阿拉斯加航空 (ALK) 2022 Q1 法說會逐字稿

Good morning. My name is Charlie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Alaska Air Group's 2022 First Quarter Earnings Release Conference Call. Today's call is being recorded and will be accessible for future playback at alaskaair.com. (Operator Instructions)

早上好。我的名字是查理，今天我將成為您的會議接線員。在此，歡迎大家參加阿拉斯加航空集團 2022 年第一季度財報電話會議。今天的通話正在錄音中，將來可以在 alaskaair.com 上播放。 （操作員說明）

I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Emily Halverson.

我現在想將電話轉給阿拉斯加航空集團的財務副總裁 Emily Halverson。

Thank you, operator, and good morning. Thank you for joining us for our First Quarter 2022 Earnings Call. This morning, we issued our earnings release, which is available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

謝謝接線員，早上好。感謝您加入我們的 2022 年第一季度財報電話會議。今天早上，我們發布了收益報告，可在investor.alaskaair.com 上獲取。在今天的通話中，您將聽到 Ben、Andrew 和 Shane 的最新消息。在電話的問答部分，我們管理團隊的其他幾位成員也在線回答您的問題。

This morning, Air Group reported a first quarter GAAP net loss of $143 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported an adjusted net loss of $167 million. As a reminder, our comments today will include forward-looking statements about future performance, which may differ materially from our actual results. Information on risk factors that could affect our business can be found in our SEC filings. We will also refer to certain non-GAAP measures, such as adjusted earnings and unit costs, excluding fuel. And as usual, we've provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today's earnings release.

今天上午，Air Group 報告第一季度 GAAP 淨虧損 1.43 億美元。不計特殊項目和按市值計價的燃料對沖調整，Air Group 報告調整後的淨虧損為 1.67 億美元。提醒一下，我們今天的評論將包括關於未來業績的前瞻性陳述，這可能與我們的實際結果存在重大差異。有關可能影響我們業務的風險因素的信息可以在我們提交給美國證券交易委員會的文件中找到。我們還將參考某些非公認會計準則指標，例如調整後的收益和單位成本，不包括燃料。和往常一樣，我們在今天的收益發布中提供了最直接可比的 GAAP 和非 GAAP 指標之間的對賬。

Over to you, Ben.

交給你了，本。

Thanks, Emily, and good morning, everyone. Despite a slow start to the year in January and February, March results were very strong. In March, we recorded Air Group's highest ever cash sales, 13% above our prior best month. And for the first time since the pandemic began, March revenues exceeded their 2019 comp. This was driven by strength in both leisure and business demand with leisure currently more than 100% recovered, and business demand now at 70% of 2019.

謝謝，艾米麗，大家早上好。儘管 1 月和 2 月開局緩慢，但 3 月的業績非常強勁。 3 月份，我們錄得 Air Group 有史以來最高的現金銷售額，比我們之前最好的月份高出 13%。自大流行開始以來，3 月份的收入首次超過了 2019 年的收入。這是由休閒和商務需求的強勁推動的，休閒需求目前已恢復 100% 以上，商務需求目前已達到 2019 年的 70%。

As demand strength has carried into the second quarter and throughout the summer, we issued guidance today indicating that we expect to deliver double-digit percentage increases in both unit revenues and yields versus 2019. And the second quarter guidance reflects line of sight to double-digit pretax margin for the quarter. Given we expect to deliver profits in Q2 and for the remainder of the year, we are reiterating our full year pretax margin guidance of 6% to 9% for 2022, even with the higher fuel prices we are experiencing today.

由於需求強勁已持續到第二季度和整個夏季，我們今天發布了指導，表明我們預計與 2019 年相比，單位收入和收益率都將實現兩位數的百分比增長。第二季度的指導反映了雙倍的視線本季度的數字稅前利潤率。鑑於我們預計將在第二季度和今年剩餘時間實現利潤，我們重申我們對 2022 年全年稅前利潤率的指導為 6% 至 9%，即使我們今天正在經歷更高的燃料價格。

To provide more context about our expectations, I want to speak to you today about 3 topics: what Air Group is doing well, where we are experiencing challenges, and why our team is optimistic about our future. I'll start with what we're doing well. While scaling capacity back rapidly has proved challenging, I'm proud of all the work being done at the company today. Our people have persevered through a lot these past 2 years. Every day, I ask our people to focus on what we can control, and where we need to do better. But I also want to say thank you to every one of our employees, from leaders to our front line. It is because of their hard work that Alaska was recognized as the 2022 Airline of the Year by Air Transport World. It's an incredible affirmation of the hard work and results this team has produced in a very challenging environment.

為了提供有關我們期望的更多背景信息，我今天想與您討論 3 個主題：Air Group 在哪些方面做得很好，我們在哪些方面遇到了挑戰，以及為什麼我們的團隊對我們的未來持樂觀態度。我將從我們做得好的地方開始。雖然迅速縮減容量已被證明具有挑戰性，但我為公司今天所做的所有工作感到自豪。在過去的兩年中，我們的員工堅持了很多。每天，我都要求我們的員工專注於我們可以控制的事情，以及我們需要在哪些方面做得更好。但我還要感謝我們的每一位員工，從領導到一線。正是因為他們的辛勤工作，阿拉斯加才被 Air Transport World 評為 2022 年度航空公司。這是對這個團隊在極具挑戰性的環境中所取得的辛勤工作和成果的令人難以置信的肯定。

We are also progressing on many aspects of our long-term strategy extremely well, including our oneworld and West Coast International Alliance partnerships that continue to strengthen and provide more value to our guests and to our results; our new long-term materially enhanced co-brand agreement with our partner, Bank of America; being recognized as one of the 100 Most Influential Companies by Time Magazine for our climate efforts underscored by our commitment to net-zero by 2040; returning our balance sheet to within our target leverage range and continuing to post financial results that we believe will lead the industry this year; and as we discussed extensively at Investor Day in late March, positioning Alaska to outperform the industry over the next several years given our cost profile and tangible commercial road map to grow revenue by $400 million.

我們在長期戰略的許多方面也取得了非常好的進展，包括我們的 oneworld 和西海岸國際聯盟的合作夥伴關係，它們將繼續加強並為我們的客人和我們的業績提供更多價值；我們與合作夥伴美國銀行簽訂的新的長期實質性增強的聯合品牌協議；被《時代》雜誌評為最具影響力的 100 家公司之一，以表彰我們在氣候方面所做的努力，我們承諾到 2040 年實現淨零排放；將我們的資產負債表恢復到我們的目標槓桿範圍內，並繼續發布我們認為今年將引領行業的財務業績；正如我們在 3 月下旬的投資者日上廣泛討論的那樣，鑑於我們的成本概況和切實的商業路線圖，將阿拉斯加定位為在未來幾年內超越行業，以增加 4 億美元的收入。

Moving on to where we are experiencing challenges. We have faced more operational disruptions than is acceptable as we scale our business back with the primary issue being staffing levels. We have been successful attracting new people to Alaska. We have hired 2,600 employees to date in 2022 with many of our work groups progressing as we expected against staffing plans. However, throughput in our pilot training department fell short of our plan at the end of the quarter, and our teams are now working to accelerate throughput and to get us back on track for the year.

繼續前進到我們正在經歷挑戰的地方。我們面臨的運營中斷比可接受的要多，因為我們縮減業務規模，主要問題是人員配備水平。我們已經成功地將新人吸引到阿拉斯加。到 2022 年為止，我們已經僱傭了 2,600 名員工，我們的許多工作組都按照我們對人員配備計劃的預期取得了進展。然而，我們的飛行員培訓部門的吞吐量在本季度末未能達到我們的計劃，我們的團隊現在正在努力加快吞吐量，讓我們在今年重回正軌。

For this reason, coupled with our commitment to accelerate the exit of the Airbus 320 fleet, plus persistent high oil prices, we have reduced our planned capacity growth by a modest amount in the short term, and now expect full year capacity to be flat to down 3% versus 2019. Alaska at its core is a company that is rooted in operational excellence and the productive and efficient use of our resources. Returning to our historic levels of excellence in these areas is the primary focus of our teams going forward.

出於這個原因，再加上我們承諾加速空客 320 機隊的退出，再加上持續的高油價，我們在短期內將計劃的運力增長適度降低，現在預計全年運力將持平至與 2019 年相比下降了 3%。阿拉斯加的核心是一家植根於卓越運營和高效利用資源的公司。恢復我們在這些領域的歷史卓越水平是我們團隊前進的主要焦點。

Despite these challenges, I have full confidence that we have a phenomenal future ahead of us because of our people, our culture and our business model. The key elements are now in place to build a solid foundation to profitable growth. We have deepened our expansive network and global connections from the West Coast. We've reshaped our network over the past few years, seizing profitable flying opportunities as the pandemic shifted the competitive landscape. We are deepening the spokes of our network with efficient, low-risk growth primarily in existing markets. And we continue to build our global presence via oneworld, benefiting from international recovery as our global partners launch new nonstop flights and restart service.

儘管存在這些挑戰，但我完全相信，由於我們的員工、文化和商業模式，我們將擁有非凡的未來。關鍵要素現已到位，可為盈利增長奠定堅實的基礎。我們從西海岸深化了我們廣闊的網絡和全球聯繫。在過去幾年中，我們重塑了我們的網絡，隨著大流行改變了競爭格局，抓住了有利可圖的飛行機會。我們正在通過主要在現有市場的高效、低風險增長來深化我們的網絡輻條。隨著我們的全球合作夥伴推出新的直飛航班和重啟服務，我們將繼續通過 oneworld 建立我們的全球影響力，並受益於國際復甦。

We have accelerated our move to single fleet to drive cost savings and operational efficiency. This week, we welcomed our 20th MAX aircraft into the fleet. Last month, we announced plans to retire our Q400 aircraft and move our regional operation to a single fleet of modern E175 regional jets. The economics are clear and compelling and executing the strategy as quickly as possible is a top priority.

我們加快了向單一車隊的轉變，以節省成本和提高運營效率。本週，我們迎來了第 20 架 MAX 飛機加入機隊。上個月，我們宣布了退役 Q400 飛機並將我們的支線業務轉移到單一現代 E175 支線噴氣機機隊的計劃。經濟學清晰且引人注目，盡快執行該戰略是重中之重。

We're leveraging our compelling product, brand and powerful loyalty program to strengthen our performance. Our renewed credit card agreement with Bank of America expands the value of our program and speaks to the incredible partnership we have and the potential to grow the program further.

我們正在利用引人注目的產品、品牌和強大的忠誠度計劃來加強我們的業績。我們與美國銀行續籤的信用卡協議擴大了我們計劃的價值，並說明了我們擁有的令人難以置信的合作夥伴關係以及進一步發展該計劃的潛力。

Finally, we're delivering on our resilient business model supported by our competitive advantages, including a low-cost, high productivity mindset, operational excellence and a remarkable service and culture of care. We have a track record of delivering industry-leading pretax margins. On top of this, we have restored our balance sheet to pre-pandemic strength, and continue to focus on our commitment to sustainability.

