阿拉斯加航空 (ALK) 2024 Q2 法說會逐字稿

"Please stand by for streaming text" Now they're in and then no,

「請等待串流文字」現在他們進來了，然後就沒有了，

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2024 second quarter earnings call.

早安，女士們、先生們，歡迎參加阿拉斯加航空集團 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Planning and Investor Relations Ryan St. John.

我現在想將電話轉給阿拉斯加航空集團財務、規劃和投資者關係副總裁瑞安·聖約翰 (Ryan St. John)。

Thank you, operator, and good morning.

謝謝您，接線員，早安。

Thank you for joining us for our second quarter 2024 earnings call.

感謝您參加我們的 2024 年第二季財報電話會議。

Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com.

昨天，我們發布了收益報告以及幾張詳細介紹我們業績的隨附幻燈片，這些幻燈片可在 Investor.alaskaair.com 上取得。

On today's call, you'll hear updates from Ben, Andrew, and Shane.

在今天的電話會議上，您將聽到本、安德魯和肖恩的最新消息。

Several others of our Management team are also on the line to answer your questions during the Q&A portion of the call.

我們管理團隊的其他幾位成員也在電話問答部分在線回答您的問題。

This morning, Air Group reported second quarter GAAP net income of $220 million.

今天上午，Air Group 報告第二季 GAAP 淨利潤為 2.2 億美元。

Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted net income of $327 million.

不包括特殊項目和按市值計價的燃油對沖調整，Air Group 公佈的調整後淨利潤為 3.27 億美元。

As a reminder, our comments today will include forward-looking statements about future performance, which may differ materially from our actual results.

提醒一下，我們今天的評論將包括有關未來業績的前瞻性陳述，這可能與我們的實際結果有重大差異。

Information on risk factors that could affect our business can be found within our SEC filings.

有關可能影響我們業務的風險因素的資訊可以在我們向 SEC 提交的文件中找到。

We will also refer to certain non-GAAP financial measures, such as adjusted earnings and unit costs excluding fuel.

我們也將參考某些非公認會計準則財務指標，例如調整後的收益和不包括燃料的單位成本。

And as usual, we have provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today's earnings release.

像往常一樣，我們在今天的財報中提供了最直接可比較的公認會計原則和非公認會計原則衡量指標之間的調節表。

Over to you, Ben.

交給你了，本。

Thanks, Ryan, and good morning, everyone.

謝謝瑞安，大家早安。

As we closed out another strong quarter, we remain steadfast in executing on the key pillars that are paramount to our success: safety and operational excellence, financial strength and taking care of our guests and employees.

當我們結束又一個強勁的季度時，我們仍然堅定不移地執行對我們的成功至關重要的關鍵支柱：安全和卓越營運、財務實力以及對我們的客人和員工的照顧。

A few highlights for the quarter include achieving $2.9 billion in revenue, the highest quarterly result in our history with nearly $1 billion generated from our premium segments.

本季的幾個亮點包括實現 29 億美元的收入，這是我們歷史上最高的季度業績，我們的高端細分市場產生了近 10 億美元的收入。

Our 15.8% adjusted pretax margin will likely lead the entire industry, differentiating us for some other domestic focus peers in terms of profitability.

我們 15.8% 的調整後稅前利潤率可能會引領整個產業，使我們在獲利能力方面與其他一些國內重點同業區分開來。

We continue to prove that our ability to achieve industry leading profits during the second quarter and the summer peak is unmatched.

我們不斷證明，我們在第二季度和夏季高峰期間實現行業領先利潤的能力是無與倫比的。

And at the same time, we are actively working to improve margins in the seasonally weaker Q1 and Q4.

同時，我們正在積極努力提高季節性疲軟的第一季和第四季的利潤率。

We're happy to announce a record tentative agreement with our flight attendants, underscoring our deep appreciation for their vital role in our business.

我們很高興地宣布與我們的空服員達成創紀錄的臨時協議，突顯了我們對他們在我們業務中的重要作用的深切讚賞。

This includes a 32% increase in compensation aligning with industry standards and reflecting our commitment to their futures.

這包括符合行業標準的 32% 薪資成長，並反映了我們對他們的未來的承諾。

This would mark the completion of our last major labor contract and pending ratification in August, it will conclude this labor cycle for us.

這將標誌著我們最後一份主要勞動合約的完成，並等待八月的批准，它將為我們結束這個勞動週期。

Making investments in our people remains a focus, and we look forward to the stability and alignment that our labor contracts bring, as we focus on being best in class operators.

對員工的投資仍然是一個重點，我們期待我們的勞動合約帶來的穩定性和一致性，因為我們專注於成為一流的營運商。

Our resolute focus on cost management and productivity across the business remains strong, driving a unit cost result that is among the best in the industry, down nearly 2% year over year.

我們對整個業務的成本管理和生產力的堅定關注仍然強烈，推動單位成本結果在行業中名列前茅，同比下降近 2%。

This was even better than our expectations, reflecting the dedication of our teams in carrying out our aggressive internal plans.

這甚至比我們的預期還要好，反映出我們團隊在執行積極的內部計劃方面的奉獻精神。

We ran a safe, reliable operation with a completion rate of 99.5% or better each month this quarter as our teams were focused on delivering for our guests.

我們的營運安全、可靠，本季每個月的完成率都達到 99.5% 或更高，因為我們的團隊專注於為客人提供服務。

And lastly, an update on our planned acquisition of Hawaiian Airlines.

最後，介紹我們計劃收購夏威夷航空公司的最新情況。

In the quarter, we submitted the DOJ's second request for information.

在本季度，我們向司法部提交了第二次資訊請求。

We are maintaining close and transparent communication with the DOJ as they finalize their review process, expected to be completed by August 5 when we anticipate learning more about potential next steps.

我們正在與 DOJ 保持密切和透明的溝通，因為他們最終確定了審查流程，預計將於 8 月 5 日完成，屆時我們預計將了解更多有關潛在後續步驟的資訊。

Now turning to our business outlook.

現在轉向我們的業務前景。

As we move into the second half of the year, we are adjusting the midpoint of our full year EPS guide by $0.25 to reflect the economics of our flight attendant deal as well as the current domestic environment.

隨著進入下半年，我們將全年 EPS 指南的中點調整了 0.25 美元，以反映我們空服員交易的經濟性以及當前的國內環境。

That said, the fundamental drivers that have consistently placed us among the top margin producers in the industry remain unchanged.

儘管如此，使我們始終躋身行業利潤最高生產商之列的基本驅動因素仍然沒有改變。

In terms of growth and aircraft deliveries, we have acquired 10 MAX aircraft from Boeing while maintaining vigilant oversight of the production process to guarantee nothing but the highest quality aircraft are delivered to us.

在成長和飛機交付方面，我們從波音公司購買了 10 架 MAX 飛機，同時對生產過程保持警惕的監督，以確保向我們交付最高品質的飛機。

With line of sight and increased confidence to 2024 Boeing deliveries, we now expect full year capacity growth to be less than 2.5%.

隨著波音 2024 年交付的視線和信心增強，我們現在預計全年產能成長將低於 2.5%。

Although lower than the level of growth we configured the business for this year, our teams are doing a great job managing costs and productivity.

儘管低於我們今年配置的業務成長水平，但我們的團隊在成本和生產力管理方面做得很好。

Operational excellence is core to our DNA, and we are committed to being best in class operators and delivering for our guests.

卓越營運是我們 DNA 的核心，我們致力於成為一流的營運商並為我們的客人提供服務。

We're off to a great start as we fly our largest ever summer schedule and posted a 99.5% completion rate over the 4th of July holiday period despite some challenging weather and airport construction projects.

我們迎來了一個良好的開端，儘管天氣和機場建設項目面臨一些挑戰，但我們執行了有史以來最大的夏季航班計劃，並在 7 月 4 日假期期間完成了 99.5% 的完成率。

As a further testament to the care our employees provide for our guests and our commitment to run a safe, reliable on-time airline with exceptional service, recently released DOT data for 2023 shows Alaska generated the lowest number of customer complaints per 100,000 guests of any US airline.

最近發布的交通部2023 年數據顯示，阿拉斯加每10 萬名乘客的客戶投訴數量是所有航空公司中最低的，這進一步證明了我們的員工對乘客的關心以及我們致力於運營一家安全、可靠、準時、提供卓越服務的航空公司的承諾。

This result is an improvement versus 2022, 75% better than the industry average and 35% better than the second ranked airline.

這一結果比 2022 年有所改善，比行業平均高出 75%，比排名第二的航空公司高出 35%。

Still, we're not sitting idle.

儘管如此，我們並沒有閒著。

We have more to do and continue to elevate our brand and travel experience.

我們還有更多工作要做，並持續提升我們的品牌和旅行體驗。

We're making the online process easier with 23 of our oneworld and global partners now available to book through alaskaair.com. We're enhancing the in-person guest experience with new technology and a beautiful new terminal and lounge at San Francisco, where we are the second-largest carrier, and a state-of-the-art, stunning and brand new lobby in Portland.

我們正在簡化線上流程，我們的 23 個 oneworld 和全球合作夥伴現在可以透過 alaskaair.com 預訂。我們正在透過新技術、舊金山（我們是舊金山第二大航空公司）的美麗新航站樓和休息室以及波特蘭最先進、令人驚嘆的全新大廳來增強旅客的親身體驗。

We're also stepping up our premium exposure, given the strength in demand and shift in guest preference towards this segment.

鑑於需求強勁以及客人對該細分市場偏好的轉變，我們也加大了高端業務的投入。

With the first modifications set to begin to September, this was a decision made some time ago.

第一次修改將於 9 月開始，這是不久前做出的決定。

We'll be adding six premium class seats to our 737-900ER and MAX 9 fleets and four first class seats to our 737-800 fleet, driving our total premium seat mix up three points to 28% when completed.

我們將為 737-900ER 和 MAX 9 機隊增加 6 個頭等艙座位，為 737-800 機隊增加 4 個頭等艙座位，完成後，我們的高級座位總數將增加 3 個百分點，達到 28%。

I'm excited that we are making this investment as we continued to respond to guest preference and diversify our revenue base.

我很高興我們進行這項投資，因為我們繼續回應客人的喜好並使我們的收入基礎多樣化。

This is a dynamic industry that requires constant adaptation and course corrections had it not been for a full $223 million impact from flight 1282 and the fleet grounding to start the year, we'd be on track for improving full year margins versus last year, even amidst a softer domestic demand environment and continued material step-ups in industry labor costs.

