阿拉斯加航空 (ALK) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2025 first quarter earnings call. (Operator Instructions) Today's call is being recorded and will be accessible for future playback at alaskaair.com. (Operator Instructions)

女士們、先生們，早安，歡迎參加阿拉斯加航空集團 2025 年第一季財報電話會議。（操作員指示）今天的通話正在錄音，將來可在 alaskaair.com 上播放。（操作員指示）

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.

現在我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 Ryan St. John。

Thank you, operator, and good morning. Thank you for joining us for our first quarter 2025 earnings call. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

謝謝接線員，早安。感謝您參加我們的 2025 年第一季財報電話會議。昨天，我們發布了收益報告以及詳細介紹我們業績的幾張投影片，可在 investor.alaskaair.com 上查閱。在今天的電話會議中，您將聽到 Ben、Andrew 和 Shane 的最新消息。在電話會議的問答環節中，我們管理團隊的其他幾位成員也在線上回答您的問題。

Air Group reported our first quarter GAAP net loss of $166 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported an adjusted net loss of $95 million. Our comments today will include discussion of Air Group reported results and forward-looking guidance compared to prior year pro forma results as if Alaska and Hawaiian were a combined company for the full periods referenced.

航空集團報告第一季 GAAP 淨虧損 1.66 億美元。不包括特殊項目和以市價計算的燃油對沖調整，航空集團報告調整後的淨虧損為 9,500 萬美元。我們今天的評論將包括討論航空集團報告的結果和前瞻性指導，與去年的備考結果進行比較，就好像阿拉斯加航空和夏威夷航空在所引用的整個期間是一家合併的公司一樣。

Lastly, as a reminder, forward-looking statements about future performance may differ materially from actual results. Information on risk factors that could affect our business can be found within our SEC filings. We will also refer to certain non-GAAP financial measures such as adjusted earnings and unit costs, excluding fuel. And as usual, we have provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today's earnings release.

最後，提醒一下，關於未來績效的前瞻性陳述可能與實際結果有重大差異。有關可能影響我們業務的風險因素的資訊可以在我們向美國證券交易委員會提交的文件中找到。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單位成本（不包括燃料）。像往常一樣，我們在今天的收益報告中提供了最直接可比較的 GAAP 和非 GAAP 指標之間的對帳。

Over to you, Ben.

交給你了，本。

Thanks, Ryan, and good morning, everyone. The challenging start to this year was not what we expected as air travel demand diverged from the strength we saw just a few months ago. However, what remains certain at Air Group is our unwavering confidence in our strategy, Alaska Accelerate. We are executing with discipline, focusing on long-term value creation and taking the right steps to strengthen our business through any cycle.

謝謝，瑞安，大家早安。今年的開局並不像我們預期的那樣充滿挑戰，因為航空旅行需求與幾個月前看到的強勁勢頭截然不同。然而，航空集團可以肯定的是，我們對我們的策略「阿拉斯加加速」有著堅定不移的信心。我們嚴格執行，專注於創造長期價值，並採取正確的措施在任何週期內加強我們的業務。

Regardless of what's happening today, we believe firmly in our ability to deliver performance and grow profitably, both now and in the years ahead. Air Group has a proven track record, not just of weathering downturns, but of emerging stronger every time. We're operating from a position of real strength, one of the industry's healthiest balance sheets, a diversified revenue base with nearly 50% generated outside the main cabin, market share leadership in our key hubs and a substantial 15% cost advantage over our largest competitors.

無論今天發生什麼，我們都堅信我們有能力在現在和未來實現業績和獲利成長。航空集團有著良好的業績記錄，不僅能挺過經濟低迷時期，而且每次都能變得更強大。我們的營運實力雄厚，擁有業內最健康的資產負債表之一、多元化的收入基礎（其中近 50% 的收入來自主艙以外）、在主要樞紐佔據市場份額領先地位，並且比最大的競爭對手擁有 15% 的成本優勢。

These advantages aren't just meaningful, they're decisive, and they position us to outperform in any environment. That said, the current landscape has been challenging to predict. While we're not updating our full year guidance today, we remain confident in our outlook. Even in the event of a recession, we expect to remain solidly profitable in 2025 and are fully committed to our share buyback plan of $1 billion over the next 4 years. In fact, given where our stock price has trended, the current environment has provided a unique opportunity to accelerate our share repurchase program that is already underway.

這些優勢不僅意義重大，而且具有決定性，使我們在任何環境中都能脫穎而出。儘管如此，當前的情況仍然難以預測。雖然我們今天沒有更新全年指引，但我們對前景仍然充滿信心。即使出現經濟衰退，我們預計 2025 年仍將保持穩健的獲利能力，並全力致力於未來 4 年 10 億美元的股票回購計畫。事實上，考慮到我們的股價走勢，當前的環境為我們加速已經在進行的股票回購計畫提供了一個獨特的機會。

As we outlined at our Investor Day last December, winning in this industry requires scale, relevance and loyalty. That fundamental belief is as relevant today as it was four months ago, and we have conviction in our ability to deliver $10 of earnings per share by 2027 and do not believe what's happening today jeopardizes that target in any way. Our energy is fully committed to driving Alaska Accelerate and unlocking $1 billion in incremental profit as we continue to strengthen various aspects of our business.

正如我們在去年 12 月的投資者日上所概述的那樣，要在這個行業中取得成功，需要規模、相關性和忠誠度。這一基本信念在今天與四個月前一樣重要，我們堅信我們有能力在 2027 年實現每股 10 美元的收益，並且不相信今天發生的事情會以任何方式危及這一目標。我們將全力以赴推動阿拉斯加加速計劃，並在繼續加強業務各個方面的同時釋放 10 億美元的增量利潤。

Importantly, what's in our control is going according to plan. This is evidenced by our year-over-year industry-leading unit revenue performance that is several points ahead of peers, even those peers who have greater exposure to international markets that are clearly outperforming domestic trends.

重要的是，我們能控制的事情正在按計劃進行。事實證明，我們的單位收入表現較去年同期領先，比同業高出幾個百分點，甚至比那些在國際市場上表現更佳、明顯優於國內趨勢的同業也高出幾個百分點。

Integration synergies are tracking slightly ahead of plan through the first quarter, and our Hawaiian assets are performing well. We delivered a 7 point margin improvement in our combined Q1 results year-over-year, including a double-digit margin improvement from our Hawaiian assets. The Demand too, from and within Hawaii remained strong, especially in premium cabins, supported by continued loyalty growth and the value we're unlocking through a larger, more efficient network.

第一季的整合協同效應略微超出了計劃，我們的夏威夷資產表現良好。我們第一季的綜合業績利潤率年增了 7 個百分點，其中夏威夷資產的利潤率實現了兩位數的成長。來自夏威夷以及夏威夷內部的需求也依然強勁，尤其是高級艙位，這得益於忠誠度的持續增長以及我們透過更大、更有效率的網路釋放的價值。

Huaka'i by Hawaiian memberships are up 90% since year-end and Hawaiian card acquisitions have more than doubled year-over-year. and we are well on our way to building the scale, relevance and loyalty needed to lead as Hawaii's trusted airline in this premium leisure market.

自年底以來，Huaka'i by Hawaiian 的會員數量增加了 90%，夏威夷卡購買量比去年同期增加了一倍多。我們正在穩步推進規模、相關性和忠誠度建設，以成為夏威夷高端休閒市場值得信賴的航空公司。

As we continue advancing our vision to connect guests of the world, we're just 18 days away from launching our first intercontinental flight from Seattle to Tokyo-Narita. This marks a major step forward in the evolution of our largest hub as we chart a path to serving at least 12 intercontinental destinations by 2030. It's a bold move that positions Air Group to capture high-value international demand, while deepening our relevance and loyalty across our network.

隨著我們不斷推進連接世界各地賓客的願景，我們距離開通第一條從西雅圖飛往東京成田的洲際航班僅 18 天了。這標誌著我們最大的樞紐建設邁出了重要一步，我們計劃在 2030 年之前為至少 12 個洲際目的地提供服務。這是一個大膽的舉措，使航空集團能夠抓住高價值的國際需求，同時加深我們整個網路的相關性和忠誠度。

We know that delivering a seamless end-to-end premium travel experience is a key differentiator, and we're fully committed to investing in every aspect of it, from our lobbies and lounges to premium cabins, food and beverage and onboard service. Even in the current environment, our premium revenues continue to outperform and our premium cabin retrofits are on track to increase our premium seat exposure to 29% by next summer.

我們知道，提供無縫的端到端優質旅行體驗是關鍵的差異化因素，我們全力投資於旅行體驗的各個方面，從大廳和休息室到優質客艙、食品和飲料以及機上服務。即使在當前環境下，我們的高端收入仍然表現出色，我們的高端客艙改造預計將在明年夏天將我們的高端座位覆蓋率提高到 29%。

We're excited to expand our loyalty offerings, and we'll be launching our uniquely branded single loyalty platform and our premium credit card later this summer, another exciting step in enhancing our guest experience. And as we continue to diversify our revenue streams, our cargo operations are ramping to full capacity. We took delivery of two more Amazon A330 freighters for a total of 8 and our cargo revenue is up 36% year-over-year.

我們很高興能夠擴大我們的忠誠度服務，我們將在今年夏天晚些時候推出我們獨特的品牌單一忠誠度平台和我們的高級信用卡，這是提升我們客戶體驗的另一個激動人心的一步。隨著我們持續實現收入來源多元化，我們的貨運業務正在全面提升。我們又接收了兩架亞馬遜 A330 貨機，貨機總數達到 8 架，貨運收入較去年同期成長 36%。

In terms of execution, our integration milestones remain on schedule. Our teams are working through the process to achieve a single operating certificate by the fourth quarter of this year, work is underway to bring both passenger service systems together by early 2026, and we're starting joint bargaining negotiations across our union groups. We know we have a good playbook in place, and we're focused on executing every step of the way.

在執行方面，我們的整合里程碑仍按計劃進行。我們的團隊正在努力爭取在今年第四季之前獲得單一營運證書，同時正在努力爭取在 2026 年初之前將兩個客運服務系統整合在一起，並且我們正在開始與工會組織進行聯合談判。我們知道我們已經制定了良好的劇本，並且我們專注於執行每一步。

I also want to take a moment to thank our incredible employees. Their hard work and dedication are what make the Alaska Accelerate vision possible. We're currently wrapping up our annual employee engagement survey, and I'm thrilled to share that engagement scores are at record levels, higher than at any point since we began the survey 14 years ago. That speaks volumes about the alignment and energy across our company. Our employees believe in our vision, and they're already helping us bring it to life.

