JetBlue Airways Corp (JBLU) 2023 Q3 法說會逐字稿

Good morning. My name is Joelle. I would like to welcome everyone to the JetBlue Airways Third Quarter 2023 Earnings Conference Call. As a reminder, today's call is being recorded. (Operator Instructions)

早安.我叫喬爾。歡迎大家參加捷藍航空 2023 年第三季財報電話會議。提醒一下，今天的通話正在錄音。 （操作員說明）

I would now like to turn the call over to JetBlue's Director of Investor Relations,[Kush Patel]. Please go ahead, sir.

我現在想將電話轉給捷藍航空投資者關係總監 [Kush Patel]。請繼續，先生。

Thanks, Joelle. Good morning, everyone, and thanks for joining us on our third quarter 2023 earnings call. This morning, we issued our earnings release and the presentation that we will reference during this call. All of these documents are available on our website at investor.jetblue.com and on the SEC's website at www.sec.gov. 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 Revenue and Planning; and Andres Barry, President of JetBlue Travel Products.

謝謝，喬爾。大家早安，感謝您參加我們的 2023 年第三季財報電話會議。今天早上，我們發布了收益報告以及我們將在本次電話會議中參考的簡報。所有這些文件均可在我們的網站 Investor.jetblue.com 和 SEC 網站 www.sec.gov 上取得。我們的執行長 Robin Hayes 在紐約討論我們的業績； Joanna Geraghty，我們的總裁兼營運長；和我們的財務長烏蘇拉·赫爾利 (Ursula Hurley)。我們的收入和規劃主管戴夫克拉克 (Dave Clark) 也加入了我們的問答環節。以及捷藍航空旅行產品總裁安德烈斯·巴里 (Andres Barry)。

During today's call, we will make forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in 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 actual results to differ materially from those contained in our forward-looking statements.

在今天的電話會議中，我們將根據1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性陳述。所有此類前瞻性陳述均受到風險和不確定性的影響，實際結果可能與實際結果存在重大差異這些陳述中明示或暗示的。請參閱我們最新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的前瞻性聲明中包含的結果存在重大差異的風險和不確定性。

The statements made during this call are made only as of the date of the call and other than as may be required by law, we undertake no obligation to update the information. Investors should not place undue reliance on these forward-looking statements.

本次電話會議所做的聲明僅截至電話會議之日作出，除非法律要求，我們不承擔更新資訊的義務。投資者不應過度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 of these non-GAAP measures and a reconciliation to the corresponding GAAP measures, please refer to our earnings release, a copy of which is available on our website and on sec.gov.

此外，在電話會議期間，我們可能會討論某些非公認會計準則財務指標。有關這些非 GAAP 衡量標準的說明以及與相應 GAAP 衡量標準的調節，請參閱我們的收益發布，其副本可在我們的網站和 sec.gov 上取得。

Finally, I'd like to add an important note for today's call regarding our proposed transaction with Spirit Airlines. Given our trial has now begun, we will not be taking questions or commenting on Spirit beyond what is in today's prepared remarks. We appreciate your understanding and look forward to answering your questions once the trial has concluded.

最後，我想在今天的電話會議中就我們與精神航空擬議的交易添加一條重要說明。鑑於我們的審判現已開始，我們不會對 Spirit 提出超出今天準備好的演講內容的問題或評論。我們感謝您的理解，並期待在審判結束後回答您的問題。

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

現在我想將電話轉給捷藍航空執行長羅賓海斯 (Robin Hayes)。

Good morning, everyone, and thanks for joining us today. I'd like to start by thanking our incredible crew members for their hard work, dedication and service to our customers. This summer, airlines faced an exceptionally high number of disruptions given air traffic control and weather challenges, and our outstanding crew members rose to the occasion each and every day to support our operation and deliver the JetBlue experience.

大家早安，感謝您今天加入我們。首先，我要感謝我們出色的機組人員的辛勤工作、奉獻精神以及為客戶提供的服務。今年夏天，由於空中交通管制和天氣挑戰，航空公司面臨異常多的航班中斷，我們優秀的機組人員每天都挺身而出，支持我們的營運並提供捷藍航空的體驗。

Before getting into the results, as many of you are aware, the antitrust trial related to our proposed merger with Spirit Airlines began today. We look forward to presenting our case to court over the next few weeks as we strongly believe our combination with Spirit is the best opportunity to disrupt the industry by increasing competition and choice, creating a long overdue national low-fare challenger to the dominant Big 4 airlines.

在得出結果之前，正如你們許多人所知，與我們擬議的與精神航空合併相關的反壟斷審判今天開始。我們期待在接下來的幾週內向法庭提交案件，因為我們堅信，我們與Spirit 的合併是通過增加競爭和選擇來擾亂行業的最佳機會，為占主導地位的四大航空公司創造一個早該出現的全國性低票價挑戰者航空公司。

We expect the trial will proceed according to the process that Judge laid out and is currently scheduled to conclude during the first week of December. Assuming a successful outcome, we remain on track to close the transaction in the first half of next year.

我們預計審判將按照法官制定的程序進行，目前計劃在 12 月的第一周結束。假設取得成功，我們仍有望在明年上半年完成交易。

For obvious reasons, it would be inappropriate for us to comment on any matters relating to this transaction while a judicial proceeding is underway. And therefore, as [Kush] mentioned, we won't be answering any questions related to Spirit on today's call or making any other public comments while the trial is underway.

出於顯而易見的原因，在司法程序正在進行期間，我們不宜對與本次交易有關的任何事項發表評論。因此，正如 [Kush] 所提到的，我們不會在今天的電話會議上回答任何與 Spirit 相關的問題，也不會在審判進行期間發表任何其他公開評論。

Now moving to the results on Slide 4 of our presentation. We reported a third quarter adjusted loss per share of $0.39. We planned and prepared for several challenges in the quarter, including the wind down of the Northeast Alliance, air traffic control delays and shift in post-COVID customer demand. However, weather-related disruptions were significantly greater than expected and increases in jet fuel costs also weighed on results. While we are certainly not satisfied with these results, our team is working hard to mitigate these headwinds while also working to protect the customer experience.

現在轉向我們簡報第 4 投影片中的結果。我們報告第三季調整後每股虧損為 0.39 美元。我們計劃並準備應對本季度的多項挑戰，包括東北聯盟的逐步結束、空中交通管制延誤以及新冠疫情後客戶需求的轉變。然而，與天氣相關的干擾遠大於預期，而且航空燃油成本的增加也影響了業績。雖然我們對這些結果當然不滿意，但我們的團隊正在努力減輕這些不利因素，同時也努力保護客戶體驗。

Turning now to Slide 5. We are updating our full year outlook to reflect the impact of these near-term headwinds, including higher fuel prices and industry capacity that is outpacing domestic demand. We now expect a full loss per share of $0.45 to $0.65 per share.

現在轉向幻燈片 5。我們正在更新全年展望，以反映這些近期不利因素的影響，包括燃油價格上漲和行業產能超過國內需求。我們現在預計每股全額虧損為 0.45 美元至 0.65 美元。

Our team remains focused on taking steps to control what we can control, while identifying additional levers to deliver value to shareholders. First, with respect to weather and ATC staffing challenges, we are pleased that the FAA has extended its 10% slot waiver in New York due to October 2024, which we will be taking full advantage of. This is a critical step in affording much needed support to a fragile ATC system. Importantly, the waiver was announced well ahead of the 2024 planning cycle, providing time to efficiently reallocate capacity, which we were not able to do in 2023.

我們的團隊仍然專注於採取措施來控制我們可以控制的事情，同時確定其他槓桿來為股東創造價值。首先，關於天氣和 ATC 人員配置的挑戰，我們很高興 FAA 將紐約 10% 的起降時刻豁免延長至 2024 年 10 月，我們將充分利用這一優勢。這是為脆弱的空中交通管制系統提供急需支援的關鍵一步。重要的是，豁免是在 2024 年規劃週期之前就宣布的，為有效地重新分配產能提供了時間，而我們在 2023 年無法做到這一點。

Secondly, as customer travel patterns continue to evolve, we are taking steps to better match capacity with demand. While overall demand remains healthy compared to prepandemic levels, inflationary pressures, including the recent uptick in fuel prices are impacting margins in certain markets.

其次，隨著客戶出行模式的不斷發展，我們正在採取措施更好地匹配運能和需求。儘管整體需求與疫情前的水平相比仍然健康，但通貨膨脹壓力，包括最近燃料價格的上漲，正在影響某些市場的利潤率。

We recently announced the closure of 2 Blue Cities and other capacity adjustments. As we look ahead, our capacity growth is expected to moderate in the fourth quarter and will be driven primarily by international markets, which have demonstrated yield resiliency this year.

我們最近宣布關閉 2 個藍色城市並進行其他運力調整。展望未來，我們的產能成長預計將在第四季度放緩，並將主要受到國際市場的推動，國際市場今年已展現收益率彈性。

Finally, the NEA wind down continues to progress. We've begun returning LaGuardia slot pair to American. And as we head into 2024, we plan to continue reallocating capacity out of LaGuardia as we return additional slot pairs. These changes are expected to benefit revenues and costs in 2024, as LaGuardia is one of our most expensive airports.

最後，NEA 的逐步結束仍在繼續進行。我們已經開始將拉瓜迪亞老虎機對回饋給美國航空。進入 2024 年，我們計劃在返還更多航班時刻對時繼續重新分配拉瓜迪亞機場的運力。這些變化預計將有利於 2024 年的收入和成本，因為拉瓜迪亞機場是我們最昂貴的機場之一。

Turning now to Slide 6. While we continue to face challenges in the near term, we firmly believe we have the right building blocks in place to position JetBlue for success.

現在轉向投影片 6。雖然我們在短期內繼續面臨挑戰，但我們堅信我們擁有正確的基石來幫助捷藍航空取得成功。

Our large footprint in the slot constrained New York market is a key competitive advantage. New York remains our largest focus city with well over 200 departures per day and has historically been a profit engine for JetBlue. While margins in New York have not recovered from the pandemic -- prepandemic levels as quickly as the rest of the network, we're encouraged by the continued progress we are seeing in the market. We clearly have more work to do, but our competent margins in New York will fully recover to prepandemic levels over time.

我們在老虎機有限的紐約市場擁有龐大的足跡，這是我們的關鍵競爭優勢。紐約仍然是我們最大的重點城市，每天有超過 200 趟航班出發，歷來都是捷藍航空的利潤引擎。雖然紐約的利潤率尚未像網路其他地區一樣迅速從疫情中恢復到疫情前的水平，但我們看到市場的持續進展令我們感到鼓舞。顯然我們還有更多工作要做，但隨著時間的推移，我們在紐約的利潤率將完全恢復到疫情前的水平。

We're also driving long-term structural improvements in our profitability from JetBlue Travel Products, where we have seen a 30% year-over-year increase in commission revenues for hotels and cars year-to-date. In addition, our redesigned TrueBlue program continues to be an important source of loyalty revenue, which increased as a percentage of total revenue by approximately 1 point year-to-date compared to 2022.

