Allegiant Travel Co (ALGT) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the Allegiant Travel Company fourth-quarter and full-year 2024 earnings call. (Operator Instructions)

感謝您的支持。我叫麗貝卡，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Allegiant Travel Company 2024 年第四季和全年財報電話會議。（操作員指示）

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

謝謝。現在我將把電話轉給投資者關係董事總經理雪莉威爾森 (Sherry Wilson)。請繼續。

Thank you, Rebecca. Welcome to the Allegiant Travel Company's fourth-quarter and full-year 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 performance and outlook. And finally, Robert Neal, Chief Financial Officer, will speak to our financial performance. Following commentary, we will open it up to questions. We ask that you please limit yourself to one question and one follow-up.

謝謝你，麗貝卡。歡迎參加 Allegiant Travel Company 2024 年第四季和全年財報電話會議。今天的電話會議我們將由總裁兼執行長 Greg Anderson 開始，他將介紹我們的業務最新情況並概述我們的業績。首席商務官德魯威爾斯 (Drew Wells) 將介紹我們的收入表現和前景。最後，財務長羅伯特尼爾 (Robert Neal) 將介紹我們的財務表現。評論結束後，我們將開始回答問題。我們要求您只提出一個問題並進行一次後續跟進。

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. 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.

本公司今天的評論將包含有關我們未來業績和策略計劃的前瞻性陳述。各種風險因素可能導致這些聲明的基本假設和我們的實際結果與我們的前瞻性聲明所表達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美國證券交易委員會提交的文件中進行了更全面的揭露。任何前瞻性陳述均基於我們掌握的資訊。今天，我們不承擔因未來事件、新資訊或其他原因而公開更新任何前瞻性聲明的義務。

The company cautions investors not to place undue reliance on forward-looking statements which may be based on assumptions and events that do not materialize to view this earnings release as well as the rebroadcast of the call. Feel free to visit the company's investor relations site at ir.allegiantair.com.

該公司提醒投資者不要過度依賴前瞻性陳述，因為這些陳述可能基於未實現的假設和事件，請查看本收益報告以及電話會議的重播。歡迎您來到該公司的投資者關係網站ir.allegiantair.com。

And with that, I'll turn it to Greg.

現在，我將把話題交給格雷格。

Sherry, thank you, and good afternoon, everyone. We appreciate you joining us today. Before we get into it, I wanted to take a moment to extend our heartfelt condolences to the loved ones of the passengers and crew who were involved in the tragic accident near DCA Reagan Airport last week. Our thoughts are with the individuals, their families, and all those impacted during this difficult time.

雪莉，謝謝你，大家下午好。感謝您今天加入我們。在我們開始討論之前，我想花點時間向上週在雷根機場附近發生的悲慘事故中的乘客和機組人員的親屬表示沉痛的哀悼。我們向受害者、他們的家人以及所有在這段艱難時期受到影響的人們表示慰問。

Now, to our earnings report. We concluded 2024 with a commendable performance, achieving an adjusted airline-only operating margin of over 13% for the December quarter, marking a 6.5 point increase from the previous year. This was driven by a 16% increase in December capacity, primarily due to aircraft utilization averaging 9.6 hours per day during the peak holiday period, reflecting a 21% year-over-year increase.

現在來看看我們的收益報告。我們以令人稱讚的業績結束了 2024 年，12 月季度的調整後航空業務營業利潤率超過 13%，比前一年增加了 6.5 個百分點。這是由於 12 月運力增加 16%，主要由於假日高峰期飛機利用率平均為每天 9.6 小時，年增 21%。

Despite significant growth during the peak period, our team attained a controllable completion rate of 99.7%, and I want to thank them for ensuring smooth operations during one of the busiest times of the year. Last year we introduced three primary initiatives, one of which focused on restoring utilization during peak leisure demand periods, a goal we successfully achieved in December and expect to maintain this momentum throughout 2025, particularly during spring and summer peak periods. Additionally, we prioritized upgrading our commercial technology and introducing new MAX aircraft, and we have made substantial progress in both of these areas.

儘管在高峰期出現了顯著的成長，但我們的團隊仍然達到了 99.7% 的可控完成率，我要感謝他們確保在一年中最繁忙的時期之一順利運作。去年，我們推出了三項主要舉措，其中一項重點是恢復休閒需求高峰期的利用率，我們在 12 月成功實現了這一目標，並預計在 2025 年全年，特別是在春季和夏季高峰期，將保持這一勢頭。此外，我們優先升級我們的商業技術和引進新的 MAX 飛機，並且在這兩個領域都取得了實質進展。

The ongoing optimization of our Navitaire system has already led to incremental improvements and is expected to continue enhancing revenue throughout 2025. Furthermore, we ended the year with four MAX aircraft in service, beginning to address operational inefficiencies caused by previous aircraft delivery delays. The tactical excellence demonstrated by Team Allegiant around these three key priorities significantly strengthens our foundation for improved performance. Underlying our execution is the deliberate efforts of being laser focused on our core strength, the airline. Consequently, a significant step in this strategy is the goal of transitioning Sunseeker off Allegiant's balance sheet.

我們對 Navitaire 系統的持續優化已經帶來了漸進式的改進，預計在 2025 年全年將繼續提高收入。此外，我們在年底有四架 MAX 飛機投入使用，開始解決先前飛機交付延遲造成的營運效率低下的問題。Allegiant 團隊圍繞這三個關鍵優先事項所展現出的戰術優勢極大地增強了我們提高績效的基礎。我們執行的根本原因是我們刻意努力地集中精力於我們的核心優勢——航空公司。因此，該策略的一個重要步驟是將 Sunseeker 從 Allegiant 的資產負債表中移除。

Over recent months, we have made significant progress in our strategic review of Sunseeker. This unique resort, located in a popular state, offers excellent amenities and is managed by a highly skilled team. We have great confidence in Sunseeker's future success and have observed material improvements in its financial performance. Nonetheless, we need to acknowledge that a new capital partner will be important for Sunseeker to achieve its full potential. As such, we have launched a competitive process with our team of experienced advisors for a potential sale or stake sale and have received promising indications of interest from several high-quality name investors.

近幾個月來，我們對 Sunseeker 的策略審查取得了重大進展。這個獨特的度假村位於一個受歡迎的州，提供一流的設施，並由一支高技能的團隊管理。我們對 Sunseeker 未來的成功充滿信心，並且已經看到其財務業績有了實質的改善。儘管如此，我們需要承認，新的資本合作夥伴對於 Sunseeker 充分發揮其潛力至關重要。因此，我們與經驗豐富的顧問團隊就潛在的出售或股權出售啟動了競爭流程，並已收到多位優質知名投資者的興趣表示。

Our goal is to conclude this process by summer. We will update when appropriate, and BJ will touch on the impairment announced last week and how we are guiding for the resort. Further, strengthening our balance sheet remains crucial. Although leverage is improving, there's still work to be done, and it continues to be a key focus for this management team.

我們的目標是在夏季之前完成這項工作。我們將在適當的時候更新，BJ 將談論上周宣布的損害以及我們如何指導度假村。此外，加強我們的資產負債表仍然至關重要。儘管槓桿率正在提高，但仍有工作要做，而且這仍然是該管理團隊的重點。

Fortunately, we own the vast majority of our aircraft, which has allowed the fleet team to strategically sell older, under underutilized A320 assets in a favorable market, resulting in substantial cash proceeds supporting our deleveraging efforts. The sale of these assets is aligned with our growing confidence in the delivery schedule from Boeing. Given the firmness of the aircraft market and the timing of our order, each MAX delivered and purchased represents significant value. In addition to the day one equity value, the operating economics of our MAX aircraft exceed the fleet average by as much as 30%. To add to that, every new aircraft delivered to us is configured with our impactful premium seating product, Allegiant Extra.

幸運的是，我們擁有絕大多數飛機，這使得機隊團隊能夠在有利的市場中策略性地出售較舊、未充分利用的 A320 資產，從而獲得大量現金收益來支持我們的去槓桿工作。出售這些資產符合我們對波音交貨時間表日益增長的信心。鑑於飛機市場的堅挺和我們下訂單的時間，每架交付和購買的 MAX 都具有重大價值。除了第一天的股權價值外，我們的 MAX 飛機的營運經濟性比機隊平均高出 30%。除此之外，我們交付的每架新飛機都配備了我們極具影響力的高級座椅產品 Allegiant Extra。

Currently, 46% of our fleet is equipped with our Allegiant Extra product, and we plan to end the year at 70%. This compares favorably with prior year's average of 23%. We continue to see strong demand from our customers for this premium seating as we expand the product more broadly across the network. Similarly, the Allegiant Allways Credit Card continues to perform as we expect to receive more than $140 million in total remuneration during 2025. As we advance our commercial technology infrastructure, we are enthusiastic about the future products we will introduce to our customers, aiming to drive more to the top line and improve upon our industry-leading ancillary revenue.

目前，我們 46% 的車隊配備了 Allegiant Extra 產品，我們計劃在今年年底達到 70%。這與去年 23% 的平均值相比有所提高。隨著我們在整個網路中更廣泛地擴展該產品，我們繼續看到客戶對這種高級座椅的強勁需求。同樣，Allegiant Allways 信用卡繼續表現出色，我們預計 2025 年其總報酬將超過 1.4 億美元。隨著我們商業技術基礎設施的進步，我們對未來將向客戶推出的產品充滿熱情，旨在推動更多收入成長並提高我們行業領先的輔助收入。

Starting out 2025, we have a clear path ahead to deliver on. The industry capacity backdrop is one of the most constructive we have seen for some time. The health of the consumer is strong, and we are well positioned to capitalize on this trend with expected capacity growth of over 15% throughout the year. This growth will further enhance our operational efficiency by utilizing our existing infrastructure and expanding productively. The midpoint of our airline full year EPS guidance of $9 suggests an improvement in earnings of over 50% compared to 2024.

從 2025 年開始，我們擁有明確的前進方向。產業產能背景是我們一段時間以來看到的最具建設性的背景之一。消費者的健康狀況良好，我們已準備好利用這一趨勢，預計全年產能成長將超過 15%。透過利用我們現有的基礎設施並進行高效擴張，這一成長將進一步提高我們的營運效率。我們對航空公司全年每股收益的預期中位數為 9 美元，這意味著與 2024 年相比，獲利將成長 50% 以上。

This is an exciting new chapter for Allegiant which, would not be possible without the ongoing excellence demonstrated by Team Allegiant and their persistent dedication and hard work. Additionally, I am encouraged by recent progress in contract negotiation with our pilot team. It is a privilege to work alongside the most talented team in the industry as we strengthen our position as the leading airline in the communities we serve, delivering reliable nonstop travel at unbeatable value.

