阿拉斯加航空 (ALK) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2026 first quarter earnings call.

各位女士、先生，早安，歡迎參加阿拉斯加航空集團（Alaska Air Group）2026 年第一季財報電話會議。

(Operator Instructions) Today's call is being recorded and will be accessible for future playback at alaskaair.com. After our speakers' remarks, we will conduct a question-and-answer session for analysts.

（接線員指示）今天的電話會議將被錄音，並可於日後在 alaskaair.com 回放收聽。在講者致詞後，我們將為分析師進行問答環節。

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.

現在我想把電話交給阿拉斯加航空集團財務、規劃與投資人關係副總裁 Ryan St. John。

Thank you, operator, and good morning. Thanks for joining us today to discuss our first quarter 2026 earnings results. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew, and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

謝謝接線員，大家早安。感謝各位今天加入我們，一同討論 2026 年第一季的財報結果。昨天我們發布了財報新聞稿，並附上數張說明我們業績的簡報投影片，可於 investor.alaskaair.com 取得。今天的電話會議中，各位將聽到 Ben、Andrew 與 Shane 的最新說明。我們管理團隊的其他幾位成員也在線上，將在問答環節回答各位的問題。

Air Group reported a first quarter GAAP net loss of $193 million. Excluding special items, Air Group reported an adjusted net loss of $192 million. 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 costs, excluding fuel.

本集團第一季 GAAP 淨損失為 1.93 億美元。排除特殊項目後，本集團調整後淨損失為 1.92 億美元。提醒各位，關於未來表現的前瞻性陳述可能與實際結果存在重大差異。可能影響我們業務的風險因素資訊，請參閱我們向 SEC 提交的文件。我們也將提及若干非 GAAP 財務衡量指標，例如調整後盈餘與單位成本（不含燃油）。

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.

如同以往，我們已在今日的財報新聞稿中提供最直接可比的 GAAP 與非 GAAP 指標之間的調節表。接下來交給 Ben。

Thanks, Ryan, and good morning, everyone. To start, I want to thank our more than 30,000 employees across Alaska, Hawaiian and Horizon for their continued focus, professionalism, and commitment to taking care of our guests through another unpredictable start to the year. The operating backdrop shifted rapidly this quarter. Sharply higher fuel prices, driven by geopolitical events created uncertainty across global markets and meaningful pressure on the airline industry. At the same time, our network faced more disruption than normal from once in a generation rainstorms in Hawaii to civil unrest in Puerto Vallarta.

謝謝 Ryan，大家早安。首先，我要感謝我們在 Alaska、Hawaiian 與 Horizon 的 30,000 多名員工，在今年又一個充滿不確定性的開局中，持續專注、展現專業，並致力於照顧我們的旅客。本季營運環境快速轉變。受地緣政治事件影響，燃油價格大幅上升，為全球市場帶來不確定性，也對航空業造成顯著壓力。同時，我們的航網也遭遇比平常更多的干擾，從夏威夷百年一遇的暴雨到巴亞爾塔港（Puerto Vallarta）的社會動盪。

Through it all, our teams have demonstrated remarkable resilience. Their response day in and day out remains the foundation of our performance and long-term success. While these events created close-in challenges, we remain convicted in -- and excited about -- our strategy and the future we're building at Air Group as we continue to unlock the initiatives we laid out under Alaska Accelerate.

在這一切之中，我們的團隊展現了非凡的韌性。他們日復一日的應對，仍是我們績效與長期成功的基石。雖然這些事件帶來短期挑戰，但我們對自身策略以及在 Air Group 正在打造的未來仍深具信心——也充滿期待——並將持續推動我們在 Alaska Accelerate 之下所提出的各項計畫。

Throughout our history, we have leaned into periods of disruption to strengthen the company. After the 2001 downturn, we built a transcontinental network. Coming out of the 2008 financial crisis, we established our Hawaii franchise. And most recently, following the COVID pandemic, we acquired Hawaiian Airlines, secured more than 50% market share in Hawaii, and launched long-haul international travel out of Seattle. Each of these moments shaped who we are today.

縱觀我們的歷史，我們總是在動盪時期加大投入，以強化公司。2001 年景氣下行後，我們建立了橫跨美國東西岸的航網。2008 年金融危機後，我們奠定了夏威夷航線的核心版圖。而最近一次，在 COVID 疫情之後，我們收購了 Hawaiian Airlines，在夏威夷取得超過 50% 的市占率，並自西雅圖開通長程國際航線。每一個時刻都塑造了今日的我們。

The near-term pressure facing the industry today is real. Fuel costs were more than $100 million higher in the first quarter, and we expect incremental fuel cost of $600 million or more in the second quarter. That represents approximately a $0.70 impact to earnings per share in Q1 and over $3 in Q2. Offsetting some of that pressure is a strong demand backdrop with fare increases holding. Andrew will share more in his comments.

目前產業所面臨的短期壓力確實存在。第一季燃油成本增加超過 1 億美元，而我們預期第二季燃油成本將再增加 6 億美元或更多。這相當於第一季每股盈餘（EPS）約減少 0.70 美元、第二季超過 3 美元。部分壓力由強勁的需求環境所抵銷，票價上調仍能維持。Andrew 將在他的發言中分享更多。

Importantly, our position of strength allows us to manage through environments like this while continuing to build long-term earnings power. Today's backdrop reinforces why we designed Alaska Accelerate the way we did, to create a structurally stronger, more diversified, and more resilient airline capable of delivering value across cycles for our owners, employees, and guests.

重要的是，我們的強勢地位使我們能在此類環境中穩健應對，同時持續打造長期獲利能力。當前環境也再次印證我們為何以這種方式設計 Alaska Accelerate：打造結構性更強、更多元、也更具韌性的航空公司，能在景氣循環中為我們的股東、員工與旅客創造價值。

Scale relevance and loyalty, with an emphasis on premium experiences and international travel, remains central to that foundation. And while fuel volatility may dominate near-term headlines, the initiatives most critical to our trajectory remain firmly within our control, and we will continue to execute on them because it is the right strategy.

規模、航網相關性與忠誠度——並以高端體驗與國際旅行為重點——仍是這一基礎的核心。雖然燃油波動可能主導短期新聞焦點，但對我們發展軌跡最關鍵的計畫仍牢牢掌握在我們手中；我們將持續執行，因為這是正確的策略。

Now turning to the business. We continue to make meaningful progress on Alaska Accelerate, advancing our priorities and not standing still, even in a challenging environment. From an integration standpoint, we've completed preparations for our single passenger service system cutover, our final major guest-facing milestone.

接著談到業務面。我們在 Alaska Accelerate 上持續取得實質進展，即使在充滿挑戰的環境中也不會停下腳步。就整合而言，我們已完成單一旅客服務系統（PSS）切換的準備工作，這是我們最後一個主要、面向旅客的里程碑。

Beginning tomorrow, our systems will operate on a single platform, eliminating the friction of a dual environment. This is a significant moment for Air Group. We're moving forward with our combined and globally expanding network, an award-winning loyalty program and premium offerings across our entire fleet. Along with the PSS cutover, Hawaiian Airlines has officially joined oneworld, expanding benefits for our loyal guests in Hawaii, attracting new oneworld guests onto the Hawaiian brand and extending our global reach to meet the full range of business and leisure travel needs.

自明天起，我們的系統將在單一平台上運作，消除雙系統環境所帶來的摩擦。這對 Air Group 而言是重要時刻。我們正推進合併且持續全球擴張的航網、屢獲獎項的忠誠計畫，以及覆蓋全機隊的高端產品。隨著 PSS 切換，Hawaiian Airlines 也已正式加入 oneworld，擴大我們在夏威夷的忠誠旅客權益，吸引更多 oneworld 旅客選擇 Hawaiian 品牌，並延伸我們的全球觸及範圍，以滿足商務與休閒旅遊的完整需求。

Our network continues to grow as we connect our guests to the world. We launched Rome next week and London and Reykjavik later this spring, all tracking toward full flights. I cannot be more excited to see the Alaska brand set foot in Europe for the first time in our 94-year history, marking a major milestone in becoming the fourth global carrier in the United States.

我們的航網持續成長，讓旅客與世界相連。我們將於下週開航羅馬，並在今年春季稍晚開航倫敦與雷克雅維克，三條航線的訂位狀況皆朝滿載前進。我非常期待看到阿拉斯加品牌在 94 年歷史中首次踏上歐洲，這也標誌著我們朝成為美國第四大全球航空公司邁出的重要一步。

At the same time, our premium and guest experience continues to improve. Premium retrofits on our 737 fleet are now more than 90% complete, increasing our share of premium seats across the network and driving higher premium revenue. Our entire regional fleet is now retrofitted with free Starlink WiFi and Boeing 737 installations are underway, further enhancing our end-to-end guest experience. Guest satisfaction has already improved 15 points across all Starlink equipped aircraft and nearly 30 points on regional jets.

同時，我們的高端產品與旅客體驗也持續提升。我們 737 機隊的高端艙等改裝已完成逾 90%，提高全航網高端座位占比並帶動更高的高端營收。我們的全數區域機隊現已完成免費 Starlink WiFi 改裝，波音 737 的安裝也正在進行中，進一步強化端到端的旅客體驗。旅客滿意度在所有配備 Starlink 的機型上已提升 15 分，在區域噴射機上更接近提升 30 分。

Another core pillar of Alaska Accelerate, our loyalty platform, continues to gain momentum. We recently agreed to a multi-year extension with enhanced economics and a deeper partnership with Bank of America, supporting continued growth in our loyalty ecosystem and reinforcing loyalty as one of the most powerful earnings drivers in our business. We're also pleased to have reached an agreement with Amazon that eliminates losses under the legacy Hawaiian terms and creates mutual value as the relationship evolves with still more to do.

作為 Alaska Accelerate 的另一個核心支柱，我們的忠誠平台持續累積動能。我們近期同意與美國銀行（Bank of America）簽署多年期延長合約，並改善經濟條件、深化合作關係，以支持忠誠生態系的持續成長，並強化忠誠計畫作為我們業務中最強勁的獲利驅動之一。我們也很高興已與 Amazon 達成協議，消除在既有 Hawaiian 條款下的虧損，並在關係演進過程中創造雙方價值，且仍有更多工作要做。

And finally, despite winter weather and severe rainstorms in Hawaii, we delivered the industry's number one on-time performance in the first quarter, along with very high Net Promoter Scores, another indicator that integration friction is in the rearview mirror for Air Group.

最後，儘管面臨冬季天候以及夏威夷的強降雨風暴，我們第一季仍交出全產業第一的準點率，並維持非常高的淨推薦值（Net Promoter Scores），這也再次顯示整合摩擦對 Air Group 而言已成過去式。

Collectively, these initiatives are reshaping the composition of our revenues and making our business more durable. Today, more than half of our revenues come from outside the main cabin, driven by premium products, loyalty, cargo, and ancillary streams, and we expect that share to keep growing.

整體而言，這些計畫正在重塑我們的營收結構，並讓業務更具韌性。如今，超過一半的營收來自主艙等（main cabin）以外，主要由高端產品、忠誠計畫、貨運與附加收入等來源驅動；我們預期該占比仍將持續提升。

To close, Alaska is operating from a position of strength. We have a healthy balance sheet, strong liquidity, and a fleet and network that provides flexibility as conditions evolve.

