Allegiant Travel Co (ALGT) 2023 Q4 法說會逐字稿

Hello, and welcome to the Allegiant Travel Company fourth-quarter and full-year 2023 earnings call. (Operator Instructions)

您好，歡迎參加 Allegiant Travel Company 2023 年第四季和全年財報電話會議。（操作員說明）

I will now turn the conference over to Sherry Wilson, Managing Director of Investor Relations. Please go ahead.

我現在將會議交給投資者關係董事總經理雪莉威爾森 (Sherry Wilson)。請繼續。

Thank you, Sarah. Good afternoon, everyone, and welcome to the Allegiant Travel Company's fourth-quarter and full-year 2023 earnings call. On the call with me today are Maury Gallagher, the company's Executive Chairman and CEO; 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，莎拉。大家下午好，歡迎參加 Allegiant Travel Company 的 2023 年第四季和全年財報電話會議。今天與我通話的是該公司執行董事長兼執行長莫里‧加拉格爾 (Maury Gallagher)；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) 和其他幾位人士幫助回答問題。

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 plan. 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. These risk factors and others are more fully disclosed in our filings with the SEC.

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。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。

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 due 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, feel free to visit the company's Investor Relations site at ir.allegiantair.com.

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 to Maury.

接下來，我會將其轉給莫里。

Thank you, Sherry, and good afternoon, ladies and gentlemen. Thank you for your time today and welcome from Super Bowl headquarters here in Las Vegas. As you saw in our release, we continued to move ahead in our efforts to return pre-pandemic performances.

謝謝雪莉，女士們先生們下午好。感謝您今天抽出寶貴時間接受來自拉斯維加斯超級盃總部的歡迎。正如您在我們的新聞稿中看到的，我們繼續努力恢復大流行前的表現。

I'm happy to report on a number of areas that we're moving forward on all fronts. Sunseeker opened on December 15. It's a terrific destination of fun and sun. Micah Richins, who's on the call with us today and his partner in crime, Jason Shkorupa and their team have done [yeoman's] work, completing and operating this magnificent and destination resort. Stay tuned for more updates in the coming months.

我很高興向大家報告我們在各個方面正在取得進展的一些領域。Sunseeker 於 12 月 15 日開業。這是一個充滿樂趣和陽光的絕佳目的地。今天與我們通話的 Micah Richins 和他的犯罪同夥 Jason Shkorupa 及其團隊已經完成了[自耕農]的工作，完成並運營了這個宏偉的目的地度假村。請繼續關注未來幾個月的更多更新。

Our operational performance front this year -- the past year, our completion factor and on time mirrored our 2019 industry-leading stats, and we were among the top three in operating margin for the year. Aircraft deliveries, while Boeing deliveries will be delayed based on recent news and comments, we are excited about our introduction of the MAX 8200 aircraft. It's one of the most reliable airplanes in the world. Its performance profile as well will provide us enhanced economic benefits in the coming years.

我們今年的營運業績——過去的一年，我們的完成率和準時率反映了我們 2019 年行業領先的統計數據，並且我們在今年的營運利潤率方面名列前三。飛機交付，雖然波音公司的交付將根據最近的新聞和評論而推遲，但我們對 MAX 8200 飛機的推出感到興奮。它是世界上最可靠的飛機之一。它的性能概況也將為我們在未來幾年帶來更大的經濟效益。

On the labor front, we've been plagued for the past three years by a number of labor issues, particularly with our pilots. However, I'm cautiously optimistic with our recent progress. Our updated labor agreements will allow us to continue to do what we do best, to grow Allegiant in our noncompetitive markets in the coming months and years.

在勞工方面，過去三年來，我們一直受到許多勞工問題的困擾，特別是我們的飛行員。然而，我對我們最近的進展持謹慎樂觀的態度。我們更新的勞工協議將使我們能夠繼續做我們最擅長的事情，在未來幾個月和幾年內在我們的非競爭性市場中發展 Allegiant。

As I mentioned, at Super Bowl week here in Las Vegas, the town is on fire and amazing stuff is going on. This week will be a large payback for our investment in the naming rights for the Las Vegas Raiders Stadium. The exposure, the impressions we have already received, and will continue to receive in this next week have been and will be exceptional. Allegiant Stadium has a nice ring to it. We have made this -- we made this investment in 2019, a big step for us. But it was part and parcel of our efforts to separate ourselves from the crowd and promote our Allegiant brand.

正如我所提到的，在拉斯維加斯的超級盃週期間，整個小鎮都著火了，令人驚奇的事情正在發生。本週我們對拉斯維加斯突襲者隊體育場冠名權的投資將得到巨大回報。我們已經收到並將在下週繼續收到的曝光和印像已經並將是非常出色的。忠誠體育場有一個很好的氣氛。我們已經做到了這一點——我們在 2019 年進行了這項投資，這對我們來說是一大進步。但這是我們努力使自己與眾不同並推廣我們的 Allegiant 品牌的重要組成部分。

As I've mentioned, our operations this past year were industry leading. This level of performance in today's social media world is critical. Consumer products are continuously on stage. There is nowhere to hide. It seems simple. We want a reliable, on-time airline with friendly people. Easy to say, but tough to do. But our focus on this approach for the past many years is paying dividends.

正如我所提到的，我們去年的營運處於行業領先地位。在當今的社群媒體世界中，這種表現水準至關重要。消費品不斷登上舞台。無處可藏。看起來很簡單。我們想要一家​​可靠、準時、員工友善的航空公司。說起來容易，做起來卻很難。但過去多年來我們對這種方法的關注正在帶來回報。

Our Net Promoter Scores are industry leading. In recent surveys of our own customers, they assigned us what we believe to be the top of the field an NPS of 51. It's coming in ahead of all of the domestic carriers as far as we know. Our results compare extremely well when compared to other low-cost players, some of whose scores are meaningfully negative.

我們的淨推薦值處於業界領先地位。在最近對我們自己的客戶進行的調查中，他們給我們分配了我們認為是該領域頂尖的 NPS 51。據我們所知，它領先於所有國內運營商。與其他低成本玩家相比，我們的結果非常好，其中一些得分是有意義的負數。

In the past 12 to 24 months, as you all are aware, our competition has become much more intense for a number of the low-fare carriers. The majors have come down market and have a low-priced competing product and a better reputation against -- again, the NPS scores tell the tale. Being the carrier of last choice in today's world is a [skid hill recline].

在過去的 12 到 24 個月裡，正如大家所知，我們對一些低價航空公司的競爭變得更加激烈。各大公司已經進入市場，擁有低價的競爭產品和更好的聲譽——NPS 分數再次說明了這一點。成為當今世界最後選擇的載體是[土石流斜倚]。

Over the past 20 years, there's been a generic low fare labeling or ULCC moniker assigned to a number of us carriers. Practically, this label is for the start-ups since the 2000s, specifically us, Frontier, Spirit, and more recently, carriers such as Sun Country, Breeze, and Avelo.

在過去的 20 年裡，許多美國航空公司都被分配了通用的低票價標籤或 ULCC 綽號。實際上，這個標籤適用於 2000 年代以來的新創企業，特別是我們、Frontier、Spirit，以及最近的 Sun Country、Breeze 和 Avelo 等航空公司。

Well, we all have this timeline in common. What we don't have in common is the same model and how the companies have been managed. Unlike the other carriers in this grouping, our model has allowed us to build a robust moat around our business. Over the years, we are focused on building that noncompetitive nonstop network.

嗯，我們都有這個共同的時間表。我們的共同點是相同的模式以及公司的管理方式。與集團中的其他營運商不同，我們的模式使我們能夠圍繞我們的業務建立強大的護城河。多年來，我們致力於建立非競爭性的不間斷網路。

Today, 75% of our routes do not have any direct competition. This approach is paying substantial dividends in today's more confrontational environment. With most of our routes operating just two to three times -- two times per week, we can support a much larger network of cities and routes. 124 cities today with 555 routes, 450 of which are noncompetitive. In contrast, Spirit and the Frontier have on average just 300 routes each rather, but only 30 are noncompetitive or a 10% factor.

如今，我們 75% 的航線沒有任何直接競爭。在當今對抗性較強的環境中，這種方法正在帶來巨大的好處。由於我們的大多數航線僅運行兩到三次（每週兩次），因此我們可以支援更大的城市和航線網路。目前已涵蓋 124 個城市、555 條航線，其中 450 條為非競爭性航線。相較之下，Spirit 和 Frontier 平均各只有 300 條航線，但只有 30 條是非競爭性或 10% 的因素。

One might analogize the ULCC crowd by comparing them and us to the famous bank robber Willie Sutton. When asked why he rob banks, his answer was because that's where the money is. Well, in today's airline space, the banks are the big cities and the major air carrier hubs and networks. Virtually all of the ULCC labeled airlines are focused on these big banks.

人們可以將 ULCC 人群與我們比作著名的銀行搶劫犯威利·薩頓 (Willie Sutton) 進行類比。當被問到為什麼要搶劫銀行時，他的回答是因為錢就在那裡。嗯，在當今的航空領域，銀行是大城市以及主要的航空公司樞紐和網路。事實上，所有貼有 ULCC 標籤的航空公司都專注於這些大銀行。

Historically, they've been easy money, but not anymore. The banks have developed ferocious tools to fight off their historic robbers. We at Allegiant have stayed away from those big banks. Allegiant is focused on earning its money the old-fashioned way by creating our own customers, those that heretofore have gone unnoticed. Said another way, we've created our own private swim lane and are proud to be in it. In the coming months and years, we will continue to grow our model. It is strong. It works and it has a great deal of room to run.

從歷史上看，它們是很容易賺錢的，但現在不是了。銀行開發了兇猛的工具來打擊歷史上的強盜。我們 Allegiant 遠離那些大銀行。Allegiant 專注於透過創造我們自己的客戶（那些迄今為止尚未被注意到的客戶）以老式方式賺錢。換句話說，我們創造了自己的私人泳道，並為身處其中而感到自豪。在接下來的幾個月和幾年裡，我們將繼續發展我們的模型。它很強大。它有效並且有很大的運行空間。

Lastly, I want to thank our team members. This has been a difficult three to four years, as we all know. You have been supporting our passengers with safe, reliable, and friendly service and you have run the best airline this year, an industry-leading 99.8% controllable completion factor. Well done. In today's era of poor service and cancelled flights, you have put us back where we belong at the top of the pack. Thank you.

最後，我要感謝我們的團隊成員。眾所周知，這是艱難的三、四年。你們一直為我們的乘客提供安全、可靠和友好的服務，並且你們運營了今年最好的航空公司，行業領先的 99.8% 的可控完成率。做得好。在當今服務差和航班取消的時代，你們讓我們回到了屬於我們的領先地位。謝謝。

Greg?

格雷格？

Thank you, Maury. Entering 2023, one of our primary objectives was to step up our operational gain and drive down IROP costs. Team Allegiant delivered in this, closing out the year with an industry-leading 99.8% controllable completion and a reduction in IROP costs of nearly $100 million. These results didn't go unnoticed at the Wall Street Journal and ranked Allegiant of the best-performing airlines of 2023, trailing only Delta and Alaska. This turnaround performance isn't possible without a dedicated and highly talented team. I know I'm biased, but I think they're the best in the business.