我還想花點時間感謝我們優秀的員工。他們的辛勤工作和奉獻精神使阿拉斯加加速計劃的願景成為可能。我們目前正在完成年度員工敬業度調查，我很高興地告訴大家，敬業度得分達到了創紀錄的水平，比我們 14 年前開始調查以來的任何時候都要高。這充分說明了我們公司的協調性和活力。我們的員工相信我們的願景，並且他們已經在幫助我們將其變為現實。

We are all energized by the opportunities ahead. Air Group is on a clear path to build scale, relevance and loyalty, laying the foundation for strong long-term returns. I'll say this with complete confidence: Our company is significantly undervalued relative to where we're headed and the strength we're already showing in the areas fully within our control.

未來的機會讓我們都充滿活力。航空集團正朝著擴大規模、增強相關性和提高忠誠度的方向前進，為長期強勁回報奠定基礎。我可以非常自信地說：相對於我們的發展方向以及我們在完全可控的領域已經展現出的實力，我們公司的價值被嚴重低估了。

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

現在，我將把麥克風交給安德魯。

Thanks, Ben, and good morning, everyone. My comments today will focus on first quarter performance, but more importantly, the successful trends we're seeing that underpin our Alaska Accelerate strategy. In the first quarter, total revenues reached $3.1 billion, up 9% year-over-year on capacity growth of 3.9%. Unit revenues finished strong, up 5%. First class, premium class, and importantly, main cabin all delivered positive unit revenues year-over-year.

謝謝，本，大家早安。我今天的評論將集中在第一季的業績上，但更重要的是，我們看到的支撐阿拉斯加加速策略的成功趨勢。第一季度，總營收達到 31 億美元，年增 9%，運力成長 3.9%。單位收入表現強勁，上漲 5%。頭等艙、高級艙以及重要的主艙的單位收入均較去年同期實現正成長。

Loyalty continues to show strength. We generated $550 million in cash remuneration in Q1 from our co-brand cards, up 12% year-over-year. Importantly, new cards across the Alaska and Hawaiian networks increased 26%, with flown segments by our Elites up 34%. These statistics demonstrate the power of our combined network and incredible value that accrues to guests enrolled in our loyalty programs.

忠誠繼續展現力量。我們第一季透過聯名卡獲得了 5.5 億美元的現金報酬，年增 12%。重要的是，阿拉斯加航空和夏威夷航空網絡的新卡數量增加了 26%，我們的精英會員的飛行航段增加了 34%。這些統計數據證明了我們聯合網絡的強大力量以及參加我們忠誠度計劃的客人所獲得的巨大價值。

Turning to premium, our revenues grew 10% and represent approximately 34% of our total revenues. Our continued investment in premium cabins are coming to life. By July of this year, 84 of our 900s and MAX-9s will have been retrofitted with six more premium class seats with all 159 aircraft completed by year-end.

談到保費，我們的收入成長了 10%，約占我們總收入的 34%。我們對高級客艙的持續投資正在實現。到今年 7 月，我們的 84 架 900 和 MAX-9 飛機將加裝 6 個頭等艙座位，所有 159 架飛機將在年底前完成改裝。

In the next several weeks, we will receive our first 3 MAX-8s configured with 161 seats, including 4 more first-class seats. The conversion of our existing 59 800s into the same configuration begins this summer as we look to improve guest comfort while reducing costs and increasing revenues.

在接下來的幾週內，我們將收到首批 3 架 MAX-8，共配置 161 個座位，其中包括 4 個頭等艙座位。我們將於今年夏天開始將現有的 59 800 型客機改裝成相同的配置，以期提高乘客的舒適度，同時降低成本並增加收入。

Taking a step back, more than 200 of our Boeing 737 aircraft will have additional premium seats by the summer of 2026, and that's without removing any seats from these aircraft. This will add 1.3 million first and premium class seats per year and bring our premium seat mix to 29%, further strengthening our position in what we believe is a long-term driver of guest satisfaction and revenue and well suited to our network's long stage length. Our synergy and revenue initiatives are on track despite near-term macroeconomic volatility.I want to share with you three leveraged commercial initiatives that illustrate Alaska Accelerate is working and why this deepens our conviction in our positioning over the next several years to deliver results. In Seattle and Portland, where we have leading market shares and the number 1 brand preference, our scheduled banking strategy is yielding significant positive results. We are increasingly more relevant to more guests and driving more connecting traffic through these two hubs.

退一步來說，到 2026 年夏天，我們的 200 多架波音 737 飛機將配備額外的高級座位，而且這不會從這些飛機上移除任何座位。這將使每年增加 130 萬個頭等艙和高級艙座位，並將我們的高級艙座位組合提高到 29%，進一步鞏固我們在長期推動乘客滿意度和收入方面的地位，並且非常適合我們網絡的長航程。儘管近期宏觀經濟波動，我們的綜效和收入計畫仍在正常進行。我想與大家分享三個槓桿商業計劃，它們表明阿拉斯加加速計劃正在發揮作用，以及為什麼這加深了我們對未來幾年取得成果的信心。在西雅圖和波特蘭，我們擁有領先的市場份額和第一的品牌偏好，我們的定期銀行業務策略正在產生顯著的正面成果。我們越來越與更多的客人建立聯繫，並透過這兩個樞紐帶來更多的連結流量。

In the first quarter, connecting passengers were up 15% in Seattle compared to last year, and we see similar trends as we look forward. Our banking schedule in Portland rolled out this month and connecting bookings for May and June are up more than 200%.

第一季度，西雅圖的轉機旅客數量與去年同期相比成長了 15%，展望未來，我們也看到了類似的趨勢。我們在波特蘭的銀行業務安排已於本月出台，5 月和 6 月的轉機預訂量增加了 200% 以上。

In Hawaii, our recently acquired Hawaiian Airlines operations are producing strong results, including West Coast to Hawaii and Neighbor Island flying as we unlock the power behind a combined network, better utilization and more connections.

在夏威夷，我們最近收購的夏威夷航空業務取得了強勁的業績，包括西海岸飛往夏威夷和鄰近島嶼的航班，我們釋放了聯合網絡、更高利用率和更多連接背後的力量。

Unit revenues of our Hawaiian Airlines assets were up 9% year-over-year, nearly twice that of system average. And not surprisingly, as a premium leisure market, we saw strength in premium revenues that were up 17%.

我們夏威夷航空資產的單位收入年增 9%，幾乎是系統平均的兩倍。毫不奇怪，作為高端休閒市場，我們的高端收入成長了 17%。

Furthermore, we're continuing to grow our loyalty with state of Hawaii card acquisitions, up nearly 40%, making it one of our highest percentage growth markets. And as Ben mentioned, Huaka'i by Hawaiian memberships for our exclusive Hawaii resident travel program are up 90% since December, and we now have well over 200,000 members in just five months since launch.

此外，我們持續提高夏威夷州信用卡購買量的忠誠度，成長近 40%，使其成為我們成長百分比最高的市場之一。正如本所提到的，自去年 12 月以來，我們夏威夷居民專屬旅行計劃的 Huaka'i by Hawaiian 會員數量增長了 90%，自推出以來的短短五個月內，我們的會員人數已超過 200,000 名。

And in San Diego, a key focus market for us., we just announced a 30% increase in flights starting this fall, including new nonstop service to Chicago, Denver and Phoenix. With these investments, we will have the highest network utility in San Diego by a wide margin and offer nonstop service to 44 destinations, 26% more than any other carrier. Credit card growth has surpassed our San Diego capacity growth, which is evidence that our network investments are driving outsized loyalty.

在我們重點關注的市場聖地牙哥，我們剛剛宣布從今年秋季開始增加 30% 的航班數量，包括新增直飛芝加哥、丹佛和鳳凰城的航班。透過這些投資，我們將在聖地牙哥擁有遙遙領先的最高網路利用率，並提供直飛 44 個目的地的服務，比其他任何航空公司都多 26%。信用卡成長速度已經超過了我們聖地牙哥的容量成長速度，這證明我們的網路投資正在推動超乎尋常的忠誠度。

In fact, San Diego now has the highest average card spend of any city we serve within the state of California. Our product and offerings are well suited for San Diego, and we are excited to see San Diegans respond positively to our continued expansion and differentiated premium service.

事實上，聖地牙哥目前是我們所服務的加州所有城市中平均信用卡消費量最高的城市。我們的產品和服務非常適合聖地牙哥，我們很高興看到聖地牙哥人對我們持續的擴張和差異化的優質服務做出了積極的回應。

Now turning to our outlook. We expect our capacity to be up approximately 2% to 3% in the second quarter. Importantly, this growth is all driven by our Hawaiian Airlines assets, which are performing exceptionally well. Hawaiian asset growth is slated to be up double digits as we implement network changes and increase utilization, while our Alaska assets are not expected to grow at all this quarter. We still expect our full year capacity growth to be approximately 2% to 3%. That said, we are currently evaluating certain off-peak capacity adjustments this fall as we continue to monitor the demand environment.

現在轉向我們的展望。我們預計第二季的產能將成長約 2% 至 3%。重要的是，這一增長全部由我們表現出色的夏威夷航空資產推動。隨著我們實施網路變革並提高利用率，夏威夷資產成長率預計將達到兩位數，而我們阿拉斯加資產預計本季不會有任何成長。我們仍然預計全年運力成長約為 2% 至 3%。話雖如此，我們目前正在評估今年秋季某些非高峰容量調整，同時持續監控需求環境。

Unit revenues are expected to be flat to down low single digits in the second quarter. Overall bookings have stabilized as we look forward, albeit at lower yields than originally planned. Hawaii continues to book well with flat to positive loads and yields despite double-digit increases in capacity.

預計第二季單位收入將持平或下降個位數。展望未來，儘管收益低於原計劃，但整體預訂量已趨於穩定。儘管運力以兩位數成長，夏威夷的預訂情況依然良好，載客量和收益持平或為正。

Managed corporate revenue after posting a record January ended the quarter up 3% and has also stabilized. We've seen material improvements from two of our largest accounts in the last several weeks after a meaningful step back in February and March. And total forward bookings are up low single digits improved from where they seem to have bottomed out in March.

管理企業收入在 1 月創下紀錄後，本季末成長了 3%，並且已經穩定下來。在經歷了 2 月和 3 月的大幅下滑之後，過去幾週，我們的兩個最大帳戶取得了實質性的改善。總預訂量較 3 月觸底時上漲了個位數。

Although the year has not started off as we had envisioned, we remain focused on building scale, relevance and loyalty through our commercial initiatives for long-term success. Our revenues are more diversified than ever, and this will only continue to grow as we execute our plan over the coming years, adding strength and resiliency to Air Group. Our yields, loyalty, traffic and revenue growth all point to a strong foundation that will bring additional revenue upside as the environment further stabilizes and ultimately recovers.

