Allegiant Travel Co (ALGT) 2024 Q3 法說會逐字稿

Thank you for standing by my name is Mandeep and I'll be your operator today. At this time. I'd like to welcome everyone to the Allegiant Travel Company third quarter 2024 earnings call. (Operator instructions)

感謝您支持我的名字是 Mandeep，今天我將擔任您的接線生。此時。歡迎大家參加 Allegiant Travel Company 2024 年第三季財報電話會議。（操作員說明）

Thank you. I would now like to turn the call over to Sherry Wilson, Managing Director of Investor Relations. You may begin.

謝謝。我現在想將電話轉給投資者關係董事總經理雪莉威爾森 (Sherry Wilson)。你可以開始了。

Thank you. Welcome to the Allegiant Travel Company's third quarter 2024 earnings call. We will begin today's call with Greg Anderson, President and CEO, providing an update on our business and high-level overview of our results. Drew Wells, Chief Commercial Officer, will walk through our revenue and customer performance. And finally, Robert Neal, Chief Financial Officer, will speak to our financial performance. We have added a slide deck to be viewed in conjunction with today's call.

謝謝。歡迎參加 Allegiant Travel Company 的 2024 年第三季財報電話會議。我們將首先與總裁兼執行長格雷格·安德森（Greg Anderson）進行電話會議，介紹我們的業務最新情況以及對我們業績的高級概述。首席商務官德魯威爾斯 (Drew Wells) 將介紹我們的收入和客戶績效。最後，財務長羅伯特·尼爾將談論我們的財務表現。我們新增了一個幻燈片，可以與今天的電話會議一起查看。

Following commentary, we will 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.

評論結束後，我們將開放提問。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。

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.

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 undue reliance on forward-looking statements, which may be based on assumptions and events that do not materialize. To view the 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。若要查看收益發布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 Greg.

接下來，我會轉給格雷格。

Thank you, Sherry, and good afternoon, everyone. As you know, Hurricanes Helene and Milton caused extensive damage and destruction to areas of Florida and North Carolina. We extend our heartfelt thoughts to all the families and individuals impacted by those storms. Both of which impacted communities where Allegiant team members live and work.

謝謝你，雪莉，大家下午好。如您所知，颶風海倫和米爾頓對佛羅裡達州和北卡羅來納州地區造成了廣泛的破壞和破壞。我們向所有受風暴影響的家庭和個人表示衷心的哀悼。這兩者都影響了 Allegiant 團隊成員生活和工作的社群。

As an organization closely connected with our communities, we are dedicated to aiding recovery efforts. We have and continue to provide essential aid to affected areas by working with national organizations. We deployed our care support team to assist and operated relief flights to help get individuals out of harm's way. I'm incredibly proud of our team for prioritizing the safety of our customers and one another. Thank you to the Allegiant family for all you've done. With that, let me turn to an update on our business.

作為一個與社區緊密聯繫的組織，我們致力於幫助復原工作。我們已經並將繼續與國家組織合作，向受影響地區提供必要的援助。我們部署了護理支援團隊來提供協助，並營運救援航班來幫助人們擺脫傷害。我為我們的團隊優先考慮客戶和彼此的安全感到無比自豪。感謝 Allegiant 家族所做的一切。接下來，讓我談談我們業務的最新情況。

As you saw in our August traffic update reported in September, our business continues to improve. With demand coming in stronger than expected, TRASM turned positive in the back half of the month of September and fuel prices were slightly lower than previously estimated.

正如您在 9 月報告的 8 月流量更新中看到的那樣，我們的業務持續改善。由於需求強於預期，TRASM 在 9 月下半月轉為正數，燃油價格略低於先前估計。

For the third quarter, airline operating income was positive in what is our seasonally weakest quarter of the year. These results are inclusive of the significant disruptions from the hurricanes and industry-wide CrowdStrike outage as team Allegiant jumped to action to minimize the impact on our customers.

第三季度，航空公司的營業收入為正值，這是我們今年季節性最弱的季度。這些結果包括颶風和全產業 CrowdStrike 中斷造成的嚴重破壞，Allegiant 團隊立即採取行動，盡量減少對客戶的影響。

Turning briefly to the fourth quarter. We now expect airline operating margin of roughly 7%. The impact on demand from the hurricanes resulted in a four point headwind excluding this impact, we estimate fourth quarter airline operating margin would have been in the low double digits. We anticipate our affected markets in Florida and Asheville will be largely recovered by the first quarter of 2025.

簡單地轉向第四季。我們現在預計航空公司的營業利潤率約為 7%。颶風對需求的影響導致四點逆風，排除這一影響，我們估計第四季度航空公司的營運利潤率將處於較低的兩位數。我們預計佛羅裡達州和阿什維爾受影響的市場將在 2025 年第一季基本恢復。

Additionally, we have taken proactive steps to support our longer-term goals around improving operational efficiency, including realigning certain areas in the organization and other cost actions. These changes, while difficult, have reduced redundancies and are expected to save approximately $20 million annually. Drew and BJ will provide more details on numbers and outlook shortly.

此外，我們也採取積極措施來支持我們提高營運效率的長期目標，包括重新調整組織中的某些領域和其他成本行動。這些改變雖然困難重重，但卻減少了裁員，預計每年可節省約 2,000 萬美元。Drew 和 BJ 很快就會提供有關數字和前景的更多詳細資訊。

I'd like to update you on our three key near-term priorities that we talked about on our last call. First is restoring our peak period utilization. Second is bringing our MAX aircraft into service. And third is driving higher unit revenues, including adding new features into our Navitaire reservation management system.

我想向您介紹我們在上次電話會議中討論的三個關鍵近期優先事項的最新情況。首先是恢復高峰期利用率。其次是讓我們的 MAX 飛機投入使用。第三是推動更高的單位收入，包括在我們的 Navitaire 預訂管理系統中新增功能。

We believe a strong catalyst to improving margins is restoring peak utilization rates. In July, we were down 20% below, we were 20% below the average daily utilization compared to [2019]. By December, our schedule aims to reduce this gap to just 6%. We expect further improvement in 2025 by increasing capacity in periods with strong leisure demand on largely the same level of infrastructure we have in place today.

我們認為，提高利潤率的強大催化劑是恢復峰值利用率。7 月份，我們的平均日利用率比去年同期下降了 20%，下降了 20%[2019]。到 12 月，我們的目標是將這一差距縮小至 6%。我們預計 2025 年將進一步改善，在休閒需求強勁的時期增加容量，基礎設施水準與目前的基礎設施水準基本相同。

Our next key initiative is getting our MAX aircraft into service. To that end, we received our first aircraft in September, and I'm happy to report it entered revenue service in mid-October, a very quick turnaround that reflects our team's preparedness and dedication.

我們的下一個關鍵舉措是讓我們的 MAX 飛機投入使用。為此，我們在 9 月收到了第一架飛機，我很高興地報告它在 10 月中旬投入運營，這是一個非常快的周轉，反映了我們團隊的準備和奉獻精神。

Equally important, the early results we have seen so far have reaffirmed our excitement and the margin potential as the aircraft offers significant operating efficiencies, including an up to 26% improvement in fuel burn on an ASM per gallon basis. Overall, we estimate the earnings potential of the MAX to be roughly $2 million more in annualized EBITDA per aircraft as compared to our A320 series fleet.

同樣重要的是，我們迄今為止看到的早期結果再次證實了我們的興奮和利潤潛力，因為該飛機提供了顯著的運營效率，包括按 ASM 每加侖計算的燃油消耗提高了 26%。總體而言，我們預計 MAX 的每架飛機年化 EBITDA 的獲利潛力將比我們的 A320 系列機隊高出約 200 萬美元。

The Boeing strike has obviously created some additional uncertainty to our latest delivery forecast, and we don't see this being firmed up until the strike has ended. We have built in some additional fleet flexibility to help address these challenges and have taken appropriate measures to better protect our schedule.

波音罷工顯然為我們最新的交付預測帶來了一些額外的不確定性，並且在罷工結束之前我們認為這種不確定性不會得到證實。我們建立了一些額外的車隊彈性來幫助應對這些挑戰，並採取了適當的措施來更好地保護我們的時間表。

Turning to our third key initiative, which is growing unit revenue. We have always been successful in allowing customers to choose which optional ancillary products are best for them as we pursue enhancements to our offering. That's why we continue retrofitting our aircraft to include Allegiant Extra for customers interested in premium seating. We are also making progress integrating important features into our Navitaire reservation system, including our popular third bundle product offering. Drew will provide more details here in a few minutes.

轉向我們的第三個關鍵舉措，即增加單位收入。當我們追求增強我們的產品時，我們一直成功地讓客戶選擇最適合他們的可選輔助產品。這就是為什麼我們繼續改裝我們的飛機，為對高級座椅有興趣的客戶提供 Allegiant Extra 服務。我們還在將重要功能整合到 Navitaire 預訂系統中取得進展，包括我們廣受歡迎的第三捆綁產品。德魯將在幾分鐘內提供更多詳細資訊。

And aside from items outside of our control such as the hurricanes and the Boeing strike, I'm very pleased with our execution towards the plan we have laid out and the strong demand we are seeing in our unaffected markets. While some of the other low-cost carriers' business models are troubled, our airline remains profitable, and we see a clear path forward to expanding margin.

除了颶風和波音罷工等我們無法控制的因素之外，我對我們制定的計劃的執行情況以及我們在未受影響的市場中看到的強勁需求感到非常滿意。雖然其他一些低成本航空公司的商業模式遇到了麻煩，但我們的航空公司仍然保持盈利，並且我們看到了擴大利潤率的明確道路。

There are structural changes happening throughout the industry. However, the fact that we have our own swim lane should help isolate us from these troubled waters. Most important, Allegiant is a great airline with a distinct approach. We have a long track record of delivering industry-leading results. We have designed and operated our company around our unique business model since our beginning, which is built to optimize margins.

整個產業正在發生結構性變化。然而，我們擁有自己的泳道這一事實應該有助於將我們與這些渾水隔離開來。最重要的是，忠誠航空是一家擁有獨特方法的偉大航空公司。我們在提供行業領先成果方面擁有悠久的歷史記錄。自成立以來，我們就圍繞著我們獨特的商業模式設計和經營我們的公司，該模式旨在優化利潤。

Our network is a real difference maker. Over the years, no one has been able to match it. In fact, as you've heard us say before, 75% of our routes have no direct nonstop competition. In many of those markets, we are the largest carrier. We also prioritize our scheduling flexibility so that we can properly match our capacity to the leisure demand environment. When you put it all together, we have a strong brand name and reputation and to customers in many markets, we are their best and opt-in-only option to get where they're going.

我們的網路才是真正的改變者。多年來，無人能及。事實上，正如您之前聽我們說​​過的，我們 75% 的航線沒有直接的直達競爭。在其中許多市場中，我們是最大的承運商。我們還優先考慮日程安排的靈活性，以便我們能夠將我們的容量與休閒需求環境正確匹配。總而言之，我們擁有強大的品牌知名度和聲譽，對於許多市場的客戶來說，我們是他們實現目標的最佳且唯一的選擇。

All of that is validated by our steady demand for repeat customers and the continued growth of our loyalty program. An essential element of our success lies in the dedication of Team Allegiant. Our proud and committed team recognizes the significance of our brand and their role in serving our customers, consistently striving to deliver exceptional service. That is why we believe our airline is well positioned for a strong 2025 and beyond.

