阿拉斯加航空 (ALK) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2026 Second Quarter Earnings Call. (Operator Instructions) Today's call is being recorded and will be accessible for future playback at alaskaair.com. (Operator Instructions) 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.

各位女士、先生，早安，歡迎參加阿拉斯加航空集團 2026 年第二季財報電話會議。(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。(接線員指示) 現在我將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 second 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.

謝謝接線員，大家早安。感謝各位今天加入我們，一同討論 2026 年第二季的財報結果。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，皆可於 investor.alaskaair.com 取得。

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. Air Group reported a second quarter GAAP net loss of $76 million. Excluding special items, Air Group reported an adjusted net loss of $102 million.

在今天的電話會議中，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提問。本集團第二季 GAAP 淨損為 7,600 萬美元。排除特殊項目後，本集團調整後淨損為 1.02 億美元。

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.

提醒各位，關於未來表現的前瞻性陳述，可能與我們的實際結果有重大差異。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，例如調整後盈餘以及不含燃油的單位成本。

And as usual, we have provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today's earnings release. Over to you, Ben.

一如往常，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。接下來交給你，Ben。

Thanks, Ryan, and good morning, everyone. Let me start by directly acknowledging our financial performance. While we beat our initial guidance for the second quarter, we still reported a loss and we're not satisfied with that outcome, especially in what should be one of our strongest quarters of the year.

謝謝你，Ryan，各位早安。我先直接談談我們的財務表現。雖然第二季表現優於我們最初的指引，但我們仍然呈報虧損，對此結果我們並不滿意，尤其第二季本應是我們一年中最強勁的季度之一。

At the same time, it's important to recognize what this quarter represented for our company. It was one of the most consequential and strategically important quarters in our history. We achieved the most complex technology milestone of our integration, successfully operated the largest summer schedule in our history, and launched our first-ever service to Europe, an investment that has exceeded our expectations right out of the gate.

同時，也必須認清本季對公司所代表的意義。這是我們歷史上最具關鍵性、也最具策略重要性的季度之一。我們達成整合過程中最複雜的科技里程碑，成功營運公司史上最大的夏季航班時刻表，並開通我們史上首次歐洲航線服務；這項投資一開始就超出我們的預期。

While these accomplishments don't change our financial results, they do reinforce our confidence in the future. The work we're doing today is strengthening our foundation, improving our competitiveness and positioning us to deliver meaningful long-term value. Most importantly, none of this would have been possible without our people.

這些成就並不會改變我們的財務結果，但它們確實強化了我們對未來的信心。我們今天所做的工作正在鞏固基礎、提升競爭力，並讓我們有能力在長期創造具意義的價值。最重要的是，若沒有我們的同仁，這一切都不可能實現。

I want to thank our more than 30,000 employees across Alaska, Hawaiian and Horizon. They delivered these milestones while continuing to provide outstanding care for our guests and their commitment has been the driving force behind everything we've accomplished this quarter.

我要感謝阿拉斯加航空、夏威夷航空與 Horizon 旗下超過 30,000 名員工。他們在持續為旅客提供卓越照護的同時，仍完成了這些里程碑；他們的投入是我們本季所有成果背後的驅動力。

While there was no way around the overwhelming fuel headwind, we saw an extremely positive earnings trajectory throughout the quarter that only deepens our confidence in our long-term strategy. The momentum we are seeing is clear. Unit revenues strengthened, unit cost improved and we returned to profitability in June with a double-digit pretax margin despite fuel prices up nearly 70% year-over-year.

雖然燃油帶來的巨大逆風無可避免，但我們在整個季度看到非常正向的獲利走勢，這只會進一步加深我們對長期策略的信心。我們所看到的動能非常明確。單位營收走強、單位成本改善，而且我們在 6 月恢復獲利，即使燃油價格年增近 70%，稅前利潤率仍達到兩位數。

Absent the fuel spike, this would have been a solidly profitable quarter which underscores that our underlying business is running well and that Alaska Accelerate is working. With significant commercial momentum, industry-leading operational performance and an integration that's paying off, combined with easing fuel prices, disciplined cost execution and demand holding firm were set up for a strong earnings inflection into the back half of the year.

若非燃油價格飆升，本季本會是穩健獲利的一季；這凸顯我們的核心業務運作良好，也證明 Alaska Accelerate 計畫正在發揮效果。在顯著的商務動能、業界領先的營運表現，以及整合效益逐步顯現的帶動下，再加上燃油價格趨緩、成本執行紀律嚴謹、需求維持穩健，我們已為下半年獲利明顯轉折做好準備。

Operationally, the second quarter was a strong continuation and expansion of the themes I highlighted last call. We led the industry in on-time performance year-to-date, up 5 points year-over-year in Q2. At the same time, our team successfully completed the most complex milestone of our integration, migrating to a single passenger service system and establishing the industry's first dual brand PSS platform delivering industry-leading reliability while undertaking a transformation of this scale speaks to the strength of our operation and our people.

在營運方面，第二季延續並擴大了我在上次電話會議中強調的主題。截至目前為止，我們的準點率領先全產業，第二季較去年同期提升 5 個百分點。同時，我們的團隊成功完成整合中最複雜的里程碑：遷移至單一旅客服務系統，並建立業界首個雙品牌 PSS 平台；在進行如此規模的轉型之際仍能提供業界領先的可靠性，充分展現我們營運與團隊的實力。

Our Net Promoter Scores continue to lead the industry, and our guest experience is only getting better. With the reservation cutover behind us, guest satisfaction has climbed 7 points since last quarter, led by Hawaii, which jumped 10 points. Our investment in Starlink Wi-Fi is driving that experience further with guest satisfaction on Starlink-equipped flights 20% higher than non-equipped flights.

我們的淨推薦值（Net Promoter Scores）持續領先業界，旅客體驗也只會越來越好。隨著訂位系統切換已完成，旅客滿意度自上季以來提升 7 分，其中以夏威夷表現最突出，上升 10 分。我們對 Starlink Wi‑Fi 的投資進一步推升體驗：在配備 Starlink 的航班上，旅客滿意度比未配備的航班高出 20%。

The onboard portal is also allowing us to deepen loyalty with nearly 75% of non-members signing up for Atmos accounts to utilize this benefit. With one third of our fleet now equipped and the remainder expected by 2027, we're excited to be delivering a best-in-class onboard experience.

機上入口網站也讓我們能深化忠誠度，近 75% 的非會員為了使用此項福利而註冊 Atmos 帳戶。目前我們已有三分之一的機隊完成配備，其餘預計於 2027 年前完成；我們很高興能提供同級最佳的機上體驗。

On fleet, cabin retrofits across our 737s are now complete, adding 1.3 million incremental first and premium class seats and demand is absorbing them well with premium revenues up 15% in the quarter. Yesterday, we announced our plan to retire the 717 fleet beginning in 2028 and transition Neighbor Island flying to more modern, fuel-efficient Boeing 737s, bringing improved reliability, better economics and more cargo capability as we continue investing in Hawaii.

在機隊方面，我們 737 機隊的客艙改裝現已完成，新增 130 萬個頭等艙與高端艙等座位供給，而需求吸收良好，本季高端營收年增 15%。昨天我們宣布計畫自 2028 年起逐步退役 717 機隊，並將鄰島航線轉由更現代、燃油效率更高的波音 737 執飛，藉此提升可靠性、改善經濟效益並增加貨運能力，持續加碼投資夏威夷市場。

Cargo remains an important strategic growth opportunity for us. After restructuring our Amazon flying under a more profitable contract we're now moving into the next phase of growth, adding four additional 737-800 freighters deployed across Hawaii and Alaska.

貨運仍是我們重要的策略性成長機會。在以更具獲利性的合約重整我們與 Amazon 的飛行業務後，我們正進入下一階段的成長，新增 4 架 737-800 貨機，部署於夏威夷與阿拉斯加。

This further strengthens our position as the only U.S. airline with a dedicated cargo fleet, and as we scale the international operation and capture the benefits of these investments, cargo will become an increasingly meaningful contributor to the profitability of our airline.

這進一步鞏固我們作為美國唯一擁有專屬貨運機隊的航空公司之地位；隨著我們擴大國際營運並取得這些投資的效益，貨運將成為我們航空公司獲利中愈來愈重要的貢獻來源。

Our international long-haul launches from Seattle are off to a strong start. Atmos members told us they were excited to fly internationally with us, and it's materializing. Our new Rome, London and Recubic routes are each carrying 50% or more Atmos members, an early signal of the loyalty demand behind this expansion.

我們自西雅圖出發的國際長程新航線開局強勁。Atmos 會員告訴我們，他們很期待搭乘我們的國際航班，而這正逐步實現。我們新開的羅馬、倫敦與 Recubic 航線，各自承載的 Atmos 會員占比皆達 50% 或以上，這是支持本次擴張之忠誠需求的早期訊號。

With every new long-haul route our global relevance and perception grows, and we move closer to becoming Seattle's largest international carrier. And last but not least, our new premium semi car continues to perform well. Total account holders are nearly 50% above our expectation with over 60% of new accounts this quarter coming from outside the Pacific Northwest.

隨著每一條新的長程航線開通，我們的全球能見度與市場觀感都在提升，也更接近成為西雅圖最大的國際航空公司。最後但同樣重要的是，我們新的高端聯名信用卡持續表現良好。總持卡帳戶數較我們預期高出近 50%，且本季新增帳戶中有超過 60% 來自太平洋西北地區以外。

Taken together, this quarter is proof that our plan is working. Even against a volatile backdrop and an outsized fuel headwind, we made real progress on every front that matters, building a business that can absorb short-term pressures and keep moving forward. Heading into the second half, we're set up well.

綜合來看，本季證明我們的計畫正在奏效。即使面對波動的環境與特別嚴峻的燃油逆風，我們在所有關鍵面向都取得實質進展，打造出能吸收短期壓力並持續向前的業務體質。展望下半年，我們已做好充分準備。

Demand is holding firm and our integration milestones are increasingly behind us. We look forward to continuing to deliver on the commitments we've made to our people, our guests and our owners as we build scale, relevance and loyalty for the long term.

需求維持穩健，而我們的整合里程碑也愈來愈多已成為過去式。我們期待持續兌現對員工、旅客與股東所做出的承諾，並在長期建立規模、提升關聯性與深化忠誠度。

Before I close, I want to touch on a recent leadership announcement. Shane Tackett was promoted to President of Alaska Airlines, taking on responsibility for the commercial organization while continuing as CFO.

在我結束之前，我想談一下近期的一項領導層任命。Shane Tackett 已晉升為阿拉斯加航空（Alaska Airlines）總裁，除繼續擔任財務長（CFO）外，也將負責商務組織。

Shane is a 25-year veteran of the company and has been instrumental in guiding us through the Hawaiian acquisition and execution of Alaska Accelerate, and this expanded role reflects the breadth of his leadership as we move into the company's next chapter. More broadly, we have conviction in our business model and the initiatives we put in place.

