Hawaiian Holdings Inc (HA) 2023 Q2 法說會逐字稿

Greetings, and welcome to Hawaiian Holdings, Inc. Second Quarter 2023 Financial Results Call. (Operator Instructions) As a reminder, this conference is being recorded. At this time, I would now like to hand the call over to Marcy Morita, Managing Director of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Hawaiian Holdings, Inc. 2023 年第二季度財務業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在，我想將電話轉交給投資者關係董事總經理 Marcy Morita。謝謝。你可以開始了。

Thank you, Darryl. Hello, everyone, and welcome to Hawaiian Holdings Second Quarter 2023 Results Conference Call. Here with me in Honolulu are Peter Ingram, President and Chief Executive Officer; Brent Overbeek, Chief Revenue Officer; and Shannon Okinaka, Chief Financial Officer. We also have several other members of our management team in attendance for the Q&A. Peter will provide an overview of our performance, Brent will discuss revenue and Shannon will discuss costs and the balance sheet. At the end of the prepared remarks, we'll open the call up for questions.

謝謝你，達里爾。大家好，歡迎參加 Hawaiian Holdings 2023 年第二季度業績電話會議。和我一起在檀香山的是總裁兼首席執行官彼得·英格拉姆 (Peter Ingram)；布倫特·奧弗比克 (Brent Overbeek)，首席營收官；首席財務官 Shannon Okinaka。我們管理團隊的其他幾位成員也出席了問答。彼得將概述我們的業績，布倫特將討論收入，香農將討論成本和資產負債表。在準備好的發言結束時，我們將開始提問。

By now, everyone should have access to the press release that went out at about 4:00 Eastern Time today. If you have not received the release, it is available on the Investor Relations page of our website, hawaiianairlines.com. During our call today, we refer at times to adjusted or non-GAAP numbers and metrics. A detailed reconciliation of GAAP to non-GAAP numbers and metrics can be found at the end of today's press release posted on the Investor Relations page of our website.

到現在為止，每個人都應該可以看到今天東部時間 4:00 左右發布的新聞稿。如果您尚未收到該新聞稿，可以在我們網站 hawaiianairlines.com 的投資者關係頁面上找到該新聞稿。在今天的電話會議中，我們有時會提及調整後或非公認會計準則的數字和指標。 GAAP 與非 GAAP 數字和指標的詳細調節可以在我們網站投資者關係頁面上發布的今天新聞稿的末尾找到。

As a reminder, the following prepared remarks contain forward-looking statements, including statements about our future plans and potential future financial and operating performance. Management may also make additional forward-looking statements in response to your questions. These statements are subject to risks and uncertainties and do not guarantee future performance, and therefore, undue reliance should not be placed upon them.

謹此提醒，以下準備好的評論包含前瞻性陳述，包括有關我們未來計劃以及未來潛在財務和運營業績的陳述。管理層還可能針對您的問題做出額外的前瞻性陳述。這些陳述存在風險和不確定性，並且不保證未來的業績，因此，不應過度依賴它們。

We refer you to Hawaiian Holding's recent filings with the SEC for a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements. These include the most recent annual report filed in Form 10-K as well as subsequent reports filed on Forms 10-Q and 8-K. I will now turn the call over to Peter.

我們建議您參閱 Hawaiian Holding 最近向 SEC 提交的文件，以更詳細地討論可能導致實際結果與任何前瞻性聲明中預測的結果存在重大差異的因素。其中包括以 10-K 表格提交的最新年度報告以及以 10-Q 表格和 8-K 表格提交的後續報告。我現在將把電話轉給彼得。

Hello, Marcy. Aloha, everyone, and thank you for joining us today. I want to start with a sincere mahalo for our frontline team who have been working in a challenging operating environment for the past several months. The good news is that things are getting better and our team has once again demonstrated that when things get tough, they rise to the occasion. For that, I am incredibly grateful.

你好，馬西。大家好，感謝您今天加入我們。首先，我想向過去幾個月在充滿挑戰的運營環境中工作的一線團隊致以誠摯的謝意。好消息是，情況正在好轉，我們的團隊再次證明，當事情變得艱難時，他們會挺身而出。為此，我非常感激。

Leisure demand remains robust throughout our network, reflected in strong second quarter revenue performance and encouraging advanced bookings for the back half of the year. We continue to make important progress on the strategic initiatives that will make us an even better airline, and we are encouraged by improvement in some of the outside influences that have affected our operating environment.

我們整個網絡的休閒需求仍然強勁，這反映在第二季度強勁的收入表現和令人鼓舞的下半年提前預訂上。我們繼續在戰略舉措上取得重要進展，使我們成為一家更好的航空公司，並且我們對影響我們運營環境的一些外部影響的改善感到鼓舞。

With some of the factors we don't control falling into place, we're getting back to a world in which our team members can do what they do best: deliver exceptional hospitality to our guests. As you have seen in our press release today, RASM came in above the range that we guided to during our last earnings call, a testament to the robust demand environment. I'll touch on a few highlights of our commercial performance that Brent will address in more detail.

由於一些我們無法控制的因素的落實，我們正在回到一個我們的團隊成員可以做他們最擅長的事情的世界：為我們的客人提供卓越的款待。正如您在今天的新聞稿中看到的那樣，RASM 高於我們在上次財報電話會議中指導的範圍，這證明了強勁的需求環境。我將談談我們商業表現的一些亮點，布倫特將更詳細地討論這些亮點。

Revenue performance from the U.S. Mainland to Hawaii, the largest part of our network, remained strong, continuing the trend we have seen for several quarters. There is no evidence of a slowdown or other signs of a looming recession in our demand indicators. Similarly, we have seen the continuation of recent trends on our international routes outside of Japan, with Australia, New Zealand and South Korea all seeing solid demand in the second quarter. And on our Neighbor Island network, we continue to decisively outperform Southwest on load factor, unit revenue and customer preference in an environment that remains challenging in terms of fares and supply.

從美國大陸到夏威夷（我們網絡的最大部分）的收入表現仍然強勁，延續了我們幾個季度以來看到的趨勢。沒有證據表明我們的需求指標出現放緩或其他即將出現衰退的跡象。同樣，我們看到日本以外的國際航線近期趨勢仍在延續，澳大利亞、新西蘭和韓國在第二季度都看到了強勁的需求。在我們的鄰島網絡上，在票價和供應方面仍然充滿挑戰的環境中，我們在載客率、單位收入和客戶偏好方面繼續明顯優於西南航空。

Where we have seen a divergence from recent trends in a favorable direction is on our routes between Japan and Hawaii. Since early May, Japan outbound demand has accelerated meaningfully for the first time since the onset of the pandemic. Combined with historically high demand from U.S. point of sale, the result has been load factors and RASM that are comparable to historical levels.

我們發現日本和夏威夷之間的航線與最近的趨勢背離，朝著有利的方向發展。自5月初以來，日本出境需求自疫情爆發以來首次顯著加速。結合美國銷售點歷史上的高需求，負載率和 RASM 與歷史水平相當。

Now I will offer one caveat to this recovery. The performance we are seeing is currently on a capacity base that has been about 70% of what we operated in 2019. And JAL and ANA, the other 2 major operators between Japan and Hawaii, have been operating a similar proportion of their pre-pandemic capacity levels. So we will have to see a continued growth in demand as capacity comes back, both as a result of demand and the likely conclusion of slot relief measures.

現在我將對這次復蘇提出一個警告。我們目前看到的業績是基於我們 2019 年運營的運力基礎上的 70% 左右。日本航空和全日空是日本和夏威夷之間的另外兩家主要運營商，其運營比例與大流行前相似。能力水平。因此，隨著運力恢復，我們將不得不看到需求持續增長，這既是需求的結果，也是航班時刻緩解措施可能結束的結果。

But having talked about this since 2021 on these calls, it's great to see Japanese visitors starting to return to Hawaii in numbers. And it's important not just for us, but for many businesses here in Hawaii that have historically relied on what has long been the state's largest source of international visitors. We've also seen a positive shift in our operations.

但自 2021 年以來，我們一直在電話中討論過這一問題，很高興看到大量日本遊客開始返回夏威夷。這不僅對我們很重要，對夏威夷的許多企業也很重要，這些企業歷來依賴該州最大的國際遊客來源。我們的運營也發生了積極的轉變。

For 8 months from last October through almost the end of May, we've dealt with the consequences of a major runway construction project in Honolulu. As I've previously shared, the construction projects resulted in a reduced arrival rate at the airport during peak periods and frequent ground holds for some of our Neighbor Island flights, which severely affected our operations and on-time performance.

從去年 10 月到 5 月底的 8 個月裡，我們一直在應對檀香山大型跑道建設項目的後果。正如我之前所分享的，建設項目導致高峰期機場到達率下降，部分鄰島航班頻繁滯留，嚴重影響了我們的運營和準點率。

The good news is that on May 27, the most impactful phase of the construction project was completed, and the runway is open for daily operation. As expected, we delivered a significantly improved on-time performance in June and are trending even more favorably in July. We're not resting here, though. There are still some work to be done to get all the way back to the historical level of industry-leading reliability, so this is no time to take our eyes off the ball.

好消息是，5月27日，最具影響力的一期建設工程竣工，跑道投入日常運營。正如預期的那樣，我們 6 月份的準時表現顯著提高，並且 7 月份的趨勢更加有利。不過，我們並沒有在這裡休息。要完全恢復到業界領先的可靠性歷史水平，仍有一些工作要做，所以現在不是讓我們把注意力從球上移開的時候。

What is most important though is that our team is now positioned to be successful again, which they really couldn't be for 8 long months. I thank them again for their perseverance as we work through these challenges. We've also seen some improvement in the availability of our A321 aircraft, which have been constrained in recent months by our engine supplier's inability to meet spare engine commitments as we detailed on previous calls.