總結來說，阿拉斯加正以強勢姿態營運。我們擁有健全的資產負債表、充足的流動性，以及能隨環境變化而提供彈性的機隊與航網。

I want to reiterate my confidence in our people, our strategy, and our future. We are navigating this environment with discipline, clarity, and purpose. The challenges we're navigating today do not change our longer-term trajectory, our ability to achieve a $10 EPS target, or remain a top margin producing airline. While the path is rarely linear, the direction is clear and our conviction in where we're headed has not wavered. Airlines with caring and committed people, strong brands, loyal guests, disciplined cost structures, and financial flexibility are best positioned to emerge stronger, and I firmly believe Air Group fits that profile.

我想再次強調我對我們的人才、策略與未來充滿信心。我們以紀律、清晰與使命感來應對當前環境。我們今天所面臨的挑戰，不會改變我們的長期發展軌跡、達成每股盈餘（EPS）10 美元目標的能力，或維持作為高利潤率航空公司的地位。雖然道路很少是直線，但方向很明確，我們對前進方向的信念從未動搖。擁有關懷且投入的員工、強勢品牌、忠誠旅客、具紀律的成本結構與財務彈性的航空公司，最有能力在動盪後變得更強；我堅信 Air Group 符合這樣的特質。

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

接下來我把時間交給 Andrew。

Thanks, Ben, and good morning, everyone. Today, I'll walk through our first quarter financial performance, our perspective on the near-term demand and revenue environment and the significant progress we're realizing on the core initiatives that underpin Alaska Accelerate. Total Q1 revenues reached $3.3 billion, up 5% year-over-year on capacity growth of just 1.7%. Our unit revenues were up 3.5%, in line with our initial expectations for the quarter and building on a strong prior year comparison.

謝謝 Ben，大家早安。今天我將說明第一季財務表現、我們對短期需求與營收環境的看法，以及我們在支撐 Alaska Accelerate 的核心計畫上所取得的重大進展。第一季總營收達 33 億美元，在運能僅成長 1.7% 的情況下，年增 5%。我們的單位營收成長 3.5%，符合本季初的預期，並在去年強勁的比較基期上再度提升。

From a demand and revenue perspective, performance in the first quarter was resilient despite the volatile macro backdrop and material demand headwinds uniquely impacting our spring break revenue given our network.

從需求與營收角度來看，儘管宏觀環境波動，我們第一季表現仍具韌性；同時，因我們的航網結構，春假營收受到一些對我們而言較為獨特且顯著的需求逆風影響。

Specifically, we experienced significant headwinds in Hawaii and Puerto Vallarta, which together represent approximately 30% of our system capacity. In Hawaii, unprecedented storms -- with rainfall reaching as much as 3,000% of normal historical levels during March -- disrupted travel plans and drove a spike in cancellations and near-term book away. In Puerto Vallarta, where Air Group is the largest US carrier, civil unrest leading up to the spring break travel period had a meaningful impact on demand as well. Together, these impacts reduced first quarter unit revenues by nearly 1 point with effects continuing into April and May.

具體而言，我們在夏威夷與巴亞爾塔港（Puerto Vallarta）遭遇顯著逆風，兩者合計約占我們系統運能的 30%。在夏威夷，前所未見的風暴——3 月降雨量最高達到歷史正常水準的 3,000%——打亂旅遊計畫，導致取消量激增並出現短期轉訂（book away）。在巴亞爾塔港，Air Group 是最大的美國航空承運人，春假旅遊期間前的社會動盪也對需求造成明顯影響。合計而言，這些影響使第一季單位營收下滑近 1 個百分點，且影響延續至 4 月與 5 月。

In response, we've reduced Puerto Vallarta flying by approximately 30% in the second quarter to better align capacity with demand. In Hawaii, we have maintained near-term capacity as the severe weather was transitory. We are busy taking great care of local travelers and welcoming visitors with the Hawaiian experience they know and love. And this past week saw bookings return to last year's level on strong fare increases.

作為回應，我們已在第二季將波多巴亞爾塔（Puerto Vallarta）的航班運能下調約30%，以更好地使運能與需求相匹配。在夏威夷，由於惡劣天氣屬於短暫性影響，我們維持了近期運能。我們正忙於悉心照顧本地旅客，並以他們熟悉且喜愛的夏威夷體驗歡迎來訪旅客。而在過去一週，在票價大幅上調的帶動下，訂位量已回升至去年同期水準。

Setting aside these regions, we saw broad-based strength across our network. Premium demand continued to outperform the system and was up 8% year-over-year. With over 90% of our premium fleet retrofits complete, we're on track to sell all 1.3 million incremental premium seats across the network ahead of the peak summer travel season.

撇除這些地區不談，我們在整體航網上看到廣泛的強勁表現。高端需求持續優於整體系統，年增8%。隨著我們超過90%的高端機隊改裝已完成，我們正按計畫在暑期旅遊旺季到來前，於全航網提前售出新增的130萬個高端座位。

Encouragingly, first-class revenue continues to produce positive unit revenues even as capacity increases 5%. Internationally, the relevance of our network continues to drive strong results as guests are choosing to fly with us in more ways than ever before.

令人鼓舞的是，即使運能增加5%，頭等艙營收仍持續帶來正向的單位營收表現。在國際市場方面，我們航網的相關性持續推動強勁成果，旅客選擇以比以往更多元的方式搭乘我們的航班。

Seattle Tokyo reached profitability in March, less than a year after its launch and load factors for both Seattle to Tokyo and Seoul exceeded 90%. We're extending this momentum with the launch of Rome next week, followed by London and Reykjavik next month. Early booking trends are tracking in line with expectations with demand building nicely and premium cabins performing particularly well. Notably, more than 70% of guests booked on our new Rome service are Atmos members, materially higher than the rest of our network.

西雅圖—東京航線於3月達到獲利，距離開航不到一年；且西雅圖—東京與西雅圖—首爾兩條航線的載客率皆超過90%。我們將在下週開航羅馬航線以延續這股動能，並於下月推出倫敦與雷克雅維克航線。早期訂位趨勢符合預期，需求穩健升溫，高端艙等表現尤其亮眼。值得注意的是，預訂我們新羅馬航線的旅客中，超過70%為Atmos會員，顯著高於我們航網其他航線。

Managed corporate travel was exceptionally strong, up 19% in the first quarter. Our international expansion has meaningfully increased Alaska's relevance with corporate customers. As a result, we are competing for and in some cases, exceeding our fair market share in business travel on these long-haul routes, particularly in the US point of sale. We're also seeing improved domestic corporate relevance as global connectivity strengthens our value proposition for corporate travelers. Managed corporate demand remains robust in the Q2 with held revenue, over the next 90 days, up almost 30%.

受管理的企業差旅表現格外強勁，第一季年增19%。我們的國際擴張顯著提升了阿拉斯加航空在企業客戶中的相關性。因此，在這些長程航線的商務旅遊上，我們正參與競爭，且在某些情況下，特別是在美國銷售點（US point of sale），我們的市占已達到甚至超越合理的市場份額。我們也看到，隨著全球連通性提升，我們對企業旅客的價值主張更為強化，帶動國內企業相關性改善。第二季受管理的企業需求仍然強勁，未來90天的已保留營收（held revenue）年增近30%。

We are seeing broad-based strength across all industries, in particular, manufacturing, financial services and technology, and are beginning to see traction through greater sign-ups for small and medium businesses in our Atmos for business platform.

我們看到各產業普遍走強，尤其是製造業、金融服務與科技業；同時，透過我們的Atmos for business平台，中小企業的註冊數增加，開始出現更明顯的成效。

Turning to loyalty, growth remains a priority for Alaska. Every major initiative we're executing on is driving relevance and growth for our members. These large-scale enablers, such as the Hawaiian acquisition and resulting domestic and international network expansion, the launch of our Atmos Rewards platform, issuance of a premium co-brand card, and free Starlink WiFi onboard for Atmos members, are all designed to accelerate growth across our portfolio and deepen engagement with our most valuable guests -- andit's working.

談到忠誠計畫，成長仍是阿拉斯加航空的優先事項。我們正在推動的每一項重大計畫，都在提升會員的相關性並帶動成長。這些大型推動因素——例如夏威夷航空的收購及其帶來的國內與國際航網擴張、Atmos Rewards平台的推出、發行高端聯名卡，以及為Atmos會員提供機上免費Starlink WiFi——皆旨在加速我們整體產品組合的成長，並深化與最具價值旅客的互動——而且確實奏效。

In the first quarter, we generated $615 million in cash remuneration from our co-brand cards, that's up 12% year-over-year, while active membership in the Atmos program grew by 13% year-over-year. Importantly, we're seeing particular strength in our Hawaii loyalty metrics, with double-digit year-over-year growth across members, new cardholders, and card spend.

第一季，我們從聯名卡獲得6.15億美元的現金報酬（cash remuneration），年增12%；同時，Atmos計畫的活躍會員數年增13%。重要的是，我們在夏威夷的忠誠度指標表現尤其強勁，會員數、新持卡人數與刷卡金額皆呈現兩位數年增。

Over 70% of the Hawaii adult resident population is now enrolled in Atmos Rewards, reflecting the strong value proposition of our combined network and loyalty program with two beloved airline brands and oneworld's expansive global connectivity.

目前夏威夷成年居民人口中，超過70%已加入Atmos Rewards，反映出我們整合後的航網與忠誠計畫所提供的強大價值主張——結合兩個深受喜愛的航空品牌，以及oneworld廣泛的全球連通性。

Spend from our Hawaii-based cardholders increased 19% year-over-year and now accounts for nearly 6% of the state's GDP. Our top-rated Atmos Rewards program is clearly resonating -- attracting more guests, keeping them within our ecosystem, and reinforcing the strength of our loyalty flywheel. As we look to further accelerate the growth and relevance of our Atmos Rewards program, yesterday, we announced a long-term extension of our multi-decade relationship with Bank of America. This newly expanded agreement delivers improved economics, all new capabilities, and a significant step-up in marketing investment as we move to a single issuer of Atmos branded co-brand products.

夏威夷地區持卡人的消費金額年增19%，目前約占該州GDP的近6%。我們評價最高的Atmos Rewards計畫顯然引發共鳴——吸引更多旅客、讓他們留在我們的生態系中，並強化我們忠誠飛輪的力量。為了進一步加速Atmos Rewards計畫的成長與相關性，昨天我們宣布與美國銀行（Bank of America）延長這段長達數十年的合作關係。這份新擴大的協議帶來更佳的經濟條件、全新能力，以及顯著提高的行銷投資，因我們將轉向由單一發卡機構發行Atmos品牌的聯名產品。

Through 2030, the agreement secures an additional $1 billion of total cash remuneration while offering what we believe will be a step change in portfolio growth. These economics are incremental to what we shared as part of the Alaska Accelerate vision and go meaningfully beyond the $150 million of loyalty profit we targeted by 2027. We're grateful to the team at Bank of America for their long-standing and continued partnership.

至2030年，該協議可額外確保總計10億美元的現金報酬，同時我們相信將帶來投資組合成長的躍升。這些經濟效益是在我們於Alaska Accelerate願景中所分享內容的基礎上新增，並且顯著超越我們在2027年前所設定的1.5億美元忠誠計畫利潤目標。我們感謝美國銀行團隊長期以來並持續的合作夥伴關係。

Turning to our outlook. We entered the year with one of the most prudent growth plans in the industry. The vast majority of our 2026 growth is concentrated in long-haul flying out of Seattle as we continue to build our new global hub and generate new revenue streams. At the same time, in response to the current fuel environment, we proactively trimmed nearly 1 point of capacity in May and June, including reductions in Mexico and select late night departures in high-frequency markets.