所有這一切都透過我們對回頭客的穩定需求和我們的忠誠度計劃的持續增長得到了驗證。我們成功的一個重要因素在於 Allegiant 團隊的奉獻精神。我們自豪而忠誠的團隊認識到我們品牌的重要性以及他們在服務客戶方面的作用，並始終致力於提供卓越的服務。因此，我們相信我們的航空公司已做好充分準備，迎接 2025 年及以後的強勁發展。

And before I turn it over to Drew, I'd like to make some brief comments on our Sunseeker Resort. Despite being in the crosshairs of two major hurricanes, the resort held up well. Reflecting the strength of its construction and the resilience of its staff. Sunseeker is an amazing resort with excellent room and suite products, outstanding food and beverage offerings, relaxing pools and lots of recreational amenities.

在將其交給 Drew 之前，我想對我們的 Sunseeker 度假村做一些簡短的評論。儘管受到兩次大型颶風的襲擊，該度假村仍保持良好狀態。體現了其建設實力和員工的應變能力。Sunseeker 是一家令人驚嘆的度假村，擁有一流的客房和套房產品、出色的食品和飲料、令人放鬆的游泳池和大量的娛樂設施。

Our goal today is to make sure we're optimizing this asset, and that's why we retain best-in-class advisers to help us increase the value we can realize for the resort and appropriately navigate discussions with potential partners. We are committed to making decisions that are in the best interest of our stakeholders.

我們今天的目標是確保我們正在優化這項資產，這就是為什麼我們保留一流的顧問來幫助我們增加度假村可以實現的價值，並適當地引導與潛在合作夥伴的討論。我們致力於做出符合利害關係人最佳利益的決策。

We will share more as our team progresses in its work. From my perspective, I am highly focused on executing our plan to restore historical profitability levels at the airline. Having the right people in place at Sunseeker allows the airline team not to be distracted from our primary goals and objectives.

隨著我們團隊工作的進展，我們將分享更多資訊。從我的角度來看，我高度專注於執行我們的計劃，以恢復航空公司的歷史獲利水準。在 Sunseeker 擁有合適的人員，航空公司團隊就不會分心於我們的主要目標和目標。

And in closing, I want to extend my deepest gratitude to all of our team members for their continued dedication and hard work. You are truly among the best the industry has to offer, and your commitment is what makes Allegiant such a special company.

最後，我要向我們所有團隊成員的持續奉獻和辛勤工作表示最深切的感謝。您確實是行業中最優秀的人才之一，您的承諾使 Allegiant 成為一家如此特別的公司。

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

接下來，我會將其交給德魯威爾斯。

Thank you, Greg, and thanks, everyone, for joining us this afternoon. Third quarter airline revenue was $549 million, down slightly year-over-year due to the available pilot crew hour constraints during summer flying as well as the impact from the CrowdStrike outage and two hurricanes in the quarter, Debby and Helene.

謝謝格雷格，也謝謝大家今天下午加入我們。第三季航空公司收入為 5.49 億美元，年比略有下降，原因是夏季飛行期間飛行員的工作時間有限，以及 CrowdStrike 停駛和本季黛比和海倫兩場颶風的影響。

TRASM strengthened each month of the quarter, both year-over-year and versus expectations, coming in at $0.1221 and 300 basis points higher than the initial guidance we provided on our second quarter call and approximately 100 basis points better than the update we provided in mid-September, which is before Helene took (inaudible) Fixed fee performance also beat expectations and set a record 3Q performance.

TRASM 本季每個月的表現均有所增強，無論是同比還是與預期相比，均達到 0.1221 美元，比我們在第二季度電話會議中提供的初步指導高出 300 個基點，比我們在9月中旬，即Helene 採取（聽不清楚）固定費用之前的業績也超出了預期，並創下了第三季業績記錄。

Our approach to deploying capacity drives increased exposure to portions of the quarter. In 3Q '23, our roughly 44% of quarter ASMs in July meshed excellently with elevated summer demand as it does most years. It enabled Allegiant to have the only positive year-over-year TRASM performance. In the third quarter of 2024, our roughly 44% of quarter ASMs in July, along with every other carrier's July ASMs faced the most pressure.

我們部署容量的方法增加了本季部分時間的風險敞口。在 23 年第三季度，我們 7 月約 44% 的季度 ASM 與大多數年份的夏季需求成長完美契合。這使得 Allegiant 成為唯一一家取得 TRASM 年比積極表現的公司。2024 年第三季度，我們 7 月約 44% 的季度 ASM 以及其他所有營運商 7 月的 ASM 面臨最大的壓力。

However, the response in demand over the final half or so of the quarter was a positive signal for the future. September month unit revenue was near breakeven overall on a year-over-year basis and positive year-over-year in the last three weeks of the month. Prior to the hurricanes, we had seen those trends continue into the fourth quarter with October travel expectations trending low to mid-single-digit positive on a unit revenue basis.

然而，本季後半段左右的需求反應對未來來說是一個正面的訊號。9月份的單位收入同比總體接近盈虧平衡，並且在該月的最後三週同比增長。在颶風之前，我們看到這些趨勢持續到第四季度，十月份的旅行預期在單位收入的基礎上呈現低至中個位數的正值。

Overall, we are pleased with the third quarter results. The pickup in demand and yields we are seeing is a positive indicator as the booking curve shifts to the holidays in 2025. In fact, the booking performance over the last seven days is the strongest we've had on a year-over-year basis since the arrival of Helene.

總體而言，我們對第三季的業績感到滿意。隨著預訂曲線轉向 2025 年假期，我們看到的需求和收益率的回升是一個積極的指標。事實上，過去 7 天的預訂表現是自 Helene 到來以來同比最強勁的。

As Greg alluded, Hurricanes Helene and Milton had an outsized impact on our business with approximately 37% of our anticipated fourth quarter seats in the markets affected. Some regions such as Punta Gorda have recovered faster, while other areas like Asheville are expected to recover in the coming months. As of today, we estimate approximately 25% of our seat capacity continues to be impacted to varying degrees.

正如格雷格所提到的，颶風海倫和米爾頓對我們的業務產生了巨大影響，我們預計第四季度市場席位中約 37% 受到影響。蓬塔戈爾達等一些地區恢復得更快，而阿什維爾等其他地區預計將在未來幾個月內恢復。截至今天，我們估計大約 25% 的座位容量繼續受到不同程度的影響。

Over the course of the quarter, we canceled or removed from the schedule close to 1,000 flights scheduled between the end of September and early January or 2% to 3% of our capacity, about two-third of which was a direct result of the hurricane weather and one-third was due to the residual impact to the regions.

在本季中，我們取消或取消了 9 月底至 1 月初之間安排的近 1,000 個航班，佔運力的 2% 至 3%，其中約三分之二是颶風直接造成的天氣，三分之一是由於對該地區的殘餘影響。

We believe the total revenue impact to the fourth quarter will be in the range of roughly $30 million to $40 million or approximately 5% to 7% of the total. On a per-aircraft basis, aircraft utilization is on track to approach 2019 levels in the month of December despite the hurricane impact, with December ASMs expected to grow approximately 16% year-over-year.

我們認為第四季度總收入的影響將約為 3,000 萬至 4,000 萬美元，約佔總收入的 5% 至 7%。以每架飛機計算，儘管受到颶風影響，12 月的飛機利用率仍有望接近 2019 年的水平，12 月的 ASM 預計將年增約 16%。

The vast majority of that growth is expected to take place over the holiday period, including a late Thanksgiving with those travelers returning home in December. Our pre-hurricane forecast would have called for fourth quarter scheduled service ASMs to be up approximately 3.5% to 4% versus 4Q '23, with TRASM performance flat to down 1%. Our current revenue forecast anticipates scheduled service ASMs up approximately 1.5% and TRASM down approximately 4.5%.

預計大部分增長將發生在假期期間，包括感恩節末，旅客將在 12 月返鄉。我們的颶風前預測預計第四季度定期服務 ASM 與 2023 年第四季相比將成長約 3.5% 至 4%，而 TRASM 績效持平至下降 1%。我們目前的收入預測預計定期服務 ASM 將成長約 1.5%，TRASM 將下降約 4.5%。

Looking forward, our optimism has continued to build for our strategic initiatives. Utilization increases continue into the on-sale schedule for early 2025, and we still have capacity slack for opportunistic market and frequency additions.

展望未來，我們的策略舉措將繼續保持樂觀。利用率的增加將持續到 2025 年初的銷售計劃中，我們仍然有產能過剩的機會來滿足市場機會和頻率的增加。

Allegiant Extra, our premium cabin configuration is doing very well in the market. We retrofitted another 13 aircraft in the third quarter, and including our new Boeing MAX that entered service in October, we expect to add another 14 aircraft before Thanksgiving, bringing us to over 50 total aircraft or 40% of our fleet in time for this year's holiday flying.

我們的高級客艙配置 Allegiant Extra 在市場上表現非常出色。我們在第三季度又改裝了13 架飛機，包括10 月投入使用的新波音MAX，我們預計在感恩節之前再增加14 架飛機，這樣我們的飛機總數將超過50 架，占我們機隊的40 %。

Revenue production has maintained above $3 per passenger on flights with the extra layout even with continued expansion. Our loyalty programs are leading the market. Allegiant Always Rewards Visa co-branded credit card program was named the best Airline credit card in USA today's 10 Best 2024 Readers' Choice Awards for the sixth consecutive year.

即使在持續擴張的情況下，具有額外佈局的航班的收入仍保持在每位乘客 3 美元以上。我們的忠誠度計劃引領市場。Allegiant Always Rewards Visa 聯名信用卡計劃連續第六年在美國今日 2024 年 10 項最佳讀者選擇獎中被評為最佳航空公司信用卡。

We are also proud to see the USA today recognized our Always Rewards loyalty program as a favorite among their readers as well for the second time in three years. Revenue from these programs is up approximately 20% year-to-date, reflecting the success of our efforts, strong customer relationships, and continues to generate immense value for the airline and our cardholders.

我們也很自豪地看到今天的美國三年來第二次將我們的 Always Rewards 忠誠度計劃視為其讀者的最愛。今年迄今為止，這些計劃的收入增長了約 20%，反映出我們努力的成功、牢固的客戶關係，並繼續為航空公司和持卡人創造巨大的價值。

As Greg noted, I'm extremely proud of the work the team delivered in the third quarter to expand our bundling capabilities, which we expect to add roughly $1 to ancillary revenue per passenger going forward. The team continues to work diligently to secure the remaining expected benefit of $3 per passenger, which we expect to have fully implemented during the back half of 2025.

正如 Greg 指出的那樣，我對團隊在第三季度為擴大我們的捆綁能力所做的工作感到非常自豪，我們預計這將為每位乘客帶來約 1 美元的輔助收入。團隊將繼續努力工作，以確保每位乘客獲得 3 美元的剩餘預期收益，我們預計將在 2025 年下半年全面實施。

Additionally, the team delivered both PayPal digital wallet and Pay Later payment options to our booking flow in the quarter. While early and complicated by weather events, we're seeing approximately 6% of bookings select the PayPal option. In particular, it is outperforming in our mobile channels as the most convenient mobile option other than always rewards points. We'll have more detail as we gather more information.

此外，團隊在本季為我們的預訂流程提供了 PayPal 數位錢包和稍後付款付款選項。雖然由於天氣事件而提前且複雜，但我們看到大約 6% 的預訂選擇了 PayPal 選項。特別是，它在我們的行動管道中表現出色，是除總是獎勵積分之外最方便的行動選項。當我們收集更多資訊時，我們將提供更多詳細資訊。

Lastly, and as expected, the early feedback from our passengers has been extremely positive for the new Boeing MAX aircraft. Customer feedback has been very positive, thanks to in-seat USB power and enhancements to the overall cabin experience.

