(JBLU) 2023 Q4 法說會逐字稿

Good morning.

早安.

My name is Travis.

我叫崔維斯。

I would like to welcome everyone to the JetBlue Airways Fourth Quarter 2023 earnings conference call.

歡迎大家參加捷藍航空 2023 年第四季財報電話會議。

As a reminder, today's call is being recorded at this time, all participants are in a listen only mode.

提醒一下，今天的通話此時正在錄音，所有參與者都處於只聽模式。

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, Travis.

謝謝，崔維斯。

Good morning, everyone, and thanks for joining us for our fourth quarter 2023 earnings call.

大家早安，感謝您參加我們的 2023 年第四季財報電話會議。

This morning, we issued our earnings release and a presentation that we will reference during this call.

今天早上，我們發布了收益報告和演示文稿，我們將在本次電話會議中參考。

All of those documents are available on our website at investor dot jetblue.com and on the SEC's website at www.SEC.gov.

所有這些文件均可在我們的投資者 dot jetblue.com 網站和 SEC 網站 www.SEC.gov 上取得。

In New York.

在紐約。

To discuss our results are Robin Hayes, our Chief Executive Officer, and I guarantee our President and Chief Operating Officer, and Ursula Hurley, our Chief Finance.

討論我們的結果的是我們的執行長 Robin Hayes，我保證我們的總裁兼營運官，以及我們的財務長 Ursula Hurley。

Also joining us for Q&A are Dave Clarke, our Head of Revenue and Planning, and Andres Barry, President of JetBlue Travel Products.

我們的收入和規劃主管戴夫克拉克 (Dave Clarke) 以及捷藍航空旅行產品總裁安德烈斯巴里 (Andres Barry) 也加入了我們的問答環節。

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.

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。

Such forward-looking statements include, without limitation, statements regarding our first quarter and full year 2024 financial outlook and our future results of operations and financial position, industry and market trends, expectations with respect to headwinds, our ability to achieve our operational and financial targets, our business strategy and plans for future operations and the associated impacts on our business.

此類前瞻性陳述包括但不限於有關我們2024 年第一季和全年財務展望以及我們未來的營運表現和財務狀況、行業和市場趨勢、對不利因素的預期、我們實現營運和財務目標的能力的陳述。目標、我們的業務策略和未來營運計劃以及對我們業務的相關影響。

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 the actual results to differ materially from those contained in our forward-looking statements.

所有此類前瞻性陳述均存在風險和不確定性，實際結果可能與這些陳述中明示或暗示的結果有重大差異，請參閱我們最新的收益發布以及我們最近的10 K 和其他文件以了解更詳細的討論可能導致實際結果與我們的前瞻性陳述中包含的結果有重大差異的風險和不確定性。

Statements made during today's call during this call are made only as of the date of the call and other than as may be required by law.

在今天的電話會議期間發表的聲明僅截至電話會議之日作出，法律可能要求的除外。

We undertake no obligation to update this information.

我們不承擔更新此資訊的義務。

Investors should not place undue reliance on these forward-looking statements.

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.

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。

For an explanation of these non-GAAP measures and a reconciliation to the corresponding GAAP measures.

有關這些非 GAAP 衡量標準的解釋以及與相應 GAAP 衡量標準的調整。

Please refer to our earnings release, a copy of which is available on our website at SEC.gov. Now I'd like to turn the call over to Robin Hayes, JetBlue's CEO, and

請參閱我們的收益發布，其副本可在我們的網站 SEC.gov 上取得。現在我想把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.

大家早安，感謝您今天加入我們。

As always, I'd like to start with a huge thanks to our incredible crewmembers.

像往常一樣，我首先要對我們出色的工作人員表示衷心的感謝。

Tell you today.

今天告訴你。

That message takes on even greater importance for me because as you know, in two weeks, I'll be retiring as CEO, and this marks my last earnings call with JetBlue.

這個訊息對我來說更加重要，因為如你所知，兩週後我將辭去執行長的職務，這也是我最後一次與捷藍航空的財報電話會議。

So after 15 years of earnings calls, I want to extend one more public.

因此，在召開了 15 年的財報電話會議之後，我想再召開一次公開電話會議。

Thank you to our crew members who are the reason our customers keep coming back to JetBlue the energy and dedication their attention to delivering exceptional service to our customers.

感謝我們的機組人員，他們是我們的客戶不斷回到捷藍航空的原因，並致力於為客戶提供卓越的服務。

They truly are the source of our distinctive culture and brand.

它們確實是我們獨特文化和品牌的來源。

We would not be JetBlue without them.

沒有他們，我們就不會成為捷藍航空。

Let me also thank all of you the analysts, investors who have supported us and challenged us along the way.

我還要感謝一路以來支持我們並挑戰我們的所有分析師和投資者。

We very much appreciate the constructive engagement over the years.

我們非常感謝多年來的建設性參與。

It's been a pleasure working with all of you, and I know you'll enjoy working more closely with Joanna I think I'm also very excited for Joanna, who will be our next CEO effective February.

與大家一起工作非常愉快，我知道你們會喜歡與 Joanna 更密切地合作，我想我也為 Joanna 感到非常興奮，她將於 2 月份擔任我們的下一任首席執行官。

The 12th, no one on our team has worked alongside me or actually Woodside suffered longer than Joanna to the following an energetic leader, spearheaded many of our major strategic operational and commercial initiatives.

12 日，我們團隊中沒有人與我一起工作過，或者實際上伍德賽德在一位充滿活力的領導者領導下，比喬安娜遭受的痛苦更久，他領導了我們許多主要的戰略運營和商業計劃。

Over the last six months, she has been leading our effort to develop and implement a turbocharge organic plan to help get us back to sustained profitability and restore our historical earnings power.

在過去的六個月裡，她一直領導我們制定和實施渦輪增壓有機計劃，以幫助我們恢復持續盈利並恢復我們歷史上的盈利能力。

You'll be hearing more about that today and in the future, I'm very confident about the next phase of our evolution, which you'll hear more about and will deliver sustainable, improved performance over time and create value for our shareholders, customers and crewmembers before passing it over to Joanna, I wanted to briefly touch on the Spirit transaction.

今天和將來，您會聽到更多關於這一點的信息，我對我們發展的下一階段非常有信心，您會聽到更多關於這一點的信息，並將隨著時間的推移提供可持續的、改進的業績，並為我們的股東創造價值，在將其交給喬安娜之前，我想先簡單介紹一下 Spirit 交易。

We strongly disagree with the court's ruling, and yesterday we filed a motion to expedite an appeal of the decision whilst we notified notified that that certain conditions to close may not be satisfied prior to the outside date set out in the merger agreement, we are evaluating our options under the merger agreement, which remains in effect unless and until such time as the merger agreement is terminated, JetBlue will continue to fully abide by all of its obligations.

我們強烈不同意法院的裁決，昨天我們提出了一項動議，要求加快對該決定的上訴，同時我們通知通知，在合併協議規定的外部日期之前可能無法滿足某些關閉條件，我們正在評估我們在合併協議下的選擇權仍然有效，除非合併協議終止，捷藍航空將繼續完全遵守其所有義務。

We're not in a position to discuss this per transaction.

我們無法針對每筆交易討論這一點。

Any further at this point and our focus today, we'll be on our organic business with that for the last time over to you, Jaana Thank you.

就這一點以及我們今天的重點而言，我們將最後一次將其交給您，Jaana，謝謝您。

And I want to start by expressing my deep gratitude to Robin for his leadership and friendship over the years.

首先，我想對羅賓多年來的領導和友誼表示深深的謝意。

He deserves tremendous credit for building JetBlue into the company.

他將捷藍航空打造為公司值得巨大的讚譽。

We are today.

我們就是今天。

He transformed us from a small domestic airline to one with a global footprint and created new ways to innovate and challenge the competition from free onboard WiFi to Mint, our award-winning premium offering, which has disrupted transcon and now transatlantic business on behalf of the entire JetBlue team, we wish him all of the best in his next chapter.

他將我們從一家小型國內航空公司轉變為一家業務遍及全球的航空公司，並創造了新的創新方式和挑戰競爭的方式，從免費機上WiFi 到我們屢獲殊榮的優質產品Mint，它已經顛覆了transcon，現在代表了跨大西洋業務。整個捷藍航空團隊，我們祝他在下一個篇章中一切順利。

I'm honored to be taking on the role of CEO. on behalf of this incredible company at a very pivotal moment for our business.

我很榮幸擔任執行長一職。在我們業務的關鍵時刻代表這家令人難以置信的公司。

Jetblue has a strong foundation underpinned by a truly exceptional brand and the industry's best crewmembers.

捷藍航空擁有堅實的基礎，擁有真正卓越的品牌和業界最優秀的機組人員。

We are building on this foundation as we take aggressive action to get back to profitability and intensify our focus on delivering value for our shareholders.

我們正以此為基礎，採取積極行動恢復獲利，並更重視為股東創造價值。

Before I begin my remarks, I'm thrilled that my first leadership appointment was announced yesterday, promoting Warren Christie to Chief Operating Officer effective February 12th.

在開始演講之前，我很高興昨天宣布了我的第一個領導層任命，將 Warren Christie 提升為首席營運官，該任命將於 2 月 12 日生效。

Warren has a robust aviation career spanning 30 plus years from his leadership and service in the military to his JetBlue career beginning 21 years ago and spanning various roles.

Warren 擁有 30 多年穩健的航空職業生涯，從他在軍隊的領導和服役，到 21 年前開始的捷藍航空職業生涯，並擔任過各種職位。

Our dedication and passion for safety, operational performance and service excellence has been instrumental in our evolution, and he is well-positioned to help us execute a plan that will mark the start of JetBlue's next major factor as Robin mentioned, we've been hard at work evolving our standalone organic plans to restore profitability and reset JetBlue for future growth.

我們對安全、營運績效和卓越服務的奉獻和熱情對我們的發展發揮了重要作用，他有能力幫助我們執行一項計劃，該計劃將標誌著捷藍航空下一個主要因素的開始，正如羅賓提到的，我們一直在努力我們正在努力製定我們的獨立有機計劃，以恢復盈利能力並重置捷藍航空以實現未來成長。

And we've already begun to implement some of the initial components.

我們已經開始實作一些初始組件。

Key strategic challenge we've always faced is how to thrive as a small player in an industry dominated by four large airline.

我們一直面臨的關鍵策略挑戰是如何在四大航空公司主導的產業中作為一個小參與者蓬勃發展。

We now face this challenge in a post-COVID environment where industry dynamics are coalescing around some clear trends.

我們現在在新冠疫情後的環境中面臨著這項挑戰，而產業動態正圍繞著一些明顯的趨勢結合起來。

For example, customer travel preferences, including a premium onboard experience and improved customer service.

例如，客戶旅行偏好，包括優質的機上體驗和改進的客戶服務。

These are increasingly shifting towards JetBlue's strength.

這些都日益轉向捷藍航空的優勢。

We will deepen and strengthen our competitive position as a unique brand with a superior customer experience, finding new ways to be the best at what we do and further distinguish ourselves from the competition.

