞。

As we get out of the -- as we exit the gauntlet of the summer peak flying, the teams all come together and do a postmortem around a summer debrief and they look for process efficiencies and ways to get better, and that will be -- that will be around the corner, and we'll continue to step up our game in any way we can.

當我們擺脫夏季飛行高峰的挑戰時，所有團隊都會聚集在一起，圍繞夏季匯報進行事後分析，他們尋找流程效率和變得更好的方法，這將是——那即將到來，我們將繼續盡我們所能地加強我們的遊戲。

If I could just squeeze one more in. Just you mentioned a little bit on the outlook for revenue in the rest of the year. I was just wondering if you can unpack that and any color on the cadence for base fares and ancillaries for what you can see from right now.

如果我能再擠進去一點就好了。剛才你提到了今年剩餘時間的收入前景。我只是想知道您是否可以將基本票價和輔助費用的節奏以及任何顏色解開，以便您現在可以看到。

Yes. I'll probably disappoint you a little bit as we get into kind of cadence related, the 2 things I'll point out. One, I would look towards last year's comp set and kind of ASM cadence to help guide how you think about the third and fourth order. And the second, I'll point out and maybe not one that I communicated well or maybe even appreciated enough as we talked about the last 9 months previously was the second quarter of '22 cadence.

是的。當我們進入與節奏相關的部分時，我可能會讓你有點失望，我要指出的兩件事。第一，我會專注於去年的比賽組合和 ASM 節奏，以幫助引導您如何思考第三和第四順序。第二，我要指出的是，也許我沒有很好地溝通，甚至可能沒有足夠的讚賞，就像我們之前討論的過去 9 個月一樣，是 22 世紀第二季度的節奏。

And I think there was still a fair amount of recovery from the variant that we experienced in the first half of that quarter. Not to disparage the 2Q they probably helped bolster the relative TRASM year-over-year there a little bit. So I kind of think of those 2 pieces in concurrent as you think about the last 9 months in totality.

我認為我們在該季度上半段經歷的變體仍然有相當大的恢復。無意貶低第二季度，他們可能幫助提升了相對 TRASM 的同比水平。因此，當你思考過去 9 個月的整體時，我會同時考慮這兩個部分。

(Operator Instructions) The next question comes from Michael Linenberg with Deutsche Bank.

（操作員說明）下一個問題來自德意志銀行的 Michael Linenberg。

Just a few quick ones here. John, just in response to Duane's question on you talking about Sunseeker where the numbers were better, and you were referring to the rates. How should we think about it just from with all the cost inflation there if we kind of go back to the original plan, I think the guide was EBITDA margins sort of in that 30% range. Is that still a reasonable sort of ballpark profit margin?

這裡只是一些快速的。約翰，剛剛回答杜安關於您談論 Sunseeker 的數字更好的問題，您指的是費率。如果我們回到原來的計劃，我們應該如何考慮所有的成本通膨，我認為指導方針是 EBITDA 利潤率在 30% 的範圍內。這仍然是一個合理的大致利潤率嗎？

Michael, I do. I think those EBITDA margins are still doable. It's kind of like when you see even happen on the air side, right, with the CapEx -- or CASM-X increasing. Well, revenue is outpacing the CASM-X growth. So you're seeing the same thing happen on the -- in the resort world, where the cost increases are way more than offset by the room rate increases in that market. So very encouraging.

邁克爾，我願意。我認為這些 EBITDA 利潤率仍然是可行的。這有點像當你看到甚至在空氣方面發生的情況時，隨著資本支出（或 CASM-X）的增加。嗯，營收的成長速度超過了 CASM-X 的成長速度。所以你會看到同樣的事情發生在度假村世界中，那裡的成本增長遠遠被該市場的房價成長所抵消。非常令人鼓舞。

And Florida, in particular, it's just been extremely strong. Obviously, the hotel industry throughout the U.S. has been, but Florida, it's a shining star when it comes to what's going on. So I think EBITDA margins that we were looking at early on and we're out there under projections, I think there's a potential for those to be even much stronger.

尤其是佛羅裡達州，它的表現非常強勁。顯然，整個美國的酒店業一直如此，但佛羅裡達州，當談到正在發生的事情時，它是一顆閃亮的明星。因此，我認為我們很早就考慮了 EBITDA 利潤率，並且我們已經進行了預測，我認為這些利潤率有可能會更高。

Very good. And then just a second one for you, John, and probably Greg as well and maybe the team. We've seen an announcement by Frontier to take up some of the assets of the JetBlue Spirit proposed merger assets that they would potentially divest at this point. It looks like it's still [LaGuardia] slots. Obviously, there's a lot more that they've already indicated that they would be willing to divest, maybe its runway timings at Newark, Gates in Fort Lauderdale, space in Boston. Is any of that of interest to Allegiant.