最後，正如預期的那樣，乘客的早期回饋對新型波音 MAX 飛機非常積極。由於座椅內 USB 電源和整體客艙體驗的增強，客戶回饋非常積極。

Our foundation is solidifying, and our initiatives are taking shape. Our award-winning loyalty programs are best-in-class, and our enhanced premium cabin offerings are reaching more customers than ever before. The pieces have come together to operate more efficiently and successfully.

我們的基礎正在鞏固，我們的舉措正在形成。我們屢獲殊榮的忠誠度計劃是同類最佳的，我們增強的高級客艙產品正在吸引比以往更多的客戶。這些部分結合在一起，可以更有效、更成功地運作。

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

說到這裡，我想把它交給羅伯特·尼爾。

Thanks, Drew. Now I'll comment on our financial results and guidance this afternoon, excluding any special items. We reported a consolidated net loss of $36.1 million for the third quarter or a consolidated loss per share of $2.02. Consolidated EBITDA was $46.3 million in the quarter for an EBITDA margin of 8.2%.

謝謝，德魯。現在我將在今天下午評論我們的財務表現和指導，不包括任何特殊項目。我們報告第三季綜合淨虧損為 3,610 萬美元，每股綜合虧損為 2.02 美元。本季綜合 EBITDA 為 4,630 萬美元，EBITDA 利潤率為 8.2%。

Airline results were much better than expected with operating income slightly positive in what is typically our seasonally weakest quarter. We had an airline only net loss per share of $8.8 million, resulting in a loss per share of $0.49 in the airline segment. These results included a headwind of approximately $0.40 from the CrowdStrike systems outage in July.

航空公司的業績遠好於預期，在通常是我們季節性最弱的季度中，營業收入略有成長。僅航空公司每股淨虧損 880 萬美元，導致航空部門每股虧損 0.49 美元。這些結果包括 7 月 CrowdStrike 系統中斷帶來的約 0.40 美元的不利影響。

The airline reported $56.6 million in EBITDA for the quarter, bringing the airline to an adjusted EBITDA margin of 10.3% Cost performance exceeded our expectations during the third quarter. On a slight capacity increase of 1.5%, nonfuel unit costs were up by 4.7% compared to the prior year quarter, much better than the 7% we were expecting back in July and in line with revised guidance we provided in our August traffic update.

該航空公司報告本季 EBITDA 為 5,660 萬美元，調整後 EBITDA 利潤率為 10.3%。運力小幅成長 1.5%，非燃料單位成本較上年同期成長 4.7%，遠優於我們 7 月預期的 7%，並且與我們在 8 月交通更新中提供的修訂指引一致。

Higher labor expense from updated CVAs drove roughly 2.5 points of the increase. Other increases included a point from irregular operations from the systems outage and weather events, a point from pressure in airport related expenses, and a point from further delays on Boeing aircraft, where we continue to carry extra headcount in anticipation of additional 737 aircraft in service for the fourth quarter.

更新 CVA 帶來的更高勞動成本推動了約 2.5 個百分點的成長。其他增加的分數包括系統中斷和天氣事件導致的不正常運作、機場相關費用的壓力以及波音飛機的進一步延誤，我們將繼續增加員工數量，以應對更多的 737 飛機投入使用第四季度。

And then we had some offsetting reductions in maintenance and other expenses. We are taking action to manage costs that are structurally higher in today's post-pandemic environment. We continue to scrutinize the business to uncover cost-saving opportunities and find ways to operate more efficiently.

然後我們在維護和其他費用方面也有一些抵消性的減少。我們正在採取行動來管理當今疫情後環境中結構性較高的成本。我們繼續審查業務，以發現節省成本的機會，並找到更有效的營運方法。

As Greg outlined, we have already identified approximately $20 million in annual run rate cost savings, some of which have been implemented in the quarter. Meanwhile, our unit costs will improve as we drive peak period utilization higher with our current December and March monthly schedules nearing 2019 levels. Bringing more of our MAX aircraft into service should provide a nice cost tailwind, driving better utilization while more fuel-efficient equipment enters the operating fleet.

正如 Greg 所概述的那樣，我們已經確定每年可節省約 2000 萬美元的運行成本，其中一些已在本季度實施。同時，隨著我們提高高峰期利用率，目前 12 月和 3 月的月度計畫接近 2019 年水平，我們的單位成本將會改善。讓更多的 MAX 飛機投入使用應該會帶來良好的成本優勢，提高利用率，同時更多節能設備進入營運機隊。

As I mentioned on the last call, we are currently recognizing higher labor costs associated with ratified contracts and accrual for a pilot retention bonus, but without the full benefit of improved infrastructure productivity during peak leisure periods, something we expect will be constructive heading into 2025. And fuel was down nicely beginning in August, allowing us to finish the third quarter with an average fuel cost per gallon of $2.69 as compared to our initial expectation of $2.80.

正如我在上次電話會議中提到的，我們目前認識到與批准的合約和應計飛行員保留獎金相關的勞動力成本較高，但如果沒有在休閒高峰期提高基礎設施生產力的充分效益，我們預計這將在2025 年具有建設性。從 8 月開始，燃油價格大幅下降，使得我們在第三季結束時每加侖的平均燃油成本為 2.69 美元，而我們最初的預期為 2.80 美元。

Moving to the balance sheet. We feel very good about our capital position. Total liquidity at the end of the quarter was $1.1 billion, including $805 million in cash and investments and $275 million in undrawn revolver capacity. In addition, we have just over $380 million in committed financing for aircraft delivering from our order book.

轉向資產負債表。我們對我們的資本狀況感覺非常好。本季末的流動性總額為 11 億美元，其中包括 8.05 億美元的現金和投資以及 2.75 億美元的未提取左輪手槍容量。此外，我們還為訂單中的飛機交付提供了超過 3.8 億美元的承諾融資。

During the quarter, we made principal payments totaling $107 million, of which $60 million was prepayment of debt on PDP loans ahead of the associated aircraft deliveries. We finished the third quarter with total debt just below $2.2 billion, marking the fourth consecutive quarter of debt reductions, and we anticipate some further debt reduction in the fourth quarter. Our consolidated net leverage at the end of the quarter was 4.1 times, which includes $94 million in costs related to the pilot retention bonus.

本季度，我們支付的本金總額為 1.07 億美元，其中 6,000 萬美元是在相關飛機交付之前提前償還 PDP 貸款債務。第三季末，我們的債務總額略低於 22 億美元，這是連續第四個季度的債務削減，我們預計第四季的債務將進一步削減。截至本季末，我們的綜合淨槓桿率為 4.1 倍，其中包括與飛行員保留獎金相關的 9,400 萬美元成本。

We previously discussed our expectation for net leverage to peak mid-2025. With updates to our planned aircraft delivery schedule and expected EBITDA improvement from increased utilization, we now anticipate net leverage has peaked during the third quarter, and we expect to begin modest deleveraging from here. Strength of the balance sheet remains one of our top priorities, and I'm pleased with the progress we're making on this front, especially considering earnings constraints in the trailing 12 months.

我們先前討論了淨槓桿率將於 2025 年中期達到高峰的預期。隨著我們計劃的飛機交付計劃的更新以及利用率增加帶來的預期 EBITDA 改善，我們現在預計淨槓桿率已在第三季度達到頂峰，並且我們預計將從這裡開始適度去槓桿化。資產負債表的實力仍然是我們的首要任務之一，我對我們在這方面取得的進展感到高興，特別是考慮到過去 12 個月的獲利限制。

Now turning to fleet. We retired four A320 aircraft during the quarter, and we took delivery of one aircraft, our first 737 MAX in September. I mentioned on the last call that we've been working together with Boeing on an updated delivery schedule since early in the second quarter. As you might expect, this process has taken longer than expected in light of the ongoing machinist strike.

現在轉向艦隊。我們在本季度退役了四架 A320 飛機，並於 9 月接收了一架飛機，即我們的第一架 737 MAX。我在上次電話會議中提到，自第二季初以來，我們一直在與波音公司合作制定更新的交付時間表。正如您所預料的那樣，鑑於正在進行的機械師罷工，這一過程比預期的要長。

That said, Boeing and CFM have been very supportive, and we expect to disclose an amendment to our purchase agreement during the fourth quarter. The updated schedule, along with delays from the current machinist strike will result in a slower delivery profile than we had originally planned through 2025.

也就是說，波音和 CFM 一直非常支持，我們預計將在第四季度揭露採購協議的修正案。更新後的時間表，加上當前機械師罷工造成的延誤，將導致 2025 年之前的交付速度比我們最初計劃的要慢。

Based on delays resulting from the stoppage so far, we are planning to end the year with just one MAX aircraft in service alongside 121 A320 family airplanes. As such, we have reduced our capital expenditure forecast for the year by $75 million and now expect aircraft-related CapEx to be approximately $115 million for the full year 2024.

根據迄今為止停飛造成的延誤，我們計劃在今年年底僅保留一架 MAX 飛機與 121 架 A320 系列飛機一起服役。因此，我們將今年的資本支出預測減少了 7,500 萬美元，目前預計 2024 年全年與飛機相關的資本支出約為 1.15 億美元。

Other airline capital expenditures are now expected to be approximately $110 million, down $15 million from our prior guide. And we continue to expect heavy maintenance to come in at $85 million for the full year unchanged from the last quarter. For 2025, we are currently planning to take delivery of 11 MAX aircraft and remove 10 A320 (inaudible)from operation which will result in total fleet count up by just one unit at year-end.

目前，其他航空公司資本支出預計約為 1.1 億美元，比我們先前的指南減少了 1500 萬美元。我們仍然預計全年大維護費用將達到 8,500 萬美元，與上季持平。目前，我們計劃在 2025 年接收 11 架 MAX 飛機，並停止營運 10 架 A320（聽不清楚），這將使機隊總數在年底僅增加一架。

That said, the bulk of our A320 retirements in 2025 are expected to take place late in the year, leaving peak summer aircraft utilization expected. As a reminder, our expectations on aircraft deliveries differ from our contractual obligations. As we think about managing our fleet plan through anticipated delays on new build aircraft we are fortunate to own 86% of our operating fleet and to have continued flexibility to support the business.

也就是說，我們預計 2025 年 A320 的大部分退役將在今年稍後進行，預計夏季飛機利用率將達到高峰。提醒一下，我們對飛機交付的期望與我們的合約義務不同。當我們考慮透過新建飛機的預期延誤來管理我們的機隊計劃時，我們很幸運擁有 86% 的營運機隊，並能夠持續保持靈活性來支援業務。

Now looking ahead, we expect airline earnings per share of approximately $1 for the fourth quarter, including a $1.25 headwind attributable to Hurricanes Helene and Milton. On a consolidated basis, we expect to earn $0.50 at the midpoint of today's guidance. With capacity up about 1% compared to the fourth quarter of 2023, we expect fourth quarter CASM ex-fuel to be flat to up 2% as we start to grow into some of our existing staffing and infrastructure in December.

現在展望未來，我們預計第四季度航空公司每股收益約為 1 美元，其中包括颶風海倫和米爾頓造成的 1.25 美元的逆風。綜合來看，我們預期收益為今天指引值的中點 0.50 美元。與2023 年第四季相比，產能增加了約1%，隨著我們從12 月開始擴充現有的一些員工和基礎設施，我們預計第四季CASM 不含燃料的產能將持平至成長2% 。

Now let me provide a quick update on Sunseeker. While the resort experienced minimal damage from the hurricanes, we did see some impact in cancellations. As a result, we are tracking slightly below our prior guidance of a $25 million EBITDA loss for the year. Looking forward to 2025, we expect significantly improved cash burn and look forward to sharing more details on our strategic review in the new year.