我們將深化和加強我們作為具有卓越客戶體驗的獨特品牌的競爭地位，尋找新的方法，在我們的工作中做到最好，並進一步從競爭對手中脫穎而出。

This begins with refocusing on our most proven geographies.

首先要重新關注我們最成熟的地區。

Our core network sits in some of the largest markets in the world, but there are clear barriers to entry and we intend to capitalize on our deep relevance in these markets by urgently optimizing our network to make sure that we're taking care of our core customer, making sure we go where they want to go when they want to go.

我們的核心網路位於世界上一些最大的市場，但存在明顯的進入壁壘，我們打算透過緊急優化我們的網路來利用我們在這些市場的深厚相關性，以確保我們照顧到我們的核心客戶，確保我們在他們想去的時候去他們想去的地方。

We are also recharging our innovation DNA to bring an even better quality experience to the full spectrum of JetBlue customers from leisure visiting friends and relatives to corporate and premium travelers.

我們也不斷增強我們的創新基因，為捷藍航空的所有客戶（從休閒探親訪友到企業和高端旅客）帶來更優質的體驗。

It means segmenting our onboard product offering more precisely so that each customer can get the best travel experience at the best price.

這意味著更精確地細分我們的機上產品，以便每位客戶都能以最優惠的價格獲得最佳的旅行體驗。

We will use this new chapter to improve how we merchandise to our core suite of customers.

我們將利用這一新篇章來改進我們向核心客戶群推銷產品的方式。

And to the extent there are opportunities across certain customer segments, we will launch new revenue initiatives and close the gaps on our product offerings.

如果某些客戶群存在機會，我們將推出新的收入計劃並縮小我們產品供應的差距。

All of this is underpinned by a more reliable operation, a complementary loyalty program and a strong culture with a competitive cost structure in many ways, this means refocusing on our core strengths.

所有這一切都以更可靠的營運、互補的忠誠度計劃以及在許多方面具有競爭性成本結構的強大文化為基礎，這意味著重新關注我們的核心優勢。

Let me be clear.

讓我說清楚。

It is not, however, business as usual.

然而，一切並不如常。

I commit to you that with our renewed focus, we are bringing more data-driven rigor, intensity and creativity than ever before to date, relentless focus on building value for our shareholders over the coming weeks and months, including at an Investor Day, we will host in May.

我向您承諾，隨著我們重新聚焦，我們將比以往任何時候都帶來更多數據驅動的嚴謹性、強度和創造力，在未來幾週和幾個月內不懈地致力於為股東創造價值，包括在投資者日，我們將於五月舉辦。

We will be sharing more with you on our longer-term plan.

我們將與您分享更多有關我們的長期計劃的資訊。

But today, I want to share our 2024 priorities a preview, if you will, of how we intend to return to sustained profitability and how we are taking urgent action, including launching several initiatives in the first quarter.

但今天，我想分享我們 2024 年的優先事項，預覽我們打算如何恢復持續盈利，以及我們如何採取緊急行動，包括在第一季度推出多項舉措。

Starting with our new initiatives.

從我們的新措施開始。

These are aimed at evolving our offering to better serve our core leisure customer while further diversifying our revenue stream in this process, we've identified over 15 different revenue initiatives.

這些旨在發展我們的產品，以更好地服務我們的核心休閒客戶，同時進一步使我們的收入來源多樣化，在此過程中，我們已經確定了超過 15 種不同的收入計劃。

And in 2024, we expect these to add over $300 million to our top line, of which nearly two thirds is ancillary revenue.

到 2024 年，我們預計這些收入將為我們的營收增加超過 3 億美元，其中近三分之二是輔助收入。

Included in these initiatives is our recent launch of preferred seating, which provides customers with the option to select more desirable seats closer to the front of the aircraft, but also gives us another way to reward our most loyal Mosaic customers who will get this additional benefit for free, and it enabled us to better match our product offerings to customer demands.

這些舉措包括我們最近推出的首選座位，它為客戶提供了選擇更靠近飛機前部的更理想座位的選擇，同時也為我們提供了另一種方式來獎勵我們最忠實的Mosaic 客戶，他們將獲得這項額外的好處免費，它使我們能夠更好地將我們的產品滿足客戶的需求。

Another example I will highlight is our expanded distribution and OTT partnership.

我要強調的另一個例子是我們擴大的分銷和 OTT 合作夥伴關係。

This expansion, further aligns our distribution capabilities with the legacy carriers, allowing us to reach more customers and giving those who rely on OTA greater access to our product.

此次擴張進一步使我們的分銷能力與傳統營運商保持一致，使我們能夠接觸到更多客戶，並為依賴 OTA 的客戶提供更多存取我們產品的機會。

We are also making changes to how we manage our network rebalancing to deploy the right mix of risk and applying even greater discipline to our assessment of underperforming markets.

我們也正在改變管理網路再平衡的方式，以部署正確的風險組合，並對錶現不佳的市場進行更嚴格的評估。

As part of this refinement, we are aggressively reallocating capacity to proven leisure and VFR markets, including doubling down in those markets where we can leverage JetBlue Travel Products, superior offering to better serve customers and help us generate higher margins.

作為這項改進的一部分，我們正在積極地將產能重新分配給成熟的休閒和VFR 市場，包括在那些我們可以利用捷藍航空旅行產品和優質產品的市場加倍投入，以更好地服務客戶並幫助我們創造更高的利潤。

Our loyalty program also remains a priority as we look for additional ways to provide more value to our customers.

我們的忠誠度計劃仍然是我們的首要任務，因為我們正在尋找其他方式為客戶提供更多價值。

And we expect our tuneable TrueBlue program to continue to drive margin accretive growth as we execute our multiyear plan to close the gap to peers and better monetize the program.

我們預計，隨著我們執行多年計劃以縮小與同行的差距並更好地透過該計劃獲利，我們的可調整 TrueBlue 計劃將繼續推動利潤成長。

We are expanding our suite of products with the continued goal of appealing to more of our core customers and plan to launch several new loyalty products in the coming years.

我們正在擴展我們的產品系列，持續目標是吸引更多核心客戶，並計劃在未來幾年推出多種新的忠誠度產品。

Next, continued cost and capital discipline are a top priority to that and we have reached an agreement to defer $2.5 billion of planned aircraft CapEx and smoothed our delivery stream.

接下來，持續的成本和資本紀律是重中之重，我們已達成協議，推遲計劃中的 25 億美元飛機資本支出，並平穩我們的交付流程。

Ursula will provide more detail in her remarks.

烏蘇拉將在她的演講中提供更多細節。

Finally, we operate in one of the most complex and challenging air spaces.

最後，我們在最複雜和最具挑戰性的空域之一運作。

Operational reliability is foundational to all of our priorities, helping us deliver a better customer experience while also improving revenues with fewer refunds and disruption vouchers and better cost as we mitigate overtime and premium.

營運可靠性是我們所有優先事項的基礎，幫助我們提供更好的客戶體驗，同時透過減少退款和中斷憑證來提高收入，並透過減少加班和溢價來降低成本。

This will be a continued area of focus in 2024 as we make more targeted investments in our operation, prioritizing areas such as predictive aircraft maintenance and scheduling enhancements, where we are already seeing meaningful returns for reliability.

這將是 2024 年持續關注的領域，因為我們在營運中進行了更有針對性的投資，優先考慮預測性飛機維護和調度增強等領域，我們已經在這些領域看到了有意義的可靠性回報。

As I mentioned, we will share more at our Investor Day later this year.

正如我所提到的，我們將在今年稍後的投資者日分享更多資訊。

Shifting now to our fourth quarter results.

現在轉向我們的第四季業績。

We delivered a strong end to the year as both revenues and costs exceeded our expectations.

由於收入和成本都超出了我們的預期，我們在今年年底取得了強勁的業績。

Fourth quarter revenues declined 3.7% year over year ahead of our December guidance update, driven by healthy close-in demand with both strong peak holiday period demand and better than expected performance during off-peak our premium offering and even more space, in particular, continued to perform extremely well with double-digit year-over-year revenue growth in the fourth quarter.

在我們 12 月的指引更新之前，第四季度營收年減 3.7%，這是由於健康的近期需求、旺季需求旺盛以及非高峰期間我們的優質產品和更多空間的表現好於預期，特別是，持續表現出色，第四季營收年增兩位數。

We also benefited from continued strength in our redesigned TrueBlue loyalty program, both in the fourth quarter and for the full year 2019, we have had the fastest growing loyalty program, any major U.S. airline growing revenues by 75%.

我們也受惠於重新設計的TrueBlue 忠誠度計劃的持續優勢，無論是在第四季度還是2019 年全年，我們的忠誠度計劃都是增長最快的，在美國主要航空公司中收入增長了75% 。

This reflects strong performance in our Barclays co-brand portfolio, which achieved a record high for JetBlue co-brand spend and generated over $1 billion in cash remuneration in 2023, more than double our 2019 performance.

這反映出我們巴克萊聯合品牌組合的強勁表現，該組合為捷藍航空聯合品牌支出創造了歷史新高，並在 2023 年產生了超過 10 億美元的現金薪酬，是 2019 年業績的兩倍多。

We continue to make enhancements that unlock value for our customers by expanding ways to earn and redeem points, which helped fuel record growth in redemptions in 2023, growing by over 25% year over year.

我們不斷增強功能，透過擴大賺取和兌換積分的方式為客戶釋放價值，這有助於推動 2023 年兌換量創紀錄增長，同比增長超過 25%。

We expect continued growth going forward as we recently launched our first seamless partner redemption relationship with Qatar and Hawaiian in the fourth quarter of 2023, and I am pleased to announce that we have additional new partners coming on.

我們最近在 2023 年第四季與卡達航空和夏威夷航空建立了第一個無縫合作夥伴兌換關係，因此我們預計未來將持續成長，我很高興地宣布，我們將有更多新合作夥伴加入。

Board capacity in the fourth quarter grew 3.3% year over year above the midpoint of our initial expectations.

第四季主機板產能年增 3.3%，高於我們最初預期的中點。

As our strong operational performance in November continued through the end of the year, we operated with high load factors during the peak, an extremely busy time of year.

由於我們 11 月的強勁營運表現一直持續到年底，我們在高峰期（一年中極其繁忙的時期）以高負載率運作。

And despite weather issues, we were able to recover quickly and minimize cancellations when dealing with storms early in the quarter and during holiday peak.

儘管存在天氣問題，但在本季度初和假期高峰期間應對風暴時，我們仍能夠快速恢復並最大限度地減少航班取消。

Our completion factor for the quarter was 99.8%, which is our best fourth quarter completion factor since 24 and was one of the best in the industry, and we continue to see momentum on this front headed into the first quarter.

我們本季的完成率為 99.8%，這是我們自 24 日以來第四季最好的完成率，也是業內最好的之一，我們在第一季繼續看到這方面的勢頭。

More broadly, we saw year-over-year improvements across nearly all of our operational metrics in 2023, reflecting the benefits of the structural investments we are making to improve reliability and boost resiliency.

