阿拉斯加航空 (ALK) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2025 second-quarter earnings call. At this time, all participants have been placed on mute to prevent background noise. Today's call is being recorded and will be accessible for future playback at alaskaair.com. After our speakers' remarks, we will conduct a question-and-answer session for analysts.

女士們、先生們，早安，歡迎參加阿拉斯加航空集團 2025 年第二季財報電話會議。此時，所有參與者都已靜音，以防止背景噪音。今天的電話會議已錄音，未來可在alaskaair.com網站上播放。演講嘉賓發言結束後，我們將安排分析師問答環節。

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. Thanks for joining us today to discuss our second-quarter 2025 earnings results.

謝謝接線員，早安。感謝您今天加入我們討論我們的 2025 年第二季財報結果。

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 will 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.

昨天，我們發布了收益報告以及幾張詳細介紹業績的幻燈片，您可以在 investor.alaskaair.com 上查看。在今天的電話會議上，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 a second quarter GAAP net income of $172 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted net income of $215 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 period as referenced.

航空集團公佈第二季 GAAP 淨收入為 1.72 億美元。不計特殊項目和以市價計算的燃油對沖調整，航空集團報告的調整後淨收入為 2.15 億美元。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參考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 our 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 cost 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我們的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不包括燃料的單位成本。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.

謝謝，瑞安，大家早安。

First, I want to acknowledge the operational disruption we experienced earlier this week due to an IT outage. To our guests whose travel plans were impacted, I sincerely apologize. Safety is always our top priority, and upon identifying the issue, we made the decision to pause operations until it was safe to resume. Our teams worked around the clock to restore operations as quickly as possible. We are actively partnering with our hardware vendor to investigate the root cause and will take appropriate action once the review is complete.

首先，我要承認本週早些時候由於 IT 中斷導致我們遇到了營運中斷。對於旅行計畫受到影響的客人，我深感抱歉。安全始終是我們的首要任務，在發現問題後，我們決定暫停運營，直到我們可以安全恢復為止。我們的團隊日以繼夜地工作，以盡快恢復營運。我們正在積極與硬體供應商合作調查根本原因，並將在審查完成後採取適當的措施。

Now turning to our earnings. We delivered a strong second-quarter result, marking another step forward in achieving our long-term ambitions. Our adjusted earnings per share of $1.78 exceeded the high end of our guidance, clear evidence of our team's disciplined execution and unwavering focus on what we can control: delivering a remarkable guest experience, driving operational excellence, and unlocking the value of our newly combined network and commercial platform.

現在談談我們的收益。我們取得了強勁的第二季業績，標誌著我們朝著實現長期目標又邁進了一步。我們的調整後每股收益為 1.78 美元，超出了我們預期的高端，這清楚地證明了我們團隊的嚴謹執行和對我們能夠控制的事情的堅定關注：提供卓越的客戶體驗、推動卓越運營、釋放我們新合併的網絡和商業平台的價值。

Alaska Accelerate is working. The powerful combination of these two networks and the changes we've made are already delivering greater utility and choice for Hawaii residents and visitors alike. These changes drove our Hawaiian assets to its first profitable quarter since 2019, and just 10 months post-acquisition. We're excited to continue building scale, relevance, and loyalty as Hawaii's trusted airline.

阿拉斯加加速計畫正在發揮作用。這兩個網路的強大組合以及我們所做的改變已經為夏威夷居民和遊客帶來了更大的實用性和選擇。這些變化使我們的夏威夷資產自 2019 年以來首次實現盈利，而這距離收購僅過去 10 個月。作為夏威夷值得信賴的航空公司，我們很高興能夠持續擴大規模、增強相關性並提升忠誠度。

In total, Air Group generated a record $3.7 billion in revenue, with year-over-year unit revenue performance that we are confident will lead the industry. As we continue to implement our initiatives, our sights are set on diversifying our revenues even further from the 50% we generate outside the main cabin today. A key driver of this growth is premium revenue, which continues to outperform. We've now retrofitted nearly 90 of our 737 aircraft, expanding our ability to deliver a more premium experience as part of a seamless end-to-end journey for our guests.

總體而言，航空集團創造了創紀錄的 37 億美元收入，我們相信其同比單位收入表現將引領產業。隨著我們繼續實施這些舉措，我們的目標是進一步實現收入多元化，目前我們的收入來源有 50% 來自主艙外。這一成長的關鍵驅動力是保費收入，其表現持續優異。目前，我們已經對近 90 架 737 飛機進行了改裝，增強了我們為乘客提供更優質體驗的能力，讓他們能夠享受到無縫端到端的旅程。

Next month, we're launching our newly branded loyalty program and premium credit card, uniting Alaska Mileage Plan and HawaiianMiles. This will better reflect the expanded reach of our combined networks, strengthen loyalty, and connect with more guests.

下個月，我們將推出全新品牌的忠誠度計劃和高級信用卡，整合阿拉斯加里程計劃和夏威夷里程計劃。這將更能反映我們合併後網路的擴大覆蓋範圍，增強忠誠度，並與更多客人建立聯繫。

In May, we launched our inaugural intercontinental flight from Seattle to Tokyo Narita, marking the first step in establishing an international gateway at our hometown hub. As Andrew will share shortly, the route has gotten off to a very successful start. This September, we'll begin service from Seattle to Seoul Incheon, followed by the launch of our first transatlantic route to Rome next May.

今年5月，我們開通了西雅圖至東京成田的首條洲際航班，標誌著我們在家鄉樞紐建立國際門戶的第一步。正如安德魯即將分享的那樣，這條路線的開局非常成功。今年 9 月，我們將開通從西雅圖飛往首爾仁川的航班，隨後在明年 5 月開通第一條飛往羅馬的跨大西洋航線。

To support this international growth, we've also ordered five additional Boeing 787s, bringing our future fleet total to 17 aircraft. With the Boeing 787 crew base established in Seattle, we're laying the foundation to expand our international operations to at least 12 destinations from Seattle in the coming years.

為了支持國際業務的成長，我們還訂購了另外 5 架波音 787 飛機，使我們未來的機隊總數達到 17 架。隨著波音 787 機組人員基地在西雅圖建立，我們為未來幾年從西雅圖擴展國際業務至至少 12 個目的地奠定了基礎。

Beyond our targeted initiatives at Air Group, the broader industry is also making necessary and meaningful changes. Capacity adjustments continue to align more closely with current demand trends, creating a more favorable setup for the second half of the year and providing further upside. Although demand remains softer than initially expected, it has stabilized, and consumer sentiment is gradually improving amid the broader macroeconomic environment.

除了我們在航空集團的有針對性的舉措之外，整個產業也在做出必要且有意義的改變。產能調整繼續與當前需求趨勢更加緊密地結合起來，為下半年創造了更有利的環境，並提供了進一步的上漲空間。儘管需求仍低於最初的預期，但已趨於穩定，在更廣泛的宏觀經濟環境下，消費者信心正在逐步改善。

We're also encouraged by the recent uptick in bookings, early signs of positive demand momentum, and the potential for easing fuel prices, all factors that position us well for stronger performance in the latter half of the year. Given this improving outlook, we expect to deliver at least $3.25 in adjusted earnings per share in 2025, an important step on our path to reaching $10 in earnings per share by 2027, a target we remain fully confident in. Our focus remains on executing Alaska Accelerate and unlocking $1 billion in incremental profit over the next two years. Early results are promising, with synergies and key initiatives tracking ahead of plan.

我們也對近期預訂量的上升、需求勢頭積極的早期跡像以及燃料價格下降的可能性感到鼓舞，所有這些因素都為我們在下半年取得更強勁的業績奠定了基礎。鑑於這種改善的前景，我們預計 2025 年調整後每股收益至少為 3.25 美元，這是我們在 2027 年實現每股收益 10 美元的重要一步，我們對這一目標仍然充滿信心。我們的重點仍然是執行阿拉斯加加速計畫並在未來兩年內釋放 10 億美元的增量利潤。早期結果令人鼓舞，綜效和關鍵措施均提前實現。

In closing, there's a renewed sense of energy and purpose across our company, driven by our shared vision to transform Alaska Air Group into a larger global airline. With the Alaska Accelerate plan as our guide, our people are moving forward with clarity, confidence, and a deep commitment to what we're building together.

最後，在我們共同的願景——將阿拉斯加航空集團轉變為更大的全球航空公司——的推動下，我們整個公司煥發了新的活力和目標。在阿拉斯加加速計畫的指導下，我們的人民正以清晰的思維、信心和堅定的承諾向前邁進，共同建立美好的未來。

I want to thank all our incredible employees for their dedication and hard work on this journey. The opportunities ahead are significant, and we're eager to capitalize on them and position Air Group for long-term growth, success, and value creation.

我要感謝我們所有出色的員工在這趟旅程中的奉獻和辛勤工作。未來的機會龐大，我們渴望利用這些機遇，使航空集團實現長期成長、成功和價值創造。

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. Today, my comments will focus on second-quarter results, continued progress on our Alaska Accelerate vision, and demand trends we're seeing for the third quarter.

謝謝，本，大家早安。今天，我的評論將集中在第二季的業績、阿拉斯加加速願景的持續進展以及我們看到的第三季的需求趨勢。

For the second quarter, total revenues reached a record $3.7 billion, up 2% year over year on capacity growth of 2.7%. We expect that our unit revenue performance will meaningfully lead the industry, finishing on the better end of our prior guidance down less than 1%. As we had expected, the industry capacity backdrop pressured monthly yields sequentially throughout the quarter, but our planes flew full, with a second quarter load factor of 84%.

第二季度，總營收達到創紀錄的 37 億美元，年增 2%，運力成長 2.7%。我們預計，我們的單位收入表現將顯著領先於產業，最終達到我們先前預期的較好水平，降幅不超過 1%。正如我們預期的那樣，行業運力背景對整個季度的月度收益率造成了壓力，但我們的飛機滿載飛行，第二季度的載客率為 84%。

This performance, despite softer-than-anticipated main cabin demand across the industry, highlights the strength of our loyalty program and continued guest preference for the Alaska and Hawaiian experience. Not surprisingly, outperformance of First and Premium Class revenues has persisted. Second-quarter premium revenues were up 5% year over year, led by our Hawaiian assets, with premium up nearly 19%.

