Hawaiian Holdings Inc (HA) 2024 Q2 法說會逐字稿

Greetings and welcome to the Hawaiian Holdings Inc., second-quarter 2024 financial results call. (Operator instructions). As a reminder, this conference is being recorded.

問候並歡迎參加夏威夷控股公司 2024 年第二季財務業績電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host Jay Schaefer, Vice President and Treasurer. Thank you, sir. You may begin.

現在我很高興向大家介紹主持人、副總裁兼財務主管傑伊·謝弗 (Jay Schaefer)。謝謝您，先生。你可以開始了。

Thank you, Maria. Hello, everyone, and welcome to Hawaiian Holdings second-quarter 2024 results conference call. Here with me Hawaiian Peter Ingram, President and Chief Executive Officer; Brent Overbeek, Chief Revenue Officer, and Shannon Okinaka, Chief Financial Officer.

謝謝你，瑪麗亞。大家好，歡迎參加夏威夷控股 2024 年第二季業績電話會議。和我一起的是夏威夷總裁兼執行長彼得‧英格拉姆 (Peter Ingram)；首席營收長 Brent Overbeek 和財務長 Shannon Okinaka。

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 will open the call up for questions. By now everyone should have access to the press release that went out at about 4:00 Eastern time today.

彼得將概述我們的表現。布倫特將討論收入，香農將討論成本和資產負債表。準備好的發言結束後，我們將開始提問。現在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。

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 will 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.

如果您尚未收到該新聞稿，您可以在我們網站 hawaiianairlines.com 的投資者關係頁面上查閱。在今天的電話會議中，我們有時會提到調整後或非 GAAP 的數字和指標。在我們網站的投資者關係頁面上發布的今天新聞稿的末尾可以找到 GAAP 與非 GAAP 數字和指標的詳細對帳。

As a reminder, the following prepared remarks contain forward-looking statements, including statements about our plans and potential future financial and operating performance. Management may also make additional forward-looking statements in response to your questions.

提醒一下，以下準備好的評論包含前瞻性陳述，包括有關我們的計劃和潛在未來財務和經營業績的陳述。管理階層也可能針對您的問題做出額外的前瞻性陳述。

These statements are subject to risks and uncertainties and do not guarantee future performance, and therefore, undue reliance should not be placed upon them.

這些聲明受風險和不確定性的影響，並不保證未來的表現，因此，不應過度依賴它們。

We refer you to Hawaiian Holdings' 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 statement. These include our most recent annual report filed on Form 10-K.

我們請您參閱夏威夷控股公司最近向美國證券交易委員會提交的文件，以便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有重大差異的因素。其中包括我們最近以 10-K 表格形式提交的年度報告。

I will now turn the call over to Peter.

現在我將把電話轉給彼得。

Hello Jay, hello, hi, everyone, and thank you all for joining us today. I want to start with a sincere mahalo to our to our team for making enormous progress on our key areas of focus for 2024, delivering for our guests, realizing returns from our recent investments and caring for the people in places we serve.

你好，傑伊，大家好，感謝大家今天加入我們。首先，我要向我們的團隊表示誠摯的謝意，感謝他們在 2024 年重點關注的領域取得了巨大進展，為我們的客人提供服務，實現近期投資的回報，並關愛我們服務地區的人民。

Even as we look, even as we work toward regulatory clearance of our combination with Alaska Airlines, we are securing a bright sustainable future for Hawaiian Airlines.

即使我們正在努力爭取監管部門批准我們與阿拉斯加航空的合併，我們也在為夏威夷航空確保一個光明的可持續發展的未來。

We also took important steps in recent weeks to raise working capital and provide ample liquidity should the regulatory process be extended. First, we raised around $400 million by financing 10 A321neo aircraft.

最近幾週，我們也採取了重要措施來籌集營運資金，並在監管流程延長時提供充足的流動性。首先，我們透過融資10架A321neo飛機籌集了約4億美元。

Second, we exchanged our $1.2 billion loyalty bonds due 2026 for $985 million of new bonds due in 2029 and a partial cash repayment. While we are optimistic that the merger will achieve regulatory clearance in due course. These steps provide a meaningful liquidity runway into 2029.

其次，我們將 2026 年到期的 12 億美元忠誠債券換成 2029 年到期的 9.85 億美元新債券和部分現金償還。我們樂觀地認為此次合併將在適當的時候獲得監管部門的批准。這些措施為2029年提供了有意義的流動性支撐。

Shannon will discuss this in more detail. I want to make a brief statement on where we are with the merger. On May 7, 2024, along with Alaska Airlines, we certified substantial compliance with the DOJ's second request. The certification of substantial compliance triggered at the start of a 90 day review period, which was set to expire less than a week from now on August 5, 2024.

香農將更詳細地討論這一點。我想簡單介紹一下我們的合併進展。2024 年 5 月 7 日，我們與阿拉斯加航空公司一起證明基本上遵守了司法部的第二項請求。實質合規認證在 90 天審查期開始時觸發，該審查期將於 2024 年 8 月 5 日（距今不到一周）到期。

Yesterday, the two airlines agreed with the DOJ to extend the review period until 12:01 AM Eastern Time on August 15. We and Alaska have been working cooperatively with the DOJ and expect to continue to do so. Once we have more to share, we will do so in a timely manner.

昨天，兩家航空公司與美國司法部達成協議，將審查期延長至美國東部時間 8 月 15 日凌晨 12:01。我們和阿拉斯加一直與司法部合作，並希望繼續這樣做。一旦我們有更多資訊可以分享，我們會及時分享。

Brent will talk about our commercial performance in more detail, but I'll highlight a few things across our network. Our performance for the second quarter reflects steady demand for travel to Hawaii on the majority of our routes.

布倫特將更詳細地談論我們的商業表現，但我將重點介紹我們網路中的幾件事。我們第二季的業績反映出我們大多數航線對夏威夷的旅行需求穩定。

On the domestic side, there were some challenging comps to start the quarter due to Easter shifting into March of this year. But we had a strong close over the last two months with good demand late in the booking window.

在國內方面，由於今年復活節推遲到三月，本季初出現了一些具有挑戰性的競爭。但過去兩個月，我們的銷售業績表現強勁，預訂窗口後期的需求旺盛。

Across our international routes, most notably in Japan, where the yen remains historically weak against the US dollar, international point of sale remains below traditional levels. We've backfilled some of this missing Japan point of sale demand by proactively intensifying our focus on US and other international points of sale.

