JetBlue Airways Corp (JBLU) 2024 Q1 法說會逐字稿

Good morning. My name is James.

早安.我的名字是詹姆斯。

I'd like to welcome everyone to the JetBlue Airways First Quarter 2024 earnings conference call.

歡迎大家參加捷藍航空 2024 年第一季財報電話會議。

As a reminder, today's call is being recorded at this time, all participants are on 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'd now like to turn the call over to JetBlue's Director of Investor Relations, Krish Patel.

我現在想將電話轉給捷藍航空投資者關係總監 Krish Patel。

Please go ahead, sir.

請繼續，先生。

Thanks, James.

謝謝，詹姆斯。

Good morning, everyone, and thanks for joining us for our first quarter 2024 earnings call.

大家早安，感謝您參加我們的 2024 年第一季財報電話會議。

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 to discuss our results are Joanna Garrity, our Chief Executive Officer, Marty St. George, our President, and Ursula Hurley, our Chief Financial Officer.

我們的執行長喬安娜·加里蒂 (Joanna Garrity)、總裁馬蒂·聖喬治 (Marty St. George) 和首席財務官烏蘇拉·赫爾利 (Ursula Hurley) 在紐約討論我們的業績。

Also joining us for Q&A is Dave Clark, our former Head of Revenue and Planning and newly appointed Head of Finance, Financial Planning and Analysis, Investor Relations and Strategy.

加入我們問答環節的還有戴夫克拉克 (Dave Clark)，他是我們的前收入和規劃主管，也是新任命的財務、財務規劃和分析、投資者關係和策略主管。

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聲明。

Such forward-looking statements include, without limitation, statements regarding our second quarter and full year 2024 financial outlook and our future results of operations and financial position, industry market trends expectations with respect with respect to tailwinds and headwinds, our ability to achieve 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 年第二季度和全年財務展望以及我們未來的營運業績和財務狀況、順風和逆風方面的行業市場趨勢預期、我們實現營運和盈利的能力的陳述。

All such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from these expressed or implied in these statements, please refer to our most recent earnings release as well as our fiscal year 2023, 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 within our forward-looking statements or the statements made during today's call, it 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 information.

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的2023 財年、10 K 和其他文件，了解對可能導致實際結果與我們的前瞻性陳述或今天電話會議期間所做的陳述產生重大差異的風險和不確定性進行更詳細的討論，僅在電話會議之日進行，除可能的情況外依法律要求，我們不承擔更新資訊的義務。

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 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 at SEC.gov.

此外，在我們的電話會議期間，我們可能會討論某些非GAAP 財務指標，以解釋這些非GAAP 指標以及與相應GAAP 指標的調節，請參閱我們的收益發布，其副本可在我們的網站上找到。

And now I'd like to turn the call over to Joanna Garrity JetBlue, CEO.

現在我想將電話轉給捷藍航空執行長喬安娜·加里蒂 (Joanna Garrity)。

Thank you, Josh, and good morning, everyone, and thanks for joining us today.

謝謝喬希，大家早安，謝謝您今天加入我們。

It's been a busy start to the year with the spirit transaction now resolved.

今年的開局很忙碌，烈酒交易現已解決。

We are moving quickly to execute on our refocused stand-alone plan.

我們正在迅速採取行動，執行我們重新調整重點的獨立計劃。

Our first quarter beat demonstrates our sense of urgency.

我們的第一節節奏體現了我們的緊迫感。

And while we are adjusting our full year guidance to reflect headwinds in our Latin flying associated with continued elevated capacity in the region.

同時，我們正在調整全年指導，以反映與該地區運力持續增加相關的拉丁航班的不利因素。

Our early progress supports our confidence that we are building the right plan to create long-term sustainable value for our owners and all of our stakeholders.

我們的早期進展支持了我們的信心，我們正在製定正確的計劃，為我們的所有者和所有利益相關者創造長期可持續的價值。

As always, the success of our efforts depends on our crewmembers and they are stepping up for JetBlue every day.

一如既往，我們努力的成功取決於我們的機組人員，他們每天都在為捷藍航空努力。

I would like to thank each of them first and foremost for running a safe operation and ensuring a strong safety culture.

我首先要感謝他們每個人的安全運作和確保強大的安全文化。

I'd also like to thank them for supporting one another and our customers as they strive to deliver an outstanding experience every day.

我還要感謝他們相互支持以及我們的客戶，因為他們每天都努力提供出色的體驗。

Their actions contributed to our better first quarter performance, which included generating an adjusted pretax profit for the month of March.

他們的行動為我們更好的第一季業績做出了貢獻，其中包括產生了三月調整後的稅前利潤。

In my first two months in this role, building the right senior leadership team has been a top priority.

在我擔任此職務的頭兩個月中，建立合適的高階領導團隊一直是我的首要任務。

We've been able to appoint several seasoned leaders into key roles, including attracting great outside talent, giving us an ideal mix of expertise and skills at a pivotal time for JetBlue.

我們已經能夠任命幾位經驗豐富的領導者擔任關鍵職務，包括吸引優秀的外部人才，在捷藍航空的關鍵時刻為我們提供專業知識和技能的理想組合。

In addition to Warren's promotion to Chief Operating Officer in January, we welcomed Marty St. George back to JetBlue in February as our new President.