謝謝你，莫里。進入 2023 年，我們的主要目標之一是提高營運收益並降低 IROP 成本。Allegiant 團隊實現了這一目標，以業界領先的 99.8% 可控完成率和近 1 億美元的 IROP 成本減少來結束這一年。這些結果引起了《華爾街日報》的關注，並將忠誠航空評為 2023 年表現最佳的航空公司，僅次於達美航空和阿拉斯加航空。如果沒有一支敬業且才華洋溢的團隊，這種扭虧為盈的表現是不可能實現的。我知道我有偏見，但我認為他們是業內最好的。

Throughout 2023, I had the great privilege of traveling our system to visit most of our 24 bases. The passion of Team Allegiant truly a sight to be seen. Our base structure, coupled with our out-and-back model, allows us to provide our frontline team members with the rare industry perk. Their work shifts begin and end in their home cities. This unique feature plays a key role in helping us retain and grow our flight crew rings, ss evidenced by the increase of more than 100 net new pilots during the back half of 2023.

整個 2023 年，我非常榮幸地遊覽了我們的系統，參觀了我們 24 個基地中的大部分基地。忠誠隊的熱情確實值得一看。我們的基礎結構加上我們的前後模式，使我們能夠為第一線團隊成員提供罕見的行業福利。他們的工作輪班在他們的家鄉開始和結束。這項獨特功能在幫助我們保留和擴大飛行機組人員隊伍方面發揮著關鍵作用，2023 年下半年淨增加 100 多名新飛行員就證明了這一點。

While being home every night is a value benefit, we are overdue in getting our inflight and flight ops group's updated labor contracts. This remains a top priority and is in the best interest of all parties. Once in place, these agreements should help unlock meaningful value.

雖然每晚回家是一項有價值的福利，但我們遲遲沒有收到機上和飛行操作小組更新的勞動合約。這仍然是重中之重，也符合各方的最佳利益。一旦到位，這些協議應該有助於釋放有意義的價值。

And as mentioned last quarter, an area of value to keep an eye on is our restoring of utilization during peak leisure and demand period. We have been strengthening our foundation to begin ratcheting up our peak day flying which should provide us a decent tailwind in 2024. We expect this tailwind to gain momentum into 2025 with the potential of increasing peak utilization by as much as 20% compared to 2023. As you know, one of Allegiant's key differentiators is our adherence to peak season and peak day week flying patterns, something that will continue even with the new Boeing MAX aircraft.

如上季所提到的，一個值得關注的領域是我們在休閒和需求高峰期恢復利用率。我們一直在加強我們的基礎，以開始提高我們的高峰日飛行量，這將為我們在 2024 年提供一個不錯的順風車。我們預計這種順風將在 2025 年獲得動力，峰值利用率有可能比 2023 年提高 20%。如您所知，Allegiant 的主要區別之一是我們堅持旺季和高峰日週的飛行模式，即使在新型波音 MAX 飛機上也將繼續這樣做。

We are confident the recent issues facing the MAX will be solved by Boeing and the FAA. The continued uncertainty around the timing of our MAX deliveries means we are being extra flexible with our 2024 capacity plans. Each MAX delivery will come equipped with Allegiant Extra, and we are concurrently configuring our A320 aircraft to carry this premium product. This improved cabin layouts should continue to be a big hit among our customers through our expansive domestic network of roughly 124 communities in 555 routes.

我們相信波音公司和美國聯邦航空局將解決 MAX 最近面臨的問題。MAX 交付時間的持續不確定性意味著我們的 2024 年產能計畫更加靈活。每架 MAX 交付都將配備 Allegiant Extra，我們同時配置我們的 A320 飛機以攜帶此優質產品。透過我們涵蓋 555 條航線、約 124 個社區的廣泛國內網絡，這種改進的客艙佈局應該會繼續受到我們客戶的歡迎。

Interestingly, we are the only nonstop option on roughly 450 of the routes we currently serve. Surprisingly, Allegiant serves more unique nonstop domestic routes than JetBlue, Alaska, Spirit, Frontier, Hawaiian, Sun Country, Breeze, and Avelo combined. And we are positioned to meaningfully grow our number of unique nonstop flights via the 1,400 incremental routes we have identified including the many unique nonstop routes we expect to serve into Mexico's premier beach destinations alongside our JV partner, Viva Aerobus.

有趣的是，我們是目前提供的大約 450 條航線上唯一的直飛航班。令人驚訝的是，Allegiant 提供的獨特直達國內航線比捷藍航空、阿拉斯加航空、精神航空、邊疆航空、夏威夷航空、Sun Country、Breeze 和 Avelo 的總和還要多。我們準備好通過我們已確定的 1,400 條增量航線，有意義地增加我們獨特直飛航班的數量，其中包括我們希望與我們的合資夥伴 Viva Aerobus 一起服務到墨西哥主要海灘目的地的許多獨特直飛航線。

While the timing of governmental approval of our ATI application is uncertain, we remain confident its approval is a matter of when, not if. In addition, we have upgraded our systems by transitioning to Navitaire, which will help support our long-term growth plans, including international expansion. We migrated our legacy passenger service system in Navitaire in the back half of 2023 and a dedicated team working to further seize on its capabilities by improving our dynamic pricing formulary products and unlocking further efficiencies. We expect these enhancements in place by the first half of 2024.

雖然政府批准我們的 ATI 申請的時間尚不確定，但我們仍然相信其批准只是時間問題，而不是是否批准的問題。此外，我們透過過渡到 Navitaire 來升級我們的系統，這將有助於支持我們的長期成長計劃，包括國際擴張。我們在 2023 年下半年遷移了 Navitaire 的舊乘客服務系統，並組建了一個專門團隊，透過改進我們的動態定價配方產品並進一步提高效率，進一步發揮其功能。我們預計這些增強功能將於 2024 年上半年到位。

Our Sunseeker Resort opened in mid-December. It is elegantly designed and features popular amenities as well as a spectacular service-oriented staff. Guests are having a wonderful experience. The resort is still in its infancy as it has only been open for roughly 45 days. Encouragingly, each week, we see meaningful improvements to booking trends as we continue to build further awareness of the Sunseeker brand. While we are still very early, we expect the resort could contribute as much as $15 million in EBITDA in 2024.

我們的 Sunseeker 度假村於 12 月中旬開業。飯店設計優雅，配備受歡迎的設施以及出色的服務至上的員工。客人們正在享受美妙的體驗。度假村仍處於起步階段，僅開業約 45 天。令人鼓舞的是，隨著我們不斷提高 Sunseeker 品牌的知名度，每週我們都會看到預訂趨勢出現有意義的改善。雖然我們還處於早期階段，但我們預計度假村到 2024 年可貢獻高達 1500 萬美元的 EBITDA。

In closing, we are extremely proud of the Team Allegiant taking back our rightful spot at the top of the industry, both operationally and financially, in addition to the great progress made in strengthening our foundation. We have positioned ourselves to enhance utilization during peak leisure demand periods.

最後，我們對 Allegiant 團隊在營運和財務方面重新奪回行業頂尖地位以及在鞏固基礎方面取得的巨大進展感到非常自豪。我們已將自己定位為提高休閒需求高峰期的使用率。

Our brand has never been stronger. The number of unique routes to further expand our network has never been greater. Aspirational products such as Allegiant Extra and our Allways loyalty program remain in high demand. Sunseeker is open and contributing. Many more opportunities remain on the horizon, including our international expansion with Viva Aerobus. We will continue to build off this momentum to strengthen our competitive advantages and further reshape the leisure travel space.

我們的品牌從未如此強大。進一步擴展我們網路的獨特航線數量從未如此之多。Allegiant Extra 和 Allways 忠誠度計劃等理想產品的需求仍然很高。Sunseeker 持開放態度並做出貢獻。還有更多的機會，包括我們與 Viva Aerobus 的國際擴張。我們將持續乘勢而上，強化競爭優勢，進一步重塑休閒旅遊空間。

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

有了這個，我會把它交給史考特。

Thanks, Greg. Fourth quarter completed the year that saw post-pandemic normalization of domestic leisure travel demand. But with Allegiant, nonetheless, driving booking and passenger levels that slightly surpassed the historic highs of 2022 despite minimal capacity growth. This was achieved thanks to our continued distinctive ability to match capacity with demand and in particular, to generate and fulfill demand for peak travel periods. Demand has never been greater for our Allegiant brand, which differentiates itself on the two factors that matter most to leisure travelers: low fares and nonstop flights.

謝謝，格雷格。第四季是國內休閒旅遊需求在疫情後正常化的一年。儘管如此，儘管運力成長甚微，忠誠航空仍推動預訂量和乘客量略高於 2022 年的歷史高點。這項成就的實現得益於我們持續獨特的能力，能夠將運力與需求相匹配，特別是在高峰旅行期間產生並滿足需求。我們的 Allegiant 品牌的需求從未如此之大，該品牌因對休閒旅客最重要的兩個因素而脫穎而出：低票價和直飛航班。

As Maury referenced, this week, a good portion of those nonstop flights will be Super Bowl bound here in Las Vegas where the Allegiant brand stands to gain an unprecedented boost in awareness from the more than 100 million US viewers expected to tune into Super Bowl 58 at Allegiant Stadium on Sunday. And we stand ready to capitalize on this brand awareness boost during one of our busiest booking periods as leisure travelers book in earnest for the spring break and even early summer peak travel season.

正如Maury 所提到的，本週直飛航班中的很大一部分將飛往拉斯維加斯超級碗，忠實品牌將在預計將收看第58 屆超級碗比賽的超過1 億美國觀眾中獲得前所未有的認知度提升週日在忠誠體育場舉行。我們隨時準備在我們最繁忙的預訂時段之一利用這一品牌知名度的提升，因為休閒旅客正在認真預訂春假甚至初夏的旅遊旺季。

For full year 2023, we retained nearly one-third of customers who flew us the prior year, and those customers accounted for nearly half of our total revenue for the year. This year-to-year customer retention rate was 16% higher than it was in 2022. Our loyalty programs Allways Rewards and the Allways Rewards Visa card continue to engage a greater portion of customers and motivate those engaged customers to travel and spend more with Allegiant year after year.

2023 年全年，我們保留了上一年搭乘我們航班的近三分之一的客戶，這些客戶占我們當年總收入的近一半。今年的客戶保留率比 2022 年高出 16%。我們的忠誠度計劃 Allways Rewards 和 Allways Rewards Visa 卡繼續吸引更多客戶，並激勵這些參與的客戶年復一年地透過 Allegiant 旅行和消費更多。

2023 was the fifth consecutive year that the Allegiant co-brand credit card was named Best Airline Credit Card in USA TODAY's Readers' Choice Awards. We ended the year with 484,000 cardholders, up 16% versus 2022. And total co-brand credit card compensation was nearly $120 million for the year, up 18% versus 2022. We expect similar growth rates to continue for both new cardholders and program compensation in 2024.