非常好。然後是第二個給你的，約翰，可能還有格雷格，也許還有團隊。我們已經看到 Frontier 宣布收購 JetBlue Spirit 擬議合併資產的部分資產，他們目前可能會剝離這些資產。看起來仍然是[拉瓜迪亞]老虎機。顯然，他們已經表示願意剝離更多東西，可能是紐瓦克的跑道時間、勞德代爾堡的蓋茨、波士頓的空間。 Allegiant 有興趣？

Michael, it's Greg. Good to chat with you. As the team continue -- Drew and his team continue to look at all opportunities in airports and certainly aware of the situation. But I think where we sit today, there's nothing really to report on that front.

邁克爾，我是格雷格。很高興和你聊天。隨著團隊的繼續，德魯和他的團隊繼續尋找機場的所有機會，當然也意識到了這種情況。但我認為我們今天在這方面沒有什麼值得報告的。

Very good. And then just if I could squeeze in one quick last one for Scott. We have heard other carriers talk about this traffic patterns where people are spending a lot more time this summer going to Europe rather than flying domestically and Scott, you do a lot of different surveys and other carriers have said that they've surveyed their own customer base and some percentage are electing to go to Europe. What are you seeing amongst your customer base, which I know you're very close to? Are you seeing something similar where you're just losing a lot of flow because they're going maybe outside of the United States? Any color on that would be great.

非常好。如果我能為史考特擠出最後一分鐘就好了。我們聽說其他航空公司談論過這種交通模式，今年夏天人們花更多的時間去歐洲而不是國內航班，斯科特，你做了很多不同的調查，其他航空公司表示他們已經調查了自己的客戶基地和一些百分比選擇去歐洲。我知道您與您的客戶群非常接近，您在客戶群中看到了什麼？您是否看到類似的情況，因為他們可能會流向美國境外，導致您失去大量流量？任何顏色都會很棒。

Absolutely. And thank you, Michael, because the last several weeks, we have asked exactly that. So I'm prepared to tell you. First, we ask our customer base to make sure they had the ability to travel internationally. Turns out that about 80% of Allegiant customers have a passport. But we're seeing some very different than what Frontier and others have reported.

絕對地。謝謝你，邁克爾，因為過去幾週，我們已經問過這個問題。所以我準備告訴你。首先，我們要求我們的客戶群確保他們有能力進行國際旅行。事實證明，大約 80% 的 Allegiant 客戶都持有護照。但我們看到的一些內容與 Frontier 和其他人報導的內容截然不同。

When asked, do you plan to travel internationally in the next 6 months or have you traveled both internationally in the last 6 months? The answer is the same between like 16% and 19% say, yes. That means the vast majority of our customers, 80% have no plans and have not traveled internationally in 2023.

當被問及您是否計劃在未來 6 個月內出國旅行或在過去 6 個月內都出國旅行嗎？ 16% 到 19% 的人的答案是一樣的，都說是。這意味著我們的絕大多數客戶（80%）沒有計劃，也沒有在 2023 年出國旅行。

And I think maybe, Scott, it's worth elaborating on to the 16% to 19% you're talking about hasn't changed year-over-year.

我認為，斯科特，也許值得詳細說明你所說的 16% 到 19% 並沒有同比變化。

That's right. It hasn't been a zero-sum as much as now it's open, and they've taken an additional trip.

這是正確的。它不像現在那樣是零和遊戲，而且他們還進行了額外的旅行。

Yes. Great point. For us, it's not a displacement argument at all. The percentages are consistent year in and year out.

是的。很棒的一點。對我們來說，這根本不是位移的論點。這些百分比年復一年保持一致。

The next question comes from Conor Cunningham with Melius Research.

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

On the doubling of the Allways credit card contribution, just trying to understand the cadence there. I assume that's both card growth and spend. But in your prepared remarks, you mentioned the potential of Sunseeker contributing. Just curious about the ramp there going forward.

關於 Allways 信用卡貢獻翻倍，只是想了解那裡的節奏。我認為這既是卡的成長又是支出。但在您準備好的發言中，您提到了 Sunseeker 做出貢獻的潛力。只是對未來的坡道感到好奇。

Absolutely. So the comment that in the next 3 years will, in effect, double from roughly where we ended last year at $97 million, going to post over $100 million. It's largely based without Sunseeker assumed in it. So it is from the key things you mentioned. Increased cardholder growth, compounded cardholder spend right as that portfolio grows and we achieve at or above the same spend per cardholder. So I think John's comments in the beginning represent upside that could even make it faster. My comments were not based on any additional goodness, which we'll absolutely get from Sunseeker opening.