接著談我們的展望。我們在年初制定了業界最為審慎的成長計畫之一。我們2026年的成長絕大多數集中在自西雅圖出發的長程航班，因我們持續打造新的全球樞紐並創造新的營收來源。同時，因應當前燃油環境，我們主動在5月與6月合計削減近1個百分點的運能，包括縮減墨西哥航線以及在高頻市場中部分深夜出發的航班。

We now expect second quarter capacity to be up approximately 1% year-over-year, again, among the lowest growth rates in the industry, comprised entirely of our long-haul international service out of Seattle while our North America capacity is down slightly year-over-year. The overwhelming majority of our capacity remains deployed in core hubs where we have scale, relevance, and strong loyalty. As conditions evolve, we will continue to prioritize margins consistent with the disciplined actions we took last year when we were the first large airline to reduce capacity in response to a challenging macro environment.

我們目前預期第二季運能年增約1%，同樣屬於業界最低的成長率之一，且增量完全來自西雅圖出發的長程國際航班；而我們在北美的運能則較去年同期略為下降。我們絕大多數運能仍部署於核心樞紐，在這些市場我們具備規模、相關性與強大的忠誠度。隨著情勢演變，我們將持續優先確保利潤率，並延續去年在具挑戰性的總體環境下所採取的紀律性行動——當時我們是第一家因應宏觀環境而削減運能的大型航空公司。

Demand has shown resilience in the face of higher fares. Incoming yields for Continental US markets have sustained an increase of 20% plus year-over-year in recent weeks, pushing held unit revenues in these regions to up double digits for the back half of the quarter. Given that we still have 35% of revenue to book in the quarter and provided this demand continues, we would expect to see the system achieve high single-digit unit revenue gains with a path to 10% in Q2 despite an overall 2 point drag from Hawaii specific impacts in the quarter.

在票價走高的情況下，需求展現韌性。近幾週，美國本土（Continental US）市場的即期收益率（incoming yields）年增維持在20%以上，推動這些地區在本季後半段的已保留單位營收（held unit revenues）達到兩位數成長。鑑於本季仍有35%的營收尚待訂位，且若需求延續，我們預期即使本季受到夏威夷特定影響帶來整體約2個百分點的拖累，系統層面的單位營收仍可達到高個位數成長，並有機會在第二季走向10%。

To wrap up, while the near-term environment remains volatile, we continue to make strong strides on the initiatives that matter most to the long-term value of this business. And importantly, we are not standing still as evidenced by our new co-brand agreement with Bank of America and the transition to a single passenger service system this week, which will unlock the depth and breadth of our guest products and services seamlessly across our global network.

最後總結，儘管短期環境仍然波動，我們在對這項業務長期價值最重要的各項計畫上持續取得強勁進展。更重要的是，我們並未停下腳步——從我們與美國銀行的新聯名協議，以及本週轉換至單一旅客服務系統即可見一斑；這將使我們能在全球航網中無縫釋放旅客產品與服務的深度與廣度。

We're executing against Alaska Accelerate, improving the durability and quality of our revenue, maintaining prudent capacity discipline, and investing in areas that strengthen our earnings power over time. I remain confident that the actions we're taking today position Alaska Air Group to emerge stronger as conditions evolve.

我們正按Alaska Accelerate計畫推進，提升營收的韌性與品質，維持審慎的運能紀律，並投資於能隨時間強化獲利能力的領域。我仍然有信心，我們今天所採取的行動，將使阿拉斯加航空集團在情勢演變中以更強的姿態脫穎而出。

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

接下來，我把時間交給Shane。

Thanks, Andrew, and good morning, everyone. While we entered 2026 with strong momentum, geopolitical events have quickly disrupted that trajectory, driving an acute run-up in fuel prices that has put pressure on the entire industry. In moments like this, it's important to separate what has changed from what has not. Fuel has moved sharply higher and remains volatile. Demand for air travel has remained both resilient and strong and we have continued to execute on both our integration and the Alaska Accelerate plan, which is focused on building strength into the business for the long term.

謝謝你，Andrew，各位早安。雖然我們以強勁動能進入2026年，但地緣政治事件迅速打亂了這一軌跡，推動燃油價格急劇上升，對整個產業造成壓力。在這樣的時刻，重要的是區分哪些改變了、哪些沒有改變。燃油價格大幅走高且仍然波動。航空旅行需求依然具韌性且強勁；我們也持續推進整合以及Alaska Accelerate計畫，該計畫聚焦於為企業長期建立更強的體質。

While we are once again navigating an unexpected and challenging backdrop, we know that successful airlines will be those with scale, relevance, and loyalty. The Alaska Accelerate plan delivers in each of those areas and also broadens our commercial model as we expand internationally and in our premium offerings -- two areas of the industry where demand continues to grow rapidly. As we navigate the near term, we will double down on our core business model -- operational excellence, high productivity, and providing award-winning service to our guests -- while also delivering on continued investment in the initiatives that will grow our earnings over time.

儘管我們再次面對出乎意料且具挑戰性的背景，我們知道成功的航空公司將是那些具備規模、相關性與忠誠度的業者。Alaska Accelerate計畫在這三方面都能交付成果，並且在我們拓展國際航線與高端產品之際，進一步擴大我們的商業模式——而這兩個領域的需求仍在快速成長。面對短期環境，我們將加倍聚焦核心商業模式——營運卓越、高生產力，以及為旅客提供屢獲殊榮的服務——同時也將持續投資於能隨時間提升獲利的各項計畫。

Against that backdrop, our first quarter adjusted loss per share of $1.68 came in better than the midpoint of our revised guidance, reflecting both the resilience of demand and the discipline with which we're managing the business. Absent fuel, which alone accounted for approximately $0.70 of incremental EPS pressure versus our original plan, and the impactful though transitory events in Puerto Vallarta and Hawaii that Andrew mentioned, we would have been well above the midpoint of our original guide.

在此背景下，我們第一季調整後每股虧損為1.68美元，優於我們修正後指引的中位數，反映出需求的韌性以及我們管理業務的紀律性。若不計燃油——僅燃油一項相較原始計畫就帶來約0.70美元的每股盈餘（EPS）額外壓力——以及Andrew提到的波多巴亞爾塔與夏威夷事件（影響顯著但屬短暫），我們的表現本可明顯高於原始指引的中位數。

Our financial position also remains strong. We have approximately $2.9 billion of total liquidity, including cash on hand and our undrawn line of credit and $20 billion in unencumbered assets. Net leverage was 3.3 times, and our debt-to-capital ratio finished the quarter at 61%. During the quarter, we repaid $340 million of debt and we expect to repay $65 million in the second quarter.

我們的財務狀況也依然強勁。我們約有29億美元的總流動性，包括手頭現金與未動用的循環信用額度，以及200億美元的未設抵押資產。淨槓桿為3.3倍，本季末的負債對資本比率為61%。本季我們償還了3.4億美元的債務，並預期在第二季再償還6,500萬美元。

Given the dislocation in our share price in March and April, our share repurchases accelerated, bringing our year-to-date total to $250 million which should more than offset dilution this year. We have $180 million remaining under our $1 billion authorization, but we'll pause further repurchases to evaluate the outlook for the remainder of the year.

鑑於3月與4月我們股價出現錯位波動，我們加速了庫藏股回購，使年初至今的回購總額達到2.5億美元，這應足以抵銷今年的稀釋效應。我們在10億美元授權額度下仍剩餘1.8億美元，但我們將暫停進一步回購，以評估今年剩餘期間的展望。

Turning to first quarter results and the second quarter outlook. First quarter unit costs were up 6.3% year-over-year in line with our expectations as we lapped the final quarter of our new flight attendant CBA and experienced some pressure from winter weather and storms in Hawaii. Unit costs for the second quarter, given a close in reduction of 1 point of capacity, will be modestly higher than our first quarter result.

接著談第一季業績與第二季展望。第一季單位成本年增6.3%，符合我們的預期，因為我們已經跨過新空服員團體協約（CBA）的最後一季比較基期，且夏威夷冬季天候與風暴帶來一些壓力。第二季的單位成本，考量近端將運能下調1個百分點，將較第一季結果小幅提高。

There are three areas driving this that are transitory in nature. These include the crew training costs for ramp-in of our 787 international flying, a headwind year-over-year given gains on the sale of our 737-900 fleet last year, and a planned employee recognition expense tied to achieving a single PSS system, the last major customer-facing milestone of the integration.

推動此變化的因素有三項，且本質上屬於暫時性。包括：為導入787國際航班所產生的機組訓練成本；由於去年出售737-900機隊帶來處分收益，使今年年對年形成逆風；以及一項與達成單一PSS系統相關、用以表彰員工的計畫性費用，這是整合過程中最後一個主要的客戶端里程碑。

There were several positive trends in our core costs in the first quarter as well, including strong improvements in both aircraft utilization and in productivity across our operation, which were achieved while moving back into the position of the industry's best operation. We also had strong performance in our maintenance division and positive trends in selling-related expenses where we will continue to realize incremental synergies as we drive revenue growth.

第一季我們的核心成本也出現數個正向趨勢，包括機隊使用率與整體營運生產力皆有顯著改善，而且是在我們重新回到業界最佳營運表現位置的同時達成。我們的維修部門表現也很強勁；在銷售相關費用方面亦呈現正向趨勢，隨著我們推動營收成長，將持續實現額外的協同效益。

Our first quarter fuel price averaged just $2.98 per gallon, reflecting the initial increase in fuel costs that began in late February. We have seen refining margins more than double and in Singapore refining margins spiked more than 400% during the quarter. As a result, fuel sourced from Singapore, which historically has been consistently the lowest-cost portion of our supply, became the most expensive, impacting roughly 20% of our total consumption.

第一季燃油平均價格僅為每加侖2.98美元，反映了2月下旬開始的燃油成本初步上升。我們看到煉油利差已增加逾一倍，而新加坡的煉油利差在本季飆升超過400%。因此，來自新加坡的燃油——歷來一直是我們供應中成本最低的部分——反而成為最昂貴的來源，影響約占我們總消耗量的20%。

Given how dynamic the current fuel price and demand backdrop are, we are suspending our full year guide until conditions stabilize and we have better line of sight to earnings beyond the current quarter. For the second quarter, the range of potential financial outcomes remains wide and difficult to predict. In just the past seven days, fuel prices have moved to as high as $5.15 per gallon and as low as $4.45. Given this, we are providing more detailed information on close-in unit revenues and unit costs than last quarter, where we focused our guide on an EPS range and capacity only.

鑑於目前燃油價格與需求環境變化非常快速，我們將暫停提供全年指引，直到情勢穩定，且我們能更清楚掌握超出本季的獲利能見度。對第二季而言，可能的財務結果區間仍然很大且難以預測。僅在過去七天，燃油價格最高達每加侖5.15美元、最低為4.45美元。基於此，我們將提供比上季更詳細的近端單位營收與單位成本資訊；上季我們的指引僅聚焦於每股盈餘（EPS）區間與運能。

In the future, we plan to revert to EPS focused guides as the long-term health and earnings capability of our business remains our top financial priority. For the second quarter, we expect unit costs to be about 1.5 points above our first quarter result, given we have reduced 1 point of capacity close-in. Unit costs will inflect down in Q3 and Q4 to low single digits.