但最重要的是，我們的團隊現在已經準備好再次取得成功，而他們實際上在長達 8 個月的時間裡都無法做到這一點。我再次感謝他們在我們應對這些挑戰時所表現出的毅力。我們還看到 A321 飛機的可用性有所改善，近幾個月來，由於我們的發動機供應商無法履行我們在之前的電話會議中詳述的備用發動機承諾，該飛機的可用性受到了限制。

The worst period saw us with 5 of our 18 aircraft on the ground awaiting engines. More recently, we've experienced 2 and sometimes 3 grounded aircraft. Our plan prior to this morning had been for no more than 2 aircraft out of service for the next few months, improving to 1 in the fourth quarter. Today's news from Pratt's parent company's earnings call announcing additional removals for this engine type, renders this plan subject to change.

最糟糕的時期是我們 18 架飛機中有 5 架在地面等待發動機。最近，我們經歷了 2 架、有時甚至 3 架飛機停飛。今天早上之前，我們的計劃是在接下來的幾個月內停止運營的飛機不超過 2 架，第四季度將增加到 1 架。今天，普拉特母公司的財報電話會議宣布進一步拆除該類型的發動機，這使得該計劃可能會發生變化。

Since this development is late-breaking, we haven't yet fully calibrated the impact. Our team has already started to work with Pratt & Whitney to understand the specific impacts on our installed fleet, and in the days ahead, we will assess whether we must take any schedule action to mitigate aircraft shortages. Even as the situation improved recently, we always knew that it remained dynamic. And while we receive financial compensation for unavailable aircraft, what we are really looking forward to is full availability of our fleet, an appropriate level of spare engines at our facilities and a much more predictable operation.

由於這一進展是最新的，我們尚未完全校准其影響。我們的團隊已經開始與普惠公司合作，了解對我們已安裝機隊的​​具體影響，在未來幾天，我們將評估是否必須採取任何計劃行動來緩解飛機短缺問題。儘管最近情況有所改善，但我們始終知道它仍然充滿活力。雖然我們因無法使用的飛機而獲得經濟補償，但我們真正期待的是我們的機隊完全可用，我們的設施有適當水平的備用發動機以及更加可預測的運營。

We're also making progress on many major initiatives we're tackling this year. We've achieved major milestones on 2 such initiatives in the second quarter, transitioning our reservation system to Amadeus' Altea platform and in-sourcing important aspects of our A330 maintenance from a third party. Altea will provide a stronger technology foundation on which to build new revenue-generating products and digital experiences for our guests.

我們今年正在實施的許多重大舉措也取得了進展。第二季度，我們在兩項此類舉措上取得了重大里程碑，將我們的預訂系統過渡到艾瑪迪斯的 Altea 平台，以及從第三方內包 A330 維護的重要方面。 Altea 將提供更強大的技術基礎，為我們的客人打造新的創收產品和數字體驗。

By in-sourcing management of our A330 maintenance, we're taking full ownership of our A330 fleet reliability, which will provide a lower steady-state cost structure and better control and flexibility to accommodate changes in our business, especially as we bring the freighter fleet into service.

通過A330 維護的內包管理，我們完全掌控了A330 機隊的可靠性，這將提供更低的穩態成本結構以及更好的控制和靈活性，以適應我們業務的變化，特別是當我們將貨機引入時艦隊投入使用。

Earlier this month, the first A330-300 freighter that we will operate for Amazon arrived rivet in Honolulu. Over the next few months, we'll use the aircraft for employee familiarization work. This is the first of 10 freighter aircraft we will be inducting over the course of the next 1.5 years, providing us a new and diversified stream of revenue that will begin to ramp more materially in 2024.

本月早些時候，我們為亞馬遜運營的第一架 A330-300 貨機抵達檀香山。在接下來的幾個月裡，我們將使用這架飛機進行員工熟悉工作。這是我們將在未來 1.5 年內引進的 10 架貨機中的第一架，為我們提供了新的多元化收入來源，並將於 2024 年開始大幅增長。

In May, we unveiled our Boeing 787-9 Dreamliner interior and a new business class product, the Leihoku suites. These 34 seats feature fully flat beds, privacy doors and shared double suites. This aircraft truly will set the standard for premium travel to Hawaii. Our team has done a great job of building in unique Hawaiian touches that provide a special experience from the front to the back of the airplane. We have recently learned of an incremental 2-month delay on the delivery of our first aircraft, but this does not at all diminish our enthusiasm about what the aircraft will mean for us in the long term.

5 月，我們推出了波音 787-9 夢想飛機內飾和全新商務艙產品 Leihoku 套房。這 34 個座位均配有全平床、隱私門和共用雙人套房。這架飛機真正將為夏威夷高級旅行樹立標準。我們的團隊在打造獨特的夏威夷風格方面做得非常出色，為您提供從飛機前部到後部的特殊體驗。我們最近獲悉第一架飛機的交付延遲了 2 個月，但這絲毫沒有削弱我們對這架飛機對我們的長期意義的熱情。

On a previous call, we shared with you our exciting news about plans to provide WiFi connectivity on our long-haul fleet using SpaceX's Starlink. The Starlink team continues to work through the certification and modification kits for the A321 and A330, the first for each type. At this point, we don't expect the first installation to occur until at least 4Q, and it will be 2024 before we have a steady stream of aircraft mods underway. Getting this product installed on our fleet, which will be free for every guest from day 1, will set a new standard for bandwidth and speed, something we have even more confidence about now given documented performance of the technology on other fleets that are in service.

在之前的電話會議中，我們與您分享了令人興奮的消息，即計劃使用 SpaceX 的 Starlink 為我們的長途機隊提供 WiFi 連接。 Starlink 團隊繼續致力於 A321 和 A330 的認證和改裝套件，這是每種類型的第一個。目前，我們預計至少要到第四季度才會進行首次安裝，而要到 2024 年，我們才會源源不斷地進行飛機改裝。在我們的車隊上安裝該產品（從第一天起對每位客人免費）將為帶寬和速度設定新標準，鑑於該技術在其他正在使用的車隊上的記錄性能，我們現在對此更有信心。

As you can tell, we're very busy right now. Our message to the team over the last year has been to buckle down and focus on what we can control. Encouragingly, we're now seeing some of the externalities we don't control, like runway construction and Japan demand, move in our favor. All of these things position us for stronger performance ahead. And what positions us most of all is our team throughout the organization. They continue to do a great job extending a standard of hospitality and care that sets us apart.

正如你所知，我們現在很忙。去年我們向團隊傳達的信息是全力以赴，專注於我們可以控制的事情。令人鼓舞的是，我們現在看到一些我們無法控制的外部因素，例如跑道建設和日本需求，對我們有利。所有這些都使我們能夠在未來取得更強勁的業績。對我們來說最重要的是我們整個組織的團隊。他們繼續出色地提高了熱情好客和關懷的標準，使我們與眾不同。

Lastly, I want to mention some changes that we've made recently to our commercial leadership team. We have consolidated responsibility over commercial to 2 long-standing leaders, Brent Overbeek, our Chief Revenue Officer; and Avi Mannis, our Chief Marketing Officer. Both have been promoted to Executive Vice President as part of this change. I have great confidence that their complementary skill sets and vision are going to drive our commercial performance over the coming years.

最後，我想提一下我們最近對商業領導團隊所做的一些改變。我們將商業責任統一交給了兩位長期領導者：我們的首席營收官布倫特·奧弗比克 (Brent Overbeek)；以及我們的首席營銷官 Avi Mannis。作為此次變革的一部分，兩人均已晉升為執行副總裁。我非常有信心，他們互補的技能和願景將在未來幾年推動我們的商業業績。

Let me now turn it over to Brent to go over our commercial performance and outlook in more detail.

現在讓我將其交給布倫特，更詳細地介紹我們的商業表現和前景。

Thank you, Peter. Aloha. everyone. As Peter mentioned, leisure demand remained strong for most of our markets in the second quarter, with our international routes standing out in particular. I'll later expand in further detail upon each part of our network.

謝謝你，彼得。阿羅哈。每個人。正如彼得所提到的，第二季度我們大多數市場的休閒需求仍然強勁，其中我們的國際航線尤其突出。稍後我將進一步詳細介紹我們網絡的每個部分。

Total revenue was up just over 2%, and we operated 11% more capacity versus the same period in 2022, which was in line with our guidance. In the second quarter, system RASM was down 8% year-over-year, which is slightly better than our guidance range as a result of the pace of recovery in Japan that Peter alluded to. North America finished strong as we experienced robust demand throughout the quarter. Load factor ended at over 90% for the second quarter, operating on 5% less capacity compared to the same period in 2022.

與 2022 年同期相比，總收入增長了 2% 多一點，運力增加了 11%，這符合我們的指導方針。第二季度，系統 RASM 同比下降 8%，由於彼得提到的日本複蘇步伐，略好於我們的指導範圍。北美地區表現強勁，因為整個季度的需求強勁。第二季度的載客率超過 90%，運力較 2022 年同期減少 5%。

We would have liked to flown more to serve the strong demand, but we're limited by the availability of A321 aircraft due to the engine availability issues previously discussed. Given today's news from Pratt & Whitney, it will likely be a few more quarters until we have the entire A321 fleet available, and none of the forward capacity plans that I discussed today nor the guidance in our press release reflects the potential incremental impact of the newly announced issue disclosed this morning.

