JetBlue Airways Corp (JBLU) 2002 Q4 法說會逐字稿

Welcome to the JetBlue fourth quarter conference call.

歡迎來到 JetBlue 第四季度電話會議。

I will remind you the conference is being recorded.

我會提醒你會議正在錄製中。

Following the presentation we will conduct a live question and answer session.

演示結束後，我們將進行現場問答環節。

If you would like to ask a question, press star one on the telephone key pad.

如果您想提問，請按電話鍵盤上的星號。

For opening remarks and introductions I will turn the call over to Amy Carpi (ph).

對於開場白和介紹，我會將電話轉給 Amy Carpi (ph)。

Thanks for joining us on the call today.

感謝您今天加入我們的電話會議。

We have David Neeleman, Chief Executive Officer and John Owen, CFO.

我們有首席執行官 David Neeleman 和首席財務官 John Owen。

As a reminder this call contains statements of a forward-looking nature, relating to future events or future financial results for JetBlue, but are based on management's beliefs and assumptions and on information currently available to JetBlue's management.

提醒一下，本次電話會議包含與捷藍航空未來事件或未來財務業績相關的前瞻性陳述，但基於管理層的信念和假設以及捷藍航空管理層目前可獲得的信息。

Forward-looking statements involve risks and uncertainties and assumptions.

前瞻性陳述涉及風險、不確定性和假設。

Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including without limitation the continually changing airline industry and regulatory environment following the recent terrorist attacks and threats.

由於許多因素，包括但不限於在最近的恐怖襲擊和威脅之後不斷變化的航空業和監管環境，實際結果可能與前瞻性陳述中表達的結果存在重大差異。

Future terrorist attacks or fear of such attacks, our limited operating history, our ability to implement our strategy, our fixed obligations, our ability to establish lines of credit or obtain financing from third-parties, our dependence on the New York markets, our ability to renew or replace gate leases, our competitive environment, problems with aircraft, economic and other conditions in the markets in which we operate, reliance on third-parties and sole suppliers, governmental regulations, reliance on one type of aircraft and automated systems, increases in maintenance costs, fuel prices, insurance premiums and purchase prices of aircraft, our failure to properly integrate live TV, the loss of key personnel, potential problems with work force including work stoppages and seasonal fluctuations in our operating results.

未來的恐怖襲擊或對此類襲擊的恐懼、我們有限的經營歷史、我們實施戰略的能力、我們的固定義務、我們建立信貸額度或從第三方獲得融資的能力、我們對紐約市場的依賴、我們的能力更新或更換登機口租賃、我們的競爭環境、飛機問題、我們經營所在市場的經濟和其他條件、對第三方和獨家供應商的依賴、政府法規、對一種飛機和自動化系統的依賴、增加飛機的維護成本、燃油價格、保險費和購買價格、我們未能正確整合直播電視、關鍵人員流失、勞動力潛在問題（包括停工）和我們經營業績的季節性波動。

Additional information containing these and other factors are contained in the company's Securities & Exchange Commission filings including but not limited to the company's registration statement on Form S1 as amended.

包含這些和其他因素的其他信息包含在公司向證券交易委員會提交的文件中，包括但不限於經修訂的公司在 S1 表格上的註冊聲明。

JetBlue undertakes no obligation to update any forward looking statements to reflect events or circumstances that may arrive.

捷藍航空不承擔更新任何前瞻性陳述以反映可能發生的事件或情況的義務。

With that out of the way, I will turn the call over to David.

有了這個，我會把電話轉給大衛。

Thank you, Amy.

謝謝你，艾米。

Excuse me.

打擾一下。

Thank you everybody for joining us.

謝謝大家加入我們。

This was a good quarter for us.

這對我們來說是一個很好的季度。

We are very pleased with the numbers and we are very pleased with the tremendous job that our crew members did.

我們對這些數字感到非常滿意，我們對我們的機組人員所做的出色工作感到非常滿意。

Our men and women at JetBlue making a difference for our customers on a daily basis.

我們捷藍航空的男男女女每天都在為我們的客戶帶來改變。

We are grateful for their continued fantastic customer service.

我們感謝他們持續提供出色的客戶服務。

As you can see from the press release we were up 96 percent in year-over-year revenue growth in a very challenging year, obviously.

正如您從新聞稿中看到的那樣，在非常具有挑戰性的一年中，我們的收入同比增長了 96%，顯然。

Probably arguably the worse year in aviation history.

可能是航空史上最糟糕的一年。

We're up 96%.

我們上漲了 96%。

We were successful on focusing on costs.

我們成功地專注於成本。

Able to bring our CASM back down to where we said it would be, the CASM for the quarter was 6.32 cents.

能夠使我們的 CASM 回到我們所說的水平，本季度的 CASM 為 6.32 美分。

As we look at the drivers of CASM we have determined one of the highest growth areas in our Chasm is profit sharing.

當我們審視 CASM 的驅動因素時，我們已經確定我們的鴻溝中增長最快的領域之一是利潤分享。

People who are keeping score at home, had we not paid profit sharing, our CASM for the fourth quarter would have been 6.12 cents.

如果我們不支付利潤分成，我們在家裡記分的人第四季度的 CASM 將是 6.12 美分。

So that's a good place to have growth in the costs is through profit sharing.

因此，通過利潤分享是成本增長的好地方。

Which will increase shareholders value.

這將增加股東價值。

Our operating margin for the fourth quarter was 16.8%.

我們第四季度的營業利潤率為 16.8%。

Which was in line with the guidance we gave with a 16.5 percent for the year.

這符合我們給出的全年 16.5% 的指導。

Obviously, we had 187 million in revenue during the quarter.

顯然，本季度我們的收入為 1.87 億美元。

Of course, also during a challenging environment.

當然，在充滿挑戰的環境中也是如此。

Operating expenses were up only 70%.

運營費用僅增長了 70%。

Pre-tax profit which we think is the best barometer because the differences in tax rates from one year to the next was up 89 percent to $27.2 million, pre-tax profit for the fourth quarter.

我們認為稅前利潤是最好的晴雨表，因為從一年到下一年的稅率差異增加了 89%，達到 2720 萬美元，第四季度的稅前利潤。

I think most importantly and another important barometer for the success of JetBlue going informed is for the year, we probably had the highest load factor ever recorded by an airline.

我認為最重要的是，捷藍航空成功獲得信息的另一個重要晴雨表是今年，我們可能擁有航空公司有史以來最高的載客率。

While we were growing 96 percent of 83% was our load factor and on time percentage during that year actually increased to 85.7%, which is obviously something that our customers appreciate a lot.

雖然我們增長了 83% 中的 96%，但那一年的載客率和準點率實際上增加到了 85.7%，這顯然是我們的客戶非常欣賞的。

And we completed 99.8 percent of our departures, which is very, very important for us.

我們完成了 99.8% 的出發，這對我們來說非常非常重要。

We do a lot of customer surveying inside the company and speak to our customers a lot and what we were very pleased with the recent results we got from our customer surveys. 95 percent of our customers rated their experience with JetBlue either much better or somewhat better compared to other airlines.

我們在公司內部進行了大量的客戶調查，並與我們的客戶進行了大量交談，我們對最近從客戶調查中獲得的結果感到非常滿意。與其他航空公司相比，我們 95% 的客戶認為他們在捷藍航空的體驗要好得多或好一些。

And I will tell you the much better category was significantly higher than the somewhat better.

我會告訴你更好的類別明顯高於更好的類別。

So 95 percent of our customers believe they have better value.

因此，我們 95% 的客戶認為他們擁有更高的價值。

And almost 99 percent of those folks would obviously refer us to a friend.

這些人中幾乎有 99% 顯然會將我們推薦給朋友。

Almost 60 percent of our new business came through word of mouth, through recommendations.

我們近 60% 的新業務都是通過口口相傳和推薦獲得的。

That's really the power of the JetBlue company.

這確實是 JetBlue 公司的力量所在。

And it has to do with these on-time flights.

這與這些準點航班有關。

The few cancelled flights and the customer service that we give.

少數取消的航班和我們提供的客戶服務。

You know, we are in a commodity business here in the airline business.

你知道，我們在航空業務中從事商品業務。

There is very little differentiation between airlines and their products and the service that people get.

航空公司及其產品和人們獲得的服務之間幾乎沒有區別。

And to have 95 percent of our people say we are much better, somewhat better really bodes well for us going forward.

有 95% 的人說我們好多了，稍微好一點，這對我們前進來說確實是個好兆頭。

We have, obviously, the combination of the lowest cost on a unit bases basis in the industry, combined with the extremely high satisfaction from our customers.

顯然，我們擁有業內最低的單位成本和客戶的極高滿意度。

That creates margin.

這創造了保證金。

That is what is creating the margin and driving the margin.

這就是創造利潤和推動利潤的原因。

If you keep your costs down and revenues are up and load factors are up, completion factors are up, that's really the strength of what is happening here at JetBlue.

如果你降低成本，增加收入，增加載客率，完成率上升，這就是捷藍航空正在發生的事情的真正力量。

We are very excited about it.

我們對此感到非常興奮。

We are really excited about the growth prospects going forward.

我們對未來的增長前景感到非常興奮。

There's a lot of talk, we have a lot of experiences being a young company.

有很多話題，作為一家年輕的公司，我們有很多經驗。

We have a new fleet of aircraft.

我們有一個新的機隊。

A lot of people like to point out maintenance expenses.

很多人喜歡指出維護費用。

That seems to come up a lot.

這似乎出現了很多。

Obviously we have heard it said that if we had, you know, normalized maintenance costs that we wouldn't make a profit, which obviously is not true.

顯然我們聽說過，如果我們有正常化的維護成本，我們就不會盈利，這顯然是不正確的。

If we projected ahead four or five years what our maintenance costs would be and put them on to this year we would still have the highest margin in the industry.

如果我們提前四到五年預測我們的維護成本並將其計算到今年，我們仍將擁有業內最高的利潤率。

So now, there are tradeoffs.

所以現在，需要權衡取捨。

We will have higher maintenance costs going forward, no doubt about that.

毫無疑問，我們未來的維護成本會更高。

We have acknowledged that.

我們已經承認這一點。

But as we get bigger and we get better economies in other areas, we expect that over the long-term we will be able to keep our unit costs in the low sixes.

