JetBlue Airways Corp (JBLU) 2022 Q3 法說會逐字稿

Good morning. My name is Anthony. I would like to welcome everyone to the JetBlue Airways Third Quarter 2022 Earnings Conference Call. As a reminder, today's call is being recorded. (Operator Instructions). I would now like to turn the call over to JetBlue's Director of Investor Relations, Jose Caiado. Please go ahead.

早上好。我的名字是安東尼。歡迎大家參加捷藍航空 2022 年第三季度收益電話會議。提醒一下，今天的通話正在錄音中。 （操作員說明）。我現在想把電話轉給 JetBlue 的投資者關係總監 Jose Caiado。請繼續。

Thanks, Anthony. Good morning, everyone, and thanks for joining us for our third quarter 2022 earnings call. This morning, we issued our earnings release and a presentation that we'll reference during this call. All of those documents are available on our website at investor.jetblue.com and have been filed with the SEC. In New York to discuss our results are Robin Hayes, our Chief Executive Officer; Joanna Geraghty, our President and Chief Operating Officer; Ursula Hurley, our Chief Financial Officer; and also joining us for Q&A are Dave Clark, Head of Revenue and Planning; and Andres Barry, President of JetBlue Travel Products.

謝謝，安東尼。大家早上好，感謝您加入我們的 2022 年第三季度財報電話會議。今天早上，我們發布了我們將在本次電話會議中參考的收益發布和演示文稿。所有這些文件都可以在我們的網站 investor.jetblue.com 上找到，並已提交給美國證券交易委員會。在紐約討論我們的結果的是我們的首席執行官 Robin Hayes； Joanna Geraghty，我們的總裁兼首席運營官；我們的首席財務官 Ursula Hurley；收入和規劃主管 Dave Clark 也加入了我們的問答環節； JetBlue Travel Products 總裁 Andres Barry。

This morning's call includes forward-looking statements about future events. All such forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially. Please refer to our most recent earnings release and our recent Form 10-Q or 10-K for a more detailed discussion of the factors that could cause the actual results to differ materially from those contained in our forward-looking statements.

今天上午的電話會議包括有關未來事件的前瞻性陳述。所有此類前瞻性陳述均受某些風險和不確定因素的影響，實際結果可能存在重大差異。請參閱我們最近的收益發布和我們最近的 10-Q 或 10-K 表格，以更詳細地討論可能導致實際結果與我們的前瞻性陳述中包含的結果大不相同的因素。

Including, among others, the COVID-19 pandemic, fuel availability and pricing, the outcome of the lawsuit filed by the DOJ related to our Northeast alliance, the occurrence of any circumstances that could give rise to the right of JetBlue or Spirit Airlines or both to terminate the merger agreement, failure to obtain applicable regulatory approval in a timely manner or otherwise and the potential financial consequences thereof, failure to satisfy other closing conditions or a failure of the parties to consummate the transaction and the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Spirit's operations with those of JetBlue.

包括但不限於 COVID-19 大流行、燃料可用性和定價、司法部提起的與我們東北聯盟相關的訴訟結果、可能導致捷藍航空或精神航空公司或兩者的權利的任何情況的發生終止合併協議、未能及時或以其他方式獲得適用的監管批准及其潛在的財務後果、未能滿足其他成交條件或雙方未能完成交易以及捷藍航空可能無法在預期的時間範圍內或完全實現預期的協同效應和運營效率，並成功地將 Spirit 的運營與 JetBlue 的運營整合起來。

The statements made during this call are made only as of the date of the call, and we undertake no obligation to update the information. Investors should not place undue reliance on these forward-looking statements. Also during the course of our call, we may discuss several non-GAAP financial measures. For a reconciliation of these non-GAAP measures to GAAP measures, please refer to the tables at the end of our earnings release, a copy of which is available on our website. And now I'd like to turn the call over to Robin Hayes, JetBlue's CEO.

本次電話會議期間所做的陳述僅截至電話會議之日，我們不承擔更新信息的義務。投資者不應過分依賴這些前瞻性陳述。同樣在我們的通話過程中，我們可能會討論一些非 GAAP 財務指標。如需將這些非 GAAP 措施與 GAAP 措施進行核對，請參閱我們的收益發布末尾的表格，我們的網站上提供了一份表格副本。現在我想把電話轉給 JetBlue 的首席執行官 Robin Hayes。

Thanks, Joe. Good morning, everyone, and thank you for joining us today. Our thoughts are with all of those affected by the recent hurricanes in the Southeast and the Caribbean, including many of our crew members, customers and their loved ones. As always, supporting our crew members and the communities is a top priority after devastating events like these, and we know it's going to be a long road to recovery for several impacted regions. JetBlue is working with nonprofit partners such as World Central Kitchen, to ship supplies and assist with relief efforts.

謝謝，喬。大家早上好，感謝您今天加入我們。我們與所有受近期東南部和加勒比海颶風影響的人同在，包括我們的許多船員、客戶和他們的親人。一如既往，在發生此類毀滅性事件後，支持我們的機組人員和社區是當務之急，我們知道，幾個受災地區的恢復之路將是漫長的。 JetBlue 正在與 World Central Kitchen 等非營利合作夥伴合作，運送物資並協助救援工作。

And alongside our JetBlue Crewmember Crisis Fund, we're working to provide support for our crew members who were hardest hit, and we're going to stay with them every step of the way. I'd like to thank our more than 24,000 crew members for their dedication, patience and service. I am always amazed at how our crew members step up in these challenging times to care for each other and the communities we serve, prioritizing safety above all else. Our crew members also helped deliver another record quarter of revenue, resulting in our first quarterly profit since the start of the pandemic. Despite the macroeconomic uncertainty, we are building momentum in the second half of the year, and I'm confident that we're on a path to continue increasing our margins as we bring our low fare, award-winning JetBlue experience to more customers.

與我們的捷藍航空機組人員危機基金一起，我們正在努力為受災最嚴重的機組人員提供支持，我們將在每一步都與他們同在。我要感謝我們 24,000 多名機組人員的奉獻、耐心和服務。我總是驚訝於我們的機組人員如何在這些充滿挑戰的時期挺身而出，互相關心和關心我們所服務的社區，將安全放在首位。我們的機組人員還幫助實現了另一個創紀錄的季度收入，從而使我們實現了自大流行開始以來的第一個季度利潤。儘管宏觀經濟存在不確定性，但我們在下半年取得了發展勢頭，我相信隨著我們為更多客戶帶來低票價、屢獲殊榮的捷藍航空體驗，我們將繼續提高利潤率。

Let's now turn to our quarterly results on Slide 4 of the deck. For the third quarter, we reported an adjusted pretax income of $118 million, adjusted pretax margin of 4.6% and an adjusted earnings per share of $0.21. The changes we made earlier this year to enhance operational resourcing and the resilience of our schedule resulted in strong operational performance over the summer peak despite significant weather and air traffic control challenges and record customer demand. We've made excellent strides on hiring, and we're now at a point where we believe we are appropriately resourced from a staffing perspective, which in turn should translate to improved productivity.

現在讓我們來看看幻燈片 4 上的季度業績。第三季度，我們報告調整後稅前收入為 1.18 億美元，調整後稅前利潤率為 4.6%，調整後每股收益為 0.21 美元。儘管天氣和空中交通管制面臨重大挑戰，客戶需求創紀錄，但我們今年早些時候為加強運營資源和計劃的彈性而做出的改變導致夏季高峰期的運營表現強勁。我們在招聘方面取得了長足的進步，現在我們認為從人員配置的角度來看我們擁有適當的資源，這反過來應該會轉化為提高生產力。

Looking ahead, we expect our momentum to continue through to another solid quarter of mid-single-digit pretax margins in the fourth quarter. We'll look to build margins further in 2023 as we continue to restore our pre-pandemic earnings power. We continue to see a very healthy revenue environment with no signs of slowing demand for air travel.

展望未來，我們預計我們的勢頭將持續到第四季度的另一個中等個位數稅前利潤率的穩健季度。隨著我們繼續恢復大流行前的盈利能力，我們將在 2023 年進一步提高利潤率。我們繼續看到非常健康的收入環境，沒有跡象表明航空旅行需求放緩。

Moving now to Slide 5. Our teams are diligently working on the strategic initiatives driving our earnings recovery and enhancing our business for the long term. We're fortifying our unique business model to more effectively compete within trenched Big Four carriers and deliver significant consumer benefits as we continue to disrupt the market.

現在轉到幻燈片 5。我們的團隊正在努力製定戰略計劃，以推動我們的盈利復甦並長期增強我們的業務。我們正在強化我們獨特的商業模式，以便在有實力的四大運營商中更有效地競爭，並在我們繼續擾亂市場的同時為消費者帶來顯著的利益。

It starts with our network. Our Northeast Alliance, which has been up and running for more than 1.5 years is fundamentally about growing capacity in consumer choice, and it has promoted competition in both New York and Boston. By all measures, JetBlue and American are delivering substantial consumer benefits with the launch of dozens of new routes, increased frequencies on over 100 additional routes and improved schedule offering and reciprocal frequent flyer benefits for our customers. Again, this growth would not be possible without the NEA, and consumers are further benefiting from the clear, competitive response that we have stimulated. The NEA is doing what it set out to do, giving consumers more choice and better value. And we look forward to continuing to expand these benefits.

它始於我們的網絡。我們的東北聯盟已經成立並運行了 1.5 年多，從根本上講是關於增加消費者選擇的能力，它促進了紐約和波士頓的競爭。從各方面來看，捷藍航空和美國航空正在通過推出數十條新航線、增加 100 多條額外航線的班次、改進時刻表服務以及為我們的客戶提供互惠的飛行常客利益，為消費者帶來可觀的利益。同樣，如果沒有 NEA，這種增長是不可能的，消費者正在進一步受益於我們刺激的明確、有競爭力的反應。 NEA 正在做它打算做的事情，為消費者提供更多選擇和更好的價值。我們期待繼續擴大這些好處。

Outside of the NEA, I'm extremely pleased with the recent Spirit shareholder approval for our combination, which will create value for all of our stakeholders. Together, we'll build a low fare challenger to the dominant Big Four airlines on a national scale and expand our compelling combination of award-winning service and low fares to more customers across more destinations. On the transatlantic front, by the end of this week, we'll offer 5 daily flights between the Northeast and London. And we look forward to taking delivery of a handful of Airbus 321LR aircraft next year to support our expansion to Europe, notwithstanding some modest delivery delays. Stay tuned for an announcement in the near future.

在 NEA 之外，我對最近 Spirit 股東批准我們的合併感到非常高興，這將為我們所有的利益相關者創造價值。我們將共同打造一個在全國范圍內挑戰四大航空公司的低票價挑戰者，並將我們屢獲殊榮的服務和低票價的引人注目的組合擴展到更多目的地的更多客戶。在跨大西洋方面，到本週末，我們將在東北和倫敦之間提供 5 次每日航班。我們期待明年接收少量空客 321LR 飛機，以支持我們向歐洲的擴張，儘管有一些適度的交付延遲。請繼續關注近期的公告。

Customer engagement with JetBlue remains at record levels, and we continue to see healthy spend on our co-branded credit cards. Our loyalty program is producing record cash flows, which is a testament to our customer value proposition. Separately, our JetBlue Travel Product subsidiary continues to innovate with the launch of Troupe, a free group planning app to help groups decide when to travel, where to go and what to do, building on efforts to make the travel experience more seamless. JetBlue Travel Products is on track to generate close to $100 million of EBIT this year compared to $15 million in 2019.

