阿拉斯加航空 (ALK) 2025 Q4 法說會逐字稿

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

各位女士、先生，早安，歡迎參加阿拉斯加航空集團2025年第四季財報電話會議。（操作說明）今天的通話將被錄音，並可在 alaskaair.com 上回放。

After our speakers remarks, we will conduct a question-and-answer session for analysts. 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.

演講結束後，我們將安排分析師問答環節。現在，我想把電話交給阿拉斯加航空集團財務、規劃和投資者關係副總裁瑞安·聖約翰。

Thank you, operator, and good morning. Thanks for joining us today to discuss our fourth quarter and full year 2025 earnings results. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com.

謝謝接線員，早安。感謝各位今天蒞臨，與我們共同探討我們2025年第四季及全年的獲利業績。昨天，我們發布了收益報告，並附有幾張詳細介紹我們業績的幻燈片，這些幻燈片可在 investor.alaskaair.com 上查看。

On today's call, you'll hear updates from Ben, Andrew and Shane. Several other of our management team are also on the line to answer your questions during the Q&A portion of the call.

在今天的電話會議上，您將聽到 Ben、Andrew 和 Shane 的最新報告。我們管理團隊的其他幾位成員也會在線上回答您在問答環節提出的問題。

Air Group reported fourth quarter and full year GAAP net income of $21 million and $100 million, respectively. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted fourth quarter and full year net income of $50 million and $293 million, respectively.

Air Group公佈第四季和全年GAAP淨利分別為2,100萬美元和1億美元。在剔除特殊項目和按市值計價的燃油避險調整後，航空集團公佈的第四季和全年調整後淨收入分別為 5,000 萬美元和 2.93 億美元。

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.

我們今天的評論將包括對航空集團報告業績和前瞻性指引的討論，並與上一年假設阿拉斯加航空和夏威夷航空在所提及的整個期間合併為一家公司的備考業績進行比較。

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.

最後提醒各位，有關未來績效的前瞻性陳述可能與我們的實際結果有重大差異。有關可能影響我們業務的風險因素的信息，請參閱我們向美國證券交易委員會提交的文件。

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. Over to you, Ben.

我們也會參考一些非GAAP財務指標，例如調整後的收益和單位成本（不包括燃料成本）。像往常一樣，我們在今天的獲利報告中提供了最直接可比較的 GAAP 指標和非 GAAP 指標之間的調整表。接下來就看你的了，本。

Thanks, Ryan, and good morning, everyone. Before we dive in, I want to start by thanking our 30,000 employees for their efforts throughout 2025. Last year was a year of transformation where we laid the groundwork for the next chapter of Alaska Air Group.

謝謝你，瑞恩，大家早安。在深入探討之前，我想先感謝我們 30,000 名員工在 2025 年期間所付出的努力。去年是變革之年，我們為阿拉斯加航空集團的下一個篇章奠定了基礎。

It did not come without growing pains, but we delivered bold initiatives, strengthened our competitive position, improved our relevance and set the stage for long-term growth under our Alaska Accelerate vision.

雖然過程中也經歷了一些成長的陣痛，但我們推出了大膽的舉措，鞏固了我們的競爭地位，提高了我們的相關性，並為阿拉斯加加速發展願景下的長期增長奠定了基礎。

Our employees navigated a lot of change last year, and I can't thank them enough for their commitment to helping us realize our long-term potential and for taking care of our guests every step of the way.

去年，我們的員工經歷了許多變化，我非常感謝他們為幫助我們實現長期潛力所做的貢獻，以及他們一路以來對顧客的悉心照顧。

My belief in our future has never been more evident in the last few weeks as we secured the largest aircraft order in our history with Boeing. This solidifies our growth through 2035, resulting in an outstanding order book of 261 aircraft, if all options are exercised.

在過去幾周里，我們與波音簽訂了公司歷史上最大的飛機訂單，這讓我對我們未來的信心更加堅定。這將鞏固我們到 2035 年的成長，如果所有選擇權都被行使，我們將擁有 261 架飛機的未完成訂單。

This now includes firm orders that will take our 787 fleet to a total of 17 aircraft supporting our goal of building Seattle into a world-class global hub with at least 12 destinations. I want to thank Boeing and Transportation Secretary Duffy for their support in our commitment to being the country's fourth global airline.

目前已確認的訂單將使我們的 787 機隊總數達到 17 架，這將支持我們把西雅圖建設成為擁有至少 12 個目的地的世界級全球樞紐的目標。我要感謝波音公司和交通部長達菲對我們致力於成為美國第四大全球航空公司的支持。

While 2025 did not result in the financial returns we had initially laid out at the start of the year, we strongly delivered against our Alaska Accelerate vision, ticking off many major milestones with several of them outperforming expectations.

雖然 2025 年的財務回報沒有達到我們年初設定的目標，但我們出色地實現了阿拉斯加加速發展願景，完成了許多重大里程碑，其中一些里程碑的表現超出了預期。

By many measures, 2025 was a major success for our company. We firmly controlled the areas within our control. Synergies finished ahead of plan for the year, notably on the network side as the power of the combination of Alaska and Hawaiian was evident all year long.

從很多方面來看，2025年對我們公司來說都是一個巨大的成功。我們牢牢控制了我們能夠控制的區域。Synergies 的年度業績提前完成，尤其是在網路方面，阿拉斯加航空和夏威夷航空合併的強大實力在全年都顯而易見。

Hawaii was by far our strongest region in the network on a year-over-year basis, demonstrating the benefits of the utility the merger has created.

從同比來看，夏威夷是我們網路中迄今為止最強勁的地區，這充分體現了合併帶來的公用事業效益。

We embarked on our journey to build Seattle into a world-class global hub launching flights to Tokyo and Seoul, and we're thrilled to begin service to London, Rome and Reykjavík this spring, three iconic European destinations that elevate Alaska's global relevance.

我們開啟了將西雅圖打造成為世界級全球樞紐的旅程，開通了飛往東京和首爾的航班，我們很高興今年春天將開通飛往倫敦、羅馬和雷克雅未克的航班，這三個標誌性的歐洲目的地將提升阿拉斯加的全球影響力。

Our unified loyalty program, Atmos Rewards, went live in August, creating a single platform for engagement and brand reach.

我們統一的會員忠誠度計劃 Atmos Rewards 於 8 月上線，創建了一個用於互動和品牌推廣的單一平台。

We launched an industry-leading premium credit card that saw 75,000 sign-ups in just four months, exceeding our expectations by 3 times, demonstrating the power of the industry's best loyalty program.

我們推出了一款業界領先的高階信用卡，短短四個月內就吸引了 75,000 名用戶註冊，超出預期 3 倍，充分展現了業界最佳忠誠度計畫的強大實力。

Importantly, we achieved a single operating certificate in October, just 13 months post-merger, an impressive accomplishment, and the hard work behind the scenes was completed for our combined passenger service system with operational cutover scheduled for April of this year.

重要的是，我們在合併後僅 13 個月就於 10 月獲得了單一營運許可證，這是一項令人印象深刻的成就，幕後的辛勤工作已經完成，我們的合併客運服務系統計劃於今年 4 月進行營運切換。

This will deliver a seamless, cohesive guest experience, eliminating friction from operating dual systems. These accomplishments demonstrate our ability to execute a complex integration while transforming ourselves into the country's fourth global airline.

這將帶來無縫、一致的賓客體驗，消除操作雙系統帶來的摩擦。這些成就證明了我們有能力執行複雜的整合，同時將自己轉型為全國第四大全球性航空公司。

While many things went exceptionally well last year as we rolled out a slew of new initiatives at a record pace, we know there is room for improvement. Our goal is to build world-class technology infrastructure.

去年，我們以創紀錄的速度推出了一系列新舉措，雖然很多方面都進展得異常順利，但我們知道還有改進的空間。我們的目標是建造世界一流的技術基礎設施。

The two outages we experienced last year were painful for our guests, employees and financial results. Corrective actions are underway and will continue throughout the year, supported by third-party experts as we invest in both near-term fixes and long-term sustainable solutions.

去年我們經歷的兩次停電給我們的客戶、員工和財務表現都帶來了損失。糾正措施正在進行中，並將持續全年，我們將在第三方專家的支持下，投資於短期補救措施和長期永續解決方案。

Turning to 2025 results. For the fourth quarter, we delivered adjusted EPS of $0.43 and for the full year, adjusted EPS of $2.44, both ahead of our revised guidance put out in early December. As we had shared at the time, results were impacted by the IT outage, elevated fuel costs and the impact from the government shutdown.

讓我們展望一下2025年的結果。第四季度，我們調整後的每股收益為 0.43 美元；全年調整後的每股收益為 2.44 美元，均高於我們在 12 月初發布的修訂後的預期。正如我們當時所分享的，業績受到了 IT 系統故障、燃料成本上漲以及政府停擺的影響。

In the end, we've delivered a better cost result and benefited from slightly lower fuel in December than anticipated. Given our conviction in Alaska accelerate and our ability to generate $10 of earnings per share by 2027, we executed $570 million of share repurchases when our stock price was below its long-term potential.

最終，我們實現了更好的成本控制，並且12月份的燃料價格略低於預期。鑑於我們對阿拉斯加加速發展的信心以及到 2027 年實現每股 10 美元收益的能力，我們在股價低於其長期潛力時執行了 5.7 億美元的股票回購。

This puts us more than halfway through the $1 billion buyback authorization we unveiled at the end of 2024. As we look ahead to 2026, our overarching focus is on harvesting the investments we made in 2025 and driving margin expansion as we progress toward our goal of $10 per share by 2027.

這使我們完成了在 2024 年底公佈的 10 億美元股票回購授權計畫的一半以上。展望 2026 年，我們的首要任務是收穫 2025 年的投資成果，並在朝著 2027 年每股 10 美元的目標邁進的過程中推動利潤率擴張。

We expect full year earnings per share to be in the range of $3.50 to $6.50, representing a meaningful improvement over 2025. This reflects continued delivery of incremental earnings from our $1 billion Alaska Accelerate plan, the benefit of lapping transitory challenges experienced in 2025 and the trajectory of the macroeconomic environment and industry capacity growth.

我們預計全年每股收益將在 3.50 美元至 6.50 美元之間，與 2025 年相比將有顯著改善。這反映了我們10億美元的阿拉斯加加速計畫持續帶來增量收益，克服了2025年遇到的暫時性挑戰，以及宏觀經濟環境和產業產能成長的軌跡。

At Air Group, we feel the momentum building and accelerating in 2026 as our bold strategy comes to life. Our team is inspired and motivated to win. We have a winning business model and are continuing to configure it to meet the market where it's headed, more premium experiences, more international and fierce loyalty.

在 Air Group，我們感受到隨著我們大膽策略的逐步實施，2026 年的發展動能將會不斷增強和加速。我們的團隊充滿鬥志，渴望勝利。我們擁有成功的商業模式，並且不斷調整，以適應市場的發展方向，即提供更優質的體驗、更國際化的業務以及更強大的客戶忠誠度。

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

接下來，我將把麥克風交給安德魯。

Thanks, Ben, and good morning, everyone. Today, my comments will focus on fourth quarter and full year results, along with our outlook and trends for 2026. For the fourth quarter, we delivered total revenues of $3.6 billion. That's up 2.8% year-over-year on 2.2% capacity growth.

謝謝你，本，大家早安。今天，我的發言將重點放在第四季度和全年業績，以及我們對 2026 年的展望和趨勢。第四季度，我們的總營收為 36 億美元。年增 2.8%，產能成長 2.2%。

This resulted in unit revenues up 0.6 points. I'm proud of the team for delivering positive unit revenue performance considering we had one of the industry's most difficult year-over-year comparisons in addition to contending with a government shutdown.