這對 Allegiant 來說是一個令人興奮的新篇章，如果沒有 Allegiant 團隊持續的卓越表現以及他們堅持不懈的奉獻和努力，這一切都不可能實現。此外，我們與試點團隊的合約談判最近的進展令我感到鼓舞。能夠與業內最優秀的團隊一起工作是一種榮幸，我們將加強作為服務社區領先航空公司的地位，以無與倫比的價值提供可靠的直飛旅行。

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

說完這些，我就把麥克風交給德魯。

Thank you, Greg, and thanks to everyone for joining us this afternoon. We finished 2024 with $2.44 billion of airline revenue, approximately 2.6% below the prior year on total ASMs 1.1% higher. Our fixed fee and operations teams did an incredible job leveraging the available aircraft space all year to an Allegiant record $81 million of fixed fee revenue. Further, our total ancillary per passenger of nearly $76 improved almost $3 versus 2023.

謝謝你，格雷格，也謝謝大家今天下午加入我們。2024 年，我們的航空收入為 24.4 億美元，比前一年下降約 2.6%，而 ASM 總量則成長 1.1%。我們的固定費用和營運團隊出色地利用了全年可用的飛機空間，為 Allegiant 創造了 8,100 萬美元的固定費用收入記錄。此外，我們每位乘客的輔助費用總額接近 76 美元，與 2023 年相比提高了近 3 美元。

Our fourth quarter total airline revenue of nearly $610 million was up slightly on a year-over-year basis. This result significantly outperformed our expectations during our last call and outpaced our revised expectations in early December.

我們第四季的航空總收入接近 6.1 億美元，較去年同期略有成長。這項結果大大超出了我們上次電話會議的預期，也超出了我們 12 月初修訂後的預期。

The main drivers of the outperformance were faster-than-expected recovery to hurricane-impacted destinations, continued core ancillary strength, as well as a stronger-than-expected holiday period. Over the Christmas week, we operated our aircraft roughly 9.6 hours per aircraft per day, in line to slightly above our 2019 levels. I could not be more proud of the operation and all of our team members that successfully navigated the push.

業績優異的主要驅動因素包括颶風影響目的地的復甦速度快於預期、核心輔助業務持續強勁以及假期期間的客流量強於預期。聖誕節期間，我們每架飛機每天的運作時間約為 9.6 小時，略高於 2019 年的水準。我為這次行動以及我們所有成功完成推進的團隊成員感到無比自豪。

In total, the three-week holiday period, consisting of the last two weeks of December and first week of January, grew more than 14% year over year while ending just better than negative 1% in unit revenue. The increased utilization over the holidays, along with post-Thanksgiving travel falling into December, drove December ASMs 16.4% higher year over year and a theme that will continue into 2025.

總體而言，為期三週的假期（包括 12 月的最後兩週和 1 月的第一周）年增超過 14%，但單位收入卻僅下降了 1% 左右。假期期間利用率的提高，加上感恩節後的旅程落入 12 月，推動 12 月 ASM 年成長 16.4%，這一趨勢將持續到 2025 年。

The first quarter capacity is expected to grow 14% versus 1Q 2024, while the year as a whole is expected to be up 17% versus 2024. The first quarter will mark the first time in three years with quarterly growth over 10%. In fact, only 2 of the last 10 quarters exceeded 1.5%. Pre-pandemic, you'd have to go back to 2011 to find the last year without a single quarter over 10% ASM growth.

預計 2024 年第一季運力將較第一季成長 14%，全年運能預計將較 2024 年成長 17%。第一季將是三年來首次季度成長率超過10%。事實上，過去 10 個季度中只有 2 個季度超過 1.5%。在疫情爆發之前，你必須回到 2011 年才能找到最後一個沒有一個季度 ASM 成長率超過 10% 的年份。

The planning team is ecstatic to have some flexibility and freedom in deploying capacity once more. This means growing in high demand months, announcing new routes, and testing the limits of route level capacity. It allows the team to focus on driving dollars to the bottom line rather than trying to fit 12 pounds of good flying into a 10-pound bag. Diving into that growth a little bit. While we have focused heavily on flying in peak months, just about a third of net growth will take place in March, June, and July, and roughly a third of that will take place on peak leisure days in those peak leisure months.

規劃團隊很高興能夠再次獲得一些靈活性和自由度來部署容量。這意味著在需求旺盛的月份進行擴張、宣布新航線以及測試航線容量的極限。它使團隊能夠集中精力實現盈利，而不是試圖將 12 磅的優質飛行器裝入 10 磅的袋子中。稍微深入探討一下這種成長。雖然我們主要關注高峰月份的飛行，但大約三分之一的淨增長將發生在 3 月、6 月和 7 月，而其中大約三分之一將發生在這些休閒高峰月份的休閒高峰日。

Over half of all growth will come in shoulder months like February, April, and August, April being a large beneficiary due to Easter shifting later. The dynamics of that flying are different than a typical year. On average, a third of seats in any given week during the first half of the year will be in existing markets flying more than any prior year. This produces 300% more seats operating in excess of prior years versus the first half in 2024. Also, between 4% and 5% of seats will be on new routes.

超過一半的成長將出現在二月、四月和八月等月份，由於復活節推遲，四月將是最大的受益者。這次飛行的動態與往年不同。平均而言，今年上半年任何一周，現有市場的座位數將佔三分之一，比前一年多。與 2024 年上半年相比，營運座位數將比前幾年增加 300%。此外，4%至5%的座位將用於新航線。

In mid-November, we announced a record time 44 new routes with start dates in spring and summer 2025. The long lead time means it's still early to judge many of the routes, though we're particularly excited about new service to our three new cities: Colorado Springs, Colorado; Columbia, South Carolina; and Gulf Shores, Alabama.

11 月中旬，我們創紀錄地宣布了 44 條新航線，開通時間為 2025 年春季和夏季。較長的準備時間意味著現在對許多航線進行評判還為時過早，不過我們對開通三座新城市的新航線感到特別興奮：科羅拉多州科羅拉多斯普林斯；南卡羅來納州哥倫比亞；以及阿拉巴馬州的格爾夫肖爾斯。

Let me touch on Gulf Shores a little more. We've heard from our customers that they travel to the Alabama Coast for an annual vacation but currently drive as much as 15 hours each way. This looks a lot like prior Allegiant success stories like Punta Gorda or Destin, Florida, where we've been able to spur additional trips each year, owing to our unique and affordable nonstop network.

讓我再多談談海灣海岸。我們從客戶那裡聽說，他們每年都會去阿拉巴馬海岸度假，但目前單程開車時間長達 15 小時。這看起來很像 Allegiant 之前在蓬塔戈爾達或佛羅裡達州德斯坦的成功案例，由於我們獨特且經濟實惠的直飛網絡，我們每年都能刺激更多的航班。

Whether through new routes or increased frequency, our general approach to 2025 is growing into our infrastructure. And while the growth profile I just outlined will have unit revenue impacts in the near term, we strongly believe the benefits of the flying will still outweigh the marginal cost of that increased flying. The added elevated flying will either work and continue to mature into future seasons or be trimmed back if it doesn't produce.

無論是透過新航線還是增加航班頻率，我們面向 2025 年的總體方針都是不斷拓展我們的基礎設施。雖然我剛才概述的成長概況將在短期內對單位收入產生影響，但我們堅信，飛行帶來的好處仍將超過增加飛行的邊際成本。增加的高空飛行要么會發揮作用並在未來的季節繼續成熟，要么如果沒有產生效果就會被削減。

In addition to the growth-driven unit revenue impacts, Easter timing will play a role in shaping the final result for leisure-oriented carriers like us in both the first and second quarters. When combining the headwind of Easter timing and the tailwind of New Year's travel, we expect a 1 to 1.5 point headwind to TRASM in the first quarter. Additionally, a mild stage increase through the first half of the year will carry an additional 1 point headwind.

除了成長驅動的單位收入影響之外，復活節的時間安排也將對我們這樣的休閒型航空公司在第一季和第二季的最終業績產生影響。結合復活節時間的不利因素和新年旅行的順風，我們預計第一季 TRASM 將面臨 1 至 1.5 個百分點的不利因素。此外，今年上半年階段性的溫和增加將帶來額外的 1 點阻力。

Lastly, while our network has diversified away from near-border exposure in the last 10 to 15 years, the strengthening US dollar to 20ish year highs against the Canadian dollar has applied some pressure on those origination cities. Many of the same initiatives that supported ancillary growth in 2024 will continue to produce benefit into 2025 to help mitigate the impacts of growth. Aircraft with the Allegiant Extra layout will see more than 5 times as many departures in the first quarter of 2025 versus the first quarter of 2024.

最後，雖然我們的網路在過去 10 到 15 年間已經從近邊境風險中多元化出來，但美元兌加元升至 20 年來的最高點，給這些始發城市帶來了一些壓力。許多支持 2024 年輔助成長的措施將在 2025 年繼續產生效益，以幫助減輕成長的影響。與 2024 年第一季相比，採用 Allegiant Extra 佈局的飛機在 2025 年第一季的起飛數量將增加 5 倍以上。

For the full year, more than two-thirds of departures should have an Allegiant Extra aircraft. We continue to regain lost functionality from our 2023 Navitaire cutover. We expect to fully recapture the lost $2 per passenger in the first half of 2025 and the $2 of expected upside early in 2026. Finally, the contribution from Allianz Travel Insurance has roughly doubled on a per-passenger basis since its launch in February. All things considered, we expect 1Q TRASM down slightly more than negative 6%, implying airline rev, excluding fixed fee, up about 7% for the quarter.

全年而言，超過三分之二的起飛航班將由 Allegiant Extra 飛機執飛。我們繼續恢復 2023 年 Navitaire 切換後遺失的功能。我們預計，到 2025 年上半年，每位乘客的損失將全部收回，到 2026 年初，預計每位乘客的收益將全部收回。最後，安聯旅遊保險自二月推出以來，每位乘客的保費貢獻大約翻了一番。綜合考慮所有因素，我們預計第一季 TRASM 的降幅將略高於-6%，這意味著不包括固定費用的航空公司收入將在本季度上漲約 7%。

We ended the year with another phenomenal performance from our co-branded Visa Allegiant Allways program. We continue to add new cardholders at a great clip, ending 2024 with over 540,000 accounts. This kind of scale gives us confidence that the program offering has matured nicely, and we are excited to collaborate further with our bank partners to better both engage our existing cardholders and ensure we're providing the best offering for existing and future cardholders alike. The power of loyalty revenue is evident across the industry, and we believe our program is still in the early days of its full potential.