捷藍航空的客戶參與度保持在創紀錄的水平，我們繼續看到我們聯名信用卡的健康支出。我們的忠誠度計劃正在產生創紀錄的現金流，這證明了我們的客戶價值主張。另外，我們的 JetBlue Travel Product 子公司繼續創新，推出了 Troupe，這是一款免費的團體規劃應用程序，可幫助團體決定何時旅行、去哪里以及做什麼，努力使旅行體驗更加無縫。 JetBlue Travel Products 今年有望產生近 1 億美元的息稅前利潤，而 2019 年為 1500 萬美元。

We also continue to make great progress on the structural cost program we announced last quarter, which Ursula will discuss shortly in more detail. We made further progress on the ESG front, with an agreement to purchase 25 million gallons of sustainable aviation fuel starting in 2027 from Air Company, one of the JetBlue Ventures investments. We're committed to growing and diversifying our SAF supply as we progress towards our goal of converting 10% of our jet fuel usage to SAF by 2030. We also appalled the International Civil Aviation Organization, or ICAO, for endorsing a net zero by 2050 goal for international aviation emissions, an important milestone that U.S. airlines had already voluntarily committed to.

我們還在上個季度宣布的結構成本計劃方面繼續取得重大進展，厄休拉將在不久後更詳細地討論該計劃。我們在 ESG 方面取得了進一步進展，同意從 2027 年開始從 JetBlue Ventures 的投資之一 Air Company 購買 2500 萬加侖可持續航空燃料。隨著我們朝著到 2030 年將 10% 的噴氣燃料使用量轉換為 SAF 的目標取得進展，我們致力於增加和多樣化我們的 SAF 供應。我們還對國際民用航空組織 (ICAO) 支持到 2050 年實現淨零排放感到震驚國際航空排放的目標，這是美國航空公司已經自願承諾的一個重要里程碑。

We expect this will continue to drive the investments in technological innovation needed to enable our industry to continue to grow sustainably. I'll close with another huge thank you to our crew members. Thank you for all of your hard work, your patience. We're building strong momentum, and I'm excited about the journey that lies ahead. With that, over to you, Joanna.

我們預計這將繼續推動對技術創新的投資，使我們的行業能夠繼續可持續發展。最後，我要再次感謝我們的工作人員。感謝您的辛勤工作，感謝您的耐心。我們正在建立強大的勢頭，我對未來的旅程感到興奮。有了這個，就交給你了，喬安娜。

Thank you, Robin. I'd like to also add my thanks to our fantastic team for their dedication and delivering for our customers through a very challenging summer and the most recent hurricanes. I'm extremely proud of how they've stepped up to support each other and our impacted communities as we recover from the recent storms.

謝謝你，羅賓。我還要感謝我們出色的團隊，感謝他們在充滿挑戰的夏季和最近的颶風中為我們的客戶所做的奉獻和交付。在我們從最近的風暴中恢復過來時，他們如何加緊支持彼此和我們受影響的社區，我感到非常自豪。

Turning to capacity on Slide 7. In the third quarter of 2022, our capacity was down 0.5% year over three, compared with our most recent guidance for flat capacity. Hurricanes Fiona and Ian impacted our flown capacity by roughly 0.7% point. Throughout the quarter, our teams executed well, particularly in the context of significant ATC constraints, resulting in a strong completion factor. For the fourth quarter, we expect capacity to be up 1% to 4% year over three, a modest sequential step up versus the third quarter.

轉向幻燈片 7 的產能。在 2022 年第三季度，我們的產能比三年前下降了 0.5%，與我們最近的持平產能指導相比。颶風菲奧娜和伊恩對我們的飛行能力造成了大約 0.7% 的影響。在整個季度中，我們的團隊執行良好，尤其是在 ATC 受到重大限制的情況下，從而產生了強大的完成因素。對於第四季度，我們預計運力將比第三季度增長 1% 至 4%，與第三季度相比環比小幅增長。

Full year 2022 capacity growth is now expected to be up 0% to 2% year over three. Looking ahead, we expect the aviation ecosystem to continue to remain fragile, given supply chain challenges and ATC staffing headwinds. Therefore, we are maintaining a continued bias towards more conservative planning assumptions in the medium term, such as carrying higher levels of reserves versus 2019 to ensure that we are set up for operational success.

現在預計 2022 年全年產能增長將比三年增長 0% 至 2%。展望未來，鑑於供應鏈挑戰和 ATC 人員配備逆風，我們預計航空生態系統將繼續脆弱。因此，我們在中期繼續偏向更保守的規劃假設，例如與 2019 年相比持有更高水平的儲備，以確保我們為運營成功做好準備。

During the third quarter, we expanded our transatlantic service with new daily service between Boston and London. And we plan to add a third frequency between JFK and London later this week. As we think about our growth plans for 2023, we expect to return to our historical growth rate of mid- to high single-digit growth year-over-year. As Robin mentioned, we will soon be announcing our next European destination as we build even more relevance in our largest Northeast-focused cities. And we also expect to grow our other focus cities as we take delivery of next-generation Airbus 220s and 321neo aircraft and replace our older E190s.

在第三季度，我們通過波士頓和倫敦之間的新日常服務擴展了我們的跨大西洋服務。我們計劃在本週晚些時候在肯尼迪國際機場和倫敦之間增加第三個頻率。在考慮 2023 年的增長計劃時，我們預計將恢復到中高個位數同比增長的歷史增長率。正如 Robin 提到的那樣，我們將很快宣布我們的下一個歐洲目的地，因為我們將在以東北部為中心的最大城市建立更多相關性。隨著我們接收下一代空中客車 220 和 321neo 飛機並更換我們的舊 E190，我們還希望發展我們的其他重點城市。

Turning to Slide 8. In the third quarter, we delivered the highest quarterly revenue result in JetBlue's history. Our revenue per available seat mile increased 23.4% year over three, at the high end of our original expectations. Hurricane Ian was a net neutral impact to our unit revenues in the third quarter as revenue was offset by reduced capacity. Throughout the quarter, we saw strong leisure and VFR demand trends. We were particularly pleased to see load factor in the off-peak month of September increase approximately 3 points above 2019 levels. We see these positive trends continuing here in the fourth quarter, and we are confident strong demand will continue through the upcoming holiday peaks.

轉到幻燈片 8。在第三季度，我們實現了 JetBlue 歷史上最高的季度收入結果。我們每可用座位英里的收入比三年增長了 23.4%，達到了我們最初預期的高端。颶風伊恩對我們第三季度的單位收入產生了淨中性影響，因為收入被產能減少所抵消。在整個季度中，我們看到了強勁的休閒和 VFR 需求趨勢。我們特別高興地看到 9 月非高峰月份的載客率比 2019 年水平增加了約 3 個百分點。我們看到這些積極趨勢在第四季度繼續存在，我們相信強勁的需求將持續到即將到來的假期高峰期。

As a further proof point, ancillary revenue per customer grew over 50% year over three in the third quarter as our varied product offerings and low prices continue to resonate extremely well with our customers. For the fourth quarter, we expect unit revenue to increase between 15% and 19% year over three. This includes a 5-point impact from hurricanes Fiona and Ian, the placement of the holidays this year and tough loyalty comps. Our strong revenue performance continues to be bolstered by our commercial initiatives. We've unlocked immense consumer benefits through our Northeast Alliance, which is rooted in providing customers with more choice as a true third competitor in the Northeast.

作為進一步的證明，由於我們多樣化的產品供應和低價格繼續與我們的客戶產生極好的共鳴，第三季度每個客戶的輔助收入同比增長超過 50%。對於第四季度，我們預計單位收入將比三年增長 15% 至 19%。這包括颶風菲奧娜和伊恩帶來的 5 點影響、今年假期的安排以及艱難的忠誠度補償。我們強勁的收入表現繼續受到我們的商業計劃的支持。我們通過東北聯盟為消費者帶來了巨大的利益，該聯盟作為東北地區真正的第三競爭者，立足於為客戶提供更多選擇。

Crucially, we're growing supply in the Northeast with NEA growth well outpacing overall domestic industry capacity, launching new destinations, adding flights to others, enhancing our schedules and allowing our loyalty customers the ability to benefit from 2 different programs. In addition, we've seen the entrenched carriers respond by matching our new destinations as well as expanding their own service, boosting competition in the region and benefiting consumers.

至關重要的是，我們正在增加東北地區的供應量，NEA 的增長速度遠遠超過國內行業的整體產能，推出新目的地，增加飛往其他目的地的航班，改進我們的航班時刻表，並讓我們的忠誠客戶能夠從 2 個不同的計劃中受益。此外，我們還看到老牌航空公司通過匹配我們的新目的地以及擴展自己的服務來做出回應，從而促進該地區的競爭並使消費者受益。

The Northeast Alliance also enables JetBlue to provide another compelling option for business travelers, with the best network and schedules in the region. We were pleased to see business travel step up again post Labor Day following the typical summer lull in July and August and continue to recover towards pre-pandemic levels. Our contracted corporate revenue bookings are now roughly 90% recovered compared with roughly 80% at the end of the second quarter, aided by our Northeast Alliance, which is helping us capture a greater share of corporate customers in the Northeast, which is yet to be fully recovered.

東北聯盟還使捷藍航空能夠為商務旅客提供另一種極具吸引力的選擇，擁有該地區最佳的網絡和時刻表。我們很高興看到商務旅行在 7 月和 8 月典型的夏季淡季之後在勞動節後再次增加，並繼續恢復到大流行前的水平。在我們的東北聯盟的幫助下，我們的合同企業收入預訂現在恢復了大約 90%，而第二季度末恢復了大約 80%，這有助於我們在東北地區獲得更大的企業客戶份額，這完全恢復。

On the loyalty front, I'm pleased to see program engagement at record highs, as evidenced by spend growth persistently well above pre-pandemic levels. Last month, we hit a new record in co-brand acquisitions, and our portfolio of accounts is set to expand by over 25% year-over-year. As a testament to the outstanding traction we've made in closing the revenue gap to peers, loyalty revenue now represents roughly 10% of our total revenue compared to approximately 7% in 2019.

在忠誠度方面，我很高興看到計劃參與度創歷史新高，支出增長持續遠高於大流行前水平就是明證。上個月，我們在聯合品牌收購方面創下新紀錄，我們的客戶組合將同比增長 25% 以上。為了證明我們在縮小與同行的收入差距方面取得的巨大成就，忠誠度收入現在約占我們總收入的 10%，而 2019 年這一比例約為 7%。

As I've said before, we are in the early innings of the multiyear evolution of our loyalty program, and we could not be more excited for its growth. Before closing, I would like to highlight that although we are seeing no indications of any type of drop-off in air travel demand, we are keeping a very close eye on the macroeconomic environment.

正如我之前所說，我們正處於忠誠度計劃多年發展的早期階段，我們對其增長感到無比興奮。在結束之前，我想強調，雖然我們沒有看到任何航空旅行需求下降的跡象，但我們正在密切關注宏觀經濟環境。

As we look to 2023, we take comfort in the fact that the U.S. economy is much larger than it was prior to the pandemic, while industry capacity is still below pre-pandemic levels, suggesting that our industry's experience with a potential 2023 economic downturn could look quite different than historical downturns. For JetBlue specifically, our business model has evolved significantly since the last downturn as we have built a more segmented strategy that appeals to a wide spectrum of customers.

展望 2023 年，我們感到欣慰的是，美國經濟規模比大流行前大得多，而行業產能仍低於大流行前水平，這表明我們行業在 2023 年潛在經濟衰退中的經歷可能看起來與歷史低迷時期截然不同。特別是對於 JetBlue，自上次經濟低迷以來，我們的業務模式發生了顯著變化，因為我們制定了更加細分的戰略來吸引廣泛的客戶。

Our ancillary revenue base has also grown and proved stable even through the pandemic. And of course, capacity is the biggest lever we have. Thank you again to our crew members for all of the hard work during an exceptionally busy summer and for taking care of our customers and each other.