儘管整個行業的主艙需求低於預期，但這一表現凸顯了我們的忠誠度計劃的實力以及客人對阿拉斯加和夏威夷體驗的持續偏好。毫不奇怪，頭等艙和高級艙的收入持續表現出色。第二季保費收入年增 5%，其中夏威夷資產的保費收入成長近 19%。

As Ben highlighted, we're making strong strides in expanding our premium offerings. We've now completed 40% of our 737 retrofits, increasing premium seat share from 26% to 27%, a segment that already drives 35% of our total revenue. We're targeting 29% premium seat share by next summer, when all 218 Boeing narrow-body aircraft retrofits will be complete. We will also be elevating the guest experience by upgrading our Airbus 330 fleet with refreshed interiors and enhanced amenities. These strategic investments are not only meeting a structural growing demand for premium travel, they're diversifying our revenue base and reinforcing our long-term competitive edge.

正如本所強調的，我們在擴大優質產品方面取得了長足的進步。目前，我們已經完成了 40% 的 737 改裝，將高級座位份額從 26% 提高到 27%，這一部分已經為我們帶來了 35% 的總收入。我們的目標是到明年夏天，當所有 218 架波音窄體飛機的改裝完成時，高端座位份額達到 29%。我們還將升級我們的空中巴士 330 機隊，採用煥然一新的內部和增強的設施，以提升乘客體驗。這些策略投資不僅滿足了高端旅遊的結構性成長需求，也使我們的收入基礎多樣化，並增強了我們的長期競爭優勢。

Touching on loyalty, we generated $558 million in cash remuneration from our co-brand cards, up 5% year over year. Card spend and acquisitions remain robust, with active cards in the portfolio up 10% year over year. And just this week, Alaska Mileage Plan was named US News Best Airline Rewards Program for the 11th year in a row.

談到忠誠度，我們從聯名卡中獲得了 5.58 億美元的現金報酬，年增 5%。信用卡消費和收購保持強勁，投資組合中的活躍卡數量較去年同期成長 10%。就在本週，阿拉斯加哩程計劃連續第 11 年被《美國新聞》評為最佳航空獎勵計劃。

We're gearing up for the mid-August launch of our newly branded, unified loyalty program, along with our new premium credit card with unique benefits targeting global travelers on the West Coast with an international companion award certificate, shareable lounge passes, and 3 times points on foreign spend. This card is strategically positioned to attract a high-quality mix of new cardholders across broader geographies and drive greater engagement from our most loyal members, especially our high-value elites, which we believe will accelerate significant program growth in the back half of the year.

我們正準備在 8 月中旬推出全新品牌的統一忠誠度計劃，同時推出新的高級信用卡，該卡具有獨特的優惠，專門針對西海岸的全球旅行者，包括國際同伴獎勵證書、可共享的休息室通行證以及國外消費的 3 倍積分。這張卡的策略性定位是吸引更廣泛地區的高品質新持卡人，並推動我們最忠實的會員（尤其是我們的高價值精英）的更多參與，我們相信這將加速下半年計劃的顯著增長。

Turning to synergies and revenue initiatives, these are on track and continue to deepen our conviction in our path forward. Hawaii has continued to produce strong, network-leading results with robust bookings and high single-digit yield growth throughout the quarter. Neighbor Island has improved significantly, boasting double-digit margin improvements. Our bank schedules are also performing well in Seattle and Portland. In Seattle, this has supported strong load factors, with connecting passengers up mid-single digits for the quarter. There is opportunity to further optimize our Seattle banks in 2026 to leverage the seasonality of our business -- winter versus summer -- as well as feed our growing international gateway.

談到協同效應和收入計劃，這些都進展順利，並將繼續深化我們對前進道路的信心。整個季度，夏威夷持續取得強勁、領先的網路業績，預訂量強勁，收益實現高個位數成長。鄰島的狀況有了顯著改善，利潤率實現了兩位數的成長。我們在西雅圖和波特蘭的銀行業務安排也表現良好。在西雅圖，這支撐了強勁的載客率，本季中轉乘客量成長了中個位數。我們有機會在 2026 年進一步優化西雅圖銀行，以利用我們業務的季節性（冬季與夏季），並滿足我們不斷增長的國際門戶的需求。

In Portland, we carried over 130% more connecting passengers year over year, and future connecting bookings are over 200% higher. Our Portland team has done an outstanding job supporting the expanded flight schedule, and we're very excited to open our new and expansive 12,500-square-foot lounge in 2026, complementing one of the nation's newest and most impressive terminals and lobbies.

在波特蘭，我們運送的轉乘乘客數量比去年同期增加了 130% 以上，未來的中轉預訂量增加了 200% 以上。我們的波特蘭團隊在支援擴展的航班時刻表方面做得非常出色，我們非常高興能夠在 2026 年開放新的寬敞的 12,500 平方英尺休息室，與美國最新、最令人印象深刻的航站樓和大廳之一相得益彰。

I also would like to briefly highlight the launch of our global Seattle gateway. We commenced Seattle-Narita service on May 12, with ticket sales starting only in December of 2024. For the month of June, we achieved a load factor of greater than 80%, and stage-length-adjusted RASM was 18% higher than our discontinued Honolulu-Narita service for the same period last year.

我還想簡要介紹一下我們全球西雅圖門戶的啟動。我們於 5 月 12 日開通西雅圖至成田航線，機票銷售將於 2024 年 12 月開始。6 月份，我們的載客率超過了 80%，以航段長度調整後的 RASM 比去年同期停駛的檀香山-成田航線高出 18%。

I want to personally recognize both the commercial and operational organizations. Taking Air Group from zero Seattle long-haul capability to announcing and launching long-haul operations from Seattle within just eight months is an incredible achievement. We are well positioned to launch Korea in September and Rome in May of 2026, with plans to add more destinations at a steady cadence as we build to our fleet of 17 787s, while continually improving our product and commercial selling infrastructure. Our goal remains clear: to serve at least 12 long-haul destinations from Seattle by 2030.

我個人想認可商業和營運組織。僅用八個月的時間，航空集團就從零開始擁有西雅圖長途航線能力，到宣布並啟動從西雅圖出發的長途航線運營，這是一個了不起的成就。我們已做好準備，將於 2026 年 9 月開通韓國航線，並於 2026 年 5 月開通羅馬航線，隨著我們 17 架 787 飛機的規模不斷擴大，我們將穩步增加更多目的地，同時不斷改進我們的產品和商業銷售基礎設施。我們的目標仍然明確：到 2030 年，從西雅圖出發的航班至少可以飛往 12 個長途目的地。

To wrap up our Q2 discussion, cargo revenues are performing extremely well, up 34% year over year. We successfully brought the last two of our 10 Airbus 330 Amazon freighters into service this quarter and look forward to maturing and growing this relationship. The launch of our Seattle-Tokyo Narita route has rapidly expanded our international cargo capabilities from Asia’s third-largest market. We've already surpassed our initial cargo volume targets on this route and have effectively backfilled much of the volume we anticipated might shift from Honolulu with the new high-value revenue streams.

總結我們第二季的討論，貨運收入表現非常好，年增 34%。本季度，我們成功將最後兩架空中巴士 330 亞馬遜貨機投入使用，並期待這種關係更加成熟和發展。西雅圖至東京成田航線的開通迅速擴大了我們從亞洲第三大市場拓展國際貨運能力。我們已經超越了這條航線的初始貨運量目標，並且透過新的高價值收入來源有效地填補了我們預計可能從檀香山轉移的大部分貨運量。

While there's still much more to unlock, our focus this year is on building a strong foundation to accelerate our cargo contribution in 2026 and beyond, as we scale and optimize this business as a key profit growth engine for Air Group.

雖然還有許多空間有待釋放，但我們今年的重點是建立堅實的基礎，以加速我們在 2026 年及以後的貨運貢獻，同時我們將擴大和優化這項業務，使其成為航空集團的主要利潤成長引擎。

Now, turning to our outlook. We expect third quarter capacity to be down about 1%, nearly 2 points below our prior expectation shared back in April. This is predominantly driven by deliberate reductions in off-peak flying. Similarly, we've reduced fourth quarter flying by approximately 2 points, bringing our full-year capacity growth to around 2% year over year. These adjustments are expected to be margin accretive.

現在，談談我們的展望。我們預計第三季運力將下降約 1%，比我們 4 月的預期低近 2 個百分點。這主要是由於有意減少非尖峰時段的航班。同樣，我們將第四季度的航班數量減少了約 2 個百分點，使全年運力年增至約 2%。預計這些調整將增加利潤。

Importantly, much of our growth continues to be sourced from increased utilization of our Hawaiian assets, which comes at very low incremental cost. Coupled with domestic industry capacity now expected to be nearly flat in the third quarter, we're confident that our continued commercial momentum will drive sequential improvement throughout the third quarter, resulting in unit revenues flat to up low single digits.

重要的是，我們的大部分成長仍然來自夏威夷資產利用率的提高，而這只需要非常低的增量成本。再加上目前預計第三季國內產業產能將基本持平，我們相信，我們持續的商業動能將推動整個第三季的連續改善，從而使單位收入持平或上升較低的個位數。

Demand has stabilized following the abrupt pullback we experienced earlier this year, and we're seeing encouraging signs of resilience. Our Q3 builds have seen a strong inflection since late June, with our traffic, yield, and total revenue intakes moving from negative to positive. We have experienced this on Alaska and Hawaiian assets alike. Although the strength is mostly closed-in at this stage with recent, July revenue intakes up low double digits, August low single digits, and September flat, we are seeing positive momentum.

繼今年稍早經歷的急劇回落之後，需求已經趨於穩定，並且我們看到了令人鼓舞的復甦跡象。自 6 月底以來，我們的第三季業績出現了強勁轉折，流量、收益和總收入均從負轉正。我們在阿拉斯加和夏威夷的資產上都經歷過這種情況。儘管目前實力基本上保持穩定，7 月營收成長低於兩位數，8 月營收成長低於個位數，9 月營收持平，但我們看到了正面的動能。

In summary, builds have been positive and improving on a year-over-year basis since late June. This is the first time all three have been in the black since early Q1. As mentioned earlier, Hawaii continues to book well with high single-digit yield growth and solid load factors in the second quarter, momentum that is carrying through year-end and supports the region's continued outperformance.