我們以聯合品牌 Visa Allegiant Allways 計畫的另一個非凡表現結束了這一年。我們繼續快速增加新持卡人，到 2024 年底，我們的持卡帳戶將超過 54 萬個。這種規模讓我們相信該計劃的產品已經非常成熟，我們很高興與我們的銀行合作夥伴進一步合作，以更好地吸引我們現有的持卡人，並確保我們為現有和未來的持卡人提供最好的產品。忠誠度收入的力量在整個行業中都是顯而易見的，我們相信我們的計劃仍處於充分發揮其潛力的早期階段。

And now I'd like to hand it over to Robert Neal.

現在我想把發言權交給羅伯特·尼爾。

Thank you, Drew. Good afternoon, everyone, and thanks for joining us today. As I speak to our results and guidance this afternoon, please note that all of these are on an adjusted basis and will exclude any special items.

謝謝你，德魯。大家下午好，感謝大家今天的參與。當我今天下午談到我們的結果和指導時，請注意，所有這些都是在調整的基礎上進行的，並且不包括任何特殊項目。

In the fourth quarter, we delivered net income of $38.9 million on a consolidated basis, yielding earnings per share of $2.10. The Airline segment reported an adjusted net income of $55.6 million, or earnings of $3 per share. For the full year, we posted a consolidated net income of $45.7 million, resulting in a consolidated EPS of $2.48. Our Airline segment generated full year 2024 net income of $107.5 million, or $5.84 of airline-only earnings per share.

第四季度，我們的合併淨收入為 3,890 萬美元，每股收益為 2.10 美元。航空部門報告調整後的淨收入為 5,560 萬美元，即每股收益 3 美元。全年我們的綜合淨收入為 4,570 萬美元，綜合每股收益為 2.48 美元。我們的航空部門 2024 年全年淨收入為 1.075 億美元，即每股航空收益 5.84 美元。

As Greg and Drew have highlighted, we began seeing notable financial strength in the quarter, driven by improved peak utilization, implementation of revenue initiatives, and delivery of 737 MAX aircraft ahead of our estimates. The airline earned $139.2 million in EBITDA during the quarter, resulting in an EBITDA margin of 22.8%, which is nearly 7 points higher than the fourth quarter of 2023.

正如 Greg 和 Drew 所強調的那樣，我們在本季度開始看到顯著的財務實力，這得益於峰值利用率的提高、收入計劃的實施以及超出我們預期的 737 MAX 飛機的交付。該航空公司本季的 EBITDA 為 1.392 億美元，EBITDA 利潤率為 22.8%，比 2023 年第四季高出近 7 個百分點。

On the cost side, fuel averaged $2.50 for the quarter, in line with our expectations. Adjusted nonfuel unit costs were $0.0829, an improvement of 2.5% year over year, slightly underperforming the estimate we provided in December. This miss was driven by increased stock compensation related to the share price increase throughout the quarter, the maintenance expense true-up, and timing-related impacts from a new maintenance and material system, which went live in the third quarter.

在成本方面，本季燃料平均價格為 2.50 美元，符合我們的預期。調整後的非燃料單位成本為 0.0829 美元，年增 2.5%，略低於我們 12 月提供的估計值。導致這一結果不如預期的原因是，整個季度股價上漲導致股票薪酬增加、維護費用調整以及第三季度上線的新維護和材料系統對時間的影響。

As a reminder, fourth quarter CASMex does include roughly $20 million related to our pilot retention bonus. For the full year 2024, we had unit costs of 5.4% on capacity up 1.1%. While we had a tailwind from serviceable engine sales mentioned in our December traffic release, we saw cost headwinds from eight months of our new flight attendant CBA and four additional months of our pilot retention bonus accrual as compared to 2023.

提醒一下，第四季 CASMex 確實包括與我們的飛行員留任獎金相關的約 2000 萬美元。2024 年全年，我們的單位成本為 5.4%，產能成長 1.1%。雖然我們在 12 月的交通報告中提到了可用引擎銷售帶來的順風，但與 2023 年相比，我們面臨八個月的新空服員 CBA 和額外四個月的飛行員留任獎金累積帶來的成本阻力。

Turning to the balance sheet. We ended the year with $1.1 billion in available liquidity, including $833 million in cash and investments and $275 million in revolver capacity. Net leverage improved almost a full turn from the end of the third quarter, down to 3.2 times. This result was achieved by improved fourth quarter earnings, proceeds from equipment sales, early debt repayments during the quarter, and benefits from our amended agreement with Boeing as disclosed in November. Total debt balances were down nearly $200 million during 2024.

轉向資產負債表。截至年底，我們可用的流動資金為 11 億美元，其中包括 8.33 億美元的現金和投資以及 2.75 億美元的循環信貸額度。淨槓桿比率較第三季末幾乎全面改善，降至3.2倍。這一業績得益於第四季度收益的提高、設備銷售收益、本季提前償還債務以及 11 月披露的與波音公司修訂協議帶來的好處。2024年，總債務餘額下降了近2億美元。

As mentioned on our October call, we expect that the third quarter marked our peak leverage. And based on current fleet expectations, we should continue deleveraging throughout 2025. While we'll continue to invest in the business, the balance sheet remains a top priority for this team.

正如我們在十月的電話會議上提到的那樣，我們預計第三季將標誌著我們的槓桿率達到高峰。根據目前的船隊預期，我們應該在 2025 年繼續去槓桿。雖然我們將繼續對業務進行投資，但資產負債表仍然是該團隊的首要任務。

Fourth quarter airline capital expenditures included $34.1 million in aircraft and engine-related spend, other airline CapEx of $8.8 million, and $18.7 million in deferred heavy maintenance costs. For the full year, total airline capital expenditures were $326 million, $16 million higher than our forecast with three more aircraft in service than contemplated at the third quarter earnings call.

第四季航空公司資本支出包括 3,410 萬美元的飛機和發動機相關支出、880 萬美元的其他航空公司資本支出以及 1,870 萬美元的遞延重型維修成本。全年航空公司資本支出總額為 3.26 億美元，比我們的預測高出 1,600 萬美元，投入使用的飛機數量比第三季財報電話會議上預計的多出三架。

Following downward revision to earnings estimates for our Sunseeker entity throughout 2024, the assets were tested for recoverability, and we recorded a total noncash impairment of $322 million in the fourth quarter. As of today's call, we've fully repaid the debt associated with Sunseeker assets, allowing us increased flexibility as we continue evaluating strategic alternatives for the resort.

在我們對 Sunseeker 實體 2024 年全年的獲利預測進行下調之後，我們對資產進行了可收回性測試，並在第四季度記錄了總計 3.22 億美元的非現金減值。截至今天的電話會議，我們已完全償還與 Sunseeker 資產相關的債務，這讓我們在繼續評估度假村的策略替代方案時擁有更大的靈活性。

Moving over to fleet. During the quarter, we retired one A320ceo and placed into service three 737 MAX aircraft, ending the year with 125 airplanes in our operating fleet. Looking ahead to 2025, we are anticipating delivery of nine 737 MAX aircraft during the year.

移至艦隊。在本季度，我們退役了一架 A320 飛機，並投入了三架 737 MAX 飛機，到年底，我們的營運機隊共有 125 架飛機。展望 2025 年，我們預計年內將交付 9 架 737 MAX 飛機。

While Boeing's recent estimates have 12 aircraft delivering to us during 2025, we're planning conservatively to keep a better balance of [hiring] flight crews with aircraft available to operate, particularly through our summer peak. We plan to retire 12 aircraft during this year, so we should close 2025 with a total of 122 aircraft in service, with some slight upside to that number.

儘管波音公司最近估計 2025 年將向我們交付 12 架飛機，但我們正在保守地計劃在 [僱用] 機組人員和可供運營的飛機之間保持更好的平衡，特別是在夏季高峰期。我們計劃在今年退役 12 架飛機，因此到 2025 年，我們將有總共 122 架飛機投入使用，並且這個數字還會略有增加。

As I've mentioned on prior calls, estimates today differ from contractual commitments. Should aircraft deliveries exceed our expectations this year, we are prepared to accelerate exit of A320 family aircraft once we have more visibility into 2026. Based on these estimates, we're projecting all-in capital expenditures for 2025 to be approximately $515 million at the midpoint of our guidance, including approximately $300 million in aircraft and engine-related CapEx, $125 million in airline and other capital expenditures, and $90 million in deferred heavy maintenance. This guidance, of course, is subject to change depending on the timing of aircraft deliveries.

正如我在之前的電話會議中提到的，今天的估計與合約承諾不同。如果今年的飛機交付量超出我們的預期，我們準備在對 2026 年有更多了解後加速退出 A320 系列飛機。根據這些估計，我們預計 2025 年的總資本支出約為 5.15 億美元（為我們指導的中點），其中包括約 3 億美元的飛機和發動機相關資本支出、1.25 億美元的航空公司和其他資本支出以及 9000 萬美元的遞延重型維護。當然，該指導意見可能會根據飛機交付的時間而改變。

Turning to our 2025 outlook. We're providing full year expectations for the Airline segment. And based on uncertainty around timing and potential outcomes for Sunseeker, we'll continue to guide that segment on a quarterly basis. That said, we expect to deliver full year 2025 airline earnings per share of $9, a significant improvement over 2024.

展望 2025 年。我們正在提供航空部門的全年預期。由於 Sunseeker 的時間和潛在結果存在不確定性，我們將繼續按季度指導該部門。也就是說，我們預計 2025 年全年航空公司每股收益將達到 9 美元，比 2024 年有顯著改善。

In the first quarter, the airline is expected to produce an airline-only operating margin of around 9.5%, more than 3 points higher than the prior year. This result implies a nonfuel unit cost reduction of around 7% year over year on capacity growth of 13.5% as we're better able to leverage our existing infrastructure, assets, and staffing.

第一季度，該航空公司預計純航空營業利潤率約為 9.5%，比前一年高出 3 個百分點以上。這一結果意味著，由於我們能夠更好地利用現有的基礎設施、資產和人員，非燃料單位成本年減約 7%，而運能成長 13.5%。

We're growing into our headcount as well as our fleet, and we expect to deliver airline-only earnings per share of $2.25 in the quarter. We're expecting Sunseeker to produce $2 million in EBITDA during the first quarter. Due to the recent impairment charge, depreciation expense is now expected at $3 million per quarter. These results, combined with the airline, should produce a first quarter consolidated earnings per share of $2.