即使在大流行期間，我們的輔助收入基礎也有所增長並證明是穩定的。當然，容量是我們擁有的最大槓桿。再次感謝我們的船員們在異常忙碌的夏天所做的所有辛勤工作，感謝你們對我們的客戶和彼此的照顧。

Now I'll turn the call over to you, Ursula.

現在我會把電話轉給你，烏蘇拉。

Thank you, Joanna. I'd also like to thank our incredible crew members for always stepping up to tackle the numerous challenges that arise in our industry and safely delivering the JetBlue experience for all our customers through it all. Despite all of the challenges from extreme weather events to external staffing pressures to record fuel prices, we've remained focused on what we can control, and we are taking action to forge a strong cost trajectory that supports our margin expansion and value creation over the long term.

謝謝你，喬安娜。我還要感謝我們令人難以置信的機組人員，他們始終挺身而出，應對我們行業中出現的眾多挑戰，並通過這一切為我們所有的客戶安全地提供捷藍航空體驗。儘管面臨從極端天氣事件到外部人員壓力再到創紀錄燃油價格的所有挑戰，我們仍然專注於我們可以控制的事情，我們正在採取行動打造強大的成本軌跡，以支持我們在整個年度內擴大利潤和創造價值長期。

I'll start on Slide 11 with a brief overview of our financial results for the quarter. Revenue per available seat mile was up 23.4% year over three. Cost per available seat mile was up 32.4% year over three. CASM, excluding fuel and special items, was up 16.3% year over three, and GAAP earnings per share was $0.18 and adjusted earnings per share was $0.21. I'm very proud of the team's execution in delivering a profitable third quarter, a very important milestone for us. We exceeded our original revenue guidance, maintained CASM ex-fuel in line with our initial outlook despite the impact from hurricanes and continued pressure tied to ATC staffing challenges, and we delivered a solid pretax margin result in our first quarter of profitability since the pandemic. We've overcome many hurdles in our past, improved our operational performance, generated record revenue and laid plans to improve our cost trajectory. Looking ahead, we expect to build on our momentum and deliver another profitable quarter in Q4.

我將從幻燈片 11 開始，簡要概述我們本季度的財務業績。每可用座位英里的收入比三年增長了 23.4%。每可用座位英里的成本比三年增長了 32.4%。 CASM，不包括燃料和特殊項目，比三年增長 16.3%，GAAP 每股收益為 0.18 美元，調整後每股收益為 0.21 美元。我為團隊在第三季度實現盈利的執行力感到非常自豪，這對我們來說是一個非常重要的里程碑。儘管受到颶風的影響和與 ATC 人員配置挑戰相關的持續壓力，我們仍超出了我們最初的收入指導，保持 CASM 前燃料與我們最初的展望一致，並且我們在大流行以來第一季度的盈利中取得了可觀的稅前利潤率結果。我們克服了過去的許多障礙，提高了我們的運營績效，創造了創紀錄的收入並製定了改善成本軌蹟的計劃。展望未來，我們希望在我們的勢頭的基礎上，在第四季度實現另一個盈利的季度。

Turning to Slide 12. During the third quarter, CASM ex-fuel increased 16.3% versus 2019. The impact from the hurricanes was roughly 1 point to CASMx in the third quarter. In addition, we continue to build more resiliency into the operation, which pressured CASM. Separately, ongoing Spirit-related transaction expenses, combined with E190 fleet transition costs, were approximately $13 million in the third quarter, which we exclude from CASM ex-fuel. For the fourth quarter, we are forecasting CASM ex-fuel to increase 8.5% to 10.5%.

轉到幻燈片 12。第三季度，CASM 前燃料比 2019 年增長了 16.3%。颶風的影響在第三季度對 CASMx 的影響大約為 1 個百分點。此外，我們繼續在操作中建立更多的彈性，這給 CASM 帶來了壓力。另外，第三季度與 Spirit 相關的持續交易費用加上 E190 機隊過渡成本約為 1300 萬美元，我們將其排除在 CASM 前燃料之外。對於第四季度，我們預測 CASM 前燃料將增長 8.5% 至 10.5%。

The year over three growth rate in CASM ex-fuel is improving by 7 points sequentially from Q3 to Q4 or 5 points after adjusting for capacity as we peel back some of the operational investments from the summer while maintaining a conservative approach to planning as we enter 2023. We're also benefiting from early progress on our structural cost program and savings from early E190 retirements. We're tightening our full year 2022 CASM ex-fuel forecast to an increase of 13% to 14% year over three versus our prior guidance of an 11% to 14% increase.

CASM 前燃料的三年以上增長率從第三季度到第四季度連續提高了 7 個百分點，或者在調整容量後提高了 5 個百分點，因為我們從夏季剝離了一些運營投資，同時在我們進入時保持保守的規劃方法2023 年。我們還受益於結構性成本計劃的早期進展以及 E190 提前退役帶來的節省。我們將 2022 年全年 CASM 前燃料預測收緊至比三年增長 13% 至 14%，而我們之前的預測為增長 11% 至 14%。

Turning to Slide 13. Last quarter, we announced 2 initiatives designed to help us deliver a flattish unit cost trajectory. First, our structural cost program, which we expect to drive $150 million to $200 million of cost reductions through 2024; and secondly, the acceleration of our E190 retirements. Today, we're deep into our annual planning cycle. And as we look ahead to 2023, we remain committed to keeping our nonfuel unit cost flat or better year-over-year in support of our continued margin recovery.

轉到幻燈片 13。上個季度，我們宣布了 2 項旨在幫助我們實現平穩的單位成本軌蹟的舉措。首先，我們的結構性成本計劃，我們預計到 2024 年將減少 1.5 億至 2 億美元的成本；其次，加速我們的 E190 退役。今天，我們深入到我們的年度計劃週期。展望 2023 年，我們仍致力於保持我們的非燃料單位成本同比持平或更好，以支持我們持續的利潤率復甦。

You'll recall that next year, we're facing several cost headwinds as we manage through the timing of a number of expensive heavy maintenance visits as well as airport cost pressures related to upgrading to new terminals across our network. These major headwinds are in part what the new structural cost program was envisioned to help offset in addition to the 3 years of inflationary pressures currently in the cost base.

你會記得明年，我們面臨著幾個成本逆風，因為我們要管理一些昂貴的重型維護訪問的時間以及與升級到我們網絡中的新航站樓相關的機場成本壓力。除了目前成本基礎中的 3 年通貨膨脹壓力之外，這些主要不利因素部分是新結構成本計劃的設想，以幫助抵消這些不利因素。

We're driving a strong sequential improvement in ex-fuel unit costs in the fourth quarter with some benefit from maintenance timing, but most importantly, due to the early returns we're seeing from our new structural cost program. Specifically, we're gaining traction with our enterprise planning effort, producing crew efficiencies and improvements in soft time without sacrificing operability and with our maintenance optimization initiative, as we work to minimize the investment in some of our older engines in our fleet. In addition, we're seeing savings from the accelerated retirement of our E190 fleet having already parked 5 of these aircraft to date.

我們在第四季度推動了前燃料單位成本的強勁連續改善，並從維護時間中受益，但最重要的是，由於我們從新的結構成本計劃中看到了早期回報。具體來說，我們正在通過我們的企業規劃工作獲得牽引力，在不犧牲可操作性和我們的維護優化計劃的情況下提高船員效率和軟時間改進，因為我們努力最大限度地減少對我們機隊中一些舊發動機的投資。此外，我們看到 E190 機隊加速退役帶來的節省，迄今為止已經停放了 5 架此類飛機。

Turning to the balance sheet on Slide 14. In the third quarter, we paid down $66 million of debt, funded $260 million in capital expenditures and paid a $25 million break fee related to the Spirit transaction. At the end of September, our adjusted debt to cap was 53%, and we closed the quarter with liquidity of $2.3 billion or 28% of 2019 revenue. This excludes our revolving credit facility, which we recently increased to $600 million, ensuring JetBlue has the flexibility to navigate in uncertain environments.

轉到幻燈片 14 的資產負債表。在第三季度，我們償還了 6600 萬美元的債務，為資本支出提供了 2.6 億美元的資金，並支付了與 Spirit 交易相關的 2500 萬美元的終止費。 9 月底，我們調整後的債務上限為 53%，本季度末我們的流動資金為 23 億美元，佔 2019 年收入的 28%。這不包括我們的循環信貸額度，我們最近將其增加到 6 億美元，以確保 JetBlue 能夠靈活地在不確定的環境中航行。

Separately, we've also layered on fuel hedges for roughly 27% of our consumption for Q4 to protect against oil exceeding $100 a barrel. We view these hedges as a form of insurance to help mitigate financial risk and we'll continue to monitor the market regularly to help derisk our earnings profile. Our full year 2022 CapEx forecast remains unchanged at approximately $1 billion. Looking ahead to 2023, we expect our CapEx to increase consistent with our order book as we work through renewing our fleet over the next several years. While we recognize that aircraft deliveries are a moving target given OEM production challenges and delays, we believe our mid- to high single-digit growth target next year is achievable based on what we know today.

另外，我們還對第四季度約 27% 的消費量進行了燃料對沖，以防止油價超過每桶 100 美元。我們將這些對沖視為一種有助於減輕金融風險的保險形式，我們將繼續定期監測市場，以幫助降低我們的盈利狀況的風險。我們對 2022 年全年資本支出的預測保持不變，約為 10 億美元。展望 2023 年，隨著我們在未來幾年更新機隊，我們預計我們的資本支出將與我們的訂單保持一致。雖然我們認識到，鑑於 OEM 生產面臨的挑戰和延誤，飛機交付是一個不斷變化的目標，但我們相信，根據我們目前所知，我們明年的中高個位數增長目標是可以實現的。

As Robin mentioned, we're thrilled that Spirit shareholders overwhelmingly voted for our proposed transaction with Spirit last week, which triggered the prepayment of $272 million to Spirit shareholders here in the fourth quarter. We're making good progress on the regulatory front, and we expect to receive regulatory approval and close the transaction by the first half of 2024. Finally, our balance sheet today remains one of the strongest in the industry, enabling us to pursue the acquisition of Spirit to create a national low-fare challenger to the Big Four.

正如 Robin 所提到的，我們很高興 Spirit 股東上週以壓倒性多數投票支持我們與 Spirit 擬議的交易，這觸發了第四季度在這裡向 Spirit 股東預付 2.72 億美元。我們在監管方面取得了良好進展，我們預計將在 2024 年上半年獲得監管批准並完成交易。最後，我們今天的資產負債表仍然是業內最強大的資產負債表之一，使我們能夠進行收購精神創造了四大的全國低票價挑戰者。

Post-closing, we expect a very manageable leverage position, and we expect the enhanced pro forma earnings and cash flow generation to help us quickly delever again. To close, I'd like to thank our teams once again for taking care of all of our stakeholders and for helping steer JetBlue towards sustained and growing profitability. With the game-changing moves we've made, including the Northeast Alliance, our evolving loyalty program, our new structural cost program and a planned combination with Spirit, I could not be more excited about our future. We are on the right path to transform our long-term earnings power and create value for all of our stakeholders. With that, we will now take your questions.

收盤後，我們預計槓桿率將非常可控，預計預估收益和現金流量的增加將幫助我們再次快速去槓桿化。最後，我要再次感謝我們的團隊照顧我們所有的利益相關者，並幫助引導捷藍航空實現持續和不斷增長的盈利能力。隨著我們採取的改變遊戲規則的舉措，包括東北聯盟、我們不斷發展的忠誠度計劃、我們新的結構成本計劃以及與 Spirit 的計劃合併，我對我們的未來感到無比興奮。我們正走在轉變長期盈利能力和為所有利益相關者創造價值的正確道路上。有了這個，我們現在將回答您的問題。

(Operator Instructions). Our first question will come from Savi Syth with Raymond James.