我們本來希望增加飛行次數來滿足強勁的需求，但由於前面討論的發動機可用性問題，我們受到 A321 飛機可用性的限制。鑑於普惠公司今天發布的消息，我們可能還需要幾個季度才能擁有整個 A321 機隊，而且我今天討論的遠期運力計劃和我們新聞稿中的指導都沒有反映出 A321 的潛在增量影響。今天早上披露了新公告的問題。

In the Neighbor Islands, we continue to demonstrate that we are the market carrier of choice with strong demand and load factors throughout the quarter, although revenue continues to be affected by competitive supply and unsustainably low fares. The most recent DOT statistics show us generating unit revenue that was 2.5x Southwest, with a load factor that was 32 points higher, proving that customers continue to value our superior schedule, high-quality service and loyalty value proposition. While fares remain below historical norms, they did increase 6% from the first quarter.

在鄰近島嶼，我們繼續證明我們是市場上的首選承運商，整個季度的需求和載客率強勁，儘管收入繼續受到競爭性供應和不可持續的低票價的影響。 DOT 的最新統計數據顯示，我們的單位收入是西南航空的 2.5 倍，客座率高出 32 個百分點，這證明客戶繼續重視我們卓越的時間表、高質量的服務和忠誠度價值主張。雖然票價仍低於歷史正常水平，但較第一季度確實上漲了 6%。

We saw a tangible recovery in Japan during the second quarter. Our load factor improved to 77% for the quarter and peaked at 94% for the month of June. U.S. point-of-sale traffic remained historically strong, but it was even more encouraging to see Japan point-of-sale progress as we move through the quarter, since this segment of the demand has traditionally represented the lion's share of revenue on these routes.

第二季度我們看到日本出現了明顯的複蘇。本季度我們的載客率提高至 77%，6 月份達到峰值 94%。美國銷售點的客流量仍然保持歷史性強勁，但隨著本季度的進展，日本銷售點的進步更令人鼓舞，因為這部分需求傳統上代表了這些航線收入的最大份額。

We have maintained good momentum in our international network outside of Japan. Local demand in Korea, Australia and New Zealand markets was healthy, with additional strength from U.S. point-of-sale traffic from both the Hawaii market and the Mainland. Passenger revenue for our international market, including Japan, was up over 160% for the second quarter of this year compared to 2022 when the initial wave of easing restrictions was commencing.

我們在日本以外的國際網絡中保持了良好的勢頭。韓國、澳大利亞和新西蘭市場的本地需求健康，來自夏威夷市場和大陸的美國銷售點客流量也進一步強勁。與 2022 年第一波放鬆限制開始時相比，今年第二季度包括日本在內的國際市場的客運收入增長了 160% 以上。

Our co-brand credit card had another record second quarter sales, with revenue up almost 11% over the same period in 2022. On the cargo front, as mentioned in prior calls, activity is normalized back to 2019 levels. Second quarter revenues were down just under 30% year-over-year, but to put in context, cargo operations performed better than 2019 for the same period.

我們的聯名信用卡第二季度銷售額再創新高，收入較 2022 年同期增長近 11%。在貨運方面，正如之前的電話會議中提到的，活動已恢復至 2019 年的水平。第二季度收入同比下降近 30%，但綜合來看，貨運業務的表現好於 2019 年同期。

Now looking ahead to the third quarter. We are anticipating strong summer demand. To give a little more color, in North America, our capacity is forecasted to be down a few percentage points year-over-year. Note again that this forecast does not reflect any changes to our schedules that we might need to make to absorb the newly announced Pratt & Whitney engine challenge.

現在展望第三季度。我們預計夏季需求強勁。更具體地說，在北美，我們的產能預計將同比下降幾個百分點。再次注意，這一預測並不反映我們為應對新宣布的普惠發動機挑戰而可能需要做出的任何時間表變化。

Advanced bookings remained slightly above 2022 while fare levels are slightly lower than 2022 for the same period, driven by some modest year-over-year fare declines in the [shorter] season. Our system capacity growth will continue to be driven by our international network, our longest stage-length entity, with international ASMs up almost 44% over the third quarter of 2022.

提前預訂量仍略高於 2022 年，而同期票價水平略低於 2022 年，這是由於[較短]季節的票價同比略有下降。我們的系統容量增長將繼續由我們的國際網絡（我們最長的階段長度實體）推動，國際 ASM 比 2022 年第三季度增長近 44%。

Since the relaxation of the last COVID-related restrictions in Japan, Japan point-of-sale bookings have begun to accelerate for the remainder of the year. As a comparison, at this point for travel within the third quarter, Japan point-of-sale bookings are double where they were compared to the same metrics over the second quarter.

自從日本放鬆最後一次與新冠病毒相關的限制以來，日本銷售點的預訂量在今年剩餘時間內開始加速。相比之下，就第三季度的旅行而言，日本銷售點預訂量是第二季度相同指標的兩倍。

Bookings and fare levels for the Japan outbound August holiday period are strong, with fare levels above 2019 despite the headwinds of a weaker yen. As Peter mentioned, we're still operating with less capacity than our pre-pandemic schedule as are our competitors. Even as capacity does come back, we're confident that our product and brand remain well regarded by Japanese consumers and that we will compete well in a resurgent Japanese market.

儘管面臨日元貶值的不利影響，日本 8 月假期期間出境游的預訂量和票價水平依然強勁，票價水平仍高於 2019 年。正如彼得所提到的，我們的運營能力仍然低於大流行前的計劃，我們的競爭對手也是如此。即使產能確實恢復，我們也有信心我們的產品和品牌仍然受到日本消費者的好評，並且我們將在復甦的日本市場中保持良好的競爭。

Finally, moving to our Neighbor Island market, we will soon overlap last year's introduction of $39 fares on every seat by Southwest, anticipate a year-over-year improvement in PRASM as we move into the back half of the year. In viewing our entire network, we expect RASM to be down roughly 4% on capacity growth of just over 6% compared to the same period in 2022. We also have other continuing headwinds impacting our RASM comparisons year-over-year. Spoilage continues to be a headwind of over 4 points this quarter and will likely continue to be a headwind for the remainder of 2023. When you combine that with a difficult year-over-year comparisons for cargo and the growth in stage length, it highlights the progress that we were making on the passenger side of our business.

最後，轉向我們的鄰島市場，我們很快將與西南航空去年推出的每個座位 39 美元的票價相重疊，預計隨著下半年的到來，PRASM 將同比有所改善。從我們的整個網絡來看，我們預計 RASM 將下降約 4%，而容量增長略高於 2022 年同期的 6%。我們還面臨其他持續的不利因素影響我們的 RASM 同比比較。本季度，腐敗現象仍然是一個超過4 個百分點的不利因素，並且很可能在2023 年剩餘時間內繼續成為一個不利因素。當您將這一點與貨運量的艱難同比比較和階段長度的增長結合起來時，就會發現，我們在客運業務方面取得的進展。

Looking beyond this year and into 2024, as Peter mentioned, we are excited for the 787 to join the fleet. The larger 300-seat cabin allows us to grow capacity without changing frequencies. The premium cabin on our 787s not only has an enhanced lie flat seat product as mentioned, but also has nearly twice as many seats in the premium cabin as our A330s, allowing us to capture more of the demand for premium products in our markets that we've seen over a sustained period of time.

正如 Peter 提到的，展望今年和 2024 年，我們很高興 787 加入機隊。更大的 300 座客艙使我們能夠在不改變班次的情況下增加運力。我們 787 的高級客艙不僅擁有如上所述的增強型平躺座椅產品，而且高級客艙的座位數量幾乎是 A330 的兩倍，使我們能夠抓住市場對高級產品的更多需求。已經看到了一段持續的時間。

Our first route will likely be from the West Coast of Hawaii to support our colleagues in training and maintenance, and we look forward to being able to more optimally use the fleet on longer haul emissions as we grow the fleet. With the exciting prospects of our 787 fleet, rolling out Starlink, delivering the benefits from our Amadeus investment and the momentum we're seeing in our markets, in particular, Japan, we're encouraged about what we can accomplish for the rest of the year and into next year. And with that, I'll turn the call over to Shannon.

我們的第一條航線可能會從夏威夷西海岸出發，以支持我們的同事進行培訓和維護，我們期待著隨著我們機隊的發展，能夠更優化地利用機隊進行長途排放。憑藉我們787 機隊的令人興奮的前景、推出Starlink、從我們的艾瑪迪斯投資中獲益以及我們在市場（特別是日本）看到的勢頭，我們對我們在其他地區能夠取得的成就感到鼓舞年並進入明年。然後我會把電話轉給香農。

Thanks, Brent. Aloha, everyone, and thank you for joining us today. We ended the second quarter with an adjusted EBITDA of about $26 million, which equates to an adjusted loss of $0.47 per share. Looking back at the first half of the year, while we acknowledge that there is still work to be done, our year-over-year progress is significant and very encouraging.

謝謝，布倫特。大家好，感謝您今天加入我們。第二季度末，調整後 EBITDA 約為 2600 萬美元，相當於調整後每股虧損 0.47 美元。回顧上半年，雖然我們承認仍有工作要做，但我們的同比進展是顯著且非常令人鼓舞的。

Unit costs, excluding fuel, were generally in line with our expectations for the second quarter. Our pilot wages came in a little higher than expected due to operational disruptions that resulted in upgauges and other schedule changes that caused closing changes to pilot scheduling offset by maintenance credits we received for grounded A321s due to engine unavailability. Fuel consumption was lower than expected due to slightly less flying during the quarter.