但隨著我們變得更大，我們在其他領域獲得更好的經濟，我們預計從長遠來看，我們將能夠將我們的單位成本保持在較低的六分之一。

That will be better efficiencies in areas like sales and marketing as we become more mature in more markets, landing fees and other rents.

隨著我們在更多市場、著陸費和其他租金方面變得更加成熟，這將在銷售和營銷等領域提高效率。

Obviously we can just generally as we spread the ASMs over the fixed cost, we will be able to keep the CASM low.

顯然，當我們將 ASM 分攤到固定成本上時，我們通常可以將 CASM 保持在較低水平。

That's our goal and we are focused on making sure that that's the case.

這是我們的目標，我們專注於確保情況如此。

That goes hand in hand with the success of JetBlue along with customer service.

這與 JetBlue 的成功以及客戶服務息息相關。

We are a growth story.

我們是一個成長故事。

John Owen, our CFO will give you the guidance.

我們的首席財務官 John Owen 將為您提供指導。

We expect to grow about 50% this year.

我們預計今年將增長約 50%。

We can't obviously sustain 100% growth every year.

我們顯然無法每年保持 100% 的增長。

We expect to grow 50% this year and we are committed to growth and we will continue to grow.

我們預計今年將增長 50%，我們致力於增長，我們將繼續增長。

One thing I would like to mention and this goes along with the customer service is that we had a pretty difficult Christmas night in our operation in JetBlue.

我想提一件事，這與客戶服務一起是我們在 JetBlue 的運營中度過了一個非常艱難的聖誕之夜。

It was probably the most difficult operating day that we had in our company's history.

這可能是我們公司歷史上最艱難的一天。

The airport was closed for many hours and we made a decision to cancel as few flights as possible.

機場關閉了好幾個小時，我們決定取消盡可能少的航班。

We flew through the night to try to put the schedule back together again.

我們整夜飛來飛去，試圖重新安排行程。

The next day we had a large effect on our flights.

第二天，我們的航班受到了很大影響。

We chose at that point in time, there were about 8,000 of our customers affected.

我們選擇的那個時間點，大約有 8,000 名客戶受到影響。

We sent out an e-mail apologizing, explaining what happened.

我們發出了一封電子郵件道歉，解釋了發生的事情。

And refunded or credited, gave credit vouchers for either round trip or future one way or other dollar amounts, which obviously had an effect on our earnings in the fourth quarter.

並退款或貸記，為往返或未來單程或其他美元金額提供信用憑證，這顯然對我們第四季度的收入產生了影響。

We would have actually made more money had we not done that.

如果我們不這樣做，我們實際上會賺更多的錢。

We thought it was an important thing to do for our customers.

我們認為這對我們的客戶來說是一件重要的事情。

The reason I tell that story, the margin could have been higher.

我之所以講這個故事，是因為利潤率本來可以更高。

Profits could have been higher.

利潤本來可以更高。

But our commitment is to our customers and to our crew members and those that give such exceptional service on a daily basis.

但我們的承諾是對我們的客戶、我們的機組人員以及每天提供如此卓越服務的人員。

We couldn't be more pleased with what they are doing.

我們對他們正在做的事情感到非常滿意。

Now let's talk a little bit about the competitive landscape.

現在讓我們談談競爭格局。

First of all, we have some great news on the JFK open route this week.

首先，本週我們有一些關於 JFK 開放航線的好消息。

We have four flights a day in that market.

我們在那個市場每天有四個航班。

We were planning ongoing to five.

我們計劃進行到五個。

And got word that American was pulling out of that market.

並得到消息說美國人正在退出那個市場。

So we will be adding a sixth and we will have that in place by June.

所以我們將增加第六個，我們將在 6 月之前完成。

We will have six flights a day.

我們每天有六個航班。

That's a successful market for us.

這對我們來說是一個成功的市場。

We are happy about that.

我們對此感到高興。

It is very positive news for us.

這對我們來說是非常積極的消息。

Also I want to talk about the announcement yesterday by Delta.

另外我想談談達美航空昨天的公告。

First of all, I can't help but notice the coincidental timing of their announcement, but I think it's important that we understand some things about JetBlue.

首先，我不禁注意到他們宣布的時間巧合，但我認為我們了解一些關於 JetBlue 的事情很重要。

I want to explain a couple things I think will put it in perspective.

我想解釋一些我認為可以正確看待的事情。

Because obviously uncertainty leads people to speculate.

因為顯然不確定性會導致人們猜測。

Obviously speculation isn't good.

顯然投機是不好的。

But, first of all, competition is good for JetBlue.

但是，首先，競爭對捷藍航空有利。

We love competition, we embrace it and we become better.

我們熱愛競爭，我們擁抱它，我們變得更好。

Our crew members become more focused.

我們的機組人員變得更加專注。

If it's possible that they can give better service, they will.

如果他們有可能提供更好的服務，他們會的。

That's good for business.

這對生意有好處。

And it's good for us.

這對我們有好處。

But a lot of people ask me, what is the most surprising thing about JetBlue?

但是很多人問我，JetBlue 最令人驚訝的是什麼？

What would surprise you the most?

什麼會讓你最驚訝？

My answer is always the same: The amount of loyalty we have amongst our customers.

我的回答總是一樣的：我們在客戶中的忠誠度。

That loyalty has translated into really amazing build up in frequencies to the markets that we fly, mainly because we would rather add frequencies than add new markets.

這種忠誠度已經轉化為我們所飛市場頻率的驚人增長，主要是因為我們寧願增加頻率也不願增加新市場。

That's our first choice because that keeps the cost low.

這是我們的首選，因為這樣可以降低成本。

We started out in 2000 with six daily flights from JFK to Florida.

我們從 2000 年開始，每天有六班從肯尼迪國際機場飛往佛羅里達的航班。

That went to 17 flights in 2001.

2001 年的飛行次數達到 17 次。

In 2002 at the peak, in the winter season we flew 28 flights.

在 2002 年的高峰期，我們在冬季飛行了 28 個航班。

This year we will have 42 at the peak.

今年我們將有 42 個高峰期。

If you take the total number of seats flown in the winter of last year and the winter of this year, we are going to be up 50 percent in the number of seats that we have.

如果你把去年冬天和今年冬天飛行的座位總數計算在內，我們的座位數將增加 50%。

And the reason that's the case is that as we have taken a look at the fares in the market to our competitors, and particularly Delta and their service out of JFK, the disparity between our fare and their fare is too great, too much.

出現這種情況的原因是，當我們查看競爭對手的市場票價時，尤其是達美航空及其在肯尼迪國際機場的服務，我們的票價與他們的票價之間的差距太大了。

I have instructed our schedule planning folks to continue to add frequency in those markets.

我已經指示我們的日程安排人員繼續增加這些市場的頻率。

And we have, at the peak in this winter season, we will have 16 flights a day to Fort Lauderdale, which is an incredible amount.

在這個冬季的高峰期，我們每天將有 16 個航班飛往勞德代爾堡，這是一個令人難以置信的數量。

There are hours where we will have two flights and times during the day that we have four planes in the air at the same time to Fort Lauderdale.

有幾個小時我們將有兩個航班，白天我們有四架飛機同時在空中飛往勞德代爾堡。

I would never have thought we would have 42 flights a day from JFK to Florida during the winter season.

我從來沒有想過我們在冬季每天會有 42 個航班從 JFK 飛往佛羅里達。

And obviously the fare difference being Delta's average fare to Fort Lauderdale was $82 and our was $108 and that's not something we want to sustain so we just added more frequency.

很明顯，達美航空到勞德代爾堡的平均票價差異為 82 美元，而我們的票價差異為 108 美元，這不是我們想要維持的，所以我們只是增加了班次。

With the 50% increase this year we are actually tracking ahead of last year in load factor and yield.

隨著今年 50% 的增長，我們實際上在載客率和收益方面領先於去年。

So it's doing very well with that significant increase of flights.

因此，隨著航班的顯著增加，它的表現非常好。

And like I said, we haven't been able to do a lot of things we had hoped to do at this time, three years into our business.

就像我說的，我們在這個時候還沒有能夠做很多我們希望做的事情，進入我們的業務三年。

We haven't been able to go into cities in Florida we want to fly into and other major cities.

我們無法進入我們想飛往的佛羅里達州的城市和其他主要城市。

We had to basically sit here and add service to Florida.

我們基本上不得不坐在這里為佛羅里達州增加服務。

So next year, whether we stay at 42 or go to 50 or you know -- the fact that Song (ph) is going to be adding 17% or whatever the number is.

所以明年，無論我們保持在 42 還是去 50，或者你知道 - Song (ph) 將增加 17% 或任何數字的事實。

I think it's interesting to note that if you took the non-JetBlue build up of seats in the New York to Florida market this year, it's 8%.

我認為有趣的是，如果你把今年紐約到佛羅里達市場的非捷藍航空座位增加，它是 8%。

And with Delta's capacity being less than 50%.

而達美的運力不足50%。

So the build up to next year is equivalent to what happens this year, where we are still up 50%.

因此，到明年的積累相當於今年發生的情況，我們仍然增長了 50%。

Of course, we can't add 50% every year.

當然，我們不可能每年都加50%。

Next year whether we have 42 flights to Florida or 50 flights to Florida or 44 flights to Florida and those extra six flights go to other cities that we have been dying to get into and serve, I don't think it will have a large effect on us either way because we have loyal customers and we have a great product and people love to fly JetBlue.

明年，無論我們有 42 次飛往佛羅里達的航班、50 次飛往佛羅里達的航班，還是 44 次飛往佛羅里達的航班，以及額外的 6 次航班飛往我們一直渴望進入和服務的其他城市，我認為這不會產生很大影響無論哪種方式都在我們身上，因為我們有忠實的客戶，我們有很棒的產品，人們喜歡乘坐捷藍航空。

Whether somebody goes and puts more seats in an airplane and talks about the product advantages, you know, tries to put TVs in seat backs, whatever they do, JetBlue will remain a great company and a great -- our customers will still love us the same.

無論有人去飛機上增加座位並談論產品優勢，你知道，試圖將電視放在座椅靠背上，無論他們做什麼，捷藍航空仍將是一家偉大的公司，而且是一家偉大的——我們的客戶仍然會愛我們相同的。

I want to -- I think this whole TV thing has been a little bit overblown.