2023 年是 Allegiant 聯名信用卡連續第五年被《今日美國》讀者選擇獎評為最佳航空信用卡。截至 2022 年，我們的持卡人數為 484,000 名，比 2022 年增加 16%。今年聯合品牌信用卡薪資總額接近 1.2 億美元，比 2022 年成長 18%。我們預計 2024 年新持卡人和計畫薪酬將繼續保持類似的成長率。

In addition to the direct compensation we received from the program, our cardholders continued to exhibit strong travel frequency and spend. During 2023, cardholders flew and spent more than 2 times that of non-cardholders. We also continue to see strong impact from our Allways Rewards noncredit card program. 2.8 million Allways Rewards members had activity during 2023, 25% more than prior year, and these members flew 24% more and spent 69% more than nonmembers.

除了我們從該計劃中獲得的直接補償之外，我們的持卡人繼續表現出強勁的旅行頻率和支出。2023年，持卡人的飛行次數和消費金額是非持卡人的2倍以上。我們也繼續看到 Allways Rewards 非信用卡計劃的強大影響。 2023 年，有 280 萬 Allways Rewards 會員進行了活動，比前一年增加了 25%，這些會員的飛行次數比非會員多了 24%，花費也比非會員多了 69%。

Our ever increasingly loyal customer base is enabling us to further differentiate by showing interest in premium economy products such as Allegiant Extra and buy on-board products, as well as our third-party hotel and rental car products and now Sunseeker Resort Charlotte Harbor, which as was noted, opened this past December. Nearly three-quarters of our customers say they are aware of the resort, and nearly half of those in cities with Allegiant service in the southwest Florida, so they would consider staying there.

我們日益忠誠的客戶群使我們能夠透過對 Allegiant Extra 等高端經濟產品表現出興趣併購買機上產品，以及我們的第三方酒店和租車產品以及現在的 Sunseeker Resort Charlotte Harbour，從而進一步脫穎而出。正如所指出的，去年12 月開業。我們近四分之三的客戶表示他們知道度假村，其中近一半的客戶居住在佛羅裡達州西南部有 Allegiant 服務的城市，因此他們會考慮住在那裡。

To date, nearly two-thirds of Sunseeker bookings have come from Allegiant customers, 40% are Allways Rewards members, and 20% are Allegiant co-brand credit cardholders. Sunseeker is a welcome addition to the Allegiant Travel Company family and enables us to give our customers more leisure travel products and rewards, enabling them to, as we like to say, live their best nonstop life with Allegiant.

迄今為止，近三分之二的 Sunseeker 預訂來自 Allegiant 客戶，40% 是 Allways Rewards 會員，20% 是 Allegiant 聯名信用卡持卡人。Sunseeker 是Allegiant Travel Company 大家庭中受歡迎的新成員，它使我們能夠為客戶提供更多休閒旅遊產品和獎勵，讓他們能夠像我們想說的那樣，與Allegiant 一起過上最美好的不間斷生活。

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

有了這個，我會把它交給德魯。

Thank you, Scott, and thanks to everyone for joining us today. A strong fourth quarter capped off our first full year revenue figure over $2.5 billion. While our 4Q TRASM of $0.1316 was down 6.2% versus the prior year, it was still more than 4% better than any fourth quarter before that. Further, the full year TRASM of $0.1338 was nearly 6% better than any prior year, punctuated by record ancillary performance more than $5 better year over year.

謝謝斯科特，也謝謝大家今天加入我們。強勁的第四季使我們的全年收入首次超過 25 億美元。雖然我們第四季的 TRASM 為 0.1316 美元，比去年同期下降了 6.2%，但仍然比之前任何第四季好 4% 以上。此外，全年 TRASM 為 0.1338 美元，比往年增長近 6%，其中創紀錄的輔助業績年增超過 5 美元。

The fourth quarter featured some modest ASM growth at plus 5.7% and ended on a high note with incredible close-in demand for the holiday periods. These weeks were -- these were weeks with already high expectations, and they exceeded those lofty goals. And as expected, the resilience in the peak weeks was met with normalizing peak to off-peak variants as in a typical leisure environment.

第四季 ASM 略有成長，增幅為 5.7%，並以假期期間令人難以置信的密切需求而告終。這幾週的期望已經很高，而且他們超越了那些崇高的目標。正如預期的那樣，高峰週的彈性得到了正常化，就像典型的休閒環境中的高峰到非高峰變化一樣。

Lastly, for 2023, on the heels of a monthly record in September, fixed fee strength continued to ramp in both the fourth quarter and full year set revenue records. Really a great all-around effort to achieve $611 million in total revenue for the quarter and a sincere thank you to all our Allegiant team members for making that happen.

最後，對於 2023 年，繼 9 月創下月度紀錄之後，固定費用強度在第四季度和全年均創下收入紀錄。本季總收入達到 6.11 億美元，這確實是一項偉大的全面努力，衷心感謝我們所有 Allegiant 團隊成員實現這一目標。

As we shift attention to the first quarter, growth will be back to muted at roughly 1%. Across the industry, weather took a toll on mid-January, and the impact to Allegiant was approximately 0.5 point ASM headwind for the quarter and about $2.5 million of revenue impact. Hats off to our operations teams for their excellent performance in keeping the airline on track amid the chaos of the storms.

當我們將注意力轉向第一季時，成長將回到 1% 左右的低迷水平。整個產業在 1 月中旬受到天氣影響，對 Allegiant 的影響是該季度 ASM 逆風約 0.5 個百分點，營收影響約 250 萬美元。向我們的營運團隊致敬，他們在風暴的混亂中使航空公司保持在正軌，表現出色。

I expect many of the same attributes discussed last quarter to persist. The peak weeks will remain incredibly strong, likely in line to higher than prior year in fact. Easter shifts into March, while it should be a TRASM good guide to the final week of the month, the shift is generally negative overall.

我預計上季討論的許多相同屬性將持續存在。高峰週將保持令人難以置信的強勁勢頭，實際上可能高於去年。復活節移至三月，雖然它應該是該月最後一周的 TRASM 良好指南，但總體而言，這種轉變通常是負面的。

A meaningful portion of spring break travel is compressing to one week, and we have only so much capacity to deploy. Good for unitized figures in that week at the expense of some total potential and the contribution of the other weeks, including weeks earlier in March future spring breaks moving to a line with Easter this year.

春假旅行的很大一部分被壓縮到一周，而我們只能部署這麼多容量。這週的整體數據有利，但會犧牲一些總潛力和其他幾週的貢獻，包括三月之前的幾週，未來的春假將與今年的復活節保持一致。

Continuing the overarching theme of normalcy in my remarks recently, I expect the first quarter sequential increase in TRASM to look normal relative to the 4Q '23 TRASM. As with most first quarters, the revenue will hinge on the peak weeks at the end, and with more than 50% of the revenue left to book, there is still a long way to go. Another result of the Easter shift will be a decent pull down of April capacity around 10% year over year.

繼續我最近講話中的正常性這一總體主題，我預計 TRASM 第一季的環比增長相對於 23 年第四季的 TRASM 看起來是正常的。與大多數第一季一樣，收入將取決於最後的高峰週，而且由於還有超過 50% 的收入需要預訂，因此還有很長的路要走。復活節轉變的另一個結果將是 4 月產能年減 10% 左右。

However, we're excited to bring much more capacity into our summer plan than originally anticipated. Our June through August capacity should see each month's ASM up mid- to high-single digits versus the same month in 2023, utilization increase (technical difficulty) of hour per aircraft per day. We still have a hill to climb to get all the way back to our peak utilization levels, but accomplishing these gains while still having the Boeing MAX transition training headwind is incredibly exciting.

然而，我們很高興能夠為我們的夏季計劃帶來比最初預期更多的容量。我們 6 月至 8 月的運能應該會看到每個月的 ASM 與 2023 年同月相比會出現中高個位數，每架飛機每天的使用率（技術難度）增加。要完全回到峰值利用率水平，我們還有很長的路要走，但在仍然面臨波音 MAX 過渡訓練逆風的情況下實現這些成果是令人難以置信的令人興奮。

And for some additional context, our plan starting around June is largely in line with our 2018 utilization levels, one for a reminder of how large our '18 to '19 utilization jump was; and two, in line with Greg's comments on our 2025 potential.

對於一些其他背景，我們從 6 月左右開始的計劃基本上與我們 2018 年的利用率水平一致，這提醒我們 18 年到 19 年的利用率跳躍有多大；兩個，與格雷格對我們 2025 年潛力的評論一致。

We also anticipate that we'll begin retrofitting existing 186-seat A320s with our popular Allegiant Extra seating configuration in the second quarter as well as introduce a new to us travel insurance product through our partners at (technical difficulty) goals both should help bolster our already strong but still improving ancillary program.

我們也預計，我們將在第二季開始使用我們廣受歡迎的Allegiant Extra 座椅配置對現有186 人座A320 進行改裝，並透過我們的合作夥伴在（技術難度）目標上向我們推出新的旅行保險產品，這兩者都應有助於增強我們的已經很強大但仍在改進的輔助計劃。

For the full year, we are guiding an ASM range of positive 2% to 6% year over year. This will include a more conservative approach to planning capacity in the back half of the year to provide downside risk mitigation both Boeing MAX deliveries are delayed and upside if one time. There's a lot of unknown and we wanted to be prudent in our process.

對於全年，我們指導 ASM 年比成長 2% 至 6%。這將包括對今年下半年的產能規劃採取更保守的方法，以緩解下行風險，因為波音 MAX 的交付將被推遲，但如果有一次的話，則會出現上行風險。有很多未知因素，我們希望在過程中保持謹慎。

I'll turn it over to Robert Neal to provide a bit more color on this and so much more.

我將把它交給 Robert Neal，以提供更多的資訊以及更多資訊。

Thanks, Drew, and good afternoon, everyone. Today, we reported our fourth-quarter and full-year 2023 financial results, which included an adjusted consolidated net income of $2.4 million and an adjusted earnings per share of $0.11 for the fourth quarter. This number includes approximately $12.8 million in preopening expenses for Sunseeker Resort. The airline recorded $15.9 million in adjusted net income for the quarter, yielding an adjusted airline-only EPS of $0.86.

謝謝，德魯，大家下午好。今天，我們公佈了 2023 年第四季和全年財務業績，其中第四季度調整後合併淨利潤為 240 萬美元，調整後每股收益為 0.11 美元。這一數字包括 Sunseeker Resort 度假村開業前約 1,280 萬美元的費用。該航空公司本季調整後淨利潤為 1,590 萬美元，調整後純航空每股收益為 0.86 美元。

Adjusted consolidated net income for the full year 2023 was roughly $137 million, yielding an adjusted earnings per share of $7.31, including approximately $33 million in expense related to Sunseeker. EBITDA for the full year was $472 million, excluding special charges, which is a 45% increase over 2022. The airline recorded an adjusted net income of $165 million for the year, yielding an adjusted airline full year EPS of $8.82, which was slightly ahead of our initial expectations and the airline generated over $500 million in EBITDA, excluding special items during the year.