除了 1 月沃倫晉升為營運長之外，我們還歡迎馬蒂聖喬治 (Marty St. George) 於 2 月重返捷藍航空擔任我們的新總裁。

It's great to have Marty back here and on the call with us today.

很高興馬蒂今天回到這裡並與我們通話。

In addition, last week, we announced that Daniel Suros has joined JetBlue as our new Head of Revenue network and enterprise planning.

此外，上週，我們宣布 Daniel Suros 已加入捷藍航空，擔任我們新的收入網絡和企業規劃主管。

Daniel has an impressive track record in the industry and is ready to hit the ground running.

丹尼爾在該行業擁有令人印象深刻的業績記錄，並已準備好開始行動。

Dave Clark, who has demonstrated his capabilities over the past 15 years at JetBlue and is already familiar to many on this call transitioning to lead financial planning and analysis, Investor Relations and Strategy among our new leadership team.

戴夫·克拉克(Dave Clark) 在過去15 年裡在捷藍航空展示了自己的能力，並且在這次電話會議中已經為許多人所熟悉，他將在我們的新領導團隊中領導財務規劃和分析、投資者關係和策略。

It's essential that we have alignment on our path forward.

我們必須在前進的道路上保持一致。

I want to ensure they have sufficient time to pressure test our strategy and frankly, begin executing on more of it before we communicate our long-term plans to investors.

我想確保他們有足夠的時間對我們的策略進行壓力測試，坦白說，在我們向投資者傳達我們的長期計劃之前，開始執行更多策略。

We also need to make additional progress with Pratt & Whitney for our team to feel confident in our multiyear growth plans with these things in mind, we are shifting our Investor Day from May 30th to the fall of this year.

我們還需要與普惠公司取得更多進展，以便我們的團隊對我們的多年成長計畫充滿信心，考慮到這些事情，我們將投資者日從 5 月 30 日改為今年秋季。

With that said, we remain bias toward action as reflected by the steps we are already taking, including resolving the Spirit transaction, deferring Airbus deliveries, announcing meaningful network changes, implementing new ancillary fee initiatives, implementing early pieces of our multiyear reliability initiative and announcing key members of the senior leadership team.

話雖如此，我們仍然傾向於採取行動，正如我們已經採取的步驟所反映的那樣，包括解決Spirit 交易、推遲空中巴士交付、宣布有意義的網路變更、實施新的輔助費用計劃、實施我們多年可靠性計畫的早期部分以及宣布高階領導團隊主要成員。

As we work toward Investor Day, we will continue to implement early pieces of the strategy in the weeks and months ahead.

在投資者日到來之際，我們將在未來幾週和幾個月內繼續實施該策略的早期部分。

Now turning to Slide 3.

現在轉向幻燈片 3。

During the first quarter of 2024, we began expeditiously implementing our strategic priorities.

2024 年第一季度，我們開始迅速實施我們的策略重點。

The investments we've made to build resiliency and recoverability into our schedule enabled us to complete more flights than planned despite facing weather events, which were more severe and in greater frequency than last year.

儘管面臨比去年更嚴重、更頻繁的天氣事件，但我們為增強航班計劃的彈性和可恢復性而進行的投資使我們能夠完成比計劃更多的航班。

These investments also benefited us financially setting the foundation to generate more revenue and better control our costs while positioning us to deliver a better experience for our customers.

這些投資也使我們在財務上受益，為產生更多收入和更好地控製成本奠定了基礎，同時使我們能夠為客戶提供更好的體驗。

As a result, I'm pleased to share that our year over year revenue performed at the better end of our initial guidance metrics, while both capacity and unit costs exceeded the better end of their respective updated ranges, all of which was well ahead of our original guide as we look ahead, we are continuing to work with urgency to strengthen our competitive position.

因此，我很高興地告訴大家，我們的同比收入表現處於初始指導指標的較高端，而容量和單位成本都超過了各自更新範圍的較高端，所有這些都遠遠領先於我們的初始指導指標的較高端。

As we discussed last quarter, demand trends in our core geographies and from our core customers have changed considerably since before the pandemic.

正如我們上季度討論的那樣，自大流行之前以來，我們的核心地區和核心客戶的需求趨勢發生了很大變化。

Many of these changes play to JetBlue's strengths.

其中許多變化都發揮了捷藍航空的優勢。

For instance, leisure travel remains an increasing priority for customers, and there is no longer the same divide between corporate and leisure travel as more people can take advantage of the ability to work from anywhere.

例如，休閒旅行仍然是客戶日益關注的重點，而且公司旅行和休閒旅行之間不再存在同樣的鴻溝，因為越來越多的人可以利用在任何地方工作的能力。

However, that also means most of the industry has shifted a portion of their flying to meet this increasing demand for leisure travel, allocating capacity to many of JetBlue's bread and butter routes.

然而，這也意味著該行業的大多數公司已經轉移了部分航班，以滿足日益增長的休閒旅行需求，為捷藍航空的許多主要航線分配了運力。

Specifically, we continue to see elevated capacity in the Latin region, which represents 35% of our total ASMs.

具體來說，我們繼續看到拉丁地區的產能增加，占我們 ASM 總數的 35%。

And as one of our most valuable and profitable geographies, the elevated capacity in this region is significantly pressuring the overall revenue acceleration.

作為我們最有價值和盈利能力最強的地區之一，該地區產能的增加給整體收入加速帶來了巨大壓力。

We expected to see from the first quarter into the second quarter.