儘管今年的開局並不像我們預想的那樣，但我們仍然專注於透過商業舉措來建立規模、相關性和忠誠度，以取得長期成功。我們的收入比以往任何時候都更加多樣化，而且隨著我們在未來幾年執行計劃，收入將繼續增長，從而增強航空集團的實力和彈性。我們的收益、忠誠度、流量和收入成長都表明我們擁有強大的基礎，隨著環境進一步穩定並最終復甦，這將帶來額外的收入成長。

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

說完這些，我就把它交給 Shane。

Thanks, Andrew. For the first quarter, we reported an adjusted loss per share of $0.77 which was $0.07 or just $10 million of profit below our guide. This was a strong result given our more than 90% domestic exposure and the rapidly changed demand backdrop the entire industry experienced in the quarter.

謝謝，安德魯。第一季度，我們報告調整後每股虧損 0.77 美元，比我們的預期低 0.07 美元或 1000 萬美元的利潤。考慮到我們 90% 以上的國內業務以及本季度整個行業經歷的快速變化的需求背景，這是一個強勁的業績。

More importantly, execution of the very early stages of our 2027 Alaska Accelerate vision we shared at Investor Day last year is going extremely well. The only disappointment in the first quarter was the softening macro environment. Our synergy ramp, our commercial initiatives and our cost performance were right on or better than our plan, and our domestic unit revenue led the industry. These are strong initial steps on our path to achieve at least $10 in earnings per share.

更重要的是，我們去年在投資者日分享的 2027 年阿拉斯加加速願景的早期階段的執行進展非常順利。第一季唯一令人失望的是宏觀環境的疲軟。我們的協同效應、商業舉措和成本績效均達到或超過了我們的計劃，我們的國內單位收入領先於行業。這是我們實現每股收益至少 10 美元的道路上邁出的堅實的第一步。

Moving to our balance sheet and liquidity. Our total liquidity inclusive of on-hand cash and undrawn lines of credit stood at $3.3 billion at quarter end. Scheduled debt repayments for the quarter were $155 million and are expected to be approximately $100 million in the second quarter.

轉向我們的資產負債表和流動性。截至本季末，我們的總流動資金（包括庫存現金和未提取的信用額度）為 33 億美元。本季預定的債務償還金額為 1.55 億美元，預計第二季將達到約 1 億美元。

Our debt to cap stood at 58% with our net leverage at 2.1 times. Share repurchases have totaled $149 million year-to-date and nearly $400 million in the last six months or approximately 5% of our market capitalization. We plan to continue to execute repurchases aggressively at our current low market valuation, given our conviction and our ability to drive future earnings, and we'll do so while maintaining our commitment to a healthy balance sheet.

我們的債務上限為 58%，淨槓桿率為 2.1 倍。今年迄今為止，股票回購總額已達 1.49 億美元，過去六個月內已達近 4 億美元，約占我們市值的 5%。鑑於我們的信念和推動未來盈利的能力，我們計劃在當前較低的市場估值下繼續積極執行回購，並且我們將在保持對健康資產負債表的承諾的同時這樣做。

First quarter unit costs were up 2.1% year-over-year, coming in better than expected and reflecting the new contract we ratified with our Alaska flight attendants in February. Our cost expectations remain unchanged and on track for the year with the largest areas of year-over-year increases in wages and real estate costs as we've discussed before. Also, as indicated last call, the second quarter will be the most pressured this year with improving unit cost trends in the second half of the year.

第一季單位成本年增 2.1%，優於預期，反映了我們二月與阿拉斯加航空乘務員批准的新合約。正如我們之前討論過的，我們的成本預期保持不變，今年的成本預期將與去年同期持平，其中工資和房地產成本是同比增長最大的領域。此外，正如上次報告所指出的，第二季度將是今年壓力最大的季度，因為下半年單位成本趨勢將會改善。

For the second quarter, unit costs are expected to be up mid- to high single digits, consistent with our original plan and on capacity growth of just 2% to 3%. Our fuel price averaged $2.61 per gallon, consistent with our original expectation. While crude prices came down recently, West Coast refining margins spiked in the last three weeks of the quarter to well above $0.70 due to unplanned refinery maintenance events. Margins have since come back down over the past two weeks.

對於第二季度，預計單位成本將上漲中高個位數，與我們最初的計劃一致，產能成長率僅為 2% 至 3%。我們的燃油價格平均為每加侖 2.61 美元，與我們最初的預期一致。儘管原油價格近期有所下跌，但由於煉油廠的計劃外維護事件，西海岸煉油利潤率在本季最後三週飆升至 0.70 美元以上。過去兩週，利潤率已回落。

For the second quarter, we expect EPS of $1.15 to $1.65, reflecting approximately 6 points of revenue impact from the demand backdrop. Absent this softer outlook, the areas of our business within our control are performing well and remain in line with our prior expectations. While we've started to see stabilization, the environment remains challenging to predict, and for now, we will pause on providing an update to our full year expectations.

對於第二季度，我們預計每股收益為 1.15 美元至 1.65 美元，反映需求背景對收入的影響約為 6 個百分點。除去這種疲軟的前景，我們所控制的業務領域表現良好，並符合我們先前的預期。雖然我們已經開始看到穩定，但環境仍然難以預測，目前，我們將暫停提供全年預期的更新。

To provide some context to the rest of the year, however, we have seen a 5 point deterioration of revenue for the first half and if this continued throughout the rest of the year, we still expect to be solidly profitable and expect to continue to outperform on a domestic unit revenue basis.

然而，為了給今年剩餘時間的情況提供一些背景信息，我們看到上半年收入下降了 5 個百分點，如果這種情況在今年剩餘時間繼續下去，我們仍然預計公司將實現穩健的盈利，並預計在國內單位收入方面將繼續表現出色。

Demand fluctuations and uncertainty are not new for our industry or our team. We are well versed in navigating these environments, and we will again continue to focus on building strength into Alaska so when demand returns to more robust levels, we are poised to capitalize on it and outperform our peers. We have an exciting future ahead of us with many unique drivers of value and are pleased with the initial stages of delivering on both integration and our Alaska Accelerate commercial and synergy initiatives this quarter. We believe we have a business model that can outperform in any industry backdrop and have the best domestic set up for the long term.

需求波動和不確定性對我們的產業或我們的團隊來說並不新鮮。我們非常熟悉如何應對這些環境，我們將再次專注於增強阿拉斯加的實力，因此當需求恢復到更強勁的水平時，我們準備好利用它並超越我們的同行。我們擁有令人興奮的未來，擁有許多獨特的價值驅動力，並對本季實現整合以及阿拉斯加加速商業和協同計劃的初始​​階段感到滿意。我們相信，我們的商業模式可以在任何行業背景下表現優異，並且擁有最佳的長期國內設置。

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

現在，讓我們來回答您的問題。

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

（操作員指示）高盛的凱瑟琳·奧布萊恩。

Good morning, everyone. Thanks so much for the time. I just want to dig in on the 2Q guide a little bit, if you'll allow it. Can we just talk about some of the moving pieces underlying that 6 point headwind in the flat-to-down RASM guidance? Maybe first, just to set the baseline, how much of that quarter is already booked? And then it sounds like corporate has moved off the bottom, international may be getting a little bit better, cargo is growing. You've got new premium card launching this summer. Hawaiian synergies are ramping ahead of schedule you noted in the prepared remarks.

大家早安。非常感謝您抽出時間。如果您允許的話，我只想稍微深入了解一下 2Q 指南。我們能否談談 RASM 指導平穩至下降過程中 6 點逆風背後的一些變化因素？也許首先，只是為了設定基準，該季度已經預訂了多少？聽起來企業已經走出了谷底，國際業務可能有所好轉，貨運量也在成長。今年夏天您將推出新的高級卡。夏威夷的協同效應正在提前實現，正如您在準備好的演講中所提到的那樣。

So a couple of positives as we go into 2Q. Just trying to get a sense of how you're assuming trends in some of these buckets evolve in the second quarter and what's offsetting the positive? I know obviously, the macro is a little bit worse, but just how all those pieces fit together would be super helpful.

因此，當我們進入第二季時，有幾個積極的方面。只是想了解一下，您認為第二季度這些領域的趨勢將如何發展，以及哪些因素抵消了積極的因素？我知道，顯然，宏有點差，但所有這些部分如何組合在一起會非常有幫助。

Catie, thanks for the question. So a couple of things. We're about 62%, 63% booked for the quarter. I would say a couple of things about the environment. And number one, I think, holistically, it is about the general environment is where we're seeing all the softness. It's not in any of our synergies, our initiatives. We're seeing all of our hub banking working. We're seeing strong loyalty growth. We're seeing strong Hawaiian assets. The industry is growing at 2 times domestically than it was in the first quarter.

Catie，謝謝你的提問。有幾件事。本季我們的預訂率約為 62% 至 63%。我想談一些有關環境的事情。首先，我認為，從整體來看，我們看到的是整體環境的疲軟。它不在我們的任何協同作用和舉措之中。我們看到我們所有的中心銀行業務都在正常運作。我們看到了忠誠度的強勁成長。我們看到了強大的夏威夷資產。國內該產業的成長率是第一季的兩倍。

And the other important thing is, I think we're very excited about we might have reached a new baseline for RASM for the first quarter as we have really worked hard to change the seasonality and get to a better place. So as we sit here today, the macro environment is about the only thing that is weighing us down.

另一件重要的事情是，我認為我們非常興奮，我們可能已經達到了第一季 RASM 的新基線，因為我們確實努力改變季節性並達到更好的水平。因此，當我們今天坐在這裡時，宏觀環境幾乎是唯一讓我們感到壓力的因素。

And on the business side, Again, we're sort of seeing a stabilization there of bookings. There are some sort of in the manufacturing in high tech that are still soft and then there are others in professional services that are doing well. So overall, flat to down mid-single digits is sort of what we're seeing today.

從業務方面來看，我們再次看到預訂量趨於穩定。高科技製造業中的一些行業仍然表現疲軟，而專業服務業中的其他行業則表現良好。因此，總體而言，我們今天看到的情況是持平或下降中位數個位數。

Okay. Got it. And maybe just to focus in on Hawaiian for a moment, a 14 point margin improvement, that's impressive in this environment. Is there some element of a longer booking curve helping in that business in the first quarter? Or are you expecting a similar level of improvement in 2Q?