我們也推動捷藍航空旅遊產品獲利能力的長期結構性改善，今年迄今為止，我們的飯店和汽車佣金收入較去年同期成長了 30%。此外，我們重新設計的 TrueBlue 計劃仍然是忠誠度收入的重要來源，與 2022 年相比，今年迄今為止，忠誠度收入佔總收入的百分比增加了約 1 個百分點。

Finally, we continue to deliver steady programs -- progress, I should say, on controllable cost execution this quarter. We have seen great success from our structural cost program, which is on track to deliver $150 million to $200 million savings by the end of 2024. We also continue to make strides in our ongoing fleet modernization program as we benefit our E190 fleet with the margin-accretive fuel-efficient A220s.

最後，我們繼續實施穩定的計劃——我應該說，本季度在可控成本執行方面取得了進展。我們的結構成本計劃取得了巨大成功，預計到 2024 年底可節省 1.5 億至 2 億美元。我們還在持續的機隊現代化計劃中繼續取得進展，我們的 E190 機隊的利潤率將受益- 增加燃油效率的A220。

In conclusion, I'd like to thank our crew members again as they continue to go above and beyond to deliver for our customers and for each other day in, day out. While near-term headwinds persists, including the Pratt & Whitney GTF engine issue, which Ursula will provide an update on, we are focused on controlling what we can control. I'm confident we have the right foundation in place to navigate the current challenges and work towards improving margins and driving profitable growth.

最後，我要再次感謝我們的工作人員，他們日復一日地不斷超越，為我們的客戶和彼此提供服務。雖然近期不利因素依然存在，包括普惠 GTF 引擎問題（烏蘇拉將提供最新情況），但我們專注於控制我們能控制的事情。我相信我們已經具備了正確的基礎來應對當前的挑戰，並努力提高利潤率和推動獲利成長。

With that, over to you, Joanna.

就這樣，交給你了，喬安娜。

Thank you, Robin. I'd also like to thank our team as we continue to navigate a challenging operating environment. We very much appreciate your unwavering efforts to take care of our customers and support each other. We continued to experience greater-than-expected operational disruption during the quarter due to unusual September, far worse September weather, far worse than we've historically seen, coupled with unprecedented ATC restrictions.

謝謝你，羅賓。我還要感謝我們的團隊，讓我們繼續應對充滿挑戰的營運環境。我們非常感謝您為照顧我們的客戶和互相支持所做的堅定不移的努力。由於 9 月異常，9 月天氣比我們歷史上見過的更糟糕，再加上空前的 ATC 限制，我們在本季度繼續經歷了超出預期的運營中斷。

In the third quarter, we had 68 days of significant operational disruption versus 40 days in the third quarter last year. Often these events occurred on multiple consecutive days, causing extended delays and cancellations in subsequent days as we recovered.

第三季度，我們發生了 68 天的重大營運中斷，而去年第三季為 40 天。這些事件通常連續多天發生，導致我們恢復後的後續幾天出現長時間的延誤和取消。

The severity of ATC constraints was also worse than previous summers based on airborne holding, diversions, taxi time and cancellations seen throughout the industry due to ATC. However, our investments enabled us to recover faster and better protect completion factor. As a result, for the third quarter, capacity grew 7.1% year-over-year.

根據空中交通管製造成的整個行業的機載等待、改道、滑行時間和航班取消，空中交通管制限制的嚴重程度也比往年夏季更嚴重。然而，我們的投資使我們能夠更快地恢復並更好地保護完成率。因此，第三季運力年增 7.1%。

As Robin mentioned, we are pleased with the FAA's recent decision to extend the 10% slot waiver in the New York City area through October of 2024, and we are taking full advantage of it. However, given that the extension was announced after our Q4 schedules were published, this resulted in close in and, therefore, less efficient schedule changes for the fourth quarter.

正如 Robin 所提到的，我們對 FAA 最近決定將紐約市地區 10% 的起降時刻豁免延長至 2024 年 10 月感到高興，我們正在充分利用這一優勢。然而，考慮到延期是在我們的第四季度時間表發布後宣布的，這導致第四季度的時間表變化接近，因此效率較低。

For 2024, we will be able to better plan our network, proactively address associated costs, mitigate customer disruptions and appropriately manage our hiring plans. While the slot waiver is a good initial step, we recognize that there is still a long way to go in terms of getting the right level of staffing and experience within ATC to drive substantial improvements in their performance and minimize the number of cancellations.

到 2024 年，我們將能夠更好地規劃我們的網路、主動解決相關成本、減少客戶幹擾並適當管理我們的招聘計劃。雖然航班時刻豁免是一個很好的第一步，但我們認識到，要在ATC 內獲得適當水平的人員配備和經驗，以推動其績效的實質性改進並最大限度地減少取消數量，還有很長的路要走。

We expect ATC disruptions to continue for the foreseeable future and we continue to plan the operation with conservatism and with elevated crew reserve levels. With Mike Whittaker's recent appointment, we are hopeful that we will see progress as a permanent FAA administrator can serve as a champion on these critical infrastructure issues.

我們預計在可預見的未來，空中交通管制中斷將繼續存在，我們將繼續以保守的態度規劃營運並提高機組人員儲備水準。隨著 Mike Whittaker 最近的任命，我們希望作為聯邦航空局常任管理員能夠在這些關鍵基礎設施問題上發揮作用，取得進展。

For the fourth quarter, we are forecasting capacity to grow between 0.5 point to 3.5 points year-over-year, a 5-point sequential reduction in scheduled capacity growth versus the third quarter of 2022.

對於第四季度，我們預計運力將年增 0.5 個百分點至 3.5 個百分點，與 2022 年第三季相比，預定運力成長較上季減少 5 個百分點。

We are proactively managing our capacity in light of higher fuel costs and aircraft constraints and have temporarily reduced flying in certain markets and off-peak periods. Our fourth quarter growth will be driven by international markets where we have seen yields holding up relatively well. For the full year, we are narrowing our capacity growth outlook to 5% to 7% year-over-year.

鑑於燃油成本上漲和飛機限制，我們正在積極管理運力，並暫時減少了某些市場和非尖峰時段的航班。我們第四季的成長將受到國際市場的推動，我們發現國際市場的收益率保持相對良好。對於全年，我們將產能成長預期縮小至年比 5% 至 7%。

Turning to revenues. Third quarter revenues decreased 8.2% year-over-year and were impacted by the challenging operational backdrop as well as softer-than-expected off-peak and close-in leisure demand in September. Our premium offerings remained a bright spot with year-over-year Mint RASM outperforming core by 4.5 percentage points during the quarter.

轉向收入。第三季營收年減 8.2%，受到充滿挑戰的營運背景以及 9 月非高峰和近距離休閒需求低於預期的影響。我們的優質產品仍然是亮點，本季 Mint RASM 的表現比去年同期高出核心產品 4.5 個百分點。

We continue to see strength in Mint even with our Mint capacity up 19% year-over-year. All of our A321neo deliveries for the foreseeable future will be in the Mint configuration, which we believe will allow us to continue to grow our strong premium leisure offerings.

儘管我們的 Mint 產能年增 19%，但我們仍然看到 Mint 的實力。在可預見的未來，我們交付的所有 A321neo 都將採用 Mint 配置，我們相信這將使我們能夠繼續發展我們強大的優質休閒產品。

We are also seeing strength in even more space with revenue growing double digits in Q3 year-over-year on roughly equivalent load factors. And we look forward to the continued expansion of even more space as our A220s have 30 even more space seats compared to 16 on the E190s that they are replacing.

我們也看到更多領域的實力，第三季的營收年增兩位數，負載率大致相同。我們期待著繼續擴大更多的空間，因為我們的 A220 擁有 30 個更多的空間座位，而它們正在取代的 E190 上有 16 個座位。

Transatlantic also continues to deliver strong results as we continue to ramp. This quarter, we launched service to our third transatlantic Blue City Amsterdam, from both New York and Boston, and we look forward to continuing to expand our transatlantic network as we take delivery of additional A321LR aircraft. This includes the new summer seasonal service announced last week to Dublin and Edinburgh.

隨著我們不斷發展，跨大西洋也持續取得強勁的業績。本季度，我們推出了從紐約和波士頓飛往第三個跨大西洋藍色城市阿姆斯特丹的航班，我們期待在接收更多 A321LR 飛機時繼續擴大我們的跨大西洋網路。這包括上周宣布的飛往都柏林和愛丁堡的新夏季季節性航班。

And in New York City, as we continue to wind down the NEA, we are rebalancing our capacity to better match supply and demand. We are meaningfully reducing our footprint at LaGuardia, reallocating this capacity to geographies with stronger performance such as the Caribbean, where we are launching new services in the fourth quarter from Orlando to Punta Cana in Santiago in the Dominican Republic and from New York to Belize and St. Kitts to Nevis.

在紐約市，隨著我們繼續縮減 NEA，我們正在重新平衡我們的產能，以更好地匹配供需。我們正在有意義地減少在拉瓜迪亞機場的足跡，將這種運力重新分配給加勒比海等業績更強勁的地區，我們將在第四季度推出從奧蘭多到多明尼加共和國聖地亞哥的蓬塔卡納以及從紐約到伯利茲的新服務。聖基茨飛往尼維斯。

In addition, we are also taking full advantage of the FAA slot waiver extension to allocate capacity away from New York. These changes will drive continued improvement in our New York performance in 2024 and beyond.

此外，我們還充分利用美國聯邦航空局 (FAA) 航班時刻豁免延期來分配紐約以外的運力。這些變化將推動我們在 2024 年及以後的紐約業績持續改善。

Looking to the fourth quarter, we continue to see healthy travel demand during peak periods. Specifically, demand for travel around the fourth quarter holidays is in line with our expectations. However, during off-peak periods, we are seeing elevated industry capacity significantly outpacing demand. That being said, we have seen an acceleration in corporate bookings since Labor Day, an encouraging sign that recovery in business travel is taking back up after notably dropping off through the summer.

展望第四季度，我們繼續看到高峰期的旅行需求健康。具體來說，第四季假期前後的旅遊需求符合我們的預期。然而，在非高峰時期，我們看到產業產能的成長明顯超過了需求。話雖如此，自勞動節以來，我們看到企業預訂量加速成長，這是一個令人鼓舞的跡象，表明商務旅行在整個夏季顯著下降後正在復蘇。

For the fourth quarter, we expect revenues to be down 6.5% to 10.5% year-over-year. For the full year, we now expect revenues to grow between 3% and 5% year-over-year.

我們預計第四季營收將年減 6.5% 至 10.5%。對於全年，我們現在預計營收將年增 3% 至 5%。

Finally, we remain pleased with the strength in our loyalty program as active members have grown nearly 10% year-over-year and member engagement has more than doubled across all customer levels following the launch of our redesigned TrueBlue program earlier this year.

最後，我們對忠誠度計畫的實力感到滿意，今年稍早推出重新設計的 TrueBlue 計畫後，活躍會員年增近 10%，所有客戶層級的會員參與度增加了一倍多。

Co-brand card spend has increased double digits year-to-date, and we expect to reach record contributions from our Barclays co-brand portfolio this year as engagement grows. We recently introduced the ability to redeem TrueBlue points on key partner airlines directly on our website. We are excited by the growth these enhancements have delivered so far and are expected to deliver as part of our multiyear journey in evolving our TrueBlue program and closing the gap to our peers. I'd like to close by once again thanking our crew members for everything they have done to serve our customers amid a challenging operational backdrop.