這使得單位收入上升了0.6個百分點。考慮到我們面臨著業內最艱難的同比比較之一，再加上政府停擺的影響，我對團隊能夠取得積極的單位收入表現感到自豪。

As we shared in our investor update back in early December, the government shutdown impacted fourth quarter earnings by approximately $30 million or $0.15 of earnings per share. Bookings were solidly positive going into the heart of the shutdown, then went negative on a year-over-year basis for a short period and rebounded in early December back to positive territory to finish the year out strong.

正如我們在 12 月初的投資者更新中所述，政府停擺對第四季度收益造成了約 3000 萬美元或每股收益 0.15 美元的影響。在疫情封鎖最嚴重時期，預訂量一直保持強勁增長，但隨後在短時間內同比出現負增長，並在 12 月初反彈回正增長，最終以強勁的勢頭結束了這一年。

For the full year, we delivered total revenues of $14.2 billion, up 3.3% year-over-year on 1.9% capacity growth, resulting in unit revenues up 1.4%. This performance reflects our continued leadership in unit revenue growth, which we believe will finish the year ahead of the industry average, illustrating the benefits of our Alaska Accelerate synergies and initiatives.

全年總收入達 142 億美元，年增 3.3%，產能成長 1.9%，單位營收成長 1.4%。這項業績反映了我們在單位收入成長方面持續保持領先地位，我們相信今年的業績將超過行業平均水平，這體現了我們阿拉斯加加速計劃的協同效應和舉措所帶來的益處。

As has been the case all year, we continue to see strong demand in our premium cabins. In the fourth quarter, First and Premium Class revenues were up 7.1% year-over-year, outperforming Main Cabin by 9.5 points.

與今年以來的情況一樣，我們的高級艙位需求依然強勁。第四季度，頭等艙和高級艙的營收年增 7.1%，比經濟艙高出 9.5 個百分點。

Premium revenues represented 36% of total revenue, up 1 point from Q3. Main Cabin revenues were down 2.4%, which is a modest improvement versus the third quarter.

高級會員收入佔總營收的 36%，比第三季成長 1 個百分點。主艙收入下降了 2.4%，與第三季相比略有改善。

The fourth quarter has a much harder comparison than the third quarter, so the improvement in main cabin performance is encouraging as we look to 2026. For the full year, premium cabin revenues increased 6.7% and outperformed the main cabin by 7 points.

第四季的比較基數比第三季大得多，因此，展望 2026 年，主艙業績的改善令人鼓舞。全年來看，高級艙位收入成長了 6.7%，比經濟艙高出 7 個百分點。

We are excited to see continued growth in our premium cabin revenues and now have 86% of our 218 Boeing 737 aircraft seat retrofit complete. All that remain are 31 737-800 aircraft.

我們很高興看到高階艙位收入持續成長，目前我們218架波音737飛機座椅的改裝工作已完成86%。僅剩下 31 架 737-800 型飛機。

As a reminder, all these retrofits will be finished in time for selling into the summer travel, enabling us to sell all 1.3 million incremental premium seats across our network, which will help us fully realize the $100 million in incremental profit we outlined as part of Alaska Accelerate.

再次提醒大家，所有這些改造都將在夏季旅遊旺季到來之前完成，使我們能夠售出我們網絡中所有 130 萬個新增的高級座位，這將有助於我們充分實現我們在阿拉斯加加速計劃中概述的 1 億美元新增利潤。

Managed corporate revenues in the fourth quarter were up 9%, notwithstanding the government shutdown and related flight reductions, a 2 point quarter-over-quarter sequential improvement.

儘管政府停擺和相關航班減少，但第四季管理的企業收入仍成長了 9%，較上季成長 2 個百分點。

I'm also pleased to report that our share of corporate travelers in our business class cabins on our Seattle to Tokyo and Seoul routes is about to cross over our fair market share, demonstrating that we have successfully tapped into the lucrative international corporate revenue pool off the West Coast that we previously did not have access to.

我也很高興地報告，我們在西雅圖至東京和首爾航線的商務艙商務旅客份額即將超過我們應有的市場份額，這表明我們已經成功開拓了西海岸利潤豐厚的國際商務收入市場，而我們以前無法進入這個市場。

Forward-looking business bookings for 2026 are also very encouraging. Held managed corporate revenue on the books is up 20% year-over-year for Q1, with significant increases in the technology, manufacturing and financial services sectors.

2026 年的前瞻性商業預訂情況也非常令人鼓舞。第一季度，持有的管理型企業收入年增 20%，其中科技、製造和金融服務業的成長尤為顯著。

Turning to loyalty. The launch of Atmos Rewards, our new single loyalty program, including our new premium credit card, the Atmos Summit card drove unprecedented increases in absolute card spend and new card members.

轉向忠誠。Atmos Rewards 是我們全新的單一忠誠度計劃，其中包括我們新的高階信用卡 Atmos Summit 卡，它推動了信用卡消費總額和新會員數量的空前增長。

In the fourth quarter, loyalty revenues, which include bank cash and member redemptions were up 12% year-over-year. For the full year, bank cash remuneration was $2.1 billion, up 10% year-over-year.

第四季度，包括銀行現金和會員兌換在內的忠誠度收入年增 12%。全年銀行現金薪酬為 21 億美元，較去年同期成長 10%。

Turning to credit card. Acquisitions for the full year finished up 17% year-over-year, with a significant portion of those coming after the launch of Atmos in August. Our new premium card, the Atmos Summit card has been a resounding success.

轉而使用信用卡。全年收購額年增 17%，其中很大一部分是在 8 月 Atmos 發布之後完成的。我們新推出的高階信用卡 Atmos Summit 卡取得了巨大的成功。

To put it in perspective, in Q4, we had record card acquisitions for any single quarter in our history and nearly 1/4 of those new acquisitions were for the Summit card.

舉例來說，在第四季度，我們的信用卡新增數量創下了公司歷史上單季新高，其中近四分之一的新新用戶都是 Summit 卡用戶。

This is particularly important because premium cardholders are spending two times more than holders of the base credit card, demonstrating the value this new card product has brought to our portfolio from these high-value travelers.

這一點尤其重要，因為高級信用卡持卡人的消費額是普通信用卡持卡人的兩倍，這表明這款新卡產品為我們的產品組合帶來了高價值旅行者的收益。

The demand for new global benefits that come with the card when combined with our global network expansion was truly amazing. Importantly, in the fourth quarter, nearly 60% of all new card accounts came from outside our core in the Pacific Northwest with 25% of new accounts coming from California.

隨著我們全球網路的擴展，人們對該卡帶來的全新全球權益的需求真是驚人。值得注意的是，在第四季度，近 60% 的新信用卡帳戶來自我們位於太平洋西北地區的核心區域之外，其中 25% 的新帳戶來自加州。

Our thesis that the new program and our new card products would appeal to a wider audience has proven true in the first four months post launch, helping us expand our reach.

我們提出的「新計劃和新卡產品將吸引更廣泛的受眾」的論點在推出後的前四個月得到了驗證，幫助我們擴大了覆蓋範圍。

The Atmos Rewards business card also had an impressive quarter. New accounts are up more than 185% year-over-year, benefiting from the new Atmos for business platform we launched, which is aimed at making travel for small and medium businesses more integrated and seamless.

Atmos Rewards 商務信用卡本季表現也十分亮眼。新帳戶數量年增超過 185%，這得益於我們推出的全新 Atmos for business 平台，旨在讓中小企業的差旅更加一體化和無縫銜接。

Looking forward to 2026, as Ben said, this will be a year of harvesting and optimizing the investments we made in 2025 with a focus on our guests and other key touch points. These include the premium seat expansion I already touched on, which will be complete by spring, offering an overall better experience for our guests and higher revenue generation across our fleet.

展望 2026 年，正如 Ben 所說，這將是收穫和優化我們在 2025 年所做投資的一年，重點是我們的客人和其他關鍵接觸點。其中包括我之前提到的高級座位擴建計劃，該計劃將於春季完成，為我們的乘客提供更好的整體體驗，並為我們的機隊帶來更高的收入。

We're rolling out expanded lounge footprints and new a food and beverage program and introducing curated onboard experiences for international service. We believe our new international service will be measured amongst the best.

我們正在擴大休息室的面積，推出新的餐飲計劃，並為國際航線引入精心策劃的機上體驗。我們相信，我們全新的國際服務將躋身一流水準。

We now sell in six foreign currencies and recently unveiled our Japanese, Korean and Italian language-based websites, helping us drive point of sale outside of the United States to support our new international service.

我們現在以六種外幣進行銷售，並且最近推出了日語、韓語和義大利語網站，這有助於我們在美國以外地區拓展銷售點，以支持我們的新國際服務。

Starlink Wi-Fi installation is already underway on the Alaska branded fleet with 24 aircraft complete. Adding these 24 to the existing Hawaiian branded fleets, a total of 66 or 16% of our aircraft are now equipped with Starlink.

阿拉斯加航空旗下24架飛機已完成星鏈Wi-Fi安裝，目前已在阿拉斯加航空機隊投入使用。將這 24 架飛機添加到現有的夏威夷航空品牌機隊中，我們目前共有 66 架飛機（佔總數的 16%）配備了星鏈系統。

We expect to have 50% of the fleet online by the end of 2026 and 100% complete by the end of 2027. We will offer this for free to Atmos reward members, and we believe Starlink is a clear differentiator as it's the fastest Wi-Fi in the sky.

我們預計到 2026 年底將有 50% 的車隊投入運營，到 2027 年底將 100% 完成。我們將免費向 Atmos 獎勵會員提供這項服務，我們相信 Starlink 是一項明顯的差異化優勢，因為它是目前速度最快的空中 Wi-Fi。

Turning to our outlook. Growth will be modest this year given only 6 737 deliveries as we await certification of the MAX 10. We'll also take 1 787 delivery and 4 Embraer 175s. The MAX 10, when it's delivered, will add 5.5% more seats and increase first-class seats by 25% when compared to the MAX 9.

展望未來。由於我們仍在等待 MAX 10 的認證，今年的交付量僅為 6,737 輛，成長將較為溫和。我們還將接收 1 架 787 型飛機和 4 架 Embraer 175 型飛機。MAX 10 交貨後，與 MAX 9 相比，座位數將增加 5.5%，頭等艙座位數將增加 25%。

We expect first quarter capacity to be up 1% to 2% with full year capacity projected to be up between 2% to 3%. Given that the demand environment is still recovering from the economic shocks experienced in 2025, we believe our low growth rate is prudent given the current backdrop.

我們預計第一季產能將成長 1% 至 2%，全年產能預計將成長 2% 至 3%。鑑於需求環境仍在從 2025 年經歷的經濟衝擊中恢復，我們認為，鑑於目前的形勢，我們較低的成長率是審慎的。

100% of our net growth is represented by new long haul out of Seattle, and we have moved our domestic capacity around to focus on higher growth in both Portland and San Diego, which are geographies our brand, product and loyalty base is poised for further growth.

我們 100% 的淨增長都來自西雅圖的新長途航線，我們已經調整了國內運力，以專注於波特蘭和聖地亞哥這兩個地區更高的增長，這兩個地區的品牌、產品和忠誠度基礎都已準備好進一步增長。

As Ben mentioned, we are also eager to launch flights to London, Rome and Iceland. All three new markets are selling extremely well. Not only have we turned on network access beyond Tokyo and Seoul, but we've also recently enabled access beyond all three European cities.