這是一個充滿活力的行業，需要不斷調整和修正方向，如果不是 1282 航班和年初機隊停飛造成的 2.23 億美元的影響，我們全年利潤率有望比去年有所提高，甚至內需環境疲軟以及行業勞動成本持續大幅上漲。

And still, we expect to be a top three margin producer and far and away the strongest domestic focus carrier.

儘管如此，我們仍預計將成為利潤率排名前三的生產商，無疑是國內實力最強的重點航空公司。

I am grateful for the talented and dedicated team of employees here at Air Group and building a business model designed to excel and achieve long-term success.

我感謝 Air Group 才華橫溢、敬業的員工團隊，感謝他們建立了旨在超越並實現長期成功的商業模式。

The underlying fundamentals are embedded in our DNA: a strong balance sheet, operational excellence, guest care, and our relentless focus on areas within our control.

基本面深植於我們的 DNA 中：強大的資產負債表、卓越的營運、賓客關懷以及我們對我們控制範圍內的領域的不懈關注。

I am confident our investments going forward build on our unique competitive advantages, including the potential acquisition of Hawaiian Airlines, which, if approved, we believe will enhance our strength as we broaden our presence in both domestic and international markets.

我相信我們未來的投資將建立在我們獨特的競爭優勢的基礎上，包括可能收購夏威夷航空公司，如果獲得批准，我們相信這將增強我們的實力，擴大我們在國內和國際市場的影響力。

At Alaska, we meet challenges head-on and we are committed to maintaining a track record of consistent success day-in and day-out just as we have done for years

在阿拉斯加，我們直面挑戰，並致力於保持日復一日持續成功的記錄，就像我們多年來所做的那樣

.

。

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

有了這個，我會把它交給安德魯。

Thanks, Ben, and good morning, everyone.

謝謝，本，大家早安。

Today my comments will highlight our second quarter results as well as provide color on our third quarter outlook and capacity guidance.

今天，我的評論將重點介紹我們第二季的業績，並為我們第三季的前景和產能指導提供色彩。

We achieved a record $2.9 billion in revenue this quarter, up 2% year over year.

本季我們實現了創紀錄的 29 億美元收入，年增 2%。

This was on capacity increase of 6%, resulting in unit revenues down 3.7%.

這是因為產能增加了 6%，導致單位收入下降了 3.7%。

Notably, this unit revenue result reflects the impact of $60 million in lost revenue attributed to the fleet grounding over two points of lost RASM.

值得注意的是，這一單位收入結果反映了由於 RASM 損失兩點導致機隊停飛造成的 6,000 萬美元收入損失的影響。

Throughout the quota, unit revenues moderated as our and industry capacity reached peak growth in the month of June.

在整個配額範圍內，隨著我們和產業產能在 6 月達到高峰成長，單位收入有所放緩。

Load factors also increased sequentially, reaching 87% in June.

載客率也環比上升，6 月達到 87%。

Our 84% load factor for the quarter, below the records of the past two years, saw outsized impacts from regions with double digit capacity additions that pressurized both yields and loads more than originally anticipated.

本季的負載率為 84%，低於過去兩年的記錄，兩位數產能增加地區的影響巨大，對產量和負載的壓力超過了最初的預期。

As you know, the past few years have demonstrated significant volatility in passenger demand, but I believe trends are stabilizing and should continue to allow us to optimize further.

如您所知，過去幾年乘客需求出現了顯著波動，但我相信趨勢正在穩定，並且應該繼續讓我們進一步優化。

For the most part, booking patterns are similar to what they were pre-pandemic and business travel has largely returned.

在很大程度上，預訂模式與疫情前相似，商務旅行也已基本恢復。

For Alaska, I still see opportunity in front cabins given guest preferences as well as network refinement to match when and where guests want to fly.

對於阿拉斯加，我仍然看到前艙的機會，考慮到乘客的喜好以及網路的完善，以匹配乘客想要飛行的時間和地點。

Our premium cabins continue to be the bright spot in our performance.

我們的高級客艙仍然是我們業績的亮點。

First Class and Premium Class revenues were up 8% and 6% year-over-year, respectively, and continue to outpace main cabin revenue growth.

頭等艙和豪華艙收入分別年增 8% 和 6%，並持續超過經濟艙收入成長。

Paid first-class load factor was 71% for the quarter, up four points on flat yields.

本季付費頭等艙載客率為 71%，在殖利率持平的基礎上上升了 4 個百分點。

As Ben mentioned, we are continuing to invest in premium seating.

正如本所提到的，我們將繼續投資於高級座椅。

Late last year, we added a row of premium class to our regional Embraer 175 fleet and starting this Fall, approximately 220 of our mainline aircraft on property, including all our 800's, 900 ERs and MAX 8s and 9s will start being fitted with additional premium seats with no loss in total ship seats with program completion by mid-2026.

去年年底，我們為我們的支線巴西航空工業公司175 機隊增加了一系列高級艙位，從今年秋季開始，我們的約220 架幹線飛機，包括我們所有的800、900 ER 以及MAX 8 和9，將開始安裝額外的高級艙位到 2026 年中期計畫完成後，船舶總座位數不會減少。

Similarly, our loyalty program remains strong with bank cash remuneration totaling $430 million for the quarter.

同樣，我們的忠誠度計畫依然強勁，本季銀行現金薪酬總計 4.3 億美元。

We are constantly strengthening the value of the program with new and various offerings that allow our guests to build value in different ways.

我們不斷透過各種新的產品來增強該計劃的價值，讓我們的客人以不同的方式創造價值。

We've found unique ways to attract younger, next generation mileage plan members to build lifetime loyalty.

我們找到了獨特的方法來吸引年輕的下一代里程計劃會員，以建立終身忠誠度。

Our recent partnership with Bilt, where customers can pay rent with Alaska's credit card and earn triple miles for example, has had great initial results.

我們最近與 Bilt 的合作取得了很好的初步成果，例如，客戶可以使用阿拉斯加的信用卡支付租金並賺取三倍里程。

Our partner selling platform now covers 23 global airlines, including the recent addition of our long-time partner, British Airways.

我們的合作夥伴銷售平台現已涵蓋全球 23 家航空公司，其中包括最近新增的長期合作夥伴英國航空公司。

To date, guests have purchased tickets to more than 80 countries, and ticket sales are up 53% year to date.

迄今為止，客人已購買了前往 80 多個國家的門票，門票銷售今年迄今成長了 53%。

We're also continuing to invest in our global loyalty proposition.

我們也將繼續投資於我們的全球忠誠度主張。

Since we relaunched partner redemptions on April 1 with more content, new promotions, and refreshed pricing, we've seen activity increased 61%, helping drive overall revenue contribution from our partners to 7% of our total revenue.

自從我們在4 月1 日重新推出合作夥伴兌換並提供更多內容、新的促銷活動和更新的定價以來，我們發現活動增加了61%，幫助將合作夥伴的整體收入貢獻提高到了我們總收入的7%。

And we continue to enhance our customer experience.

我們不斷增強客戶體驗。

We're excited to move to a stunning new terminal in San Francisco this month, which co-locates us with many of our oneworld partners.

我們很高興本月搬到舊金山一座令人驚嘆的新航站樓，我們與許多 oneworld 合作夥伴位於同一地點。

We will also open our new 11,000 square foot lounge next week.

我們還將在下週開放 11,000 平方英尺的新休息室。

In addition to offering a world-class experience and amenities, our lobby in the Harvey Milk Terminal 1 is the first to offer next-generation automated bag drop technology.

除了提供世界一流的體驗和設施外，我們位於 Harvey Milk 1 號航站樓的大廳也是第一個提供下一代自動行李托運技術的大廳。

This innovative and seamless self-service technology introduced in the heart of Silicon Valley will get guests through the check in process within minutes.

這項在矽谷中心引進的創新無縫自助服務技術將讓客人在幾分鐘內完成入住流程。

Our bag tag technology which has been implemented system wide has also resulted in a 30% increase in guests checking in digitally before they arrive at the airport and guests using self-service check-in for bags has doubled to over 70%.

我們在全系統範圍內實施的行李標籤技術也使得在抵達機場之前以數位方式辦理登機手續的客人數量增加了30%，而使用自助行李托運服務的客人數量增加了一倍，達到70% 以上。

We've also reintroduced hot meals for prepurchase onboard our aircraft in our premium in main cabins.

我們還在飛機主艙的高級艙中重新推出了可供預購的熱餐。

At Alaska, we are focused on a quality experience for all our guests.

在阿拉斯加，我們致力於為所有客人提供優質體驗。

We are excited to continue investing in the products and amenities that create this premium experience for them.

我們很高興能夠繼續投資於為他們創造這種優質體驗的產品和設施。

Turning to our managed corporate business, travel remained solid throughout the quarter following the significant step-up we experienced at the beginning of the year.

談到我們的託管企業業務，繼年初的顯著成長之後，整個季度的差旅業務保持穩定。

Corporate revenues were up 24% year over year in the second quarter and continue to be driven by technology companies that were up 40% year over year.

第二季企業營收年增 24%，並持續受到年增 40% 的科技公司的推動。

On a revenue basis, we have now eclipsed 2019 although overall volumes are about 85% recovered.

從收入角度來看，儘管整體銷量恢復了約 85%，但我們現在已經超越了 2019 年。

Specific to the Bay Area, we see further upside potential given the market has only recovered 80% of revenue to date.

具體到灣區，鑑於該市場迄今為止僅恢復了 80% 的收入，我們看到了進一步的上漲潛力。

Encouragingly, as we sit here today, held managed corporate revenue on the books is up over 15%.

令人鼓舞的是，當我們今天坐在這裡時，管理型企業帳面收入增加了 15% 以上。

Now turning to our outlook and guidance, we expect capacity to moderate sequentially to up 2% to 3% year over year in the third quarter.

現在轉向我們的展望和指導，我們預計第三季運力將環比成長 2% 至 3%。

Similarly, domestic industry capacity is set to increase approximately 3% year over year in the third quarter, that's down from the 6% increase we saw in the second quarter.

同樣，第三季國內工業產能預計將年增約 3%，低於第二季 6% 的增幅。

Following an exceptionally strong Q1 result, we stretched to capture more yield in the second quarter before rebalancing towards load.

在第一季業績異常強勁之後，我們在第二季努力獲得更多收益，然後再平衡負載。

While we saw good results versus competitors in this peak flying period, we've made network and capacity adjustments for Q3 and beyond to better match supply and demand in off peak periods.

雖然我們在這個飛行高峰期看到了與競爭對手相比的良好業績，但我們對第三季度及以後的網絡和運力進行了調整，以更好地匹配非高峰期的供需。

Also factoring into our expectations is what we believe to be a shift in school calendars to slightly earlier summer breaks, leading to a strengthening in June versus July and August.