我想——我認為整個電視節目有點誇大其詞了。

We started flying to San Juan last summer and for those of you who may have flown that San Juan service, you may know for the great majority of that journey there are no TVs available because the DirecTV satellite doesn't cover that area.

我們去年夏天開始飛往聖胡安，對於那些可能乘坐過聖胡安服務的人來說，您可能知道在旅途的大部分時間裡沒有可用的電視，因為 DirecTV 衛星不覆蓋該區域。

So the screens are dark during most of that flight.

所以在飛行的大部分時間裡，屏幕都是暗的。

Yet when we started flying to San Juan, it quickly became our most profitable market in the summer months and really had nothing to do with television.

然而，當我們開始飛往聖胡安時，它很快成為我們夏季最賺錢的市場，而且與電視毫無關係。

When you add up the advantages of flying JetBlue, they far outweigh the advantages of television.

如果將乘坐捷藍航空的優勢加起來，它們將遠遠超過電視的優勢。

It's a little bit overblown and it's an important part of what we do, but obviously we're not concerned about it.

這有點誇大其詞，這是我們所做工作的重要組成部分，但顯然我們並不關心它。

We will continue to run our business for profitability and for success.

我們將繼續經營我們的業務以實現盈利和成功。

And like I said, whether we fly 55 a day to Florida or 42, it doesn't matter.

就像我說的，無論我們每天飛 55 架還是 42 架去佛羅里達，都沒關係。

We will size the demand to where our customers want to fly and at a fair price.

我們將以合理的價格將需求量調整到客戶想要飛的地方。

Just one more thing.

還有一件事。

Another question that may come up and so I want to deal with it first.

可能會出現另一個問題，所以我想先處理一下。

It has to do with the live TV acquisition and then the assertions that were made yesterday from song (ph) as to the products they are going to have and all that stuff.

它與直播電視收購有關，然後是昨天從歌曲 (ph) 中做出的關於他們將擁有的產品以及所有這些東西的斷言。

First of all, live TV, I want to remind everybody and we can go back to the transcripts of the Live TV call.

首先，直播電視，我想提醒大家，我們可以回到直播電視通話的記錄。

We purchased Live TV because we were in effect buying out our existing contract.

我們購買 Live TV 是因為我們實際上是在買斷我們現有的合同。

We said that there would be very little effect on EPS in these years and that EPS, it would actually become accretive to our earnings going forward.

我們說過，這些年每股收益的影響很小，而每股收益實際上會增加我們未來的收益。

Now, a side benefit of that -- also, we would could control the company and control the products and the offerings.

現在，這樣做的一個附帶好處——我們還可以控制公司並控制產品和服務。

And we have done a tremendous job of really improving the programming and we have some other exciting changes in mind this that we haven't announced yet, but we will announce in the future, the technology continues to improve.

我們在真正改進編程方面做了大量工作，我們還想到了一些其他令人興奮的變化，我們尚未宣布，但我們將在未來宣布，技術會繼續改進。

Now, a side benefit from that is that we bought some intellectual properties and some patents that may or may not in the future prevent someone from doing the same thing.

現在，這樣做的一個附帶好處是我們購買了一些知識產權和一些專利，這些專利和專利將來可能會或可能不會阻止某人做同樣的事情。

We said the patents are as good as the work around for those patents.

我們說專利與這些專利的解決方案一樣好。

And whether in the time frame described Delta's partners are able to get live television into their aircraft or not, we are going to watch it very closely.

在所描述的時間範圍內，達美航空的合作夥伴是否能夠在他們的飛機上播放直播電視節目，我們將密切關注。

We are going to watch to see the processes that they are using to do so and make sure they aren't violating any of our patents or intellectual properties.

我們將密切關注他們使用的流程，並確保他們沒有侵犯我們的任何專利或知識產權。

We will be following that carefully.

我們將密切關注。

The other thing is that nobody knows how difficult it is to do that more than our team at Live TV.

另一件事是，沒有人比我們 Live TV 的團隊更清楚做到這一點有多困難。

They spent years working on this technology.

他們花了數年時間研究這項技術。

As I say, we are skeptical that they are able to accomplish this by October.

正如我所說，我們懷疑他們能否在 10 月之前完成這項工作。

That may be a built of an under statement.

這可能是一個 under 語句的構建。

I wouldn't say that their ability to do what they are saying they can do for the time frame they are saying, I wouldn't necessarily say that's for sure.

我不會說他們有能力按照他們所說的去做，他們可以在他們所說的時間範圍內做，我不一定會說這是肯定的。

It may be, but may not be.

可能是，但也可能不是。

Keep that in mind as well.

請記住這一點。

Even if it was and even if it is, or even if it's there, we have a tremendous company an we have a tremendous brand.

即使它曾經存在，即使它存在，或者即使它存在，我們也擁有一家偉大的公司，我們擁有一個偉大的品牌。

We have loyal customers, the best crew members in the industry.

我們有忠實的客戶，業內最好的船員。

They are going to redouble their efforts to give great customer service and JetBlue is going to soar.

他們將加倍努力提供優質的客戶服務，而捷藍航空將一飛沖天。

The fact that we were able to accomplish the 16 and a half percent margin in the worst year in aviation history is a tremendous accomplishment.

事實上，我們能夠在航空史上最糟糕的一年中實現 16% 的利潤率，這是一項巨大的成就。

This market I think can only get better.

我認為這個市場只會變得更好。

If it gets any worse we will have fewer competitors, I think.

我認為，如果情況變得更糟，我們的競爭對手就會更少。

Because it is completely unsustainable obviously what is going on today with our competitors and the losses they are suffering.

因為顯然我們的競爭對手今天發生的事情以及他們遭受的損失是完全不可持續的。

And the last thing I'll say about Song is that I don't think they are going to all this trouble to keep their $82 fare to Fort Lauderdale.

關於 Song，我要說的最後一件事是，我認為他們不會費那麼大勁來保住去勞德代爾堡的 82 美元票價。

They are spending a fortune trying to figure out how to better their product.

他們正在花費一大筆錢試圖弄清楚如何改進他們的產品。

Even at their stated goal for cost, they couldn't make money at the fares they are charging today.

即使按照他們既定的成本目標，他們也無法以他們今天收取的票價賺錢。

To the extent they try to improve their product, treat people better, get their fare up, from where it is today, they can't do better than us.

就他們努力改進產品、更好地對待人們、提高票價而言，從今天的情況來看，他們做不到比我們更好。

I'll turn it over to John Owen our CFO for more detail on the numbers.

我會將其轉交給我們的首席財務官約翰歐文，以獲取有關數字的更多詳細信息。

Thank you, David.

謝謝你，大衛。

As David noted at the beginning we are delighted with the results for the quarter.

正如大衛在開始時指出的那樣，我們對本季度的結果感到滿意。

It was a very strong performance all around financially.

這是一個非常強勁的財務表現。

Revenue performance was good in all three months of the quarter, although like just about every other airline that reported so far we had a very strong December.

本季度所有三個月的收入表現都很好，儘管與迄今為止報告的幾乎所有其他航空公司一樣，我們的 12 月表現非常強勁。

Helped by the fact that the return traffic from Thanksgiving fell into the early days of December this year.

受惠於今年感恩節返程流量下降到12月初。

As David alluded to earlier we did have the Christmas Day snowstorm and the service recovery in its aftermath on the two days following Christmas.

正如大衛早些時候提到的那樣，聖誕節後的兩天裡我們確實經歷了聖誕節暴風雪和其後果中的服務恢復。

And we were quite generous in giving out credit vouchers for future travel on JetBlue.

我們非常慷慨地為未來乘坐捷藍航空旅行提供代金券。

The total impact on the P&L for us of the Christmas Day snowstorm between the added costs of our operation in over time, extra hours worked and even in chartering a couple airplanes to fulfill some of the flights we needed to fulfill.

聖誕節暴風雪對我們的 P&L 的總體影響包括我們隨著時間的推移、額外的工作時間增加的運營成本，甚至包租幾架飛機來完成我們需要完成的一些航班。

We are were running so full, there was no way to accommodate customers on other flights once you canceled some things.

我們已經滿員了，一旦你取消了一些東西，就沒有辦法在其他航班上容納客戶。

Principally, on the revenue side the total impact of P&L of the Christmas snow storm was under $2 million on a pre-tax basis.

主要是，在收入方面，聖誕節暴風雪的損益總影響在稅前基礎上低於 200 萬美元。

As a result of that snowstorm, our performance numbers for the quarter were not as good as we would have liked.

由於那場暴風雪，我們本季度的業績數據不如我們希望的那麼好。

We were up 99.7 as a completion factor for the quarter.

作為本季度的完成因素，我們上升了 99.7。

On time performance fell slightly to 81.5 and our mishandled bags increased slightly to 2.88 per thousand.

準點率小幅下降至 81.5，我們的錯運行李小幅上升至 2.88‰。

Again, all three of the degradations of all three of those numbers were almost exclusively tied to that storm.

同樣，這三個數字的所有三個降級幾乎完全與那場風暴有關。

Nevertheless, those numbers compare very favorably with the industry overall.

然而，這些數字與整個行業相比非常有利。

And we still had great numbers for the year.

我們今年的人數仍然很多。

During the quarter, as we indicated, revenue grew -- RPMs grew -- I'm sorry shall revenue passengers, let's start that again, grew 87 percent to 1.7 million patterns passengers for the quarter.

正如我們所指出的那樣，本季度收入增長——RPM 增長——對不起，收入乘客，讓我們重新開始，本季度增長了 87%，達到 170 萬乘客。

We passed the 10 million cumulative passenger mark for the history of the airline.

我們通過了航空公司歷史上的 1000 萬累計乘客大關。

ASMs grew 80 percent year-over-year to almost two and a half billion.

ASM 同比增長 80%，達到近 2.5 億。

And we continue to maintain a high load factor at 81.8 for the quarter and as David alluded to earlier, 83 for the year, which as near as we can determine is the highest yearly load factor we can find for any significant airline.

我們繼續保持本季度 81.8 的高載客率，正如 David 早些時候提到的那樣，全年為 83，據我們所知，這是我們能找到的所有重要航空公司的最高年度載客率。

As far as distribution of available seat miles in the quarter, 50 percent were in markets going east-west. 42% were to the south, which we define as Florida, San Juan, and New Orleans. 4% were short haul in the northeast and 4% were short haul on the west coast.