我們的員工人數和機隊規模都在擴大，我們預計本季每股航空收益將達到 2.25 美元。我們預計 Sunseeker 第一季的 EBITDA 將達到 200 萬美元。由於最近的減損費用，預計每季折舊費用為 300 萬美元。這些結果加上航空公司的業績應該會使第一季的每股綜合收益達到 2 美元。

As we move through the year, we remain focused on cost discipline, improving efficiency through increased utilization, operational excellence, and continued balance sheet improvement. The momentum we've built exiting 2024 puts us in a strong position for 2025 and beyond.

隨著時間的推移，我們將繼續專注於成本控制，透過提高利用率、卓越營運和持續改善資產負債表來提高效率。我們在 2024 年結束時所建立的勢頭將使我們在 2025 年及以後處於有利地位。

In closing, I'd like to express my gratitude to the entire Allegiant team. Their dedication and hard work continue to drive our performance, and I'm extremely proud of what we've accomplished in the fourth quarter. The increase in December capacity was completed with two fewer aircraft and a 9% reduction in overhead headcount over the holiday peak, and the team still delivered strong operational performance. This ability to increase peak utilization is core to our margin restoration efforts.

最後，我要向整個 Allegiant 團隊表示感謝。他們的奉獻和努力繼續推動我們的業績，我對我們在第四季度取得的成就感到非常自豪。12 月運力增加是在假期高峰期減少兩架飛機、人員總數減少 9% 的情況下實現的，但團隊仍保持了強勁的營運表現。這種提高峰值利用率的能力是我們利潤恢復工作的核心。

Thank you all for your time today. And with that, Rebecca, we can now go to analyst questions.

感謝大家今天的寶貴時間。麗貝卡，現在我們可以開始回答分析師的問題了。

(Operator Instructions) Savi Syth, Raymond James.

（操作員指示）Savi Syth，Raymond James。

Hey, good afternoon, everyone. Drew, if I might, you gave some really interesting helpful information on the capacity growth, but it was a lot to digest. I'm just wondering if you could maybe take a step back and help us think of it just maybe across the quarters, how you're thinking about the progression of the capacity growth for the four quarters and which quarters might have more capacity growth in peak versus off-peak period.

嘿，大家下午好。德魯，如果可以的話，你提供了一些關於產能成長的非常有趣的有用信息，但這些資訊需要消化很多。我只是想知道您是否可以退一步，幫助我們思考一下各個季度的情況，您如何看待四個季度的容量增長進程，以及哪些季度在高峰期和非高峰期的容量增長可能更多。

Sure. Savi, let me take a quick stab at that. So yeah, we guided out the first quarter, approximately, 14% for that. The second and third quarter is likely about the same coming in at the low 20s. And then we'll certainly see the lowest year-over-year growth in the fourth quarter, in large part because of everything we talked about here in December of '24 not getting to lap -- or not getting the same utilization comp there.

當然。薩維，讓我快速回答這個問題。是的，我們預計第一季的成長率約為 14%。第二季和第三季的情況可能大致相同，均為 20% 出頭。然後，我們肯定會看到第四季度同比增長率最低，這很大程度上是因為我們 24 年 12 月討論的所有內容都沒有得到落實，或者沒有獲得相同的利用率。

In terms of the overall growth profile, I talked about the peak months, March, June, and July will be about a third of the overall growth. But the bigger focus on the net ASM increase will be the shoulder months. February, April, May, August, October, getting more of the overall lift and the balance will take place in January and September. So I don't know if I went too high level for you there or would you like me to dive in.

就整體成長而言，我談到了高峰月份，三月、六月和七月將佔整體成長的三分之一左右。但 ASM 淨值成長的更大焦點將集中在平月。二月、四月、五月、八月、十月，整體升幅較大，而平衡將發生在一月和九月。所以我不知道我是否對你來說講得太高了，或者你是否希望我深入探討。

And Savi, real quick, this is Greg. Just wanted to add maybe another perspective to '25, and the way we've been talking about it here internally, in a lot of ways, it's like a onetime catch-up year, kind of a level setting. And that's due to some of the prior year delivery delays or other constraints that we've seen. And so, what we're really trying to do in '25 is optimize that existing infrastructure that's in place, grow with roughly the same FTE count, maybe slightly up, roughly or a flat aircraft count, and then drive higher absolute earnings. But I would think of '25 more as an anomaly when it comes to growth.

薩維，快說，這是格雷格。只是想為 25 年增加另一種視角，我們在內部討論它的方式，在很多方面，它就像是一次性的追趕年，一種水平設置。這是由於我們看到的前幾年出現了一些交付延遲或其他限制。因此，我們在 25 年真正想要做的是優化現有的基礎設施，以大致相同的 FTE 數量增長，可能略有增加，大致或持平的飛機數量，然後提高絕對收益。但從成長角度來看，我認為增加 25 人是個異常現象。

As we think about '26 and beyond, we'd get back to a different formula than '25 and really earning that right to grow.

當我們考慮 26 年及以後時，我們會回到與 25 年不同的模式，並真正贏得成長的權利。

That's helpful perspective. Appreciate it. And maybe just on the follow-up, on the unit cost, just curious how we should think about it because given your guide on unit revenue, it looks like there's a lot of unit cost improvement here. Is that also fair to assume like more first half weighted and moderates as you go into the back half, and generally, how we should think about that?

這是一個很有幫助的觀點。非常感謝。也許只是在後續行動中，關於單位成本，只是好奇我們應該如何考慮它，因為根據您對單位收入的指導，看起來這裡有很多單位成本的改善。這樣假設前半部會比較偏重，後半部會比較溫和，我們一般應該如何看待這個問題？

Yeah, I think that's right. Hey Savi, it's BJ I think that's right. 1Q will probably be down the most on a year-over-year basis. 2Q, 3Q still be down, really nice cost improvement middle of the year, but you do have some of the Boeing aircraft entering the fleet in the middle of the year.

是的，我認為是這樣。嘿，Savi，我認為是 BJ，沒錯。第一季的年減幅可能最大。第二季、第三季仍將下降，年中成本改善確實不錯，但年中確實有一些波音飛機加入機隊。

You have the increased utilization means that we're also utilizing the A319s a little bit more. So you don't see quite the same year-over-year unit cost improvement in 2Q and 3Q. And then 4Q, similar to Drew's answer, just we had a good amount of growth in 4Q of '24, and then we also had that gain on engine sales in the fourth quarter.

利用率的提高意味著我們也將更多地利用 A319。因此，您不會看到第二季和第三季的單位成本比去年同期改善完全相同。然後是第四季度，與德魯的回答類似，我們在 24 年第四季度實現了相當大的成長，而且我們在第四季度的引擎銷量也實現了成長。

Helpful. Thank you.

很有幫助。謝謝。

Duane Pfennigwerth, Evecore ISI.

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

Hey, thanks. Just on the debt that you're paying down related to Sunseeker, can you talk a little bit about how you're accomplishing that? What financing you're using to take down that debt? And how to think about the rate on what you're taking on versus the debt that you're taking out? And I guess just like why you thought this was important to do now? Thank you.

嘿，謝謝。關於您正在償還的與 Sunseeker 相關的債務，您能否稍微談談您是如何實現的？您使用什麼融資來償還債務？那麼，如何考慮您所承擔的債務與您所承擔的債務的利率呢？我想您為什麼認為現在做這件事很重要？謝謝。

Sure. Yeah. Hey, Duane, it's BJ Couple of things there. One, the debt on Sunseeker was beginning to amortize just after the end of the quarter, I think, beginning in April. And given the cash flow production of that asset, it was something that we wanted to get ahead of.

當然。是的。嘿，杜安，這是 BJ 那裡有幾件東西。首先，Sunseeker 的債務在本季結束後就開始攤還了，我想是從四月開始的。考慮到該資產的現金流產量，這是我們想要領先的事情。

In addition, we've been very focused on balance sheet improvement really beginning in the back half of 2024 when we started to realize what our level of operations was going to be on the airline side in the back half of '24 and through '25. And so, one of the first places to go when we're trying to get leverage in the right place was paying off debt that was maturing earliest.

此外，從 2024 年下半年開始，我們就非常注重資產負債表的改善，當時我們開始意識到 2024 年下半年和 2025 年我們在航空方面的營運水準將會達到什麼程度。因此，當我們試圖在正確的地方獲得槓桿時，首先要做的就是償還最早到期的債務。

And then we've also had the strategic review going on, and we've been learning a lot along the way, and we thought it would be best to have maximum flexibility there. So that's really the reason. And then how we did that, I mentioned we had proceeds from sale of fleet equipment during the fourth quarter, improved earnings. We had a loan out to another entity that was repaid to us. And so, just overall, the balance sheet improvement didn't come from net-net refi of that debt.

然後我們也進行了策略審查，在過程中我們學到了很多東西，我們認為最好在那裡擁有最大的靈活性。這就是真正的原因。然後我們是如何做到這一點的，我提到我們在第四季度從銷售車隊設備中獲得了收益，提高了收益。我們向另一家實體發放了貸款，後來又償還了。因此，整體而言，資產負債表的改善並非來自債務的淨再融資。

Okay. And then I guess, hard to comment while this is going on, but I guess if everything went right, when would you think you'd be able to separate yourself from this asset? And I guess, any color from the, quote-unquote, interested parties? Do you think we'll need to see quarters or years for this to spool up before there's separation? Thanks for taking the questions.

好的。然後我想，在這種情況發生時很難發表評論，但我想如果一切順利的話，您認為什麼時候能夠將自己與這項資產分開？我想，利害關係人對此有何看法？您認為我們需要經過幾個季度或幾年的時間才能看到這一結果，然後再進行分離嗎？感謝您回答這些問題。

Yeah, of course, Duane, thanks for the question. Maybe let me hit on it a little bit more. And that's that we've talked about in the past that we're focused on the parallel paths. And those paths are -- we need to improve the existing resort, and the team has done that. You see the EBITDA positive in the first quarter, they're driving group business and doing a lot of things to improve the financial performance.

是的，當然，杜安，謝謝你的提問。也許讓我再多談談。這就是我們過去談論過的，我們專注於平行路徑。這些路徑是——我們需要改善現有的度假村，團隊已經這樣做了。您將看到第一季的 EBITDA 為正值，他們正在推動集團業務並採取許多措施來改善財務表現。

And then the second two items that we've been looking at is the distribution partner or a soft brand and then a capital partner. And I mentioned that because as we've gone through the process with our experienced advisors, what we're learning is that -- or what we've learned that investors want a seat at the table to determine who that distribution partner is or that flag, the Marriotts, the Hiltons, and the likes. And so, all of those potential flags or distribution partners have toured the property. They're very positive on it. And then in terms of the next steps, we're in a competitive process.