我們的預期中也考慮到學校日曆的暑假時間會稍微提前，導致 6 月的學生人數比 7 月和 8 月的學生人數增加。

As more leisure trips take place earlier, this has pushed June to become a stronger peak month.

隨著越來越多的休閒旅行提前進行，這促使六月成為更強的高峰月份。

Given this shift, along with the yield environment we observed last year during these months, we are planning for nearly flat capacity in August and September versus 2023.

鑑於這種轉變，再加上我們去年這幾個月觀察到的產量環境，我們計劃 8 月和 9 月的產能與 2023 年幾乎持平。

Lastly, the international versus domestic traffic mix has not yet normalized, although we still believe it will over time.

最後，國際與國內流量組合尚未正常化，儘管我們仍然相信隨著時間的推移會實現正常化。

With over one point of demand having shifted out of domestic travel since 2019, we expect this phenomena is still detracting from high value domestic demand that would otherwise be present.

自 2019 年以來，超過一個點的需求已從國內旅行轉移，我們預計這一現象仍會削弱原本存在的高價值國內需求。

Looking ahead, we've been encouraged by our advanced bookings, which are coming in above capacity growth with load factors for August and September building ahead of last year.

展望未來，我們的提前預訂受到了鼓舞，這些預訂的成長速度超過了運力成長，8 月和 9 月的載客率也領先去年。

We currently have 65% of forecasted coupon revenue in the books as of today's call.

截至今天的電話會議，我們目前已預訂了 65% 的預測優惠券收入。

Given our lower growth as we go into the shoulder periods of August and September, we are seeing the benefit of stronger loads relative to last year.

鑑於我們進入 8 月和 9 月的平季期間增長率較低，我們看到了與去年相比更強的負荷帶來的好處。

These trends give us confidence that we can achieve flat to positive unit revenues in the third quarter versus last year.

這些趨勢使我們相信，與去年相比，我們第三季的單位收入可以持平甚至為正。

This assumes negative unit revenues in July, modestly positive in August and solidly positive unit revenue in September.

假設 7 月份的單位收入為負，8 月份的單位收入小幅為正，9 月份的單位收入為正。

September may have more upside potential as corporate travel traditionally picks up versus the summer months.

與夏季相比，由於商務旅行傳統上會有所增加，因此 9 月可能具有更大的上升潛力。

We have a strong commercial plan that offers great value for our guests is producing results and has room to grow.

我們有一個強大的商業計劃，為我們的客人提供巨大的價值，正在產生成果，並且有成長的空間。

Our upcoming fleet modifications will expand our premium offering, adding 1.3 million lifted seats annually.

我們即將進行的機隊改造將擴大我們的優質產品，每年增加 130 萬個升降座位。

I'm excited to drive more revenue from this side of the business from the 25% premium seat mix today to 28% of seats when completed.

我很高興能從這方面的業務中獲得更多收入，從目前的 25% 高級座位組合增加到完成後的 28%。

Layering on our comprehensive network, both our own and through our partners internationally, guests can go anywhere in the world, and they can do so while accruing currency in the most valuable loyalty program out there.

借助我們自己的以及透過我們的國際合作夥伴的綜合網絡，客人可以前往世界任何地方，同時他們可以在最有價值的忠誠度計劃中積累貨幣。

While Alaska doesn't offer long-haul international services on our own metal, our guests consistently choose to fly our partner airlines when taking these trips choosing one of the attractive options within the global Alaska ecosystem.

雖然阿拉斯加不使用我們自己的金屬提供長途國際服務，但我們的客人在進行這些旅行時始終選擇乘坐我們的合作夥伴航空公司的航班，選擇全球阿拉斯加生態系統中有吸引力的選擇之一。

This is among the many reasons our multifaceted approach to creating a premium experience across our product segmentation drives value for our guests, differentiates us from domestic peers and supports long-term sustainable financial results.

這是我們透過多方面的方法在產品細分領域創造優質體驗的眾多原因之一，為我們的客人帶來了價值，使我們在國內同行中脫穎而出，並支持長期可持續的財務業績。

And with that, I'll pass it over to Shane.

接下來，我會把它交給謝恩。

Thanks, Andrew, and good morning, everyone.

謝謝安德魯，大家早安。

We delivered a strong second quarter, which is now by a large distance our strongest quarter of the year.

我們的第二季表現強勁，目前已遠遠成為我們今年最強勁的季度。

June has become our strongest margin month of the year, and while margins were down slightly year over year, the gap to 2023 narrowed in each month of the quarter sequentially.

6 月已成為我們今年利潤率最高的月份，雖然利潤率同比略有下降，但該季度每個月與 2023 年的差距都在縮小。

Absent the impacts of the fleet grounding during the first quarter, our results in the first half of this year would have improved nicely versus 2023, an indication of the strong underlying business model we have created.

如果沒有第一季機隊停飛的影響，我們今年上半年的業績將比 2023 年有很大改善，這表明我們創建了強大的基礎業務模式。

And while we are seeing similar trends demand-wise as others, and will experience a significant step-up in labor costs should our tentative agreement with our flight attendants ratify, our expectation is that our full year pretax results, again adjusted for the impact of the fleet grounding, would be similar or better than 2023's full year result of 7.5%.

雖然我們在需求方面看到了與其他公司類似的趨勢，並且如果我們與空服員的臨時協議獲得批准，勞動力成本將大幅上升，但我們的預期是，我們的全年稅前業績再次根據如果機隊停飛，則將與2023 年全年7.5% 的業績相似或更好。

Turning to our second quarter, our adjusted earnings per share was $2.55, with what we believe will be an industry-leading adjusted pretax margin of 15.8%.

談到第二季度，我們的調整後每股收益為 2.55 美元，我們相信調整後稅前利潤率將達到業界領先的 15.8%。

Fuel price per gallon was $2.84, down from $3.08 in the first quarter.

每加侖燃油價格為 2.84 美元，低於第一季的 3.08 美元。

In particular, we were encouraged to see West Coast refining margins return to being on par with Gulf Coast during the quarter.

特別是，我們很高興看到本季西海岸煉油利潤率恢復到與墨西哥灣沿岸相當。

Our total liquidity, inclusive of on-hand cash and undrawn lines of credit stood at $3.1 billion at quarter end.

截至季末，我們的總流動性（包括手頭現金和未提取的信貸額度）為 31 億美元。

Debt repayments for the quarter were approximately $50 million and are expected to be approximately $110 million in the third quarter.

本季債務償還額約 5,000 萬美元，預計第三季債務償還額約為 1.1 億美元。

We continue to have one of the healthiest balance sheets in the industry with debt to cap at 45% and net debt to EBITDAR at one turn.

我們仍然擁有業內最健康的資產負債表之一，債務上限為 45%，且淨債務為 EBITDAR。

Share repurchases totaled $28 million this quarter for a year to date total of $49 million, and we are tracking to at least fully offset dilution for the year.

本季股票回購總額為 2,800 萬美元，而今年迄今的股票回購總額為 4,900 萬美元，我們正在追蹤至少完全抵銷今年的稀釋。

Second quarter unit costs were down 1.9% year over year, coming in better than our original expectation, as our teams continue to do a great job managing costs with incrementally better results across the organization.

第二季單位成本年減 1.9%，優於我們最初的預期，因為我們的團隊繼續出色地管理成本，在整個組織內取得了越來越好的成果。

Productivity improved again this quarter with passengers per FTE up 2.3%.

本季生產力再次提高，每 FTE 乘客數量增加 2.3%。

This was the sixth consecutive quarter of productivity improvement, adjusted for the impact of the fleet grounding, a trend we expect to continue going forward.

這是生產力連續第六個季度提高，並根據機隊停飛的影響進行了調整，我們預計這一趨勢將繼續向前發展。

Turning to third quarter guidance, we expect more pressure on unit costs than we saw in the first and second quarters which we anticipate will be in the high single digits for the back half of the year.

談到第三季的指導，我們預計單位成本的壓力將比第一季和第二季更大，我們預計今年下半年單位成本將達到較高的個位數。

I will provide detail on what is driving this, but would note that we have the toughest comp in the industry, given that we led in cost performance in the second half of last year, with unit costs down 5% versus an industry average up 3% year over year in the third quarter, creating a natural headwind as we lap those results.

我將提供推動這一趨勢的詳細信息，但要指出的是，鑑於我們去年下半年的成本效益領先，單位成本下降了5%，而行業平均水平則上升了3%，因此我們擁有業內最嚴格的競爭。

For the third quarter this year, we are seeing a five to six point drag on CASMex from the following areas.

今年第三季度，我們發現以下領域對 CASMex 造成五到六點的拖累。

First two points of headwind is from having configured our business for a higher level of growth than we will realize this year, primarily driven by fewer and later deliveries from Boeing.

前兩點阻力來自於我們將業務配置為比我們今年實現的更高水平的成長，這主要是由於波音公司的交付量減少和延遲所致。

While we have done an excellent job managing costs down in the face of lower growth, we are still not at an optimal level.

儘管面對成長放緩，我們在降低成本方面做得非常出色，但我們仍然沒有達到最佳水平。

While this will be a future opportunity and tailwind as we continue to right size our cost structure these new growth levels, it's driving a headwind in Q3.

雖然這將是未來的機會和順風，因為我們將繼續調整我們的成本結構和新的成長水平，但它在第三季帶來了阻力。

Second, we are seeing about one point of pressure from the timing of cost shifting to later in the year.

其次，我們看到成本轉移時間推遲到今年稍後帶來的壓力。

This includes modestly higher maintenance spend in the second half and airport real estate costs that reset July first.

這包括下半年適度增加的維護支出以及 7 月 1 日重置的機場房地產成本。

Third, labor costs continue to step up materially, and we will see two points of pressure from our agreement with our flight attendants assuming it ratifies.

第三，勞動成本持續大幅上漲，如果我們與空服員達成的協議獲得批准，我們將面臨兩點壓力。

And, also in the labor cost category, there's a little more than a one point headwind from the annualization of our pilot wage snap up to industry from last September and the new agreement with our technicians from late last year.

而且，同樣在勞動成本類別中，去年九月以來我們對工業的試點工資上漲的年化率以及去年年底與我們的技術人員簽訂的新協議都存在略多於一個百分點的阻力。

We are excited about the investments we've been able to make in our people and with line of sight to closing our last labor deal of this current round of bargaining,we now have more visibility into our future cost structure, which we now need to fully adapt our business model to.

