JetBlue Airways Corp (JBLU) 2023 Q1 法說會逐字稿

Good morning. My name is Sylvie, and I would like to welcome everyone to the JetBlue Airways First Quarter 2023 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 Assistant, Jose Caiado. Please go ahead, sir.

早上好。我叫西爾維，歡迎大家參加捷藍航空 2023 年第一季度收益電話會議。提醒一下，今天的通話正在錄音中。 （操作員說明）我現在想將電話轉給 JetBlue 的導演助理 Jose Caiado。請繼續，先生。

Thank you, Sylvie. Good morning, everyone, and thanks for joining us for our first quarter 2023 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.

謝謝你，西爾維。大家早上好，感謝您加入我們的 2023 年第一季度財報電話會議。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。

In New York to discuss our results are Robin Hayes, our Chief Executive Officer; Joanna Geraghty, our President and Chief Operating Officer; and Ursula Hurley, our Chief Financial Officer. Also joining us for Q&A are Dave Clark, our Head of Growth and Planning; and Andres Barry, President of JetBlue Travel Products.

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；和我們的首席財務官 Ursula Hurley。加入我們進行問答的還有我們的增長和規劃主管 Dave Clark； 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 from these statements. Please refer to our most recent earnings release and our most recent 10-K and other filings for a more detailed discussion of the risks and uncertainties that could cause the actual results to differ materially from those contained in our forward-looking statements, including, among others, the COVID-19 pandemic, fuel availability and pricing, the outcomes of the lawsuits filed related to our Northeast Alliance and our merger with Spirit Airlines, and various other risks and uncertainties related to JetBlue's acquisition of Spirit. The statements made during this call are made only as of the date of this call, and we undertake no obligation to update the information. Investors should not place undue reliance on these 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都存在一定的風險和不確定性，實際結果可能與這些陳述存在重大差異。請參閱我們最近的收益發布以及我們最近的 10-K 和其他文件，以更詳細地討論可能導致實際結果與我們前瞻性陳述中包含的結果大不相同的風險和不確定性，包括，其他，COVID-19 大流行、燃料可用性和定價、與我們的東北聯盟和我們與 Spirit 航空公司合併有關的訴訟結果，以及與 JetBlue 收購 Spirit 相關的各種其他風險和不確定性。本次電話會議期間所做的聲明僅截至本次電話會議之日，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。

Also during the course of our call, we may discuss certain non-GAAP financial measures. For an explanation and 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.

同樣在我們的通話過程中，我們可能會討論某些非 GAAP 財務措施。有關這些非 GAAP 措施與 GAAP 措施的解釋和協調，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。

And now, I'd like to turn the call over to Robin Hayes, JetBlue CEO.

現在，我想把電話轉給 JetBlue 首席執行官 Robin Hayes。

Thanks, Joe, and thanks to you for continuing to do double duty in two different jobs. Good morning, everyone, and thank you for joining us today.

謝謝，Joe，也感謝你繼續在兩份不同的工作中承擔雙重職責。大家早上好，感謝您今天加入我們。

Our thoughts are with those affected by the recent storm and flooding in South Florida. I'd like to start by thanking our 25,000 crew members, particularly those down in Fort Lauderdale as well as all of the employees of Broward County Aviation Department, for supporting our customers and each other while prioritizing safety above all through a very challenging event. I'd like to thank Mark Gao for his leadership down at the airport and also all county, state and federal agencies with incredible work to get the airport reopen again.

我們與那些受到最近南佛羅里達風暴和洪水影響的人同在。首先，我要感謝我們的 25,000 名機組人員，尤其是勞德代爾堡的機組人員以及布勞沃德縣航空局的所有員工，感謝他們支持我們的客戶和彼此，同時在一場極具挑戰性的活動中將安全放在首位。我要感謝 Mark Gao 在機場的領導以及所有縣、州和聯邦機構為使機場再次重新開放所做的出色工作。

We stay true to our mission to inspire humanity now for 22 years and counting. We recently celebrated our birthday in February. And as I reflect on our progress, I could not be more proud of the exceptional brand and experience we've cultivated that continues to disrupt the border industry. With JetBlue, customers simply do not to have to choose between low fares and great service.

22 年來，我們始終忠於激勵人類的使命，而且還在繼續。我們最近在二月份慶祝了我們的生日。當我反思我們的進步時，我為我們培養的卓越品牌和經驗感到無比自豪，這些品牌和經驗繼續擾亂邊境行業。有了捷藍航空，客戶根本不必在低票價和優質服務之間做出選擇。

Before going to our quarterly results, I'd like to provide a quick update on our culmination with Spirit. We are fully committed and forging ahead with our planned acquisition. In fact, we are more convinced than ever of the strategic logic of the combination. We firmly believe that creating a stronger JetBlue is the best solution to transform the industry creating more competition and listening to the dominance of the Big 4.

在查看我們的季度業績之前，我想快速介紹一下我們與 Spirit 的高潮。我們完全致力於並推進我們計劃中的收購。事實上，我們比以往任何時候都更加相信合併的戰略邏輯。我們堅信，創建更強大的捷藍航空是改變行業、創造更多競爭和聽取四大主導地位的最佳解決方案。

Over the past several months, support for our combination and recognition of its proconsumer benefits have continued to grow, including from the state of Florida, who declined to join the Department of Justice lawsuit and instead views this as an opportunity to grow high-quality and low-fare air service. Indeed, the state of Florida has helped promote the combination which is expected to result in the biggest transformation in air travel that Florida has ever experienced, including at our Orlando and Fort Lauderdale focused cities, and additionally entails strong job creation across multiple airports in the state of Florida.

在過去的幾個月裡，對我們合併的支持和對其親消費者利益的認可持續增長，包括來自佛羅里達州的支持，他們拒絕加入司法部的訴訟，而是將此視為發展高質量和優質產品的機會。低價航空服務。事實上，佛羅里達州幫助推動了這一結合，預計這將導致佛羅里達州有史以來最大的航空旅行變革，包括我們以奧蘭多和勞德代爾堡為重點的城市，此外還需要在美國多個機場創造大量就業機會佛羅里達州。

It's disappointing, though not surprising, that the Department of Justice is trying to block this transaction and by doing so, protect the status quo and enabling the largest airlines to continue operating unfettered in setting high fares and limiting competition. However, these actions do not change our conviction in the merits of this transaction. JetBlue is one of a kind. There's no other airline that disrupts the market like us. A fact the Department of Justice is recognized and applauded. And combining with Spirit, this will give us the scale to keep the Big 4 on their toes in even more markets and with all travelers.

令人失望的是，雖然不足為奇，但司法部正試圖阻止這項交易，並通過這樣做來保護現狀，並使最大的航空公司能夠繼續不受約束地設定高票價和限制競爭。但是，這些行動不會改變我們對此次交易優點的信念。捷藍航空是其中的一種。沒有其他航空公司像我們這樣擾亂市場。事實上，司法部得到了認可和稱讚。與 Spirit 相結合，這將為我們提供規模，讓四大巨頭在更多市場和所有旅行者中保持警惕。

As you'll hear, we all feel good about the process -- about the progress, I should say, we are making on our organic plan. But as we said at the outset, our combination with Spirit will turbocharge our plan, enabling us to serve more customers at lower fares and great service while delivering increased value for our stakeholders over the long term as an even better JetBlue brings even more competition to the industry. We are confident in the procompetitive merits of the transaction, and we look forward to demonstrating that in court this fall.

你會聽到，我們都對這個過程感覺良好——關於進展，我應該說，我們正在按照我們的有機計劃進行。但正如我們一開始所說，我們與 Spirit 的合併將推動我們的計劃，使我們能夠以更低的票價和優質的服務為更多的客戶提供服務，同時為我們的利益相關者長期提供更高的價值，因為更好的 JetBlue 會帶來更多的競爭行業。我們對這筆交易的競爭優勢充滿信心，我們期待著今年秋天在法庭上證明這一點。

Now let's turn to Slide 4 and our organic business and our first quarter results. For the first quarter, we reported a GAAP loss per share of $0.58 and adjusted loss per share of $0.34, above the better end of our guidance. Throughout the quarter, our team delivered excellent operational performance against a very challenging ATC backdrop. The FAA starting shortcoming, years in the making has brought over, especially in New York, and their request for 10% voluntary reductions by carriers creates a significant headwind for the American travelers flying this summer. While we cannot control the ATC staffing issues nor what happens in the economy, we are focused on successfully managing everything we can control.

現在讓我們轉向幻燈片 4 和我們的有機業務以及我們的第一季度業績。第一季度，我們報告的 GAAP 每股虧損為 0.58 美元，調整後的每股虧損為 0.34 美元，高於我們指導的較好結果。在整個季度中，我們的團隊在極具挑戰性的 ATC 背景下提供了出色的運營績效。美國聯邦航空局 (FAA) 開始的缺點，多年的醞釀已經帶來，尤其是在紐約，他們要求承運人自願減少 10% 的費用，這對今年夏天乘坐飛機的美國旅客來說是一個巨大的阻力。雖然我們無法控制 ATC 人員配置問題或經濟中發生的事情，但我們專注於成功管理我們可以控制的一切。

We've made significant progress in building resiliency into our schedule, buffering our operation and continuing to make strategic investment in improving operability. By aligning all of our efforts and minimizing operational challenges, we're able to generate more revenue, better control of our costs and importantly, deliver for our customers.

我們在將彈性納入我們的時間表、緩沖我們的運營並繼續進行戰略投資以提高可操作性方面取得了重大進展。通過協調我們的所有努力並最大程度地減少運營挑戰，我們能夠產生更多的收入，更好地控制我們的成本，重要的是，為我們的客戶提供服務。

Looking ahead, we expect to carry this momentum forward with strong sequential pretax margin improvement into the second quarter. We remain well on track in executing our comprehensive plan to enhance long-term profitability and restore our historical earnings power.

展望未來，我們預計第二季度稅前利潤率的連續強勁改善將延續這一勢頭。我們在執行提高長期盈利能力和恢復歷史盈利能力的綜合計劃方面進展順利。

In 2023, we're poised to deliver another year of record revenue performance as we continue to expand our product reach and value proposition to more customers across more destinations. These efforts, combined with the success of our structural cost program, gives me great confidence in our full year earnings outlook. Having said that, looking beyond 2023, we recognize that we have more work to do to return our margins back to prepandemic levels.

到 2023 年，隨著我們繼續為更多目的地的更多客戶擴大我們的產品範圍和價值主張，我們有望再創創紀錄的收入業績。這些努力，加上我們結構性成本計劃的成功，讓我對我們的全年盈利前景充滿信心。話雖如此，展望 2023 年以後，我們認識到我們還有更多工作要做，才能將我們的利潤率恢復到大流行前的水平。

Moving now to Slide 5. Looking ahead, there are four key margin builders that are critical to the JetBlue investment case: The Northeast Alliance, our ongoing evolution of our TrueBlue Loyalty program, JetBlue Travel Products and our structural cost program. Joanna will provide some additional color on the progress we are making with the NEA and TrueBlue, and Ursula will provide an update on our structural cost program.