更廣泛地說，我們看到 2023 年幾乎所有營運指標都同比有所改善，這反映了我們為提高可靠性和增強彈性而進行的結構性投資的好處。

Strong operational performance, coupled with our continued cost discipline, resulted in Q4 CASMex fuel ahead of our expected range.

強勁的營運業績，加上我們持續的成本控制，導致第四季度 CASMex 燃油超出了我們的預期範圍。

As Ursula will discuss.

正如烏蘇拉將討論的那樣。

Looking ahead for the first quarter, we are seeing positive momentum in our revenue.

展望第一季度，我們看到收入呈現正面動能。

Demand during peak periods remained strong and we have better matched our capacity to demand during off-peak.

高峰期的需求依然強勁，我們的產能與非高峰期的需求更好地匹配。

International demand remains very healthy and the domestic revenue environment is improving as industry capacity has been moderating.

國際需求仍然非常健康，隨著產業產能的放緩，國內收入環境正在改善。

For the first quarter, we are forecasting revenues to be down 5% to 9% year over year at the midpoint and factoring in our capacity outlook of down 3% to 6% year over year.

對於第一季度，我們預計營收將年減 5% 至 9%，並考慮到我們的產能前景將年減 3% 至 6%。

This represents a five point improvement, five point improvement in year-over-year unit revenue growth versus last quarter.

這意味著單位收入年增比上季提高了 5 個百分點。

Looking further ahead to the full year, we are well positioned to achieve roughly flat year-over-year total revenue growth, which we believe represents a positive outcome in a year when capacity is decreasing.

展望全年，我們處於有利位置，可以實現大致持平的同比總收入成長，我們認為這在產能下降的一年中代表著積極的成果。

While the first half of 2024 cycled against the high pent-up demand we saw in the first half of 2023, we expect year-over-year revenue growth to be much stronger in the back half of 24 as comparisons ease and the benefit from our enhanced revenue initiatives growth.

雖然 2024 年上半年與我們在 2023 年上半年看到的被壓抑的高需求形成循環，但我們預計 24 年後半年的收入同比增長將強勁得多，因為比較緩和並且受益於我們的增強收入舉措增長。

I'd like to close by thanking our crewmembers for their commitment to delivering a safe and reliable experience to our customers.

最後，我要感謝我們的機組人員致力於為客戶提供安全可靠的體驗。

These investments we are making position us to deliver the JetBlue experience better than ever before.

我們所做的這些投資使我們能夠提供比以往更好的捷藍航空體驗。

As we refocus our efforts on serving our core customers, we are increasing our efforts to drive reliability and consistency in our operation product and service.

當我們重新集中精力服務核心客戶時，我們正在加強營運產品和服務的可靠性和一致性。

By digging deeper to do more of what we do best, we will be able to compete more effectively return to profitability and ultimately expand margins and returns for our shareholders.

透過深入挖掘，做更多我們最擅長的事情，我們將能夠更有效地競爭，恢復獲利，並最終擴大股東的利潤和回報。

With that, over to you, Ursula.

就這樣，交給你了，烏蘇拉。

Thank you, Joanna.

謝謝你，喬安娜。

I'd like to add my thanks to our outstanding crew member for all their hard work and closing out the year on a strong note, I am particularly pleased with our cost performance in 2023 amid a very challenging backdrop.

我要向我們傑出的船員表示感謝，感謝他們的辛勤工作，並以有力的成績結束了這一年，我對我們在充滿挑戰的背景下 2023 年的成本績效感到特別滿意。

For the full year 2023 chasm ex-fuel increased 4.5% year over year within the range we provided last January, despite facing an incremental 1.5 points of chasm pressure from weather and ATC challenges in the Northeast.

2023 年全年，儘管東北地區因天氣和 ATC 挑戰而面臨增加 1.5 個百分點的鴻溝壓力，但鴻溝前燃油在我們去年 1 月提供的範圍內同比增長了 4.5%。

Fourth quarter cost performance was stronger than expected, driven by a higher completion factor and better overall cost execution.

在更高的完成率和更好的整體成本執行的推動下，第四季的成本績效強於預期。

Specifically, our operational investments have been enabling us to better manage day of disruption planning and to recover more quickly and complete a higher number of flights without having to incur additional costs related to overtime, premium pay or disruption vouchers.

具體來說，我們的營運投資使我們能夠更好地管理中斷日計劃，更快地恢復並完成更多的航班，而無需承擔與加班、加班費或中斷券相關的額外成本。

We continue to be impacted by the GTF engine issues.

我們繼續受到 GTF 引擎問題的影響。

We currently have seven aircraft parked due to these issues and expect the number of artist service aircraft to increase steadily as the year progresses.

由於這些問題，我們目前有七架飛機停放，預計隨著時間的推移，藝術家服務飛機的數量將穩定增加。

Our current assumption is 11 average aircraft will be out of service throughout the year, peaking at 13 to 15 aircraft out of service.

我們目前的假設是，全年平均將有 11 架飛機停用，高峰期將有 13 至 15 架飛機停用。

At the end of the year.

年底的時候。

We are actively engaged in discussions around compensation with Pratt & Whitney.

我們正積極與普惠公司就薪酬問題進行討論。

However, in the meantime, we have launched a number of measures to mitigate the impact, including leasing and purchasing extra spare engine.

但同時，我們採取了一系列措施來減輕影響，包括租賃和購買額外的備用引擎。

While these efforts have yielded additional FARES, they are not enough to offset the headwinds associated with the elevated number of engine changes.

雖然這些努力帶來了額外的票價，但不足以抵消與引擎更換次數增加相關的不利因素。

As a result, we expect capacity and departures to be down in 2024 in a year in which we are growing.

因此，我們預計 2024 年運力和班次將會下降，而我們是在這一年實現成長的。

Cost discipline is even more important.

成本紀律更為重要。

And we are taking a hard look at our spending to make sure every dollar we invest is making an impact and making a change when it does not.

我們正在認真審視我們的支出，以確保我們投資的每一塊錢都能產生影響，並在沒有影響時做出改變。

As part of this, we are making deeper cuts across our cost base, including rationalizing our real estate footprint, offering voluntary opt-out packages to crew members as well as better leveraging data to plan our operation and reduce unexpected disruption costs.

作為其中的一部分，我們正在進一步削減成本基礎，包括合理化我們的房地產足跡、向機組人員提供自願選擇退出套餐，以及更好地利用數據來規劃我們的營運並減少意外的中斷成本。

We also continue to execute on our structural cost program, which delivered $70 million in cost reduction in 2023.

我們還繼續執行結構性成本計劃，該計劃在 2023 年實現了 7,000 萬美元的成本削減。

We are now on track to track to deliver run rate savings in the range of $175 million to $200 million by the end of 2024, which is $15 million better at the midpoint than previously expected savings accelerated through the back half of 2023 as we launched technology-based solutions aimed at enhancing crew member productivity and optimized maintenance planning for our midlife aircraft.

目前，我們預計在 2024 年底前實現運行率節省 1.75 億美元至 2 億美元，這比之前預計的 2023 年下半年隨著我們推出技術而加速實現的節省節省了 1,500 萬美元基於的解決方案旨在提高機組人員的工作效率並優化我們中年飛機的維修計畫。

Additionally, through our fleet modernization program, we remain on track to avoid $75 million in maintenance costs through 2024 as we replace our even 90 fleet with the margin accretive eight to 20, we have already achieved $55 million in cumulative cost savings to date, and we continue to plan for all of the even 90s to be retired in 2025.

此外，透過我們的機隊現代化計劃，到2024 年，我們將繼續避免7500 萬美元的維護成本，因為我們用8 到20 架利潤增值的機隊替換了90 架機隊，迄今為止，我們已經實現了5500 萬美元的累積成本節省，並且我們繼續計劃在 2025 年讓所有 90 後退休。

In the interim, we will still be operating three fleet types, which will result in near term headwinds from associated costs and complexity.

在此期間，我們仍將營運三種機隊類型，這將導致相關成本和複雜性帶來短期阻力。

However, once we are through this transition period and back down to two fleet types we expect a bigger benefit and a more meaningful tailwind to our cost.

然而，一旦我們度過這個過渡期並回到兩種機隊類型，我們預計會獲得更大的收益，並且對我們的成本產生更有意義的推動作用。

This will be further amplified by the fact that the A. two 20s deliver a 20% improvement in ex-fuel unit cost economics compared to the even 90.

與 90 相比，A. 兩個 20 的不含燃料單位成本經濟性提高了 20%，這一事實將進一步放大這一點。

For the first quarter, we expect chasm ex fuel to increase between 9% and 11% year over year, which includes impact from the GTF issues and approximately two points related to wage step-up in our pilot contracts.

對於第一季度，我們預計除燃料之外的差距將年增 9% 至 11%，其中包括 GTF 問題的影響以及與試點合約中工資上漲相關的約兩點。

As we move past the first quarter, we expect absolute CASMex to moderate downward and supported by our robust set of cost initiatives stay relatively flat on an absolute basis through the end of the year.

隨著第一季的過去，我們預計 CASMex 的絕對值將溫和下降，並在我們一系列強有力的成本舉措的支持下，到年底絕對值將保持相對穩定。

We expect this to result in chasm ex growth up mid- to high-single digits for the full year, together with the $300 million of revenue initiatives Joanna mentioned earlier, we expect this cost performance well result in an adjusted operating margin that is approaching breakeven for the full year and to our fleet.

我們預計這將導致全年的除數成長出現中高個位數的鴻溝，再加上喬安娜之前提到的3 億美元的收入計劃，我們預計這種成本效益將導致調整後的營業利潤率接近盈虧平衡點全年和我們的機隊。

As Joanna mentioned, we reached an agreement with Airbus and other business partners to defer approximately $2.5 billion of aircraft CapEx previously expected in 2024 through 2027.

正如 Joanna 所提到的，我們與空中巴士和其他業務合作夥伴達成協議，將先前預計的 2024 年約 25 億美元的飛機資本支出推遲到 2027 年。

This agreement supports our path back to positive free cash flow provides a more consistent level of aircraft deliveries and CapEx through the end of the decade and prioritizes the margin accretive A. to 20 and fleet modernization program.

該協議支持我們恢復正自由現金流，在本世紀末提供更一致的飛機交付水平和資本支出，並優先考慮利潤增值的 A. 至 20 和機隊現代化計劃。

As the E were 90 exit the fleet, we now expect to take delivery of 27 aircraft in 2024, we expect our full year 2024 CapEx to be approximately $1.6 billion.

由於 E 型飛機有 90 架退出機隊，我們現在預計將在 2024 年接收 27 架飛機，我們預計 2024 年全年資本支出約為 16 億美元。

While we work through the near-term growth challenges stemming from the GTF. issues.

我們正在努力應對 GTF 帶來的近期成長挑戰。問題。

We recognize this level of growth is not in line with our historical performance, and we are evaluating all of our lever to partially offset the growth headwinds.