最後，我們正在提供由我們的競爭優勢支持的彈性商業模式，包括低成本、高生產力的思維方式、卓越的運營以及卓越的服務和關懷文化。我們在提供行業領先的稅前利潤率方面有著良好的記錄。最重要的是，我們已將資產負債表恢復到大流行前的實力，並繼續專注於我們對可持續發展的承諾。

Together, our business model and the initiatives we have undertaken will enhance our ability to produce superior results even in volatile times. As we navigate the remainder of the year, I've asked my team to prioritize 3 critical work streams. First, to pursue our transition to a single mainline fleet by no later than early 2023. We know and understand the benefits this brings for our company and the faster we get there, the better. Second, to deliver on the $400 million in commercial initiatives we outlined at Investor Day. And third, to return Air Group to operational excellence for our people and guests.

我們的商業模式和我們所採取的舉措將共同提高我們即使在動盪時期也能取得卓越成果的能力。在今年餘下的時間裡，我要求我的團隊優先考慮 3 個關鍵工作流。首先，在不遲於 2023 年初實現向單一干線機隊的過渡。我們知道並理解這為我們公司帶來的好處，而且我們越快到達那裡越好。其次，兌現我們在投資者日概述的 4 億美元商業計劃。第三，讓 Air Group 為我們的員工和客人帶來卓越的運營。

Air Group has done well over 90 years because we are committed to learning from and adapting to our ever-changing environment. It is no small feat that we grew our airline 32% over the same period in 2021, and we have the ability to deliver future growth plans with our commitment to excellence. We will adjust our plans where needed to ensure safety, quality and our long-term success, while also meeting our financial commitments in the near term, including our 6% to 9% pretax margin this year. I'm very excited for the bright future we have ahead of us.

航空集團 90 多年來一直表現出色，因為我們致力於從不斷變化的環境中學習和適應。我們的航空公司在 2021 年同期增長了 32%，這是一個不小的壯舉，我們有能力以追求卓越的承諾交付未來的增長計劃。我們將在需要時調整我們的計劃，以確保安全、質量和我們的長期成功，同時也履行我們在短期內的財務承諾，包括我們今年 6% 至 9% 的稅前利潤率。我對我們面前的光明未來感到非常興奮。

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

有了這個，我會把它交給安德魯。

Thanks, Ben, and good morning, everyone. Today, I'll provide a recap of our Q1 results and trends with a specific focus on March, which is indicative of what we see going forward. I'll also touch on our Q2 guidance along with longer-term commercial drivers.

謝謝，本，大家早上好。今天，我將回顧一下我們的第一季度業績和趨勢，特別關注 3 月份，這表明了我們對未來的展望。我還將談到我們的第二季度指導以及長期的商業驅動因素。

Total first quarter revenues came in at $1.7 billion. That's nearly $1 billion more than the first quarter of last year and down just 10% versus the same period in 2019 on 11% less capacity. This marks continued sequential improvement in our revenues, up 5 points from the fourth quarter of last year. That said, the most exciting aspect of Q1 was just how remarkable the return in demand has been from February. We went from bookings down 40% versus 2019 in early January to above 2019 levels by the end of February. We have now settled into booking levels in line with our capacity, but at very strong yields.

第一季度總收入為 17 億美元。這比去年第一季度增加了近 10 億美元，與 2019 年同期相比僅下降了 10%，產能減少了 11%。這標誌著我們的收入持續連續增長，比去年第四季度增長了 5 個百分點。也就是說，第一季度最令人興奮的方面是從 2 月份開始的需求回報是多麼顯著。我們的預訂量從 1 月初與 2019 年相比下降 40%，到 2 月底高於 2019 年的水平。我們現在已經達到了與我們的能力相符的預訂水平，但收益率非常高。

Our load factors followed this booking trend and continued to strengthen as case counts declined and people returned to travel. January's load factor was 69%, February improved to 75% and March came in at over 85%. That's 1 point stronger than 2019. This positive progression contributed to our March revenues exceeding 2019 levels by 1.5%, even though capacity was down 8% versus 2019.

我們的載客率遵循這一預訂趨勢，並隨著案件數量的下降和人們重返旅行而繼續加強。 1 月份的載客率為 69%，2 月份提高到 75%，3 月份達到 85% 以上。這比 2019 年高 1 個百分點。這一積極進展使我們 3 月份的收入比 2019 年的水平高出 1.5%，儘管產能與 2019 年相比下降了 8%。

Let me give you 3 main contributors to these results. First, the return in corporate demand. We've continued to see strength in leisure demand, but overall demand has also been buoyed by the return of business travel. Corporate travel has been improving at a rate of 2 to 3 points for some time now, and today, we are down just 30% in corporate bookings when compared to 2019.

讓我為您提供這些結果的 3 個主要貢獻者。一是企業需求回報。我們繼續看到休閒需求強勁，但整體需求也受到商務旅行回歸的提振。一段時間以來，商務旅行一直以 2 到 3 個百分點的速度改善，而今天，與 2019 年相比，我們的商務預訂量僅下降了 30%。

Strong yields. In the first quarter, yield was up 3.5% versus 2019, but March was up 9%. We expect to continue to see yields improve through Q2 as spring break travel hits in full, strong summer bookings maintain their trajectory, and corporate travel continues to recover. And our premium product outperformance. Q1 was another strong premium product quarter, but March was exceptional. First-class revenues were up 19%, with paid load up 15 points versus 2019. And for the first time ever, our regional fleet flew its paid first-class load factor on par with mainline with a 22-point improvement from 2019. Additionally, premium class revenues across our network were up 8.6% with paid load up 9.7 points.

強勁的產量。第一季度，收益率與 2019 年相比增長了 3.5%，但 3 月份增長了 9%。我們預計，隨著春假旅行全面展開，強勁的夏季預訂保持其軌跡，以及商務旅行繼續復甦，我們預計第二季度收益率將繼續提高。我們的優質產品表現出色。第一季度是另一個強勁的優質產品季度，但 3 月表現異常出色。頭等艙收入增長了 19%，與 2019 年相比，有償載客量增加了 15 個百分點。我們的支線機隊的有償頭等艙載客率首次與主線相當，比 2019 年提高了 22 個百分點。此外，我們整個網絡的高級艙收入增長了 8.6%，付費負載增長了 9.7 個百分點。

Moving to Q2 guidance. With the continuation of strong bookings, I'm confident in our Q2 capacity setup and planned return to growth in the back half of the year. In Q2, we expect total revenues to be up 5% to 8% on capacity that will be down 6% to 9% versus 2019, resulting, as Ben said, in double-digit yields, double-digit unit revenues and double-digit pretax margins for the quarter.

轉到第二季度指導。隨著預訂量的持續強勁，我對我們第二季度的產能設置和計劃在今年下半年恢復增長充滿信心。在第二季度，我們預計總收入將增長 5% 至 8%，與 2019 年相比將下降 6% 至 9%，正如 Ben 所說，導致兩位數的收益率、兩位數的單位收入和兩位數本季度的稅前利潤率。

While I've shared our near-term outlook and what sets us up to produce solid financial results this year, more importantly, Air Group is configured to grow profitably over the longer term, driven by revenue initiatives. As outlined at Investor Day, we have identified $400 million in incremental revenue that will build through 2025, driven by 3 categories: product and loyalty, fleet and network.

雖然我已經分享了我們的近期前景以及我們在今年取得穩健財務業績的原因，但更重要的是，航空集團在收入計劃的推動下長期實現盈利增長。正如投資者日所述，我們已經確定到 2025 年將增加 4 億美元的收入，這將由 3 個類別推動：產品和忠誠度、車隊和網絡。

First, product and loyalty. This represents $195 million, driven primarily by our renewed credit card deal with Bank of America. Our loyalty program continues to be a very strong performer with cash remuneration from the bank up 34% versus first quarter of 2019. This new agreement offers a powerful source of continued cash flow growth, and I expect it will remain a resilient revenue source as we continue to grow the airline.

首先，產品和忠誠度。這代表 1.95 億美元，主要由我們與美國銀行續籤的信用卡交易推動。我們的忠誠度計劃繼續表現出色，來自銀行的現金薪酬與 2019 年第一季度相比增長了 34%。這項新協議提供了持續現金流增長的強大來源，我預計它將仍然是一個有彈性的收入來源，因為我們繼續發展航空公司。

Second, fleet accounts for about $70 million of the $400 million, representing the revenue opportunity from up-gauging and incremental premium mix. Demand for premium products has outperformed throughout the recovery, and with our longer average stage length than all of our major competitors, our increasing premium mix will be well suited for our network as well as our financial performance.

其次，在 4 億美元中，車隊約佔 7000 萬美元，代表了來自上調和增量保費組合的收入機會。在整個複蘇過程中，對優質產品的需求一直表現出色，而且由於我們的平均階段長度比所有主要競爭對手都長，我們不斷增加的優質產品組合將非常適合我們的網絡和財務業績。

And then finally, network and alliances. They'll drive about $135 million in incremental revenue. Our growth will be highly efficient over the next few years, 90%, which will be driven by frequency, gauge and stage length in existing markets. With the Pacific Northwest restored to 2019 levels of flying and California to be restored by year's end, we have the full breadth of our network back in play. Now we can prioritize building depth across our network with 70% of growth in the Pacific Northwest and 30% in California. We are focused on lower risk growth, competing where we can win and adding value to our network. Building on our own network, our alliance partnerships exponentially expand our reach and enable seamless global travel for our guests, which in turn only further strengthens the value proposition of our loyalty program.

最後是網絡和聯盟。他們將帶來約 1.35 億美元的增量收入。我們的增長將在未來幾年內實現 90% 的高效增長，這將受到現有市場的頻率、規格和階段長度的推動。隨著太平洋西北地區的飛行水平恢復到 2019 年，加利福尼亞州也將在年底前恢復，我們的整個網絡都將重新發揮作用。現在，我們可以優先考慮在我們的網絡中建立深度，其中 70% 的增長在太平洋西北部，30% 在加利福尼亞。我們專注於低風險增長，在我們可以取勝的地方進行競爭，並為我們的網絡增加價值。基於我們自己的網絡，我們的聯盟夥伴關係成倍地擴大我們的覆蓋範圍，並為我們的客人提供無縫的全球旅行，這反過來只會進一步加強我們忠誠度計劃的價值主張。

As business and international travel return, we are set to leverage our West Coast hubs as gateways to the rest of the world. This global access for our guests only continues to grow as partners add new and returning service off the West Coast, such as Seattle-Helsinki, Portland-London and San Francisco-Madrid. As Seattle continues to grow as a destination and gateway, we're excited to begin the first phase of our terminal transformation this spring. The renovations will modernize the guest experience and double capacity throughput, making it a more smooth and seamless experience.

隨著商務和國際旅行的回歸，我們將利用我們的西海岸樞紐作為通往世界其他地區的門戶。隨著合作夥伴在西雅圖-赫爾辛基、波特蘭-倫敦和舊金山-馬德里等西海岸增加新的和返回服務，我們的客人的全球訪問只會繼續增長。隨著西雅圖作為目的地和門戶的不斷發展，我們很高興在今年春天開始我們的航站樓改造的第一階段。翻新工程將使賓客體驗現代化，吞吐量翻倍，使其體驗更加順暢和無縫。

What I hope you take away and what I am most excited about for the future is that the foundation for profitable growth is in place for Alaska, and we are well positioned to capitalize on the return of travel demand.