現在轉到幻燈片 5。展望未來，有四個對 JetBlue 投資案例至關重要的利潤率構建者：Northeast Alliance、我們不斷發展的 TrueBlue 忠誠度計劃、JetBlue Travel Products 和我們的結構成本計劃。 Joanna 將提供一些關於我們在 NEA 和 TrueBlue 方面取得的進展的額外顏色，而 Ursula 將提供我們結構成本計劃的最新情況。

I'd like now to take a minute to talk about the success of JetBlue Travel Products. Since 2019, Travel Products has achieved profit growth sevenfold. JetBlue Travel Products continues to provide a platform for profitable growth while deepening our relationship with customers. Recently, we announced a very important milestone opening access to Paisly, our homegrown travel booking website to all travelers, not just those who have a JetBlue flight, greatly expanding our addressable market. We have already seen a meaningful step change in Paisly bookings in the first few weeks.

現在我想花點時間談談 JetBlue Travel Products 的成功。 2019年以來，旅遊產品實現了7倍的利潤增長。 JetBlue Travel Products 繼續為盈利增長提供平台，同時加深我們與客戶的關係。最近，我們宣布了一個非常重要的里程碑，向所有旅客開放我們本土的旅遊預訂網站 Paisly，而不僅僅是那些擁有捷藍航空航班的旅客，這極大地擴大了我們的目標市場。在最初幾週，我們已經看到 Paisly 預訂量發生了有意義的變化。

As we continue to grow as well as to our planned acquisition of Spirit, these traveler offerings beyond flights will become increasingly relevant even more customers and will fuel profitable growth for JetBlue.

隨著我們的持續發展以及我們對 Spirit 的計劃收購，這些航班以外的旅客產品將變得越來越相關，甚至更多的客戶，並將推動捷藍航空的盈利增長。

Turning to the second quarter. We do expect strong revenue growth to continue as demand remains robust. And our multiyear structural cost program continues to deliver as we remain on track to hit our full year CASMx target, giving us confidence to reaffirm our EPS guidance of $0.70 to $1 for the full year 2023.

轉向第二季度。我們確實預計，隨著需求保持強勁，收入將繼續強勁增長。我們的多年結構成本計劃繼續交付，因為我們仍有望實現全年 CASMx 目標，這讓我們有信心重申 2023 年全年 EPS 指導值 0.70 美元至 1 美元。

Finally, we continue to solidify our sustainability commitments and demonstrate our leadership in aviation decarbonization. Last quarter, we announced a leading agreement with Shell Aviation for delivery of 10 million gallons of blended sustainable aviation fuel, or SAF at LAX over the next 2 years, starting this quarter, With an option to purchase more. The deal with Shell is a strong signal of the growing engagement of the oil and gas majors in SAF production and something that we welcome.

最後，我們繼續鞏固我們的可持續發展承諾，並展示我們在航空脫碳方面的領導地位。上個季度，我們宣布與殼牌航空公司達成一項領先協議，從本季度開始，在未來 2 年內在洛杉磯國際機場交付 1000 萬加侖混合可持續航空燃料或 SAF，並可選擇購買更多。與殼牌的交易是石油和天然氣巨頭越來越多地參與 SAF 生產的強烈信號，我們對此表示歡迎。

I'd like to close by thanking our crew members once again for delivering solid first quarter results. Our collective hard work has positioned us well for long-term success. Despite an uncertain economic outlook and a challenged ATC environment, I am optimistic about our future. We've built a solid foundation to succeed based on the unique JetBlue combination of low fares and great service.

最後，我想再次感謝我們的工作人員交付了穩健的第一季度業績。我們的集體辛勤工作使我們為長期成功做好了準備。儘管經濟前景不明朗且 ATC 環境充滿挑戰，但我對我們的未來感到樂觀。基於 JetBlue 獨特的低票價和優質服務組合，我們已經為成功奠定了堅實的基礎。

With that, over to you, Joanna.

有了這個，就交給你了，喬安娜。

Thank you, Robin. I'd also like to add my thanks to our crew members for all that you do to ensure we deliver for our customers. I'm pleased with the success that we are seeing as a result of the efforts from our teams as well as the operational investments and enhanced planning that we've implemented.

謝謝你，羅賓。我還要感謝我們的機組人員為確保我們為客戶提供服務所做的一切。我對我們團隊的努力以及我們實施的運營投資和加強計劃所帶來的成功感到高興。

Despite the highly congested airspace that we operate in, we achieved our operational goals for the quarter and ranked third in the industry in the first quarter for completion factor.

儘管我們運營的空域非常擁擠，但我們實現了本季度的運營目標，第一季度的完成率在行業中排名第三。

Turning to Slide 7. For the first quarter of 2023, capacity grew 9% year-over-year, above the high end of our initial expectations, driven in part by fewer-than-expected weather events. However, we do continue to experience ATC-related challenges across our system. As widely reported, the FAA has announced that their New York Air Traffic Control staffing is at 54% of their 2014 target, far short of where it needs to be to avoid significant disruptions and accommodate the industry's growth. I'd like to thank the FAA for acknowledging the issues and for their close collaboration to ensure the industry minimizes the impact to customers.

轉到幻燈片 7。2023 年第一季度，運力同比增長 9%，高於我們最初預期的上限，部分原因是天氣事件少於預期。但是，我們確實繼續在整個系統中遇到與 ATC 相關的挑戰。正如廣泛報導的那樣，美國聯邦航空局 (FAA) 已宣布他們的紐約空中交通管制人員配置為 2014 年目標的 54%，遠低於避免重大中斷和適應行業增長所需的水平。我要感謝美國聯邦航空局承認這些問題，並感謝他們的密切合作，以確保行業將對客戶的影響降至最低。

In line with FAA's slot waiver incentive to carriers, we are fine-tuning our summer capacity plans to help mitigate delays we can control and provide a better customer experience. Even with the slight cutbacks, we still expect challenges in the operating environment this summer. The FAA has said that delays are expected to vastly increase year-over-year. With our large footprint in the Northeast, JetBlue is disproportionately exposed to these challenges. So we are focused on what we can control, like protecting scheduled overnight maintenance time so the fleet can lunch on time. We also continue to invest in technology to aid recovery during irregular operations. And we're enforcing our schedule and network planning processes to support operational success. We continue to plan the operation with conservatism with schedule buffers and elevated crew reserve levels.

根據美國聯邦航空局 (FAA) 對承運人的航班時刻豁免激勵措施，我們正在微調我們的夏季運力計劃，以幫助減少我們可以控制的延誤，並提供更好的客戶體驗。即使略有削減，我們仍然預計今年夏天的運營環境將面臨挑戰。美國聯邦航空局表示，預計延誤將逐年大幅增加。憑藉我們在東北部的龐大足跡，捷藍航空不成比例地面臨這些挑戰。所以我們專注於我們可以控制的事情，比如保護預定的夜間維護時間，這樣車隊就可以準時吃午飯。我們還繼續投資於技術，以幫助在異常操作期間恢復。我們正在執行我們的時間表和網絡規劃流程，以支持運營成功。我們將繼續以保守主義的方式計劃運營，包括時間表緩沖和更高的機組人員儲備水平。

We expect capacity to be up 4.5% to 7.5% year-over-year in the second quarter. And for the full year 2023, we are reiterating our expectations for capacity to be up 5.5% to 8.5%. As we've demonstrated in the past few years, we will maintain a nimble approach with capacity should conditions change.

我們預計第二季度運力將同比增長 4.5% 至 7.5%。對於 2023 年全年，我們重申我們對運力增長 5.5% 至 8.5% 的預期。正如我們在過去幾年中所展示的那樣，如果情況發生變化，我們將保持靈活的處理能力。

We have many exciting opportunities across our network, and we are focused on restoring targeted capacity across our non-slotted focus cities. Later this quarter, we expect to launch service to Paris from New York. We are also thrilled to announce this morning that tickets to our third transatlantic Blue City, Amsterdam, are now for sale, with service beginning in August as we continue strengthening our relevance in our largest focus city and building on our successful Mint platform. And over the longer term, we are delighted to have announced our growth plans in Florida, enabled by our combination with Spirit, including reaching 200 daily flights at Orlando and more than 250 daily flights at Fort Lauderdale as we bring more low fares, more choice, more high-quality service and more jobs to Florida.

我們在我們的網絡中有許多令人興奮的機會，我們專注於恢復我們非指定重點城市的目標容量。本季度晚些時候，我們預計將推出從紐約到巴黎的服務。我們今天早上也很高興地宣布，我們第三個跨大西洋藍色城市阿姆斯特丹的門票現已開始銷售，服務將於 8 月開始，因為我們將繼續加強我們在我們最大的重點城市的相關性，並在我們成功的 Mint 平台上進行建設。從長遠來看，我們很高興地宣布了我們在佛羅里達州的增長計劃，這得益於我們與 Spirit 的結合，包括在奧蘭多達到 200 次每日航班和在勞德代爾堡每天超過 250 次航班，因為我們帶來了更多低票價、更多選擇，更多高質量的服務和更多的就業機會到佛羅里達州。

Turning to revenue. In the first quarter, we grew revenue by 34% year-over-year driven by leisure and VFR demand strength across our network, with load factors increasing throughout the quarter. For the second quarter, we are forecasting revenue to increase between 4.5% to 8.5% over year -- year-over-year. This includes 0.5% point impact from the recent closure Fort Lauderdale Airport due to flooding and the immediate aftermath. That said, demand trends remained very robust into the second quarter, particularly during peak periods. And our Latin franchise continues to drive very strong revenue generation with higher year-over-year loads and yields.

談到收入。在第一季度，我們的收入同比增長 34%，這得益於我們整個網絡的休閒和 VFR 需求強勁，載客率在整個季度都在增加。對於第二季度，我們預計收入將同比增長 4.5% 至 8.5%。這包括最近因洪水關閉勞德代爾堡機場和直接後果造成的 0.5% 點影響。儘管如此，需求趨勢在第二季度仍然非常強勁，尤其是在高峰期。我們的拉丁特許經營繼續以更高的同比負荷和收益率推動非常強勁的創收。

Our revenue guide is based on a continuation of current trends. We are seeing a strong domestic demand environment throughout the U.S. and are particularly pleased with the continued improvement in our New York City performance.

我們的收入指南基於當前趨勢的延續。我們看到整個美國的國內需求環境強勁，並對我們在紐約市業績的持續改善感到特別高興。

We've also seen a steady recovery in business travel, which was roughly 80% recovered in the first quarter with sequential improvement expected into the second quarter. While we did see a brief drop in demand immediately following the banking sector scare, it is now recovered. We continue to manage the business to margin and have great confidence in our full year earnings outlook on the back of our better-than-expected performance in the first quarter.