Shane 在公司服務已 25 年，在引導我們完成對 Hawaiian 的收購，以及推動並落實 Alaska Accelerate 計畫方面居功厥偉；隨著公司邁入下一個篇章，這項擴大的職責也反映出他領導力的廣度。更廣泛而言，我們對自身的商業模式以及已推動的各項措施深具信心。

They're working and the results we're seeing only strengthen our confidence that we're building a business model that is structurally capable of producing the $10 of earnings per share that we originally envisioned and laid out under our Alaska Accelerate plan. We'll discuss this and more about what's ahead for Air Group at our upcoming Investor Day on September 29 here in Seattle.

這些措施正在發揮作用，而我們所看到的成果更強化了我們的信心：我們正在打造一個在結構上有能力產生每股盈餘 10 美元的商業模式，這正是我們在 Alaska Accelerate 計畫中最初所構想並對外說明的目標。我們將在 9 月 29 日於西雅圖舉行的投資人日，進一步討論這些內容以及 Air Group 未來的展望。

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 second quarter financial performance. Our perspective on the near-term demand and revenue environment and the step change in the results and performance of core levers that underpin Alaska accelerate.

謝謝你，Ben，各位早安。今天我將帶大家回顧我們第二季的財務表現。也會分享我們對短期需求與營收環境的看法，以及支撐 Alaska Accelerate 的核心槓桿在成果與表現上的躍升。

In the second quarter, revenue grew to $4.1 billion, a 10% increase year-over-year on capacity that grew 1%. Unit revenues was up 8.6%, which includes a three point drag from the historic Hawaii rainstorms. The second quarter marked the beginning of what I would describe as the full commercial activation of Alaska Accelerate.

第二季營收成長至 41 億美元，在運能僅成長 1% 的情況下，年增 10%。單位營收（unit revenues）上升 8.6%，其中包含來自歷史性夏威夷暴雨風暴所造成的 3 個百分點拖累。第二季標誌著我所稱的 Alaska Accelerate 全面商務啟動的開始。

And what I expect will be a strong ramping of revenue growth loyalty penetration and the elimination of integration friction from our industry-leading guest satisfaction. The foundation of this activation was the implementation of a single reservation system, launch of Europe service, along with our Asia service, strong adoption of Atmos Rewards and a solid operation that has led the industry as the number one on-time airline in the United States year-to-date.

我預期營收成長、忠誠度滲透率的提升，以及整合摩擦的消除，都將強勁加速，並且不會犧牲我們業界領先的旅客滿意度。這次啟動的基礎包括：導入單一訂位系統、開航歐洲航線並搭配我們的亞洲航線、Atmos Rewards 的強勁採用，以及穩健的營運表現——使我們今年迄今成為美國準點率第一的航空公司。

The full activation and achievement of these elements have resulted in an immediate step change in commercial results across Air Group. I want to spend some time unpacking the largest of these. Let's start with revenue. we had a material acceleration of unit revenues across April, May and June at 5.5%, 8.8% and 11%, respectively with total June revenues up 13.2%.

這些要素的全面啟動與達成，已立即帶動 Air Group 的商務成果出現明顯的躍升。我想花一些時間拆解其中最重要的幾項。先從營收談起。我們在 4 月、5 月與 6 月的單位營收分別加速至 5.5%、8.8% 與 11%，而 6 月總營收年增 13.2%。

This resulted in a double-digit pretax margin for June despite higher fuel prices, managed corporate revenues. We generated what we believe will be industry-leading revenue increases this quarter. The combination of a single PSS, single loyalty program and network growth has resulted in large share gains.

因此，即使燃油價格較高、且企業管理客戶（managed corporate）營收受到控管，6 月仍達成稅前利潤率雙位數。我們在本季創造了我們認為將是業界領先的營收增幅。單一旅客服務系統（PSS）、單一忠誠計畫與航網成長的組合，帶來了顯著的市占提升。

Portland and San Diego managed corporate share growth of 5 points and 4 points, respectively, with Portland reaching a historic milestone, exceeding 50% share of managed corporate revenues. Looking to Seattle, we have seen the percentage volume of managed corporate passenger exceeds system materially at 9% growth.

波特蘭與聖地牙哥的企業管理客戶市占分別提升 5 個百分點與 4 個百分點，其中波特蘭達成歷史里程碑——企業管理客戶營收市占突破 50%。再看西雅圖，我們看到企業管理客戶旅客量的占比顯著高於整體系統，成長達 9%。

This is driven by the unlock of new revenues from managed corporate accounts as we begin serving the largest international markets to Europe and Asia out of Seattle, namely London, Tokyo and Incheon as well as our continued growth in scale, relevance and loyalty in our Seattle hub. Moving to loyalty. Co-brand remuneration reached $663 million in the quarter.

這主要來自企業管理客戶帳戶的新營收釋放：我們開始自西雅圖飛往歐洲與亞洲最大的國際市場，包含倫敦、東京與仁川；同時也持續提升我們在西雅圖樞紐的規模、相關性與忠誠度。接著談忠誠度。本季聯名卡（co-brand）報酬金額達 6.63 億美元。

That's up 19% year-over-year. The unlock of upmost rewards has been remarkable. Evidence of the loyalty flywheel and Atmos unlock can be seen across our ecosystem, including Active Atmos members up 15%, with attrition down over 30% year-over-year as members engaged more broadly with the program.

年增 19%。Atmos Rewards 的釋放效果非常顯著。忠誠度飛輪與 Atmos 釋放的證據可在我們的生態系中看到：活躍 Atmos 會員年增 15%，而會員流失率年減超過 30%，因為會員更廣泛地參與該計畫。

Hawaii loyalty growth materially outpacing systems performance with a 73% uptick in new cardholders year-over-year and a 34% increase in members in our Huakai, by Hawaiian community. We saw a double-digit increase in top-tier activity and spend as members strive for the unique benefits offered by our titanium status, including access to same-day upgrades to our suites product.

夏威夷的忠誠度成長明顯超越系統整體表現：新持卡人數年增 73%，而我們夏威夷社群 Huakai 的會員數增加 34%。我們也看到頂級會員的活動與消費出現雙位數成長，因為會員努力爭取我們鈦金（titanium）等級所提供的獨特權益，包括可於當日升等至我們的套房產品。

And an eight-point increase in redemption activity on the Air Group network as members shift their global travel activity to flights operated by Alaska. Our loyalty program performance is an undeniable marker that Alaska Accelerate is not only working but also just getting started given our foundational programs and technology are now in place.

此外，Air Group 航網上的兌換活動提升 8 個百分點，因會員將其全球旅行活動轉向由阿拉斯加航空執飛的航班。我們忠誠計畫的表現無可否認地證明 Alaska Accelerate 不僅正在奏效，而且在基礎計畫與技術已到位的情況下，才正要開始加速。

Premium products, there is unquestionable demand for our premium products and service. Premium revenues grew 15% this quarter. In addition to our domestic product, premium demand for our newly launched international long-haul service from Seattle to Rome, London, Heathrow and Reykjavik came out of the gate hard.

高端產品方面，市場對我們的高端產品與服務的需求毋庸置疑。本季高端營收成長 15%。除了我們的國內產品外，自西雅圖新開航的國際長程航線——羅馬、倫敦希斯洛與雷克雅維克——高端需求一開始就非常強勁。

We've already achieved our fair share in premium cabin in U.S. point of sale and across several corporate channels. And we see substantial opportunity to grow share internationally with our fair share in the premium cabin already improving after just recently turning on our ability to sell in the U.K. Premium revenue now represents 35% of total revenue, up 1.5 points this quarter.

我們已在美國銷售點（point of sale）的高端艙等，以及多個企業通路中達到我們的合理市占（fair share）。而在國際市場，我們也看到可觀的市占成長機會；在我們最近才啟用英國銷售能力後，高端艙等的合理市占已開始改善。高端營收目前占總營收的 35%，本季提升 1.5 個百分點。

We are far from done and have more room to optimize our premium product configuration. It's worth reiterating from a diversification perspective, which premium has helped fuel. More than half of every revenue dollar we generate now comes from outside the main cabin a mix that looks nothing like the airline of even a few years ago.

我們遠未完成，仍有更多空間可優化高端產品的座艙配置。值得再次強調，從多元化角度來看，高端產品已提供重要助力。我們現在每 1 美元營收中，超過一半來自主艙（main cabin）以外；這樣的組合與幾年前的航空公司樣貌已截然不同。

And finally, Alaska Accelerate has launched us into meaningful cargo revenues, a source of durable diversified revenue. Our second quarter revenues were up 21% year-over-year, well above system revenue growth of approximately 10%. As Ben mentioned, we announced the addition of four Boeing 737-800 freighters to be flown in Hawaii and Alaska, nearly doubling our dedicated 737 freighter fleet to nine aircraft.

最後，Alaska Accelerate 也讓我們在貨運營收上取得具意義的進展，成為一項具韌性且多元化的營收來源。我們第二季貨運營收年增 21%，明顯高於系統整體約 10% 的營收成長。如 Ben 所提，我們宣布新增 4 架波音 737-800 貨機，將在夏威夷與阿拉斯加營運，使我們專用 737 貨機機隊幾乎倍增至 9 架。

We expect service to begin in early 2027, and these aircraft will not only strengthen our reliable service for the communities we serve but also create new revenue opportunities. Now looking forward, we entered 2026 with one of the leanest growth plans in the industry, and we've continued to adjust as fuel prices remain elevated, pulling roughly 1 point of capacity out of both the third and fourth quarters.

我們預期服務將於 2027 年初開始；這些飛機不僅會強化我們對所服務社區的可靠運輸，也將創造新的營收機會。展望未來，我們以業界最精簡的成長計畫之一進入 2026 年；隨著燃油價格仍維持高檔，我們也持續調整，將第三季與第四季的運能各削減約 1 個百分點。

We expect Q3 capacity to grow approximately 2% to 3%, the entirety of which is Intercontinental. With slightly lower sequential growth in Q4, this puts full-year growth right around 2% year-over-year at the low end of our original guidance of 2% to 3%. Demand has proven durable even as fares moved higher.

我們預期第三季運能約成長 2% 至 3%，且全部來自洲際航線（Intercontinental）。第四季的季對季成長略低，這使得全年成長約為年增 2%，落在我們原先 2% 至 3% 指引的低端。即使票價走高，需求仍展現韌性。

Bookings into the summer peak and early fall shoulder are pacing well with unit revenues running solidly in the mid-teens year-over-year. We're especially encouraged by the strength of higher-yielding demand. Forward corporate bookings are up 37%, 7 points higher than the 30% achieved in Q2, reinforcing the improved domestic and international relevance of our expanded network.

暑期旺季與初秋淡旺季交界（shoulder）的訂位進度良好，單位營收年增穩健維持在 10% 中段（mid-teens）。我們尤其受到高收益需求強勁表現的鼓舞。企業前瞻訂位年增 37%，比第二季達成的 30% 高出 7 個百分點，進一步印證我們擴大航網後在國內與國際市場的相關性提升。

At the same time, our new long-haul international flying continues to gain share as premium demand builds out of Seattle. Hawaii is also getting back to strength. Loads are recovering and new bookings are coming in at system levels. The historic storms not only impacted spring break, but also peak summer bookings that occur in the second quarter.