我們一直在關注的第二個項目是分銷合作夥伴或軟品牌，然後是資本合作夥伴。我之所以提到這一點，是因為當我們與經驗豐富的顧問一起經歷這個過程時，我們了解到——或者我們了解到，投資者希望在談判桌上佔有一席之地，以確定誰是分銷合作夥伴或旗幟，萬豪酒店、希爾頓酒店等。因此，所有潛在的旗幟或分銷合作夥伴都參觀了該物業。他們對此非常積極。就下一步而言，我們正處於一個競爭過程中。

I appreciate you respecting that on the call in your comments. It's hard to talk about. But I'll try and give you a little bit as high a level as I think we can hit. And that's that there's high single-digit number of investors. These are well-known, high-quality investors.

感謝您在評論中尊重這一點。這很難說。但我會盡力給你一個我認為我們能夠達到的盡可能高的水平。那就是投資者的數量處於較高的個位數。這些都是知名的、高品質的投資者。

The indications of interest that they've provided are promising. We're advancing the process. There's no two structures that are exactly alike. But what we're working towards is at least we sell -- at the minimum, we sell a majority ownership and our advisors who we're working with, our goal is to drive as much value to our shareholders as we possibly can. More to come, but as I mentioned in my opening remarks that we would expect the transaction buttoned up by this summer.

他們所表現出的興趣令人鼓舞。我們正在推進這一進程。沒有兩個完全相同的結構。但我們努力的目標是至少出售——至少，我們出售多數股權以及與我們合作的顧問，我們的目標是盡可能為股東創造價值。接下來還會有更多消息，但正如我在開場白中提到的那樣，我們預計交易將在今年夏天完成。

And if all went well, it could be early summer, but we're really working through the process and trying to get to the right deal.

如果一切順利的話，可能會是初夏，但我們正在努力完成整個過程並試圖達成正確的協議。

Oh, that's great, Greg. Thanks for the info.

哦，太好了，格雷格。謝謝你的資訊。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Hi, everyone. Thanks so much for the time. Just curious how spring break's booking up across all your products but as well as on Allegiant Extra.

大家好。非常感謝您抽出時間。我只是好奇春假期間你們所有產品以及 Allegiant Extra 的預訂情況如何。

Sure. Yeah, I have Allegiant Extra details off the top of my head in advance. But very generally, there's a couple different pieces of March specific to the spring break. So Easter shifting out will put a pretty big headwind on the final week. Remember, well over a third, even as much as 40% of our spring breaks had coalesced around that week last year.

當然。是的，我提前了解了 Allegiant Extra 的詳細資訊。但一般來說，三月有幾件不同的事情是專門針對春假的。因此，復活節的延遲將給最後一周帶來相當大的阻力。請記住，去年我們的春假有超過三分之一，甚至高達 40% 都集中在那一週。

And being a bit compressed on capacity, we certainly couldn't take full advantage of that. So that week will look relatively poor on a year-over-year basis. Additionally, the first week of March tends to get a little softer with Easter pushing back as well. The middle two that are more apples-to-apples look great. I think we have some solid flight capacity market strength there, and then we'll see how the growth markets handle it.

由於容量有點緊張，我們當然無法充分利用這一點。因此，與去年同期相比，本週的業績表現將相對較差。此外，由於復活節的推遲，三月的第一周銷售情況往往會稍微好一些。中間兩個更相似的看起來很棒。我認為我們在那裡擁有穩固的飛行容量市場實力，然後我們將看看成長市場如何應對。

But so far, pleased with how the middle of March is looking. A bit early to talk to April, but obviously, with Easter moving out there, that's going to look really good on any year-over-year basis. So feel good about the peak period.

但到目前為止，我對三月中旬的情況感到滿意。現在談論四月還為時過早，但顯然，隨著復活節的臨近，與去年同期相比，情況將會非常好。所以對高峰期感到高興。

Okay. That's really helpful. And then just as a follow-up, I think on the last call, Duane had asked about how you're merchandising Allegiant Extra. And you talked about as an ancillary versus its distinct fare product. And one of your competitors recently moved to start retailing their extra legroom seat as its own distinct fare class. I'm just curious how you view the pros and cons of those two strategies, and if you'd ever consider changing how you retail it. Thanks again for the time.

好的。這真的很有幫助。然後作為後續問題，我想在上次通話中，杜安詢問您如何銷售 Allegiant Extra。您談到了將其作為輔助產品而不是其獨特的票價產品。您的一個競爭對手最近開始將其額外腿部空間座位作為自己獨特的票價等級進行零售。我只是好奇您如何看待這兩種策略的利弊，以及您是否考慮改變零售方式。再次感謝您抽出時間。

Yeah. It's almost like you're in some of our revenue strategy meetings where we've discussed this for the better part of a couple of quarters now. There's some tax implications depending on how you want to position it. As I understand, anything that moves into the same clique as the fare, everything is subject to the 7.5% excise tax by keeping them separated. The premium seat would still keep that 7.5%, but other pieces of the product or that bundle would not.

是的。這幾乎就像您參加我們的一些收入策略會議一樣，我們在其中已經討論了好幾個季度的大部分時間。根據您如何定位，會產生一些稅務影響。據我了解，任何與票價進入同一個集團的東西，都將被分開繳納 7.5% 的消費稅。高級座位仍可保留 7.5%，但產品的其他部分或捆綁包則不會。

We do like having a little bit more flexibility in how we can approach the product mix in a distinct offering versus from the fare class. There's a few other backend complications that are more Allegiant-centric than anything, that would make bundling it together upfront a little bit more challenging. So I don't have necessarily a very clear answer for which is going to be better. We will continue to debate this for a while. But for the foreseeable future, we like where we're at.

我們確實希望在如何處理與票價等級不同的產品組合方面擁有更多的靈活性。還有一些其他後端複雜問題比任何事情都更以 Allegiant 為中心，這會使將它們預先捆綁在一起變得更具挑戰性。所以對於哪個比較好，我不一定有一個非常明確的答案。我們將繼續討論這個問題一段時間。但在可預見的未來，我們喜歡現在的狀況。

We like having it separated. I feel like it's the best overall thing for the consumer experience, but to be determined.

我們喜歡將其分開。我覺得這對消費者體驗來說是最好的，但還有待確定。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林伯格。

Oh, yeah. Hey, good afternoon. Just back on Sunseeker, seeing it turn to EBITDA positive. Can you just remind us of the seasonality of the resort? What is typically the strongest quarters for Sunseeker?

哦，是的。嘿，下午好。剛剛回顧 Sunseeker，看到它的 EBITDA 轉為正值。能提醒我們一下度假村的季節性嗎？Sunseeker 最強勁的季度通常是哪個季度？

Hey, Mike, it's Greg. Let me hit it at a high level, and Mike is on, if I misspeak or if there's any detail he wants to add. But typically, the first quarter is the strongest quarter, the fourth quarter being probably the second strongest, and then the summer would be the softest period. Is that right, Michael?

嘿，麥克，我是格雷格。讓我從高層次來闡述一下，如果我說錯了或他想補充任何細節，請告知 Mike。但通常情況下，第一季是最強勁的季度，第四季度可能是第二強勁的季度，而夏季則是最疲軟的時期。是這樣的嗎，麥可？

Absolutely.

絕對地。

Great. Thanks. And then just, BJ, I heard you mention you talked about, I think it was $20 million in pilot bonus accrual. Where are we now? How much have you accrued? Because I know it's been going on for some time. And as we move into 2025, how does that change just as you add more airplanes and grow your pilot ranks, what number should we think per quarter?

偉大的。謝謝。然後，BJ，我聽到您提到您談到過，我認為那是 2000 萬美元的飛行員獎金累積。我們現在在哪裡？你累積了多少？因為我知道這件事已經持續了一段時間了。當我們進入 2025 年時，隨著飛機數量的增加和飛行員隊伍的擴大，這種情況會發生怎樣的變化，我們應該考慮每季的數字是多少？

Sure, Mike. Yeah, thanks for the question. We were just under $140 million, I believe, at the end of 2024. And it was building right around $20 million a quarter. For 2025, I have it coming up by about $22.5 million a quarter.

當然，麥克。是的，謝謝你的提問。我相信，到 2024 年底，我們的營收將略低於 1.4 億美元。每季其銷售額約為 2,000 萬美元。到 2025 年，我預計每季將增加約 2,250 萬美元。

Perfect. Thanks for taking my questions.

完美的。感謝您回答我的問題。

Thanks, Mike.

謝謝，麥克。

Dan McKenzie, Seaport Global.

丹麥肯齊 (Dan McKenzie)，Seaport Global。

Oh, hi guys. Thanks for the time here. It looks like the sale of Sunseeker will swing cash nicely positive this year. And I know you can't talk a whole lot about it, so I'm not sure how it would be recorded exactly. But could you speak to the potential use of cash and the implications for year-end debt and leverage metrics?

噢，大家好。感謝您在這裡度過的時間。看起來，Sunseeker 的出售將為今年的現金帶來豐厚的收益。我知道你不能談論太多，所以我不確定它將如何被準確記錄下來。但是您能談談現金的潛在用途以及對年終債務和槓桿指標的影響嗎？

Dan, thanks for the question. I'm glad you asked that. I should mention that my prepared comments around deleveraging throughout the year did not include any assumptions on cash proceeds from Sunseeker transaction. That was just based on airline earnings. So we haven't -- look, we're still exploring, and there could be many different ways that a transaction would be structured.

丹，謝謝你的提問。我很高興你問了這個問題。我應該提到，我準備的有關全年去槓桿的評論並不包括對 Sunseeker 交易現金收益的任何假設。這只是基於航空公司的收益。所以我們還沒有——你看，我們仍在探索，交易結構可能有很多不同的方式。

So I'm hesitant to run away with anything. But I would tell you, our primary focus is just on continued improvement of our balance sheet. So maybe we'll pay cash for the airplanes, maybe we'll pay down some debt. I know what you're probably looking for. I don't think we'd be committing to any kind of shareholder returns with those proceeds, but we can have that discussion when we get there.

所以我猶豫著是否要逃避任何事。但我想告訴你，我們的主要關注點只是繼續改善我們的資產負債表。所以也許我們會用現金購買飛機，也許我們會償還一些債務。我知道你可能在尋找什麼。我認為我們不會承諾用這些收益為股東帶來任何形式的回報，但我們到時候可以討論這個問題。

Opportunistically, I think we do have $70 million-plus in authority on share repurchases if we wanted to look at that.

從機會主義的角度來看，如果我們願意考慮這一點的話，我認為我們確實擁有 7000 多萬美元的股票回購權限。

Yeah. Okay. And then with respect to Allegiant's strategic focus here, Frontier, of course, has expressed interest in Spirit. And I'm wondering if you could just speak to the overlap that you would have with Spirit. And I'm just wondering, is M&A something that's even on the radar for you? Or strategically, would some kind of acquisition or bolt-on acquisition at some point appeal to you guys?