我們還看到商務旅行穩步復甦，第一季度恢復了大約 80%，預計第二季度將出現連續改善。雖然我們確實看到在銀行業恐慌之後需求立即出現短暫下降，但現在已經恢復。由於第一季度業績好於預期，我們繼續管理業務以保證利潤，並對我們的全年盈利前景充滿信心。

Our revenue outlook for the remainder of the year is bolstered by strong revenue streams from the NEA, our TrueBlue loyalty program and JetBlue Travel Products. Starting with the NEA, which is already a meaningful revenue generator for JetBlue as we've grown daily flight offerings in New York City by over 25% versus prepandemic levels, generating significant benefits for consumers in the process. We expect a year-over-year margin tailwind in New York as the NEA markets continue to mature. Recall, for example, that we roughly tripled our service at LaGuardia in 2022 compared to prepandemic levels. We're already seeing meaningful margin improvement as our service matures.

NEA、我們的 TrueBlue 忠誠度計劃和 JetBlue Travel Products 帶來的強勁收入流支撐了我們今年剩餘時間的收入前景。從 NEA 開始，它已經為捷藍航空帶來了重要的收入來源，因為我們在紐約市的每日航班服務比大流行前的水平增加了 25% 以上，在此過程中為消費者帶來了巨大的利益。隨著 NEA 市場的不斷成熟，我們預計紐約的利潤率將出現同比增長。例如，回想一下，與大流行前的水平相比，2022 年我們在拉瓜迪亞機場的服務大約增加了兩倍。隨著我們服務的成熟，我們已經看到有意義的利潤改善。

Our TrueBlue loyalty program also continues to show exceptional growth. Co-brand card spend and active membership increased by over 20% in the first quarter. And we forecast continued strength as we launch our newly redesigned TrueBlue program later this quarter. We're expanding the ability to earn and redeem points, the addition of benefits for less frequent travelers and increased value for our most loyal customers. Through these value enhancements, we expect engagement with the loyalty program to continue reaching all-time highs this year and beyond.

我們的 TrueBlue 忠誠度計劃也繼續表現出非凡的增長。第一季度，聯名卡消費和活躍會員增長超過 20%。我們預測，隨著本季度晚些時候推出新設計的 TrueBlue 計劃，我們將繼續保持強勁勢頭。我們正在擴大賺取和兌換積分的能力，為不經常旅行的旅客增加福利，並為我們最忠誠的客戶增加價值。通過這些價值提升，我們預計忠誠度計劃的參與度將在今年及以後繼續達到歷史新高。

In addition, as Robin mentioned, we recently enabled travelers to earn TrueBlue points when booking travel beyond just flights through Paisly. Paisly is fully integrated into JetBlue -- TrueBlue and customers who book travel on Paisly will earn points and achieve TrueBlue perks. These enhancements are all part of our multiyear journey in evolving our TrueBlue program, helping us close the gap to our peers.

此外，正如羅賓所提到的，我們最近讓旅行者在預訂經過佩斯利的航班以外的旅行時可以獲得 TrueBlue 積分。 Paisly 已完全集成到 JetBlue 中——TrueBlue 和在 Paisly 上預訂旅行的客戶將獲得積分並獲得 TrueBlue 津貼。這些改進都是我們多年發展 TrueBlue 計劃的一部分，幫助我們縮小與同行的差距。

I'll close with another thank you to our crew members for delivering for our customers. While we do expect a challenging summer ahead, I'm very excited about the incredible path we've paved to set us up for success. Together, we're focused on executing our plan to generate solid revenue growth and deliver on our cost goals, building a better JetBlue for all stakeholders.

最後，我要再次感謝我們的機組人員為我們的客戶提供服務。雖然我們確實預計未來的夏天會充滿挑戰，但我對我們為成功鋪平的令人難以置信的道路感到非常興奮。我們一起專注於執行我們的計劃，以產生穩定的收入增長並實現我們的成本目標，為所有利益相關者打造更好的捷藍航空。

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

厄休拉，我現在把電話轉給你。

Thank you, Joanna. I'd like to add my thanks to our crew members. As through their tremendous efforts and discipline, we're well on our way to delivering on our comprehensive plan to create value for our stakeholders this year and beyond.

謝謝你，喬安娜。我要感謝我們的機組人員。通過他們的巨大努力和紀律，我們正在順利地實施我們的綜合計劃，為我們的利益相關者在今年及以後創造價值。

We continue to anticipate closing our acquisition of Spirit in the first half of 2024. With a dedicated team running our integration management office, we're ensuring that we are thoughtfully and appropriately prioritizing our efforts to ultimately create significant long-term value for our owners and all of our stakeholders.

我們繼續預計在 2024 年上半年完成對 Spirit 的收購。我們有一個專門的團隊來管理我們的整合管理辦公室，我們確保我們深思熟慮並適當地優先考慮我們的工作，最終為我們的所有者創造重要的長期價值以及我們所有的利益相關者。

Turning to Slide 9. As Robin mentioned, our first quarter results were ahead of our initial expectations with strong improvement in revenue and nonfuel unit costs throughout the quarter, somewhat offset by fuel prices. I am especially pleased with our team's continued cost execution as this quarter marked the fifth consecutive quarter where we met or beat our quarterly cost guidance. First quarter CASM ex-fuel performance was also aided by 1 point from higher capacity given fewer-than-expected weather events and roughly 0.5 point from operational efficiencies.

轉到幻燈片 9。正如 Robin 所提到的，我們第一季度的業績超出了我們最初的預期，整個季度的收入和非燃料單位成本都有很大改善，但在一定程度上被燃料價格所抵消。我對我們團隊持續的成本執行感到特別滿意，因為本季度是我們連續第五個季度達到或超過我們的季度成本指導。由於天氣事件少於預期，第一季度 CASM 的除燃料性能也因產能增加 1 個百分點以及運營效率約 0.5 個百分點而得到幫助。

Through better operational planning going into the quarter, we were able to deliver a better outcome by controlling for factors such as labor premiums and disruption-related costs. We have been successfully implementing our structural cost program, which is supporting our efforts to mitigate cost pressures related to maintenance and rents and landing fees. To date, we have already achieved roughly $35 million since launch, putting us well on track to drive approximately $70 million in cost reduction this year and $150 million to $200 million in cumulative cost savings through 2024.

通過更好地進入本季度的運營計劃，我們能夠通過控制勞動力溢價和與中斷相關的成本等因素來提供更好的結果。我們已經成功地實施了我們的結構成本計劃，該計劃支持我們減輕與維護、租金和著陸費相關的成本壓力的努力。迄今為止，自推出以來我們已經實現了約 3500 萬美元的目標，這使我們有望在今年推動約 7000 萬美元的成本削減，並在 2024 年之前累計節省 1.5 億至 2 億美元的成本。

In addition, we continue to expect our fleet modernization program to generate over $40 million of savings this year and $75 million through 2024 as we replace our E190 fleet with the margin accretive A220. We've already achieved over $30 million in savings with 12 E190s retired to date, including 10 currently parked in the desert and two that we sold For the second quarter, we're expecting to generate earnings per share between $0.35 and $0.45 driven by strong revenue and continued execution on costs. For the second quarter, we're forecasting CASM ex-fuel to increase 1.5% to 3.5% year-over-year, which includes 1% point of impact from our reduced summer schedule tied to ATC constraints and 0.5% point impact from the closure of Fort Lauderdale Airport.

此外，我們繼續預計我們的機隊現代化計劃今年將節省超過 4000 萬美元，到 2024 年將節省 7500 萬美元，因為我們用利潤增加的 A220 替換我們的 E190 機隊。迄今為止，我們已經通過 12 輛 E190 退役實現了超過 3000 萬美元的節省，其中 10 輛目前停在沙漠中，另外兩輛我們已售出 對於第二季度，我們預計每股收益將在 0.35 美元至 0.45 美元之間，原因是強勁的動力收入和成本的持續執行。對於第二季度，我們預測 CASM 前燃料同比增長 1.5% 至 3.5%，其中包括我們因 ATC 限製而減少的夏季時間錶帶來的 1% 的影響以及關閉帶來的 0.5% 的影響勞德代爾堡機場。

We remain on track to meet our full year CASM ex-fuel target of up 1.5% to 4.5%. This does imply a step-up in CASMx in the back half of the year, which is primarily driven by two factors: An additional step up tied to our pilot agreement, which is about 4 points total year-over-year in both the third and fourth quarter; and the timing of maintenance events, which is about 2 points year-over-year in the fourth quarter.

我們仍然有望實現全年 CASM 前燃料增長 1.5% 至 4.5% 的目標。這確實意味著今年下半年 CASMx 的提升，這主要是由兩個因素驅動的：與我們的試點協議相關的額外提升，這在第三個季度和去年同期總計約為 4 個百分點。和第四季度；以及維護事件的時間安排，第四季度同比增長約 2 個百分點。

Turning to liquidity and balance sheet on Slide 10. We closed the first quarter with $2.3 billion in liquidity, including our $600 million revolving credit facility, which remains undrawn. We continue to take a conservative approach to managing our liquidity, especially in light of the step-up in aircraft CapEx this year and our ongoing shareholder Spirit -- our ongoing Spirit shareholder prepayments. To that end, we previously shared our intention to finance a portion of our aircraft deliveries this year, and we've raised $116 million in aircraft financing year-to-date. We will continue to evaluate a variety of different products and structures for our financing needs, including leases, bank debt and capital markets transactions.

轉向幻燈片 10 上的流動性和資產負債表。我們在第一季度結束時擁有 23 億美元的流動性，其中包括我們尚未提取的 6 億美元循環信貸額度。我們繼續採取保守的方法來管理我們的流動性，特別是考慮到今年飛機資本支出的增加和我們持續的股東精神——我們持續的精神股東預付款。為此，我們之前曾表示打算為今年交付的部分飛機提供資金，今年迄今我們已經籌集了 1.16 億美元的飛機融資。我們將繼續評估各種不同的產品和結構以滿足我們的融資需求，包括租賃、銀行債務和資本市場交易。

Before closing, I'd like to touch on fuel. Volatility and New York harbor jet fuel prices impacted our weighted average fuel price in the first quarter by approximately $0.26. That said, New York Harbor pricing has since eased and we expect the impact in the second quarter to be approximately $0.16.

在結束之前，我想談談燃料。波動性和紐約港航空燃油價格對我們第一季度的加權平均燃油價格產生了約 0.26 美元的影響。也就是說，紐約港定價此後有所緩和，我們預計第二季度的影響約為 0.16 美元。

Importantly, we continue to look at hedging opportunities to protect our earnings outlook. As a reminder, our approach to fuel hedging is to enter into hedges on a discretionary basis to mitigate the risk from significant volatility and price spikes, and we actively monitor the market to take advantage of opportunities when conditions are favorable. As of today, we have hedged approximately 23% of our expected fuel consumption for the full year.