在我們的國際航線中，尤其是在日本，日圓兌美元匯率一直處於歷史低點，國際銷售點仍低於傳統水準。我們積極加強對美國和其他國際銷售點的關注，填補了日本銷售點缺失的部分需求。

With respect to our Neighbor Island business, we continue to move in a positive direction with improvement in average fares and load factors that demonstrate unambiguously that we are the carrier of choice in the state of Hawaii. While Japan has considerable room for improvement and Maui demand has not yet fully recovered following last year's tragic wildfires.

就我們的鄰近島嶼業務而言，我們繼續朝著積極的方向發展，平均票價和載客率都有所提高，這明確表明我們是夏威夷州的首選航空公司。而日本還有相當大的進步空間，毛伊島的需求在去年悲慘的野火之後還沒有完全恢復。

The overall demand we are seeing across our portfolio of routes is encouraging. In particular, I'd note that the three recently added routes, Salt Lake City to Honolulu and between Sacramento and both Kona and Lihu'e have performed very well. The availability of our fleet is critical, and we've been challenged over much of the past year and a half with well chronicled shortages of A321neo engines.

我們看到，我們航線組合的整體需求令人鼓舞。特別地，我要指出的是，最近增加的三條航線，即鹽湖城至檀香山以及薩克拉門托與科納和利胡埃之間的航線表現非常良好。我們的機隊的可用性至關重要，在過去的一年半中，我們一直面臨著 A321neo 引擎短缺的挑戰。

I am very pleased to share that our A321 fleet has been at full strength since the Memorial Day weekend with a full complement of engines. We expect this to remain the case through the rest of the year and into 2025. As mentioned on the last call, we now have [2 787-9s] in service.

我很高興地告訴大家，自從陣亡將士紀念日週末以來，我們的 A321 機隊一直處於滿載狀態，並且配備了齊全的發動機。我們預計今年剩餘時間和 2025 年的情況仍將如此。正如上次通話中所提到的，我們現在有 [2 架 787-9] 架飛機投入使用。

Guest response to our new flagship product has been tremendous, including accolades for our new Leihoku suite. Our third, A330 freighter has also commenced revenue flying. We've had incredibly strong operational performance on the freighter fleet, which we know is important to our customer. We will continue to ramp up operations in the months ahead.

客人對我們新旗艦產品的反應非常熱烈，包括對我們新推出的 Leihoku 套件的讚譽。我們的第三架 A330 貨機也已開始獲利飛行。我們的貨機隊營運表現非常出色，我們知道這對我們的客戶來說很重要。我們將在未來幾個月繼續加強營運力度。

The plan is to receive four freighters during the remainder of this year and three in the first quarter of 2025 to arrive at the initial fleet of 10. Getting the freighter fleet up to critical mass is an essential step to allow us to move beyond the investment phase of this line of business and into steady state.

該計劃將在今年剩餘時間內接收 4 架貨機，並在 2025 年第一季接收 3 架貨機，使初始機隊規模達到 10 架。讓貨機隊達到臨界規模是讓我們走出該業務的投資階段並進入穩定狀態的重要一步。

We have now installed Starlink in-flight connectivity on all 18 of our Airbus A321neos and received FAA's certification for the A330.

我們目前已在所有 18 架空中巴士 A321neo 飛機上安裝了 Starlink 機上連接，並獲得了 FAA 對 A330 的認證。

With this approval in hand, we are now underway with the process of deploying Starlink across our entire A330 fleet with 25% equipped as of the end of last week. Our target is to complete A330 installations by the end of the third quarter.

獲得此項批准後，我們目前正在整個 A330 機隊中部署 Starlink，截至上週末，已有 25% 的飛機配備了該設備。我們的目標是在第三季末完成 A330 的安裝。

We are continuing to see incredible guest response to having fast free Wi-Fi that just works and expect this to be a driver of customer choice as awareness grows. Beyond all of these major investments, we never lose sight of the fact that what our guests expect most for us is to deliver safe, reliable and efficient operation.

我們不斷看到客人對免費高速 Wi-Fi 的熱烈回應，並希望隨著意識的增強，這將成為客戶選擇的驅動力。除了所有這些重大投資之外，我們從未忽視這樣一個事實：我們的客人對我們提供安全、可靠和高效的營運的最大期望。

With this in mind, returning to our long-standing position as the industry leader in on-time performance is a key goal. Now that some of the external headwinds that plagued us in 2023 are in the rearview mirror. Year to date through June, we are over 80% for on-time performance, including ranking atop the DOT listing for March, we ended 2Q with a solid 84% for June, which should similarly rank us near the top of the industry when the DOT stats are released.

考慮到這一點，恢復我們長期以來作為準時表現行業領導者的地位是一個關鍵目標。如今，2023 年困擾我們的一些外在不利因素已經成為過去。截至今年 6 月，我們的準時履行率已超過 80%，其中 3 月位居 DOT 榜首。在第二季結束時，6 月的準時履行率達到了 84%，當 DOT 統計數據發佈時，我們的排名也應該接近行業領先水平。

In addition, our baggage performance has shown some nice gains this year, thanks to the focus of our team and understanding that we live in a world where perfection is elusive. We've also been continuing to work on initiatives, initiatives to manage operational disruptions, better, improve our call center experience and introducing new self-service options for guests.

此外，由於我們團隊的專注以及對我們生活在一個完美難以捉摸的世界的理解，我們的行李業績今年取得了不錯的成長。我們也一直在繼續努力，採取措施管理營運中斷，更好地改善我們的呼叫中心體驗，並為客人推出新的自助服務選項。

All of these initiatives are intended to advance our return to profitability and financial sustainability and beyond the accomplishments I've discussed or other important steps we are taking to improve bottom line performance.

所有這些措施都是為了促進我們恢復獲利能力和財務可持續性，超越我所討論的成就或我們為提高底線績效而採取的其他重要措施。

These include driving additional revenue premium through the optimization of ancillary products, especially with respect to Extra Comfort and preferred seating, enhancing our premium offerings in the air and on the ground, improving employee efficiency, which goes hand-in-hand with running an industry-leading operation, getting the freighter fleet up to critical mass to both grow and diversify our revenue and where necessary, adjusting our network and competitive profile.

這些措施包括透過優化輔助產品（特別是 Extra Comfort 和首選座位）來增加額外收入，增強我們在空中和地面的優質服務，提高員工效率（這與運營行業領先的運營密切相關），使貨機隊達到臨界規模以增加和多樣化我們的收入，並在必要時調整我們的網絡和競爭狀況。

Again, I want to express how proud I am of the Hawaiian Airlines team, as we navigate through one of the most unique chapters in our 95 year history. This group remains unrelenting lead focused on delivering outstanding guest experience, achieving industry-leading operational performance and continuing to adapt our business to a changing economic and competitive environment.