我們預計從第一季到第二季都會看到。

We've therefore revised our full year guidance and no longer expect to approach breakeven adjusted operating margin for the full year Marty and Ursula will share more on our outlook for the second quarter and full year.

因此，我們修改了全年指引，不再期望全年達到盈虧平衡調整後營業利潤率。

But before we get to the remarks, I want to stress the confidence I have in the near-term actions we are taking and our long-term plan to return to profitability.

但在我們發表演說之前，我想強調我對我們正在採取的近期行動以及我們恢復盈利的長期計劃充滿信心。

Again, we've made progress and we know we need to continue to do more since our last earnings call, we've taken significant steps to rebalance our network, and we expect to continue implementing additional tranches in the coming weeks and months, including trimming capacity in the fall trough to better match supply with demand.

再說一遍，我們已經取得了進展，我們知道自上次財報電話會議以來我們需要繼續做更多的事情，我們已經採取了重大措施來重新平衡我們的網絡，我們預計在未來幾周和幾個月內部繼續實施額外的部分，包括在秋季低谷削減產能，以更好地匹配供應與需求。

Given we are not yet profitable and not growing this year, we've increased the hurdle rate of underperforming markets and as a result, have announced the closure of seven blue cities.

鑑於今年我們尚未獲利且沒有成長，我們提高了表現不佳市場的門檻率，因此宣布關閉七個藍色城市。

It is never an easy decision for us to close the station.

關閉車站對我們來說從來都不是一個容易的決定。

And I want to extend a heartfelt thank you to the crewmembers in those blue cities for their dedication to JetBlue.

我要向這些藍色城市的機組人員對捷藍航空的奉獻表示衷心的感謝。

In addition to significant network changes, we're making solid progress on the $300 million of revenue initiatives we announced during our first fourth quarter call, which Marty will elaborate on further, our team is moving swiftly to continue to launch a number of these initiatives over the remainder of this year, and we remain on track to achieve the $300 million of cumulative top line benefit in the fourth quarter with additional ramp expected into 2025 as these initiatives achieve their full revenue potential as we advance these initiatives.

除了重大的網路變化之外，我們在第一個第四季度電話會議上宣布的3 億美元收入計劃方面也取得了紮實的進展，Marty 將進一步詳細說明這一點，我們的團隊正在迅速採取行動，繼續推出其中一些計劃在今年剩餘時間內，我們仍有望在第四季度實現3 億美元的累計營收效益，預計到2025 年，隨著這些舉措在我們推進這些舉措的過程中充分發揮其收入潛力，預計將實現額外增長。

And as we evaluate industry-wide changes, we are also rigorously assessing the evolving needs and preferences of our core customers, particularly in how we merchandise our product offering and the experience they receive onboard.

在評估整個行業的變化時，我們也在嚴格評估核心客戶不斷變化的需求和偏好，特別是在我們如何推銷我們的產品以及他們在船上獲得的體驗方面。

We know there are still gaps in our product offering where our customers' needs may not be fully met, and our team is working swiftly to address them.

我們知道我們的產品供應仍然存在差距，可能無法完全滿足客戶的需求，我們的團隊正在迅速努力解決這些問題。

Finally, a key component of our work to return our business to profitability is ensuring we maintain a low cost base in a year where we are not growing.

最後，我們使業務恢復盈利的關鍵組成部分是確保我們在沒有成長的一年中保持低成本基礎。

It is imperative that we rightsize our fixed cost base to the current operating environment.

我們必須根據當前的營運環境調整固定成本基礎。

To that end, we actioned several initiatives in the first quarter, such as offering voluntary opt-out program, continuing to optimize our real estate footprint and leveraging technology to help us make decisions more efficiently across the board, we are acting quickly to take self-help measures and advance our refocused strategy to return to profitability.

為此，我們在第一季度採取了多項舉措，例如提供自願退出計劃、繼續優化我們的房地產足跡以及利用技術幫助我們更有效地全面做出決策，我們正在迅速採取行動，採取自我-幫助採取措施並推進我們重新調整策略重點以恢復獲利。

Again, I'm confident the benefits of this plan will help us to more effectively compete in our core geographies and coupled with our low cost base, strong brand and the industry's best crewmembers will distinguish us from the competition and set JetBlue up for long-term success.

我再次相信，該計劃的好處將幫助我們在核心地區更有效地競爭，再加上我們的低成本基礎、強大的品牌和業內最好的機組人員，將使我們在競爭中脫穎而出，並使捷藍航空長期發展。

I'd like to close by extending another Thank you to our crewmembers for their continued commitment to delivering a safe experience for our customers and for each other and one another each day.

最後，我想再次感謝我們的機組人員，感謝他們每天持續致力於為我們的客戶以及彼此之間提供安全的體驗。

Safety of our crewmembers and customers has always been our top priority.

機組人員和客戶的安全始終是我們的首要任務。

And we as our number one value.

我們是我們的第一價值。

We'll continue to stress the importance of it and everything that we do.

我們將繼續強調它以及我們所做的一切的重要性。

I will now pass it over to Marty, who I'm excited to welcome back to JetBlue although it is not your first earnings call with us, it has been awhile.

我現在將其轉交給馬蒂，我很高興歡迎他回到捷藍航空，儘管這不是您第一次與我們舉行財報電話會議，但已經有一段時間了。

And I know I speak for all of us when I say how happy we are to have you back in the room over to you, Marty.