重要的是，我們繼續尋找對沖機會以保護我們的盈利前景。提醒一下，我們的燃料對沖方法是酌情進行對沖，以減輕大幅波動和價格飆升帶來的風險，並且我們積極監控市場，在條件有利時利用機會。截至今天，我們已對沖約 23% 的全年預期燃料消耗。

In closing, I want to thank our crew members for helping to build a stronger JetBlue as we significantly improve our financial performance. Coming out of the first quarter, I'm excited about the trajectory of the business in the coming quarters and years. Based on everything we see today, we have confidence in our full year earnings outlook of $0.70 to $1, which implies margins approaching 2019 levels as we move through the year. We are well positioned to continue navigating uncertainty around the economic backdrop later in the year as well as ongoing ATC challenges. We also look forward to closing the Spirit transaction to turbocharge our organic plan and create even more long-term value for our stakeholders.

最後，我要感謝我們的機組人員在我們顯著改善財務業績的同時幫助建立了一個更強大的捷藍航空。從第一季度開始，我對未來幾個季度和幾年的業務發展軌跡感到興奮。基於我們今天看到的一切，我們對 0.70 美元至 1 美元的全年盈利前景充滿信心，這意味著隨著我們今年的發展，利潤率接近 2019 年的水平。我們有能力在今年晚些時候繼續應對圍繞經濟背景的不確定性以及持續的 ATC 挑戰。我們也期待完成 Spirit 交易，以推動我們的有機計劃，並為我們的利益相關者創造更多的長期價值。

And with that, we will now take your questions.

有了這個，我們現在將回答您的問題。

Thanks, everyone. Sylvie, we're now ready for the question-and-answer session. Please go ahead with the instructions.

感謝大家。西爾維，我們現在準備好進行問答環節了。請繼續按照說明進行操作。

(Operator Instructions) And your first question will be from Savi Syth at Raymond James.

（操作員說明）您的第一個問題將來自 Raymond James 的 Savi Syth。

This is Matt on for Savi. My first question, when I look at the implied margin guide for 2Q, you're still lagging 2019 levels by several points. So maybe could you provide some color on any specific cost lines that might have moved structurally higher and how you think those items could be improved to close the margin gap versus peers?

這是 Savi 的 Matt。我的第一個問題是，當我查看第二季度的隱含保證金指南時，您仍然落後於 2019 年的水平幾個百分點。那麼，也許您能否提供一些可能在結構上更高的特定成本線的顏色，以及您認為如何改進這些項目以縮小與同行的利潤差距？

Yes. Thanks for the question, Matt. So our objective is to get the business back to consistent profitability while approaching '19 levels of profitability. Our Q2 guide is the first step in process. I'm actually significantly pleased with the CASM ex-fuel guide for the quarter. So it's up 1.5% to 3.5%. And we essentially called out 1.5% points of headwind. 1% point is associated with the investment that we're making in pulling down capacity driven by ATC constraints in New York. And the other 0.5% point of CASM ex-fuel is driven by the Fort Lauderdale Airport closure.

是的。謝謝你的問題，馬特。因此，我們的目標是讓企業恢復穩定的盈利能力，同時接近 19 年的盈利水平。我們的 Q2 指南是流程的第一步。實際上，我對本季度的 CASM 前燃料指南非常滿意。所以它上漲了 1.5% 到 3.5%。我們基本上提出了 1.5% 的逆風點。 1 個百分點與我們為降低紐約 ATC 限制所驅動的容量而進行的投資有關。 CASM 前燃料的另外 0.5% 點是由勞德代爾堡機場關閉推動的。

So net-net, if you back out that 1.5% points, I'm pleased then with our controllable cost guide and essentially, we would beat, I think, what the consensus is out there on the cost side of the equation. So we're confident in the $0.35 to $0.45 EPS for the quarter, and it puts us on a path to more closely come in line with '19 profitability levels as we navigate through the year.

所以 net-net，如果你放棄 1.5% 的點數，那麼我對我們的可控成本指南感到滿意，而且我認為，從本質上講，我們會擊敗等式成本方面的共識。因此，我們對本季度 0.35 美元至 0.45 美元的每股收益充滿信心，這讓我們走上了一條更接近 19 年盈利水平的道路。

Okay. Thanks for the additional color there. Now also, in the presentation, you've referenced the return to seasonality. So maybe you could provide some additional color on the impact you think that will have on 2Q? And any additional color on how 2Q is trending in terms of booking rates to date and materialization rates changing or increases -- increasing like we've heard on other calls?

好的。感謝那裡的額外顏色。現在，在演示文稿中，您也提到了季節性回歸。那麼也許你可以提供一些額外的顏色來說明你認為這將對第二季度產生的影響？還有關於 2Q 在預訂率和實現率方面如何變化或增加的趨勢的任何其他顏色 - 像我們在其他電話中聽到的那樣增加？

Matt. This is Dave. I'll take that one. Overall, we feel really good about the demand we're seeing out there. Very strong internationally, strong domestically as well. The peaks remained very strong, driven by this leisure demand. So whether it was the holidays at the end of the year or spring break, we've seen very strong demand in the peak. And we expect the same for this coming summer, including June at the end of this quarter.

馬特。這是戴夫。我會拿那個。總的來說，我們對我們在那裡看到的需求感到非常滿意。國際很強大，國內也很強大。在這種休閒需求的推動下，高峰仍然非常強勁。因此，無論是年底的假期還是春假，我們都看到了高峰期非常強勁的需求。我們預計今年夏天也會如此，包括本季度末的 6 月。

So very strong April with the peak stronger -- Strong June at the peak. May will be it's a bit of a shorter period, so it will probably be a bit lower, but that's what we experienced just about every year. And in general, the seasonality is returning towards normalcy with just the peaks a bit higher. And then the troughs obviously have a bit of a headwind from the corporate travel, which is, as mentioned before, about 80% recovery. So that's creating a bit more of a peak to trough ratio than we saw it before. But in general, feeling really good about demand throughout the network.

4 月非常強勁，峰值更強——6 月處於峰值。可能會更短一些，所以可能會更低一些，但這就是我們幾乎每年都經歷過的。總的來說，季節性正在恢復正常，只是峰值略高。然後，低谷顯然受到了公司旅行的一些不利影響，如前所述，公司旅行恢復了大約 80%。因此，這創造了比我們之前看到的更多的峰谷比。但總的來說，整個網絡的需求感覺確實不錯。

Okay. And quickly, could you touch on how much in 2Q has been booked to date or change in the materialization rates in that quarter as well?

好的。很快，您能否談談迄今為止第二季度的預訂量或該季度實現率的變化？

Sure. We're about 2/3 book to date for the second quarter. That's normal for us. We have seen the booking curve elongate somewhat over the past couple of quarters, but still roughly 2/3.

當然。到目前為止，我們第二季度的預訂量約為 2/3。這對我們來說很正常。我們已經看到預訂曲線在過去幾個季度有所拉長，但仍約為 2/3。

Next question will be from Andrew Didora of Bank of America.

下一個問題將來自美國銀行的 Andrew Didora。

I guess just in terms of kind of the change in New York capacity given the ATC issues in the market. How should we think about your potential being able to reallocate some of that flying? And I guess, in terms of how much of the cut capacity in New York do you think you can backfill into other markets?

考慮到市場上的 ATC 問題，我想就紐約容量的變化而言。我們應該如何考慮您重新分配部分飛行的潛力？我想，就紐約削減的容量而言，您認為您可以回填到其他市場嗎？

Andrew, it's Joanna. Thanks for the question. Maybe I'll provide sort of a broader answer and then get specifically into your capacity redeployment question. So we're obviously very concerned about New York City for the summer. The FAA continues to be significantly understaffed as we said in the prepared remarks. This is a continuing issue. And frankly, I'm only getting worse this summer. So we do appreciate the FAA's transparency around their staffing challenges. It's obviously a concern across the NAS But a more acute in the New York region.

安德魯，是喬安娜。謝謝你的問題。也許我會提供更廣泛的答案，然後專門討論您的容量重新部署問題。所以我們顯然非常關注紐約市的夏季情況。正如我們在準備好的評論中所說，美國聯邦航空局的人手仍然嚴重不足。這是一個持續的問題。坦率地說，今年夏天我只會變得更糟。因此，我們非常感謝美國聯邦航空局在其人員配置挑戰方面的透明度。這顯然是整個 NAS 的一個問題，但在紐約地區更為嚴重。

And while we are pleased that the FAA has given carriers relief on the slots, this is obviously something that's not good for customers, and it's not good for JetBlue coming with pretty significant financial impact into Q2 and potentially into Q3. So while this is the right decision for us given the need to protect the operation, this is going to be a most challenging summer ahead. We are not going to be redeploying the capacity that we have hold. If you look at our network footprint because we are so concentrated in New York and the Northeast and because there are staffing challenges across the entire NAS, our decision is to reinvest those crews in higher reserves and reinvest that aircraft in additional aircraft time to help mitigate the delays that we expect that we're going to see this summer.

儘管我們很高興美國聯邦航空局 (FAA) 減輕了航空公司的機位，但這顯然對客戶不利，而且對 JetBlue 不利，對第二季度和第三季度可能產生相當大的財務影響。因此，儘管考慮到保護運營的需要，這對我們來說是正確的決定，但這將是未來最具挑戰性的夏天。我們不會重新部署我們擁有的能力。如果您查看我們的網絡足跡，因為我們非常集中在紐約和東北部，並且因為整個 NAS 都存在人員配備挑戰，我們的決定是將這些機組人員重新投資於更高的儲備，並將該飛機重新投資於額外的飛機時間，以幫助緩解我們預計今年夏天將會看到的延誤。

This is definitely a challenging environment. We're frustrated. Our customers are frustrated. We do appreciate the fact that the FAA is working with us and being transparent. But this is something that needs to get fixed and unfortunately, there is not a short-term fix to it. So that's the decision we've made for the summer, and we'll navigate as best we can as these challenges arise.

這絕對是一個充滿挑戰的環境。我們很沮喪。我們的客戶很沮喪。我們非常感謝美國聯邦航空局與我們合作並保持透明。但這是需要解決的問題，不幸的是，沒有短期解決方案。所以這就是我們為這個夏天做出的決定，我們將盡我們所能應對這些挑戰。

That's really helpful. And then just a second question, Robin. When I think about kind of strategically over the longer term, just in terms of the fleet given everything going on with the OEMs and whatnot, just in the event the Spirit deal does not go through, how do you think your long-term growth profile changes given kind of your order book shrinks a little bit starting in '24, '25?

