阿拉斯加航空 (ALK) 2024 Q4 法說會逐字稿

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

早安，女士們、先生們，歡迎參加阿拉斯加航空集團 2024 年第四季財報電話會議。

(Operator Instructions) Today's call is being recorded and will be accessible for future playback at alaskaair.com.

（操作員說明）今天的通話正在錄音，將來可在 alaskaair.com 上重播。

(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 fourth-quarter 2024 earnings call.

感謝您參加我們的 2024 年第四季財報電話會議。

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 fourth-quarter and full-year GAAP net income of $71 million and $395 million, respectively.

今天上午，Air Group 報告第四季和全年 GAAP 淨利潤分別為 7,100 萬美元和 3.95 億美元。

Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted net income of $125 million and $625 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分別為 1.25 億美元和 6.25 億美元。

Our comments today will include discussion of Air Group reported results inclusive of Hawaiian Airlines since the closing of the acquisition on September 18.

我們今天的評論將包括討論自 9 月 18 日收購結束以來航空集團報告的業績，其中包括夏威夷航空。

Fourth-quarter and forward-looking guidance are compared to prior-year pro forma results as if Alaska and Hawaiian were a combined company for the full periods referenced.

第四季和前瞻性指引與上一年預計業績進行比較，就好像阿拉斯加和夏威夷航空在整個參考期間是一家合併公司一樣。

Lastly, as a reminder, forward-looking statements about future performance may differ materially from our actual results.

最後，提醒一下，有關未來績效的前瞻性陳述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 cost excluding fuel.

我們也將參考某些非公認會計原則財務指標，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。

Just six weeks ago, we shared our strategic plan, Alaska Accelerate, during our Investor Day.

就在六週前，我們在投資者日分享了我們的策略計畫「阿拉斯加加速」。

This plan is focused on driving scale, relevance, and loyalty by connecting our guests to the world through remarkable travel experiences rooted in safety, care, and performance.

該計劃的重點是透過基於安全、關懷和性能的卓越旅行體驗將我們的客人與世界聯繫起來，從而推動規模、相關性和忠誠度。

With a clear vision and a strong path forward, we closed out the year with growing momentum, and that momentum has only grown stronger since.

憑藉著清晰的願景和堅定的前進道路，我們以不斷增長的勢頭結束了這一年，而且自那以後，這種勢頭只會變得更加強勁。

We're picking up right where we left off at Investor Day, excited to share our strong results.

我們將從投資者日結束的地方繼續，很高興與大家分享我們的強勁業績。

For the fourth quarter, we delivered an adjusted EPS of $0.97; and for the full year 2024, $4.87, both exceeding our guidance.

第四季度，調整後每股收益為 0.97 美元； 2024 年全年為 4.87 美元，均超出了我們的指導。

We reported a full-year adjusted pre-tax margin of 7.1%.

我們公佈的全年調整後稅前利潤率為 7.1%。

And had it not been for the four-week 9 MAX grounding, legacy Air Group would have posted the best margin in the industry.

如果沒有 9 MAX 停飛四個星期，傳統航空集團的利潤率將是業界最高的。

To cap off the year, we aggressively repurchased $248 million shares during December, bringing full-year repurchases to over $300 million and fully exhausting our existing program.

為了結束這一年，我們在 12 月大舉回購了 2.48 億美元的股票，使全年回購超過 3 億美元，並完全耗盡了我們現有的計畫。

In January, we launched our newly authorized $1 billion share repurchase program and will continue to leverage repurchases to underscore our confidence in our business.

一月份，我們啟動了新授權的 10 億美元股票回購計劃，並將繼續利用回購來增強我們對業務的信心。

Before diving further into our business update, I want to take a moment to reflect on the pivotal year we had in 2024.

在進一步深入了解我們的業務更新之前，我想花點時間回顧一下 2024 年我們度過的關鍵一年。

Just a year ago, following Flight 1282, a third of our Alaska fleet was grounded, operations were severely disrupted, and uncertainty loomed.

就在一年前，1282 航班之後，我們阿拉斯加機隊的三分之一停飛，營運受到嚴重干擾，不確定性迫在眉睫。

Yet, our teams rose to the challenge with an unwavering commitment to safety and restored Air Group to the safe, reliable operation we're known and trusted for.

然而，我們的團隊以堅定不移的安全承諾迎接挑戰，使航空集團恢復到我們眾所周知且值得信賴的安全、可靠的營運狀態。

I want to extend a heartfelt thank you to all our employees for their dedication in helping us deliver another strong year.

我要向所有員工表達衷心的感謝，感謝他們的奉獻精神，幫助我們實現另一個強勁的一年。

Their commitment to excellence, care, and service sets us apart.

他們對卓越、關懷和服務的承諾使我們與眾不同。

I'm excited to announce that due to legacy Air Group's outstanding financial performance, Alaska and Horizon employees will receive a record bonus payout this year.

我很高興地宣布，由於傳統航空集團出色的財務業績，阿拉斯加和地平線員工今年將收到創紀錄的獎金。

We expect to distribute over $300 million, equivalent to six weeks of pay.

我們預計將分配超過 3 億美元，相當於六週的工資。

This is the largest payout in our history and, we believe, the highest in the industry.

這是我們史上最大的支出，我們相信，也是業界最高的。

Investing in our people and our culture is important, and we hope to have our Hawaiian employees participate in this plan in 2025.

投資我們的人民和文化非常重要，我們希望夏威夷員工能夠在 2025 年參與該計劃。

In addition, we couldn't be happier that we reached an agreement in concept with Alaska Airlines' flight attendants earlier this month.

此外，我們很高興本月稍早與阿拉斯加航空的空服人員達成了概念協議。

And we look forward to beginning the joint collective bargaining process with all our unions this year.

我們期待今年與所有工會開始聯合集體談判進程。

2024 was a defining year in which we embarked on the most exciting transformation in our company's proud history.

2024 年是決定性的一年，我們開始了公司引以為傲的歷史上最令人興奮的轉型。

The most significant and foundational piece of that strategy was closing our acquisition of Hawaiian Airlines in September.

該策略最重要和最基礎的部分是我們在 9 月完成了對夏威夷航空公司的收購。

This combination strengthens Air Group with several key strategic assets, including a leading position in a top 25 US hub, an incredibly valuable brand, a mix of wide-body and narrow-body aircraft, and a legacy of operational reliability and exceptional customer service.

此次合併增強了Air Group 的多項關鍵策略資產，包括在美國25 強樞紐中的領先地位、極具價值的品牌、寬體和窄體飛機的組合，以及營運可靠性和卓越客戶服務的傳統。

Moving into 2025, our work now is geared towards delivering on Alaska Accelerate, our vision for the future, and it's off to a great start.

進入 2025 年，我們現在的工作是為了實現「阿拉斯加加速」（Alaska Accelerate），這是我們對未來的願景，現在已經有了一個好的開始。

The underlying trends in our core business are improving.

我們核心業務的基本趨勢正在改善。

Our legacy Alaska assets are on track to deliver slightly positive profits in the first quarter despite the recent rise in fuel prices.

儘管最近燃料價格上漲，我們的阿拉斯加遺留資產預計將在第一季實現小幅正利潤。

Our Hawaiian assets outperformed expectations in the fourth quarter.

我們的夏威夷資產在第四季度的表現超出了預期。

And while we expect them to be unprofitable in Q1, from the second quarter on, we anticipate a small pretax profit as recent network changes take effect and synergies materialize.

雖然我們預計他們在第一季將無法獲利，但從第二季開始，隨著最近的網路變化生效和協同效應的實現，我們預計將獲得少量稅前利潤。

Over time, we aim to improve Q1 performance similar to the progress made with Alaska over the last two years.

隨著時間的推移，我們的目標是提高第一季的業績，類似於過去兩年阿拉斯加的進展。

We are confidently shaping the future of our company, building on our strengths, enhancing our business model, and elevating our competitive edge through our strategy centered on maximizing our proven approach as a larger company and unlocking new opportunities across our business.

我們充滿信心地塑造公司的未來，發揮我們的優勢，增強我們的業務模式，並透過我們的策略提升我們的競爭優勢，該策略的重點是最大限度地發揮我們作為一家大公司的成熟方法，並在我們的業務中釋放新的機會。

First, we're leveraging the power of our combined network, which Andrew will share more on the benefits we're already seeing.

首先，我們正在利用聯合網路的力量，安德魯將分享更多關於我們已經看到的好處。

Our Seattle and Portland hub banking strategy is taking effect, and early data from the launch of our first Seattle to Tokyo international route is progressing as planned.

我們的西雅圖和波特蘭樞紐銀行策略正在生效，我們首條西雅圖至東京國際航線開通的早期數據正在按計劃取得進展。

This is helping us build our international gateway in Seattle while strengthening our relevance and loyalty across our West Coast hubs and beyond.

這有助於我們在西雅圖建立國際門戶，同時增強我們在西海岸樞紐及其他地區的相關性和忠誠度。

Second, as Hawaii's trusted airline, we're capitalizing on the combined strength of both networks.

其次，作為夏威夷值得信賴的航空公司，我們正在充分利用兩個網路的綜合實力。

One world, a powerful loyalty program, and the Hawaiian brand to become the airline of choice for both domestic and international flights in Hawaii.

同一個世界、強大的忠誠度計劃以及夏威夷品牌成為夏威夷國內和國際航班的首選航空公司。

Third, we're focused on meeting all our guests' needs, including expanding our premium products and experiences at every phase of the travel journey.

第三，我們致力於滿足所有客人的需求，包括在旅行旅程的每個階段擴展我們的優質產品和體驗。

And lastly, diversifying our business, including growing our cargo business through the combination of Alaska and Hawaiian.

最後，我們的業務多元化，包括透過阿拉斯加和夏威夷的合併來發展我們的貨運業務。

Combined with a constructive industry and environment, my confidence in our plan and our ability to deliver results has only strengthened.

結合建設性的產業和環境，我對我們的計畫和交付成果的能力的信心只會增強。

This includes our EPS target of more than $5.75 and no margin dilution in 2025.

這包括我們 2025 年每股收益超過 5.75 美元的目標以及利潤率不稀釋的情況。

Additionally, we're set to unlock a $1 billion in incremental pre-tax profit over the next three years through a combination of commercial initiatives and at least $500 million of synergies.

此外，我們計劃在未來三年內透過商業舉措和至少 5 億美元的協同效應相結合，實現 10 億美元的稅前利潤增量。

Integration is progressing as planned with the goal of achieving a single operating certificate by the end of 2025, followed by the transition to a unified reservation system shortly thereafter.

整合正在按計劃進行，目標是在 2025 年底之前獲得單一營運證書，隨後不久將過渡到統一的預訂系統。

As we shared at our Investor Day, this is just the beginning.

正如我們在投資者日分享的那樣，這只是一個開始。

Our track record and future potential reaffirm our position as industry leaders, driven by clear strategies and the courage to take bold steps.

在明確的策略和採取大膽步驟的勇氣的推動下，我們的業績記錄和未來潛力重申了我們作為行業領導者的地位。

And along the way, we're delivering value to everyone's with depends on us, our people, our guests, the communities we serve, and our shareholders.

一路走來，我們正在為每個人提供價值，這取決於我們、我們的員工、我們的客人、我們服務的社區和我們的股東。

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。

With the first full quarter including Hawaiian, I'll focus my discussion on the strength of our core business trends during the fourth quarter and where we are headed for the first quarter.