現在讓我快速介紹一下 Sunseeker 的最新情況。雖然度假村在颶風中受到的損害很小，但我們確實看到了取消預訂的一些影響。因此，我們的年度 EBITDA 損失略低於先前的指導，即 2500 萬美元。展望 2025 年，我們預計現金消耗將顯著改善，並期待在新的一年中分享有關我們策略審查的更多細節。

And finally, before I turn it over to Q&A, I want to extend my thanks to all of our team members throughout the system for their dedication to Allegiant. On top of close-in changes to our fleet and capacity plans once again, they've also managed through a series of major severe weather events disrupting our network. Many of our team members were personally impacted by Hurricanes Helene and Milton and still they delivered on their commitment to take care of our customers. So thank you once again to Team Allegiant for your dedication and support.

最後，在進行問答之前，我想向整個系統中所有團隊成員對 Allegiant 的奉獻表示感謝。除了再次對我們的機隊和運力計劃進行近距離調整之外，他們還成功應對了一系列擾亂我們網路的重大惡劣天氣事件。我們的許多團隊成員個人都受到颶風海倫和米爾頓的影響，但他們仍然履行了照顧客戶的承諾。再次感謝 Allegiant 團隊的奉獻與支持。

And with that, Mandeep, we can now go to analyst questions.

曼迪普，現在我們可以回答分析師的問題了。

Thank you. We will now begin the question-and-answer session. (Operator instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good morning, good afternoon, everyone. If I might ask on the capacity side, just given the Boeing uncertainty, just how you're thinking about and including like fourth quarter, what you're seeing in terms of increasing utilization, how much of that is showing up in kind of the peak days and peak, you fly the peak days, but kind of peak travel periods versus the off-peaks? And how does that progress as you kind of look into 1Q and then into the summer?

嘿嘿，大家早安，下午好。如果我想問產能的問題，考慮到波音的不確定性，你是如何考慮的，包括第四季度，你在利用率增加方面看到了什麼，其中有多少以某種形式出現了。日和高峰期，您在高峰日飛行，但是高峰旅行期與非高峰期的差異是什麼？當您研究第一季和夏季時，情況進展如何？

Sure, Savi. I'll take that. So for December, in particular, we're going pretty full throttle over the holiday period. Day week isn't quite as sensitive, as you can imagine, around Christmas and New Year's since so many days are not in school already and off from work. So that goes pretty much all the way through with some exception around the actual holiday itself.

當然，薩維。我會接受的。因此，特別是在 12 月，我們將在假期期間全力以赴。聖誕節和新年前後，一周的工作日並不像您想像的那麼敏感，因為很多天都沒有上學和下班。所以這幾乎是貫穿始終的，除了實際假期本身的一些例外。

Going into the first quarter, we'll still have a higher percentage of our ASMs on peak days in January and February than we did in either last year or 2019. In March, we'll go slightly more off-peak day than last year, but still higher peak day than 2019. Summer is not yet released for sale. So I'll stop short of talking on that. But hopefully, that answers your question.

進入第一季度，我們在 1 月和 2 月高峰日的 ASM 百分比仍將高於去年或 2019 年。3 月份，我們的非高峰日將比去年略多，但高峰日仍高於 2019 年。夏季尚未發售。所以我就不談這個了。但希望這能回答你的問題。

Savi, it's Greg. I just want to add one comment to that point. It's on that growth as we look into next year, and we called it out, but that's pretty much using the existing infrastructure we have today. It's kind of a onetime catch-up. So we think that it's going to be accretive flying for us.

薩維，我是格雷格。我只想對此添加一條評論。當我們展望明年時，我們會指出這一增長，但這幾乎是使用我們今天擁有的現有基礎設施。這有點像是一次性的追趕。因此，我們認為飛行對我們來說將會是增值的。

Valid point. And then just on Allegiant Extra, given kind of what you're seeing there, can you talk about how many you have today? And then just kind of the plan in 2025?

有效點。然後就在 Allegiant Extra 上，考慮到您在那裡看到的情況，您能談談您今天有多少嗎？那麼 2025 年的計畫是什麼？

Yes. So we are sitting at, I believe, it's 39, 40 today actually with the Boeing. We should bring on 13 more here in the next couple of weeks, we get those retrofitted. All of the rest of the Airbus aircraft that are eligible, the ones that are 186 seats today will be retrofit likely during the first half of next year. And then obviously, every Boeing we receive will have the Allegiant Extra on board. So every aircraft that intends to have it will be there next year.

是的。所以我相信，今天我們坐的是 39、40 號飛機，其實是波音飛機。我們應該在接下來的幾週內再引進 13 架飛機，並對它們進行改造。所有其餘符合資格的空中巴士飛機（目前擁有 186 個座位的飛機）可能會在明年上半年進行改裝。顯然，我們收到的每架波音飛機上都會配備 Allegiant Extra。因此，每架打算擁有它的飛機明年都會在那裡。

Perfect. Thank you.

完美的。謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thanks. Just a follow-up on Savi's question there on the premium seating. Can you just remind us how the seating configuration is changing, how many premium seats you're adding and if the total seat count is going down. And I see you called this out as $3 in ancillary. Is it all ancillary?

嘿，謝謝。只是薩維關於高級座位問題的後續。您能否提醒我們座位配置如何變化、您添加了多少高級座位以及總座位數是否會減少。我看到你稱其為 3 美元的輔助費用。都是輔助的嗎？

Or are there effectively different fares for these premium seats that you're selling? And then maybe just lastly, given that you are still ramping it, where are you in your ability to actually like merchandise it effectively given that it's just a subset of your fleet?

或者您出售的這些高級座位實際上有不同的票價嗎？也許最後，考慮到您仍在增加它，考慮到它只是您艦隊的一個子集，您真正喜歡它的商品的能力在哪裡？

Yes, Duane. So on the Airbus, we're taking aircraft that had 186 seats, removing one row, six seats total to give us 36 extra legroom seats at the front of the aircraft and 180 total seats. So that's been a relative no-brainer to lose those six to pick up so many premiums.

是的，杜安。因此，在空中巴士飛機上，我們乘坐有 186 個座位的飛機，去掉一排，總共 6 個座位，從而在飛機前部提供 36 個額外伸腿空間的座位，總共 180 個座位。因此，失去這六個人來獲得如此多的保費是相對理所當然的。

On the Boeing, we'll have 21 upfront that will be branded Allegiant Extra, and then we'll have some more that are just kind of a legroom plus after the exit row, but not the full product there.

在波音飛機上，我們將預先提供 21 個被標記為 Allegiant Extra 的座位，然後我們將在出口排後提供更多的座位空間，但不是完整的產品。

For the Airbus aircraft, we have pretty good line of sight to when those are going to be retrofitted, how we can get them back into the schedule and feel like we're able to merchandise that extremely well. Very much too early to talk about the Boeing aircraft yet as we haven't had really a full booking cycle for those aircraft to be on sale. So standby for another 90 days or so on that one.

對於空中巴士飛機，我們對何時進行改裝、如何將它們重新納入時間表有很好的了解，並且感覺我們能夠非常好地進行銷售。現在談論波音飛機還為時過早，因為我們還沒有真正完成這些飛機銷售的完整預訂週期。因此，再等 90 天左右。

Okay. And I guess just on the, again, on the ancillary callout that you made there, is it all ancillary? Or can you speak just generally about what sort of fare uplift that you're seeing on those 36 seats relative to the rest of the cabin?

好的。我想，就在你在那裡所做的輔助標註上，這都是輔助的嗎？或者您能否籠統地談談您所看到的 36 個座位相對於機艙其他座位的票價上漲情況如何？

Yes. Sorry about that, Duane. Yes, that will all hit the ancillary bucket. We continue to have kind of one fare at the beginning of the booking flow with various options as you go through, but that would not hit our airline.

是的。很抱歉，杜安。是的，這一切都會影響輔助桶。我們在預訂流程開始時仍然提供一種票價，並在您進行過程中提供多種選擇，但這不會對我們的航空公司造成影響。

Okay. And then maybe just on Sunseeker, can you comment if you've been able to pick up any recovery business? I mean I don't really know the state of the situation there, but sometimes you pick up FEMA business or contractor business after a big event like this.

好的。然後也許就 Sunseeker 而言，您能否評論一下您是否能夠接手任何恢復業務？我的意思是，我真的不知道那裡的情況，但有時在這樣的大事件之後你會接手聯邦緊急管理局的業務或承包商的業務。

We had actually heard that some locals were trying to write out the storm at your asset, but that you actually didn't allow that and had it, I guess, shut down. So I guess any line of sight into recovery business? And maybe are you in the right channels to even pick that up?

我們實際上聽說一些當地人試圖在你的資產上寫下風暴，但你實際上不允許這樣做，我猜，它被關閉了。所以我想對恢復業務有什麼看法？也許您有正確的管道來了解這一點？

Hey, Duane, this is Greg. Why don't I kick it off and maybe Micah can add a little bit more detail on the recovery business. It's a good question, an important one. I just want to hit that on our full year '24 guide, the adjustment, we were coming in close to that guide, but for the hurricane that set us back a bit. Some of our group business, though, I think Micah had told me about 80% of the group business that was booked in 2024 moved to 2025. So that was positive.

嘿，杜安，這是格雷格。為什麼我不開始討論呢，也許 Micah 可以添加更多關於恢復業務的細節。這是一個好問題，一個重要的問題。我只想在我們的 24 年全年指南中提到這一點，即調整，我們已經接近該指南了，但颶風讓我們有點倒退。不過，我們的一些集團業務，我想 Micah 告訴我，2024 年預訂的集團業務中約有 80% 轉移到了 2025 年。所以這是積極的。

And then on the FEMA side of the house, Micah, if you're able to provide some feedback or at least on that recovery business, if you don't mind jumping in.

然後，在 FEMA 方面，Micah，如果您能夠提供一些反饋，或者至少提供有關恢復業務的反饋，如果您不介意加入的話。

Yes, Duane, great question. And I think you covered it well, Greg, on the group. A lot of that group business that we had to move we were able to capture about 85% of it in the aggregate, some of it falling into November, December, some of it carrying into Q1.

是的，杜安，好問題。我認為格雷格，你在小組中的表現很好。我們必須轉移的許多集團業務總共佔了大約 85%，其中一些落在 11 月、12 月，其中一些進入第一季。

In terms of FEMA, we are absolutely connected to that channel. We're seeing decent production for that. You'll start to see that show up in November. You don't see it in terms of a lot of ancillary spend, but it's a decent ADR and the stays are long stays. So we are absolutely working with FEMA on that channel.

就 FEMA 而言，我們與該管道絕對有聯繫。我們看到了不錯的產量。你會在 11 月開始看到這一點。你看不到大量的輔助支出，但這是一個不錯的 ADR，而且住宿時間很長。因此，我們絕對會在該管道上與聯邦緊急管理局合作。

Okay. Thanks for the thought.

好的。謝謝你的想法。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks afternoon guys. So just on the hurricane, I totally get the impact on capacity. But can you just help me understand why there's such an outsized impact to RASM? And then maybe along those lines could be helpful. Can you just talk about some of like the monthly RASM trends that as you see Q4 playing out?

嘿，謝謝下午的朋友們。因此，就颶風而言，我完全了解了對容量的影響。但您能否幫我理解為什麼 RASM 會產生如此巨大的影響？然後也許沿著這些思路可能會有所幫助。您能否談談您所看到的第四季的每月 RASM 趨勢？

I may stop short of monthly trends. That's not something we, typically give out. But we're still operating to all of these destinations, right? And there's varying degrees of impact to the level of revenue, the flights we maintain. I guess maybe going back a little bit, we maintain some flying in the immediate aftermath of the hurricane because I believe that there was a duty for us to aid customers in Asheville to get out of town, help aid, get into Asheville. I believe it all still made cash but it went beyond that as we look forward, you know, they're still flying.