同時，隨著西雅圖高端需求逐步建立，我們新的長程國際航線持續提升市占。夏威夷市場也正在恢復強勁。載客率正在回升，新訂位也已回到全系統水準。歷史性風暴不僅影響春假，也衝擊了通常在第二季發生的暑期旺季訂位。

Summer revenue performance remains well under system in part due to elevated industry capacity, which was up 7%, and we expect the third quarter to have a similar several point unit revenue headwind that we saw in the second quarter. But encouragingly, as we move into the fall, on-hand bookings, West Coast to Hawaii show demand returning to historical levels with September yields accelerating.

由於產業運能偏高（年增7%），夏季營收表現仍明顯低於全系統水準；我們預期第三季也將面臨與第二季類似、以數個百分點計的單位營收逆風。但令人鼓舞的是，進入秋季後，現有訂位顯示美西至夏威夷的需求正回到歷史水準，且9月收益率正在加速上升。

Given these trends, we expect system unit revenues to improve sequentially from Q2 into the third quarter reaching low double digits year-over-year. With roughly 65% of Q3 revenue and 15% of Q4 revenue booked, the balance of the back half will be shaped by closer demand, but the trends we're seeing today give us confidence in healthy unit revenue trajectory through the rest of the year.

基於這些趨勢，我們預期全系統單位營收將自第二季到第三季呈現連續改善，年增可達低雙位數。在第三季約65%的營收與第四季約15%的營收已完成訂位的情況下，下半年其餘部分將由更接近出發日的需求所形塑，但我們目前看到的趨勢讓我們對今年剩餘期間健康的單位營收走勢充滿信心。

To wrap up, while the first half of the year was volatile, our June exit rate tells the real story, an inflection back to profitability and strong unit revenue growth. Coupled with prudent capacity, the second half is shaping up well, and we've kept our focus on controlling what we can control while delivering results.

總結來說，儘管上半年波動較大，但我們6月的期末表現才反映真正的故事：獲利能力出現轉折回升，且單位營收成長強勁。再加上審慎的運能配置，下半年形勢良好；我們持續專注於掌控可控事項並交付成果。

Completing the single passenger service system cutover, and enhanced single loyalty program and the launch of a European and Asian network from Seattle was the unlock we've been building towards. It lets us finally deliver the full range of our product and services consistently across our global network.

完成單一旅客服務系統的切換、強化單一忠誠計畫，以及自西雅圖啟動歐洲與亞洲航網，正是我們一路打造至今的關鍵解鎖。這讓我們終於能在全球航網中一致地提供完整的產品與服務。

As we move forward, we're focused on continuing to strengthen and diversify revenue across premium, loyalty, cargo and international to build more durable, resilient earnings power that compounds over time. And with that, I'll pass it over to Shane.

展望未來，我們將持續聚焦於強化並多元化高端、忠誠、貨運與國際等收入來源，以建立更持久、更具韌性的獲利能力，並隨時間複利成長。接下來我把時間交給Shane。

Thanks, Andrew, and good morning, everyone. As Ben already indicated, we are not satisfied with losses this quarter, but it is important to also look through the result to the underlying business. Absent the added fuel costs, this was a fundamentally healthy quarter. Nonfuel cost performance and the trajectory of unit revenue through the quarter were both strong.

謝謝你，Andrew，各位早安。如Ben先前所提，我們對本季的虧損並不滿意，但同樣重要的是，要透過結果看見底層的業務狀況。若不計新增的燃油成本，這其實是一個基本面健康的季度。非燃油成本表現，以及本季單位營收的走勢都很強勁。

As fuel normalizes, the timing of which is difficult to predict we see a clear path toward meaningful earnings expansion back towards our goal of $10 of earnings per share. Also, with our customer-facing integration milestones now behind us, we are moving forward with strategic momentum as we move to full optimization and harvesting of value from our Alaska Accelerate initiatives.

隨著燃油回歸正常（其時點難以預測），我們看到一條清晰路徑，可望帶來顯著的獲利擴張，朝我們每股盈餘10美元的目標邁進。此外，隨著面向客戶的整合里程碑已完成，我們正帶著策略動能向前推進，邁向全面最佳化，並收割Alaska Accelerate計畫所帶來的價值。

Regarding the balance sheet, we finished the quarter with $3.8 billion in total liquidity after proactively raising $1 billion of financing during the quarter, a $500 million issue of senior unsecured notes, our first-ever unsecured bond alongside a $500 million term loan.

就資產負債表而言，我們在本季主動籌措10億美元融資後，季末總流動性達38億美元；其中包括發行5億美元的高級無擔保票據（我們史上首次無擔保債券），以及5億美元的定期貸款。

While this transaction was largely neutral from a net debt perspective, it was a deliberate choice to bolster liquidity toward the top end of our target range of 15% to 25% as we navigate an elevated and unpredictable fuel environment. With all the challenges of the last two years, our balance sheet remains strong and is backed by roughly $20 billion in unencumbered assets.

雖然這筆交易在淨負債角度大致中性，但在燃油環境偏高且難以預測之際，這是我們有意為之的選擇，旨在將流動性提升至目標區間15%至25%的上緣。儘管過去兩年挑戰重重，我們的資產負債表仍然強健，並由約200億美元的未設抵押資產作為支撐。

However, given fuel cost impacted earnings, we closed the quarter with a debt to capitalization ratio of 65% and trailing 12-month adjusted net leverage of 4.8 times. With normalized fuel prices and current demand trends, this could very quickly pivot back toward our long-term leverage goals.

不過，由於燃油成本影響獲利，我們季末的負債對資本比率為65%，過去12個月的調整後淨槓桿為4.8倍。在燃油價格正常化與目前需求趨勢下，這些指標可能很快就會轉向我們的長期槓桿目標。

Our balance sheet has long been a strategic asset that underpins our agility and durability and restoring that strength will be a top priority. As the environment further stabilizes and our earnings profile improves, we intend to put excess liquidity to work paying down debt, reducing leverage and ultimately bringing liquidity back toward our target 20% level.

我們的資產負債表長期以來一直是支撐敏捷性與耐久度的策略資產，恢復其強度將是首要任務。隨著環境進一步穩定、獲利結構改善，我們計畫運用多餘流動性償還債務、降低槓桿，並最終將流動性拉回至目標約20%的水準。

Second quarter unit costs, excluding fuel, rose 6.5% year-over-year, a strong result compared against others who have reported. This result included some significant transitory costs, including above-normal crew training costs related to our 787 fleet ramp and employee recognition expense tied to completing our single passenger service system and material aircraft sale gains booked in 2025 we are comparing against.

第二季單位成本（不含燃油）年增6.5%，相較其他已公布的同業而言是相當強勁的結果。此結果包含一些顯著的短期性成本，例如與787機隊擴張相關的高於正常水準的機組訓練成本、完成單一旅客服務系統所帶來的員工表揚費用，以及我們在對比基期中包含的、於2025年入帳的重大飛機出售收益。

Setting those aside, core cost growth was up low to mid-single digits on only 1% capacity growth. Moving into the back half of the year, our cost plan remains on track, and we expect nonfuel unit costs to step down to low to mid-single digits with closer in capacity cuts versus our original plan providing slight pressure. Economic fuel cost averaged $4.43 per gallon, slightly better than our $4.50 guide.

若將上述因素排除，核心成本成長在運能僅成長1%的情況下，約為低至中個位數。進入下半年，我們的成本計畫仍按軌道推進；我們預期非燃油單位成本將降至低至中個位數，但相較原先計畫更接近出發日的運能削減將帶來些微壓力。經濟燃油成本平均每加侖4.43美元，略優於我們指引的4.50美元。

While crude has remained volatile between $70 and $90 per barrel, refining margin volatility normalized throughout the quarter. We expect third quarter fuel price per gallon of $3.75. This reflects expected July fuel cost of $3.60 per gallon and $3.85 for August and September, which is simply the recent average spot price we have seen.

雖然原油價格仍在每桶70至90美元之間波動，但煉油利差的波動在本季逐步回歸正常。我們預期第三季每加侖燃油價格為3.75美元。這反映我們預估7月燃油成本為每加侖3.60美元，8月與9月為每加侖3.85美元，基本上就是我們近期觀察到的現貨均價。

At this fuel price guidance range, we anticipate third quarter earnings between breakeven and $1 per share. We expect our second half RASM to CASM ex fuel spread to improve several points from our two-point spread in the second quarter, evidence that Alaska Accelerate initiatives are working, and the business is structurally strong.

在此燃油價格指引區間下，我們預期第三季每股盈餘介於損益兩平至1美元之間。我們預期下半年RASM相對於CASM（不含燃油）的差距，將較第二季的2個百分點改善數個百分點；這顯示Alaska Accelerate計畫正在發揮作用，且公司的結構性基本面強健。

Given we've seen recent volatility in fuel prices and further fair movement, we plan to provide an update on full year earnings guidance at our Investor Day in late September. This isn't the first half any of us drew up, but the demand backdrop and continued execution of our initiatives gives us confidence in where we're headed.

鑑於近期燃油價格波動，以及後續仍可能出現顯著變動，我們計畫在9月下旬的投資人日更新全年獲利指引。這並不是我們任何人原先規劃的上半年，但需求背景與我們持續落實各項計畫的執行力，讓我們對前進方向充滿信心。

With our big integration milestones behind us, our focus now is squarely on optimizing the airline, building strategic momentum and fortifying structural advantages, our scale, our relevance in the markets we serve and the strength of our loyalty franchise.

隨著重大整合里程碑已完成，我們目前的重點完全放在航空公司的最佳化、建立策略動能並鞏固結構性優勢：我們的規模、在所服務市場中的關聯性，以及忠誠計畫事業的強度。

As premium loyalty, cargo and ancillary revenue take an ever larger share of the mix over time, our earnings will become more durable across cycles underpinning our path to steady state earnings power north of $10 a share and double-digit margins. We'll lay out the building blocks of this in more detail at our Investor Day on September 29. So we hope you can join us.

隨著高端、忠誠、貨運與附加收入在組合中的占比隨時間持續提高，我們的獲利將在景氣循環中更具耐久性，支撐我們邁向穩態每股獲利能力超過10美元與雙位數利潤率的路徑。我們將在9月29日的投資人日更詳細說明其組成要素。希望各位能共襄盛舉。

With that, let's go to your questions.

接下來進入提問環節。

(Operator Instructions)

（接線員指示）

Atul Maheswari, UBS Securities.

Atul Maheswari，瑞銀證券（UBS Securities）。

Good afternoon. Thanks a lot for taking my questions. I know you're not providing fourth quarter revenue or RASM guidance, but your peers who have reported thus far seem to point to fourth quarter revenue being higher than third given the potential for a greater portion of fourth quarter coming in at higher fares.

午安。非常感謝讓我提問。我知道你們不提供第四季營收或RASM指引，但目前已公布的同業似乎指出，第四季營收可能高於第三季，因為第四季可能有更大比例的收入會以較高票價進帳。

Are you able to confirm if we should expect the same for Alaska? And related to that, if you can also provide some puts and takes on the fourth quarter of RASM as it relates to sequential performance versus third quarter, that would be very helpful.