在包括夏威夷航空在內的第一個完整季度中，我將重點放在第四季度我們核心業務趨勢的實力以及我們第一季的發展方向。

Our business is transforming, and I'm excited to share what we are seeing in our network along with the encouraging initial results on the strategy we laid out last month.

我們的業務正在轉型，我很高興分享我們在網路中看到的情況以及我們上個月制定的策略所取得的令人鼓舞的初步結果。

That is delivering $800 million in profit through a combination of commercial initiatives and synergies over the next three years.

透過商業措施和協同效應的結合，未來三年將帶來 8 億美元的利潤。

In the fourth quarter, we achieved a record $3.5 billion in revenue, up nearly 10% year over year on limited capacity growth of 2.5%.

第四季度，我們實現了創紀錄的 35 億美元收入，較去年同期成長近 10%，而產能成長有限，僅 2.5%。

This drove unit revenues up 7% year over year, continuing an improving sequential trend and up 6 points from Q3.

這推動單位營收年增 7%，延續連續改善的趨勢，較第三季成長 6 個百分點。

December, in particular, exceeded expectations driven by a combination of close-in strength from corporate demand, higher load factors, and strong operational performance as we connected the Hawaiian and Alaska networks with codeshare.

特別是 12 月，由於企業需求的接近強度、更高的載客率以及我們透過程式碼共享連接夏威夷和阿拉斯加網路而帶來的強勁營運績效，超出了預期。

Regionally, areas of strength during Q4 included North America to Hawaii, which represents approximately a quarter of our capacity and saw revenues grow 15%, with unit revenues up 7%.

從地區來看，第四季的優勢區域包括北美到夏威夷，約占我們產能的四分之一，收入成長了 15%，單位收入成長了 7%。

And that's without having fully connected our networks.

這還是在我們的網路沒有完全連線的情況下。

Alaska and Latin America improved on better alignment, supply, and demand; while neighbor islands showed marked improvement with unit revenues up double digits.

阿拉斯加和拉丁美洲在更好的協調、供應和需求方面有所改善；而鄰近島嶼則表現出顯著改善，單位收入增加了兩位數。

We also continue to see strong demand for our premium cabins.

我們也繼續看到對我們的高級客艙的強勁需求。

First and premium-class cost revenues were up 10% and 11% year over year, respectively, on 5% capacity.

頭等艙和特等艙的成本收入分別年增 10% 和 11%，運力下降 5%。

Paid first-class load factor was 75% for the quarter, up 3 points, with yields up 4%.

本季付費頭等艙載客率為 75%，上升 3 個百分點，殖利率上升 4%。

For the full year, total premium cabin revenues increased by 10%, with unit revenue increases of 6%.

全年高級客艙總收入成長了 10%，單位收入增加了 6%。

Exceptional performance, and we expect that premium products will continue to outperform our main cabin product in 2025.

卓越的性能，我們預計優質產品將在 2025 年繼續優於我們的主艙產品。

As a quick update on our premium class seat expansion for the 900ER and the MAX-9, 19 aircraft modifications have been completed to date, and we're on track to have 79 done and ready to fly during the busy summer schedule.

作為 900ER 和 MAX-9 高級艙座椅擴展的快速更新，迄今為止已完成 19 項飛機改裝，我們預計將在繁忙的夏季日程中完成 79 項改裝並準備飛行。

Our loyalty programs generated $2.1 billion in cash remuneration in 2024, with exceptionally strong fourth-quarter results from promotions, along with several exciting announcements we've made that continue to create more value and choice for our guests.

我們的忠誠度計畫在 2024 年創造了 21 億美元的現金報酬，第四季度的促銷業績異常強勁，我們也發布了幾項令人興奮的公告，繼續為我們的客人創造更多價值和選擇。

Our new premium credit card, announced mid-December and launching this summer, has had strong initial demand across different geographies and demographics, giving us confidence in our trajectory to achieve our targets and expand our loyalty footprint outside of our current geographies of strength.

我們的新高級信用卡於12 月中旬宣布並於今年夏天推出，在不同地區和人群中產生了強勁的初始需求，這讓我們對實現目標的軌跡充滿信心，並在我們當前的優勢地區之外擴大我們的忠誠度足跡。

Huaka'i by Hawaiian, our new loyalty benefits program for Hawaii residents, modelled after our successful Club 49 program in the state of Alaska, also continues to gain traction.

Huaka'i by Hawaiian 是我們為夏威夷居民推出的新忠誠度福利計劃，仿照我們在阿拉斯加州成功的 Club 49 計劃，也繼續受到關注。

In the two months since launching this program, we've registered over 150,000 members; and card acquisitions are up 30% in the state of Hawaii year over year, with accelerating card spend since close.

自推出該計劃以來的兩個月內，我們已經註冊了超過 150,000 名會員；夏威夷州的信用卡購買量年增 30%，自交易結束以來信用卡消費不斷加速。

And finally, managed corporate business travel has shown strength all year and really spiked in December, with revenues up 35%, helping drive overall fourth-quarter corporate revenues up 8% year over year.

最後，託管企業商務旅遊全年表現強勁，並在 12 月真正飆升，營收成長了 35%，推動第四季企業整體營收年增 8%。

As we've seen in prior quarters, the technology and professional services sector led these increases, up 15% and 13%, respectively.

正如我們在前幾個季度所看到的，技術和專業服務行業引領了這些成長，分別成長了 15% 和 13%。

For the full year, our managed corporate revenues were up 15%.

全年，我們管理的企業收入成長了 15%。

We continue to see upside from several of our largest accounts.

我們繼續看到我們幾個最大帳戶的上漲空間。

But as we discussed last month, an even greater opportunity for us will come from international business travel.

但正如我們上個月討論的那樣，對我們來說更大的機會將來自國際商務旅行。

And with the launch of our first international wide-body service from Seattle to Tokyo and Narita this May, we are eager to begin servicing this demand.

隨著今年五月推出從西雅圖到東京和成田的首個國際寬體航班服務，我們渴望開始滿足這項需求。

Now turning to our outlook.

現在轉向我們的展望。

With continued leisure demand strength, healthy corporate travel demand, and a constructive industry backdrop, we're encouraged by the setup as we head into 2025.

憑藉持續強勁的休閒需求、健康的商務旅行需求以及建設性的行業背景，我們對進入 2025 年的情況感到鼓舞。

We expect our capacity to be up approximately 2.5% to 3.5% in the first quarter, while industry capacity is expected to be stable, up approximately 1.5%.

我們預計第一季產能將成長約2.5%至3.5%，而產業產能預計將穩定，成長約1.5%。

Our advanced bookings are shaping up well, with held managed business revenue up 20%, continuing to support close-in booking strength.

我們的提前預訂狀況良好，託管業務收入成長了 20%，繼續支持近距離預訂實力。

In the first quarter, we expect unit revenues to be up high single digits.

在第一季度，我們預計單位收入將成長高個位數。

Our legacy Alaska assets are building positive loads and yields year over year in January and February.

我們的阿拉斯加傳統資產在一月和二月逐年創造正負荷和收益率。

And like trends in the fourth quarter, North America to Hawaii and neighbor islands are holding solid unit revenue increases year over year for January and February.

與第四季度的趨勢一樣，北美到夏威夷和鄰近島嶼的 1 月和 2 月單位收入較去年同期保持穩健成長。

International, namely international travel to Hawaii, is challenged as it has been for some time, although it remains in line with our expectations and we're starting to see modest improvements given our network changes and synergy capture.

國際，即前往夏威夷的國際旅行，受到了一段時間以來的挑戰，儘管它仍然符合我們的預期，考慮到我們的網路變化和協同效應，我們開始看到適度的改善。

As you'll recall, the 2027 targets unveiled in our Alaska Accelerate plan do not assume any material improvement in either neighbor island or Hawaii international flying, with any recovery providing more upside for our business.

您可能還記得，我們​​的阿拉斯加加速計畫中公佈的 2027 年目標並不假設鄰島或夏威夷國際航班有任何實質改善，任何復甦都會為我們的業務帶來更多成長。

The combined Alaska and Hawaiian network provide the foundation for significant revenue unlocks over the next few years.

阿拉斯加和夏威夷的合併網絡為未來幾年釋放大量收入奠定了基礎。

And while changes to our combined network begin in earnest this April, we're already starting to see our network strategy materialize.

雖然我們的合併網絡的改變從今年四月開始認真進行，但我們已經開始看到我們的網路策略得以實現。

Co-chairing across the legacy Alaska and Hawaiian networks began in December and represented double-digit percentages of operating carrier bookings for both Alaska and Hawaiian flights during the month, highlighting the power of selling our combined network through both platforms.

傳統阿拉斯加和夏威夷航空網路的聯合主持工作於 12 月開始，當月阿拉斯加和夏威夷航班的營運承運人預訂量百分比均達到兩位數，凸顯了透過這兩個平台銷售我們合併網路的力量。

The connectivity benefits of our hub banking strategy are also beginning to materialize.

我們的樞紐銀行策略的連結性優勢也開始顯現。

Our bank schedule in Seattle began in early January, and our connecting passengers via Seattle are up nearly 20% in February, with minimal displacement of our local traffic.

我們在西雅圖的銀行班次於 1 月初開始，2 月經西雅圖轉機的旅客數量增加了近 20%，對當地交通的影響最小。

We just loaded our banked Portland schedule a few weeks ago, and early results point to a doubling of connecting guests.

幾週前，我們剛剛加載了儲存在波特蘭的航班時刻表，早期結果顯示轉機旅客數量增加了一倍。

Initial bookings on our first Seattle long-haul route to Tokyo and Narita show strong core demand in Seattle, with 56% local traffic.

我們首條西雅圖飛往東京和成田的長途航線的初步預訂顯示西雅圖的核心需求強勁，本地客流量佔 56%。

But importantly, approximately 25% of flow traffic is coming from east of the Rocky Mountains, beyond our core.

但重要的是，大約 25% 的流量來自落基山脈東部，超出了我們的核心區域。

As we laid out at our Investor Day, with efficient itineraries and a great product, we've become a top choice for more travelers across mid-continent geographies.

正如我們在投資者日所展示的那樣，憑藉高效的行程和優質的產品，我們已成為更多中部大陸地區旅行者的首選。

And lastly, 55% of booked traffic comes from our loyalty members, demonstrating the deep support and demand that we know our members have for our international service.

最後，55% 的預訂流量來自我們的忠誠會員，這表明我們知道會員對我們的國際服務有著深厚的支持和需求。

Although a relatively small 5% of our total revenue, our international flying is a key element of our strategy to meet our guests' demand and continue building relevance in Seattle and beyond.

儘管國際航班僅占我們總收入的 5%，但它是我們滿足乘客需求並繼續在西雅圖及其他地區建立相關性的策略的關鍵要素。

I want to close by reiterating that we are building out the commercial engine of Air Group to an extent we have never done before.

最後我想重申，我們正在將航空集團的商業引擎建設到前所未有的程度。

We're capitalizing on our momentum, and '25 is looking strong.

我們正在利用我們的勢頭，25 年看起來很強勁。

As we look forward, our managed corporate revenues continue to strengthen, our premium cabins continue to perform, our hub banking is already showing positive returns, and our synergies from the network are being realized.