正如本所提到的，我們也渴望開通飛往倫敦、羅馬和冰島的航班。這三個新市場的銷售情況都非常好。我們不僅開通了東京和首爾以外的網路接入，最近還開通了歐洲三座城市以外的網路接入。

We're also finalizing regulatory approvals for 17 code-share destinations beyond London, which would bring us to 55 total destinations and enable us to take our guests to all the high-demand cities in Europe.

我們也正在敲定除倫敦以外 17 個代碼共享目的地的監管審批，這將使我們的目的地總數達到 55 個，並使我們能夠將我們的客人帶到歐洲所有需求量大的城市。

Additionally, we were awarded more favorable departure times on our Seattle to Seoul Incheon on route, which will improve connectivity options deeper into Asia effective late April of 2026.

此外，我們西雅圖至首爾仁川航線的出發時間也得到了改善，這將從 2026 年 4 月下旬開始，進一步提升我們前往亞洲其他地區的連接選擇。

Advanced bookings across the network have been robust since we started the year, well into the double digits since January 6. We have seen several of the highest booking days in Air Group's history the last few weeks.

今年以來，全網預訂量一直保持強勁勢頭，自 1 月 6 日以來更是保持在兩位數以上。過去幾週，我們看到了航空集團史上幾個預訂量最高的單日。

The falloff in bookings and yields last year began the first half of February when demand was hit hard, so we expect sequential improvement each month throughout the quarter. First quarter industry capacity is also projected to remain in line with macroeconomic growth.

去年預訂量和收益率的下降始於 2 月上半月，當時需求受到嚴重衝擊，因此我們預計本季每個月都會有所改善。預計第一季工業產能也將與宏觀經濟成長保持同步。

With strong demand momentum and a constructive backdrop, we expect solidly positive unit revenue growth in Q1 on the back of the toughest industry comp. Recall last year that even with the shock in demand, our first quarter unit revenue still finished up 5%.

憑藉強勁的需求動能和良好的市場環境，我們預計第一季單位營收將實現穩健的正成長，儘管這是業內最艱難的同期基數效應。回想去年，即使需求受到衝擊，我們第一季的單位收入仍增加了 5%。

I want to close by stating what might seem obvious. 2025 was a monumental year for the commercial team at Alaska Air Group with respect to systems integration, synergies and guest benefit unlock.

最後，我想強調一點，這一點或許顯而易見。 2025年對於阿拉斯加航空集團的商業團隊來說是具有里程碑意義的一年，尤其是在系統整合、協同效應和提升客戶體驗方面。

Not only did our synergies and initiatives finished the year slightly ahead of plan, but we also built the new foundation for our commercial engine and are just getting started on maximizing its potential. There is plenty of optimization and maturation opportunity within initiatives that have already been rolled out.

我們的協同效應和各項舉措不僅使今年的業績略微提前完成，而且我們還為我們的商業引擎奠定了新的基礎，並且才剛開始最大限度地發揮其潛力。在推出的各項措施中，仍有許多優化和完善的空間。

And we unveil dynamic pricing later this year and begin rolling out our new O&D revenue management system in 2027. While 2025's progress was slowed by macroeconomic challenges and integration friction, bookings momentum has been building since last July, and we are off to a strong start to the year.

我們將在今年稍後推出動態定價，並於 2027 年開始推出新的 O&D 收入管理系統。儘管 2025 年的進展因宏觀經濟挑戰和一體化摩擦而放緩，但自去年 7 月以來，預訂勢頭一直在增強，我們今年開局強勁。

Managed corporate business is looking strong. We continue to roll out new premium seats for sale, hub banking efforts continue to bear fruit, and we're excited to land our first scheduled service in Europe.

企業託管業務前景強勁。我們繼續推出新的高級座位進行銷售，樞紐銀行的努力繼續取得成果，我們很高興在歐洲開通了第一條定期航線。

We are well on our way to realizing the full $800 million in incremental revenue by 2027 that we laid out in Alaska Accelerate.

我們正朝著實現我們在《阿拉斯加加速計畫》中提出的 2027 年實現 8 億美元增量收入的目標穩步前進。

Importantly, our guests will begin to experience the full breadth and depth of what a seamless and integrated airline can offer, both domestically and now globally because of a single passenger service system, single loyalty program with seamless benefits across both brands, full One World unlock, co-location of airport operations and completion of construction in the Seattle and Portland lobbies, a single website and app reflecting two brands, and alignment of Hawaiian and Alaska guest policies along with enabling technologies.

重要的是，我們的乘客將開始體驗到無縫銜接的一體化航空公司所能提供的全部廣度和深度，無論是在國內還是現在的全球範圍內，這得益於單一的乘客服務系統、涵蓋兩個品牌無縫福利的單一忠誠度計劃、完全解鎖寰宇一家、機場運營的聯合辦公以及西雅圖和波特蘭大廳的建設完成、反映兩個忠誠度計劃、完全解鎖寰宇一家、機場運營的聯合辦公以及西雅圖和波特蘭品牌的建設

We are now poised to see all the benefits envisaged by Alaska Accelerate come to life. And with that, I'll pass it over to Shane.

現在，我們即將看到阿拉斯加加速計畫所設想的所有益處一一實現。那麼，接下來就交給肖恩了。

Thanks, Andrew, and good morning, everyone. As our fourth quarter earnings indicate, and as Ben and Andrew both shared, we exited 2025 on a strong trajectory, which has continued to strengthen further in the first three weeks of the year.

謝謝你，安德魯，大家早安。正如我們第四季度的收益所表明的那樣，也正如 Ben 和 Andrew 所分享的那樣，我們在 2025 年結束時保持了強勁的發展勢頭，並且在今年的前三週裡，這種勢頭還在繼續增強。

At this time last year, we were coming off of our Investor Day, and were experiencing a similar historically strong demand backdrop, which felt like a very constructive start on our path to $10 of earnings per share by 2027.

去年這個時候，我們剛結束了投資者日活動，並且正經歷著類似的強勁市場需求，這感覺就像是我們朝著 2027 年每股收益 10 美元的目標邁出了非常積極的一步。

Ultimately, the macroeconomic backdrop in 2025 played out differently, reducing revenues by more than $500 million and underscoring that our industry remains a volatile one. Changes can occur quickly in either direction.

最終，2025 年的宏觀經濟情勢發生了變化，導致收入減少了 5 億美元以上，並凸顯了我們所在的行業仍然是一個動盪的行業。變化可能迅速朝任何方向發生。

And that direction has been increasingly positive since September of last year, trends which were only briefly interrupted by the government shutdown.

自去年9月以來，這一趨勢一直朝著正面的方向發展，只是政府停擺短暫中斷了這個趨勢。

While slightly below our guide, which was snapped a couple of weeks after our full flight schedule was restored when the government reopened, our fourth quarter unit revenues finished closer to our original plan versus any other quarter in 2025.

雖然略低於我們的預期（該預期是在政府重新開放、我們恢復全部航班計劃幾週後製定的），但我們第四季度的單位收入比 2025 年的任何其他季度都更接近我們的原計劃。

Demand rebounded quickly post shutdown, flattening modestly through the holiday and has since accelerated further with current bookings now improved on a year-over-year basis on difficult comps versus January and February 2025.

疫情封鎖結束後，需求迅速反彈，假期期間略有趨於平穩，此後進一步加速增長，目前的預訂量在與 2025 年 1 月和 2 月相比艱難的情況下，同比有所改善。

Given our 2026 capacity growth is in line with forecasted overall economic growth, we expect this trend can continue, hopefully backfilling the entire macro-driven revenue reduction from last year.

鑑於我們 2026 年的產能成長與預測的整體經濟成長一致，我們預期這一趨勢可以持續下去，並有望彌補去年宏觀經濟驅動的收入下降。

This strength, along with further synergy and initiative execution is expected to drive healthy earnings expansion this year. For the fourth quarter, we reported adjusted earnings per share of $0.43, $0.33 above the guidance we released in early December.

這項優勢，加上進一步的綜效和各項措施的執行，預計將推動今年獲利健康成長。第四季度，我們公佈的調整後每股收益為 0.43 美元，比 12 月初發布的預期高出 0.33 美元。

Roughly half of the beat was attributable to better nonfuel cost performance with the other half coming from a combination of lower fuel in December as West Coast refining margins normalized plus a lower tax rate due to higher earnings.

業績超預期大約一半歸功於非燃料成本表現的改善，另一半則來自 12 月燃料價格下降（因為西海岸煉油利潤率恢復正常）以及由於盈利增加而導致的稅率降低。

For the full year, we reported earnings per share of $2.44 with an adjusted pretax margin of 2.8%, which is down about 1 point compared to 2024 on a pro forma basis. In addition to the macro-driven revenue gap to expectation, our full year earnings were also impacted by approximately $100 million of transient items we do not expect to recur moving forward.

全年來看，我們公佈的每股收益為 2.44 美元，調整後的稅前利潤率為 2.8%，與 2024 年的預期相比，按備考基準計算下降了約 1 個百分點。除了宏觀經濟因素導致的收入與預期存在差距外，我們全年的收益還受到約 1 億美元的臨時性項目的影響，我們預計這些項目在未來不會再次發生。

Despite the headwinds from macro and these transitory items, we generated $1.2 billion of operating cash flow for the year. Our total liquidity inclusive of on-hand cash and undrawn lines of credit stood at $3 billion at year-end.

儘管面臨宏觀經濟和這些暫時性因素的不利影響，我們全年仍實現了 12 億美元的營運現金流。截至年底，我們的流動資金總額（包括手頭現金和未提取的信貸額度）為 30 億美元。

Debt repayments for the quarter were approximately $130 million and are expected to be approximately $240 million in the first quarter.

本季償債額約 1.3 億美元，預計第一季償債額約 2.4 億美元。

As Ben mentioned, we repurchased $570 million of ALK stock in 2025, including $30 million of repurchases in the fourth quarter. With these purchases, we more than offset dilution and reduced our diluted share count to 117 million shares, down from 129 million shares last year and well below pre-pandemic levels.

正如 Ben 所提到的，我們在 2025 年回購了價值 5.7 億美元的 ALK 股票，其中包括第四季度回購的 3,000 萬美元。透過這些收購，我們不僅抵消了股權稀釋，還將稀釋後的股份數量減少至 1.17 億股，低於去年的 1.29 億股，遠低於疫情前的水平。

We expect to continue to execute share repurchases in 2026 to at least offset dilution. Our debt-to-cap ended the year at 61% with our net debt-to-EBITDA at 3 times. Our long-term target remains 1.5 times, which is achievable as earnings expand, though could shift to the right slightly given macro factors and our share repurchase activity in 2025 that modestly slowed our debt repayment cadence.

我們預計在 2026 年繼續執行股票回購，以至少抵消股權稀釋。年末，我們的債務資本比為 61%，淨債務與 EBITDA 比率為 3 倍。我們的長期目標仍然是 1.5 倍，隨著獲利成長，這是可以實現的，但考慮到宏觀因素以及我們在 2025 年的股票回購活動略微減緩了我們的債務償還節奏，該目標可能會略微上移。

Fourth quarter unit costs were up 1.3% year-over-year ending the year below guidance and on a trajectory in line with our original plan. As we pass integration milestones, we anticipate we will increasingly be able to fully focus on running excellent and productive core airline operations allowing us to return fully to our historic strength of cost discipline.