我希望你帶走的是，我對未來最興奮的是，阿拉斯加的盈利增長基礎已經到位，我們已經做好充分準備利用旅行需求的回歸。

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

有了這個，我會把它交給Shane。

Thanks, Andrew, and good morning, everyone.

謝謝，安德魯，大家早上好。

While losses are not ever the goal, the $167 million adjusted net loss for the quarter was a reasonable result given the Omicron backdrop we operated in. We are, of course, encouraged by our financial performance in the month of March where we turned a profit, and by the strength of demand we are seeing this spring and summer. As you heard from both Ben and Andrew, we expect Q2 to perform at double-digit pretax margins and have reiterated our full year margin range of 6% to 9% even with higher oil prices. So while we will be focused on restoring operational excellence and ensuring our teams have the resources they need to do so, I remain excited about our position in the industry and about the initiatives we are executing on to set ourselves up for strong performance over the long term.

雖然虧損從來都不是目標，但考慮到我們運營的 Omicron 背景，本季度 1.67 億美元的調整後淨虧損是一個合理的結果。當然，我們對我們在 3 月份扭虧為盈的財務表現感到鼓舞，並且根據我們在今年春季和夏季看到的需求強度。正如您從 Ben 和 Andrew 那裡聽到的那樣，我們預計第二季度的稅前利潤率將達到兩位數，並重申我們的全年利潤率範圍為 6% 至 9%，即使油價上漲。因此，雖然我們將專注於恢復卓越運營並確保我們的團隊擁有所需的資源，但我仍然對我們在行業中的地位以及我們為長期保持強勁表現而採取的舉措感到興奮學期。

Let me start with the near-term focus we are placing on ensuring we have the required staffing to run a more reliable operation. Our teams have done a solid job delivering absolute costs in line with our plans and targets, and our people have been resilient and consistently delivered care to our guests. However, we have been challenged in stepping up capacity as quickly as we would like to. As Ben mentioned, we've reduced our full year capacity by approximately 3.5 points at the midpoint to flat to down 3% versus 2019. This is primarily driven by staffing that is short of our plan, and simply put, we are going to fix that problem before we kick growth into a higher gear. Our CASMex guidance directly reflects this capacity change, and we now expect full year CASMex to be up 6% to 8%.

讓我從我們近期關注的重點開始，以確保我們擁有所需的人員來運行更可靠的操作。我們的團隊在按照我們的計劃和目標交付絕對成本方面做得很紮實，我們的員工一直堅韌不拔，始終如一地為我們的客人提供服務。然而，我們在盡可能快地提高產能方面遇到了挑戰。正如 Ben 提到的，我們已將全年產能在中點降低了約 3.5 個百分點，與 2019 年相比持平至下降 3%。這主要是由於我們的計劃不足的人員配備所致，簡單地說，我們將修復在我們加速增長之前解決這個問題。我們的 CASMex 指導直接反映了這種產能變化，我們現在預計全年 CASMex 將增長 6% 至 8%。

For the second quarter, CASMex is expected to be up 16% to 19% on capacity down 6% to 9% versus 2019. The reduction in capacity adds approximately 8 points to CASMex in the quarter. Also, we expect fuel prices for the second quarter to be between $3.25 and $3.30 per gallon, up 40% from the beginning of the year, inclusive of hedge benefits. At current prices, our hedging program is expected to provide a net benefit of approximately $200 million for the full year.

對於第二季度，CASMex 預計將增長 16% 至 19%，而產能比 2019 年下降 6% 至 9%。產能的減少使 CASMex 在本季度增加了約 8 個百分點。此外，我們預計第二季度的燃油價格將在每加侖 3.25 美元至 3.30 美元之間，比年初上漲 40%，其中包括對沖收益。按照目前的價格，我們的對沖計劃預計將在全年提供約 2 億美元的淨收益。

Reflecting on Q1, we were profitable in March and produced first quarter results in line with our guidance. Our nonfuel costs totaled $1.5 billion, inclusive of approximately $35 million in lease return costs and $36 million in incentive pay accruals for our employees. Beginning in Q2, lease return costs will be reflected as special as we accelerate our fleet transition. CASMex was up 17% versus first quarter 2019, coming in slightly better than our latest guide.

回顧第一季度，我們在 3 月份實現了盈利，並根據我們的指導產生了第一季度的業績。我們的非燃料成本總計 15 億美元，其中包括約 3500 萬美元的租賃返還成本和 3600 萬美元的員工應計激勵薪酬。從第二季度開始，隨著我們加快車隊轉型，租賃返還成本將特別體現。 CASMex 與 2019 年第一季度相比上漲了 17%，略好於我們的最新指南。

Our balance sheet and liquidity remain healthy, and we ended the quarter with $3.3 billion in total liquidity, inclusive of on-hand cash and undrawn lines of credit. Our Q1 cash flows from operations were approximately $285 million, driven by the strong booking trends that began in February. We continue to feel comfortable with our liquidity position and our ability to generate positive cash flows on a sustained basis as our business returns to normal, which together will support cash payments for the 55 mainline aircraft deliveries we have scheduled through 2023.

我們的資產負債表和流動性保持健康，本季度末總流動性為 33 億美元，包括手頭現金和未動用的信貸額度。在 2 月份開始的強勁預訂趨勢的推動下，我們第一季度的運營現金流約為 2.85 億美元。隨著業務恢復正常，我們繼續對我們的流動性狀況和持續產生正現金流的能力感到滿意，這將共同支持我們計劃到 2023 年交付的 55 架幹線飛機的現金支付。

We ended the quarter with a debt-to-cap ratio of 50%, within our target range and among the best in the industry. For the rest of 2022, our contractual debt repayments are roughly $200 million, with $52 million due in the second quarter. We expect our debt-to-cap to decline within our target range over the remainder of the year.

我們在本季度末的債務與資本比率為 50%，在我們的目標範圍內，並且在行業中名列前茅。在 2022 年剩餘時間內，我們的合同債務償還額約為 2 億美元，其中 5200 萬美元將在第二季度到期。我們預計我們的債務上限將在今年剩餘時間內下降到我們的目標範圍內。

During our Investor Day in late March, we guided full year pretax margins to between 6% and 9% and as we've indicated, we are not changing this expectation today. Demand has remained strong, our capacity modifications will be focused on our least profitable flying, and with oil prices where they are currently, capacity reductions can drive better margins in the near term even though they pressure near-term unit costs. Our profit guidance also includes expected continued accruals towards incentive bonuses for our employees.

在 3 月下旬的投資者日期間，我們將全年稅前利潤率引導至 6% 至 9% 之間，正如我們所指出的，我們今天不會改變這一預期。需求依然強勁，我們的運力調整將集中在我們利潤最低的飛行上，而且隨著油價目前的水平，運力減少可以在短期內推動更高的利潤率，儘管它們會給近期的單位成本帶來壓力。我們的利潤指引還包括對員工獎勵獎金的預期持續應計。

This year, we have returned our performance-based pay program focus back to the achievement of profitability goals, a shift from the focus on cash flow generation in 2021. This year, 70% of our bonus program will be tied to pretax profitability, while 30% remains linked to other important goals, including ESG, safety and unit costs. We've also built in goals related to outperforming the industry on pretax margin, which is ultimately what we are focused on achieving over the long term.

今年，我們將基於績效的薪酬計劃的重點重新回歸到實現盈利目標上，從 2021 年的現金流產生轉變。今年，我們 70% 的獎金計劃將與稅前盈利能力掛鉤，而30% 仍與其他重要目標相關，包括 ESG、安全和單位成本。我們還建立了與稅前利潤率優於行業相關的目標，這最終是我們長期致力於實現的目標。

And over the long term, I believe we have the right structure and business model in place. We have a strong balance sheet. We have a solid fleet plan and fleet order with Boeing, our network position has improved coming out of the pandemic, and our growth will be primarily focused in geographies of strength. We have a solid $400 million commercial road map that is already in motion with the recently signed co-brand agreement extension and with the fleet up-gauging, which is underway. And we have line of sight to improving unit costs relative to the industry. It is this combination of initiatives that should enable us to continue to improve our relative position versus industry peers as we progress through the next few years.

從長遠來看，我相信我們擁有正確的結構和商業模式。我們擁有強大的資產負債表。我們與波音有可靠的機隊計劃和機隊訂單，我們的網絡地位在大流行之後有所改善，我們的增長將主要集中在實力雄厚的地區。我們有一個穩固的 4 億美元的商業路線圖，隨著最近簽署的聯合品牌協議延期和正在進行的機隊升級，該路線圖已經開始實施。並且我們有眼光來改善相對於行業的單位成本。隨著我們在未來幾年的進步，正是這些舉措的結合應該使我們能夠繼續提高我們與行業同行的相對地位。

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

有了這個，讓我們來回答你的問題。

(Operator Instructions) Your first caller is Jamie Baker of JPMorgan.

（操作員說明）您的第一個來電者是摩根大通的 Jamie Baker。

So recognizing that the government has gotten involved in the past when the industry has required some form of assistance. Is that something that we should start thinking about vis-a-vis the pilot shortage? I'm thinking about the 1,500-hour rule. Maybe making, I don't know, low-cost government loans available for flight school. Like I guess another way of asking the question is whether you think the pilot shortage is severe enough or will become severe enough that the solution may not entirely be in the hands of the industry. You might need some outside help, if you will.

因此，當該行業需要某種形式的援助時，要認識到政府過去曾參與其中。對於飛行員短缺，我們應該開始考慮這一點嗎？我正在考慮 1,500 小時規則。我不知道，也許可以為飛行學校提供低成本的政府貸款。就像我猜想問這個問題的另一種方式是，您是否認為飛行員短缺足夠嚴重或將變得足夠嚴重，以至於解決方案可能並不完全掌握在行業手中。如果您願意，您可能需要一些外部幫助。

Jamie, that's a great question. One person has just been doing a lot of work for us is Joe Sprague on the regional side. As you know, that's how you first see the pipes open up, so Joe, do you want to jump in here?

傑米，這是一個很好的問題。一個剛剛為我們做了很多工作的人是區域方面的 Joe Sprague。如你所知，這就是你第一次看到管道打開的方式，所以喬，你想跳進去嗎？

Jamie, it's Joe. It's an interesting question and certainly, there's few issues hitting the entire industry right now more strongly than the pilot situation. The trade groups in D.C. have been focused on how we can boost financial aid for new student starts for flight training. That's an important piece at the very beginning of the pipeline and something that will help not only produce a greater supply of pilots, but help with improving the diversity of the pilot workforce as well.