展望未來，我們的託管企業收入將繼續增強，我們的高級客艙將繼續表現出色，我們的樞紐銀行業務已經顯示出積極的回報，我們的網路協同效應正在實現。

We are well on our way to achieving the plan we outlined as part of the Alaska Accelerate to unlock $800 million in incremental profit over the next three years, including $300 million in synergies.

我們正在順利實現我們在阿拉斯加加速計劃中概述的計劃，即在未來三年內實現 8 億美元的增量利潤，其中包括 3 億美元的協同效應。

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。

As you know, we finished the year with a successful Investor Day in December, where we had the chance to speak to the future we are focused on creating at Air Group.

如您所知，我們在 12 月舉辦了一次成功的投資者日，為這一年畫上了圓滿的句號，我們有機會暢談我們在 Air Group 致力於創造的未來。

And while we are in the early stages of building toward the vision, the strength of our fourth-quarter results are a fantastic way to get started on that future.

雖然我們正處於實現這一願景的早期階段，但我們第四季的強勁業績是開始實現這一未來的絕佳方式。

And while 2024 dealt us a tough start with the fleet grounding negatively impacting our results by approximately $200 million, we closed the year strong.

儘管 2024 年我們開局艱難，機隊停飛對我們的業績造成了約 2 億美元的負面影響，但我們以強勁的業績結束了這一年。

And absent the impact of the grounding, legacy Alaska posted the industry's best adjusted pre-tax margin.

在沒有停飛影響的情況下，傳統阿拉斯加公佈了業界最佳的調整後稅前利潤率。

This result speaks to the strength and resilience of our company, our people, and our business model.

這一結果證明了我們公司、我們的員工和我們的商業模式的實力和韌性。

December closed particularly well for both Alaska and Hawaiian.

12 月阿拉斯加和夏威夷航空的收盤表現尤其出色。

In fact, Hawaiian posted its best absolute adjusted pre-tax profit and margin in the month of December.

事實上，夏威夷航空在 12 月公佈了最佳的絕對調整後稅前利潤和利潤率。

We are now focused on our Alaska Accelerate plan, building on our fundamental strengths, safety and operational excellence, cost discipline, and balance sheet strength; as well as building a strong commercial pillar that we believe is required for longer term success in this industry.

我們現在專注於我們的阿拉斯加加速計劃，以我們的基本優勢、安全和卓越營運、成本紀律和資產負債表優勢為基礎；以及建立強大的商業支柱，我們認為這是該行業長期成功所必需的。

In particular, we will be focused on building scale, relevance, and loyalty across our network.

特別是，我們將專注於在整個網路中建立規模、相關性和忠誠度。

We are highly confident in our plan and our ability to execute and already are putting into action initiatives that will enable us to deliver on our financial targets.

我們對我們的計劃和執行能力充滿信心，並且已經開始實施行動計劃，使我們能夠實現我們的財務目標。

Turning to fourth-quarter results.

轉向第四季業績。

Our adjusted earnings per share were $0.97, approximately $0.50 above our guided midpoint. $0.25 of the EPS outperformance is directly attributable to the strength of our core business.

我們調整後的每股收益為 0.97 美元，比我們指導的中點高出約 0.50 美元。每股收益 0.25 美元的優異表現直接歸功於我們核心業務的實力。

We also benefited from a renegotiation of certain interest payments and from a true up of our tax liability for the year.

我們也受益於某些利息支付的重新談判以及今年納稅義務的調整。

For the full year, we reported earnings per share of $4.87, similarly above our previously guided range with an adjusted pre-tax margin of 7.1%, which was driven by continued underlying strength in the legacy Alaska business model and an improving trajectory of Hawaiian.

我們報告的全年每股收益為4.87 美元，同樣高於我們先前的指導範圍，調整後的稅前利潤率為7.1%，這是由於阿拉斯加傳統業務模式的持續潛在優勢和夏威夷航空不斷改善的發展軌跡所推動的。

Our total liquidity, inclusive of on-hand cash and undrawn lines of credit, stood at $3.4 billion at year end.

截至年底，我們的總流動資金（包括手頭現金和未提取的信貸額度）為 34 億美元。

Scheduled debt repayments for the quarter were approximately $65 million and are expected to be approximately $155 million in the first quarter.

本季計劃償還債務約 6,500 萬美元，預計第一季約為 1.55 億美元。

In October, we raised $2 billion in the capital markets, borrowing against our valuable mileage plan program and achieving amongst the tightest spreads compared to similar debt issued previously by industry peers.

10 月份，我們在資本市場籌集了 20 億美元，以我們寶貴的里程計劃計劃為抵押進行借款，與業內同行之前發行的類似債務相比，我們實現了最窄的利差。

In Q4, we used those new funds to repay $1.6 billion of higher rate debt acquired from Hawaiian.

第四季度，我們使用這些新資金償還了從 Hawaiian 收購的 16 億美元高利率債務。

Together with the renegotiation of interest payments, our debt raise and pre-payment activity have improved the interest expense profile of the combined business.

加上利息支付的重新談判，我們的債務籌集和預付款活動改善了合併後業務的利息支出狀況。

In 2025, we expect non-operating expense to be about $40 million per quarter.

到 2025 年，我們預計每季營業外支出約為 4,000 萬美元。

To end the year, our debt to cap stood at 58% with our net debt to EBITDAR at 2.4 times.

到年底，我們的債務上限為 58%，淨債務為 EBITDAR 的 2.4 倍。

As we outlined last month, we expect to return to our long-term target of less than 1.5 times leverage in 2026.

正如我們上個月概述的那樣，我們預計到 2026 年槓桿率將恢復到低於 1.5 倍的長期目標。

As Ben discussed in his remarks, we also repurchased $312 million of ALK stock in 2024 as we remain confident in our outlook and the value we're poised to drive for the business over the next few years.

正如 Ben 在演講中所討論的那樣，我們也在 2024 年回購了 3.12 億美元的 ALK 股票，因為我們對未來幾年的前景和我們準備為業務帶來的價值仍然充滿信心。

With these purchases, we more than offset dilution and reduced our outstanding share count to 123 million shares, resulting in a share count now on par with 2019 levels.

透過這些購買，我們不僅抵消了股權稀釋，還將流通股數量減少至 1.23 億股，目前的股票數量與 2019 年的水平持平。

We have begun executing our new $1 billion share repurchase program in earnest in January, which we intend to fully consume within the next four years.

我們已於 1 月開始認真執行新的 10 億美元股票回購計劃，我們打算在未來四年內全部用完。

Our ultimate repurchase pace will be dependent on the margin profile and cash flow of the business over that time.

我們的最終回購速度將取決於這段時間內業務的利潤狀況和現金流。

Fourth-quarter unit costs were up 8.6% year over year, coming in slightly better than guidance despite higher performance-based pay accruals.

第四季度單位成本年增 8.6%，儘管基於績效的應計工資增加，但仍略優於指引。

Normalizing for bonus pay, our core unit costs would have been 2 points lower.

如果獎金正常化，我們的核心單位成本將會降低 2 個百分點。

The teams across Alaska, Hawaiian, and Horizon did a great job managing costs all the way through the end of the year.

阿拉斯加航空、夏威夷航空和地平線航空的團隊在年底前一直出色地管理成本。

For the full year, legacy Alaska unit costs ended up approximately 7% year over year despite the grounding and Boeing strike that reduced planned capacity materially and drove an approximate 2-point full-year impact to CASMex.

就全年而言，儘管停飛和波音罷工大幅減少了計劃產能，並對 CASMex 造成了約 2 個百分點的全年影響，但阿拉斯加的傳統單位成本最終仍同比增長了約 7%。

Turning to our outlook.

轉向我們的展望。

While we've moved away from granular unit metric guidance, there are a few specifics to keep in mind for 2025.

雖然我們已經放棄了細粒度的單位指標指導，但 2025 年仍有一些細節需要牢記。

Our full-year capacity growth of 2% to 3% assumes we will receive approximately 14 737 MAX aircrafts and three 787 aircrafts from Boeing this year.

假設今年我們將從波音接收約 14 架 737 MAX 飛機和三架 787 飛機，我們的全年產能成長將達到 2% 至 3%。

We expect flat growth across our Alaska assets, given assumed delivery timing and retirement of our oldest 737-900 aircraft, and expect a material increase in Hawaiian asset utilization, particularly within the A321 fleet.

考慮到我們最老的 737-900 飛機的交付時間和退役情況，我們預計阿拉斯加資產將出現平穩增長，並預計夏威夷資產利用率將大幅增加，尤其是 A321 機隊。

We expect first quarter capacity to be up 2.5% to 3.5% year over year.

我們預計第一季產能將年增 2.5% 至 3.5%。

We expect unit costs to be up low- to mid-single digits in Q1, with greater improvement in the back half of the year as productivity improves, synergy capture begins to ramp materially, and we lap the extremely low growth rate for the second half of 2024.

我們預計第一季的單位成本將上漲至個位數中低位，下半年隨著生產率的提高，協同效應開始大幅提升，下半年將出現更大的改善，並且我們將迎來下半年極低的成長率2024 年。

A notable cost item for the year we expect will be the pending new contract we reached initial agreement on with our Alaska flight attendants.

我們預計今年的一個值得注意的成本項目將是我們與阿拉斯加空服員達成初步協議的待定新合約。

While it will be several more weeks before we learn if flight attendants approved the deal, the costs for the new agreement are assumed to be effective beginning January 1 and would represent approximately 1.5 points of unit cost pressure for the year.

雖然我們還需要幾週時間才能得知空服員是否批准了這項交易，但新協議的成本預計將於 1 月 1 日開始生效，並將代表全年約 1.5 個百分點的單位成本壓力。

For first-quarter earnings, we expect a loss per share of $0.50 to $0.70. This seasonality is, as you know, normal for Alaska, however, represents our expectation of a material improvement on a year-over-year basis.

對於第一季收益，我們預計每股虧損為 0.50 美元至 0.70 美元。如您所知，這種季節性對於阿拉斯加來說是正常的，然而，這代表了我們對同比實質改善的期望。

While we will increasingly focus our commentary on combined results, I will note on today's call that our legacy Alaska assets are expected to break even in Q1, consistent with the goal we set for ourselves two years ago.

雖然我們的評論將越來越集中於綜合業績，但我將在今天的電話會議上指出，我們的阿拉斯加遺產資產預計將在第一季實現收支平衡，這與我們兩年前為自己設定的目標一致。

And our Hawaiian Airlines assets are expected to improve by over $50 million in the first quarter compared to 2024.

與 2024 年相比，我們的夏威夷航空第一季資產預計將增加超過 5,000 萬美元。

To summarize our guidance, in the first quarter, we expect capacity to be up 2.5% to 3.5%, RASM to be up high-single digits, CASMex to be up low- to mid-single digits, and a loss per share of $0.50 to $0.70. For the full year, we still expect to deliver EPS of more than $5.75 on capacity growth of 2% to 3%.

總結我們的指導意見，我們預計第一季產能將成長 2.5% 至 3.5%，RASM 將成長高個位數，CASMex 將成長低個位數到中個位數，每股虧損為 0.50 美元至0.70 美元。就全年而言，我們仍預期每股盈餘將超過 5.75 美元，產能成長 2% 至 3%。

We also expect $1.4 billion to $1.5 billion of CapEx and to generate positive free cash flow this year.