2023 年全年調整後合併淨利潤約為 1.37 億美元，調整後每股收益為 7.31 美元，其中包括與 Sunseeker 相關的約 3,300 萬美元費用。全年 EBITDA 為 4.72 億美元，不包括特殊費用，比 2022 年增加 45%。該航空公司全年調整後淨利潤為1.65 億美元，調整後航空公司全年每股收益為8.82 美元，略高於我們最初的預期，並且該航空公司的EBITDA 超過5 億美元（不包括年內的特殊項目）。

Fuel cost came in at $3.09 per gallon for the full year, approximately 17% below the 2022 level. Our adjusted nonfuel airline unit costs ended 10.8% higher at $0.0812 for the full year, which was driven primarily by wage increases for frontline labor groups. This accounted for about 8.5 points of the increase. That's inclusive of our pilot retention bonus accrual, which was in effect May through December. The other main driver of unit cost increase was depreciation expense on lower asset utilization, which drove 1.5 points, and the rest of the increase came from a handful of other items.

全年燃油成本為每加侖 3.09 美元，比 2022 年低約 17%。全年調整後的非燃油航空公司單位成本上漲 10.8%，達到 0.0812 美元，這主要是由一線勞工群體的工資上漲推動的。這約佔增幅的8.5個百分點。這包括我們從 5 月到 12 月期間累積的飛行員保留獎金。單位成本增加的另一個主要驅動因素是資產利用率較低導致的折舊費用，這推動了 1.5 個百分點，其餘的成長來自少數其他項目。

On the balance sheet, we ended the year with just over $1.1 billion in total liquidity comprised of $870 million in cash and investments and $275 million in undrawn revolvers. Net debt at year-end was just under $1.4 billion. During the year, we prepaid approximately $210 million in 2024 debt maturities, including a $150 million payoff of senior secured notes in the fourth quarter.

在資產負債表上，我們年底的流動資金總額略高於 11 億美元，其中包括 8.7 億美元的現金和投資以及 2.75 億美元的未提取左輪手槍。年底淨債務略低於 14 億美元。年內，我們預付了 2024 年到期債務約 2.1 億美元，其中包括第四季償還的 1.5 億美元優先擔保票據。

Fourth quarter inline capital expenditures were $143 million, comprised of $120 million for payments related to aircrafts and engine and $23 million in other airline CapEx. Deferred heavy maintenance spend was $17 million during the quarter. Total airline CapEx for the full year was $568 million, and CapEx for Sunseeker Resort construction came in at $321 million, including $53 million in the fourth quarter.

第四季內嵌資本支出為 1.43 億美元，其中 1.2 億美元用於飛機和發動機相關付款，2,300 萬美元用於其他航空公司資本支出。本季遞延的大型維護支出為 1,700 萬美元。全年航空公司資本支出總額為 5.68 億美元，Sunseeker 度假村建設的資本支出為 3.21 億美元，其中第四季為 5,300 萬美元。

Turning to fleet, we retired one A319 aircraft during the fourth quarter, and we took delivery of one A320, which began revenue service during January of '24. We expect to take delivery of one additional A320 aircraft during the first quarter, which should enter service in the second quarter of '24. As of now, we are planning to retire eight of our oldest A320 aircraft during the year, down from 11 previously planned.

談到機隊，我們在第四季度退役了一架 A319 飛機，並接收了一架 A320，該飛機於 2024 年 1 月開始運作。我們預計將在第一季再接收一架 A320 飛機，該飛機應在 2024 年第二季投入使用。截至目前，我們計劃在年內退役 8 架最舊的 A320 飛機，低於先前計劃的 11 架。

As you might expect, we are actively discussing with Boeing changes to our 737 MAX delivery schedule for 2024. At the time of our last investor update, we were expecting to take delivery of our first MAX aircraft in the first week of 2024. As of now, we are estimating that deliveries will begin in late March or early April.

正如您所料，我們正在與波音積極討論更改 2024 年 737 MAX 交付計劃。在我們上次更新投資者資訊時，我們預計在 2024 年第一周接收第一架 MAX 飛機。截至目前，我們預計交貨將於三月底或四月初開始。

Our current estimates differ from contractual commitments as we are conservatively planning to take delivery of 12 and place into service 10 737 MAX 8200 aircraft by the end of this year. While the timing of these deliveries is uncertain, we are estimating capital expenditures by year-end to be approximately $790 million for the airline and $10 million for final payments related to Sunseeker construction. Airline CapEx is inclusive of $85 million for heavy maintenance spend and $160 million in non-aircraft CapEx, with the remaining $540 million attributable to aircraft and engine related payments.

我們目前的估計與合約承諾不同，因為我們保守地計劃在今年年底前接收 12 架 737 MAX 8200 飛機並投入使用 10 架 737 MAX 8200 飛機。雖然這些交付的時間尚不確定，但我們預計到年底，該航空公司的資本支出約為 7.9 億美元，以及與 Sunseeker 建設相關的最終付款為 1,000 萬美元。航空公司資本支出包括 8,500 萬美元的重型維修支出和 1.6 億美元的非飛機資本支出，其餘 5.4 億美元用於飛機和發動機相關支出。

With respect to 2024 financial results, given the uncertainty around timing of the estimated 12 aircraft deliveries, we are only prepared to speak to the first quarter of 2024 at this time. We expect to record an airline operating margin between 8% and 10% on ASM growth of just over 1% in the March quarter. This guidance assumes an average fuel cost of $2.85 per gallon. We do expect year-over-year nonfuel unit cost pressure in the first quarter related to our pilot retention bonus accrual, which was not in place during the first quarter of 2023.

至於 2024 年的財務業績，鑑於預計 12 架飛機的交付時間存在不確定性，我們目前只准備談論 2024 年第一季。我們預計，由於 3 月季度 ASM 成長略高於 1%，航空公司營運利潤率將在 8% 至 10% 之間。本指南假設平均燃料成本為每加侖 2.85 美元。我們確實預計第一季的同比非燃料單位成本壓力與我們的飛行員保留獎金應計相關，而該獎金在 2023 年第一季並未到位。

In closing, I want to add my thanks to all of our Allegiant team members for all they've accomplished in 2023. Our people worked tirelessly throughout the year, in particular, managing various major systems implementations. Delivering a 99.8% controllable completion is the key driver in the improved financial performance and a stabilized operation provides us the strong foundation necessary for us to improve peak period fleet utilization and better leverage our investments.

最後，我要對所有 Allegiant 團隊成員在 2023 年所取得的成就表示感謝。我們的員工全年不知疲倦地工作，特別是管理各種主要係統的實施。99.8%的可控完工率是改善財務表現的關鍵驅動力，穩定的營運為我們提高高峰期船隊利用率和更好地利用我們的投資提供了堅實的基礎。

Thank you. And with that, Sarah, we can begin taking analyst questions.

謝謝。莎拉，這樣我們就可以開始回答分析師的問題了。

(Operator Instructions) Savi Syth, Raymond James.

（操作員說明）Savi Syth，Raymond James。

Hey. Good afternoon. If I might, I can appreciate the lack of clarity on the full year with capacity. But I was wondering if you can provide a little bit more color on what's a historical Q over Q for unit revenue is? And also just on the unit cost, like what you're expecting for the first quarter on a year-over-year basis.

嘿。午安.如果可以的話，我可以理解全年產能的不明確性。但我想知道您是否可以提供更多關於單位收入的歷史 Q 比 Q 的資訊？還有單位成本，就像您對第一季同比的預期一樣。

Sherry, I'll take the first part of that. If you go back probably 2011 through 2019, the (technical difficulty) has been right about 2.5%, give or take, on TRASM.

雪莉，我先講第一部分。如果你回顧 2011 年到 2019 年，TRASM 的（技術難度）大約是 2.5%（無論多少）。

And then, Savi, on the cost side, as I mentioned, the first quarter should be elevated on a year-over-year basis, that should be the high point for a year-over-year comp. And that's nearly all driven by increases in wages for frontline labor groups. You will see some elevated costs in costs throughout the year. But I would expect that on a full year basis, we would have a unit cost level that's below what we turned in the first quarter.

然後，薩維，在成本方面，正如我所提到的，第一季的成本應該會比去年同期有所提高，這應該是同比比較的最高點。這幾乎全部是由第一線勞工群體工資上漲所推動的。全年成本都會上升。但我預計，從全年來看，我們的單位成本水準將低於第一季的水準。

That's helpful. And if I might just follow up in terms of what you're seeing on the demand side, is there any improvement on the pricing? I know in the fourth quarter, you called out off-peak pricing really weak. It sounds like peak pricing is still holding on. Just curious if you're seeing any change in the off peak pricing? Or is the fact that you're pointing to normal historical Q over Q then maybe not much of a change there?

這很有幫助。如果我可以跟進您在需求方面看到的情況，定價方面是否有任何改善？我知道在第四季度，您稱非高峰定價非常疲軟。聽起來高峰定價仍在持續。只是好奇您是否發現非高峰定價有任何變化？或者事實上您指的是正常的歷史 Q 而不是 Q，那麼那裡可能沒有太大變化？

Yeah. I would look back to just normal leisure seasonality right now. The spread we see between where peaks are and off-peaks are, while obviously, everything is meaningfully above pre-pandemic still, that spread looks about like it did pre-pandemic. So whatever you deem as the normal variance there is kind of what we're seeing.

是的。我現在會回顧正常的休閒季節性。我們看到高峰和非高峰之間的差距，雖然顯然，一切都有意義地高於大流行前，但這種差距看起來就像大流行前一樣。因此，無論你認為什麼是正常方差，我們都看到了這種情況。

Thank you.

謝謝。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey. Good afternoon and thanks for taking the questions. Maybe following up on Savi's line questioning there. I know you guys are only providing the airline only guidance for the first quarter, but how do we think about margin seasonality going into 2Q, maybe any initial indications on bookings especially, I think, Greg, you said that your peak capacity is going to be up pretty significantly versus where you were in '23. Is that right?

嘿。下午好，感謝您提出問題。也許會跟進薩維的線路詢問。我知道你們只為航空公司提供第一季的指導，但我們如何看待進入第二季度的利潤季節性，也許有任何關於預訂的初步跡象，特別是，我認為，格雷格，你說你的峰值運力將是與 23 年相比，有了相當大的提升。是對的嗎？

Hey, Brandon, it's Greg. I hit it at a high level, and then Drew could add any color kind of on the peak capacity. My point on that, though, is that we've level set operations to build back and fly more in the peak periods. I don't think -- in March, it will be a little bit more difficult for us to start ramping that up, particularly given the timing of the uncertainty around the Boeing deliveries. However, we have a clear line of sight to be able to start taking that up in the summer, this summer, but really hitting that or at least a path to hit the 20% increase by 2025.

嘿，布蘭登，我是格雷格。我達到了很高的水平，然後德魯可以在峰值容量上添加任何顏色。不過，我的觀點是，我們已經進行了水平設置操作，以在高峰期恢復和飛行更多航班。我不認為——在三月份，我們開始提高產量會有點困難，特別是考慮到波音交付的時間不確定性。然而，我們有一個清晰的目標，能夠在今年夏天開始採取這一行動，但真正實現這一目標，或至少是 2025 年實現 20% 成長的道路。

And as I think about the full year, just kind of back to the uncertainty of the delivery of the MAX aircraft, as you know, for us, months matter in a year, right? 80% of our earnings come in March, this summer and holidays. So we need to make sure that as we're planning, we're trying to get up and peak in those periods, as Drew will hit on it a little bit.