我們對我們能夠在員工身上進行的投資感到興奮，並且著眼於完成本輪談判的最後一份勞工協議，我們現在對未來的成本結構有了更多的了解，我們現在需要充分適應我們的商業模式。

Importantly, our long-term strategy and commitment is to maintain our unit cost advantage versus our competitors, and we remain confident this continues to be the case.

重要的是，我們的長期策略和承諾是保持我們相對於競爭對手的單位成本優勢，並且我們仍然有信心繼續保持這種優勢。

On a stage length adjusted CASMex basis, we still expect to finish the year with one of the best results in the industry versus 2019.

在調整階段長度的 CASMex 基礎上，我們仍然預計今年將取得與 2019 年相比行業最佳的業績之一。

While unit metrics may be pressured in the near term, as I noted on the last few calls, we will continue to be responsible with capacity given the current demand context and will focus on prioritizing margin and profitability over other metrics.

正如我在最近幾次電話會議中指出的那樣，雖然近期單位指標可能會受到壓力，但考慮到當前的需求背景，我們將繼續對產能負責，並將重點放在優先考慮利潤率和盈利能力而不是其他指標上。

Fuel remains somewhat unpredictable, but trends in the last quarter have been a welcome change with crude around $80 a barrel and West Coast refining margins averaging only a $0.03 premium over Gulf post for the quarter.

燃料仍然有些不可預測，但上個季度的趨勢是一個可喜的變化，原油價格約為每桶 80 美元，本季西海岸煉油利潤率平均僅比海灣郵政溢價 0.03 美元。

Although these spreads have recovered more in line with historical levels, we are still focused on neutralizing the West Coast fuel disadvantage we've seen through other initiatives over time.

儘管這些價差已恢復到更符合歷史水平的水平，但我們仍然致力於消除我們透過其他舉措隨著時間的推移看到的西海岸燃料劣勢。

For the third quarter, we expect our economic fuel cost per gallon to be between $2.85 and $2.95.

對於第三季度，我們預計每加侖的經濟燃料成本將在 2.85 美元至 2.95 美元之間。

Taken altogether, we expect third quarter EPS to be $1.40 to $1.60, and we've adjusted our full-year EPS lower by $0.25 at the midpoint.

總的來說，我們預計第三季每股收益為 1.40 美元至 1.60 美元，並將全年每股收益中點下調 0.25 美元。

These are both principally driven by an outlook that now incorporates a historic new laborcontract, more moderate growth in the second half of the year and the moderated domestic fare environment we've experienced recently compared to a few months earlier in the year.

這些因素主要是由目前的前景推動的，其中包括歷史性的新勞動合約、下半年更加溫和的增長以及我們最近經歷的與今年早些時候相比溫和的國內票價環境。

That said, we still expect to be in the top group of margin producers in the industry, both this year and in years to come.

儘管如此，我們仍然預計今年和未來幾年都將成為該行業中利潤率最高的生產商。

Absent the grounding, we're on track to achieve at least flat margins versus last year, validating our differentiated business model and the strong fundamentals that underpin it.

在沒有基礎的情況下，我們有望實現至少與去年持平的利潤率，驗證我們的差異化業務模式和支撐它的強大基本面。

And in a more premium leaning environment, we're excited to not only add premium seats, but to do so without removing any total seats from our planes, a positive for revenue and our unit costs.

在更傾向於高端的環境中，我們很高興不僅能增加高端座位，而且不會減少飛機上的任何總座位數，這對收入和單位成本都有積極意義。

By any metric, Alaska has a long track record of success.

無論以何種標準衡量，阿拉斯加都有著悠久的成功紀錄。

As we continue to build on our competitive advantages and apply learnings to adjust parts of our business within our control, we are strengthening our already successful business model that's helping us win in today's environment.

隨著我們繼續鞏固我們的競爭優勢並運用所學到的知識來調整我們控制範圍內的部分業務，我們正在加強我們已經成功的商業模式，這有助於我們在當今的環境中獲勝。

And as the industry continues to evolve, we will adapt and position ourselves to continue delivering margins amongst the best in the industry.

隨著行業的不斷發展，我們將適應並定位自己，以繼續提供行業內最好的利潤率。

And with that, let's go to your questions.

接下來，讓我們來回答你的問題。

(Operator Instructions)

（操作員說明）

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

Two in a row.

連續兩個。

I should be paranoid.

我應該是偏執狂。

So deal related question folks.

因此，請處理相關問題。

With Virgin you disclosed you were speaking with Justice and remedies were being bantered about.

對於維珍，您透露您正在與司法部門交談，並且正在嘲笑補救措施。

I'm trying to square that against what you said in the prepared remarks regarding the August 5 date.

我試圖將這一點與您在 8 月 5 日日期的準備好的評論中所說的話進行比較。

It sounds as if you are not yet having constructive discussions rather, you're at a wait-and-see mode just as the market is to hear back from Justice as by then.

聽起來好像你們還沒有進行建設性的討論，而是處於觀望狀態，就像市場屆時會聽到正義的回應一樣。

Is that how I should incorporate Ben's opening remarks?

我該如何融入本的開場白嗎？

Yes, Jamie.

是的，傑米。

Look, we went through the entire process with the DOJ and all the documents and discussions have occurred.

看，我們與司法部一起經歷了整個過程，所有文件和討論都已發生。

We're in the home stretch here in two weeks, and we're waiting to see what DOJ comes back to us with.

兩週後我們就進入了衝刺階段，我們正在等待司法部為我們帶來什麼結果。

So we made our case and we feel pretty strong about our case on being a pro-consumer and pro-competitive.

因此，我們提出了自己的主張，我們對自己支持消費者和支持競爭的立場非常堅定。

So we'll await the DOJ's decision and go from there.

因此，我們將等待司法部的決定並從那裡開始。

Perfect.

完美的。

And then second, on a yield basis, what's your paid premium class?

其次，在收益率的基礎上，您支付的高階艙位是多少？

Not first class, but premium class paid premium to traditional or average economy yields?

不是頭等艙，而是高級艙，其支付的溢價高於傳統或平均經濟艙的收益率？

I know it's a metric you don't usually disclose.

我知道這是一個你通常不會透露的指標。

I'm estimating it's in the 15% to 20% range.

我估計它在 15% 到 20% 的範圍內。

Just trying to find out, if I'm close with that forecast.

只是想知道我是否接近這個預測。

Yes, Jamie, I think you are off the top of my head.

是的，傑米，我想你已經超越了我的想像。

I can tell the entire cabin is around 40% and about half of those is paid versus not.

我可以看出整個機艙的利用率約為 40%，其中大約一半是付費的，而不是付費的。

So I think you're on that sort of where we sit at that.

所以我認為你和我們的處境是一樣的。

So it's a good 40% for the cabin over the Main cabin and it's been very encouraging.

因此，客艙比主艙高出 40%，這非常令人鼓舞。

Sure.

當然。

But and again, but your 40% includes elite upgrades right?

不過話說回來，你的 40% 包括精英升級，對吧？

Correct.

正確的。

Which about.

哪個關於。

Okay.

好的。

There's about half of them, yes.

是的，大約有一半。

Okay.

好的。

Perfect.

完美的。

But just wanted to make sure I understood.

但只是想確保我理解。

Okay.

好的。

Thank you, both.

謝謝你們，兩位。

Appreciate that.

很欣賞這一點。

Take care

小心

Thanks Jamie.

謝謝傑米。

Duane Pfennigwerth , Evercore ISI.

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

Hi, thanks.

你好，謝謝。

I don't know if you have this metric, but overall competitive capacity in your markets, what was that growth in 2Q?

我不知道你們是否有這個指標，但是你們市場的整體競爭能力，第二季的成長是多少？

And how do you see that evolving in 3Q and perhaps for 4Q?

您如何看待第三季乃至第四季的發展？

Duane, it was elevated as you're aware and as in my prepared remarks, an area like Alaska long haul industry's capacity was up over 20%, which is 12% of our network.

Duane，如您所知，正如我準備好的發言中所言，阿拉斯加長途運輸業等地區的運力增長了 20% 以上，占我們網絡的 12%。

But as you look through all of our hubs, looking forward and certainly September, October seats sort of flat to very low single digits up.

但當你瀏覽我們所有的中心時，展望未來，當然，九月和十月的座位數持平到非常低的個位數增長。

So very much a significant reduction in the overall trajectory of growth that we see today.

我們今天看到的整體成長軌跡顯著下降。

Great.

偉大的。

Sorry, to do with you, but you piqued my interest with the 65% booked comment.

抱歉，與您有關，但您 65% 的預訂評論激起了我的興趣。

Can you put that in context for us, revenue pacing of 65% at this point.

您能否為我們介紹一下這一點，目前收入成長率為 65%。

How would that compare to last year or maybe 2019?

與去年或 2019 年相比如何？

2019 off the top of my head, we might need to follow up on that.

2019 年已經浮現在我的腦海中，我們可能需要對此進行跟進。

But it's -- this is in line.

但這是——這是符合的。

It's normally anywhere in the mid-60s to headed towards the higher 60s.

通常在 60 年代中期的任何地方都會朝著 60 年代更高的方向發展。

So it's certainly right in line over the last year or two.

因此，過去一兩年的情況肯定是正確的。

Okay.

好的。

Thank you.

謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hi thanks.

你好，謝謝。

So Shane, I want to focus on the cost side a little bit.

所以肖恩，我想稍微關心一下成本方面。

So I totally get the year-over-year comps are harder on CASM and less capacity growth hurts unit cost.

因此，我完全明白 CASM 的年比比較更加困難，而容量成長的減少會損害單位成本。

I want to trying to focus on just absolute costs for a minute.

我想暫時只專注在絕對成本。

So if you just look like Q2 to Q3, you're guiding to a 10%, 11% increase, just an absolute cost ex fuel with capacity only up five and or it's like almost $200 million.

因此，如果你只看第二季度到第三季度，你會看到成長 10%、11%，這只是不包括燃料在內的絕對成本，容量僅增加了 5 倍，或接近 2 億美元。

Help us bridge that - how much is pilot, I'm sorry flight attendant, how much is the other factors?

幫我們解決這個問題 - 飛行員多少錢，對不起空服員，其他因素多少錢？

And does that new level of costs stay, does that start to come down again as you go out to fourth quarter next year?

新的成本水準是否會持續下去，當明年第四季到來時，成本是否會再次下降？

Just any thoughts?

只是有什麼想法嗎？

Yes.

是的。

Thanks, Scott, and good morning.