我們也預計今年的資本支出將達到 14 億至 15 億美元，並產生正的自由現金流。

We've closed another strong year and have entered 2025 with more momentum and confidence than we felt in a long time.

我們又結束了強勁的一年，並以比我們長期以來感受到的更多動力和信心進入 2025 年。

We have a playbook to win in the industry in the years to come, including significant profit unlock from synergies and initiatives, which we have already begun executing on.

我們制定了未來幾年在業界獲勝的策略，包括透過協同效應和措施釋放大量利潤，我們已經開始執行這些策略。

And all of this is against a constructive industry backdrop, with many airlines increasingly focused on returning to threshold margin performance and guests who are increasingly loyal to airlines that can deliver better and more premium experiences end to end.

所有這一切都是在一個建設性的行業背景下進行的，許多航空公司越來越注重恢復閾值利潤績效，而乘客也越來越忠誠於能夠提供更好、更優質的端到端體驗的航空公司。

We have a clear strategy of where we want to go, and we're looking forward to delivering on our future vision from here forward.

我們對未來的發展方向有明確的策略，我們期待從現在開始實現我們的未來願景。

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

接下來，讓我們來回答你的問題。

(Operator Instructions) Brandon Oglenski, Barclays.

（操作員說明）Brandon Oglenski，巴克萊銀行。

Hey, guys.

嘿，夥計們。

Good afternoon or good morning.

下午好或早安。

Thanks for taking the question.

感謝您提出問題。

I guess, Ben, it seems like everything's firing on the right cylinders here.

我想，本，看起來一切都在正確的方向上進行。

As you look at the network reallocation this year, what is most important?

回顧今年的網頁佈局，什麼是最重要的？

Because we hear a lot of moving pieces here, like launching a Narita flight out of Seattle.

因為我們在這裡聽到了很多感人的事情，例如從西雅圖起飛的成田航班。

But then also, I think the bank structure at Portland and Seattle, as well, sound pretty important.

但我也認為波特蘭和西雅圖的銀行結構聽起來也非常重要。

So can you maybe elaborate more on that?

那您能詳細說明一下嗎？

Or maybe that's a better question for Andrew.

或者也許這對安德魯來說是一個更好的問題。

I'm not sure.

我不知道。

Well, maybe I'll start and then I'll just get Andrew.

好吧，也許我會開始，然後我就去找安德魯。

I think, overall, you're right, Brandon.

我認為，總的來說，你是對的，布蘭登。

It's a great question.

這是一個很好的問題。

We have a lot going on.

我們有很多事情要做。

And fortunately, I have just an outstanding team across the company.

幸運的是，我公司有一支優秀的團隊。

We've got an integration that we're doing, so we've got to keep our eye on executing a single operating certificate this year and a unified reservation system.

我們正在進行整合，因此我們必須密切關註今年執行的單一營運證書和統一的預訂系統。

But along that, we've got all these synergies coming through.

但同時，我們已經實現了所有這些協同效應。

And so connecting the networks is extremely top of mind for us.

因此，連接網路對我們來說是非常重要的。

As Andrew mentioned, all the synergies that come from that, international flying, getting the operation, really focused on not missing a step, is where I'm just keeping the company between the guardrails.

正如安德魯所提到的，所有由此產生的協同效應，國際飛行，運營，真正專注於不錯過任何一步，都是我讓公司保持在護欄之間的地方。

But Andrew, just a little more color on that.

但是安德魯，只是再多一點色彩。

Yeah, I think -- Hi, Brandon.

是的，我想──嗨，布蘭登。

As you see with our guidance, our capacity growth is very low this year.

正如您從我們的指導中看到的，我們今年的產能成長非常低。

So what we're really focused on is moving our aircraft around and positioning them in the best way possible.

因此，我們真正關注的是移動我們的飛機並以盡可能最佳的方式定位它們。

I think with the rebanking, again, just moving our aircraft around and being very deliberate about what connects to what.

我認為，透過重新銀行業務，只需移動我們的飛機，並非常仔細地考慮什麼與什麼相關。

And we've seen significant goodness there.

我們在那裡看到了顯著的好處。

The last thing I will say is that we launched 19 new markets in December and January of this year to replace capacity in the first quarter that hasn't been performing.

我要說的最後一件事是，我們在今年 12 月和 1 月推出了 19 個新市場，以取代第一季表現不佳的產能。

And I think that's a big part of what we've done.

我認為這是我們所做工作的重要組成部分。

All but one of those markets is seasonal.

除其中一個市場外，所有市場都是季節性的。

So again, we're trying to use our assets that we have today to unlock the synergies and to be very purposeful about where we fly and how we fly.

因此，我們再次嘗試利用我們現有的資產來釋放協同效應，並明確我們的飛行地點和飛行方式。

Well, it's definitely a great outlook.

嗯，這絕對是一個很棒的前景。

And Andrew, really quick.

安德魯，很快。

I think you mentioned corporate travel up pretty significantly in December.

我想您提到 12 月份商務旅行大幅增加。

Can you maybe elaborate on that and the trends that you're seeing here in January?

您能否詳細說明一下這一點以及您在一月份看到的趨勢？

Yeah, the corporate travel was up about 8% in the fourth quarter.

是的，第四季商務旅行成長了約 8%。

And we see a lot of shorter haul West Coast traffic, business traffic, coming back in that.

我們看到大量短途西海岸交通、商業交通正在回歸。

That's why it drove -- yields were higher.

這就是它推動的原因——收益率更高。

Growth in passengers for the full year was 15%.

全年客運量成長 15%。

And as we sit here today, our held corporate revenues, managed, are up 20% as we go into the fourth quarter here.

當我們今天坐在這裡時，進入第四季度時，我們管理的持有企業收入增加了 20%。

And there are still a number of clients in other areas of the managed corporates that we think will continue to grow.

我們認為託管企業其他領域的客戶數量仍將持續成長。

So it's a really good outlook right now.

所以現在的前景非常好。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thanks, Brandon.

謝謝，布蘭登。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Thank you.

謝謝。

Maybe just sticking with the banking situation.

也許只是堅持銀行業的情況。

That number on Seattle, about 20%, was obviously a lot.

西雅圖的這個數字約為 20%，顯然是很多。

Is that -- are you already benefiting from the network connect of Hawaiian to legacy Alaska?

您是否已經從夏威夷航空到傳統阿拉斯加的網路連線中受益？

Is that what's driving that or is it just the changes that you've made to the legacy Alaska network that's really being the needle mover there?

這是推動這一趨勢的原因還是您對阿拉斯加傳統網路所做的改變才是真正的推動者？

Yeah.

是的。

Hi, Conor.

嗨，康納。

I mean, it's obviously both.

我的意思是，顯然兩者都是。

But I think the significant part -- and you got to remember, our load factors have always been a challenge in January and February.

但我認為重要的是——你必須記住，我們的負載因素在一月和二月一直是一個挑戰。

So there's plenty of room on our airplane.

所以我們的飛機上有足夠的空間。

And we've just reconfigured the flights to maximize our connectivity, and the team's getting much better at that.

我們剛剛重新配置了航班以最大限度地提高我們的連接性，並且團隊在這方面做得越來越好。

In fact, I'm excited sitting here today that we're sitting on just above 80% load factor for January, which has always been our goal.

事實上，今天我很高興坐在這裡，因為我們 1 月的負載率略高於 80%，這一直是我們的目標。

And we've struggled to do that, and we're there this year.

我們一直在努力做到這一點，今年我們做到了。

So it's just really exciting to see.

所以這真的很令人興奮。

And Andrew, we have 350 flights a day, up to 400 in the peak, in Seattle.

安德魯，我們在西雅圖每天有 350 個航班，高峰時可達 400 個。

So that's just a lot of flights coming in, connecting.

所以這只是大量的航班進港、轉機。

Okay, that's helpful.

好的，這很有幫助。

And then not to get ahead of myself, but obviously, a really strong start on unit revenue in the first quarter.

然後，不要誇大自己，但顯然，第一季的單位收入有了一個非常強勁的開局。

There's some noise from the MAX situation last year.

去年 MAX 的情況引起了一些噪音。

But as we look at the calendar and all that stuff, your own capacity plans, it would suggest that you're actually going to get a little bit better from here.

但當我們查看日曆和所有這些東西、您自己的容量計劃時，這表明您實際上會從這裡變得更好。

So I know it's early, but if you could give any indications on how spring breaks, your expectation there and how things are booking, and maybe anything you're seeing on spring trends in general, that would be helpful.

所以我知道現在還為時過早，但如果您能提供任何有關春假的信息、您對春假的期望以及預訂情況，以及您所看到的有關春季流行趨勢的任何信息，那將會有所幫助。

Thank you.

謝謝。

Yeah.

是的。

Thanks, Conor.

謝謝，康納。

I mean, spring is still just starting to come into the window, and the team's actively managing that.

我的意思是，春天才剛開始到來，團隊正在積極應對這一情況。

So I don't have anything exciting to report there.

所以我沒有什麼令人興奮的事情要報告。

I think what we're really focused on is the continued network synergies with the Alaska assets and the Hawaiian assets and bringing those together.

我認為我們真正關注的是與阿拉斯加資產和夏威夷資產的持續網絡協同效應，並將這些資產整合在一起。

And as we've mentioned in our prepared remarks, the North America to Hawaii and neighbor islands are all continuing to improve.

正如我們在準備好的發言中所提到的，從北美到夏威夷和鄰近島嶼的情況都在持續改善。

But I fully expect to have a very strong spring break, and that gets more into our higher demand period.

但我完全預計會有一個非常強勁的春假，這將更多地進入我們的更高需求時期。

But things are looking really good as we sit here today.

但當我們今天坐在這裡時，情況看起來確實很好。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Conor.

謝謝，康納。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks.

嘿，謝謝。

Morning.

早晨。

I want to just follow up again on the high-single digit RASM.

我想再次跟進高個位數的 RASM。

Maybe if you can unpack it a little bit more between what you're seeing in legacy Alaska versus Hawaiian.

也許如果你能在你所看到的傳統阿拉斯加和夏威夷之間更進一步了解。

How is cargo that's really, really strong right now contributing to that?

目前非常非常強勁的貨運量對此有何貢獻？

And then maybe just with that, I remember last year, after the MAX issues, March ended up being a really strong RASM period for you.

然後也許就這樣，我記得去年，在 MAX 問題之後，三月對你來說是一個非常強大的 RASM 時期。

Do you feel like you've -- that month, do you feel like you've captured the comp getting tougher later in the quarter in this?

你是否覺得你——那個月，你是否覺得你已經捕捉到了本季晚些時候的競爭變得更加艱難？

Hi, Scott.

嗨，斯科特。

Yeah, just to check through a couple of those.

是的，只是為了檢查其中的幾個。

Both the Hawaiian assets and the Alaska assets are performing well on a unit revenue basis.

以單位收入計算，夏威夷資產和阿拉斯加資產均表現良好。

There's just a lot of noise that occurred last year.

去年發生了很多噪音。

You had the rollover impact from the Maui fires.

您受到了毛伊島大火的翻車影響。

You had Flight 1282.

您搭乘的是 1282 號班機。

We had a very different network.

我們有一個非常不同的網路。

We didn't have the combined network and co-chair.

我們沒有聯合網絡和聯合主席。

And as we've shared in the past, January and February are always the most opportunity for us to improve.