就本季度可用座位里程的分佈而言，50% 位於東西向市場。 42% 位於南部，我們將其定義為佛羅里達、聖胡安和新奧爾良。 4% 是東北部的短途，4% 是西海岸的短途。

We saw continued growth in the quarter in membership, in TrueBlue, our flight gratitude program.

在我們的飛行感謝計劃 TrueBlue 中，我們在本季度看到會員人數持續增長。

Up to 480,000 members.

多達 480,000 名會員。

Again we launched that last June 13th. 89 percent of the bookings by those members are occurring on-line, which is, of course, helping our on-line percentage of sales.

我們在去年 6 月 13 日再次推出了該產品。這些會員 89% 的預訂是在線進行的，這當然有助於提高我們的在線銷售額百分比。

Moving to the P&L, we had operating revenues up 96 percent to 187.3 million for the quarter.

轉到損益表，我們本季度的營業收入增長了 96%，達到 1.873 億美元。

I would take a moment to remind you that the year-over-year comparison is not necessarily apt in that we were still suffering in the fourth quarter of 2001 from the after effects of September 11.

我想花點時間提醒您，同比比較不一定恰當，因為我們在 2001 年第四季度仍在遭受 9 月 11 日後遺症的影響。

And also to point out in the P&L that in the year-over-year comparisons there is $12 million worth of compensation that we recorded under the stabilization act during the fourth quarter 2001.

還要在損益表中指出，在同比比較中，我們在 2001 年第四季度根據穩定法案記錄了價值 1200 萬美元的補償。

Resin (ph) was up 9 percent year-over-year on a two and a half percent increase in length of haul.

樹脂 (ph) 同比增長 9%，運輸距離增加了 2.5%。

It was 759 for the quarter.

本季度為 759。

Yield was 9 cents even up 2.7 percent year-over-year.

收益率為 9 美分，同比增長 2.7%。

We took delivery of six new aircraft from Airbus.

我們從空中客車公司接收了六架新飛機。

One was actually an accelerated delivery that was scheduled for January of '03.

一個實際上是計劃於 03 年 1 月進行的加速交付。

But we were able to take it from Airbus in the last week of December.

但我們能夠在 12 月的最後一周從空中客車公司獲得它。

As a result, we ended the year with 37 aircrafts compared to the 36 that we had given guidance on and, therefore, in this year we are looking at an addition of 13 aircraft versus the 14 that we previously said, simply because that aircraft moved from one year to the next.

結果，我們在今年結束時擁有 37 架飛機，而我們給出的指導是 36 架，因此，今年我們正在考慮增加 13 架飛機，而我們之前說的是 14 架，這僅僅是因為飛機移動了從一年到下一年。

Of the aircraft that we took delivery of in the fourth quarter, four were financed with mortgages and two were financed with sale lease backed transactions.

在我們第四季度交付的飛機中，四架通過抵押貸款融資，兩架通過銷售租賃支持交易融資。

On the cost side, operating expenses were up 70 percent year-over-year to $155.8 million.

在成本方面，運營費用同比增長 70% 至 1.558 億美元。

That's a CASM of 6.32 cents, a 5.4% decrease year-over-year and 1.4% decrease from the third quarter of 2002.

這是 6.32 美分的 CASM，同比下降 5.4%，比 2002 年第三季度下降 1.4%。

On a fuel neutral basis, CASM declined 9 percent year-over-year as fuel price fourth quarter this year was up 18 cents compared to fourth quarter of 2001.

在燃料中性的基礎上，CASM 同比下降 9%，因為今年第四季度的燃料價格與 2001 年第四季度相比上漲了 18 美分。

Our year-over-year improvement in CASM can be attributed to a number of things.

我們在 CASM 中的逐年改進可歸因於許多因素。

It's partly an increase in stage length at 4.7 percent and partly increased capacity and gaining efficiency in the operation, particularly being able to scale down the amount of money we spend on sales an marketing.

部分原因是階段長度增加了 4.7%，部分原因是增加了產能並提高了運營效率，特別是能夠減少我們在銷售和營銷上花費的資金。

The CASM improvement over the third quarter of 2002 is principally due to an improvement in utility expenses at the JFK terminal as we -- that's principally seasonally driven, headed into the winter versus the summer.

CASM 在 2002 年第三季度的改善主要是由於 JFK 航站樓公用事業費用的改善——這主要是季節性驅動的，進入冬季而不是夏季。

And a significant decrease in the level of credit charge backs that we saw in the third quarter.

我們在第三季度看到的信貸退款水平顯著下降。

Within the expense lines, salaries, wages and benefits increased 74 percent year-over-year.

在費用項目中，薪水、工資和福利同比增長 74%。

And as David alluded to before, the profit sharing number which is one of our larger negative budget variances, in the negative budget variance we are pleased to have is embedded in that salaries, wages and benefits line.

正如大衛之前提到的那樣，利潤分享數字是我們較大的負預算差異之一，在我們很高興的負預算差異中，它嵌入了薪水、工資和福利線。

Sales and marketing expense increased 25 percent year-over-year.

銷售和營銷費用同比增長 25%。

As a result of increased advertising and higher credit card fees but on a unit cost basis sales and marketing expense decreased 32.3%.

由於廣告增加和信用卡費用增加，但按單位成本計算，銷售和營銷費用下降了 32.3%。

That was partly due to the increase in capacity and not raising our total sales and marketing budget in conjunction with capacity and partly due to the elimination of travel agency commissions.

這部分是由於運力的增加，而不是與運力一起提高我們的總銷售和營銷預算，部分是由於取消了旅行社佣金。

Sales on JetBlue.com were 68.6 percent of sales during the quarter which is up 17 percentage points over the same quarter a year ago, and 3.5 points higher than the third quarter of 2002.

本季度 JetBlue.com 的銷售額佔銷售額的 68.6%，比去年同期提高 17 個百分點，比 2002 年第三季度提高 3.5 個百分點。

Again, this number continues to be the highest percentage by far in the U.S. airline industry.

同樣，這個數字仍然是美國航空業迄今為止最高的百分比。

We are continuing to offer $5 discounts each direction for flights booked on-line an are still continuing to do double points through the TrueBlue program for booking on-line.

我們將繼續為在線預訂的航班提供單程 5 美元的折扣，並繼續通過 TrueBlue 在線預訂計劃提供雙倍積分。

Other operating expenses were up 62% due primarily to increased capacity and more passengers.

其他運營費用增長了 62%，主要是由於運力增加和乘客增加。

As a reminder, contractual payments for Live TV have historically been in the other operating expense line.

提醒一下，直播電視的合同付款歷來屬於另一項運營費用。

Now that we own the company, here in the fourth quarter those items wash out in consolidation.

現在我們擁有這家公司，在第四季度，這些項目在合併中被淘汰。

So that they will not appear in other operating expenses, but rather will appear in depreciation, amortization, and salaries, wages and benefits, principally.

這樣它們就不會出現在其他經營費用中，而是主要出現在折舊、攤銷和薪金、工資和福利中。

Interest expense increased 60 percent year-over-year because we added debt financing for nine aircraft during the course of the year.

利息支出同比增長 60%，因為我們在這一年中增加了九架飛機的債務融資。

In early December, we completed the documentation required to designate most all of our fuel hedges.

12 月初，我們完成了指定大部分燃料對沖所需的文件。

As hedges under FAS 133.

作為 FAS 133 下的對沖。

So going forward we are no longer going to see the quarterly volatility resulting from having to mark to market all of our fuel hedges.

因此，展望未來，我們將不再看到因必須將我們所有的燃料對沖按市價計價而導致的季度波動。

So we are pleased to have that one behind us.

所以我們很高興有那個在我們身後。

Income tax expense totaled $12 million for the quarter.

本季度所得稅費用總計 1200 萬美元。

And as we pointed out in the press release, the effective tax rate for the quarter was 44.3% compared to a 23.4% effective facts rate in the fourth quarter of last year.

正如我們在新聞稿中指出的那樣，本季度的有效稅率為 44.3%，而去年第四季度的有效實際稅率為 23.4%。

The fourth quarter of last year was an abnormally low number as we were still working off the deferred tax asset allowance in the tax provision.

去年第四季度的數字異常低，因為我們仍在計算稅收撥備中的遞延稅資產減免。

And again, we have one of the higher tax rates, I think, in the industry for the full year, it was 42.2.

再說一遍，我認為全年該行業的稅率是 42.2。

That principally comes from operating in high tax locations, which is obviously New York City and state, California, and San Juan.

這主要來自於在高稅收地區開展業務，顯然是紐約市和紐約州、加利福尼亞州和聖胡安。

Finally, we ended the quarter with 68.19 million diluted shares outstanding which of course reflects the effects of the stock split 3:2 which occurred on December 12.Turning to the balance sheet, we ended with 258 million in cash and short-term investments and positive working capital of 13.4 million.

最後，我們以 6819 萬股攤薄流通股結束了本季度，這當然反映了 12 月 12 日發生的 3:2 股票拆分的影響。轉向資產負債表，我們以 2.58 億股現金和短期投資結束，以及正營運資金1340萬。

One other item on Live TV I would like to mention is that while we have a contract with Frontier and installations began during the fourth quarter, no installation was fully complete under the definitions of the contract until early in January.

關於 Live TV 的另一項我想提及的是，雖然我們與 Frontier 簽訂了合同，並且安裝在第四季度開始，但根據合同的定義，直到 1 月初才完全完成安裝。

So there was no revenue recognized through the Frontier contract for Live TV at all in the fourth quarter.

因此，第四季度根本沒有通過直播電視的 Frontier 合同確認收入。

From a guidance perspective, we will look forward here to a first quarter and full year of '03.

從指導的角度來看，我們將在這裡期待 03 年的第一季度和全年。

I would point out that the guidance we are about to give does not account for any kind of exogenous event like war with Iraq.

我要指出的是，我們即將給出的指南並未考慮任何類型的外來事件，例如與伊拉克的戰爭。

But preliminary booking trends are quite good, particularly in February in our southern markets and both January and February at this point look like we will significantly exceed our budget plan on both revenue and capacity.