我們認識到這種成長水準與我們的歷史表現不符，我們正在評估我們的所有槓桿，以部分抵消成長阻力。

Most notably, we have a significant amount of flexibility to extend the life of over 38 through 20 aircraft to provide growth tailwinds, and we will continue to explore other cost effective and capital-light ways to grow our fleet.

最值得注意的是，我們擁有很大的靈活性，可以延長38 至20 架以上飛機的使用壽命，從而提供增長動力，並且我們將繼續探索其他具有成本效益且資本較少的方式來發展我們的機隊。

Onto the balance sheet, we ended the year with $2.3 billion in liquidity, including our undrawn $600 million revolving credit facility.

在資產負債表上，我們年底的流動資金為 23 億美元，其中包括未提取的 6 億美元循環信貸額度。

We continue to take a very conservative approach to managing our liquidity.

我們繼續採取非常保守的方法來管理我們的流動性。

And in 2023, we raised $1.4 billion in aircraft financing to support our liquidity needs.

2023 年，我們籌集了 14 億美元的飛機融資來支持我們的流動性需求。

In 2024, we plan to raise additional financing to support our CapEx and our planning assumption for full year interest expense is between $320 million and $330 million.

2024 年，我們計劃籌集額外融資來支持我們的資本支出，我們對全年利息支出的規劃假設在 3.2 億美元至 3.3 億美元之間。

We also continue to maintain a healthy unencumbered asset base.

我們也持續保持健康的無負擔資產基礎。

We hold a total financeable asset pool of over $10 billion, which included the TrueBlue loyalty program, the JetBlue brand, our slot portfolio aircraft and engines.

我們持有的可融資資產池總額超過 100 億美元，其中包括 TrueBlue 忠誠度計劃、捷藍航空品牌、我們的老虎機投資組合飛機和發動機。

Finally, we continue to opportunistically look at hedging as a means to manage risk.

最後，我們繼續機會主義地將對沖視為管理風險的一種手段。

As of today, we have hedged approximately 30% of our expected fuel consumption for the first quarter and approximately 13% for the full year.

截至今天，我們已經對沖了第一季預期燃料消耗的大約 30% 和全年預期燃料消耗的約 13%。

To Slide 10 for a recap of our financial outlook for the first quarter and full year 2024.

請參閱投影片 10，回顧我們對 2024 年第一季和全年的財務展望。

As you can see, we are refocusing our guidance around six key metrics, which we believe are mission critical to understanding our story and measuring our progress as we refocus our efforts around returning the business to profitability, we are shifting to adjusted operating margin, which we believe will provide greater insight into our core business performance.

正如您所看到的，我們正在將我們的指導重新集中在六個關鍵指標上，我們認為這些指標對於理解我們的故事和衡量我們的進展至關重要，因為我們將努力重新集中在使業務恢復在獲利方面，我們正在轉向調整後的營業利潤率，這我們相信這將使我們更深入地了解我們的核心業務績效。

Additionally, for the full year, we have moved towards directional qualitative guidance rather than specific ranges, given the number of moving variables, we plan to provide more specific guidance for the full year at our upcoming Investor Day.

此外，對於全年，我們已經轉向定向定性指導，而不是具體範圍，考慮到移動變數的數量，我們計劃在即將到來的投資者日為全年提供更具體的指導。

Yes.

是的。

To conclude, I'd like to thank our amazing crewmembers once again for all of your incredible work in 2023.

最後，我要再次感謝我們出色的工作人員在 2023 年所做的所有出色工作。

We are at a pivotal moment in our company's history, and I know that we are focused on the right areas to position the business for long-term success and restore our historical earnings power.

我們正處於公司歷史上的關鍵時刻，我知道我們專注於正確的領域，以使業務長期成功並恢復我們歷史上的盈利能力。

The fourth quarter showed us that we are making progress.

第四季向我們表明我們正在取得進展。

So while 2024 is a transition year, we have a strong plan in place and we are taking the necessary steps to return the business to profitability.

因此，雖然 2024 年是過渡年，但我們制定了強有力的計劃，並且正在採取必要措施使業務恢復盈利。

We are refocusing on our core customers and proven geographies with network product and operational changes to better meet their needs while still delivering the low fares and great service.

我們正在透過網路產品和營運變革重新關注我們的核心客戶和成熟的地區，以更好地滿足他們的需求，同時仍提供低廉的票價和優質的服務。

Jetblue is now known for.

捷藍航空現已聞名。

We are diversifying our revenues with margin accretive initiatives to grow our TrueBlue loyalty program and JetBlue Travel product portfolio.

我們正在透過利潤增值計劃來實現收入多元化，以擴大我們的 TrueBlue 忠誠度計劃和捷藍旅行產品組合。

And we are executing with continued cost and capital discipline, making more aggressive cuts to our controllable costs and deferring CapEx to help the balance sheet.

我們正在執行持續的成本和資本紀律，更積極地削減我們的可控成本並推遲資本支出以幫助改善資產負債表。

Taken together, I am very confident in our ability to create long-term value for our owners and all our stakeholders.

總的來說，我對我們為所有者和所有利害關係人創造長期價值的能力充滿信心。

With that, we will now take your question.

現在我們將回答你的問題。

Yes, thanks.

對了謝謝。

I think we are now ready for the question and answer section.

我想我們現在已經準備好問答部分了。

As Robin mentioned, we are not in a position to discuss the Spirit transaction any further, and we will not be answering any questions related to the transaction on today's call.

正如羅賓所提到的，我們無法進一步討論 Spirit 交易，並且我們不會在今天的電話會議上回答與交易相關的任何問題。

Travis, please go ahead with the instruction.

特拉維斯，請繼續執行指示。

Thank you, sir.

謝謝你，先生。

At this time, if you would like to ask a question, please press the star and one on your telephone keypad.

此時，如果您想提問，請按電話鍵盤上的星號和一。

You may remove yourself from the queue at any time by pressing star two.

您可以隨時按二號星將自己從佇列中刪除。

Once again, it is star one to ask a question.

再一次，提問是明星一號。

We will pause for a moment to allow questions to queue.

我們將暫停片刻，讓問題排隊。

Our first question comes from Mike Linenberg, Deutsche Bank.

我們的第一個問題來自德意志銀行的 Mike Linenberg。

Yes, hey, good morning and congratulations, Robin, on the retirement of graduations.

是的，嘿，早安，恭喜羅賓，畢業退休。

Joanna, on out of Ascension to the CEO position of World Bank, some Jenny, you read out of a lot of the elements of what believe we'll make JetBlue a successful stand-alone company comm, notwithstanding the M&A process, which still has to play out here with Spirit.

喬安娜，在晉升世界銀行執行長一職時，珍妮，您讀到了很多要素，相信我們將使捷藍航空成為一家成功的獨立公司，儘管有併購過程，但仍然有和Spirit一起在這裡玩耍。

As you think about JetBlue over the next several years now we still have call it a market share relevance or a scope issue is that still feature prominently or is that still a priority for JetBlue?

當您考慮捷藍航空未來幾年時，我們仍然將其稱為市場份額相關性或範圍問題，這仍然是突出的問題還是仍然是捷藍航空的優先事項？

You've been running it as a stand-alone debt still longer term, it's important for that company to become bigger.

從長遠來看，你一直將其作為獨立債務來運營，這對該公司變得更大很重要。

What is your thinking on that?

您對此有何看法？

How has that evolved as you move into the senior role?

當您晉升為高階職位時，情況是如何演變的？

Yes, I think, Gregg, great question.

是的，我想，格雷格，這是個好問題。

So a little bit was about accelerating our organic growth more JetBlue to more places more people.

所以，有一點是為了加速我們的有機成長，讓捷藍航空服務到更多地方、更多人。

And we still intend to do that.

我們仍然打算這樣做。

We're going to do it organically.

我們將有機地做到這一點。

It will be a bit slower for sure.

肯定會慢一點。

And but you know, as we think about this year this year is really about a reset year to get the fundamentals of the business right to ensure that as we as we grow and as we bring more JetBlue to more places that we're doing it in a profitable way on a sustained basis.

但你知道，正如我們所認為的，今年實際上是一個重新調整的一年，以確保業務的基本面正確，以確保隨著我們的發展，隨著我們將更多的捷藍航空帶到更多的地方，我們正在這樣做以持續盈利的方式。

I mean, if you think about some of the unique advantages that JetBlue has neither these are tremendous strength and we need to redouble our efforts around amplifying the strength of our network.

我的意思是，如果你考慮捷藍航空所沒有的一些獨特優勢，那麼這些優勢都不是巨大的優勢，我們需要加倍努力來增強我們網路的實力。

Obviously, we've got the corner, LA, JFK and Boston.

顯然，我們有角區、洛杉磯、甘迺迪和波士頓。

These are markets that are constrained their markets where JetBlue is very relevant and customers know our brand and our experience.

這些市場都受到捷藍航空非常相關且客戶了解我們的品牌和經驗的市場的限制。

We need to maintain our leadership position there, but we need to be more selective where we fly to bolster profitability in those core geographies and so that we can start rebuilding top line revenue.

我們需要保持在那裡的領導地位，但我們需要更有選擇性地選擇我們的航班，以提高這些核心地區的獲利能力，以便我們能夠開始重建營收。

We've already got an extremely strong leisure franchise with a strong premium onboard offering, more than 25% of our seats are actually premium seats in the industry.

我們已經擁有極其強大的休閒特許經營權和強大的優質機上服務，我們超過 25% 的座位實際上是業內的優質座位。

And so when we think about how we can capitalize on the leisure customer with our diverse portfolio of products.

因此，當我們思考如何透過我們多樣化的產品組合來利用休閒客戶時。

We are quite bullish there, but we need to improve how we segment, how we merchandise.

我們對此非常看好，但我們需要改進我們的細分和銷售方式。

We need to close gaps in that product offering.

我們需要縮小該產品供應的差距。

And we need to kind of do all.

我們需要做所有事情。

But at the same time, hence, the focus on delivering over $300 million of revenue initiatives this year will can co-brand is well positioned to be an accelerator.

但與此同時，今年專注於實現超過 3 億美元的收入計劃將使聯合品牌處於有利位置，成為加速器。

Jetblue Travel Products likewise has had one of its best years yet.

捷藍航空旅行產品公司也經歷了迄今為止最好的年份之一。

Ursula touched on capital and cost discipline.

烏蘇拉談到了資本和成本紀律。

We need to be on flagging in our efforts to reduce and better control our costs and then reliability underpins all of this.

我們需要繼續努力降低和更好地控製成本，然後可靠性才是這一切的基礎。

Obviously, our network footprint makes that more challenging, but we are making really nice progress there.

顯然，我們的網路足跡使這變得更具挑戰性，但我們在這方面取得了非常好的進展。

Notwithstanding some of the headlines and then reinvigorating our culture.

儘管出現了一些頭條新聞，然後重振了我們的文化。

So scale matters, but we also believe relevance matters, and we have scale and we have relevance in some really big markets, and we need to focus on doing what we do best in those markets.

因此，規模很重要，但我們也相信相關性很重要，我們擁有規模，並且在一些真正大的市場中具有相關性，我們需要專注於在這些市場中做我們最擅長的事情。

We also have a path to capital light growth sources.