我知道當我說我們很高興你能回到房間裡聽你講話時，我代表了我們所有人，馬蒂。

Thank you, Joanna.

謝謝你，喬安娜。

Let me start by saying how thrilled I am to be back at JetBlue at such a pivotal moment for our business.

首先我要說的是，在我們業務如此關鍵的時刻，我很高興回到捷藍航空。

I see so much opportunity has JetBlue has an exceptional brand, incredibly high-value geographies and a strategy that I'm excited to execute on one.

我看到瞭如此多的機會，因為捷藍航空擁有卓越的品牌、極其高價值的地理位置以及我很高興能夠執行的策略。

Most importantly, we have the industry's best crewmembers.

最重要的是，我們擁有業界最優秀的船員。

It's been great to reconnect with so many of our talented crew members over the past several weeks.

在過去的幾周里，能夠與我們這麼多才華橫溢的船員重新聯繫真是太好了。

And I'd like to echo Joanna and adding my thanks for all that you do for our customers and for each other.

我想呼應喬安娜，並對您為我們的客戶和彼此所做的一切表示感謝。

Turning to slide 5, for the first quarter, capacity contracted 2.7%, exceeding our guidance as the continued focus on operational reliability drove a strong completion factor of 98.7% exceeding plan.

轉向幻燈片 5，第一季產能收縮了 2.7%，超出了我們的指導，因為對營運可靠性的持續關注推動了 98.7% 的強勁完成率超出了計劃。

This reflects the strong execution by the team and the planning we have done to position our operation to respond more effectively to operational disruptions.

這反映了團隊的強大執行力以及我們為使我們的營運更有效地應對營運中斷所做的規劃。

Looking ahead, we expect second quarter capacity to be down 2% to 5% year over year, driven primarily by the continued headwinds we face related to the GTF engine issues.

展望未來，我們預計第二季產能將年減 2% 至 5%，這主要是由於我們面臨與 GTF 引擎問題相關的持續不利因素。

First one will provide more detail on that front.

第一個將提供這方面的更多細節。

And as you will hear, we are actively seeking opportunities to drive near term capacity growth including extending the life of our A3 20 fleets.

正如您將聽到的，我們正在積極尋找機會推動近期運力成長，包括延長 A3 20 機隊的使用壽命。

As Wendy mentioned, we remain focused on rebalancing our network to ensure we are allocating aircraft support both our operational and financial goals.

正如溫蒂所提到的，我們仍然專注於重新平衡我們的網絡，以確保我們分配飛機來支持我們的營運和財務目標。

We are making margin-accretive network changes, changes targeted at our core customers and geographies, redeploying capacity from underperforming markets and doubling down on proven leisure and VFR markets.

我們正在進行可增加利潤的網路變革，針對我們的核心客戶和地區進行變革，從表現不佳的市場重新部署產能，並加倍投入成熟的休閒和 VFR 市場。

As part of this work.

作為這項工作的一部分。

We have closed a handful of Blue cities, and we're also scaling back our flying in Los Angeles, ending a number of underperforming intra West Coast international markets as we prioritize our focus in L.A. on a transcon and net routes.

我們已經關閉了一些藍色城市，也縮減了在洛杉磯的航班，結束了一些表現不佳的西海岸內部國際市場，因為我們優先將洛杉磯的重點放在運輸和網路航線上。

We also continue the planned margin accretive unwinding of Alexandria, fine.

我們也繼續計劃中的 Alexandria 的利潤增值平倉，這很好。

Starting this month, we will operate under 30 daily flights down from 50 at this time last year with another plan reduction anticipated at the end of October.

從本月開始，我們每天的航班數量將從去年同期的 50 班減少到 30 班，預計在 10 月底再次計劃削減。

This reduction is driven or a 15 point improvement to margin that was wider and its benefit of the trailing 12 month margin performance of New York City versus where it was at this time last year, albeit slowly, we continue to see signs that New York is recovering, and we are encouraged by the improvement of various economic indicators, such as the forecasted return of tourism to 2019 levels beginning next year.

這一下降是由於紐約市過去 12 個月的利潤率表現與去年同期相比，利潤率提高了 15 個百分點，儘管進展緩慢，但我們繼續看到有跡象表明紐約市我們對各項經濟指標的改善感到鼓舞，例如旅遊業預計從明年開始將恢復到2019 年的水平。

Full under revenues, first quarter revenues declined 5.1% year over year at the better end of our outlook, driven by improving close-in and strong peak period revenue and aided by the shift of the Easter holiday outbound travel into late March.

在我們的預期較好的情況下，第一季營收年減 5.1%，這主要是受到近期收入改善和旺季收入強勁以及復活節假期出境游轉移至 3 月下旬的推動。

The shift contributed an estimated 1.5 points of unit revenue growth to the first quarter.

這一轉變預計為第一季的單位收入成長貢獻了 1.5 個百分點。

Within the cabin, our premium offerings are performing exceptionally well, particularly our Even More Space Scenic, which produced double digit more revenue year over year on a low single digit decline in capacity.

在客艙內，我們的優質產品表現異常出色，尤其是我們的 Even More Space Scenic，其在運力下降幅度較小的情況下，營收年增了兩位數。

Our award-winning mid-cabin also continues to perform well with unit revenue growth up year over year in both our transcon and transatlantic franchises in our network, we saw improving results in our domestic markets with unit revenues inflecting positive for the quarter.