傑米，是喬。這是一個有趣的問題，當然，目前幾乎沒有什麼問題比試點情況更能影響整個行業。華盛頓特區的貿易團體一直專注於我們如何增加對新學生開始飛行訓練的經濟援助。這是管道一開始的重要部分，不僅有助於產生更多的飛行員供應，而且有助於提高飛行員勞動力的多樣性。

So we're certainly supportive of those efforts. Beyond that, it is something that will take a bit of time, but there's really strong training programs in place at Horizon in Alaska, and we feel comfortable about being able to produce pilots over the next several months and several years.

所以我們當然支持這些努力。除此之外，這還需要一些時間，但阿拉斯加的 Horizon 有非常強大的培訓計劃，我們對能夠在接下來的幾個月和幾年內生產飛行員感到滿意。

Jamie, we have a pilot development program that -- we have 500 pilots in that program right now that have signed up with some financial assistance. We've teamed up with a school in Hillsboro, Oregon, that's going to train 200 pilots a year for Horizon with Pathways. So I think your question is there could be an industry initiative that addresses some structural things. And I think as you're seeing is all airlines are taking destiny in their own hands to create a pipeline into their regional and mainline fleets, but you bring up a great point. I think this is going to be one of the biggest constraints for the industry going forward.

Jamie，我們有一個試點開發計劃——我們現在在該計劃中有 500 名飛行員已經簽署了一些財政援助。我們與俄勒岡州希爾斯伯勒的一所學校合作，該學校每年將為 Horizon with Pathways 培訓 200 名飛行員。所以我認為你的問題是可能有一個解決一些結構性問題的行業倡議。而且我認為正如你所看到的，所有航空公司都在自己掌握命運，為他們的區域和乾線機隊建立管道，但你提出了一個很好的觀點。我認為這將成為該行業未來最大的製約因素之一。

Interesting. All right. And second, just on the premium emphasis at Alaska, one question I get from clients is whether you're inadvertently creating a vacuum that ultra low-cost carriers can backfill. I certainly have my own answer to that question. But how would you answer that, if posed by a current shareholder?

有趣的。好的。其次，就阿拉斯加航空的重點強調，我從客戶那裡得到的一個問題是，您是否無意中創造了一個超低成本航空公司可以回填的真空。對於這個問題，我當然有自己的答案。但是，如果由現任股東提出，您將如何回答？

Jamie, I couldn't quite catch the first word in there that was quite important to your question. What did you -- what was your first sentence?

傑米，我聽不懂裡面第一個對你的問題很重要的詞。你做了什麼——你的第一句話是什麼？

Yes. Sorry about that. The premium strategy, chasing premium demand, which is something Alaska clearly is doing, does that create a vacancy sign, if you will, in markets for ultra low-cost carriers to backfill, which in turn potentially hurts you down the road, possibly? I have my own views on this topic, but it's a question that I've gotten quite a bit as it relates to your premium strategy, how do you respond to the question?

是的。對於那個很抱歉。阿拉斯加顯然正在做的追求溢價需求的溢價戰略，如果你願意的話，這是否會在超低成本航空公司回填市場上創造一個空缺標誌，這反過來可能會損害你的未來，可能嗎？我對這個話題有自己的看法，但是我已經得到了相當多的問題，因為它與您的高級策略有關，您如何回答這個問題？

Yes. It's -- what's interesting about that is, I think, just to be clear, we're seeing -- obviously, the premium cabin has upgrades in it as well. I think as we grow the fleet, we're seeing demand for the premium cabin to be sure with people paying to get in there. But we're also seeing strong demand for our saver or basic fare structure. And as we shared on Investor Day, we are very focused on having a cabin that is -- works for our premium flyers, our regular flyers and those who want to be discount fliers. So I think as we up-gauge the fleet, as we grow the fleet, we're going to create more seats, more room. So I think it's a great question, but I think that's why I love our fleet strategy and our product strategy.

是的。這是 - 我認為有趣的是，為了清楚起見，我們正在看到 - 顯然，高級客艙也有升級。我認為隨著我們機隊的發展，我們看到了對高級客艙的需求，以確保人們付費進入那裡。但我們也看到對我們的優惠票價或基本票價結構的強勁需求。正如我們在投資者日分享的那樣，我們非常專注於擁有適合我們的高級飛行者、我們的普通飛行者和那些想要成為折扣飛行者的客艙。所以我認為，隨著我們對機隊進行評估，隨著機隊的發展，我們將創造更多的座位、更多的空間。所以我認為這是一個很好的問題，但我認為這就是我喜歡我們的車隊戰略和產品戰略的原因。

Your next caller is Helane Becker of Cowen.

您的下一位來電者是 Cowen 的 Helane Becker。

So just on -- I know you're talking about strong business travel. Can you parse that out by group and by geography? Like are you seeing improvements in California and on the West Coast, in general, California, specifically? And then in terms of like tech companies, are they coming back? Because I feel like they were the first to kind of work from home and seem to be the last to want to come back.

所以就 - 我知道你在談論強大的商務旅行。你能按組和按地理位置分析嗎？就像你看到加利福尼亞和西海岸的改善一樣，一般來說，加利福尼亞，特別是？然後就類似的科技公司而言，他們會回來嗎？因為我覺得他們是第一個在家工作的人，而且似乎是最後一個想要回來的人。

Yes. Thanks, Helane. It's actually quite fascinating to watch, and you're exactly right. I think the small, medium business is back to full strength, and they have been for a little bit. What I've literally seen in the last 2 weeks is a staggering increase in the increase in flying for the large tech companies. Some of the big ones have come back at the end of March and early April, where their traffic was down 80-plus percent. Just in the last week, one of the largest high-tech companies was only down 25%. So I think we're going to be a little lagged on Alaska on the West Coast because of the high tech, as you say, but I see that coming in quite strongly. So that's where we stand.

是的。謝謝，海蘭。觀看實際上非常迷人，而且您是對的。我認為中小型企業已經恢復了全部實力，而且已經有一段時間了。我在過去兩週真正看到的是大型科技公司的飛行增長驚人。一些大的已經在 3 月底和 4 月初回來了，他們的流量下降了 80% 以上。就在上週，最大的高科技公司之一僅下跌了 25%。因此，正如你所說，由於高科技，我認為我們將在西海岸的阿拉斯加有點落後，但我認為這會非常強烈。這就是我們的立場。

Okay. And then my other question, maybe for Ben. You're talking about having to hire pilots and there's a huge pilot shortage, and we just heard United talk about their forecast for the industry having to hire 13,000 pilots, and our forecast is somewhere between actually 10,000 and 12,000 for the year. But it seems like -- why do people come to Alaska? Like what's your selling point to get pilots to come to Alaska Air versus American Delta or United, who are hiring at least 200 pilots a month each?

好的。然後我的另一個問題，也許是本。你說的是必須僱傭飛行員，而且飛行員嚴重短缺，我們剛剛聽到美聯航談到他們對這個行業必須僱傭 13,000 名飛行員的預測，而我們的預測實際上在 10,000 到 12,000 名之間。但似乎——人們為什麼要來阿拉斯加？比如，讓飛行員來阿拉斯加航空與美國達美航空或聯合航空的賣點是什麼，他們每個月至少僱傭 200 名飛行員？

Helane, it's a great question. I think this is -- with the pilot supply issue, I think pilots have a choice, and pilots will have a choice on what they want to fly and where they want to fly, so they have a choice. I think for us, we've always had a brand that's been differentiated in the industry, a brand where people come in, it's -- we're a bigger company, but we still have a small tight culture. And we're based on the West Coast, we fly all across the country. We have a great network. And so I do feel there's just a lot of appeal about who we are and how we operate.

海倫，這是一個很好的問題。我認為這是 - 對於飛行員供應問題，我認為飛行員可以選擇，飛行員可以選擇他們想飛的東西和想飛的地方，所以他們有選擇。我認為對我們來說，我們一直擁有一個在行業中與眾不同的品牌，一個人們進來的品牌，它是 - 我們是一家更大的公司，但我們仍然有一個小而緊密的文化。我們以西海岸為基地，飛遍全國。我們有一個很棒的網絡。所以我確實覺得我們是誰以及我們的運作方式很有吸引力。

So I can tell you to date, our plan is to hire 600 mainline pilots and a couple of hundred regional pilots. We're on track on the regional side, which is fantastic. On the mainline side, we're halfway through. We've hired 300 net pilots so far this year. But it's a huge strain on our training systems, which is one of the issues that we're working through is how do we get pilots through the schoolhouse in an efficient manner and get the out on the line.

所以我可以告訴你，到目前為止，我們的計劃是僱傭 600 名幹線飛行員和幾百名地區飛行員。我們在區域方面走上了正軌，這太棒了。在主線方面，我們已經完成了一半。今年到目前為止，我們已經僱傭了 300 名網絡飛行員。但這對我們的培訓系統來說是一個巨大的壓力，我們正在解決的問題之一是我們如何讓飛行員以有效的方式通過校舍並上線。

Your next caller is Scott Group of Wolfe Research.

您的下一位來電者是 Wolfe Research 的 Scott Group。

So the guidance implies a pretty massive inflection in capacity growth relative second quarter and the second half of the year. So is that just the pilot situation getting better for you? Is that aircraft? And then maybe just talk about what you think the exit rate will be on capacity exiting the year and your confidence in getting there?

因此，該指引意味著產能增長相對於第二季度和下半年將出現相當大的拐點。那麼這僅僅是試點情況對你來說變得更好了嗎？那是飛機嗎？然後也許只是談談您認為退出率對今年退出產能的影響以及您對實現這一目標的信心？

Scott, it's Shane. Thanks for the question. Yes, it does imply a pretty significant upturn in capacity and growth above 2019 in the back half of the year. I think it really does assume that we get back to where we want to be on the pilot throughput in the training house. The one thing I'll just say is we're committed to this exit of the Airbus fleet on a very expedited basis. And as we begin to do that, we may continue to move capacity around a bit.

斯科特，我是肖恩。謝謝你的問題。是的，這確實意味著今年下半年產能和增長將在 2019 年以上出現相當顯著的好轉。我認為它確實假設我們回到了我們想要在訓練室的飛行員吞吐量上達到的位置。我要說的一件事是，我們致力於加快空客機隊的退出。當我們開始這樣做時，我們可能會繼續稍微移動容量。

I don't think we have a strong appetite to, as an example, hire a new pilot onto the Airbus aircraft, have them fly it for 1 month and then put them back into training to transition. So as that comes into the window, we're just going to look to optimize the transition of that fleet off the business and over to the MAX. So there'll probably be some more changes. It's hard to predict what's going to happen in Q4 right now, but that's where we stand.

我不認為我們有強烈的意願，例如，在空中客車飛機上僱用一名新飛行員，讓他們駕駛它 1 個月，然後讓他們重新接受培訓以進行過渡。因此，當它進入窗口時，我們將尋求優化該機隊從業務到 MAX 的過渡。所以可能會有更多的變化。現在很難預測第四季度會發生什麼，但這就是我們的立場。

Okay. And then I wanted to just ask about the fuel hedges. I understand you hedge oil and not the crack spreads. So at current jet prices, is this what we should assume -- the guidance you gave for second quarter, is this what we should assume for now for the rest of the year if jet stays where it is right now? And do you reconsider the way you hedge to maybe do a better job covering crack spreads?