是的。好的。然後，關於 Allegiant 的策略重點，Frontier 當然對 Spirit 表示了興趣。我想知道您是否可以談談您與 Spirit 之間的重疊之處。我只是想知道，併購是否是您所關注的事情？或者從策略上來說，某種收購或附加收購在某個時候是否會對你們有吸引力？

Yeah, I'll kick it off with the overlap. It's relatively thin. I want to say approximately 4%, give or take. I haven't rerun it since the schedule was extended recently. But I can't imagine we've deviated far from that.

是的，我將從重疊部分開始。它比較薄。我想說大約是 4% 左右。由於最近時間表延長了，所以我沒有重新運行它。但我無法想像我們已經偏離了這個目標太遠。

Dan, I'll add on the consolidation question. And I think just underperformance, if that continues for, like, other carriers, maybe that could result, then we'll see they'll do what is best for them. But specifically, to Allegiant around consolidation, in our view, is that consolidation really isn't necessary for us. We have great assets. We have the right network. We have room for organic growth. Drew and his team, they talked about the 1,400 incremental routes.

丹，我將補充合併問題。我認為，如果其他航空公司的表現持續不佳，那麼也許就會出現這種情況，然後我們就會看到他們會採取對他們最有利的措施。但具體來說，對於 Allegiant 而言，我們認為整合對我們來說確實沒有必要。我們擁有豐富的資產。我們擁有合適的網路。我們擁有有機成長的空間。德魯和他的團隊討論了 1,400 條增量路線。

Now, as I mentioned earlier, we need to earn that right to grow. But our focus is really on driving shareholder value, and that's what we've really worked towards '24, '25 and continue on in future years. So that's where our focus is at right now.

現在，正如我之前提到的，我們需要贏得成長的權利。但我們的重點實際上是推動股東價值，這也是我們在 2024 年、2025 年以及未來幾年真正努力的目標。這就是我們現在關注的重點。

Yeah, of course. Can I might squeeze one last one in here? For investors that are taking a two- to three-year horizon, just given the sharp expansion in margins in '25, how should longer-term investors think about normalized margins for Allegiant at this point?

是的，當然。我可以在這裡擠最後一個嗎？對於著眼於兩到三年的投資者來說，鑑於 25 年利潤率的大幅擴張，長期投資者應該如何看待 Allegiant 目前的標準利潤率？

How about I'll kick it off, and feel free, Drew or BJ, to jump in. But as I think about -- as I mentioned earlier, '25, and that's a onetime catch-up year with '26 being a different growth formula. All else equal, if the environment were equal, I would expect '26 margins to be higher than '25. And as we think about how we look beyond that as well, our focus is getting back to historical margins with what we've seen. We have a plan to do that, but we need to continue to execute.

我先開始吧，Drew 或 BJ 可以隨意加入。但正如我之前提到的，25 年是一次性的追趕年，而 26 年則是不同的成長模式。如果其他條件相同，即環境相同，我預計 26 年的利潤率將高於 25 年。當我們思考如何看待這個問題時，我們的重點是根據我們所看到的情況回到歷史邊緣。我們有計劃，但我們需要繼續執行。

Some examples that may be worth highlighting why we have conviction that, again, all else being equal, '26 margins stronger than '25 is we still think there's upside with productivity internally here, how do we keep becoming more productive, growing productively. From the commercial standpoint, we talked about some of the enhancements that we've been working through in terms of Allegiant Extra or Navitaire. By the end of this year, coming into '26, those will largely be in full swing. Drew and his team have a number of other commercial initiatives that we think could be beneficial. The network maturation, that too should help drive [less] growth next year, which we expect would help drive margins.

一些值得強調的例子可以說明為什麼我們有信心，在其他條件相同的情況下，2026 年的利潤率要高於 2025 年，因為我們仍然認為內部生產力還有上升空間，那麼我們如何才能繼續提高生產力，實現生產力的成長呢？從商業角度來看，我們討論了我們在 Allegiant Extra 或 Navitaire 方面正在進行的一些改進。到今年年底，也就是26年，這些工作將基本全面展開。我們認為，德魯和他的團隊還有許多其他商業措施可能會帶來益處。網路的成熟也應該有助於推動明年的成長，我們預計這將有助於提高利潤率。

So all in all, our goal is to get back to historic margins, and I think we're heading in the right direction. And so, hopefully, stay tuned, and we'll continue to execute on our plan.

總而言之，我們的目標是恢復歷史利潤率，我認為我們正朝著正確的方向前進。因此，希望您繼續關注，我們將繼續執行我們的計劃。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks afternoon guys. So the guidance is airline RASM down more than 6% in the first quarter, and I get that there's timing issues in Easter and all that. But that's a pretty big step down from the down 1% in Q4. So I guess, any color there? And then what's assumed in the guidance for the rest of the year? So it's like capacity goes from 14% to 20% in Q2, Q3. Does RASM get better than the down 6%, or does it get worse? I'm just not really sure what's in the guide.

嘿，謝謝大家下午好。因此，預計第一季航空公司 RASM 將下降 6% 以上，而且我知道復活節等時間因素有問題。但這與第四季的 1% 的降幅相比已經有了相當大的下降。所以我猜，那裡有顏色嗎？那麼，對於今年剩餘時間的指導意見有何假設？因此，第二季和第三季的產能將從 14% 上升到 20%。RASM 會比下跌 6% 更好，還是會變得更糟？我只是不太清楚指南裡面有什麼。

Sure. And maybe -- well, first, talking 4Q to 1Q. So obviously, Easter is a pretty big headwind on that front. But, additionally, if you look at the growth a little bit, there was very little growth in -- little to no growth, really, in October, November, and the vast majority of the December growth came from the backend of Thanksgiving falling into early December as well as concentrated around the holiday itself. So it's really, really productive growth there.

當然。也許——好吧，首先，談談第四季與第一季的關係。因此，顯然，復活節在這方面是一個相當大的阻力。但是，此外，如果你稍微看一下增長情況，你會發現 10 月和 11 月的增長非常小——實際上幾乎沒有增長，而 12 月的增長絕大部分來自於感恩節後期到 12 月初的增長，並且集中在節日期間。所以那裡確實實現了富有成效的成長。

That won't quite realize the same way in January, February, and even early March in particular. So the way in which the growth is manifesting and how we see that, I guess, play out in revenue will look probably meaningfully different than how it did in December.

尤其是在一月、二月，甚至三月初，這種情況不會完全實現。因此，我認為，成長的表現方式以及我們看到的收入變化可能與 12 月的情況有很大不同。

Looking, I guess, broader through the year, I do expect that because of Easter falling into the second quarter, because of some of the backdrop changes in the summer, that affected the entire industry last year, and at least to date look to be more constructive in '25, I think they should look a little bit better, probably similar to one another, but a little bit better than the first quarter. And then with growth tapering off in the fourth quarter, I would expect probably the best performance on a year-over-year basis in the fourth quarter.

我想，從全年來看，我確實預計，由於復活節落在第二季度，由於夏季的一些背景變化，去年影響了整個行業，並且至少到目前為止看起來'25年更具建設性，我認為它們應該看起來更好一些，可能彼此相似，但比第一季度好一點。隨著第四季成長逐漸放緩，我預計第四季的年比表現可能會最好。

So I guess when you add it all up, right, does RASM down more than CASM this year, or is CASM down more than RASM this year?

所以我想，當你把所有這些加起來時，對吧，今年 RASM 下降的幅度是否比 CASM 更大，或者今年 CASM 下降的幅度是否比 RASM 更大？

CASM is down more than RASM.

CASM 的跌幅大於 RASM。

Okay.

好的。

Does that make sense? What I'm saying is it's accretive that the costs will come down more than the revenue side of the house. Is that what you're getting at, Scott?

這樣有道理嗎？我想說的是，成本的下降幅度將大於收入的下降幅度。這就是你想要表達的意思嗎，史考特？

Yeah. I mean, ultimately, I guess you're saying Q1, CASM is down 7%, RASM is down 6%. You're saying CASM is going to be down less than 7% the rest of the year, right? So I guess you need RASM has got to be better than down 6% the rest of the year for that to be true, but that's what's in -- I just want to understand what's in the guide.

是的。我的意思是，最終，我猜你會說 Q1，CASM 下降了 7%，RASM 下降了 6%。您是說 CASM 在今年剩餘時間內的跌幅將低於 7%，對嗎？因此，我猜你需要 RASM 的表現要好於今年剩餘時間的 6% 的下降，這才是事實，但這就是——我只是想了解指南中的內容。

Yeah. And, Scott, I think, it's just important, the nuance there, you're asking about CASM. So both CASMex and CASM should be down. And just keep in mind the benefit as we get more and more of these MAX airplanes into the fleet on total CASM in the back half of the year.

是的。斯科特，我認為，重要的是，你問的是 CASM 的細微差別。因此 CASMex 和 CASM 都應該會下降。請記住，隨著我們在今年下半年將越來越多的 MAX 飛機納入 CASM 機隊，我們將獲得好處。

Okay. And then just last thing really quick. The engine gain in Q4, do we assume any additional engine gains as some of the new planes come in? Are there any other engine gains assumed in the guide?

好的。然後就是最後一件事，非常快。第四季的引擎增益，隨著一些新飛機的投入，我們是否會假設有任何額外的引擎增益？指南中是否假設了其他引擎增益？

There are some in the guide for 2025, pretty minor. Nothing as meaningful as what we had in 4Q. That's why we called it out. Just to remind you that we've always had disposition of scrap assets run through our other expense line. Sometimes it's a gain, sometimes it's a loss.

2025 年的指南中有一些，但相當少。沒有什麼比我們在第四季所經歷的更有意義的了。這就是我們呼籲的原因。只是提醒您，我們一直將廢舊資產的處置納入我們的其他支出項目中。有時是得，有時是失。

In 2024, it was lumpy, actually. We had a couple of quarters with gains on, it could be parts, landing gears, unserviceable engines, things like that. So I am assuming a little bit of that in 2024, but it'll be lumpy quarter to quarter. I don't know that we'll give a lot of clarity on it.

2024 年的情況其實並不樂觀。我們有幾個季度取得了收益，可能是零件、起落架、無法使用的引擎等等。因此，我預計 2024 年會出現一些這樣的情況，但每季之間都會有所不同。我不知道我們是否能對此給出更清晰的解釋。

And, Scott, maybe just at a high level, it's worth adding that there's value in the order we view it with Boeing for our new MAX. We have a value in our existing fleet assets, which we own. And as we look out, and BJ and his team and how productive we are with those assets, how we optimize that value. And we're well positioned and experienced not only as a commercial airline, but also in monetizing aircraft assets over the value of their lifecycle.