今年迄今為止，聯合品牌卡支出已實現兩位數增長，隨著參與度的提高，我們預計今年巴克萊聯合品牌組合的貢獻將達到創紀錄的水平。我們最近推出了直接在我們的網站上兌換主要合作夥伴航空公司的 TrueBlue 積分的功能。我們對這些增強功能迄今為止所實現的成長感到興奮，並預計將作為我們多年發展 TrueBlue 計劃和縮小與同行差距的旅程的一部分。最後，我想再次感謝我們的機組人員在充滿挑戰的營運背景下為服務客戶所做的一切。

With that, over to you, Ursula.

就這樣，交給你了，烏蘇拉。

Thank you, Joanna. I'd like to add my thanks to our incredible team for their hard work and commitment to ensure we are delivering for our customers, our fellow crew members and our owners. As Robin mentioned, we delivered a third quarter loss per share of $0.39 as we faced unprecedented levels of weather and ATC related disruptions and rising fuel prices. CASM ex fuel was up 5.9% for the quarter, just above the high end of our guidance. Our proactive planning and operational investments to boost resiliency through additional pilot reserves and capacity pull-downs drove 4 points of CASM ex fuel pressure in the third quarter.

謝謝你，喬安娜。我也要對我們出色的團隊表示感謝，感謝他們的辛勤工作和承諾，確保我們為客戶、船員和業​​主提供服務。正如 Robin 所提到的，我們第三季每股虧損 0.39 美元，因為我們面臨前所未有的天氣和 ATC 相關中斷以及燃油價格上漲。 CASM 本季（不含燃料）上漲 5.9%，略高於我們指引的上限。我們積極主動的規劃和營運投資，透過額外的試點儲備和產能縮減來提高彈性，使第三季 CASM 的燃油壓力提高了 4 個百分點。

However, a greater number of -- a greater volume of extended ATC delays versus plan resulted in higher labor premiums, hoteling and disruption-related cost driving an incremental 1.5 points of CASM ex fuel headwinds in the third quarter. Excluding these unprecedented headwinds, we would have delivered CASM ex fuel near the midpoint of our guide.

然而，與計劃相比，更多的 ATC 延誤導致了更高的勞動力保費、酒店住宿和與中斷相關的成本，導致第三季 CASM 的燃油逆風增加了 1.5 個百分點。排除這些前所未有的逆風，我們將在接近指南中點的位置交付 CASM 不含燃油。

Looking ahead, for the fourth quarter, we are forecasting CASM ex fuel to increase 8.5% to 10.5% year-over-year. As a reminder, the uptick in expected Q4 CASM ex fuel includes 4 points related to the additional compensation step up tied to our pilot agreement and 2 points related to the timing of maintenance events.

展望第四季度，我們預期 CASM（不含燃料）年增 8.5% 至 10.5%。提醒一下，預期第四季度 CASM 不含燃油的上漲包括與我們的試點協議相關的額外補償增加相關的 4 個點和與維護事件時間相關的 2 個點。

In addition, we've made a number of near-term capacity cuts to utilize the New York slot waiver. However, as Robin and Joanna mentioned, the waiver was announced shortly before the start of Q4. So many of the costs associated with that flying were already fixed, resulting in an incremental 3-point headwind to our fourth quarter CASM ex fuel.

此外，我們還進行了一系列近期產能削減，以利用紐約航班時刻豁免。然而，正如羅賓和喬安娜所提到的，豁免是在第四季度開始前不久宣布的。與飛行相關的許多成本已經固定，導致我們第四季度 CASM 的燃油成本增加了 3 個百分點。

For the full year, we are raising our CASM ex fuel outlook to up 4.5% to 5.5%, just above the high end of our prior range. This includes 2 points of headwinds from the challenging operational disruptions we have faced this summer and the proactive investments we made to more quickly recover from these challenges.

對於全年，我們將 CASM 不包括燃油的預期上調至 4.5% 至 5.5%，略高於我們先前區間的上限。這包括我們今年夏天面臨的具有挑戰性的營運中斷帶來的兩點阻力，以及我們為更快地從這些挑戰中恢復而進行的積極投資。

While we have been successful in identifying levers to offset some of these incremental costs, the sheer magnitude of the ATC and weather-related delays has been staggering. Our team is continually looking for opportunities to mitigate additional costs.

雖然我們已經成功地找到了抵消部分增量成本的方法，但空中交通管制和與天氣相關的延誤的嚴重程度仍然令人震驚。我們的團隊不斷尋找降低額外成本的機會。

With respect to the GTF engine issues, we continue to have conversations with Pratt & Whitney to assess the longer-term impact and discussions around compensation are ongoing.

關於 GTF 引擎問題，我們繼續與普惠公司進行對話，以評估長期影響，並且有關賠償的討論正在進行中。

Based on Pratt & Whitney's initial analysis, we expect to end 2023 with up to 6 of our aircraft grounded due to GTF engine issues, and we anticipate the number of out-of-service aircraft to increase throughout 2024 ending the year with high single digits to low double digits of aircraft out of service. These issues are also driving an elevated number of engine changes. And despite introducing a number of self-help measures over the last 18 months, we expect our 2024 capacity plans and cost outlook to be meaningfully impacted.

根據普惠公司的初步分析，我們預計到2023 年底，我們將有多達6 架飛機因GTF 發動機問題而停飛，並且我們預計到2024 年年底，停用飛機的數量將會增加，且數量將達到高個位數低兩位數飛機停飛。這些問題也導致引擎更換次數增加。儘管在過去 18 個月中推出了許多自助措施，但我們預計 2024 年產能計畫和成本前景將受到重大影響。

Given the increase in unscheduled GTF-related downtime, coupled with the aircraft delivery delays and aircraft retirements, we are planning capacity in the first quarter of 2024 to be slightly down on a year-over-year basis.

鑑於與 GTF 相關的計劃外停機時間增加，加上飛機交付延誤和飛機退役，我們計劃 2024 年第一季的運力將比去年同期略有下降。

With the slower capacity growth, we remain laser-focused on executing our structural cost program and delivering efficiencies. We expect to drive approximately $70 million in cost reductions this year and $150 million to $200 million in run rate savings through 2024 under our structural cost program.

隨著產能成長放緩，我們仍然專注於執行結構成本計劃和提高效率。根據我們的結構性成本計劃，我們預計今年將實現約 7,000 萬美元的成本削減，並在 2024 年之前實現運行率節省 1.5 億至 2 億美元。

We expect these savings to ramp quickly throughout 2024 as we streamlined input costs for onboard offerings and ramp up our use of technology-based solutions to enhance productivity.

我們預計，隨著我們簡化機載產品的投入成本並加大對基於技術的解決方案的使用來提高生產力，這些節省將在 2024 年迅速增加。

Additionally, through our fleet modernization program, we have achieved $55 million in cumulative cost savings to date and remain on track to achieve $75 million of maintenance cost avoidance through 2024 as we replace our E190 fleet with margin accretive A220s.

此外，透過我們的機隊現代化計劃，迄今為止，我們已累積節省了5,500 萬美元的成本，並預計在2024 年之前，透過用可增加利潤的A220 機隊取代E190 機隊，實現7,500 萬美元的維護成本節省。

Additionally, the A220 is 20% more efficient compared to the E190 on a unit cost basis, which will be a long-term benefit to our cost structure as we transition out of the E190s. 18 E190s have already exited the fleet. And as a reminder, we continue to plan for all our E190s to be retired by the end of 2025.

此外，以單位成本計算，A220 的效率比 E190 高出 20%，這對我們從 E190 過渡時的成本結構來說將是長期利益。機隊中已有 18 架 E190 退出。謹此提醒，我們繼續計劃在 2025 年底前退役所有 E190。

Turning to Slide 11. We ended the third quarter with $2.1 billion in liquidity including our $600 million revolving credit facility, which remains undrawn and which we're pleased to announce we recently extended by 1 year.

轉向幻燈片11。截至第三季末，我們的流動資金為21 億美元，其中包括6 億美元的循環信貸額度，該額度仍未提取，我們很高興地宣布，我們最近將其延長了1 年。

We continue to take a conservative approach to managing liquidity as we step up our fleet modernization efforts. We have been actively financing and have committed financing in place for approximately $1 billion year-to-date, of which $600 million is reflected in our quarter-end liquidity position.

在加強機隊現代化工作的同時，我們繼續採取保守的方法來管理流動性。我們一直在積極融資，今年迄今已承諾融資約 10 億美元，其中 6 億美元反映在我們的季末流動性狀況中。

We took delivery of 5 aircraft in the third quarter, bringing our year-to-date total to 11 new aircraft. We expect to take delivery of 6 additional aircraft through year-end for a total of 17 new deliveries this year, with 2 deliveries now pushed into early 2024. As a result, we now expect our full year 2023 CapEx to be $1.2 billion.

我們在第三季度接收了 5 架飛機，使年初至今的新飛機總數達到 11 架。我們預計到年底將再交付6 架飛機，今年新交付飛機總數將達到17 架，其中2 架飛機的交付現已推遲到2024 年初。因此，我們現在預計2023 年全年資本支出將達到12 億美元。

Finally, rising oil prices have led to increased fuel prices. We continue to look for opportunities to layer in hedges to help mitigate this risk. As of today, we have hedged approximately 30% of our expected fuel consumption for the fourth quarter, which we expect to provide a $0.05 per gallon benefit to our fourth quarter fuel price.

最後，油價上漲導致燃油價格上漲。我們繼續尋找分層對沖的機會，以幫助減輕這種風險。截至今天，我們已經對沖了第四季度預期燃油消耗的約 30%，我們預計這將為我們第四季度的燃油價格提供每加侖 0.05 美元的收益。

In closing, while we continue to manage through an exceedingly dynamic and challenging operating environment, we are focused on controlling what we can control and executing our plans to mitigate these challenges. We have reduced our Q4 capacity in markets where yields remain pressured. And as we trim our New York schedules, we are reallocating that capacity to margin-accretive leisure and VFR opportunities.

最後，在我們繼續應對極其動態和充滿挑戰的營運環境的同時，我們專注於控制我們可以控制的事情，並執行我們的計劃來緩解這些挑戰。我們減少了收益率仍承壓的市場的第四季產能。當我們削減紐約的航班時刻表時，我們正在將運力重新分配給可增加利潤的休閒和 VFR 機會。

In addition, we're aggressively focused on pulling the levers at our disposal to manage costs including our structural cost program and fleet modernization plans. We are confident in our strategy and believe these actions, coupled with the strategic initiatives we have in place are creating a strong foundation, positioning us to drive profitable growth, return margins to historical levels and deliver long-term value to our owners and all of our stakeholders.

此外，我們也積極致力於利用可用的槓桿來管理成本，包括我們的結構成本計劃和機隊現代化計劃。我們對我們的策略充滿信心，並相信這些行動，再加上我們已經實施的策略舉措，正在創造一個堅實的基礎，使我們能夠推動盈利增長，將利潤率恢復到歷史水平，並為我們的所有者和所有股東創造長期價值。我們的利害關係人。

With that, we will now take your questions.