我們還有一條通往資本光增長源的道路。

I touched on the deferral, but I think it's worth noting we're still taking over 50 aircraft over the next two years.

我談到了延期，但我認為值得注意的是，我們在未來兩年內仍將接收 50 多架飛機。

And we have the ability to defer some of our ET-3 20 deliveries, which isn't the same as acquiring another airline but it will give us a path to sustainable profitable growth over the next few years.

我們有能力推遲部分 ET-3 20 的交付，這與收購另一家航空公司不同，但它將為我們在未來幾年提供可持續盈利增長的道路。

So we have a short-term priority.

所以我們有一個短期優先事項。

But yes, we believe we've got a nice long-term plan as well.

但是，是的，我們相信我們也有一個很好的長期計劃。

Great.

偉大的。

Thanks for that answer.

謝謝你的回答。

And then just a quick follow-up just from Ursula on the debt on balance sheet, it looked like it was, I think, about$400 million to $700 million maybe that was up about and $700 million net, mostly aircraft debt, like what was the swing there quarter over quarter?

然後，烏蘇拉就資產負債表上的債務進行了快速跟進，我認為，看起來大約是 4 億至 7 億美元，也許增加了大約 7 億美元淨額，主要是飛機債務，就像季度與季度之間的波動？

Thanks and thanks for taking my question.

感謝並感謝您提出我的問題。

Good morning, Mike, and just by baseline and go back to what Andrew and I comment in regard to the one lever that we have is extending or buying out a three 20 aircraft to that that they're deploying Aleris and then extending the retirements?

早安，麥克，回到基線，回到安德魯和我對我們所擁有的一個槓桿的評論，即延長或購買三架 20 架飛機，以便他們部署 Aleris，然後延長退役時間？

Yes, but that back to your question, Mike, the increase in debt was driven by the financing of aircraft throughout 2023 we raised $1.4 billion against various aircraft them as we navigated it through last year.

是的，但回到你的問題，麥克，債務的增加是由整個 2023 年飛機融資推動的，去年我們透過各種飛機籌集了 14 億美元。

So that's really what's driving the uptick in the debt metrics and over year Thank you.

所以這確實是推動債務指標上升的原因，謝謝。

Our next question comes from Dan McKenzie, Seaport Global.

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

Are Hey, thanks.

是 嘿，謝謝。

Morning, guys.

早安，夥計們。

On the 38 320s providing a growth tailwind, are they enough to make up the shortfall from the deferred deliveries and the GTF issues looking ahead, say to 2025 and 2026?

38 320 提供了成長動力，它們是否足以彌補推遲交付和展望未來（例如 2025 年和 2026 年）GTF 問題造成的缺口？

Yes.

是的。

Hi, Dan.

嗨，丹。

It's a good question.

這是一個好問題。

It's definitely an opportunity to backfill some of the law driven by the GTF.

這絕對是一個補充 GTF 制定的一些法律的機會。

We are still working through in GTF exposure that we have in 2025 and beyond.

我們仍在努力解決 2025 年及以後的 GTF 暴露問題。

So we look forward to sharing more about our multi-year growth rate projections at Investor Day in May.

因此，我們期待在五月的投資者日分享更多有關我們的多年成長率預測的資訊。

If I understood on and then the capital and cost discipline that's coming through loud and clear this morning, does the CapEx now slope sufficiently downwards in 2025 and beyond to get you to free cash flow and at least you know, how can we help how can we think about that journey?

如果我理解了今天早上大聲而清晰地提出的資本和成本紀律，那麼現在的資本支出是否會在 2025 年及以後充分向下傾斜以使您獲得自由現金流，至少您知道，我們如何提供幫助我們想一下那段旅程嗎？

Yes.

是的。

So the deferral today, the And basically, it has us taking on average 24 aircraft over each year over the next five years.

因此，今天的延期基本上使我們在未來五年內平均每年接收 24 架飛機。

And we prioritize BA to 20 aircraft as we want to continue with the 90 exit.

我們優先考慮 BA 到 20 架飛機，因為我們希望繼續使用 90 架飛機。

We believe that this sets us up to be more successful in getting this business back to profitability and hence in return driving free cash flow.

我們相信，這將使我們能夠更成功地使該業務恢復盈利，從而推動自由現金流。

So that was the essence of why we did the deferral.

這就是我們推遲的本質。

And I think there are are there capital light effective ways that we can continue to grow.

我認為有一些資本輕的有效方法可以讓我們繼續成長。

And that's a nod to the 30 aircraft that and we could potentially extend our buyout on lease.

這是對 30 架飛機的認可，我們有可能延長我們的租賃買斷。

So the way we're going to go about driving a level of growth over the next few years and is capital friendly.

因此，我們將在未來幾年推動成長水平，並且是資本友善的。

Okay.

好的。

Thanks for the time, guys.

謝謝你們抽出時間。

Our next our next question comes from Duane Pfennigwerth, Evercore ISI.

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

Appreciate the time and best of luck to Robin, just a couple of questions from me.

感謝您抽出時間並祝羅賓好運，我只問了幾個問題。

As you as you dig into the detail of your network, I peel back the onion, can you just speak to the variability of your margins on a route level.

當您深入研究網路的細節時，我剝開洋蔥，您能談談路線層級上利潤的可變性嗎？

Are there parts of your flying are that are generating sufficiently high enough unit revenue to generate positive decent margins or are the margins fairly uniform across your network?

您的航班是否有部分能夠產生足夠高的單位收入以產生可觀的正利潤，或者整個網路的利潤是否相當均勻？

Yes.

是的。

Maybe I'll take it and then I'll throw it over to Dave.

也許我會拿走它，然後把它交給戴夫。

So Caribbean leisure franchise continues to do very nicely.

因此，加勒比海休閒特許經營業務繼續表現出色。

Obviously, there's some near-term revenue pressure with the capacity that's flowed into those markets, but that continues to be a stronghold for JetBlue.

顯然，流入這些市場的運力存在一些短期收入壓力，但這仍然是捷藍航空的一個據點。

And as you think about the future, obviously, the focus on leisure JetBlue Travel Products and the markets that it is in that remains a very, very strong part of the network.

當你思考未來時，顯然，對休閒捷藍旅行產品及其所在市場的關注仍然是網路中非常非常強大的一部分。

The good news front domestic is trending well on capacity has moderated across domestic.

好消息是，國內運能趨勢良好，國內運力放緩。

So and so that's seeing nice improvements.

某某看到了很好的改進。

And then New York and New York continues to improve our mix.

然後紐約和紐約繼續改善我們的組合。

Most certainly been a bit slower than we hoped for, but it continues on a nice trajectory.

肯定比我們希望的要慢一些，但它繼續沿著良好的軌跡發展。

And as we think about the future at New York overall continues to be a really, really important part of part of our network and transatlantic small part, but also doing extremely well.

當我們思考紐約的未來時，總體而言，它仍然是我們網絡中非常非常重要的一部分，也是跨大西洋的一小部分，但也做得非常好。

So we've got a number of kind of core geographies and that continue to produce very nice margins for JetBlue.

因此，我們擁有多種核心地區，這將繼續為捷藍航空帶來非常可觀的利潤。

But in a world where we're not growing.

但在一個我們沒有成長的世界。

We need to be more selective where we fly.

我們需要對飛行地點更有選擇性。

Dave, I don't have anything to add.

戴夫，我沒有什麼要補充的。

Yes, I'll just add on that.

是的，我就補充一下。

Over the past couple of years, demand has been pretty fluid in different geographies.

過去幾年，不同地區的需求相當不穩定。

And as we've come through the post COVID environment, I think it's now pretty clear as to what the new customer travel habits and preferences are and we've been working to really actively align our network to those new demand areas.

隨著我們經歷了新冠疫情後的環境，我認為現在已經非常清楚新的客戶旅行習慣和偏好是什麼，我們一直在努力真正積極地將我們的網絡與這些新的需求領域保持一致。

We did a fairly big network of redeployed back in October.

十月我們重新部署了一個相當大的網路。

We had another one in January.

我們一月還有一次。

I think you'll see another one or two as we go through this year and just realign to really reinforce the core markets that are working well and to be more selective and redeploy some of the markets that we've seen demand shift away from over the last couple of years.

我認為，當我們今年經歷的時候，你會看到另外一兩個市場，並重新調整，以真正加強運作良好的核心市場，並更有選擇性地重新部署一些我們已經看到需求轉移的市場。過去幾年。

Okay.

好的。

Thanks for that.

感謝那。

And then just for my second question, can you talk a little bit about the deferrals in this backdrop, not not asking for like contract specifics, but you know, normally there would be penalties and escalators for deferring aircraft, but given how tight things are, could we actually envision incentives or maybe some reverse brokering for doing that right now, just given how tight things are?

然後就我的第二個問題，您能否談談在這種背景下的延期，而不是不要求類似的合約細節，但您知道，通常會因推遲飛機而受到處罰和自動扶梯，但考慮到事情有多緊張，鑑於事情有多緊張，我們是否真的可以設想激勵措施或一些反向經紀業務現在就這樣做？

Brian, I'm not going to comment unlike commercial negotiations with Airbus, we appreciate the partnership.

布萊恩，我不會像與空中巴士的商業談判那樣發表評論，我們感謝這種合作關係。

I do believe that this was a win-win for both us and ourselves over the next few years.

我確實相信，在接下來的幾年裡，這對我們和我們自己來說都是雙贏的。

Okay.

好的。

Appreciate the thoughts.

欣賞這些想法。

Our next question comes from Conor Cunningham, Melius Research, everyone.

我們的下一個問題來自 Melius Research 的 Conor Cunningham，各位。

Thank you.

謝謝。

Congrats, Robin and enjoying that.

恭喜，羅賓，並享受這一點。

Can you maybe help a little bit couple of comments on headcount?

您能否就員工人數提供一些評論？

And just you mentioned early outs.

剛才你提到了早期出局。

And I was just trying to understand a little bit more in terms of actual magnitude and maybe cutting out the overall reduction.

我只是想多了解實際的幅度，也許可以排除整體減少的情況。

And if you could just maybe speak to cadence.

如果你能談談節奏的話。

Thanks after that.

在那之後謝謝。

Sorry, I couldn't hear.

抱歉，我聽不到。

I think it's CASMex.

我認為是 CASMex。

I'll throw the second question, Ursula, just on headcount.

烏蘇拉，我將提出第二個問題，只是關於人數。

We just launched our voluntary and our voluntary sort of opt out program that covers our support centers.

我們剛剛啟動了涵蓋我們支持中心的自願和自願選擇退出計劃。

So salaried with the goal of trying to reduce fixed costs in a world where we're not growing, and then it extends to a few of our operational operation groups in the frontline, but it's literally three days old.