總體而言，自 6 月底以來，房屋建設情況一直呈現積極態勢，且年比有所改善。這是自第一季初以來，三家公司首次同時獲利。如前所述，夏威夷第二季的收益繼續保持高個位數成長，載客率也保持穩定，這一勢頭將持續到年底，並支持該地區繼續表現出色。

Managed corporate revenue declined 5% year over year in Q2, primarily due to lower yields. While large managed corporates, particularly in sectors like manufacturing and technology, remain cautious, small and medium businesses continue to demonstrate resilience. Factoring in small and medium business performance, total corporate revenue was down only 1%. Encouragingly, July has seen an uptick in close-in managed corporate bookings, a shift from what we saw in early Q2. Most importantly, despite a more challenging corporate setup on the West Coast compared to our peers, we still delivered industry-leading unit revenue in Q2, and we're well positioned to do so again in Q3.

第二季管理公司營收年減 5%，主要原因是殖利率下降。儘管大型企業（尤其是製造業和科技業等行業的企業）仍保持謹慎，但中小型企業仍表現出韌性。考慮到中小企業的表現，企業總收入僅下降了 1%。令人鼓舞的是，7 月近距離管理的企業預訂量有所上升，與第二季初的情況相比有所轉變。最重要的是，儘管與同行相比，西海岸的公司設置更具挑戰性，但我們在第二季度仍然實現了行業領先的單位收入，並且我們有能力在第三季度再次做到這一點。

With greater economic clarity ahead, we're cautiously optimistic about renewed corporate confidence, offering potential upside to corporate travel in our geographies. Our second-quarter results and outlook reinforce our confidence in our commercial strategy. Alaska Accelerate is working and continues to drive meaningful progress across the network. The synergies we've targeted are taking hold, validating our strategic direction and operational discipline.

隨著未來經濟情勢更加明朗，我們對企業信心的恢復持謹慎樂觀的態度，這將為我們地區的商務旅行帶來潛在的上升空間。我們第二季的業績和展望增強了我們對商業策略的信心。阿拉斯加加速計畫正在努力並繼續推動整個網路取得有意義的進展。我們所追求的協同效應正在發揮作用，驗證了我們的策略方向和營運紀律。

Even in a dynamic environment, Air Group's revenue performance reflects the strength of our brands, the loyalty of our guests, and the adaptability of our teams. Importantly, we are not standing still, we are making necessary adjustments to support improvements in overall unit revenues and profits. And as conditions improve and we continue to execute, we're well positioned to build on this momentum and deliver even greater value and resilience over time.

即使在動態的環境中，航空集團的收入表現也反映了我們品牌的實力、乘客的忠誠度以及團隊的適應性。重要的是，我們並沒有停滯不前，我們正在做出必要的調整以支持整體單位收入和利潤的提高。隨著條件的改善和我們的繼續執行，我們有能力利用這一勢頭，隨著時間的推移提供更大的價值和彈性。

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

說完這些，我就把麥克風交給 Shane。

Thanks, Andrew, and good morning, everyone. We reported earnings per share of $1.78 this quarter, exceeding our guidance range and delivering a pretax margin in the top three of the industry even as we work through integration. Our strategic plan continued to gain traction in the second quarter with strong execution against our commercial initiatives and synergy capture. The momentum we are seeing reinforces our conviction in Alaska Accelerate and the long-term value it is designed to create.

謝謝，安德魯，大家早安。本季度，我們報告每股收益為 1.78 美元，超出了我們的預期範圍，即使在我們進行整合的過程中，稅前利潤率仍位居行業前三名。我們的策略計劃在第二季度繼續獲得支持，並大力執行我們的商業計劃和協同效應。我們所看到的勢頭增強了我們對阿拉斯加加速計劃及其旨在創造的長期價值的信心。

Turning to our financial position. We ended the quarter with total liquidity of $3 billion inclusive of on-hand cash and undrawn lines of credit. We made $80 million in scheduled debt repayments during the quarter and expect to repay approximately $150 million in Q3. Net leverage ended the quarter at 2.4 times, while our debt to cap ended at 60%. During the quarter, we repurchased $428 million in shares, bringing our year-to-date total to $535 million, more than double our original repurchase expectations for the year. We executed our repurchases at attractive prices, returning value to shareholders without compromising the strength of our balance sheet. We continue to believe that our equity does not reflect the earnings part of the company, and we remain confident in our trajectory towards $10 in earnings per share by 2027.

談談我們的財務狀況。本季末，我們的總流動資金為 30 億美元，包括現金和未提取的信用額度。我們在本季按計劃償還了 8,000 萬美元的債務，預計第三季將償還約 1.5 億美元。本季末，淨槓桿率為 2.4 倍，而我們的債務上限為 60%。本季度，我們回購了價值 4.28 億美元的股票，使我們年初至今的回購總額達到 5.35 億美元，是當年我們最初回購預期的兩倍多。我們以有吸引力的價格進行了回購，在不損害我們資產負債表實力的情況下為股東帶來了價值。我們仍然相信，我們的股權並未反映公司的獲利部分，我們仍然對 2027 年每股收益達到 10 美元的軌跡充滿信心。

Turning to our cost performance. Second-quarter unit costs were up 6.5% year over year in line with our expectations and prior guidance. The primary drivers of our unit cost profile remain elevated airport real estate cost growth rates as well as maintenance costs and new labor contracts. We also remain disciplined in our capacity deployment, and will continue to choose growth rates that focus on maximizing margin over minimizing unit costs.

談到我們的成本表現。第二季單位成本年增 6.5%，符合我們的預期和先前的指引。我們單位成本狀況的主要驅動因素仍然是機場房地產成本成長率以及維護成本和新勞動合約的提高。我們在產能部署方面也保持嚴謹，並將繼續選擇注重利潤最大化而不是單位成本最小化的成長率。

Our absolute nonfuel costs remain on plan, thanks to strong execution and our team's commitment to cost discipline, which is challenging when integrating two companies quickly. We have lowered our third-quarter growth by approximately 2 points from the rate we expected earlier in the year and now expect year-over-year unit costs in the third quarter will be similar to our second-quarter result. However, this will be on 1% fewer year-over-year ASMs in the third quarter versus 2.7% more ASMs year-over-year in the second. Had we not cut capacity as close in as we did, we would have seen a step down in third quarter unit costs, and we still expect to see a meaningful step down in Q4 unit costs, setting up a strong exit rate into 2026. As a reminder, we've generally shared that growth of 4% to 5% would be required to cover normal cost inflation, so I'm pleased that we are on track to deliver full-year unit costs up mid-single digits on just 2% full-year capacity growth, which includes roughly 2 points of cost growth from our four new labor agreements.

由於強大的執行力和我們團隊對成本紀律的承諾，我們的絕對非燃料成本保持在計劃範圍內，這在快速整合兩家公司時是一項挑戰。我們已將第三季的成長率從今年稍早的預期下調了約 2 個百分點，目前預計第三季的年比單位成本將與第二季的業績相似。然而，第三季的 ASM 年比下降 1%，而第二季的 ASM 年比成長 2.7%。如果我們沒有像現在這樣大幅削減產能，我們就會看到第三季單位成本下降，而且我們仍然預計第四季度單位成本將大幅下降，從而為 2026 年的強勁退出率奠定基礎。提醒一下，我們通常認為需要 4% 到 5% 的增長才能覆蓋正常的成本通膨，因此我很高興我們能夠實現全年單位成本中個位數的增長，而全年產能僅增長 2%，其中包括我們四項新勞工協議帶來的大約 2 個百分點的成本增長。

Our fuel price averaged $2.39 per gallon during the second quarter, trending down through June, both for crude and West Coast refining margins. While we did see a temporary spike in refining margins to start the third quarter, reaching as high as $0.90 in early July due to supply fluctuations, this volatility should moderate as we move past peak summer demand, and we expect our economic fuel cost to remain stable around $2.45 per gallon in the third quarter. We expect to deliver adjusted earnings per share between $1 and $1.40 in the third quarter, which incorporates an expected $0.10 impact from the IT outage. We now expect at least $3.25 EPS for the full year.

我們第二季的燃料價格平均為每加侖 2.39 美元，整個 6 月呈下降趨勢，原油價格和西海岸煉油利潤均下降。雖然我們確實看到煉油利潤率在第三季初出現暫時飆升，由於供應波動，7 月初曾達到 0.90 美元的高位，但隨著夏季需求高峰過去，這種波動應該會有所緩和，我們預計第三季度經濟燃料成本將保持穩定在每加侖 2.45 美元左右。我們預計第三季調整後的每股盈餘將在 1 美元至 1.40 美元之間，其中包括 IT 中斷預計造成的 0.10 美元的影響。我們現在預計全年每股收益至少為 3.25 美元。

This outlook assumes that we continue to deliver on our synergy and commercial initiative commitments and that the recent inflection in demand and pricing remains through the rest of the year. As we look ahead, we are genuinely excited by the opportunities in front of us. We have seen strong initial execution against both the commercial roadmap and synergy capture we shared in December at our Investor Day and are encouraged by the setup we see for the rest of 2025. We believe we are uniquely positioned to deliver more value to customers, employees and owners as we continue execution of the Alaska Accelerate vision and develop deeper loyalty and preference with existing and new customers to Air Group.

這一前景假設我們繼續履行我們的協同效應和商業計劃承諾，並且近期需求和定價的變化將持續到今年剩餘時間。展望未來，我們由衷地對眼前的機會感到興奮。我們已經看到了 12 月投資者日分享的商業路線圖和協同效應方面的強勁初步執行，並對 2025 年剩餘時間的安排感到鼓舞。我們相信，隨著我們繼續執行阿拉斯加加速願景並加深航空集團現有和新客戶的忠誠度和偏好，我們擁有獨特的優勢，可以為客戶、員工和業主提供更多價值。

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

現在，讓我們來回答您的問題。

(Operator Instructions)

（操作員指示）

Conor Cunningham, Melius Research.

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

If we were to reflect back a little bit, I think you guys were probably the most accurate in terms of just flagging the issues that kind of presented from an industry level in June and July, so kudos there. But I was curious if you could just talk a little bit about the ramp in your expectations from 3Q to 4Q. What is underpinning your bullish view? Is it an assumption that demand continues to step up from the current booking patterns or is it just a combination of that and the competitive capacity environment continuing to significantly trend down?