我可能會停止每月趨勢。這不是我們通常會給出的東西。但我們仍然運營飛往所有這些目的地的航班，對吧？我們的收入水平和航班數量都受到不同程度的影響。我想也許回顧一下，我們在颶風過後立即保持了一些飛行，因為我相信我們有責任幫助阿什維爾的客戶離開城鎮，幫助援助，進入阿什維爾。我相信這一切仍然能賺錢，但它超出了我們的預期，你知道，它們仍在飛行。

That makes sense for us to do, make sense for our customers but it just won't have the same unit revenue profile that, that you would have given the demand that we've seen coming into the hurricane. So, it's not a one for one match in terms of flights that we cancel off and revenue that we'll lose.

這對我們來說是有意義的，對我們的客戶來說也是有意義的，但它的單位收入情況與我們在颶風中看到的需求不同。因此，就我們取消的航班和我們將損失的收入而言，這不是一場一對一的比賽。

That makes sense and then we're making some forecast on how demand will return to each of these destinations in the coming weeks and months you know, Asheville still in pretty bad shape, it's going to take, it's going to take a bit of time for it to get back to the kind of full steam and that was 6% 7% of our seats for the fourth quarter. So we feel it there.

這是有道理的，然後我們正在對未來幾週和幾個月內這些目的地的需求將如何恢復進行一些預測，你知道，阿什維爾的狀況仍然很糟糕，這需要，這需要一些時間讓它恢復到全速運轉的狀態，第四季占我們席位的6% 7%。所以我們在那裡感覺到了。

Okay. That makes sense. And then just at a high level, just directional thoughts on capacity growth next year, what that should mean for CASM, what it could mean for RASM if we're seeing outsized growth next year in ASM.

好的。這是有道理的。然後，從較高的層面來看，對明年產能成長的方向性思考，這對 CASM 意味著什麼，如果我們明年看到 ASM 的大幅成長，這對 RASM 意味著什麼。

Maybe I'll tee it up quickly on capacity front. So we're on sale through mid-May. What you see in kind of the public deal or similar has us up kind of low double digits, I think, over the four full months. We should maintain some of the utilization increases through summer.

也許我會在容量方面快速做好準備。所以我們的促銷活動一直持續到五月中旬。我認為，在過去的四個月裡，你所看到的公共交易或類似交易使我們的業績成長了兩位數。我們應該在整個夏季保持部分利用率的成長。

Like I said, it's not yet on sale, but I think it's a fair read through what we're able to do in March should carry on into the summer months. And then likely we will curtail a little bit into the back half of the year. Obviously, December, we recaptured some of that utilization here in '24, so we won't have that comp going into '25.

就像我說的，它還沒有發售，但我認為這是對我們在三月能夠做的事情應該持續到夏季的一個公平的解讀。然後我們可能會在今年下半年稍微減少一些。顯然，12 月，我們在 24 年重新獲得了部分利用率，因此我們不會在 25 年擁有該補償。

But there's some modest runway there that's almost entirely driven as we see it today through the infrastructure we have in place and not requiring significant CapEx to get to, obviously, any sort of growth will put some pressure on the unit revenues.

但那裡有一些適度的跑道，正如我們今天看到的那樣，幾乎完全是透過我們現有的基礎設施驅動的，並且不需要大量的資本支出來實現，顯然，任何形式的增長都會給單位收入帶來一些壓力。

Navitaire is a back half of the year thing. I wouldn't anticipate pulling a lot of that forward. But as we put more extra out there, we've got the expanded bundle options. There's some tailwinds that will help on that front. Maybe, Robert, for CASM?

Navitaire 是今年下半年的事。我預計不會有太多進展。但隨著我們投入更多的額外內容，我們獲得了擴展的捆綁選項。在這方面有一些有利因素會有所幫助。羅伯特，也許是為了 CASM？

Sure. Yes. So if you just go through kind of the puts and takes that I gave you on fleet for next year, you should have a fleet count relatively flat throughout the year, in particular, in the peak periods. We've been clear about our plan to increase peak day and peak season utilization, trying to get back to 2019 levels. Obviously, we will be keeping an eye on revenue and fuel and other inputs as we move through next year.

當然。是的。因此，如果您只是瀏覽我為您提供的明年機隊的看跌期權，您會發現全年的機隊數量相對平穩，尤其是在高峰期。我們已經明確了增加高峰日和旺季利用率的計劃，試圖恢復到 2019 年的水平。顯然，明年我們將密切關注收入、燃料和其他投入。

But the way I think about that from kind of the finance side of the house, we need to grow ASM capacity about 5% next year, I guess, depending on fleet composition a little bit, but about 5% next year to keep CASM-X flat. And with what we just kind of gave you on fleet and the comments from Drew there, there's opportunity in existing infrastructure and really existing staffing levels to be kind of north of 15% next year. So based on the CASM guide we gave you for the fourth quarter, hopefully, that gives you some good direction for '25.

但我從財務方面的角度來看，明年我們需要將 ASM 產能成長約 5%，我猜，這在一定程度上取決於機隊組成，但明年約 5% 才能維持 CASM—— X 平。根據我們剛剛向您提供的有關機隊的信息以及 Drew 的評論，明年現有基礎設施和實際現有人員配備水平有機會達到 15% 以上。因此，根據我們為您提供的第四季度 CASM 指南，希望這能為您 25 年提供一些良好的方向。

And just quickly to follow up. So if we're talking about double digit, if you just said 15% capacity growth, would you think about, how should we think about RASM in that, with that kind of growth?

並且快速跟進。因此，如果我們談論的是兩位數，如果你只是說 15% 的產能成長，你會想，我們應該如何考慮 RASM，在這種成長下？

I probably won't say a lot more than we are today. Any kind of growth will likely put pressure on unit revenue metrics, right? I mean that's not a big surprise. We talked about some of the initiatives that we have in place to kind of help bolster and provide some tailwinds there. In particular, when you're growing in March and growing in the summer, that's some of the best flying that's out there.

我可能不會說比今天更多的事情。任何形式的成長都可能會給單位收入指標帶來壓力，對吧？我的意思是這不是什麼大驚喜。我們討論了我們已經採取的一些舉措，以幫助加強和提供一些推動力。特別是，當你在三月和夏季成長時，這是那裡最好的飛行。

First and maybe not first, but foremost here, right, this is about driving earnings and EPS more so than making sure that we're maximizing unit revenue or minimizing unit cost. So we're going to do the right thing by earnings, at least as we forecast it out. And I think the unit metrics will shake out where they will.

首先，也許不是首先，但最重要的是，這是為了推動收益和每股收益，而不是確保我們最大化單位收入或最小化單位成本。因此，我們將透過盈利來做正確的事情，至少按照我們的預測。我認為單位指標將會改變。

And Drew, maybe it's just worth hitting, as we think about that growth in those peak periods, in particular, kind of reinstating some of the capacity that was there before into some of our mature and stronger markets. Is that fair to say?

德魯，也許這值得一試，因為我們考慮到那些高峰時期的成長，特別是恢復了我們一些成熟和強大市場之前的一些產能。這麼說公平嗎？

Yes. I mean that's a great example there. In first quarter, right, for markets that we operated in '24 and '19, over 50% of those markets actually have fewer seats in 2024 than it did in the first quarter of '19. So there's a lot of, probably somewhat lower ceiling but higher floor kind of ads that we can put in place given the history there, more so than maybe our traditional ads that would be very heavily skewed towards new markets. So I think there's some maybe more narrow error bars that come along with this as well.

是的。我的意思是這是一個很好的例子。在第一季（右），對於我們在 24 年和 19 年運營的市場，超過 50% 的市場在 2024 年的席位實際上比 19 年第一季要少。因此，考慮到那裡的歷史，我們可以投放許多上限可能較低但下限較高的廣告，比我們嚴重偏向新市場的傳統廣告更多。所以我認為隨之而來的可能還有一些更窄的誤差線。

Helpful. Thank you, guys. Appreciate it.

有幫助。謝謝你們，夥計們。欣賞它。

Thomas Fitzgerald, TD Cowen.

托馬斯·菲茨杰拉德，TD·考恩。

Thanks so much for the time. Would you mind just walking through the cadence of Navitaire optimization in 2025?

非常感謝您抽出時間。您介意簡單介紹一下 2025 年 Navitaire 優化的節奏嗎？

Yes. And it might be fairly easy. The vast majority of the upside and benefit recovery that we see will take place at the time of cutover in the back half of '25. We did release in the third quarter kind of expand the bundle offering that we had ahead of the first implementation that will show benefits through the entirety of the year. And we'll continue to work to find upside in the meantime. But I believe the vast majority of what we will uncover will happen towards the end of next year.

是的。這可能相當容易。我們看到的絕大多數上行空間和效益復甦將在 25 年下半年切換時發生。我們確實在第三季發布了在第一次實施之前擴展的捆綁產品，這將在全年顯示出好處。同時，我們將繼續努力尋找好處。但我相信我們將發現的絕大多數內容將在明年底發生。

And I might just add on that, Tom, just at a high level, with our tech stack and with Navitaire being a big step in strengthening that foundation, we want to make sure that we get the commercial tech stack right for the long term. So Drew and the IT team have really gone through to set that up properly.

Tom，我想補充一點，在高水準上，我們的技術堆疊和 Navitaire 在加強這一基礎方面邁出了一大步，我們希望確保我們的商業技術堆疊能夠長期發展。因此，Drew 和 IT 團隊確實已經完成了正確的設定。

But what we're encouraged by is not only will we get some of these wins that we talked about in the past from Navitaire at that full cutover, but the system should enable us to be much more nimble in the future, introduce new features, dynamically adjust pricing, things like that, that we're encouraged by as well.

但令我們感到鼓舞的是，我們不僅會在完全切換時從 Navitaire 那裡獲得一些勝利，而且該系統應該使我們在未來更加靈活，引入新功能，動態調整定價，諸如此類的事情，我們也受到鼓勵。

Okay. That's really helpful. And then just if I might, you're taking on a MAX now, would you mind just like refreshing us on the kind of the concept of the airlines within the airlines and then how you manage the different segments of the fleet? Thanks again for the time.

好的。這真的很有幫助。如果可以的話，您現在正在駕駛 MAX，您介意向我們介紹航空公司內部的航空公司概念以及您如何管理機隊的不同部分嗎？再次感謝您抽出時間。

Yes, I'm happy to kick that off. And I think the concept there is we have like 24 bases throughout our network, Thomas. And within those bases, we have infrastructure such as we have our crews domiciled there, our maintenance technicians. We have aircraft base there, parts, tools.

是的，我很高興開始這項工作。我認為這個概念是我們在整個網路中擁有大約 24 個基地，托馬斯。在這些基地內，我們擁有基礎設施，例如我們的工作人員和維護技術人員都住在那裡。我們在那裡有飛機基地、零件、工具。

And so in terms of operating a split fleet type, which we've done in the past, by the way, at one point, we operated three different fleet types, the MDs, the 75s and the 320s, but that you can isolate different fleet type by base. So you can have an all, say, Airbus base and an all Boeing base. And we think that isolation and those airlines within an airline could really help mitigate some of the complexity of operating a split fleet type.