正如我們過去所分享的，一月和二月始終是我們進步的最佳機會。

And you're seeing that, and that's being done.

你正在看到這一點，而且這正在完成。

March and spring break, I think, are always good for us.

我認為三月和春假對我們總是有好處的。

I think we have a better setup this year as far as our network and what we're doing.

我認為，就我們的網路和我們正在做的事情而言，今年我們的設定更好。

And just to reiterate, we have all the goodness of the synergies and connectivity coming through.

重申一下，我們擁有協同效應和互聯互通的所有好處。

So we are very excited about how this season is shaping up.

因此，我們對本賽季的進展感到非常興奮。

Okay, great.

好的，太好了。

And then maybe just, Shane, I think you've got a slide in the deck looking at the lumpiness of capacity.

然後，謝恩，我想你已經在甲板上放了一張幻燈片來審視容量的混亂程度。

Maybe help us think what that means in terms of CASM as the year goes on.

隨著時間的推移，也許可以幫助我們思考這對 CASM 意味著什麼。

Does CASM improve?

CASM 是否有改善？

Does it get worse in Q2 and then does it get better in the back half of the year relative to the low- to mid-single you're doing in Q1?

相對於你在第一季所做的中低單曲來說，第二季度會變得更糟，然後下半年會變得更好嗎？

Yeah.

是的。

Hey.

嘿。

Thanks, Scott.

謝謝，斯科特。

Well, the simplest way to answer your question is, yeah, pretty much.

嗯，回答你的問題最簡單的方法是，是的，差不多。

That's going to be the contour.

這將是輪廓。

We have the lowest rate of growth in the year probably in the second quarter and the hardest comp because of our growth rate and performance last year on costs.

由於我們去年的成長率和成本表現，我們的成長率可能是今年最低的，而且是最困難的。

Second half, we're going to start to see the real benefit of synergy capture, of really starting to get utilization up on the A321 fleet and benefit from the productivity that we'll be able to drive from those two things.

下半年，我們將開始看到協同捕獲的真正好處，真正開始提高 A321 機隊的利用率，並從我們能夠從這兩件事中獲得的生產力中受益。

And so I think we're going to have a good quarter this quarter with unit costs.

因此，我認為本季我們的單位成本將會表現良好。

Our hardest comp is going to be next quarter.

我們最困難的比賽將是下個季度。

And I think we're going to then flow through the rest of the year in a really nice trajectory and exit well.

我認為我們將以非常好的軌跡度過今年剩餘的時間並順利退出。

So I think the thing that we've continually talked to you all about since December is we do expect RASM to outperform CASM throughout the year, and we're excited about how we can perform this year.

因此，我認為自 12 月以來我們一直在與大家談論的事情是，我們確實預計 RASM 全年的表現將優於 CASM，我們對今年的表現感到興奮。

Helpful.

有幫助。

Thank you, guys.

謝謝你們，夥計們。

Appreciate it.

欣賞它。

Thanks, Scott.

謝謝，斯科特。

Andrew Didora, BofA Global Research.

安德魯‧迪多拉，美國銀行全球研究部。

Hey.

嘿。

Good morning, everyone.

大家早安。

First question for Andrew.

第一個問題是安德魯。

I know it hasn't really been long since Investor Day, but have you noticed any changes in competitive capacity or competitive behavior after outlining your plan and starting all of your rebanking efforts?

我知道距離投資者日並沒有多久，但是在概述您的計劃並開始所有再銀行業務之後，您是否注意到競爭能力或競爭行為發生了任何變化？

Hi, Andrew.

嗨，安德魯。

I would say very little.

我想說的很少。

There's some things around the edges.

有一些東西在邊緣。

There's some equipment changes by some carriers here and there.

一些運營商到處都對設備進行了一些改動。

But on the whole, what we've seen is the industry continue to play out and seasonal schedules get trued up further on.

但總體而言，我們看到該行業繼續發展，季節性時間表進一步調整。

But other than that, pretty the same as what we were seeing when we met with you six weeks ago.

但除此之外，與六週前我們與您見面時所看到的情況非常相似。

Okay.

好的。

Makes sense.

有道理。

Then just for Shane, one, thank you for clarifying the CASM comments earlier.

那麼，謝恩，謝謝您之前澄清 CASM 的評論。

And nice job just resetting your debt stack since the close of the deal.

幹得好，自交易結束以來重置了您的債務堆疊。

I'm sure all the heavy lifting is done here.

我確信所有繁重的工作都在這裡完成。

But just in terms of balance sheet, are there any ways to be even more opportunistic on debt pay down from here or, again, are the big opportunities now behind you?

但就資產負債表而言，是否有任何方法可以在債務償還方面更具機會主義，或者，再說一次，現在的巨大機會已經過去了嗎？

Thanks.

謝謝。

Yeah.

是的。

Thanks, Andrew.

謝謝，安德魯。

I think the major opportunities are behind us.

我認為重大機會已經過去。

We acquired double-digit rate debt when we closed the deal with Hawaiian, and we knew we wanted to move quickly to restrike that.

當我們與夏威夷航空達成交易時，我們獲得了兩位數利率的債務，我們知道我們希望迅速採取行動，重新實現這一目標。

And Emily and her team have done a fantastic job.

艾米麗和她的團隊做得非常出色。

We'll continue to, obviously, watch the environment.

顯然，我們將繼續關注環境。

We've got nothing that would prevent us from continually buying down our rate if we could.

如果可以的話，我們沒有什麼可以阻止我們不斷降低利率。

And we've also done, I think, a nice job of the aircraft ownership side of the business.

我認為，我們在飛機所有權方面也做得很好。

There's opportunity there as well as we go forward on the least part of the Hawaiian fleet.

那裡有機會，我們也在夏威夷艦隊的最小部分上前進。

But that will take some time to work itself out.

但這需要一些時間才能解決。

Maybe I could sneak one more in.

或許我可以再偷偷溜進去一個。

Any thoughts on potentially what you could do with the payroll relief loans as that resets, I guess, later this year on the first tranche?

我想，在今年稍後第一筆貸款重置時，您對如何處理工資減免貸款有什麼想法嗎？

Thanks again.

再次感謝。

Thanks, Andrew.

謝謝，安德魯。

This is Emily.

這是艾米麗。

So we are looking at those PSP loans as they come to convert to higher interest rates starting here in 2025.

因此，我們正在關注這些 PSP 貸款，因為它們將從 2025 年開始轉換為更高的利率。

It's likely that what we will do is use some of our planned debt repayment to just get ourselves out of those loans.

我們可能要做的就是用我們計劃的部分債務償還來擺脫這些貸款。

But it's also possible that if we find some compelling finance opportunities, that we would just replace them with more favorable rate debt.

但也有可能，如果我們發現一些引人注目的融資機會，我們就會用更優惠的利率債務來取代它們。

Thanks, Andrew.

謝謝，安德魯。

Jamie Baker, JPMorgan.

傑米貝克，摩根大通。

Oh, hey.

哦，嘿。

Good morning, everybody.

大家早安。

So I'm not at all trying to detract from your momentum, but I think I have a fair question to ask.

所以我根本不想削弱你的動力，但我想我有一個公平的問題要問。

As you now understand the Hawaiian franchise inside and out, what, if anything -- and there has to be something, I hope, that has surprised you to the downside.

現在你已經從裡到外了解了夏威夷的特許經營權，如果有的話，我希望一定有什麼東西讓你感到驚訝。

And let me give you an example, because you may recall I asked this question shortly after the Virgin integration kicked off.

讓我給你舉個例子，因為你可能還記得我在維珍整合開始後不久就問過這個問題。

And one of the things you cited then were aircraft leases.

你當時提到的事情之一就是飛機租賃。

Virgin had really good economics, but a lot of duration in those leases.

維珍航空的經濟效益非常好，但租約期限很長。

So that sort of thing.

諸如此類的事情。

Anything you can call out that has disappointed you?

有什麼讓你失望的事嗎？

Jamie, thank you for the question.

傑米，謝謝你的提問。

Honestly, certainly not aircraft ownership.

老實說，當然不是飛機所有權。

I think we feel good about the fleet we acquired.

我認為我們對我們收購的機隊感覺良好。

And I think just one difference is -- I do think while we spent a lot of time and due diligence on the Virgin acquisition, we spent multiples of that on this acquisition.

我認為只有一個區別是——我確實認為，雖然我們在維珍收購上花費了大量時間和盡職調查，但我們在這次收購上花費了數倍的時間和盡職調查。

So I would have expected fewer surprises, not to say there aren't things ahead of us.

所以我預計驚喜會更少，並不是說我們前面沒有事情。

But from a just core understanding of how that business was working, how they -- where their cost structure had moved over time, where the soft spots in the network were coming out of the pandemic, and some of the challenges that they faced that really weren't of their doing, like the wildfires in Maui and the GTF issues.

但是，從對業務如何運作的核心了解來看，他們的成本結構隨著時間的推移發生了哪些變化，網絡中的軟肋從大流行中消失，以及他們真正面臨的一些挑戰毛伊島的野火和GTF 問題都不是他們造成的。

I think all of those, Jamie, we have not seen a material difference in what our expectation was.

傑米，我認為所有這些我們都沒有看到與我們的期望有實質差異。

I appreciate that you noted that we have complete command over the two companies.

我很高興你注意到我們對這兩家公司擁有完全的控制權。

We've maybe not -- I don't think we would quite say that yet.

我們可能還沒有——我認為我們還不會這麼說。

I think we're racing to get there.

我想我們正在努力到達那裡。

But we've had the company for a single quarter, and so there's still much for us to learn.

但我們已經擁有這家公司一個季度了，所以我們還有很多東西要學習。

And maybe Ben, on people and culture and those sorts of things, which I think have been positive, too.

也許本，關於人、文化以及諸如此類的事情，我認為這也是正面的。

Yeah.

是的。

You know what, Jamie?

你知道嗎，傑米？

It's a great question.

這是一個很好的問題。

And I keep looking for things that we didn't -- we missed during our due diligence.

我一直在尋找我們沒有發現的東西——我們在盡職調查過程中錯過了。

But like Shane said, with our Board, we -- because we went through this before with Virgin America, so we were experienced at what to look for.

但正如肖恩所說，我們的董事會——因為我們之前與維珍美國航空一起經歷過這種情況，所以我們對尋找什麼有豐富的經驗。

There's nothing coming at us.

沒有東西向我們襲來。

In fact, I would just say the opposite.

事實上，我只想說相反的話。

There's just -- it feels like it's better than what we had thought.

只是——感覺比我們想像的要好。

Things are getting stronger.

事情變得越來越強大。

Again, Hawaiian produced a profit in December.

夏威夷航空 12 月再次獲利。

They're going to be profitable from Q2 to Q4.

他們將從第二季到第四季實現獲利。

Q1 is better.

Q1更好。

So I think it's, again, the same theme.

所以我認為這又是同樣的主題。

Things are better than we expect.

事情比我們預期的要好。

But like Shane said, there's still a lot to come together.

但正如肖恩所說，還有很多事情需要整合。

There's still a lot -- there's a few more layers of the onion that need to be peeled off.

還有很多——還有幾層洋蔥要剝。

And you'll be the first to know if we find something.

如果我們找到什麼東西，你會是第一個知道的。

All right.

好的。

I appreciate the thorough response.