（操作員說明）。我們的第一個問題將來自 Savi Syth 和 Raymond James。

Can I ask if you can provide an update on kind of the staffing levels here in 2022? And what you're seeing in terms of attrition? And maybe what your plans are for 2023, given it seems like you're taking maybe 2 to 3x more aircraft in 2023 than you did this year?

請問您是否可以提供 2022 年這裡的人員配置水平的最新情況？你在減員方面看到了什麼？也許您在 2023 年的計劃是什麼，因為您在 2023 年乘坐的飛機似乎比今年多 2 到 3 倍？

Savi, thanks for the question. It's Joanna. So in terms of overall staffing, we're pleased with the progress we've made. We're actually seeing, I think, some good normalization of staffing levels overall across most of our work groups. We are also seeing attrition across most of our the -- most of our other work groups slow in the last several months, which is also fantastic. Maybe I'll do a double click on pilots because I think that's probably where folks want to hear us offer a view or two. So with regard to pilots, we have a very strong pipeline, but we continue to plan for elevated levels of pilot attrition and for excess reserves so that we can ensure we're protecting the operation during what we believe will continue to be a constrained ATC environment.

薩維，謝謝你的提問。是喬安娜。因此，就整體人員配置而言，我們對取得的進展感到滿意。我認為，我們實際上看到，我們大多數工作組的總體人員配置水平都出現了良好的正常化。我們還看到我們大多數人的流失——我們大多數其他工作組在過去幾個月裡都變慢了，這也很棒。也許我會雙擊飛行員，因為我認為這可能是人們希望聽到我們提供一兩個觀點的地方。因此，關於飛行員，我們有一個非常強大的管道，但我們繼續計劃更高水平的飛行員流失和超額儲備，以便我們可以確保我們在我們認為將繼續受到限制的 ATC 期間保護運營環境。

For 2022, we're tracking to hire close to 1,000 pilots. That number remains largely unchanged for 2023. That is inclusive of attrition. And then obviously, we're in the midst of moving the 190 fleet out, so that also drives some incremental pilots as we transition fleets. So we think from an opportunity perspective on the cost side, this is where as ATC, hopefully, over the next year or so begins to normalize. And hopefully, as attrition begins to normalize, there'll be some opportunity here in terms of slowing that hiring pace. But again, we're on track to hire on the pilot front at least 1,000 for this year and into next.

到 2022 年，我們計劃招聘近 1,000 名飛行員。這個數字在 2023 年基本保持不變。這包括自然減員。然後很明顯，我們正在將 190 架機隊移出，因此在我們過渡機隊時這也會推動一些增量飛行員。因此，我們從成本方面的機會角度考慮，這就是 ATC 有望在未來一年左右開始正常化的地方。希望隨著人員流失開始正常化，在放慢招聘速度方面會有一些機會。但同樣，我們有望在今年和明年在飛行員方面僱用至少 1,000 名。

That's super helpful color, Joanna. And Ursula, maybe just on that, if I may follow up on your CapEx comment, will you able to provide a little more color on CapEx given I don't think there were as many deliveries this year as next year. So do you expect like a big step up? Or how should we think about the CapEx?

這是超級有用的顏色，喬安娜。厄休拉，也許就此而言，如果我可以跟進你的資本支出評論，你能否提供更多關於資本支出的顏色，因為我認為今年的交付量不如明年。那麼你期望像一個大進步嗎？或者我們應該如何考慮資本支出？

Sure, Savi. As we're all well aware, the OEMs are struggling with challenges in terms of ramp-ups and manpower and supply chain. So we've been working hand-in-hand with Airbus on staying close to any delivery delays. As you've seen in our update today in regards to next year, contractually, we're supposed to take 29 deliveries. From a planning assumption perspective we're expecting 22. So in terms of CapEx, this year, we're expecting $1 billion. Next year, I think a logical assumption is we'll be anywhere between $1.5 billion and $2 billion. However, I think this is going to continue to remain fluid as we work with Airbus over the next 18 months or so in managing the delays. I also want to reiterate, even with the planning assumption, with the 22 aircraft, we still believe that we can achieve our mid- to high single growth rate in 2023.

當然，薩維。眾所周知，原始設備製造商正在努力應對產能提升、人力和供應鏈方面的挑戰。因此，我們一直與空中客車公司攜手合作，避免出現任何交付延誤。正如您在我們今天關於明年的更新中看到的那樣，根據合同，我們應該接受 29 次交付。從規劃假設的角度來看，我們預計 22。所以就資本支出而言，今年我們預計 10 億美元。明年，我認為一個合乎邏輯的假設是我們將在 15 億美元到 20 億美元之間的任何地方。但是，我認為隨著我們在未來 18 個月左右的時間裡與空中客車公司合作管理延誤，這將繼續保持流動性。我還想重申，即使有計劃假設，22 架飛機，我們仍然相信我們可以在 2023 年實現我們的中高單機增長率。

Our next question will come from Scott Group with Wolfe Research.

我們的下一個問題將來自 Scott Group 和 Wolfe Research。

So the TRASM guidance implies a pretty big drop on an absolute basis. Just any color there? Is that just seasonality? Are you seeing anything in terms of -- I know you said demand, you're not seeing any changes there, but anything with fares or cancellations? Just any color on the sequential drop in TRASM?

因此，TRASM 指南意味著絕對值大幅下降。那裡只有任何顏色？這只是季節性嗎？你是否看到任何關於——我知道你說過需求，你沒有看到那裡有任何變化，但有票價或取消的任何東西？ TRASM 連續下降的任何顏色？

Thanks for the question. So maybe a little color. First and foremost, we're not seeing any cracks in underlying demand, extremely strong as we step into Q4 across all geographies, led by our VFR markets followed by Mint and transcon, all of which are performing very well. We're seeing both positive load factors and positive RASM as well in all of those and then obviously positive fare. So we're really pleased with the underlying demand environment. What you're seeing from Q3 to Q4 are a few things. And I'll flip it to Dave to walk through the specifics.

謝謝你的問題。所以也許有點顏色。首先，我們沒有看到潛在需求有任何裂縫，當我們進入所有地區的第四季度時，潛在需求非常強勁，由我們的 VFR 市場引領，其次是 Mint 和 transcon，所有這些都表現非常好。我們在所有這些中都看到了積極的載客率和積極的 RASM，然後顯然是積極的票價。所以我們對潛在的需求環境非常滿意。你從第三季度到第四季度看到的是一些事情。我會把它交給 Dave 來詳細介紹一下。

But you're seeing the December holiday shift, specifically with a shorter peak period for that Christmas holiday. You're also seeing a modest impact from Hurricanes Fiona, Ian; on Puerto Rico, the DR and Florida. And then you're seeing a comp issue with regard to loyalty. We had a very, very strong loyalty number in Q4 of 2019. So you're seeing a slight decrease there, but loyalty, as we noted in the script, remains extremely strong in absolute terms. So there's a 5-point difference, Q3 to Q4. But other than that, the demand trends underlying all of that remain extremely strong, just these 3 items that are bit of a put and take. Dave, maybe you want to give a little color to the 3?

但是您看到了 12 月假期的變化，特別是聖誕節假期的高峰期更短。你還看到了颶風菲奧娜的輕微影響，伊恩；在波多黎各、DR 和佛羅里達州。然後你會看到一個關於忠誠度的補償問題。我們在 2019 年第四季度的忠誠度數字非常非常高。所以你看到那里略有下降，但正如我們在腳本中指出的那樣，忠誠度在絕對值上仍然非常強勁。所以有 5 分的差異，Q3 到 Q4。但除此之外，所有這些背後的需求趨勢仍然非常強勁，只是這 3 個項目有點像買賣。戴夫，也許你想給 3 一點顏色？

Sure. And I think you covered it well. Demand very strong, just 3 transitory items here that are pushing a headwind of about 5 points for Q4, and they're all roughly the same size in terms of the magnitude. As you mentioned, loyalty, some choppiness from 2019. There were some one-timers there in Q4 of 2019 and then just some ongoing choppiness in the sort of ongoing strength as we continue to build our loyalty, but extremely happy with how loyalty is performing. We continue to have very high growth both on a quarter-over-quarter basis and a year over three. So no concerns at all, just a hard comp in 2019.

當然。我認為你涵蓋得很好。需求非常強勁，這裡只有 3 個暫時性項目在第四季度推動了大約 5 個百分點的逆風，而且它們的規模都大致相同。正如您所提到的，忠誠度，從 2019 年開始就出現了一些波動。2019 年第四季度出現了一些波動，然後隨著我們繼續建立忠誠度，在持續的力量中出現了一些持續的波動，但對忠誠度的表現非常滿意.我們在環比和三年多的時間裡繼續保持非常高的增長。所以完全不用擔心，只是 2019 年的艱難比賽。

On the holiday placement, I think some other airlines have called this out as well with regards to the weekday placements with Christmas on a Sunday leads to an outbound about 3 days later than you've had in 2019 given school calendars in the Northeast, which is where the largest chunk of our customers originate from. And then lastly, on the hurricanes, it was actually both Ian and Fiona. Obviously, Fort Myers was the most impacted from a revenue perspective, but we had the opportunity to redeploy some of that capacity for the Q4 peaks. And we did set some capacity for the troughs in Q4.

關於假日安排，我想其他一些航空公司也已經提到了這一點，因為考慮到東北部的學校日曆，週日聖誕節的工作日安排會導致出境時間比 2019 年晚大約 3 天，是我們最大的客戶來源地。最後，在颶風中，實際上是 Ian 和 Fiona。顯然，從收入的角度來看，邁爾斯堡受到的影響最大，但我們有機會在第四季度的高峰期重新部署部分產能。我們確實為第四季度的低谷設置了一些容量。

And then Puerto Rico and the Dominican Republic did have some lingering effects from Fiona, which passed in late September. The volumes are completely back, but we have seen, especially in Puerto Rico, a lower fare trajectory than we're seeing before the hurricane. It's improving week on week, and Puerto Rico is fully open for business and a great experience for a tourist. So no concerns here. But we have seen that fair sort of creep back a little bit each week, but it's still about 10 and 20 points below where it was. So all transitory items and no concern at all with the underlying demand.

然後波多黎各和多米尼加共和國確實受到了 9 月下旬通過的菲奧娜的一些揮之不去的影響。客運量完全恢復，但我們已經看到，尤其是在波多黎各，票價軌跡低於颶風前的水平。每週都在改善，波多黎各完全開放商業，對遊客來說是一次很棒的體驗。所以這裡不用擔心。但我們已經看到這種情況每週都有一點回落，但仍比原來低 10 到 20 點。因此，所有臨時項目都與潛在需求無關。

Okay. And just secondly, the fuel hedging, just the rationale on why you're starting it, is it just Q4 or is some of this -- are you hedging anything for '23 at this point?

好的。其次，燃料對沖，只是你開始它的理由，它只是第四季度還是其中的一些——你在這一點上對沖 23 年的任何事情嗎？

Thanks for the question, Scott. So we're constantly monitoring the market. Over the last 18 months or so, it's been pretty costly to enter the hedging market. And we saw a window of opportunity a few months back to layer in some hedges to protect against fuel volatility here in the fourth quarter. It's something that we'll continue to monitor going forward. As a reminder, we view fuel hedging as insurance, and we utilize hedging to protect against extreme volatility in oil prices. So as we enter 2023, you can expect us to continue to monitor the market and potentially layer in future hedges.

謝謝你的問題，斯科特。所以我們一直在監控市場。在過去 18 個月左右的時間裡，進入對沖市場的成本相當高。幾個月前，我們看到了一個機會之窗，可以在第四季度進行一些對沖，以防止燃料波動。這是我們將繼續監測的事情。提醒一下，我們將燃料對沖視為保險，我們利用對沖來防範油價的極端波動。因此，當我們進入 2023 年時，您可以期待我們繼續監控市場並可能在未來進行對沖。

But at this point, is there anything for '23 hedged?