這真的很有幫助。然後是第二個問題，羅賓。當我從長遠考慮某種戰略時，就車隊而言，考慮到原始設備製造商和諸如此類的一切，如果 Spirit 交易沒有通過，你如何看待你的長期增長狀況從 24 年、25 年開始，您的訂單簿有所變化？

Thanks for the question, Andrew. And of course, I'm going to start by giving you the straight bad answer saying we're confident in our case and the Spirit transaction closing because it's great for consumers. But if it doesn't, then I think clearly, we still have an order book we are challenged by delays as other airlines are. And we would have to look at opportunities, both short to medium-term in the leasing market and then longer term to layer in sort of additional positions.

謝謝你的問題，安德魯。當然，我首先要給你一個直截了當的壞答案，說我們對我們的案子和 Spirit 交易的結束充滿信心，因為它對消費者來說很好。但如果沒有，那麼我清楚地認為，我們仍然有訂單，我們和其他航空公司一樣面臨延誤的挑戰。我們將不得不尋找機會，既包括租賃市場的中短期機會，也包括長期的機會，以增加一些額外的職位。

But I think everything we've got is focused on the Spirit transaction, I think. And when I look at the government challenges in keeping FAA staff, which is a problem years in the making and as Joanna said, has just been getting worse, I think it just adds the importance of JetBlue expanding its national footprint. And we want to do that not by pulling down New York because New York is home. We're the hometown airline in New York. We're proud to be based here in New York City, but by building a more national presence and Spirit is going to help us do that much quicker than we would be able to do ourselves and bring those benefits to consumers and the employees at both airlines, our crew members and their team members more quickly.

但我認為我們所擁有的一切都集中在精神交易上，我想。當我看到政府在留住 FAA 員工方面面臨的挑戰時，這是一個多年來一直存在的問題，正如喬安娜所說，而且越來越嚴重，我認為這只會增加捷藍航空擴大其全國足蹟的重要性。我們不想通過拉下紐約來做到這一點，因為紐約是家。我們是紐約的家鄉航空公司。我們很自豪能夠將總部設在紐約市，但通過建立更全國性的影響力，Spirit 將幫助我們比我們自己更快地做到這一點，並將這些好處帶給消費者和雙方的員工航空公司、我們的機組人員和他們的團隊成員更快。

Next question will be from Jamie Baker at JPMorgan.

下一個問題將來自摩根大通的傑米貝克。

Actually, I was thinking what you should do for your earnings deck in the future is feature analyst photos taken from JetBlue flights. I mean Ursula's picture's great, but it would be a lot of fun to try to give her a run for the money. So Ursula, the second quarter question that was asked before about the margin deficit relative to 2019, obviously, something that jumped out to us as well. But I think I missed something at the end of your prepared remarks. You said margins for the year would be approaching those of '19. I mean did you mean moving in the right direction or actually starting to rival those margins? I'm just trying to square what I think I might have misunderstood against the $0.70 to dollar EPS guide?

事實上，我在想你未來應該為你的收益平台做些什麼是從捷藍航空航班上拍攝的特色分析師照片。我的意思是厄休拉的照片很棒，但如果能和她比拼錢會很有趣。所以厄休拉，第二季度的問題是關於相對於 2019 年的利潤率赤字，顯然，這也讓我們跳出來了。但我想我在你準備好的發言結束時漏掉了一些東西。你說今年的利潤率將接近 19 年的利潤率。我的意思是你是說朝著正確的方向前進還是實際上開始與這些利潤率相抗衡？我只是想將我認為我可能誤解了 0.70 美元至 1 美元 EPS 指南的內容進行平方？

Yes. Thanks for the question, Jamie, and I've been telling everyone that it's fair game. Anyone can submit pictures to get on the cover of our earnings presentation. So thanks for the question. I think as we navigate through the year, we're making progress towards achieving 2019 margin levels. And I am -- I feel good about the momentum that the business has heading into the second quarter. The revenue and demand environment continue to be really strong.

是的。謝謝你的問題，傑米，我一直在告訴大家這是公平的遊戲。任何人都可以提交圖片以登上我們的收益報告的封面。所以謝謝你的問題。我認為，在我們度過這一年的過程中，我們正在朝著實現 2019 年利潤率水平的方向取得進展。而且我 - 我對公司進入第二季度的勢頭感到滿意。收入和需求環境繼續非常強勁。

As we navigate in the back half of this year, we actually are in a position where unit revenue could be slightly down year-over-year as we cycle against some very strong comps and that seems reasonable and achievable, especially in light of the revenue initiatives that we have. We've got the NEA and New York continues to recover. We're pleased with the progress that we've been seeing, but it continues to be a tailwind.

當我們在今年下半年航行時，我們實際上處於單位收入可能同比略有下降的位置，因為我們與一些非常強大的競爭者進行循環，這似乎是合理且可以實現的，特別是考慮到收入我們的舉措。我們有 NEA，紐約繼續復甦。我們對我們所看到的進展感到滿意，但它仍然是順風。

As we roll out our TrueBlue loyalty program, we'll continue to make progress as well as JetBlue Travel Products. And I'm extremely pleased with the cost execution and the progress of the structural cost program. So that's what gives us confidence in the full year EPS number. And as I mentioned, the first milestone is making progress toward 2019 margin levels.

隨著我們推出我們的 TrueBlue 忠誠度計劃，我們將繼續取得進展以及 JetBlue Travel Products。我對成本執行和結構成本計劃的進展感到非常滿意。這就是讓我們對全年每股收益數字充滿信心的原因。正如我所提到的，第一個里程碑是朝著 2019 年的利潤率水平取得進展。

Got it. Got it. Okay. That's really helpful. And then just on fuel, the hedging program is obviously still in its infancy. But by the looks of things, you might already be underwater. I can't say for certain, but just looking at the [3 50] all in during the first quarter and how New York Harbor has settled down. I mean, at the forward curve, do you assume you'll lose money on your hedges this year?

知道了。知道了。好的。這真的很有幫助。然後就燃料而言，對沖計劃顯然仍處於起步階段。但從表面上看，你可能已經在水下了。我不能肯定地說，但只是看看第一季度的 [3 50] 以及紐約港是如何安定下來的。我的意思是，在遠期曲線上，你認為今年你的對沖會虧損嗎？

We do at the moment, but there -- it's immaterial.

我們目前這樣做，但在那裡 - 這並不重要。

Okay. All right. Helpful. Okay Thank you everybody.

好的。好的。有幫助。好的 謝謝大家

Jamie, a very happy birthday. I don't want you thinking that we have forgotten you.

傑米，生日快樂。我不想讓你認為我們已經忘記了你。

You never do. Thank you, Rob, and I appreciate that.

你永遠不會。謝謝你，羅布，我很感激。

Next question will be from Mike Linenberg at Deutsche Bank.

下一個問題將來自德意志銀行的 Mike Linenberg。

Joanna, I want to go back to the point that you made about no short-term fix with airspace issues, specifically in New York. And the FAA is, I guess, what you said 54% staffed at the levels that they need to be. What's the risk that we get to September, and I realize mid-September on things slow a bit. But given 54% and no short-term fix, are you going to have to go back to the FAA? Or are they going to come back to you and say, can you guys continue to run an abbreviated schedule?

喬安娜，我想回到你所說的關於空域問題沒有短期解決方案的觀點，特別是在紐約。我猜 FAA 是你所說的 54% 的員工達到了他們需要的水平。我們到 9 月的風險是什麼，我意識到 9 月中旬的事情會有點慢。但考慮到 54% 且沒有短期解決方案，您是否將不得不返回美國聯邦航空局？或者他們會回來說，你們能繼續縮短時間表嗎？

Yes, just to be clear, it's 54% of 2014 staffing levels. So I don't know who manages the 2014 and the year 2023, but it's a 2014 staffing level. So that's an important point.

是的，需要說明的是，這是 2014 年人員配置水平的 54%。所以我不知道誰管理 2014 年和 2023 年，但這是 2014 年的人員配置水平。所以這是很重要的一點。

The second piece is we don't expect a problem this fall. Obviously, it's a trough. This has been an ongoing issue for years. It's gotten worse. So we manage through the challenges. We have built an operation around trying to mitigate a regular operation. So it's something given our footprint that we've gotten quite good at. But we don't expect the fall itself to be a problem. But this is a multiyear kind of path of FAAs down to try to remedy its staffing shortages and it's not going to get fixed in the near time. Where it significantly presents itself is in convective weather activity and when there are peak periods and there's just a lot of travel.

第二點是我們預計今年秋天不會出現問題。顯然，這是一個低谷。多年來，這一直是一個持續的問題。情況變得更糟了。因此，我們應對挑戰。我們已經圍繞嘗試減輕常規操作建立了一個操作。因此，鑑於我們的足跡，這是我們非常擅長的事情。但我們預計跌倒本身不會成為問題。但這是美國聯邦航空局為解決其人員短缺問題而採取的多年措施，短期內不會得到解決。它顯著表現在對流天氣活動中，以及高峰期和大量旅行的時候。

Okay. Great. And then just my second question, I guess, maybe this is to Dave. Just either within the context of demand trends remaining robust, I mean, we're hearing that from other carriers. I think one other carrier did call out some softness to Heathrow. I think it's more just a function of everybody being forced to utilize slots right now under the use or lose it rule. I'm not sure if you're seeing that. I mean, you're a relatively small player. Maybe you're not seeing it tuned from Heathrow to Boston and New York. And then I think there's been some comment about maybe transcons and pricing. Any markets in particular where maybe you are seeing some softness, again, within the context that overall demand is actually quite good in the majority of your markets?

好的。偉大的。然後是我的第二個問題，我想，也許這是給戴夫的。要么在需求趨勢保持強勁的背景下，我的意思是，我們從其他運營商那裡聽到了這一點。我認為另一家航空公司確實對希思羅機場表示了一些軟化。我認為這更像是每個人現在都被迫在使用或丟失規則下使用插槽的功能。我不確定你是否看到了。我的意思是，你是一個相對較小的玩家。也許您沒有看到它從希思羅機場調到波士頓和紐約。然後我認為有一些關於交易和定價的評論。在大多數市場的總體需求實際上相當不錯的情況下，您可能會再次看到一些疲軟的市場？

Sure. Mike, and thanks for the question. And no, I'd say there's no parts of our network where I would say we're seeing any softness. At the highest levels, those markets that did have a very high business mix before COVID have seen the biggest traffic reduction, but we've appropriately scaled capacity in those to account for that. So we feel pretty good.

當然。邁克，謝謝你的提問。不，我會說我們的網絡中沒有任何部分我會說我們看到任何軟化。在最高級別上，那些在 COVID 之前確實具有非常高業務組合的市場已經看到最大的流量減少，但我們已經適當地擴展了這些市場的容量以解決這個問題。所以我們感覺很好。

Our European markets continue to ramp well. We're pleased to be at five flights to London a day from New York and Boston, combined and to have that second Heathrow from New York flight in there on a daily basis. So no concerns for us as we look ahead to the summer, for Europe, we are seeing very strong early demand trends. So feeling quite good about the continued progress and ramp of our European franchise.