絕對地。因此，未來 3 年的評論實際上將比去年結束時的 9,700 萬美元增加一倍，將超過 1 億美元。它很大程度上是基於沒有 Sunseeker 假設的情況。所以這是從你提到的關鍵事情來看的。持卡人成長加快，持卡人支出隨著投資組合的成長而增加，我們實現了持卡人平均支出或高於相同支出。所以我認為約翰一開始的評論代表了積極的一面，甚至可以讓它更快。我的評論並非基於任何額外的優點，我們絕對會從 Sunseeker 開業中獲得這些好處。

Yes. I think -- this is John. I think when you look at the -- I think, a huge data point that Scott has pointed out is the channels that were in the past with a MasterCard program not available to a cardholder that are now or will be available to a cardholder, most notably Costco is significant. So that type of increase then doesn't require necessarily an increase in the number of although we are planning on that. But just the channels of use are going to expand significantly with moving to Visa.

是的。我想——這是約翰。我認為，當你看到斯科特指出的一個巨大數據點時，過去的萬事達卡計劃對持卡人來說是不可用的，但現在或將對持卡人可用，大多數值得注意的是，Costco 意義重大。因此，儘管我們正在計劃，但這種類型的增加並不一定需要增加數量。但隨著轉向 Visa，使用管道將會顯著擴展。

Okay. That's helpful. And then on Sunseeker, great commentary on ADRs and bookings. But the question that I get, and maybe this is kind of the Mike's point as well is, just around the inflection point on profitability, like I realize that you're working towards opening. I'm just trying to get some color on your path to profitability there. When we could expect a potential contribution over? Again, I realized that it's still early days, but just any thoughts there would be helpful.

好的。這很有幫助。然後在 Sunseeker 上，關於 ADR 和預訂的精彩評論。但我得到的問題，也許這也是麥克的觀點，就在獲利能力的轉折點周圍，就像我意識到你正在努力開業一樣。我只是想為你們的獲利之路提供一些線索。我們什麼時候可以期待潛在的貢獻？我再次意識到現在還為時過早，但任何想法都會有所幫助。

When you talk about a cash contribution or contribution of -- you said turn, now you're talking about EBITDA, we don't intend to ever be negative on a quarterly basis, I mean there's no time, we forecast any period that we would have a negative EBITDA. So I think from a cash standpoint, they're going to be positive throughout the year with the added upside in the out years. So we purposely priced the product that you see out there for '23 and '24 below market. So even when you see these rates, believe it or not, we're below market because we're putting a new brand and a new property into that market.

當你談論現金貢獻或貢獻時——你說，現在你談論的是 EBITDA，我們不打算在季度基礎上出現負數，我的意思是沒有時間，我們預測我們的任何時期將產生負 EBITDA。因此，我認為從現金的角度來看，他們全年都會表現積極，並在未來幾年增加上漲空間。因此，我們特意將您在 23 年和 24 年看到的產品定價低於市場價格。因此，無論您是否相信，即使您看到這些價格，我們仍然低於市場價格，因為我們正在將一個新品牌和新房產投入該市場。

So when you look at after we've been open for a period of time, and I'm not talking years, I'm talking a month. You're going to start to see that rate -- that -- those rates accelerate up. So we purposely have underpriced. And even with that purposeful underpricing, those ADRs are impressive, but you will see those ramp up significantly for sure, the 25.5%.

所以當你看看我們開業一段時間後，我說的不是幾年，而是一個月。你將開始看到這個速度——那個——這些速度加速上升。所以我們故意壓低價格。即使有故意壓低價格，這些 ADR 仍然令人印象深刻，但你肯定會看到這些 ADR 顯著上升，達到 25.5%。

I would like to turn the call back to John Redmond for closing remarks.

我想將電話轉回給約翰·雷德蒙德，讓他發表結束語。

Well, I appreciate everyone's time. We're very proud of our team and the management here and what we've been able to accomplish year-to-date. And we're very excited about the balance of this year. An incredible amount of time and resources have gone into systems over last couple of years. You're starting to see the rollout of all that time and effort will started to happen this year, which really sets the backbone for this company going forward.

嗯，我很感謝大家的時間。我們對我們的團隊和管理層以及我們今年迄今為止所取得的成就感到非常自豪。我們對今年的餘額感到非常興奮。在過去的幾年裡，我們在系統上投入了大量的時間和資源。你會開始看到今年開始投入所有的時間和精力，這確實為這家公司的未來奠定了支柱。

So we will have no restrictions, limitations what have you from a system standpoint as we move into the 20 aircraft -- or 200 aircraft environment, I should say that Greg referred to, everything is allowing us to do everything we need to and want to do going forward. So absolutely, no restrictions. And our focus now is just finishing up the last labor agreements. We're very encouraged by where we are today and where we're going to end up tomorrow with those agreements. So again, very bullish about the out years for this company. Very exciting times ahead, and stay tuned. Thank you very much.

因此，當我們進入20 架飛機或200 架飛機的環境時，我們不會有任何限制，從系統的角度來看，我應該說，格雷格提到，一切都允許我們做我們需要做和想做的一切繼續前進。所以絕對沒有任何限制。我們現在的重點是完成最後的勞資協議。我們對今天的進展以及明天將達成的這些協議感到非常鼓舞。再說一次，我對這家公司的未來非常樂觀。未來非常激動人心，敬請期待。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。