未來，隨著我們業務的長期健康度與獲利能力仍是我們最重要的財務優先事項，我們計畫回到以EPS為核心的指引。第二季我們預期單位成本將較第一季高約1.5個百分點，因為我們近端已將運能下調1個百分點。第三季與第四季單位成本將轉為下行，降至低個位數增幅。

Assuming continued strength in demand where the balance of bookings that come during the quarter are at currently observed yields, we expect a path to unit revenues of 10% and for fuel, in April, we will pay approximately $4.75 all in. And given the current forward curve, we would put the quarter average at $4.50 per gallon. As of today, we are recovering approximately one-third of incremental fuel costs.

在假設需求持續強勁、且本季內其餘訂位以目前觀察到的收益率成交的情況下，我們預期單位營收可走向10%的路徑；至於燃油，4月我們的全包成本約為每加侖4.75美元。並且依據目前的遠期曲線，我們估計本季平均約為每加侖4.50美元。截至今日，我們約回收了增量燃油成本的三分之一。

We are also assuming a 32% tax rate, though this could change meaningfully depending on both in-quarter performance and also our full year outlook as we exit the quarter. Any tax accrual changes are not expected to have cash flow impacts as we expect to not be exposed to cash taxes in the near term. These assumptions result in an EPS estimate of a loss of approximately $1 per share. It is important to step back from the immediate challenges of fuel price as fuel alone is driving the change in our expected immediate financial performance, and we believe that will normalize over time.

我們也假設稅率為32%，但這可能會因本季表現以及我們在季末對全年展望的判斷而出現顯著變動。任何稅金提列的變動預期不會影響現金流，因為我們預期短期內不會面臨現金稅負。基於上述假設，我們估計EPS約為每股虧損1美元。重要的是要從燃油價格的即時挑戰中抽離一步，因為僅燃油就驅動了我們對短期財務表現預期的變化，而我們相信這將隨時間推移而回歸正常。

Fuel price assumptions are adding $600 million of expense versus expectation for the second quarter which is a $3.60 impact to EPS alone. The underlying business model is strong, and we see it getting stronger with all of the work we are doing on the commercial side of the business. Absent the fuel price spike, we would have expected to be guiding to a solidly profitable quarter and absent the transitory Hawaii headwind to RASM, we believe our unit revenue trends are as strong as others who have reported.

燃油價格假設使第二季費用較原先預期增加6億美元，單就EPS而言影響達3.60美元。我們的基本商業模式很強健，且隨著我們在商業端所做的各項工作，我們看到它正變得更強。若沒有燃油價格飆升，我們原本預期指引會是穩健獲利的一季；若沒有夏威夷對RASM的暫時性逆風，我們認為我們的單位營收趨勢與其他已公布業績的同業同樣強勁。

While this is not how we envision starting the year, the underlying demand environment gives us confidence and the work ahead of us is clear. We are now on the eve of our single passenger service system cutover, a peak integration milestone that once complete, puts much of the integration friction firmly in the rearview mirror. That unlocks a simpler, faster moving airline and allows us to fully turn our energy towards the opportunities in front of us.

雖然這不是我們想像中一年的開局方式，但基本需求環境讓我們有信心，而且我們接下來要做的工作也很清楚。我們正處於單一旅客服務系統（PSS）切換的前夕，這是整合的高峰里程碑；一旦完成，整合摩擦將大幅成為過去式。這將釋放出更簡化、反應更快的航空公司，並讓我們能把全部精力轉向眼前的機會。

We remain fully committed to deepening the structural advantages that drive long-term success in this industry: scale, relevance, and loyalty. Over time, we expect our revenue profile to increasingly reflect that shift with a growing share of premium, loyalty, and ancillary streams that provide greater earnings durability across cycles. We are building the right business model making real progress on the areas within our control and don't anticipate slowing down in that pursuit. With that, let's go to your questions.

我們仍全力致力於深化推動本產業長期成功的結構性優勢：規模、關聯性與忠誠度。隨著時間推移，我們預期營收結構將愈來愈反映這項轉變，高端產品、忠誠計畫與附加收入的占比將提高，從而在景氣循環中提供更具韌性的獲利能力。我們正在打造正確的商業模式，在可控範圍內的各項領域取得實質進展，且不預期會放慢這項追求。接下來我們進入提問環節。

(Operator Instructions) Jamie Baker, JPMorgan.

（接線員指示）Jamie Baker，摩根大通（JPMorgan）。

So when thinking about the RASM commentary that you just gave, so let's just stick with that 10% round number. Obviously, year-on-year, there are a lot of initiatives that are impacting that, plus some headwinds in Hawaii, which you laid out. I guess the question is, if we looked at same-store RASM, in the second quarter, what do you think that number would look like relative to the 10% path that you've cited?

在思考你剛才對RASM的評論時，我們就以10%這個整數來看。顯然，年對年有很多措施在推動這個數字，另外還有你提到的夏威夷逆風。我想問的是，如果我們看同店（same-store）的RASM，在第二季，你認為相對於你所提到的10%路徑，那個數字會是什麼樣子？

Sorry, Jamie, if I'm quite understanding your question. When you say same-store, which is year-over-year, which is sort of what we gave you, capacity, I think, was marginally consistent year-over-year. I'm just trying to understand specifically, you're asking about synergies and initiatives impact?

抱歉，Jamie，我不太確定我是否完全理解你的問題。你說的同店，是指年對年嗎？也就是我們提供給你的那種口徑；我記得運能年對年大致上是差不多的。我想更具體理解的是，你是在問協同效益與各項措施的影響嗎？

Well, yeah. So basically, it's what that 10% RASM number would look like without the synergies and the initiatives, just get down to sort of the core. So yeah, that's the question. What would the core RASM be without the synergies and initiatives that you've cited? It's a RASM question, not capacity.

對，沒錯。基本上就是把你提到的協同效益與各項措施拿掉之後，那個10%的RASM會長什麼樣子，回到比較核心的部分。所以問題是：在不包含你提到的協同效益與措施之下，核心RASM會是多少？這是RASM的問題，不是運能。

Sure, sure. It's probably a couple of points. But again, as some of these things like loyalty are just embedded in the core of our revenue now. But I would say a couple of points just to give you an answer on that.

了解、了解。大概會少幾個百分點。不過再說一次，像忠誠計畫這類因素現在已經內嵌在我們的核心營收之中。但如果要給你一個答案，我會說大概少幾個百分點。

Okay. And then second, just a quick question. On the PSS kind over, I know you were drawing down reservations on the outgoing system. Is the number of PNRs that you have to port over, I guess, by hand, consistent with what your expectations were?

好的。第二個，快速問一下。關於PSS切換，我知道你們一直在把舊系統上的訂位量往下拉。需要移轉過去的PNR數量——我想是需要人工處理的那部分——是否符合你們原先的預期？

Yes. Actually, it was a very small number. I think 10,000 maybe, give or take on that. But essentially, we drained down the vast majority of the system and at 6:30 Eastern Time this morning, our Incheon-Seattle, our Haneda-Honolulu and now our JFK-Honolulu check-ins have already started and passengers are already booking in and things are going fantastically.

是的。其實數量非常少。我想大概是1萬筆左右，上下浮動一些。但基本上，我們已經把系統中的絕大多數都清空到很低的水位；而在今天早上美東時間6:30，我們的仁川—西雅圖、羽田—檀香山，以及現在的甘迺迪（JFK）—檀香山的報到都已經開始，旅客也已經在訂位，一切進展非常順利。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

Shane, maybe I could jump to you. Just I was hoping you could unpack the puts and takes on the second half cost trajectory? I mean, I realize you called out a fair bit of near-term headwinds. I'm just trying to understand how those potentially roll off. And then maybe just directionally, how you see each quarter?

Shane，也許我可以請教你。希望你能拆解一下下半年成本走勢的增減因素？我的意思是，我知道你提到不少短期逆風。我只是想了解這些因素可能如何逐步消退。然後也想請你方向性地談談，你如何看待每一季的走勢？

It's -- the only reason why I bring that up is that comps are all over the place. So just any help there, I think, would be good.

是的——我之所以提這個，唯一的原因是同業比較（comps）差異很大。所以我覺得如果你們能在這方面提供任何協助，都會很有幫助。

Yes. Conor, thanks. Appreciate the question. Happy to unpack this a little bit. I just -- I want to reiterate, and we said much of this in the script, but just to frame in the second quarter we’re a bit up from the first quarter.

是的。Conor，謝謝。感謝你的提問。我很樂意再多拆解一下。我只是——我想重申一下，我們在講稿裡也提到很多，但先做個框架：第二季相較第一季是略為上升的。

I think there's 3 to 4 points in the second quarter that are not really structural to the business. We cut 1 point of capacity close-in, that's always tough to remove the costs when we do that. But it was totally the right thing to do. We've got a point of buildup of crew for our 787 Seattle international flying that's going to normalize in the business as we begin this line in earnest out of Seattle, which obviously starts here in a couple of weeks into Rome and then throughout the summer. We do have some planned recognition for employees given all that they've been through over the past 1.5 years or so with integration and we're lapping some asset sales from last year.

我認為第二季有 3 到 4 個百分點其實並非業務的結構性因素。我們在短期內削減了 1 個百分點的運能，這麼做時要同步移除成本一向很難。但這絕對是正確的決定。我們為 787 西雅圖國際航線增補機組人員，這會在我們真正開始從西雅圖大規模開航後回歸正常；很明顯，幾週後就會先開羅馬，接著整個夏季陸續展開。我們也有一些對員工的既定表揚／認列，因為他們在過去約 1.5 年的整合期間經歷了很多；此外，我們也正在與去年資產出售的基期效應（lapping）對比。

So I think like structurally, the core business is not at closer to the 8%, but probably more like 4% to 5% on a really low growth rate. In the second half, what you're going to start to see, I do think a lot of this is enabled by getting through this last PSS integration milestone. We really are at peak friction over the last couple of quarters with integration. And now we can go to like peak focus on optimizing the airline, like unit wages will exit the year at a rate that's equivalent to or lower than our Q4 2025 results. So we're starting to see productivity really tick up.

所以我認為從結構面來看，核心業務並不是更接近 8%，而是在非常低的成長率下，大概更像 4% 到 5%。到了下半年，你會開始看到——我確實認為其中很多是因為我們完成了最後一個 PSS 整合里程碑。過去幾季在整合上我們確實處於摩擦最高點（peak friction）。現在我們可以把重心轉到把航空公司最佳化的「最高專注」（peak focus）上，例如：單位薪資在年底退出時的水準，將等同於或低於我們 2025 年第四季的結果。因此我們開始看到生產力明顯提升。

There's more to come. We've got a lot of fleets. We've got a lot of opportunity over time to continue to right size the network, the banking in our airports and ultimately, rationalize the fleet over the next several years and accrue some more productivity gains through those efforts. Our third-party costs for the operation where we use partners to manage ramp and manage airports, those are down on a unit basis, and we'll continue to reduce on a unit basis through the second half of the year. We're absorbing all of the inflation -- core inflation in those contracts through just getting more productive with those partners.

後面還有更多。我們有很多機隊，也有很多機會在時間推進下，持續把航網規模調整到最適（right size）、調整我們在機場的波次安排（banking），並在未來幾年最終精簡／合理化機隊，透過這些努力累積更多生產力提升。我們在營運中使用合作夥伴管理停機坪與機場的第三方成本，以單位基礎來看正在下降，而且在今年下半年會持續以單位基礎下降。我們透過與這些夥伴提升生產力，來吸收合約中的所有通膨——核心通膨。

Aircraft maintenance per block hour, you'll see continue to perform well throughout the second half of the year. Aircraft maintenance is always a little bit spiky, it'll go up and down quarter-over-quarter with volumes, but we expect 2026 in total to be less on a per block hour basis than it was last year. We mentioned in the script, we have a structurally lower cost of revenue through selling expenses. And even though selling expenses likely rise with much higher revenues and fares on a structural basis, they're lower cost than they were pre-integration. Those are a few of the areas.