好的。知道了。也許我們只關註一下夏威夷航空，其利潤率提高了 14 個百分點，在這種環境下，這是令人印象深刻的。預訂曲線延長是否會對第一季的業務有所幫助？或者您預計第二季也會出現類似程度的改善？

And with Hawaii being a more premium leisure destination, are you seeing any negative impact on our bookings or that's holding in a little bit better than the system?

夏威夷是一個更高端的休閒目的地，您是否看到我們的預訂受到了負面影響，或者比系統情況好一點？

Yes. The Hawaii franchise and the sort of 25% mainland of our ASMs is actually sort of bucking the trend. The neighbor islands are up double-digit unit revenues. The international franchise in Hawaii actually margins improved 15 points and the mainland with all the connections, the banking, the selling of each other's metal has just been performing very well, and we're actually seeing positive unit revenues in that regard. So a very, very good place there.

是的。夏威夷特許經營權和我們 25% 的大陸 ASM 實際上在某種程度上逆勢而上。鄰近島嶼的單位收入增加了兩位數。夏威夷的國際特許經營權的利潤率實際上提高了 15 個百分點，而大陸的所有聯繫、銀行業務、彼此的金屬銷售都表現得非常好，我們實際上看到了這方面的積極單位收入。那裡是一個非常非常好的地方。

And Catie, it's Ben. What we're forecasting, and depending again on how the macro environment evolves, but the last three quarters for Hawaiian should be close to breakeven. So we're feeling extremely positive about how our acquisition is performing.

凱蒂，我是本。我們的預測再次取決於宏觀環境如何發展，但夏威夷航空的最後三個季度應該接近收支平衡。因此，我們對我們的收購表現感到非常樂觀。

Tom Fitzgerald, TD Cowen and Company.

湯姆·菲茨杰拉德，TD Cowen and Company。

Hi, everyone. Thanks so much for the time. I'm just wondering -- thinking about demand, if we could talk about California for a little bit and maybe comparing and contrasting San Diego with SF and LA and how do you characterize the competitive environment in those markets?

大家好。非常感謝您抽出時間。我只是想知道——考慮到需求，我們是否可以稍微談論加州，並將聖地亞哥與舊金山和洛杉磯進行比較和對比，您如何描述這些市場的競爭環境？

Yeah. Thanks, Tom. I think as you can see publicly in the tape, there's been a very significant increase in ASMs in San Francisco as a major carrier there gets back and above pre COVID levels. So I think we're sort of seeing pressure there. But I will say that in San Diego and that's what you see us leaning into that has just performed very, very well on our growth that's performed very, very well. So that's a place that we're going to continue to invest in.

是的。謝謝，湯姆。我認為，正如您在錄影帶中公開看到的那樣，隨著舊金山一家主要承運商的運力恢復到 COVID 之前的水平，那裡的 ASM 數量出現了非常顯著的增長。所以我認為我們在那裡看到了壓力。但我要說的是，在聖地牙哥，這就是我們所傾向的，這對我們的成長來說表現得非常非常好，表現非常非常好。因此，我們將繼續在該領域進行投資。

And then, I guess, I don't know, has there been any change in how you're thinking about just the premium product overhaul and that the retrofits just given the softening in demand and given there's been a lot of growth in that market, just your latest thinking there just given all the change in the macro.

然後，我想，我不知道，考慮到需求的疲軟和市場的巨大增長，您對高端產品大修和改造的看法有什麼變化嗎？考慮到宏觀方面的所有變化，您最近的想法是什麼？

Yes. Thanks. If anything, I'm actually very excited that we actually did that for a couple of reasons. Number one, just looking at our first-class cabin, it's sort of been unaffected by the macro environment right now. We've seen very strong double-digit increases in revenue. We've also had, obviously, given the acquisition of very big change as well as some program changes big step-up in our elites.

是的。謝謝。如果有什麼不同的話，我實際上非常高興我們確實這樣做了，原因有兩個。首先，就我們的頭等艙而言，它目前似乎並未受到宏觀環境的影響。我們的營收實現了非常強勁的兩位數成長。顯然，由於取得了非常大的變化，並且一些計劃發生了變化，我們的精英隊伍也得到了很大的提升。

And so we need to make sure we continue to have premium class seats available for our top elites that they can upgrade into and again, overall, as I shared in my prepared remarks, we have not removed any seats from our airplanes. And in fact, on the 800s, we've increased the seats. So we feel very well positioned with how we're rolling out our premium product.

因此，我們需要確保繼續為我們的頂級精英提供可升級的高級艙座位，總的來說，正如我在準備好的發言中所述，我們沒有從飛機上移除任何座位。事實上，在 800 系列上，我們增加了座位數。因此，我們認為自己在推出高階產品方面處於非常有利的地位。

Conor Cunningham, Melius Research.

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

Hey, everyone. Thank you. Just on the $10 earnings number by 2027, surprised you guys kind of have so much conviction. It sound like you have a ton of conviction. So I'm just curious if you could just unpack what you're seeing that will bridge us from here until then?

嘿，大家好。謝謝。僅就 2027 年 10 美元的收益數字而言，我很驚訝你們有如此大的信心。聽起來你很有信心。所以我只是好奇，您是否可以解釋一下您所看到的，它將如何幫助我們從現在走到那時？

It just seems -- obviously, the macro is different, but you've had more time to integrate the two companies. You're seeing how the competition is responding to your long-term plan. So if you could just talk about why you feel so confident in the outlook come 2027. Thank you.

看起來——顯然，宏觀是不同的，但你有更多的時間來整合這兩家公司。您正在觀察競爭對手對您的長期計劃的反應。那麼，您能否談談為什麼您對 2027 年的前景如此有信心？謝謝。

Hey, Conor, this is Shane. Thanks, appreciate the long-term oriented question, which we love to talk about. Look, I think -- and you heard a lot of this on the script, all of the things that we laid out at Investor Day in terms of commercial initiatives, the synergy ramp, integration milestones, cost management we delivered on in the first quarter.

嘿，康納，我是肖恩。謝謝，我很欣賞這個面向長期的問題，我們很樂意討論這個問題。聽著，我認為——你們在腳本中聽到了很多這方面的內容，我們在投資者日列出的所有內容，包括商業計劃、協同效應提升、整合里程碑、我們在第一季實現的成本管理。

In fact, each one of those things was on plan or better than planned. And we tend to be very focused on delivering the things that we set the company down a path to go and execute, and we're really, really happy with how we performed in the first quarter.

事實上，每件事都按計劃進行，或比計劃的更好。我們傾向於非常專注於實現我們為公司設定的目標並執行，我們對第一季的表現非常非常滿意。

So if you look at the $1 billion of incremental profit from initiatives and from synergies, there's no reason to think that we can't go deliver all of those. We're also going to buy a lot of shares back if the price remains undervalued like it is today. And so look, we're not going to predict a 3-year recession, that's super deep.

因此，如果您看看透過這些舉措和協同效應所獲得的 10 億美元增量利潤，就沒有理由認為我們無法實現所有這些目標。如果價格仍然像今天這樣被低估，我們還將回購大量股票。所以，我們不會預測三年的經濟衰退，那將是極為嚴重的。

So if we believe that the macro environment will come back. It will rebound. I don't know when, if it's in the second half of this year or for some time next year. But when it does, there's no airline better positioned domestically to ultimately capitalize on that, and that will be happening while we're still executing on this $1 billion ramp of initiatives and synergies. So no reason for us to believe we can't go get at least $10 of EPS by '27.

因此，如果我們相信宏觀環境將會復甦。它會反彈。我不知道什麼時候，是在今年下半年還是明年的某個時候。但一旦實現，沒有一家航空公司在國內市場能夠更好地利用這一機會，而當我們仍在執行這項耗資 10 億美元的計劃和協同效應時，這種情況就會發生。因此，我們沒有理由相信我們不能在 27 年之前獲得至少 10 美元的每股盈餘。

And now I'm going to ask you a really short-term question. I'm sorry. The -- can you just talk -- maybe to Catie's original question, I think we're all trying to understand how the booking curve and pricing in general is moving throughout the quarter. From what I think about like March, you guys probably have a lot of that booked in February before things really started to change. So like as you sit here today, are people discounting in June more aggressively than they are in April? And I mean I'm just trying to understand like what's contemplated within the near-term outlook as you try to manage through things in general.

現在我要問你們一個很短期的問題。對不起。您能否談談 Catie 最初的問題，我想我們都在試圖了解整個季度的預訂曲線和定價總體是如何變動的。從我對三月的情況的思考來看，你們可能在二月就已經預訂了很多，然後情況才真正開始改變。那麼，就像您今天坐在這裡一樣，人們在 6 月的折扣是否比 4 月更大？我的意思是，我只是想了解，當你試著處理一般事情時，短期前景會考慮什麼。

Yes. Andrew will answer. One just piece of context. I think we said it, we had a 3 point revenue sort of headwind from macro in Q1, and we believe it's 6 points in Q2. That is really what's driving the short term.

是的。安德魯會回答。這只是一段背景資訊。我想我們說過，第一季宏觀經濟為我們帶來了 3 個百分點的收入阻力，我們認為第二季這個數字將會是 6 個百分點。這才是短期內真正的驅動因素。

I think it's consistent on a domestic basis with what we've heard from other airlines. So I don't think we're in any different situation. But Andrew can maybe say more about sort of where we were booked a few weeks ago for Q2 and what we're seeing in terms of stabilization and fare environment.

我認為國內的情況與我們從其他航空公司聽到的情況一致。所以我不認為我們的情況有什麼不同。但安德魯也許可以多談談我們幾週前第二季的預訂情況，以及我們在穩定性和票價環境方面看到的情況。

Yeah. I think just on the sequential, I think April is going to be a little bit stronger. And I think we've seen some good close-in demand, just to be frank, as we move into April and a little bit softer in May and June where ASMs are up a bit more and have been more fully exposed to the fullness of this downturn that sort of happened in February. So that's really what's going on.

是的。我認為從連續性來看，四月的表現會更加強勁一些。坦白說，隨著我們進入 4 月份，我認為我們已經看到了一些良好的近距離需求，而 5 月和 6 月則略有疲軟，ASM 的漲幅更大，並且更充分地暴露了 2 月份發生的這種經濟衰退的嚴重程度。事實確實如此。

And I think, again, we sit here today, if you look at our load factor in the first quarter, what we believe our loads are going to be in the second quarter. Volume, we're not concerned about. I think we've got good solid demand for our product. It's just working out where the industry pricing is going and what we need to do to fill those seats.