現在我們將回答您的問題。

(Operator Instructions). As we mentioned, we will not be answering any questions related to Spirit on today's call. With that, Joelle, please go ahead with the instructions.

（操作員說明）。正如我們所提到的，我們不會在今天的電話會議上回答任何與精神有關的問題。那麼，喬爾，請繼續按照說明進行操作。

(Operator Instructions) Your first question comes from Savi Syth with Raymond James.

（操作員說明）您的第一個問題來自 Savi Syth 和 Raymond James。

If I might, on the kind of next year, excluding what kind of the earnings contribution or any merger-related spend, how should we think about some of the key cash outflows and inflows as you think about CapEx and then maybe financing and debt payments?

如果我可以的話，在明年的情況下，排除什麼樣的盈利貢獻或任何與合併相關的支出，當你考慮資本支出，然後可能是融資和債務支付時，我們應該如何考慮一些關鍵的現金流出和流入？

So as a reminder, we continue to work through our fleet modernization program. So next year, we do have a step up in terms of a number of aircraft deliveries. So we're expecting 28 aircraft to deliver next year. The majority of those are the margin accretive A220s. So we will have a step-up in our CapEx profile related to that fleet modernization program. We also have a manageable debt tower next year as well. And we continue to have a really healthy balance of unencumbered assets.

謹此提醒您，我們將繼續實施我們的機隊現代化計劃。因此，明年我們的飛機交付數量確實會增加。因此，我們預計明年將交付 28 架飛機。其中大部分是利潤增值的 A220。因此，我們將加強與機隊現代化計畫相關的資本支出概況。明年我們也有一個可控的債務塔。我們的未支配資產繼續保持健康的平衡。

So the debt raises that we have done thus far this year is inclusive of not only deliveries this year, but previously purchased aircraft that we did with cash. So I think the headline is I feel comfortable about where the liquidity number is. We do have a step up in CapEx next year. The debt paydown is reasonable and we continue to have a healthy unencumbered base to support a healthy liquidity level as we navigate through 2024.

因此，我們今年迄今所做的債務增加不僅包括今年的交付，還包括我們之前用現金購買的飛機。所以我認為標題是我對流動性數字感到滿意。明年我們的資本支出確實會提高。債務償還是合理的，我們繼續擁有健康的、不受阻礙的基礎，以支持 2024 年健康的流動性水準。

That's helpful. And just to -- if you can provide the unencumbered assets, and I would also kind of like to ask the -- just the timing of the LaGuardia wind down and how you're thinking about it? I know you shared plans earlier, but I wonder if that's changed given the kind of new capacity view?

這很有幫助。如果你能提供未支配資產，我還想問一下，拉瓜迪亞機場關閉的時間以及你是如何考慮的？我知道您之前分享了計劃，但我想知道鑑於新的容量視圖，情況是否有所改變？

Sure. So in regards to the unencumbered assets, as I mentioned in my prepared remarks, we have $1 billion of liquidity coming in the door, $600 million of that has already hit through the third quarter and the remaining will come in the door through the end of the year. Once we complete that cash inflow, we'll have about 50 aircraft that will still be unencumbered. And as a reminder, we have the bridge facility currently in place to support the Spirit transaction. That bridge is encumbered by our loyalty program. We have aircraft. We have engines. And we also have our slot gates and routes. And so once that bridge is taken out, we will also have some of those unencumbered assets fall back into the portfolio that we could use in the future to raise additional liquidity. And I will hand it over to Dave to answer the LaGuardia question.

當然。因此，就未支配資產而言，正如我在準備好的發言中提到的那樣，我們有10 億美元的流動性即將到來，其中6 億美元已經在第三季度到位，其餘的將在2018 年年底前到位。那一年。一旦我們完成現金流入，我們將擁有大約 50 架飛機，仍然不受限制。提醒一下，我們目前擁有支援 Spirit 交易的橋樑設施。這座橋樑受到我們的忠誠度計劃的阻礙。我們有飛機。我們有發動機。我們也有老虎機門和路線。因此，一旦這座橋樑被拆除，我們還將把一些未支配資產重新納入我們將來可以用來提高額外流動性的投資組合中。我將把它交給戴夫來回答拉瓜迪亞問題。

For LaGuardia, we've flown as much as 52 departures a day at the height of the NEA. We handed back 6 slot pairs as we entered the winter season here. So we're about mid-40s in terms of departures per day from LaGuardia as go through this winter. And then in late March, we'll step down to roughly 30 per day and continue that pace through next summer.

對於拉瓜迪亞機場，我們每天在 NEA 高度起飛的航班多達 52 趟。當我們進入這裡的冬季時，我們歸還了 6 對老虎機。因此，今年冬天每天從拉瓜迪亞出發的航班數量約為 40 多架次。然後在 3 月下旬，我們將減少到每天 30 次左右，並在明年夏天繼續保持速度。

Your next question comes from Dan McKenzie with Seaport Global.

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

Just kind of looking at the stock here, there's a lot of skepticism. And I was just hoping you can help us understand the path and the timing back to profitability. Maybe not necessarily in 2024, but say, 2025. And so I guess, high level, can you just help us size the hit to pretax profits, say, from the slower-than-expected recovery in New York City, the ATC cancellations and the Pratt & Whitney engine issues? It just seems like there's a huge chunk of revenue, a huge chunk of costs at some point go away. And just how can we size that?

只要看看這裡的股票，就有很多懷疑論。我只是希望您能幫助我們了解恢復盈利的路徑和時機。也許不一定是在 2024 年，但可以說是 2025 年。所以我想，高層，您能否幫助我們衡量一下對稅前利潤的影響，例如紐約市復甦慢於預期、ATC 取消和普惠發動機有問題嗎？似乎有很大一部分收入，很大一部分成本在某個時候消失了。我們要怎麼確定這個大小呢？

Yes. Thanks for the question, Dan. I mean our goal is to get the business back to consistent profitability. And we believe that we have specific tailwinds to JetBlue that are going to come to fruition as we navigate through 2024. The New York recovery has been slower than we anticipated. However, we continue to see meaningful progress in New York profitability levels. We still need to get them back up to pre-COVID levels, but we're seeing progress. The 10% slot relief obviously provides us meaningful runway to redeploy capacity to more margin accretive opportunities. The second issue is ATC. And as I mentioned, the slot portfolio reduction of 10% allows us to plan more effectively as we build the 2024 plan. And so that will definitely provide some relief from a cost perspective.

是的。謝謝你的提問，丹。我的意思是我們的目標是讓業務恢復穩定的獲利能力。我們相信，捷藍航空的特定推動力將在 2024 年實現。紐約的復甦速度比我們預期的要慢。然而，我們繼續看到紐約的獲利水準取得了有意義的進展。我們仍然需要讓它們恢復到新冠疫情前的水平，但我們已經看到了進展。 10% 的起降時刻緩解顯然為我們提供了有意義的跑道，可以將產能重新部署到更多利潤增值的機會。第二個問題是ATC。正如我所提到的，老虎機組合減少 10% 使我們能夠在製定 2024 年計劃時更有效地進行規劃。因此，從成本角度來看，這肯定會帶來一些緩解。

And then our continued execution of structural cost in our fleet modernization program. We're still in the very early stages of our fleet modernization program. We're about 1/3 of the way in. And so that will continue to deliver meaningful value given the A220 provides a 20% unit cost benefit compared to the E190. And then I'm pleased with the structural cost program progress. And we've achieved $70 million a day and our 2024 plan, we'll assume that we achieve the $150 million to $200 million commitment that we made. So on the whole, I believe we have the right foundational pillars to bring the business back up to consistent profitability.

然後我們在機隊現代化計劃中繼續執行結構成本。我們仍處於機隊現代化計劃的早期階段。我們已經完成了大約 1/3。因此，鑑於 A220 與 E190 相比，單位成本效益低 20%，因此這將繼續提供有意義的價值。我對結構成本計劃的進展感到滿意。我們已經實現了每天 7000 萬美元的收入，我們的 2024 年計劃，我們假設我們實現了我們所做的 1.5 億至 2 億美元的承諾。因此，總的來說，我相信我們擁有正確的基礎支柱，可以使業務恢復穩定的獲利能力。

I'll also add just loyalty and JetBlue Travel products. Those are continuing to expand with the profitable growth. And I think you could expect 1 to 3 incremental points of margin tailwind as we move through '24 into '25. And then just to kind of reemphasize Ursula's point on New York. New York is progressing nicely. It's not back to where it was pre-COVID and pre-COVID, it was a margin engine for JetBlue. It will get back there. It's a constrained environment. And over time, we think it's strategically an important and incredibly important part of our network and our efforts here.

我還將添加忠誠度和捷藍旅行產品。隨著利潤的成長，這些業務正在繼續擴大。我認為，隨著我們從 24 年進入 25 年，您可以預期利潤率順風會增加 1 到 3 個點。然後再次強調烏蘇拉關於紐約的觀點。紐約進展順利。它並沒有回到新冠疫情之前和新冠疫情之前的狀態，它是捷藍航空的利潤引擎。它會回到那裡。這是一個受限的環境。隨著時間的推移，我們認為它在戰略上是我們人脈和我們努力的一個重要且極其重要的部分。

Yes. And I guess to that point, I'm wondering if -- as a second question here, if you'd be willing to address the Credit Card Competition Act of 2023. And so I guess maybe this would be for Robin. We are seeing other CEOs predict that these -- the programs would go away. But I'm wondering if you can elaborate what that would mean for JetBlue. And I guess just in particular, is this revenue that would necessarily disappear? Or I guess, how should investors think about this at that -- think about that at this point?

是的。我想在這一點上，我想知道 - 作為這裡的第二個問題，您是否願意解決 2023 年信用卡競爭法。所以我想這可能適合羅賓。我們看到其他執行長預測這些計劃將會消失。但我想知道您是否可以詳細說明這對捷藍航空意味著什麼。我想特別是，這種收入一定會消失嗎？或者我猜，投資人此時該如何思考這個問題──此時此刻思考一下？

Yes. So thanks for the question, Dan. And in case everyone isn't aware of the issue. This is a proposal to basically bring more competition into the interchange space so that merchants have an alternative to either Visa or MasterCard to process the transaction. It's really a follow-on to the -- what we saw on the debit card side 2010.

是的。謝謝你的提問，丹。萬一每個人都沒有意識到這個問題。該提案基本上是為了給交換空間帶來更多競爭，以便商家可以選擇 Visa 或 MasterCard 來處理交易。這實際上是 2010 年我們在藉記卡方面看到的情況的後續。

Personally, I think that this is likely to continue to face a lot of opposition. The majority of Americans have a rewards card, whether that's a travel card or another sort of benefit. And that would be lost if this act passes because the -- provide those consumer benefits come that interchange network. And so the argument goes that price reductions would get passed on by retailers to consumers. I think there's a healthy level of skepticism whether that would happen.

就我個人而言，我認為這可能會繼續面臨很多反對。大多數美國人都有獎勵卡，無論是旅行卡還是其他福利卡。如果該法案獲得通過，這一點就會消失，因為交換網路為消費者帶來了好處。因此，有人認為降價將由零售商轉嫁給消費者。我認為人們對這種情況是否會發生有一定程度的懷疑。

I think it's far from clear that there were benefits to consumers when we saw the debit card changes back in 2010. And frankly, if consumers want the cash option, there were plenty of 2% cash back cards available now that they can go and get. So whether it's kind of cash off or whether it's travel, whether that's hotels or airlines or these travel cards, these are very, very popular.