好的。然後我想問一下燃料對沖。我知道你對沖石油而不是裂縫蔓延。因此，以目前的噴氣式飛機價格，這是我們應該假設的嗎 - 你給第二季度的指導，如果噴氣式飛機保持現在的狀態，我們應該在今年餘下的時間裡假設嗎？您是否會重新考慮套期保值的方式，以便更好地覆蓋裂縫利差？

I'll take the second one first. It's Nat Pieper. Our hedge program is really consistent with the way we've run our company for 90 years, financially conservative, and frankly, it's auto pilot. As we talked about at Investor Day, buying calls 20% out of the money, 18 months in advance, 10% strips and just continuing to layer them on. As Shane mentioned in his script, we value the 2022 remaining order book at $200 million for a hedging benefit. It's basically 50% at $78 for the remainder of the year, 50% at $71 for the quarter.

我先拿第二個。是納特·皮珀。我們的對沖計劃與我們 90 年來經營公司的方式非常一致，財務上保守，坦率地說，它是自動駕駛的。正如我們在投資者日討論的那樣，提前 18 個月買入 20% 的看漲期權，10% 的剝離，然後繼續疊加。正如 Shane 在他的劇本中提到的那樣，我們將 2022 年剩餘的訂單價值定為 2 億美元，以獲得對沖收益。今年剩餘時間基本上是 50%，為 78 美元，本季度為 50%，為 71 美元。

Your next caller is Duane Pfennigwerth with Evercore ISI.

您的下一位來電者是 Evercore ISI 的 Duane Pfennigwerth。

Just with respect to your loyalty card extension, can you talk about how ratable that is versus amounts paid upfront? Oftentimes, when we see these things in the industry, there'll be kind of a heavy weighting in the first part of the agreement, maybe the first quarter or 2 and then it tails off. Can you talk about how this was designed and agreed to?

就您的會員卡延期而言，您能談談與預付金額相比的評級嗎？通常，當我們在行業中看到這些事情時，協議的第一部分會有很大的權重，可能是第一季度或第二季度，然後就結束了。你能談談這是如何設計和同意的嗎？

Duane, it's Shane. In terms of the cash, I think the cash you're going to see right away. I think that's something that we saw in the first quarter. We saw a very strong increase in cash from our bank partner. The recognition is going to be at a slower pace as you know a good amount of this gets deferred and recognized over time. So I think through the P&L, you'll see this build throughout the rest of this year and even into next year as we get to start to recognize the cash that we're deferring today. So cash will come pretty quick, the recognition will take some more time.

杜安，是謝恩。就現金而言，我認為您將立即看到現金。我認為這是我們在第一季度看到的情況。我們看到銀行合作夥伴的現金增長非常強勁。識別的速度會較慢，因為您知道隨著時間的推移，其中很大一部分會被推遲和識別。所以我認為通過損益表，你會在今年餘下時間甚至到明年看到這種情況，因為我們開始認識到我們今天推遲的現金。所以現金來得很快，識別需要更多時間。

Okay. Great. And then I guess just going back to your Investor Day, you were one of the first to really tease out this kind of more constructive revenue outlook for the year, certainly relative to where we were and where the Street was at that time. I wonder if you could just mark-to-market for us relative to Investor Day, what's changed since that time that has sort of further improved your forecast? What specifically has gotten better since Investor Day?

好的。偉大的。然後我想回到你的投資者日，你是第一個真正梳理出今年這種更具建設性的收入前景的人之一，當然相對於我們當時的情況和華爾街的情況。我想知道您是否可以相對於投資者日為我們按市值計價，自那時以來發生了什麼變化，進一步改善了您的預測？自投資者日以來，具體有什麼好轉的？

Duane, I think firstly, corporate business travel. I just think there was just a real step change over the last few weeks on that side. And as we've shared, certainly on the fares side. Just to be frank, as we close up the buckets in the inventory, the demand didn't stop, and so the fares kept going up, but the demand kept coming. So I think since Investor Day, we've just seen a more sustained and, in fact, increasing strength in the demand as we book in now into summer and later spring break.

Duane，我認為首先是公司商務旅行。我只是認為過去幾週在那方面發生了真正的變化。正如我們所分享的，當然是在票價方面。坦率地說，當我們關閉庫存時，需求並沒有停止，所以票價一直在上漲，但需求還在不斷增加。因此，我認為自投資者日以來，我們剛剛看到了更持續的需求，事實上，隨著我們現在進入夏季和春假之後的時間，需求的強度也在增加。

Your next caller is Ravi Shanker of Morgan Stanley.

您的下一位來電者是摩根士丹利的 Ravi Shanker。

Just a follow up on the corporate commentary and then the tech group coming back. So is it fair to say that much of the corporate normalization that you're seeing so far and what you expect to see in the coming weeks and months is just a return of the kind of historical Alaska corporate customer? Or are you seeing new customers as well, kind of given the American Alliance and maybe new destinations and outreach?

只是跟進公司評論，然後科技集團回來了。因此，可以公平地說，到目前為止您所看到的大部分企業正常化以及您期望在未來幾周和幾個月內看到的只是那種歷史悠久的阿拉斯加企業客戶的回歸嗎？或者你是否也看到了新客戶，有點像美國聯盟，也許還有新的目的地和外展？

Yes. Thanks, Ravi. I think a little bit of both, just to be frank, but, the certainly new, our agreement with AMEX GBT as well as our joint contracting with American has opened up a lot of doors for us. And we'll get a clearer picture of that as we move forward into Q2 and Q3. And as we start to see the tech travel pick up more and more. But I do believe, and just seeing our fair share, our fair market share of corporate travel, just the reports I just was looking at last week, we're actually seeing a positive movement in our share gap, so I feel like that's good and that's sort of new traffic for us.

是的。謝謝，拉維。坦率地說，我認為兩者都有一點，但是，我們與 AMEX GBT 的協議以及我們與美國的聯合合同無疑為我們打開了很多大門。隨著我們進入第二季度和第三季度，我們將更清楚地了解這一點。隨著我們開始看到科技旅行越來越多。但我確實相信，僅僅看到我們公平的份額，我們公平的商務旅行市場份額，以及我上周剛剛看到的報告，我們實際上看到我們的份額差距出現了積極的變化，所以我覺得這很好這對我們來說是一種新的流量。

Great. And just a follow-up, and I apologize if I missed this in your commentary. I know it's only been a few days, but are you seeing any uptick in interest in your forward booking curve now that the mask mandate has been dropped at least temporarily or permanently?

偉大的。只是一個跟進，如果我在你的評論中錯過了這一點，我深表歉意。我知道這只是幾天，但是既然口罩授權至少暫時或永久地被取消了，您是否看到對您的遠期預訂曲線的興趣有所上升？

It's very difficult for us to tell that. What I will tell you is that just even looking at yesterday's bookings, they were even better than the day before. So I'm just still seeing very strong momentum here.

我們很難說清楚。我要告訴你的是，即使看看昨天的預訂，他們甚至比前一天還要好。所以我在這裡仍然看到非常強勁的勢頭。

Your next caller is Andrew Didora of Bank of America.

您的下一位來電者是美國銀行的安德魯·迪多拉。

So maybe sticking on the corporate theme. We've been hearing from a few hotel owners that they're seeing sort of a change in the corporate booking curve, it's shortening pretty dramatically. Just curious kind of, Andrew, what you're seeing on the corporate side, I guess, particularly as maybe some more of these tech-heavy corporates come back on the road. Are you seeing any changes in the way they either book or they travel in the early parts of the recovery here?

所以也許堅持企業主題。我們從一些酒店業主那裡聽說，他們看到企業預訂曲線發生了某種變化，它正在顯著縮短。有點好奇，安德魯，我猜你在公司方面看到了什麼，特別是當這些技術密集型公司中的一些重新走上道路時。您是否看到他們在經濟復甦的早期階段預訂或旅行的方式有任何變化？

The only sort of color I could give you there is that it just feels like there was this pent-up demand and then there's just been this material as in 50-point change in booking levels for some of these big guys in the last few weeks. So I think what I'm seeing right now is a very big step change. And I think over the -- especially on the tech side, and I think over the next month, I'll have a much better feeling about if there's any other changes going on there, but that's what I see today.

我能給你的唯一一種顏色是，感覺就像有這種被壓抑的需求，然後就出現了這種材料，因為過去幾週這些大人物的預訂水平發生了 50 點的變化.所以我認為我現在看到的是一個非常大的變化。而且我考慮了 - 特別是在技術方面，我認為在接下來的一個月裡，我會對那裡是否有任何其他變化有更好的感覺，但這就是我今天所看到的。

Got it. And then, Ben, sorry if I missed this in your prepared remarks. But just I guess big picture when it comes to the kind of some of the operational issues that have popped up here causing kind of the change in capacity. Just outside of pilot hiring or training like, what else can you do to fix this? And just curious like how much is it going to cost to finally get back towards normal utilization levels?

知道了。然後，本，很抱歉，如果我在你準備好的發言中錯過了這一點。但是，當涉及到這裡出現的導致容量變化的一些運營問題時，我猜想是大局。除了飛行員招聘或培訓之外，你還能做些什麼來解決這個問題？只是好奇最終回到正常利用率水平需要多少成本？

Andrew, yes, it's a great question. Andrew, you've known us for a long time. This company is rooted in operational excellence, and what I can say, and I've been with the operation a long time is, and I look at it closely, the root cause has essentially been staffing. And not staffing because we weren't hiring people, but staffing because we weren't able to produce the people in time to go execute the schedule. So when I look at the core operation, we are still very process-focused, system-focused, metric-focused, but you got to have the people there.

安德魯，是的，這是一個很好的問題。安德魯，你認識我們很久了。這家公司植根於卓越運營，我可以說，我已經在該運營部門工作了很長時間，而且我仔細觀察，根本原因基本上是人員配備。不是人員配備，因為我們沒有招聘人員，而是人員配備，因為我們無法及時生產人員來執行計劃。因此，當我查看核心運營時，我們仍然非常注重流程、注重系統、注重指標，但你必須要有人員。

And what happened to us early part of the month is pilots were stuck in the school house, and 60 pilots didn't make it out on the line to go execute the schedule. So we're derisking the operation a little bit to give our pilot schoolhouse just a little bit of breathing room as we train them. And again, this Airbus transition is a big strain as well as we exit the Airbus. So we're just putting a little more conservatism into the plan and making sure that what we're known for, what we're recognized for, our customers can count on us, our employees can count on us, just making sure that we operate reliably. So I appreciate the question, Andrew.

本月早些時候發生在我們身上的是飛行員被困在校舍裡，60 名飛行員沒有趕上去執行計劃。因此，我們稍微降低了操作的風險，以便在我們訓練他們的時候給我們的飛行員校捨一點喘息的空間。再一次，這種空中客車的過渡是一個很大的壓力，就像我們退出空中客車一樣。因此，我們只是在計劃中加入了更多的保守主義，並確保我們以什麼而聞名，我們因什麼而受到認可，我們的客戶可以信賴我們，我們的員工可以信賴我們，只要確保我們可靠地運行。所以我很欣賞這個問題，安德魯。

Your next caller is Mike Linenberg from Deutsche Bank.