每飛行小時（block hour）的航機維修成本，你會看到在下半年持續表現良好。航機維修一向會有些波動，會隨運量在季度間上下起伏，但我們預期 2026 全年以每飛行小時計算會低於去年。我們在講稿裡也提到，透過銷售費用（selling expenses），我們的收入成本（cost of revenue）在結構上更低。即使銷售費用可能會隨著更高的營收與票價而上升，但從結構面來看，它們仍低於整合前的成本水準。以上是幾個面向。

The places where we have challenges that are more structural, we've talked about, there's nothing new. Airport costs, we have generational investments in the West Coast, very similar to the rest of the industry -- those are still normalizing into the cost base, will be for the next couple of years. And then we have these buildup costs that are really related to transforming the airline into an international player in Seattle. Obviously, I mentioned crew and then we have some guest-facing costs as well.

至於我們面臨較偏結構性的挑戰，我們也談過，沒有新內容。機場成本方面，我們在西岸有世代級（generational）的投資，與產業其他公司非常類似——這些仍在逐步反映並正常化到成本基礎中，未來幾年都會持續。接著，我們還有一些增建成本，主要與把航空公司轉型為西雅圖的國際型玩家有關。我剛提到機組人員，另外也有一些面向旅客（guest-facing）的成本。

The last thing that we have in front of us is joint CBAs. We need to bring the Hawaiian employees up to Alaska rates. There's no real timing on that; I think the backdrop makes some of those discussions probably spread out a little bit. But -- the last thing I'd say, and I know this is a longer answer, I just wanted to give you guys all of the detail -- nothing that we see in the cost side of the business is a surprise to us.

最後一件我們要面對的是聯合團體協約（joint CBAs）。我們需要把 Hawaiian 的員工薪資拉升到 Alaska 的水準。這件事沒有明確時程；我認為大環境會讓部分討論可能拉得更長一些。不過——我最後想說的是，我知道這回答比較長，我只是想把細節都提供給各位——我們在成本端看到的任何事情，對我們來說都不意外。

And we actually see most of the areas that we're really focused on performing better and over time, really starting to gain traction. And I think you'll see that in the third and fourth quarter of the year, and we'll have a lot to say about it when we get to those earnings calls.

而且我們其實看到多數我們非常聚焦、希望做得更好的領域，正隨時間推進開始真正取得進展。我想你會在第三季與第四季看到這點，等到那些法說會時我們也會有很多可以分享。

That was a very detailed answer. Just -- and then, Ben, the conviction level on the $10 figure still sounds really high. It sounds more like it's floating now rather than '27 number, and you can correct me if I'm wrong there. But just, your words, you talked about it being an unpredictable environment over the past like 15 to 16 months. So what is working that gives you so much conviction?

這個回答非常詳細。只是——另外，Ben，對於 10 美元這個數字的信心聽起來仍然非常高。聽起來它現在更像是一個浮動的目標，而不一定是『2027 年的數字』；如果我理解錯了你可以糾正我。不過就你自己的說法，你提到過去大約 15 到 16 個月的環境是不可預測的。所以，到底是什麼在運作，讓你有這麼高的信心？

It seems like international is better, loyalty is a lot better, but there is obviously a lot more headwinds associated on the cost side that are kind of just out there in the world. But just what gives you more conviction on this $10 figure long term?

看起來國際線更好、忠誠度（loyalty）也好很多，但成本端顯然還有更多逆風，某種程度上就是外部世界帶來的。但長期來看，究竟是什麼讓你對這個 10 美元的數字更有信心？

No, Conor, it's a great question. Thanks for asking it. Look, I -- from where I sit, absent fuel, our company is firing on all cylinders. When I look at Alaska Accelerate, when I look at each and every initiative that we laid out there, this company is executing. If you look at PSS, this is a major, major milestone.

不，Conor，這是個很好的問題。謝謝你提出來。你看——以我所在的位置來看，撇除燃油，我們公司各方面都在全速運轉（firing on all cylinders）。當我看 Alaska Accelerate、看我們在那裡列出的每一項倡議，這家公司都在落實執行。再看 PSS，這是一個非常、非常重大的里程碑。

We're executing it. It's going to be a flawless execution. And so I feel really good. One of the things, and I'm surprised we haven't got the question yet, even with 2027. So a couple of things.

我們正在把它做成，而且會是一次完美的執行。所以我感覺非常好。有一件事——我也很意外我們還沒被問到這個問題，即使談到 2027。那我講幾點。

One, this new Bank of America deal, again, I'm not sure if you caught it in Andrew's script, it's $1 billion of incremental cash over the next 5 years, which in 2027, will add a point of margin. We've restructured the Amazon deal from losses to not having losses, and we've got a little more work to do there as well. And then overall, I think if you believe that fuel prices will moderate, I'm not saying it's going to go back to what it was pre the crisis, but if they moderate and some of these fare increases are sticking, we're getting an average of -- in the $25 on an average fare, give or take which market it is, I believe we have a strong chance of coming out at the 2027 and hitting that $10 EPS.

第一，這個新的美國銀行（Bank of America）合作案——我不確定你是否在 Andrew 的講稿裡有注意到——未來 5 年將帶來 10 億美元的增量現金（incremental cash），而在 2027 年，這會增加 1 個百分點的利潤率。我們也把 Amazon 的合作案重新結構化，從虧損變成不再虧損，當然那裡我們還有一些工作要做。再者，整體而言，如果你相信燃油價格會趨於緩和——我不是說會回到危機前的水準——但如果它緩和，且部分票價上調能夠維持，我們平均票價大約增加 25 美元左右（視市場而定、上下浮動），我相信我們很有機會在 2027 年達成每股盈餘（EPS）10 美元。

Now I can't tell you from where I sit today because the world is unstable. But as we get into the third and fourth quarter, we'll have some pretty good line of sight to tell you where we'll be. But I will tell you, if it's not '27, it's coming, I have never been more convicted, things are working. Our strategy is working. We're executing, and I feel really good about it.

現在我無法以我今天的位置告訴你一定會如何，因為世界很不穩定。但當我們進入第三季與第四季時，我們會有相當不錯的能見度來告訴你我們會落在哪裡。不過我可以告訴你，就算不是 2027，也會到來；我從未如此篤定，事情正在奏效。我們的策略正在奏效。我們正在執行，而且我對此感覺非常好。

Andrew Didora, BofA Global Research.

Andrew Didora，美國銀行全球研究（BofA Global Research）。

I guess maybe moving to demand a little bit. Yes, one of the bigger questions we get from investors is just around demand elasticity. Just based on your prepared remarks, it doesn't seem like there's much evidence of that at all. But I guess, one, are there any particular markets where you might be seeing some pushback on this higher pricing, obviously, outside of, say, Hawaii or Mexico?

我想也許稍微轉到需求面。是的，投資人問我們比較多的一個大問題，就是需求彈性（demand elasticity）。從你們事先準備的談話來看，似乎完全沒有太多這方面的證據。但我想問：第一，有沒有任何特定市場，你們可能開始看到對較高定價的反彈？當然，先不談例如夏威夷或墨西哥這些市場。

And then second, if not, how do you generally think about demand elasticity in this environment? And are you thinking about positioning your network differently than what is planned today in order to get ready for that?

第二，如果沒有的話，你們一般如何看待在這種環境下的需求彈性？你們是否在思考把航網定位調整得不同於目前的規劃，以便為此做準備？

Thanks, Andrew. I will just say on a personal note. Of course, there is elasticity in demand in my personal view. In fact, we've seen it here personally. We've had all these fare increases that are being great and then the RM folks had to go in and manage some of the buckets down, and we found a really good, sweet spot.

謝謝，Andrew。我先補充一點個人看法：當然，需求是有彈性的。事實上，我們自己也親身看到。我們做了這些票價上調，效果很好，然後收益管理（RM）團隊必須進去把某些票價艙等（buckets）往下調整管理，我們也找到了非常好的甜蜜點（sweet spot）。

So there is absolutely elasticity. But I think in the current environment that it's well able to absorb the double-digit increases in the fare environment -- people want to fly, the airplanes are full. So I think that's all good stuff. I think as it relates to the network, Andrew, we're only really growing to 3 areas, really. We're growing San Diego at around 20%.We're growing Portland in the high teens, and we're growing in international gateway. And I think those are all areas of opportunity and strength, loyalty, revenue, seat share -- so we feel really good. And as I said in my prepared remarks, the reality is that the only real absolute growth, because the Portland and San Diego was moving seats around domestically, is really international. And we're just very excited and we're seeing loyalty fares, front cabin -- we have a long way to go to get really proficient here. So it's really good. So as we sit here today and as long as demand holds up, we feel really good about our network shape.

所以絕對是有彈性的。但我認為在目前的環境下，票價環境出現兩位數的漲幅，市場也很能吸收——大家想飛，飛機也都滿載。所以我覺得這些都是好事。至於航網方面，Andrew，我們其實只是在三個領域成長。聖地牙哥大約成長 20%。波特蘭成長在高十幾個百分點，另外就是國際航點的樞紐。我認為這些都是機會與優勢所在：忠誠度、營收、座位市占——所以我們感覺非常好。正如我在事先準備的發言中提到的，實際上唯一真正的絕對成長，因為波特蘭與聖地牙哥主要是在國內調整座位配置，真正的成長其實是國際。我們非常興奮，也看到忠誠度票價、頭等艙——我們要在這方面做到非常熟練還有很長的路要走。所以這真的很不錯。以今天的情況來看，只要需求維持，我們對航網的形狀感覺非常好。

And Andrew, it's Ben. The other thing I'll add to what Andrew said, and I think you asked it, look, we have a fantastic fleet now. What's different between before Hawaiian and post Hawaiian is we have a much more diverse fleet that we can be more creative in exploring new markets where we see higher revenue potentials. We've got -- we've got 30 wide-bodies now, and that's a lot of dry powder for us to do some pretty novel things. So like -- there's a lot of things that we can do, that we're going to do, to make sure that we get the most revenue coming in at this company.

Andrew，我是 Ben。我再補充 Andrew 剛才說的，還有我想你也問到了：我們現在擁有一支非常出色的機隊。併入 Hawaiian 之前與之後最大的不同是，我們的機隊更加多元，讓我們能更有創意地探索那些我們看到更高營收潛力的新市場。我們現在有——我們現在有 30 架廣體機，這對我們來說是很大的「乾火藥」，可以做一些相當新穎的事情。所以——我們能做、也會去做很多事情，確保公司能帶進最多的營收。

And then just my second question. Obviously, industry consolidation has been in that in the headlines recently. You've been one of the very few acquirers over the last decade or so in the space. Do you think further consolidation is something Alaska would want to continue?

接著是我的第二個問題。顯然，產業整併最近一直是新聞焦點。過去十年左右，你們是這個領域少數的收購方之一。你認為 Alaska 會希望繼續推動進一步的整併嗎？

Look, I think consolidation can only happen, having had the experience of doing it. It's got a big hurdle, Andrew. I mean it's got to be pro-consumer and pro-competitive. Those are the two hurdles that you have to get over and with the DoJ, with the DoT and a lot of other stakeholders out there. So we know how hard it is to get past those two big hurdles.