如此高薪的目標是在我們沒有成長的世界中努力降低固定成本，然後它擴展到我們第一線的一些營運團隊，但它實際上是三天前的事。

So we're not really in a position to provide and provide more details, but we're trying to do it in a thoughtful way and provide in terms of opportunities outside of JetBlue to the extent that they want to pursue that First, maybe on the CapEx question, just around I guess

因此，我們確實無法提供更多細節，但我們正在嘗試以深思熟慮的方式做到這一點，並提供捷藍航空以外的機會，以達到他們想要追求的程度。我猜資本支出問題就在附近

just on CASMex, you know, I do want to take a victory lap on 2023, and we actually the full year controllable cost guide that we set last January, despite 1.5 points of headwinds driven by ATC. and weather throughout the year.

就 CASMex 而言，我確實想在 2023 年取得勝利，儘管 ATC 帶來了 1.5 個百分點的阻力，但我們實際上還是去年 1 月制定的全年可控成本指南。以及全年的天氣。

And so pleased that we delivered and executed on what we said we would going to we were going to do in 2023 in terms of 2024.

我們很高興我們交付並執行了我們在 2023 年、2024 年所說的計劃。

And I, you know, I want to note we're up mid to high single digits with growth down low single digits.

我想指出的是，我們的成長率為中高個位數，而成長則為低個位數。

I do believe that this is a good and confident guide and we have been ruthless in terms of addressing the fixed cost and base given we're not growing and we are on track to exceed the higher end of our structural cost guide.

我確實相信這是一個良好且充滿信心的指南，鑑於我們沒有成長，並且我們有望超越結構成本指南的高端，因此我們在解決固定成本和基數方面一直是無情的。

And then we're continuing to capture value given we're progressing with the even 90 exit from a fleet modernization program.

然後，鑑於我們正在逐步退出機隊現代化計劃，我們將繼續獲取價值 90。

So when you combine the laser focus, the core across all three initiatives and I'm especially pleased and we intend to execute the mid to high single digits on a full year basis in terms of how that plays through throughout the year.

因此，當你將雷射聚焦、所有三項舉措的核心結合起來時，我特別高興，我們打算在全年的基礎上實現中高個位數，就全年的表現而言。

And Q1 is slightly elevated in terms of the year over year and the 9% to 11% guide includes two points have pilot pay.

第一季同比略有上升，9% 至 11% 的指導包括兩點飛行員薪資。

And given that contract is lapping here in the January and February timeframe as we navigate through the rest of the year, from a pure has an expense perspective, were essentially flat every quarter throughout the year.

鑑於該合約在 1 月和 2 月的時間範圍內到期，而我們在今年剩餘時間裡，從純粹的費用角度來看，全年每個季度基本上持平。

And so the progression improved and from a CASMex year-over-year perspective, as we navigate through the rest of the year, and I feel confident that we'll hit the mid to high single digits.

因此，從 CASMex 同比的角度來看，隨著我們度過今年剩餘時間，進展有所改善，我相信我們將達到中高個位數。

Okay.

好的。

That's helpful.

這很有幫助。

And then on the deferral versus lease extension comment, I mean, I'm a little, I would have thought that the change in deferrals meant you are pivoting the slower growth until margins improve to now some level.

然後，關於延期與租約延期的評論，我的意思是，我有點，我認為延期的變化意味著你正在扭轉較慢的增長，直到利潤率提高到現在的某個水平。

Can you you just have to play out the scenarios between maybe low single digit growth to like your historical range of mid to high and 2025 and beyond?

您是否可以只需要考慮一下可能較低的個位數成長之間的情況，就可以喜歡您的中高以及 2025 年及以後的歷史範圍？

Thank you.

謝謝。

And the deferral we believed was imperative because the number one priority is getting this business back to sustained profitability.

我們認為延遲是必要的，因為首要任務是讓該業務恢復持續獲利。

And we had 35 aircraft that were supposed to deliver in 25 and 45 in 2026.

我們有 35 架飛機，預計在 2026 年交付 25 架和 45 架。

And we just didn't feel like that was capital and investment that we should be making when we're just getting the business to profitability.

我們只是覺得，當我們的業務剛剛獲利時，我們不應該進行資本和投資。

So we slowed the growth on average, we'll take 24 aircraft per year over the next five years.

所以我們平均放慢了成長速度，未來五年我們每年將引進 24 架飛機。

And we honed in on PA to 20, we protected that delivery schedule so that we can continue to exit the year were 90 and the end, as I mentioned, we do have a lever to pull in terms of extending or buying out these leases.

我們將 PA 磨練到 20，我們保護了交貨時間表，以便我們可以繼續退出 90 年，最後，正如我所提到的，我們確實有一個槓桿可以延長或買斷這些租賃。

And the goal is to get this business to grow and to overcome the GTF challenges that we're seeing.

我們的目標是讓這項業務發展並克服我們所看到的 GTF 挑戰。

So we do look forward to sharing you the multi-year growth plan at the Investor Day in May Okay.

因此，我們確實期待在五月的投資者日與您分享多年增長計劃。

Thank you.

謝謝。

Our next question comes from Jamie Baker, J.P. Morgan.

我們的下一個問題來自摩根大通的傑米貝克。

Okay.

好的。

Good morning, everybody.

大家早安。

I'm first for Ursula.

我首先支持烏蘇拉。

Just trying to reconcile the unencumbered asset disclosure.

只是試圖協調未支配資產的揭露。

So for the bridge loan.

所以對於過橋貸款。

Can you remind us what was pledged there in confirm that was $9 billion, is that correct?

您能否提醒我們，確認中承諾的 90 億美元是多少，對嗎？

So in theory, if that bridge goes away, just hypothetically, those assets come back to you, then there's another billion plus and that gets us to the figure on Page 9.

因此，從理論上講，如果這座橋樑消失了，假設這些資產又回到你身邊，那麼還有另外十億以上，這就是第 9 頁的數字。

Is that the correct way to think of it?

這是正確的思考方式嗎？

That is the exact way to think about it, Jamie.

傑米，這就是正確的思考方式。

Okay.

好的。

Thank you for that.

謝謝你。

And then second for Joanna, that's the how do I ask this?

第二個是喬安娜，我該如何問這個問題？

If Plan A was the premerger trajectory and Plan B was or is the merger?

如果 A 計畫是合併前的軌跡，而 B 計畫是合併呢？

Have you allocated any internal resources to coming up with a potential Plan C?

您是否分配了任何內部資源來製定潛在的 C 計劃？

Or is that how we should in terms of at today's deck, I guess I guess put differently, are the adjustments you're announcing today?

或者說，就今天的牌組而言，我們應該這樣做，我想我想換句話說，你們今天宣布的調整是嗎？

Can this in with the merger plan, you know, meaning in a scenario where if the merger doesn't go through, we should be prepared or further revisions.

這是否可以與合併計劃相結合，你知道，這意味著如果合併沒有成功，我們應該做好準備或進一步修改。

Does that make sense?

那有意義嗎？

Yes, it does.

是的，它確實。

Yes.

是的。

So the plan we are talking about today is our organic plan without a spirit acquisition.

所以我們今天所說的計劃是我們沒有進行精神收購的有機計劃。

And given the and the appeal that's pending.

鑑於上訴尚未決。

And given the outcome of the judge's decision, we'll see that process played through.

考慮到法官判決的結果，我們將看到整個過程的進展。

Our hope is that the First Circuit realizes the decision is erroneously decided and we continue down the path with the spirit acquisition.

我們希望第一巡迴法院意識到這一決定是錯誤的，並且我們繼續沿著精神收購的道路前進。

But if that does not happen, we need to be prepared with our organic plan.

但如果這種情況沒有發生，我們需要製定我們的有機計劃。

And so that's what you heard about today.

這就是您今天所聽到的。

We will explain that greater at an Investor Day in May.

我們將在五月的投資者日對此進行更詳細的解釋。

You know, we're in the process.

你知道，我們正在這個過程中。

We've been in the process for the last several months of building that I call it, the Plan B actually building this plan B, which is the kind of supersized organic plan and in case Spirit, does not happen.

在過去的幾個月裡，我們一直在建立我所說的 B 計劃，實際上正在建立 B 計劃，這是一種超大型的有機計劃，以防「精神」計劃不會發生。

So that's what you heard about today.

這就是您今天所聽到的。

From a resources perspective.

從資源角度。

And there is a team that has been working through the integration management office on the Spirit plan, and that team will continue to do what they need to do and this organic plan will be worked by the broader JetBlue organization.

有一個團隊一直透過整合管理辦公室就 Spirit 計劃開展工作，該團隊將繼續做他們需要做的事情，這個有機計劃將由更廣泛的捷藍航空組織來實施。

Okay.

好的。

That's perfect.

那很完美。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from Catherine O'Brien, Goldman Sachs Good morning and congrats to Robynne.

我們的下一個問題來自高盛的 Catherine O'Brien。早上好，恭喜 Robynne。

And I just wanted to dig in a bit on your comments on reshaping the cost structure to address cost convergence of that presentation, not what what types of initiatives are you looking at to achieve this?

我只是想深入了解您對重塑成本結構以解決該演示文稿的成本收斂問題的評論，而不是您正在考慮採取哪些類型的舉措來實現這一目標？

I know you've been talking about being relentless on our fixed costs in gave a few example voluntary out those that are in early innings and a few other things.

我知道您一直在談論要堅持不懈地控制我們的固定成本，並舉了一些自願退出早期局和其他一些事情的例子。

But could you just can you just give us a little bit more color on and what exactly you are looking at in it.

但你能不能給我們多一點顏色以及你到底在看什麼。

And I guess, you know, on the cost convergence front and where do you see yourself kind of sitting in VERSUS on the bigger more premium guys and maybe the lower cost.

我想，你知道，在成本融合方面，你認為自己在哪裡與更大、更優質、也許成本更低的公司相比。

How do you view your performance in the last couple of years in that context?

您如何看待過去幾年在這方面的表現？

Katy, thanks for the question.

凱蒂，謝謝你的提問。

So a couple of thoughts and definitely on the labor front, costs have obviously converge as we've navigated through COVID.

因此，有幾點想法，尤其是在勞動力方面，隨著我們度過新冠疫情，成本顯然已經趨同。

And I am very hopeful that the peak is behind us.

我非常希望高峰已經過去。

And hopefully from a pilot labor perspective, attrition has been lower and that environment has been tightening.

希望從試點勞動力的角度來看，人員流失率下降，而且環境一直在收緊。

And so I feel confident that and the peak of labor rate across some of these larger frontline work groups is behind us.

因此，我相信，一些較大的第一線工作群體的勞動率高峰已經過去。

And so we've got to be laser focused on ensuring that we drive productivity that we set up the network first success in terms of how we recover the network, but also ensure that our frontline crew members have the tools that they need to do their job easier and essentially that will result and in productivity efficiencies going forward.

因此，我們必須高度集中精力，確保我們在恢復網絡方面首先成功建立網絡，同時確保我們的一線工作人員擁有完成任務所需的工具。工作變得更輕鬆，本質上這將提高未來的生產力效率。

So like I said, I'm very pleased with our controllable cost execution in 2023.

正如我所說，我對 2023 年我們的可控成本執行感到非常滿意。

And I do believe that this is a competitive side compared to the peer set in light of us not growing this year and I while we expect to deliver on our full year guide again.