我認為，今天我們坐在這裡，如果您看一下第一季的負載率，我們相信第二季的負載率也會如此。我們並不關心數量。我認為我們的產品有著穩定的需求。這只是在研究行業定價走向以及我們需要做什麼來填補這些席位。

Appreciate the detail. Thank you.

欣賞細節。謝謝。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

Hi. Good morning, everyone. So Shane -- both, I guess, you and Ben have spoke several times about the potential for accelerating your buybacks. Just curious, like, how should we think about the potential size of what you could accelerate here? Or I guess, kind of your comfort level of how that could be like are there any kind of balance sheet or liquidity guardrails that we should be aware of that could be somewhat limiting factor in the near term? Just trying to think about what the buyback potential could be kind of very near term here.

你好。大家早安。所以 Shane——我想，你和 Ben 都曾多次談到加速回購的可能性。只是好奇，例如，我們應該如何看待您可以在這裡加速的潛在規模？或者我想，您對這種情況的舒適程度是怎麼樣的？是否存在我們應該注意的資產負債表或流動性護欄，這可能會在短期內成為某種限制因素？只是想思考短期內的回購潛力。

Great question, Andrew. I'll start and then I'll give it to Emily to provide some context on the liquidity questions you had. Look, I said in my script, I think we're significantly undervalued. We announced our $1 billion share buyback at Investor Day. And we were, again, in the $60, $70 range.

好問題，安德魯。我先開始，然後我會把它交給艾米麗，讓她提供一些有關您遇到的流動性問題的背景資訊。瞧，我在劇本中說過，我認為我們被嚴重低估了。我們在投資者日宣布了 10 億美元的股票回購計畫。我們的價格再次處於 60 至 70 美元的範圍內。

So this is just a significant opportunity for us to accelerate. So we've done some math, and I'll just hand it over to Emily, just to give you some context on how we're thinking about it here in the next few months.

所以這對我們來說是一個加速的重要機會。因此，我們做了一些計算，我將把它交給艾米麗，只是為了讓你們了解我們在接下來的幾個月裡是如何考慮這個問題的。

What the opportunity is to accelerate this program this year and the balance sheet impact that, that would have. It really will be de minimis in terms of where we're at today with debt to cap and our net debt-to-EBITDA metrics. So we could do up to half the program and have essentially no change in trajectory for those metrics.

今年加速這項計畫的機會是什麼？這將對資產負債表產生什麼影響？就我們目前的債務上限和淨債務與 EBITDA 比率而言，這確實是最低限度的。因此，我們可以完成一半的計劃，而這些指標的軌跡基本上不會發生任何變化。

Got it. Very helpful. And then Shane, maybe a little bit of a longer-term question. So you may not like it. I know you're not guiding to '25, but I guess I'll ask the '26 question. The flattish CASM that you put in your slide deck, in 4Q, should we think of that as a good exit rate into 2026 or any puts and takes you would like to add right now?

知道了。非常有幫助。然後，Shane，也許這是一個比較長期的問題。所以你可能不喜歡它。我知道您沒有引導到 25 年，但我想我會問 26 年的問題。您在幻燈片中提到的第四季度持平的 CASM，我們是否應該將其視為 2026 年的一個良好退出率，或者您現在想添加什麼看跌期權和看漲期權？

Thanks, Andrew, if you're asking if we're going to have a flat CASMex in 2026, I can't answer that question. Although our Head of FP&A was just setting up the budget review calendar already for later this year yesterday. But I think -- look, we'd like to grow a little bit more. Obviously, we're planning to take a good number of Boeing aircraft at the end of the year. We've got some more 787s coming.

謝謝，安德魯，如果你問我們是否會在 2026 年實現平穩的 CASMex，我無法回答這個問題。儘管我們的 FP&A 主管昨天剛剛制定了今年稍後的預算審查日程。但我認為——看，我們希望再成長一點。顯然，我們計劃在今年底引進大量波音飛機。我們還有更多 787 架飛機即將抵達。

We continue to look forward to expanding international out of Seattle next year. And I think we've got to get into that growth range. We talked about it at Investor Day, somewhere around 3% or 4% to have more of a flattish mindset around unit cost. But the thing -- and you guys -- I know we talk about this all the time, we will always talk about this, our relative cost performance I think even this year, we'll be amongst the best in the industry, if not the best, on one of the lower growth rates. Lots of synergy opportunities, lots of opportunities to get productivity out of the aircraft assets from Hawaiian and all of our folks as well and we're going to go execute on those. So I think from a cost competitive position, we're going to be really, really well positioned over the next few years, and that's going to serve us well ultimately in terms of driving earnings.

我們繼續期待明年從西雅圖拓展國際業務。我認為我們必須進入那個成長範圍。我們在投資者日討論過這個問題，大約 3% 或 4% 左右，以便對單位成本有一個更平穩的心態。但問題是——你們——我知道我們一直在談論這個問題，我們也將一直談論這個問題，我認為即使是今年，我們的相對成本表現也將位居行業前列，即使不是最好的，也是增長率較低的行業之一。有很多協同機會，有很多機會可以從夏威夷航空和我們所有員工的飛機資產中提高生產力，我們將去執行這些機會。因此，我認為從成本競爭的角度來看，我們在未來幾年將處於非常非常有利的地位，這最終將在提高盈利方面為我們提供良好的服務。

And I would just add, this is Ryan. Some of our cost synergies really ramp up in the fourth quarter. So a lot of that annualizes in 2026. So I do think we'll have a pretty good tailwind on at least the cost synergy side next year, which will obviously help offset sort of any core inflation.

我還要補充一點，這是瑞安。我們的一些成本綜效在第四季確實有所提升。因此，其中許多將在 2026 年實現年化。因此我確實認為，明年我們至少在成本協同效應方面會有一個相當好的順風，這顯然有助於抵消任何核心通膨。

That's great. Thanks, everyone.

那太棒了。謝謝大家。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

Hey, good morning, everybody. So obviously, not Air Group's first downturn ever, but obviously, one difference to this downturn is that several of your competitors are already struggling with profitability so ordinarily, I might be thinking about Alaska coming out the other side even stronger than if the downturn hadn't happened, never let a good crisis go to waste, all that kind of stuff.

嘿，大家早安。顯然，這不是阿拉斯加航空集團第一次遭遇經濟衰退，但顯然，與這次經濟衰退的一個不同之處在於，您的一些競爭對手已經在為盈利而苦苦掙扎，因此通常情況下，我可能會認為阿拉斯加航空會比沒有發生經濟衰退時表現得更加強大，永遠不要讓一次好的危機白白浪費，諸如此類的事情。

But your plate seems pretty full at the moment. So I guess my question to Ben is if one of your lieutenants came to you with an incremental idea, I'm not talking M&A, I'm taking more from a network perspective, taking advantage of OA pressures, do you think you'd execute or the preference just to kind of keep your head down and power through. I'm just trying to decide if the downturn structurally helps you longer term, and it's not clear to me if it does.

但目前你的任務似乎已經很滿了。所以我想我要問本的問題是，如果你的一個副手向你提出了一個漸進的想法，我不是在談論併購，我更多的是從網絡的角度考慮，利用 OA 壓力，你認為你會執行還是傾向於埋頭苦幹，堅持下去。我只是想確定經濟衰退是否從結構上對你有長期幫助，但我並不清楚是否有幫助。

Jamie, I love your questions because I think they're actually very thoughtful. Look, I think if you we're deeper in our team. Our team mindset is we never look a great idea away, and we will make trade-offs to what is best long term for Alaska Air Group.

傑米，我喜歡你的問題，因為我認為它們實際上非常有思想。聽著，我認為如果你在我們的團隊中更加深入。我們的團隊理念是，我們永遠不會忽視任何好的想法，我們會做出權衡，以達到阿拉斯加航空集團的長遠利益。

So if we saw an opportunity and we needed to make a trade-off and move something off to the right so we can put another initiative in that we think would have greater value to the company, we would do that. We weigh all the possibilities and make a move. We are nimble, we are decisive and I think we have the team to go pull it off. So that's just how we think.

因此，如果我們看到一個機會，我們需要做出權衡，將某些事情移到右邊，以便我們可以採取另一項我們認為對公司更有價值的舉措，我們就會這樣做。我們權衡所有可能性並採取行動。我們行動敏捷，果斷果斷，我認為我們擁有一支能夠完成這目標的團隊。這就是我們的想法。

And then my follow-up, what would be the geekiest thing you've ever done? No, wait, sorry, you were asked that at the Wings Club. On slide 10, progress underway with the FAA on the single operating certificate in fourth quarter, it seems and I'm not in the weeds, but it seems that everything involving the FAA takes longer these days than anticipated.

然後我的問題是，你做過的最怪異的事情是什麼？不，等等，抱歉，你是在 Wings Club 被問到這個問題的。在第 10 張投影片上，美國聯邦航空局 (FAA) 在第四季度就單一營運證書的申請取得了進展，看起來我並沒有陷入困境，但似乎現在涉及 FAA 的所有事情花費的時間都比預期的要長。

So if that timing slips, does it push the other two milestones to the right? I could see maybe it would do that for the res system, but it wouldn't preclude the collective bargaining momentum. Is that the right way to think about it if the second milestone does shift to the right?

那麼，如果這個時間被推遲，是否會將另外兩個里程碑推向右邊呢？我認為它可能會為資源系統產生這樣的影響，但它不會阻礙集體談判的動力。如果第二個里程碑確實向右移動，這是正確的思考方式嗎？

Yes. I think that's the right way to think about it. Right now, what I'll say is single operating certificate, we just completed our second submission. The second submission was accepted by the FAA, the third submission is in. Single operating certificate is really tracking the plan. So we're really confident about the October date.

是的。我認為這是正確的思考方式。現在，我要說的是單一營運證書，我們剛完成第二次提交。第二份提交已被美國聯邦航空局接受，第三份提交已提交。單一經營證書確實在追蹤該計劃。所以我們對十月份的日期非常有信心。

Our PSS, as you know, we did it last time. That is really well in hand with our team and so -- and the joint bargainings are just beginning right now. So they really are not interrelated. We're starting those independently of the other milestones.

我們的 PSS，如你所知，我們上次就做到了。我們的團隊確實做得很好，所以——聯合談判現在才剛開始。所以它們其實並不相互關聯。我們將獨立於其他里程碑開始這些里程碑。

And we've done this before, so we know how to go do this. The playbook is clear for us. And so I have a lot of confidence that the team really knows how to go do this. And the other thing I'll say is our employees are excited, like I mentioned in my script, they want this integration to happen. They want to get it behind us and look forward to a combined company who's going to go do big things.