單位成本（不包括燃料）總體上符合我們對第二季度的預期。我們的飛行員工資略高於預期，原因是運營中斷導致儀表升級和其他日程安排變更，導致飛行員日程安排的最終變更被我們因發動機無法使用而停飛的 A321 飛機獲得的維護積分所抵消。由於本季度飛行略有減少，燃油消耗低於預期。

Our third quarter costs remain elevated as we near the apex of our preparations before the 787 and A330 freighters enter into service. For example, we currently have about 25% more pilots on property than we did at the end of 2019 for about the same amount of capacity, many of whom are in training. We expect pilot productivity to improve as we begin generating revenue from the freighters and 787s and the number of pilots in training and transitioning fleets will move towards more normalized levels.

在 787 和 A330 貨機投入使用之前，我們的準備工作已經接近頂峰，因此我們第三季度的成本仍然很高。例如，在容量大致相同的情況下，我們目前在物業上的飛行員數量比 2019 年底增加了約 25%，其中許多人正在接受培訓。我們預計，隨著我們開始從貨機和 787 中獲得收入，飛行員的生產力將會提高，並且培訓和過渡機隊的飛行員數量將走向更加規範的水平。

That being said, we expect our third quarter unit costs, excluding fuel and special items, to be about 8.5% higher than the same period in 2022. This is primarily driven by about 4.5 percentage points from increases in labor costs, which are primarily a combination of a new pilot contract and the higher number of pilots in training, about 2 points from a higher number of heavy maintenance events and 1 point from higher airport rates.

話雖如此，我們預計第三季度的單位成本（不包括燃料和特殊物品）將比2022 年同期高出約8.5%。這主要是由勞動力成本增加約4.5 個百分點推動的，而勞動力成本主要是由於新的飛行員合同和更多的飛行員培訓相結合，大約2分來自更多的重型維修事件，1分來自更高的機場費率。

Airport rate increases will be an ongoing headwind to unit costs as they are increasing, on average, at a rate higher than that of industry average, most notably our rates for Hawaii airports, where we have the most activity. As labor and other rates increase, we're focused on finding efficiencies throughout the company as we invest heavily in technology to modernize legacy systems, we have a distinct focus on accessing data to enhance our analytical capability.

機場費率的上漲將持續阻礙單位成本，因為平均而言，機場費率的增長速度高於行業平均水平，尤其是我們活動最多的夏威夷機場的費率。隨著勞動力和其他費用的增加，我們重點關注整個公司的效率，因為我們大力投資技術以實現遺留系統的現代化，我們特別注重訪問數據以增強我們的分析能力。

We have also negotiated work roles that will improve our productivity, not all of which have been fully implemented, and we're investing in tools for our frontline to help them become more efficient and effective. Now that we're midway through the year, we have clearer visibility to what the remainder of the year looks like as our costs are tracking largely in line with expectations.

我們還協商了能夠提高我們生產力的工作角色，但並非所有這些都已完全實施，並且我們正在為一線人員投資工具，以幫助他們變得更加高效和有效。現在已經進入今年中期，我們對今年剩餘時間的情況有了更清晰的了解，因為我們的成本跟踪基本上符合預期。

With that said, we'll be tightening our full year CASM ex guidance range to a 3% to 5% year-over-year. As Peter mentioned, we received notification from Boeing that our first 787 delivery will be slightly delayed from November of this year to January next year and will also impact our remaining 2024 deliveries. This delay will move some CapEx from 2023 to 2024, so we now believe our CapEx for this year will be about $280 million.

話雖如此，我們將把全年 CASM 前指導區間收緊至同比 3% 至 5%。正如 Peter 提到的，我們收到波音公司的通知，我們的首架 787 交付將從今年 11 月略微推遲到明年 1 月，這也將影響我們 2024 年剩餘的交付量。此次延遲將使部分資本支出從 2023 年推遲到 2024 年，因此我們現在認為今年的資本支出約為 2.8 億美元。

The decrease due to the deferred delivery is combined with some puts and takes from changes in the PDP schedule and other adjustments. 2023 is a year in which we're making substantial investment in our fleets, technology and guest experience, which are reflected in both our operating costs and capital expenditures. We're investing in our future, and we're executing on multiple initiatives to build a stronger business that will generate significant shareholder value. And with that, we can open up the call for questions.

由於推遲交付而造成的減少，加上 PDP 時間表變化和其他調整帶來的一些看跌期權和索取金額。 2023 年是我們對機隊、技術和賓客體驗進行大量投資的一年，這反映在我們的運營成本和資本支出中。我們正在投資我們的未來，並且正在執行多項舉措，以建立更強大的業務，從而產生顯著的股東價值。這樣，我們就可以開始提問了。

(Operator Instructions) Our first questions come from the line of Conor Cunningham with Melius Research.

（操作員說明）我們的第一個問題來自 Melius Research 的 Conor Cunningham。

On the Japan bookings, just curious what you've noticed anything different versus the 2019 travelers. Like do you have any data around just length of stay, potentially what your expectations are for their spending pattern? And then maybe if you could just touch on the advanced bookings of these. I assume a lot of them are really close and just given what you're saying, but any color there would be helpful.

關於日本的預訂，只是想知道您注意到與 2019 年旅行者相比有何不同。比如您是否有關於停留時間的任何數據，您對他們的消費模式的預期是什麼？然後也許您可以談談這些的提前預訂。我認為他們中的很多人都非常接近並且只是給出了你所說的內容，但是任何顏色都會有幫助。

Yes, Conor. We haven't seen any kind of material change in length of stay yet. Your comment on advanced purchase is we have seen a real material change as the markets come back, and it is coming back at a lot different pace relative to like 2019. We don't have some of the advanced booking base that we would have, and so as we look out in the further quarters, that's a little bit more challenging, but we're really encouraged the pace we're seeing.

是的，康納。我們還沒有看到停留時間有任何實質性變化。您對提前購買的評論是，隨著市場的複蘇，我們看到了真正的重大變化，而且與 2019 年相比，它的複蘇速度有很大不同。我們沒有一些我們本應擁有的提前預訂基礎，因此，當我們展望未來幾個季度時，這會更具挑戰性，但我們對所看到的速度感到非常鼓舞。

We're going to have I think, a really strong third quarter, and the pace that we're building into the fourth quarter is really encouraging. So I think we're on a good track. We're seeing a little more individual bookings and so a little less through agencies, a little more direct with us, which is great because it allows us to market and merchandise directly to customers. And so we're encouraged with all those trends.

我認為，我們將迎來一個非常強勁的第三季度，我們進入第四季度的步伐確實令人鼓舞。所以我認為我們正處於良好的軌道上。我們看到更多的個人預訂，因此通過代理機構的預訂少了一些，直接與我們聯繫的預訂多了一些，這很好，因為它允許我們直接向客戶進行營銷和銷售。因此，我們對所有這些趨勢感到鼓舞。

And Conor, I might just add specifically with respect to Japan. One of the differences, if you go back to 2019 and prior, is we would typically tell -- sell a significant proportion of our inventory through blocks with the major Japanese travel agencies, and that would give us a sort of very early committed share of traffic. So the curve now is very different since we haven't, at this point, reintroduced blocks through the travel agency, and we're getting a much higher proportion of our shares directly through our website and through online travel agencies that didn't use the blocks.

康納，我可能會特別補充一下日本的情況。如果你回到 2019 年及之前，我們通常會說，其中一個區別是——通過與日本主要旅行社的區塊出售我們很大一部分庫存，這將為我們提供一種非常早期承諾的份額交通。因此，現在的曲線非常不同，因為此時我們還沒有通過旅行社重新引入區塊，並且我們直接通過我們的網站和未使用的在線旅行社獲得了更高比例的份額塊。

So it's more of a steady build up to departure date as opposed to having a big chunk of inventory that's already accounted for with the blocks. And we've obviously got to calibrate ourselves for that demand curve, but we're pretty pleased with what we've seen. And Brent mentioned the 94% load factor in June. I think that's indication that we're capable of filling up the airplanes and certainly at least on the capacity that's in the market right now.

因此，它更多的是在出發日期之前穩步積累，而不是擁有已經計入區塊的大量庫存。顯然，我們必須針對需求曲線進行自我校準，但我們對所看到的情況非常滿意。布倫特提到 6 月份的負載率為 94%。我認為這表明我們有能力填滿飛機，而且至少在目前市場上的容量上是這樣。

Okay. Helpful. And I know it's obviously really early on the whole Pratt issue, but just curious if you could provide any context around potential capacity headwinds that you're thinking about there? And then on the flip side, Shannon, I think you mentioned that you're getting maintenance credits. Is that how we should expect this to kind of play out for you going forward? Just again, any goalpost that you may have. And I realize that it's only hours old, so any help would be helpful.

好的。有幫助。我知道整個普拉特問題顯然還處於早期階段，但我只是好奇您是否可以提供有關您正在考慮的潛在容量阻力的任何背景信息？另一方面，香農，我想你提到過你正在獲得維護積分。這就是我們應該期望這對你未來的發展嗎？再說一次，你可能擁有的任何球門柱。我意識到它只有幾個小時的歷史，所以任何幫助都會有幫助。

Yes. I appreciate that. Not only is it only hours old, but the announcement was when at least I was sleeping this morning. So I had to catch up a little bit when I got up. What I can tell you is that they've identified a number of engines, and it's specific by engine serial number that we'll need to go through inspection. Some of them will be by the end of this year and some will be going out over the next 9 to 12 months, I think was the announcement that they made.