我們的歐洲市場繼續保持良好勢頭。我們很高興每天有五個航班從紐約和波士頓飛往倫敦，並且每天都有第二個從紐約飛往希思羅機場的航班。因此，當我們展望夏季時，我們無需擔心，對於歐洲，我們看到了非常強勁的早期需求趨勢。因此，對我們歐洲特許經營權的持續進步和發展感到非常滿意。

Next question will be from Duane Pfennigwerth at Evercore ISI.

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

I wanted to ask you about your hotel inventory on JetBlue Travel Products. Where are you getting your hotel inventory from? And are you working to create direct relationships with hotels in this business? And I guess, just broadly, do you have anecdotes as to why the value proposition is more compelling to a customer than booking separately or maybe through an OTA?

我想問一下您在 JetBlue Travel Products 上的酒店庫存情況。您從哪裡獲得酒店庫存？您是否正在努力與該行業的酒店建立直接關係？我想，從廣義上講，你有沒有關於為什麼價值主張比單獨或通過 OTA 預訂對客戶更有吸引力的軼事？

And thank you for the question. A couple of pieces. We do have direct relationships with hotels. And we do see that, that helps a lot on the servicing side and to create a compelling value proposition for customers. We do also supplement that with other third parties that we source. But the vast majority of our bookings are the hotels we have direct relationships with.

謝謝你的問題。幾件。我們確實與酒店有直接關係。我們確實看到，這在服務方面有很大幫助，並為客戶創造了令人信服的價值主張。我們還通過我們採購的其他第三方來補充這一點。但我們的絕大多數預訂都是與我們有直接關係的酒店。

And then in terms of the value proposition, I mean it's taking what made JetBlue the Airline special, which is not having to pick between good price and good service and taking that to broader travel. And I think that's what customers are appreciating.

然後就價值主張而言，我的意思是它採用了捷藍航空公司的特別之處，即不必在良好的價格和良好的服務之間做出選擇，並將其用於更廣泛的旅行。我認為這就是客戶所欣賞的。

I appreciate that. And then maybe just a little modeling one, just for my follow-up. On hedges, can you comment on the -- if the values in your hedge disclosure represent floors? And it seems like they'd be sort of modestly out of the money today.

我很感激。然後可能只是一個小模型，只是為了我的後續行動。關於對沖，你能評論一下——如果你的對沖披露中的價值代表底線嗎？看起來他們今天有點虧本了。

Yes. Thanks for the question, Duane. So just as a reminder, we view hedging as a way to mitigate risk and volatility in the market. So we're always monitoring the market. We found a period after the banking crisis where pricing made sense for us to reenter the hedging market in a meaningful way. So that's when we layered on most of these hedges. So we feel okay, but then we get to participate in downside -- in the downside, obviously, the way that these are structured in terms of when prices fall. And I can confirm that they're slightly out of the money at the moment.

是的。謝謝你的問題，杜安。因此，提醒一下，我們將對沖視為減輕市場風險和波動的一種方式。所以我們一直在監控市場。我們發現，在銀行業危機之後的一段時期內，定價對我們以有意義的方式重新進入對沖市場是有意義的。所以那是我們在大多數這些對沖上分層的時候。所以我們感覺還好，但隨後我們開始參與下行——顯然，在下行中，這些都是根據價格下跌的時間來構建的。我可以確認他們目前有點虧本了。

Next question will be from Dan McKenzie at Seaport Global.

下一個問題將來自 Seaport Global 的 Dan McKenzie。

Going back to the script on planning the operation conservatively and buffering operations in New York City. You touched on the cost hit in the script. I'm wondering what the revenue hit is from that lost flying. And I guess where I'm going, there's a pretty big profit impact in what I believe is 50% of the flying that should go away at some point. And it'd be great if you could just kind of give a sense for what that might look like and whether it's going to take a fully staffed ATC here to get back to that historical $3 EPS target?

回到關於保守地規劃行動和緩衝紐約市行動的劇本。您談到了腳本中的成本命中。我想知道失去的飛行帶來的收入損失是多少。我想我要去哪裡，我認為 50% 的飛行會在某個時候消失，這會對利潤產生相當大的影響。如果您能大致了解一下它的外觀，以及是否需要配備齊全的 ATC 才能回到歷史上 3 美元的 EPS 目標，那就太好了？

Thanks for the question. This is Dave. As we pulled down our New York City flying, we did it pretty surgically to ensure that we're hitting shorter-haul routes, smaller gauge flights and routes that generally we felt would have the least impact of the loss to frequency. So based on that, both the capacity impact of the pull as well as any revenue impact is quite a bit less than the departure pull. So we pulled about 10% of departures out but capacity is much, much smaller than that.

謝謝你的問題。這是戴夫。當我們降低紐約市的航班時，我們做了非常外科手術，以確保我們正在使用短途航線、較小規格的航班和我們通常認為對頻率損失影響最小的航線。因此，基於此，拉動的容量影響以及任何收入影響都比離場拉動小得多。因此，我們取消了大約 10% 的離境，但運力遠小於此。

And the revenue is really to be determined. We have initial estimates, but we'll see as we go through the quarter, how things come in. So it's tough to size it at the moment.

而且收入真的有待確定。我們有初步估計，但我們會在整個季度中看到事情是如何發生的。所以目前很難確定它的大小。

Dan, if I could just add, I mean, we're very prepared for this summer. Most airlines are. Unfortunately, the FAA is not. And so these are obviously steps that we've had to take. But last summer, we made a number of investments to try to insulate the operation from air traffic control challenges, some of which were transient in nature, some of which have stayed with us, things like investing in more people and crew services and planning the network in a way that allows us to more easily manage days where there are -- where there is convective activity, so higher percent of out and back flights that enable you to kind of cleanly cut those flights and contain it to on a specific route.

丹，如果我可以補充一點，我的意思是，我們已經為這個夏天做好了充分的準備。大多數航空公司都是。不幸的是，美國聯邦航空局不是。因此，這些顯然是我們必須採取的步驟。但去年夏天，我們進行了多項投資，試圖使運營免受空中交通管制挑戰的影響，其中一些挑戰本質上是短暫的，其中一些一直伴隨著我們，比如投資更多的人員和機組人員服務以及規劃網絡的方式使我們能夠更輕鬆地管理存在對流活動的日子，因此更高比例的往返航班使您能夠乾淨利落地削減這些航班並將其控制在特定航線上。

We've also made a number of investments in technology, a new solver that enables us to more quickly repair flights. So as we think about JetBlue's footprint in the Northeast, we are making operational decisions, planning decisions and investments to enable us to operate in this airspace because this is something that's not going to change in the very near term. We obviously have more reserves as most carriers do. The capacity pull, the summer in New York has enabled us to kind of redistribute those reserves a couple of points into our operational plan so that we're more resilient for the summer.

我們還在技術方面進行了大量投資，一種新的求解器使我們能夠更快地修復航班。因此，當我們考慮捷藍航空在東北部的足跡時，我們正在製定運營決策、規劃決策和投資，以使我們能夠在這個空域內運營，因為這在短期內不會改變。與大多數航空公司一樣，我們顯然擁有更多儲備。紐約夏季的容量拉動使我們能夠將這些儲備重新分配到我們的運營計劃中，以便我們在夏季更具彈性。

But we're fully prepared for the summer time frame. We're fully prepared for the next few years of challenges that we expect will present themselves because of this ATC staffing shortage. We need the FAA to continue to focus on a longer-term fix because this is coming at a cost to JetBlue and frankly, a cost to customers. Customers deserve and should get more out of the FAA in terms of the services that they provide.

但是我們已經為夏季的時間框架做好了充分的準備。由於 ATC 人員短缺，我們已做好充分準備迎接未來幾年的挑戰。我們需要美國聯邦航空局繼續專注於長期解決方案，因為這對 JetBlue 來說是有代價的，坦率地說，對客戶來說也是代價。就 FAA 提供的服務而言，客戶理應而且應該從 FAA 中獲得更多收益。

Yes. Very good. Second question here. As we think about the 2023 revenue outlook, I'm just wondering if you can flesh that out a little bit more. And I'm wondering if you can speak to the revenue recovery in the capacity-constrained airports in 2022 and to what extent JetBlue's RASM at those airports lag the industry and how last year's trends are inflecting and contributing to the outlook this year? So the RASM hit -- what the RASM hit was from overcapacity last year in the constrained airports. And how the trends of the summer are aiding those airports this year.

是的。非常好。第二個問題在這裡。當我們考慮 2023 年的收入前景時，我只是想知道您是否可以進一步充實它。我想知道你是否可以談談 2022 年容量受限機場的收入恢復情況，捷藍航空在這些機場的 RASM 在多大程度上落後於行業，以及去年的趨勢如何影響和影響今年的前景？所以 RASM 受到打擊 - RASM 受到的打擊是去年受限機場的產能過剩。以及今年夏季的趨勢如何幫助這些機場。

Thanks, Dan. This is Dave. I'll take that one. Clearly, in 2022, we had a headwind in our slotted airports as user loses came back into effect and us and the rest of the industry needed to fly those slots, which ramped up capacity a bit faster than demand was ramping up. We also, in addition to that, our strong growth in New York City enabled by the Northeast Alliance led to a lot of capacity that was relatively new, and that capacity always goes to ramp.

謝謝，丹。這是戴夫。我會拿那個。很明顯，在 2022 年，我們的機場出現了逆風，因為用戶流失重新開始，我們和行業的其他人需要飛行這些時段，運力增加的速度比需求增加的速度快一點。除此之外，我們在東北聯盟的推動下在紐約市實現了強勁增長，這導致了很多相對較新的產能，而且這些產能總是在增加。

We're now seeing the flip side, those headwinds last year have turned into a tailwind this year, which is great. And I think maybe the easiest way to size it is if you look at the first quarter, was just completed, our New York City year-over-year RASM was 10 points better than the rest of our system. So we're seeing the catch-up happening. It's still behind. It's not caught up to where it was relative to the system before COVID. But a 10-point improvement last quarter on a year-over-year basis, obviously shows the rate at which it's starting to catch up.

我們現在看到了另一面，去年的逆風在今年變成了順風，這很好。而且我認為，也許最簡單的衡量方法是，如果你看一下剛剛完成的第一季度，我們紐約市的同比 RASM 比我們系統的其他部分好 10 個百分點。所以我們看到了追趕正在發生。它還在後面。它沒有趕上 COVID 之前它相對於系統的位置。但上個季度同比增長 10 個百分點，顯然表明它開始追趕的速度。

Next question will be from Catherine O'Brien at Goldman Sachs.

下一個問題將來自高盛的 Catherine O'Brien。

So maybe just on the maintenance costs. You called out that maintenance expense will be a headwind in the second half and gave us some good information on the 4Q impact specifically. Just help us think about is like the magnitude of the timing back this year? I know maintenance is always going to be lumpy around events, but is 2023 a good comp for a normal means year? Or maintenance events still elevated from a pandemic recovery perspective?