您能否確認，我們是否也應該預期阿拉斯加會是相同情況？另外，若您也能就第四季RASM相對於第三季的序列性表現，提供一些正負因素（puts and takes），將會非常有幫助。

Hey Atul, thanks for the question. This is Shane. Yes, I think we'll steer clear of giving specific guidance on Q4. We were pretty deliberate in wanting to talk more about the full year at Investor Day once we had a chance to better understand both the revenue side of the equation given recent fair changes in the domestic market, which have been positive and obviously, the fuel price part of the equation.

嗨，Atul，謝謝你的提問。我是Shane。是的，我想我們會避免提供第四季的具體指引。我們相當刻意地希望等到投資人日再多談全年，因為我們需要有機會更好地理解方程式兩端：一是營收端，考量到近期美國國內市場票價變動（是正面的）；二當然是燃油價格端。

So I think we don't see any change in demand into the fourth quarter. The advanced bookings look very strong at the same or better yields that we're seeing in the third quarter and that we saw at the end of the second quarter. So we don't have a difference in trend that we're seeing from those who have reported before us, but I think we'll stay away from commenting on the fourth quarter in a way that would infer guidance.

所以我想，我們沒有看到需求在第四季出現任何變化。提前訂位看起來非常強勁，收益率與我們在第三季看到的相同或更好，也與第二季末看到的水準一致。因此，我們沒有看到與先於我們公布的同業不同的趨勢；但我想我們會避免以可能被解讀為提供指引的方式來評論第四季。

Okay. That's fair. And then as my follow-up, Shane, you did mention about the improvement in Hawaii for September. So as it relates to that, are you able to parse out that improvement between demand getting better versus an easing in competitive capacity pressure in this market in September? That would be helpful.

好的。這很合理。接著我的追問，Shane，你確實提到9月夏威夷有所改善。就這點而言，你能否拆解一下，這項改善在9月是來自需求轉好，還是來自該市場競爭性運能壓力的緩解？這會很有幫助。

And also related to that, it seems like capacity in Hawaii jumps again in the fourth quarter. So how do you feel about potential for continued improvement in Hawaii beyond just September?

另外也相關的是，看起來夏威夷在第四季的運能又會再度上升。那麼，對於夏威夷在9月之後、是否有機會持續改善，你們的看法如何？

Thanks, Atul. Maybe it's worth taking a quick step back just to really talk about Hawaii because it will be a theme, I think, number one, this was a $1 billion franchise for us, and we knew that we needed scale, relevance and loyalty for an $8 billion market, and we've achieved that now, especially with the -- now with a single passenger service system, it's [engraved] now into one world.

謝謝你，Atul。也許值得先快速退一步，先談談夏威夷，因為我想這會是一個主題。第一，這對我們而言曾是一個10億美元的特許經營（franchise），而我們知道在一個80億美元的市場中，我們需要規模、相關性與忠誠度；而我們現在已經達成了，特別是——現在有了單一的旅客服務系統（PSS），它已經[engraved]融入oneworld。

We've talked about loyalty growth and all the rest of it. So we've seen really good strengthening and prospects for Hawaii. Specifically to your question, as it relates to September, we're seeing even in the last week, incoming yields have been greater than system.

我們也談過忠誠度成長以及其他各項。因此，我們看到夏威夷的基本面與前景確實在強化。具體回到你的問題，就9月而言，我們看到即使在最近一週，進入端的收益率也高於整體系統。

And so we see strength returning for the reasons we talked about on the Kona storms. And to your question about capacity, you're right, it has been elevated. I think domestic has been about flat in the second quarter, going into the third, and it's up 8% -- 7% to 8%, but we also know that the schedules are not finalized by the industry for the fourth quarter as well.

因此，我們看到強勁動能回來了，原因如同我們談到的Kona風暴。至於你問到的運能，你說得對，確實一直偏高。我想國內線在第二季到第三季之間大致持平，而現在增加了8%——約7%到8%；但我們也知道，產業對第四季的班表也尚未完全定案。

So we'll be watching that. But we feel good about the momentum we're seeing in Hawaii and all the key levers post PSS that are coming into play to strengthen our position and the economics of that franchise.

所以我們會持續觀察。但我們對在夏威夷看到的動能感到樂觀，也對PSS整合後正在發揮作用、用以強化我們地位與該特許經營經濟性的所有關鍵槓桿感到有信心。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Just a couple for me. On cargo, can you speak to the mission of these 4 800s that you're adding? Are these your aircraft? And is this similar to what you do up and down the State of Alaska or are these in support of outsourced Amazon flying?

我這邊有兩個問題。關於貨運，你能談談你們新增的這4架800的任務定位嗎？這些是你們自有的飛機嗎？這是否類似你們在阿拉斯加州內上下（各地）所做的業務，還是用來支援外包的Amazon飛行？

Got it. Thanks, Duane. Yes, these are going to be our aircraft. We're taking them from another carrier but there'll be ours. We're going to go and move them. So they're consistent with the rest of our freighter fleet. And they'll be deployed for our own flying.

了解。謝謝你，Duane。是的，這些會是我們的飛機。我們會從另一家航空公司接手，但會成為我們的。我們會把它們調度過來。因此，它們會與我們其餘的貨機機隊一致。而且它們將用於我們自營的航班。

They're not in an arrangement that's a CMI or ACMI, they'll be deployed under our brand. with our folks flying cargoes that we go out and ultimately market to customers to carry for them. I think we said in the release, two of them will be in the State of Alaska, I think two of them will be in the State of (inaudible). There's a lot of opportunity for us to continue to build share in both of those states.

它們不是以CMI或ACMI的安排運作；它們會以我們的品牌部署，由我們的人員執飛，承運我們對外、最終向客戶行銷並為其運送的貨物。我想我們在新聞稿中提到，其中兩架會在阿拉斯加州，我想另外兩架會在(聽不清)。我們在這兩個州都有很多機會持續提升市占。

We do that sort of small community cargo flying, I think, better than anybody else. And we're excited about cargo going forward. Also as part of the Alaska Accelerate, which we talked about in December of 2024 ultimately contributing an additional point of margin to the business, and we're well on our way down that path. So this was one of the specific ways we were going to go and unlock that we were excited to get to announce it yesterday.

這種小型社區的貨運飛行，我想我們做得比任何人都好。我們對未來的貨運業務感到振奮。此外，這也是Alaska Accelerate的一部分；我們在2024年12月談到，該計畫最終將為公司額外貢獻1個百分點的利潤率，而我們正穩步朝這條路前進。所以這是我們要去解鎖的一個具體方式之一；我們很高興能在昨天宣布。

Okay. Thanks. And apologies in advance for the minutia on my follow-up, but it's something we actually got wrong. So can you just speak to the drivers of variable incentive pay? Is there any relationship between the employee recognition expense and this variable incentive pay? And just how should we think about that line maybe in the back half, flat, up, down?

好的。謝謝。先為我追問的枝微末節致歉，但這是我們其實弄錯的一點。你能談談可變動激勵薪酬（variable incentive pay）的驅動因素嗎？員工表揚/認可費用（employee recognition expense）與這項可變動激勵薪酬之間是否有任何關聯？以及我們應該如何看待下半年這一項目，會持平、上升或下降？

Thank you for any help there?

也謝謝你在這方面提供任何協助。

Yeah. If it's a geography question, I'm going to have Emily make sure that we get this clear. I think there's a tax component that goes into one of the lines, and then there's the actual employee recognition cost that goes into another part of the P&L.

好的。如果這是地理/歸類（geography）問題，我會請Emily確保我們把它釐清。我想其中一個科目包含稅務成分，然後實際的員工表揚成本則會進到損益表的另一個部分。

Yeah. So Duane, the variable incentive pay is a combination of our performance-based pay program, which is the majority of that line. and then our operational performance reward programs. Typically, we see this skew a little bit higher in the back half of the year as we get better certainty about the overall performance of the business.

是的。所以Duane，可變動激勵薪酬是由我們以績效為基礎的薪酬計畫（占該科目大宗）以及我們的營運績效獎勵計畫所組成。通常，隨著我們對公司整體表現有更高的確定性，我們會看到這項目在下半年略為偏高。

But I think you're going to continue to see the trends that have manifested in the first half, showing up in the back half.

但我認為，你會持續在下半年看到上半年已經呈現出的那些趨勢延續。

Okay. Sorry, it was, I think, down year-over-year in 1Q, up year-over-year in 2Q. Just on a year-over-year basis, maybe flattish if we had to guess.

好的。抱歉，我記得第一季年對年是下降，第二季年對年是上升。如果要用年對年的角度來看，若要猜測的話，可能大致持平？

Yes, probably flattish.

是的，可能大致持平。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

Congrats, Shane, on the promotion. Just, Andrew, maybe we can go back to Hawaii for a quick second. So I'm just trying to understand when you've studied recovery timelines when you have situations like this. When I look back at like the Maui fires, realize it's totally different. Like that recovery timeline took a lot longer than I think anyone would have anticipated.

恭喜你升職，Shane。Andrew，我們能不能再回到夏威夷一下。我只是想了解，當你們研究這類情況的復甦時間軸時，通常會怎麼看。我回頭看像茂宜島（Maui）野火，知道那完全不同。那次的復甦時間比我想任何人預期的都要長得多。

So just how you compare this situation to that? And then is there anything structural within the Hawaii market that may limit the opportunity to push fares that you've seen at other system levels? I just so unique in the sense that like you're seeing the demand headwind time frame you're seeing competitors which supplies of -- yes, just any thoughts there.

那麼你會如何把這個情況和那個情況做比較？另外，在夏威夷市場內部是否有任何結構性因素，可能會限制你們像在其他系統層級所看到的那樣推升票價的機會？我只是覺得它很獨特，因為你看到的需求逆風期間、你看到的競爭對手供給的——是的，想聽聽你們的任何看法。

Yes. Thanks, Connor. I think a big picture for Hawaii over several years, malifires or other, is somewhat static and if not sort of growing a little bit since COVID. But again, it's a very sort of stable market. We serve -- we have over 40 nonstop routes across the entirety of the West Coast. And I think what I would say here is that certainly, there is ebbs and flows on the recovery.

是的。謝謝你，Connor。我認為從大方向來看，夏威夷在過去幾年，不論是野火或其他事件，整體相對靜態；如果有變化，也是在 COVID 之後小幅成長。但再說一次，這是一個非常穩定的市場。我們服務——我們在整個西岸共有超過 40 條直飛航線。我想我在這裡要說的是，復甦當然會有起伏。

But I think what we have really focused on is all the tools that we have in our toolkit that will help us outperform the general market in Hawaii. And as we've shared earlier, things about loyalty, our loyalty growth, connectivity and our ability to serve the right market with the right aircraft.