再次，我想表達我對夏威夷航空團隊的自豪，因為我們正在經歷 95 年歷史上最獨特的篇章之一。團隊始終堅持不懈地致力於提供卓越的客戶體驗、實現領先業界的營運績效，並持續使我們的業務適應不斷變化的經濟和競爭環境。

With that, I will turn the call over to Brent to go over our commercial performance and outlook in more detail.

接下來，我將把電話轉給布倫特，讓他更詳細地介紹我們的商業表現和前景。

Thank you, Peter, and hello, everyone. As Peter mentioned, demand remained steady across most of our network in the second quarter. Total revenue was up 3.5% as we flew just over 4% more capacity versus the same period in 2023. System resin for the second quarter was about 1% lower compared to the same period the same year period, which was in range with our guidance.

謝謝你，彼得，大家好。正如彼得所提到的，第二季我們大部分網路的需求保持穩定。與 2023 年同期相比，我們的飛行容量增加了 4% 多一點，總收入因此增加了 3.5%。第二季的系統樹脂與去年同期相比下降了約 1%，符合我們的指導範圍。

Diving into our second quarter performance by geography, North America continued to demonstrate solid performance with good close-in demand in the last two months of the quarter, average fares were down slightly compared to the same period in the prior year, due largely to a weakened Maui market, which continues to recover.

按地區劃分，深入研究我們第二季度的業績表現，北美繼續表現穩健，本季度最後兩個月的近距離需求良好，平均票價與去年同期相比略有下降，這主要是由於毛伊島市場疲軟，但目前仍在復蘇。

Demand for routes, excluding Valley, provided stability to our North American entity during the second quarter. As Peter mentioned, during the quarter, we added service from Salt Lake City to Honolulu and Sacramento, Kona and Lihu'e and are encouraged with the performance out of the blocks.

除了山谷航線外，其他航線的需求在第二季為我們的北美實體提供穩定性。正如彼得所提到的，在本季度，我們增加了從鹽湖城到檀香山、薩克拉門托、科納和利胡埃的航班，並對這一表現感到鼓舞。

Looking ahead to the third quarter for markets excluding Valley, we are seeing solid demand that is not quite keeping up with industry capacity increases primarily in Honolulu.

展望第三季除矽谷以外的市場，我們看到強勁的需求，但還沒有完全跟上產業產能的成長，主要是在檀香山。

For the Maui market. We see advanced bookings down slightly at lower fares than during previous years. For the Japan market, Japan point of sale demand remains unchanged from what we were what we shared last call with weakness driven by a weaker Japanese yen and high lodging costs in Hawaii.

針對毛伊島市場。我們發現，與前幾年相比，提前預訂的機票價格略有下降。對於日本市場，日本銷售點需求與我們上次通話時所分享的相比保持不變，疲軟是由於日圓疲軟和夏威夷住宿費用高昂造成的。

However, we continue to see success in diversifying our traffic by focusing on US point of sale, which is expected to remain strong going into the third quarter and by competing effectively for flow traffic to and from other cities in Asia.

然而，我們透過專注於美國銷售點，繼續成功地實現了流量多元化，預計美國銷售點將在第三季度保持強勁，並透過有效競爭往返亞洲其他城市的流量。

The yen exchange rate remains the biggest headwind in this market, though we continue to see strong affinity among Japanese consumers for Hawaii and for our brand. The rest of our international markets are seeing similar, though less pronounced dynamics with similarly stronger US point-of-sale demand.

儘管我們仍然看到日本消費者對夏威夷和我們的品牌有著強烈的喜愛，但日圓匯率仍然是這個市場最大的阻力。我們其他的國際市場也出現了類似的情況，儘管動態不那麼明顯，但美國的銷售點需求同樣強勁。

Overall, international resin continues to be impacted going into the third quarter with lower overall yields and a modest load factor decline. While we can't control the currency environment, we have taken decisive measures to pivot our sales and distribution efforts to address the marketplace challenges.

總體而言，進入第三季度，國際樹脂持續受到影響，整體收益率下降，載客率略有下降。雖然我們無法控制貨幣環境，但我們已採取果斷措施，調整銷售和分銷力度，以應對市場挑戰。

Continuing the positive movement last quarter, Neighbor Island has shown improving yields and solid demand, which are driving year-over-year unit revenue improvement. We are seeing positive sequential pricing improvement from the start of the year through the third quarter, reflecting the strong performance for the product that we offer.

鄰島能源延續了上個季度的積極勢頭，收益率不斷提高，需求強勁，推動了單位收入同比增長。從年初到第三季度，我們看到價格連續出現積極改善，這反映了我們所提供產品的強勁表現。

In fact, the second quarter had the strongest unit revenue improvement on a year-over-year basis since the second quarter of 2022. We continue to perform exceptionally well against the competition with a 30 point load factor differential, and I presume that was roughly twice that of our competitor in the first quarter of the year.

事實上，第二季的單位營收年增是 2022 年第二季以來最強勁的。我們的業績繼續在競爭中保持優異表現，載客率高出 30 個百分點，我估計這大約是我們今年第一季競爭對手的兩倍。

Looking at our ancillary performance, our Extra Comfort and preferred seat revenue has remained strong and was up 18% year over year by Q2, driven by continued demand and ongoing price optimization. For the third quarter, we expect overall system resin to be down about 3% year over year on capacity growth of about 7%.

從我們的輔助業務表現來看，受持續需求和持續價格優化的推動，我們的 Extra Comfort 和優先座位收入保持強勁，到第二季度同比增長 18%。對於第三季度，我們預計整體系統樹脂產量將年減約 3%，而產能成長約 7%。

We are seeing discounting as well. We're seeing more discounting as supply outstrips demand in both North America and in Japan. Looking at the full year, we are revising our capacity guidance downwards and we now expect capacity to be up about 5.5% year over year, primarily due to a shift of our third 77 delivery into the front half of 2025.

我們也看到了折扣。由於北美和日本的供應超過需求，我們看到折扣增加。縱觀全年，我們正在下調運力預期，目前預計運力將年增約 5.5%，這主要是因為我們的第三批 77 架飛機的交付時間將推遲到 2025 年上半年。

Overall, I'm encouraged that in the third quarter, we expect to have access to our entire A321 fleet, which will help us optimize deployment of assets on our network and also drive reliability, that combined with the rollout of new products like Leihoku suite and Starlink should allow us to deliver a highly competitive product and guest experience in the second half of the year.