如果我們稍微回顧一下，我認為你們可能是最準確的，只是標記出 6 月和 7 月從行業層面出現的問題，所以值得稱讚。但我很好奇，您是否可以稍微談談從第三季到第四季的預期成長。您的樂觀觀點是基於什麼？這是假設需求持續從目前的預訂模式上升，還是只是這種假設和競爭能力環境持續大幅下降的結合？

I appreciate the kudos. When we look at the backdrop for the second half of the year, obviously, it's going to be better than the first. And if you look at what we produced last year for Q4, it was close to $1 of EPS. So when you look at all the -- and a lot of that goodness came late in the fourth quarter where we saw things pick up. Right now, we're seeing a positive momentum starting late June, early July.

我非常感謝您的稱讚。當我們回顧下半年的背景時，顯然它會比上半年更好。如果你看看我們去年第四季的產量，每股盈餘接近 1 美元。所以當你看到這一切時——很多好處都出現在第四季末，我們看到情況有所改善。目前，我們看到從六月底七月初開始出現的正面動力。

We're seeing the momentum start early. And if it continues into the fourth quarter, we believe that we're going to have more tailwinds than we did last year. If you add synergies on top of that, I think we can easily beat Q4 of last year. So that's why we're confident. It's not a big stretch for us when we look at the numbers going from $1 to $1.05.

我們看到這種勢頭很早就開始了。如果這種勢頭持續到第四季度，我們相信我們將比去年獲得更多的順風。如果再加上協同效應，我認為我們可以輕鬆超越去年第四季的業績。這就是我們充滿信心的原因。當我們看到從 1 美元到 1.05 美元的數字時，這對我們來說並不是一個很大的延伸。

I think it's $1.05 that we need to get to $3.25. So we feel pretty good based on that, just comparing to last year.

我認為我們需要1.05美元才能達到3.25美元。所以，與去年相比，我們感覺相當不錯。

Okay. Helpful. And then your conviction level around the $10 in earnings power by 2027 is still really high, and that's obviously pretty impressive just given what has happened out there. But can you just talk a bit about the buyback? Like if you are, again, right on that assumption, it just seems like you should be incredibly aggressive here given where the stock is, and I just don't think it reflects your potential power overall.

好的。很有幫助。那麼，到 2027 年，你對獲利能力達到 10 美元左右的信心水平仍然很高，考慮到目前的情況，這顯然非常令人印象深刻。但您能簡單談談回購的情況嗎？就像，如果你再次正確地假設了這一點，那麼考慮到股票的現狀，你似乎應該在這裡採取非常積極的態度，但我認為這並不能反映出你的整體潛在實力。

So just thoughts on the buyback and how that could play out going forward.

所以只是對回購的想法以及未來將如何發展。

Thanks, Conor. It's Shane. I appreciate that. We agree that the stock doesn't reflect the earnings power of the company. I think we mentioned that in the script.

謝謝，康納。是肖恩。我很感激。我們同意股票不能反映公司的獲利能力。我想我們在劇本中提到過這一點。

I think we were really pleased with the rate that we were able to buy ALK back in the first half of the year, and we can have Emily share some of that detail. We want to be balanced, though, as we look forward. We do want to see some of the earnings come back, which we expect that they will in the second half before we continue to show the level of aggression we did in the first half of the year. We're not going to ultimately finance large share repurchases. We were able to do the first half of the year really comfortably with the balance sheet.

我認為我們對今年上半年能夠回購 ALK 的速度感到非常滿意，我們可以讓 Emily 分享一些細節。然而，我們希望在展望未來時保持平衡。我們確實希望看到部分收益回升，我們預計這將在下半年實現，然後我們將繼續展現上半年的積極水平。我們最終不會為大規模股票回購提供資金。我們能夠非常輕鬆地完成上半年的資產負債表。

And we're just going to continue to balance that. But you should expect if the stock is undervalued in our mind and we see the earnings coming back, we'll continue to be aggressive on the capital allocation front.

我們將繼續保持平衡。但你應該預料到，如果我們認為股票被低估，並且我們看到收益回升，我們將繼續積極進行資本配置。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

I was wondering if you could talk about some of the outperformance in the Hawaiian franchise and maybe unpack a little bit, like how much was the merger synergies, how much was maybe just the overall competitive dynamic in that market getting better?

我想知道您是否可以談談夏威夷特許經營的一些出色表現，並稍微解釋一下，例如合併協同效應有多大，該市場的整體競爭動態有多大改善？

It was actually across the board. We had -- revenues were up 17% on the franchise. Unit revenues were up 4%, capacity up 13%, unit cost down. So overall, I think a lot of it was the synergies, connecting of the networks, bringing everything together, and just the joint brand of Hawaiian and Alaska is just really performing well.

這實際上是全面的。我們的特許經營收入成長了 17%。單位收入成長 4%，產能成長 13%，單位成本下降。所以總的來說，我認為這在很大程度上是協同效應、網路連接、將所有東西整合在一起的結果，而且夏威夷航空和阿拉斯加航空的聯合品牌表現確實很好。

And of course, industry capacity is stable, and that has also helped as well.

當然，產業產能穩定，這也有幫助。

Yes. Tom just to add on that. I mean, these are all -- sorry, I just want to say this was all part of our due diligence when we acquired Hawaiian. So this is exceeding our expectations. I mean, to have Hawaiian produce a quarterly profit for the first time since 2019, I just want to underscore that achievement and really the power of connecting these two networks.

是的。湯姆只是想補充這一點。我的意思是，這些都是——抱歉，我只想說，這都是我們收購夏威夷航空時盡職調查的一部分。這超出了我們的預期。我的意思是，夏威夷航空自 2019 年以來首次實現季度盈利，我只想強調這一成就以及連接這兩個網絡的真正力量。

And the other thing Andrew didn't mention was just the moving assets around. We have 330s flying to Anchorage. We repositioned more 330s flowing from Seattle to Hawaii. These are all the -- maximizing the assets, the Hawaiian assets in a way that really improves the bottom line.

安德魯沒有提到的另一件事就是資產的轉移。我們有 330 航班飛往安克拉治。我們重新定位了更多從西雅圖飛往夏威夷的 330 型航班。這些都是——最大限度地利用資產，夏威夷的資產，以真正提高底線。

So it has just been great work by the entire team.

所以整個團隊都表現出色。

That's really helpful, Ben and Andrew. Then just as a follow-up, should investors be looking for similar or better performance as we move into 2026 out of the Hawaiian franchise synergies ramp as the network -- you just get -- start picking all the low-hanging fruit?

這真的很有幫助，本和安德魯。那麼作為後續問題，隨著我們進入 2026 年，夏威夷特許經營協同效應逐漸增強，網絡——你剛剛得到的——開始採摘所有唾手可得的果實，投資者是否應該尋求類似或更好的表現？

Yeah. For sure, Tom, like that's our absolute expectation that the Hawaiian assets will continue to improve in the profit side of the business. All the same reasons; we've got lots of synergies still to unlock on the commercial and on the cost side. And then we still have things to do like get to a single operating certificate, get to a single passenger service system, get the planes in the exact right places that we want them to be in. And so I think there's just a lot of upside yet to come.

是的。可以肯定的是，湯姆，就像我們絕對期望的那樣，夏威夷資產在業務利潤方面將繼續改善。基於同樣的原因，我們在商業和成本方面仍有許多協同效應有待發揮。然後我們還有一些事情要做，例如獲得單一營運證明、建立單一乘客服務系統、讓飛機停放在我們想要的正確位置。因此我認為未來還有很多好處。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

So I just want to follow up on just like the Q3 to Q4. Is -- Shane, is your view, is this just like the new seasonality where Q4 and Q3 are a lot more similar than they've used to be? Or would you maybe say it differently that maybe Q3 is just an under-earning quarter? And then maybe just with that, did I hear $2.45 as the average for jet fuel for Q3 in the guide? Or is that where you think you sort of end the quarter?

所以我只是想跟進 Q3 到 Q4 的情況。是——Shane，您認為這是否就像新的季節性一樣，其中 Q4 和 Q3 比以前更相似？或者您可能會換一種說法，也許第三季度只是一個盈利不足的季度？那麼也許就此而言，我是否聽說指南中第三季航空燃油的平均價格為 2.45 美元？或者您認為本季就此結束了嗎？

$2.45 is the average, Scott, just to take that first. I think your question is a good question. If I had to bet, I would think that Q3s of the future should be stronger than they have been the last couple of years. I think there's a lot of demand like people want to go out and travel, and we saw that our planes are relatively full this summer and I think they're going to be full into the back half of the year. And I just think the industry dynamics were the principal issue in Q2 and Q3 this year.

$2.45 是平均值，史考特，先拿這個吧。我認為你的問題很好。如果我必須打賭的話，我認為未來的第三季應該比過去幾年更強勁。我認為有很多需求，例如人們想出去旅行，我們發現今年夏天我們的飛機相對滿載，我認為到今年下半年我們的飛機也會滿載。我認為行業動態是今年第二季和第三季的主要問題。

And I think that probably fixes itself over time. That would be my guess.

我認為這個問題可能隨著時間的推移就會自行解決。這是我的猜測。

And then maybe just a little bit of help on the $3 and change this year going to $10 in two years. I mean, that's a big lift and what -- how much of that is market dependent versus just company specific, just -- and how to think about -- that's a big lift, so just any more help to get there.

然後也許只是對 3 美元提供一點幫助，並將今年的金額改為兩年後的 10 美元。我的意思是，這是一個巨大的提升，其中有多少取決於市場，多少取決於公司本身，以及如何思考，這是一個巨大的提升，所以只需要更多的幫助就可以實現這一目標。

Sure. Look, we -- in December, and we answered a lot of these questions then, like our level of confidence in $10 dollars was -- you're never 100%, but it was incredibly high, and as close to that level of confidence, as I think we could have gotten. The missing demand in the first half of the year, that obviously is something that we've got to recover over the next couple of years. But I'll tell you the $10, there was more upside to the potential of the business than we put into the number we announced. And we've talked openly about that. We're not going to give the absolute highest amount we think we can earn as a company.