但我認為我們真正聚焦的是，把我們工具箱裡所有能幫助我們在夏威夷市場表現優於整體市場的工具都用上。而且如同我們先前分享的，包括忠誠度、我們的忠誠計畫成長、轉機連結性，以及我們用合適的機型去服務合適市場的能力。

Again, I think as we look to Hawaii, we're very focused on the September and beyond. And what we are seeing right now is a recovery, and there is nothing that we see right now to give us a sense that this won't get back to strength in the coming quarters.

再一次，當我們看夏威夷時，我們非常聚焦在 9 月以及之後。而我們目前看到的是正在復甦；就我們現在所見，沒有任何跡象讓我們覺得它不會在接下來幾個季度回到強勁。

And Conor, it's Ben. Yes, I think maybe a couple of things on that. Remember, last year, Hawaii was one of our best geographies in our network. And to your point, it is different than the Maui fires. The Maui fires were catastrophic for Hawaii. And these were torrential rains. They were brutal. But the recovery is going to be different in our view than the Maui fires, just to answer it directly.

Connor，我是 Ben。是的，我想也許補充幾點。記得去年，夏威夷是我們航網中表現最好的地區之一。而如你所說，這次和茂宜野火不同。茂宜野火對夏威夷而言是災難性的。而這次是暴雨。非常猛烈。但在我們看來，這次的復甦會和茂宜野火不同，我直接回答你的問題。

And just in terms of the strength and structure, I think Andrew was trying to get to it in Hawaiian there may be other questions. Look, this is an $8 billion premium market where we had $1 billion of it before the acquisition. Now we have about 50% of that premium market in Hawaii.

至於強度與結構，我想 Andrew 剛才在談夏威夷時可能想帶到這點，後面也許還會有其他問題。你看，這是一個 80 億美元的高端市場，而在收購之前我們其中有 10 億美元的份額。現在我們在夏威夷大約擁有這個高端市場的 50%。

And that was the whole thesis going in. Do we grow organically? Do we retreat or do we double down in Hawaii? And the thesis was double down in Hawaii. It is a premium leisure market where the pie is essentially finite, and we think it's a great market off the West Coast, and it fit our network.

而這就是我們當初進場的整個論點。我們是要有機成長？要撤退？還是要在夏威夷加碼？而論點是：在夏威夷加碼。這是一個高端休閒市場，整體市場規模基本上是有限的；我們認為它是西岸外延的一個很棒市場，也符合我們的航網。

And on top of it, it gave us access to international airplanes to build our Seattle hub, where it was the one arrow in our quiver that was missing, and you could see all the gains we had from international and premium, and you see all the increases and in those areas year-over-year.

此外，它也讓我們取得國際航線所需的飛機，來打造我們的西雅圖樞紐；那是我們箭袋裡缺少的那一支箭。你也可以看到我們在國際與高端產品上的所有增長，以及這些領域年對年的提升。

So I just wanted for you and for everyone else, the whole value of Hawaii, like we are so committed and these are blips, but over the long term, Hawaii is absolutely going to be a huge contributor for us.

所以我只是想對你、也對其他所有人說明：夏威夷的整體價值——我們非常投入。這些都是短期波動，但長期來看，夏威夷絕對會成為我們非常重要的貢獻來源。

Awesome. Appreciate that detail. And then maybe I could speak to next year. And I know that you don't want to give a guide but or anything like that. But just -- when we think about controllable margin spread, I like that we're talking about that a lot more this quarter.

太好了。感謝這些細節。接著也許我可以談談明年。我知道你們不想提供指引或類似的東西。但只是——當我們思考可控的利潤率差（controllable margin spread）時，我喜歡你們這一季更常談到這個。

But I think that the carriers that have reported as well would also call out a similar cost trajectory opportunity next year. in a reasonable growth environment. But there is obviously this debate around industry RASM, and that's obviously very difficult to pin down. But just there is a lot of opportunity just from the synergies, the tailwinds that you had just from Maui there.

但我認為其他已經公布的航空公司也會提到，明年在合理成長環境下，成本走勢也有類似的改善機會。不過業界顯然在討論整體 RASM（每可用座位英里營收），而那確實很難精準判斷。但你們確實有很多機會，來自協同效益，以及你們剛才提到茂宜帶來的順風因素。

So when we think about next year, like is the rational thought process that RASM will exceed CASM next year. And could you just speak to just any of the idiosyncratic levers that you've already identified that are already like in your playbook now from a revenue. Thanks.

所以當我們看明年時，合理的思考方式是否是：明年 RASM 會高於 CASM（每可用座位英里成本）的增幅？你能否談談你們已經辨識出的、一些具有公司特性的槓桿，哪些已經在你們的營收作戰手冊裡？謝謝。

Yeah. Thanks, Conor. Yes, broadly, like if you're asking about the 2027 setup, yes, we're really excited about it. We're confident in next year's opportunity to expand margins mostly through that the expansion of the RASM to CASM ex, I think you just called it the controllable margin spread. We sort of can't wait to get there.

好的。謝謝你，Connor。是的，廣義來說，如果你在問 2027 年的布局，是的，我們對此非常興奮。我們對明年擴大利潤率的機會有信心，主要是透過 RASM 相對於 CASM（扣除燃油等因素）的擴張——我想你剛才稱之為可控的利潤率差。我們有點迫不及待想走到那一步。

We'd like fuel to calm down, and we'd like the economy to remain really strong, but we'll have a chance next year to obviously hopefully participate in a full year of the current demand and pricing environment. So it's really only been with us for half of this year. We'll get to lap the first year of international, which there's always an opportunity to do better in the second year of these sorts of things.

我們希望燃油價格能趨於平穩，也希望經濟能維持強勁；但明年我們將有機會，當然也希望能在目前的需求與定價環境下，參與完整一年的表現。因為今年這樣的環境其實只出現了半年的時間。我們也會進入國際航線的第二年；這類事情通常在第二年總有機會做得更好。

And I think we had a phenomenal first go around this summer, but it should be even better next year. And I'm sure we'll get questions on that, and Andrew can share more detail about that. We'll lap these headwinds in Hawaii that we're talking about and get back to what we believe will be the strength that we were seeing coming into this year from the Hawaii market set.

我認為今年夏天我們第一次嘗試就表現非常出色，但明年應該會更好。我相信我們也會被問到相關問題，Andrew 可以分享更多細節。我們也會跨過目前在談的夏威夷逆風，回到我們認為夏威夷市場在今年初所展現的那種強勁。

We've got a full year of expanded premium cabins, the last retrofit of which I think we just got done sometime during this quarter. We'll have 50% of the fleet with StarLink going to 100%. People love that product when they fly on it. And we've got the last tranche of synergies and initiatives to go and unlock.

我們將有一整年擴大的高端客艙；最後一架改裝我想是在本季某個時間點剛完成。我們會有 50% 的機隊配備 StarLink，並朝 100% 推進。乘客搭乘時非常喜歡那個產品。而且我們還有最後一批協同效益與計畫要去解鎖。

And some of that are sort of basics around running how we run RM. I think you guys know we've talked about it. We're not on a network RM system. We will be on one next year. So others have done that recently and enjoyed really significant RASM improvements from those.

其中一部分是一些基本功，關於我們如何運作收益管理（RM）。我想你們知道我們談過：我們目前不是使用航網型的 RM 系統。我們現在沒有使用航網 RM 系統。明年我們會上線。其他公司最近也做了這件事，並因此享受到非常顯著的 RASM 改善。

So I think our expectation is exactly what you said that we could achieve RASM growth ahead of CASM growth next year. And as fuel normalizes, go back to what I said in the script, I think the underlying structure of this business is really strong, and we should see and could see earnings expand quite rapidly.

所以我認為我們的預期正如你所說：明年我們可以達成 RASM 成長領先 CASM 成長。而隨著燃油正常化，回到我在講稿裡說的，我認為這門生意的底層結構非常強健；我們應該會看到、也可能會看到獲利相當快速地擴張。

Savi Syth, Raymond James.

Savi Syth，Raymond James。

I was wondering if I could -- not necessarily looking for kind of numbers and magnitude, but just any early thoughts on how you're thinking about domestic versus international capacity growth in 4Q and 2027? And just tied to that, like have you gotten an indication from Boeing on kind of MAX 10 deliveries next year?

我想請教——不一定是在找數字或幅度，但想聽聽你們對第 4 季以及 2027 年國內與國際運能成長的初步想法，是如何思考的？另外也連帶問一下：你們是否已從波音那邊得到任何關於明年 MAX 10 交付時程的訊息？

Thanks, Savi. I think domestic in Q3 was roughly flat. I think it's similar in Q4. I think all of our growth, and we've been pretty deliberate and I think responsible with our growth is international into the fourth quarter. We do take a significant number of airplanes next year.

謝謝你，Savi。我認為第三季的國內業務大致持平。我認為第四季也差不多。我認為我們所有的成長——而且我們在成長上一直相當審慎，我想也很負責任——都來自第四季的國際市場。我們明年會接收相當多架飛機。

We're really excited about those. We do think that the MAX 10 will get certified here relatively soon. The first use of those aircraft will be to continue to build out our core cities like Seattle and continue to up gauge where we can. And also to retire an aged 737-700 fleet. And the economics of a MAX 10 versus older 737-700 are very, very compelling.

我們對此非常興奮。我們確實認為 MAX 10 將在相對不久後取得認證。這些飛機的首要用途將是持續擴建我們的核心城市，例如西雅圖，並在可行之處進行機型升級（up gauge）。同時也會汰換老舊的 737-700 機隊。而 MAX 10 相較於較舊的 737-700，其經濟效益非常、非常有吸引力。

And so we've got really good plans to use the fleet that we're bringing in next year. We have a couple of 787s, that will help us continue to further international growth. It will maybe be a little more balanced in terms of domestic versus international next year. But we do intend for it to be responsible growth rates more than this year, but pretty similar to our target -- long-term target, which I think we've laid out around 4% or something like that.

因此，我們對明年引進的機隊有非常完善的使用規劃。我們還有幾架 787，將協助我們持續推動更多國際成長。明年在國內與國際之間，可能會更為均衡一些。但我們確實打算維持負責任的成長率——會比今年高一些，但與我們的目標（長期目標）相當接近；我想我們先前大概提過約 4% 或類似的水準。

That's helpful. And if I could just quickly follow up on Duane's question on the new cargo aircraft. Is it fair to assume that the freighter costs will step up ratably that the cargo revenue will take time to catch up as you kind of win contracts and use it for reliability? Or is that not a fair assumption given that you might be working on winning contracts with the new aircraft already?

這很有幫助。如果我可以快速追問一下 Duane 關於新貨機的問題。是否可以合理假設：貨機成本會按比例上升，而貨運營收需要一些時間才能追上，因為你們需要逐步贏得合約並用它來提升可靠性？或者，考量到你們可能已經在用新飛機著手爭取合約，這樣的假設並不公平？

Yeah. No, thanks, Savi. A lot of the aircraft, the incremental freighters, will go into service early next year. So we've been contemplating this announcement, obviously, for a while. So we've got ideas and plans on how we're going to go fill those freighters up, there's an immediate need for incremental capacity in the state of Alaska and just better overall operational reliability.