但在這一點上，'23 有什麼對沖的嗎？

We do not have any hedges for 2023 at this point.

目前我們對 2023 年沒有任何對沖。

Our next question will come from Jamie Baker with JPMorgan.

我們的下一個問題將來自摩根大通的傑米貝克。

Sorry, if I missed this, I fell off the line. But when does your locked-in deal financing expire? I'm just trying to understand if there's a delay with the deal, at what point would you be exposed to current rates?

對不起，如果我錯過了這個，我就掉線了。但是你的鎖定交易融資什麼時候到期？我只是想了解交易是否有延遲，您會在什麼時候接觸到當前利率？

So the bridge financing that we currently have in place has the current expiration of mid-2024. As a reminder, we're not currently drawn on the bridge. We are paying a small commitment fee for that bridge. And as you recall, when we receive regulatory approval, at that point in time, we will look at the potential takeout financing markets. And so I remind everyone, the financing markets at that point in time could look very different compared to where we sit today.

因此，我們目前擁有的過橋融資將於 2024 年年中到期。提醒一下，我們目前沒有畫在橋上。我們為這座橋支付了少量的承諾費。正如您所記得的，當我們獲得監管批准時，我們將在那個時間點研究潛在的外賣融資市場。所以我提醒大家，與我們今天所處的位置相比，那個時間點的融資市場可能看起來非常不同。

Okay. That's helpful. And then for 2023, ex-fuel CASM, flat or better, I assume there's no specific allowance in there for any movement on the pilot contract. If I just look at Alaska's fall 2023 rates, looks like it's about 12% higher than your current rates, recognizing that other deals may be struck between now and then?

好的。這很有幫助。然後對於 2023 年，前燃料 CASM，持平或更好，我認為其中沒有針對試點合同的任何變動的具體津貼。如果我只看一下阿拉斯加 2023 年秋季的利率，它看起來比你們目前的利率高出約 12%，是否認識到從現在到那時可能會達成其他交易？

So our flat-to-better CASM ex-fuel guidance for next year for planning purposes, does not assume any change to our current CBA. And unlike a lot of the contracts that are currently open ours actually just opened. And we are at the negotiation table, working through the complexity of a potential update to the CBA. And so from a planning perspective, as of right now, we're assuming the CBA -- no changes to the current CBA for next year.

因此，我們出於規劃目的對明年的 CASM 前燃料指導持平到更好，並不假設我們目前的 CBA 有任何變化。與目前開放的許多合同不同，我們的合同實際上剛剛開放。我們正在談判桌上，解決 CBA 潛在更新的複雜性。因此，從規劃的角度來看，截至目前，我們假設 CBA——明年當前的 CBA 沒有變化。

Our next question will come from Andrew Didora with Bank of America.

我們的下一個問題將來自美國銀行的 Andrew Didora。

Just a follow-up to that last question. Does your 2024 CASM assumption assume any change in the CBA?

只是對最後一個問題的跟進。您的 2024 CASM 假設是否假設 CBA 發生任何變化？

So we haven't provided any CASM ex-fuel guidance yet for 2024.

因此，我們尚未提供 2024 年的任何 CASM 前燃料指南。

Okay. I thought the flattish -- I thought, in the presentation, you said flattish CASM ex-fuel through 2024. So I was just wondering if there's anything in pilots for 2 years out.

好的。我認為是平淡的——我想，在演示中，你說 CASM 前燃料到 2024 年都是平淡的。所以我只是想知道飛行員是否有 2 年的東西。

Got it. So our structural cost program, we've committed -- as a result of the structural cost program, our intent is to deliver flattish CASM ex-fuel over the next multi-year period. So as I mentioned, 2023 does not include a change to the CBA. And so -- and in addition to that, we have not yet provided 2024 guidance. But our goal is to get back to that flattish on a multiyear -- over a multiyear period.

知道了。因此，我們的結構成本計劃，我們已經承諾——作為結構成本計劃的結果，我們的目的是在下一個多年期間提供平坦的 CASM 前燃料。所以正如我提到的，2023 年不包括 CBA 的變化。所以——除此之外，我們還沒有提供 2024 年的指導。但我們的目標是在多年的時間裡——在多年的時間裡——回到那種持平的狀態。

Got it. Robin, just strategically, how do you think the competitive dynamics change on the transatlantic over the next several years? I ask because I think the CEO of the U.S. ULCC said that he's considering transatlantic flights as the XLR is delivered, I would think other ULCCs may do the same. Just curious to get your thoughts on how you think the transatlantic evolves here.

知道了。羅賓，就戰略而言，您認為未來幾年跨大西洋的競爭動態將如何變化？我問是因為我認為美國 ULCC 的首席執行官說他正在考慮在交付 XLR 時進行跨大西洋航班，我認為其他 ULCC 可能也會這樣做。只是想知道您對跨大西洋如何在這裡演變的想法。

No. I think certainly, I think the first thing to say that we are a relatively small player on the transatlantic. I mean we are pleased to be starting our fifth flight. But as you know, that represents a very tiny percent of the market and probably around 2% to 3% of our ASMs in total. We see an opportunity out of New York and Boston to fly to a number of European markets, and we are confidently progressing with those plans. When I think about the transatlantic historically, it's always had a mix of legacy and low-cost carriers. And so I think that's going to continue.

不，我認為當然，我想首先要說的是我們在跨大西洋地區是一個相對較小的參與者。我的意思是我們很高興開始我們的第五次飛行。但正如您所知，這只佔市場的很小一部分，可能占我們 ASM 總數的 2% 到 3%。我們看到了從紐約和波士頓飛往許多歐洲市場的機會，我們正在自信地推進這些計劃。當我回顧歷史上的跨大西洋航線時，它總是既有傳統航空公司也有低成本航空公司。所以我認為這將繼續下去。

I mean we saw with Norwegian, a large number of low-cost carrier seats come out of the market. We've seen a new entrant called Norse there. And I think you're going to continue to see that. But what we believe with the LR and the XLR is we have the right airplane to serve these markets and carrying our mix of both low-cost premium travel because what we're doing with our transatlantic Mint product is appealing to a segment that has been grossly overcharged and gauged by legacy carriers for many years, whilst also making a competitive offering for our core or coach customers, which includes a combination of low fare and a great product. We think that's a great niche. We think that's a niche that most customers want to be in. And so we feel very confident that we have the right plan to continue to serve these markets.

我的意思是我們看到挪威航空公司有大量低成本航空公司的座位退出市場。我們在那裡看到了一個名為 Norse 的新進入者。我認為你會繼續看到這一點。但我們對 LR 和 XLR 的信念是，我們擁有適合這些市場的合適飛機，並承載我們的低成本優質旅行組合，因為我們對跨大西洋 Mint 產品所做的事情吸引了一個細分市場多年來，傳統承運商嚴重多收和估價，同時還為我們的核心或長途汽車客戶提供具有競爭力的產品，其中包括低票價和優質產品的組合。我們認為這是一個很好的利基市場。我們認為這是大多數客戶想要進入的利基市場。因此我們非常有信心我們有正確的計劃繼續為這些市場服務。

Our next question will come from Conor Cunningham with Melius Research.

我們的下一個問題將來自 Melius Research 的 Conor Cunningham。

When you think about 2023, what do you think is the best opportunity for outsized revenue production? Like so historically, I think pre-pandemic, you would think that there's -- JetBlue had a bunch of levers that would generate above-average unit revenue outperformance. Just curious if there's anything else that's out there that could juice those numbers higher. And I know you spoked of loyalty, but is there anything else that you're thinking about into next year?

當您想到 2023 年時，您認為超額收益生產的最佳機會是什麼？就像歷史上一樣，我認為在大流行前，你會認為——捷藍航空擁有一系列槓桿，可以產生高於平均水平的單位收入表現。只是好奇是否還有其他東西可以使這些數字更高。我知道你談到了忠誠度，但你明年還有什麼其他的想法嗎？

Thanks, Conor. This is Dave. I'll take that one. As we look ahead to revenue levers for next year, a lot of it is the continued strong performance of the initiatives that we've already outlined, things like the very strong growth we're seeing in loyalty as well as in JetBlue Travel Products. I do want to go deeper on a couple of them, though, that we haven't talked about yet. So one is our customer segmentation strategy, which has really seen excellent buy-up with customers choosing premium leisure products. Things like Mint is having a RASM improvement about 10 points better than the core system.

謝謝，康納。這是戴夫。我會拿那個。當我們展望明年的收入槓桿時，其中很大一部分是我們已經概述的舉措的持續強勁表現，比如我們在忠誠度和 JetBlue Travel Products 方面看到的非常強勁的增長。不過，我確實想更深入地了解其中的幾個，我們還沒有討論過。因此，一個是我們的客戶細分策略，它確實看到了客戶選擇優質休閒產品的出色購買。像 Mint 這樣的東西在 RASM 方面比核心系統提高了大約 10 點。

And you'll see next year, all of our Airbus 320 family deliveries will come with a Mint configuration given the strength we've been seeing there. But also within the core cabin, seeing very strong buy-up numbers to our Blue and our Blue Extra fair. It's now well above 50%, which is really strong and has made a lot of progress in the last year or 2. So very pleased there.

明年你會看到，鑑於我們在那裡看到的實力，我們所有交付的空客 320 系列都將配備 Mint 配置。但也在核心機艙內，我們的 Blue 和 Blue Extra 展會的購買量非常強勁。它現在遠高於 50%，這真的很強大，並且在過去一兩年取得了很大進步。非常高興。

And then secondly, the Northeast Alliance, we're thrilled to be in this area to be offering more choices to customers and more low fares, and we're seeing our customer response there really pick up. So for example, in the third quarter, our revenues and profit margins in the NEA accelerated more quickly than the rest of our network. We're seeing really good code share growth sort of quarter-over-quarter and remain above our targets there. And then the corporate response is really improving. As our seamlessness continues to improve and our loyalty benefits roll out, we're seeing more corporations booking the code share.

其次，東北聯盟，我們很高興能在這個地區為客戶提供更多選擇和更低的票價，我們看到我們的客戶反應確實在回升。因此，例如，在第三季度，我們在 NEA 的收入和利潤率比我們網絡的其他部分加速得更快。我們看到代碼份額環比增長非常好，並且仍然高於我們的目標。然後企業的反應確實在改善。隨著我們的無縫性不斷提高以及忠誠度福利的推出，我們看到越來越多的公司預訂了代碼共享。

We're seeing some additional accounts signed because of the NEA. And then lastly, and this really points to the future stickiness, our co-brand card account growth in NEA geographies has been faster and greater than the non-NEA geographies. So we think really continuing to execute and ramp up these revenue initiatives that we've been speaking of should help give us a good tailwind as we go through 2023.

我們看到一些額外的帳戶因為 NEA 而簽署。最後，這確實表明了未來的粘性，我們在 NEA 地區的聯名卡賬戶增長比非 NEA 地區更快、更大。因此，我們認為真正繼續執行和增加我們一直在談論的這些收入計劃應該有助於在我們度過 2023 年時給我們帶來良好的順風。

Okay. That's helpful. And then on the buckets of your structural cost program, I'm just curious on what's taken hold a lot quicker than you would have expected? And then maybe what's your biggest focus into next year as we start to work through that?

好的。這很有幫助。然後在你的結構成本計劃的桶上，我只是好奇什麼比你預期的要快得多？然後，當我們開始解決這個問題時，明年你最大的關注點是什麼？

Thanks for the question. So we've started to see meaningful progress in our enterprise planning. And as a reminder, what we're doing here is optimizing how we're building schedules around our existing work rules. And we're planning smarter, and we're building more resilient pairings. We're collectively identifying any hidden inefficiencies, and we're reducing structural operability risks. So in the sequential improvement between Q3 and Q4, we've actually seen a point of improvement associated with our enterprise planning work. So that is going to continue to ramp up as we enter next year.