所以也許只是維護成本。您指出維護費用將成為下半年的不利因素，並具體向我們提供了一些有關第四季度影響的良好信息。只是幫我們想一想今年的時間倒退的幅度有多大？我知道維護工作總是會因事件而起伏不定，但 2023 年對於正常的平均年來說是一個很好的補償嗎？或者從大流行恢復的角度來看，維護事件仍然在增加？

Catie, thanks for the question. I mean, maintenance is always going to be somewhat volatile. It's really just driven by the number of events within the quarter, and it just happens to be -- than in the fourth quarter this year, it's somewhat heavier than what we saw last year. So there's going to be volatility. We'll try to be as transparent as possible as we navigate.

凱蒂，謝謝你的提問。我的意思是，維護總是會有些不穩定。這實際上只是受到本季度內事件數量的推動，而且恰好是——比今年第四季度，它比我們去年看到的要重一些。所以會有波動。我們將在導航時盡量做到透明。

I think the important thing here is that our full year CASM ex-fuel guide we're reiterating, and this was expected. We knew that we were going to have a meaningful step up in the fourth quarter of this year.

我認為這裡重要的是我們重申了我們全年的 CASM 前燃料指南，這是預期的。我們知道我們將在今年第四季度取得有意義的進步。

Got it. And then maybe just on your European service. You've always hinted that it will be London and a couple of other cities where you have gaps for New York City and Boston flyers. Does Amsterdam round out that list? Or could there be more? Should we still think about Europe as a couple of percentage points of total capacity fully ramped? Or has there anything changed based on initial performance of these routes?

知道了。然後也許只是在您的歐洲服務上。您一直暗示，倫敦和其他幾個城市與紐約市和波士頓的傳單有差距。阿姆斯特丹是否完善了這份名單？還是可以有更多？我們是否仍應將歐洲視為總產能的幾個百分點完全提升？或者根據這些路線的初始表現是否有任何變化？

Sure. Thanks, Catie. This is Dave. I think the easiest way to look at it is with our fleet plan, which has about 26 transatlantic capable aircraft in at both the Airbus 321LR and XLR. Looking at what we've now announced between London and Paris and Amsterdam, as those ramp up, it will be about 10 flights per day and take about the first 11 of those 26 airplanes. So there's certainly more transatlantic capable aircraft coming. It will take sort of a year or 2 to get to them to the order book. But we expect, based on our initial results to continue growing.

當然。謝謝，凱蒂。這是戴夫。我認為最簡單的查看方法是我們的機隊計劃，該計劃在空中客車 321LR 和 XLR 中擁有大約 26 架具有跨大西洋能力的飛機。看看我們現在宣布的倫敦、巴黎和阿姆斯特丹之間的航班，隨著這些航班的增加，每天將有大約 10 個航班，並且將使用這 26 架飛機中的前 11 架。因此，肯定會有更多具有跨大西洋能力的飛機出現。需要一兩年的時間才能讓他們進入訂單簿。但我們預計，根據我們的初步結果，我們會繼續增長。

We now have the Big 3 markets, which really adds relevance for us in the North Atlantic. After that, I think you can see us be a bit more sort of creative and spread over where we want to go and use some of the features of our aircraft that are unique and fits the markets really well. So more to come. But for most of next year, you'll see us ramping up these markets we've already announced.

我們現在擁有三大市場，這確實增加了我們在北大西洋的相關性。在那之後，我想你會看到我們更有創造力，分佈在我們想去的地方，並使用我們飛機的一些獨特且非常適合市場的功能。所以還有更多。但在明年的大部分時間裡，你會看到我們正在擴大我們已經宣布的這些市場。

Next question will be from Helane Becker at TD Cowen.

下一個問題將來自 TD Cowen 的 Helane Becker。

So on the Fort Lauderdale issues that you had with the weather, I'm wondering if there are any read-throughs that you can take for how the team handled it into handling other disruptions elsewhere in the network when they occur?

因此，關於您遇到的勞德代爾堡天氣問題，我想知道您是否可以通讀團隊如何處理它以處理網絡其他地方發生的其他中斷？

Helane, thanks. I'll start with of -- sort of we every time there's an event, we do a post-action review. And in this case, the team, whether it's Broward County Aviation Department, and Mark and his team or the JetBlue team, there's always learnings. But overall, the team did an exceptionally good job. Not only do we have to restart the operation -- run the operation down and restart the operation, but we also have to support the crew members who are impacted in the local communities because they've been personally hit, losing cars and things of that nature.

海蘭，謝謝。我將從 - 每次有活動時，我們都會進行事後審查。在這種情況下，團隊，無論是布勞沃德縣航空局、馬克和他的團隊，還是捷藍航空團隊，總能學到東西。但總的來說，團隊做得非常好。我們不僅必須重新啟動操作——關閉操作並重新啟動操作，而且我們還必須支持在當地社區受到影響的船員，因為他們受到人身攻擊，失去汽車和類似的東西自然。

And so given that we have a footprint in the Northeast and we see a lot of these types of events, we've gotten pretty good at managing regular operations. Obviously, there's nuances each one of them, but this one, I think the team did an exceptionally good job in taking care of the safety of our customers and our crew members and then restarting the operation when it was safe to do so. But yes, we do an after-action report on all of these so that we can take learnings and incorporate them into the next event.

因此，鑑於我們在東北部有足跡並且我們看到了很多此類事件，我們已經非常擅長管理常規操作。顯然，他們每個人都有細微差別，但我認為這個團隊在照顧我們的客戶和機組人員的安全方面做得非常好，然後在安全的情況下重新開始運營。但是，是的，我們對所有這些都做了一個事後報告，這樣我們就可以吸取教訓並將它們納入下一個事件。

Okay. That's really helpful. And then my follow-up question is just on kind of going from first half breakeven, which is -- looks like on an adjusted earnings basis is where you'll be, to profit of $0.70 to $1 in -- I guess in the second half, right? So how are you thinking about the third and fourth quarter? The third should normally be a very strong quarter and fourth, maybe not so good. Then I'm wondering how we should think about bridging that breakeven to somewhere between $0.70 and $1.

好的。這真的很有幫助。然後我的後續問題只是關於從上半年盈虧平衡開始的情況，即 - 看起來在調整後的收益基礎上你將達到 0.70 美元至 1 美元的利潤 - 我猜是在第二個一半，對吧？那麼你如何看待第三季度和第四季度？第三節通常應該是一個非常強勁的四分之一，而第四節，可能不太好。然後我想知道我們應該如何考慮將盈虧平衡點縮小到 0.70 美元到 1 美元之間。

Obviously, in the first quarter of this year, it's typically always the seasonally weakest. So then the year tends to ramp from there. What you have to believe for us to achieve the $0.70 to $1 is that we continue to see a strong demand and revenue environment. I mentioned earlier, our full year guidance allows for unit revenue to be slightly down year-over-year. And we are cycling through, obviously strong comps year-over-year, but that seems reasonable given the JetBlue initiatives that we have in place, right? The continued recovery in New York, JetBlue loyalty program launching and then as well as JetBlue Travel Products. So on a top line perspective, that's what you need to believe.

顯然，在今年第一季度，它通常總是季節性最弱的。因此，這一年往往會從那裡開始上升。你必須相信我們要實現 0.70 美元到 1 美元的目標是我們繼續看到強勁的需求和收入環境。我之前提到過，我們的全年指導意見允許單位收入同比略有下降。而且我們正在循環，顯然年復一年地表現強勁，但考慮到我們已經實施的 JetBlue 計劃，這似乎是合理的，對吧？紐約的持續復甦、JetBlue 忠誠度計劃的啟動以及 JetBlue Travel Products 的推出。所以從頂線的角度來看，這就是你需要相信的。

On the cost execution side, I'm very pleased that for 5 quarters in a row, we've either met or beat our controllable cost guidance. And so the continued execution of the structural cost program in the second half of the year, I feel really confident in. And so those are the things that we feel good about and very strong that we can deliver the $0.70 to $1.

在成本執行方面，我很高興連續 5 個季度，我們達到或超過了我們的可控成本指導。因此，在下半年繼續執行結構成本計劃，我感到非常有信心。因此，這些是我們感覺良好並且非常強大的事情，我們可以將 0.70 美元交付到 1 美元。

Next question will be from Conor Cunningham at Melius Research.

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

We had a couple of questions on RASM. So maybe to ask it a different way. When -- I mean you're outperforming pretty nicely in the second quarter from a relative to what we've heard from some other carriers. So is the way of thinking basically whatever the domestic market does, JetBlue is ultimately going to outperform this year just given the tailwinds from the NEA and some of the other revenue initiatives that you've put in place?

我們有幾個關於 RASM 的問題。所以也許可以換一種方式問。什麼時候——我的意思是，相對於我們從其他一些運營商那裡聽到的情況，你在第二季度的表現相當不錯。那麼基本上無論國內市場做什麼，考慮到 NEA 的順風和您已經實施的其他一些收入計劃，JetBlue 最終將在今年表現出色？

This is Dave. Thanks for the question. And yes, I think that's a good way to think about it. I think given our exposure to the slotted markets and the recovery that they've had and as mentioned that headwind last year turning to a tailwind this year, I think we're well positioned in the domestic market compared to the industry as a whole. And then just also, we're about 30% to 33% international, too. So we're certainly getting some benefit from the improvements there as well.

這是戴夫。謝謝你的問題。是的，我認為這是一個很好的思考方式。我認為，鑑於我們對插槽市場的敞口和他們所經歷的複蘇，並且正如所提到的，去年的逆風今年變成了順風，我認為與整個行業相比，我們在國內市場處於有利地位。然後，我們也有大約 30% 到 33% 的國際化。所以我們當然也從那裡的改進中獲得了一些好處。

Okay. And then maybe a longer-term question. 1Q is obviously your seasonally weakest quarter, but you typically add capacity from fourth quarter to first quarter. There's been obviously a lot of changes in how people are booking and what that may look like going forward. But just long term, why wouldn't JetBlue somewhat reshape our capacity to drive long-term profits? Some of your competitors are talking about looking at first quarter and how they make it a little better. I'm just curious if that's a thought process for you guys as well.

好的。然後可能是一個更長期的問題。第一季度顯然是季節性最弱的季度，但您通常會從第四季度到第一季度增加產能。人們的預訂方式以及未來的發展趨勢顯然發生了很多變化。但從長遠來看，捷藍航空為什麼不在某種程度上重塑我們推動長期利潤的能力呢？你的一些競爭對手正在談論如何看待第一季度以及他們如何讓它變得更好。我很好奇這是否也是你們的思考過程。

Yes. And I'd say absolutely. Every time we complete a season, we immediately scrub it and learn from it as we plan the capacity for the next year. And we certainly saw some different trends this winter that will factor in. So of course, we don't want to react to any one season and look for larger trends over time. But we'll continue to update our capacity plan as we see customer behavior in terms of all.