是的。我很感激。它不僅只發布了幾個小時，而且至少是在我今天早上睡覺的時候發布的。所以起床後我得稍微補補一下。我可以告訴你的是，他們已經確定了一些發動機，並且根據發動機序列號，我們需要進行檢查。其中一些將在今年年底推出，一些將在未來 9 到 12 個月內推出，我認為這是他們發布的公告。

As it pertains to us for the engines that will be looked at this year, it's a fairly small number. So I don't think there is major surgery that might be needed. And -- but it's too early for us to speculate specifically, because the impact on our schedule is a combination not only of what gets removed, but what we have spare support for, either from our engines coming back from the shop or from spares that are supplied by Pratt & Whitney to support the operating carriers that are out there.

由於它與我們今年將要研究的發動機有關，所以這個數字相當小。所以我認為可能不需要進行大手術。而且- 但現在對我們來說具體推測還為時過早，因為對我們日程的影響不僅包括被移除的內容，還包括我們有備用支持的內容，無論是來自從商店回來的發動機還是來自我們的備用支持由普惠公司提供，以支持現有的運營運營商。

And I think one of the things, frankly, that Pratt & Whitney can do to support their installed operating base is work with Airbus on the allocation of engines to -- between the proportion that goes to new production for aircraft that are not yet delivered, and the proportion that goes to supporting that spares pool. So all of that, I think, is going to have to be sorted out over the next little while.

坦率地說，我認為普惠公司可以做的一件事就是與空中客車公司合作，將發動機分配給新生產的尚未交付的飛機，以及用於支持備件池的比例。因此，我認為所有這些都必須在接下來的一段時間內得到解決。

We will -- we're eager to firm up a plan, because to the extent that we did have to make any changes to our schedule for the back half of the year, the time to do that is now. So we really do want to understand this quickly. But it's sort of happening in real time right now. In fact, our team is on a conference call with the Pratt team as we're sitting here on a conference call with you. So there'll be more developments to come in the next little while on this.

我們會——我們渴望確定一個計劃，因為就我們確實必須對今年下半年的日程安排做出任何改變而言，現在就是這樣做的時候了。所以我們確實想快速了解這一點。但這現在正在實時發生。事實上，我們的團隊正在與普拉特團隊進行電話會議，就像我們坐在這裡與您進行電話會議一樣。因此，在接下來的一段時間內，這方面將會有更多進展。

As far as the credits, I can just tackle that one, too, since I'm already talking. They do come in the form of credits back on our -- what would otherwise be our power by the hour expense. And so they get reflected in the income statement as reductions to our maintenance expense lines.

至於製作人員名單，我也可以解決這個問題，因為我已經在說話了。它們確實以積分的形式回歸到我們的——否則的話，我們的權力是按小時計算的。因此，它們會作為維護費用項目的減少反映在損益表中。

Our next questions come from the line of Michael Linenberg with Deutsche Bank.

我們的下一個問題來自德意志銀行的邁克爾·林伯格 (Michael Linenberg)。

This is actually Shannon Doherty on for Mike. So just my first one. Now that we're in the second half of the year, can you provide us any update for the start of the Amazon service? It sounds like from the opening script that the start may have been pushed back out just sometime in 2024, but have you thought about how you're going to break out the cargo guidance? And any broader update here would be really helpful.

這實際上是香農·多爾蒂為邁克做的。所以這只是我的第一個。現在已經進入下半年了，您能為我們提供亞馬遜服務啟動的最新消息嗎？從開場腳本來看，開播時間可能會推遲到 2024 年的某個時候，但你有沒有想過要如何打破貨運指導？這裡任何更廣泛的更新都會非常有幫助。

No. The start hasn't been pushed back. We expect to be operating in revenue service in October. The first aircraft has been delivered to us here, and we're doing employee familiarization. So I think you may have confused that with the comment about the 787, which the delivery is being pushed back to '24, but we didn't actually expect to have the 787 in operation before early '24 anyway. So no changes to our 2023 plans on either of those except for the timing of the 787 CapEx.

不，開始並沒有被推遲。我們預計 10 月份將開始運營營收服務。第一架飛機已交付給我們，我們正在讓員工熟悉情況。因此，我認為您可能將其與有關 787 的評論混淆了，787 的交付被推遲到 24 年，但無論如何，我們實際上並不期望 787 能夠在 24 年初之前投入運營。因此，除了 787 資本支出的時間安排外，我們的 2023 年計劃中的任何一個都沒有變化。

This year, because our operations from Amazon -- for Amazon will be fairly limited, it's not particularly material to our financial results. To the extent it is, it's been incorporated as investments as we go through the preliminary preparations we need to do. And so it's a bit of an expense drag on us in 2023, and we'll see revenue rent more materially as we go into 2024.

今年，因為我們在亞馬遜的業務——對於亞馬遜來說將相當有限，所以它對我們的財務業績並不是特別重要。在某種程度上，在我們進行必要的初步準備工作時，它已被納入投資。因此，到 2023 年，這對我們來說會產生一定的費用拖累，進入 2024 年，我們將看到收入租金的大幅增長。

Okay. Got it. And can you also share what the potential cost savings will be from transitioning the A330 maintenance in-house? Should we expect to see CASM ex be lower next year as we lap the labor training costs and maintenance events? That'd be helpful.

好的。知道了。您能否分享一下將 A330 維護工作轉為內部維護可以節省哪些潛在成本？隨著勞動力培訓成本和維護活動的結束，我們是否應該預期明年 CASM ex 會更低？那會有幫助的。

Yes. I think there's a couple of things. So just from the A330 maintenance transition, we do expect to have savings. So what would be third-party expenses will now be reflected in the combination of maintenance expenses on our lines and labor costs as we do some of that work ourselves, but the net of that is the savings.

是的。我認為有幾件事。因此，僅從 A330 維護過渡開始，我們確實希望能夠節省成本。因此，第三方費用現在將反映在我們的生產線維護費用和勞動力成本的組合中，因為我們自己做了一些工作，但淨值是節省的費用。

Overall, in terms of the impact from CASM ex, I think we'll hold off on guiding 2024 right now. But I would say that there are other factors that influence it like the timing of maintenance events and heavy checks and all of those things are going to play, and when we get around to guiding for a 2024 CASM outlook, we'll be incorporating all of those factors.

總體而言，就 CASM ex 的影響而言，我認為我們現在將推遲對 2024 年的指導。但我想說，還有其他因素會影響它，例如維護活動的時間和繁重的檢查，所有這些因素都會發揮作用，當我們開始指導 2024 年 CASM 展望時，我們將納入所有內容這些因素。

Yes. The one thing, Shannon, that I would add there is where we'll see a lot of the savings, it will be hard to tease out in the financial statements because it's really as we grow the 330 fleet with the Amazon freighters, we can now grow that fleet with a lower per unit maintenance cost because we're able to get better productivity through shared resources -- internal resources. So that's really, I think, more of a benefit on the cost side.

是的。 Shannon，我要補充的一件事是，我們將看到大量節省，這很難在財務報表中梳理出來，因為實際上，隨著我們與亞馬遜貨機一起發展 330 機隊，我們可以現在，我們可以通過共享資源（內部資源）來提高生產效率，從而以更低的單位維護成本來擴大機隊規模。所以我認為這確實在成本方面帶來了更多的好處。

Our next questions come from the line of Helane Becker with TD Cowen.

我們的下一個問題來自 Helane Becker 和 TD Cowen。

My first question is, are you concerned about the revenue outlook or maybe the unit revenue outlook being down relative to capacity being up so much? Or maybe capacity is not up so much, but up.

我的第一個問題是，您是否擔心收入前景，或者單位收入前景相對於產能的大幅增長是否會下降？或者容量可能沒有增加那麼多，而是增加了。

Yes. Let me start with that, and we expect that there may be some questions here given some of the other earnings calls that have been going on this season so far and earlier today. What I would say is we're pretty pleased with the revenue environment right now. We've got some changes this quarter in terms of the mix of our flying, with longer stage length flying as we bring more of the international business back year-over-year, and we had a couple of factors that Brent called out in this call in terms of spoilage and cargo revenue that we're running at unusually high rates last year in the third quarter that aren't in the third quarter.

是的。讓我從這一點開始，考慮到本季度迄今為止以及今天早些時候舉行的一些其他財報電話會議，我們預計這裡可能會出現一些問題。我想說的是，我們對目前的收入環境非常滿意。本季度我們在飛行組合方面發生了一些變化，隨著我們逐年恢復更多的國際業務，飛行的航程更長，布倫特在本季度中指出了幾個因素就損壞率和貨運收入而言，去年第三季度我們的增長率異常高，而第三季度則不然。

If you separate out the spoilage and cargo, our RASM is sort of flattish to a little bit up. And that's compared to a strong demand environment last year. And I think we feel pretty good about that, and we feel pretty good about how bookings are coming in going forward. So I am not raising caution flags today. I think we're in a good environment, and I hope, particularly as it relates to Japan, that things are just going to accelerate from here.

如果您將損壞的貨物和貨物分開，我們的 RASM 會有點平坦甚至有點上升。與去年強勁的需求環境相比。我認為我們對此感覺非常好，並且我們對未來的預訂情況感覺非常好。所以我今天不會發出警告信號。我認為我們處於一個良好的環境中，我希望，特別是與日本相關的事情，事情會從這裡開始加速發展。

Yes. I think the only thing I would add is that we've got that positive -- excluding those couple of items, we would be positive on the RASM side. And when you look at what our stage length growth, given almost all of our capacity growth is on the international side, pretty encouraging results and pretty good progress from where we had been and relative to the rest of the industry as we look out in the third quarter.