史考特，也許只是從高層次來看，值得補充的是，我們與波音公司就新 MAX 達成的協議具有價值。我們擁有的現有船隊資產具有價值。當我們觀察 BJ 和他的團隊時，我們會發現我們如何有效率地利用這些資產，以及如何優化這些資產的價值。我們不僅作為一家商業航空公司擁有良好的定位和豐富的經驗，而且在飛機資產的整個生命週期內實現貨幣化方面也擁有豐富的經驗。

And so, that's just what the team is doing. They're finding less productive assets and monetizing it in this unique market.

這就是團隊正在做的事情。他們正在尋找生產力較低的資產，並在這個獨特的市場中將其貨幣化。

Thanks, Greg. And, Scott, maybe just one more thing I should add in. I mentioned in my script that there is potential for Boeing to deliver more aircraft than we have in the plan. If that happens, and it happens early enough, and we feel like that delivery schedule is reliable, then maybe we'd change our position on that like in the fourth quarter or something. We would dispose of Airbus assets more quickly.

謝謝，格雷格。史考特，也許我還應該補充一點。我在腳本中提到，波音有可能交付比我們計劃中更多的飛機。如果這種情況發生，並且發生得足夠早，並且我們覺得交付時間表是可靠的，那麼也許我們會在第四季度或其他時候改變我們的立場。我們將更快地處置空中巴士資產。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Great, thanks. Good evening guys. So maybe as a follow-up to some of the questions here. Great to see the traction with Allegiant Extra and getting to 70% of the planes at the end of the year. But can you just help unpack how you guys just ideated between the strategies of growing to higher margins through higher -- through more capacity versus trying to push to higher margins through less capacity and more price? Because it feels like the industry is going one way, and you guys may be going a different way. Now, I'm not saying that's the wrong thing to do because you guys have your own strategy, but just how would you come to that conclusion?

太好了，謝謝。大家晚上好。因此也許可以作為這裡的一些問題的後續回答。很高興看到 Allegiant Extra 取得進展並在年底達到 70% 的飛機份額。但是，您能否幫助我們解釋一下，你們是如何構思透過提高產能來提高利潤率的策略，還是試圖透過降低產能和提高價格來提高利潤率的策略？因為感覺這個行業正在朝著一個方向發展，而你們可能正在朝著不同的方向發展。現在，我並不是說這樣做是錯的，因為你們有自己的策略，但你們是如何得出這個結論的呢？

I think we're guilty of that since probably the start of 2020. It feels like we've grown when no one else has, and we've gotten the unit revenue when everyone else is growing, and it's been hard to tell that story for the last five years, so why would we stop now?

我認為我們可能從 2020 年初就開始犯這種錯誤了。感覺就像我們在別人都沒有成長的時候成長，在別人都在成長的時候獲得了單位收入，過去五年來一直很難講述這個故事，所以我們為什麼現在要停下來呢？

The core of this to me, and then maybe I'll hand it off, is really about growing into the infrastructure we have. The marginal cost that we add into the business through this flying is relatively low relative to what we believe we can achieve on the revenue side. So to me, this has really been about driving earnings and then harvesting the margin in the coming years, as Greg mentioned a little bit ago, as we get back to earning that right to grow. But by and large, we have the pieces in place to achieve this growth without having to add much on the foundational front.

對我來說，這件事的核心，然後我可能會把它交給別人，實際上是在發展我們現有的基礎設施。相對於我們認為可以在收入方面實現的目標而言，透過這種飛行為業務增加的邊際成本相對較低。所以對我來說，這實際上是為了推動盈利，然後在未來幾年收穫利潤，正如格雷格剛才提到的那樣，我們重新獲得了成長的權利。但總的來說，我們已經具備了實現這一成長的條件，而不需要在基礎方面增加太多。

Got it. That's really helpful. And maybe as a follow-up, just for the Sunseeker timing, you said, I think, late summer. How firm is that deadline? And what are maybe some of the moving pieces in terms of the process that will enable you to either hit or maybe even advance that deadline?

知道了。這真的很有幫助。也許作為後續行動，只是為了了解 Sunseeker 的時間，您說，我想，是在夏末。這個最後期限有多嚴格？那麼，就流程而言，有哪些變化因素可以幫助您達到甚至提前完成最後期限呢？

Yeah. We just put it by summer, so it's kind of a little wider range. If we were to -- everything were to go as planned, it could be the early part of the summer, Ravi, but we're just trying to give some buffer there and really take the right time that is needed to get to the right deal and structure. And so, we're working through that. There's steps along the way, the process.

是的。我們只是把它放到夏天，所以範圍有點廣。如果我們——一切都按計劃進行，那可能是夏初，拉維，但我們只是想在那裡提供一些緩衝，並真正花費必要的時間來達成正確的交易和結構。所以，我們正在努力解決這個問題。整個過程都有步驟、有過程。

And so, we're in a more advanced step now than we were a month ago, meaning we've narrowed it down and really focusing on advanced due diligence and discussions with soft brands and things like that. So we're working through it as expeditiously as we can. So we're putting that out there. The best information we have today is when we think we'll conclude this transaction.

因此，與一個月前相比，我們現在已經邁出了更進一步的步伐，這意味著我們已經縮小了範圍，並真正專注於高級盡職調查以及與軟品牌的討論等。因此，我們正在盡快解決這個問題。所以我們把它放在那裡。我們今天得到的最佳資訊是我們認為何時能夠完成這筆交易。

Very good. Thank you.

非常好。謝謝。

Thanks, Ravi.

謝謝，拉維。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi, everyone. Just going back to the cost outlook here. It's a little confusing. So in the past, I think you've talked about having the infrastructure in place to grow 15%. And then you've also said that if you grow 5%, your CASMex is basically going to be flat.

大家好。回到這裡的成本前景。這有點令人困惑。所以在過去，我認為您曾談到建立基礎設施以實現 15% 的成長。然後您還說過，如果增長 5%，您的 CASMex 基本上會保持穩定。

So I'm just trying to understand in the context of 17% growth, why the best quarter on CASMex is going to be 1Q when you're going to have 20% growth. Like, is there anything that we're missing from a -- I don't know if there's like labor assumption, anything just within it that we need to know about on the cost side that may be throwing off that a little bit? Thank you.

因此，我只是想理解，在 17% 的成長背景下，為什麼在 CASMex 實現 20% 的成長的情況下，最好的季度是第一季。例如，我們是否遺漏了什麼——我不知道是否存在勞動力假設，或者其中是否存在我們需要了解的成本方面的東西，這些可能會對成本產生一點影響？謝謝。

Thanks, Conor. Yeah, let me try that. So first quarter, remember, you have -- or sorry, I should get to second quarter. I mentioned, I think, in response to another question on the call, there was some lumpiness in the other line. Some of that was related to asset and part sales from parting out A320 family equipment.

謝謝，康納。是的，讓我試試看。所以請記住，第一季度，你有 - 或者抱歉，我應該進入第二季度。我認為，我在回答電話中的另一個問題時提到，另一條線路上出現了一些不順暢的情況。其中一些與 A320 系列設備拆解產生的資產和零件銷售有關。

So that has some impact. And then you have more utilization on smaller aircraft and seats coming off of A320s for Allegiant Extra in 2Q and 3Q. Let's see what I'm missing here. Then you start to add some depreciation expense back into the business in the third quarter. What am I missing, guys?

所以這會產生一些影響。然後，在第二季和第三季度，Allegiant Extra 可以更多地利用小型飛機和 A320 上的座位。讓我們看看這裡我遺漏了什麼。然後，您開始在第三季將一些折舊費用重新添加到業務中。夥計們，我遺漏了什麼？

You have the engine sale that we probably didn't have in that.

您擁有我們可能沒有的引擎銷售。

Yeah. And then, of course, the engine sale in the fourth quarter. So you don't really get much of a year-over-year benefit in the fourth quarter.

是的。當然，還有第四季的引擎銷售。因此，第四季的年比收益實際上並不大。

Maybe I can ask it a little bit different. Drew, just like again, we're pushing capacity again. I know that you guys have been very clear about that. But just as you build a schedule in the current environment, obviously, there's been a big debate around ultra-low-cost carriers in the model and all that stuff. But just have you changed your approach at all to building a schedule when you think about pushing growth now in the context of what you're seeing out there? Thank you.

也許我可以用稍微不同的方式來問這個問題。德魯，就像上次一樣，我們再次提高產能。我知道你們對此已經非常清楚了。但正如你在當前環境下制定航班時刻表一樣，顯然，圍繞該模式中的超低成本航空公司以及所有相關內容存在很大爭議。但是，當您考慮根據目前所見推動成長時，您是否改變了製定時間表的方法？謝謝。

No. By and large, it's the same approach, right, through the peak periods, you're trying to schedule up to whatever your first operational constraint is. Historically, in the summer, that's been our pilot headcount. Today, I think we're a little more balanced on that front and filling up our peak days until the aircraft space runs out. But one of the innovative things that we continue to bring to the industry is our ability to schedule it 2 and 3 times a week.

不。總的來說，這是相同的方法，在高峰期，您會嘗試根據第一個營運約束來安排時間。從歷史上看，在夏季，這就是我們的飛行員人數。今天，我認為我們在這方面更加平衡了，我們的高峰日航班都滿了，直到飛機艙位用完為止。但我們不斷為行業帶來的創新之一是我們能夠每周安排 2 到 3 次。

And as constraints allow, we push a number of those markets up to three and four to see where they can go. Outside of the peaks, we're still using a demand and fuel bakeoff to ensure we're doing the right level of flying. And we probably changed our margin threshold targets a little bit in terms of what we're willing to deploy, as we're focused more on the dollars than the margin in '25. But I think, by and large, it's the same general process, with just some minor tweaks.

在條件允許的情況下，我們將這些市場的數量增加到三到四個，看看它們能達到什麼程度。在高峰期之外，我們仍然使用需求和燃料烘烤來確保我們進行正確的飛行水平。我們可能根據我們願意部署的內容稍微改變了我們的保證金門檻目標，因為我們更關注美元而不是 25 年的保證金。但我認為，總的來說，這是一個相同的整體流程，只是進行了一些細微的調整。

Hey Conor, if I can just come back in on the cost question now that I had a little bit of help from the team here. Just a couple of things maybe to add in. When you think about 1Q '24, we had a bit of elevated costs related -- crew-related costs. This is crew-related travel and crews offline for training for the Boeing aircraft. And that relieves a little bit in the first quarter of '25. And so, you don't see as much pressure there. And then just remember, we didn't have the flight attendant deal in first quarter of '24.