是的。不，謝謝你，Savi。許多新增的貨機將在明年初投入營運。所以我們顯然已經思考這項宣布一段時間了。因此我們對如何把這些貨機的載運量填滿已有想法與計畫；阿拉斯加州對新增運能有立即需求，同時也需要整體營運可靠性的提升。

The 700 NG freighter fleet that we have is also getting aged. And so they'll be put to good use right away. We're not going to fly empty cargo holes around. And I think there's a lot of opportunity and desire for us to provide service within the islands in the state of Hawaii. So I think this is going to be a quick ramp accretive results from these four new freighters.

我們現有的 700 NG 貨機機隊也逐漸老化。因此它們會立刻被充分運用。我們不會讓貨艙空著到處飛。而且我認為，我們在夏威夷州各島之間提供服務方面，有很大的機會與需求。所以我認為這四架新貨機將會快速爬坡，並帶來具增益（accretive）的成果。

Brandon Oglenski, Barclays Capital.

Brandon Oglenski，巴克萊資本。

Andrew, I think you mentioned picking up corporate share across your hubs, and I think you specifically called out Portland, but maybe I heard that wrong. Can you speak to the momentum you're seeing there and how it's playing in with your premium mix as well?

Andrew，我想你提到在各個樞紐提升企業客占比（corporate share），而且我記得你特別點名了波特蘭，但也可能是我聽錯。你能談談你們在那裡看到的動能，以及這如何也反映在你們的高端（premium）組合上嗎？

Yeah. Thanks, Brandon. We've been very excited about the results on the corporate side and the thesis. And I specifically called out, obviously, Portland and San Diego, where we've had capacity growth and our share of the market on the corporate side has followed even at a higher accelerated rate. And we've seen also in Seattle the same thing.

是的。謝謝你，Brandon。我們對企業端的成果與這個論點（thesis）感到非常振奮。我確實特別提到——很明顯——波特蘭與聖地牙哥；我們在那裡增加了運能，而我們在企業市場的市占也隨之提升，甚至以更快的加速幅度成長。我們也在西雅圖看到同樣的情況。

And I think we talked about 30% increase in revenues. I'll tell you right now sitting in July, our revenues are up over 40% for managed corporate travel. So the flywheel of growth and scale in our core hubs of our loyalty system. And then long haul, especially out of Seattle, have really helped fuel the ability to win share and obtain greater exposure to corporate traffic.

而且我想我們談過營收增加 30%。我現在可以告訴你，截至 7 月，我們的受管理企業差旅（managed corporate travel）營收已經成長超過 40%。因此，在我們核心樞紐中，忠誠度系統所帶來的成長與規模飛輪效應，再加上長程航線——尤其是從西雅圖出發——確實有助於推動我們贏得市占，並取得更多企業客流量的曝險。

And then, Shane, I guess I don't want to push it too hard. But I guess longer term, you guys have been targeting, let's call it, low single-digit CASM ex cost inflation with something like mid-single-digit capacity growth, I think that's right. Has anything changed there?

另外，Shane，我想我不想逼得太緊。但從長期來看，你們一直以來的目標大概是：在運能成長約中個位數（mid-single-digit）的情況下，CASM ex（扣除成本通膨因素）維持在低個位數（low single-digit），我想是這樣沒錯。這方面有任何改變嗎？

And can you talk to the cost synergies on the Hawaiian side? I think have those been achieved yet or now that you've rolled over to single PSS, is there more to come?

另外也請談談夏威夷那邊的成本綜效。我想這些綜效是否已經實現？或者現在你們已經切換到單一 PSS 之後，是否還有更多可期待？

Yes. Thanks, Brendon. No update to that philosophy. I think our mindset is at middle to -- low-to-mid-single-digit growth, we should have low single-digit CASM ex over the long term. The business, as you know, it tends to take in cost sometimes in a more lumpy way when we have to like build up a brand-new fleet type with crew, we're going to have costs that sort of come into the P&L stepwise, not linear, but that's our overall thinking.

是的。謝謝你，Brendon。這個理念沒有更新。我認為我們的想法是：在中到——低到中個位數的成長下，長期而言我們應該能維持低個位數的 CASM ex。如你所知，這個產業有時候成本會以較不均勻的方式進入，例如當我們必須建立一個全新的機型機隊並配置機組人員時，成本會以階梯式而非線性的方式反映在損益表（P&L）上，但這就是我們整體的思考方向。

We -- I was trying to think of the second part of your question. The thing that I would also mention in terms of synergies, that was the question. We've largely gotten most of the synergies that we could go get immediately on the technology side of the business, certainly on the overhead side of the business. So there's not a huge tranche of incremental synergies to come. There is the opportunity to do a lot more optimization.

我們——我在想你問題的第二部分。你問的是綜效。我們在業務的科技面向，以及當然在管理費用（overhead）面向，基本上已經取得了大部分能立即取得的綜效。所以接下來不會有一大塊額外的新增綜效可以再釋出。但確實還有很多最佳化的機會。

As we move forward, certainly, as we bring work groups together, we're anxious to get into CBA is done. Those CBAs will come with incremental costs, of course, so there will be some additional costs that go into compensation for employees, which is great, but we will then have an opportunity to get more productive with all of those work groups as well, which will partially offset that.

往前看，當然，隨著我們把各工作群組整合在一起，我們也很期待在 CBA 完成後能進一步推進。這些 CBA 當然會帶來額外成本，因此員工薪酬會有一些新增成本，這很好；但之後我們也有機會讓所有這些工作群組更具生產力，從而部分抵銷這些成本。

So I think right now, we're sort of pivoting away from cost synergies and really focused on leaning out the overall business, both the back office and on the frontline productivity front. And that's what you'll hear us talk about going forward.

所以我認為目前我們某種程度上正從成本綜效轉向，並把重點放在讓整體業務更精實：包括後勤辦公室，以及第一線生產力的提升。這也是你們接下來會聽到我們持續談論的重點。

Catherine O'Brien, Goldman Sachs.

Catherine O'Brien，高盛。

Congrats Shane. I hope you don't mind, but I'll have to dig in a little bit more on Hawaii. Can you just maybe -- I think it would be helpful to understand like some color around when was the RASM drag at its maximum impact? And how do you expect the trajectory of the recovery to play out over three sounds like maybe no impact in September or maybe I'm reading too much into your comments there?

恭喜你，Shane。希望你不介意，但我得再更深入追問一下夏威夷。你能否提供一些背景說明：RASM 的拖累在何時達到最大影響？以及你預期復甦的軌跡會如何發展？聽起來 9 月可能就沒有影響了——或者也許我對你剛才的評論解讀過度？

And is there any way to just help parse out further, how much of the impact is Torus maybe booking away after the floods and how much is the ramp in seats to Hawaii from industry, maybe being a bit of a mismatch with the stable demand you talked about. I don't know if there's like information for the tourism board, you'd compare to anything. I'll stop there, a bit of a long one.

另外，有沒有辦法再幫忙拆解一下：影響中有多少是因洪水後旅遊需求（Torus）可能被分流到其他地方預訂所致，又有多少是因為產業對夏威夷的座位供給增加，與你提到的相對穩定需求之間可能出現一些不匹配所造成？我不確定是否有例如旅遊局的資料可以拿來對照。我先問到這裡，問題有點長。

Thanks, Katie. That's an insightful question. I think the peak of it was sort of when the storms really hit, I think from the top of my head, we might even had a negative booking day here or there with just refunds and all the things that were going on. So really sort of the March, April time frame sort of the spring break was the real deep of the challenge.

謝謝你，Katie。這是個很有洞見的問題。我認為高峰大概是在風暴真正來襲的時候；我印象中，我們甚至有一兩天出現負的訂位日，因為只有退款以及當時發生的各種狀況。所以真正最艱難的低谷大概是在3、4月那段時間，也就是春假期間。

I think then as you sort of moved into some of bookings, I think it caused some folks to consider, reconsider. But I do think, to your point, the acceleration or the increase in industry capacity which has far outpaced anything else system-wide domestically. But we've seen that in Latin America and look at the adjustments the industry has made to capacity today from last year.

我想接著當你開始看到一些訂位回來時，確實也讓一些人開始考慮、重新評估。但我也認同你說的：產業運能的加速或增加，在國內整體系統層面遠遠超過其他任何因素。不過我們在拉丁美洲也看到了這種情況，看看產業相較去年對目前運能所做的調整。

So I think as we move forward, I think as we find the right water level in the white line, and of course, we have a lot of things on this side, Catie, when we look at our network now, we look at both sides, we look at our loyalty program. We have a lot of levers to pull the marketing machine to continue to get back to strength.

所以我認為往前看，當我們在白線上找到合適的水位時，當然，我們在這一端也有很多事情要做，Catie；當我們看我們現在的航網，我們看兩端，我們也看我們的忠誠計畫。我們有很多槓桿可以拉動行銷引擎，持續把表現拉回到強勢。

And I would say, again, early days, but we are seeing as we move into full travel, a sort of change in the trajectory of bookings. July and August are going to be under system capacity, and we've shared there's going to be a couple plus point drag, but I think that's going to change as we move to the fourth quarter.

我會說，再次強調，現在還是早期，但我們看到隨著全面旅行恢復，訂位的走勢正在出現一些變化。7月和8月會低於系統運能，我們也分享過會有幾個百分點的拖累，但我認為隨著我們進入第四季，情況會改變。

Okay. Got it. And then maybe one for Shane, on the balance sheet. Given the volatility and geopolitical uncertainty, makes sense, you raised some incremental capital there, the liquidity to the high end of your range. with the reemergence of geopolitical tensions over the last month, how do you think about when to start paying down debt?

好的。了解。接著可能有一題想問Shane，關於資產負債表。考量波動性與地緣政治不確定性，合理，你們提高了一些額外資本，把流動性拉到你們區間的高端。過去一個月地緣政治緊張再度升溫，你們如何思考何時開始償還債務？

Like what are -- what's in the calculus there? And how do the coupons on the new debt compared to tranches you'd ultimately look to pay down.

也就是說——你們的計算邏輯是什麼？另外，新發行債務的票息，與你們最終可能想優先償還的那些分券相比如何？

Thanks, Catie. And maybe Emily can help us with the sort of pricing. I just did want to mentioned, while we have the mic on balance sheet since you asked, it was pretty cool to go out to market and get our first unsecured bond. It had a lot of interest in it. I think it's traded around par above parts, I think a really good issuance to the team did a phenomenal job.

謝謝你，Catie。也許Emily可以幫我們說明一下定價。我只是想提一下，既然你問到資產負債表，我們這次到市場上發行了第一筆無擔保債券，這件事相當不錯。市場對它的興趣很高。我想它的交易價格大概在面值附近、甚至略高於面值；我認為這是一筆很好的發行，團隊做得非常出色。

We're anxious to start paying down debt, but we're going to be pretty deliberate a few weeks of stability is probably not long enough for us to call it, and we'd like to see it a quarter or two of really stable input prices and return to healthy cash flows.