當我想到全年時，就回到了 MAX 飛機交付的不確定性，正如你所知，對我們來說，一年中的幾個月很重要，對吧？我們 80% 的收入來自三月、今年夏天和假期。因此，我們需要確保按照我們的計劃，我們在這些時期努力站起來並達到頂峰，因為德魯會稍微碰一下。

But I would say the cadence in the second quarter, I would expect op margin that should be the best quarter for us. So I'd expect second quarter sequentially to be higher than the first quarter. And full year, I expect us to be at or near industry-leading margins at our base case. I mean, maybe there's some upside in there. But we still think we put out a strong '24, but we just -- there's some uncertainty with some of the timing and moving parts. Drew, do you want to hit anything on that?

但我想說的是，第二季的節奏，我預期營運利潤率應該是我們最好的季度。因此，我預計第二季的業績將高於第一季。全年，我預計我們的基本情況將達到或接近行業領先的利潤率。我的意思是，也許這裡面有一些好處。但我們仍然認為我們推出了強勁的 24 週年，但我們只是 - 某些時間安排和活動部件存在一些不確定性。德魯，你想打什麼東西嗎？

I'll add maybe just a little bit, just be mindful that Easter comes out of April, which will be a meaningful revenue headwind as well as ASM, like I mentioned, about 10% coming out of April there. That will be a headwind. The lift we see in terms of that summer capacity will start really at the end of May into early June. And kind of based on timing of when we had confidence around the number of crew hours and pilot heads we have to be able to fly that. We're a little bit close in to be able to realize that in March. So we'll see that. I think it will be -- the good news will be kind of back-half weighted for the second quarter, but other than that, I agree with Greg's comments.

我可能會補充一點，請注意，復活節將在 4 月到來，這將是一個有意義的收入逆風，就像我提到的，ASM 大約會帶來 10% 的收入阻力。這將是一個逆風。我們看到夏季產能的提升將在五月底至六月初真正開始。有點基於我們對機組人員小時數和飛行員頭數有信心的時間，我們必須能夠駕駛它。我們距離在三月實現這一點已經很近了。所以我們會看到這一點。我認為，好消息將是第二季的後半部分加權，但除此之外，我同意格雷格的評論。

Okay. Appreciate it, guys. And then a quick one for Robert. How are you guys looking at financing that capital spending this year? What are alternatives that you're looking at now?

好的。非常感謝，夥計們。然後是羅伯特的快速發言。你們如何看待今年的資本支出融資？您現在正在考慮哪些替代方案？

Sure. Yeah. I'm glad you asked. We actually put out an RFP just in the first week of the year, and I've been really pleased with the results that came in to finance the MAX aircraft. You'll probably recall our first four aircraft are already committed to a financing agreement that we signed up last year, which is kind of a blend between finance lease and like a EETC structure, so it has two tranches and they're financing at 100% of their appraised value. And then after that, I suspect we'll tap into the bank market a little bit and look at finance leases. We're pretty focused right now on products that give us a lot of flexibility.

當然。是的。我很高興你問了。事實上，我們在今年第一週就發布了 RFP，我對 MAX 飛機融資的結果感到非常滿意。您可能還記得我們的前四架飛機已經承諾遵守我們去年簽署的融資協議，該協議是融資租賃和 EETC 結構的混合體，因此它有兩部分，融資利率為 100其評估價值的%。之後，我懷疑我們會稍微進入銀行市場並研究融資租賃。我們現在非常專注於為我們提供很大靈活性的產品。

And then late in the year, depending on the number of deliveries we have and what happens with the MAX 737 certification, I think we could go and look at the EETC product as well. But I think what all of those things have in common is those are financing products that lead the assets on the balance sheet.

然後在今年年底，根據我們的交付數量以及 MAX 737 認證的情況，我認為我們也可以去看看 EETC 產品。但我認為所有這些事情的共同點是這些融資產品主導著資產負債表上的資產。

Appreciate it. Thank you.

欣賞它。謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone. Thank you. Greg, you mentioned that your pilots and flight attendants are currently up and there's been a fair bit of movement with southwest and so on. Can you just level set on where discussions are today? And then have your accruals changed at all given where the market is? Thanks.

大家好。謝謝。格雷格，你提到你的飛行員和空服員目前已經上班，西南航空等方面也有相當多的變動。能簡單介紹一下今天的討論情況嗎？那麼考慮到市場的情況，您的應計費用是否改變了？謝謝。

I'll kick it off and then BJ may want to comment on the accruals. But in terms of where our labor agreements are at today, Conor, one, I mean we're very eager to get both agreements in place with our flight attendants. You may recall that went out to vote late last year, that was turned down, I think, by 60%, 40% voted against. So we've come back to the table with the TWD leadership and really working to address some of the areas of which that we think why it was voted down and get that back out to vote soon. So we're happy with the progress there.

我將開始討論，然後 BJ 可能想對應計項目發表評論。但就我們今天的勞工協議而言，康納，我的意思是我們非常渴望與我們的空服員達成這兩項協議。大家可能還記得，去年年底出去投票，被拒絕了，我想，有60%的人，有40%的人投了反對票。因此，我們與 TWD 領導層一起回到談判桌，並真正努力解決我們認為為何被否決的一些領域，並儘快將其重新投票。所以我們對那裡的進展感到滿意。

And in terms of pilots, we're actually in federal mediation. And so we started that at the early part of last year. I'm encouraged by some of the progress that was made late in '23. We actually TA'd in the past few months, we've talked with the TA a couple of sections. We're about to TA one or two more, we think. There's been changes to the union, the negotiating team on their side, which we're cautiously optimistic with that.

就試點而言，我們實際上正在接受聯邦調解。所以我們從去年年初就開始了這項工作。我對 23 年末的一些進展感到鼓舞。實際上，我們在過去的幾個月裡進行了助教，我們與助教討論了幾個部分。我們想，我們還要再幫助一兩個人。工會、談判團隊都發生了變化，我們對此持謹慎樂觀的態度。

As the company has and will continue to do, we're ready and prepared and we want to get a deal done that for both our flight attendants and pilots that they deserve. BJ, do you have anything on the approvals or the timing?

正如公司已經並將繼續做的那樣，我們已經做好了準備，我們希望為我們的空服員和飛行員達成應得的協議。BJ，您有關於批准或時間安排的任何資訊嗎？

Not really just -- I'll just share the accrual for the pilot retention bonus was (technical difficulty) at the end of the year. So that will continue to build up until we have an agreement with our pilots. And then we haven't made any changes to that or started accruing for anything on the flight attendants (technical difficulty) coming in place to pay out any type of bonus like that.

不只是——我只是分享年底飛行員保留獎金的應計金額（技術難度）。因此，這種情況將繼續增加，直到我們與飛行員達成協議。然後我們還沒有對此做出任何改變，也沒有開始為空服員（技術難度）累積任何費用來支付任何類型的獎金。

Okay. That's helpful. And then you mentioned the Sunseeker contribution and how it's going to take a little bit to get to maturity. But can you just speak what needs to change there? Is it really just an occupancy comment? Or is there induction costs that are kind of hitting at the early half part of this year? Just any thought process around that. Thank you.

好的。這很有幫助。然後您提到了 Sunseeker 的貢獻以及它如何需要一些時間才能成熟。但你能說說那裡需要改變什麼嗎？這真的只是一則入住評論嗎？或是今年上半年的入職成本會受到影響？只是圍繞這一點的任何思考過程。謝謝。

There's going to be some additional costs just to get it finalized while we opened probably quicker than we ideally would have liked be, but they're doing very well, putting all of it together. The -- on the -- just the revenue side, there's just a normal growth that you go through. We were unfortunate again, that we slipped from a planned October opening date into December.

為了最終確定，我們會產生一些額外的費用，而我們開業的速度可能比我們理想中的速度要快，但他們做得很好，把所有這些都放在一起。在收入方面，您會經歷正常的成長。我們再次不幸的是，我們從計劃的 10 月開業日期推遲到了 12 月。

And advanced bookings as a result, were being pushed in the most difficult (technical difficulty) of the year, the end of the year, December is always the weakest sales month. But we're seeing an uptick and the like. I think the really good news is that it's been (technical difficulty) well received on the food and beverage side and very, very nice crowds and things down there. The rooms are coming. Micah, do you want to just give a little quick overview on what's going on. Micah Richins is running the show for us down there.

而提前預訂也因此被推到了一年中最困難（技術難度）的時候，年末，12月始終是銷售最弱的月份。但我們看到了上升等情況。我認為真正的好消息是，它在食品和飲料方面受到了（技術難度）的好評，而且那裡的人群和事物也非常非常好。房間來了。Micah，您想快速概述一下正在發生的事情嗎？米卡·裡欽斯（Micah Richins）正在那裡為我們主持節目。

Happy to, Maury, and I appreciate the introduction on that. We're doing a lot of things over the past 45 days here at the property. Maury mentioned that we opened with a couple of the venues not ready to go that have recently coming online or have come online already. One of them was the rooftop pool. We brought that open last week.

很高興，莫里，我很欣賞對此的介紹。在過去 45 天裡，我們在飯店做了很多事。莫里提到，我們開設了一些尚未準備好開放的場館，但最近才上線或已經上線。其中之一是屋頂游泳池。我們上週把它開放了。

We've got one of our main restaurants, Blue Lime, which will come on this week. And we opened in December without one of our towers, one of the suite towers Iris. And that will also open up -- it actually opened up on Friday. We've been able to host several groups here in January, and we'll host several more in February. That bodes well for us.

我們的主要餐廳之一 Blue Lime 將於本週開幕。我們在 12 月開業時沒有其中一棟塔樓，其中一棟套房塔樓是 Iris。這也將開放——它實際上在周五就開放了。一月份我們已經在這裡舉辦了幾場團體活動，二月我們還將舉辦更多團體活動。這對我們來說是個好兆頭。

We need to be able to put group business through the house and then let them talk about the services they get. So we feel like we're on the right track. The property is performing well. And the last thing I would say is the shout out to our employees. Literally every -- it seems like every bit of feedback that we get, even if someone is noticing a shortfall, they rave about our employees. they rave about how hard they work, how much they enjoy being here, and how attentive they are to the customers. So we like where we're heading, and we're going in the right direction. We just need to keep building.

我們需要能夠在家裡開展團體業務，然後讓他們談論他們所獲得的服務。所以我們覺得我們走在正確的軌道上。該物業表現良好。我要說的最後一件事是向我們的員工大聲喊叫。從字面上看，似乎我們收到的每一點回饋，即使有人注意到了不足，他們也會對我們的員工讚不絕口。他們對自己的工作有多努力、有多享受在這裡的時光以及對顧客的關注程度讚不絕口。所以我們喜歡我們前進的方向，我們正在朝著正確的方向前進。我們只需要繼續建設。

Appreciate the thoughts. Thank you.