因此，就營運分離機隊類型而言，我們過去曾這樣做過，順便說一句，我們曾經運營過三種不同的機隊類型：MD、75 和320，但是您可以將不同的機隊隔離開來。所以你可以擁有一個全空中巴士基地和一個全波音基地。我們認為，隔離和航空公司內的航空公司確實可以幫助減輕營運分割機隊類型的一些複雜性。

But I think it's an important point because we often get questions like new aircraft, is that going to work for Allegiant? And just want to remind we've taken 13 new aircraft off the line from Airbus. And we think, we know these new MAX aircraft, they're going to work really well with our model.

但我認為這是很重要的一點，因為我們經常收到諸如新飛機之類的問題，這對忠實航空有用嗎？只是想提醒一下，我們已經從空中巴士下線了 13 架新飛機。我們認為，我們知道這些新型 MAX 飛機，它們將與我們的模型完美配合。

The size we are of an organization where we built the business primarily on used aircraft, we got to a point where we think a foundation of new aircraft make a lot of sense. We have different lines of flying, and then we'll deploy, we think, the MAX aircraft on more of the higher utilization lines of flying.

我們的組織規模主要以二手飛機為基礎開展業務，我們認為以新飛機為基礎非常有意義。我們有不同的飛行路線，然後我們認為，我們將在更多利用率更高的飛行路線上部署 MAX 飛機。

And the early indicators of what we're seeing is that the fuel burn is meeting or exceeding expectation. The reliability is terrific, and we stand by and ready to take more of these more MAX aircraft and introduce them to our fleet.

我們看到的早期指標是燃油消耗達到或超過預期。可靠性非常好，我們隨時準備好接收更多 MAX 飛機並將其引入我們的機隊。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Hi, good afternoon. This is Catherine on for Ravi.Thank you for taking my question. I just wanted to follow up on a few questions asked before. One, just given the frequency of storms that we've kind of seen over the last couple of years, does this change your view on the strategic process at Sunseeker?

嗨，下午好。我是拉維的凱瑟琳。我只是想跟進之前提出的幾個問題。一，考慮到過去幾年我們所看到的風暴頻率，這是否會改變您對 Sunseeker 戰略流程的看法？

Let me kick it off, Catherine, and then Micah may want to add some color on it. But after each storm, what I would say, and I had the chance to go and visit a lot of our bases that were impacted, including Sunseeker by the hurricanes, I feel like the team gets better on recovering and responding to the hurricanes and particularly talking about the Sunseeker team.

讓我開始吧，凱瑟琳，然後麥卡可能想在上面添加一些顏色。但每次風暴過後，我想說的是，我有機會去參觀了我們許多受到影響的基地，包括受到颶風影響的 Sunseeker，我覺得團隊在恢復和應對颶風方面做得更好，尤其是談論聖汐團隊。

But put that aside, as we think about the strategic review of Sunseeker, what we talked about, we are focused on multiple paths, parallel paths. One is optimizing the existing resort. The other is a distribution partner.

但拋開這一點，當我們思考對 Sunseeker 的策略審查時，我們所討論的重點是多條路徑、並行路徑。一是優化現有度假村。另一個是分銷合作夥伴。

And the third is the strategic capital partner. We're in early discussions in that regard. And I think the asset is positioned on the water with the amenities that we talked about with the opportunity with vacant land to continue to grow. So I don't know that it hurts the thesis. I think it just hardens the team in terms of being better prepared for hurricanes coming through that area.

第三是策略資本合作夥伴。我們正在這方面進行早期討論。我認為該資產位於水面上，擁有我們談論的便利設施以及空置土地繼續增長的機會。所以我不知道這會傷害論文。我認為這只會讓團隊更加堅強，為穿越該地區的颶風做好更好的準備。

But Micah and his team each sleep and breathe this, and they've been involved in all the storms there. So Micah, what are your thoughts?

但麥卡和他的團隊每個人都在睡覺和呼吸，並且他們參與了那裡的所有風暴。那麼米迦，你有什麼想法？

I think that, I'd just echo what you said. I couldn't be more proud of the team. Each time we have an event, we get better. We learn more about the building. I think it's important to emphasize that we've only been operating for 10 months. And then in that 10-month period, we've dealt with three different storms. The asset has performed exactly like it's supposed to, based on its designs.

我想，我只是回應你所說的。我為這支球隊感到無比驕傲。每次我們舉辦活動時，我們都會變得更好。我們對這棟建築有了更多的了解。我認為有必要強調一下，我們只運作了 10 個月。然後在那 10 個月的時間裡，我們應對了三種不同的風暴。根據其設計，該資產的性能完全符合其預期。

And each time we go through it, our people get better, more efficient, and we learn things that help us prepare for the next event. And while we don't want one, we know we can handle it. Proud to say that the asset is running well.

每次我們經歷這個過程，我們的員工都會變得更好、更有效率，我們學到的東西可以幫助我們為下一次活動做好準備。雖然我們不想要這樣的情況，但我們知道我們可以處理它。可以自豪地說該資產運作良好。

Right now there are several places up and down the coast of Florida that are not. And again, one would love to compliment the team. The team has done a phenomenal job at getting it open and then making the challenges that we're dealing with transparent to customers.

目前，佛羅裡達州海岸上下有幾個地方還沒有。再次，人們很樂意稱讚這個團隊。該團隊在將其開放並將我們正在應對的挑戰向客戶透明方面做得非常出色。

Maybe just let me add one more point, Catherine. And I meant to mention this, and I apologize, but the way it was designed to withstand the hurricanes that it's seen, when we were there for the customer, the guest experience, they wouldn't have noticed really that too much of an impact from the hurricane because all of that went through the lower area that the resort was built like 14 or 16 feet off the mean high tide line.

也許讓我再補充一點，凱瑟琳。我想說的是，我很抱歉，但是它的設計方式是為了抵禦所看到的颶風，當我們在那裡為客戶、客人體驗服務時，他們不會注意到真正有太大的影響因為所有這些都經過了度假村建造的較低區域，距離平均高潮線14 或16 英尺。

Very helpful. And just as a quick follow-up, we've been talking about premium and other peers increasing premium products, et cetera. So with Allegiant bringing in newer planes and the extra room, do you think this kind of creates an opportunity for you guys to push the floor of premium pricing higher as maybe peers are increasing products and fares as well?

非常有幫助。作為快速跟進，我們一直在談論優質產品和其他同行增加優質產品等。因此，隨著忠實航空公司引進更新的飛機和額外的空間，您認為這是否為你們創造了一個機會，可以推高溢價底價，因為也許同行也在增加產品和票價？

I mean we're continually testing our pricing across all products and premium is no different. Hats off to our ancillary pricing team that have been trying to push on this for, since really the inception in 2018, 2019. I think the ceiling has probably been a little higher candidly, lately than we saw early on in our testing, which probably lends credibility to what you're saying there. But we'll keep testing. Hopefully, there's more to go.

我的意思是，我們不斷測試所有產品的定價，溢價也不例外。向我們的輔助定價團隊致敬，自 2018 年、2019 年成立以來，他們一直在努力推動這項進程。坦白說，我認為最近的上限可能比我們早期測試中看到的要高一些，這可能為您所說的話提供了可信度。但我們會繼續測試。希望還有更多的事情要做。

Thank you.

謝謝。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey, good afternoon. Greg, I guess, can we come back to the idea that you want to get back to full aircraft utilization? Maybe this is just nuance, but is it truly during just the peak period, so we should be thinking in aggregate, you won't see the type of utilization you did pre-pandemic? Or is the idea, over time, you're flexing the network up to full utilization throughout the week? Or am I missing something?

嘿，下午好。格雷格，我想，我們可以回到你想要恢復飛機充分利用的想法嗎？也許這只是細微差別，但真的只是在高峰時期嗎？或者您的想法是，隨著時間的推移，您將在一周內充分利用網路？還是我錯過了什麼？

Let me hit it, and Drew can add some color on that, Brandon. In 2019, I think we, on average, over the year, we, our utilization was about 8 hours per aircraft per day. Fuel was at a different point. I think it was a $2.12 or $2.15 in 2019.

讓我擊中它，德魯可以為此添加一些顏色，布蘭登。2019 年，我認為全年每架飛機的平均使用時間約為每天 8 小時。燃料處於不同的時刻。我認為 2019 年是 2.12 美元或 2.15 美元。

So generally, in those off-peak periods, fuel is going to be the constraining factor when you're going to want to take up utilization. If it's lower or if it's higher, you pull back utilization in a higher fuel environment to drive up fares.

因此，一般來說，在非高峰時段，當您想要使用時，燃料將成為限制因素。如果它較低或較高，您就會在較高的燃料環境中拉低利用率以推高票價。

And in terms of the peak periods where, kind of where we've been framing this message around, that's where we're focused on. The demand maintains for our network and the leisure demand remains very robust and strong in those peak periods. And so that's why we're kind of isolating it more to the peak periods when we talk about restoring utilization to 2019 levels.

就高峰時期而言，我們一直在圍繞著這個資訊建立框架，這就是我們關注的重點。對我們網路的需求保持不變，並且在高峰時期休閒需求仍然非常強勁。因此，這就是為什麼當我們談論將利用率恢復到 2019 年水平時，我們將其更多地隔離在高峰時段。

Is that fair, Drew, anything you want to add?

這樣公平嗎，德魯，你還有什麼要補充的嗎？

Yes. The thought process moving forward is no different than it looked in 2019. To Greg's point, your peak periods have rarely been constrained by demand or fuel, it's been about your first operational constraints, so having a lower, constraint being is the crew or pilot headcount hours available or the number of aircraft we have, that lifts, right, as we move forward.

是的。未來的思考過程與 2019 年並沒有什麼不同。對於格雷格的觀點，你的高峰期很少受到需求或燃料的限制，這是關於你的第一個運營限制，因此較低的限制是機組人員或飛行員的可用時間或我們擁有的飛機數量，是的，隨著我們前進。

But like a September decision is the same. What's demand look like, what's fuel look like because we're not running into one of those operational constraints. So no change in the thought process, certainly a change to the demand environment and a massive change coming with Boeing in terms of the operating economics that we'll have and how we choose to utilize those, but nothing beyond that.

但就像九月的決定一樣。需求是什麼樣的，燃料是什麼樣的，因為我們沒有遇到這些營運限制之一。因此，思考過程沒有改變，當然需求環境發生了變化，波音公司在我們將擁有的營運經濟性以及我們如何選擇利用這些經濟性方面也發生了巨大的變化，但除此之外沒有什麼變化。

Okay. Thank you both. Okay. And then if I can follow up real quick on Sunseeker. I mean I get it the hurricane impacts will be negative in the quarter, but it looks like the earnings outlook may be slightly more negative here on a full year basis, too. Can you talk to maybe just the holiday period, like how that's booking year-on-year? A year into this, is it seasoning better and maybe along your expectations or taking longer?

好的。謝謝你們倆。好的。然後我能否快速跟進 Sunseeker。我的意思是，我知道颶風對本季的影響將會是負面的，但看起來全年的獲利前景也可能會稍微負面一些。您能否只談談假期期間的情況，例如同比預訂情況？一年過去了，它的調味是否更好，也許符合你的期望，還是需要更長的時間？

Why don't I kick it off, Micah, and jump in with some more detail there. But Micah talked more about the holiday bookings. The reason we gave you such a range on the full year guide, I think we gave $25 million to $30 million, is that we are seeing some strength in that recovery booking, the FEMA that Micah was talking about. And so we're seeing some of the bookings in the, like the group business to move to '25, we're seeing some of that being recaptured with the FEMA side of the house.