我認為，當我們看到2010 年借記卡的變化時，消費者是否能獲得好處還遠不清楚。坦白說，如果消費者想要現金選擇，現在有大量2% 現金回饋卡可供他們使用。 。因此，無論是現金折扣還是旅行，無論是飯店、航空公司或這些旅行卡，這些都非常非常受歡迎。

And I think that if this thing progresses, then I think members of Congress across both sides of the aisle will hear a significant number of complaints on their constituents because these cards are popular and they make vacations, and they make other things more accessible for people than they would be otherwise. And I think people want to keep the benefits rather than see them be passed to big-box retailers who could decide just to keep the profit for themselves. So I've got a great level of skepticism as whether this would pass.

我認為，如果事情取得進展，那麼我認為兩黨國會議員都會聽到大量針對其選民的抱怨，因為這些卡很受歡迎，它們可以讓人們度假，而且它們使人們更容易獲得其他東西否則他們就會變成這樣。我認為人們希望保留這些好處，而不是看到它們被傳遞給大型零售商，而大型零售商可能會決定只為自己保留利潤。所以我對這是否會通過抱持著很大的懷疑。

Your next question comes from Jamie Baker with JPMorgan.

您的下一個問題來自摩根大通的傑米貝克。

So obviously, lots of talk about air traffic control, weather and oversupply and all that. But one thing that Mark and I have been thinking about is the remuneration from your credit card partners from loyalty. So if we tie loyalty back to earnings, and if we think about your margins relative to just pick one Delta or United, and I know Joanna talked about closing the gap. But do you have an internal estimate as to how many points of margin differential loyalty might currently be driving?

顯然，有很多關於空中交通管制、天氣和供應過剩等問題的討論。但馬克和我一直在考慮的一件事是信用卡合作夥伴從忠誠度中獲得的報酬。因此，如果我們將忠誠度與收入聯繫起來，如果我們考慮相對於僅選擇達美航空或聯合航空的利潤率，我知道喬安娜談到了縮小差距。但是，您是否對當前可能帶來多少利潤差異忠誠度進行了內部估計？

Yes. Jamie, look, it's clearly a margin gap for us, right? I mean, I think all these airlines report sort of roughly what their percentage of revenue is. And then if you assume that the margin on these programs are high, it's definitely single digit, low single-digit percentages of difference. This is why actually we've been so focused on not just building our travel -- build our own loyalty program to sort of play catch up but also creating JetBlue Travel Products. We know that we do not have the same exposure to business travel of some of these global leisure airlines and so how do we gain more exposure, more share of wallet for leisure customers as well.

是的。傑米，看，這對我們來說顯然是一個利潤差距，對吧？我的意思是，我認為所有這些航空公司都大致報告了他們的收入百分比。然後，如果你假設這些計劃的利潤很高，那麼它絕對是個位數，低個位數百分比的差異。這就是為什麼我們實際上不僅專注於建立我們的旅行——建立我們自己的忠誠度計劃以追趕潮流，而且還創造捷藍航空旅行產品。我們知道，我們在商務旅行方面的曝光度與一些全球休閒航空公司不同，因此我們如何獲得更多的曝光度，為休閒客戶贏得更多的錢包份額。

And so our goal over time is to get to a point where our JetBlue travel product and our loyalty program together can be in a point -- can be at a point where they can compete for what I'd call a legacy airline type margin. So that's the road we're on, Jamie. We're not yet that, but we're, I think, making really good progress.

因此，隨著時間的推移，我們的目標是達到這樣一個點：我們的捷藍航空旅行產品和我們的忠誠度計劃可以一起達到一個點——可以達到一個點，使它們可以競爭我所說的傳統航空公司類型的利潤。這就是我們正在走的路，傑米。我們還沒有做到這一點，但我認為我們正在取得非常好的進展。

And as a follow-up to that, you've talked about loyalty as a means to fund the business, particularly if you do find yourself hypothetically with greater leverage a year or so down the road, Spirit and Hawaiian loyalty is now trading north of 20%. I guess how are you thinking about loyalty as a funding option going forward? Do you need to identify some contingencies in terms of funding potential?

作為後續行動，您談到了忠誠度作為為業務提供資金的一種手段，特別是如果您確實發現自己在一年左右的時間內擁有更大的槓桿作用，精神和夏威夷忠誠度現在正在以北交易20%。我想您如何看待將忠誠度作為未來的融資選擇？您是否需要確定一些融資潛力的意外情況？

Jamie, I think we're just going to kick that question to following the trial, not really addressing any of the Spirit related questions today on the call.

傑米，我想我們只是在審判結束後把這個問題拋到一邊，而不是在今天的電話會議上真正解決任何與聖靈相關的問題。

Well, it had more to do with leverage than Spirit, but fair enough.

好吧，它更多地與槓桿有關，而不是精神，但很公平。

Your next question comes from Conor Cunningham with Melius Research.

您的下一個問題來自 Melius Research 的 Conor Cunningham。

Can you just speak a little bit to the puts and takes as you think about the cost structure in the '24, it seems like maintenance is going to be up a fair bit. You have a flight attendant deal A. We also have some self-help initiatives. Just curious on how you're thinking about it in the context of you're talking about 1Q capacity being down year-over-year. It just seems like CASM ex is starting to track up year-over-year for '24. Just curious on how you're thinking about it now.

當您考慮 24 年的成本結構時，您能簡單談談看跌期權和索取期權嗎？看來維護費用將會增加相當多。您有空乘人員優惠 A。我們還有一些自助舉措。只是好奇您在談論第一季產能同比下降的情況下如何看待這個問題。看來 CASM ex 的 '24 業績開始逐年上升。只是好奇你現在是怎麼想的。

Yes. Thanks for the question, Conor. So maybe at the highest level, JetBlue typically is targeted mid- to high single-digit growth rate and then flat CASM ex fuel. That profile is going to look different next year because of aircraft delivery delays. We have GTF aircraft that will be grounded. And also we're continuing with the E190 retirement plan. And so the growth profile will look different. As you mentioned, capacity will be down in the first quarter, slightly down year-over-year. And we're still working through our 2024 planning assumptions. .

是的。謝謝你的提問，康納。因此，也許在最高水準上，捷藍航空的目標通常是中高個位數成長率，然後 CASM（不含燃油）持平。由於飛機交付延誤，明年的情況將會有所不同。我們的 GTF 飛機將被停飛。我們也將繼續實施 E190 退休計畫。因此，成長概況將會有所不同。正如您所提到的，第一季產能將下降，年比略有下降。我們仍在研究 2024 年的規劃假設。 。

You should assume that we will pinpoint CASM ex fuel to be competitive compared to where we put -- depending on where we put capacity. The headwinds, which we've always known about is maintenance next year, just given the aging fleet and also continued pressure on labor, right? And just the inflationary environment, which is consistent with what others have been seeing. We obviously have another pilot step up in August of next year.

您應該假設我們將確定 CASM 前燃料與我們放置的位置相比具有競爭力 - 取決於我們放置容量的位置。考慮到機隊老化以及勞動力持續面臨的壓力，我們一直知道的不利因素是明年的維護，對嗎？還有通膨環境，這與其他人所看到的情況一致。顯然，我們將在明年八月進行另一次試點。

So those are the headwinds, but those are really the reasons where by which we put in place the structural cost program. And so those are -- the structural cost program is meant to offset some of these headwinds. So working through the planning process, you can expect us to have a competitive CASM ex fuel number next year once we pinpoint capacity.

這些都是不利因素，但這些確實是我們實施結構性成本計畫的原因。因此，結構性成本計劃旨在抵消其中一些不利因素。因此，透過規劃流程，一旦我們確定了產能，明年我們將擁有具有競爭力的 CASM 除燃料數量。

And then on premium products, are you needing to discount those in the current environment? The reason why I ask is you're seeing a sequential deceleration versus '19 from 3Q to 4Q. And I would have thought that maybe even more space would have protected you a little bit. Is that -- I think you called out 4 points of RASM benefit from Mint. Is that continuing into 4Q? Just curious on how those products are specifically holding up.

那麼對於優質產品，您是否需要在當前環境下對這些產品進行折扣？我問這個問題的原因是，與 19 年第三季到第四季相比，您看到了連續減速。我以為也許更多的空間可以為你提供一點保護。是嗎——我認為您指出了 Mint 的 RASM 優勢有 4 點。這種情況會持續到第四季嗎？只是好奇這些產品的具體表現如何。

This is Joanna. Great question. Yes. We are really pleased with how well premium continues to hold up, and we would expect those trends to continue into the fourth quarter. As we mentioned in the scripted remarks, as you look at next year, we're actually taking all 321s in the mid-configuration and the 220, 190 retirement will seeing -- going from 16 EMS seats to 30 EMS seats. So we're very pleased with the strength that we are seeing in the premium sector moving forward.

這是喬安娜。很好的問題。是的。我們對保費持續保持良好狀態感到非常滿意，我們預計這些趨勢將持續到第四季。正如我們在腳本化評論中提到的，正如您明年所看到的那樣，我們實際上會將所有321 都採用中等配置，而220、190 的退休將會看到——從16 個EMS 座位到30 個EMS 座位。因此，我們對高端產業的發展動能感到非常滿意。

Your next question comes from Michael Linenberg with Deutsche Bank.

您的下一個問題來自德意志銀行的麥可‧林伯格（Michael Linenberg）。

This is actually [Sean Dorothy] on for Mike. Just a quick one. We're hearing about the GTF engine inspection requirements are not based on aircraft manufacturer dates between mid-2015 and mid-2021, but rather the production and the time line of the contaminate parts, which could be spilling into newer aircraft deliveries. Can you confirm this? And at this point, do you think that your A220s are going to be affected by this issue?

這其實是[肖恩·多蘿西]為麥克做的。只是快一點。我們聽說 GTF 引擎檢查要求不是基於 2015 年中期至 2021 年中期之間的飛機製造商日期，而是基於污染零件的生產和時間線，這些零件可能會蔓延到較新的飛機交付中。你能否證實這一點？此時，您認為您的 A220 會受到此問題的影響嗎？

Thanks for the question. So Pratt has given us an initial assessment of JetBlue's exposure. So we highlighted on the call today, we'll have up to 6 aircraft grounded by the end of this year, and then that will increase as we navigate through next year. So we'll end next year with high single digits, low double-digit number of aircraft on the ground.

謝謝你的提問。因此普拉特向我們提供了捷藍航空風險敞口的初步評估。因此，我們在今天的電話會議上強調，到今年年底，我們將有多達 6 架飛機停飛，然後隨著明年的進展，停飛數量將會增加。因此，明年年底，地面飛機數量將達到高個位數、低兩位數。

So in regards to your specific serial number question, so on the PW1100. So that's the A321 aircraft. The service bulletin is coming out imminently, and that's important because it will give a very detailed view of serial numbers and it will solidify what we believe to be our exposure in 2024 and beyond.