您的下一位來電者是德意志銀行的 Mike Linenberg。

Ben, I want to go back to Helane's question just on the pilots. I know you said that you're sort of halfway through your hiring -- you noticed is at 300 net. Obviously, there's attrition there, but -- and maybe even retirements and whatnot. Have you actually seen a pickup in your pilot attrition rate? This is the first time in my career where what we're hearing is that you can move up to a captain seat fairly quickly for a major carrier, much shorter than historically. And that definitely is an attractive feature. Anything -- any color on that on the attrition?

Ben，我想回到 Helane 關於飛行員的問題。我知道你說過你的招聘已經完成了一半——你注意到淨值是 300。顯然，那裡有減員，但是 - 甚至可能是退休等等。你真的看到你的飛行員流失率上升了嗎？這是我職業生涯中的第一次，我們聽到的是，您可以相當快地為大型航空公司升任船長座位，比歷史上短得多。這絕對是一個有吸引力的功能。任何東西——減員上有什麼顏色嗎？

Yes, Mike, it's a great question. Look, if you look at what happened in the last 2 years, the industry early outed 10,000 pilots. And so as we're trying to all get back to 2019 levels, you got to backfill that 10,000 taken early out and plus growth. So really pilots have a choice on what equipment they want to fly, where they want to live and I think the acceleration from right seat to left seat is really quick, especially depending on who you're with. So again, we look at our plan, and I feel good about the pilot pipeline, but is it a risk for our growth plans going forward? Definitely. So that's why, like I was mentioning to Helane, we're putting a ton of time and a ton of energy to make sure the pipeline is full. And yes, it's not something that we've historically done because there's always a huge resource of pilots, but now you got to take destiny in your own hands and you have to go to high schools and encourage young kids from diverse backgrounds. It's expensive to become a pilot. So it was exclusive to a certain group of people and now we're trying to expand it by offering financial assistance and grow that pie for people who want to be pilots to get into this industry. So I'm feeling good. Through this bad thing with this pilot shortage, I think it might be a good thing because a lot of airlines are really reaching out to communities where this wasn't a viable option.

是的，邁克，這是一個很好的問題。看，如果你看看過去 2 年發生的事情，該行業早早淘汰了 10,000 名飛行員。因此，當我們試圖讓所有人都回到 2019 年的水平時，你必須回填早早取出的 10,000 個並加上增長。所以飛行員真的可以選擇他們想要飛行的設備，他們想要住在哪裡，我認為從右座到左座的加速非常快，特別是取決於你和誰在一起。所以再一次，我們看看我們的計劃，我對試點管道感覺很好，但這對我們未來的增長計劃有風險嗎？確實。所以這就是為什麼，就像我對 Helane 提到的那樣，我們投入了大量的時間和精力來確保管道是滿的。是的，這不是我們歷史上做過的事情，因為總是有大量的飛行員資源，但現在你必須掌握自己的命運，你必須上高中並鼓勵來自不同背景的孩子。成為一名飛行員很昂貴。所以它是特定人群獨有的，現在我們正試圖通過提供財政援助來擴大它，並為那些想成為飛行員進入這個行業的人做大蛋糕。所以我感覺很好。通過這種飛行員短缺的壞事，我認為這可能是一件好事，因為很多航空公司真的在接觸那些這不是一個可行的選擇的社區。

And now with these financial opportunities, we're tapping into a lot of people who're interested. Like I said, we have 500 people in our pilot development program. We're partnering with a school. And so -- but this is going to be an ongoing issue for everyone and a little bit like I said, you got to take destiny in your own hands.

現在有了這些金融機會，我們正在接觸很多感興趣的人。就像我說的，我們的試點開發計劃有 500 人。我們正在與一所學校合作。所以——但這對每個人來說都是一個持續的問題，有點像我說的，你必須把命運掌握在自己手中。

Great. That's helpful. My second question, just to Andrew. Andrew, when I look at some of the markets that you've been paring back and you highlighted earlier with -- to get sort of -- the operation sort of integrity -- the integrity back to sort of what it was. But I have seen you pull down a decent amount of Hawaii. And I've seen other carriers also pull down a decent amount of Hawaii, and some of it maybe taking down one of those flights frees up maybe an inordinate amount of resources. Or maybe some of it is just these longer-haul flights, especially ones that are predominantly leisure-focused, become more difficult to justify when fuel prices are $3.50 plus.

偉大的。這很有幫助。我的第二個問題，只問安德魯。安德魯，當我看到一些你一直在縮減的市場時，你之前強調過 - 獲得某種 - 運營的完整性 - 恢復到原來的完整性。但我已經看到你拉倒了相當數量的夏威夷。而且我看到其他航空公司也關閉了相當數量的夏威夷，其中一些可能會取消其中一個航班，從而釋放可能過多的資源。或者也許其中一些只是這些長途航班，尤其是那些主要以休閒為主的航班，當燃油價格超過 3.50 美元時，變得更難證明其合理性。

What -- is there anything specific to the Hawaii market, maybe availability of fuel on the islands? Or is it just that economically the incremental or utilization flying the long-haul utilization flying just makes a lot less sense?

什麼——夏威夷市場有什麼特別的東西，也許島上有燃料嗎？或者僅僅是從經濟上來說，增量或利用長途飛行的意義不大嗎？

Yes, thanks for the question. I think what you've seen us do is maybe take a fourth Maui down to a third, you've seen us cut back on some of the LA-Kona and -Lihui's. I think right now, I don't know for whatever reason, Hawaii's lagged a little bit, just to be frank. It's also very expensive to actually vacation there having just come back from there last week. And so there's just the accommodations, the rental cars. I think there's confusion as it relates to preclear and getting tested and that just went away as well.

是的，謝謝你的提問。我認為您看到我們所做的可能是將第四個毛伊島減少到三分之一，您已經看到我們削減了一些 LA-Kona 和-Lihui 的。我想現在，我不知道是什麼原因，夏威夷有點落後，坦率地說。上周剛從那裡回來實際上去那裡度假也非常昂貴。所以只有住宿，租車。我認為在預先清除和接受測試方面存在混淆，並且這種情況也消失了。

But what I am seeing as we head into June in the summer period is sort of that traditional Hawaii strength. But I think just as we look at the network, we had to make decisions. I think we felt like a few flights coming out of Hawaii and then we cut across sort of day of week, the Tuesdays, the Wednesdays, the Saturdays. High-frequency markets, we took down a few. And a little bit more where we're doing a little bit more aggressive growth, we sort of pulled it back. So we've tried to spread this across our network and Hawaii, we felt like a couple of flights coming out would be fine.

但是當我們進入夏季的六月時，我所看到的是一種傳統的夏威夷力量。但我認為，正如我們查看網絡一樣，我們必須做出決定。我認為我們感覺像是從夏威夷起飛的幾趟航班，然後我們跨越了一周中的某一天，週二、週三、週六。高頻市場，我們拿下了幾個。在我們進行更激進的增長的地方再多一點，我們就會把它拉回來。所以我們試圖在我們的網絡和夏威夷傳播這個，我們覺得有幾個航班出來就可以了。

Andrew, do you think that with international long haul really starting to come back, especially transatlantic, that Hawaii was kind of that go-to exotic destination. Maybe a year ago after they opened, you saw flood of people go there. Is that -- do you think there's some of that where there's just now displacement on the other, call it, exotic destinations that are now international, but because they've lowered their restrictions, it's just easier to get to. Any of that maybe?

安德魯，你認為隨著國際長途航線的回歸，尤其是跨大西洋航線，夏威夷是那種異國情調的目的地。也許一年前他們開業後，你看到大量的人去那裡。是不是 - 你認為有一些地方剛剛出現流離失所，稱之為異國目的地，現在是國際化的，但因為他們降低了限制，所以更容易到達。有可能嗎？

I probably don't have first-hand knowledge to that, except to say that you are very correct that the choice of where folks can vacation now has expanded massively. I also think Costa Ricas and the Belizes and the Floridas and the Mexicos - I mean we're just seeing a lot of demand across all these locations. So I think historically, where Hawaii was sort of the go to, I think there's just more options for travelers right now.

我可能沒有第一手的知識，除了說你是非常正確的，人們現在可以在哪裡度假的選擇已經大大增加了。我還認為哥斯達黎加、伯利茲、佛羅里達和墨西哥——我的意思是，我們只是看到所有這些地區的需求都很大。所以我認為，從歷史上看，夏威夷是一種去往的地方，我認為現在旅行者有更多的選擇。

Your next call is Savi Syth with Raymond James.

您的下一個電話是 Savi Syth 和 Raymond James。

Shane, it seems like maybe Ben is giving you a bit more of a stretch goal here, if I'm hearing it correctly. Because I think the single fleet type return was slated for end of 2023, but maybe pulled to kind of early 2023. And then I know you still have the A321s and Q400s. So what -- could you talk about what you need to still accomplish to hit that target? And what that means in terms of maybe how we should be thinking about in terms of kind of cash flow even though some of that might be considered special items?

Shane，如果我沒聽錯的話，Ben 似乎在這裡給了你更多的延伸目標。因為我認為單一機隊類型的回歸定於 2023 年底，但可能會拉到 2023 年初。然後我知道你仍然擁有 A321 和 Q400。那麼——你能談談你還需要完成什麼才能達到這個目標嗎？這意味著我們應該如何考慮現金流的種類，即使其中一些可能被認為是特殊項目？

Yes, yes, yes. Emily might jump in with sort of the remaining lease return cash costs. But just functionally in the operation, we've got to train 600, 700 Airbus pilots over to the Boeing. And we've got to do that in a way that's as ratable as possible and doesn't sort of impact the network to a large degree. And we also have to sort of decide our long-term basing strategy for the Boeing. So there are some important decisions that we have to make. They're important to pilots as well.

對對對。艾米麗可能會加入剩餘的租賃返還現金成本。但只是在運營中，我們必須將 600、700 名空客飛行員培訓到波音公司。我們必須以一種盡可能可評價的方式來做到這一點，並且不會在很大程度上影響網絡。我們還必須決定波音公司的長期基地戰略。因此，我們必須做出一些重要的決定。它們對飛行員也很重要。

I think we have said by early 2023 for the Airbus A320. What I can tell you is Ben and I and others are -- the sooner the better. We'd like this behind us. We sort of can't wait to be through it. We know it's going to be a little challenging to get through it, and we'll put a good plan together and I'm sure it will shift around a little bit. And then we're executing now our sort of thinking about the A321 fleet. We've got 10 of those. We're committed to moving beyond those by the end of 2023, and Nat's actively working that. We don't really have anything else to share there. But Emily, maybe on the cash for lease return?