你看，我認為整併要能發生——以我們做過的經驗來說——門檻很高，Andrew。我的意思是，它必須對消費者有利、也必須促進競爭。這是你必須跨過的兩道門檻，而且還要面對司法部（DoJ）、交通部（DoT）以及許多其他利害關係人。所以我們知道，要跨過這兩道大門檻有多難。

We have the experience. We know how to do it. But like I said, I am super excited about our organic growth plan. I am still focused on a $10 EPS, and that's where we think a lot of value is going to come with our plan. Now look, I believe with our plan is always to look at what's good for our company and the stakeholders that people care about Alaska.

我們有經驗，也知道怎麼做。但就像我說的，我對我們的有機成長計畫非常興奮。我仍然聚焦在每股盈餘（EPS）10 美元，而我們認為我們計畫中的很多價值會從那裡來。當然，我相信我們的計畫也一直是去看什麼對公司以及關心 Alaska 的利害關係人是最好的。

So what do our employees customers and our communities as well as our shareholders looking for Alaska, and we will always make the right choice given that.

所以，我們的員工、客戶、社區，以及同樣關注 Alaska 的股東在尋求什麼，我們都會基於這些做出正確的選擇。

Savi Syth, Raymond James.

Savi Syth，Raymond James。

Just curious on the -- you mentioned long-haul operations and how Seattle is progressing. I was curious how the Hawaiian long-haul operation is progressing?

我想請教——你提到長程營運以及西雅圖的進展。我也想了解 Hawaiian 的長程營運進展如何？

Savi, as you may recall, we made some adjustments to the Hawaii. We discontinued from Fukuoka, we discontinued Narita, moved that to Seattle. So it's -- on a year-over-year basis, it's improving. We're mostly left with Japan and Australia and we continue to move unit revenues forward there. And the other thing I should add, too, is now the Hawaii long haul will welcome oneworld into the fold, which will give all these elite guests -- and whether it's Qantas or Japan Airlines -- fantastic benefits.

Savi，如你可能記得，我們對夏威夷做了一些調整。我們停飛了福岡，也停飛了成田，並把那部分移到西雅圖。所以——以年對年來看，情況正在改善。我們目前主要保留日本與澳洲，並持續推進那裡的單位營收。還有一點我也要補充：現在夏威夷的長程航線也會把 oneworld 納入體系，這將為所有這些菁英旅客——不論是澳洲航空（Qantas）或日本航空——帶來非常棒的權益。

I appreciate that update. And can I ask on the -- I think you mentioned in the opening remarks, improvements to the Amazon contract. Just wondering if you could give an update on just cargo in general?

謝謝這個更新。我可以再問一下——我想你在開場致詞提到 Amazon 合約的改善。想請你更新一下整體貨運的狀況？

Yes. Thanks. Thanks, Savi. And maybe I'll hit Amazon very quickly, and I don't know if Jason wants to say just cargo in general because I think it was a bright spot here for us in the first quarter. We really enjoyed getting to work more closely with these -- the folks at Amazon.

可以。謝謝，謝謝你，Savi。我先很快談一下 Amazon；至於整體貨運，我不確定 Jason 要不要補充，因為我認為第一季對我們來說是個亮點。我們很享受能更緊密地與 Amazon 的——那些同仁合作。

We know them because they're neighbors of ours. We have folks who used to work at Alaska over there. So we've -- we've worked on deepening the partnership, and I think it's going well. The partnership is getting better, it's getting healthier. We're continuing to talk about how we can deepen it further in a way that's mutually beneficial to each other.

我們認識他們，因為他們是我們的鄰居。我們也有一些以前在 Alaska 工作的人現在在那邊。所以我們——我們一直在深化合作關係，我覺得進展不錯。合作關係變得更好、更健康。我們也持續討論如何以對彼此都有利的方式，進一步深化合作。

And so we had a nice update to the agreement that's in force today that helps us on the economic side, and we're hopeful that we can expand that through more partnership over time.

因此，我們對目前生效中的協議做了不錯的更新，在經濟條件方面對我們有幫助；我們也希望隨著時間推進，透過更多合作來擴大這個關係。

And maybe just very quickly, Jason, because we're going to try to move to --

另外也許很快——Jason，因為我們要試著轉到——

Savi, this is Jason. Just on the high level on the cargo piece at the start of the year, we did get to our own single cargo system at the start of the year, which really allowed us to unlock that connectivity, which we've been talking about. And we're just really beginning to start to harvest from that.

Savi，我是 Jason。就貨運這塊的高層次來說，年初我們確實切換到自有的單一貨運系統，這讓我們能解鎖我們一直在談的那種連結性。而我們才剛開始真正從中收穫成果。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So historically, whenever we see fuel go up, RASM goes up a lot. We're seeing that right now. And then when fuel goes back down, usually RASM goes back down with it. Do you think it's different this time?

過去歷史上，只要燃油上漲，RASM 就會大幅上升。我們現在也看到這種情況。然後當燃油回落時，通常 RASM 也會跟著回落。你覺得這次會不一樣嗎？

Maybe I'll sort of try to take a shot at answering that, Scott. I think -- we believe that there's a lot of reasons that it could be different this time. I do think 15 years ago, we had different reasons but a similar spike in fuel, tough economy, structural changes in the industry and then fares that were modestly higher coming out of it and actually did great from an earnings profile perspective for several years. I think the rapidity with which some of the fares have gone up and the stability with which bookings that we've seen over the last several weeks suggest, like Andrew said, people really want to travel. And when they have discretionary income, one of the priorities that they have, it would appear, is to go out and experience the world.

Scott，我來嘗試回答一下。我想——我們認為這次可能不一樣的原因很多。我確實覺得 15 年前，我們也曾遇到不同原因但類似的燃油飆升、疲弱的經濟、產業結構性變化，然後票價在那之後小幅提高，且從獲利輪廓的角度來看，接下來好幾年其實表現非常好。我認為，近期部分票價上升的速度，以及我們在過去幾週看到的訂位穩定性，都顯示——就像 Andrew 說的——人們真的很想旅行。而當他們有可支配所得時，看起來其中一個優先事項就是走出去、體驗世界。

And I think some of these fare increases, $10, $15, $20 on the total cost of vacation is pretty modest. So that's -- that's on the sort of consumer side. It's really important that people that are on our airplanes feel like they have a lot of value for the fare that they're paying, and we're focused on investing in all of the experiences that we have throughout the entire aircraft and on the ground and also digitally. And so we're super conscious about the incremental price being paid, and we need to deliver good value for that. I think on the other side, the industry structurally has to get healthier.

我也認為，這些票價上調——在整體度假成本中增加 10、15、20 美元——其實相當有限。所以這是偏消費者端的部分。很重要的是，搭乘我們航班的人要覺得他們支付的票價有很高的價值，而我們也專注於投資整個旅程的體驗：機上各艙等、地面服務，以及數位體驗。因此我們非常在意這個額外價格所代表的意義，而我們必須為此交付良好的價值。另一方面，產業結構上也必須變得更健康。

You've got multiple airlines at near failure before $4.00 -- $4.50 fuel and that just doesn't work structurally long term. And so I just think there's a lot of factors that suggest this could be stickier, but we don't know. I think it's really dependent on how the economy unfolds over the next several quarters.

在燃油每加侖 4.00——4.50 美元之前，就已經有多家航空公司接近失敗，這種結構長期來看是行不通的。所以我認為有很多因素顯示這次可能更具黏著性，但我們也不確定。我想這很大程度取決於未來幾季經濟如何發展。

And then just one quick follow-up. I think, Andrew, in an earlier question, I think you were sort of implying that of the 10 points of RASM, like 2 points or so that is -- a couple of points is like more company-specific or synergy, whatever you want to call it. Like do you think that couple points continues at that pace. Does it -- can it accelerate from here with credit card deal? Does it naturally, at some point, start to just slow? How do you think about that 2 points going forward?

再一個很快的追問。我想 Andrew，在前面一個問題中，你似乎在暗示：RASM 的 10 個百分點裡，大概有 2 個百分點左右——幾個百分點——是比較偏公司自身或協同效應之類的（隨你怎麼稱呼）。你覺得那幾個百分點會以同樣速度持續嗎？它會因為信用卡合作案而從這裡加速嗎？還是到某個時點會自然放緩？你怎麼看未來那 2 個百分點？

Yes. I think I'm just looking at my CFO and CEO here, that's an imperative that it will continue. But jokes aside, we have dynamic pricing about to hit. We've got O&D coming, as I shared, the economics of the bank relationship, that $1 billion over the original term, which is sort of going to happen, it doesn't include actual incremental growth from our historic growth rate, which started to flatten out. So I think overall, we absolutely still have the view that we can close the RASM gap to the industry and that we will continue our unique momentum on the revenue side.

是的。我想我現在看著我們的 CFO 和 CEO，這是一項必須持續推進的要務。不過玩笑歸玩笑，我們即將導入動態定價。我們也會推出 O&D（起訖點）能力，正如我分享的；還有銀行合作關係的經濟效益——在原始合約期間內的 10 億美元——這基本上會發生，而且不包含我們歷史成長率所帶來的實際增量成長，而那個成長率之前開始趨於平坦。所以整體而言，我們仍然絕對相信，我們可以縮小與產業之間的 RASM 差距，並且會在營收端持續保持我們獨特的動能。

Yes. And Scott, I'd just remind like a lot of the synergy -- sorry, a lot of the initiatives value were to come. So we're just completing the 800 remodels. We haven't begun selling the full fleet of those. We have other things that we need to do in the widebodies, which are beyond '27, but will be further initiatives that we control that aren't really subject to the rest of the industry.

是的。而且 Scott，我想提醒一下，很多協同效益——抱歉，很多措施的價值都還在後面才會顯現。所以我們現在只是剛完成那 800 架的客艙翻新。我們還沒有開始把這些在整個機隊全面推開銷售。我們在廣體機上還有其他需要做的事情，那些會在 2027 年之後，但也會是我們可控的進一步措施，並不真正受制於產業其他因素。

So there's a lot of initiatives that are still to come for us to keep driving something like 2 points into the P&L for a while yet.

所以對我們來說，還有很多措施會陸續到來，讓我們在接下來一段時間持續把大約 2 個點數推進損益表（P&L）。

Thomas Fitzgerald, TD Cowen.

Thomas Fitzgerald，TD Cowen。

Maybe just sticking with the bank deal again. I think you talked about being a step change in portfolio growth. Could you maybe elaborate on that a little more? And then just maybe put a finer point on the cadence and any benefit this year and then in between the point of margin '27 and as you get to that $1 billion by 2030?

也許再回到銀行合作協議。我記得你提到投資組合成長會有一個「階躍式」的變化。你能否再多說一點？另外，也請更精準地說明一下節奏：今年會有什麼效益，以及從 2027 年的利潤率目標到 2030 年達到 10 億美元之間，會是怎樣的進展？

Yes. Thanks, Tom, and maybe I don't know if Shane wants to get the second part of that. But just to be clear, because it's a really important thing that's going on here is, what's happening is that with our partner with Bank of America and this -- really this refreshed agreement with many different elements in it that have changed, is going to help us realize the benefits of number one, obviously, the acquisition of Hawaii; number two, the launch of Atmos Rewards; number three, the expansion of a long-haul network out of Seattle.