嘿，康納，現在我得到了這裡團隊的一點幫助，我可以再談談成本問題嗎？也許只需添加幾件事。當您想到 24 年第一季時，我們會發現與機組人員相關的成本增加。這是與波音飛機機組人員相關的旅行和機組人員下線進行培訓。2025 年第一季度，這種情況有所緩解。因此，你不會看到那裡有太大的壓力。然後請記住，我們在 2024 年第一季沒有空服人員協議。

Right, okay. I appreciate it. Thank you.

好的，好的。我很感激。謝謝。

(Operator Instructions) Catherine O'Brien, Goldman Sachs.

（操作員指示）高盛的凱瑟琳·奧布萊恩。

Hey this is Jack Ewell on for Catie. Thanks for taking our questions. Just to dig in a little more on the 1Q margin expansion. You got RASM down 6%, CASM down 7%. Is this more about increasing efficiency to drive better margin, or would you also call out the revenue backdrop as a driver? All else equal, would you expect RASM to be worse at that level of growth and Easter shift? Maybe you could speak to same-store sales. Thank you.

嘿，我是 Jack Ewell，為 Catie 主持。感謝您回答我們的問題。只是想更深入地了解第一季的利潤率擴張。RASM 下降了 6%，CASM 下降了 7%。這是否更多是為了提高效率以獲得更好的利潤，或者您是否也會將收入背景作為驅動因素？在其他條件相同的情況下，您是否認為 RASM 在這種增長水平和復活節轉變下會變得更糟？也許您可以談談同店銷售額。謝謝。

Yeah. Thanks, Jack. I think the piece in all that, that's also helpful, right? Fuel is down a modest amount on a year over year, which will help, but also is a headwind towards revenue production at the same time. So I talked a little bit about flight capacity or same-store performance over the spring break. I might stop short of doing that in any greater detail.

是的。謝謝，傑克。我認為其中的所有內容也很有幫助，對吧？燃料價格較去年同期略有下降，這將有所幫助，但同時也對收入產生不利影響。因此，我談了一點關於春假期間的航班容量或同店業績的問題。我可能不會再詳細地描述這一點。

Yeah, I think, maybe just through the quarter, getting the New Year's travel benefit into January will serve as a positive, similar to some commentary we heard this morning. I think February will be a little bit softer than we otherwise would have anticipated with the growth. But I think the spring break period looks pretty good when considering the Easter shift impact that's expected. I don't know if I ran around your question too much there, but I think not entirely out of line in total with maybe a little bit of extra softness in February than I would have anticipated.

是的，我認為，也許僅在整個季度，將新年旅行福利延續到一月份將會產生積極的影響，類似於我們今天早上聽到的一些評論。我認為二月的成長速度會比我們預期的要慢一些。但考慮到預期的復活節輪班影響，我認為春假期間的情況看起來相當不錯。我不知道我是否過多地討論了你的問題，但我認為總體而言並沒有完全出乎意料，二月份的情況可能比我預期的要溫和一些。

That makes a lot of sense and super helpful. And just as a quick follow-up on Sunseeker, this year, the business drove -- well, 2024, the business drove a $3 EPS degradation. Understood you're in discussions to sell at least a majority stake now, and therefore, not giving a full year guide. But given the EBITDA improvement you're speaking to in 1Q, would you expect the drag to earnings from Sunseeker to be smaller year over year in 2025, in addition to the expected improvement on an airline-only basis? And if Sunseeker is still a wholly-owned property for 2Q, understand it's a tougher seasonal quarter, but are there other factors that could drive some EBITDA momentum despite that seasonality?

這非常有意義並且非常有幫助。作為對 Sunseeker 的快速跟進，今年，該業務導致 - 好吧，到 2024 年，該業務導致每股收益下降 3 美元。我了解到您正在討論出售至少多數股權，因此不會提供全年指南。但是，考慮到您在第一季談到的 EBITDA 改善，除了預計航空公司盈利將有所改善之外，您是否預計 Sunseeker 對 2025 年盈利的拖累會同比減小？如果 Sunseeker 在第二季度仍是全資子公司，那麼可以理解這是一個更加艱難的季節性季度，但是是否還有其他因素可以在季節性因素下推動 EBITDA 成長勢頭？

Hey Jack, it's BJ. I'll start. I would say -- so on a full year basis, no, we wouldn't expect Sunseeker to be as much of an EPS drag as it was in 2024. I will tell you, we're still working through interest expense allocation to that segment. The actual loan on the property is paid off, but we may need to allocate some of the travel company, the consolidated interest expense to that segment. So still need to look at that. And then the EBITDA improvement is really nice to see in the first quarter. We see that really throughout the year, but not as pronounced in 2Q and 3Q.

嘿，傑克，我是 BJ。我先開始。我想說的是——從全年來看，我們預計 Sunseeker 對 EPS 的拖累不會像 2024 年那麼嚴重。我會告訴你，我們仍在努力將利息費用分配給該部分。該房產的實際貸款已經還清，但我們可能需要將部分旅遊公司合併利息費用分配給該部門。所以還是需要看一下。第一季 EBITDA 的改善確實令人欣喜。我們確實在全年都看到這種情況，但在第二季和第三季並不那麼明顯。

Thank you.

謝謝。

Tom Wadewitz.

湯姆·韋德維茨。

This is Atul Maheshwari on for Tom Wadewitz. Thanks a lot for taking our question. Granted, it's a fluid situation, but if fuel prices were to move materially higher from here, either due to tariffs or otherwise, does that begin to put pressure on your capacity plans for aircraft utilization. Then what levers do you have that you can pull to still achieve your guidance?

這是 Atul Maheshwari，代替 Tom Wadewitz 發言。非常感謝您回答我們的問題。誠然，這是一個不穩定的情況，但如果燃料價格從現在開始大幅上漲，無論是由於關稅還是其他原因，這是否會對您的飛機利用容量計劃造成壓力。那麼，您可以利用哪些手段來繼續實現您的指導呢？

Sure. Just to make sure I understood the question. If fuel were to spike meaningfully, how would that impact capacity and what levers do we have to pull to combat it?

當然。只是為了確保我理解了這個問題。如果燃料價格大幅上漲，這將如何影響運力？我們需要採取哪些措施來應對？

Exactly. That's the question.

確切地。這就是問題所在。

Yeah. So I think depending on, I guess, how rapid the rise looks, we'd be pulling capacity out of our shoulder and off-peak periods relatively quickly. Depending on, I guess, the level of booking there, we tend to be about three months out to action that. We're going to put customers first if our flights are meaningfully sold, even if it would put us in a disadvantageous position. And just natural economics should take place after that. As you restrict supply, the fare should rise a little bit to help offset the cost of the fuel there.

是的。所以我認為，根據成長速度來看，我們會相對較快地從尖峰時段和非尖峰時段撤出運力。我想，根據那裡的預訂情況，我們通常會花三個月左右的時間來採取行動。如果我們的航班能夠有效銷售，我們就會把客戶放在第一位，即使這會讓我們處於不利地位。此後，自然經濟就會出現。由於限制供應，票價應該會略有上漲，以幫助抵消那裡的燃料成本。

We would have to take a deeper look at some of the peak periods. Historically, demand has been sufficient to offset largely any fuel price in the peakest of periods. So that would purely depend on the magnitude of that rise, as well as the, I guess, economic response to it from a demand perspective. And maybe just, not that it's directly related to this, but with more Boeing coming online, too, that does make us more resilient to whatever spikes in fuel may occur, just provides a slightly easier hurdle rate on that front.

我們必須更深入地了解一些高峰期。從歷史上看，在最高峰時期，需求足以抵消大部分燃料價格的影響。因此，這完全取決於上漲的幅度，以及從需求角度來看的經濟反應。也許，這與此沒有直接關係，但隨著更多波音飛機的上線，這確實讓我們對可能發生的燃料高峰更有彈性，只是在這方面提供了稍微容易一些的回報率。

Yeah. Atul, it was a little bit hard for me to hear your question. But just to add to Drew's last comment there, I think we would look at Drew and the commercial team trying to see as much flying as possible on the fuel-efficient MAX aircraft. And then perhaps that even opens up opportunity for some early exits on the A320 fleet, too.

是的。Atul，我有點難聽清楚你的問題。但是，補充德魯的最後一條評論，我認為我們會讓德魯和商業團隊嘗試盡可能地駕駛省油的 MAX 飛機。這或許也為一些 A320 機隊的提前退出創造了機會。

And maybe the final piece here, because utilization is rising, it will put pressure on our fixed-fee team to be able to deliver at the same levels in '25 they did in '24. Your scenario would play really well to be able to get into the fixed-fee space and more earnestly and try to backfill some of the lost scheduled service capacity where fuel would be a passthrough.

也許這裡的最後一點是，由於利用率不斷上升，這將給我們的固定費用團隊帶來壓力，要求他們在 25 年達到與 24 年相同的水平。您的方案將會非常有效，能夠進入固定費用領域，並更認真地嘗試填補一些遺失的定期服務能力，而燃料將成為其中的通道。

Okay, got it. That was very helpful. And then just quickly on the unit cost versus unit revenue dynamic. So CASM down more than RASM, is that going to be the case in each quarter of the year? Or is there certain quarters where that spread is going to be a lot higher than others?

好的，明白了。這非常有幫助。然後快速了解單位成本與單位收入的動態。那麼 CASM 下降幅度大於 RASM，一年中每季都會出現這種情況嗎？或者在某些特定季度，利差會比其他季度高很多？

Yeah, that might be a little bit far in the weeds for where we're going to go here. I think we've given some pretty good direction on that for the year as a whole as well as directionality for each of the two items. We feel really good about our position. We have levers to pull if things don't manifest as we see it today. But maybe we won't go quite that far.

是的，對於我們要去的地方來說，這可能有點太遙遠了。我認為，我們為全年以及每一項都給出了相當好的方向。我們對我們的地位感到非常滿意。如果事情沒有像我們今天看到的那樣發展，我們就可以採取一些措施。但也許我們不會走那麼遠。

I will now turn the call back over to Sherry Wilson for closing remarks.

現在我將把電話轉回給雪莉威爾森 (Sherry Wilson) 做結束語。

Thank you, everyone, for joining today's call. Please feel free to reach out with any questions. Otherwise, we will talk to you next quarter.

感謝大家參加今天的電話會議。如有任何疑問，請隨時與我們聯繫。否則，我們將在下個季度與您交談。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。