謝謝你的問題。因此，我們已經開始看到我們的企業規劃取得了有意義的進展。提醒一下，我們在這裡所做的是優化我們圍繞現有工作規則制定時間表的方式。我們正在更明智地規劃，我們正在建立更有彈性的配對。我們正在集體識別任何隱藏的低效率，並且我們正在降低結構性可操作性風險。因此，在第三季度和第四季度之間的連續改進中，我們實際上看到了與我們的企業規劃工作相關的改進點。因此，隨著我們進入明年，這將繼續增加。

In addition to that, we're also going to make meaningful progress on our maintenance opportunities entering next year. So we moved to a phase in which we're retiring airplanes. And so we've strategically been making decisions on what level of investments we do or do not make in certain airframes and engines. So next year, you will continue to see enterprise planning benefits as well as maintenance benefits. In addition to that, as I mentioned in my remarks, we have actually started the retirement of our E190 airplanes. So we actually have a point of savings -- sequential savings between Q3 and Q4 associated with that, and that will continue to ramp up.

除此之外，我們還將在進入明年的維護機會方面取得有意義的進展。因此，我們進入了退役飛機的階段。因此，我們一直在戰略性地決定我們在某些機身和發動機上進行或不進行的投資水平。所以明年，您將繼續看到企業規劃收益以及維護收益。除此之外，正如我在發言中提到的，我們實際上已經開始退役我們的 E190 飛機。因此，我們實際上有一個節省點——與此相關的第三季度和第四季度之間的連續節省，並且將繼續增加。

So as a reminder, in 2023, we've assumed the structural cost program will deliver between $60 million and $80 million, and the E190 retirements will drive $45 million of savings next year. I want to reiterate, in terms of structural costs, those are structural savings that will carry through. In regards to the E190 retirement, think of these as onetime cost avoidance items. So the $75 million isn't necessarily run rate, but it's onetime savings that will be achieved over the next 2 years.

因此提醒一下，到 2023 年，我們假設結構成本計劃將交付 6000 萬至 8000 萬美元，而 E190 的退役將在明年節省 4500 萬美元。我想重申，就結構性成本而言，這些是將實現的結構性節省。關於 E190 的退役，將這些視為一次性成本規避項目。因此，7500 萬美元不一定是運行率，而是未來 2 年將實現的一次性節省。

Our next question will come from Duane Pfennigwerth with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Duane Pfennigwerth。

So I think a piece of the CASM guidance improvement sequentially is peeling back on reliability investments that you made over the summer. I wondered if you could just expand on that a little bit. What specifically are you kind of loosening? And what are you seeing that kind of gives you confidence to do that? Or is it really just a function of it's kind of a less peaky time and there's more kind of slack in the system, which enables you to do it?

因此，我認為 CASM 指導改進的一部分順序是剝離你在夏季所做的可靠性投資。我想知道你是否可以稍微擴展一下。你具體在放鬆什麼？你看到了什麼讓你有信心去做那件事？或者它真的只是一個函數，因為它的高峰時間較少並且系統中有更多的鬆弛時間，這使您能夠做到這一點？

Thanks, Duane. So between Q3 and Q4, we are peeling back 2.5 points of summer investments, and the majority of that is related to internal and external labor. As you recall, we are operating in somewhat of a challenging environment throughout the network, given ATC delays. And so we naturally built a level of resiliency into our planning around labor to ensure that we can deliver and operate. So Joanna, I don't know if you have anything else to add?

謝謝，杜安。因此，在第三季度和第四季度之間，我們削減了 2.5 個夏季投資，其中大部分與內部和外部勞動力有關。您還記得，考慮到 ATC 延誤，我們在整個網絡中的運營環境頗具挑戰性。因此，我們自然而然地在我們圍繞勞動力的計劃中建立了一定程度的彈性，以確保我們能夠交付和運營。那麼喬安娜，我不知道你還有什麼要補充的嗎？

Yes, a couple of things maybe. I think the biggest investment we made this summer was pulling back the schedule. And so I think as you see Q3 to Q4, we're adding more capacity back into the schedule. So I think that's showing some of these investments have paid off. In terms of things that we're peeling back, obviously, slowing the pace of hiring across our in-flight and airport teams. We're actually, in some cases, offering some rest and relaxation program this fall, which is more of a trough, which is in a great -- that's a great place to be, given where we were a year ago on sort of a higher, higher, higher framework.

是的，也許有幾件事。我認為我們今年夏天所做的最大投資是推遲了時間表。因此，我認為正如您看到的第三季度至第四季度，我們正在將更多容量重新添加到計劃中。所以我認為這表明其中一些投資已經得到回報。就我們正在剝離的事情而言，很明顯，我們放慢了機上和機場團隊的招聘步伐。事實上，在某些情況下，我們今年秋天提供了一些休息和放鬆計劃，這更像是一個低谷，這是一個很好的 - 這是一個很棒的地方，考慮到我們一年前的情況更高，更高，更高的框架。

And then the other piece is pilots, which I mentioned before. We're actually seeing even Q3 to Q4, a slight ease up on some of our reserve levels. We will continue to plan to have greater reserves in 2019, but I would not expect 2023 to have as high a reserve level as 2022. And so you'll see, I think, some meaningful improvements there over time. We are being careful though, because the ATC environment remains fragile. The FAA has been a great partner, bringing a ton of transparency around what they're seeing in terms of staffing challenges.

然後另一部分是飛行員，我之前提到過。我們實際上甚至看到了第三季度到第四季度，我們的一些儲備水平略有下降。我們將繼續計劃在 2019 年擁有更多的儲備，但我預計 2023 年的儲備水平不會像 2022 年那樣高。所以我認為，隨著時間的推移，你會看到一些有意義的改進。不過我們很小心，因為 ATC 環境仍然很脆弱。美國聯邦航空局一直是一個很好的合作夥伴，圍繞他們在人員配置挑戰方面所看到的情況帶來了大量的透明度。

We know N90 is particularly challenged, and we don't think this is going to course correct in the next few months. So we are working closely with them to ensure that we are aligned in our planning assumptions and what we expect to see how they handle some of these programs and some of the irregular operations days. So continuing some investments there, but there remains opportunity in pilot reserve levels.

我們知道 N90 面臨著特別的挑戰，我們認為這在未來幾個月內不會正確。因此，我們正在與他們密切合作，以確保我們的計劃假設與我們期望看到他們如何處理其中一些計劃和一些不規則運營日的情況保持一致。因此，繼續在那裡進行一些投資，但試點儲備水平仍有機會。

And this is Dave. Duane, one thing I'll note as well is our aircraft utilization on a year-over-three basis improved several points as we moved from Q3 to Q4, so that helps as well. And we'll continue to see that in 2023 as we continue to ramp back towards our pre-COVID utilization.

這是戴夫。 Duane，我還要注意的一件事是，隨著我們從第三季度移至第四季度，我們的飛機利用率在三年多的基礎上提高了幾個百分點，這也有幫助。我們將在 2023 年繼續看到這一點，因為我們將繼續回到 COVID 之前的利用率。

And Duane, this is Robin, you're going to win the award because you're the only person so far to get 4 leaders to answer your question.

Duane，我是 Robin，你會獲獎，因為你是迄今為止唯一一個讓 4 位領導人回答你的問題的人。

It's a very comprehensive answer, which is appreciated.

這是一個非常全面的答案，值得讚賞。

But I do think that we're confident in the -- so first of all, you're going to see more of -- buffer the peaks more in future years as well. We're not going to go back to where we were in 2019. If we think about the sort of the -- if we think about pilots, and Joanna talked about that. We've been -- for the -- if we look at sort of November, for example, we're going to be -- we're going to have about 14% more pilots flying about the same capacity than we did in 2019. So it's still a significant step up.

但我確實認為我們有信心 - 首先，你會看到更多 - 在未來幾年也會更多地緩衝峰值。我們不會回到 2019 年的狀態。如果我們考慮那種——如果我們考慮飛行員，喬安娜談到了這一點。我們一直——因為——如果我們看一下 11 月，例如，我們將會——與 2019 年相比，我們將有大約 14% 的飛行員以相同的運力飛行.所以它仍然是一個重要的進步。

What we don't know fully is -- we know we will unpeel those investments over time. We don't -- what we don't quite know is how quickly we can do that because it's going to be very driven by, as Joanna said, the external environment and some of the issues that we've seen this year. But clearly, there's a significant opportunity there to reduce cost as we unpeel it. And so if I look at -- if I was to kind of take a sort of a crystal ball into next year, as Joanna said, we will have lower reserve coverage than we had this year, but we won't be back to 2019 levels. I just don't know yet, until we get into planning cycle, how big a step down that would be.

我們不完全了解的是——我們知道我們會隨著時間的推移剝離這些投資。我們不知道——我們不太清楚我們能多快做到這一點，因為正如喬安娜所說，這將受到外部環境和我們今年看到的一些問題的驅動。但很明顯，當我們剝開它時，那裡有一個降低成本的重要機會。因此，如果我看一下 - 如果我要像喬安娜所說的那樣為明年帶來某種水晶球，我們的儲備金覆蓋率將低於今年，但我們不會回到 2019 年水平。我只是還不知道，在我們進入計劃週期之前，這會有多大的進步。

I do have a quick follow-up, hopefully quicker. Just with respect to routes that -- as you build out LaGuardia, right? So as you have markets that maybe historically served from JFK and now you've built that out from LaGuardia, has anything surprised you in terms of very different demand set, very different pricing? Are there markets that look, in essence, completely different from LaGuardia?

我確實有一個快速跟進，希望更快。就路線而言——當你建造拉瓜迪亞時，對嗎？因此，由於您的市場可能在歷史上由肯尼迪國際機場提供服務，而現在您已經從拉瓜迪亞機場建立了這個市場，在非常不同的需求集、非常不同的定價方面有什麼讓您感到驚訝的嗎？是否存在本質上與拉瓜迪亞完全不同的市場？

Thanks, Duane. I'll take that. This is Dave. I'd say there's nothing that has completely surprised us or looks a lot different than we thought, but we've certainly been learning a lot over the past several months here, especially since LaGuardia went up to 52 flights a day in July. And the team is sort of constantly reworking the capacity plan into schedules so that not only does this capacity naturally improve as it ramps over time, but that we accelerate that improvement and raise the ceiling by improving the schedule to more closely align with customer demand. So no big surprises, but lots of tweaks and refinements that we'll be rolling out over the next months and year to continue to improve our New York performance.

謝謝，杜安。我會接受的。這是戴夫。我想說沒有什麼讓我們完全感到驚訝或看起來與我們想像的有很大不同，但我們在過去幾個月裡確實在這裡學到了很多東西，特別是自從拉瓜迪亞機場在 7 月每天增加 52 個航班以來。並且該團隊正在不斷地將容量計劃重新制定為時間表，這樣不僅隨著時間的推移這種容量會自然地提高，而且我們通過改進時間表以更貼近客戶需求來加速這種改進並提高上限。所以沒有什麼大的驚喜，但我們將在接下來的幾個月和一年中推出許多調整和改進，以繼續改善我們在紐約的表現。

Our next question will come from Helane Becker with Cowen.

我們的下一個問題將來自 Helane Becker 和 Cowen。

So as you -- has the change in IATA designation for Newark changed the way you have to respond to the government on the NEA alliance?