我們屢獲殊榮的中艙也繼續表現良好，我們網絡中的跨空和跨大西洋特許經營權的單位收入同比增長，我們看到國內市場的業績有所改善，本季度的單位收入出現積極變化。

This was supported by double digit year-over-year growth in contracted Corporate travel revenue.

這得歸功於合約商務旅行收入同比兩位數的成長。

We've also seen significant improvement in trans-Atlantic performance for unit revenues, up greater than 25% year over year.

我們也看到跨大西洋地區的單位收入表現顯著改善，較去年同期成長超過 25%。

However, as you can imagine, we continue to be challenged by elevated capacity at our LatAm region, which makes up roughly 35% of our total capacity and where we are nearly double the size of our next-largest competitor.

然而，正如您可以想像的那樣，我們繼續面臨拉丁美洲地區產能增加的挑戰，該地區約占我們總產能的 35%，而且我們的規模幾乎是第二大競爭對手的兩倍。

Industry capacity in our Latin leisure markets has increased over 60% since 2019 and is growing double digits each quarter since the start of the second half of 2023, significantly pressuring our yields and fares.

自2019 年以來，我們拉丁休閒市場的行業容量增長了60% 以上，並且自2023 年下半年開始以來每個季度都以兩位數的速度增長，這對我們的收益和票價造成了極大的壓力。

To put this pressure into context, if you exclude our Latin fine, a system level unit revenue growth will be positive for the first quarter versus actual unit revenue growth, which was down 2.5% in order to offset this weakness.

考慮到這一壓力，如果排除我們的拉丁罰款，第一季的系統級單位收入增長將與實際單位收入增長相比為正值，實際單位收入增長下降了 2.5%，以抵消這一弱點。

The other two thirds of our network would have to perform far beyond planned levels.

我們網路的另外三分之二的效能必須遠遠超出計畫水準。

Despite these headwinds, we remain confident in our Latin leisure and VFR strongholds.

儘管存在這些阻力，我們仍然對我們的拉丁休閒和 VFR 堡壘充滿信心。

These are core JetBlue geographies and they remain a top part of our refocused strategy and a meaningful component of our profit engine.

這些是捷藍航空的核心地區，它們仍然是我們重新調整策略重點的重要組成部分，也是我們利潤引擎的重要組成部分。

We are committed to aggressively addressing Crown challenges and winning in these core markets.

我們致力於積極應對皇冠挑戰並贏得這些核心市場。

The key tenants of our refreshed strategy will help us get there from a reinvigorated focus on reliability to our enhanced loyalty program, improved merchandising efforts and the Vault product.

我們更新策略的關鍵租戶將幫助我們從重新專注於可靠性轉向增強忠誠度計劃、改善行銷工作和 Vault 產品。

I'm confident we are putting the right focus in place to win these masks.

我相信我們會集中精力贏得這些口罩。

Turning to our revenue outlook for the second quarter, we expect revenue to decline 6.5% to 10.5% year over year.

談到第二季的營收展望，我們預計營收將年減 6.5% 至 10.5%。

We continue to cycle against a difficult revenue comparison given the unprecedented demand we experienced throughout the first half of 2023.

鑑於我們在 2023 年上半年經歷了前所未有的需求，我們將繼續進行艱難的收入比較。

And as mentioned, elevated new supply in the Latin region.

如前所述，拉丁地區的新增供應增加。

Second quarter is further challenged by the Easter holiday shifts.

第二季受到復活節假期轉變的進一步挑戰。

When adjusting for the shift, the midpoint of our implied year-over-year resin growth in 2Q is in line to slightly improved versus Q1.

在對這項變更進行調整時，我們隱含的第二季樹脂年增的中點與第一季相比略有改善。

Given these factors, we expect unit revenue remain largely stable throughout the first half as opposed to accelerating at the pace we had originally anticipated in Q2.

考慮到這些因素，我們預計上半年單位收入將基本保持穩定，而不是像我們最初預期的第二季那樣加速成長。

That said, we do expect stronger year-over-year revenue acceleration in the second half of the year as our revenue initiatives ramp and we layer in additional initiatives in the first quarter we delivered $40 million in benefits, including preferred seating revenue, which is already exceeding expectations, and we expect the cumulative $300 million to ramp in the second half.

也就是說，隨著我們的收入計劃不斷增加，我們預計下半年收入將出現更強勁的同比增長，並且我們在第一季度採取了更多舉措，我們帶來了4000 萬美元的收益，其中包括首選座位收入，已經超出預期，我們預計下半年累計將增加 3 億美元。

We're also encouraged by the growth and the diversified revenue streams from our loyalty program and JetBlue Travel Products.

我們的忠誠度計畫和捷藍航空旅行產品的成長和多元化收入來源也令我們感到鼓舞。

Our loyalty program continues to drive margin-accretive revenue as we rollout additional ways for customers to earn points and be rewarded for their loyalty through our enhanced TrueBlue program, which now enables our customers to choose the perks that are most valuable to them.

我們的忠誠度計劃繼續推動利潤成長收入，因為我們推出了更多方式，讓客戶透過我們增強的TrueBlue 計劃賺取積分並獲得忠誠度獎勵，該計劃現在使我們的客戶能夠選擇對他們最有價值的福利。

We're also expanding opportunities for our customers to redeem points, and we expect to add a number of global redemption partners in the current months.