第四季度單位成本年增 1.3%，全年低於預期，並符合我們最初的計劃。隨著我們逐步完成整合，我們預計我們將能夠更加專注於營運卓越且有效率的航空公司核心業務，從而全面恢復我們以往的成本控制優勢。

For the full year, unit costs were up approximately 4.7% year-over-year on just 1.9% capacity growth. Given this capacity was 0.75 point less than our original plan and given a nearly 2 point cost headwind from market-based labor deals, I view our overall cost performance as very strong.

全年來看，單位成本年增約 4.7%，而產能僅成長了 1.9%。鑑於該產能比我們最初的計劃少了 0.75 個百分點，並且由於市場勞動力交易帶來的近 2 個百分點的成本逆風，我認為我們的整體成本表現非常強勁。

This was partly helped by the unlocking of early cost synergies from the merger. Turning to our outlook. First quarter adjusted earnings per share are expected to be a loss of $1.50 to a loss of $0.50, while full year adjusted earnings per share is expected to be between $3.50 and $6.50.

部分原因是合併帶來的早期成本綜效得以釋放。展望未來。第一季調整後每股收益預計虧損 1.50 美元至虧損 0.50 美元，而全年調整後每股收益預計在 3.50 美元至 6.50 美元之間。

First quarter earnings per share is expected to be approximately flat year-over-year, which would mark another sequential improvement towards earnings expansion. With planned CapEx of $1.5 billion, we expect to generate positive free cash flow this year.

預計第一季每股收益與去年同期基本持平，這將標誌著獲利成長的另一個連續改善階段。我們計劃投入 15 億美元的資本支出，預計今年將產生正的自由現金流。

Our guidance range is wider than normal, but as I noted at the top of my remarks, our industry remains volatile. For further context, our range generally assumes the following.

我們的預期範圍比往常更寬，但正如我在演講開始時提到的，我們所在的行業仍然波動較大。為了提供更多背景信息，我們的產品範圍通常基於以下假設。

That we deliver on synergy and initiative value as we did in 2025. That we lap onetime issues that impacted earnings this year, and the low end of the range would require a deceleration of current booking strength due to macroeconomic factors, or supply-demand imbalances in the industry, or there is extreme price pressure on fuel.

我們要像2025年那樣，實現綜效和創新價值。我們必須克服今年影響收益的一次性問題，而要達到預期範圍的下限，則需要由於宏觀經濟因素導致當前預訂量增速放緩，或者行業供需失衡，或者燃油價格面臨極端壓力。

And the high end of the range can be achieved if current demand trends hold and fuel prices steady with normalized refining margins. As we talk today, the macro backdrop, bookings and overall supply side of the equation look quite positive.

如果目前的需求趨勢保持不變，燃料價格保持穩定，煉油利潤恢復正常，那麼就能實現該範圍的高端目標。就我們今天所討論的而言，宏觀背景、預訂情況以及整體供應情況看起來都相當樂觀。

But fuel has been volatile in January. And for context, every $0.10 change for the full year in fuel price translates to $0.75 of earnings per share. We remain committed to driving $10 of earnings per share.This requires that we execute on our $1 billion of profit unlock, which we are progressing well on, and that the macro backdrop looks as it did when we first set that goal.

但1月燃料價格波動較大。作為參考，全年燃油價格每變動 0.10 美元，每股收益就會變動 0.75 美元。我們仍然致力於實現每股收益 10 美元的目標。這需要我們實現 10 億美元的利潤釋放目標，目前我們在這方面進展順利，並且宏觀經濟環境要與我們最初設定該目標時的情況相同。

We are excited to see how 2026 plays out to fully execute year two of our Accelerate plan and to deliver on our commitment of generating durable financial performance for our people and our owners. And with that, let's get to your questions.

我們非常期待 2026 年的發展，以全面執行我們的加速計劃第二年，並履行我們為員工和所有者創造持久財務業績的承諾。那麼，接下來就讓我們來回答您的問題。

(Operator Instructions) Duane Pfennigwerth from Evercore ISI.

（操作說明）來自 Evercore ISI 的 Duane Pfennigwerth。

Just on the increase in managed corporate travel, that 20% number, what's interesting about that is the comps aren't easy yet. I think that's more of a late Feb-March event. So how do you interpret that 20% growth?

僅就企業差旅管理費用的成長而言，20% 這個數字，有趣的是，目前還不容易獲得補償。我認為這更像是二月下旬到三月間發生的事情。那麼，您如何解讀這20%的成長？

Do you think this is catch-up from travel that's deferred from the fourth quarter? Are there just differences kind of seasonally year-over-year? How do we think about that?

你認為這是因為第四季推遲了旅行安排而造成的損失嗎？是否存在季節性的、逐年變化的差異？我們該如何看待這個問題？

Duane, I think a couple of things. It's sort of in general, up in line with bookings. What we've really seen on the managed corporate side is driven by volumes. But the other thing I would just tell you is that I think as it relates to technology and some of those industries, we've just seen a real significant bump.

杜安，我想說兩件事。整體來說，與預訂情況基本一致。我們從託管企業方面真正看到的是由交易量驅動的。但我還要告訴你們的是，我認為就科技和相關產業而言，我們已經看到了一個非常顯著的成長。

I also think that what we're starting to see is the fruits of our labor as it relates to our expanded network footprint, global. We're getting more and more penetration into our corporate contracts. And so I think it all stems to what we've been working on is to become more relevant for the corporate traveler.

我也認為，我們現在開始看到的是我們擴大全球網路覆蓋範圍所取得的成果。我們在企業合約中的滲透率越來越高。所以我覺得這一切都源自於我們一直在努力的方向，那就是讓產品和服務更貼近商務旅客的需求。

And then my follow-up is just on systems. You rattled off a lot of positives, and I just wanted to check with you, are those all in the bag? Or are there specific integration milestones from a systems perspective that you expect as we think about 2026.

然後我的後續工作就只涉及系統方面了。你列舉了很多正面的方面，我只是想跟你確認一下，這些都確定了嗎？或者，從系統角度來看，當我們展望 2026 年時，您是否期望有一些具體的整合里程碑？

Thanks, Duane. What's really exciting on the guest-facing systems, we cut over in October for all flights beyond April 22 on a single PSS. The last major milestone is actually in April where we people start flying on the new PSS.

謝謝你，杜安。真正令人興奮的是，在面向乘客的系統中，我們從 10 月開始，將 4 月 22 日之後的所有航班切換到單一的 PSS 系統。最後一個重大里程碑實際上是在四月份，屆時我們將開始搭乘新的PSS航班。

But other than that, all major guest-facing commercial systems whether it's loyalty and all the rest of it are all single and in place now. So that's why we're very confident that our guest experiences in 2026 will be materially smoother and more seamless than they were in '25.

但除此之外，所有主要面向顧客的商業系統，無論是會員系統或其他所有系統，現在都已全部整合到位。因此，我們非常有信心，2026 年的賓客體驗將比 2025 年更加流暢、更加無縫。

Conor Cunningham from Melius Research.

來自 Melius Research 的 Conor Cunningham。

Maybe we can start off just by the guide for '26 in general. So I think it's pretty clear the high end on how you get there and if demand remains here and fuel normalize all that stuff, it's pretty easy to get to. But, just trying to understand the downside a little bit better.

或許我們可以先從 2026 年的整體指南開始。所以我覺得很明顯，高端市場是如何實現的，如果需求維持現狀，燃料價格恢復正常，所有這些因素都會使之恢復正常，那麼實現起來就相當容易。但是，我只是想更了解一下它的缺點。

You cited macro factors, but if you could just talk about how that could play out for you if the low end of the range was actually in play? Is it really more of an industry dynamic, or is it macro? Just how do you think about the risk in general?

您提到了宏觀因素，但您能否談談如果實際價格區間的低端真的出現，這對您會產生什麼影響？這究竟是產業動態問題，還是宏觀層面的問題？您整體上是如何看待風險的？

Conor, it's Shane. Yeah, you actually just answered it at the very end. I think from the two things that really could take us to the low end of the range in our mind is either a step back on the macro side, which we're hopeful doesn't happen, and we're not expecting, but it did happen last year.

康納，我是肖恩。是的，你其實在最後已經回答了這個問題。我認為真正可能導致我們跌至預期區間下限的兩件事，要么是宏觀經濟出現倒退（我們希望這種情況不會發生，我們也不認為這種情況會發生，但去年確實發生了）。

And so we're a little bit informed by last year's experience in terms of putting a guide out for this year. Or we just saw fuel prices spike. And just for reference or context, $0.10 of fuel price increase for the year is $0.75 of earnings. So $0.20 fuel price increase could take us down there all else equal.

因此，我們在編寫今年的指南時，會從去年的一些經驗中學習。或者我們剛剛看到燃油價格飆升。僅供參考或了解情況，一年內燃油價格每上漲 0.10 美元，收益就會增加 0.75 美元。所以，在其他條件不變的情況下，燃油價格上漲0.20美元就可能讓我們跌到那個水準。

Again, we're not expecting that. But just given the volatility in the industry, recently, we thought it was the right thing to do to widen the range a bit and share more details about why we would approach the low end.

我們再次聲明，我們並不期待這種情況發生。但鑑於最近行業的波動性，我們認為應該稍微擴大範圍，並分享更多關於我們為何接近低端市場的細節。

All of the things that are in our control, synergies, initiatives, running a great operation, lapping some things that happened to us last year, we're going to execute really, really well and we're confident about that.

所有在我們可控範圍內的事情，協同效應、各項舉措、出色的運營，以及彌補去年發生的一些事情，我們都會做得非常好，對此我們充滿信心。

Okay. And then, Shane, maybe sticking with you. Just, so in the past, you've talked about like 4% to 5% capacity growth. And then in the context of that, it's like flat unit [costs](corrected by company after the call). I know you're not giving you unit [cost directive](corrected by company after the call), but just hoping you could talk about the building box this year.

好的。然後，肖恩，也許會一直陪著你。過去，你們曾談到產能成長4%到5%。然後，在那種情況下，它就像一個扁平單元。[費用](通話後由公司更正)。我知道您沒有給出單位成本指示（通話後公司已更正），但只是希望您能談談今年的建築箱。

Because the way that I think about you're growing 2.5%, I assume you're back to hiring some, you have some investments that are in place, but you also have cost synergies. So if you could just help with the trajectory of costs throughout the year. I think that, that would be helpful.

因為我認為你們的成長率為 2.5%，我假設你們又開始招募了，你們也進行了一些投資，而且你們還有成本綜效。所以，如果您能幫忙控制一下全年的成本變化趨勢就太好了。我覺得那樣會有幫助。

Yeah, sure. So a couple of things. One, we did in the middle of the year, have a couple of large sort of step-ups, this is in '25 in certain categories we had, and we mentioned this in the script, market-based labor deals.

當然可以。有兩件事。第一，我們在年中進行了幾次大幅度的調整，這是在 2025 年某些類別中，我們在劇本中提到了這一點，即基於市場的勞動力交易。

We're not fully lapped there, so we've got to get through the first and second quarter to fully lap those. And then we've talked about this thematically for a few years now, real estate costs continue to be sort of the highest cost CAGR in the P&L.

我們還沒有完全超越他們，所以我們必須先完成第一節和第二節的比賽才能完全超越他們。過去幾年，我們一直在討論這個問題，房地產成本仍然是損益表中成本複合年增長率最高的項目。

And that's because of all the investments that were necessary but are being made in a lot of our core hubs. And we're excited about the spaces that our guests are going to get to experience as those come online, but there is a cost reality that comes with it.