但初步預訂趨勢相當不錯，尤其是 2 月份在我們的南部市場，而 1 月和 2 月在這一點上看起來我們將大大超過我們的收入和容量預算計劃。

We expect ASMs in the first quarter to be up between 70 and 75% compared to the first quarter of 2002.

我們預計第一季度的 ASM 將比 2002 年第一季度增長 70% 到 75%。

Assuming the aircraft delivery schedule that I will be outlining in a moment.

假設我稍後將概述的飛機交付時間表。

For the full year we expect capacity to grow between 50 and 55%.Average stage length is projected at around 1150 miles in the first quarter and around 1200 miles for the balance of the year.

對於全年，我們預計運力將增長 50 至 55%。第一季度的平均賽段長度預計約為 1150 英里，而今年剩餘時間預計約為 1200 英里。

We currently expect our CASM based on our budget on a fuel neutral basis on the first quarter to remain more or less flat for the full year compared to the CASM that we reported in the fourth quarter.

我們目前預計，與我們在第四季度報告的 CASM 相比，我們基於第一季度燃料中性預算的 CASM 全年將大致持平。

We estimate that a one cent change in fuel price would impact the P&L for the year by about $1.7 million in fuel expense.

我們估計，燃油價格每變化一分錢，就會對當年的損益產生約 170 萬美元的燃油費用影響。

This does not account, by the way, for any gains or losses on fuel hedges.

順便說一下，這不包括燃料對沖的任何收益或損失。

That's just the raw fuel number.

那隻是原始燃料的數量。

We are in an excellent hedge position right now at 50 percent of our fuel requirements for the balance of the first half of '03 and 40% hedged for the second half.

我們現在處於極好的對沖狀態，03 年上半年剩餘燃料需求的 50% 和下半年對沖 40% 的燃料需求。

All done in the form of crude collars.

所有這些都是以粗糙的衣領形式完成的。

The collars for the first half are between 37 and $31 the collars in the second half are between 25 and $28 and we do have some hedging out in the first quarter of 04 at around $26.

上半年的領子在 37 到 31 美元之間，下半年的領子在 25 到 28 美元之間，我們確實在 04 年第一季度以 26 美元左右的價格進行了一些對沖。

As I mentioned earlier, under FAS 133, most of the gains in these hedges will be recorded in fuel expense going forward in the time period to which the hedges apply as opposed to the mark to market that we have had.

正如我之前提到的，根據 FAS 133，這些對沖的大部分收益將記錄在對沖適用的時間段內的燃料費用中，而不是我們所擁有的按市值計價。

Operating margin - we are expecting to be in the range of 15 to 17 percent for the first quarter and in the same range for the year as a whole for 2003.Utilization for aircraft is still expected to be in the high 12s, budget has us at 12.9 for the year.

營業利潤率——我們預計第一季度的利潤率在 15% 到 17% 之間，2003 年全年的利潤率在同一範圍內。飛機的利用率預計仍將保持在 12% 左右，預算使我們全年為 12.9。

Delivery schedule looks like this - As I said earlier we took our January delivery in December.

交貨時間表是這樣的——正如我之前所說，我們在 12 月進行了 1 月的交貨。

We will take three deliveries in February.

我們將在二月份接收三批貨物。

One in March.

一個在三月。

One in May.

一個在五月。

Two in June, and then one each month from July through December.

六月兩次，然後從七月到十二月每個月一次。

We've got financing committed for the first six aircraft delivering up through June.

我們已經為 6 月份交付的前六架飛機提供了融資承諾。

Five of those are sale lease back transactions and one is an operating lease, an aircraft that we committed two years ago to take from ILFC

其中五項是售後回租交易，一項是經營租賃，我們兩年前承諾從 ILFC 購買一架飛機

All the numbers I gave you on aircraft represent our existing contractual commitments with Airbus.

我在飛機上給你的所有數字代表我們與空中客車公司現有的合同承諾。

We have been in discussions recently with Airbus and think there's an opportunity to take one or two additional deliveries in the fourth quarter of '03.And if that turns into a contractual commitment, obviously we will announce it.

我們最近一直在與空中客車公司進行討論，認為有機會在 03 年第四季度再交付一兩架飛機。如果這變成合同承諾，我們顯然會宣布。

It would have some minor effects on capacity and expense out in the fourth quarter.

這將對第四季度的產能和支出產生一些輕微影響。

All our debt and cash investments are floating rate and our average debt rate at the end of the fourth quarter was 3.47% and average cash investment return rate was 1.85%.

我們所有的債務和現金投資均為浮動利率，第四季度末我們的平均債務利率為 3.47%，平均現金投資回報率為 1.85%。

Estimated shares outstanding for first quarter '03 and for year end are based on the following assumptions.

2003 年第一季度和年底的流通股估計數基於以下假設。

First assumption, no additional shares assumed upon exercise of stock option.

第一個假設，股票期權行權後不承擔額外股份。

Second, 9 million options outstanding at an average strike price of $11.81.

其次，以 11.81 美元的平均行使價發行的 900 萬份期權。

We assumed an underlying market appreciation in the stock throughout 2003 of 20% and the result of all those conclusions is first quarter of 2003 weighted average diluted shares outstanding of 68.66 million and for the year 69.39 million.

我們假設該股票在整個 2003 年的基礎市場升值幅度為 20%，所有這些結論的結果是 2003 年第一季度加權平均稀釋流通股為 6866 萬股，全年為 6939 萬股。

Total aircraft capex for the year is expected to be $510 million based on the existing contractual commitments.

根據現有合同承諾，全年飛機資本支出總額預計為 5.1 億美元。

Obviously that will go up if we were to sign on with Airbus for more aircraft toward the end of the year.

顯然，如果我們在年底前與空中客車公司簽約購買更多飛機，這一數字將會上升。

That does include pre-delivery deposits.

這確實包括交付前的押金。

Non-aircraft capex including Live TV capex is expected to be between 70 and $80 million for the year.

包括直播電視資本支出在內的非飛機資本支出預計今年將在 70 至 8000 萬美元之間。

With all that summary out of the way, I think we are ready to take questions.

有了所有的總結，我想我們已經準備好接受提問了。

Operator?

操作員？

We are prepared to take those questions

我們準備好回答這些問題

Thank you.

謝謝你。

The question and answer session will be conducted will electronically.

問答環節將以電子方式進行。

If you would like to ask a question you may do so by pressing the star key followed by digit one on the touch-tone phone.

如果您想提問，可以按星號鍵，然後按按鍵式電話上的數字一。

Star one to ask a question.

星一問一個問題。

First question will come from Jamie Baker with JP Morgan.

第一個問題將來自摩根大通的 Jamie Baker。

Hi, David.

嗨，大衛。

Given the somewhat younger page age of the pilots, do you have any exposure to the craft program?

鑑於飛行員的頁面年齡較小，您是否接觸過工藝程序？

This is John, no, we don't.

這是約翰，不，我們沒有。

There's two different things.

有兩種不同的東西。

There's craft and having reserves called up.

有手藝，有儲備金。

More likely the latter I'm referring to.

我指的更有可能是後者。

We have figured out every crew member that we've got who flew airplanes and is in the reserves.

我們已經查明了我們擁有的每一位駕駛飛機並處於預備役的機組人員。

And based on the types of airplanes that they flew in the military made our own estimates.

並根據他們在軍隊中飛行的飛機類型做出了我們自己的估計。

We think the maximum exposure for call up in Iraq is about 20 pilots.

我們認為在伊拉克被徵召的最大風險是大約 20 名飛行員。

That's helpful.

這很有幫助。

For the current facility at JFK, where are you in terms of gate utilization as a percentage of max utilization and similarly the same question for Long Beach?

對於肯尼迪國際機場目前的設施，您認為登機口利用率佔最大利用率的百分比在哪裡？長灘也有同樣的問題？

How much growth can you expect to manage there?

您期望在那裡實現多少增長？

I think for JFK, Jim, we have a facility that has 13 gates in it.

我認為對於 JFK，Jim，我們有一個設施，裡面有 13 個登機口。

We are utilizing nine gates today, but not completely efficiently, we can tighten things up a little bit.

我們今天使用了九個門，但效率不高，我們可以收緊一點。

We said all along, the existing facility there, we think we can grow to about 110 - 120 departures a day without any changes.

我們一直說，那裡現有的設施，我們認為我們可以在不做任何改變的情況下增加到每天大約 110 到 120 次出發。

Obviously, we are, as we've said before, we are in discussions with the port authority of New York and New Jersey about expanding into that facility or building a new one or, we have terminal five right next door to us that has ample number of gates.

顯然，正如我們之前所說，我們正在與紐約和新澤西港務局討論擴展該設施或建造新設施的問題，或者，我們隔壁就有 5 號航站樓，有足夠的空間門數。

We really don't have any -- we are not gate constrained at this point in time.

我們真的沒有 - 我們在這個時間點不受門禁限制。

We don't see that we will be.

我們看不到我們會成為。

We have about 75 departures out of Kennedy now.

我們現在有大約 75 次離開肯尼迪。

So maybe 7.5, eight departures a day per gate which I think is good.

所以也許 7.5，每個登機口每天八次出發，我認為這很好。

And hopefully we can get that number up as we get more efficient going forward.

希望隨著我們前進的效率提高，我們可以提高這個數字。

OK

好的

Long Beach we are more constrained by slots than we are with gates out there.

在長灘，我們受到插槽的限制比我們在那裡的門更受限制。

We only are utilizing today, we will be by May 23 flights a day out of there.

我們只在今天使用，我們將在 5 月 23 日之前每天都有航班離開那裡。

Based on the 27 slots that we bargained for.

基於我們討價還價的 27 個插槽。

So that's pretty well -- we can take some short haul flying out of there and put them into long haul.

所以這很好——我們可以從那裡進行一些短途飛行，然後將它們投入長途飛行。

We do have the ability to grow that on an ASM but not on a flight departure basis.

我們確實有能力在 ASM 上增加它，但不能在航班起飛的基礎上增加。

The facility works well for us now with the counter space and hold room space and that works fine.

該設施現在很適合我們的櫃檯空間和貨艙空間，而且效果很好。

The shift from short to long haul or gradual migration, that would be a mid year event, then?