我很感謝您的徹底回應。

And just as a quick follow-up, you mentioned in your prepared remarks getting the Hawaiian franchise to first quarter profitability somewhere down the road by applying some of the, I think you said, lessons or best practices learned at Alaska.

作為一個快速的後續行動，您在準備好的演講中提到，透過應用我認為您所說的在阿拉斯加學到的一些經驗教訓或最佳實踐，使夏威夷特許經營權能夠在第一季度實現盈利。

Can you remind us in your mind what you think are the largest building blocks or moving pieces that need to be addressed that get Hawaiian to a future first quarter profit?

您能否提醒我們，您認為使夏威夷航空實現未來第一季獲利的最大組成部分或需要解決的移動問題是什麼？

What's standing in the way?

是什麼阻礙了你？

Just one of the things that we did with Alaska is just we want to have the right amount of capacity for the demand that's available in a weaker first quarter.

我們在阿拉斯加所做的事情之一就是我們希望擁有適當的產能來滿足第一季疲軟的需求。

It's putting the right airplanes in the right markets.

它將正確的飛機投放到正確的市場。

It's staffing.

是人員配備。

It's productivity.

這是生產力。

It's all those things that we've honed over the years that we're going to duplicate on our Hawaiian brand.

這些都是我們多年來磨練出來的東西，我們將在我們的夏威夷品牌上複製這些東西。

And I think there's just a lot of opportunity there.

我認為那裡有很多機會。

We've learned a lot on the Alaska side, and I think you're going to see some of that experience and discipline be forced onto that network.

我們在阿拉斯加方面學到了很多東西，我想你會看到一些經驗和紀律被強加到這個網路上。

Okay.

好的。

Terrific.

了不起。

Thank you very much, everybody.

非常感謝大家。

Thanks, Jamie.

謝謝，傑米。

Catherine O'Brien, Goldman Sachs.

凱瑟琳‧歐布萊恩，高盛。

Hey.

嘿。

Good morning, everyone.

大家早安。

Thanks for the time.

謝謝你的時間。

Let me -- first, just two quick follow-ups on the unit cost trajectory question earlier.

讓我——首先，對先前的單位成本軌跡問題進行兩次快速跟進。

I guess first is the 1.5 points of flight attendance incremental cost in the proposed contract.

我想首先是擬議合約中 1.5 個點的航班出勤增量成本。

Is that in the 1Q guide and the full-year outlook?

這是第一季指南和全年展望中的內容嗎？

And then second, I understand second quarter sounds like CASM gets a bit worse with some of the comps there.

其次，我知道第二季的情況聽起來 CASM 的一些比較情況變得更糟了。

But just trying to understand how much better cost could get in the second half based on the tailwinds you're talking about.

但只是想根據你所說的順風車來了解下半年成本可以得到多少改善。

I guess the first half overall is maybe a bit worse than this 1Q guide.

我想整體上半部可能比第一季指南差一些。

Is second half good enough for full-year CASM to be better than the 1Q inflation you're running to?

下半年是否足以讓全年 CASM 比您面臨的第一季通膨好？

And I realize that was not two quick follow-up, so thanks for the time.

我意識到這不是兩次快速跟進，所以感謝您抽出時間。

Thanks, Katie.

謝謝，凱蒂。

The flight attendant contract, should it ratify?

空服員合約需要批准嗎？

Yes, that's in our guidance for Q1.

是的，這是我們第一季的指導。

And it's fully represented there.

它在那裡得到了充分的體現。

So it wouldn't be incremental once it ratifies, which we hope it does.

因此，一旦批准，它就不會是增量的，我們希望如此。

Yeah.

是的。

I don't want to get into like back-half-of-the-year guidance at this point.

我現在不想談下半年的指導。

I think one thing I would say is we're not going to grow as much as we have in the past, I think, 2% to 3% for the full year.

我想我要說的一件事是，我們的成長不會像過去那麼快，全年成長 2% 到 3%。

And we talked before about unit cost trends at those growth rates.

我們之前討論過這些成長率的單位成本趨勢。

They're likely to be more than flat.

它們很可能不僅僅是持平。

I'm actually pretty excited about where we can get to this year as we start to ramp the synergies and the utilizations.

事實上，隨著我們開始提高綜效和利用率，我對今年能夠取得的成果感到非常興奮。

And so I guess what I would say is we're hopeful and optimistic about the back half of the year having a really good, strong cost performance there as we get into the real work of getting the two operations together and getting synergies and productivity up.

因此，我想我要說的是，當我們開始將兩個業務整合在一起並提高協同效應和生產力的實際工作時，我們對今年下半年擁有非常好的、強大的成本效益充滿希望和樂觀。

And I know you're looking for more specifics in terms of the guide, but just know Q2 is our hardest comp.

我知道您正在尋找指南中的更多細節，但請知道第二季是我們最難的比賽。

And we're not really fully ramping synergies or utilization until we get into third quarter and fourth quarter.

在進入第三季和第四季之前，我們並沒有真正完全提高協同效應或利用率。

But I think we're going to have a nice cost performance this year.

但我認為今年我們將會有一個很好的性價比。

Great.

偉大的。

And then maybe just one more, if you don't mind.

如果您不介意的話，也許還可以再做一次。

You've noted a material improvement interisland would be upside to our outlook.

您已經注意到島間的實質改善將對我們的前景產生積極影響。

I guess, were you expecting Hawaiian to see interisland RASM up double digits in the fourth quarter and hope for Hawaiian overall to flip to a pre-tax profit in 2Q?

我想，您是否預期夏威夷航空第四季島間 RASM 會成長兩位數，並希望夏威夷航空在第二季整體實現稅前利潤？

I think that's the first time since the pandemic.

我認為這是疫情以來的第一次。

When you set these targets in December, just trying to understand how things have performed since you set that

當您在 12 月設定這些目標時，只是想了解自設定以來事情的表現如何

[575-plus].

[575+]。

Thanks.

謝謝。

Yeah, no.

是的，不。

Maybe I'll -- because it may be more of a against forecast question.

也許我會——因為這可能更像是一個與預測相反的問題。

Certainly, when we looked at the fourth quarter, we saw that there was an improving trend in neighbor island.

當然，當我們觀察第四季時，我們看到鄰島有改善的趨勢。

I think what we were articulating in December and as we've talked to folks -- when we sat down and looked at the potential of combining with Hawaiian, we just made no estimates around an improving neighbor island franchise over time.

我認為我們在12 月所闡述的內容以及我們與人們交談的內容- 當我們坐下來研究與夏威夷航空合併的潛力時，我們只是沒有對隨著時間的推移改善鄰島特許經營權做出任何估計。

We certainly expect it to do that.

我們當然希望它能做到這一點。

Our job is to go drive loyalty, which I think Andrew and the commercial team have done a fabulous job initially with the Huakai'i program and all of the signups, [130] or 50,000 people already in that program.

我們的工作是提高忠誠度，我認為 Andrew 和商業團隊最初在 Huakai'i 計劃和所有註冊者（[130]）或已經加入該計劃的 50,000 人中做得非常出色。

And I think we're fully intending to be the carrier of choice in the neighbor islands and for Hawaii residents.

我認為我們完全打算成為鄰近島嶼和夏威夷居民的首選承運商。

And I think we've got a nice start to that strategy and over the long term.

我認為從長遠來看，我們已經在該戰略上有了一個良好的開端。

I think the last thing I would just remind folks is we had also remarked that the business, Hawaiian, had already improved in our mind by at least $130 million relative to their first and second-quarter result last year as they lapped some of the things that weren't really in their control, like the GTF grounding and lapping the wildfires from Maui in 2023.

我想我要提醒大家的最後一件事是，我們也指出，夏威夷航空在我們看來，相對於去年第一季和第二季的業績，已經改善了至少1.3 億美元，因為他們在某些方面表現不佳這並不是他們真正能控制的，例如 2023 年 GTF 擱淺並撲滅了毛伊島的野火。

So that business was on an improving trend.

所以該業務呈改善趨勢。

I will say that it did better than we thought, even in December.

我想說，即使在 12 月，它的表現也比我們想像的要好。

I thought -- I think the demand was really strong and stronger than we thought in December, which is why it ultimately moved to a nice profit for the month of December, which we were excited to see.

我認為——我認為需求真的很強勁，而且比我們在 12 月想像的還要強勁，這就是為什麼它最終在 12 月實現了可觀的利潤，我們很高興看到這一點。

Great.

偉大的。

Thanks.

謝謝。

Thanks, Katie.

謝謝，凱蒂。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Hi, everyone.

大家好。

Thanks so much for the time.

非常感謝您抽出時間。

I'm wondering if you would mind touching on the cargo business for a little bit, just any new updates since Investor Day company-wide, but also specifically on the Amazon flying.

我想知道您是否介意稍微談一下貨運業務，以及自投資者日以來全公司範圍內的任何新更新，特別是關於亞馬遜航班的更新。

Thanks so much.

非常感謝。

Sure, we'll have Jason take that question.

當然，我們會讓傑森回答這個問題。

Hi, Tom.

嗨，湯姆。

Great to hear from you.

很高興收到你的來信。

It's still early days, as we mentioned, as we work together to get these two carriers integrated from -- to a single selling platform.

正如我們所提到的，現在還處於早期階段，因為我們共同努力將這兩家業者整合為單一的銷售平台。

And a lot of the performance you've seen in Q4 was really the 2737 freighters we brought into the Alaska network and the new Amazon business to start to generate energy.

您在第四季度看到的許多業績實際上是我們引入阿拉斯加網路和新的亞馬遜業務以開始發電的 2737 架貨機。

It's where we flew six freighters in Q4.

這是我們在第四季度運營六架貨機的地方。

We hope to have all 10 by April, and then we'll really see the full engine running by that time.

我們希望在 4 月之前完成全部 10 個任務，到那時我們將真正看到完整的引擎正在運行。

Okay, thanks.

好的，謝謝。

That's really helpful.

這真的很有幫助。

Appreciate that, Jason.

很欣賞這一點，傑森。

And then just as a follow-up, you might maybe just -- I don't know, maybe for Andrew, just touching a little bit more on California.

然後，作為後續行動，你可能只是 - 我不知道，也許對安德魯來說，只是更多地觸及加利福尼亞州。

San Diego was a big focus at Investor Day, as well as just curious how the inter-California markets performing as well as maybe Transcon.

聖地牙哥是投資者日的一大焦點，人們也好奇加州間市場以及 Transcon 的表現如何。

Thanks again.

再次感謝。

Congrats, everybody.

恭喜大家。

Yeah.

是的。

Thanks, Tom.

謝謝，湯姆。

We actually had a fair bit of growth in San Diego this year and -- as in 24.

事實上，今年我們在聖地牙哥取得了相當大的成長——就像 24 月一樣。

And it's absorbed it very, very well.

而且它吸收得非常非常好。

And so we're very happy about that.

所以我們對此感到非常高興。

The very unfortunate situation with the LA fires, we've seen inter-California down quite a bit as a result of those and Burbank, but the rest of the LA stations are continuing on a somewhat normal trend.

洛杉磯火災的情況非常不幸，我們已經看到加州州際間的火災和伯班克造成了相當大的下降，但洛杉磯的其他車站仍在繼續保持正常的趨勢。

Overall, I think Transcon, especially for California and the product that we have, the MAX 9, have been doing well.

總的來說，我認為 Transcon，尤其是加州的 Transcon 以及我們的產品 MAX 9，一直表現良好。

So again, I think across all tides here, we're really pleased.