這是因為我們在許多核心樞紐進行了大量必要的投資。我們對賓客即將體驗到的上線空間感到興奮，但這也帶來了相應的成本問題。

A lot of that comes in the middle of the year, so it hit us in Q3 and Q4, and we've got to lap those as well. So I think with low growth in the first quarter, which is the right thing for us to do with our seasonality in lapping those, were the most challenged on a unit cost basis in Q1 and Q2.

很多事情都發生在年中，所以第三季和第四季對我們造成了影響，我們也必須克服這些困難。所以我認為，由於第一季成長緩慢，考慮到季節性因素，我們這樣做是正確的，因為我們在第一季和第二季單位成本方面面臨最大的挑戰。

And then as we get to grow a little bit more into the summer and the latter part of the year I think we're going to have a really nice cost trajectory out of the end of the year as well this year.

隨著夏季的到來和下半年的臨近，我認為今年年底我們的成本走勢也會非常理想。

Jamie Baker from JPMorgan.

摩根大通的傑米貝克。

So my first question, I guess, it kind of builds on Duane's second question on integration. Slide 9. You note that the selling cutover is behind us, that represents the most significant phase. I completely understand all that.

所以我的第一個問題，我想，是建立在杜安關於積分的第二個問題之上的。幻燈片 9。您注意到銷售切換階段已經結束，這代表著最重要的階段。我完全明白。

What's not clear to me is what remaining risk is there? I mean you mentioned being able to unify guest experiences after April. What exactly is that? Again, the goal is just trying to assess risk from here?

我不清楚的是，還存在哪些剩餘風險？我的意思是，你提到四月之後可以統一賓客體驗。那到底是什麼？再次強調，我們的目標只是評估目前的風險嗎？

Jamie. So of course, my technology team are much more wound up, but I have full confidence in where we are. But essentially, every ticket sold after October beyond April was on Alaska’s single system and all the rest of it.

傑米。所以，我的技術團隊當然更加緊張了，但我對我們目前的狀況充滿信心。但實際上，10 月之後到 4 月之後售出的每一張票都是阿拉斯加航空的單一系統，其他所有系統都是如此。

So all that really has to happen on April 22, is that when people actually start flying those flights. Our systems need to point to the Hawaiian operational systems versus Alaska systems because they're not all integrated.

所以，4月22日真正需要發生的，就是人們真正開始搭乘這些航班。我們的系統需要指向夏威夷的運作系統，而不是阿拉斯加的系統，因為它們並非完全整合。

But the team is all over it. We've done this before. I have full confidence and we have good plans in place. So from a revenue and a commercial perspective, all things going well, we're in very good place for 2026.

但團隊正在全力以赴。我們以前做過這件事。我充滿信心，我們已經制定了完善的計劃。因此，從收入和商業角度來看，如果一切順利，我們2026年的發展前景非常好。

Okay, that's helpful. And then second on Atmos, when we think about I'm first very disappointed with the overall level of industry disclosures. But when we think about rank ordering the industry's loyalty programs by profitability, where do you think Alaska ranks and what gives you the confidence in your answer?

好的，這很有幫助。其次，關於 Atmos，當我們思考這個問題時，我首先對整個行業的資訊揭露程度感到非常失望。但是，如果我們考慮按盈利能力對業內忠誠度計劃進行排名，您認為阿拉斯加航空的排名如何？是什麼讓您對自己的答案充滿信心？

Thanks, Jamie. I think, well, there's two sides to loyalty, obviously, there's the guest perception of loyalty. And then of course, there's the airlines economic reality. Both of those are critically important. I can unequivocally say we're at the top.

謝謝你，傑米。我認為，忠誠顯然有兩面，一方面是顧客對忠誠的看法。當然，還有航空公司面臨的經濟現實。這兩點都至關重要。我可以毫不含糊地說，我們處於領先地位。

I believe, based on what we've heard from industry experts, banks and others that we're in a really good place. I also know that we win year after year on guest generosity. And we are very purposeful about how we manage our loyalty program, that the value of points that we provide our guests.

根據我們從行業專家、銀行和其他人士那裡聽到的信息，我認為我們目前處境非常好。我也知道，我們年復一年贏得比賽，靠的是顧客的慷慨。我們非常注重如何管理我們的會員忠誠度計劃，以及我們為顧客提供的積分的價值。

We don't depreciate and mess with materially. And the good news is that we're always growing. We're expanding our network. We've now got an international network and the platform and the Hawaii franchise and the network there.

我們不會對資產進行折舊和實質改動。好消息是我們一直在成長。我們正在拓展網路。我們現在擁有國際網路和平台，以及夏威夷特許經營權和那裡的網路。

So personally, what we have that others do not have is a real step change in our underlying business that's only going to, I think, attract more loyalty and the new program is even more expansive and generous.

所以就我個人而言，我們擁有的別人沒有的優勢，是我們業務的根本性變革，我認為這只會吸引更多忠誠客戶，而且新計劃的範圍更廣、更慷慨。

Tom Fitzgerald from TD Cowen.

來自 TD Cowen 的 Tom Fitzgerald。

I was wondering if you could touch on some of the growth in San Diego, but both from a transportation perspective and the loyalty program sign up and how that's been absorbed?

我想請您談談聖地牙哥的一些成長情況，包括交通運輸方面以及會員計畫的註冊情況和這些成長是如何被吸收的？

Tom, actually really good, I think, and one of the key things that my team is very aware of as we move into '26 is with the increased utility, we fully expect and are seeing increased membership and most importantly, increased card sign-ups.

湯姆，實際上真的很好，我認為，我的團隊在邁入 2026 年之際非常清楚的一點是，隨著實用性的提高，我們完全預期並且已經看到會員人數增加，最重要的是，持卡用戶數量增加。

We are working hard with the operations teams to make sure that this growth is seamless. But overall, all the leading indicators about what you would expect to see from growth, which is share, share of corporates, card sign-ups, loyalty sign-ups, we're seeing come to pass.

我們正與營運團隊緊密合作，確保這項成長過程順利順利。但總的來說，所有關於成長的領先指標，例如市場份額、企業市場份額、信用卡註冊量、會員註冊量，我們都看到了這些指標的實現。

Okay, great. That's really helpful. And then just one for Shane. I'm wondering if you could, I guess, just touch on maybe unpack some of the drivers of the nonfuel cost beat and the execution there in the fourth quarter?

好的，太好了。這真的很有幫助。然後，再給肖恩來一杯。我想請您簡要分析一下第四季度非燃油成本超預期的一些驅動因素以及具體的執行情況？

And then maybe just an update on some of the IT overhaul investments and the improvements in IT hygiene coming on down the pipeline in '26.

然後，或許可以更新 2026 年即將推出的一些 IT 改革投資和 IT 衛生改進措施。

Yeah, and I obviously covered this in the prepared remarks, but really good performance by the team across the board in terms of cost management and focus in the fourth quarter as we exited the year. The good news, I think, from my perspective is it was in many, many categories.

是的，我在準備好的演講稿中也提到了這一點，但就成本管理和第四季度（也就是我們結束這一年的時候）的專注度而言，團隊整體表現非常出色。我認為，從我的角度來看，好消息是它涵蓋了許多許多類別。

It wasn't one single area that we just sort of got an unexpected benefit out of. So as we crossed over getting our single operating certificate, it really is the moment that we're able to go and put more of our full focus on running really efficient, effective quality core airline operations.

這並不是說我們在某個單一領域獲得了意想不到的好處。因此，當我們獲得單一營運許可證後，我們就可以真正將全部精力集中在高效、優質的核心航空運營上。

And I think the fourth quarter is just evidence of what we can do when we're able to really focus on running the airline well.

我認為第四季的業績正好證明了，當我們能夠真正專注於把航空公司經營好時，我們能取得怎樣的成就。

So we had benefit versus our guide or forecast internally in wages and productivity on the maintenance side of the business and selling and distribution expenses, and anyhow, it's just a lot of like little things that added up to a nice beat.

因此，我們在工資和生產力方面，在業務維護方面，以及銷售和分銷費用方面，都比我們內部的指導或預測有所收益，總之，很多小事加起來就帶來了不錯的業績。

So well done by the leadership team and everybody else at the company in the fourth quarter on costs. On the IT side, yes, we're making headway on investing in resiliency and redundancy, we've got a lot of sort of detailed plans ready to execute in the first quarter here.

因此，領導團隊和公司其他所有員工在第四季度的成本控制方面都做得非常出色。在 IT 方面，是的，我們在投資提高系統彈性和冗餘性方面取得了進展，我們已經制定了許多詳細的計劃，準備在第一季執行。

And we've spent a good amount of time in the fourth quarter, understanding exactly what we need to do. And we're on our way of executing all of that. And all of the investments are already contemplated in our guide for next year, both the CapEx side and the EPS side.

我們在第四季花了大量時間，弄清楚我們到底需要做什麼。我們正在逐步實現所有這些目標。所有投資都已納入我們明年的指導方針中，包括資本支出和每股收益兩方面。

Andrew Didora from Bank of America.

來自美國銀行的安德魯·迪多拉。

Shane, maybe a follow-up there on, just on costs. I guess you are making a change to CASM. Can you maybe talk about the way I understand that there's still some profit share that's going to be in there. Could you maybe just talk to the changes you're making, why you're doing this now?

Shane，或許可以就成本問題做個後續跟進。我猜你們正在對 CASM 進行更改。您能否談談我理解中仍包含的部分利潤分成是怎麼回事？您能否談談您正在進行的改變，以及為什麼現在要這樣做？

And I guess, more importantly, does this change like influence the way we should think about kind of your CASM trajectory versus, in conjunction with your capacity growth? Any thoughts around that would be helpful.

更重要的是，這種變化是否會影響我們對 CASM 軌跡以及產能成長的看法？任何想法都將不勝感激。

Yeah. I think, Andrew, you're sort of referring to the restatement of CASM ex to remove PBP. Honestly,, it's just become kind of an industry convention that we were a little bit of an outlier in. So we decided to adopt this year, we just had to choose a time to do it.

是的。安德魯，我想你指的是 CASM ex 的重新表述，以刪除 PBP。說實話，這已經成為一種行業慣例，而我們在這方面有點特立獨行。所以我們決定今年領養孩子，只需要選擇適合的時間。

It's not going to change our focus on driving cost performance in the business and margin performance in the business at all. There isn't really any other profit sharing in the adjusted number.

這完全不會改變我們對提升業務成本效益和利潤率的關注重點。調整後的數字中其實沒有其他利潤分成。

There are some incentive payments that we have for customer satisfaction and for operational performance that employees can earn that remains in our core CASM because it's not really a profit-sharing metric. So it's really just like the rest of the industry has done, remove the volatility of year-over-year profit sharing from adjusted CASM ex.

我們有一些針對客戶滿意度和營運績效的激勵獎金，員工可以獲得這些獎金，這些獎金仍然計入我們的核心 CASM，因為它實際上並不是一個利潤分享指標。所以，這實際上就像業內其他公司所做的那樣，從調整後的 CASM ex 中消除逐年利潤分成的波動性。

Got it, okay. It was that portion that's remaining that I was referring to. Okay, that's helpful. And then just Shane, you alluded to this at the end of your prepared remarks, but just the $10 in 2027 EPS, you obviously still express confidence and at least the building box to get there.

明白了，好的。我指的是剩下的那一部分。好的，這很有幫助。然後，Shane，你在準備好的發言稿結尾也提到了這一點，但僅僅是 2027 年每股收益 10 美元的目標，你顯然仍然表達了信心，並且至少有構建實現目標的基礎。

I'm not asking about '27. I guess can you maybe walk us through what we need to see happen in 2026 in order to make this goal seem much more achievable today?