謝謝斯科特，早安。

In terms of like the proportionality, I think labor is going to be a third or so of the increase just on a percentage basis with the bulk of that being the flight attendant contract.

就比例而言，我認為僅按百分比計算，勞動力將佔增量的三分之一左右，其中大部分是空乘合約。

We do have another -- much more modest snap up with our pilots that will occur in September again.

我們確實會在 9 月再次對我們的飛行員進行更溫和的搶購。

Very different in magnitude than last year, but the last rate adjustment we have in the current contract.

幅度與去年有很大不同，但我們在當前合約中進行了最後一次費率調整。

The rest is really like there's some shifting timing things we had a significant credit on the airport cost side in the first half of the year that hit June.

剩下的事情就像是有一些時間上的變化，我們在 6 月的上半年在機場成本方面有很大的功勞。

And as I noted in my prepared remarks, you've got new rates coming in with airports July 1.

正如我在準備好的演講中指出的那樣，機場將於 7 月 1 日推出新的費率。

And so we've got a slightly lower base in Q2 that rolls over to Q3, maintenance is similar there's some shifts from Q2 to Q3.

因此，我們在第二季度的基數略低，可以滾動到第三季度，維護情況類似，從第二季度到第三季度有一些轉變。

I don't think any of our costs are structurally different than any of our competitors, and that's we've talked about this quite a bit and we will continue to -- we are going to ultimately maintain our cost advantage against the legacies and shrink the cost gap to the LCCs.

我認為我們的成本在結構上與我們的任何競爭對手都沒有什麼不同，我們已經對此進行了相當多的討論，我們將繼續進行——我們將最終保持我們的成本優勢，以對抗傳統的成本優勢並縮小規模與低成本航企的成本差距。

We have lower costs than JetBlue today, we're close to Southwest and we're not letting Delta United or American encroach on us.

今天，我們的成本比捷藍航空低，我們靠近西南航空，我們不會讓達美聯合航空或美國航空侵占我們。

And that's what our expectation is for the balance of the year and as we go forward.

這就是我們對今年剩餘時間和未來的期望。

The other thing I just want to make sure I note, I think we had six consecutive quarters of productivity improvements - that will continue, even though we're having to adjust growth lower and it's going to be a tailwind throughout the rest of this year and into next year.

我想確保我注意到的另一件事是，我認為我們已經連續六個季度提高了生產率- 儘管我們不得不降低增長速度，而且這將成為今年剩餘時間的順風車，但這種情況將會持續下去並進入明年。

So we don't expect a high single digit number to be a new normal for us at all.

因此，我們根本不認為高個位數數字會成為我們的新常態。

I think it's timing and some material step-up costs and labor rates, which I think this is probably the last of this size as we close this particular negotiation cycle down if our flight attendants ratify their deal.

我認為這是時間安排以及一些實質性的成本和人工費的增加，我認為這可能是最後一次這種規模的談判，因為如果我們的空服員批准他們的協議，我們將結束這個特定的談判週期。

Okay.

好的。

That's helpful.

這很有幫助。

And then so everyone is all the airlines so far have talked about, hey, look at August, September things start to flatten out on capacity and looks good.

然後，每個人都是迄今為止所有航空公司都在談論的，嘿，看看八月、九月，運力開始趨於平緩，看起來不錯。

When I just look at current schedules, it looks like you guys reaccelerate in Q4.

當我只看目前的時間表時，看起來你們在第四季重新加速了。

Is that just a placeholder and you think that gets revised down for Q4 closer to flat and for you like you are in September and then any early thoughts about how to think about capacity in '25?

這是否只是一個佔位符，您認為第四季度的修正值接近持平，對您來說就像 9 月份一樣，然後對如何考慮 25 年的產能有任何早期想法嗎？

Just on the Scott, on the capacity on, as you heard in our prepared remarks, the year will be sort of sub 2.5%.

正如您在我們準備好的演講中所聽到的那樣，就斯科特而言，就容量而言，今年的增長率將低於 2.5%。

What I'm expecting is that Q4 on a year-over-year basis will actually be a little lower than Q3 is what I'm seeing.

我預計第四季度的年增速實際上會略低於我所看到的第三季。

Yes, and 2025, not ready to speak to.

是的，到了 2025 年，還沒準備好說話。

One thing I will share though as we expect to take fewer deliveries next year of aircraft and we do expect to retire more aircraft than we did this year.

不過，我要分享的一件事是，我們預計明年的飛機交付量會減少，而且我們確實預計退役的飛機數量會比今年多。

And so, I think it's going to -- we're going to be judicious about capacity and really be thoughtful about the network and making sure we're -- as I said in remarks this time and on the last call and I think the call before that really focused on expanding margins for the company as we go forward.

因此，我認為我們將對容量保持明智，並真正考慮到網路並確保我們——正如我在這次和上次電話會議中所說的那樣，我認為在此之前的電話會議真正關注的是在我們前進的過程中擴大公司的利潤。

Andrew Didora, BofA Global Research.

安德魯‧迪多拉，美國銀行全球研究部。

Hi, good morning, everyone.

嗨，大家早安。

Shane I was actually going to ask the 2025 capacity question as well, but I guess kind of big picture given kind of the delivery delays, is it fair to say that next year we'll continue to remain below sort of your medium to longer term targets of kind of mid-single digit growth?

Shane，我實際上也想問 2025 年產能問題，但我想考慮到交付延遲的情況，可以公平地說明年我們將繼續保持在中長期水平以下嗎？

Yes, hi Andrew, good morning.

是的，嗨安德魯，早安。

I think that's a fair way to look at it

我認為這是一個公平的看待問題的方式

.

。

I think we're going to -- we really want the 10, and I think that certification is extending to the right.

我認為我們真的想要 10 個，而且我認為認證正在擴展到右側。

That's really what the bulk of our forward order book is now positioned as is a MAX10 and I think there's a lot of opportunity for us to continue to work and further optimize the network.

這確實是我們大部分遠期訂單現在的定位，就像 MAX10 一樣，我認為我們有很多機會繼續工作並進一步優化網路。

And so I think it's fair that we would likely be below as we sit here today, looking out our longer term sort of growth target in 2025.

因此，我認為當我們今天坐在這裡展望 2025 年的長期成長目標時，我們可能會低於這個水平，這是公平的。

Yes, got it.

是的，明白了。

Makes sense.

有道理。

And just thinking about it in that type of growth environment.

在那種成長環境下思考一下。

So will we see unit cost kind of at that similar high single digit level into the first half of '25 because it doesn't seem like much of these headwinds will ease by then?

那麼，到 25 年上半年，我們是否會看到單位成本處於類似的高個位數水平，因為到那時這些不利因素似乎不會緩解？

Or do you expect some sort of relief earlier than that?

或者您期望在此之前能得到某種緩解？

Thanks.

謝謝。

Yes.

是的。

Thanks.

謝謝。

Really early for us to be thinking about or talking about 2025.

我們現在考慮或談論 2025 年還為時過早。

What I would say is philosophically - no, we wouldn't expect to see this level of elevated unit costs.

我想說的是哲學上的——不，我們不會期望看到單位成本如此高的水平。

It's not been a part of our thinking about the business or the business model.

這不是我們對業務或業務模式思考的一部分。

It's not going to become a part of our thinking about the business model to have high single-digit unit cost.

高個位數的單位成本不會成為我們思考商業模式的一部分。

And I think for the full year we're going to be in a fair place and if you look at us against 2022 or against 2019 we're no different holding our own on a unit cost basis against all of the industry and we'll be very mindful about continuing to work on the productivity and other efficiency levers in the business and some of these things do begin to actually lap and they're part of the base next year.

我認為全年我們將處於一個公平的位置，如果你對比 2022 年或 2019 年我們的情況，我們在單位成本基礎上與整個行業相比並沒有什麼不同，我們將要非常注意繼續致力於提高業務中的生產力和其他效率槓桿，其中一些事情確實開始真正發揮作用，並且它們將成為明年基礎的一部分。

And the last thing I'll just remind you, we had a lot of capacity out of Q1 of last year, so there's going to be some noise in the comps even as we go forward in 2025.

我要提醒您的最後一件事是，去年第一季我們的產能已經很大，因此即使我們在 2025 年繼續前進，比較中也會出現一些噪音。

Right, that's fair.

沒錯，這很公平。

Thanks much.

非常感謝。

Thank you

謝謝

.

。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港全球公司。

Oh!

哦！

Hi.

你好。

Thanks.

謝謝。

Good morning, guys.

早安，夥計們。

Going back to the premium on Economy Plus is the 40% premium over mainline cabin across all stage lengths or is it reasonable assume it's a little bit higher in the longer haul and a little bit less on the shorter haul flights

回到舒適經濟艙的溢價問題，在所有航段長度上，經濟艙的溢價都比主線客艙高出 40%，或者假設長途航班的溢價較高一點，短途航班的溢價較低一點，是否合理？

?

？

Hi, Dan.

嗨，丹。

Yes, that's absolutely correct.

是的，這是絕對正確的。

And just as a reminder, we have premium class across our entire regional fleet as well.

提醒一下，我們的整個支線機隊也都擁有高級艙等。

And our stage length is one of the longest domestically in the industry.

我們的舞台長度是國內業內最長的之一。

And so this is why premium class is such a huge asset for us.

這就是為什麼高級艙對我們來說是一筆巨大的資產。

And I think our regional aircraft probably fly most longer than most other regional aircraft as well.

我認為我們的支線飛機可能比大多數其他支線飛機飛行時間最長。

So that's why the PC product is a really good fit for us.

這就是為什麼 PC 產品非常適合我們。

Yes, of course.

是的當然。

And then going back to San Francisco being 80% recovered, how much revenue does that account for and is it primarily corporate that hasn't recovered or leisure?

然後回到 80% 恢復的舊金山，這佔了多少收入？

And then how are we -- how are you thinking about the recovery cadence from here?

那我們怎麼樣——你如何看待這裡的恢復節奏？

Yes.

是的。

Hi, Dan.

嗨，丹。

My comments were specifically to business travel.

我的評論專門針對商務旅行。

Okay.

好的。

And I think we have the network post COVID positioned very well in California.

我認為新冠肺炎疫情發生後我們的網路在加州的定位非常好。

And as you look at our growth, certainly in the Bay Area has been very moderate just because we're not going to get ahead of the demand curve there.

當你看到我們的成長時，肯定會發現灣區的成長非常溫和，只是因為我們不會超越那裡的需求曲線。

And again, in Los Angeles, we've been focusing more on some of these Latin and high leisure markets, which have generating revenue done quite well for us.