是的。我想我唯一要補充的是，我們已經得到了積極的結果——排除這幾個項目，我們對 RASM 方面持積極態度。當你看看我們的階段長度增長時，考慮到我們幾乎所有的運力增長都在國際方面，當我們展望未來時，我們的業績相當令人鼓舞，並且相對於行業其他公司而言，我們取得了相當好的進展。第三季度。

Okay. That's very helpful. And then my other question is this. I was looking at some numbers today from the Hawaii Tourism Authority and they showed the second quarter travel to the islands was down 6.5% in the domestic market, and every month sequentially was worse than the month before. And I'm sure, Peter, you see that data as well, and the whole team, since you're so close to it.

好的。這非常有幫助。然後我的另一個問題是這樣的。我今天查看了夏威夷旅遊局的一些數據，他們顯示第二季度國內市場的島嶼旅遊下降了 6.5%，而且每個月都比上個月更糟糕。我確信，彼得，您也看到了這些數據，以及整個團隊，因為您離它如此之近。

But do you expect that Hawaii vacation to continue to be -- or maybe the question is really, do you know what percentage of your travelers that come off the West Coast and from North America are people with second homes in Hawaii and kind of repeat travelers versus that aspirational vacation that you get from people that generally come from the East Coast?

但您是否預計夏威夷假期會繼續下去——或者也許問題是，您是否知道從西海岸和北美來的旅行者中有多少比例是在夏威夷擁有第二個家和重複旅行者的人與通常來自東海岸的人們所享受的理想假期相比？

Yes. I think it's a mix, and I don't have precise numbers on those, although we could probably -- by looking at -- certainly for what's booked on our website, by looking at ZIP code data, we can probably discern a little bit how that mix has changed. I just don't have that at my fingertips.

是的。我認為這是一個混合體，我沒有確切的數字，儘管我們可能 - 通過查看 - 當然對於我們網站上預訂的內容，通過查看郵政編碼數據，我們可能可以辨別出一點這種組合發生了怎樣的變化。我只是手邊沒有這個。

What I would say in terms of the traffic numbers you mentioned at the beginning is a couple of things. One, industry capacity right now is a little bit lower than it was. It's down a small bit on our capacity. I think some other carriers, as they have responded to very strong demand in other geographies, have moved some of the capacity that they had when Hawaii was one of the few places that was working back in 2021. In the early part of 2022, they started to reallocate some of that capacity away.

就您一開始提到的流量而言，我想說的是幾件事。第一，現在的行業產能比以前要低一些。我們的能力略有下降。我認為其他一些航空公司，因為他們響應了其他地區非常強勁的需求，已經轉移了夏威夷是 2021 年少數幾個恢復運營的地方之一時擁有的部分運力。在 2022 年初，他們開始重新分配部分產能。

So it's not being reflected in empty airplanes. Our airplanes are very full. Revenue is holding up well. And I don't have anything that I look at that sort of causes me to question whether Hawaii is going to continue to be a desirable aspirational vacation location for people. It's the best visitor place to go in the world, and we expect it to continue to be that way going forward.

所以它並沒有反映在空飛機上。我們的飛機非常滿。收入保持良好。我所看到的任何東西都沒有讓我懷疑夏威夷是否會繼續成為人們嚮往的度假勝地。這是世界上最好的旅遊勝地，我們希望它繼續如此。

Our next questions come from the line of Catherine O'Brien with Goldman Sachs.

我們的下一個問題來自高盛的凱瑟琳·奧布萊恩。

So you're trimming capacity but seeing Japan improve. Was the capacity cut based on any change in your demand outlook? I know the GDS headlines aren't incorporated into your changed outlook yet, so just kind of trying to figure out what drove that cut. And then maybe just a quick related one on the GTFs. I see 16 A321neos, the GTF engines. It's close to 30% of your fleet. Is your understanding that most of those don't fall in the inspection directive?

所以你正在削減產能，但看到日本有所改善。產能削減是基於需求前景的變化嗎？我知道 GDS 的頭條新聞尚未納入您改變的前景中，所以只是想弄清楚是什麼推動了這一削減。然後也許只是關於 GTF 的快速相關的一個。我看到 16 架 A321neos，GTF 發動機。它接近您機隊的 30%。您是否理解其中大多數不屬於檢查指令的範圍？

Sorry, Catherine, you mentioned a capacity cut, I'm not sure what you're referring to on that.

抱歉，凱瑟琳，您提到了產能削減，我不確定您指的是什麼。

Maybe I'm backwards. On the full year.

也許是我落後了。論全年。

Yes. For the full year, it's really a function of having much lower Japan flying in the front part of the year, I think.

是的。我認為，就全年而言，這實際上是日本在今年上半年飛行高度較低的結果。

Yes. And just to really -- Catherine, just tightening up as we work through kind of the back half of the year where we were versus our expectations, calibrating a little bit on when we thought we would be back to a more robust 321 schedule, so it's just kind of working through the timing of that in the back half of the year and then just tightening up for the full year.

是的。說實話，凱瑟琳，我們在今年下半年的工作中收緊了工作，我們的表現與我們的預期不符，當我們認為我們會回到更穩健的 321 計劃時，我們會稍微調整一下，所以這只是在下半年完成這個時間安排，然後在全年收緊。

I mean if anything, right now, we're -- the constraint on how much we fly is not demand. It's how many aircraft we have. We're looking forward to getting the 787s next year and helping to give us more capacity to expand.

我的意思是，如果有什麼不同的話，現在我們——對我們飛行次數的限制不是需求。就是我們有多少架飛機。我們期待明年獲得 787 飛機，並幫助我們擴大產能。

That's more like an operational adjustment versus demand.

這更像是針對需求的運營調整。

Yes. That's correct. And then sorry, can you repeat the second part of your question? I think you had one about the engines.

是的。這是正確的。抱歉，您能重複一下問題的第二部分嗎？我想你有一篇關於引擎的文章。

Yes, yes. I mean this is just from Ascend data, so take it with the grain of salt. But when I looked at it this morning, it looks like you had 16 A321neos with the GTF engines. That's about 30% of your fleet. Is your understanding that most of those don't fall within the inspection directive? And listen, to repeat Conor, I know this is like hours old, so I appreciate any color.

是的是的。我的意思是，這只是來自 Ascend 的數據，所以請持保留態度。但當我今天早上查看時，看起來您有 16 架配備 GTF 發動機的 A321neo。這大約佔您機隊的 30%。您是否理解其中大多數不屬於檢查指令的範圍？聽著，重複康納的話，我知道這已經過去了好幾個小時了，所以我欣賞任何顏色。

Yes. So the fact is all of -- we have 18 aircraft. All of the 18 aircraft were delivered to us during the period that the sort of production issue was in place. I think it goes from 2015 to 2021. Not all of our engines on wing now, though, are currently affected because a number of those engines have been in the shop since then.

是的。所以事實是——我們有 18 架飛機。所有 18 架飛機都是在此類生產問題發生期間交付給我們的。我認為這個時間是從 2015 年到 2021 年。不過，目前我們機翼上的所有發動機並非都受到影響，因為其中許多發動機從那時起就已經在車間了。

Some of the parts replaced, some of the engines that are operating on our fleet today are engines that are leased spares that may have been produced outside that window. So we do think it's a limited number of serial numbers of specific engines that need to be worked on. And again, our team is going to work through that in the days ahead with the folks from Pratt & Whitney.

一些被更換的零件，今天我們機隊中運行的一些發動機是租賃備件的發動機，這些備件可能是在該窗口之外生產的。因此，我們確實認為需要處理的只是有限數量的特定引擎的序列號。同樣，我們的團隊將在未來幾天與普惠公司的人員一起解決這個問題。

And I should just say that we hate it when these things come up, but we also recognize that the whole foundation of our industry is that we operate safely. And Pratt & Whitney has got a safety management system, and that's the process they're going through to decide which engines need to be evaluated. We have safety management systems and processes that are in place to make sure we operate. And that's the first thing we're going to do before we think about any adjustments that needed to be made to what we're flying and how we're flying the aircraft.

我只想說，當這些事情出現時，我們很討厭，但我們也認識到，我們行業的整個基礎是我們的安全運營。普惠公司擁有一個安全管理系統，這就是他們決定需要評估哪些發動機的過程。我們擁有適當的安全管理系統和流程來確保我們的運營。這是我們在考慮需要對我們的飛行內容和飛行方式進行任何調整之前要做的第一件事。

That's super helpful. Maybe if I could just sneak one revenue one in for Brent. Just thinking through your 3 main markets, how should we think about that, the sequential performance of underlying the system sequential improvement you're expecting in 3Q versus 2Q? It sounds like based on your fare commentary, maybe North America decelerating, sounds like interisland might be accelerating, and then in international. I wasn't sure. It sounded positive, but I wasn't sure, just given some of the comments on capacity. That would be super helpful.

這非常有幫助。也許我可以把一筆收入偷偷地換成布倫特。只要思考一下您的 3 個主要市場，我們應該如何考慮您所期望的第三季度與第二季度相比系統連續改進的基礎性能？聽起來根據你的票價評論，北美可能會減速，島際航線可能會加速，然後是國際航線。我不確定。這聽起來很積極，但我不確定，只是考慮到一些關於容量的評論。那會非常有幫助的。

Yes. There's several moving parts in there, Catherine. I think it's a fair characterization. I think we'll be kind of flattish to down a little bit in North America from a sequential basis, but I would say mostly flattish. International continues to improve, and that's really on the strength of Japan and the strength we're seeing on the traffic basis there.