當然。你看，我們在 12 月回答了很多這樣的問題，例如我們對 10 美元的信心水平是——雖然永遠不會是 100%，但它非常高，而且我認為我們已經非常接近那個信心水平了。今年上半年缺失的需求顯然是我們必須在未來幾年內彌補的。但我會告訴你，這 10 美元，業務的潛力比我們宣布的數字還要大。我們已經公開談論過這個問題。我們不會給出我們認為作為一家公司能夠賺到的最高金額。

There's a lot of gyrations as you guys know that happen in this industry. So we thought we could get an even higher number than $10. We didn't think we needed a lot of macro help to get there. I still don't think we need a lot of macro help. Now it can't continue to go backwards, so I like the trajectory that it seems to be on here in late June and early July. We've got $1 billion ultimately of net profit, like bottom line profit from our initiatives. They're all tracking on or above plan. We're executing all of those things really, really well. And then we bought back a bunch of shares that we hadn't anticipated at all in that number last December either.

你們知道，這個行業發生了很多波動。所以我們認為我們可以得到比 10 美元更高的數字。我們認為不需要太多宏觀幫助就能實現這個目標。我仍然認為我們不需要太多宏觀幫助。現在它不能繼續倒退，所以我喜歡它在六月下旬和七月初的軌跡。我們最終獲得了 10 億美元的淨利潤，也就是我們計劃獲得的底線利潤。他們都在按照計劃或超出計劃進行。我們確實非常好地執行了所有這些事情。然後，我們又回購了一批股票，去年 12 月我們也根本沒有預料到會有這麼多股票。

So we're going to work all sides of the formula, the denominator and certainly the profit side of the business. And I think as we look forward, we remain absolutely confident and committed to that number.

因此，我們要對公式的各個方面進行研究，包括分母，當然還有業務的利潤方面。我認為，展望未來，我們仍然對這一數字充滿信心並致力於實現這一目標。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

So a couple of my questions have already been asked. One clarification. I missed the premium comment earlier. Did you indicate when premium is expected to overtake the 50% mark of total revenue? And how does that compare with what you were thinking when you held your post-merger Investor Day?

我有幾個問題已經被問過了。一個澄清。我之前錯過了優質評論。您是否指出保費預計何時會超過總收入的 50%？這與您舉辦合併後投資者日時的想法相比有什麼不同？

Jamie, it's Andrew. Just to clarify, the 50% is our revenues coming from the premium outside of other areas like bag fees and all the rest of it. But as we shared in our prepared remarks, about 35% of our revenues right now are premium based on 26%, 27%. We are very confident, just given the -- I think we expanded the revenue premium over the main cabin between Q1 and Q2. And we're well on our way of adding premium class seats to our -9s and MAXs. So we feel really good about that trajectory.

傑米，我是安德魯。需要澄清的是，這 50% 是我們的收入，來自行李費等其他費用之外的保費。但正如我們在準備好的演講中分享的那樣，目前我們約有 35% 的收入是基於 26%、27% 的保費。我們非常有信心，因為——我認為我們在第一季和第二季之間擴大了主艙的收入溢價。我們正在為我們的 -9 和 MAX 增加高級艙座位。所以我們對這個軌跡感到非常滿意。

We're also seeing continued strong first-class cabin, and we're already working on the Airbus 330 and the 787 front cabins as well.

我們也看到頭等艙持續強勁發展，我們也已開始著手空中巴士 330 和 787 前艙的改進。

Well, just to go back to where our expectations were last December, I think we still have an open question about how much of the revenue can be generated outside of the main cabin, but we certainly think it's above 50 and into the mid-50s it's why we're doing things like adding more premium seats to the fleet, and I think you'll continue to see us do that. And we've got lots of other potential sources of new revenue like cargo. And so we'll continue to diversify the revenue streams. And I think, ultimately, we'll get close to the mid-50s to high-50s outside of the main cabin.

好吧，回到我們去年 12 月的預期，我認為我們仍然有一個懸而未決的問題，即在主艙之外可以產生多少收入，但我們肯定認為它會超過 50% 並進入 50% 左右，這就是為什麼我們會在機隊中增加更多高級座位，我想你會繼續看到我們這樣做。我們還有很多其他潛在的新收入來源，例如貨運。因此，我們將繼續實現收入來源多元化。我認為，最終我們將使主艙外的溫度接近 50 多度到 50 多度。

Okay. Helpful. And then I thought you did a good job articulating the response to Conor's question on the fourth quarter demand lift. But just to be clear, does your industry capacity forecast assume that we see as much capacity come out October through December as we are in the months prior to that? Because again, I think you gave a good answer as to why it can accelerate, but I didn't hear any supply commentary.

好的。很有幫助。然後我認為你很好地表達了康納關於第四季度需求提升的問題的回答。但需要明確的是，您的產業產能預測是否假設我們看到 10 月至 12 月的產能與前幾個月的產能一樣多？因為我再一次認為你對為什麼它可以加速給出了一個很好的答案，但我沒有聽到任何供應評論。

And the fact of the matter is there's no guarantee that year-on-year capacity in the fourth quarter is going to tighten as much as it did sort of second half of August and into September.

事實是，不能保證第四季的年比運力會像 8 月下半月和 9 月那樣緊張。

Yeah. Thanks, Jamie. The most important part of that question for us is where capacity ultimately ends up in our markets. And I think as we look forward, we think that, that setup looks pretty good, and it's probably going to get better. And so Q3 in our market looks better than last year and I think Q4 could be improved again.

是的。謝謝，傑米。對我們來說，這個問題最重要的部分是產能最終流向我們的市場。我認為，展望未來，我們認為這種設定看起來相當不錯，而且可能會變得更好。因此，我們市場第三季的表現比去年更好，我認為第四季的表現可能會再次改善。

Certainly, relative to last year, it would appear that the setup on capacity is really constructive for us. So yeah, I do think we view it as in a good position today and likely to get better as schedules get firmed up going forward.

當然，相對於去年而言，產能設定對我們來說確實很有建設性。所以是的，我確實認為我們今天的情況很好，而且隨著未來日程的確定，情況可能會變得更好。

Catherine O'Brien, [Goldman Sachs] (corrected by company after the call).

凱瑟琳·奧布萊恩，[高盛]（電話會議後公司已更正）。

Hey, everyone, Cate O'Brien with Goldman actually, but good to see you guys, good to hear from you. A question for -- maybe for Shane. This year, I believe, more than a typical year, you have some fixed costs you can't take out because of ongoing integration efforts even as you cut capacity, just investments in merging the two operations. Can you help us think about how much of a drag that is to 2025 outlook?

大家好，我是高盛的凱特‧奧布萊恩 (Cate O'Brien)，很高興見到你們，很高興收到你們的消息。這可能是針對 Shane 的一個問題。我相信，今年與往年相比，即使削減產能，由於正在進行的整合工作，您仍會有一些無法消除的固定成本，而這只是合併兩項業務的投資。您能否幫助我們思考這對 2025 年前景有多大的阻礙？

Yeah. Thanks, Catie. Yeah, no, I appreciate the question. Just to get a couple of the facts out there. We essentially grew as we thought we were going to grow in the first half of the year, and we've pulled 2 points of growth out of the back half of the year. And to go one more click down because I think it's important to understand, we pulled 2.5 points of mainline capacity. We actually added 5 points of regional capacity. And so there is a mix issue that's probably worth 0.5 to 1 point, call it, 0.75 point of drag for the rest of the year. And then because we pulled the capacity just too close in, we're really not able to get much of the variable cost that's not directly related to departing a flight out of the business.

是的。謝謝，凱蒂。是的，不，我很感謝你提出這個問題。只是想了解一些事實。我們基本上按照預期在上半年實現了成長，並且在下半年實現了 2 個百分點的成長。再往下點擊一下，因為我認為理解這一點很重要，我們拉出了 2.5 個主線容量點。我們實際上增加了 5 個區域容量點。因此，存在一個混合問題，可能對今年剩餘時間造成 0.5 到 1 個百分點的拖累，甚至可以說造成 0.75 個百分點的拖累。然後，由於我們將運力拉得太近，我們實際上無法將與航班起飛不直接相關的變動成本從業務中剔除。

And it's essentially a one-for-one hit. So a point of lost capacity is essentially hitting our CASMex by 1 point. That, we do intend to not become the norm. We don't like building the company for a certain level of capacity and then not flying it. Although -- and I was -- as you might imagine, deliberate in my prepared remarks to mention we're going to make decisions about capacity that are margin focused.

這基本上是一對一打擊。因此，容量損失的一個點實際上會對我們的 CASMex 造成 1 個點的打擊。我們確實不想讓這種情況成為常態。我們不喜歡將公司建立到一定程度的運力，然後卻無法實現其目標。儘管——正如你可能想像到的那樣——我在準備好的演講中特意提到，我們將做出以利潤為重點的產能決策。

And so if we view it as a better margin outlook to cut capacity closer, we will do that. But our goal going forward is to ultimately fly what we say we're going to fly. I think we came into the year with a really responsible amount of capacity that we intended to deploy year over year, and we're going to have a similar very deliberate growth rate next year.

因此，如果我們認為進一步削減產能可以獲得更好的利潤前景，我們就​​會這樣做。但我們未來的目標是最終實現我們所謂的飛行目標。我認為，我們今年的產能是真正負責任的，我們計劃逐年部署，明年我們也將實現類似的慎重成長率。

Okay. Clear. And then maybe one for Andrew. Can you just break down how demand has changed in recent weeks, maybe across the different segments? Where are you seeing the biggest turnaround from a geography standpoint?

好的。清除。然後也許給安德魯一個。您能否分析一下最近幾週不同領域的需求變化？從地理角度來看，您認為哪裡的轉變最大？

Like I think you mentioned some corporate uptick. Can you help us think about by -- maybe by geography, by traveler type, like what you've seen over the past couple of weeks if things have accelerated?

就像我認為您提到過一些企業的成長。您能否幫助我們思考一下——也許按地理位置、按旅行者類型，就像您在過去幾週看到的那樣，事情是否有所加速？

Yeah. Thanks, Catie. I would say it's across the board. And as Ben well-articulated the various factors, whether it's capacity coming down, our synergies and initiatives really starting to ramp, but I do think when you look at business demand in the last two weeks, it has been up double-digit volumes and revenues being up the same. We've seen lease agencies are actually up 7%.