我想我們已經說過到 2023 年初空客 A320。我可以告訴你的是本和我以及其他人——越早越好。我們希望這個在我們身後。我們迫不及待地想通過它。我們知道要通過它會有點挑戰，我們會一起制定一個好的計劃，我相信它會有所轉變。然後我們現在正在執行我們對 A321 機隊的思考。我們有10個。我們致力於在 2023 年底之前超越這些，而 Nat 正在積極努力。我們真的沒有其他東西可以分享。但是艾米麗，也許是現金換回租金？

Yes. Savi, so in terms of the lease return costs, you got it right that the special items that we'll be taking going forward will include the acceleration of those lease return costs. So we had previously shared with folks that, that was probably going to be in the range of around $250 million. The cash though will not be accelerated because the contractual lease return dates for those aircraft is still what it was before. So we'll park those planes earlier, we'll continue to do the work as we move towards those lease return dates and that cash will be spread over the original period. The only caveat I would share is that as we go through this exercise, we are continuing to have conversations with lessors. And of course, as we do less flying on those aircraft, that could impact the amount of cash that we actually incur. So hopefully, that's helpful.

是的。 Savi，所以就租賃返還成本而言，您說得對，我們將採取的特殊項目將包括加速這些租賃返還成本。因此，我們之前曾與人們分享過，這可能會在 2.5 億美元左右。但現金不會加速，因為這些飛機的合同租賃歸還日期仍然是以前的。因此，我們將提前停放這些飛機，我們將繼續完成這項工作，因為我們正朝著這些租約歸還日期前進，現金將分散在原始期限內。我要分享的唯一警告是，在我們進行此練習時，我們將繼續與出租人進行對話。當然，由於我們在這些飛機上的飛行次數減少，這可能會影響我們實際產生的現金數額。所以希望這會有所幫助。

And Savi, just a little more color on that is like one of the things we have to work through right now that will impact how we think about capacity going forward is, what I've told the teams, I don't want to train a pilot who we spent 90 days in training only to produce them in September and October to transition them in January. So we really have to think about when we stop actually training on Airbus and transition to all Boeing and that will really decide how much capacity we have for the Airbus fleet going forward from the summer on. So that's something we're still going to work through, and we'll give you guys more color on that soon.

薩維，再多一點色彩，就像我們現在必須解決的事情之一，這將影響我們對未來能力的看法，我已經告訴團隊，我不想訓練我們花了 90 天時間訓練的飛行員，只是為了在 9 月和 10 月製作它們，並在 1 月進行過渡。因此，我們真的必須考慮何時停止對空客的實際培訓並過渡到所有波音，這將真正決定我們從夏天開始為空客機隊提供多少容量。所以這是我們仍在努力解決的問題，我們很快就會給你們更多的顏色。

That's helpful. And maybe just a little bit tied to that. And I think this question was asked a little bit earlier, too. On the second half capacity, I guess, how much cushion have you built into that where you might not have to kind of pull meaningful amounts down? And how should we think about like 3Q versus 4Q? Because I'm guessing some of this Airbus aircraft coming happens more in 4Q than 3Q where you have the summer demand. Just any kind of color around that?

這很有幫助。也許只是與此有關。我認為這個問題也被提早了一點。我想，在下半年的產能上，你在其中建立了多少緩衝，你可能不必把有意義的數量拉下來？我們應該如何看待 3Q 與 4Q？因為我猜這架空客飛機中的一些出現在第四季度而不是第三季度，那裡有夏季需求。只是周圍的任何顏色？

Yes. I mean I think it's sort of a middle of the road estimate, Savi. It's really until we begin to make decisions around how much hiring we want to do onto the Airbus and when, it's hard to give you more precision. I think I'll get these numbers right, there's 10-ish thousand Airbus hours a month that we fly, give or take. Obviously, that cannot go to 0. I think we fly 80,000-ish, 75,000 to 80,000 total Airbus hours, just to give you some context around how much Airbus flying is of the total. So there's probably -- we'd like to do the 8,000, 9,000, 10,000 Airbus hours and see that meter down towards 0 as we get to the end of the year. But it could come down a little quicker than what we're currently planning. But I don't think it will be super material in the short term.

是的。我的意思是，我認為這是一種中庸之道的估計，薩維。直到我們開始決定我們想在空中客車上招聘多少人以及何時，很難給你更精確的信息。我想我會得到這些數字，我們每個月有 10 到 10 萬空客小時飛行，給予或接受。顯然，這不能為 0。我認為我們飛行了 80,000 次，總共飛行了 75,000 到 80,000 個空客小時，只是為了讓您了解一下空客飛行佔總數的多少。所以可能 - 我們希望完成 8,000、9,000、10,000 空客小時，並在我們到年底時看到儀表下降到 0。但它可能會比我們目前的計劃下降得更快一些。但我不認為它會在短期內成為超級材料。

Yes, Savi, just on the -- you mentioned the -- there'll be a little cleanup on the schedule here in the next weekend or so, but the summer capacity is -- you're going to see it through the tape is going to be pretty solid and scheduled there. And to Shane's point, about 4,000 of the 9,000 Airbus hours is actually the 321. And so we're going to really start that transition, to Shane's point, in the fourth quarter, which is why that's probably the softest part of our capacity guide right now. But we're going to get real tight on that soon.

是的，薩維，就在——你提到過——下週末左右的日程安排上會有一些清理，但夏季的容量是——你會通過磁帶看到它是將非常穩固並安排在那裡。在 Shane 看來，空客 9,000 小時中大約有 4,000 小時實際上是 321。因此，在 Shane 看來，我們將在第四季度真正開始過渡，這就是為什麼這可能是我們容量指南中最軟的部分現在。但我們很快就會真正做到這一點。

Your next caller is Brandon Oglenski of Barclays.

您的下一位來電者是巴克萊銀行的布蘭登·奧格倫斯基。

Andrew, I guess, as you guys have expectations coming off the back of that question to really ramp up flying in the second half of the year. It looks like to get to your guidance, we would take RASM down a little bit from maybe where you are in the second quarter. But is that necessarily the outcome that has to happen?

安德魯，我猜，正如你們從這個問題後面得出的期望，在今年下半年真正增加飛行。看起來得到您的指導，我們可能會在第二季度將 RASM 降低一點。但這必然是必鬚髮生的結果嗎？

Not -- on the RASM side, I obviously have pretty much no visibility into the fourth quarter there. But my expectation is as we get surgical and sharp and smart about capacity, I think if anything, it's going to boost our ability to maintain good solid unit revenues into the fourth quarter.

不是——在 RASM 方面，我顯然對那裡的第四季度幾乎一無所知。但我的期望是，隨著我們對產能進行外科手術、敏銳和聰明，我認為如果有的話，它將提高我們在第四季度保持良好穩定單位收入的能力。

Okay. I mean, is there anything about the flying that would be new markets or developing markets that could set that back a little bit?

好的。我的意思是，新市場或發展中市場的飛行有什麼可以讓這一點倒退的嗎？

I mean I can safely say to you right now, you pretty much see what we're going to be flying this year as far as markets. And as I shared on Investor Day, 90% of all of our growth is going to be in existing markets and pretty much what you see already, the Miami's and such are our new markets for this year, so we're sort of done.

我的意思是我現在可以有把握地對你說，你幾乎看到了我們今年在市場方面的發展。正如我在投資者日分享的那樣，我們所有增長的 90% 都將來自現有市場，幾乎就像你已經看到的那樣，邁阿密等是我們今年的新市場，所以我們已經完成了。

Your next call is Conor Cunningham with MKM Partners.

您的下一個電話是 MKM Partners 的 Conor Cunningham。

And just in terms -- I know you talked a little bit about the corporate recovery in California. But just wanted to see if you could give some color around just the entirety of that market. I would think that the California network really dramatically outperformed relative to the Pacific Northwest as demand snapped back. So just want to see where you are in terms of that -- recovery of those markets and your expectation for a full recovery there. And then is California dilutive to RASM at this point? Or is it actually back in line with the system?

就術語而言——我知道你談到了加州的企業復甦。但只是想看看你是否可以為整個市場提供一些顏色。我認為隨著需求的回升，加州網絡相對於太平洋西北地區的表現確實顯著優於太平洋西北部。所以只想看看你在這方面的位置——這些市場的複蘇以及你對那裡全面復甦的期望。那麼加州在這一點上是否稀釋了RASM？還是它實際上與系統保持一致？

We're not going to probably get in the habit of providing that level of detail. But what -- your observations are correct, especially with the snapback looking at March and April. But the California demand is extremely strong, and we are seeing very, very solid unit revenue performance, especially on the yield side out of California in our current bookings. So if anything, just given we have less capacity there than we do in the Pacific Northwest, I think what I'm seeing right now is a very, very solid recovery out of California.

我們可能不會養成提供那種詳細程度的習慣。但是什麼 - 你的觀察是正確的，尤其是在三月和四月的回彈。但是加州的需求非常強勁，我們看到了非常非常穩健的單位收入表現，特別是在我們目前預訂的加州以外的收益方面。因此，如果有的話，只是考慮到我們那裡的容量比我們在太平洋西北地區的容量要少，我認為我現在看到的是加利福尼亞州非常非常穩固的複蘇。

Okay. And then you guys' financials have recovered a lot quicker than others and your balance sheet is in great shape. And -- so when I -- the one thing that is kind of outstanding is the pilot contract, there's been a lot of discussion on this call about pilots in general. I would imagine -- is that now your #1 priority of getting done? Like I'm not asking you to negotiate right now, but it seems like it would be front and center in terms of priorities for you.

好的。然後你們的財務狀況比其他人恢復得更快，資產負債表狀況良好。而且 - 所以當我 - 有一點很出色的是飛行員合同，關於這個關於飛行員的電話的討論很多。我想 - 現在是你完成工作的第一要務嗎？就像我現在不要求您進行談判一樣，但就您的優先事項而言，這似乎是前沿和中心。

It's an absolute priority for us, Conor. We're focused on getting a deal with our pilots, recognizing their contributions and get a deal that makes sense for a business model. So we are entirely focused on getting a deal with our pilots.

康納，這對我們來說絕對是當務之急。我們專注於與我們的飛行員達成協議，認可他們的貢獻並獲得對商業模式有意義的交易。因此，我們完全專注於與我們的飛行員達成協議。

Your next call is Myles Walton of UBS.

您的下一個電話是瑞銀的邁爾斯沃爾頓。

I was wondering, as an operator, an airline, you could comment or weigh in on the benefits and risks of requiring the MAX 10 to include a new flight crew alerting system. And if that were to come about, what it would -- what would the cost benefit tradeoff to you be given some of your fleet expansions is obviously reliant on moving into the MAX 10?

我想知道，作為運營商和航空公司，您可以評論或權衡要求 MAX 10 包含新的機組人員警報系統的好處和風險。如果發生這種情況，它會發生什麼——如果你的一些機隊擴張顯然依賴於進入 MAX 10，那麼你的成本效益權衡會是什麼？

Myles, good question, it's Nat. We're obviously observing the certification of the program really closely. And clearly, safety is first in that whole process and why it's so important. But to reinforce, we are really bullish on that airplane. We think it's got the potential to have the best seat cost of any airplane in our fleet, but obviously, that assumes a level of pilot commonality that runs through all of the models. And hard to say and forecast where that goes, but should that not be the case, it's something we would reassess and obviously, the -9 is a great airplane for us. We have 20 of them so far, and we'll have good optionality with Boeing.