我們也正在為客戶提供更多兌換積分的機會，並預計在最近幾個月內增加一些全球兌換合作夥伴。

In the first quarter, TrueBlue members accounted for a record percentage of overall revenue, reflecting increased engagement we are seeing from our hedge programs.

第一季度，TrueBlue 會員佔總收入的比例創歷史新高，反映出我們從對沖計劃中看到的參與度增加。

Overall, spending on our co-brand card is up 10% year-over-year and new cardholder growth remained steady, particularly levels ex the vast majority of whom now carriage of tests as we refocus our core franchises were encouraged by continued outsized growth of active members and approved geographies, especially the greater northeast region and Florida, and this loyal customer base will be key to our success as we rebalance the network.

整體而言，我們的聯名卡支出年增10%，新持卡人成長保持穩定，尤其是在我們重新聚焦核心特許經營業務時，絕大多數持卡人現在正在進行測試，這受到了持卡人持續大幅成長的鼓勵。

Similarly, JetBlue Travel Products out to 2024, continuing the momentum from a record set in 2023.

同樣，捷藍航空旅行產品將延續 2023 年創紀錄的勢頭，持續到 2024 年。

Commission revenues from JetBlue Vacations and Paisley grew by 21% in the first quarter, and we see promising trends around forward summer bookings relative to last year.

第一季捷藍假期和佩斯利的佣金收入成長了 21%，與去年相比，我們看到了未來夏季預訂的良好趨勢。

I'm particularly encouraged by the fact that not only the awareness of these product offerings increasing, but that repeat customers are our favorite, assuming our fastest growing segment for both products.

令我特別鼓舞的是，不僅這些產品的知名度不斷提高，而且回頭客也是我們的最愛，假設我們這兩種產品的細分市場成長最快。

Before I turn it over to Ursula, I will turn to JetBlue because I love this brand, our crewmembers and our customers.

在我把它交給烏蘇拉之前，我會轉向捷藍航空，因為我喜歡這個品牌、我們的機組人員和我們的客戶。

Our culture is a true differentiator for the powers.

我們的文化是強國真正的差異化因素。

Our brand drives a safe operation and distinguishes us from the competition.

我們的品牌推動安全營運並使我們在競爭中脫穎而出。

Our crewmembers are at the core, enabling us to deliver the JetBlue experience.

我們的機組人員是核心，使我們能夠提供捷藍航空的體驗。

Our customers expect and positioning us for operational and financial success.

我們的客戶期望並幫助我們取得營運和財務上的成功。

I'm excited to be back here at this pivotal moment because I see the major potential this company.

我很高興能在這個關鍵時刻回到這裡，因為我看到了這家公司的巨大潛力。

I also see the collective commitment to evolve the strategy in order to restore our historical earnings power.

我還看到了製定策略的集體承諾，以恢復我們歷史上的獲利能力。

This team is leaving no stone unturned as we pursue the path back to profitability.

在我們尋求恢復獲利的道路上，這個團隊不遺餘力。

I am confident we are building the right plan to effectively compete and generate value for the stakeholders, again with us over the Russell.

我相信我們正在製定正確的計劃，以有效地競爭並為利益相關者創造價值，再次與我們一起戰勝羅素。

Thank you, Marty.

謝謝你，馬蒂。

As Julianna and Marty have noted, the swift actions we took in the first quarter allowed us to exceed our Q1 financial commitments, one early indicator of our ability to advance towards our goal of generating positive returns again, and we were profitable in the first quarter, our operating margin exceeded our expectations, supported by our improving operational reliability, solid peak period demand and continued execution on controllable costs.

正如朱莉安娜和馬蒂所指出的，我們在第一季採取的迅速行動使我們超出了第一季的財務承諾，這是我們有能力再次實現正回報目標的早期指標，而且我們在第一季度實現了盈利在我們不斷提高的營運可靠性、穩定的高峰期需求以及持續執行可控成本的支持下，我們的營運利潤率超出了我們的預期。

Starting on Slide 7, we delivered better than expected CASMex fuel in the first quarter with unit costs increasing by 7.1%, beating the better end of our revised March outlook.

從投影片 7 開始，我們第一季交付的 CASMex 燃料優於預期，單位成本增加了 7.1%，超過了我們修訂後的 3 月展望的較好結果。

This was partially driven by improved operational performance as our continued focus on driving reliability allowed us to complete more flights than planned resulting in cost efficiencies.

這在一定程度上是由於營運績效的改善，因為我們持續關注駕駛可靠性，使我們能夠完成比計劃更多的航班，從而提高成本效率。

Additionally, we saw a shift in the timing of certain expenses primarily maintenance related to later in the year, also benefiting our cost performance as our structural cost program and fleet modernization program in the first three months of the year, our structural cost program delivered $30 million in incremental savings, driven by more efficient management of disruption costs and optimizing mid to end-of-life maintenance spend.

此外，我們看到某些費用的時間發生了變化，主要是與今年稍後相關的維護，這也有利於我們的成本績效，因為我們的結構成本計劃和機隊現代化計劃在今年前三個月，我們的結構成本計劃交付了30 美元透過更有效地管理中斷成本和優化生命週期中期到末期的維護支出，可實現 100 萬美元的增量節省。

With today's savings of $100 million, we remain on track to deliver run rate savings in the range of $175 million to $200 million by the end of the year.