總體而言，我很高興在第三季度，我們預計將使用我們的整個 A321 機隊，這將有助於我們優化網路上的資產部署並提高可靠性，再加上 Leihoku 套件和 Starlink 等新產品的推出，我們將能夠在下半年提供極具競爭力的產品和客戶體驗。

With that, I'll turn the call over to Shannon.

說完這些，我會把電話轉給香農。

Thanks, Brent. Hello, everyone, and thank you for joining us today. We ended the second quarter of the year with an adjusted EBITDA loss of $21 million. This resulted in an adjusted loss of $1.37 per share, which includes a negative $0.14 impact from the decrease in our effective tax rate to 0% versus the expectation of 10% that we communicated at the beginning of the quarter.

謝謝，布倫特。大家好，感謝大家今天加入我們。我們今年第二季的調整後 EBITDA 虧損為 2,100 萬美元。這導致每股調整後虧損 1.37 美元，其中包括因我們的有效稅率從本季初預期的 10% 降至 0% 而產生的 0.14 美元的負面效應。

Year over year, the 0% effective tax rate impacted adjusted EPS by $0.21 versus last year's tax rate of 14.7%. The results for the quarter also reflect lower fuel cost per gallon than originally expected and a shift in the timing of heavy maintenance costs to the second half of this year, which caused us to achieve better CASM ex performance than our original expectation.

與去年同期相比，0% 的有效稅率對調整後每股盈餘的影響為 0.21 美元，而去年的稅率為 14.7%。本季的業績也反映出每加侖燃料成本低於最初的預期，而大修成本的時間轉移到今年下半年，這導致我們實現了比最初預期更好的 CASM 性能。

For the third quarter, we expect our unit costs, excluding fuel and special items to be flat versus the same period in 2023, which consists of a number of puts and takes. There is about 2.5-percentage-points of increase from the costs of our larger freighter operation, which does not generate ASMs and the decrease in maintenance credits recognized in 2023.

對於第三季度，我們預計不包括燃料和特殊項目的單位成本將與 2023 年同期持平，其中包括一些投入和產出。我們的大型貨機營運成本增加了約 2.5 個百分點，這不會產生 ASM，而且 2023 年確認的維護信用減少。

These increases were offset by about 2 points of labor and benefits improvement and 0.5 points from the timing of heavy maintenance events.

這些增長被勞動力和福利改善的約 2 個百分點以及重型維護事件時間的 0.5 個百分點所抵消。

On our financial results call for the third quarter of 2023, I shared that we were carrying about 25% more pilots on our payroll than we did in July 2019 for about the same capacity by the end of this year. We expect the surplus of pilots per aircraft to be about 14% and decrease to 6% to 7% by the end of 2025, which should reflect a more steady-state rate.

在我們 2023 年第三季的財務業績電話會議上，我曾表示，與 2019 年 7 月相比，我們薪資單上的飛行員人數增加了約 25%，而到今年年底，我們的運力大致相同。我們預計每架飛機的飛行員過剩率約為 14%，到 2025 年底將下降至 6% 至 7%，這將反映出更穩定的比率。

During the third quarter of last year, we expected the CASM ex impact of the training levels and overall pilot productivity to decrease from $0.0026 in the fourth quarter of '23, so $0.0014 in the fourth quarter of '24. Excluding the amount of actual Amazon flying, that again does not generate ASMs, we're on track to hit that March and expect to further reduce the impact of chasm by over half by the end of 2025.

去年第三季度，我們預計 CASM 扣除訓練水準和整體飛行員生產力的影響將從 23 年第四季的 0.0026 美元下降到 24 年第四季的 0.0014 美元。不包括亞馬遜的實際飛行量（這同樣不會產生 ASM），我們預計在 3 月實現這一目標，並預計到 2025 年底將鴻溝的影響進一步減少一半以上。

For the full year, we are improving our CASM ex guidance from a midpoint of up 2.5% to up 2% despite lower capacity. We're focused on managing costs during this financially challenging period, even while we make important investments in our business to set a solid foundation for the future. As Brent mentioned, we now expect 177 delivery to shift from late 2024 to early 2025, which decreases our expected full year CapEx to a range of $350 million to $400 million.

對於全年而言，儘管產能有所下降，我們仍將 CASM 預測從中點上漲 2.5% 提高至上漲 2%。在這個財務困難時期，我們專注於管理成本，同時我們對業務進行了重要投資，為未來奠定了堅實的基礎。正如布倫特所提到的，我們現在預計 177 架飛機的交付時間將從 2024 年底推遲到 2025 年初，這將使我們預期的全年資本支出降至 3.5 億美元至 4 億美元之間。

As Peter mentioned, we've taken important steps to bolster our liquidity and moderate our debt maturity schedule that will allow us time to return to sustained profitability.

正如彼得所提到的，我們已採取重要措施來增強流動性並調整債務到期時間表，這將使我們有時間恢復持續獲利。

Financing of 10 A321 added about $400 million of liquidity with the two semi sevens we have financed this year. We ended the quarter with $1.5 billion in liquidity, about twice our pre-pandemic target and approximately 50% of our trailing 12 month revenue.

10 架 A321 的融資加上我們今年融資的兩架半七架飛機，增加了約 4 億美元的流動資金。本季末，我們的流動資金為 15 億美元，約為疫情前目標的兩倍，約佔過去 12 個月營收的 50%。

As you know, the $1.2 billion in brand and loyalty program bonds we issued in 2021 were due in January 2026, just last Friday, we completed the exchange of $1.194 billion or about 99.5% of the original notes following issuance of $985 million in new notes with an 11% coupon that will become due in April 2029 and a payment of $205 million in principle to existing noteholders, leaving about $6.3 million in original notes outstanding.

如您所知，我們在 2021 年發行的 12 億美元品牌和忠誠度計劃債券將於 2026 年 1 月到期，就在上週五，我們完成了 11.94 億美元或約 99.5% 原始票據的交換，此前我們發行了 9.85 億美元的新票據，並將於 201%剩餘約 630 萬美元的原始票據未償還。

While the new notes have a higher interest rate, we feel this is prudent risk management and the events the merger is delayed. While we are confident in the merits of our merger, we're also managing the business and the balance sheet in case the closing is delayed.

雖然新票據的利率較高，但我們認為這是審慎的風險管理，並且合併事件被推遲。雖然我們對合併的優點充滿信心，但我們也在管理業務和資產負債表，以防合併延遲。

Our focus on improving labor productivity adjusting our commercial response to market opportunities and monetizing the events investments we have made. I want to reiterate our gratitude to all of the employees of plan for the best in this business and are continuing to manage and operate our business to provide the best service in the industry.