同樣，在洛杉磯，我們更加關註一些拉丁和高級休閒市場，這些市場為我們帶來了很好的收入。

But again, we are on a low growth cadence here for the next little bit and what we will be doing is spending a lot of time, there's sort of no autopilot here on network.

但同樣，接下來的一段時間我們將處於低成長節奏，我們將花費大量時間，網路上沒有自動駕駛儀。

We will be managing this dynamically through this year and into next year to ensure that we've got the airplanes in the right markets to maximize our revenues and to accommodate where our guess actually want to fly.

我們將在今年和明年動態管理這個問題，以確保我們將飛機投放到正確的市場，從而最大限度地提高我們的收入並適應我們的猜測實際想要飛行的地方。

Yes, thanks for the time you guys.

是的，謝謝你們抽出時間。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Thanks.

謝謝。

Good afternoon everyone and kudos for sneaking in that autopilot pun in there.

大家下午好，感謝您偷偷地加入了自動駕駛雙關語。

Just on the Premium Cabin, kind of just given the new initiatives and the target to kind of raise the mix there.

就高級客艙而言，剛剛考慮到了新的舉措和提高那裡的組合的目標。

Where is that incremental customer coming from?

增量客戶從哪裡來？

Is that converting from Main Cabin?

是從主艙改過來的嗎？

Is that coming from oneworld partner airlines?

是來自 oneworld 合作夥伴航空公司嗎？

Is that coming from other legacy carriers, who's that incremental customer?

這是來自其他傳統營運商的增量客戶嗎？

Yes, thanks, Ravi.

是的，謝謝，拉維。

I think it's sort of all of the above.

我想這就是以上的全部情況。

And I think we are being going to tell a lot more of a story around our premium product in general, both First Class and Premium Class.

我認為我們將講述更多關於我們的高級產品的故事，包括頭等艙和高級艙。

Our international partners can sell into that.

我們的國際合作夥伴可以推銷這一點。

And we've just seen, as I shared earlier, just a real appetite in demand for that Premium Class Cabin.

正如我之前分享的，我們剛剛看到了對高級客艙的真正需求。

I think as you look at the industry and you look at the lower end of fares, we meet those very well with our Saver Fare, but we are doing a much better job actually selling the product we have.

我認為，當你看看這個行業和票價的低端時，我們的特惠票價很好地滿足了這些要求，但我們在實際銷售我們擁有的產品方面做得更好。

For instance, not too long ago, the only way you could buy Premium Class on us directly was to go into the seat map while you were choosing your seat and we would upsell you there.

例如，不久前，您可以直接在我們這裡購買高級艙的唯一方法是在您選擇座位時進入座位圖，我們會在那裡向您追加銷售。

Now we have it fully on our front page matrix and then it will be coming to mobile here soon.

現在我們已經將它完全放在我們的首頁矩陣上，然後它很快就會出現在行動裝置上。

So I think we have real merchandising opportunity to catch demand out there that perhaps folks haven't seen it as much as we could have put it in front of them.

因此，我認為我們有真正的銷售機會來滿足人們的需求，但人們可能還沒有看到我們本來可以把它放在他們面前的需求。

Ravi, it's Ben.

拉維，是本。

I just -- even higher level, we're talking about not just a premium seat, but a premium experience.

我只是——甚至更高的層面，我們談論的不僅僅是高級座位，而是高級體驗。

And I think this is what really differentiates us from our domestic competitors.

我認為這就是我們與國內競爭對手的真正區別。

From the time you check in, we're innovating lobbies with automated bag drop.

從您辦理入住手續的那一刻起，我們就開始對大廳進行創新，提供自動行李托運服務。

We have lounges, we have partnership with oneworld, we have a fantastic loyalty program, with great rewards, we have the premium product on board, we've got excellent food and beverage, local food, and beverage.

我們有休息室，我們與 oneworld 建立了合作夥伴關係，我們有很棒的忠誠度計劃，有豐厚的獎勵，我們有優質的機上產品，我們有優質的食品和飲料，當地的食品和飲料。

And so you look at the entire experience, we're providing a premium experience and I think this is where the accretion comes from with the premium seats.

所以你看看整個體驗，我們正在提供優質的體驗，我認為這就是優質座位增加的來源。

Understood.

明白了。

That's great color and look forward experiencing that.

那是很棒的顏色，期待體驗它。

Maybe as a follow up, just wanted to confirm that, when you check your Net Promoter Scores and customer like booking behavior and everything.

也許作為後續行動，只是想確認一下，當您檢查您的淨推薦值和客戶喜歡的預訂行為等時。

Is everything back to normal after the January incident or is there still some lingering impact?

還是一月份的事件之後一切都恢復正常了嗎？

Yes.

是的。

I think as we actually even said last quarter, I think the -- we've not seen any lingering impact or effect at all from the grounding in the first quarter.

我認為，正如我們上季度所說的那樣，我們沒有看到第一季停飛帶來的任何揮之不去的影響或影響。

Yes.

是的。

And I'll just add, I'm so proud of how our company got through the first quarter.

我想補充一點，我對我們公司第一季的表現感到非常自豪。

If you think about the how immense that incident was on January 5 and the grounding, how our company came out of it with losses in Q1 to this fantastic quarter, where we're posting industry-leading margins.

如果您想一想1 月5 日發生的事件有多嚴重以及停飛，我們公司是如何在第一季度虧損的情況下擺脫困境的，而在這個出色的季度，我們的利潤率處於行業領先水平。

It's really a tribute to all the people here, and I'm so proud of him and Ravi and no, I think everything is behind us and we feel pretty but pretty good going forward on the future.

這真的是對這裡所有人的致敬，我為他和拉維感到驕傲，不，我認為一切都已經過去了，我們感覺很好，但對未來的展望非常好。

And I mentioned in my script, in 2023 DOT data, we had the lowest customer complaints of any airline in the industry and I think that's just a tribute of what our people are doing out there in our operation.

我在劇本中提到，根據 2023 年 DOT 數據，我們的客戶投訴是業內所有航空公司中最低的，我認為這只是對我們員工在營運中所做工作的致敬。

Wonderful.

精彩的。

Thank you.

謝謝。

Thanks Ravi.

謝謝拉維。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Thank you.

謝謝。

Just -- as you -- just on the premium topic for a quick second, when you're expanding the First Class, I'm just curious on how much CapEx that's actually driving for you.

就像您一樣，快速討論一下高級主題，當您擴展頭等艙時，我只是好奇這實際上會為您帶來多少資本支出。

I don't know if you've mentioned that anywhere.

我不知道你是否在任何地方提到過這一點。

And then it seems like a pretty quick turnaround time, just on the whole overhaul thing.

然後，就整個大修而言，週轉時間似乎相當快。

Did you have any issues finding MRO capacity at all to do this retrofit?

您在尋找 MRO 能力來進行此次改造時是否遇到任何問題？

I'm just curious.

我只是好奇。

Thank you.

謝謝。

Well, let me start.

好吧，讓我開始吧。

I think I said in my script, Conor, we just didn't come up with this a month ago and put it in here.

我想我在劇本中說過，康納，我們只是一個月前沒有想出這個並把它放在這裡。

This is something we've been thinking about a lot.

這是我們一直在思考的事情。

We've invested in our premium experience now for many, many years, and this just doesn't happen overnight.

我們已經投資我們的優質體驗很多年了，這並不是一朝一夕就能實現的。

So on the 800's, on the First Class seats, we have 12 in there.

因此，在 800 型的頭等艙座位上，我們有 12 個座位。

It's a smaller airplane, but over time, we feel that we need to match to the rest of our fleets.

這是一架較小的飛機，但隨著時間的推移，我們覺得我們需要與機隊的其他飛機相匹配。

That's where we're going to 16.

這就是我們要去的地方 16。

In terms of CapEx.

就資本支出而言。

It -- Conor, it's going to be a roughly $1 million an airplane and it'll be spread out over a couple of years.

康納，一架飛機的造價約為 100 萬美元，並將分攤到幾年內。

It's a new seat in the 800.

這是 800 中的一個新座位。

The 900ER is easier.

900ER 比較容易。

It's just repitching and that will be done relatively quickly.

這只是重新調整，而且會相對較快地完成。

And no, we've had good allocation from our MRO partners available to us the last few years and good capacity looking forward.

不，過去幾年我們從 MRO 合作夥伴那裡獲得了良好的分配，並且未來擁有良好的產能。

Okay.

好的。

That's helpful.

這很有幫助。

And then when I think about your historical seasonality of your business, you guys make the vast majority of your money in 2Q, 3Q.

然後，當我考慮你們業務的歷史季節性時，你們的大部分錢是在第二季、第三季賺到的。

Ben, you mandated significant change in 1Q.

本，您要求在第一季度做出重大改變。

As you think about the opportunity in fourth quarter, what are your learnings that you saw in 1Q that you could apply to the fall?

當您思考第四季的機會時，您在第一季看到的經驗教訓有哪些可以應用到秋季？

Is it more of just an off-peak versus peak, changing of capacity?

是否更多的是非高峰與高峰的容量變化？

Just curious on how you're thinking about evolving seasonality in general of your earning stream?

只是好奇您如何考慮收入流的整體季節性變化？

Thank you.

謝謝。

Yeah.

是的。

Connor, thanks for the question.

康納，謝謝你的提問。

I'll let Andrew provide more detail.

我會讓安德魯提供更多細節。

But for us, as you know, like we are, the Q2 and Q3, you're right, we're super, super strong, and we outperform mostly everyone.

但對我們來說，正如你所知，就像我們一樣，Q2 和 Q3，你是對的，我們非常非常強大，而且我們的表現幾乎超過了所有人。

And Q1 and Q4, there's just several weeks in both of those quarters where it's weaker than the rest of the year and those are the ones that we are attacking.

第一季和第四季度，這兩個季度中只有幾週的情況比今年剩餘時間要弱，而這些正是我們正在攻擊的。

And like I said in my script, we try and control the things we can control and we're going to point airplanes in places where we know we can make money.

就像我在劇本中所說的那樣，我們嘗試控制我們可以控制的事情，我們將把飛機指向我們知道可以賺錢的地方。

So with that, we made some -- actually some pretty significant announcements.

因此，我們發布了一些——實際上是一些非常重要的公告。

Andrew, just a little more color on that.

安德魯，再多一點色彩。

Yes.

是的。

And Ben's exactly right.

本完全正確。

And I think we are being more judicious than we've ever been before on the first -- on the fourth quarter and the capacity side and the days of week.

我認為我們在第一季、第四季、運力方面以及一周中的幾天方面比以往任何時候都更加明智。

But I just want to just remind folks that this is not just about network.