那麼，作為你 - IATA 對紐瓦克指定的更改是否改變了你必須就 NEA 聯盟回應政府的方式？

Helane, I'll take that. No, absolutely not. The change that IATA has proposed or made really relates to fare construction only. It doesn't relate to what we call sort of multi-airport city codes. And so if you go into a GDS, if you go into Expedia-type NYC, you're going to get all airports come up, including Newark. Everyone who lives or works in New York clearly knows Newark is part of the New York airport system managed by the same authority as LaGuardia and JFK. And we see customers move between those airports pretty regularly as well. So no, it has not -- I mean, no impact on the NEA, but also no impact on JetBlue's business or any other airline's business.

海蘭，我會接受的。不，絕對不是。 IATA 提議或做出的更改實際上僅與票價結構有關。它與我們所說的多機場城市代碼無關。因此，如果你進入 GDS，如果你進入 Expedia 類型的紐約市，你將獲得所有機場，包括紐瓦克。在紐約生活或工作的每個人都清楚地知道紐瓦克是紐約機場系統的一部分，由與拉瓜迪亞機場和肯尼迪機場相同的機構管理。我們也看到客戶經常在這些機場之間移動。所以不，它沒有——我的意思是，對 NEA 沒有影響，但對 JetBlue 的業務或任何其他航空公司的業務也沒有影響。

That's very helpful. And then just a point of clarification. In terms of aircraft in and aircraft out, can you just say of the 22 aircrafts you're planning for next year, what percent are replacement and what percent are growth?

這很有幫助。然後只是澄清一點。就飛機進出量而言，您能不能說一下您明年計劃的 22 架飛機，替換百分比是多少，增長百分比是多少？

Helane, so next year, we take -- we're expected to take delivery of -- well, contractually, we're supposed to take 18 A220s. Our planning assumption is that we take 14, so you can consider those replacement. We're contractually retiring 6 E190s. And then of the 30 that we own, we will also be retiring some of those as well. So in summary, the 14 airplanes A220 that we take next year, the margin-accretive aircraft that we take next year will be replacement.

Helane，所以明年，我們將接收——我們預計將接收——嗯，根據合同，我們應該接收 18 架 A220。我們的計劃假設是我們需要 14 個，因此您可以考慮替換這些。我們將根據合同退役 6 架 E190。然後在我們擁有的 30 個中，我們也將淘汰其中的一些。所以總而言之，我們明年乘坐的 14 架 A220 飛機，我們明年乘坐的增加利潤的飛機將被更換。

Our next question will come from Mike Linenberg with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Mike Linenberg。

Ursula, just a question on CapEx. The $1 billion this year, just to remind us, that's predominantly airplanes, and that's being out of -- paid out of cash. Your $1.5 billion to $2 billion of CapEx that you sort of guided to earlier on the call, is that -- presumably, that's going to be a mix of cash and debt given the size? And I guess, as an add-on, have you gotten actually any commitments for aircraft finance for aircraft-s that are coming in 2023?

厄休拉，只是一個關於資本支出的問題。今年的 10 億美元只是為了提醒我們，這主要是飛機，而且是用現金支付的。你在電話會議早些時候指導的 15 億至 20 億美元的資本支出，是——據推測，考慮到規模，這將是現金和債務的混合體？而且我想，作為附加組件，您實際上是否已經為 2023 年即將到來的飛機的飛機融資做出了任何承諾？

So you're correct, Mike. The $1 billion this year will be -- completely be funded by cash. The estimated CapEx range next year of $1.5 billion to $2 billion, none of that is currently financed. We're going through the 2023 planning process at the moment. And so we'll share color with you in January around the baseline assumptions between cash and financing.

所以你是對的，邁克。今年的 10 億美元將完全由現金提供資金。估計明年的資本支出範圍為 15 億至 20 億美元，目前沒有任何資金。我們目前正在經歷 2023 年的規劃過程。因此，我們將在 1 月份圍繞現金和融資之間的基線假設與您分享顏色。

Okay. Great. That's helpful. And then there's a question, I don't know if it's Robin or Joanna, just the news at a week or 2 ago, Delta making an investment in Joby. I read somewhere something about an exclusivity. And I know that you guys also have an investment in Joby. Does that preclude you from doing anything with them down the road? I'm not sure if it was like geography specific or airport specific, the exclusivity. Just any comments, I know I'm sort of jumping ahead a few years.

好的。偉大的。這很有幫助。然後有一個問題，我不知道是羅賓還是喬安娜，就在一兩週前的新聞，Delta 投資了 Joby。我在某處讀到有關排他性的內容。我知道你們也對 Joby 進行了投資。這會阻止你在路上與他們做任何事情嗎？我不確定它是特定於地理位置還是特定於機場，排他性。只是任何評論，我知道我有點快進了幾年。

Yes. No. Mike, I'll take that. No, I mean, we were an early investor in Joby. We had a great partnership with them, really appreciated seeing that business grow and develop. And -- yes, the partnership they announced with Delta does provide exclusivity period of 5 years. But I think we are very focused right now on executing the initiatives that we have. We're very focused on getting the Spirit transaction done because this is a very important strategic priority for our airline. And our JTV subsidiary has dozens of investments and ventures, and we have many opportunities across the spectrum there.

是的。不，邁克，我會接受的。不，我的意思是，我們是 Joby 的早期投資者。我們與他們建立了良好的合作夥伴關係，非常感謝看到業務的發展壯大。而且——是的，他們宣布與達美航空的合作夥伴關係確實提供了 5 年的獨占期。但我認為我們現在非常專注於執行我們的舉措。我們非常專注於完成 Spirit 交易，因為這是我們航空公司非常重要的戰略重點。我們的 JTV 子公司有數十項投資和風險投資，我們在那裡有很多機會。

Our next question will come from Chris Stathoulopoulos with Susquehanna International Group.

我們的下一個問題將來自 Susquehanna International Group 的 Chris Stathoulopoulos。

So Robin or Ursula, could you give a little bit more color on the modest aircraft delays that you mentioned in your prepared remarks for next year? Is that 5 or 7? And do you think that you can still grow capacity in mid- to single digits with the modest delays? And I guess, said another way, if it's easier to just answer it this way, could you fly the schedule that you're planning for 2023 with the aircraft that you have in the fleet now with the CASMx down that you're looking for?

那麼，Robin 或 Ursula，你能否對你在準備好的明年的發言中提到的適度飛機延誤多說一點？那是5還是7？你認為你仍然可以在適度延遲的情況下以中位數或個位數的速度增加容量嗎？我想，換句話說，如果以這種方式回答更容易，你能不能按照你計劃的 2023 年時間表，使用你現在機隊中的飛機，並在你正在尋找的 CASMx 停機的情況下飛行？

So, as I mentioned, so contractually, Airbus is supposed to deliver 29 airplanes to us next year. I think we're all well aware that they're struggling from ramp-up challenges driven by manpower and supply chain. So we are seeing delivery delays. We're working hand-in-hand with them to manage through those. From a planning assumption perspective, contractually, we're supposed to get 29. We're assuming we get a minimum of 22 next year. And with those 22 airplanes, we believe that we can deliver the mid- to high single-digit growth rate that we're planning for next year. And in turn, we also believe that we can deliver the flat or better CASM ex-fuel.

所以，正如我提到的，根據合同，空中客車公司應該在明年向我們交付 29 架飛機。我認為我們都很清楚，他們正在努力應對由人力和供應鏈驅動的增長挑戰。所以我們看到交貨延遲。我們正在與他們攜手合作，共同應對這些挑戰。從計劃假設的角度來看，根據合同，我們應該得到 29 個。我們假設明年我們至少得到 22 個。有了這 22 架飛機，我們相信我們可以實現明年計劃的中高個位數增長率。反過來，我們也相信我們可以提供持平或更好的 CASM 前燃料。

Our utilization continues to be down here in the fourth quarter by a handful of points. As we enter next year, our fleet-wide utilization, we expect to increase a couple of points as well. So again, we feel confident based on what we know today and the assumptions that we've been working with Airbus on we can deliver that mid- to high single-digit growth rate.

我們的利用率在第四季度繼續下降幾個百分點。當我們進入明年時，我們整個機隊的利用率預計也會增加幾個點。因此，根據我們今天所知道的情況以及我們一直與空中客車公司合作的假設，我們再次感到自信，我們可以實現中高個位數的增長率。

Yes. And if I can just add to that, we also have the option of delaying retirements if we need to. And I think we're trying to give as much color on 2023 as we can based on what we know today. We accept there is a macroeconomic question mark out there that people have. We're not seeing any signs of concerns around that today, but we also recognize it could be in the future. And so we will ultimately take decisions next year driven around by margin. And so we also have flexibility to adjust capacity down, if that's what we need to do because of the economic environment.

是的。如果我可以補充一點，如果需要的話，我們也可以選擇延遲退休。而且我認為我們正試圖根據我們今天所知道的情況，盡可能多地為 2023 年賦予色彩。我們承認人們有一個宏觀經濟問號。我們今天沒有看到任何對此表示擔憂的跡象，但我們也認識到它可能會在未來出現。因此，我們最終將在明年做出由保證金驅動的決定。因此，如果由於經濟環境而我們需要這樣做，我們也可以靈活地降低產能。

So we have a lot of flexibility to delay retirements, increase utilization. We've taken our spare count up significantly this year to derisk the operation, we'll bring that down next year. Ursula talked about some of the flavor around the delivery days. But I think at the end of the day, our capacity is going to be governed by what we see in terms of the economic environment as we go into next year. And clearly, CASM forecast built off the capacity assumptions that we're making today.

所以我們有很大的靈活性來延遲退休，提高利用率。今年我們大幅增加了備用數量以降低運營風險，明年我們將減少備用數量。厄休拉談到了交貨日前後的一些味道。但我認為，歸根結底，我們的產能將取決於我們進入明年時所看到的經濟環境。很明顯，CASM 預測建立在我們今天所做的容量假設之上。

Okay. And a follow-up, Joanna, so in your comments, you spoke about potential cyclical slowing and some cautious planning around that. What are the key data points you're watching every day with respect to that? An obvious one being, I'm guessing, daily bookings, cash intake, but what are some of the more nuanced data points that you believe might signal a slowing?

好的。接下來，喬安娜，所以在你的評論中，你談到了潛在的周期性放緩和一些謹慎的計劃。您每天關注的關鍵數據點是什麼？我猜，一個明顯的數據是每日預訂量、現金攝入量，但您認為哪些更細微的數據點可能預示著經濟放緩？

Yes. Just to be clear, we didn't signal any cyclical slowing, quite the opposite, actually. It's very strong. We're not seeing any slowdown. Specifically, we did speak to if there is one down the road, we think we're well positioned with the number of levers we have to pull, capacity being the largest. But we are not seeing any slowdown in terms of underlying demand. In terms of things we look for: bookings, fare, load, things of that nature. But beyond that, we're not seeing anything in terms of any kind of slowing or signs of it.

是的。需要明確的是，我們沒有發出任何週期性放緩的信號，實際上恰恰相反。它非常堅固。我們沒有看到任何放緩。具體來說，我們確實談過是否有一個在路上，我們認為我們在我們必須拉動的槓桿數量方面處於有利地位，容量是最大的。但我們沒有看到潛在需求有任何放緩。就我們尋找的東西而言：預訂、票價、載客量，以及類似的東西。但除此之外，我們沒有看到任何放緩或跡象。

Yes. I think in addition, there's a number of other metrics that we can look at in terms of credit card data is also a good sort of indicator. Again, no concerns at this point. And I think what we're all struggling with here is the economy has grown significantly since 2019. Capacity has not kept up with that growth. If we think about -- for those who have been in the industry a long time, GDP and capacity growth was probably -- one of the linker between capacity and GDP was probably the best correlation you could have.