是的。我絕對會說。每次我們完成一個賽季時，我們都會立即清理它並從中吸取教訓，以規劃明年的容量。我們當然會在今年冬天看到一些不同的趨勢。因此，當然，我們不想對任何一個季節做出反應，並隨著時間的推移尋找更大的趨勢。但我們會繼續更新我們的容量計劃，因為我們會看到客戶的所有行為。

Next question will be from Chris Stathoulopoulos at Susquehanna International Group.

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

So Rob and Joan, I'm curious the capacity guide for this year, 5.5% to 8.5% to 3 points, you have your -- you have the ATC issues you spoke to. There's always weather. There's always additional slippage with deliveries. And certainly, there's increasingly macro and consumer risk in the second half. I'm curious, why shouldn't we look at the closer to the lower end of that guide as a kind of a more realistic starting point for the full year?

所以 Rob 和 Joan，我很好奇今年的容量指南，5.5% 到 8.5% 到 3 點，你有你的 - 你有你談到的 ATC 問題。總是有天氣。交貨總是有額外的延誤。當然，下半年宏觀和消費者風險越來越大。我很好奇，為什麼我們不應該把接近該指南的低端作為全年更現實的起點？

Yes. I mean, I'll add and then Robin, feel free to jump in. We're confident where we sit today that that's the right capacity for the year. But you are correct. I mean this summer, if ATC presents itself as far worse than anybody has anticipated, even in the face of the capacity pulls we've made, that could obviously impact completion factor going forward. And obviously, if there's a significant change in the macroeconomic environment that could also impact our capacity guide because we want to stay nimble with capacity and adjust as conditions warrant.

是的。我的意思是，我要補充，然後羅賓，隨時加入。我們相信我們今天坐的地方是今年的正確容量。但你是對的。我的意思是，今年夏天，如果 ATC 表現得比任何人預期的都要糟糕，即使面對我們所做的容量拉動，這顯然會影響未來的完成因素。顯然，如果宏觀經濟環境發生重大變化也可能影響我們的產能指南，因為我們希望保持產能的靈活性並根據情況進行調整。

So based upon what we know now, we think that is the right capacity guide for the year. But we are mindful of the order environment that we operate in, and we will plan the business accordingly.

因此，根據我們現在所知道的，我們認為這是今年正確的容量指南。但我們注意到我們運營的訂單環境，我們將相應地規劃業務。

Yes. The only thing I'd say to add to that is that the idea of putting the flights out is to make the summer more operable. That should mean that we are able to complete more flights. I mean I think our team do a really, really good job trying to complete flights even in very challenging circumstances. I mean it's -- we talked about Fort Lauderdale earlier, that was the beginning of a very tough 5 days. As we had the Fort Lauderdale closure, that bled into weather into the New York area and ATC delays on Saturday night. And then it led into weather and thunderstorms in Florida on Sunday. So it was a very challenging event. And yet, I think our team did a really good job trying to get as many people home that they could.

是的。我唯一要補充的是，推遲航班的想法是讓夏季更容易操作。這應該意味著我們能夠完成更多的飛行。我的意思是，我認為我們的團隊在完成飛行方面做得非常非常好，即使在非常具有挑戰性的情況下也是如此。我的意思是——我們早些時候談到了勞德代爾堡，那是非常艱難的 5 天的開始。由於我們關閉了勞德代爾堡，這影響了紐約地區的天氣，導致 ATC 在周六晚上出現延誤。然後它導致周日在佛羅里達州出現天氣和雷暴。所以這是一個非常具有挑戰性的事件。然而，我認為我們的團隊在盡力讓盡可能多的人回家方面做得非常好。

So those are things obviously completion that will help us operate the capacity that we are sort of publishing. But again, there's always been puts and takes in it. Right now, we feel good about the guide that we are laying out.

所以這些顯然是完成的事情，將幫助我們運營我們正在出版的能力。但同樣，總是有投入和投入。現在，我們對我們正在製定的指南感到滿意。

Okay. And Ursula, I just want to -- I think you might have said for the second half, the potential for unit revenue down, but just on the math here on the full year revenue guide, the capacity guide implies around -- I think it's around 2 points of acceleration in the RASM from the second quarter to the second half. So I just want to make sure I understood your prepared comments and if the math is correct here, how are you anticipating growing RASM in the second half, while most peers are guiding for deceleration? I know you have the NEA, you have Travel Products and some other initiatives going on here, but I want to understand sort of the thought process here.

好的。烏蘇拉，我只想——我想你可能已經說過下半年單位收入下降的可能性，但就全年收入指南的數學而言，產能指南暗示——我認為這是從第二節到下半場，RASM 加速了大約 2 個點。所以我只想確保我理解你準備好的評論，如果這裡的數學是正確的，你如何預計下半年 RASM 的增長，而大多數同行都在指導減速？我知道你有 NEA，你有旅遊產品和一些其他的倡議，但我想了解這裡的思維過程。

Chris, this is Dave. I'll take that one, and we can loop offline afterwards if you'd like with the team, but we do not need to see positive RASM in the second half of the year. Given our Q1 performance, given our guidance for Q2, we can then be slightly negative RASM for Q3 and Q4 and still achieve the revenue and EPS numbers.

克里斯，這是戴夫。我會拿那個，如果你願意和團隊一起，我們可以在之後離線循環，但我們不需要在下半年看到積極的 RASM。鑑於我們第一季度的表現，根據我們對第二季度的指導，我們可以為第三季度和第四季度略微負 RASM，但仍能實現收入和每股收益數字。

Okay.

好的。

Yes. By the way, I would also add, I think, again, with the capacity changes that you're seeing in the New York region this summer, which are quite significant, not just from JetBlue but from other airlines, it is possible some of that demand spills into the fall. We don't know that yet. We did see some of that last year. And so I think whilst that's not in our -- we're not assuming that today, I think that right everyone focused on the economic uncertainty that's out there, we're all very watchful about that. We're thinking about that.

是的。順便說一句，我還要補充一點，我認為，今年夏天你在紐約地區看到的運力變化非常顯著，不僅來自捷藍航空，還有其他航空公司，可能有一些這種需求會蔓延到秋天。我們還不知道。去年我們確實看到了其中的一些。所以我認為，雖然這不在我們的範圍內——我們今天並沒有假設，但我認為正確的每個人都關注那裡的經濟不確定性，我們都對此非常關注。我們正在考慮。

But there's some, I think, some revenue tailwinds here linked to just continued New York recovery spilling demand at the peak into the fall and some of the JetBlue and the initiatives that we've already outlined.

但我認為，這裡有一些收入順風與紐約的持續復甦將高峰期的需求溢出到秋季以及一些捷藍航空和我們已經概述的舉措有關。

Next question will be from Stephen Trent at Citi.

下一個問題將來自花旗銀行的 Stephen Trent。

Just two quick ones for you here. First, I'm wondering if it's possible that you guys can expand your sustainable aviation fuel purchases beyond Los Angeles?

這裡只有兩個快速的。首先，我想知道你們是否有可能將可持續航空燃料的採購擴大到洛杉磯以外的地區？

And two, any high-level view as to where you guys expect to get your pilots over the next 5 years? If you're partnering with a flight school or something like that. Would just love to hear that.

第二，關於你們希望在未來 5 年內讓你們的飛行員去哪裡，有什麼高層次的看法嗎？如果您正在與飛行學校或類似機構合作。只是想听聽。

Thanks for the question. On sustainable aviation fuel then, that's something our team is extremely focused on. It's become the gold rush of the airline industry. So I'm not going to be too specific about what we're thinking about. But it's clearly something that we're committed to. And the 10% target by 2030 is something that we are working towards every day.

謝謝你的問題。那麼關於可持續航空燃料，這是我們團隊非常關注的事情。它已成為航空業的淘金熱。所以我不會太具體地說明我們在想什麼。但這顯然是我們致力於的事情。到 2030 年達到 10% 的目標是我們每天都在努力實現的目標。

On the pilot issue, I mean, it's something that I'm incredibly proud of is several years ago, JetBlue created some internal -- some gateway programs to take pilots and train -- take people who want to become pilots and train them. Called that gateway programs. We have, I think, now close to 1,000 pilots who have either been through one of those programs or in one of those programs or due to come in to one of those programs this year.

關於飛行員問題，我的意思是，幾年前我非常自豪的是，捷藍航空創建了一些內部 - 一些門戶計劃來接受飛行員和培訓 - 接受想成為飛行員並培訓他們的人。稱為網關程序。我認為，我們現在有將近 1,000 名飛行員，他們要么已經完成了其中一個項目，要么參加了其中一個項目，或者今年將參加其中一個項目。

The retention from these pilots is extremely high. And more recently, we've opened up programs internally to our crew members. So if you want to come to work at JetBlue -- if you work at JetBlue, then after 2 years, you want to become a pilot, we'll train you. And then also that applies to family members as well. So really, removing a lot of the economic and practical challenges that come with learning to fly.

這些飛行員的保留率非常高。最近，我們在內部向我們的機組人員開放了項目。所以如果你想來捷藍航空工作——如果你在捷藍航空工作，那麼 2 年後，你想成為一名飛行員，我們會培訓你。然後這也適用於家庭成員。真的，消除了學習飛行帶來的許多經濟和實際挑戰。

So I think we couldn't be more pleased about that, and we're going to continue to work that in partnership with others in the industry. So again, we are not having any issue right now hiring, attracting pilots. We are seeing heightened levels of attrition. And again, that is another thing that drives the cost headwind that we're having to navigate, but we feel good about our ability to attract and train pilots. And our gateway programs have just been so transforming for so many people over the years. Transformative, I should say.

所以我認為我們對此感到非常高興，我們將繼續與業內其他人合作開展這項工作。再一次，我們現在在招聘和吸引飛行員方面沒有任何問題。我們看到人員流失加劇。再一次，這是推動我們不得不應對的成本逆風的另一件事，但我們對我們吸引和培訓飛行員的能力感到滿意。多年來，我們的門戶項目對很多人來說都發生了巨大的變化。變革性的，我應該說。

Thank you. At this time, we have no other questions registered. I will turn it back to our speakers for closing remarks.

謝謝。目前，我們沒有登記其他問題。我會把它轉回給我們的發言人作閉幕詞。

Great. Well, thank you very much. That will conclude our first quarter 2023 conference call. Thank you all for joining us. Have a great day.

偉大的。好的，謝謝。這將結束我們 2023 年第一季度的電話會議。謝謝大家加入我們。祝你有美好的一天。

Thank you. And again, this will conclude today's conference. Thank you for your participation, and we do ask that you please disconnect your lines.

謝謝。再一次，這將結束今天的會議。感謝您的參與，我們確實要求您斷開線路。