是的。謝謝，凱蒂。我想說這是全面的。正如本所闡述的各種因素，無論是產能下降，還是我們的協同效應和舉措真正開始增強，但我確實認為，當你看看過去兩週的業務需求時，它的數量和收入都出現了兩位數的增長。我們看到租賃機構的數量實際上增加了 7%。

So all of these factors that we're seeing are continuing to get stronger. I would say that as we said in our prepared remarks, there was this real hard inflection point across the system where yields and volumes all turn positive. So it's very encouraging, we're seeing it on the leisure side, we're seeing it on the business side. And as has already been articulated the capacity backdrop as we move into the back half of the year, I think, is very constructive.

因此，我們看到的所有這些因素都在不斷增強。我想說，正如我們在準備好的發言中所說的那樣，整個系統存在一個真正的硬拐點，收益率和交易量都變為正值。所以這是非常令人鼓舞的，我們在休閒方面看到了它，我們在商業方面也看到了它。正如已經闡明的那樣，隨著我們進入下半年，我認為產能背景非常具有建設性。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

This is John Dorsett on for Brandon. Congrats on the second quarter results. Just wanted to follow up on an earlier question on the integration. On slide 4, you kind of have bucketed the synergies, initiatives and the quantitative I guess, targets for the integration. How far along are you with those?

這是約翰·多塞特 (John Dorsett) 代替布蘭登 (Brandon) 上場的表演。恭喜第二季的業績。只是想跟進之前關於整合的問題。在投影片 4 上，您大致概括了綜效、措施以及整合的量化目標。您現在進展如何？

And what kind of progress should we expect into the fourth quarter?

第四季我們能期待什麼樣的進展嗎？

John, it's Ryan. Thanks for the question. Yes, so that Alaska Accelerate slide obviously has -- it's a little bit more than just synergies kind of like we shared back in December. Some of this stuff we were working on even before the merger happened. But this year, we had kind of said we were going to get probably $200 million of synergies.

約翰，我是瑞安。謝謝你的提問。是的，阿拉斯加加速幻燈片顯然具有 - 它不僅僅是協同效應，就像我們在 12 月分享的那樣。其中一些工作我們在合併之前就已經開始著手了。但今年，我們曾說過我們可能會獲得 2 億美元的綜效。

We sort of said that back in December. We're tracking ahead of that right now, which is encouraging to see. We've talked about how it's ramping up throughout the year. The first quarter, we didn't get as much as we could have had the deal closed a lot sooner last year. The fourth quarter, though, by far has the most -- so you can sort of back into -- on a year-over-year basis, we're going to see the highest amount in the fourth quarter. If you certainly were to annualize that fourth quarter number, it's going to be much higher than $200 million.

我們在 12 月就說過這件事。我們目前正在追蹤這一情況，這是令人鼓舞的。我們已經討論過它如何在全年不斷增長。第一季度，我們獲得的收益不如去年同期那麼高，如果能早點完成交易就更好了。不過，到目前為止，第四季度的增幅最大——因此，你可以回顧一下——與去年同期相比，我們將在第四季度看到最高的增幅。如果要將第四季的數字按年化，那麼它將遠高於 2 億美元。

And so I'd say we're tracking very well, and it's been exceeding our expectations. So going into '26 and as we bridge ourselves to the $10 earnings per share, next year, as we annualize a lot of this and add new things to it, it's going to get even better and better. And we haven't even launched the new loyalty program or premium credit card yet, which we expect a nice uptick in the fourth quarter from as well.

所以我想說我們的追蹤情況非常好，並且已經超出了我們的預期。因此，進入 26 年，當我們將每股收益定為 10 美元時，明年，隨著我們將其中的許多部分年度化並添加新內容，情況會變得越來越好。我們甚至還沒有推出新的忠誠度計劃或高級信用卡，我們預計第四季度這些計劃或信用卡也會出現良好的增長。

Okay. Great. And just a follow-up. How is the progress going along with the single carrier certificate coming along?

好的。偉大的。這只是後續行動。單一承運人證書的辦理進度如何？

John, what I'll say is it's going extremely well. We're on track for October and not just only on the single operating certificate, but on a single reservation system, we're launching single loyalty next month. and we commenced joint collective borrowing with all our unions. So as you guys know, that's not the first time we do this. And I just have a big shout out to all the teams.

約翰，我想說的是一切進展非常順利。十月份，我們的計劃進展順利，不僅有單一營運證書，還有單一預訂系統，下個月我們還將推出單一忠誠度計劃。我們也將與所有工會開始聯合集體借貸。正如你們所知，這不是我們第一次這樣做。我要向所有隊伍大聲呼喊。

This is a lot of work while we work on all these initiatives. So I'm super proud of our entire Alaska Group team for really executing well on all these milestones.

我們在進行所有這些措施時需要做大量的工作。因此，我為我們整個阿拉斯加集團團隊在所有這些里程碑上的出色表現感到非常自豪。

Andrew Didora, Bank of America.

美國銀行的安德魯‧迪多拉 (Andrew Didora)。

First question maybe for Andrew, maybe a point of clarification. Maybe it's just me, but I was a little confused around your revenue intake commentary in your prepared remarks, I think you said July up double digits, August up low single digits in September, flat. I guess what exactly does revenue intake represent? And I guess why would it be kind of decelerating as you go further out into 3Q?

第一個問題可能是針對安德魯的，也許是需要澄清的一點。也許只是我一個人這樣，但我對你準備好的發言中的收入收入評論有點困惑，我認為你說的是 7 月份增長兩位數，8 月份增長低個位數，9 月份持平。我猜收入攝取到底代表什麼？我想，為什麼隨著第三季的進一步推進，這種成長速度會放緩呢？

Yeah. Thanks, Andrew. Really, I'm talking about bookings. And as we shared in the prepared remarks, obviously, the closer in bookings are coming in the strongest. And we're seeing very good bookings in August.

是的。謝謝，安德魯。真的，我說的是預訂。正如我們在準備好的演講中分享的那樣，顯然，預訂量越接近，前景就越光明。我們看到八月的預訂量非常好。

And we're very -- we're booked to a very load factor. But again, all of these months, we're getting better than they were three weeks ago. So I fully expect to see those continue to improve as we move forward.

我們的客座率非常高。但話說回來，這幾個月以來，我們的情況比三週前有所改善。因此，我完全期待看到這些情況隨著我們前進而不斷改善。

Okay. Understood. And I guess my second one for Andrew. There's been some chatter about your kind of loyalty and cargo kind of success here. Can you maybe help us understand the trajectory on both of those into the back half of the year?

好的。明白了。我想這是我為安德魯獻上的第二個禮物。這裡有一些關於您的忠誠度和貨物成功的討論。您能否幫助我們了解今年下半年這兩項業務的發展軌跡？

And how should we think about incremental synergies to unlock that helps drive the inflection in unit revenues as we head into 4Q?

在進入第四季時，我們應該如何看待增量綜效，以幫助推動單位收入的轉變？

That's the cargo question. I think we're going to have Jason Berry answer that for us.

這就是貨物問題。我想我們會讓傑森貝瑞來回答這個問題。

Yes. Jason, just -- Andrew, Jason Berry leads Horizon and our cargo operations. So I'm going to get him to come in on cargo.

是的。傑森，只是——安德魯，傑森·貝瑞領導 Horizo​​​​n 和我們的貨運業務。所以我要讓他來運送貨物。

Andrew, yes, the cargo piece is, as we talked about in December, we're bullish on where we can go with this as we combine the two networks, and we're already seeing synergies from the Alaska Hawaiian combination. The Narita flight, we're bringing cargo directly to the Mainland to connect across the Lower 48. Our freighter franchise up in the state of Alaska, that we've got two new airplanes in 2024 - those are really now giving some outsized year-over-year performance, and we're gaining market share. And then on the Amazon piece, we finally got up to 10 aircraft.

安德魯，是的，貨運部分，正如我們在 12 月談到的那樣，我們對合併兩個網絡後的發展前景充滿信心，而且我們已經看到了阿拉斯加夏威夷組合帶來的協同效應。成田航班，我們將貨物直接運送到美國本土，然後跨越美國本土 48 州進行轉運。我們在阿拉斯加州的貨機特許經營權，我們將在 2024 年擁有兩架新飛機 - 這些飛機現在確實取得了一些超出去年同期的出色表現，而且我們的市場份額也在不斷擴大。然後在亞馬遜方面，我們最終獲得了 10 架飛機。

It took a while, and we're beginning to see now that business start to finally spread its wings and really see what we can do. The Amazon team, we have a great relationship with them, they're our neighbors, they're right up the street from us, and we're working with them to continue to build that out, and we're encouraged by where it's going.

這花了一段時間，現在我們開始看到業務終於開始展翅高飛，並真正看到我們能做什麼。我們與亞馬遜團隊保持著良好的關係，他們是我們的鄰居，就在我們街上，我們正​​在與他們合作繼續發展這種關係，我們對他們的發展感到鼓舞。

Duane Pfennigwerth, Evercore ISI.

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

I was hoping we could go a little deeper on the margin opportunity from repositioning of your widebody aircraft. You touched on it, but maybe give us an update on any kind of route profitability improvement anecdotes you have, how do margins today on long haul compare to your system average now and maybe the premerger baseline? And just remind us how big is this opportunity? And how long will it take for you to realize it?

我希望我們能夠更深入地了解重新定位寬體飛機所帶來的利潤機會。您提到了這一點，但也許您可以向我們介紹一下您所掌握的任何航線盈利能力改善方面的最新消息，目前長途航線的利潤率與現在的系統平均利潤率以及合併前的基準相比如何？並提醒我們這個機會有多大？您需要花多長時間才能實現它？

I'll have Andrew give you some color, but probably not all of those details.

我會讓安德魯給你一些詳細信息，但可能不是所有細節。

Message understood, Shane --

明白了，肖恩--

I've had a lot of time to refine the question, so thank you.