是的。凱瑟琳，裡面有幾個活動部件。我認為這是一個公平的描述。我認為北美地區的業績環比會持平甚至略有下降，但我想說的是大部分持平。國際化持續改善，這確實取決於日本的實力以及我們在那裡的交通基礎上看到的實力。

And Neighbor Island, I think we'll see a little bit of sequential improvement. Again, a lot of moving pieces in last year from a comp perspective from both 2Q and 3Q, and given kind of the lateness of booking in that market, we still have a little more runway to go in terms of how 3Q pans up. But I think overall, your assessment was pretty fair.

至於鄰島，我認為我們會看到一些連續的改進。同樣，從第二季度和第三季度的比較角度來看，去年有很多變化，並且考慮到該市場的預訂較晚，就第三季度的發展而言，我們還有更多的路要走。但我認為總體而言，您的評價是相當公平的。

Our next questions come from the line of Andrew Didora with Bank of America.

我們的下一個問題來自美國銀行的安德魯·迪多拉 (Andrew Didora)。

First question just for Peter. Just given this whole kind of international theme this summer of U.S. travelers outbound, I would have to think it's taking away some Hawaii vacations. Do you have any sense or any metrics that you provide that give us a sense for maybe how much volume or revenue has been kind of lost this summer as people travel abroad? Just trying to get a sense of how things could look as kind of travel patterns normalize a bit.

第一個問題只問彼得。考慮到今年夏天美國遊客出境游的整個國際主題，我不得不認為這會影響夏威夷的一些假期。您是否有任何感覺或您提供的任何指標可以讓我們了解今年夏天人們出國旅行可能損失了多少數量或收入？只是想了解一下，隨著旅行模式的正常化，事情會是什麼樣子。

Yes. I don't have something that specifically answers that question, but I'd come back to the point that our revenue has been strong in the North America routes. It's very comparable to where we were a year ago when we were in a very strong demand environment. Some of -- a slight amount of our capacity is lower year-over-year as we've shifted back to some of our own international flying, and some of the other capacity from our domestic competitors has moved elsewhere as well.

是的。我沒有具體回答這個問題的答案，但我會回到我們在北美航線的收入一直強勁的觀點。這與一年前我們處於非常強勁的需求環境中的情況非常相似。我們的部分運力同比有所下降，因為我們已經轉向自己的一些國際航班，而我們國內競爭對手的其他一些運力也轉移到了其他地方。

So that's why you may see a little bit less in terms of total traffic to the islands this year. But I don't think it's demand weakness here so much as it's capacity being allocated to other geographies as people shift to changing demand globally. So we feel pretty good about where we are. Hawaii is an incredibly desirable destination, and we're blessed to be here every day.

這就是為什麼今年前往島嶼的總交通量可能會有所減少。但我認為，這並不是這裡的需求疲軟，而是隨著人們轉向全球不斷變化的需求，產能被分配到其他地區。所以我們對自己所處的位置感覺很好。夏威夷是一個令人難以置信的理想目的地，我們很幸運每天都能來到這裡。

Got it. Understood. And then 2 follow-ups for Shannon here. Just one, just in terms of CapEx. I think I caught the 2023 new number, but obviously some moving parts. Kind of any guideposts that you have for 2024 right now?

知道了。明白了。然後是 Shannon 的 2 個後續行動。僅就資本支出而言。我想我抓住了 2023 年的新號碼，但顯然有一些活動部件。您現在有 2024 年的指南嗎？

Thanks, Andrew. Not this point. Obviously, it will be higher. We're taking in more 787s next year, but we're still working through some of the details on things like the PDPs moving, with the recent notification by Boeing. And so not quite ready to put guidance out yet.

謝謝，安德魯。不是這一點。顯然，它會更高。明年我們將接收更多 787 飛機，但根據波音公司最近的通知，我們仍在研究 PDP 移動等一些細節。因此還沒有準備好發布指導。

Okay. Got it. And then lastly, just in terms of Amazon. Sorry, I forget. Are those -- are the start-up costs this year included in your CASM ex? And then how should we think about kind of 2023 start-up and training costs for Amazon moving into 2024?

好的。知道了。最後，就亞馬遜而言。抱歉，我忘記了。今年的啟動費用是否包含在您的 CASM ex 中？那麼我們應該如何考慮 2023 年亞馬遜進入 2024 年的啟動和培訓成本？

Yes. I'll take that one as well. Yes, we have all of the Amazon costs included in our CASM guide. That includes the start-up as well for the full year, the direct operating costs in the fourth quarter. As Peter mentioned, they're pretty small this year, which is why we're not splitting them out.

是的。我也拿那個。是的，我們的 CASM 指南中包含了所有亞馬遜費用。這包括全年的啟動成本、第四季度的直接運營成本。正如彼得提到的，今年它們的規模相當小，這就是為什麼我們不將它們分開。

I think for next year, we'll definitely be able to talk in more detail and put some of that stuff out of the passenger business because it does -- here, we have cost and revenue that aren't necessarily linked to ASM, so it's not a great ratio to report on. It's not that helpful to you. So we will definitely talk about that more a little later this year, early next year as to how we're splitting that out and what the direct guide is. But next year, for '24, we definitely will have that put out better.

我認為明年，我們肯定能夠進行更詳細的討論，並將其中一些內容從客運業務中剔除，因為確實如此——在這裡，我們的成本和收入不一定與 ASM 相關，所以這不是一個很好的報告比例。這對你來說沒有多大幫助。因此，我們肯定會在今年晚些時候、明年初更多地討論這個問題，討論我們如何劃分它以及直接指南是什麼。但明年，24 週年，我們肯定會做得更好。

Our next questions come from the line of Chris Stathoulopoulos with Susquehanna. Please proceed with your question.

我們的下一個問題來自 Chris Stathoulopoulos 與 Susquehanna 的對話。請繼續你的問題。

Peter, I just have one question, 3 parts here. Your mention of strategic initiatives in your prepared remarks, could you comment on that? And then also, I realized that this Pratt & Whitney news here is very new, but could you help us frame, assuming you get to where you need to be with the fleet, how much potential upside there is there within utilization block hours per day or however you want to frame that? And then part C, I realize it's early, but if you could help us think about core inflation for cost for next year.

彼得，我只有一個問題，這里分為三個部分。您在準備好的發言中提到了戰略舉措，您能否對此發表評論？然後，我意識到這裡的普拉特惠特尼新聞是非常新的，但是你能幫助我們框架一下，假設你到達了你需要與艦隊一起去的地方，每天的利用塊小時內有多少潛在的上升空間或者你想如何構建它？然後 C 部分，我意識到現在還為時過早，但如果你能幫助我們考慮明年成本的核心通脹。

Yes. Let me tackle the first part, and I may have to have you go back again and remind me of the second and third parts. But in terms of strategic initiatives, this has been one of our themes as we went into the year, that this was a year we had started a number of projects coming into 2023 that were slated to be delivered this year, and things like our transition to Amadeus Altea, our A330 maintenance, bringing 787 on board, bringing Starlink on board.

是的。讓我解決第一部分，我可能不得不讓你再回去提醒我第二部分和第三部分。但就戰略舉措而言，這一直是我們進入這一年的主題之一，這一年我們啟動了許多計劃於 2023 年交付的項目，以及我們的過渡等事情Amadeus Altea，我們的A330 維護人員，將787 引入機上，將Starlink 引入機上。

So we really sort of identified as much internally as externally that we wanted our team focused on making sure we got those major initiatives over the finish line and delivered on our commitments. And I do feel good that we're making good progress. The Amadeus transition was a sort of monumental technology achievement for us. And we have -- our safety management system work was something else we are working on. That's been progressing over the last couple of years, and we're in a much better place right now, bringing the A330 maintenance fully in-house and getting that over the line.

因此，我們確實在內部和外部都確定了我們希望我們的團隊專注於確保我們完成這些重大舉措並兌現我們的承諾。我確實感到高興，因為我們正在取得良好進展。艾瑪迪斯的轉型對我們來說是一項巨大的技術成就。我們的安全管理系統工作是我們正在開展的其他工作。這在過去幾年中一直在取得進展，現在我們處於一個更好的位置，將 A330 維護完全納入內部並完成任務。

We now unfortunately have the timing of 787 slipping a bit, but only by a couple of months, and there's been a lot of great work by our team done. So that is moving apace, and we'll have that plane early next year. We'll have the freighter business online this year, another significant project. So these are all important initiatives and really big investments of time and resource and in some cases, capital for us, but things that we know are going to pay off and make us a better airline going forward.

不幸的是，我們現在 787 的發佈時間稍微推遲了一些，但只推遲了幾個月，而且我們的團隊已經完成了很多出色的工作。所以這一切正在迅速發展，我們將在明年初擁有這架飛機。今年我們將把貨機業務上線，這是另一個重要項目。因此，這些都是重要的舉措，對我們來說都是巨大的時間和資源投資，在某些情況下甚至是資本，但我們知道這些事情將會得到回報，並使我們成為一家更好的航空公司。

Okay. And then for the second quarter, curious where you were in terms of block hours per segment or however you measure your core utilization and where you'd like to get to, assuming that these Pratt & Whitney issues are worked out. And then the last part was, again, I realize it's early, but how should we be thinking about core inflation for next year?

好的。然後，在第二季度，假設這些普惠公司問題得到解決，我們想知道您在每個細分市場的阻塞時間方面處於什麼位置，或者如何衡量您的核心利用率以及您想要達到的目標。最後一部分是，我再次意識到現在還為時過早，但我們應該如何考慮明年的核心通脹？

Yes. In terms of our sort of block hour efficiency, I don't have the number on my fingertips, but I would tell you that with -- particularly early in the quarter with the lower Japan demand, we weren't flying our A330s as intensely. We expected or was always our plan this year for that to pick up through the back half of the year. In some ways, that was fortunate because that absorbed some of the challenges we had with A321 availability as we substituted those aircraft.