我們很想開始償還債務，但我們會相當審慎；幾週的穩定可能還不足以讓我們下定論，我們希望看到一到兩個季度的投入成本真正穩定，以及現金流回到健康水準。

And then we would pretty aggressively start to pay down the debt. And we've got plenty of debt that's prepayable or expiring in the next little bit. So we won't have a problem finding ways to reduce liquidity when we're comfortable in doing so. But maybe on the pricing, Emily?

然後我們就會相當積極地開始償債。而且我們有不少債務是可以提前償還的，或是在不久的將來到期。所以當我們覺得時機成熟、要降低流動性時，不會缺少可行的方式。不過關於定價，Emily？

Yes. Catie, we did see some modest increase in the coupon on this latest debt just with the interest rate environment. Overall, our weighted average debt interest rate is at about 5.3%. So that's up 0.4% from prior quarter, so a slight increase.

是的。Catie，考量目前利率環境，我們確實看到這次最新債務的票息有小幅上升。整體而言，我們加權平均的債務利率大約是5.3%。所以比上一季上升了0.4%，算是小幅增加。

Tom Fitzgerald, TD Cowen.

TD Cowen 的 Tom Fitzgerald。

Maybe just to stick with CASMex for a minute. Just a couple of finer points. Can you speak to how much stage length is maybe flatter in CASMex in the back half and if that's expected to continue into 2027? And as well, just -- in terms of your longer-term CASMex framework, how should we think about some of the pressures on the maintenance side, especially with the way that -- if your fleet profile changes in the coming years and then some of the real estate investments you guys are making?

也許先在CASMex上再多停留一下。有幾個更細的點。你能談談在下半年CASMex裡，航段長度（stage length）是否可能更趨平坦，以及這是否預期會延續到2027年嗎？另外，就你們較長期的CASMex架構而言，我們應該如何看待維修端的一些壓力，尤其是——如果未來幾年你們的機隊結構改變，以及你們正在進行的一些不動產投資？

Yes, Tom, I think stage length is pretty stable, so it's not helping or hurting right now on the CASMex side. And I even think like aircraft density is not really doing much right now to CASMex. Maybe once these 10s really start to come in, we'll get a little bit of a tailwind from just gauge over the next couple of years. Yes. I won't go into a lot of detail.

是的，Tom，我認為航段長度相當穩定，所以就CASMex而言，目前既沒有幫助也沒有造成傷害。我甚至覺得像是航機密度（aircraft density）目前對CASMex也沒有太大影響。也許等這些10（機型）真正開始交付後，未來幾年我們會因為機型尺寸（gauge）而得到一點順風。是的。我就不展開太多細節了。

You just named the two kind of areas where we've got to go work really hard to make sure that -- we're managing those two cost categories closely and also finding other areas of the company we can lean out and further optimize in order to support costs that we know we have to bring into the P&L over the next couple of years related to maintaining the LEAP engine fleet, and that should start in earnest sometime next year.

你剛好點出了兩個我們必須非常努力的領域，確保——我們緊密管理這兩類成本，同時也在公司其他地方找出可以精簡、進一步最佳化的空間，以支撐我們知道未來幾年必須納入損益表的成本，這些成本與維持LEAP引擎機隊相關，而這應該會在明年某個時點開始明顯發生。

And then the airport story is a story I think that's very consistent with the entire industry, and we've been talking for a couple of years. Most of the big, big programs are now finished. They're beautiful spaces, by the way, I think we have some of the best airport spaces in the country for our guests across all of our core hubs. And it's nice to see all of those walls opened up.

至於機場的故事，我認為這與整個產業非常一致，我們也談了好幾年。大多數大型、非常大型的專案現在都已經完成。順帶一提，那些空間很漂亮；我認為在我們所有核心樞紐，我們為旅客提供的機場空間是全國數一數二的。看到那些圍牆都拆除、空間開放出來，感覺很好。

Now we get to start paying for it. And that's going to be with us through the end of the decade here, and we've got good line of sight to it. And so I'd just go back and remind that we do have a job to go make sure we lean out other parts of the company to be able to bring these on in a way that keeps that CASM trajectory where we talked about it a couple of questions ago.

現在我們要開始為此付費了。而這會一路伴隨我們到這個十年末，我們對此也有很清楚的可視性。所以我只想回到一點並提醒：我們確實有工作要做，必須把公司其他部分再精簡一些，才能以一種方式把這些成本納入，同時讓CASM的走勢維持在我們幾個問題前所談到的軌跡上。

And Tom, on the maintenance side, it's definitely going to help between 700 and some -- what's about 30 airplanes. These are 30 airplanes, at least 25 years old, that will have a huge benefit in the next couple of years.

Tom，至於維修端，淘汰700以及另外一些——大概30架飛機，肯定會有幫助。這30架飛機中，至少有些已經超過25年機齡，未來幾年會帶來很大的效益。

Offsetting the increase in the leaps, it's a good point. Yes.

用來抵消LEAP相關成本的增加，這點說得很好。是的。

Okay. That's really helpful. And then just as a follow-up, I was wondering if you'd mind just providing like a teaser trailer for Investor Day. Why now? Why is it the right time? And what should investors be thinking about? I mean, is it -- should we look for more like a mark-to-market report card on Alaska accelerate? Should we be thinking about new initiatives?

好的。這真的很有幫助。接著再追問一下，我想知道你們是否介意先給投資人日一個「預告片」式的提示。為什麼是現在？為什麼現在是合適的時機？投資人應該思考什麼？我的意思是——我們是否應該期待更像是一份對Alaska Accelerate的按市價檢視成績單？還是應該期待新的倡議？

And I think Ben used the phrasing it structurally capable of producing $10 in EPS and I don't know if that's -- I'm reading too much into it or if that's any change in the verbiage. But thanks again for the time, look forward to Investor Day in September.

我想 Ben 用的措辭是「在結構上具備產生每股盈餘（EPS）10 美元的能力」，我不確定這是不是——我是否過度解讀了，或這在用語上是否有任何變化。不過再次感謝你們撥冗，期待九月的投資人日。

No, Tom. No, thank you. We thought it was just time to bring everyone in to give you an update exactly on where we are with Alaska accelerated. There's been a lot that's happened in the last 12 to 18 months. And I think it's time for us to show structurally where the company is, where we're going. There are going to be new initiatives.

不，Tom。不，謝謝你。我們認為是時候把大家聚在一起，向各位更新我們在「Alaska accelerated」計畫上的進展與目前所處的位置。過去 12 到 18 個月發生了很多事。我想現在是時候讓大家看到公司在結構上目前的狀態，以及我們要往哪裡去。也會有新的倡議。

And everything that we've done to really position the company for stronger earnings in 2027 and beyond. So we're excited to show it. And I think you'll see from the momentum we've seen in the second half of the year, I mean just to remind everyone, we've lost almost $500 million in the first half of the year, which we don't like.

以及我們所做的一切，都是為了讓公司在 2027 年及之後具備更強的獲利能力。所以我們很期待把這些展示出來。而且我想你們會從我們在下半年看到的動能中感受到——提醒大家一下，我們在上半年幾乎虧損了 5 億美元，這不是我們樂見的。

But the second half of the year is going to be a complete mirror image of what's happened in the first half for us. We're going to pretty much reversed that loss and that momentum is going to continue into 2027. And at Investor Day, we just want to bring all these things together to give you a view of what the future is going to look like because so many things have happened at Alaska in the last two years.

但對我們而言，下半年將會是上半年情況的完全鏡像。我們幾乎會把那個虧損扭轉回來，而這股動能會一路延續到 2027 年。在投資人日，我們只是想把所有這些事情整合起來，讓各位看到未來會是什麼樣子，因為 Alaska 在過去兩年發生了太多事情。

So it's going to be exciting. It will be at our new global training center, which we're going to love to show off. But I think it's going to be a great day for everybody.

所以會很令人振奮。活動會在我們新的全球訓練中心舉行，我們很期待向大家展示。但我想那會是對所有人都很棒的一天。

Michael Goldie, BMO Capital Markets.

BMO 資本市場的 Michael Goldie。

Can you walk us through how you think of the runway for Atmos and card penetration? Is there a natural share of passengers that you believe can become members versus today? and how you think about card penetration among your passengers and active members over the longer term?

你能帶我們了解一下，你們如何看待 Atmos 的成長跑道以及卡片滲透率嗎？你們是否認為有一個自然的乘客占比，能夠成為會員（相較於目前）？以及從長期來看，你們如何看待在乘客與活躍會員之間的信用卡滲透率？

Yeah. Thanks, Michael. We see continued increased penetration in both loyalty members significantly, and I'll talk about that in a moment. And then obviously, the credit card, you heard Ben talk about the premium credit card we have, and we'll talk about things at Investor Day and next year. There's some exciting loyalty things we want to share.

是的。謝謝你，Michael。我們看到忠誠會員的滲透率持續提升且幅度顯著，我稍後會談到。另外很明顯地，信用卡方面，你也聽到 Ben 提到我們的高端信用卡；我們會在投資人日以及明年談到更多。有一些令人興奮的忠誠計畫內容想跟大家分享。

But with the stallink and the power of that and the sign-up process, bringing on new members through that just like other carriers have done, we found that as an amazing fuel to help grow our loyalty program. But in general, I think, as we talked about scale, relevance and loyalty in our hubs and in our international and especially Hawaii, and we're already seeing it.

不過，透過 starlink 以及其帶來的效益與註冊流程，像其他航空公司一樣，藉此吸引新會員加入；我們發現這是推動忠誠計畫成長的驚人燃料。但整體而言，我認為，正如我們談到的規模、相關性與忠誠度——在我們的樞紐、國際航線，尤其是夏威夷——我們已經看到了成效。

We continue to expect and believe that there will be increased penetration of loyalty members on our aircraft, and that's because of two things. Number one, the richness and the change in the program, which have been awesome. And then secondly, just the growing scale and relevance of our network to our customer base, both domestically and globally.

我們持續預期並相信，搭乘我們航班的忠誠會員滲透率會提高，原因有兩點。第一，是計畫內容的豐富度以及方案的改變，效果非常好。第二，是我們航網對客群的規模與相關性持續提升，無論在國內或全球市場。

And then can you -- you touched on it a bit at the top of the call, but can you give us an update on how the international routes are performing. But more broadly how you think of the margin contribution of these new routes as they ultimately start to mature and move past up the start-up phase?

另外，你在電話會議一開始有稍微提到，但你能否更新一下國際航線的表現？更廣泛地說，當這些新航線最終逐步成熟、走過啟動期之後，你們如何看待它們對利潤率的貢獻？

Yeah. I mean I'm not just saying this, but we have been very excited about the initial reception of our European launch. If there was any doubt that Alaska Airlines was going to be a relevant and powerful player in this market. There is no question from what we have seen from day one. And I think even Rome and you put that down to normal fuel and all the rest of it would actually have been profitable.

是的。我不是隨口說說，但我們對歐洲航線首航的初期反應感到非常振奮。如果有人懷疑 Alaska Airlines 是否會成為這個市場中具相關性且有影響力的參與者，從我們第一天看到的情況來看，毫無疑問。而且我認為即便是羅馬航線——如果把正常的燃油等因素都納入——其實本來就會是獲利的。

The other thing I would share is that we're sort of just in the first round, some of these new markets, especially London and Rome, others have been selling them 330, 340 days of the year, and we came in late in the piece there. And we're also seeing -- just to be honest, on the Incheon and the ride markets.