是的。謝謝你，Tom。第二部分也許我不確定 Shane 要不要補充。但我想先講清楚，因為這裡正在發生一件非常重要的事：我們與美國銀行（Bank of America）的合作夥伴關係，以及——更準確地說——這份包含許多不同要素、且已經改變了不少內容的更新協議，將幫助我們實現幾項效益：第一，當然是收購 Hawaiian（夏威夷航空）；第二，推出 Atmos Rewards；第三，擴展以西雅圖為起點的長程航網。

And so we're already starting to see -- and of course, the marketing investment, there is a big step change there. So I think what I'm trying to say is that at the end of the day, the changes in Air Group's business and fundamentals and the changes in the agreement, I think we're going to have and create for ourselves a much longer-term wider pathway for growth in loyalty and especially in credit cards, which, as you know, are very important to our economics.

因此我們已經開始看到——當然，行銷投資在這裡也有很大的階躍式提升。所以我想表達的是，歸根結底，Air Group 的業務與基本面變化，加上協議的變更，我認為會為我們自己創造一條更長期、更寬廣的成長路徑，特別是在忠誠度業務以及信用卡方面；如你所知，這些對我們的經濟效益非常重要。

And quickly on the margin, it's roughly 0.5 point of margin this year and a full point of margin next year. And that is before what Andrew was just sort of alluding to, which is portfolio growth that could be stronger than we're seeing today. And that's our expectation, but we're not putting any of that into a forecast or guide at this point.

另外快速補充利潤率：今年大約是提升 0.5 個點，明年是完整的 1 個點。而這還不包含 Andrew 剛才提到的部分，也就是投資組合成長可能會比我們今天看到的更強。這是我們的預期，但目前我們沒有把任何這部分納入預測或指引。

Okay. That's really helpful. Appreciate that, guys. And then just thinking about some of the network initiatives, the growth of San Diego, the rebanking of Portland, would you mind maybe just running through your hubs, maybe either by RASM or profitability, but just rank ordering them, where are you seeing the best performance, where there may be room for improvement?

了解。這很有幫助。謝謝各位。接著想談一些航網措施，例如聖地牙哥的成長、波特蘭的重新銀行化（rebanking）。你們介意帶我們快速過一遍各個樞紐嗎？也許用 RASM 或獲利能力來看，幫忙做個排序：哪些表現最好、哪些還有改善空間？

Thanks, Tom. Yes. That's -- those are the questions I'm not -- we don't really answer. But obviously, Seattle is our largest hub, Honolulu, our second largest. And if you look at what we're doing, and I think those are 40, 50 -- nearly 65-plus percent of our total capacity.

謝謝你，Tom。是的——這類問題我們通常不太回答。不過很明顯，西雅圖是我們最大的樞紐，檀香山是第二大。而如果你看我們正在做的事情，我想這兩個樞紐合計大概占我們總運能的 40%、50%——接近 65% 以上。

We've got two large accelerants in both of those. One, obviously, in Seattle, rebanking and obviously, global long haul and then in Honolulu, Hawaii in general, with the integration and all the good things that come from that. So we continue to feel really good about the improvement in the economics there. And then again, in places like Portland and San Diego, we just believe our product, our customer service, what we're offering are going to be, continue to be very valuable.

我們在這兩個樞紐都有兩個很大的加速器。第一，西雅圖方面，重新銀行化（rebanking）以及全球長程航線；第二，檀香山方面，整體夏威夷市場，包含整合帶來的所有好處。因此我們持續對那裡經濟效益的改善感到非常樂觀。然後在像波特蘭與聖地牙哥這些地方，我們也相信我們的產品、客戶服務，以及我們提供的內容，將會持續非常有價值。

Atul Maheswari, UBS Securities.

Atul Maheswari，UBS Securities。

I had a question on costs. So is the back half low single-digit CASMex a good run rate for us to use for 2027 as well, now that the PSS integration is behind us? Or are there any puts and takes specifically as it relates to 2027 on the cost side that we need to be aware of?

我有一個關於成本的問題。既然 PSS 整合已經完成，那麼下半年低個位數的 CASMex，是否可以作為我們 2027 年也適用的良好運行水準（run rate）？或者在成本面上，特別是與 2027 年相關的，有沒有什麼我們需要注意的利多利空因素？

Yes. Thanks, Atul. No, I think -- look, our -- a couple of things I want to say. One, our long-term view on growth is like something around 3% to 4%. We haven't grown at those target rates for a couple of years.

是的。謝謝你，Atul。不，我想——你看，我有幾點想說。第一，我們對長期成長的看法大概是 3% 到 4% 左右。我們已經有幾年沒有以那些目標速度成長了。

We think the core cost inflation in the business is 4% to 5%. So we need to ultimately get into the 3% to 4% range to have an opportunity to fully offset the core inflation. But there should be opportunities to go get at least 1 point of better unit cost performance through optimization of the business and through productivity. So that's our thinking structurally about the business over the next year or two. We do have, as I mentioned before, joint CBA deals that are in front of us.

我們認為業務中的核心成本通膨是 4% 到 5%。所以我們最終需要把成長拉回到 3% 到 4% 的區間，才有機會完全抵消核心通膨。但透過業務最佳化與生產力提升，應該有機會至少再取得 1 個點的更佳單位成本表現。這就是我們對未來一兩年業務結構性的思考。如我先前提到的，我們面前還有聯合 CBA（集體談判協議）交易。

It's hard to say if those will be in cycle or out of cycle with the rest of the industry as those other deals come up on other properties, but that would be the one outstanding areas that we're going to have to ultimately get deals with our employees on and absorb those into the P&L. I don't think they're super material, but they are the one sort of outstanding item that's kind of nonstandard.

很難說這些會不會跟產業其他公司的合約更新同一個週期或不同週期，因為其他資產上的那些協議也會陸續到期；但這會是我們唯一尚未完成的領域——我們最終需要與員工達成協議，並把相關影響吸收進損益表（P&L）。我不認為它們非常重大，但它們算是唯一一個仍未解決、且有點不太標準的項目。

Got it. That's helpful. And then as my second question, I was reading some energy reports that global refining capacity is basically down 6% to 8% since the war started. So the question is how long can this disruption persist in your view before it causes real jet fuel availability problems in markets like Singapore where you source from? So what are you seeing in that market right now? And how are you preparing the business should fuel shortage actually become an issue there?

了解。這很有幫助。第二個問題：我讀到一些能源報告指出，自戰爭開始以來，全球煉油產能基本上下降了 6% 到 8%。所以問題是：你認為這種干擾還能持續多久，才會在像新加坡這種你們採購來源市場造成真正的航空燃油可得性問題？你們目前在那個市場看到什麼？如果燃油短缺真的在那裡成為問題，你們如何為業務做準備？

Yes. Thanks, Atul. I'm going to answer as much as I can. We obviously are not the absolute expert on global oil supplies or refineries. We do understand our markets really well and our supply chain really well.

是的。謝謝你，Atul。我會盡我所能回答。我們顯然不是全球原油供應或煉油廠方面的絕對專家。但我們非常了解我們的市場，以及我們的供應鏈。

We don't foresee any disruption any time in the foreseeable future across our network. We are not sole-sourced out of Asia or Singapore into any of our markets. And if we need to supply Hawaii as an example, from the domestic market that is totally within our ability to do so. I do think our hope is long term, it normalizes, Singapore refineries come back on strong and those costs return to where they were pre conflict as it was a really nice lower cost source of fuel for us into the network, and we would like to enjoy that structurally over time. And then we've talked about this a bit, we won't go deep in it.

在可預見的未來，我們不預期我們整個航網會出現任何中斷。我們並不是在亞洲或新加坡對任何市場採取單一來源供應（sole-sourced）。而且如果我們需要以夏威夷為例，從美國國內市場供應燃油，這完全在我們能力範圍內。我確實希望長期來看能恢復正常，新加坡煉油廠能強勢回歸，成本也能回到衝突前的水準；因為那曾是我們航網中一個非常好的低成本燃油來源，我們也希望隨時間推移能在結構上持續享有這個優勢。至於這點我們之前也稍微談過，我們就不深入了。

From an industry perspective, we need to work on the West Coast JetA supply issue long term. There's just increasing desire to fly and demand for JetA and we don't have the pipeline infrastructure refinery infrastructure that the Gulf Coast or the East Coast has. So that will take time, but it's something that we're focused on, and I think other airlines are starting to focus on along with us.

從產業角度來看，我們需要長期處理美國西岸 JetA 供應的問題。大家想飛的意願與對 JetA 的需求都在增加，但我們沒有像墨西哥灣沿岸或東岸那樣的管線基礎設施與煉油基礎設施。所以這需要時間，但這是我們關注的重點；我想其他航空公司也開始和我們一起關注這件事。

Catherine O'Brien, Goldman Sachs.

Catherine O'Brien，Goldman Sachs。

Maybe just on some of the route network changes. You know that Seattle, the Tokyo route has already reached profitability, full load factors are really strong. Can you speak to the profit swing from moving those aircraft from more leisure-focused Japan point-of-sale flights to more mixed travel purpose US point of sale? How big of a bottom line impact was that in 1Q? Or just really any way to think about what that swing could look like? How that's ramping versus your expectations back when you announced the transaction?

也許談談一些航線網路的變動。你知道西雅圖—東京這條航線已經達到獲利，滿載率也非常強。你能否談談，把那些飛機從更偏休閒導向、以日本為銷售點（point-of-sale）的航班，轉移到旅行目的更混合、以美國為銷售點的航班，所帶來的獲利擺盪（profit swing）？在第一季（1Q）對淨利的影響有多大？或是有沒有任何方式可以思考這個擺盪可能長什麼樣子？以及相較於你們當初宣布交易時的預期，現在的爬坡（ramping）如何？

Yes. Thanks, Catie. I think just high level, what I will tell you is, and we track this as part of, honestly, our synergies, is the movement from Honolulu to Narita to Seattle Narita, there has been meaningful increase in the profitability of that route. And of course, it obviously accrues significantly to our loyalty base, corporate base, and we're already seeing numbers there. So I think what it's really helped us do is from a network perspective, invest and continue to grow Seattle.

是的。謝謝你，Catie。我先從高層次說明：我們確實追蹤這件事，老實說，這也是我們協同效益的一部分。從檀香山—成田移轉到西雅圖—成田之後，這條航線的獲利能力有顯著提升。而且當然，這也明顯回饋到我們的忠誠度客群、企業客群，我們已經在那裡看到數據。因此我認為它真正幫助我們的是，從航網角度來看，能夠投資並持續擴大西雅圖。

So I think that's been a very good move.

所以我認為這是一個非常好的調整。

Catie, I don't think we've priced sort of the losses that were associated with the aircraft we are using for these markets -- but they were in the tens of millions. So it's a meaningful change to the underlying economics of the company.

Catie，我不認為我們已經把我們用於這些市場的飛機所相關的虧損做了定價層面的拆解——但那是數千萬美元等級的。因此，這對公司底層經濟性而言是一個有意義的變化。

That's great. And maybe just a little bit of a follow-up on the corporate angle here. On the 19% managed corporate revenue growth, is it possible for you to break out what the domestic growth was versus the total? I'm just trying to get a sense of how meaningful layering in that international connectivity is. And do you have enough international flying to maybe try to go after additional share in your next round of corporate negotiations?