我們專注於提高勞動生產力，調整我們對市場機會的商業反應，並將我們所做的活動投資貨幣化。我想再次向所有為這項業務做出最大努力的員工表示感謝，並將繼續管理和經營我們的業務，以提供業內最好的服務。

And with that, we can open up the call for questions.

這樣，我們就可以開始提問了。

Thank you.

謝謝。

We will now be conducting a question-and-answer session. (Operator Instructions)

我們現在將進行問答環節。（操作員指示）

Conor Cunningham, Melius Research. Please proceed with your question.

康納·坎寧安（Conor Cunningham），Melius Research。請繼續您的問題。

Everyone. Thank you. I'm just trying to square away the recent announcement to expand West Coast flying this fall. You're talking about unit revenues sequentially declining from 2Q to 3Q or is it just a function of 787s arriving at freeing up other assets. I know you want to put them in a different place. Just trying to sort of make sense of that at that announcement. Thank you.

每個人。謝謝。我只是想解決最近宣布的今年秋天擴大西海岸航班的問題。您說的是單位收入從第二季到第三季連續下降，還是只是因為 787 可以釋放其他資產。我知道你想把它們放在不同的地方。只是想理解那則公告。謝謝。

Sure. 787 it really is a function of timing. This was kind of year end flying that we had had pencilled in. And as we were waiting to see what things look like in terms of the timing of 787 and a few other maintenance events. This was stuff that we had in our hip pocket kind of ready to go.

當然。 787 它確實是時間的函數。這是我們計劃好的年底飛行。我們當時正在等待 787 和其他一些維護事件的時間表。這些都是我們放在後褲袋裡隨時可以帶走的東西。

We actually trimmed a bit of that out relative to what our previous plan was as well, just recognizing that some of those data may not be quite as strong as we had originally forecasted. So it was stuff that was really focused around Thanksgiving and year-end holiday stuff that we have.

實際上，相對於我們先前的計劃，我們也對其進行了一些削減，因為我們意識到其中一些數據可能不如我們最初預測的那麼強勁。所以，我們的活動主要圍繞著感恩節和年終假期。

We traditionally do every year and we were going to do this year because it's good accretive flying. We were just waiting on some details around aircraft availability to get that out in the market and put it up for sale product.

我們每年都會這樣做，今年我們也會這樣做，因為這是一次很好的增值飛行。我們只是在等待有關飛機可用性的一些細節，以便將其推向市場並將其作為銷售產品。

That's helpful. And then on the recent credit card announcement, Barclays, can you just walk through maybe the changes to that agreement and what that might mean from a for economics revolve? And I don't know if you're willing to talk about this, but when does that agreement extension? Thank you again.

這很有幫助。然後，關於巴克萊銀行最近發布的信用卡公告，您能否簡單介紹一下該協議的變化以及這對經濟轉型意味著什麼？我不知道您是否願意談論這個問題，但是該協議何時延長？再次感謝您。

Yeah. Thanks, Conor. I'll take that one. We really aren't putting out a lot of details about the economic changes in that it's a relatively modest term investment. It's a few more years that we are adding on to that, working with our existing partner, Barclays, that we've worked with for 10 years, and we thought it was important to extend that program out for a few more years of this time.

是的。謝謝，康納。我要那個。我們實際上並沒有透露太多有關經濟變化的細節，因為這是一項相對溫和的定期投資。我們將繼續與現有的合作夥伴巴克萊銀行合作，我們已經合作了 10 年，我們認為將該計劃再延長幾年非常重要。

All right. Thanks.

好的。謝謝。

Michael Linenberg, Deutsche Bank. Please proceed with your question.

麥可‧林伯格，德意志銀行。請繼續您的問題。

Hi there. This is Shannon Doherty on for Mike. I know you mentioned in the script that you're adjusting the network where necessary and pivoting your sales and distribution strategy on international front. Can you go into more details here and know tell us more about what you can do to change your competitive positioning?

你好呀。這是 Shannon Doherty 取代 Mike 演繹的作品。我知道您在劇本中提到您正在根據需要調整網絡並在國際範圍內調整您的銷售和分銷策略。您能否在這裡詳細說明一下，並告訴我們您可以採取哪些措施來改變您的競爭定位？

Yeah. I mean, I'm not going to provide details of future things that we haven't announced. But I think if you look at what we've done in recent periods, we did and scale back a little bit of our Japan flying earlier this year, reflective of the slow recovery in that geography and where we have increased in recent months, it has been in North America, which is relatively a piece of strength.

是的。我的意思是，我不會提供我們尚未宣布的未來事項的細節。但我認為，如果你看看我們最近一段時間所做的事情，你會發現我們在今年早些時候確實減少了飛往日本的航班，這反映了該地區經濟復甦的緩慢，而最近幾個月我們增加了飛往北美的航班，相對而言，北美是我們的優勢所在。

I think where as both Brent and I said on the call, we're happy with the performance of the Salt Lake route and the new Sacramento flying we added. So it is really from a network perspective about making those changes to put the flying where it's going to be most remunerative in this economic environment.

我認為，正如布倫特和我在電話中所說的那樣，我們對鹽湖城航線和新增加的薩克拉門托航班的表現感到滿意。因此，從網路角度來看，做出這些改變是為了在當前的經濟環境下將航班安排在最有利可圖的地方。

And then you know competitively and really a lot of it is continuing to evolve our product, getting Starlink out there as something we've been working on for a while, and it's great to be getting there and getting the 787 into service having a greater proportion of our seat capacity across our airline in premium categories, adding to enhancements to our from our ground product.

然後你知道，從競爭力上來說，我們所做的許多工作都在繼續改進我們的產品，將 Starlink 推向市場是我們一直在努力的事情，很高興能夠實現這一目標，並將 787 投入使用，使我們航空公司的高端類別座位容量佔比更大，從而增強了我們的地面產品。

All of these things are really positioning us for how the market is evolving, and we're going to continue to made those changes going forward.

所有這些事情都讓我們適應了市場的發展，我們將繼續做出這些改變。

That's really helpful. And just a quick follow up. You know, on the oversupply commentary in some of your key markets, are you comfortable with your capacity growth levels at 7% in the September quarter, or do you think that you're perhaps growing too much? Like is there room to see more capacity deceleration, but later this year and into next?