為什麼我不先開始講呢，Micah，然後再講一些更多的細節。但邁卡更多地談論了假期預訂。我們之所以在全年指南中給出這樣一個範圍，我認為我們提供了 2500 萬至 3000 萬美元，是因為我們看到了恢復預訂的一些優勢，即 Micah 所說的 FEMA。因此，我們看到一些預訂，例如集團業務轉移到 25 年，我們看到 FEMA 方面重新奪回了其中一些預訂。

But one thing that we are building more conviction in, Brandon, and I think it's an important point to make is that like in the first quarter of '25, and that's a peak period for Sunseeker, but what we're seeing now with the group business that's being booked, that's already on the books, it's trending really strong. We expect EBITDA in the first quarter of next year to be positive.

但布蘭登，我們正在建立更堅定的信念，我認為這一點很重要，就像 25 年第一季一樣，那是 Sunseeker 的高峰期，但我們現在看到的是正在預訂的集團業務，已經記錄在案，趨勢非常強勁。我們預計明年第一季的 EBITDA 將為正值。

So I'll let Micah come in, though, to add some color on that and also about more how the holiday bookings are shaping up.

因此，我會讓 Micah 進來，為這一點添加一些色彩，並更多地了解假期預訂的情況。

Yes. No, Greg, you hit it on the head. I like what I'm seeing in terms of what the holidays will look like, both for Thanksgiving, New Year's and Christmas, they look good. Couldn't be more excited about Q1. As I sit here right now, we actualized, in Q1 last year, we actualized under 10,000 group rooms. We're sitting on almost 19,000 for 2025.

是的。不，格雷格，你擊中了我的頭。我喜歡我所看到的假期，無論是感恩節、新年還是聖誕節，它們看起來都很棒。對第一季感到非常興奮。我現在坐在這裡，我們意識到，去年第一季度，我們實現了不到 10,000 個團體房間。到 2025 年，我們預計將有近 19,000 個。

We talked about the transient and leisure business, but there's nothing that's a greater indicator for us of what the future quarters will look like that is more effective than the group business. And so to be able to tell you that I'm sitting on roughly double what that was last year for the coming quarter really is reassuring for me.

我們討論了短暫和休閒業務，但對我們來說，沒有什麼比集團業務更能有效預測未來幾季的情況了。因此，能夠告訴您，下一季我的收入大約是去年的兩倍，這確實讓我感到安心。

Thank you.

謝謝。

Thanks, Brandon.

謝謝，布蘭登。

f Andrew Didora, Bank of America.

f 安德魯‧迪多拉 (Andrew Didora)，美國銀行。

Hey, good afternoon, everyone. Thanks for taking the questions. First one, just, thank you for the fleet update next year. Obviously, CapEx schedules across the industry are changing pretty rapidly here because of Boeing. I guess, Robert, any guideposts on how we should think about CapEx next year, maybe 2026 based on what you know today out of Boeing? And maybe kind of how is that split between aircraft and non-aircraft?

嘿，大家下午好。感謝您提出問題。首先，謝謝您明年的機隊更新。顯然，由於波音的原因，整個產業的資本支出計畫正在迅速變化。羅伯特，我想，根據您今天從波音公司了解到的信息，我們應該如何考慮明年（也許是 2026 年）的資本支出，有什麼指南嗎？也許飛機和非飛機之間是如何劃分的？

Andrew, sure. We sort of expected to come up, and we're not ready to give a guide on CapEx for either '25 or '26. But I will tell you kind of how we're thinking about it. Maybe start by saying, what we know out of Boeing right now is very little, as you can imagine. Discussions really on restarting deliveries have largely been on pause other than we know the state of aircraft that are being produced for us that are in production, so the near-term units.

安德魯，當然。我們預計會出現，但我們還沒有準備好提供有關 25 年或 26 年資本支出的指南。但我會告訴你我們是如何思考這個問題的。也許首先要說的是，正如你可以想像的那樣，我們現在對波音的了解非常少。除了我們了解正在生產的飛機（即近期飛機）的狀況外，有關重新開始交付的討論基本上處於暫停狀態。

And that really informed kind of what I walked through in the prepared remarks with respect to puts and takes on fleet. And so if I think about ending the year with a flat fleet count for 11 deliveries next year and adjusting the rest of the 2025 schedule, I would expect that CapEx kind of, and this is kind of all-in CapEx is between $400 million and $500 million.

這確實告訴了我在準備好的評論中關於艦隊的看跌期權的內容。因此，如果我考慮以明年 11 次交付的機隊數量持平並調整 2025 年其餘時間表的方式結束今年，我預計資本支出在 4 億美元到 4 億美元之間5億美元。

Again, that would differ from our contractual obligations. And while I think I would typically say I would look to the low side of that range, just that range already considers that there are some further delays. So I'm kind of thinking about like mid-four or five, or yes, somewhere between $400 million and $500 million next year, and we'll give a real update in January.

同樣，這與我們的合約義務不同。雖然我認為我通常會說我會關注該範圍的低端，但僅該範圍就已經考慮到存在一些進一步的延遲。所以我在考慮明年四、五歲左右，或者是的，在 4 億到 5 億美元之間，我們將在 1 月給出真正的更新。

Got it. That's helpful. And second one, maybe for Greg, just kind of pilots. I know you're in mediation, but I know, I think they're voting on a potential strike authorization. I know that it is hard to strike in this industry, but I guess the last airline to do so was a ULCC. I guess how do you view this risk? And is there anything you can do to potentially mitigate anything that could potentially happen? Thank you.

知道了。這很有幫助。第二個，也許對格雷格來說，只是個飛行員。我知道你正在調解，但我知道，我認為他們正在就潛在的罷工授權進行投票。我知道這個行業很難取得成功，但我猜最後一家這樣做的航空公司是 ULCC。我想您如何看待這個風險？您可以採取哪些措施來減輕可能發生的情況？謝謝。

Thanks, Andrew. I appreciate the question. It's a very important one. And as you mentioned, it's typical in our industry to have a strike authorization vote and it doesn't necessarily mean it will happen. I think it's important, though, it's an important part of the process to for labor to come together, so that solidarity.

謝謝，安德魯。我很欣賞這個問題。這是非常重要的。正如您所提到的，罷工授權投票在我們行業是很常見的，但這並不一定意味著它會發生。不過，我認為這很重要，這是讓勞工團結起來、團結一致的過程的重要部分。

In terms of where we're at, we have and we will continue to work in good faith throughout the mediation process. We're committed to finding common ground on the open issues, Andrew. And our priority is to deliver an AIP that our pilots will support and, but one that protects the business model. We have just incredibly really great pilots at Allegiant, and they're integral to our success, and we want to get a contract for them as well. And I know they want that also, obviously.

就我們目前的情況而言，我們已經並將繼續在整個調解過程中真誠地工作。我們致力於在未決問題上尋找共同點，安德魯。我們的首要任務是提供一項我們的飛行員將支援的 AIP，並且能夠保護商業模式。我們忠誠航空擁有非常出色的飛行員，他們是我們成功不可或缺的一部分，我們也希望與他們簽訂合約。我知道他們顯然也希望如此。

Okay, thank you, Greg.

好的，謝謝你，格雷格。

(inaudible)

（聽不清楚）

Michael Lindenberg, Deutsche Bank.

麥可林登伯格，德意志銀行。

Oh, hey, good afternoon everyone. I just, I want to go back to the revised range for Sunseeker, the $25 million to $30 million. I noted in the release, you did indicate that the Hurricane Milton impact is still being assessed and you'll provide an update in the December quarter. Is that like an insurance impact for damages? Or is it just all in as it relates to overall bookings and how that performs in the fourth quarter?

呵呵，大家下午好。我只是想回到 Sunseeker 修改後的範圍，即 2500 萬至 3000 萬美元。我在新聞稿中指出，您確實指出颶風米爾頓的影響仍在評估中，您將在 12 月季度提供更新。這就像損害賠償的保險影響嗎？或者這只是因為它與總體預訂量以及第四季度的表現有關？

Mike, it's good to talk to you. No, I think what we're, I would take damages and put that aside, I think what we're putting in the $25 million to $30 million would be more on the revenue loss side of the house and kind of going back to the, without the hurricane, we were going to, we felt be close to that guide.

麥克，很高興與你交談。不，我認為我們是什麼，我會接受損害賠償並把它放在一邊，我認為我們投入的 2500 萬至 3000 萬美元將更多地用於公司的收入損失方面，並且有點回到了，如果沒有颶風，我們將會，我們感覺離那個指南很近。

But some of that damage from the hurricane damage for Milton pushed some of the bookings into '25, but then we have some FEMA bookings coming in now and then they're still trying to iron that out. And so that's where we, once we add a little bit more color, we felt we could come back and provide an updated guide on the EBITDA side of the house.

但米爾頓颶風造成的損失將一些預訂推遲到了 25 年，但我們現在收到了一些 FEMA 的預訂，然後他們仍在努力解決這個問題。所以這就是我們的地方，一旦我們添加了更多的色彩，我們覺得我們可以回來並提供關於 EBITDA 方面的更新指南。

And then in terms of damage to the lower areas of the property, I don't think we're still assessing the damage there. That would be for both hurricanes and going through to get it repaired, but that would be excluded from that $25 million to $30 million EBITDA loss.

然後就財產較低區域的損害而言，我認為我們仍在評估那裡的損害。這既適用於颶風，也適用於修復，但這將不包括在 2500 萬至 3000 萬美元的 EBITDA 損失中。

Okay. That's super helpful. And then just my second question, just to BJ, you talked about owning 86% of your fleet, and that's always been one of the one of the positive attributes where the aircraft is high for you versus some of your other ULCC counterparts.

好的。這非常有幫助。然後是我的第二個問題，就 BJ 而言，您談到擁有 86% 的機隊，這一直是您的飛機相對於其他一些 ULCC 同行而言較高的積極屬性之一。

If I were to sort of translate that into unencumbered asset value. I suspect that maybe some of those airplanes, they may have debt on them, they may not. They may be completely free and clear. How can I think about what your unencumbered availability is, whether it's fleet and non-fleet just to kind of get a sense of where things sit today. Thanks for taking my question.

如果我要把它轉化為無負擔的資產價值。我懷疑也許其中一些飛機可能有債務，也可能沒有。它們可能是完全自由和清晰的。我如何考慮您的無阻礙可用性是什麼，無論是車隊還是非車隊，只是為了了解今天的情況。感謝您提出我的問題。

Sure. Thanks, Mike. Yes, the way I would think about that is we're at 51 of our aircraft in the fleet today are unencumbered. I would think about that along with unencumbered spare engines, some of which we bought brand new just before the pandemic.

當然。謝謝，麥克。是的，我的想法是，目前機隊中有 51 架飛機沒有受到影響。我會考慮這一點以及不受阻礙的備用發動機，其中一些是我們在大流行之前購買的全新發動機。

And then maybe add in sort of the under levered value in some of the aircraft that are financed that you referenced. I think all in there, you to about $650 million, maybe $700 million, something like that.

然後可能會添加您提到的一些融資飛機的槓桿率不足的價值。我想總共有大約 6.5 億美元，也許是 7 億美元，類似的東西。

Awesome. Thanks BJ. Thanks everyone.

驚人的。謝謝BJ。謝謝大家。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港全球公司。

Oh, hey, thanks. Good afternoon, guys. Greg, it'd be great to follow up on the 2025 commentary. And I believe the messaging over the last couple of quarters is that full utilization has been worth roughly 6 percentage points to improve margins this year.

哦，嘿，謝謝。下午好，夥計們。Greg，如果能跟進 2025 年的評論就太好了。我相信過去幾季傳達的訊息是，今年的利潤率提高了約 6 個百分點。

And so I guess, and that was with fuel, I think, at $260 to $290. And so is that 6% referenced in prior calls a reference to peak only flying? And I know you're not guiding to '25 metrics, but is that 6 percentage point ZIP code a fair way to think about the margin potential directionally next year?