從短途到長途或逐步遷移的轉變，那將是年中的事件，那麼呢？

Yeah, by this summer we will see additional New York flights, additional Washington and [inaudible] out of there too.

是的，到今年夏天，我們將看到更多的紐約航班、更多的華盛頓航班和 [聽不清] 航班。

So it's more of a medium range.

所以它更像是一個中等範圍。

We have some shifts going on there that we will be announcing shortly.

我們正在那裡進行一些轉變，我們將很快宣布。

A new city for Long Beach or JetBlue?

長灘或捷藍航空的新城市？

Long Beach or JetBlue, I can't tell you which.

Long Beach 或 JetBlue，我不能告訴你哪個。

Could be either one.

可以是其中之一。

Fair enough.

很公平。

Thanks, gentlemen.

謝謝，先生們。

: We will hear from Susan Donofrio.

：我們將收到 Susan Donofrio 的來信。

With Deutsche Bank.

與德意志銀行。

Can you give for the rest of the quarters, the capacity for Q2-Q4.

您能否為其餘季度提供 Q2-Q4 的容量？

We are not prepared to do that at this juncture, no.

我們不准備在這個時候這樣做，不。

We are going to make you do the math by working through the aircraft delivery schedule and working it out yourself.

我們將讓您通過了解飛機交付時間表並自己計算出來來進行計算。

Okay, Thanks.

好的謝謝。

: Moving on we will hear from Mike Linenberg from Merrill Lynch.

：繼續，我們將聽到來自美林證券的 Mike Linenberg 的消息。

Great quarter, by the way.

順便說一句，很棒的季度。

Two quick questions.

兩個快速問題。

David, you alluded to one city, you know, possibly out of Long Beach.

大衛，你提到了一個城市，你知道，可能在長灘以外。

As we look at the amount of capacity that is coming on line this year, you know, is it one city?

當我們查看今年即將上線的容量時，你知道，它是一個城市嗎？

Two cities?

兩個城市？

Three cities?

三個城市？

Is it more frequency?

是不是頻率比較高？

You know, connecting the dots?

你知道，連接點？

Any additional color on that would be helpful.

任何額外的顏色都會有所幫助。

Yeah.

是的。

Michael, it's mainly new frequencies.

邁克爾，主要是新頻率。

Some connecting of the dots.

一些點的連接。

You know, we have possibly one city, new city this year.

你知道，今年我們可能有一個城市，一個新城市。

That's still open.

那仍然是開放的。

I mean, we wanted two, but we've already pulled the planes for the second one to do something else, just to increase frequency.

我的意思是，我們想要兩架飛機，但我們已經為第二架飛機拉出飛機來做其他事情，只是為了增加頻率。

Like I said in my comments, opening comments, it's just amazing at how we have to feed airplanes into the existing operation just to keep the load factors.

就像我在評論中所說的那樣，打開評論，我們必須將飛機投入現有運營以保持負載率，這真是令人驚訝。

We still have the highest load factors last year and probably in the history of U.S. aviation.

去年我們仍然擁有最高的載客率，這可能是美國航空史上最高的。

We are committed to making sure that our existing markets are well fed first and secondary connecting the dots.

我們致力於確保我們現有的市場在第一和第二連接點之間得到良好的滿足。

Lastly if we have planes we will look at opening cities this year.

最後，如果我們有飛機，我們將考慮今年開放的城市。

Second question, with respect to the mix, as you increased frequencies, especially in some of the big markets like New York to Long Beach and Oakland, are you seeing a higher percentage of let's call it walk up?

第二個問題，關於混合，當你增加頻率時，特別是在紐約到長灘和奧克蘭等一些大市場，你是否看到更高的百分比讓我們稱之為步行？

The 299 fares or 219 type fares?

299票價還是219型票價？

Any color on that versus maybe what you were seeing a year ago?

與一年前你看到的相比，它有什麼顏色嗎？

You know, there hasn't been a huge difference.

你知道，沒有太大的區別。

I think it's more, you have the competitive landscape out there.

我認為更重要的是，你擁有競爭格局。

It's very, very difficult.

這非常非常困難。

You have perma-sell on everybody.

你對每個人都有永久銷售。

Southwest is 99, seems like continually.

西南是99，好像連連。

So we are very, we manage the business to load factor and we are seeing that -- we are not getting a lot of average fares, not that great.

所以我們非常，我們管理業務以加載因素並且我們看到了 - 我們沒有得到很多平均票價，不是那麼好。

That's pause the market is so lousy.

那是暫停市場是如此糟糕。

We have a lot outside of it, if the market were to improve, because of the numbers of customers that we have going to these markets.

如果市場有所改善，我們還有很多事情要做，因為我們有很多客戶進入這些市場。

Okay.

好的。

I.

我。

I would also point out anecdotally we are seeing a lot more suits on those airplanes.

我還要指出，有趣的是，我們在這些飛機上看到了更多的防護服。

Very good, thank you.

非常感謝。

: Our next question comes from William Greene with Morgan Stanley.

：我們的下一個問題來自摩根士丹利的 William Greene。

: Good morning, guys.

： 早上好傢伙。

Good quarter.

好季度。

Wow, William, that's cool.

哇，威廉，太酷了。

: You talked a little bit on the opening comments, David, maybe you can add color, how much more stimulation do you think there is in the New York to Florida markets?

：您在開場評論中談了一點，大衛，也許您可以添加色彩，您認為紐約到佛羅里達市場還有多少刺激？

In other words, if Delta came in and even pulled just a few passengers, would we expect as to see CASM come down or can you stimulate more demand there?

換句話說，如果達美航空進來，甚至只拉了幾名乘客，我們是否會期望看到 CASM 下降，或者你能在那裡刺激更多的需求嗎？

I think this market is insatiable at this point in time.

我認為這個市場在這個時間點是無法滿足的。

It will level out at some point and we'll say this is the capacity.

它會在某個時候趨於平穩，我們會說這就是容量。

But Bill, just keep in mind, we had a 50% increase of seats year-over-year and we are one of the largest players in this market.

但是比爾，請記住，我們的座位同比增長了 50%，我們是這個市場上最大的參與者之一。

If you said ex-JetBlue what was the increase in the market?

如果你說前捷藍航空，市場的增長是多少？

It's not like people are pulling service out of these markets.

並不是說人們正在從這些市場中撤出服務。

I think it's like 8%.

我認為大約是 8%。

We had an 8% increase non-JetBlue in the market from other airlines like Delta and American and Continental and Spirit (ph) or whatever that have added capacity.

我們在市場上的非捷藍航空增加了 8%，來自其他航空公司，如達美航空、美國航空、大陸航空和精神航空 (ph) 或任何增加運力的航空公司。

We added 50 on top of that.

我們在此基礎上添加了 50 個。

And our first quarter is, you know, looking great.

你知道，我們的第一季度看起來很棒。

So you know, the fact that I guess we are trying not to get to -- obviously we never take anything for granted.

所以你知道，我想我們正在努力不去——顯然我們從不認為任何事情都是理所當然的。

But if you look at whatever Delta's number is, somebody pegged it at 17% increase with the size of the airplanes.

但如果你看一下達美航空的數字，有人認為它會隨著飛機尺寸的增加而增加 17%。

And you know, if you take their percentage of the market, you probably have a similar increase on a general market or a little bit less, than we even had this year and we grew 50%.

而且你知道，如果你考慮他們在市場中所佔的百分比，你可能會在一般市場上有類似的增長或略低於我們今年的增長，我們增長了 50%。

Next year we'll grow 50 percent again, though, but if you -- if we don't grow a couple of flights here or there, I don't -- this doesn't really have a big effect.

不過，明年我們將再次增長 50%，但如果你——如果我們不在這里或那裡增加幾個航班，我不會——這並沒有太大的影響。

This is a huge market.

這是一個巨大的市場。

You know, I think New Yorkers treat these markets like the subway.

你知道，我認為紐約人對待這些市場就像對待地鐵一樣。

They all own places down there.

他們都在那裡擁有自己的位置。

What we found when we came into this market, because airlines couldn't make money in it based on our cost structures, which is still the case, but they could make money based on the cost structures, they basically held back the capacity.

當我們進入這個市場時，我們發現，因為航空公司無法根據我們的成本結構在其中賺錢，現在仍然如此，但他們可以根據成本結構賺錢，他們基本上抑制了運力。

The people, the markets really needed more capacity.

人們，市場確實需要更多的容量。

We put those in there and they've taken it all up.

我們把那些放在那裡，他們把它全部拿走了。

I think there's more growth in there.

我認為那裡有更多的增長。

A lot of people live in New York who love Florida and also have homes in Florida and they go back and forth like they do a cab to the Broadway show.

很多住在紐約的人都喜歡佛羅里達州，並且在佛羅里達州也有家，他們來回穿梭，就像乘坐出租車去百老匯演出一樣。

: Makes sense.

： 說得通。

In the event that you find that there was enough stimulation already shall does it make sense to say we could simply put quite a bit more into the east-west markets?

如果您發現已經有足夠的刺激措施，那麼說我們可以簡單地向東西方市場投入更多資金是否有意義？

I assume there's a lot of demand unfilled there as well.

我認為那裡也有很多未滿足的需求。

Not just east-west.

不僅僅是東西方。

There's so many markets we haven't even started yet that we want to fly, like in the southeast.

有太多的市場我們甚至還沒有開始，我們想飛，比如在東南部。

A lot of places on our list that we can't seem to ever get to.

我們名單上的很多地方我們似乎永遠都無法到達。

There's a lot of things that we can do.

我們可以做很多事情。

We are plane constrained.

我們是飛機限制。

And as we look out and say -- we pretty well have the planes mapped out to the end of the year.

正如我們所說的那樣——我們很好地規劃了到今年年底的飛機。

We say wow, we would love to do more of this, new city here, more cities there.

我們說哇，我們很樂意做更多這樣的事情，這裡有新城市，那裡有更多城市。

We were very, very good at meeting capacity to demand.

我們非常非常擅長滿足需求能力。

We are very good at that.

我們非常擅長這一點。

We move planes around, seasonality.

我們移動飛機，季節性。

During the holidays here, I don't think there's any amount of flights you could fly that would take care of the demand.

在這裡的假期期間，我不認為有任何航班可以滿足需求。

We do a really good job of meeting that.