關於您的具體序號問題，PW1100 也是如此。這就是A321 飛機。服務公告即將發布，這很重要，因為它將提供非常詳細的序號視圖，並將鞏固我們認為在 2024 年及以後的曝光。

In regards to the 1,500, the majority of our engines were manufactured post 2021. We have a very small amount of engines that were manufactured pre-2021. And so I think that's what you were referencing in terms of the handful that are pre-2021 are going to need full part replacements. We do have a view on how the A220 PW1500 will impact us next year, and that is built into the mid- or high single digits, low single-digit number by the end of next year. It's very small compared to the A321 aircraft in terms of exposure. So hopefully, that helps.

在這 1,500 台引擎中，我們的大部分引擎是在 2021 年之後製造的。我們有極少量的引擎是在 2021 年之前製造的。因此，我認為這就是您所指的 2021 年之前少數需要全部零件更換的情況。我們確實對 A220 PW1500 明年將如何影響我們有一個看法，並且到明年年底將其納入中或高個位數、低個位數數字中。與A321飛機相比，其暴露程度非常小。希望這會有所幫助。

Yes. That's really helpful. And we saw that you pulled 8 percentage points of capacity growth in the March quarter schedules over this past weekend. Was that driven by the anticipated acceleration of the grounding or was that a demand-driven cut, maybe something that you're seeing in the off-peak period before spring break or something?

是的。這真的很有幫助。我們看到上週末您將 3 月季度計畫的產能成長拉高了 8 個百分點。這是由預期的停飛加速推動的還是需求驅動的削減，也許是你在春假前的非高峰期看到的？

Sure. Thanks for the question. This is Dave. The Q1 2024 capacity cut is driven by aircraft availability constraints. So largely, the engines and the delivery delays. And we expect that to remain the case throughout 2024.

當然。謝謝你的提問。這是戴夫。 2024 年第一季的運力削減是由於飛機可用性限制所致。很大程度上是引擎和交貨延遲。我們預計這種情況將持續到 2024 年。

Your next question comes from Duane Pfennigwerth with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Can we talk a little bit about the revenue outcome, capacity up 7%, revenue down 8%. Obviously, you're taking some steps on capacity into 4Q and into early next year. But maybe within domestic, can you speak about relatively stronger versus weaker markets within the domestic entity, how does your Latin RASM compare with that domestic decline? And obviously, many of these NEA changes were forced on you without much lead time. And I guess, over time, you'd be able to plan for that a little bit better. Can you quantify how much the NEA wind down impacted you in the quarter?

我們可以談談收入結果嗎？產能成長 7%，收入下降 8%。顯然，您將在第四季和明年初採取一些產能措施。但也許在國內，您能否談談國內實體內相對較強和較弱的市場，您的拉丁 RASM 與國內下降相比如何？顯然，許多 NEA 變更都是在沒有太多準備時間的情況下強加給您的。我想，隨著時間的推移，你將能夠更好地計劃這一點。您能否量化 NEA 的停業對您在本季的影響有多大？

Sure. Thanks, Duane. This is Dave. I'll take that. So clearly, it's been a challenging environment as we've seen demand sort of transition out of the domestic space in the third quarter on a year-over-year basis while at the same time, a lot of capacity was coming in from the industry. Where we've been reallocating capacity out of and have seen, I think, the most acute demand challenges have been in some of the shorter-haul markets in some of the business markets. So we've really focused there to rightsize that capacity to the new reality in those markets. The corporate side continues to recover for us, but it's still well below about 20% below the revenues of pre-COVID.

當然。謝謝，杜安。這是戴夫。我會接受的。很明顯，這是一個充滿挑戰的環境，因為我們看到第三季需求年比從國內領域轉變，同時大量產能來自該產業。我認為，我們一直在重新分配運能，並且已經看到，最嚴峻的需求挑戰是在一些商業市場的一些短途市場。因此，我們真正關注的是根據這些市場的新現實來調整產能規模。我們的企業方面持續復甦，但仍遠低於新冠疫情前的收入約 20%。

Latin continues to be pretty resilient, and we've been growing there and traditionally have done extremely well there. And then some other places like Florida has a lot of industry capacity right now.

拉丁語仍然具有相當的彈性，我們一直在那裡成長，並且傳統上在那裡做得非常好。其他一些地方，例如佛羅裡達州，現在擁有大量的工業產能。

Demand is healthy. We have no concerns there, but it's a bit, I'd say, temporarily pressured by industry capacity, which should, I'd say, absorb over time. But we've really been focused on the places where we've seen demand roll out and making sure that we're aligned.

需求健康。我們對此並不擔心，但我想說，這暫時受到產業產能的壓力，我想說，隨著時間的推移，這種壓力應該會被吸收。但我們確實專注於我們看到需求出現的地方，並確保我們保持一致。

With regards to New York City, the NEA for the first -- for the third quarter was about a 1-point headwind. We did have a partial quarter there as we didn't terminate until late July. So we did have some sales for the quarter. It grows to about 2 points this quarter, which we expect to be the biggest impact and then starts to get better next year as we can allocate more capacity out of New York City and take advantage of the redeployments we've done recently.

至於紐約市，第一季（第三季）的 NEA 大約落後 1 分。我們確實在那裡度過了部分季度，因為我們直到七月底才終止。所以我們這個季度確實有一些銷售額。本季成長至約 2 個百分點，我們預計這將是最大的影響，然後明年開始好轉，因為我們可以從紐約市分配更多產能並利用我們最近完成的重新部署。

I'll also add on transatlantic. Also, some very strong performance there. 140% ASM growth with flat year-over-year RASM and I think you see some of the moves we're making in terms of Dublin and Scotland trying to take advantage of that leisure seasonal flying.

我還將添加跨大西洋航線。此外，還有一些非常強勁的表現。 ASM 成長 140%，RASM 年比持平，我想您已經看到了我們在都柏林和蘇格蘭試圖利用休閒季節性飛行的一些舉措。

Yes, Joanna, you had the honor of having all 3 of us to answer a question. I think that what we're trying to be very -- it is very easy to reallocate capacity in this industry. It's very mobile. It moves quickly. And sometimes things become hot very quickly and everyone moves towards it and then ends up being oversupplied. And so what we're trying to do is kind of be very thoughtful around not just sort of the immediate trends that we're seeing now and some of the commentary. But what do we think kind of sits behind that because the really good news for us is the new slot waiver, which we know about now means that we can be much more considered about these changes rather than sort of having to pull flights at short notice. [Why do you hire] the crews. We've got the cost embedded in the business, not really an opportunity to efficiently redeploy that. It's a very different chessboard we have in front of us for 2024.

是的，喬安娜，您很榮幸邀請我們三個人回答一個問題。我認為我們正在努力做到的事情是非常容易重新分配這個行業的產能。它非常機動。它移動得很快。有時事情會很快變得很熱，每個人都會朝它靠近，然後最終會出現供過於求的情況。因此，我們要做的就是深思熟慮，而不僅僅是我們現在看到的直接趨勢和一些評論。但我們認為背後的原因是什麼，因為對我們來說真正的好消息是新的航班時刻豁免，我們現在知道這意味著我們可以更多地考慮這些變化，而不是不得不在短時間內取消航班。 [你為什麼要僱用]工作人員。我們已經將成本嵌入到業務中，但實際上並沒有機會有效地重新部署它。 2024 年，我們面臨著一個非常不同的棋盤。

Okay. And just for my follow-up on 2024 CapEx. It looks like you have a contractual delivery table and then some footnotes with kind of likely deliveries. Simple question. Does the aircraft commitments CapEx of roughly $2.2 billion reflect your contractual or likely deliveries, a very long-winded way of asking you what your total CapEx will be next year?

好的。這是我對 2024 年資本支出的後續報告。看起來您有一個合約交付表，然後是一些可能的交付的腳註。簡單的問題。大約 22 億美元的飛機承諾資本支出是否反映了您的合約或可能的交付量，這是一種非常冗長的方式來詢問您明年的總資本支出是多少？

So there's definitely a difference between our contractual commitments and what we're planning. So we're planning to receive 28 aircraft. However, the CapEx number you referenced is ballpark where we should end up.

因此，我們的合約承諾和我們的計劃之間肯定存在差異。所以我們計劃接收 28 架飛機。然而，您引用的資本支出數字是我們最終應該達到的大致數字。

And what would we add to that $2.2 billion? What would your total be?

我們會在這 22 億美元中增加什麼？你的總數是多少？

It will be slightly less than that. Contractual commitments are higher.

會比這個稍微少一點。合約承諾更高。

Your next question comes from Catherine O'Brien with Goldman Sachs.

您的下一個問題來自高盛的凱瑟琳·奧布萊恩。

I just wanted to dig in on New York a little bit more. Now you have the advanced notice of the slot relief in New York this upcoming summer. How should that impact profitability? And I guess, longer term, do we need to get back to full ability to fly your New York slot portfolio was like pre-COVID operational reliability for those New York margins to recover. I guess, how do you think about getting back to 2019 margins on a system basis without a New York recovery or full New York recovery? Is that possible?

我只是想進一步深入了解紐約。現在您已經收到了即將到來的夏季紐約航班時刻減免的提前通知。這將如何影響獲利能力？我想，從長遠來看，我們是否需要恢復紐約老虎機投資組合的全部能力，就像新冠疫情之前的營運可靠性一樣，才能恢復紐約的利潤。我想，在紐約沒有復甦或紐約完全復甦的情況下，你如何看待在系統基礎上恢復到 2019 年利潤率？那可能嗎？

So we do expect a full New York recovery. It's just a bit slower than I think anybody would have hoped. But if you look specifically at JFK, for example, we're really pleased with the progression that JFK is making. In terms of the operational impact in ATC, our hope is now that there's an administrator we'll see even greater focus on how to ensure that New York is staffed appropriately from an air traffic control perspective. And that's a couple of years in the making. It takes a little while to fully bring on staffing, but we're hopeful that with the slot waivers, that's not something that's sustainable. And at some point, the underlying issue has got to be addressed in a more thoughtful way. And so making sure that we're prepared to take full advantage of that with the slot portfolio that we do have here. It's constrained. That's a good place to be, particularly when you're a leisure carrier, and we're looking forward to seeing New York fully return. But it will take a little while to get there. But on pace for probably, call it, '24, '25.

因此，我們確實預計紐約將全面復甦。只是比我認為任何人希望的要慢一點。但是，例如，如果您專門關注甘迺迪國際機場，我們對甘迺迪國際機場正在取得的進展感到非常滿意。就空中交通管制的營運影響而言，我們希望現在有一位管理員，我們將更加關注如何從空中交通管制的角度確保紐約配備適當的人員。這已經醞釀了好幾年了。完全配備人員需要一段時間，但我們希望在航班時刻豁免的情況下，這不是可持續的事情。在某些時候，必須以更深思熟慮的方式解決根本問題。因此，請確保我們準備好充分利用我們現有的老虎機產品組合。這是受到限制的。這是一個好地方，特別是當您是休閒航空公司時，我們期待看到紐約完全回歸。但需要一點時間才能到達那裡。但按照可能的節奏，稱之為「24」、「25」。

Okay. Got it. And then how should we think about the puts and takes between aircraft on the ground, increasing over the course of '24 against aircraft deliveries. It sounds like we should stay tuned for official guidance. But just high level, is down slightly year-over-year in the first quarter? Is that the high watermark with declines getting deeper through year-end? Or just anything high level on where year-over-year capacity goes from 1Q?