這真的很有幫助。並進行快速跟進。您知道，關於您在某些主要市場的供應過剩評論，您是否對 9 月份季度 7% 的產能增長水平感到滿意，或者您是否認為增長可能過快？例如，今年稍晚和明年是否還會出現產能進一步減速的情況？

Yeah, I'll start and then maybe turn it over to Brent. See if he wants to add anything beyond my comments. But I would say right now where we're happy with the plan we have going into the back half of the year. I think we want to continue to see how things evolve.

是的，我先開始，然後也許把它交給布倫特。看看他是否想在我的評論之外添加任何內容。但我現在要說的是，我們對下半年的計畫感到滿意。我想我們希望繼續觀察事態如何發展。

We did perform well over the last couple of months as Brent foreshadowed in the guidance for 3Q. We do see things a little bit weaker over a year. We are over the year in the third quarter. And so I think we'll we take a wait-and-see approach, but we're going to be prepared to make adjustments where we think they're necessary.

正如布倫特在第三季指引中所預示的那樣，過去幾個月我們確實表現良好。我們確實看到一年來情況減弱。今年已經過了第三季。因此我認為我們會採取觀望態度，但我們會準備好在必要時做出調整。

Daniel McKenzie, Seaport Group. Please proceed with your question.

丹尼爾·麥肯齊，海港集團。請繼續您的問題。

Yeah, hi thanks. That was sort of my question. Japan continues to lag. Does it make sense to this to redeploy some of that flying to another national market. And it sounds like, you are looking at that looking at that currently and you may make some changes.

是的，嗨，謝謝。這正是我的問題。日本繼續落後。將部分航班重新部署到另一個國家市場是否有意義？聽起來，您目前正在研究這個問題，並且可能會做出一些改變。

I guess just following up on that question related to this on what flexibility do you have to optimize your network while the merger is under review or even worse case litigated? And what I'm wondering is if you are limited in what I'm really getting at is if the network changes that you make would cause Alaska to resubmit their estimate of merger synergies, it's something we saw in JetBlue and Spirit once they set the network plan, they were sort of locked into it regardless of whether it was making money or losing money. I'm just wondering what flexibility you guys have?

我想只是想跟進與此相關的問題，在合併審查期間，甚至在更糟糕的訴訟情況下，您有哪些靈活性來優化您的網路？我想知道的是，如果您對我真正想要表達的意思有所限制，即您所做的網絡變更是否會導致阿拉斯加航空重新提交合併協同效應的估計，這是我們在捷藍航空和精神航空身上看到的，一旦他們制定了網絡計劃，他們就會被鎖定在其中，無論它是賺錢還是虧錢。我只是想知道你們有什麼彈性？

Now we'll look across the room at my general counsel and invite him to correct any errors and how I say this. But there are some our limitations on what we can do during the period up to close. But we are also very mindful of the fact that we are we are two independent airlines today and we need to compete independently. And so when we talk about decisions from a network or pricing standpoint, those are entirely within the control of Hawaiian Airlines to do up to and until the deal is closed.

現在，我們將目光轉向房間對面的總法律顧問，請他糾正任何錯誤以及我是如何表達的。但在收盤前，我們能做的事情還是有一些限制的。但我們也非常清楚，我們今天是兩家獨立的航空公司，我們需要獨立競爭。因此，當我們從網路或定價的角度談論決策時，這些決策完全在夏威夷航空的控制範圍內，直到交易完成為止。

So potentially if it's litigated, you'd still be limited. Is that correct?

因此，如果發生訴訟，你仍然可能會受到限制。對嗎？

No, in terms of what we do from a network deployment and a pricing perspective, it is entirely in Hawaiian Airlines purview up to until the close.

不，就我們從網路部署和定價角度所做的工作而言，直到交易結束前，這完全屬於夏威夷航空的職權範圍。

Got it. Okay. All right. And second question here, certainly, Starlink is, you know, something that you guys have obviously talked a lot about wondering if you can put some numbers around what it means exactly, you know, to the income statement.

知道了。好的。好的。第二個問題，當然，Starlink 是你們已經討論過很多次的事情了，你們能否用一些數字來說明一下它對損益表的具體意義。

And then separately, I'm curious what percent of total revenue is premium revenue. And I guess the reason I'm asking I'm just wondering how we should think about this segment as we look ahead.

另外，我很好奇總收入中有多少百分比是保費收入。我想我之所以問這個問題只是想想我們展望未來時應該如何看待這個部分。

Yeah. Let me start on the first part about Starlink and then maybe turn it over to up to my commercial colleagues. And what I would say is it is the financial impact of Starlink in the long term is going to be hard to measure.

是的。讓我先從有關 Starlink 的第一部分開始，然後再交給我的商業同事。我想說的是，Starlink 的長期財務影響將很難衡量。

Right now. We're in the very early period. We've only had it deployed on the A321s for a few months. We've were as I said in my remarks, we're deploying it on the A330 fleet as we speak, with about 25% of the fleet done.

現在。我們正處於非常早期的階段。我們僅在 A321 上部署了它幾個月。正如我在演講中所說，我們正在將其部署到 A330 機隊上，大約有 25％ 的機隊已經完成部署。

What we can measure right now is guest satisfaction on the flights that are Starlink equipped shows a meaningful improvement. We think as people become more aware of it on our airplanes, that is going to be a driver of consumer demand for us and will be revenue enhancing.

我們現在可以衡量的是，配備 Starlink 的航班的乘客滿意度顯著提高。我們認為，隨著人們在我們的飛機上越來越意識到這一點，這將成為我們消費者需求的驅動力，並將增加收入。

But it's going to be hard to measure. We are not charging for the product on our airplanes. And so you're going to have to you're trying to measure over time how it's driving preference and what that impact has on demand for our flights overall and that'll really accelerate over time as we get to a period where people are more aware about where it's deployed across virtually all of our fleet, and we'll be getting to that point by the end of the third quarter, we expect to have it deployed across our two largest long-haul fleets. And so we'll really start getting into a period where we see that going forward.

但這將很難衡量。我們不會在飛機上對該產品收費。因此，你必須嘗試隨著時間的推移衡量它是如何驅動偏好的，以及它對我們整體航班需求的影響，隨著時間的推移，隨著人們更加了解它在我們幾乎所有機隊中的部署情況，這一進程將真正加速，我們將在第三季度末達到這一點，我們預計將它部署在我們最大的兩個長途機隊中。因此，我們將真正開始進入一個可以預見其未來發展的時期。

Yeah. I don't have at my fingertips kind of the third quarter breakdown in terms of front cabin and Extra Comfort & Main Cabin. We can certainly have the IR team follow up with you, Dan on that, Dan, I will say that we have seen a greater resiliency and greater strength in those first two products and we have in Main Cabin.