我不是問關於 27 年的事。我想請您詳細介紹一下，為了讓這個目標在今天看來更容易實現，我們需要在 2026 年看到哪些改變？

Andrew, I'll jump in. It's Ben. Well, look, our thesis hasn't changed from our December 2024 Investor Day. What we laid out under Alaska Accelerate was a plan to unlock $1 billion of pretax with the integration. And as Andrew mentioned, we're well on track, slightly ahead of plan on that.

安德魯，我來插話。是本。你看，我們的論點自 2024 年 12 月投資者日以來就沒有改變。我們在阿拉斯加加速計畫中提出的方案是透過整合釋放 10 億美元的稅前收益。正如安德魯所提到的，我們進展順利，甚至略微超前於計劃。

And that is all the network synergies, the loyalty, the premium leaning into international, the elements where the big airlines are getting a lot of the profit accretion from. So these are things that are coming, they're harvesting for us in the next couple of years.

這就是所有網路綜效、忠誠度、向國際航線傾斜的高端策略，也是大型航空公司獲得大量利潤成長的要素。所以這些都是即將到來、未來幾年為我們帶來收穫的事物。

And, but for the, as Shane laid out, the macroeconomic volatility that we saw last year and a little bit of the pressure on fuel that we're seeing from West Coast refinery margins, we are on track, and I am as convicted and as committed as ever to $10 of EPS to that goal.

但正如Shane所闡述的，除了去年我們看到的宏觀經濟波動以及西海岸煉油利潤率給燃料帶來的一些壓力之外，我們正朝著既定目標穩步前進，我對實現每股收益10美元的目標仍然充滿信心和決心。

And it's just that's how we see it. And if this trajectory continues, we're off to a good start in '26. If this trajectory continues, then we'll be solidly on the right-hand side of our guide.

我們就是這麼看的。如果這種趨勢持續下去，我們在 2026 年就有了良好的開端。如果這種趨勢持續下去，那麼我們將穩穩地站在指南的右側。

Brandon Oglenski from Barclays.

來自巴克萊銀行的布蘭登·奧格倫斯基。

So Ben, I asked a similar question from your competitor this week. But effectively, we didn't see any industry revenue growth in 2025, even though GDP was pretty positive. And I think the prevailing thought here is that industry pricing has really been the culprit, it's not underlying demand, that's the problem.

所以本，我這週也問了你競爭對手一個類似的問題。但實際上，儘管 GDP 相當不錯，但我們並沒有看到 2025 年任何產業收入成長。我認為目前普遍的看法是，真正的問題在於產業定價，而不是潛在需求。

Would you view that similarly? And just given the changes we're seeing on the low cost side with capacity coming out. Do you think that's going to be where the industry can get some traction and get on yields and margins?

你會持同樣的看法嗎？鑑於我們看到低成本方面產能的提升，情況正在改變。你認為這會是該產業獲得發展動力、提高收益率和利潤率的切入點嗎？

Yeah. I'll take this one, Brandon. I think it was one of capacity out running economic growth in 2025. I think it was clearly documented in the third quarter. That was very significant. And as you're fully aware, the multiple shocks, to demand throughout '25 were significant.

是的。我來做這個，布蘭登。我認為這是到 2025 年產能成長超過經濟成長速度的問題之一。我認為第三季已經對此有明確的記錄。那意義非常重大。如您所知，2025 年全年需求遭受的多次衝擊是巨大的。

I think as we look to 2026, I think as you look out and just read the commentary, I think there is a much closer alignment between economic growth and capacity growth. And as you referenced, there's a lot of carriers that are actually reducing.

我認為，展望 2026 年，當你觀察並閱讀相關評論時，你會發現經濟成長與產能成長之間的契合度將大大提高。正如你所提到的，很多運營商實際上都在減少業務。

So I think overall, I think we're in a better position in going into '26 than we were in '25 as it relates to GDP aligning more closely with the capacity growth for the industry, which should then, therefore, be positive on both the unit revenue side and as we've been talking about some of that lost economic demand coming back in 2026.

因此，我認為總體而言，與 2025 年相比，我們進入 2026 年的處境要好得多，因為 GDP 與行業的產能增長更加緊密地結合起來，因此，無論從單位收入方面還是從我們一直在討論的 2026 年部分損失的經濟需求的恢復方面來看，這都應該是積極的。

I appreciate that, Andrew. And maybe as a follow-up, too, I know you guys were focused on maybe moving more domestic flow through Portland and restructuring Seattle for more international connectivity. How is that progressing?

謝謝你，安德魯。而且，作為後續工作，我知道你們一直致力於將更多國內交通流量轉移到波特蘭，並重組西雅圖以增強國際連通性。進展如何？

Yeah. Thanks, Brandon. It's one of those exciting things you get to do when you look at your network and one of the wonderful things of having a Portland hub, 130 miles down the street from Seattle is we're able to focus both hubs to collectively take our local and connecting traffic across our network.

是的。謝謝你，布蘭登。當你審視你的人脈時，你會感到無比興奮。擁有一個距離西雅圖僅 130 英里的波特蘭樞紐的好處之一是，我們可以集中這兩個樞紐，共同處理我們網路中的本地和連接流量。

We continue to see significant increases in flow of volumes through both those hubs through this. And of course, Seattle is very constrained, and we're also able to make room for those local passengers that we need to serve out of Seattle, when we can put connections over to Portland.

透過這種方式，我們持續看到這兩個樞紐的貨運量顯著增加。當然，西雅圖的運能非常有限，我們還可以騰出空間，為那些我們需要從西雅圖出發服務的當地乘客提供轉機服務，例如前往波特蘭。

So I think there's going to be a lot of work, further work to be done this year, but it's a real gift to be able to have both these hubs to do what we need to do with.

所以我認為今年還有很多工作要做，還有很多其他工作要做，但能夠擁有這兩個中心來做我們需要做的事情，真是一份難得的禮物。

And Brandon, maybe just to maybe to summarize all that, I think where you're seeing strength with the legacy carriers is in the premium space and in the international space. And, if you look at our strategy under Alaska Accelerate, that's exactly where we're winning into.

布蘭登，或許總結一下，我認為傳統航空公司的優勢在於高端市場和國際市場。而且，如果你看看我們在阿拉斯加加速計畫下的策略，你會發現這正是我們勝利的關鍵。

We're adding more premium seats. Andrew mentioned 36% of our revenues are from the premium space. Our international, we have two flights today. We're going to 5 up to 12 we're really leaning into the space where we can capture some of that revenue that's really been strong over the last several years.

我們正在增加更多高級座位。Andrew提到，我們36%的營收來自高端市場。我們國際航班今天有兩班。我們將把規模擴大到 5 到 12，我們正大力進軍這個領域，希望能從中獲取過去幾年來一直非常強勁的收入。

So, this is why Alaska Accelerate is beginning to work. It is working, and we're confident moving forward on that.

所以，這就是阿拉斯加加速計畫開始奏效的原因。目前看來效果不錯，我們對未來的發展充滿信心。

Scott Group from Wolfe Research.

來自 Wolfe Research 的 Scott Group。

Thanks. So I know you're guiding to a solidly positive RASM in Q1. I'm just hoping to get a little color on like what that means. I think back last January, you said it would be high singles in Q1 and ended up mid-single. So like the comp gets obviously a lot easier.

謝謝。所以我知道你們預計第一季 RASM 將實現穩健的正成長。我只是想稍微了解一下這代表什麼。我記得去年一月，你說過第一季度單曲銷量會很高，結果只達到了單曲銷量的中段。所以比賽顯然變得容易多了。

Like if we just take like current trend and just assume it holds and then get the easy comp? Like what could this mean for Q1 RASM?

如果我們直接採用當前的趨勢，並假設它會持續下去，然後進行簡單的比較，會怎麼樣？這對第一季 RASM 意味著什麼？

Scott. So a couple of things. I think we achieved, I think it was 5% unit revenue increases in the first quarter of '25, which was industry-leading, notwithstanding the massive shocks that happened there. We still have about 1/3, about $1 billion of revenue to come.

斯科特。有兩件事。我認為我們在 2025 年第一季實現了 5% 的單位收入成長，這在業界是領先的，儘管當時發生了巨大的衝擊。我們還有大約三分之一，也就是大約10億美元的收入尚未實現。

And of course, that's going to be influenced by the continued strength in growth in both demand, both leisure and domestic, so I think, and again, Shane is not allow me to give any guidance here, but the reality is that if conditions continue, this could get better and stronger.

當然，這將受到休閒和家庭需求持續強勁增長的影響，所以我認為，而且，謝恩不允許我在這裡給出任何指導，但現實情況是，如果情況繼續下去，情況可能會變得更好更強。

And I think the network dynamic, what we're seeing. And I think the opportunity we have, especially in the premium cabin. I think we have more upside there could only get better.

我認為，我們所看到的這種網路動態，就是…我認為我們擁有的機會，尤其是在高級艙位方面。我認為我們還有很大的發展空間，只會越來越好。

Okay. And then, Shane, just sort of like big picture, like you're saying, you're saying so solidly positive RASM in Q1 and flat earnings, but then earnings for the year are at the midpoint, kind of double, like what changes from Q1 to the rest of the year to see such a massive sort of change? Is it just the comps? Just some thoughts on that thought.

好的。然後，Shane，就從大局來看，就像你說的，第一季 RASM 實現了穩健的正增長，盈利持平，但全年盈利卻達到了年中點，翻了一番，那麼從第一季度到今年剩餘時間，是什麼因素導致瞭如此巨大的變化呢？只是競爭對手的問題嗎？關於這個想法，我有一些想法。

Yeah. No, I appreciate the question, Scott. And a couple of things, and I will answer specifically to what's going on in Q1 this year for us. But I think it's important to remind folks we are the most seasonal airline.

是的。不，我很感謝你的提問，斯科特。還有幾件事，我會具體回答我們今年第一季的情況。但我認為有必要提醒大家，我們是季節性最強的航空公司。

I think the second most seasonal airline prior to our merger was Hawaiian. And so Q1 is going to be the toughest quarter for us.

我認為在我們合併之前，季節性第二強的航空公司是夏威夷航空。因此，第一季將是我們最艱難的一個季度。

We're committed long term to still getting to breakeven in this quarter at a minimum. I think the core Alaska network was really close to that last year. And really, our cost profile sequentially coming out of Q4 into Q1, it's, the costs are pretty flat sort of quarter-over-quarter.

我們長期目標是至少在本季達到損益兩平。我認為去年阿拉斯加核心網路的情況已經非常接近那個水準了。實際上，從第四季度到第一季度，我們的成本結構基本上保持平穩，季度環比基本持平。

Like I had talked about, we have to lap these labor deals and the real estate step-up. And really, had we seen the demand environment we're seeing today for the entire Q1 booking window we wouldn't be talking about a flat result.

正如我之前所說，我們必須盡快完成這些勞工協議和房地產價格上漲。事實上，如果我們第一季整個預訂窗口期都能看到像今天這樣的需求環境，我們就不會說業績持平了。

We'd be talking about a material improvement year-over-year performance in the first quarter. And so it really is ultimately how quickly this macro backdrop can recover and had it recovered a little bit sooner than it ultimately did.

我們指的是第一季業績較去年同期有顯著提升。所以，歸根究底，關鍵在於宏觀環境能夠以多快的速度恢復，如果它能比最終恢復得更快一些就好了。

I think we'd be in a different place in terms of the year-over-year comp. But again, if you sort of just take what's happening today forward, have to take it up from today forward. The rest of the year looks really, really good.