是的。我認為，此外，我們還可以從信用卡數據方面查看許多其他指標，這也是一種很好的指標。同樣，在這一點上不用擔心。我認為我們都在努力應對的是自 2019 年以來經濟顯著增長。產能跟不上這種增長。如果我們考慮——對於那些長期從事該行業的人來說，GDP 和產能增長可能是——產能和 GDP 之間的聯繫之一可能是你能擁有的最好的相關性。

And so we have a lot of GDP growth that has occurred since 2019. And so the question is if we have a recession and how much of that eats into that sort of higher base that we've already got. And again, we continue to see a lot of pent-up demand, people who haven't flown for a period of time. We continue to see very high load factors on days where we haven't historically seen high load factors, which suggests to me there's still a lot of pent-up demand that we're still eating into.

因此，自 2019 年以來，我們的 GDP 出現了很大增長。因此，問題是我們是否會陷入衰退，以及其中有多少會侵蝕我們已經擁有的那種更高的基數。再一次，我們繼續看到很多被壓抑的需求，一些人已經有一段時間沒有坐飛機了。在我們歷史上沒有看到高負載率的日子裡，我們繼續看到非常高的負載率，這對我來說表明我們仍然有很多被壓抑的需求正在消化。

Our next question will come from James Hollins with BNP.

我們的下一個問題將來自 BNP 的 James Hollins。

Just I wanted to come back on corporate travel. I mean the 90% recovered from pre-COVID, it looks pretty good to me, I'm maybe just an idiot. But I mean perhaps I think conspicuous by its absence is really talking up the corporate travel either in your release or your presentation. Maybe you could run through the thoughts on sort of how you're seeing corporate travel, how it's trending into the current season?

只是我想回來參加公司旅行。我的意思是 90% 從 COVID 之前恢復，對我來說看起來很不錯，我可能只是個白痴。但我的意思是，也許我認為它的缺席確實在您的發布或演示中大談公務旅行。或許您可以回顧一下您如何看待公司旅行，它在當前季節的趨勢如何？

Sure. Thanks, James. This is Dave. I'll take that. We're certainly pleased with the corporate travel trends we've seen in the last 4 to 6 weeks here. There is still some choppiness. So I don't think we want to completely declare success and it's still being about 90% bookings. It's clearly below the 2019 levels, whereas the rest of our revenue is up more than 20%. So relative to that, it's still got a long way to go. But we're seeing a number of things we're seeing not only the bookings, but the travel, obviously, which follows on a few weeks lag.

當然。謝謝，詹姆斯。這是戴夫。我會接受的。我們對過去 4 到 6 週在這裡看到的商務旅行趨勢當然感到滿意。仍然有些波折。所以我認為我們不想完全宣布成功，它仍然是大約 90% 的預訂。它明顯低於 2019 年的水平，而我們其餘的收入增長了 20% 以上。因此，相對於此，它還有很長的路要走。但我們看到了很多事情，不僅是預訂，還有旅行，顯然，這會滯後幾週。

We actually did have 1 week earlier this month where we had a higher flown revenue, so higher travel revenue this year than we did the same week in 2019. So that was a new record, which is very helpful. And the big thing for us too is, as mentioned before, the NEA is really accelerating for us in the past quarter. And we see -- the lion's share of our corporate happens in New York and Boston. So as the NEA ramps up with seamlessness, as we continue to layer in the loyalty benefits, it is very heartening to see how the corporates have responded with additional code-share bookings, additional accounts, things like that. So we feel very good about just the general corporate recovery as well as the NEA benefits that it's driving.

實際上，本月早些時候我們確實有 1 週的飛行收入更高，因此今年的旅行收入高於我們 2019 年同一周的收入。所以這是一個新記錄，這非常有幫助。對我們來說，最重要的是，如前所述，NEA 在過去一個季度對我們來說確實在加速發展。我們看到——我們公司的最大份額發生在紐約和波士頓。因此，隨著 NEA 的無縫升級，隨著我們繼續增加忠誠度福利，看到企業如何通過額外的代碼共享預訂、額外的賬戶等做出回應，真是令人振奮。因此，我們對企業的總體復甦以及它所帶來的 NEA 收益感到非常滿意。

And then just, I mean, from a far, I'm getting a lot of headlines on your court case, obviously, on the Northeast Alliance. I was wondering if you're having any traction in court of the idea that it's not a merger with [American Airlines]?

然後，我的意思是，從遠處看，我收到了很多關於你的法庭案件的頭條新聞，很明顯，是關於東北聯盟的。我想知道您是否認為這不是與 [American Airlines] 合併的想法在法庭上有任何說服力？

Yes. I'll take that, and thanks for the question, James. The court -- yes, the trial is wrapping up soon. I believe that we put on a really compelling case. We have a lot of conviction about the NEA. The consumer benefits are there for everybody to see. Everyone in New York loves having more JetBlue flying, everyone in Boston loves having more JetBlue flying. They don't want to go back to how it was. And so we have a -- we're confident that at the end of the day, it's a process. The judge will make the decision. And we are -- we'll wait to hear on that. But I'm very pleased with the case that our team have put forward.

是的。我會接受的，謝謝你的問題，詹姆斯。法庭——是的，審判很快就要結束了。我相信我們提出了一個非常有說服力的案例。我們對 NEA 充滿信心。消費者的利益是有目共睹的。紐約的每個人都喜歡乘坐更多的捷藍航空，波士頓的每個人都喜歡乘坐更多的捷藍航空。他們不想回到原來的樣子。因此，我們有一個 - 我們有信心在一天結束時，這是一個過程。法官將作出決定。我們是——我們會等著聽。但我對我們團隊提出的案例感到非常滿意。

(Operator Instructions) Our next question will come from Dan McKenzie with Seaport Global.

（操作員說明）我們的下一個問題將來自 Seaport Global 的 Dan McKenzie。

Robin, to put a ball on the revenue cost and utilization comments, for 2023, I'm guessing you could drive a Mack Truck through how you're thinking about the business and what the Street is modeling. And you've shared in the past, the pieces are in place to drive $3 a share more in earnings at some point and the Street seems to be dismissing that. So I guess the question is, do you continue to have confidence in that outlook? And given that would you say consensus embedding a recession next year based on what you know today? And the point, of course, is not early to tell us what's the model. It's just, again, going back to the conviction in your ability to drive sustainably higher margins from here.

羅賓，關於 2023 年的收入成本和利用率評論，我猜你可以通過你對業務的思考方式和街道的建模來駕駛 Mack Truck。你過去曾分享過，這些措施已經到位，可以在某個時候將每股收益提高 3 美元，而華爾街似乎對此不屑一顧。所以我想問題是，你是否繼續對這種前景充滿信心？鑑於此，根據您今天所知道的情況，您會說明年會出現經濟衰退嗎？當然，重點不在於早點告訴我們模型是什麼。這只是再次回到你有能力從這裡持續提高利潤率的信念。

Yes. No, Dan, I mean, thanks for the question. I mean we have a lot of conviction, a lot of confidence as we -- we had a deeper hole than some to climb out of because of COVID. We were in geography that, I think everyone accepts, was some of the most impacted. We didn't have the diversification in some revenue streams like cargo during COVID that others had. We had a bump this April as we had to pull down capacity to reflect, I think, a different planning assumption around some of the external constraints that we made in the system and some of the hiring challenges that we have.

是的。不，丹，我是說，謝謝你的提問。我的意思是我們有很多信念，很多信心，因為我們 - 由於 COVID，我們有一個比某些人更深的洞可以爬出來。我們所處的地理環境，我想每個人都接受，是受影響最嚴重的地區之一。在 COVID 期間，我們沒有像其他人那樣在貨運等收入流中實現多元化。今年 4 月，我們遇到了一個問題，因為我們不得不降低能力，以反映，我認為，圍繞我們在系統中做出的一些外部限制和我們面臨的一些招聘挑戰的不同規劃假設。

Of course, others have also had to course correct. And I think we have good momentum now. We continue to see strong revenue performance, notwithstanding some of the one-off headwinds that Dave and Joanna walked through from Q3 to Q4. We're executing on CASM. We have a new structural cost program underway. We have the fleet modernization going on as well. Our revenue initiatives around Travel Products and loyalty are doing exactly what we've said we've been doing for the last couple of years now, and we're pleased with those.

當然，其他人也不得不當然糾正。我認為我們現在的勢頭很好。儘管 Dave 和 Joanna 從第三季度到第四季度經歷了一些一次性逆風，但我們繼續看到強勁的收入表現。我們在 CASM 上執行。我們正在進行一項新的結構成本計劃。我們也在進行艦隊現代化。我們圍繞旅遊產品和忠誠度的收入計劃正在做我們過去幾年一直在做的事情，我們對此感到滿意。

And let's not forget that geography like New York is still not fully recovered to the same degree as other geographies in the U.S., and we're seeing that recovery now. And then on top of that, we're seeing all the benefits from the NEA. So we have a lot of conviction. We recognize that, that has confidence has to be earned quarter-by-quarter on delivering on the results and that's exactly what we are intending to do.

別忘了，像紐約這樣的地區還沒有完全恢復到與美國其他地區相同的程度，我們現在正在看到這種複蘇。然後最重要的是，我們看到了 NEA 的所有好處。所以我們有很多信念。我們認識到，必須在交付結果時逐個季度獲得信心，而這正是我們打算做的。

Okay. Second question here, regulatory approval for the Spirit merger by early 2024, I think is -- kind of the messaging, that seems pretty specific. And I guess is that -- are there some outside data points that give you certainty around that? Or is that simply a legal guess by your counsel? And I'm just wondering from where you sit, is there anything that -- what might cause that time frame to slip?

好的。這裡的第二個問題，我認為到 2024 年初對 Spirit 合併的監管批准是——某種信息，這似乎非常具體。我想是——是否有一些外部數據點可以讓你確定這一點？或者這只是您的律師的合法猜測？而且我只是想知道從你的位置來看，有什麼 - 什麼可能導致時間框架下滑？

No. Thanks, Dan. No, I mean, I think we laid out a pretty conservative time line there. I mean if you look at historically, and previous precedent transactions in the space, they've been decided more quickly than that. I think we recognize, as we've been through this, that this transaction will face a lot of regulatory oversight and overview. And we wanted to lay out a pretty cautious time line and hopefully beat it. So right now, we're not changing anything. We're very excited about the prospect of creating this true national low-fare challenger to bring the JetBlue effect to more geographies and more markets and speeding up our organic plan by several years.

不，謝謝，丹。不，我的意思是，我認為我們在那裡制定了一個非常保守的時間表。我的意思是，如果你從歷史上看，以及該領域以前的先例交易，它們的決定速度比這更快。我認為我們認識到，正如我們經歷過的那樣，這筆交易將面臨大量監管監督和審查。我們想制定一個非常謹慎的時間表，並希望能擊敗它。所以現在，我們沒有改變任何東西。我們對創建這個真正的全國性低票價挑戰者以將捷藍航空效應帶到更多地區和更多市場並將我們的有機計劃加快數年的前景感到非常興奮。

And I've been spending quite a bit of time recently down in Orlando and Fort Lauderdale and there's a lot of excitement down there around this merger. And so we are very excited to get on with it, but we're going to fully respect the regulatory process that's under way, comply with the requests that are being made by the Department of Justice and hopefully get to a regulatory approval as quickly as time permits.

我最近在奧蘭多和勞德代爾堡待了很長時間，那裡對這次合併充滿了興奮。所以我們很高興能繼續下去，但我們將完全尊重正在進行的監管程序，遵守司法部提出的要求，並希望盡快獲得監管批准時間允許。

This concludes our question-and-answer session. I would like to turn the conference back over to Jose Caiado for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Jose Caiado 的閉幕詞。

Thanks, Anthony. That concludes our third quarter 2022 conference call. Thanks for joining us. Have a great day.

謝謝，安東尼。我們的 2022 年第三季度電話會議到此結束。感謝您加入我們。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。