我們以前做過這件事，所以我們知道如何做。劇本對我們來說很清晰。因此我非常有信心，團隊確實知道如何做到這一點。我想說的另一件事是，我們的員工很興奮，就像我在腳本中提到的那樣，他們希望這種整合能夠實現。他們希望擺脫這一切，並期待合併後的公司能做出大事。

Okay. Perfect. Thanks for the answers, Ben. Appreciate it. Take care.

好的。完美的。謝謝你的回答，本。非常感謝。小心。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Morning. So I think you talked about premium and Main Cabin unit revenue, both positive in Q1. Can you just talk about like directionally the spread between the two? And to what extent or how much is that spread widen into Q2?

嘿，謝謝。早晨。所以我認為您談到了高階艙和主艙單位收入，第一季均為正值。您能否從方向上談談兩者之間的傳播？到第二季度，這種差距將擴大到何種程度或多少？

Thanks, Scott. I think what I would say on that is that the first class cabin, and I'm not going to get into specific spreads here, but the first class cabin actually is really doing strong and outperforming. I think as you know, with the premium class, it's undergirded by main cabin seats.

謝謝，斯科特。我想說的是，頭等艙，在這裡我不會討論具體的價差，但頭等艙實際上表現非常強勁，表現出色。我想，如您所知，高級艙位是由主艙座位支撐的。

So the real opportunity there is the roughly 15% of revenues on the sell-up and I think as we go into Q2, again, that's why we are very focused on keeping full airplanes, full airplanes results in premium class performing better than it would when they were not full. So I would say, though, that PC is probably a little softer than certainly first class.

因此，真正的機會在於出售約 15% 的收入，我認為，當我們進入第二季度時，這就是為什麼我們非常注重保持飛機滿座，飛機滿座會導致高級艙的表現比沒有滿座時更好。因此我想說，PC 艙可能比頭等艙稍微軟。

But overall, we see the relationship holding as we go in. And just to say it on the Saver side, we still have very generous availability on that, it's around 60%. But in the first quarter, we were able to actually expand our upsell from Saver in the main cabin. So we've got pricing and yield from that. So we're getting better and smarter about how to manage Saver in this downturn environment.

但總體而言，我們看到雙方關係不斷發展。就 Saver 而言，我們仍然有非常慷慨的可用性，約為 60%。但在第一季度，我們實際上能夠擴大主艙 Saver 的追加銷售。因此，我們從中得到了定價和收益。因此，我們在如何在這種低迷的環境中管理 Saver 方面做得越來越好，越來越聰明。

And then Shane, I don't -- maybe -- I know you don't have a full year guide, so maybe there's not much to say. But in that scenario you laid out of, hey, where there's a 5 point revenue headwind in the first half, if we just assume that, that continue to stabilize, but that similar 5 point headwind to revenue in the second half. Is there a reason to think Q3, Q4 are any better than Q2 as synergies ramp? Or I don't know, maybe seasonality makes that harder? How would you think about that?

然後，Shane，我不知道——也許——我知道你沒有全年的指南，所以可能沒有太多可說的。但在您所設想的那種情況下，如果我們假設上半年收入會面臨 5 個百分點的逆風，那麼收入會繼續保持穩定，但下半年收入也會面臨類似的 5 個百分點的逆風。隨著綜效的增強，是否有理由認為 Q3、Q4 比 Q2 更好？或者我不知道，也許季節性使得這變得更加困難？您對此有何看法？

Yeah. I think, first of all, if the situation we see today persists, we still think we're going to be amongst the top three industry margin producers. So hence, the comment in the script that will be solidly profitable still. The synergy ramp is pretty I think, firm, we've got a really -- just to the question, Jamie asked on integration and time lines, I mean these things are pretty tight in terms of each of the initiatives we need to execute on for integration. And as we integrate, we unlock some of those synergies.

是的。我認為，首先，如果我們今天看到的情況持續下去，我們仍然認為我們將成為行業利潤率排名前三的公司之一。因此，腳本中的評論仍然會帶來穩定的利潤。我認為協同效應非常強勁，我們真的有——只是關於傑米關於整合和時間表的問題，我的意思是，就我們需要執行的整合每一項舉措而言，這些事情都非常緊密。隨著我們的整合，我們釋放了一些協同效應。

Now like the things that we have done first like coding across each other's network and sort of turning on connectivity. Those have been working really, really well and maybe even a little better than planned. So there's a chance that we'll find out that the initiatives, even as they come in on time are a little bit more valuable than we had thought before. And certainly, we hope for that, but we won't know until we sort of cross those dates.

現在，我們首先要做的事情就是在彼此的網路上進行編碼並打開連線。這些工作確實非常有效，甚至可能比計劃的還要好一點。因此，我們有可能發現，這些舉措即使按時推出，也比我們之前想像的更有價值。當然，我們希望如此，但我們只有在過了這些日期之後才會知道。

Brandon Oglenski,Barclays Capital.

巴克萊資本的布蘭登‧奧格倫斯基 (Brandon Oglenski)。

Hey, good afternoon. Thanks for taking the question. So Ben, maybe if I can just merge Andrew and Jamie's question together and ask it maybe a little bit more directly. I mean we see a lot of unsustainable airline business models out there and maybe more treacherous balance sheets across the industry.

嘿，下午好。感謝您回答這個問題。所以本，也許我可以將安德魯和傑米的問題合併在一起，然後更直接地提問。我的意思是，我們看到很多不可持續的航空商業模式，也許整個產業的資產負債表會更加危險。

I mean, why accelerate a share repurchase in this environment, especially not knowing where demand is going to end up and potentially like other industry opportunities that can present themselves over the next few years, you guys have been the most acquisitive of anyone, I think, in the last decade.

我的意思是，為什麼要在這種環境下加速股票回購，特別是不知道需求最終會走向何方，而且可能像未來幾年可能出現的其他行業機會一樣，我認為，在過去十年裡，你們是收購意願最強的。

Yeah, great question. And it's good to push us on this. Look, I just think we know where we're going to be with our long-term plan in 2027. We're so confident what that's going to deliver, so we just think it's a significant opportunity. Everything else we're doing is in our control. We're executing and we believe that we're going to get through this turbulence.

是的，很好的問題。這對推動我們實現這一目標很有好處。聽著，我只是認為我們知道 2027 年我們的長期計劃將會實現什麼目標。我們對它會帶來什麼結果非常有信心，所以我們認為這是一個重要的機會。我們所做的其他一切都在我們的掌控之中。我們正在執行，並相信我們能夠渡過這場動盪。

And if you -- we look at past downturns, whether it was in 2008, the great Recession or before that, these things will last 6 to 12 months, and we want to be on the right side of it. And airlines always make that same mistake, Brandon, that we buy back stock when it's high and then don't buy back stock when it's low.

如果你——我們回顧過去的經濟衰退，無論是 2008 年、大衰退還是更早，這些情況都會持續 6 到 12 個月，我們希望能夠站在正確的一邊。布蘭登，航空公司總是犯同樣的錯誤，即在股價高時回購股票，而在股價低時不回購股票。

So we're not going to make that mistake this time. And I think we're convicted that the company is undervalued. And I think we have enough assets and a balance sheet that if other opportunities were to come up, I think we can take advantage of those in addition to what -- to buying back stock.

所以這次我們不會犯下同樣的錯誤。我認為我們確信該公司的價值被低估了。我認為我們擁有足夠的資產和資產負債表，如果有其他機會，我認為除了回購股票之外，我們還可以利用這些機會。

Appreciate the message there. And Andrew, I know you've gotten a lot of questions on competition, but maybe just specific to Hawaii and a big competitor change with their pricing structure coming up later, I'm not asking you to talk to their change. But just how do you see industry competitive dynamics, especially going into peak summer months here?

感謝那裡的留言。安德魯，我知道你對競爭有很多疑問，但也許只是針對夏威夷以及競爭對手的重大變化以及他們的定價結構隨後出現的變化，我並不是要求你談論他們的變化。但是您如何看待產業競爭動態，尤其是進入夏季高峰期？

Specifically to Hawaii, is that your question?

具體來說，關於夏威夷，這是你的問題嗎？

Well, yes, Hawaii, but maybe more broadly, too?

嗯，是的，夏威夷，但也許範圍更廣？

Yes. I think number one, our growth is low. And I think the industry right now is in the business of reducing capacity, not increasing it. And I think when you see in times of softness, people go to their strength. And I think the way I look at this right now is that we are playing to our strengths. And so I feel pretty good about the macro network landscape as it sits here today, and yes.

是的。我認為，首先，我們的成長率較低。我認為，目前該產業正在減少產能，而不是增加產能。我認為，當你看到弱勢群體時，人們就會發揮自己的力量。我認為我現在看待這個問題的方式是我們正在發揮我們的優勢。因此，我對目前的宏觀網路格局感到非常滿意，是的。

Thank you.

謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thanks. Most of my questions have been asked, but maybe we could just play back what happened in the back half of March. It feels like -- and maybe this is a misinterpretation by us, but it feels like your tone was relatively more constructive at that time when some of your peers were guiding down. So what shifted for you? Was it perhaps later? Was it more of a corporate or leisure dynamic? Can you just walk us through the time line since mid-March?

嘿，謝謝。我的大部分問題都已經被問過了，但也許我們可以回顧一下三月下半月發生的事情。感覺就像——也許這是我們的誤解，但感覺當時當你的一些同行在指導時，你的語氣相對來說更有建設性。那麼你發生了什麼變化？或許是後來？它更多的是一種企業動態還是休閒動態？您能向我們簡單介紹一下自三月中旬以來的時間線嗎？

Duane, thanks. Interesting interpretation. I think that wasn't intentional at all. I don't think we feel incrementally worse about the business today than we did in March. In fact, we've seen as we mentioned, a lot of stabilization in the demand backdrop. We're going to fill airplanes in the summer. We're going to run load factors consistent, I think, with historically what we do in the summer.

杜安，謝謝。有趣的解釋。我認為這根本不是故意的。我認為，我們今天對業務的感覺並不比三月更糟。事實上，正如我們所提到的，我們已經看到需求背景大幅穩定。我們將在夏天填滿飛機。我認為，我們的負載率將與夏季的歷史情況保持一致。

So I'm not sure what the venue was or why we sort of came off that way. We did make a choice to not update guidance in the midst of the quarter. It was -- we weren't at sort of some of the conferences that others were using to update. And maybe we should have.