我們在滿足這一點方面做得非常好。

We actually took a plane in the fourth quarter that was flying short haul on the west coast and brought it back for the holiday season in December and put an extra section on, brought it back and flew it to Florida a bunch of times and sent it back to Long Beach.

實際上，我們在第四季度乘坐了一架在西海岸短途飛行的飛機，然後在 12 月的假期把它帶回來，並增加了一個部分，把它帶回來，飛到佛羅里達很多次，然後把它寄了出去回到長灘。

We do a lot of that stuff.

我們做了很多這樣的事情。

That's why you see consistent margins quarter to quarter because we're really good at that.

這就是為什麼你看到每個季度的利潤率都保持一致，因為我們真的很擅長這一點。

: Good.

： 好的。

John, one last question in terms of if there were a UAL or U.S.

約翰，關於是否有 UAL 或美國的最後一個問題。

Air liquidation, how would you deal with a bunch of A320s coming onto the market.

空中清算，一堆A320上市你會怎麼處理。

Would that mean you have to put more equity into getting your planes refinanced?

這是否意味著您必須投入更多資金來為您的飛機再融資？

I don't like speculating on the fate of competitors of ours.

我不喜歡猜測我們競爭對手的命運。

If you took the hypothetical and said that one of them did deposit a lot of A 320s on the market, then that should have the effect of decreasing appraised values because of the market clearing price would drop.

如果你假設其中一個確實在市場上存放了大量的 A 320，那麼這應該會降低評估價值，因為市場清算價格會下降。

That would probably mean that we would not be able to finance aircraft at as high a value.

這可能意味著我們無法以如此高的價值為飛機融資。

We would probably have to put a little bit more cash into each aircraft.

我們可能不得不在每架飛機上投入更多的現金。

What that number would be, I don't know.

這個數字是多少，我不知道。

If you look at the cash, this business of ours is generating a lot of cash.

如果你看看現金，我們的這項業務產生了大量現金。

Our cash from just the third quarter and fourth quarter was up obviously significantly.

我們第三季度和第四季度的現金明顯增加。

We, that's why you have, you know, the cash balances that we have.

我們，這就是為什麼您擁有我們擁有的現金餘額。

We have a projection for this year's cash and don't see that even if those values dropped quite a bit, obviously we could still -- we still have cash on the airplanes.

我們對今年的現金有一個預測，即使這些價值下降了很多，我們也看不到，顯然我們仍然可以 - 我們仍然有飛機上的現金。

It won't affect our ability to do it.

它不會影響我們這樣做的能力。

So we have really positive working capital, which is -- which a lot of airlines can't say.

所以我們有非常積極的營運資金，這是 - 許多航空公司都不能說的。

We are generating cash from our operations.

我們正在從我們的運營中產生現金。

Certainly if there was less money -- more money than we needed to finance each airplane, we have that money to put down.

當然，如果錢少了——多於我們為每架飛機提供資金所需的錢，我們就有這筆錢可以放下。

That's why we have rainy day money like we have.

這就是為什麼我們像現在一樣擁有未雨綢繆的錢。

Probably more cash for ourselves than just about anyone else except Southwest.

我們自己的現金可能比除了西南航空以外的任何人都多。

We are well prepared for that eventuality if that does happen.

如果確實發生這種情況，我們已做好充分準備。

: Thank you very much.

： 非常感謝。

Thank you for your help.

謝謝您的幫助。

: Next question will come from Brian Harris with Salomon Smith Barney.

：下一個問題將來自 Brian Harris 和 Salomon Smith Barney。

: I wonder if you can comment to the best of your ability to track this how your yield premium, which is unusual for a startup carrier to have any yield premium, higher yield premium versus your competitors in various markets if you can comment on the east-west markets versus the north-south markets?

：我想知道你是否可以盡你最大的能力來評論你的收益率溢價，這對於一家初創公司來說有任何收益率溢價是不尋常的，如果你可以對東方發表評論，那麼與你在各個市場的競爭對手相比，收益率溢價更高-西部市場與南北市場？

Brian, the latest information we have is in the second quarter, DOT is late on getting out the third quarter for whatever reason.

布賴恩，我們掌握的最新信息是在第二季度，DOT 出於某種原因遲到了第三季度。

We hoped to have it by now, but we don't.

我們希望現在就擁有它，但我們沒有。

It was supposed to be out this had week.

本來這週就出來了。

It depends on the market but what we find is that if you take apples-to-apples, obviously J F K to Oakland or J F K to Long Beach or J F K to the Florida cities, Florida is a different example because we, with the exception of Newark and Continental we have a yield premium say in the Fort Lauderdale market with every competitor from LaGuardia or Kennedy.

這取決於市場，但我們發現，如果你拿蘋果對蘋果，顯然 J F K 到奧克蘭或 J F K 到長灘或 J F K 到佛羅里達州的城市，佛羅里達州是一個不同的例子，因為除了紐瓦克和大陸集團在勞德代爾堡市場與來自拉瓜迪亞或肯尼迪的所有競爭對手相比，我們擁有收益溢價的話語權。

So it's more pronounced there.

所以那裡更明顯。

That's why we have up to 16 flights a day there.

這就是為什麼我們在那裡每天有多達 16 個航班。

We hope that gap gets narrower this year.

我們希望今年差距會縮小。

We don't like that.

我們不喜歡這樣。

West Palm beach is the same.

西棕櫚灘也是如此。

Orlando, Delta express was 87, 85 last second quarter.

奧蘭多，Delta Express 上個第二季度為 87、85。

We wore we were 101.54.

我們穿的是 101.54。

So its about 15 percent.

所以它大約是 15%。

If you take the Oakland market, last year and we don't have the full year quarter that American was in there, but they were 148-dollar average fare and we were 160-dollar average fare.

如果你以奧克蘭市場為例，去年我們沒有美國人在那裡的全年季度，但他們的平均票價為 148 美元，而我們的平均票價為 160 美元。

But the difference is, we had an average of 3.5 flights because we are adding one that had two.

但不同的是，我們平均有 3.5 個航班，因為我們增加了一個有兩個航班的航班。

But our load factor was 85 percent compared to their 68%.

但我們的載客率為 85%，而他們的載客率為 68%。

So obviously the RASM was enormously different.

很明顯，RASM 有很大的不同。

The same thing, Long Beach had higher load factors and average fares.

同樣，長灘的載客率和平均票價更高。

Once you get frequency, we had 91% load factor in Long Beach with 3.3 average flights.

獲得頻率後，我們在長灘的載客率為 91%，平均有 3.3 個航班。

And average fare of 170 compared to one 143 for American.

平均票價為 170，而美國為 143。

So it's, I think you manage to get more frequencies.

所以它是，我認為你設法獲得更多的頻率。

We are selling a sixth flight to New York-Long Beach starting in March and another flight starting soon.

我們正在出售從 3 月開始飛往紐約長灘的第六次航班，另一次航班即將開始。

As you get more frequency, that actually helps you on the differential even more.

當你獲得更多頻率時，這實際上對你的差異化有更大幫助。

: Do you see a yield premiums on markets that don't touch JFK?

：您是否看到未觸及 JFK 的市場的收益率溢價？

Which one, for example?

例如哪一個？

: Well, for example like --

: 好吧，例如像——

Person Dulles and Fort Lauderdale?

人杜勒斯和勞德代爾堡？

If you took the Washington, Dulles to Fort Lauderdale, our average fare in the mart was $95.75.

如果您乘坐華盛頓杜勒斯機場到勞德代爾堡，我們在超市的平均票價是 95.75 美元。

We just started service in there.

我們剛剛在那裡開始服務。

Southwest was $90 and AirTran was $84.

Southwest 是 90 美元，AirTran 是 84 美元。

We had a yield premium in that market as well.

我們在那個市場也有收益率溢價。

Well, obviously Southwest and AirTran were out of Baltimore.

好吧，顯然西南航空和 AirTran 不在巴爾的摩。

We took it as a full market if in the whole area.

如果在整個地區，我們將其視為一個完整的市場。

I think it's, you know, we see it kind of across the board.

我認為，你知道，我們看到了它的全面性。

If you took it -- let's see, Washington, San Francisco, united started in that market.

如果你接受了——讓我們看看，華盛頓、舊金山、曼聯在那個市場上起步了。

We were $130 average fare.

我們的平均票價是 130 美元。

Theirs was higher in that market, but we had about 30 more passengers or customers per flight than we did.

他們在那個市場上的人數更高，但我們每次飛行的乘客或顧客比我們多了大約 30 人。

How about short haul on the West Coast?

在西海岸短途旅行怎麼樣？

Anything interesting there?

那裡有什麼有趣的事嗎？

That one is improving.

那個正在改進。

That's not the business we are in.

那不是我們從事的業務。

We are basically holding slots there .

我們基本上在那裡持有插槽。

As you can see by the margin in the fourth quarter obviously if those planes, it wasn't our first choice to fly in there.

正如你在第四季度的邊緣看到的那樣，顯然如果那些飛機，那不是我們在那裡飛行的第一選擇。

If they weren't flying there, possibly we wouldn't even have a higher margin because they weren't profitable.

如果他們不飛到那裡，我們甚至可能不會有更高的利潤，因為他們沒有盈利。

It's a small percentage of our ASM.

它只占我們 ASM 的一小部分。

It wouldn't have an effect on us all the way.

它不會對我們產生任何影響。

: Fair point.

： 有道理。

Congratulations on the quarter.

祝賀這個季度。

Thanks, Brian.

謝謝，布萊恩。

: Moving on, we will hear from Ray Neidl with Blaylock .

：繼續，我們將聽到 Ray Neidl 和 Blaylock 的講話。

: I don't know, what was the total debt at the end of the year including temp wise leases and what was the debt to capitalization ratio?

：我不知道，包括臨時租賃在內的年底總債務是多少，債務資本化比率是多少？

We don't actually have any capitalized leases.

我們實際上沒有任何資本化租賃。

So it's just the straight debt that is on the balance sheet, which is in the press release.

所以這只是資產負債表上的直接債務，在新聞稿中。

: And with the advent of Song going from all three New York airports, is that going to put JetBlue in a competitive disadvantage operating out of Kennedy?

：隨著 Song 從紐約所有三個機場起飛，這是否會讓捷藍航空在肯尼迪以外的地方處於競爭劣勢？

I don't think so.