再說一遍，我認為無論怎樣，我們真的很高興。

And again, these synergies are all impacting both the Pacific Northwest and California.

同樣，這些協同效應都影響太平洋西北地區和加州。

So again, as we move forward, those areas of our business continue to get stronger.

因此，隨著我們不斷前進，我們的這些業務領域將繼續變得更加強大。

Thanks, Tom.

謝謝，湯姆。

Ravi Shankar, Morgan Stanley.

拉維香卡，摩根士丹利。

Morning, everyone.

早安，大家。

So I know you guys only just got started, but when will you know if you can bring forward some of the timing on the integration gains, especially the combined booking system, the loyalty program, and such?

所以我知道你們才剛開始，但是你們什麼時候知道是否可以提前一些整合收益的時機，特別是聯合預訂系統、忠誠度計劃等？

Is that something you'll know right out the gate as you start or does that come in innings five and six?

這是你一開始就知道的事情還是在第五局和第六局時就會知道的事情？

Yeah Hi, Ravi.

是的，嗨，拉維。

Yeah, there's a very clear and definite timetable for that.

是的，有一個非常明確且明確的時間表。

We'll start the single loyalty process this summer.

我們將於今年夏天啟動單一忠誠度流程。

And it'll be fully complete, including the launch of the premium credit card, by the way, by October; and then a single passenger service system by April.

順便說一句，到 10 月份，一切都會完全完成，包括推出高級信用卡。然後到四月建立單一客運服務系統。

These are hard dates that we and the teams are very focused on because both those unlock greater synergies from where we are today, and we're on track to meet those deadlines.

這些都是我們和團隊非常關注的艱難日期，因為這兩個日期都可以從我們今天的情況中釋放出更大的協同效應，並且我們有望在截止日期前完成任務。

Understood.

明白了。

And maybe as a follow-up, I know that the industry is moving away from giving specific fuel guidance, and that's probably a good thing.

也許作為後續行動，我知道該行業正在放棄提供具體的燃料指導，這可能是一件好事。

But you guys had probably more fuel noise than most with the crack spreads and such.

但你們可能比大多數人聽到更多的燃油噪音，例如裂紋擴展等。

But how do you think about how we think about that relationship and maybe the volatility coming down between jet fuel price and your all-in price through the course of the year?

但是，您如何看待我們如何看待這種關係，以及一年中航空燃油價格和總價格之間的波動性下降？

Yeah.

是的。

Thanks, Ravi.

謝謝，拉維。

Look, we're tracking towards something like [265] for the first quarter.

看，我們第一季的目標是 [265]。

That's what we've paid to date.

這就是我們迄今為止所支付的費用。

We, as you know, suspended our hedging program, I think, 18 months ago.

如您所知，我們在 18 個月前暫停了我們的對沖計劃。

It's been a while.

已經有一段時間了。

It has a long tail because you're buying out into the future.

它有一條長尾，因為你買的是未來。

And so I think this year, we'll have very, very minimal actual recognized hedging expense, which is good.

因此，我認為今年，我們的實際認可對沖費用將非常非常小，這很好。

That's obviously something that we had planned for a while ago, and it's nice to see the benefit of that now.

這顯然是我們不久前就計劃好的事情，很高興現在看到它的好處。

We'll probably get to talk to you guys about fuel more than we would prefer to or you would prefer us to, because Hawaiian does have a very different cost structure and profile.

我們可能會與你們更多地討論燃料問題，這超出了我們或你們的意願，因為夏威夷航空確實有非常不同的成本結構和概況。

And their fuel as they get supplied from Singapore, and they enjoy a beneficial rate most of the time relative to West Coast or Gulf Coast.

他們的燃料是從新加坡供應的，並且相對於西海岸或墨西哥灣沿岸，他們在大多數時候享有優惠的價格。

So anyhow, oil has gone up a bit in the last 10 days.

總之，過去 10 天內油價略有上漲。

I think it's relaxed in the last few days, and it looks like it's stable right now, and nothing really more exciting than that to report.

我認為最近幾天情況有所放鬆，現在看起來很穩定，沒有什麼比這更令人興奮的報告了。

Understood.

明白了。

We'd love a specific guide for a few quarters until we get into the swing of things, just FYI.

在我們進入實際情況之前，我們希望有一個具體的指南，僅供參考。

Thanks, everybody.

謝謝大家。

Thanks, Ravi.

謝謝，拉維。

We'll put it on the list of requested guides.

我們會將其放入請求的指南清單中。

Duane Finnegworth, Evercore ISI.

杜安·芬內格沃斯，Evercore ISI。

Hey, thank you.

嘿，謝謝你。

I don't know if you should be adding anything to the guides.

我不知道您是否應該在指南中添加任何內容。

What you're doing seems to be working.

你正在做的事情似乎正在發揮作用。

So anyway, on the transition of wide-bodies into Alaska hubs, can you just remind us where we are in the ramp of that, and when are the peak seasons that we should be watching as that spools up?

無論如何，在寬體客機向阿拉斯加樞紐的過渡過程中，您能否提醒我們目前處於哪個階段，以及我們應該關注的旺季是什麼時候？

Hey, Duane.

嘿，杜安。

So we have two 787s right now.

所以我們現在有兩架 787。

We'll have three more next year.

明年我們還會有三個。

This year.

今年。

Yeah, in 2025, excuse me.

是的，2025 年，對不起。

So five through the end of this year, and then another three next year.

今年底前有五個，明年再有三個。

What we publicly announced is obviously Narita starting this May and Incheon this October.

我們公開宣布的顯然是今年五月開始的成田機場和今年十月的仁川機場。

Those will both be year-round markets.

這些都將是全年市場。

And we're working, and at the time -- at the right time, we'll announce the further growth out of Seattle.

我們正在努力，在適當的時候，我們將宣布西雅圖的進一步成長。

As we shared on Investor Day, we're looking to have 12 markets launched by 2030.

正如我們在投資者日分享的那樣，我們希望在 2030 年推出 12 個市場。

And the first market, Andrew, will be on 330s to launch.

第一個市場 Andrew 將在 330 秒後推出。

Eventually, we'll be moving to

最終，我們將搬到

--

--

787s in the fall, yeah.

秋天的 787 是的。

I guess just to follow up there, are there -- is there seasonality to those markets?

我想跟進一下，這些市場有季節性嗎？

Are there peaks?

有峰值嗎？

Are there off-peaks?

有非高峰期嗎？

I understand they're going to be full year.

我知道他們將迎來全年。

Yeah.

是的。

I mean, Europe, we haven't started yet.

我的意思是，歐洲，我們還沒開始。

We don't know there's peaks, although we hear from others and see it's getting some traction in some of the winter holidays there.

我們不知道是否存在高峰，儘管我們從其他人那裡聽到並看到它在一些冬季假期中受到了一些關注。

I'm not really in a position to talk to the exact seasonality of all these things.

我實在無法談論所有這些事情的確切季節性。

What I do know and would remind folks is the Narita, we're reallocating from Honolulu to Narita.

我所知道並提醒大家的是成田機場，我們正在從檀香山重新分配到成田機場。

And that has a very material economic upside to us.

這對我們來說具有非常重大的經濟優勢。

But this is market specific.

但這是特定於市場的。

They're a little bit more steady year-round.

他們全年都比較穩定。

But again, we're going to learn this, and we feel really good about the bookings to date.

但我們還是要了解這一點，並且我們對迄今為止的預訂感覺非常好。

And Duane, maybe just directionally, some will be all year-round, and some will be seasonal.

而杜安，也許只是方向性的，有的會是全年的，有的會是季節性的。

I think that's -- it'll depend where we fly.

我認為這取決於我們飛往哪裡。

We've only launched two.

我們只推出了兩個。

But when we get to the full 12-plus out of Seattle, you'll see us keep some all year-round, and you'll see us move some that we need to move based on demand.

但是，當我們將 12 個以上的飛機運出西雅圖時，您會看到我們全年保留一些飛機，並且您會看到我們根據需求移動一些需要移動的飛機。

So you'll see us do a mix.

所以你會看到我們進行混音。

Thanks.

謝謝。

And then maybe just for a quick follow-up, just on competitive capacity.

然後也許只是為了快速跟進，只是關於競爭能力。

And I'm talking here more OA, capacity cuts.

我在這裡談論的是更多的OA，產能削減。

Where do you think you're seeing a bigger benefit right now?

您認為現在在哪裡看到了更大的好處？

Is it on the Alaska side or on the Hawaiian side?

是在阿拉斯加一側還是在夏威夷一側？

And I guess, how do you see that evolving 1Q, 2Q, versus the trends that you were seeing in the back half of the year?

我想，與您在今年下半年看到的趨勢相比，您如何看待第一季、第二季的變化？

Thank you for taking the questions.

感謝您提出問題。

Yeah.

是的。

Thanks, Duane.

謝謝，杜安。

Just sitting here, I'm not seeing anything abnormal or unusual.

只是坐在這裡，我並沒有看到任何異常或異常的地方。

And I think it's been well-documented that industry growth period is extremely low.

我認為有充分證據顯示產業成長期極低。

Industry capacity growth is only like 1.5 % in the first quarter.

第一季產業產能成長率僅1.5%左右。

So I don't think there's anything in our networks.

所以我認為我們的網路中沒有任何東西。

We're seeing some relief in the neighbor islands starting in April.

從四月開始，我們看到鄰近島嶼的情況有所緩解。

But other than that, I think it's fairly stable.

但除此之外，我認為它相當穩定。

Okay, very good.

好的，非常好。

Thank you.

謝謝。

Mike Linenberg, Deutsche Bank.

麥克林伯格，德意志銀行。

Oh, yeah.

哦，是的。

Hey.

嘿。

Good morning, everyone.

大家早安。

Congrats on some really solid results and a great outlook.

恭喜您取得了一些非常紮實的成果和美好的前景。

I want to go back to some of the connecting commentary, Andrew, that you brought up.

安德魯，我想回到你提出的一些相關評論。

I mean doubling in Portland, up 20% in Seattle, obviously impressive numbers.

我指的是波特蘭的翻倍，西雅圖的成長 20%，這顯然是一個令人印象深刻的數字。

But I have to think it's off of a pretty low base, which obviously lends itself to more potential upside as you become more of a connecting carrier.

但我必須認為它的基數相當低，隨著你成為更多的連結承運人，這顯然會帶來更多潛在的上行空間。

If we look at Seattle or Portland today, rough numbers, local versus connect, what are we, 70-30, 80-20?

如果我們看看今天的西雅圖或波特蘭，粗略的數字，本地與連接，我們是什麼，70-30，80-20？

If you could just provide some color on that.

如果你能提供一些顏色的話。

Yeah, those numbers are in the ballpark.

是的，這些數字在大致範圍內。

And I suppose I should remind folks again, these volumes in connecting traffic are at our low periods of time.

我想我應該再次提醒人們，這些連接流量正處於低時期。

And I think the whole plan was to have a wider catchment area.

我認為整個計劃是為了擁有更廣泛的服務範圍。

As we get into our peak spring breaks and summer, our airplanes are very full.

當我們進入春假和夏季高峰時，我們的飛機非常滿。

So we're going to be revenue managing that and being very careful about the traffic we take.

因此，我們將對其進行收入管理，並對我們所佔用的流量非常小心。

So I would not expect to see these levels of connectivity, obviously, continue at this rate.