好的。知道了。然後，我們應該如何考慮地面飛機之間的投入和投入，這些投入和投入在 24 世紀飛機交付過程中不斷增加。聽起來我們應該繼續關注官方指引。但只是高水平，第一季同比略有下降嗎？這是年底跌幅進一步加深的高水位線嗎？或只是關於第一季同比產能變化的任何高水準資訊？

Yes. So I think the first quarter is probably close to a representation. I mean, just to put a high level, right, we take 28 deliveries next year. We're retiring 24 and then we've got grounded aircraft due to the GTF. So in the mid -- the high single digits to low double digits. So -- and that progresses throughout the year. So we start with 6 at the end of this year, and then that will end the year at low double digits. So I think that the first quarter is a fair representation. We are still working through our 2024 planning process. So we'll obviously provide you more color on the next call.

是的。所以我認為第一季可能接近代表性。我的意思是，為了提高水平，明年我們將交付 28 架。我們 24 號即將退休，然後由於 GTF，我們的飛機停飛了。所以在中間——高個位數到低兩位數。所以——這一點全年都在進步。因此，我們從今年年底的 6 開始，然後到年底就會保持低兩位數。所以我認為第一季是公平的表現。我們仍在製定 2024 年規劃流程。因此，我們顯然會在下次通話中為您提供更多資訊。

Your next question comes from Andrew Didora with Bank of America.

您的下一個問題來自美國銀行的安德魯·迪多拉。

So Robin, just seems like a lot of the capacity hold down that you talked about on the call is coming from like external factors in the GTF slot extensions at JFK. Can you speak to maybe some of the more proactive capacity adjustments you're making? What markets make the most sense for your product now? I know you're looking at moving capacity to international markets, but what are the real structural changes you're considering right now to kind of help the margin profile going forward?

羅賓，您在電話會議中談到的許多產能抑制似乎都來自於甘迺迪國際機場 GTF 航班時刻擴展的外部因素。您能談談您正在做出的一些更主動的容量調整嗎？現在哪些市場對您的產品最有意義？我知道您正在考慮將產能轉移到國際市場，但您現在正在考慮哪些真正的結構性變化有助於提高未來的利潤率？

I said I'm going to start and then hand over to Joanna and Dave. I mean we've actually been extremely proactive over the last couple of quarters in reallocating capacity. Clearly, we've seen the strength in international that others have seen. We just don't have as much exposure to it. But I think we've got to be really thoughtful around what trends do we see into 2024. If everyone starts pulling domestic capacity, and that's some of the commentary has been made, we could see a bounce back to domestic much more quickly than we think, and then you may have too much exposure to international.

我說我要開始，然後交給喬安娜和戴夫。我的意思是，在過去的幾個季度中，我們實際上在重新分配產能方面非常積極主動。顯然，我們已經看到了其他人所看到的國際實力。我們只是沒有那麼多的接觸它。但我認為，我們必須認真考慮到2024 年我們會看到什麼趨勢。如果每個人都開始減少國內產能（正如一些評論所述），我們可能會看到國內產能的反彈速度比我們預期的要快得多。想一想，那麼你可能接觸了太多國際化的東西。

So the team is kind of constantly reallocating and moving things around. And we're going to continue to do that. I think the other thing that's going on with our fleet renewal is that with the 220, there's a broader set of markets that would work compared to 190. The 190 historically had some range considerations and the 220 removes that as well. And so that also creates the opportunity of redeploying outside some of the shorter, more business markets that have sort of been really served by the 190 into sort of more leisure-focused A220 markets as well. So I don't know if you, Joanna or Dave, you want to sort of...

因此，團隊不斷地重新分配和移動事物。我們將繼續這樣做。我認為我們機隊更新中發生的另一件事是，與 190 相比，220 可以適應更廣泛的市場。190 歷史上有一些範圍考慮因素，220 也消除了這一點。因此，這也創造了將 190 真正服務的一些較短、商務性更強的市場重新部署到更注重休閒的 A220 市場的機會。所以我不知道你，喬安娜還是戴夫，你是否想要…

Yes. Maybe I'll just add on the leisure front. I mean, I think if you look at JetBlue overall, knowing that this is our core bread and butter and what we were built for. We've got the point-to-point network. We have the product offering that covers an array of customers who want different things from a more basic unbundled product to a premium product and then our strength as we see it growing sort of the premium sector. And then you look at that overlaid with being in these constrained environments, whether it's Boston with gate constraints, or JFK, Newark in places like that. We've got a network over the long term that should perform very well in these leisure markets and a product that also perform as well. And then you wrap that with loyalty and just with travel products creating that leisure ecosystem, over time, we expect it to produce some nice results. We're just in a more challenging environment right now as we navigate through this quarter into next year with some of these external headwinds facing us around engines and excess capacity in some of the leisure markets.

是的。也許我會補充一下休閒方面的內容。我的意思是，我認為如果你從整體上看捷藍航空，你就會知道這是我們的核心麵包和黃油，也是我們成立的目的。我們有點對點網路。我們提供的產品涵蓋了一系列想要不同東西的客戶，從更基本的非捆綁產品到優質產品，然後我們的實力隨著我們看到它在高端領域的成長而增長。然後你會看到這些受限制的環境，無論是波士頓的登機口限制，還是甘迺迪機場、紐瓦克這樣的地方。從長遠來看，我們擁有一個在這些休閒市場中表現良好的網絡以及同樣表現出色的產品。然後你用忠誠度和旅遊產品來創造休閒生態系統，隨著時間的推移，我們希望它能產生一些好的結果。當我們從本季進入明年時，我們現在正處於一個更具挑戰性的環境中，我們面臨著一些圍繞著引擎和一些休閒市場產能過剩的外部阻力。

Okay. And then just as a follow-up. I know you mentioned corporate travel has improved, and sorry if I missed this, but can you quantify that -- quantify the corporate travel improvement? And is this more of a New York comment? Or are you seeing it more broadly across your network?

好的。然後作為後續行動。我知道您提到商務旅行有所改善，很抱歉如果我錯過了這一點，但是您能量化這一點 - 量化商務旅行的改善嗎？這更像是紐約的評論嗎？或者你是否在你的網絡中更廣泛地看到它？

Sure. This is Dave. So corporate travel has had a very nice step up since Labor Day. We'll admit it had sort of softened over the summer and appear to be a seasonal thing that happened at beginning of the summer and then it bounces back to the end. But if you look at, say, since COVID, if you look at our best 7 booking weeks since COVID started 3 to 4 years ago, 6 of them were in the past 2 months. So we've seen a real nice pickup here.

當然。這是戴夫。自勞動節以來，商務旅行有了很大的進步。我們承認它在整個夏天有所減弱，似乎是夏初發生的季節性事件，然後在夏末反彈。但是，如果你看看自新冠疫情以來，如果你看看自 3 到 4 年前新冠疫情爆發以來我們最好的 7 個預訂週，就會發現其中 6 個是在過去 2 個月內。所以我們在這裡看到了一個非常好的皮卡。

I mean in terms of percent recovered, we're still sort of 80% or low 80s, but we are seeing that sequential improvement. Also seeing some areas like media and entertainment, which has seen some softness over the summer with strikes picked back up in the fall. So feel good about how we're progressing on the corporate side, but still feel it's largely in steady state, and we'll just grow sort of with the economy going forward.

我的意思是，就恢復百分比而言，我們仍然處於 80% 或 80 左右的水平，但我們看到了連續的改善。媒體和娛樂等一些領域在夏季出現了一些疲軟，而秋季罷工又有所回升。因此，我們對公司的進展感到滿意，但仍然感覺它基本上處於穩定狀態，並且我們只會隨著經濟的發展而成長。

Your next question comes from Helane Becker with TD Cowen.

您的下一個問題來自 Helane Becker 和 TD Cowen。

So I just have a clarifying question. I have 2 questions. One is, I think, Ursula, you mentioned competitive CASM ex. Can you just say what competitive CASM ex means?

所以我只是有一個澄清的問題。我有 2 個問題。一是，我想，烏蘇拉，你提到了競爭性的 CASM 前任。能簡單說一下競技CASM ex是什麼意思嗎？

Yes. I think we're obviously going to have a much lower growth profile than we have historically. And so if you look at competitors' performance at a lower growth profile, I would envision us being in that same realm. And again, we're still going through our planning process for 2024. But I guess you can expect us to ensure that we're building a plan with a CASM ex that is competitive based on the growth rate that we pinpoint compared to historical competitor performance.

是的。我認為我們的成長速度顯然會比歷史上低得多。因此，如果你看看競爭對手在較低成長情況下的表現，我會想像我們也處於同樣的領域。再說一遍，我們仍在進行2024 年的規劃流程。但我想您可以期望我們能夠確保我們正在與CASM ex 制定一項計劃，該計劃基於我們確定的與歷史競爭對手相比的增長率而具有競爭力表現。

Okay. I think that's helpful. And then just my other clarifying question. On corporate, where you're talking about New York being slow to come back. Actually, can you parse out how many a way, is there a way to parse out trips that are just 1 day, like are those the ones that aren't coming back versus trips that are 2 or more days?

好的。我認為這很有幫助。然後是我的另一個澄清問題。在企業方面，你談論的是紐約的復甦緩慢。實際上，你能解析出多少種方式，有沒有一種方法可以解析出只有 1 天的旅行，例如那些不回來的旅行與 2 天或更多天的旅行？

Helane. So certainly, yes, we're seeing the most pressure on the short-haul day trip market, and we're seeing that in our network and sort of the global data seems to be indicating that in other parts of the world as well. And that's one of the places we've been rightsizing is on those sort of day trip markets, keeping still a robust schedule, but some places we're hourly. We're now sort of hourly when it counts at the key times a day and then every couple of hours, the rest of the day. So that's certainly been our experience is, the shorter the haul the -- so is going to come back.

海蘭。所以，當然，是的，我們看到短途一日遊市場面臨最大的壓力，而且我們在我們的網路和某種全球數據中看到這一點似乎表明在世界其他地區也是如此。我們一直在調整規模的地方之一是一日遊市場，仍然保持穩健的時間表，但有些地方我們是每小時一班。我們現在是按小時計算，在一天的關鍵時間計算，然後每隔幾個小時計算一次，在一天的其餘時間計算。所以這肯定是我們的經驗，距離越短，就越會回來。

Your next question comes from Stephen Trent with Citi.

您的下一個問題來自花旗集團的史蒂芬‧特倫特。

Just one clarification here. I appreciate a lot of this weather stuff is out of your control but you mentioned taking some steps to try and ease the disruptions. And could you just give a little color if that was adding crew bases or doing something in your schedule, maybe AI in your flight scheduling or something? Would just love to hear that.

這裡僅作一澄清。我知道很多天氣問題都是你無法控制的，但你提到要採取一些措施來嘗試緩解幹擾。如果是增加機組人員基地或在你的日程安排中做一些事情，也許是在你的航班安排中使用人工智慧或其他什麼，你能給出一點顏色嗎？我很想聽聽這個。

Sure. Yes, I can speak to that. So a few things. I think number one, how do you make sure the day is more resilient. You do that by ensuring you have adequate reserves in place, whether that's pilots or in flights. And so we've done that. I think the good news is we're getting smarter about how we do it, so it's more efficient. But for the foreseeable future, we will have additional reserves in place during peak and summer periods to protect the operations so that when you experience long delays and crews bump up against their hours limit, we can replace them. That's kind of the first thing.