我花了很多時間來完善這個問題，所以謝謝你。

No, Duane, a couple of things. The widebody is obviously a large percentage are dedicated from Honolulu up to the West Coast. And those are experiencing strong uplift from network connectivity from synergies and all the things that we've already discussed. Ben was just talking to an agent the other day, and we're launching a widebody out of anchorage at 2 AM completely full.

不，杜安，有幾件事。顯然，寬體飛機中有很大一部分是從檀香山到西海岸的專用飛機。這些都因網路連線、協同效應以及我們已經討論過的所有事情而獲得了強勁的提升。本前幾天剛和一位代理人談過，我們將在凌晨 2 點將一架滿載的寬體飛機從錨地出發。

So markets like 20 flights today between Seattle and Anchorage, the widebodies have been really good. We're continuing to look at all the widebodies, the 330 specifically, obviously, and where they're directed and how they're dedicated, but we still continue to see upside in optimization of that aircraft, both from a utilization perspective, revenue configuration, and maybe some marginal tweaks around the edges there on the actual network itself.

因此，今天西雅圖和安克雷奇之間 20 個航班的市場表現非常好。我們將繼續關注所有寬體飛機，特別是 330，以及它們的用途和用途，但我們仍然看到該飛機在優化方面有上升空間，無論是從利用率角度、收入配置，還是從實際網路邊緣的一些邊際調整。

I mean, are we barking up the wrong tree? Is that one of the most significant margin movers you have going forward?

我的意思是，我們是不是找錯物件了？這是你們未來利潤成長的最重要因素之一嗎？

I wouldn't say it's the most significant. I think the 321s, obviously, you're seeing a lot of benefit from that with this much higher utilization. And obviously, we're going to be reconfiguring the 330 and increasing the first-class cabin, the J cabin. We're going to be putting premium international premium economy seats on that. So those over the next few years will generate significantly more revenue than they do today. And we have about 24 of those units.

我不會說這是最重要的。我認為 321 顯然能從中獲益良多，因為其利用率更高。顯然，我們將重新配置 330 並增加頭等艙，即 J 艙。我們將在那裡設置優質的國際優質經濟艙座位。因此，未來幾年這些項目的收入將比現在多得多。我們有大約 24 個這樣的單位。

Great. And then just a follow-up on just broadly on fleet simplification. Again, from a margin opportunity perspective, what are the biggest opportunities? And any thoughts on timing?

偉大的。然後只是對車隊簡化進行廣泛的跟進。再一次，從利潤機會的角度來看，最大的機會是什麼？對於時間安排您有什麼想法嗎？

Thanks, Duane. That presupposes we're going to do fleet simplification, which I don't think we've talked much about, but I appreciate the question. We do have some decisions to make on the long-term sort of contours of the fleet. We're, as you know, very committed to Boeing and the MAX aircraft. We're excited to get the -10 into the fleet, hopefully, later next year or early the year after.

謝謝，杜安。這預示著我們將進行船隊簡化，我認為我們對此討論得併不多，但我很感謝你提出這個問題。我們確實需要對艦隊的長期輪廓做出一些決定。如您所知，我們非常致力於波音和 MAX 飛機。我們很高興能夠將 -10 投入艦隊，希望能在明年晚些時候或後年年初投入使用。

We're really excited about getting our next and fifth 787 into the fleet. Those aircraft are going to be cornerstones of the Seattle geography for us. I think we expect to have the rest of the fleets here for a while. The 717s are really, really well suited to the Neighbor Island flying that they do, very hearty airplanes, great engines for that environment. And I think Hawaiian had made good decisions in terms of the narrow-body fleet.

我們非常高興下一架也是第五架 787 飛機加入我們的機隊。這些飛機將成為我們西雅圖地理的基石。我認為我們預計其餘艦隊會在這裡停留一段時間。717 確實非常適合鄰近島嶼的飛行，飛機性能非常強勁，引擎也非常適合那種環境。我認為夏威夷航空在窄體機隊方面做出了正確的決定。

The A321 works really well into the West Coast for them. And obviously, the A330 is the backbone of what they do flying internationally and off to the West Coast. So nothing imminent to talk about, we're retiring our oldest 900s on the Alaska side. We're in the middle of doing that, we'll need to retire 700s next. I do think five years from today we’ll probably be simpler than we are today.

對他們來說，A321 飛往西海岸非常方便。顯然，A330 是他們國際航班和飛往西海岸的支柱。所以沒有什麼迫在眉睫的事情要談，我們將退役阿拉斯加最老的 900 型飛機。我們正在做這件事，下一步我們需要淘汰 700 型。我確實認為五年後我們可能會比今天更簡單。

But we've got some time to go and make those decisions and make sure they're optimized for the network we see ourselves flying in the future.

但我們還需要一些時間來做出這些決定，並確保它們針對我們未來飛行的網路進行最佳化。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林伯格。

This is Shannon Doherty on for Mike. For the first one, can you guys discuss some competitor dynamics out of Seattle. We saw some responses to your launch of Rome next year, which is probably expected. I'm just curious to know if you're seeing any particular yield pressure in response as you build out the hub? And then can you talk about some of the benefits you're seeing from increasing the network connectivity through Seattle and Portland?

這是 Shannon Doherty 取代 Mike 演繹的作品。首先，你們能討論一下西雅圖的一些競爭對手動態嗎？我們看到了你們對明年推出的《羅馬》的一些反響，這可能是意料之中的。我只是好奇，想知道在建造樞紐時，您是否看到任何特殊的收益壓力？然後您能談談透過西雅圖和波特蘭增加網路連線所帶來的一些好處嗎？

Yeah. So a couple of things. We are, have been very pleased with where we see things are at. Just to be very clear on Seattle, the way we're positioned, our loyalty, our network, our share, we are extremely well positioned to be very successful in any long haul that we endeavor out of Seattle, especially with a 787 as well as our oneworld partners and connectivity. And you've heard about changes that are coming in the loyalty program. So overall, we are very bullish on the Seattle situation.

是的。有幾件事。我們對目前的情況感到非常滿意。只是為了清楚地說明西雅圖的情況，我們的定位、我們的忠誠度、我們的網絡、我們的份額，我們都處於非常有利的位置，能夠在從西雅圖出發的任何長途航線上取得成功，特別是有了 787 以及我們的寰宇一家合作夥伴和連通性。您已經聽說了忠誠度計劃即將發生的變化。所以總的來說，我們對西雅圖的情況非常樂觀。

As far as hubs goes, we've been growing Portland and San Diego, which have been very successful. You heard in my prepared remarks that there's 200%-plus of increasing connecting passengers over Portland. We've had high single digit over Seattle, and I think there's more optimization work to be done there.

就樞紐而言，我們一直在發展波特蘭和聖地牙哥，這兩個城市都非常成功。在我的準備好的發言中，您已經聽說了，經由波特蘭轉機的旅客數量增加了 200% 以上。我們在西雅圖的成績單上已經有了較高的個位數，我認為那裡還有更多的優化工作要做。

We're feeling a little bit of pressure in San Francisco because industry seats there are up. But overall, given the dynamic of our growth, our revenues and initiatives, and the network and then the industry’s sort of lower level of growth, we feel very good about the construct as we move into the back half of this year.

我們在舊金山感受到了一點壓力，因為那裡的行業席位已經增加。但總體而言，考慮到我們的成長動力、收入和計劃、網絡以及行業較低的成長水平，我們對今年下半年的結構感到非常滿意。

That's great. And maybe just a follow-up to Catie's question, can we dig more into the corporate revenue backdrop? You called out some green shoots from large managed corporates with business demand and volumes up double digits. But then you noted in the script that West Coast exposure is a headwind. Shouldn't you guys be best positioned to capitalize on a corporate travel recovery that's like lagged in this region?

那太棒了。也許這只是 Catie 問題的後續，我們能否更深入了解企業收入背景？您指出，大型管理企業的業務需求和業務量出現了一些復甦跡象，並實現了兩位數的成長。但隨後您在劇本中指出，西海岸的曝光是一個阻力。你們不應該處於最佳位置來利用該地區滯後的商務旅行復甦嗎？

Or do you think that corporate travel patterns just on the West Coast have structurally changed?

或者您認為僅西海岸的商務旅行模式已經發生了結構性變化？

So I think if you really look at it, Shannon, you've got the four technology behemoths which are very significant to us in our corporate travel. And then, of course, you've got a big air manufacturer. And it's very widely publicized right now that those businesses are going through some change and that travel has been down. My comments specifically referred to business in general, including some of these large corporations. They’re changing direction and the -- just in the last few weeks, the bookings volumes have been up double digit.

所以我認為，香農，如果你認真看一下，你會發現這四家科技巨頭對我們的商務旅行來說非常重要。當然，你還有一家大型空氣製造商。目前，這些企業正在經歷一些變革，旅遊業也出現下滑，這一消息已廣為人知。我的評論特別涉及一般商業，包括一些大公司。他們正在改變方向——就在過去幾週，預訂量已經增加了兩位數。

Most of our corporate and business travel, obviously, is off the West Coast. But I will say that as we enter into new contracts globally, and we're already talking to our largest corporate contracts, the new global gateway is also going to be helpful for us to actually build even further our diversity and spread of corporate travel.

顯然，我們的大部分公司和商務旅行都在西海岸以外。但我要說的是，隨著我們在全球範圍內簽訂新合同，並且我們已經在與最大的企業簽訂合同，新的全球門戶也將有助於我們進一步構建商務旅行的多樣性和普及性。

Dan McKenzie, Seaport Global.

丹麥肯齊 (Dan McKenzie)，Seaport Global。

Congrats on the second quarter. The demand commentary has been really helpful. But bigger picture, if we just put a little bit of a finer point on it, how immune or resilient is the consumer today to say, really bad headlines, really bad macro news? And is it the leisure travel that's more impacted or is it the corporate traveler? And I guess, just tied to this, just to put a finer point on it, are the idiosyncratic revenue initiatives in the fourth quarter -- if you can just help us understand how many percentage points of RASM they might contribute.