因此，我顯然不會期望看到這樣的連接水平繼續以這樣的速度發展。

But in the low seasons, it's been hugely beneficial for us.

但在淡季，這對我們來說非常有利。

Okay, great.

好的，太好了。

Helpful.

有幫助。

And then, just second.

然後，就第二個。

I hate to ask a modeling question, but I think it is going to have some influence on how we think about CASMex through the year.

我不想問建模問題，但我認為這會對我們全年對 CASMex 的看法產生一些影響。

Your freighter costs, year over year, are up 100%, more than 100%; and I know that that gets cut out.

你們的貨機成本逐年上漲100%，超過100%；我知道那會被刪除。

It was $37 million in the fourth quarter.

第四季為 3700 萬美元。

What's a good run rate?

什麼是好的運行率？

How do we think about your freighter costs?

我們如何看待你們的貨運成本？

Are we going to be looking at $40 million, $50 million, $60 million a quarter in 2025 so we can get to the right CASMex?

到 2025 年，我們是否會考慮每季投入 4,000 萬美元、5,000 萬美元、6,000 萬美元，以便我們能夠找到合適的 CASMex？

Yeah.

是的。

Thanks, Mike.

謝謝，麥克。

I think the fourth quarter, we had the full Alaska fleet of five freighters operating, and we had six of the ten Amazon freighters.

我認為第四季度，我們擁有由五架貨機組成的完整阿拉斯加機隊，並且我們擁有十架亞馬遜貨機中的六架。

So there's four of ten to go.

所以十人中有四人要走。

We can follow up.

我們可以跟進。

And if we give more specifics, we'll give it to everybody.

如果我們提供更多細節，我們會將其提供給每個人。

But I think it's almost all the way there in the fourth quarter.

但我認為第四季就差不多了。

A little bit to add here in 2025, and then we're pretty much at steady state unless we add more units at that point.

到 2025 年，我們需要添加一點點，然後我們幾乎處於穩定狀態，除非我們在那時添加更多單位。

Okay, great.

好的，太好了。

That's helpful.

這很有幫助。

Thanks.

謝謝。

Thanks, Mike.

謝謝，麥克。

Dan McKenzie, Seaport Global.

丹·麥肯齊，海港全球公司。

Oh, hey.

哦，嘿。

Thanks.

謝謝。

Good morning, guys.

早安，夥計們。

Andrew, maybe a couple questions for you.

安德魯，也許有幾個問題想問你。

Thanks for the perspective on international revenue.

感謝您對國際收入的看法。

Just given the number of new markets, what percent of revenue could international represent, say, into the year versus, say, in two to three years?

考慮到新市場的數量，國際收入在今年和兩到三年內所佔的比例是多少？

And I'm curious how you'd characterize the contribution from one world as you start to ramp up that international flying.

我很好奇，當你開始增加國際飛行時，你會如何描述一個世界的貢獻。

Yeah, I think the international, when I say that, there's long-haul internationals, like about 5%.

是的，我認為國際航班，當我這麼說時，有長途國際航班，大約佔 5%。

So we're adding three aircraft a year.

所以我們每年增加三架飛機。

So I think for the next few years, it's going to be a small percentage of our total capacity.

所以我認為在接下來的幾年裡，這將只占我們總產能的一小部分。

I think a lot of it for us, too, is just the huge loyalty and utility play for us out of Seattle and the world that we can offer directly on Alaska

我認為對我們來說，很大程度上也只是我們可以直接在阿拉斯加為西雅圖和世界各地提供巨大的忠誠度和實用性

[Metal].

[金屬]。

As far as the alliances go, I think they're continuing to track along very well.

就聯盟而言，我認為他們繼續進展順利。

We're very happy with this setup that we have with our partners.

我們對與合作夥伴的這種設置非常滿意。

And again, we're looking at, as we grow, what can we do to strengthen these relationships and partnerships over time?

再次，我們正在考慮，隨著我們的成長，我們可以做些什麼來隨著時間的推移加強這些關係和夥伴關係？

Okay.

好的。

And then I guess, a second question.

然後我想還有第二個問題。

I'm wondering what you can share about the IT initiatives that you're planning to roll out later this year -- at least, I believe you're planning to roll out some.

我想知道您可以分享您計劃在今年稍後推出的 IT 計劃 - 至少我相信您計劃推出一些計劃。

I'm wondering if there's an opportunity to improve merchandising, first of all.

首先，我想知道是否有機會改進銷售。

And then, if so, if that is currently embedded in the guide.

然後，如果是這樣，目前是否已嵌入指南中。

And if not, what could that upside potentially look like?

如果不是，那麼潛在的好處會是什麼樣子？

Yeah.

是的。

Thanks, Dan.

謝謝，丹。

Look, everything that we envision being able to go execute and deliver is contemplated in the full-year guide for EPS.

看，我們設想能夠執行和交付的一切都在每股收益的全年指南中得到了考慮。

Certainly, we'll be excited and happy if we can deliver faster or better.

當然，如果我們能夠更快或更好地交付，我們會感到興奮和高興。

And we fully intend to try to do better than what we've put out there.

我們完全打算努力做得比我們已經提出的更好。

But all of those efforts on the e-commerce side are embedded in the guide.

但電子商務方面的所有這些努力都包含在指南中。

They have a really big lift integrating the two reservation systems and also just bringing conformity on the merchandising practices between Hawaiian today and Alaska tomorrow.

他們在整合兩個預訂系統方面取得了巨大的進步，並且還使今天的夏威夷航空和明天的阿拉斯加航空之間的銷售實踐保持一致。

And they get to do something unique that we're excited about, which is manage two brands or two front doors into our network.

他們可以做一些讓我們感到興奮的獨特事情，即管理兩個品牌或兩個進入我們網路的前門。

And we're still working through how to optimize all of that.

我們仍在研究如何優化所有這些。

So I think -- I appreciate your asking the question.

所以我想——我很感謝你提出這個問題。

We're excited about our approach to distribution and merchandising in e-commerce.

我們對電子商務中的分銷和銷售方法感到興奮。

And I'm certain we'll be able to talk to you guys more about this as we get further into the integration.

我確信，隨著我們進一步進行整合，我們將能夠與你們更多地討論這個問題。

Okay.

好的。

Thanks for the time, you guys.

謝謝你們抽出時間。

Tom Wadewitz, UBS Financial.

湯姆‧瓦德維茲 (Tom Wadewitz)，瑞銀金融集團。

Yeah, good morning.

是的，早安。

So it may be a bit of a high-level question, but you beat by a lot in 4Q.

所以這可能是一個有點高水準的問題，但你在第四季度擊敗了很多人。

Industry backdrop is pretty favorable, maybe not different than you expected.

產業背景相當有利，也許和你想像的沒有什麼不同。

But I'm wondering why you didn't -- why you chose not to raise the 2025 guide.

但我想知道為什麼你不這樣做——為什麼你選擇不提出 2025 年指南。

Is that just, hey, there's even more upside versus the guide than we thought before?

難道只是，嘿，與指南相比，還有比我們之前想像的更多的優勢嗎？

How do you think about that just in light of the pretty big upside in 4Q and a good industry backdrop?

鑑於第四季度相當大的上漲空間和良好的行業背景，您如何看待這一點？

Yeah.

是的。

Thanks, Tom.

謝謝，湯姆。

And just for a note, this will be our last question.

請注意，這將是我們的最後一個問題。

But I think we were just with you all in December, and I think we outlined a plan that we're certainly excited about, confident in, and we feel a lot of momentum right now.

但我想我們在 12 月就和大家在一起了，我認為我們制定了一個我們當然感到興奮和充滿信心的計劃，而且我們現在感受到了很大的動力。

But there's a lot to go execute on, a lot to go deliver on.

但還有很多事情需要執行，很多事情需要交付。

We did acquire a network that wasn't making money, and we've got to go make sure we shift assets around and drive synergies and drive productivity and utilization.

我們確實收購了一個不賺錢的網絡，我們必須確保我們轉移資產並推動協同效應並提高生產力和利用率。

And if everything goes right, then we're going to have a really, really great year from a financial performance perspective.

如果一切順利，那麼從財務表現的角度來看，我們將度過非常非常美好的一年。

And like I said to the last question today, I'm hopeful that we are able to do even better than what we've guided to.

就像我今天對最後一個問題所說的那樣，我希望我們做得比我們指導的更好。

But this is the number we were confident we can go deliver this year.

但這是我們有信心今年能夠交付的數字。

No dilution of our margin, a nice increase to our EPS in the first year of an integration is unique in the industry; and we're excited to go drive it in a way that I think others haven't been able to in the past.

我們的利潤沒有被攤薄，整合第一年每股收益就大幅成長，這在業界是絕無僅有的；我們很高興能夠以一種我認為其他人過去無法做到的方式來推動它。

And certainly, we look forward to upside from there, but not to provide a thought on how much upside there could be.

當然，我們期待著從那時起的上漲，但不會考慮可能有多少上漲。

Okay, that's fair.

好吧，這很公平。

What about just the -- how we build on the good news in 4Q and 1Q?

那麼我們如何在第四季和第一季的好消息基礎上繼續發展呢？

Were there items that you'd say, hey, I mean -- I know you've mentioned a lower tax rate 4Q, but were there any other items that you'd say, oh, it's idiosyncratic to 4Q?

您是否會說，嘿，我的意思是 - 我知道您提到了第四季度較低的稅率，但您是否還有其他項目會說，哦，這與第四季度不同？

We're just like temporary for 1Q.

我們只是第一季的臨時員工。

Or should we say, hey, the cost in 4Q and the revenue for 1Q, those are continuing things?

或者我們應該說，嘿，第四季度的成本和第一季的收入，這些是持續的事情嗎？

Yeah, no.

是的，不。

I think, look, the core business -- and I said this in the prepared remarks -- drove $0.25 or half of the outperformance, which is pretty significant relative to a $0.40 to $0.50 initial guide for the quarter.

我認為，看，核心業務——我在準備好的發言中說過這一點——推動了0.25 美元或一半的優異表現，相對於本季度0.40 美元至0.50 美元的初始指導而言，這是相當重要的。

So those trends that we saw in the fourth quarter relative to revenue and cost management, I think we feel like those are continuing into the first quarter.

因此，我們在第四季度看到的與收入和成本管理相關的趨勢，我認為我們認為這些趨勢將持續到第一季。

The other half of the beat were probably more one-time in nature, good work by the treasury team on the non-op side of the business, and then truing up tax rates.

另一半的節奏可能更多的是一次性的，財務團隊在業務非操作方面的出色工作，然後調整稅率。

But certainly, the core business beat, I think, is something that we don't feel like was one-time in nature.

但我認為，當然，核心業務的節拍本質上並不是一次性的。

We feel like we've got that tailwind with us at least into the first quarter.

我們覺得至少在第一季我們已經獲得了順風。

Again, lots to do, lots to go execute on, certainly, on the cost plan; but we feel good about where we ended the fourth quarter and how it sets us up for the beginning of 2025.

再說一次，有很多事情要做，有很多事情要做，當然，在成本計劃上；但我們對第四季度的結束情況以及它如何為 2025 年初做好準備感到滿意。

Thanks for joining us, everybody.

感謝大家加入我們。

We'll talk to you next quarter.

我們將在下個季度與您交談。

This does conclude 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。