所以我不確定場地是什麼，或者我們為什麼會以那種方式出現。我們確實選擇不在本季中期更新指引。是的——我們沒有參加其他人用來更新的一些會議。也許我們應該這麼做。

But what we're seeing is like very similar trends to everybody else except we also have unique drivers of value going forward. And so we're feeling as excited about the long term as we were in December and we can't wait for the demand environment to get back to the really robust place it was in Q4 and Q1. And whether that happens this year or next, we'll be ready for it.

但我們看到的趨勢與其他人非常相似，只是我們未來還有獨特的價值驅動力。因此，我們對長期前景感到和 12 月一樣興奮，我們迫不及待地希望需求環境恢復到第四季和第一季的強勁水平。無論這是今年還是明年發生，我們都將做好準備。

And then just for Maui specifically, I don't know if you have this data in front of you, but how recovered is your capacity to Maui from maybe the pre-wildfire baseline? And what does the booking curve look like into the summer for Maui versus last year? Are you seeing how booked up are you and what do yields look like?

然後具體到毛伊島，我不知道您是否有這些數據，但是從野火發生前的基線來看，毛伊島的運力恢復得如何？與去年相比，毛伊島夏季的預訂曲線如何？您是否了解您的預訂情況如何以及收益如何？

Yeah. I would say just in Maui specifically, I think the horrific fires and all of that obviously was terrible, is really from a demand somewhat behind us. Hawaiian never really, at that time, really pulled down much of their capacity at all.

是的。我想說，特別是在毛伊島，我認為可怕的火災和所有那些顯然是可怕的事情，實際上是因為我們的需求已經落後了。當時，夏威夷航空從未真正削減其運力。

And given what we're doing now, we've pretty much restored it. And as Maui versus Honolulu, it all sits in the same ecosystem. So those things are behind us. And I think what we're doing right now is looking to continue to make more connections and grow that.

從我們現在所做的來看，我們已經基本上恢復了它。就像毛伊島和檀香山一樣，它們都屬於同一個生態系統。所以那些事情已經過去了。我認為我們現在正在做的事情是尋求繼續建立更多的聯繫並發展這種聯繫。

And just on the booking curve?

只是在預訂曲線上嗎？

Yes, I'm not seeing any, in general, booking curves are holding out to where they were before. I think the question a little bit is it gets a little complicated because now we're playing a little bit with yield to maintain the bookings coming in on traditional curves. But again, not seeing anything majorly unusual there.

是的，我沒有看到任何變化，總體而言，預訂曲線保持著之前的水平。我認為問題有點複雜，因為現在我們正在玩一些收益來保持傳統曲線上的預訂。但同樣，沒有看到任何重大異常情況。

Okay. Thank you

好的。謝謝

And Duane, I think overall, what we're seeing is Hawaii is a bright spot for us. That's the big takeaway. It's just a bright spot. Everything we're doing is ahead of expectations.

杜安，我認為總體而言，夏威夷對我們來說是一個亮點。這是最重要的一點。這只是一個亮點。我們所做的一切都超出了預期。

Very good. Thanks, Ben.

非常好。謝謝，本。

Thanks, Duane.

謝謝，杜安。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林伯格。

Hey, good morning for you guys. Andrew, your comments about the San Diego buildup and the network and now being in a position where you sort of offer the most utility to the customer base in that market, I found that interesting. It does look like that it's being funded by pulling down some markets that I would have thought were core to Alaska, like Alaska to DC -- or excuse me, San Francisco to DC and San Fran to Chicago.

嘿，大家早安。安德魯，你對聖地牙哥的建設和網路的評論，以及現在你為該市場的客戶群提供最大效用的情況，我覺得很有趣。看起來，它的資金來源是拉攏一些我認為是阿拉斯加核心的市場，例如阿拉斯加到華盛頓特區——或者對不起，舊金山到華盛頓特區，以及舊金山到芝加哥。

And so it does seem like that San Diego's gain is San Francisco's loss because it does seem like it would reduce the utility of your product in the SFO market. How should I think about it? And are those the types of moves that we should expect from you going forward from a network perspective?

因此，看起來聖地牙哥的收益就是舊金山的損失，因為這似乎會降低您的產品在 SFO 市場上的效用。我該如何思考這個問題？從網路角度來看，這些是我們應該期待您採取的舉措嗎？

Yes, Mike, that's a very perceptive question. Thank you for looking at the details behind it. But here's what I would say is, number one, we continue to reshape California to make sure that it's in the best place possible. I would say, if you're referring to places like Dulles, we fly lucrative DCA markets, so we've not really lost the utility there.

是的，麥克，這是一個非常敏銳的問題。感謝您查看背後的詳細資訊。但我想說的是，首先，我們將繼續重塑加州，以確保它處於最佳狀態。我想說，如果您指的是杜勒斯這樣的地方，我們飛往利潤豐厚的 DCA 市場，所以我們實際上並沒有失去那裡的效用。

We have a great partner in American Airlines, in Chicago where our leads can earn and accrue miles and all of that. And Nassau, just to be honest with you, was a post-COVID market that is more of a cruise stop destination, we couldn't work. So we used those loss-making markets, we reinvested them in San Diego, which has actually been more profitable. So net-net, we're doing it smart, we're doing it incremental, and I think overall Air Group and our guests are going to benefit from this.

我們在芝加哥的美國航空公司有一個很好的合作夥伴，在那裡我們的潛在客戶可以賺取和累積里程等等。老實說，拿騷是後疫情時代的市場，更像是郵輪停靠目的地，我們無法開展工作。因此，我們利用這些虧損的市場，將其重新投資於聖地牙哥，這實際上帶來了更高的利潤。所以總的來說，我們正在做這件事，我們正在逐步地做，我認為整個航空集團和我們的客人都將從中受益。

And Mike, just let me be clear, San Francisco and Los Angeles are still a key part of our California strategy and in no way interpret these moves as putting less focus on SFO and LAX. It's SFO, LAX and San Diego as part of the strategy.

麥克，請容許我明確一點，舊金山和洛杉磯仍然是我們加州策略的重要組成部分，這些舉措絕不能被解讀為減少對舊金山國際機場和洛杉磯國際機場的關注。舊金山國際機場、洛杉磯國際機場和聖地牙哥都是該策略的一部分。

Great, makes sense. And then just my second question. I'm obviously seeing all the -- you put out a release about the co-location and you and Hawaiian coming together in some of these key airports. Are there any airports in your system where you're going to run into real estate constraints.

很好，很有道理。這是我的第二個問題。我顯然看到了所有——你們發布了有關共置以及你們和夏威夷航空在一些主要機場聯手的新聞稿。您的系統中是否存在會遭遇房地產限制的機場？

And it looks like San Diego is actually going to be a huge opportunity because they're building out, and I'm sure you're getting a lot of gains there. But are any of the other key airports in your system, not just California, but like Sea-Tac, Portland, where you're going to run into some real estate constraints over the next year or so. Thanks for taking my question.

而且看起來聖地亞哥實際上將是一個巨大的機遇，因為他們正在建設中，我相信你會在那裡獲得很多收益。但是，您的系統中還有其他主要機場嗎？不只是加州的機場，還有西雅圖-塔科馬國際機場、波特蘭機場等，這些機場在未來一年左右都會遇到一些房地產限制。感謝您回答我的問題。

I think just from a network, I would sort of say no. I think certainly on the infrastructure, we get great economies of scale with the Hawaiian assets flowing on all the cities on the West Coast, we just absorbed those into our network. I think we're in a really good position in our core hubs and managing capacity in gates. So big picture, I don't see any material issues with bringing the networks together and being able to have adequate space.

我認為僅從網路角度來說，我會說不。我認為在基礎設施方面，隨著夏威夷資產流向西海岸所有城市，我們獲得了巨大的規模經濟，我們只是將其吸收到我們的網路中。我認為我們在核心樞紐和登機口管理能力方面處於非常有利的地位。所以從總體上看，我認為將網路整合在一起並擁有足夠的空間不會有任何實質問題。

And Mike, just to remind you, like at Investor Day, we said Portland is a huge opportunity for us. It's got a ton of capacity, and it's a great relief valve for Seattle as we bring international flying into Seattle. And so we're creating a connecting complex in Portland. So Portland, there's a huge investment. There's a phenomenal lobby, if you haven't seen it, I think it's the nicest lobby in the country. and we've invested heavily in it. So see us invest more in Portland is what -- in creating that connecting complex as an opportunity to help offload Seattle a little bit.

麥克，提醒一下你，就像在投資者日一樣，我們說波特蘭對我們來說是一個巨大的機會。它的容量非常大，當我們將國際航班引入西雅圖時，它將成為西雅圖的一個很好的減壓閥。因此，我們正在波特蘭建立一個連結綜合體。因此，波特蘭有一項巨大的投資。這裡有一個非凡的大堂，如果你還沒見過，我認為這是全國最漂亮的大廳。我們對此投入了大量資金。因此，我們在波特蘭投入了更多資金，創造了連結綜合體，以此為契機，幫助減輕西雅圖的負擔。

Tom Wadewitz, UBS Financial.

瑞銀金融的湯姆‧韋德維茲 (Tom Wadewitz)。

Yeah. Thank you for giving me some questions here on the call. Yes. I wanted to get your -- maybe a higher level on a lot of the questions you've had on kind of premium. How do you think about the I guess, macro backdrop that would give you greater concern on weakening and premium and first class and that kind of broader category. I think we were thinking that a big step down in the equity market could cause some pressure, some risk. It could be going into a mild recession.

是的。感謝您在電話中向我提出一些問題。是的。我想從更高層次了解您關於高級保險的許多問題。我想，您如何看待宏觀背景，讓您更加關注弱化、優質和頭等艙以及更廣泛的類別。我認為我們認為股市的大幅下跌可能會帶來一些壓力和風險。它可能會陷入輕度衰退。

But I guess you could say, well, maybe that income cohort is so well protected that you could do a mild recession. You could go into a mild recession and maybe you would still be resilient. So just wanted to see if you could offer some thoughts about how do you think about how premium would go through a downturn and an economic downturn and how resilient it might be.

但我想你可能會說，也許這個收入群體受到了很好的保護，所以可能會出現輕微的經濟衰退。你可能會陷入輕微的經濟衰退，但你也許仍然能夠恢復。所以只是想看看您是否可以提供一些想法，關於您認為保費將如何度過低迷和經濟低迷時期以及它可能具有多大的彈性。

I think, Thomas, the question on those have been asked a few ways. I think we're just not seeing it. I'd just be clear about that. We are not seeing any pressure certainly in the front cabin. And I think as we've shared in Investor Day, we have the long, if not the longest domestic stage length of any carrier in the United States.