我不這麼認為。

We have service out of all those airports today.

我們今天在所有這些機場提供服務。

It doesn't change.

它沒有改變。

They are changing the 767 out of LaGuardia and putting em on the 757 so you are actually seeing a decrease of seats in certain markets.

他們正在將 767 從拉瓜迪亞機場換成 757，所以你實際上看到某些市場的座位減少了。

So again its easy to get up in a press conference and say how great you are going to be an how much people are going to love you.

所以再次在新聞發布會上站起來說你將變得多麼偉大以及人們將多麼愛你是很容易的。

It's a whole different thing to actually deliver on that.

真正做到這一點是完全不同的事情。

We will be watching with interest.

我們將饒有興趣地觀看。

But you know, it shouldn't affect us.

但你知道，它不應該影響我們。

You know, we haven't precluded, you know, -- we are big New York to Florida.

你知道，我們沒有排除，你知道，我們是大紐約到佛羅里達。

Maybe some day, some gates or slots become available we can do other airports as well.

也許有一天，一些登機口或插槽可用，我們也可以在其他機場使用。

But we haven't wanted to thus far because it's working fine out of Kennedy.

但到目前為止我們還不想這樣做，因為它在肯尼迪之外運行良好。

: As far as the competition goes, it is shrinking, offering low cost airlines like JetBlue growth opportunities.

：就競爭而言，它正在縮小，為捷藍航空等低成本航空公司提供增長機會。

But what if things reverse?

但如果事情逆轉呢？

I know it's a big if, but what if the other carriers work with the unions to get the costs down and successfully start low cost operations?

我知道這是一個很大的假設，但如果其他運營商與工會合作以降低成本並成功開始低成本運營呢？

Will that put a crimp on your growth going out in the future?

這會影響你未來的成長嗎？

I don't think so.

我不這麼認為。

Obviously the airline within an airline thing has been a miserable failure.

顯然，航空公司中的航空公司是一個悲慘的失敗。

They had concessions from unions to fly that kind of stuff.

他們得到了工會的讓步，可以飛那種東西。

I kind of see it, it's something this they need to do to lose less money and stay in business and what happens on a JetBlue flight is, I can't even explain it.

我有點明白，這是他們需要做的事情，以減少損失並維持業務，而捷藍航空航班上發生的事情是，我什至無法解釋。

Every time I go to dinner and talk to people, they are glowing about the fantastic service our crew members give on a daily basis.

每次我去吃飯和人們交談時，他們都對我們的機組人員每天提供的優質服務贊不絕口。

It's clear they will never get to our costs.

很明顯，他們永遠不會承擔我們的費用。

It's probably even more clear they are not going to get to our levels of customer service.

可能更清楚的是，他們不會達到我們的客戶服務水平。

Not when you are cutting someone's salary and laying em off - I don't think that breeds for happy people taking care of customers.

不是當你削減某人的薪水並解僱他們時 - 我認為這不會培養快樂的人來照顧客戶。

I think that combination and the endless possibilities that we have for additional service, I think overall it balances out well.

我認為這種組合和我們為額外服務提供的無限可能性，我認為總體來說它平衡得很好。

And I think we don't want destabilization in this industry.

而且我認為我們不希望這個行業不穩定。

We don't want people shutting down.

我們不希望人們關閉。

We want, we like what is going on today and our business is doing well.

我們想要，我們喜歡今天發生的事情，我們的業務做得很好。

And we don't want massive liquidations and if the costs come down, we've looked at the costs they are proposing and we are certainly below that.

而且我們不希望大規模清算，如果成本下降，我們已經研究了他們提出的成本，我們肯定低於該成本。

We certainly have a better product.

我們當然有更好的產品。

I think our future is very bright.

我認為我們的未來非常光明。

: David, finally Live TV, you made an acquisition for two reasons.

: David，最後是 Live TV，你進行收購有兩個原因。

One you want to own the product and you saw it as a growth company but you weren't going to sell the product to competitors.

一個你想擁有該產品，你將其視為一家成長型公司，但你不打算將該產品出售給競爭對手。

Now it seems there's a lot of new technologies.

現在好像有很多新技術。

It's questionable the timing when they come on board.

他們上船的時間值得懷疑。

Seems like there's a lot of new technologies coming on board.

似乎有很多新技術即將上線。

Coming in at a later date they have more advanced following.

晚些時候他們會有更高級的追隨者。

Is that going to slow the growth of your small profit center of Live TV which I assume you were going to uses a profit center?

這是否會減緩您的 Live TV 小利潤中心的增長，我假設您將使用利潤中心？

We were not aggressively out marketing it, I'll say that.

我們並沒有積極地推銷它，我會這麼說。

I don't see it as a growth business.

我不認為這是一個增長業務。

It was something that was good for us.

這對我們有好處。

It was good for us to take under our wing an to foster.

收養我們對我們有好處。

We have new technologies like I mentioned that we haven't announced yet that we will be announcing that will be exciting new additions to our customers.

我們有新技術，就像我提到的，我們還沒有宣布，我們將宣布這將是我們客戶令人興奮的新增功能。

In addition programming improvements that we are doing.

此外，我們正在進行的編程改進。

And to the extent that someone is able to come out with something and customers are willing to buy it, we are well positioned to offer that if we choose to do so.

在某種程度上，有人能夠提出一些東西並且客戶願意購買它，如果我們選擇這樣做，我們就有能力提供它。

If airline "X" is going to get it from another company or from us, then maybe that would make us get back in that business, it's an area that we can make some money doing.

如果航空公司“X”要從另一家公司或我們那裡得到它，那麼也許這會讓我們回到那個行業，這是一個我們可以賺錢的領域。

Those are all elements out there.

這些都是那裡的元素。

They have this term in the software business is "vapor wear" (ph).

他們在軟件業務中的這個術語是“汽穿”（ph）。

Let's see what they come up with.

讓我們看看他們想出了什麼。

We are skeptical about the promises being made.

我們對做出的承諾持懷疑態度。

It could happen

它可能會發生

: Great quarter, keep up the good work.

: 偉大的季度，保持良好的工作。

: Next question comes from Kurt Moller with CRCM

：下一個問題來自 CRCM 的 Kurt Moller

Good morning, ladies and gentlemen.

早上好，女士們，先生們。

Could you help me out what in terms of fuel are you guys paying right now and what should we expect that to be going forward?

你能幫我弄清楚你們現在支付的燃料費用是多少嗎？我們應該期待什麼？

I missed the first half of the question.

我錯過了問題的前半部分。

: Sure.

： 當然。

The price of fuel you're paying right now an the price going forward?

您現在支付的燃料價格和未來的價格？

The price we're paying right now is in the low 90s.

我們現在支付的價格是 90 年代的低價。

We knew we were what it would be going forward we would all be rich.

我們知道我們會成為未來的樣子，我們都會變得富有。

We are in the market.

我們在市場上。

That's where everybody every airline buys.

這就是每個航空公司購買的每個人的地方。

You take what the market gives you and you hedge as best you can.

你拿走市場給你的東西，然後儘你所能對沖。

We are in the best hedge position we of ever been.

我們處於有史以來最好的對沖頭寸。

We went to the spike like 24 months ago and it's -- we are, I think, in the best position of just about anybody, because our fuel burn per mile or per customer has to be the lowest in the industry.

我們在 24 個月前達到了峰值，我認為我們處於幾乎任何人的最佳位置，因為我們每英里或每個客戶的燃油消耗必須是業內最低的。

I think it affects us, you know, disproportionately less than everyone else.

我認為它對我們的影響，你知道，比其他人少得多。

Certainly we use a lot of fuel on a daily basis.

當然，我們每天都使用大量燃料。

You know, we don't see, whatever its worth, we don't see the level that it is trading at today.

你知道，我們看不到，無論它的價值如何，我們都看不到它今天的交易水平。

There's uncertainty with the war.

戰爭存在不確定性。

Will the war be short or long and will it happen?

戰爭是短期的還是長期的，它會發生嗎？

We see that probably going down over time, but who knows.

我們看到這可能會隨著時間的推移而下降，但誰知道呢。

It could be, it could happen either way.

它可能是，它可能以任何方式發生。

: Right.

： 正確的。

Also just on the tax rate, should we expect a 42.2 going forward?

另外就稅率而言，我們是否應該期望未來達到 42.2？

And how much in deferred cash taxes should we expect?

我們應該期待多少遞延現金稅？

In answer to the first part of the question, you should plan on something around the 42.2 number going forward.

在回答問題的第一部分時，您應該計劃圍繞 42.2 的數字前進。

And as far as the deferred tax, we have so much accelerated depreciation we are not a federal tax payer.

至於遞延稅，我們有如此多的加速折舊，我們不是聯邦納稅人。

So that entire provision, the federal portion of it is completely deferred.

所以整個條款，它的聯邦部分被完全推遲了。

And most of the state portion is, although there are some states where you are not allowed to carry NOLs forward and other things.

大多數州部分是，儘管有些州不允許您攜帶 NOL 和其他東西。

There are some actual current taxes paid on income in other states.

在其他州，有一些實際的收入稅。

But it's a small percent.

但這是一個很小的百分比。

: Thank you very much.

： 非常感謝。

You're welcome.

別客氣。

That concludes the question and answer session.

問答環節到此結束。

Mr. Neeleman I'll turn the conference back over to you for additional or closing remarks.

Neeleman 先生，我會將會議轉回給您，請您作補充說明或閉幕詞。

I don't have closing or additional remarks.

我沒有結束語或附加說明。

John and I are headed to the city to do the Raymond James airline conference.

John 和我要去城裡參加 Raymond James 航空公司會議。

We are going to be on our horses here and riding off.

我們將在這裡騎馬出發。

We would like to thank everyone for tuning in and a special thanks to the men and women of JetBlue that create this, have created this wonderful company and for the fantastic job they are doing in taking care of our customers.

我們要感謝大家的收聽，並特別感謝捷藍航空的男男女女創造了這一切，創造了這家出色的公司，並感謝他們在照顧我們的客戶方面所做的出色工作。

They are the ones to be thanked for these tremendous results.

他們是那些取得這些巨大成果的人。

We expect to keep them going.

我們希望讓他們繼續前進。

Thanks a lot, everybody.

非常感謝大家。