但我只是想提醒大家，這不只是網路問題。

I think, we're nearly done with a three-year modernization of our digital platform.

我認為，我們的數位平台為期三年的現代化改造即將完成。

So conversion rates, what we're able to sell, how we're able to sell.

因此，轉換率、我們能夠銷售什麼、我們如何銷售。

We just think there is more merchandising opportunity.

我們只是認為有更多的銷售機會。

You heard that we've re-racked our, the whole sort of the loyalty program and how we've rolled that out and looked at redemptions domestically, globally.

您聽說我們已經重新制定了整個忠誠度計劃，以及我們如何推出該計劃並考慮了國內和全球的兌換。

And the awards, we're monetizing more of the cabins and seats in front of the exit row, excuse me, and then also the exit rows and Premium Class.

對不起，我們正在將更多的客艙和出口排前面的座位貨幣化，然後還有出口排和高級艙。

So I think we're looking at the entire portfolio of being very exact and disciplined on the network side.

因此，我認為我們正在考慮在網路方面非常精確和嚴格的整個投資組合。

But we also have numerous revenue initiatives offering guests better product and service and more options and I think we're going to just see those continue to improve.

但我們也有許多收入計劃，為客人提供更好的產品和服務以及更多的選擇，我認為我們將會看到這些計劃不斷改進。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

oh, hey.

哦，嘿。

Good morning, everyone.

大家早安。

I want to just go back; you call it out in the guide about this moderating domestic revenue environment.

我只想回去；您在指南中指出了國內收入環境的放緩。

I think, Andrew, you kind of mentioned it.

我想，安德魯，你提到過這一點。

I think Andrew, you kind of mentioned it, I felt like I heard it a few times.

我想安德魯，你有提到過，我覺得我聽過幾次了。

How much of it is pure macro versus just supply demand out of kilter?

其中有多少是純粹的宏觀因素，而不僅僅是供給需求失衡？

And maybe another way of asking it is that we see volumes domestically running up 6%, 7% right now.

也許另一種說法是，我們目前國內銷量成長了 6%、7%。

But I think the prevailing view is that maybe a much greater portion of that is stimulated demand.

但我認為普遍的觀點是，其中很大一部分可能是刺激了需求。

Like what's your -- when you look at your forecasting and where you see things, what do you think organic demand, like true demand absent any sort of stimulation or are we really starting to see some macro softness?

就像你的——當你查看你的預測和你所看到的情況時，你認為有機需求是什麼，例如沒有任何刺激的真實需求，或者我們真的開始看到一些宏觀疲軟嗎？

And then I have a follow-up.

然後我有一個後續行動。

Yes, hi, great question.

是的，嗨，好問題。

What I would say is this.

我要說的是這個。

Firstly, there's just the general population and then there's flyers and people who travel and I do think there's a little bit of a difference there.

首先，只有普通民眾，然後是傳單和旅行的人，我確實認為這之間存在一些差異。

I do think on the lower end of fares, just even the last 28 days, we've seen more of a shift out of OTA mix into direct, which sometimes at, they're the lower fares.

我確實認為，就票價的低端而言，即使在過去 28 天，我們也看到更多的情況是從 OTA 混合轉向直航，有時票價較低。

So that would seem that there's softness there.

所以看起來那裡有柔軟的地方。

But I think mostly for us, it's just really a capacity story.

但我認為對我們來說，這實際上只是一個容量故事。

As I said, we grew seats 8% in first class in our revenues went up 8% in the second quarter.

正如我所說，第二季我們的收入成長了 8%，頭等艙的座位數增加了 8%。

The main cabin was a little bit of a different story.

主艙的情況有點不同。

So I do think that in general demand, if we -- the adjustments we're making to our capacity, I think will go a long way of getting in equilibrium there.

因此，我確實認為，在整體需求方面，如果我們對產能進行調整，我認為將在很大程度上達到平衡。

And Mike just.

麥克只是。

Okay, yes.

好吧，是的。

Just to remind you on that, like if you look at our -- again with counts at the bottom line, if you look at our at our margin and if you look at ex the impact of 1282, our full year margin, even with all the incremental cost step-ups that we have, it will be the same or better for 2024 than it was '23.

只是提醒您這一點，就像如果您看看我們的 - 再次在底線計數，如果您看看我們的利潤率，如果您看看 1282 的影響，我們的全年利潤率，即使所有我們的增量成本上升，到2024 年將與23 年相同或更好。

And I think that's a remarkable achievement.

我認為這是一項了不起的成就。

And I think it's a tribute of the business model we have and the investment we made in premium.

我認為這是對我們所擁有的商業模式和我們在溢價方面的投資的致敬。

And so I do think there's a lot of resilience there and that we're attracting the right set of customers, and we have enough segmentation in our product to win

所以我確實認為那裡有很大的彈性，我們正在吸引合適的客戶群，而且我們的產品有足夠的細分來贏得勝利

.

。

And so we feel pretty good about where we are and where we're going.

因此，我們對自己所處的位置和要去的地方感覺非常好。

Great.

偉大的。

And then just quick one on now that you're well established as a oneworld partner, although maybe you're still saying you would probably tell me that you're still maybe in the third or fifth inning, not the seventh.

然後，現在您已經成為寰宇一家合作夥伴，儘管您可能仍然會說您可能會告訴我，您可能仍處於第三或第五局，而不是第七局，但現在請快速介紹一下。

What are you seeing like the contribution and it may even be what is driving you to go from 25% to 28% because someone who comes off a BA flight and maybe is connecting to, I don't know Portland or Medford or wherever maybe even the state of Alaska, they want that front seat product.

您看到了什麼貢獻，甚至可能是什麼促使您從 25% 上升到 28%，因為有人從 BA 航班下來，可能轉機到，我不知道波特蘭或梅德福，甚至可能是其他地方阿拉斯加州，他們想要前座產品。

So if we think about it, I don't know if it's load factor points or whatever that you're getting now that you've synced up very nicely.

因此，如果我們考慮一下，我不知道它是否是負載因子點，或者您現在已經很好地同步了。

I mean, you gave some numbers on how much more you're selling in the oneworld ecosystem.

我的意思是，您提供了一些有關您在寰宇一家生態系統中銷售量的數字。

What is that driving on your own metal?

在你自己的金屬上行駛的是什麼？

Thanks for taking my question.

感謝您提出我的問題。

Yes.

是的。

Yeah.

是的。

That's a great question.

這是一個很好的問題。

And I would just say in the scheme of size, if you will, that the number of international connections onto our network, given our domestic size and what we do carry is not a huge component of it.

如果你願意的話，我只想說，在規模方案中，考慮到我們的國內規模和我們所承載的內容，我們網路上的國際連結數量並不是其中的重要組成部分。

I think the oneworld is really our loyalty members being able to carry their elite benefits globally and staying within the oneworld system and Alaska's loyalty system is the real upside.

我認為寰宇一家實際上是我們的忠誠會員能夠在全球範圍內享受其精英福利並留在寰宇一家系統內，而阿拉斯加的忠誠度系統是真正的優勢。

But nonetheless, to your point, as we continue to put more First Class seats on our aircraft, as well as Premium, that opens up more opportunity for all the long-haul connections we do to provide them and many of them also choosing premium seats up their long trip.

但儘管如此，就您的觀點而言，隨著我們繼續在飛機上放置更多頭等艙以及高級座位，這為我們提供的所有長途轉機提供了更多機會，其中許多人也選擇了高級座位完成他們的長途旅行。

Very good.

非常好。

Andrew, it's 7%.

安德魯，是 7%。

What percentage of revenues

佔收入的百分比是多少

?

？

Total revenues from the partners is about 7% of the mix.

來自合作夥伴的總收入約佔總收入的 7%。

Does that include regionals?

這包括地區性的嗎？

Again.

再次。

Andrew, is that your Regionals as well or is that Non Regional connections?

安德魯，這也是您的地區聯繫還是非地區聯繫？

Sorry, I think Mike he's just saying 7% of our revenue is enabled by our partnerships.

抱歉，麥克，我想他只是說我們 7% 的收入來自我們的合作關係。

He wasn't -- we weren't talking Mainline versus Regional.

他不是——我們不是在談論主線與區域。

So that's coming from our oneworld and other partners.

這來自我們的寰宇一家和其他合作夥伴。

That's perfect.

那很完美。

Yes, and I think it's going to grow from there.

是的，我認為它將從那裡開始增長。

And to your point, it's a high value traveler, generally speaking.

就您而言，一般來說，這是一個高價值的旅行者。

Yes, very good.

是的，非常好。

Thank you, everyone.

謝謝大家。

Thanks, Mike.

謝謝，麥克。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hi.

你好。

Good morning.

早安.

If I might, the 3Q cost bridge chart was very helpful.

如果可以的話，第三季成本橋圖非常有幫助。

I'm just curious what in there might have been incremental versus what you were thinking before and just along that the line of questions that you've gotten so far on the cost side.

我只是很好奇，與您之前的想法相比，其中可能有哪些增量，以及您迄今為止在成本方面提出的問題。

I think, historically, I think the thinking was, if you grew about 5% or a little bit higher than that, you can keep unit costs flat.

我認為，從歷史上看，我們的想法是，如果你的成長率約為 5% 或略高於這個數字，你就可以保持單位成本不變。

Is that relationship still holding?

這種關係還存在嗎？

Yes, hi Savi.

是的，嗨薩維。

Thanks for the question.

謝謝你的提問。

Yes, I think in terms of the second half forecast, what has changed from like earlier in the year, certainly the growth rate coming down and us holding resources and sort of having been configured to fly more that it's not like we haven't had line of sight to that, but it's certainly different than our original expectation for the year.

是的，我認為就下半年的預測而言，與今年早些時候相比發生了哪些變化，增長率肯定會下降，我們持有的資源以及某種程度的配置可以飛行更多，這並不是我們沒有經歷過的視線，但這肯定與我們今年最初的預期不同。

Our labor deal was somewhat higher in terms of the final negotiated compensation than we had been thinking about and planning for not excessively, but it was a higher deal than we had originally thought at the beginning of the year it might be.

就最終協商的薪酬而言，我們的勞工協議比我們一直在考慮和計劃的要高一些，不過分，但它比我們年初最初設想的要高。

And then the rest is really some timing shifts of airport credits and how those land relative to the rest of the year and some shift in maintenance timing.

剩下的實際上是機場積分的一些時間變化，以及這些積分相對於今年剩餘時間的著陸方式，以及維護時間的一些變化。

So, I think, the shifting of expenses happens kind of every year.