湯瑪斯，我認為這些問題已經以幾種方式被問到過。我認為我們只是沒有看到它。我只是想明確這一點。我們確實沒有看到前艙有任何壓力。我認為，正如我們在投資者日所分享的那樣，我們的國內航線航程是美國所有航空公司中最長的，甚至是最長的。

So when you look at a quarter of our capacity, Hawaii alone is flying 6 hours, let alone, everything else, there is a real demand for our premium and first-class product where most of our network is flying 4, 5 hours on any given day.

因此，當您查看我們四分之一的運力時，僅夏威夷的飛行時間就為 6 小時，更不用說其他所有地方了，對我們的優質和頭等艙產品有著真正的需求，我們的大多數網絡在任何一天的飛行時間都是 4、5 小時。

So then I guess your -- my question was more if you had further weakness not what you're currently seeing, but it sounds like you think even if you saw an actual recession, I think it would still be resilient.

那麼我想你的問題是——你的問題更多的是，是否會有進一步的疲軟，而不是你目前所看到的，但聽起來你認為即使你看到了真正的衰退，我認為它仍然會具有彈性。

Sure. Well, I think at some point, there may be a softness in those fares. But again, as I've shared, it's not like we've removed any seats from our airplane and our unit costs went up, and we're banking on that. We still have the same amount of seats. So yes, there will be probably be yield pressure if we saw that turn. But I think we're very well positioned versus other carriers who are just literally taking seats off airplanes.

當然。嗯，我認為在某個時候，這些票價可能會下降。但正如我所說，這並不意味著我們從飛機上拆除了座位，導致單位成本上升，我們依靠這一點。我們的席位數量仍然相同。所以是的，如果我們看到這種轉變，可能會有收益壓力。但我認為，與其他直接拆除飛機座椅的航空公司相比，我們處於非常有利的地位。

Yeah, Tom, this is Ryan. I think our theory based on what we've seen is the relative gaps between first PC Main and Sabre would likely remain, of course, if the overall environment got worse, everything may come down by some amount. But I still -- I think we're going to see first and PC outperform the main cabin even in a downturn.

是的，湯姆，這是瑞安。我認為，根據我們所看到的情況，我們的理論是，第一台 PC Main 和 Sabre 之間的相對差距可能會保持不變，當然，如果整體環境變得更糟，一切都可能會有所下降。但我仍然認為，即使在經濟低迷時期，我們也將首先看到 PC 的表現優於主艙。

And then just a second one would be, how do you think about capacity in second half? It sounds like maybe more careful approach on it. But are you -- what would you kind of need to see to really take it down more aggressively? Or do you think you're kind of -- even if you saw some further weakening in main cabin, you would kind of stick with the capacity plan for second half?

然後第二個問題是，您如何看待下半年的產能？這聽起來可能需要採取更謹慎的態度。但是你——你需要看到什麼才能更積極地將其打倒？或者您認為—即使您看到主艙進一步減弱，您仍會堅持下半年的容量計劃？

The good thing a little bit is the second and the -- especially the third quarter are our lowest growth quarters already. So we've got a natural hedge there. And as I did share on my prepared remarks, we are already looking at some of the fall and beyond and looking at some capacity cuts. I will say that as we have shown and we demonstrated that if there was a continued weakness, we would definitely be looking at capacity and how we ensure that we position this airline well for that.

好消息是，第二季度，尤其是第三季度，已經是我們成長最低的季度了。因此我們在那裡擁有天然的對沖。正如我在準備好的演講中所說的那樣，我們已經在考慮秋季及以後的一些情況，並考慮削減一些產能。我想說的是，正如我們已經表明的那樣，如果出現持續的疲軟，我們肯定會關注運力，以及如何確保這家航空公司處於有利地位。

So if you had further weakness, then you'd be willing to cut a bit more or just pair back a little more? Thank you. Great. Thank you for the time.

那麼，如果您的資產進一步疲軟，您是否願意再削減一點，或者再減少一點？謝謝。偉大的。感謝您抽出時間。

Yeah, Tom, just -- our history as we will respond, and we'll respond quick. If there is a massive quick downturn, we will take the appropriate action. But as you know, Alaska our growth for the whole year was 2% to 3%. It was never high and was really baked on utilization.

是的，湯姆，我們會根據我們的歷史做出回應，而且會迅速回應。如果出現大規模快速下滑，我們將採取適當的行動。但如你所知，阿拉斯加全年的成長率是 2% 到 3%。它的利用率從來都不高，而且確實很受重視。

A lot of other airlines have brought down their capacity, which I think will benefit the second half of the year, and we'll see how that pans out based on what happens. One more question?

許多其他航空公司都降低了運力，我認為這將對下半年有利，我們將根據實際情況觀察其效果。還有一個問題？

Ravi Shanker,Morgan Stanley.

拉維‧尚克，摩根士丹利。

Great. Thanks. Morning. Thanks for speaking to me here. Just a few high-level questions on Hawaii, going back to the earlier commentary on the booking curve. There's some speculation that US travelers may not want to go international as much as maybe the last couple of years.

偉大的。謝謝。早晨。感謝您在這裡與我交談。關於夏威夷，我只想問幾個高層問題，回到之前對預訂曲線的評論。有人猜測，美國遊客可能不像過去幾年那樣願意出國旅遊。

Do you see any potential or evidence that Hawaii may be a natural alternative there? And also, there is some talk locally in Hawaii, maybe restricting the number of tourists coming in is that an opportunity on mix or a risk on volumes?

您是否看到任何潛力或證據表明夏威夷可能是那裡的自然替代方案？此外，夏威夷當地也有人討論，限制入境遊客數量是帶來旅遊融合的機會還是帶來旅遊量的風險？

Ravi, Andrew can jump in too. Look, we've -- we talked about this a bit over the last 12 months. We think international is doing great right now over the last couple of years, and it's certainly helping those folks who have a lot of capacity pointed that way. We've always thought it's going to normalize over time.

拉維 (Ravi)，安德魯 (Andrew) 也可以加入。你看，我們——在過去的 12 個月裡我們已經討論過這個問題了。我們認為，過去幾年國際市場表現良好，這無疑對那些在這方面擁有大量能力的人有所幫助。我們一直認為隨著時間的推移它會逐漸正常化。

And it's one of the reasons we love the partnership and acquisition of Hawaiian. It's a premium leisure market. It fits our network perfectly. I think folks want to go to Hawaii. Many of us off the West Coast go there regularly, and we did before the acquisition. So I think it's a durable premium market that we're going to serve really well. We have over 50% of the market share today.

這也是我們喜歡與夏威夷航空合作並收購夏威夷航空的原因之一。這是一個高端休閒市場。它非常適合我們的網路。我認為人們想去夏威夷。我們西海岸的許多人經常去那裡，在收購之前我們也這樣做過。所以我認為這是一個持久的高端市場，我們將提供非常好的服務。目前我們的市佔率已超過50%。

And yes, as folks, for whatever reason, decide to not travel as much internationally, I think Hawaii is a great destination for those folks and we'll be the people who are carrying them there.

是的，無論出於什麼原因，人們決定不再進行太多的國際旅行，我認為夏威夷是這些人的絕佳目的地，而我們將成為帶他們去那裡的人。

Maybe a quick follow-up on that as well. Kind of good to see the momentum in Hawaii loyalty there. Is that something we would -- we should expect to see be really strong out of the gate of this acquisition? Or is that something that will accelerate later on once you've completed the operating certificate, PSS, loyalty program combination? Is that going to add to -- kind of peak later? Or is that like the most you see now?

也許對此也進行快速跟進。很高興看到夏威夷的忠誠度不斷提升。這是我們期望看到的——我們應該期待看到這次收購一開始就表現強勁嗎？或者，在您完成營運證書、PSS、忠誠度計畫組合之後，這一進程是否會加速？這是否會增加到以後的峰值？或者這就像您現在看到的大多數東西？

Yes, I think we're very excited. We just think loyalty is going to continue to accelerate. We go to a single loyalty program this summer. And we have -- we're making continual changes to our program, which we'll be announcing, and we also have a premium card. And then Elites will get full access across the breadth and the depth of both metal as we get to a single PSS. So we're just excited that there will be continued momentum on the loyalty side.

是的，我認為我們非常興奮。我們只是認為忠誠度將會繼續加速成長。今年夏天我們將參加一個忠誠度計劃。我們正在不斷對我們的計劃進行修改，我們會宣布這些修改，而且我們還有一張高級卡。然後，當我們獲得單一 PSS 時，精英們將可以完全訪問兩種金屬的廣度和深度。因此，我們很高興看到忠誠度方面的動能將持續下去。

And Ravi, if you remember from Investor Day, one of our big priorities on our Alaska Accelerate vision was be Hawaii's trusted airline. This is the trusted airline that will take people between neighbor island travel, which is hugely important, that are going to take them internationally out of Honolulu and we'll connect people from the islands to the West Coast to our massive network from the West Coast to the rest of the Continental US so we're seeing gains.

拉維，如果您還記得投資者日，我們阿拉斯加加速願景的一大重點是成為夏威夷值得信賴的航空公司。這是一家值得信賴的航空公司，它將帶人們在鄰近的島嶼之間旅行，這非常重要，它將帶人們從檀香山出發飛往國際航班，我們將把從島嶼到西海岸的人們連接到我們從西海岸到美國大陸其他地區的龐大網絡，因此我們看到了收益。

To be honest, I think we just scratched the surface on this. I think we're going to see this accelerate more as the year progresses and when we become on one single reservation system, a single loyalty program, which is going to be in place here by August, I think you're going to see this continue to grow and then we'll achieve that vision of being Hawaii's trusted airline.

說實話，我認為我們只是觸及了這個問題的表面。我認為隨著時間的推移，我們將看到這一進程進一步加速，當我們採用單一預訂系統、單一忠誠度計劃（將於 8 月到位）時，我認為你會看到這一進程繼續增長，然後我們將實現成為夏威夷值得信賴的航空公司的願景。

Wonderful. Thank you.

精彩的。謝謝。

I think we're out of time. So I want to thank everyone for joining us, and we'll follow up with any questions with anybody, and we'll talk to you next quarter. Thank you so much.

我想我們已經沒時間了。所以我要感謝大家的加入我們，我們會跟進任何人的任何問題，我們將在下個季度與你們交談。太感謝了。

And this concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。謝謝您的出席。