目前已節省 1 億美元，我們仍有望在年底前實現運行率節省 1.75 億至 2 億美元。

And we expect savings to ramp significantly throughout this year, driven by productivity improvements.

我們預計，在生產力提高的推動下，今年的節約將大幅增加。

Our fleet modernization program is coming to fruition as we continue to replace or even 90 fleet with the margin accretive A. to 20s, which deliver a 20% improvement in ex-fuel unit cost economics versus the even 90s.

我們的機隊現代化計劃即將取得成果，我們將繼續用利潤增值A. 至20 年代的機隊替換甚至90 年代的機隊，與90 年代的機隊相比，這使前燃料單位成本經濟性提高了20%。

By the end of the month, we'll have reached a milestone on our fleet transition with more 80 20s in active service than even 90 days will continue to replace or even 90s with a two 20s on a one-for-one basis by the end of 2025 when the E. 90 fleet is set to officially retire.

到本月底，我們將達到機隊轉型的一個里程碑，現役飛機將被超過 80 架 20，甚至超過 90 天將繼續替換，甚至 90 架將被兩架 20 一對一地替換。 90 機隊將正式退役。

In addition to better economics, we've already realized $70 million to date in maintenance savings, and we now expect to realize $100 million in maintenance cost savings through the end of this year, up from the original $75 million goal we previously forecasted once we are through this transition period, we expect a more meaningful tailwind to our costs as we return to operating just two fleet types.

除了更好的經濟效益之外，迄今為止，我們已經實現了7,000 萬美元的維護成本節省，並且我們現在預計到今年年底，將實現1 億美元的維護成本節省，高於我們之前預測的7,500 萬美元的最初目標。

With regard to our aircraft availability in the second quarter and full year, we expect an average of 11 aircraft to be out of service due to the GTF issues throughout the year.

就我們第二季和全年的飛機可用性而言，我們預計全年平均有 11 架飛機因 GTF 問題而停飛。

We expect will peak in the low 10s in the late second, early third quarter as we run long range capacity plans to support our multiyear refocused stand-alone plan.

我們預計將在第二季末、第三季初達到峰值，因為我們正在實施長期產能計畫來支持我們多年重新調整重點的獨立計畫。

We continue to face uncertainty around the expected number of aircraft on the ground for 2025 and 2026.

我們仍然面臨 2025 年和 2026 年預計地面飛機數量的不確定性。

While we expect this number will increase above 2024 levels.

我們預計這一數字將超過 2024 年的水平。

The situation remains frustratingly fluid.

令人沮喪的是，局勢仍然不穩定。

We also continue to work towards reaching an agreement with Pratt & Whitney on 2024 compensation.

我們也將繼續努力與普惠公司就 2024 年賠償達成協議。

As far as the initial GTS. compensation that we had included in our 2024 plan, we had originally been advised that the accounting treatment for this compensation could be recorded as an offset to operating expenses.

就最初的GTS而言。對於我們已納入 2024 年計畫的補償，我們最初被告知該補償的會計處理可以記錄為營運費用的抵銷。

However, following analysis of precedent industry transactions of similar nature, we will now report compensation as a reduction to aircraft assets or is amortization of maintenance expense.

然而，根據對類似性質的先例行業交易的分析，我們現在將補償報告為飛機資產的減少或維護費用的攤銷。

This is expected to have an adverse impact on CASMex fuel as this benefit will now be recognized over a longer period of time, despite the significantly reduced compensation recognized in 2020 for earnings, full year CASMex fuel growth is expected to be within the range of our initial January guidance partially driven by incremental cost offsets we have already internally identified.

預計這將對 CASMex 燃料產生不利影響，因為這種效益現在將在更長的時間內得到確認，儘管 2020 年確認的收益補償大幅減少，但全年 CASMex 燃料增長預計將在我們的預期範圍內。一月份最初的指導部分是由我們內部確定的增量成本抵消所推動的。

For the second quarter, we expect CASMex fuel to increase between 5.5% and 7.5% year over year coming down from the first quarter levels as we lap a full year of cost related to our 2023 pilot agreement.

對於第二季度，我們預計 CASMex 燃料將年增 5.5% 至 7.5%，較第一季度的水準有所下降，因為我們已經完成了與 2023 年試點協議相關的全年成本。

And as we execute on our controllable costs and fixed cost reductions for the full year, we continue to expect CASMex fuel growth of mid to high single digits year over year to better align our cost base with our operating levels during this challenged growth period, we've scaled back fixed cost spending where we can.

隨著我們全年執行可控成本和固定成本削減，我們繼續預計CASMex 燃料同比將實現中高個位數增長，以便在這個充滿挑戰的增長時期更好地將我們的成本基礎與我們的運營水平保持一致，我們我們已盡可能削減固定成本支出。

In January, we offered a voluntary opt out program to targeted work groups across our operation and support centers and the cost savings are on track with our expectations.

一月份，我們向營運和支援中心的目標工作小組提供了自願退出計劃，成本節省符合我們的預期。

In addition, we are rightsizing our real estate footprint in several airports with above average airport costs such as Liberty and L.A.