是的。就我們的時段效率而言，我手頭沒有具體數字，但我想告訴您，特別是在本季度初，日本需求較低，我們沒有那麼頻繁地駕駛 A330 。我們預計或者一直是我們今年的計劃，以便在今年下半年有所回升。從某些方面來說，這是幸運的，因為這解決了我們在替換 A321 飛機時遇到的一些挑戰。

So there is an opportunity for us to improve aircraft utilization next year. Offsetting that, one of the things we'll be thinking about is making sure we have the right level of spare aircraft capacity to provide resilience. So it's not just trying to squeeze everything out of that efficiency as possible, but it's also making sure you've got the right level to have a resilient operation as well as good efficiency.

因此，明年我們有機會提高飛機利用率。為了抵消這一影響，我們要考慮的事情之一是確保我們擁有適當水平的備用飛機能力來提供彈性。因此，這不僅僅是試圖盡可能地提高效率，而且還要確保您擁有適當的水平來實現彈性運營和良好的效率。

In terms of employee efficiency, just to touch on that as well. I'd say there's still opportunities for us to make some gains going into 2024, and particularly, as we have had less than full utilization of our flight attendant workforce without the Japan flying that is heavier staffed in terms of flight attendance.

在員工效率方面，我也想談談這一點。我想說，進入 2024 年，我們仍然有機會取得一些進展，特別是，如果沒有日本航班在乘務員方面的人員配備較多，我們的空乘人員隊伍就沒有得到充分利用。

And in our pilot ranks, we still have a lot of people, I think Shannon mentioned this in her remarks, who are either in training or instructing, and that means they're not flying revenue block hours. So one of the things we're looking forward to over the next year or so is getting that back into a normal steady-state level as opposed to the accelerated level of training that we've had over the course of the last couple of years.

在我們的飛行員隊伍中，我們仍然有很多人，我想香農在她的講話中提到了這一點，他們要么正在接受培訓，要么正在指導，這意味著他們不會飛行收入塊小時。因此，我們期待在未來一年左右的時間裡將其恢復到正常的穩態水平，而不是我們在過去幾年中進行的加速培訓水平。

And then on core inflation?

那麼核心通脹呢？

I'll take that a little bit on the cost side. So from about 2019 to where we stand today, we're looking at a, call it, a 4% to 4.5% increase from a CAGR perspective on our costs. And that's really -- as we look across the industry, it's generally in line with the industry and what we're seeing around us.

我會從成本方面考慮一點。因此，從 2019 年左右到今天，從復合年增長率的角度來看，我們的成本預計會增加 4% 至 4.5%。這確實是——當我們縱觀整個行業時，它通常與行業以及我們周圍所看到的情況一致。

When you take our significant costs, primarily labor, fuel and airports, on the labor side, the vast majority of our employees are covered under collective bargaining agreements, and we have fully executed agreements with all of our unions through 2023 and 2024. The next one to become amendable is in 2025. And so from that perspective, we're kind of insulated from significant inflation that we may not be factoring in.

當你考慮我們的巨額成本（主要是勞動力、燃料和機場）時，在勞動力方面，我們絕大多數員工都受到集體談判協議的保護，並且我們已在2023 年和2024 年之前與所有工會全面執行協議。可以修改的時間是 2025 年。因此從這個角度來看，我們可以免受我們可能沒有考慮到的嚴重通貨膨脹的影響。

From an airports perspective, we do work closely and I mentioned earlier, that's where we're seeing pretty significant cost increases, and especially in Hawaii. There's a lot of capital projects in the Hawaii airports that are coming through our rent rates. And so we work pretty closely with the State of Hawaii on that. But I mean we're also just investing a lot to try and kind of offset a lot of these cost increases. So while we don't -- I don't have what our core inflation assumptions for our forecast at my fingertips, there's a lot that goes on to really offset or mitigate that risk.

從機場的角度來看，我們確實密切合作，我之前提到過，這就是我們看到成本顯著增加的地方，尤其是在夏威夷。夏威夷機場有很多資本項目都是通過我們的租金來實現的。因此，我們在這方面與夏威夷州密切合作。但我的意思是，我們也只是投入大量資金來嘗試抵消大部分成本增加。因此，雖然我們手頭沒有我們預測的核心通脹假設，但仍有很多事情可以真正抵消或減輕這種風險。

Our next question is come from the line of Dan McKenzie with Seaport Global.

我們的下一個問題來自 Seaport Global 的 Dan McKenzie。

It kind of sounds like we're all after the same information here. So at the risk of kicking a dead horse, Shannon, I know you don't want to talk about capacity next year, but what it sounds like is, directionally, next year could be a pretty big catch-up year.

聽起來我們都在尋找相同的信息。因此，香農，我知道你不想談論明年的產能，但聽起來是有方向性的，明年可能是一個相當大的追趕年。

So I guess maybe we could just start with the fleet if we -- it looks like that will be about 13% larger than 2019, and please correct me on that. But then just -- and also just given the runway construction there, it seems logical the departures, and as you were sharing earlier, efficiency metrics, could finally normalize next year. So is there any flaw at least to this line of thinking?

所以我想也許我們可以從機隊開始——看起來會比 2019 年增加約 13%，請糾正我。但考慮到那裡的跑道建設，起飛似乎是合乎邏輯的，正如您之前分享的，效率指標最終可能會在明年正常化。那麼至少這種思路有什麼缺陷嗎？

Maybe I'll just give you some general comments to think about the capacity piece of that. A lot of what you're going to see next year, some of the growth is just going to be the annualization of flying that we've been adding back over the course of this year, particularly as we have in our plans that we ramp up our operations to Japan over the back part of the year and into 1Q. That will be in place throughout the year next year.

也許我會給你一些一般性的評論來思考其中的能力部分。明年你會看到很多東西，其中一些增長將是我們在今年增加的飛行年化量，特別是我們在計劃中增加的飛行量我們在今年下半年和第一季度加強了對日本的業務。這將在明年全年實施。

So really what we're looking at in terms of growth beyond that sort of annualization is going to be a couple of 787s coming into the fleet over the course of the year that will be spread throughout the year, so the last delivery may be later. They'll have the A330 freighters coming on.

因此，實際上，我們所關注的增長超出了這種年化水平，將是在一年中進入機隊的幾架 787 飛機將分佈在全年，因此最後一次交付可能會更晚。他們將使用 A330 貨機。

And then the other thing we have the capacity to is we do have A330s of next year and over the next few years that are coming up or to the end of their leases. And what we've always said about the 787 is it's going to be a combination of replacement and growth. And we'll calibrate that appropriately to make sure that we can absorb it, and make sure the market can absorb it, and it will be efficient growth for us as we get into those periods.

我們有能力做的另一件事是，我們確實擁有明年和未來幾年的 A330 飛機，這些飛機即將到期或租期即將結束。關於 787，我們一直說它將是更新換代和增長的結合。我們將對其進行適當調整，以確保我們能夠吸收它，並確保市場能夠吸收它，當我們進入這些時期時，這對我們來說將是有效的增​​長。

Yes. Okay. That's helpful. And then a second question here, just the -- I'm wondering if you can clarify the story around premium seats. Where are we at today with respect to growth? And then in 2024, big picture, what is the expectation in this part of the story? And I'm thinking most of the premium growth is going to be on the international side of the business.

是的。好的。這很有幫助。然後是第二個問題，我想知道您是否可以澄清有關高級座位的故事。今天我們在增長方面處於什麼位置？那麼到了 2024 年，從大局來看，這部分故事的期望是什麼？我認為大部分保費增長將來自國際業務。

So yes, I think, Dan, as you look into '24, we'll have still a relatively limited number of 787. So that premium growth will start to come in. That will be really more of a story kind of in '25 and beyond. And I think as we've looked at the resource, the 787 is going to be a fantastic airplane, but where we're going to get most value out of it is where it can fly out of longer ranges and where we have high levels of premium demand, and those are places like Sydney, like Tokyo, like New York, Boston, those kinds of places.

所以，是的，丹，當你展望 24 年時，我們的 787 數量仍然相對有限。因此保費增長將開始出現。這將是 25 年的故事。超越。我認為，當我們審視資源時，787 將是一架出色的飛機，但我們要從中獲得最大價值的是它可以飛出更遠的航程，並且我們擁有高水平高端需求，比如悉尼、東京、紐約、波士頓等地。

We'll work our way into that over the course of next year, but I really think that the growing number of premium seats for us is really -- we'll see some of that as we trickle into next year, but it's really probably a little bit more of a '25 story. But we're excited to have the new product and the growth in the space. That's really where we're going kind of in '25 and beyond.

我們將在明年的過程中努力實現這一目標，但我真的認為，我們的高級席位數量的不斷增加確實是——我們會在明年慢慢看到其中的一些，但這真的很可能有點像25年的故事。但我們很高興能擁有新產品和該領域的增長。這確實是我們 25 年及以後的發展方向。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Peter Ingram for closing comments.

謝謝。我們的問答環節已經結束。我現在想把發言權交還給彼得·英格拉姆以供結束評論。

All right. Thank you, Darryl. Hello again to everyone for joining us today. With some of the operational challenges behind us, we're focused on delivering on our commitments and executing on our initiatives. We appreciate your interest and look forward to updating you on our progress in the months ahead. Aloha.

好的。謝謝你，達里爾。再次向今天加入我們的大家問好。面對一些運營挑戰，我們專注於兌現我們的承諾並執行我們的舉措。我們感謝您的關注，並期待在未來幾個月向您通報我們的最新進展。阿羅哈。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。