我確實相信，鑑於我們今年沒有成長，而我們預計將再次實現全年指南，因此與同行相比，這是一個具有競爭力的方面。

Great.

偉大的。

And maybe just one for Dave.

也許只是戴夫的一個。

Can you just drill in a little by region for goals fourth quarter unit revenue performance and how those trends are evolving into the first quarter?

您能否按地區稍微深入了解第四季度單位收入績效的目標以及這些趨勢如何演變到第一季？

You mentioned as well as your peers.

您提到了，您的同行也提到了。

Sounds like there's been a bit of an inflection in domestic power I'll let I'll close it or Lucca.

聽起來國內權力有點變化，我會讓我關閉它或盧卡。

Your Home is perhaps a bit more challenged just given some of the industry capacity, what are you seeing?

考慮到一些行業產能，您的家庭可能面臨更大的挑戰，您看到了什麼？

What do you see in Q4 what underlies that 1Q guide?

您在第四季中看到了什麼是第一季指南的基礎？

Yes, hi, Katy.

是的，嗨，凱蒂。

Thanks for the question.

謝謝你的提問。

We're seeing some really positive trends of demand, certainly remaining healthy and also the unit revenue is being driven by both that healthy demand as well as capacity movements.

我們看到了一些真正積極的需求趨勢，當然仍然保持健康，單位收入也受到健康需求和產能變動的推動。

And so for example, in Q1, we expect our domestic unit revenues to be positive year over year.

例如，在第一季度，我們預計我們的國內單位收入將年增。

I know for the system we're still a slightly negative.

我知道對於這個系統我們仍然有點消極。

But domestically, we expect it to be positive as that demand our women's very healthily and we optimize our own capacity to align with demand.

但在國內，我們預計它會是積極的，因為這對我們女性的健康提出了非常高的要求，並且我們優化了自己的能力以適應需求。

And we see the industry come down a bit as well and working internationally, Latin remains very strong.

我們看到該行業也有所下滑，但在國際上，拉丁語仍然非常強大。

We've been adding to it to really increase our focus and service of those markets that always pressures in revenue a bit.

我們一直在增加它，以真正增加我們對那些總是對收入產生壓力的市場的關注和服務。

No, it will take a little while to absorb, but those are our bread and butter market for us, and we remain extremely committed to them I'd also note internationally, Transatlantic continues to perform really well.

不，這需要一段時間才能吸收，但這些是我們的麵包和黃油市場，我們仍然非常致力於它們，我還要指出，在國際上，跨大西洋的表現仍然非常出色。

As Johnny mentioned earlier, Q4, Amazon was up double digits on about 70% more capacity.

正如 Johnny 之前提到的，第四季度，亞馬遜的產能成長了兩位數，產能增加了約 70%。

We expect that level of strength to not only go through the first quarter, but to probably accelerate further.

我們預計這種強勁水平不僅會持續到第一季，而且可能會進一步加速。

So feeling very good about where demand is and about how we are more closely aligning our capacity with that demand.

因此，我們對需求所在以及我們如何使我們的能力與需求更緊密地保持一致感到非常滿意。

Yes.

是的。

Our next question comes from Helane Becker, TD. code.

我們的下一個問題來自 TD 的 Helane Becker。代碼。

And thanks very much, operator.

非常感謝，接線生。

Hi, everybody, and thank you for the time.

大家好，謝謝大家抽出時間。

And yes, I will add my congrats to Robin and Joanna too.

是的，我也會祝賀羅賓和喬安娜。

And on slide 10 or slide you talk about CapEx and it looks like it accelerates through the year.

在投影片 10 或幻燈片中，您談到了資本支出，看起來全年資本支出都在加速。

So too, is that an increase just the way the cadence of the way it's working?

那麼，這是否只是其工作節奏的增加？

Or is it an increase in in PDP.s?

還是 PDP.s 的增加？

Or how should we think about the way the with that growth?

或者我們應該如何思考這種成長的方式？

Yes.

是的。

Thanks for the question, Helane.

謝謝你的提問，海蘭。

The majority of that $1.6 billion in CapEx to aircraft, I think over 90% of it is dependent on aircraft.

這 16 億美元的資本支出大部分用於飛機，我認為其中 90% 以上都依賴飛機。

So it's really just the timing of those deliveries and throughout the year that's driving the Q1 versus the full year.

因此，實際上，推動第一季與全年業績成長的只是這些交付的時間和全年的情況。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then just from and how are you thinking about likely grazing capital going forward, what would you mean just wanted to kind of think you may do equity, but would you consider doing more in the aircraft or on for doing and are testing the ABS market again or doing something, you know, to maybe grow debt but get yourself in a position where you can January positive well

然後，您如何看待未來可能放牧的資本，您的意思只是想認為您可能會做股權投資，但您會考慮在飛機領域做更多事情，還是繼續做並正在測試 ABS 市場再次或做一些事情，你知道，也許會增加債務，但讓自己處於一個可以在一月份取得積極進展的位置

in 2023 and we financed $1.4 billion of aircraft CapEx.

到 2023 年，我們為飛機資本支出提供了 14 億美元的資金。

We were exceptionally successful in the finance lease market.

我們在融資租賃市場取得了異常成功。

And I think what we value when we look at financing in general is obviously the cost of the capital, but also the flexibility and the ability to hopefully pay down and debt over time.

我認為，當我們考慮一般融資時，我們看重的顯然是資本成本，但也包括靈活性以及隨著時間的推移償還債務的能力。

And so we are, as I mentioned, in the market at the moment and assessing opportunities to raise capital in 2024.

因此，正如我所提到的，我們目前正在市場上評估 2024 年籌集資金的機會。

And so we'll be focusing on obviously, cost of funding as well as flexibility.

因此，我們顯然將重點放在融資成本和靈活性。

And there's a decent amount of money in the finance lease market at the moment.

目前融資租賃市場上有相當數量的資金。

But obviously, we I mentioned earlier, we have a very large financeable asset pool.

但顯然，我們之前提到過，我們擁有非常龐大的可融資資產池。

So we'll continue to optimize across markets and across asset classes as we progress forward.

因此，隨著我們的進步，我們將繼續跨市場和跨資產類別進行最佳化。

And.

和。

Okay, that's really helpful.

好的，這真的很有幫助。

Thank you.

謝謝。

Our next question comes from Savi side, Raymond James.

我們的下一個問題來自薩維方面，雷蒙德·詹姆斯。

And good morning, everyone and Robinson.

大家早安，羅賓遜。

A pleasure and wish you the best on the next chapter here, and congrats to Joanne and Warren and Joanna, you mentioned premium gap, and I was wondering if you can elaborate on that.

很高興並祝福您在下一章中一切順利，祝賀喬安妮、沃倫和喬安娜，您提到了保費差距，我想知道您是否可以詳細說明這一點。

I'm guessing one of them was probably the does it still exceeding that you're introducing in 1Q, but wondering if you can elaborate a little bit more on what you mentioned.

我猜其中之一可能是它仍然超出您在第一季介紹的內容，但想知道您是否可以對您提到的內容進行詳細說明。

Yes.

是的。

We'll talk a bit more about it at Investor Day.

我們將在投資者日進一步討論這一點。

But if you think about how we segment the cabin currently, we have obviously Mint for a subset of our market, even more space.

但如果你考慮我們目前如何細分機艙，你會發現我們顯然有 Mint 來佔據我們市場的一部分，甚至更多的空間。

We have basic economy and we have sort of our core core main core blue product.

我們有基本經濟，我們有核心核心藍色產品。

And so as we think about preferred seating, that's one piece of it, but we think there potentially are additional additional product offerings.

因此，當我們考慮首選座位時，這只是其中的一部分，但我們認為可能還有其他產品可供選擇。

We could introduce that tap into a broader spectrum of customers, and we are focused on, particularly with the focus on like the leisure customer how we close any gaps in those offerings.

我們可以將這一點引入更廣泛的客戶群，我們專注於，特別是像休閒客戶一樣，我們如何縮小這些產品的差距。

So it's both in terms of how we sell, but also the actual hard product itself.

因此，這既涉及我們的銷售方式，也涉及實際的硬產品本身。

Understood.

明白了。

And if I might, on the this kind of refocusing on the high-value leisure premium leisure passenger and your kind of fleet mix there.

如果可以的話，我想談談這種重新關注高價值休閒高級休閒乘客和那裡的機隊組合。

What's the role that the eight to 20 plays in this?

8到20個在其中扮演什麼角色？

And do you kind of expect, I think right now you have around 20% of your revenue that comes from business.

我想你現在大約有 20% 的收入來自業務，你有沒有想過。

Do you expect that mix to change over time?

您預計這種組合會隨著時間的推移而改變嗎？

So our focus continues to be on offering a strong product portfolio for all of our customers, whether you're a more price-sensitive customer or a customer who wants a more premium experience.

因此，我們的重點仍然是為所有客戶提供強大的產品組合，無論您是對價格更敏感的客戶還是想要更優質體驗的客戶。

And I mentioned over 25% of our seats fall into either even more space or the mint category.

我提到過，我們超過 25% 的座位屬於更大空間或薄荷類別。

If you look at the 80 20, it's got 90% more even more space seats than the one 90.

如果你看看 80 20，它的座位空間比 90 多 90%。

And so just think about how we are modernizing the fleet, naturally that introduces more even more space seats, but we want to be the airline that can serve all of our leisure customers as well as business customers because the product offering does speak.

因此，想想我們如何對機隊進行現代化改造，自然會引入更多的空間座位，但我們希望成為一家能夠為所有休閒客戶和商務客戶提供服務的航空公司，因為我們提供的產品確實會說話。

So those customers and to the extent we have a schedule that works for them and so we'll continue to look to invest in sort of the broad array.

因此，這些客戶以及在某種程度上我們有適合他們的時間表，因此我們將繼續尋求投資於廣泛的領域。

But this quarter, in particular, we had an extremely strong premium and offering and both need more space and did exceptionally well from a revenue perspective.

但特別是在本季度，我們的溢價和產品都非常強勁，兩者都需要更多空間，並且從收入角度來看，表現非常出色。

And so we'll continue to lean into the areas that are doing well.

因此，我們將繼續專注於表現良好的領域。

But we want to make sure we have a product offering that caters to a whole wide spectrum of customer.

但我們希望確保我們提供的產品能夠滿足廣泛的客戶需求。

Sure.

當然。

Thank you.

謝謝。

Our next question comes from Andrew Didora, Bank of America.

我們的下一個問題來自美國銀行的安德魯·迪多拉。

Hey, good morning, everyone.

嘿，大家早安。

Most of my questions have been answered one as it relates to the GTFR. side.

我的大部分問題都已得到解答，因為它與 GTFR 有關。邊。

I know you're still going exposure's for 2025 and the impact there, but I'm just trying to think through what would be the 2025 capacity tailwind from just getting the 2024 GTF impacted planes coming back on?