恭喜第二季。需求評論確實很有幫助。但從更大的角度來看，如果我們只是稍微詳細地分析一下，那麼今天的消費者對於非常糟糕的頭條新聞、非常糟糕的宏觀新聞的免疫力或適應力有多大？受影響更大的是休閒旅遊還是商務旅客？我想，與此相關的是，為了更準確地說，第四季度的特殊收入計劃——如果您能幫助我們了解它們可能貢獻多少個百分點的 RASM。

Dan, I'll maybe sort of take this high level. I don't think we're going to share the specific contribution outside of synergies alone are meant to be at least $200 million and as Ryan said, exiting the year at much higher than that. And then we have initiatives on top of it. So it's not -- it's an important -- very important part of our revenue trajectory, both the commercial road map items and the synergies. On the commercial initiatives, I just want to remind folks we're largely doing things that have been already done in the industry.

丹，我可能會採取這種高水準的措施。我認為我們不會分享綜效之外的具體貢獻，單是綜效就至少有 2 億美元，而且正如 Ryan 所說，今年的貢獻會遠高於這個數字。然後我們在此基礎上採取了一些措施。因此，它不是——它是我們收入軌跡中非常重要的一部分，包括商業路線圖項目和協同效應。關於商業舉措，我只是想提醒大家，我們所做的基本上就是業界已經做過的事情。

And so we're super excited to get to a single loyalty program later this summer along with that launch our premium credit card. That is a product that others have been successful with, and we have every expectation we will be successful with as well. We continue to increase the number of premium seats on aircraft at a really low cost of capital by just sliding an extra rows on both the 800s and 900s. And so we're doing things that I think have a very high likelihood of being successful in being at or better than our original estimates, and that's what we've seen throughout the first half of the year. In terms of the overall consumer, it's -- I think everybody's question, Dan, and I don't know that we're smarter than anybody else on it.

因此，我們非常高興能在今年夏天晚些時候推出單一忠誠度計劃，並推出我們的高級信用卡。這是其他人已經成功推出的產品，我們也完全有信心能夠成功。我們透過在 800 型和 900 型飛機上增加一排座位，以極低的資本成本繼續增加飛機上的高級座位數量。因此，我認為我們所做的事情很有可能成功達到或超過我們最初的估計，而這正是我們在今年上半年所看到的。就整體消費者而言，我想這是每個人都會問的問題，丹，我不知道我們在這個問題上是否比任何人都更聰明。

But I'll tell you, and this is similar to other airlines, and I think just generally in the economy. The folks who are more oriented towards purchasing into our premium cabins have been super resilient and it's sort of persisted through the first and the second quarter and continues to look like it's going to persist into the third and the fourth. And then if the overall sort of consumer feels better about the forward look, which I think they do, I think it's more stable looking for than it was 90 days ago. It feels like they're more willing to begin traveling again at higher numbers. And then with that, we have corporate coming back on top of it.

但我會告訴你，這與其他航空公司類似，我認為總體而言，在經濟方面也是如此。那些更傾向於購買我們高級艙位的顧客具有超強的適應力，這種趨勢在第一季和第二季一直持續，而且看起來還會持續到第三季和第四季。如果整體消費者對未來前景感覺更好的話（我認為他們確實如此），我認為未來前景會比 90 天前更加穩定。感覺他們更願意在人數增加時再次開始旅行。然後，我們讓企業重新回到領先地位。

So it's all sort of looking good right now, and let's hope it continues.

所以現在一切看起來都很好，希望這種情況能持續下去。

Yes. Second question, where is Alaska making investments in machine learning? And how do we think about the multiyear productivity story? I guess how many years off in the future is it before we might see AI in the cockpit, for example?

是的。第二個問題，阿拉斯加要投資機器學習？我們如何看待多年的生產力故事？我想，還要多少年我們才能在駕駛艙中看到人工智慧？

Dan, it's Ben. Look, I think our focus on AI right now, and we're excited about it like everyone, is really on the safety and operations side. And we started this well before anybody else in 2018 - 2019 with our flight planning with a company called Flyways and that's just about the safety and efficiencies of our flight plans. We're looking at how it improves operations, our safety data. And the other thing is we're looking at initiatives that put really the guest experience at the center of it all.

丹，我是本。看，我認為我們現在對人工智慧的關注實際上是在安全和營運方面，而且我們和大家一樣對此感到興奮。我們在 2018 年至 2019 年間率先與 Flyways 公司合作制定飛行計劃，主要是為了確保飛行計劃的安全性和效率。我們正在研究它如何改善營運和安全數據。另一件事是，我們正在考慮將客人體驗真正放在首位的舉措。

And those are the things that really excite us a lot. So that's where it's going to be our focus now, whether that's in call centers and improving the experience of call centers, the experience in lobbies, the experience through the app, those are all things we're looking at in terms of improving the guest experience and in parallel, how do we improve safety and operations. So that's all our thinking around AI. That's where we want to drive it.

這些事情確實讓我們非常興奮。所以這就是我們現在關注的重點，無論是在呼叫中心，改善呼叫中心的體驗，大廳的體驗，還是透過應用程式的體驗，這些都是我們在改善客戶體驗方面所關注的事情，同時，我們如何提高安全性和營運。這就是我們對人工智慧的全部思考。這就是我們想要推動它的方向。

That's where we think we can have the biggest bang for our buck with this exciting new technology.

我們認為，這項令人興奮的新技術可以讓我們獲得最大的效益。

All right. I think we have time for one more question.

好的。我想我們還有時間再回答一個問題。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

I know it's early days on the international routes, but do you have data on what kind of traveler you're attracting here? Is it an Alaska fan, who is now flying international with you? Are you taking share from international or domestic mainline peers? Is it corporate? Any data there will be helpful.

我知道國際航線才剛起步，但你們有關於吸引哪些類型遊客的數據嗎？他是阿拉斯加的粉絲嗎？現在他正和你一起搭乘國際航班？您是否正在從國際或國內主幹線同行手中奪取市場份額？是公司性質的嗎？那裡的任何數據都會有幫助。

Ravi, let me start just giving you context about our Seattle Global hub. So just for context, we have the largest domestic network out of Seattle, 2x beyond anybody else. Our loyalty program, we have -- so we were just named for the 11th year in a row, best loyalty program in the country. So between having the largest domestic share, a great loyalty, and we always said scale, relevance, and loyalty really drives results. We believe we're going to get the leisure passenger, the business passenger to fill these airplanes.

拉維，讓我先向您介紹我們的西雅圖全球中心。僅就背景而言，我們擁有西雅圖最大的國內網絡，比其他任何網路都大兩倍。我們的忠誠度計畫－我們連續第 11 年被評為全國最佳忠誠度計畫。因此，在擁有最大國內市場份額和高度忠誠度之間，我們總是說規模、相關性和忠誠度才是真正推動業績的關鍵。我們相信，休閒旅客和商務旅客將坐滿這些飛機。

And so we're super confident we're getting 17 787s in our fleet over the next five years, five, six years. we're going to have up to 12 global destinations. And if we can win, we're going to win in Seattle because that is our hometown, it's our hub, and it's where we have strength.

因此，我們非常有信心，在未來五至六年內，我們的機隊將擁有 17 架 787 飛機，我們的全球目的地將達到 12 個。如果我們能夠獲勝，我們將在西雅圖獲勝，因為那是我們的家鄉，我們的中心，也是我們的優勢所在。

Understood. And maybe as a follow-up, and I know it's great to see that you're tracking ahead of plan on Hawaiian synergies, and I know that your original plan was pretty conservative when it came to the recovery of the market there itself. But any color there on how that market is recovering versus your expectations and whether some of the new tourism roles there are like helping or hurting that?

明白了。也許作為後續行動，我知道很高興看到您在夏威夷協同效應方面提前完成了計劃，而且我知道您最初的計劃對於那裡的市場復甦來說相當保守。但是，與您的預期相比，您能透露一下該市場復甦的情況嗎？那裡的一些新旅遊角色是幫助了還是損害了該市場？

Yeah, I just want to parse that a bit. I think what we didn't assume was a large recovery in Asia into Honolulu just given currency exchange rates and those sorts of things. So that wasn't part of our forecast.

是的，我只是想稍微分析一下。我認為，考慮到貨幣匯率等因素，我們沒有想到亞洲經濟會大幅復甦到檀香山。所以這不是我們預測的一部分。

I'll have Andrew speak to how those markets are doing. I think we did expect, and we are seeing Hawaii to the West Coast and Neighbor Island flying to continue to improve, and that's why that network and those assets have moved into a place where they were profitable for the first quarter since 2019.

我會讓安德魯談談這些市場的狀況。我認為我們確實預料到了，而且我們看到夏威夷飛往西海岸和鄰近島嶼的航班繼續改善，這就是為什麼該網絡和這些資產自 2019 年以來第一季實現盈利的原因。

But on the Honolulu International, Andrew?

但是在檀香山國際機場，安德魯？

Yeah. Thanks, Shane. Ravi, the international, I would say, is still on the softer side with the existing headwinds but again, there's like 6 flights a day. There's all sorts of different markets. One thing I will say, though, on that is that we are starting to connect more folks over Honolulu on some of those international markets.

是的。謝謝，肖恩。拉維，我想說，由於現有的逆風，國際航班仍然比較疲軟，但每天仍有 6 個航班。有各種不同的市場。不過，我要說的是，我們開始在一些國際市場上為檀香山以外的更多人提供聯繫。

And we haven't talked about it yet, but Huakai by Hawaiian, our local loyalty program has really grown in leaps and bounds. So as we move forward and we're working with distributors, we're working across all of our loyalty levers with Qantas, putting code on Hawaiian metal now, so we have a lot of tools in our tool chest that we continue to work to continue to move the international out of Honolulu forward.

我們還沒有談論它，但是夏威夷的 Huakai，我們的本地忠誠度計劃確實已經突飛猛進。因此，隨著我們繼續前進並與分銷商合作，我們正在與澳洲航空合作進行所有忠誠度槓桿，現在正在為夏威夷金屬編寫程式碼，因此我們的工具箱中有很多工具，我們將繼續努力推動檀香山的國際化進程。

Yes. I'll just close -- that's a source of potential upside for us. As those markets come back stronger, it's really not in any of our forward-looking numbers.

是的。我只想結束這篇文章——這對我們來說是一個潛在的優勢來源。隨著這些市場逐漸強勁復甦，這實際上並不在我們的任何前瞻性數據中。

Thanks, everybody. Thanks for joining us. We'll talk to you next quarter.

謝謝大家。感謝您的加入。我們將在下個季度與您交談。

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。