我認為，如果以同比來看，我們的處境會有所不同。但是，如果你只是把今天發生的事情向前推進，那就必須從今天開始向前推進。今年剩下的日子看起來真的非常非常好。

And I'll just remind everybody, you guys know this, but the biggest sort of missing revenue quarters for us last year and the whole industry were Q2 and Q3. And so that's really where we expect to see the biggest expansion of earnings this year.

我還要提醒大家，你們都知道，去年我們和整個產業收入損失最大的季度是第二季和第三季。因此，我們預期今年獲利成長幅度最大的領域就是這方面。

Atul Maheswari from UBS.

來自瑞銀集團的阿圖爾·馬赫什瓦里。

I had a question on fuel first, which is like do you have a view on what's driving the volatility in the West Coast fuel like what's driving the elevated prices?

我首先想問一個關於燃油的問題，例如，您認為是什麼因素導致了西海岸燃油價格的波動，是什麼因素導致了價格上漲？

And what really needs to happen for some of the spreads to come down? And given all the volatility that we're seeing in the West Coast fuel, what can you do to reduce the reliance, and how quickly can that be achieved?

那麼，究竟需要發生什麼事才能讓一些價差下降呢？鑑於西海岸燃料價格的波動性，我們可以採取哪些措施來減少對西海岸燃料的依賴，以及多久才能實現這一目標？

Yeah, thanks Atul. We do have a view on this, and it's pretty straightforward. We really need the West Coast refineries, particularly in California to stabilize. They just are not up and operating consistently enough and not operating at the level that they did for the last three years that I was at the company before the last two where it's really become very volatile.

是啊，謝謝你，阿圖爾。我們對此確實有自己的看法，而且看法很簡單。我們真的需要西海岸的煉油廠，特別是加州的煉油廠，恢復穩定。他們目前的營運狀況不夠穩定，沒有達到我過去三年在該公司時的水平，而最近兩年，情況變得非常不穩定。

So that's what we need. That's the driver. It's all on the refining margin side of the business. So just sort of, I think, good facts for folks to understand.

這就是我們需要的。那就是司機。這一切都與業務的精煉利潤有關。所以我覺得，這些都是大家應該要了解的有用事實。

We get about 50% of our fuel is exposed to West Coast and 25% is really in Hawaii, and that's coming out of Singapore, and that's the lowest fuel all-in cost, I think, that you can get in the industry. And then we get 25% from the rest of the country, call it, US Gulf Coast types of pricing.

我們大約 50% 的燃料來自西海岸，25% 來自夏威夷，而這些燃料是從新加坡運來的。我認為這是業內你能獲得的最低的燃料總成本。然後我們從美國其他地區獲得 25% 的收入，姑且稱之為美國墨西哥灣沿岸地區的定價模式。

So we're, about half the fuel bill is exposed to the West Coast. We do need to see this volatility go away. And I think, by the way, it's not just Alaska. It's every airline that needs to see this over time and gets up and down the West Coast.

所以，大約一半的燃料費用都流向了西岸。我們確實需要看到這種波動性消失。順便說一句，我認為，這不僅發生在阿拉斯加。隨著時間的推移，每家往返美國西海岸的航空公司都需要看到這一點。

So we're going to increasingly work with local communities and probably federal agencies to see what we can do to ultimately help smooth out the frequency with which the refineries come offline.

因此，我們將越來越多地與當地社區以及聯邦機構合作，看看我們能做些什麼，最終幫助平穩煉油廠停產的頻率。

And in addition to that, we need to bring more fuel supply into the West Coast that's not reliant on the refineries and we're working to do that in our biggest hubs, but that is a longer-term initiative.

除此之外，我們還需要為西海岸引入更多不依賴煉油廠的燃料供應，我們正在最大的樞紐努力實現這一點，但這需要更長的時間。

It's probably a two year sort of initiative to get that in place. But ultimately, we're going to be able to, I believe, move back to parity, which we have to as an industry on the West Coast in terms of all-in fuel prices.

這可能是一項需要兩年才能落實的計畫。但最終，我相信我們能夠回到平價狀態，就所有燃油價格而言，作為西海岸的整個行業，我們必須做到這一點。

Got it, that's very helpful. And then as my follow-up, assuming you do the midpoint of the guidance for this year, which is, say, call it, $5 in EPS in that scenario, is $10 in EPS for 2027 still in play?

明白了，這很有幫助。那麼，我的後續問題是，假設您採用今年業績指引的中點，比如說，在這種情況下每股收益為 5 美元，那麼 2027 年每股收益達到 10 美元的目標是否仍然可行？

And if so, can you please give us a bridge to go from that $5 to the $10. And I think that will be helpful for all of us to understand how reasonable the $10 estimate is.

如果是這樣，您能否幫我們從 5 美元過渡到 10 美元？我認為這有助於我們所有人理解 10 美元的估價是多麼合理。

Sure. Atul, I'll not fully verbatim repeat what Ben said. But yeah, it's still in play. And I'll just step back and sort of remind people of the high-level math that got us to $10. We started with our 2024 result.

當然。阿圖爾，我不會逐字逐句地複述本的話。是的，它仍在進行中。然後我退後一步，提醒大家一下，是什麼高深的數學計算讓我們達到了 10 美元。我們先來看2024年的預測結果。

We've normalized that for the fleet grounding that had happened in the first quarter of that year. And then we added $1 billion of profit unlocked from our Alaska Accelerate plan, which we're on track to outperform at this point over the three year period.

我們已經將當年第一季發生的機隊停飛事件正常化了。此外，我們也從阿拉斯加加速計畫中釋放了 10 億美元的利潤，目前來看，我們預計在三年內超越該計畫的預期。

And that really got us above $10. There was some buffer. We've never sort of shared the buffer. We're not going to show that today.

這真的讓我們突破了10美元大關。留有一些緩衝空間。我們從來沒有共享過緩衝區。我們今天不會展示那個。

And then the other underlying assumptions were that macro organic revenue growth in the industry that we were exposed to and everybody else was exposed to roughly offset the cost growth of the company. And that's how we got to above $10 fuel was roughly what it was back in '24 as we exited '24.

此外，其他一些基本假設是，我們所處的行業以及其他所有行業所處的行業的宏觀有機收入增長大致可以抵消公司的成本增長。就這樣，我們才使得油價超過了 10 美元，而油價在 2024 年底時也大致如此。

That's the underlying assumptions. All that's really gone negative on us is the macro backdrop, and it looks like it's coming back.

這是基本假設。真正對我們不利的只有宏觀經濟背景，而且看起來這種情況正在好轉。

And if it comes back fully, and we get all of the $500 million or $600 million that we were missing out of last year, plus a little bit of macro growth on top of that, which should have naturally been happening in '26, '27, by '27, we are back into $10 plus range.

如果經濟完全恢復，我們能夠彌補去年損失的 5 億或 6 億美元，再加上一些宏觀成長（這本應在 2026 年、2027 年自然發生），到 2027 年，我們的收入就能回到 10 美元以上的水平。

So we're in month 13 of a 3 year plan, way too early for us to be saying we can't achieve this, we wouldn't say that anyway. We're committed to this number. And I think owners and our employees should expect that we go and achieve $10 ultimately, that's the right way to be thinking about driving the business aggressively forward.

我們現在正處於三年計畫的第 13 個月，現在就說我們無法實現這個目標還為時過早，無論如何我們也不會這麼說。我們堅持這個數字。我認為老闆和員工都應該期望我們最終能實現每股收益 10 美元的目標，而這才是積極推動業務發展的正確想法。

So we're super committed to it. We've got a lot of year left before we know what happens in '26 and what the setup for '27 is. But we're optimistic and we're going to go drive the synergy and initiative and the controllable piece of this, extraordinarily hard over the next two years.

所以我們對此非常投入。距離 2026 年會發生什麼事以及 2027 年的安排還有很長一段時間。但我們很樂觀，我們將在未來兩年格外努力地推動綜效、主動性和可控因素的發揮。

Catherine O'Brien from Goldman Sachs.

來自高盛的凱瑟琳·奧布萊恩。

So not to be harping on the 2026 EPS range, but I just wanted to clarify what drives the midpoint. It sounds like for the high end, you just need demand to stay on the current trajectory and I guess fuel will come down a little bit from where we are today.

我不想過多糾結於 2026 年的 EPS 範圍，只是想澄清一下中點是由什麼決定的。聽起來高端市場只需要需求維持目前的成長勢頭，我猜燃油價格就會比現在稍微下降一些。

So at the midpoint, does that also entail a step down in the macro or maybe a flattening of the acceleration you're seeing? Or is that current macro plus higher fuels than where you'd be at the high end?

那麼，到了中期，這是否也意味著宏觀經濟出現下滑，或者你所看到的加速趨勢趨於平緩？或者說，這是當前的宏觀經濟情勢加上比高端市場更高的燃料成本？

Thanks, Cathy. You guys are good at your job. We're trying to be as clear as we can, but also acknowledge it's a volatile industry, and we're in January. And so we really like the current setup and the demand feels very good right now, and we're, we expect and hope that it maintains over the rest of the year.

謝謝你，凱西。你們工作做得很好。我們盡量把話說清楚，但也承認這是一個動盪的行業，而且現在是1月。因此，我們非常喜歡目前的狀況，而且現在的需求感覺非常好，我們預計並希望這種情況能在今年餘下的時間裡保持下去。

But I'll be super clear. The midpoint is essentially 2025 EPS, lapping transient issues that should not happen to us again, that did impact earnings last year, delivery of incremental synergies and initiatives and a little bit of recovery in macro. That's how we get to the midpoint.

但我會說得非常清楚。中點基本上是 2025 年的每股盈餘，考慮到去年影響收益的暫時性問題（這些問題不應該再次發生在我們身上），以及增量協同效應和舉措的實現和宏觀經濟的些許復甦。這樣我們就到達中點了。

And we're, right now, the macro line is above that modest recovery scenario, but it needs to hold to get above the midpoint. But that's essentially how we got to the midpoint, and we feel really good about the setup as we sit here and talk to you guys today.

目前，宏觀經濟線高於溫和復甦情景，但需要保持在該情景之上才能高於中點。但基本上我們就是這樣走到了中點，今天我們坐在這裡和大家談話時，對目前的安排感到非常滿意。

And hopefully, in 90 days, we feel even better about it. But anyhow, that's the, those are the elements that you can sort of as you think about the way to bridge '25 to '26 midpoint.

希望90天后，我們對此感覺會更好。但無論如何，這些都是你在思考如何銜接 2025 年到 2026 年中期過渡時可以考慮的因素。

That makes sense and feels prudent. Maybe just one more quick one on loyalty. I know you referenced that some of the initiatives are running ahead. It feels like that $150 million loyalty might be conservative just given the success of the joint program, a new loyalty card or is your new credit card.

這合情合理，也感覺很謹慎。或許可以再快速問一個關於忠誠的問題。我知道您提到有些專案進展順利。考慮到聯合計畫的成功，1.5億美元的忠誠度獎勵可能還是保守估計，無論是新的會員卡還是你的新信用卡。

I guess like, is that what you're seeing? And relatedly, of the 60% of new premium card sign-ups outside of the Pacific Northwest, understand a decent amount of that was in California, but where is the rest.

我猜，你看到的就是這個嗎？另外，在太平洋西北地區以外的新高端信用卡註冊用戶中，有 60% 來自加州，雖然我知道其中相當一部分來自加州，但其餘用戶在哪裡？

Catie, yeah, from where I sit today and what we're seeing, I do believe that there is a lot of opportunity here. I just, this is just a throw anecdote, but just our million miler base in the last 12 months has increased over 30%. You only get that from flying on our aircraft.