另外我想分享的是，我們其實才剛進入第一輪；有些新市場，尤其是倫敦和羅馬，其他業者一年有 330、340 天都在銷售，而我們是在比較晚的時間點才加入。而且我們也看到——坦白說，在仁川以及相關市場上也是如此。

What I'm seeing is year-over-year, significantly higher booked load factors year-over-year. So the international machine is just getting going, point of sale in the U.K. was turned on recently. So we're very excited about where we can take this and as we continue to grow it, quite frankly.

我看到的是，與去年同期相比，已訂位的載客率顯著更高。所以國際業務這台機器才正要開始加速；英國的銷售點最近才剛啟用。因此我們對未來能把它帶到什麼程度、以及我們持續擴張的可能性，感到非常興奮，坦白說。

Scott Group, Wolfe Research.

Wolfe Research 的 Scott Group。

Hey. Good morning. So just curious where you think you're at in terms of revenue synergies this year and how you think that -- does that accelerate similar number next year. Ultimately, what I'm trying to figure out like we still have a few reports to go, we're towards -- it feels like we'll be towards the lower end of RASM growth with credit card and broader synergies.

嗨。早安。我想了解一下，你們認為今年在營收協同效益方面進展到哪裡了？以及你們怎麼看——明年是否會以類似的幅度加速？我最終想釐清的是：我們還有幾次財報要看，但感覺在信用卡與更廣泛的協同效益帶動下，我們的 RASM 成長可能會落在區間的較低端。

I think the hope was to be towards the better end. I just want to understand like Hawaii has gotten a lot of airtime, like is the entirety of like the delta you think Hawaii? Or is there anything sort of else going on?

原本的期待是能落在較高端。我只是想理解：夏威夷被談了很多——你認為差距全部都來自夏威夷嗎？還是還有其他因素在發生？

Yeah, Scott, thanks. This is Shane. Well, one thing -- first of all, we score carded all the synergies, they'd be all green across the board just because the fare environment has gone up so much. And when you get the type of step change in the pricing backdrop that we've experienced and everybody else has experienced you got to be careful to declare victory too early.

是的，Scott，謝謝。我是 Shane。首先，有一點——如果我們用計分卡來看所有協同效益，可能會全部都是綠燈，因為票價環境上升了很多。當你遇到像我們、以及其他所有人都經歷到的那種定價背景的躍升式變化時，你必須小心，不要太早宣告勝利。

So all of the categories that we had wanted to unlock in terms of synergies, that's what we've tried to speak to in the prepared remarks. That's what we've been trying to speak to in the Q&A. Those are all working really, really well and continue to be the areas of focus. And so network connectivity, some of the scheduling things we did around banking.

所以，就我們原本希望解鎖的各類協同效益而言，這也是我們在事先準備的講稿中試著說明的內容。也是我們在問答環節一直試著傳達的重點。這些都運作得非常、非常好，並且仍然是我們的聚焦領域。因此，航網連結性、以及我們在「banking」時段安排上做的一些排班調整。

We're seeing great catchment area pull over Seattle into Asia. We talked about that at our Investor Day a couple of years ago. I can't remember the exact stat, 20% or 25% of our passengers are actually coming from the Midwest and locations that are not core in our network on the West Coast because Seattle is such a great place to transit -- to go to places like Asia.

我們看到從西雅圖前往亞洲的集客範圍拉動效果非常好。我們在幾年前的投資人日談過這件事。我記不得確切數字了，大概有 20% 或 25% 的乘客其實是來自中西部以及一些並非我們西岸核心航網的地點，因為西雅圖是一個非常適合轉機——前往亞洲等目的地——的地方。

Andrew just spoke to the success of international on a fuel normalized basis, we had strong margins in a couple of the new Europe markets. We had reported in the first quarter profitability in one of the Asian markets, the premium expansion that we've talked at length about the launch of a brand-new loyalty program, which is now just crossing over its first year with, I think, 3 times as many premium credit cards in circulation as we expected.

Andrew 剛才談到國際業務在燃油常態化基礎上的成功，我們在幾個新的歐洲市場有強勁的利潤率。我們在第一季已回報其中一個亞洲市場的獲利能力，以及我們先前長時間談到的高端（premium）擴張——推出全新的忠誠度計畫；該計畫現在剛跨過第一年，我想流通中的高端信用卡數量是我們原先預期的 3 倍。

So like all of the areas on loyalty and premium and the network sort of value of this, we feel incredibly good about more confident in the future than we even did when we did the transaction. Yes. So I think you're right, like our goal is to ultimately close our GAAP -- our RASM GAAP to the legacies, which means we need to beat them over time on a unit revenue basis.

所以就忠誠度、高端產品，以及這個網路所帶來的價值而言，我們感覺非常好，對未來的信心甚至比我們進行那筆交易時還更強。是的。所以我想你說得對，我們的目標最終是把我們的 GAAP——我們的 RASM（GAAP 口徑）拉近到傳統大型航空公司（legacies）的水準，這意味著我們需要在單位營收的基礎上，隨時間推進去超越他們。

And we're focused on doing that I think the areas we believe that they are performing us are premium and international, which is they've got 10, 15, 20 years of head start on us, and we're going to catch up and it's not going to take us 10 years to do that.

而我們正專注於做到這一點。我認為我們相信他們目前領先我們的領域是高端與國際業務，因為他們比我們早起步 10、15、20 年；我們會追上，而且不會花 10 年才做到。

And we're already seeing that happen today. And so we're excited about the rest of this year and certainly next year and the year after as we get to mature all of these investments and really start to harvest the value from them.

而我們今天已經看到這正在發生。因此，我們對今年剩餘時間、當然也對明年以及後年感到興奮，因為我們將使這些投資逐步成熟，並真正開始收割其價值。

Okay. Helpful. And then just one more, just like really like quick short-term thing. Just you guys have more fuel volatility, I think, than just some of (inaudible) like what do you like paying today on fuel? Just give a few of the spike. I just want to get some sort of sense.

好的。很有幫助。然後再一個，就像非常短期、很快的問題。你們的燃油波動性我想比某些（聽不清）更大——你們現在燃油大概付多少？就給幾個（飆升時的）數字。我只是想有個概念。

Thanks, Scott. More than yesterday, a little bit. I'm not exactly sure what it is today. I can tell you our last spot prices, like I think we said it in the prepared remarks, $3.85. I think that was end of last week pricing. We were at for reference $3.08 when we walked into this month, so less than 20 days ago. That's how quickly it's moved.

謝謝，Scott。比昨天多一點點。我不太確定今天是多少。我可以告訴你我們最近的現貨價格——我想我們在事先準備的講稿裡提過——是 3.85 美元。我想那是上週末的價格。作為參考，我們在本月初進入這個月時是 3.08 美元，也就是不到 20 天前。變動就是這麼快。

And I think that's how quickly it could move back down. So anyhow, that's what we paid last week. And hopefully, it turns the corner here soon and goes back the way it was going before and that would make all of us extraordinarily happy.

而我想它回落也可能同樣快。總之，那是我們上週支付的價格。希望它很快就能在這裡轉折，回到之前的走勢，那會讓我們所有人都非常非常開心。

Andrew Didora, Bank of America.

Andrew Didora，美國銀行。

Andrew, I think you said that your June RASM was up 11%. So when we think about the third quarter RASM guide of up low double digits when you factor in sort of the booking curve dynamics and kind of your September yield commentary, why wouldn't 3Q RASM be above June? Any headwinds we should think about there?

Andrew，我想你說你們 6 月的 RASM 上升了 11%。所以當我們思考第三季 RASM 指引為低雙位數成長時，若把訂位曲線的動態以及你對 9 月收益率（yield）的評論納入考量，為什麼第三季 RASM 不會高於 6 月？有什麼我們應該考慮的逆風嗎？

Yeah. What I can tell you sitting here today, Andrew, is that the sequential year-over-year improvement in July and August and September continues on from what we saw in June and a little higher and continuing to grow. So we are in a good upward trajectory as we continue into the third quarter.

是的。Andrew，我今天坐在這裡能告訴你的是，7 月、8 月、9 月的年對年改善幅度，延續了我們在 6 月看到的趨勢，而且略高，並且持續成長。因此，隨著我們進入第三季，我們正處於良好的上升軌道。

Which is to say Q3 should be above June.

也就是說，第三季應該會高於 6 月。

Yeah.

是的。

That's our expectation.

這是我們的預期。

Okay. And then just curious, I know there were some questions with regards to the international route launches I think we see international growth at like 30% to 40% in the next several months. Just curious what that RASM kind of headwind would be because I know I guess, RASM headwind and CASM tailwind would be just because I know they come with lower or both.

好的。另外我也好奇，我知道之前有一些問題是關於國際航線的開航；我想我們看到未來幾個月國際成長大概在 30% 到 40%。想請教這對 RASM 會造成多大的逆風？因為我想，RASM 的逆風與 CASM 的順風可能只是因為我知道它們會帶來較低的——或兩者都較低。

Yeah. I think just on a pure resin basis, maybe it's a couple of points. So -- but to your point, it affects both sides of the equation. But as Shane has already shared, for the rest of the year, 100% of our growth is long-haul ASMs, which are going to sit around about 8% of our total capacity equation.

是的。我想如果純粹以收入（revenue）基礎來看，可能是幾個百分點。所以——但如你所說，它會影響等式的兩邊。不過正如 Shane 已經分享的，今年剩餘時間我們 100% 的成長都是長程 ASMs（可用座位英里），大約會占我們總運能結構的 8% 左右。

I think there's probably a mismatch in timing though. I think on a normalized basis, yes, you run 5,000 mile stage lengths, you should get a help to CASM in sort of a small headwind to RASM. But we're in the build-up stage of this on both sides. So RASM should get better over time and CASM should improve over time. So my guess is we're upside down on that.

不過我想時點上可能會有些不匹配。我想在常態化基礎下，是的，若你飛行 5,000 英里的航段長度，CASM 應該會得到一些幫助，而 RASM 會有些小幅逆風。但我們在兩邊都還處於建置期。所以 RASM 應該會隨時間變好，而 CASM 也應該會隨時間改善。所以我猜我們在那個

long-term equation, Andrew, as we sit here today, and it should improve as we move forward from here and certainly as we build more scale out into the international markets. So I think these just get better from here is my point on both sides.

長期等式上，Andrew，就我們今天坐在這裡的情況而言，是倒掛的；而隨著我們從現在往前推進，尤其是當我們在國際市場建立更大的規模時，情況應該會改善。所以我的意思是，從現在開始，兩邊都只會變得更好。

Thank you, Andrew, and thank you, everybody. We hope to see you in September at Investor Day. Thank you for joining us.

謝謝你，Andrew，也謝謝各位。我們希望 9 月在投資人日見到大家。感謝各位加入。

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

今天的電話會議到此結束。感謝各位出席。再見。