欣賞這些想法。謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey. Thanks. Maybe I'll stay right there. So can you just expand on what you were just saying. Can you let us know when you get to the full operational room count of 750 or maybe like a room count by quarter until you're fully there?

嘿。謝謝。也許我會留在那裡。那你能擴展一下你剛才所說的內容嗎？您能否告知我們何時達到 750 間全部可用客房數，或是否按季提供房間數，直到全部達到為止？

Absolutely, Duane. This is Micah. We'll be -- we'll actually have about 700 rooms occupied as of tomorrow. We start to host a couple of groups. And then, we'll be the full 785 by probably the end of this month.

絕對是，杜安。這是彌迦。截至明天，我們實際上將有大約 700 個房間入住。我們開始接待幾個小組。然後，我們可能會在本月底推出完整的 785。

That's great. Thanks. And then maybe for you or Maury, any anecdotes you can share on -- I know it's early, but on distribution so far, attach rates on allegiantair.com? Is this being purchased by customers who happen to be going to Punta Gorda anyway? Or are you able to convince people to kind of make the trip given the proposition down there? And how do you think about other channels like OTAs over time?

那太棒了。謝謝。然後也許對你或莫里來說，你可以分享任何軼事——我知道現在還為時過早，但到目前為止的發行情況，請在 allegiantair.com 上附上價格嗎？這是由剛好要去蓬塔戈爾達的顧客購買的嗎？或者你能說服人們根據那裡的建議進行旅行嗎？隨著時間的推移，您如何看待 OTA 等其他管道？

Let me put an overview on that. We have this very robust database. We're upwards of 15 million e-mails that we're sending out. And unfortunately, we didn't get started as soon as we probably should have, Duane. And so what we've been doing the last month, six weeks is introduction stuff. And I'll let Scott DeAngelo and Micah give you some overview on that.

讓我對此進行概述。我們有這個非常強大的資料庫。我們正在發送超過 1500 萬封電子郵件。不幸的是，我們沒有盡快開始，杜安。所以我們上個月六週所做的就是介紹性的事情。我將讓 Scott DeAngelo 和 Micah 給您一些概述。

But we probably are going to see that start to really, I hope, grab -- it's doing okay, and we see some good results when we have sales experiences. The word sales seems to be very powerful with the guys were purchasing.

但我希望，我們可能會看到這種情況真正開始，效果很好，當我們有銷售經驗時，我們會看到一些好的結果。對於購買的人來說，「銷售」這個詞似乎非常強大。

But it's just got to build. We've got to find the right avenues and the like. We've decided to go with the OTA point right now just to make sure we can get ourselves going. The interesting thing when you look at the OTAs, they really aren't that impactful as the cost side on very much percentagewise. It's not like the entire place is going to be sold by the online travel agencies. So that will be a nice way to boost the sales in the near term. Scott?

但它只是需要建造。我們必須找到正確的途徑等等。我們現在決定採用 OTA 點，只是為了確保我們能夠繼續前進。有趣的是，當你觀察 OTA 時，你會發現它們的影響力確實不如成本方面那麼大。並不是說整個地方都會被線上旅行社出售。因此，這將是短期內提高銷售量的好方法。史考特？

Yeah, a couple of additional thoughts. Just reiterating one of the points I raised in my opening comments. Right now, about two-thirds of the bookings are coming from Allegiant customer. So customers that we can match to the database, regardless of whether they bought it at allegiant.com or the Sunseeker Resort website. And you can look back for a couple of other stats I mentioned about how many are rewards members and cardholders.

是的，還有一些額外的想法。只是重申我在開場白中提出的觀點之一。目前，大約三分之二的預訂來自 Allegiant 客戶。因此，我們可以將客戶與資料庫進行匹配，無論他們是在 allegiant.com 還是 Sunseeker Resort 網站上購買的。您可以回顧我提到的有關獎勵會員和持卡人數量的其他一些統計數據。

On the OTA front, the other thing we discovered in the last couple of months, but early once it opened was the amount of website traffic coming from big metro feeder markets like Atlanta, New York, and Chicago. And so when you think about the 15 million customer e-mail database that Maury mentioned, while that does have strength in the midwest and other feeder areas, right? We don't play out of Atlanta, and we don't really serve New York City and Chicago in earnest. And so as a result, the OTA also became a great way to be able to reach those customers that we don't, quote-unquote, know. And Micah, I'd throw it over to you for any final thoughts.

在 OTA 方面，我們在過去幾個月發現的另一件事是，在其開放初期，來自亞特蘭大、紐約和芝加哥等大型地鐵支線市場的網站流量。因此，當您想到 Maury 提到的 1500 萬客戶電子郵件資料庫時，雖然該資料庫在中西部和其他支線地區確實具有優勢，對嗎？我們不在亞特蘭大比賽，我們也沒有真正認真地為紐約市和芝加哥服務。因此，OTA 也成為了接觸那些我們不認識的客戶的好方法。Micah，我會把它交給你，讓你聽聽最後的想法。

No, I think that's exactly right, Scott. I think the final thing I would say to you, Duane, is something I mentioned is -- for us, a good chunk of about 33% or so of the business that we will have here at the property will be related to groups. And for us, January and February have been critical in housing and handling those groups and then making sure that we execute on them. That's -- it's easier said than done in a property that's been open for 45 days.

不，我認為這是完全正確的，斯科特。我想我要對你說的最後一件事，杜安，就是我提到的——對我們來說，我們在該酒店擁有的大約 33% 左右的業務中，很大一部分將與團體有關。對我們來說，一月和二月對於容納和處理這些群體以及確保我們執行它們至關重要。對於已經開業 45 天的飯店來說，說起來容易做起來難。

It's important to note that they have gone well. Our clients have been very, very happy and excited. Groups are notorious for trying to avoid new properties, specifically because they are challenging, and there are all kinds of kinks that need to be worked out, but we're excited about the responses that we've gotten. Those people become raving fans and will speak to other people who can bring us business that will help us for what we think we'll see at the back half of '24 and certainly into '25.

值得注意的是，他們進展順利。我們的客戶非常非常高興和興奮。團體因試圖避免新財產而臭名昭著，特別是因為它們具有挑戰性，並且有各種各樣的問題需要解決，但我們對收到的回應感到興奮。這些人成為狂熱的粉絲，並會與其他可以為我們帶來業務的人交談，這將幫助我們實現我們認為在 24 年下半年甚至到 25 年將會看到的目標。

Okay, great. I have more questions on it, but I'll leave it there for now. Thank you.

好的，太好了。我對此還有更多疑問，但我暫時將其留在那裡。謝謝。

Sounds good.

聽起來不錯。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

Hey. Just a couple here and maybe just to kind of continue down this theme on Sunseeker. You've given us the number of rooms. You've given us the occupancy rate and the daily -- average daily rate. As we sort of multiply that out to get to a top line number, what would be the gross up to get to a final number? Like what percent of total spend is -- does maybe the room piece represent? Like if you're staying there, is there another 50% on top of that you ultimately spend at either the golf course, the restaurants, et cetera. I'm just trying to get to a top line number here for Sunseeker.

嘿。這裡只有幾個人，也許只是為了在 Sunseeker 上繼續這個主題。您已向我們提供了房間數量。您已經向我們提供了入住率和每日平均每日房價。當我們將其相乘得到頂行數字時，得到最終數字的總和是多少？例如佔總支出的百分比是多少──也許房間的部分代表了？就像如果你住在那裡，除了你最終花在高爾夫球場、餐廳等地方的錢之外，還有另外 50% 的錢嗎？我只是想了解 Sunseeker 的頂線數字。

Go ahead, Micah.

繼續吧，米迦。

Yeah, I feel like I think 50% is close. I guess it depends on the customer. It depends on how many people are in the room. But by the time you look at the 20 different venues that you got on property to consume food and beverage, which incidentally has been performing extremely well, when you add to that, the opportunity for spa, for retail, and certainly for golf, I think that's a good number to use as a measure.

是的，我覺得 50% 已經接近了。我想這取決於客戶。這取決於房間裡有多少人。但是，當您查看酒店內 20 個不同的餐飲場所（順便說一句，這些場所的表現非常好）時，如果再加上水療、零售，當然還有高爾夫的機會，我會發現我認為這是一個很好的衡量標準。

Okay. Great. And then just my second question, on the OTA piece, I mean, this is very un-Allegiant to actually do some distribution outside of your control. Is this just to get up and running with Sunseeker and then ultimately, you bring it all back in-house? Or is this maybe the start of what I will refer to as maybe a bifurcated type model?

好的。偉大的。然後是我的第二個問題，關於 OTA 部分，我的意思是，實際上在你的控制範圍之外進行一些分發是非常不忠誠的。這是否只是為了與 Sunseeker 一起啟動並運行，然後最終將其全部帶回內部？或者這可能是我所說的分叉型模型的開始？

And I guess, just as kind of a corollary, let's see I go through an OTA, and I book Sunseeker, how do I do the airline add-on? Do I have to then separately go through the Allegiant website? Or can I actually now -- is it possible that I can buy the Allegiant airline piece by way of the OTA? Just curious how that.

我想，作為一種推論，讓我們看看我透過 OTA 預訂了 Sunseeker，我該如何添加航空公司附加服務？我是否必須單獨造訪 Allegiant 網站？或者我現在可以——我可以透過 OTA 購買忠誠航空公司的產品嗎？只是好奇怎麼會這樣。

You're way ahead of us, Michael. We didn't consciously think we'd be doing OTA going into this. But given just where we were and more importantly, what really kind of made me think that we could go do it is it's just not a big component of the sales.

你遠遠領先我們，麥可。我們並沒有有意識地認為我們會透過 OTA 來解決這個問題。但考慮到我們所處的位置，更重要的是，真正讓我認為我們可以這樣做的是，它並不是銷售的重要組成部分。

Okay.

好的。

We think of a normal hotel that just sells rooms and it's 95% of their revenue. So that 20% off the top is a big number. But we're -- this is going to be, I'm guessing, 10% to 20% of our room revenue type of thing.

我們認為一家普通的飯店只銷售客房，這佔了其收入的 95%。所以說 20% 的折扣是一個很大的數字。但我猜，這將占我們客房收入的 10% 到 20%。

Okay.

好的。

We've got a cost and it's just not a big, huge number that's going to be meaningful. And to get to Scott's -- D's point, we need to have some distribution in some of these bigger cities. So Micah is very experienced working with these people, and he made the case, and we thought it was a good idea.

我們有成本，但這個數字並不是一個很大的數字，沒有意義。為了達到斯科特-D 的觀點，我們需要在一些較大的城市進行一些分銷。Micah 在與這些人合作方面非常有經驗，他提出了這個案例，我們認為這是一個好主意。

Yeah. I would simply just add to that. We take a very vigilant approach of unlike air, where you really lose your chance to sell third party and/or certain ancillary when you go through OTA, the hotel, right? As soon as you're there, F&B, golf, spa, all of those things are sold directly. And so we grab that revenue without any chunk out there.