邁爾斯，好問題，我是納特。我們顯然正在密切關注該計劃的認證。顯然，在整個過程中，安全是第一位的，為什麼它如此重要。但要強調的是，我們真的看好那架飛機。我們認為它有可能擁有我們機隊中任何飛機的最佳座位成本，但顯然，這假設了貫穿所有模型的飛行員共性水平。很難說和預測會發生什麼，但如果不是這樣，我們會重新評估，顯然，-9 對我們來說是一架很棒的飛機。到目前為止，我們有 20 個，我們將與波音公司有很好的選擇權。

Okay. And then in terms of just a cleanup on the ATL. Can you just level-set us as to what is set for expiry this year from the holdover maybe during COVID from travel credits?

好的。然後就 ATL 的清理而言。您能否就旅行積分在 COVID 期間從延期到今年到期的內容向我們設定水平？

Yes, this is Emily. So we look at the ATL kind of historical trend in terms of breakage rate every quarter. So from an accounting perspective, we've been updating those over time and I would say that generally, there has not been a massive change in terms of the breakage and experience that we've been having. Separately, though, kind of on the guest front, the #1 priority for the company is to make sure that we're meeting guests where they are and making sure that we're honoring the flight that they want to have with us. So I think over time, if we start to see guests come back and look to redeem some of those tickets, we'll be generous in the way that we handle those things.

是的，這是艾米麗。因此，我們從每個季度的破損率來看 ATL 的歷史趨勢。因此，從會計的角度來看，隨著時間的推移，我們一直在更新這些內容，我想說的是，總的來說，就我們所擁有的破壞和經驗而言，並沒有發生巨大的變化。不過，另外，在客人方面，公司的第一要務是確保我們在客人所在的地方與他們會面，並確保我們尊重他們想要與我們一起乘坐的航班。所以我認為隨著時間的推移，如果我們開始看到客人回來並希望兌換其中一些門票，我們會在處理這些事情的方式上大方。

Your next caller is a Catie O'Brien of Goldman Sachs.

您的下一位來電者是高盛的 Catie O'Brien。

So I guess the first one for Nat. Just like a bit of a follow-up on the Airbus discussion. I know you're working on a solution for the A321s. But is there a potential for someone to maybe look to buy you out of your A320 leases, given aircraft supply constraints? Mostly, been focused on wide-bodies, but we've heard more about aircraft constraints again this earnings season. Understanding even your capacity plans for this year, but if you did get bought out, like maybe that changes the cash costs over the life of the lease and potentially the recognition on your P&L over the rest of this year, realizing that's special out of CASM, that was kind of nested question. So I appreciate the help.

所以我猜是 Nat 的第一個。就像空中客車討論的後續行動一樣。我知道您正在研究 A321 的解決方案。但是，考慮到飛機供應的限制，是否有可能有人會從您的 A320 租約中購買您？大多數情況下，一直專注於寬體飛機，但我們在本財報季再次聽到更多關於飛機限制的消息。甚至了解您今年的產能計劃，但如果您確實被買斷了，這可能會改變租賃期內的現金成本，並可能會改變今年剩餘時間對您的損益表的確認，意識到這對 CASM 來說很特別，這是一個嵌套的問題。所以我很感激幫助。

Catie, it's a great question. I'll tell you initially that the ratio of calls I get on the A321s to the A320s is about 10:1. So it tells you from a market perspective that folks are much more focused on those airplanes. And part of it is they're 2 to 4 years old, Airbus is delayed in delivering new ones and so folks are interested in trying to take 10 young airplanes and grow their fleets that way. On the A320s, the leases there, all expire by the end of '25. And so as we answered earlier in a question, we're focused on that return plan and Emily's run our numbers to focus on that. But there are opportunities with lessors to buy out of those leases early, especially if the lessor has a prospect on the other side. And so it can be actually a win-win, certainly for us, and it helps us get the airplane out of our fleet more quickly and maybe not have to do all the return conditions for then the lessor to modify the airplane for the new operator. So there's some gains that are potentially there, and we're working those really hard.

凱蒂，這是一個很好的問題。首先我會告訴你，我在 A321s 和 A320s 上接聽的電話比率約為 10:1。所以它從市場的角度告訴你，人們更關注那些飛機。部分原因是它們的機齡為 2 到 4 歲，空中客車公司推遲交付新飛機，因此人們有興趣嘗試使用 10 架年輕的飛機並以這種方式發展他們的機隊。在 A320 上，那裡的租約都在 25 年底到期。因此，正如我們之前在一個問題中回答的那樣，我們專注於該退貨計劃，而 Emily 運行我們的數據以專注於該計劃。但是出租人有機會提前買斷這些租約，特別是如果出租人有另一方的前景。所以這實際上是雙贏的，當然對我們來說，它可以幫助我們更快地將飛機從我們的機隊中取出，也許不必為出租人為新的運營商修改飛機做所有的返回條件.所以有一些潛在的收益，我們正在努力工作。

Got it. And then one for Andrew. You called out some of the new partner flights into your West Coast hubs during your prepared remarks. But could you maybe just give us like broad strokes on how much partner capacity is up into your hubs as we look through the rest of the year? And I guess just any high-level read-through from your partners on how demand and yields are looking on those routes? And then lastly, how could that translate into incremental revenue for Alaska?

知道了。然後是安德魯的一個。在準備好的講話中，您召集了一些新的合作夥伴航班進入您的西海岸樞紐。但是，在我們展望今年餘下的時間時，您能否就您的中心有多少合作夥伴容量向我們簡單介紹一下？而且我想您的合作夥伴對這些路線的需求和收益如何進行了高級閱讀？最後，這如何轉化為阿拉斯加的增量收入？

I think the largest as it relates to partners is international. And in our prepared remarks, you're starting to see that come back. I mean Japan Airlines as one, is certainly still significantly down. So the long-haul carriers are starting to come back. Qatar obviously is sort of up. And so I think as we get beyond this summer and going forward, I think more and more there. I think some of our other comments that we shared on Investor Day is really taking a key city from Alaska flying into another key city of American and connecting beyond that, that continues to work. The vast majority, obviously, of our passengers travel across our own network. But as we get into the Q2, Q3, we're going to have much better visibility on that partner traffic as demand fully returns there so we'll give you more color on that in the next couple of quarters.

我認為與合作夥伴相關的最大的是國際性的。在我們準備好的評論中，你開始看到它回來了。我的意思是日本航空公司作為一個，肯定仍然顯著下降。因此，長途航空公司開始捲土重來。卡塔爾顯然有點上升。所以我認為隨著我們度過這個夏天並繼續前進，我會越來越多地想到那裡。我認為我們在投資者日分享的其他一些評論實際上是把阿拉斯加的一個關鍵城市帶到美國的另一個關鍵城市，並在此之外進行連接，這將繼續有效。顯然，絕大多數乘客都是通過我們自己的網絡旅行的。但隨著我們進入第二季度和第三季度，我們將對合作夥伴流量有更好的可見性，因為那裡的需求完全恢復，因此我們將在接下來的幾個季度為您提供更多信息。

Operator, I think we have time for 1 more question.

接線員，我想我們還有時間再回答 1 個問題。

Your next caller is Dan McKenzie of Seaport Global.

您的下一位來電者是 Seaport Global 的 Dan McKenzie。

A couple of questions. I guess, first for you, Andrew. What forward data are you tracking to give you confidence on unit revenues through year-end? And if you can talk about fare searches on alaska.com, how are they trending versus 2019? And are the searches tying into the -- or are the searches tied into the revenue management systems to inform how you're sort of thinking about the revenue trends?

幾個問題。我想，首先是給你的，安德魯。您正在跟踪哪些前瞻性數據以使您對年底的單位收入充滿信心？如果您可以談論 alaska.com 上的票價搜索，與 2019 年相比，它們的趨勢如何？搜索是否與收入管理系統相關，或者是否與收入管理系統相關，以告知您如何考慮收入趨勢？

Yes. We -- one of the beauties, I suppose, of COVID, but every day, we're looking at bookings and searches and all of those. What I will tell you is that the -- even as the yields are going up, the conversion rates are not going down. So the conversion rates are staying strong. RM is not technically connected to the booking schedule on as.com per se, the searches, I would say. But we stay extremely close and as I've shared earlier, we look every day of what was sold in which month at what yield, and we are seeing across the board out at least the next 4 to 5 months, strength across all of it, all the regions at those high percentages every week.

是的。我想，我們是 COVID 的美女之一，但每天，我們都在查看預訂和搜索以及所有這些。我要告訴你的是，即使收益率上升，轉換率也不會下降。因此，轉化率保持強勁。 RM 在技術上與 as.com 本身的預訂時間表沒有聯繫，我想說的是搜索。但是我們保持非常接近，正如我之前分享的那樣，我們每天都在查看哪個月的銷售量和收益率，我們至少在接下來的 4 到 5 個月內全面看到，所有方面的實力，所有地區每週都處於這些高百分比。

Well, very good. Going back to the ULCCs. What percent of revenue does this impact this summer? So I guess the question is, is it material? And then if you can just help us balance that with what the growth rate in premium seats is this summer, say, versus 2019. And I guess I didn't catch this earlier, but just tied to the premium seats this summer versus '19 what's the rate of corporate recovery here in the first quarter? And what's the expectation on the corporate recovery this summer? And I apologize if you shared that earlier. I joined late on the call here.

嗯，很好。回到 ULCC。今年夏天這會影響百分之幾的收入？所以我想問題是，它是物質的嗎？然後，如果你能幫助我們平衡今年夏天高級座位的增長率與 2019 年相比。而且我想我沒有早點發現這一點，而是與今年夏天與 19 年的高級座位相關聯第一季度企業復甦的速度是多少？對今年夏天的企業復甦有何期待？如果您之前分享過，我深表歉意。我加入這裡的電話很晚。

No. I think on the ULCC, irrespective of what happens in the marketplace, we don't -- the ULCC overlap in our markets has not really changed. It's not significant. A lot of it is really East Coast focused and the Midwest, so nothing's really changed on that front on the ULCC side. I think on the premium seats, we've given no color into the specifics in the second or third quarter other than to say is that -- as I said in the first quarter, we saw revenues for first-class up 19%. So we're going to continue to watch the yields. But I think as business travel continues to come in, I think there's going to be continued strength in the premium cabin.

不。我認為在 ULCC 上，無論市場發生什麼，我們都沒有——我們市場中的 ULCC 重疊並沒有真正改變。這並不重要。其中很多都集中在東海岸和中西部，所以在 ULCC 方面這方面並沒有真正改變。我認為在高級座位上，我們沒有給出第二或第三季度的具體細節，只是說 - 正如我在第一季度所說的那樣，我們看到頭等艙的收入增長了 19%。因此，我們將繼續觀察收益率。但我認為，隨著商務旅行的不斷湧入，我認為高級客艙的實力將持續增強。

Thanks, everyone, for joining us, and we'll talk to you next quarter.

謝謝大家加入我們，我們將在下個季度與您交談。

Thank you for participating in today's conference call. This call will be available for future playback at alaskaair.com.

感謝您參加今天的電話會議。此通話將可在 alaskaair.com 上播放。