是的。我還沒有掌握第三季前艙、超舒適艙和主艙的詳細情況。我們當然可以讓 IR 團隊跟進你，丹，丹，我會說我們在前兩款產品中看到了更大的彈性和更大的強度，我們在主艙中也看到了。

So Extra Comfort demand remained strong. We highlighted in our discussion our ability to manage that more effectively and more dynamically, and we're seeing that certainly result in some price increases there as well as the front cabin continues to may remain really, really strong. And I'm encouraged by the performance there.

因此對 Extra Comfort 的需求依然強勁我們在討論中強調了我們更有效、更有活力地管理這一問題的能力，我們看到這肯定會導致價格上漲，而且前艙可能繼續保持非常非常強勁。我對那裡的表現感到鼓舞。

Peter mentioned we talked a little bit earlier about a delayed Leihoku suite and while it's only on two airplanes right now, really encouraging performance on how it's doing despite the almost doubling capacity on those flights in terms of premium capacity, how it's performing has been really encouraging other blocks.

彼得提到，我們之前談到了延遲的 Leihoku 套房，雖然現在只有兩架飛機上有這個套房，但儘管這些航班的優質容量幾乎翻了一番，但它的表現確實令人鼓舞，它的表現確實鼓舞了其他航班。

Yeah, very good. Thanks so much for the time, guys.

是的，非常好。非常感謝大家抽空。

Thanks, Dan.

謝謝，丹。

Thomas Fitzgerald, TD Cowen. Please proceed with your question.

托馬斯·菲茨杰拉德，TD Cowen。請繼續您的問題。

Everyone, thanks so much for the time. Would you mind just resetting everybody work from kind of like as a standalone, what you think the longer-term run rate for CASM ex will be over that couple of years and like what kind of how you think about hiring and then where you where you see pockets for operating leverage outside labor costs?

非常感謝大家抽空。您介意重新設定每個人的工作嗎？您認為 CASM ex 在未來幾年的長期運行率是多少？您對招募有何看法？您認為除了勞動成本之外，營運槓桿的潛力在哪裡？

Hi, Tom. Welcome to the call. We really haven't given a long-term forward looking guidance on cosmetics. And to be honest, some of that depends on our fleet and which we're still working through some of the delivery schedules of the 787 with Boeing and what I can tell you is that we are highly focused on, you know, moderate hasn't changes.

你好，湯姆。歡迎來電洽詢。我們確實沒有對化妝品給予長期的前瞻性指導。老實說，這在一定程度上取決於我們的機隊，我們仍在與波音公司商討 787 的一些交付計劃，我可以告訴你的是，我們高度關注，你知道，適度沒有變化。

So we've got a lot of initiatives, and I talked about the biggest one or the biggest driver right now, I think of cabin improvement, which is a pilot productivity. And then there's more as well in other categories of labor. But really, that's probably our biggest effort. But we do have a number of initiatives that in a standalone our company really it's the, help us keep that hasn't changed, you know, flat to very modest improvement, definitely trying to manage it on to not increase more than inflation.

因此，我們有很多舉措，我談到了目前最大的舉措或最大的驅動力，我認為是機艙改進，這可以提高飛行員的工作效率。其他類別的勞動力也是如此。但實際上，這可能是我們最大的努力。但我們確實有一些舉措，對於我們獨立的公司來說，這些舉措確實可以幫助我們保持這種狀況，你知道，保持平穩到非常溫和的改善，我們肯定會努力控制這種狀況，使其增幅不超過通貨膨脹率。

I think we're in a good spot from a labor contract position having all of our labor contracts, not in no labor contracts in section, all of our labor contracts right now and closed. And so I think that puts us in a good position sets us up well. I mean, we're really just focused now on work rules and productivity analysis on the crew side.

我認為，從勞動合約的角度來看，我們處於一個很好的位置，我們所有的勞動合同，不是沒有勞動合約的部分，我們所有的勞動合約現在都已經結束。所以我認為這使我們處於有利地位，為我們做好了準備。我的意思是，我們現在實際上只關注船員方面的工作規則和生產力分析。

So a lot of initiatives we'll continue investing as well in technology from both from both a guest-facing perspective as well as productivity analysis perspective.

因此，我們將繼續從面向客人的角度以及生產力分析的角度對技術進行大量投資。

Okay, thanks. That's really helpful. And then just as a follow-up, what are your peers who has a contract with Amazon, they recently renegotiated the contract just to reflect the fact that on the wage inflation on the pilot side.

好的，謝謝。這真的很有幫助。然後作為後續問題，您的同行與亞馬遜簽訂了合同，他們最近重新談判了合同，只是為了反映飛行員方面工資上漲的事實。

Is that at all something that's in that you guys have an option to do? Just kind of wondering I wanted to think about like what the operating margins could be for that the cargo business as it ramps next year. Thanks again.

這是你們可以選擇要做的事嗎？我只是有點好奇，想知道明年貨運業務發展時的營業利益率會是多少。再次感謝。

Yeah, I mean, our focus right now with the Amazon contract is to continue to build the fleet up to steady state. I think the contract, you are mentioning that was amended was a little bit. It had been established and some period of time before are so where we are not in that mode at this point in time, but we're going to continue to work with our partner to build this business going forward.

是的，我的意思是，我們目前與亞馬遜的合約重點是繼續建造船隊，直到達到穩定狀態。我認為您提到的合約只是進行了一點修改。它已經建立並且在之前的某個時期我們還沒有處於這種模式，但我們將繼續與我們的合作夥伴合作，共同發展這項業務。

Another thing I'll mention is kind of piggybacking off of the timing that Peter mentioned, because of that timing difference. We had more knowledge of where pilot contracts were going. While we were negotiating with Amazon and were, therefore able to model some of that out on throughout our negotiation process.

我要提到的另一件事是，由於時間差異，有點像是搭上彼得提到的時間。我們對試辦合約的走向有了更多的了解。當我們與亞馬遜談判時，我們能夠在整個談判過程中模擬其中的一些情況。

Christopher Stathoulopoulos, Susquehanna. Please proceed with your question.

克里斯托弗·斯塔索洛普洛斯，薩斯奎哈納。請繼續您的問題。

Hi, everyone, one question for me. So just if we could put a finer point here on the international point-of-sale market. So starting with Japan, moving to Australia, New Zealand, and South Korea. What are some of the levers you can pull here with respect to capacity and yields to offset the weakness here?