是的。我只想補充一下。我們採取了與航空不同的非常警惕的做法，當你通過OTA、酒店時，你真的失去了銷售第三方和/或某些輔助產品的機會，對吧？一到那裡，餐飲、高爾夫、水療，所有這些東西都是直接出售的。因此，我們在沒有任何收入的情況下攫取了這筆收入。

Also a very vigilant strategy to -- at Allegiant or an airline, it's not as highly as an engaged purchase as a resort, of course. And so capturing someone's information and being able to target them directly for their second trip, that's something that is obviously going to be done throughout your resort stay, right? We know who you are. We have information. So we feel good about our chance. Even if you booked through a third party your first stay that you'll be coming back and booking directly through Allegiant or sunseekerresorts.com your second.

這也是一個非常警惕的策略——在 Allegiant 或航空公司，當然，它不像度假村那樣高度參與購買。因此，捕獲某人的信息並能夠直接針對他們的第二次旅行，這顯然是您在度假村住宿期間要做的事情，對嗎？我們知道你是誰。我們有資訊。所以我們對自己的機會感到很高興。即使您第一次住宿是透過第三方預訂的，您在第二次住宿時也會直接透過 Allegiant 或 sunseekerresorts.com 預訂。

And Michael, just one -- just to answer one of your questions. The airline, there's no plan or intention for the airline to be listed on the OTAs. That will remain direct distribution. And the package were to take place with the airlines, that would go through allegiantair.com to get that package.

邁克爾，只是為了回答你的一個問題。航空公司目前沒有計劃或意圖在 OTA 上上市。這仍將是直接分配。該包裹將由航空公司發送，航空公司將透過 allegiantair.com 取得該包裹。

I think it makes a lot of sense what you're doing. So thanks. Thanks for answering my questions.

我認為你所做的事情很有意義。那謝謝啦。謝謝回答我的問題。

No problem. Yeah. No, we agree. It's a good short-term thing. And just a little tidbit, we started back in the early '20s -- 2000s. A third of customers on our airplanes used to be buying a hotel. We don't get a third of the customers now because the MGMs of the world have got their data and they go direct to them, which is -- will be a tactic we'll use.

沒問題。是的。不，我們同意。這是一個短期的好事情。順便說一句，我們從 20 世紀 20 年代初到 2000 年代就開始了。我們飛機上三分之一的乘客曾經買過飯店。我們現在沒有獲得三分之一的客戶，因為世界各地的米高梅已經獲得了他們的數據，並且他們直接聯繫他們，這將是我們將使用的策略。

Very good. Thank you.

非常好。謝謝。

Thank you.

謝謝。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Thanks to everyone. So I think you guys have done a really good job on the airline side of improving operational reliability and kind of basically getting the service back in the air. When do you think we get back to like a normalized level of EPS? And kind of where does that look like compared to what you guys did in 2023? Is that 2024 thing? Is it 2025? When does the normalization occur?

謝謝大家。所以我認為你們在航空公司方面做得非常好，提高了營運可靠性，基本上恢復了空中服務。您認為我們什麼時候才能恢復到 EPS 的正常水準？與你們在 2023 年所做的相比，這看起來怎麼樣？那是2024年的事嗎？是2025年嗎？正常化何時發生？

Ravi, hey. It's Greg. Why don't I kick it off here. And then the restoration, I think we have a clear path to restore margins back to pre-pandemic levels. Labor costs, that's a big headwind that we're facing today, not just us, the industry. But we think a lot of the tailwinds. Utilization that we talked, about peaking the peaks, we think that can offset and then maybe even some on the labor cost. We talked about MAC aircraft, bringing those on.

拉維，嘿。是格雷格。我為什麼不從這裡開始呢？然後是恢復，我認為我們有一條明確的路徑可以將利潤率恢復到疫情前的水平。勞動成本，這是我們今天面臨的一大阻力，而不僅僅是我們這個產業。但我們認為有很多有利因素。我們談到的利用率，關於達到峰值，我們認為這可以抵消，甚至可能抵消一些勞動成本。我們討論了 MAC 飛機，把它們帶上了。

They have 20% economic advantage, fuel burn advantage that we think will be helpful in that regard. Several revenue initiatives, co-brand, the insurance that Drew talked about, trip insurance, the [PolyOne], Navitaire, there's some enhanced efficiencies that we're working through that we think will be meaningful.

他們有 20% 的經濟優勢和燃油消耗優勢，我們認為這在這方面會有所幫助。一些收入舉措、聯合品牌、德魯談到的保險、旅遊保險、[PolyOne]、Navitaire，我們正在努力提高效率，我們認為這些措施將是有意義的。

So I think all in all --

所以我認為總而言之--

Don't forget, Viva.

別忘了，維瓦。

Yeah. Viva as well, which we'll see the timing on that. I think all in all, managing costs as well is key in our variable cost components where we can make sure that we're matching capacity with demand. But the short answer is, I think we step up, we continue to step up. And by '25, '26, I think those are years that we were peaking the peak, that really shows the power of the model. And we think by '25 in those peak periods, we can be back to that based on what we see today. And that's where we're going to get there.

是的。Viva 也是如此，我們將看到具體時間。我認為總而言之，管理成本也是我們變動成本組成的關鍵，我們可以確保產能與需求相符。但簡短的回答是，我認為我們會加強，我們會繼續加強。到了 25 年、26 年，我認為那些年我們已經達到了頂峰，這確實顯示了該模型的力量。我們認為，到 25 年，在那些高峰期，我們可以根據今天所看到的情況回到那個時期。這就是我們要達到的目標。

Got it. That's really helpful. On topic of Viva, and there were some headlines that of Mexico recently. Any thoughts on what that does with the Viva relationship.

知道了。這真的很有幫助。關於萬歲（Viva）的話題，最近有一些關於墨西哥的頭條新聞。關於這對 Viva 關係有何影響的任何想法。

No, let me take it off, Maury?

不，讓我把它脫下來吧，莫里？

Sure. Go ahead.

當然。前進。

Yeah. I'd say we're still very confident that our ATI approval will take place, not a matter of if but when. It's very pro competition, pro-consumer. And we're working as diligently as we can to get it approved as soon as possible, but it's getting caught up in some of the heavy politics between Mexico and the DOT and everything. But Maury, you're pretty close to it as well. If you want to add.

是的。我想說的是，我們仍然非常有信心獲得 ATI 的批准，這不是是否會發生的問題，而是何時發生的問題。這是非常有利於競爭、有利於消費者的。我們正在盡最大努力爭取盡快獲得批准，但它陷入了墨西哥和交通部之間的一些激烈的政治鬥爭以及其他一切。但是莫里，你也已經很接近了。如果你想添加的話。

No. I think the US government and the Mexican government are squabbling over technical things, candidly, a good bottle of tequila and a sit down at the table will get it solved. But that doesn't seem to be in the works in the next week or two. So -- we also have a labor front where we have to deal with it. So hopefully, we'll get it by the back half of the year, but don't take that as a forecast. But I'd like to see us move forward. It's going to be a terrific partnership.

不。我認為美國政府和墨西哥政府正在為技術問題爭吵，坦白說，一瓶好龍舌蘭酒，坐在餐桌旁就能解決問題。但這似乎不會在接下來的一兩週內進行。所以——我們也有一個勞工陣線，我們必須處理這個問題。因此，希望我們能在今年下半年實現這一目標，但不要將此視為預測。但我希望看到我們繼續前進。這將會是一次非常棒的合作。

Thanks, Maury. If you do the tequila meet-up at Sunseeker, please invite some of us as well.

謝謝，莫里。如果您在 Sunseeker 舉辦龍舌蘭酒聚會，請也邀請我們中的一些人。

Helane Becker, TD Cowen.

海蘭·貝克爾，TD·考恩。

Thanks very much, operator. Hi, everybody. So as I look at the numbers for the airline only for now, can you speak to how we get back to 2018, 2019 margins?

非常感謝，接線生。大家好。我現在只查看航空公司的數據，您能否談談我們如何恢復 2018 年、2019 年的利潤率？

Go ahead.

前進。

Okay. All right. You're the man. Yeah, it's pretty similar, I say, I think, Helane, just chatting with Ravi, but I'll try and give it from another perspective. One, I think fuel 2019, I think fuel was at $2.12 per gallon. It's a little bit higher right now. While fuel could be somewhat of a pass through that lower price would be helpful from a margin perspective.

好的。好的。你就是那個男人。是的，這非常相似，我說，我想，海蘭，只是和拉維聊天，但我會嘗試從另一個角度來闡述。第一，我認為 2019 年的燃油價格為每加侖 2.12 美元。現在有點高了。雖然燃料可能在某種程度上是一種傳遞，但從利潤角度來看，較低的價格將是有幫助的。

I think on the pilot situation where we talk about one hour peak in addition -- sorry, one hour of increased utilization in those peak periods, the pilot situation is kind of -- that's been the largest constraint in all peak period, that's loosening itself up. And so we're able to kind of layer that in on top. And one hour more in peak flying is worth roughly, in a full year, is worth $100 million. So that's 4 points of margin right there that you could add back.

我認為在試點情況下，我們還討論了一小時高峰 - 抱歉，在這些高峰期增加了一小時的利用率，試點情況是 - 這是所有高峰期中最大的限制，它本身正在放鬆向上。所以我們可以將其分層。高峰飛行時間多一小時的價值約為一整年價值 1 億美元。因此，您可以將 4 個點的利潤加回。

Keep in mind, we're accruing for the pilot costs. We started that in May of last year. And then just some of the other initiatives that we talked about, Allegiant Extra, co-brand, I mean, those are ways -- Viva -- that we think those are ways that will be accretive to where we sit today and continue to grow and help us restore our pre-pandemic earnings. (multiple speakers)

請記住，我們正在收取試點費用。我們從去年五月就開始了。然後是我們談到的其他一些舉措，Allegiant Extra、聯合品牌，我的意思是，這些都是 Viva 的方式，我們認為這些方式將增加我們今天的地位並繼續增長並幫助我們恢復大流行前的收入。（多個發言者）

Since Greg, you mentioned fuel, it's directly related to how much you want to operate the airline and off-peak periods as well. We aren't constrained operationally, but rather by that offset of demand and fuel in the off peaks. And we think there's probably 30 minutes to 60 minutes of 2023, overall utilization that was impacted by the high fuel price. So bringing that back down brings us more operations and often period, which are going to trip to the bottom line, of course.

格雷格，您提到了燃料，這與您對航空公司的營運意願以及非高峰期的營運程度直接相關。我們不受營運方面的限制，而是受到非高峰時期需求和燃料的抵銷的限制。我們認為，到 2023 年，整體利用率可能會受到高油價影響的 30 分鐘到 60 分鐘。因此，降低這一點會為我們帶來更多的營運和週期，當然會觸及底線。

Yeah. Helane, we also -- if you average the first and second quarters last year, we were at 17%, 18% operating margins even with over $3 a gallon fuel in the first quarter. So we know how to play at that level, but there's just things that are going on. That are one-offs, particularly labor costs in the back half of the year that we're having to readjust and get to, and we need productivity as well to get back, but we very much intend to get back to those numbers, and we had a very, very good first half of the year.