所以我想，我想這還是燃油費，價格是 260 至 290 美元。那麼之前電話中提到的 6% 是指僅尖峰飛行嗎？我知道您沒有指導「25」指標，但是郵遞區號 6 個百分點是考慮明年方向性利潤潛力的公平方法嗎？

Yes. I think to your point, there's different elements for the backdrop, whether that be fuel or the revenue environment. In 2023 and during those peak periods coming into 2024, we valued that incremental peak utilization would be worth, I think I want to say, up to 4 to 6 points of margin.

是的。我認為就你的觀點而言，背景有不同的元素，無論是燃料或收入環境。在 2023 年以及進入 2024 年的高峰時期，我們認為增量峰值利用率值得（我想我想說）高達 4 到 6 個百分點的利潤。

And so as you kind of extrapolate that into 2025 without giving guidance, we think as we continue to restore the peak utilization and execute on the plan that we've laid out. We expect meaningful expansion on the margin side of the house higher than 2024.

因此，當您在沒有給予指導的情況下將其推斷到 2025 年時，我們認為我們將繼續恢復峰值利用率並執行我們制定的計劃。我們預計該公司的利潤率將在 2024 年以上實現有意義的擴張。

Yes. And then, Drew, I guess my next question, really just a clarification of the guide. So September unit revenues are positive the last three weeks. I think the outlook for the fourth quarter RASM is down 4.5% so, and I'm just curious, just for clarification if the guide is embedding weaker year-over-year RASM over the holidays, just given the 16% growth. And I know the more peak flying is accretive, but I'm just trying to get at what's embedded in the guide.

是的。然後，德魯，我想我的下一個問題實際上只是對指南的澄清。因此，過去三週 9 月的單位收入為正值。我認為第四季度 RASM 的前景將下降 4.5%，我只是好奇，只是想澄清一下，鑑於 16% 的增長，該指南是否在假期期間嵌入了較去年同期更弱的 RASM。我知道更多的高峰飛行會增加，但我只是想了解指南中嵌入的內容。

Certainly, there will be some RASM headwind associated with growth, even the holidays growing 16% for the month will have its pressure. The biggest impacts though really are hurricane related and some question marks around the cadence of recovery around some destinations.

當然，RASM 的成長會遇到一些阻力，即使假期當月成長 16% 也會有壓力。不過，最大的影響確實與颶風有關，而且一些目的地周圍的恢復節奏也存在一些問號。

At the outset before the hurricane, we thought, or we mentioned that we thought the unit revenue forecast would be flat to about down 1% with the bulk of the headwind there coming from the growth in December on a unit basis. But yes, I mean hurricanes are a big deal for our network.

在颶風到來之前，我們認為，或者我們提到，我們認為單位收入預測將持平至下降 1% 左右，其中大部分阻力來自 12 月份單位收入的成長。但是，是的，我的意思是颶風對我們的網路來說是一件大事。

That's a big deal, yes. Understood. And then if I could just squeeze one last one in here, BJ. I know that Sunseeker was written down during COVID. And can you just remind us of the book value currently? And then secondly, if there is a loss, let's say, you were able to sell it sometime in 2025 or sell some partial or some stake in it.

這是一件大事，是的。明白了。然後，如果我能在這裡擠最後一顆，BJ。我知道聖瑪麗 (Sunseeker) 是在新冠疫情期間被寫下的。您能提醒我們目前的帳面價值嗎？其次，如果出現虧損，比如說，你可以在 2025 年的某個時候出售它，或出售其中的部分或部分股權。

I'm just curious if the auditors I was just trying to get a sense is that's something we should anticipate in our models, factor that into our model or just directionally how we can think about that? I don't know that we know the answer to that. Greg, do you have?

我只是好奇我是否只是想了解審計師是否應該在我們的模型中預見到這一點，將其納入我們的模型中，或者只是定向地我們如何考慮這一點？我不知道我們是否知道答案。格雷格，你有嗎？

Hey, Dan, we have some of our accounting leaders here in the room as well. So I was just looking to them, maybe start with the first part of your question I think you were asking about like after the write down what the book value was on the resort. Is that, what you're asking?

嘿，丹，房間裡還有我們的一些會計主管。所以我只是在尋找他們，也許從你問題的第一部分開始，我想你是在寫下度假村的帳面價值之後問的。你問的是這個嗎？

Yeah, correct. Thanks.

是的，正確。謝謝。

Yeah, if you think about the CapEx guide that we gave and then the write down that we would have announced, I guess that would have been late 2020 and I really don't have the number right in front of me, but I think you should end up with something in like the mid 600 area on.

是的，如果你考慮我們提供的資本支出指南，然後寫下我們將宣布的內容，我想那會是 2020 年末，我面前確實沒有這個數字，但我認為你最終應該會出現在600 區域中部的情況。

The write down the impairment. I think Dan, if I recall was like a over $100 million, like $120million to $140 million.

減記減值。我想丹，如果沒記錯的話，大概是超過 1 億美元，大概是 1.2 億到 1.4 億美元。

Okay. And then it just, is it when you do sell a partial stake in that, is that something that the auditors would strip out as a special item or is that I guess I'm just trying to, if we should factor that into our model or just directionally how we can think about that?

好的。然後，當你出售部分股權時，審計師是否會將其作為特殊項目剔除，或者我想我只是想這樣做，如果我們應該將其納入我們的模型中或只是方向性地我們如何思考這個問題？

I don't know that we know the answer to that, Greg?

我不知道我們是否知道答案，格雷格？

It would really be a management decision, and I guess we'd have to look at like kind of the circumstances of the sale when you say a partial sale, there's so many different ways to kind of think about that I'm sure there are some circumstances where we would need to or want to report that as a special item. But, many where we wouldn't need to, I don't know if anyone else in the room wants to add anything.

這確實是一個管理決策，我想當你說部分銷售時，我們必須考慮銷售的情況，有很多不同的方式來思考，我確信有在某些情況下，我們需要或想要將其作為特殊項目進行報告。但是，很多地方我們不需要，我不知道房間裡的其他人是否想要添加任何內容。

Well, okay that's fine. That helps. But thanks so much for the time you guys.

嗯，好吧，沒關係。這有幫助。但非常感謝你們抽出時間。

Of course, Dan, thank you.

當然，丹，謝謝你。

Chris Staff, SIG.

克里斯·斯塔夫，SIG。

Thanks everyone. Good afternoon. So I want to go back to earlier question on capacity. So it's the net, your fleet is net plus one on the aircraft side. I think I heard around 5% to keep CASM-X here flat. So just kind of working through the math here. If you could help us think so on a flattish fleet count, your seats per departure gauge.

謝謝大家。午安.所以我想回到之前關於容量的問題。所以這就是淨值，你的機隊在飛機方面是淨值加一。我想我聽到大約 5% 的人認為 CASM-X 保持不變。所以這裡只是來做一下數學計算。如果您能幫助我們考慮一下平坦的機隊數量，即每個出發儀表的座位數。

And I'm guessing this is a more kind of departure driven year. Utilization looks like it's going to be up or you said that you're already there. Just want to better understand the moving pieces of that. And then also the seasonal routes, I think historically, you're at 15% and the mix of new routes as well. Thanks.

我猜今年是更加由離開驅動的一年。利用率看起來會上升，或者你說你已經達到了。只是想更理解其中的動人部分。然後還有季節性航線，我認為從歷史上看，你佔 15%，還有新航線的組合。謝謝。

Sure. A few things here. So please circle back when I inevitably forget one. You're right, this is primarily a departure driven growth that's coming from utilization and not necessarily from incremental fleet. We will be plus a little bit on the fleet side in the first half of the year before coming back to that net plus one at the end, which will contribute a little bit.

當然。這裡有幾件事。因此，當我不可避免地忘記一個時，請回過頭來。你是對的，這主要是一種背離驅動的成長，來自利用率，而不一定來自增量機隊。我們將在上半年在機隊方面增加一點，然後在年底回到淨增加一，這將做出一點貢獻。

In terms of gauge, right, for every MAX we bring on at 190, they'll be offsetting retirement at 177. So there's maybe a small amount of gauge lift there, but I wouldn't necessarily run away with it. Anything else on that before I talk market pieces?

就規格而言，對吧，對於我們在 190 歲時啟用的每一個 MAX，它們都會在 177 歲時抵消退休的影響。所以那裡可能有少量的軌距提升，但我不一定會逃避它。在我談論市場之前還有什麼要說的嗎？

Yes. And I would just say, like as the MAXs come in just due to some of the uncertainty of the delivery timing, and Drew, I don't want to speak for you and your team, but particularly in the beginning of the year, I would assume at some point, they're just taking over some A320 lines as well that would have been scheduled at the lower capacity.

是的。我只想說，正如 MAX 的到來只是由於交付時間的一些不確定性，德魯，我不想代表你和你的團隊說話，但特別是在今年年初，我假設在某個時候，他們也只是接管了一些原本計劃運力較低的A320 航線。

Right, such that they deliver earlier than we had planned that will happen. Yes. From a market mix, I'd expect the majority of the added frequencies to be on existing routes, something in probably the 75% to 80% of the growth coming on existing routes and existing frequency.

是的，這樣他們就可以比我們計劃的更早交付。是的。從市場組合來看，我預計大部分增加的班次將出現在現有航線上，其中 75% 到 80% 的成長可能來自現有航線和現有班次。

Going back to, Greg made the great point earlier around how much of our network is actually operating less than it did in 2019 or in other prior years, providing kind of a solid floor as we add that back in. But there will be some component of new markets that I know the network team is excited about getting back in that game in a more meaningful way. So yes, maybe 75%, 80% of that same store restoration before getting to the new markets.

回到過去，Greg 早些時候提出了一個重要觀點，即我們的網路實際上運行的情況比 2019 年或前幾年要少，這為我們重新添加這一點提供了堅實的基礎。但我知道網路團隊很高興以更有意義的方式重返新市場的某些組成部分。所以，是的，在進入新市場之前，同一家商店可能需要恢復 75%、80%。

Thank you. And then on the Sunseeker, so I think I heard you say positive adjusted EBITDA in 1Q and group is up double digits year-on-year. Just if you could give me those numbers and also on the positive side, the mix of ADR versus occupancy. I just want to kind of better understand where you see ADR going and how occupancy might be tracking. Thanks.

謝謝。然後是 Sunseeker，我想我聽到你說第一季調整後的 EBITDA 為正值，集團比去年同期成長了兩位數。如果您能給我這些數字，以及積極的一面，即 ADR 與入住率的組合。我只是想更了解 ADR 的走向以及入住率的追蹤情況。謝謝。

Yes, I can hit that real quick. And that's occupancy in the high 50%, so call it between 57% and 59% ADR is north of [300]. And yes, the expectation is the EBITDA positive in the first quarter and the strength of group business is really, is helping to drive that.

是的，我可以很快地做到這一點。這是 50% 左右的入住率，所以稱其為 57% 到 59% 之間，ADR 位於[300]。是的，人們期望第一季的 EBITDA 為正，而集團業務的實力確實有助於推動這一趨勢。

Okay, thank you.

好的，謝謝。

That concludes our Q&A session. I will now turn the call back over to Sherry Wilson for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給雪莉威爾森 (Sherry Wilson)，讓其致閉幕詞。

Thank you all for joining today's call. Please feel free to reach out if you have any questions otherwise we will chat with you next year.

感謝大家參加今天的電話會議。如果您有任何疑問，請隨時與我們聯繫，否則我們將在明年與您聯繫。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。