凱蒂，是的，就我目前所處的位置和我們所看到的情況來看，我確實認為這裡有很多機會。我只是舉個例子，但在過去 12 個月裡，我們的百萬英里飛行里程用戶數量增加了 30% 以上。只有搭乘我們的飛機才能體驗到這種感覺。

We're just seeing across the board a step change. And the other thing I'll add is that Bank of America have been an amazing partner. They understand that we need to grow.

我們看到各方面都發生了翻天覆地的變化。另外，我要補充一點，美國銀行一直是非常棒的合作夥伴。他們明白我們需要成長。

They have leaned in with us and leveraging the depth and the breadth of their brand and their network, along with our increased brand and network. It's just a fantastic result. So I look for good things this year.

他們與我們緊密合作，利用他們品牌和網路的深度和廣度，以及我們不斷增強的品牌和網路。這真是個絕妙的結果。所以我期待今年能有好事發生。

Savi Syth from Raymond James.

來自 Raymond James 的 Savi Syth。

Shane, may try to bring everything together on the cost discussion that's been done so far on the call. And just trying to understand very simplistically.

Shane可能會嘗試把電話會議上到目前為止討論的所有成本問題都整合起來。我只是想用最簡單的方式去理解。

Historically, you've talked about growing 5% to keep unit costs flat this year, you have kind of some headwinds and tailwinds kind of in terms of just initiatives or kind of merger synergies coming online, but then also dissynergies coming online.

從歷史上看，你們曾說過要實現 5% 的增長以保持今年的單位成本不變，你們既有一些順風也有逆風，一方面是一些舉措或合併協同效應的上線，另一方面是一些不利因素的上線。

How should we think about that relationship this year? And like when do you kind of, do we get back to that historical relationship? Or is there something in the environment that's changed that doesn't get us there?

今年我們該如何看待這段關係？那麼，我們什麼時候才能恢復到那種歷史性的關係呢？或者說，環境中的某些因素發生了變化，導致我們無法到達目的地？

Yeah, Savi, to make sure I fully understand it, but the relationship of needing to grow roughly 4% to 5% to fully offset sort of core inflation in the business. That's the essential question. Are we going to get back to that relationship?

是的，Savi，為了確保我完全理解，這裡指的是需要成長大約 4% 到 5% 才能完全抵消企業核心通膨的影響。這是關鍵問題。我們還能回到以前那種關係嗎？

That's correct.

沒錯。

Yeah. No, I think we will. I think we will. And, that is what our business model is built on. That's how we think about projecting what we need to do longer term in terms of cost performance or incremental revenue to offset the inflation in the business.

是的。不，我想我們會的。我想我們會的。而這正是我們商業模式的基石。這就是我們思考如何預測長期成本效益或增量收入以抵銷業務通膨的方式。

Look, we're merging two airlines. We're making a lot of investments in the business. We're making a lot of investments in airports. And so it is a little more volatile around that relationship for the next, for last year and this year that it will be going forward.

你看，我們正在合併兩家航空公司。我們正在對公司進行大量投資。我們正在對機場進行大量投資。因此，過去一年、今年以及未來幾年，這種關係都更加不穩定。

Once we stabilize all of this, which I think we're well on our way to doing, we fully expect to get back to offsetting unit costs, having flattish or marginally up unit cost with 4%-ish growth. And it will be good to get back there.

一旦我們穩定了這一切（我認為我們正在朝著這個方向穩步前進），我們完全有信心恢復到抵消單位成本的狀態，單位成本保持平穩或略有上升，同時實現 4% 左右的增長。能回到那裡真是太好了。

I think our teams are really capable of delivering on that. And I don't know that it's exactly going to happen in '27, but in the next 24 months-ish. I think that's what you'll start to see as we get through the last of the integration milestones and really get to focus on running a productive airline again.

我認為我們的團隊完全有能力做到這一點。我不知道這件事是否會在 2027 年發生，但應該會在接下來的 24 個月左右發生。我認為，隨著我們完成最後的整合里程碑，真正開始專注於再次有效地經營一家航空公司，你就會開始看到這種情況。

That's helpful. And if I might, on the cargo side, I think all the aircraft that you, the freighter aircraft that you're planning are in and you're not getting a lot of extra net aircraft growth this year, but you're also doing international flying Curious how you're thinking about what cargo can do this year.

那很有幫助。如果可以的話，我想問貨運方面，您計劃引進的所有貨機，今年您並沒有獲得太多額外的淨飛機增長，但您也在進行國際飛行。很好奇您是如何看待今年貨運業務的。

Savi, we're going to have Jason Berry, our Chief Operating Officer, to answer that.

薩維，我們將請營運長傑森·貝瑞來回答這個問題。

Savi, this is Jason. Good question. We're continuing to, as we brought these two airlines together, we saw a lot of synergies and opportunities, and those are happening. And the top end revenue and the margin is really good coming in on the cargo side. We're seeing good momentum on all sites.

薩維，這位是傑森。問得好。我們正在繼續推進，在將這兩家航空公司合併的過程中，我們看到了許多協同效應和機遇，而這些正在成為現實。貨運方面的高端收入和利潤率都非常可觀。我們看到所有網站都呈現良好的成長動能。

We just actually got to a single selling platform earlier this month, and that's really actually helping us unlock and make it a lot simpler for our customers on the cargo side to book with us. So we expect to continue to see positive growth on that as we bring in the new wide-bodies and continue to just work the network.

本月初，我們終於實現了單一銷售平台，這確實幫助我們簡化了貨運客戶在我們這裡預訂的流程。因此，隨著我們引進新的寬體飛機並繼續運營航線網絡，我們預計這方面將繼續保持積極成長。

And Savi, I think if you're asking about, we have 10 Amazon airplanes, freighters. And right now, that's where we're at, that number is not going up.

薩維，我想如果你問的是，我們有 10 架亞馬遜飛機，都是貨機。而現在，情況就是這樣，這個數字不會上升。

So maybe cargo growing faster than you would normally expect on a in the kind of the Alaska, Hawaii system.

所以，在阿拉斯加、夏威夷這樣的系統中，貨物運輸的成長速度可能比你平常預期的還要快。

Yeah. I think that's totally true. And our goal is to have Jason talk to you a lot more about as it does that and expands. He's got a big lift to go and fill these planes up and they're doing a nice job out of the gate, especially internationally to Asia, and we're excited about the future of cargo.

是的。我覺得完全正確。我們的目標是讓傑森多與你們談論這件事，隨著事情的發展和擴展，他會和你們多多交流。他還有很長的路要走，要把這些飛機裝滿貨物。他們一開始就做得很好，尤其是在國際航線上，特別是飛往亞洲的航線，我們對貨運的未來感到興奮。

Ravi Shanker from Morgan Stanley.

來自摩根士丹利的拉維‧尚克爾。

And I apologize for asking you another 2026 guidance EBITDA question. But to the point of the high end of the guide points to current trends continuing I think there's broad consensus that US domestic continues to remain well short of normal strength.

很抱歉再次詢問您有關 2026 年 EBITDA 指引的問題。但就指南高端部分所指出的當前趨勢而言，我認為普遍的共識是，美國國內經濟仍遠未達到正常水準。

So is that guidance baking in the current level of US domestic. So if US domestic does normalize to the year, is that upside to the high end of your guidance?

所以，這項指導意見是否已納入美國國內當前的經濟水準？如果美國國內經濟恢復到往年正常水平，這是否會提高你們預期的上限？

Yeah, Ravi, I think, yes, current trends are sort of how we, and I think I did just mention this, like if they flatten out from here, we're still feeling very good about the midpoint or better. If they continued to improve and backfill the amount of missing revenue from last year fully, then you get to the high end of the range.

是的，Ravi，我認為，是的，目前的趨勢大致如此，我想我剛才也提到過，如果它們從這裡趨於平穩，我們仍然對中點或更好的結果感到非常樂觀。如果他們繼續改進並完全彌補去年損失的收入，那麼就能達到預期範圍的高端。

And I do think domestic for us was, I think we believe it was a better story in Q4 than the other airlines. If you just look at some of the main cabin results that have been released by others relative to ours. We actually, I think, had the best relative quarter in Q4 in the main cabin and also in our basic economy, what we call Saver Fare category in the fourth quarter.

而且我認為，就我們的國內航線而言，我們認為第四季的表現比其他航空公司好。如果你看看其他廠商發布的一些主要客艙測試結果，你會發現它們與我們的結果有多麼不同。實際上，我認為我們在第四季度的主艙和基本經濟艙（我們稱之為第四季度的特價機票類別）都取得了相對最好的成績。

So that actually saw a nice bump as well. And Andrew mentioned this in a prior answer and also in the prepared remarks, we've really seen the improvement in the demand profile across every segment of the business.

所以這方面也出現了不錯的成長。Andrew 在先前的回答和準備好的演講稿中都提到過這一點，我們確實看到了業務各個領域的需求狀況有所改善。

But certainly, premium and loyalty are the biggest drivers of that. But I think we actually like the trends we're seeing in Main Cabin right now.

但可以肯定的是，高溢價和客戶忠誠度是最大的驅動因素。但我認為我們其實很喜歡目前主艙所呈現的趨勢。

Understood. And maybe on the IT side, I know you guys mentioned that you're pretty confident in '26, and there's no incremental cost. But you can actually share some of the key takeaways from the IT audit and kind of what some of the issues were and kind of what actions you guys are taking to ensure that this won't happen again?

明白了。或許在 IT 方面，我知道你們提到對 '26 版本很有信心，而且沒有額外成本。但您能否分享IT審計的一些關鍵結論，以及有哪些問題，還有您正在採取哪些措施來確保此類事件不再發生？

Yeah, Ravi, it's Ben. Look, the IT outages were very painful, as I said. And what I will frame it as, it's not for a lack of investment. We were investing in IT, I think it was more of a configuration. We had hardware failures.

是的，拉維，我是班。正如我所說，IT系統故障非常令人頭痛。我會這樣解釋：這不是因為缺乏投資。我們當時在投資IT，我覺得更多的是一種配置。我們遇到了硬體故障。

We had backup systems and triple redundancies that didn't kick in, and so experts came in, they're still helping us really understand how to take this investment we're making, and we'll add to it to really address the configuration of our infrastructure, so that we stay resilient to a really high degree.

我們有備份系統和三重冗餘，但這些都沒有啟動，所以專家們介入了，他們仍在幫助我們真正了解如何利用我們正在進行的這項投資，我們將增加投入，以真正解決我們基礎設施的配置問題，以便我們能夠保持高度的彈性。

And that's really why we're not saying we're going to have this extremely onerous cost in IT because we already invested a lot in IT. It's just getting experts here, really helping us configure it.

這就是為什麼我們並沒有說我們會承擔極其沉重的IT成本，因為我們已經在IT方面投入了很多。現在需要請專家來這裡，真正幫助我們進行配置。

And long term, if there is migration to the cloud and stuff, we'll get you guys up to speed on what we're doing. But in the short term, we're putting a lot of mitigation in place.

從長遠來看，如果真的要遷移到雲端之類的，我們會及時向你們報告我們正在做的事情。但短期內，我們將採取許多緩解措施。

And like Shane said, that spending is already in our budget.

正如肖恩所說，這筆支出已經在我們的預算中了。

Thank you.

謝謝。

All right, everyone. Thanks for joining. And I'm sure you'll have a lot of follow-up with Ryan and team. Thank you so much.

好了，各位。謝謝參與。我相信你之後會和瑞恩以及他的團隊進行很多後續溝通。太感謝了。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。