大家好，我有個問題。因此，如果我們能夠更詳細地介紹國際銷售點市場的話。因此，從日本開始，然後轉向澳大利亞、紐西蘭和韓國。就產能和收益而言，您可以採取哪些措施來抵消這裡的弱點？

And what are some of the I guess if you on your internal forecast and projections around markets like Japan, where I get a lot of questions on when things might sort of normalize, what are some of the data points that you look at outside of, let's say, the end and some of the more basic macro points, investors might consider? Thanks.

我常被問到，對於日本等市場，你們的內部預測和預測是怎麼樣的？除了年底的數據和一些更基本的宏觀數據點之外，投資人可能會考慮哪些數據？謝謝。

Yeah, I'll start. And then again, hand it over to Brent to see if he's got more to add, you know, I would just say each of the and the geographies is a little bit different. We saw different recoveries over the last couple of years with Japan, which has traditionally been our largest being the last to recover and the one that that so far has had candidly, the shallowest recovery.

是的，我這就開始。然後再次將其交給布倫特，看看他是否還有更多要補充的，你知道，我只想說每個地區都有點不同。過去幾年，我們看到日本出現了不同的復甦，傳統上日本是復甦最快、最晚的國家，坦白說，日本的復甦也是迄今為止最淺的。

I think that is attributable to the most extreme deterioration of their currency versus the US dollar. While we've seen deterioration in the Australian dollar and the New Zealand dollar hasn't been to the same extent that the that the yen has depreciated.

我認為這是由於其貨幣對美元的匯率極度貶值所致。雖然我們看到澳幣和紐幣的貶值幅度還沒有達到日圓貶值的程度。

And so as Brent and I both talked about, that's pushed us to put more focus on US and other Asia point of sale over Japan. That is traffic that we really haven't had to go looking for before because there was such deep and strong demand in from Japan point of sale, but that filled the vast majority of our airplanes.

正如布倫特和我所談到的，這促使我們更加關注美國和其他亞洲銷售點，而不是日本。這是我們以前從未真正尋找過的流量，因為來自日本銷售點的需求非常強烈，但我們的絕大多數飛機都坐滿了。

But we've really put a focus on that, particularly over the last, I'd say, three to six months to drive that even further and network wise capacity deployment decisions, we will always look at where there are opportunities to come to us to vary demand, but being mindful of the fact that in some of the places Canada in particular, we have slots that are on a use it or lose it basis.

但我們確實把重點放在了這一點上，特別是在過去的三到六個月裡，為了進一步推動這一點，並在網絡容量部署決策方面，我們將始終尋找機會來改變需求，但要注意，特別是在加拿大的一些地方，我們有一些時段是使用或失去的。

And if we did make a decision there that becomes a very long-term decision, not a short term capacity decision and then Australia and New Zealand. I'll just sort of look at them together, but there we can fluctuate capacity a little bit seasonally.

如果我們確實做出了決定，那將是一個非常長期的決定，而不是短期的產能決定，然後是澳洲和紐西蘭。我只是將它們放在一起看，但我們的容量可能會隨著季節變化而略有波動。

And you saw us do that in New Zealand this year by pulling capacity out in the weaker time of the year, actually withdrawing from the market during the weaker period of the year and turning that into a seasonal flight, there's also an opportunity in both those where we can be pretty competitive and a lot of US connecting origin and destination markets.

您看到我們今年在新西蘭採取了同樣的措施，在一年中客流量較小的時期撤出運力，實際上是在一年中客流量較小的時期退出市場，並將其轉變為季節性航班，在我們能夠保持相當競爭力的市場和許多連接美國始發地和目的地的市場中也存在機會。

So really driving the US point of sale, which has been a bigger part of those markets traditionally. And that balance has shifted even more that way now so, a variety of factors. There's also, of course, things we do on the marketing and distribution front, but we want to make sure people are aware of our brand and we're getting not only our fair share, but it is as high a share as possible that we can get.

因此，真正推動美國銷售點的發展，傳統上，美國銷售點在這些市場中佔有較大份額。現在，這種平衡已經發生了更大的轉變，有各種各樣的因素。當然，我們也在行銷和分銷方面做了一些工作，但我們希望確保人們了解我們的品牌，並且我們不僅能獲得公平的份額，而且能獲得盡可能高的份額。

So it's really executing and making sure that we're doing all the right things from a commercial perspective to drive the best outcome for the economic environment we're faced with.

因此，這實際上是在執行，並確保我們從商業角度做所有正確的事情，以推動我們所面臨的經濟環境取得最佳結果。

Yeah, it depends a bit on the Peter hit on all the highlights I think the only thing I would really add is in the context of some of that US point-of-sale demand to Australia and New Zealand, that's business that we've kind of had seen before, and we can grow that, particularly in a strong outbound market.

是的，這有點取決於彼得對所有亮點的評價，我認為我唯一真正想補充的是，在美國對澳大利亞和新西蘭的銷售點需求的背景下，這是我們以前見過的業務，我們可以發展這一業務，特別是在強勁的出境市場中。

We've actually even tap into a lot of that going into Japan and Korea as well. And frankly, with historical load factors where they were that was a traffic we needed to be pursuing, but it is traffic that we're seeing and particularly in some of the secondary gateways where we offer a pretty compelling product, maybe a slightly longer elapse time than connecting over Seattle or Los Angeles or San Francisco, but pretty close in a lot of markets and we're seeing some uptake in those markets as we continue to deploy more efforts from across the commercial team to find out new sources of traffic and a new world that we live in.

事實上，我們甚至已經將許多這樣的業務拓展到了日本和韓國。坦白說，考慮到歷史負載率，我們需要追求這種流量，但我們看到這種流量，特別是在一些二級門戶，我們提供了一種非常有吸引力的產品，可能比經西雅圖、洛杉磯或舊金山轉機的時間稍長，但在許多市場相當接近，我們看到這些市場有所增長，我們將繼續在整個商業團隊中投入更多精力，尋找新的流量來源和我們生活的新世界。

Okay. Thank you.

好的。謝謝。

We have now 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.

我們的問答環節現已結束。現在我想把發言權交還給彼得·英格拉姆，請他發表最後評論。

Well, again for joining us today. We are excited about the opportunities ahead of us in 2024 as we integrate the initiatives of the past couple of years into our day-to-day operations. We appreciate your continued interest in Hawaiian Airlines. Aloha.

好的，再次感謝您今天加入我們。我們對 2024 年面臨的機會感到興奮，因為我們將把過去幾年的舉措融入我們的日常營運中。感謝您對夏威夷航空的持續關注。你好。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。