當然。是的，我可以這麼說。所以有幾件事。我認為第一，如何確保這一天更有彈性。你可以透過確保有足夠的儲備來做到這一點，無論是飛行員還是航班。所以我們已經做到了。我認為好消息是我們的做法變得越來越聰明，因此效率更高。但在可預見的未來，我們將在高峰期和夏季期間設立額外的儲備來保護運營，以便當您遇到長時間延誤並且工作人員達到工作時間限制時，我們可以替換他們。這是第一件事。

We've also gotten, I think, much smarter around how we think about the day, so AI tools that can enable our system operations team to better plan the day, and we're in the process of introducing a number of these.

我認為，我們在如何看待這一天方面也變得更加聰明，因此人工智慧工具可以使我們的系統營運團隊更好地規劃這一天，我們正在引入其中的一些工具。

So one example, when you have lengthy delays and long air traffic control initiative that can be longer to fly from New York to Caribbean, for example. And so you may protect that flight by double crewing it. We want to make sure if we double crew these things, we're doing it in the most efficient way, so we save costs. So we're getting smarter about making decisions on which flights to double crew and which flights not to double crew by way of example. Also, how you cascade the lease through the day and making sure that we understand when we do see aircraft control delays earlier in the day that cascade through the day. We're making smart decisions on what flights to hold on to versus what flights we may want to proactively cancel. We're not there yet, but well underway in terms of building tools to better enable our team to make decisions day of as we address this more challenging operating environment that JetBlue operates in.

舉個例子，例如，當您遇到長時間延誤和長時間空中交通管制時，從紐約飛往加勒比海的航班可能需要更長的時間。因此，您可以透過配備兩名機組人員來保護該航班。我們希望確保，如果我們將這些工作人員加倍，我們會以最有效的方式進行，從而節省成本。因此，我們在決定哪些航班配備雙人機組人員以及哪些航班不配備雙人機組人員方面變得越來越明智。此外，您如何在一天中級聯租賃，並確保我們在當天早些時候確實看到飛機控制延誤並在一天中級聯時理解。我們正在就保留哪些航班以及可能想要主動取消哪些航班做出明智的決定。我們還沒有做到這一點，但在建立工具方面正在順利進行，以便我們的團隊能夠更好地做出決策，以應對捷藍航空所處的更具挑戰性的營運環境。

Yes. And if I could just add to that. I do think that -- we've got a whole summer of experience to look back on and really partner with the FAA, who are absolutely committed. We have a new administrator who is the perfect person for the job in Mike Whitaker. And whilst the staffing challenges won't go away, we can accomplish a lot by mitigating. Now we've got the 10% slot waiver. It's been done ahead of time, which is terrific. We're -- JetBlue is going to continue to advocate the 10% may not be enough or 10% should be mandated. 10% should include international carriers. Now this is our view. Ultimately, the FAA is the final decision-maker on that, but we can advocate for our perspective.

是的。如果我可以補充一下的話。我確實認為——我們有一整個夏天的經驗可供回顧，並與聯邦航空局真正合作，他們絕對忠誠。我們有一位新的管理員，麥克·惠特克（Mike Whitaker）是這項工作的最佳人選。雖然人員配備方面的挑戰不會消失，但我們可以透過緩解來取得很多成就。現在我們獲得了 10% 的老虎機豁免。已經提前完成了，這太棒了。我們－捷藍航空將繼續主張 10% 可能不夠，或應該強制規定 10%。 10% 應包括國際航空公司。現在這是我們的觀點。最終，美國聯邦航空局是這方面的最終決策者，但我們可以主張我們的觀點。

And also as the summer went on and as the airlines and the FAA kind of built sort of ways of working to do with these issues, we saw better performance overall as well. And so I think (technical difficulty) a whole year nearly to (technical difficulty) and his team to do even a better job. When we kind of (technical difficulty) more things on time (technical difficulty) revenue from ad and (technical difficulty) business quickly, if you're protecting (technical difficulty). And I know it's not very (technical difficulty) work the team has done. But JetBlue is not the one (technical difficulty). So we're going to continue to -- it's our really #1 operating priorities to kind of improve, try and make sure next summer is better than this summer.

而且隨著夏季的持續，隨著航空公司和美國聯邦航空局建立了一些解決這些問題的方法，我們也看到了更好的整體表現。所以我認為（技術難度）一整年幾乎可以（技術難度）和他的團隊做得更好。當我們（技術難度）按時（技術難度）從廣告和（技術難度）業務中快速獲得更多收入時，如果您正在保護（技術難度）。我知道團隊所做的工作並不是非常（技術難度）。但捷藍航空不是那個（技術難度）。因此，我們將繼續——改進、嘗試並確保明年夏天比今年夏天更好，這是我們真正的第一要務。

Robin, you were breaking up a bit there, but I think I got the gist of what you were saying.

羅賓，你在那裡有點分手了，但我想我明白了你所說的要點。

Operator, can we move to the next question?

接線員，我們可以進入下一個問題嗎？

Operator? Operator?

操作員？操作員？

Operator, can you hear us? Operator, if you can hear us, we are -- we can go ahead.

接線員，你聽得到我們說話嗎？接線員，如果您能聽到我們的聲音，我們就可以繼續了。

I'm so sorry about that. Your next question comes from Chris Stathoulopoulos with Karan International (sic) [Susquehanna International].

對此我感到非常抱歉。您的下一個問題來自 Karan International（原文如此）[Susquehanna International] 的 Chris Stathoulopoulos。

This is Susquehanna International. I'll keep it to one question. It's been a long call. So Robin, I want to go back to your comments you made around this chessboard as it relates to thinking about your network for next year, Ursula spoke about reallocating capacity to margin-accretive leisure and VFR markets. I'm curious where those are. We've heard from another competitor that sort of the plan here. It doesn't seem that there's sort of areas that are perhaps untapped and kind of looking at some of these more leisure-focused destination capacity as it stands today is up double digits. I realize you have the midpiece here, but trying to square that away with how, for instance, the travel products might kind of fit into all of this. So is this sort of a wholesale we look at geography or kind of fine-tuning, just would love to hear some your thoughts there on just reallocation process...

這是薩斯奎哈納國際機場。我將保留一個問題。這是一個漫長的通話。所以，羅賓，我想回顧一下您圍繞這個棋盤所做的評論，因為它涉及到考慮明年的網絡，烏蘇拉談到了將容量重新分配給利潤增值的休閒和 VFR 市場。我很好奇那些在哪裡。我們從另一位競爭對手那裡聽說了類似的計劃。似乎沒有什麼領域尚未開發，並且正在關注其中一些更注重休閒的目的地容量，目前的容量已增長了兩位數。我知道你在這裡有中間部分，但試圖將其與旅行產品如何適應這一切相結合。那麼，這是一種批發，我們著眼於地理還是某種微調，只是想聽聽您對重新分配過程的一些想法...

Yes, I'm going to ask Dave to maybe pick that up.

是的，我會請戴夫來接一下。

Sure. Thanks, Chris. This is Dave. As mentioned before, we're increasing our mix of leisure even more heavily as we reallocate out of some of the shorter haul business, but we feel very confident in our ability to compete and win. I mean these are the markets JetBlue was founded to and designed to serve 23 years ago. These are the markets we had in mind when we built our loyalty program when we updated it earlier this year to introduce things like Tiles like you have increasing customers, even more rewards and more incentive than they get through other loyalty programs. It fits right into our JetBlue Travel Product, which is designed to provide a holistic experience and drive a lot of ancillary revenue. It goes with our point-to-point network. It goes with our customer service.

當然。謝謝，克里斯。這是戴夫。正如之前提到的，隨著我們重新分配一些短途業務，我們正在進一步增加休閒組合，但我們對自己的競爭和獲勝能力非常有信心。我的意思是，這些是捷藍航空 23 年前創立並設計服務的市場。這些是我們在建立忠誠度計劃時考慮到的市場，今年早些時候我們更新了該計劃，引入了像Tiles 這樣的東西，這樣您就可以擁有越來越多的客戶，甚至比他們通過其他忠誠度計畫獲得更多的獎勵和激勵。它非常適合我們的捷藍航空旅行產品，該產品旨在提供整體體驗並帶來大量輔助收入。它與我們的點對點網路配合使用。它與我們的客戶服務相符。

So we have our 6 focus cities in our leisure focus, and we're going to compete hard and we're going to win in these markets. And of course, there'll be tweaks around the corner or around the edges, and we're doing that very actively with -- we had about a dozen markets we've closed or announced closure over the last 2 months. We've closed 2 cities. But for our bread and butter for Florida and the Caribbean and Transcon, we're going to fight, and we're going to win in those market.

因此，我們的休閒重點有 6 個重點城市，我們將在這些市場上激烈競爭並贏得勝利。當然，在拐角處或邊緣將會有一些調整，我們正在非常積極地這樣做——在過去兩個月裡，我們已經關閉或宣布關閉了大約十幾個市場。我們已經關閉了 2 個城市。但為了佛羅裡達州、加勒比海地區和 Transcon 的麵包和黃油，我們將戰鬥，並且我們將在這些市場上獲勝。

Yes, I think the point yes, just -- I mean, the point I was trying to make as well is that obviously, the industry fare data we have is historic. We see short-term sort of trends. It's also trying to kind of get ahead of that and think through what markets may be -- there was lots of commentary last week about Las Vegas. And so there's now so much capacity to get put out of Vegas, Vegas becomes a stronger pro forma gain.

是的，我認為這一點是的，只是——我的意思是，我也想表達的一點是，顯然，我們掌握的行業票價數據是歷史性的。我們看到了短期趨勢。它也試圖走在前面，思考市場可能是什麼——上周有很多關於拉斯維加斯的評論。因此，現在有這麼多的能力離開維加斯，維加斯成為更強大的準備收益。

So all I'm saying is we're trying not to just respond to what's in front of us, but be thoughtful and think through what are the things we need to do that is more closely aligned with our strategy to drive margin recovery. And that's what we're going to be focused on and more news to follow as we get into next year. But I think that the message for '24 is going to be capacity constraints because of the engine issues and the delivery delays we have. And so we want to make sure we're flying the most margin accretive markets given those constraints.

因此，我想說的是，我們不僅要努力應對擺在我們面前的事情，還要深思熟慮，思考我們需要做哪些事情，這些事情與我們推動利潤率復甦的策略更加一致。這就是我們將關注的重點，並在進入明年時關注更多新聞。但我認為，由於引擎問題和我們的交付延誤，24 年的資訊將是容量限制。因此，考慮到這些限制，我們希望確保我們能夠飛向利潤率最高的市場。

There are no further questions at this time. Please proceed.

目前沒有其他問題。請繼續。

And that concludes our third quarter 2023 conference call. Thanks for joining us, and have a great day.

我們的 2023 年第三季電話會議到此結束。感謝您加入我們，祝您有美好的一天。