太好了。也許再就這裡的企業面向追問一下：在受管理企業營收成長 19% 這部分，你們能否拆分一下其中國內成長占比相對於總體成長是多少？我只是想了解把國際連通性疊加進來的意義有多大。另外，你們目前的國際航班量是否足以在下一輪企業合約談判中，嘗試爭取更多市占？

Yes. Thanks, Catie. Just to really put this in perspective, the vast majority of all of our managed corporate travel is obviously still North America and domestic. We'll probably give a little bit more visibility over time. What I can tell you, obviously, London is going to be huge.

是的。謝謝你，Catie。為了把這件事放在正確的脈絡下，我們絕大多數的受管理企業差旅顯然仍然是在北美、以國內為主。我們之後可能會逐步提供更多能見度。我可以告訴你的是，很明顯倫敦會非常關鍵。

But we're already seeing, as a percent of our managed corporates, it's a very low percentage, but I'm already seeing that number move up and revenue multiple points ahead of the actual passenger share as well. So I think more to come, we're in very, very early innings here. And I think as we get these all launched, and single passenger service system and loyalty and all the rest of it, I think we'll have a lot more exciting things to share, but it's headed in the right direction.

但我們已經看到，以受管理企業的占比來看，雖然目前比例仍然很低，但我已經看到那個數字在上升，而且營收也比實際旅客市占高出好幾個百分點。所以我認為後續還會有更多進展；我們現在真的還在非常、非常早期的階段。我想等這些都上線之後，加上單一旅客服務系統、忠誠計畫以及其他所有配套，我們會有更多令人興奮的內容可以分享，但方向是對的。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

Ben, I guess I appreciate the confidence in hitting $10 at some point here. But at the same time, I mean, it's different issues, but the second year that we're talking about fuel prices and specifically West Coast challenges. And I think maybe Shane hit it there that longer term, there could be an issue here. So how are you positioning your business, I guess, from a commercial perspective to potentially deal with maybe a higher differential on the West Coast?

Ben，我想我理解你對於某個時間點達到每股 10 美元的信心。但同時，我的意思是，雖然是不同議題，但我們已經是第二年在談燃油價格，特別是西岸的挑戰。我想 Shane 也提到，長期來看這裡可能會有問題。所以從商業角度來看，你們如何定位業務，以因應西岸可能出現更高的價差（differential）？

It's -- Brandon, it's a great question. Look, I think if you would have asked me three years ago with the stand-alone Alaska, it would have been a lot more difficult for us. But now I think we have -- we're flying to different geographies, and we have the airplanes to access any part of the world today. And what gives me confidence to say, look, the world -- and believe me, I'm not looking at this through rose-colored glasses -- I know that every year, there's something happening in the world where you have to pivot and move the business somewhere else.

Brandon，這是個很好的問題。你看，如果你三年前問我、在阿拉斯加航空仍是單一公司時，對我們來說會困難得多。但現在我認為我們已經——我們飛往不同的地理區域，而且我們擁有能夠在今天觸及世界任何地方的機隊。讓我有信心的是：世界——而且相信我，我不是用玫瑰色眼鏡看這件事——我知道每一年世界上都會發生一些事情，迫使你必須轉向、把業務移到別的地方。

And I think we're becoming good at it. We're getting through this acquisition. This acquisition is making us a more resilient, bigger, stronger airline. And we will have -- from what I believe are strong hubs that we operate from -- scale relevance and loyalty to build on those networks. So I'm confident.

我想我們正變得很擅長這件事。我們正在度過這次併購。這次併購讓我們成為更具韌性、更大、更強的航空公司。而且我們將會——以我所相信的、我們所營運的強大樞紐為基礎——具備規模相關性與忠誠度，來在這些航網上持續建構。所以我有信心。

I can't predict the future, but I can predict the way we're executing. I know what we have. We have a phenomenal group of employees who are excited. We have great assets. We have a great balance sheet, and we have a track record of delivering and executing.

我無法預測未來，但我可以預測我們的執行方式。我知道我們擁有什麼：我們有一群非常出色、充滿熱情的員工；我們有很好的資產；我們有很強的資產負債表；而且我們有交付成果與落實執行的紀錄。

So that's what gives me confidence. I'm not going to predict the future, but I'm going to bet on Alaska.

所以這就是我有信心的原因。我不會去預測未來，但我會押注在阿拉斯加航空。

Brandon, just on the second part of the question on fuel structure, and I alluded to some of it. I think long term, one, we do think Singapore is going to be a nice, stable source of much lower cost field than Gulf Coast. We're doing 20% of our fuel from there, and we like the idea of moving that up materially, maybe even to 30% or 40% over time. The other thing we're doing is building with some partners who are working on building infrastructure here in Seattle to be able to take tankered fuel into Seattle, which would be a game changer for us in terms of the supply chain. I think there's a lot of interest in ultimately getting that work done.

Brandon，關於問題的第二部分、也就是燃油結構，我剛才也提到一些。長期來看，第一，我們確實認為新加坡將會是相當不錯、穩定的低成本燃油來源，成本會比墨西哥灣沿岸低很多。我們目前有 20% 的燃油來自那裡，我們也喜歡把這個比例大幅提高的想法，隨時間推進甚至可能提高到 30% 或 40%。另一件我們正在做的事，是與一些合作夥伴一起在西雅圖建置基礎設施，讓我們能把加油後的燃油（tankered fuel）帶進西雅圖；就供應鏈而言，這對我們會是改變遊戲規則的事。我認為最終完成這項工作有很高的興趣與動能。

These are long tail investments, though. And so it's nice to talk about them, but it's probably a ways away before we structurally are able to begin to resolve this. Just one last reminder, we've had a 10% to 15% -- $0.10 to $0.15 fuel disadvantage structurally for our entire life out here on the West Coast, so this isn't new for us, and we've even with that, been able to outperform most of the industry on margins over time.

不過這些都是長尾投資。所以談起來很好，但在結構性上能開始解決這個問題之前，可能還需要一段時間。最後再提醒一次：我們在西岸這邊一輩子都結構性地有 10% 到 15%——也就是每加侖 0.10 到 0.15 美元——的燃油劣勢，所以這對我們並不新鮮；即便如此，長期以來我們仍能在利潤率上優於產業多數同業。

Okay. I appreciate those responses. And just maybe really quick for Andrew, is the new co-brand deal included in your RASM guide for 2Q? Or should we expect those benefits actually ramp later in the year?

好的。我很感謝這些回覆。再很快問一下 Andrew：新的聯名卡（co-brand）協議是否已經納入你們第二季的 RASM 指引？還是我們應該預期這些效益會在今年稍晚才逐步顯現？

Yes. The -- so the agreement is reflected in the second quarter results as it ramps in. And as Shane mentioned, 0.5 point of margin this year, ramping to a point of margin on the structural changes, and I think we can do even better than that.

是的。——所以，這項協議在第二季的結果中已經反映，並且會隨著逐步爬坡而體現。正如 Shane 提到的，今年可帶來 0.5 個百分點的利潤率貢獻；隨著結構性變更到位，將爬坡到 1 個百分點的利潤率貢獻，而且我認為我們甚至可以做得更好。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Just on pilot training, can you speak to changes across the two segments you said you're back to growing Alaska, but overall growth is flattish. Maybe just speak to what's growing versus what is shrinking. And then what are the drivers of increased pilot training costs? Is this all aircraft that are coming over from Hawaiian? Is attrition a component? And when do you expect that to normalize?

關於飛行員訓練，你能談談你所說的兩個區塊之間的變化嗎？你提到阿拉斯加航空又回到成長，但整體成長大致持平。能否說明一下哪些在成長、哪些在縮減？另外，飛行員訓練成本上升的驅動因素是什麼？這是否全部都是從夏威夷航空轉過來的機型？人員流失是否也是因素之一？你們預期何時會回到正常水準？

Thanks, Duane. So there were a few questions on pilot training. It is not attrition. So attrition is effectively 0 absent retirement. So we have normal retirement patterns.

謝謝，Duane。關於飛行員訓練有幾個問題。這不是人員流失。所以除了退休之外，流失基本上是 0。我們有正常的退休型態。

We're not seeing our folks leave for other airlines. That was done a long time ago. The majority of this in Q1 on a year-over-year basis is really building up the Seattle international flying. We've announced and have opened a pilot base here in Seattle on the 787 and that flying takes more pilots per flight than Honolulu to the West Coast, even on a wide-body would have taken. So we've just got to get that ramp up into the base, get the flying started and then it will normalize on an annualized basis as we take one or two 787s per year over the next few years.

我們沒有看到我們的人離開去其他航空公司。那種情況很久以前就結束了。今年第一季相較去年同期，這裡面大部分其實是為了擴增西雅圖的國際航班。我們已宣布並在西雅圖為 787 設立並啟用飛行員基地，而這些航班每一趟所需的飛行員人數，比起檀香山到西岸的航班還要多，即使後者使用廣體機也是如此。所以我們必須把這個基地的爬坡做起來、把航班啟動，之後在年化基礎上就會正常化，因為未來幾年我們每年只會接收一到兩架 787。

On the Alaska side, we're just coming out of the last couple of years, we had -- we had room in our productivity within the current number of folks we had on the property for Alaska. And we're back to starting to look forward to taking incremental units throughout the back half of the year, and you’ve got to train early to get ready for summer flying. So we've got some modest incremental costs year-over-year on the Alaska training side.

在阿拉斯加航空這邊，我們剛走出過去幾年——我們在現有的人力規模下，阿拉斯加航空的生產力其實還有餘裕。而我們現在又開始展望在今年下半年逐步增加增量運能（units），而你必須提早訓練，才能為夏季航班做好準備。所以在阿拉斯加航空的訓練端，今年相較去年會有一些溫和的增量成本。

And then just a quick follow-up on cargo. Can you frame how big of a headwind it was to your recent results? And is the goal to get this to like breakeven or something better than that? And if the goal is breakeven, then why do it?

另外再快速追問貨運：你能否說明它對你們近期業績造成多大的逆風？目標是把它做到損益兩平，還是要更好？如果目標只是損益兩平，那為什麼要做？

Thanks, Duane. Maybe I won't share where the specific economics on the freighters were. No, no, no, we -- if we're going to go put time into flying aircraft around, we feel like we need to earn a reasonable margin, not a breakeven margin. That's not really our philosophy in terms of investments. So we'll be focused on generating decent returns on this line.

謝謝，Duane。也許我不會分享貨機業務的具體經濟性數字。不，不，不，我們——如果我們要投入時間讓飛機飛來飛去，我們認為就必須賺取合理的利潤率，而不是損益兩平的利潤率。這並不是我們在投資上的理念。所以我們會專注於在這條業務線上創造不錯的報酬。

I do think over the next year or two, we're excited regardless of the freighter contract, the opportunities with belly cargo on the wide-bodies, the opportunities to continue to grow our own freight market share up in the State of Alaska and along the West Coast, and we're anxious to get to talk more about that over the next year or two. Appreciate the question, Duane.

我確實認為在未來一到兩年，不論貨機合約如何，我們都很期待：廣體機腹艙貨運（belly cargo）的機會、持續提升我們在阿拉斯加州以及西岸自有貨運市占的機會；我們也很期待在未來一到兩年能談更多這方面的內容。謝謝你的問題，Duane。

All right, everybody. Thanks for joining us, and we'll talk to you next quarter.

好的，各位。謝謝大家加入，我們下個季度再聊。

This does conclude today's conference call. Thank you for attending. You may now disconnect. Goodbye.

今天的電話會議到此結束。感謝各位出席。您現在可以中斷連線。再見。