所以，我認為，費用轉移每年都會發生。

It's hard to predict.

很難預測。

And in this year, it just happened to be relatively significant on the maintenance side and airport credit side.

而今年正好是維修端和機場信貸端比較顯著。

The thinking in terms of leverage against growth, we have not changed our thinking.

在槓桿反成長的思路上，我們的思路沒有改變。

If we grow 4% or 5%, we would expect unit costs to be flattish.

如果我們成長 4% 或 5%，我們預計單位成本將持平。

And in fact, I'd like to do even a little better than that over time.

事實上，隨著時間的推移，我希望做得比這更好一點。

That is still a philosophy that's intact and alive at Alaska.

這在阿拉斯加仍然是完整且充滿活力的哲學。

That's helpful.

這很有幫助。

Thanks, Shane.

謝謝，謝恩。

And finally, on the new product launch, you're not taking away seats, but in fact, you might be actually adding a few seats.

最後，在新產品發佈時，你不會取消座位，但事實上，你可能會增加一些座位。

So is that -- should we think of that being kind of a unit cost and unit revenue guy as we kind of look to the next 18 months or so?

那麼，當我們展望未來 18 個月左右的時間時，我們是否應該將其視為單位成本和單位收入的因素？

Absolutely.

絕對地。

And I think I mentioned that, I think, it was the last couple of words in my prepared remarks that, yes, we're not losing seats one fleet.

我想我提到過，我想，這是我準備好的講話中的最後幾句話，是的，我們不會失去一支機隊的座位。

We're adding two seats to the other.

我們將在另一個座位上添加兩個座位。

We're going to get premium revenue into all of those seats and we'll have slightly more seats to spread costs over.

我們將為所有這些席位帶來額外的收入，並且我們將擁有更多的席位來分攤成本。

Appreciate it.

欣賞它。

Thanks.

謝謝。

Thanks Savi.

謝謝薩維。

Tom Fitzgerald, Cowen, and Company.

湯姆·菲茨杰拉德、考恩及其公司。

Hi, everyone.

大家好。

Thanks for the time.

謝謝你的時間。

Most of it might have been answered and maybe this is too granular, but I'm just curious on the new routes into Mexico.

大多數問題可能已經得到解答，也許這太具體了，但我只是對進入墨西哥的新路線感到好奇。

Is -- do you have like -- is that all just pretty much US point-of-sale leisure or do you have -- do you participate in any of the VFR traffic that goes back and forth between the two countries?

是——你有這樣的——這幾乎都是美國銷售點休閒嗎？

Thanks very much.

非常感謝。

Yes.

是的。

Hi, Tom.

嗨，湯姆。

Most of it, if you look at the cities, it's just expanding our core US leisure side point-of-sale, which have done well.

如果你看看城市，其中大部分只是擴大我們在美國休閒的核心銷售點，這些銷售點做得很好。

And again, the good thing about these is that these are 100% new revenue sources and while we trim capacity in other areas, this, again, you'll see the 18 routes.

再說一遍，這些的好處是，這些是 100% 的新收入來源，雖然我們削減了其他地區的運力，但您將再次看到 18 條航線。

This is -- a lot of this doesn't start until December or even January and a lot of this is focused on the depths of the winter in the first quarter.

其中許多要到 12 月甚至 1 月才開始，而且很多都集中在第一季的隆冬時期。

So we feel really good about these changes.

所以我們對這些變化感覺非常好。

And Tom, welcome to the earnings call.

湯姆，歡迎參加財報電話會議。

Thanks for being on, and we won't do this again.

感謝您的參與，我們不會再這樣做了。

But please send our best to the new, I guess, Managing Director and mentor, Helane who will miss on these calls for sure.

但請向新任總經理和導師 Helane 致以最誠摯的謝意，我想他肯定會錯過這些電話會議。

You got it.

你明白了。

Thanks very much, everyone.

非常感謝大家。

Thanks, Tom.

謝謝，湯姆。

Stephen Trent, Citigroup.

史蒂芬‧特倫特，花旗集團。

Yes.

是的。

Hello, everybody, and thanks for taking my question.

大家好，感謝您提出我的問題。

Just a follow-up if I may.

如果可以的話，只是後續行動。

Appreciate the color on the premium increase, and forgive me if I missed this, but do you see any parallel adjustments that you might make to your app, or for example, any pivots in your thinking on changes in the distribution channel as you increase that premium?

感謝溢價增加的顏色，如果我錯過了這一點，請原諒我，但是您是否看到您可能對應用程式進行的任何並行調整，或者例如，當您增加溢價時，您對分銷渠道變化的思考是否有任何關鍵點優質的？

Thank you.

謝謝。

Yes.

是的。

Steve, that's a great question.

史蒂夫，這是一個很好的問題。

And as I shared earlier, we now have on our website full category of premium.

正如我之前分享的，我們的網站上現在有完整的高級類別。

And our web, excuse me, our app will be updated here in the next month or so, as well as some other significant changes to our app.

我們的網站，對不起，我們的應用程式將在下個月左右更新，以及我們的應用程式的其他一些重大更改。

So we have upside in distributing our products through our app, which is increasingly where bookings are going.

因此，透過我們的應用程式分發我們的產品是有好處的，這越來越成為預訂的方向。

Oh okay.

哦好的。

I appreciate that, Andrew.

我很感激，安德魯。

And just one other quick question.

還有一個簡單的問題。

I appreciate what you have mentioned on the Boeing deliveries and what have you.

我很欣賞你提到的關於波音交付的內容以及你擁有的東西。

Over the long-term, do you see any possibility that perhaps the Embraer E2 could potentially play a bigger role in your fleet, depending on what happens with supply from the larger OEMs?

從長遠來看，您是否認為巴西航空工業公司 E2 可能在您的機隊中發揮更大的作用，這取決於大型原始設備製造商的供應情況？

Hi, Steve.

嗨，史蒂夫。

I don't have -- we're not looking at that aircraft today.

我沒有──我們今天不看那架飛機。

I think we're really excited about the order book we have with Boeing.

我認為我們對波音的訂單感到非常興奮。

We want to get the 10 into the stable of aircraft and that's really our focus.

我們希望讓這 10 架飛機進入穩定狀態，這才是我們真正的重點。

We've got a great arrangement and deal with them.

我們已經做了很好的安排並處理他們。

They do a great job for us and we're really focused on executing that fleet order over the next several years.

他們為我們做了出色的工作，我們真正專注於在未來幾年內執行該機隊訂單。

Okay, appreciate that.

好的，謝謝。

And thanks for the time.

感謝您抽出時間。

Thanks, Steve.

謝謝，史蒂夫。

Thanks, Steve.

謝謝，史蒂夫。

Chris Stathoulopoulos, Susquehanna Financial Group.

Chris Stathoulopoulos，薩斯奎哈納金融集團。

Good morning, everyone.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

I want to go back to, I think, it was Duane's question on competitive capacity.

我想我想回到杜安關於競爭力的問題。

You did give, I think, a number for 2Q and 3Q.

我想，你確實給了第二季和第三季的數字。

I think you said that you would expect, I'm not sure for 3Q whether you were referencing that competitive capacity drop versus your network or sort of domestic as a whole.

我想你說過你會期望，我不確定第三季你是否指的是相對於你的網路或整個國內的競爭能力下降。

I'm just trying to kind of localize as we think about potential opportunities for yield acceleration, whether it's broad-based or we look at your network map and see potential opportunities around hubs and things like that?

當我們思考產量加速的潛在機會時，我只是試圖進行在地化，無論是基礎廣泛的還是我們查看您的網路地圖並看到圍繞樞紐和類似事物的潛在機會？

Thank you.

謝謝。

Hi, Chris.

嗨，克里斯。

It obviously varies by carrier, by hub, I will say, at the higher level.

我想說的是，在更高的層面上，它顯然會因營運商、樞紐而有所不同。

The amount of competitive increase in seats in our core hubs at the highest level is extremely low single-digit on average as we go into September and October, and we continue to see adjustments to the further out.

隨著進入 9 月和 10 月，我們最高級別的核心樞紐的競爭性增長量平均為極低的個位數，並且我們將繼續看到進一步的調整。

So, I would just say, they're somewhat flat to marginally up.

所以，我只想說，它們有些持平或略有上升。

Okay.

好的。

And the second question, I realize you don't want to speak to or explicitly give any color on capacity here for next year, but as we think about the goal of expanding margins here and you have fewer deliveries, so should we think about the pieces of capacity, departure stage and gauge as sort of more stage and dependent or positive or accretive for next year?

第二個問題，我知道你不想談論或明確給出明年這裡的產能的任何顏色，但當我們考慮擴大利潤的目標時，你的交付量會減少，所以我們是否應該考慮產能、出發階段和衡量標準作為明年的更多階段和依賴或積極或增值？

I just wanted to understand sort of at a high level how you're thinking about that because each of those pieces do come with margin profiles?

我只是想從較高的層面了解您是如何看待這個問題的，因為每件作品都帶有利潤概況？

Thank you.

謝謝。

Yes, hi Steve.

是的，嗨史蒂夫。

Look, I think, Chris sorry, I think, it's -- I think the growth next year is likely to be really similar to the number of units we take on.

聽著，我想，克里斯，對不起，我想，我認為明年的成長可能與我們承接的單位數量非常相似。

We have one of the longer stage lengths in the domestic industry because off where we fly off the West Coast.

我們是國內航空業中航段長度最長的國家之一，因為我們從西海岸起飛。

Most of the places people are going are three, four, five, six hours away, which is also one of the reason our segmentation and premium configuration works so well for us.

人們要去的大多數地方都在三、四、五、六小時的路程之外，這也是我們的細分和高級配置對我們如此有效的原因之一。

The real next opportunity for gauge growth is when we have the MAX 10 come in.

真正的下一個規格成長機會是當我們推出 MAX 10 時。

And that seems to be -- it's not next year, so maybe in 2026, we get to see a benefit from that.

這似乎不是明年，所以也許到 2026 年，我們就能從中看到好處。

But we are excited to see a pickup in gauge once we start to take the 10, probably in '26.

但我們很高興看到一旦我們開始參加 10 號比賽（可能是在 26 年），規格就會有所回升。

Okay.

好的。

Thank you.

謝謝。

Well thanks, Chris, and thank you, everyone, for joining us.

好的，謝謝克里斯，也謝謝大家加入我們。

We'll talk to you next quarter.

我們將在下個季度與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for attending.

感謝您的出席。

The host has ended this call.

主持人已結束本次通話。

Goodbye.

再見。