我知道您仍在關注 2025 年的曝光情況以及那裡的影響，但我只是想思考一下，如果 2024 年 GTF 受影響的飛機重新投入運營，那麼 2025 年的運力順風是什麼？

Yes.

是的。

It's a good question.

這是一個好問題。

Yes, we don't yet have detailed color from Pratt & Whitney on our 2025 exposure.

是的，我們還沒有從普惠公司獲得的 2025 年曝光的詳細顏色資訊。

And I don't believe that it will drastically improve in regard to the average number of aircraft on the ground throughout the year and but more to come on that as we continue to work with Pratt and to give you more color in May.

我不認為全年地面飛機平均數量會大幅改善，但隨著我們繼續與普拉特合作，並在 5 月為您帶來更多色彩，這一點還會有更多改善。

Okay.

好的。

That's all I had.

這就是我所擁有的一切。

Thank you.

謝謝。

Our next question comes from Stephen Trent, Citi.

我們的下一個問題來自花旗集團的史蒂芬‧特倫特。

Good morning, everybody, and congrats as well to Robin and Joanne.

大家早安，也恭喜羅賓和喬安妮。

I'll once again, most of my questions have also been answered, but I was curious about your labor force comments and appreciate what you've said.

我再說一遍，我的大部分問題也得到了解答，但我很好奇您對勞動力的評論，並感謝您所說的話。

How are you guys feeling about your supplier mechanics?

你們對你們的供應商機制有何感想？

And I'm just trying to think through maybe who might be departing and where you might still have a big need, I think, sorry.

我只是想考慮一下誰可能會離開，以及您可能在哪些方面仍然有很大的需求，我想，抱歉。

Yes, that you said you might have mechanics during holiday yet.

是的，你說過假期期間可能會有機械師。

So we have a healthy pipeline of mechanics.

所以我們有一個健康的機制管道。

And we've spent a lot of time building out gateway program so that we can actually provide opportunities for crew members and other departments to obtain a license and licenses a general mechanics.

我們花了很多時間來建立網關程序，以便我們實際上可以為機組人員和其他部門提供獲得許可證和授予通用機械師許可證的機會。

We also have programs with local school division, high school and others to name a few.

我們也與當地學區、高中等合作進行計畫。

And so we feel we feel great about sort of our pipeline for mechanics we've also seen a slowing of attrition across all work groups, which has been nice, I think, was through that COVID and COVID cycle where and where it was just a much more challenging period where we were doing a lot of hiring.

因此，我們對我們的機械師管道感覺很好，我們也看到所有工作組的人員流失都在放緩，我認為這很好，因為在新冠病毒和新冠病毒週期中，這只是一個更具挑戰性的時期我們進行了大量招募。

And so that's all balanced out.

所以這一切都平衡了。

So we're in a good place there.

所以我們處於一個很好的位置。

Okay.

好的。

Great.

偉大的。

I appreciate that.

我很感激。

And just one very quick follow-up.

而且只是一個非常快速的後續行動。

I believe you mentioned a shift towards adjusted EBIT margin as we as we move forward.

我相信您提到了隨著我們的前進，我們將轉向調整後的息稅前利潤率。

And I was just wondering understand and high-level sort of what your view is Thank you.

我只是想知道您的觀點是什麼，謝謝。

As we provided estimated full year 2024 guidance on an adjusted operating margin perspective, we said that we would be approaching breakeven.

當我們提供調整後營業利潤率的 2024 年全年預估指引時，我們表示我們將接近損益兩平。

We think this is a valid metric or a helpful metric in regards to where we are in driving the core business and to profitability.

我們認為，對於我們在推動核心業務和獲利方面的進展而言，這是一個有效的指標或有用的指標。

So that was the essence of honing in on operating margin.

這就是磨練營業利益率的本質。

Obviously, we will progress, but we provide guidance to as we navigate and get this business back to sustained profitability.

顯然，我們會取得進展，但我們會在我們導航並使該業務恢復持續盈利的過程中提供指導。

Okay.

好的。

Appreciate that.

感謝。

And thanks for taking my questions.

感謝您回答我的問題。

Our next question comes from Scott Group, Wolfe Research.

我們的下一個問題來自沃爾夫研究斯科特集團。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

So I wanted to just clarify one thing on the cost guidance.

所以我想澄清有關成本指導的一件事。

So I thought you were saying that absolute cash stays sort of flat throughout the year, which I think would imply some higher than the five to nine.

所以我以為你是說絕對現金全年保持平穩，我認為這意味著比五到九更高。

But maybe I'm just taking some of that comment a little too literally.

但也許我對其中一些評論的理解有點過於字面意思了。

So just any color would be helpful as to what we highlighted in the deck, as we said, roughly flat absolute chasm ex fuel throughout 2024.

因此，任何顏色都會對我們在牌組中強調的內容有所幫助，正如我們所說，2024 年燃料消耗的絕對鴻溝大致平坦。

So from a pure CASMex cents. perspective, that's would that mean?

所以來自純粹的CASMex仙。透視，這意味著什麼？

So the flat throughout the year, the year-over-year comp and we'll improve beyond that QUARTER.

因此，全年持平，年比比較，我們將在該季度之後有所改善。

Okay.

好的。

And that that will result in the up to mid to high single digits on a full year basis.

這將導致全年達到中高個位數。

So Q1 is an outlier outlier in terms of the year over year.

因此，與去年同期相比，第一季是一個異常值。

Okay.

好的。

And then I'm wondering maybe it's just too early, but do you guys have any visibility to second quarter unit revenue?

然後我想知道也許現在還為時過早，但是你們對第二季的單位收入有了解嗎？

Yes, right.

是的，沒錯。

So I mean, you guys a lot of other airlines talking about domestic inflecting positive in Q1.

所以我的意思是，你們很多其他航空公司都在談論第一季國內航班的積極變化。

I'm just trying to understand, is this a real inflection?

我只是想了解，這是真正的變形嗎？

How much of this is maybe an easier comp for March and earlier Easter, do you have visibility that this positive?

其中有多少可能是三月和復活節早些時候的更容易的補償，你是否認為這是積極的？

Verizon continues into Q2 or maybe just too early?

Verizon 會繼續進入第二季還是可能還為時過早？

And Scott, this is Dave.

史考特，這是戴夫。

I'll take that one.

我會接受那個。

We do feel very good about our unit revenue momentum that we've built, that it will continue going into Q2 and throughout the year.

我們確實對我們已經建立的單位收入勢頭感到非常滿意，並將繼續進入第二季度和全年。

A couple of ways to think about this.

有幾種思考這個問題的方法。

One is just as we look ahead to the spring and summer, it's still early.

一是正當我們展望春天和夏天的時候，時間還早。

We don't have a lot of bookings, but the ones we have our had a higher load factor built in a higher fare year over year.

我們的預訂量不多，但我們的預訂量逐年較高，票價也較高。

So what we do have on the books is certainly positive for Q2 and Q3.

因此，我們帳面上的數據對第二季和第三季來說肯定是正面的。

Secondly, and just at a higher level as we ramp through the year between our revenue initiatives ramping up throughout the year and in the comp, which is much more difficult in the first half of the year in the second half of the year, we expect both of those to drive significant meaningful revenue improvement and year over year unit revenue as we go through the year.

其次，隨著我們在全年收入計劃和比較中的收入計劃不斷增加，我們預計下半年的收入計劃在上半年會更加困難在我們這一年中，這兩者都將推動顯著有意義的收入改善和逐年單位收入。

Helpful.

有幫助。

Thank you, guys.

感謝你們。

And our final question comes from [Chris Stapipillus] Susquehanna International Group.

我們的最後一個問題來自[Chris Stapipillus] Susquehanna International Group。

Good morning, everyone.

大家，早安。

Thanks for taking my question.

感謝您提出我的問題。

I'll keep it to Robin.

我會把它留給羅賓。

Congrats and best of luck.

恭喜並祝你好運。

And John, congrats on the promotion of Just my first question, if you could give I think you might have said this on the last call, but any color on these high-growth markets as it relates to geography, I think you said high-growth accretive and leisure and VFR market at markets where those are.

約翰，祝賀你的推廣。只是我的第一個問題，如果你能給出，我想你可能在上次電話會議上說過這一點，但是這些高增長市場的任何顏色，因為它與地理有關，我認為你說的是高-成長增值以及休閒和 VFR 市場在這些市場上。

And then two on your transatlantic products, if you could comment on what you're seeing with respect to competitive capacity FARES and just summarize your I guess your value proposition here or kind of how you see this evolving, particularly as network carriers here continue to emphasize from that market?

然後是關於您的跨大西洋產品的兩個，如果您可以評論一下您在競爭能力票價方面所看到的情況，並總結一下您的價值主張，或者您如何看待這種演變，特別是隨著這裡的網路營運商繼續強調來自那個市場？

Thank you.

謝謝。

So I'll take the U.S. and Caribbean VFR.

所以我將採用美國和加勒比海的 VFR。

Of piece.

一塊。

So this is one of our core markets.

所以這是我們的核心市場之一。

It's foundational to who JetBlue is.

這是捷藍航空的基礎。

It's a important part of JetBlue Travel Products and our growth and in those markets and so while there is increasing capacity in those markets, it remains foundational and fundamental to JetBlue.

它是捷藍航空旅行產品以及我們在這些市場中的成長的重要組成部分，因此，儘管這些市場的容量不斷增加，但它仍然是捷藍航空的基礎和根本。

And we do drive some nice margins on from those locations.

我們確實從這些地點獲得了一些不錯的利潤。

In terms of transatlantic 4% of our seats.

就跨大西洋而言，我們佔 4% 的席位。

So a relatively small footprint.

因此佔地面積相對較小。

We've got a great value proposition over there with Mint and our core products.

我們透過 Mint 和我們的核心產品獲得了巨大的價值主張。

And maybe I'll let Dave kind of pick up from there?

也許我會讓戴夫接一下？

Sure.

當然。

I'll just add, we're getting continue to get really strong feedback both from customers on the product as well as our operational reliability.

我想補充一點，我們不斷從客戶那裡獲得關於產品以及我們的營運可靠性的強烈回饋。

And it's not only about the individual markets, too.

這不僅與個別市場有關。

But these are quite a bit of relevance to our New York and Boston focus cities adding in these major European destinations as part of our larger network portfolio so we're very pleased with the ramp that we've had and see multiple benefits strategic was this market.

但這些與我們的紐約和波士頓重點城市有很大的相關性，作為我們更大的網絡組合的一部分，添加了這些主要的歐洲目的地，因此我們對我們所擁有的增長感到非常滿意，並看到了多重策略優勢市場。

Okay.

好的。

Thank you.

謝謝。

That concludes today's questions.

今天的問題到此結束。

I would now like to turn the call back over to Krish Patel for any closing remark.

我現在想將電話轉回給克里斯·帕特爾，請其發表結束語。

Thanks, Travis.

謝謝，崔維斯。

That concludes our Q4 2023 earnings.

我們 2023 年第四季的收益就到此結束。

Thank you for joining us and have a great day.

感謝您加入我們，祝您有美好的一天。

And again, that will conclude today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。