是的。Helane，如果你將去年第一季和第二季的平均值計算出來，即使第一季每加侖燃油超過 3 美元，我們的營業利潤率也只有 17% 和 18%。所以我們知道如何在這個級別上比賽，但有些事情正在發生。這是一次性的，特別是下半年我們必須重新調整和達到的勞動力成本，我們也需要生產力來恢復，但我們非常打算恢復到這些數字，並且今年上半年我們過得非常非常好。

Great. Exactly so. Okay. Thanks very much. I -- most of my other questions have already been asked and answered. Thanks.

偉大的。正是如此。好的。非常感謝。我——我的大多數其他問題已經被提出並得到回答。謝謝。

Thanks, Helane.

謝謝，海蘭。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港全球公司。

Hey. Good afternoon. Thanks, guys. A clarification on one of the prior questions here. The 20% upside in utilization. And if I heard that correctly, I think the timing was 2025 or 2026 based on the response to an earlier question. I guess, just clarifying that messaging -- is it that we could potentially be looking at normalized earnings, say, in 2025 or 2026? Is it that simple? Or are there other things that you're looking at here as well?

嘿。午安.多謝你們。此處對先前的問題之一進行澄清。利用率提升 20%。如果我沒聽錯的話，根據對先前問題的回答，我認為時間是 2025 年或 2026 年。我想，只是澄清一下這一信息——我們是否有可能在 2025 年或 2026 年考慮標準化收益？真有這麼簡單嗎？或者您還在這裡關注其他內容嗎？

There's other things. But yes, I mean, that's the key, we think, a key driver to normalizing or restoring those earnings, Dan. Just to pay a little bit more detail, like, for example, in 2023 July, a very peak month, our average aircraft utilization was 7.5 hours compared to 9.8 hours in 2019. And so just -- that's a little over 20%. And we think we have a plan to restore that by the time we get into 2025. And in 2024, we're going to layer in and narrow that gap. But we think by the time we get to '25 is when we could fully restore it.

還有其他事情。但是，是的，我的意思是，我們認為這是關鍵，是使這些收入正常化或恢復的關鍵驅動力，丹。更詳細一點，例如，在 2023 年 7 月，一個非常高峰的月份，我們的平均飛機利用率為 7.5 小時，而 2019 年為 9.8 小時。所以只是——略高於 20%。我們認為我們有計劃在 2025 年之前恢復這一狀況。到 2024 年，我們將分層縮小這一差距。但我們認為到 25 歲的時候我們就可以完全恢復它了。

Nice. Okay. And then in the past, you guys have called out a booking experience for Sunseeker that was not in line with the resort hotel peer set. Can you mind -- can you remind us of when that is remedied and how big the revenue penalty in 2024 is? I guess I'm just trying to reconcile the occupancy rate here and the average daily rate of $350. It just seems a little bit low. I mean, I know it's a lot higher than the -- I think, the $255 or so that you base the resort on, but if you could maybe just add some additional color there.

好的。好的。過去，你們曾指出 Sunseeker 的預訂體驗與度假村飯店同行的設定不符。您介意嗎？您能提醒我們什麼時候可以解決這個問題以及 2024 年的收入損失有多大嗎？我想我只是想協調這裡的入住率和 350 美元的日均費用。只是看起來有點低。我的意思是，我知道它比你建造度假村的 255 美元左右要高得多，但如果你可以在那裡添加一些額外的顏色的話。

Micah?

彌迦？

I would say that based on what we're seeing right now and the sequential growth that we're going and seeing that we feel comfortable with that guide. There's certainly the opportunity for it to be better depending upon if we gain traction more quickly. But we wanted to present something that we felt was a good level set on expectations.

我想說的是，基於我們現在所看到的情況以及我們將要進行的連續增長，並且看到我們對該指南感到滿意。當然，它有機會變得更好，這取決於我們是否能更快地獲得牽引力。但我們想呈現一些我們認為符合預期的良好水平的東西。

Understand. Okay. If I can squeeze -- go ahead, yeah. I'm sorry.

理解。好的。如果我可以擠——繼續，是的。對不起。

Just a little other comment. There's been so many ups and downs over when we started this thing in terms of the pandemic and the pricing that went on in '21. I remember looking $2,000 a night. Hotels were off the charts. And then the cost of construction and all of the things are -- it's just a different animal in many ways than what we talked about in the early days with John and the like.

只是一點其他評論。當我們開始做這件事時，就大流行和 21 年的定價而言，經歷了許多起起落落。我記得一晚要花 2,000 美元。酒店的表現超乎想像。然後是建築成本和所有的事情——它在很多方面都與我們早期與約翰等人談論的動物不同。

So my expectations are we're going to have to reset and level set. But the demand should be there and we're getting a pretty good unit revenue on a daily basis stuff. So we'll have to -- we'll be talking to you over in the coming months as we get a baseline underneath it.

所以我的期望是我們將不得不重置並設定水平。但需求應該存在，而且我們每天都能獲得相當不錯的單位收入。所以我們必須——我們將在未來幾個月內與您討論，因為我們得到了一個基準。

Okay. Thanks for that. And then just the last question is the booking experience, is that up to -- is it competitive with the peer set at this point?

好的。感謝那。最後一個問題是預訂體驗，這取決於目前的同行是否具有競爭力？

Not on allegiant.com. Our apologies, we just figured out what you were asking. If you're talking about that functionality where at allegiant.com right, you have to pay for everything at once versus being able to just leave a one-night deposit, that should be delivered into March. And at that point, allegiant.com will be at the same functionality.

不在 allegiant.com 上。抱歉，我們剛剛弄清楚您在問什麼。如果你在 allegiant.com 上談論這個功能，你必須一次性支付所有費用，而不是只能留下一晚的押金，押金應該在三月交付。屆時，allegiant.com 將具有相同的功能。

In the meantime, though, it's worth mentioning on the website, if you go play around there and type in anything into Punta Gorda, Sarasota, et cetera, you'll see a pop-up that will direct you straight to their site. So that's how we're getting so many of our eyeballs given that we see 150 million unique web users a year to get over to the Sunseeker site and get that streamlined functionality. So we're trying a bunch of ways while we wait for the late March fix to be in.

不過，與此同時，該網站值得一提的是，如果您在那裡玩並在蓬塔戈爾達、薩拉索塔等地輸入任何內容，您將看到一個彈出窗口，將直接引導您進入他們的網站。這就是我們吸引如此多眼球的原因，因為我們每年看到 1.5 億個唯一網路用戶造訪 Sunseeker 網站並獲得簡化的功能。因此，在等待 3 月底修復的同時，我們正在嘗試多種方法。

Understood. Well, congrats on Sunseeker. It's a beautiful resort, you guys. Thanks for the time.

明白了。好吧，恭喜聖瑪麗。這是一個美麗的度假村，你們。謝謝你的時間。

Well, I think, Dan, just so the audience knows that we're behind probably, candidly, where we might have been if we really had integrated and had a very focused start date. And we're putting all that together now with the teams start testing and finding out what works, what's effective and things like that.

好吧，我想，丹，只是為了讓觀眾知道我們可能落後了，坦率地說，如果我們真的整合並有一個非常集中的開始日期，我們可能會落後。我們現在正在將所有這些放在一起，團隊開始測試並找出什麼有效，什麼有效等等。

And the two websites, candidly, as Scott said, we have 150 million people coming through, there was that 3 million a day type of thing. And Sunseeker doesn't get near that type of traffic. So we definitely want to be mindful of how to balance that and push the traffic over to those guys efficiently and easily.

坦白說，正如斯科特所說，這兩個網站有 1.5 億人訪問，每天有 300 萬人訪問。Sunseeker 無法接近這種類型的交通。因此，我們肯定要注意如何平衡這一點，並有效、輕鬆地將流量推給這些人。

Christopher Stathoulopoulos, Susquehanna.

克里斯托弗·斯塔索洛普洛斯，薩斯奎哈納。

Hey. Good afternoon. Thanks for taking the questions. I just want to clarify your comment with respect to non-RevPAR -- I guess, non-room revenue. So getting to an implied RevPAR around $210 million for the non-room piece, did I hear you say 50% of the total?

嘿。午安.感謝您提出問題。我只是想澄清一下您對非 RevPAR 的評論——我猜是非客房收入。那麼，非客房部分的隱含 RevPAR 約為 2.1 億美元，我是否聽到您說佔總數的 50%？

That's correct.

這是正確的。

Okay. Great. And then on the airline side, just some color in terms of the perhaps composition and distribution of your capacity this year, including the new Boeing aircraft. So thinking about departure, stage engage, and the markets where you anticipate growing the most. Thank you.

好的。偉大的。然後在航空公司方面，只是今年運力的組成和分佈方面有一些色彩，包括新的波音飛機。因此，請考慮離開、階段參與以及您預計將成長最快的市場。謝謝。

Sure. I'll probably stop short of telling everyone where we're going to be growing the most. But I think in general, looking around mid-singles for growth, I think we're 2% to 6% for the year with some upside coming in the summer that I talked about in the prepared remarks. I think we have a little benefit from stage engage this year that will outpace simply the seat growth.

當然。我可能不會告訴大家我們在哪裡成長最快。但我認為總的來說，看看中單的成長，我認為今年我們的成長率為 2% 到 6%，夏季會出現一些上升趨勢，我在準備好的演講中談到了這一點。我認為今年我們從舞台參與中獲得了一些好處，這將超過座位的成長。

Kind of similar to Robert's comments, it's a little hard to give great detail on the back half of the year that there's still some details maybe worked out in terms of the cadence and timing of Boeing deliveries to fully round out that answer. But as we think about summer, we're not as dependent on the MAX, certainly through 2Q and only slightly so into 3Q. So I feel pretty good about where we stand there. Just stay tuned for DO updates in the next couple of weeks. It'll have a lot more for you.

與羅伯特的評論有點相似，很難提供今年下半年的詳細信息，因為在波音交付的節奏和時間方面仍有一些細節可能會得到解決，以全面完善這個答案。但當我們考慮到夏季時，我們並不那麼依賴 MAX，當然到了第二季度，進入第三季度時也只是略微依賴。所以我對我們的立場感覺很好。請繼續關注 DO 在接下來幾週內的更新。它會帶給你更多。

Okay. Thank you.

好的。謝謝。

That is all the time we have for Q&A. I will turn the call to Maury Gallagher for closing remarks.

這就是我們進行問答的所有時間。我將請莫里‧加拉格爾 (Maury Gallagher) 致閉幕詞。

Thank you all very much for your time as usual. And we appreciate your interest and your questions. Follow-up questions direct through Sherry and her team, and we'll be talking to you in 90 days. Thank you very much. Have a good week. (multiple speakers)

非常感謝大家像往常一樣抽出時間。我們感謝您的興趣和問題。直接透過 Sherry 和她的團隊提出後續問題，我們將在 90 天內與您聯繫。非常感謝。祝你一周愉快。（多個發言者）

This concludes your conference call. Thank you for listening. You may now disconnect your lines.

您的電話會議到此結束。感謝您的聆聽。現在您可以斷開線路。