此外，我們正在調整幾個機場成本高於平均水平的機場（例如自由機場和洛杉磯機場）的房地產足跡。

Combined, these fixed cost savings are expected to drive a half a point of unit cost savings for the full year, which is reflected in our full year guidance Additionally, as Juliana mentioned, we are utilizing technology to further enhance our efficiency and productivity, and we expect it will be a main driver of incremental cost savings.

綜合起來，這些固定成本節省預計將推動全年單位成本節省半個百分點，這反映在我們的全年指導中。生產力，並且我們預計這將成為增量成本節約的主要驅動力。

Finally, though, we no longer plan to approach breakeven profitability this year.

但最後，我們今年不再計劃達到損益平衡。

I'm confident we have a strong plan in place to overcome the headwinds we face and the continued control of our cost structure will provide the baseline support we need to become profitable again.

我相信我們已經制定了強有力的計劃來克服我們面臨的不利因素，並且對成本結構的持續控制將為我們再次實現盈利提供所需的基線支持。

Turning to liquidity and our balance sheet on Slide 8.

轉向投影片 8 上的流動性和我們的資產負債表。

As we continue to work through near-term growth challenges stemming from the GTF issues, we are exploring cost-effective and capital light ways to grow our fleet.

在我們繼續應對 GTF 問題帶來的近期成長挑戰的過程中，我們正在探索具有成本效益且資本充足的方式來發展我們的機隊。

To date, we have committed to purchase or purchased 1218 20 aircraft off lease that was set for return to lessors.

迄今為止，我們已承諾購買或購買了 1218 架 20 架租賃飛機，這些飛機將返還給出租人。

Looking ahead, we have further optionality and could elect to extend the life of approximately 38 through 20 aircraft in total, which represents approximately 10% of our total fleet today.

展望未來，我們還有更多選擇，可以選擇延長總共約 38 至 20 架飛機的使用壽命，這些飛機約占我們目前機隊總數的 10%。

We also continue to receive new aircraft from our order book with Airbus.

我們也繼續從空中巴士公司的訂單中接收新飛機。

And in the first quarter, we took delivery of eight aircraft through the remainder of the year, we expect to take delivery of 19 aircraft for a total of 27 deliveries in 2024, 20, of which are 80 20s, prioritizing 80 20 deliveries in the near term help to better match the needs of our customers with our cost goals while continuing to evolve our product offering as the A. to 20 offers 90% more premium seating that are even 90 aircraft.

在第一季度，我們在今年剩餘時間內接收了8 架飛機，我們預計在2024 年將接收19 架飛機，總共交付27 架，其中20 架，其中80 20 架，優先在2024 年交付80 20 架。

In addition, all of our 2024 and 2025 A. through 21 neo deliveries will be configured with our award-winning Mint product, further increasing our mix of premium assets.

此外，我們所有 2024 年和 2025 年 A. 到 21 個 neo 交付的飛機都將配置我們屢獲殊榮的 Mint 產品，進一步增加我們的優質資產組合。

Ultimately, our fleet is a key enabler to delivering a more premium experience, which is a core piece of our strategic evolution to better serve the full spectrum of leisure customers.

最終，我們的機隊是提供更優質體驗的關鍵推動者，這是我們更好地服務全方位休閒客戶的策略發展的核心部分。

We ended the quarter with $1.7 billion in liquidity, excluding our undrawn $600 million revolving credit facility.

本季結束時，我們的流動資金為 17 億美元，其中不包括未提取的 6 億美元循環信貸額度。

As we reach the peak of our fleet modernization efforts.

當我們達到機隊現代化努力的頂峰時。

We have been actively financing our aircraft deliveries, and we have secured nearly $1.6 billion of committed financing year to date.

我們一直在積極為飛機交付提供融資，今年迄今已獲得近 16 億美元的承諾融資。

Finally, we continue to opportunistically look at hedging as a means to manage risk, particularly in a market that continues increased volatility as a result of geopolitical concerns in the Middle East as of today, we have hedged approximately 27% of our expected fuel consumption for the second quarter and approximately 16% for the full year.

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，特別是在中東地緣政治擔憂導致市場波動性持續加大的情況下，截至今天，我們已對沖了約27% 的預期燃料消耗。

In closing, I want to thank our amazing crewmembers for all their hard work and dedication day in and day out.

最後，我要感謝我們出色的機組人員日復一日的辛勤工作和奉獻精神。

We are 100% focused on executing on our strategic initiative to meet the challenges of our industry.

我們 100% 專注於執行我們的策略計劃，以應對產業的挑戰。

We have already taken action across the board as evidenced by the deferral of $2.5 billion of planned CapEx, significant network changes, the launch of our revenue initiatives and our continued laser focus on costs, all with our eyes trained on our ultimate goal of profitability.

我們已經全面採取行動，推遲 25 億美元的計劃資本支出、重大網路變革、啟動收入計劃以及持續關注成本，所有這些都著眼於我們的最終盈利目標。

I am confident we are building a strong plan to fully leverage our unique position in the market.

我相信我們正在製定一個強有力的計劃，以充分利用我們在市場上的獨特地位。

And as you can see from our results, we are already executing on this plan and moving with urgency to set the airline on a path back to delivering long-term value for our owners and all of our stakeholders.

正如您從我們的結果中看到的那樣，我們已經在執行該計劃，並緊急行動，讓航空公司重新走上為我們的所有者和所有利益相關者提供長期價值的道路。

With that, we will now take your questions.

現在我們將回答您的問題。

Thanks, everyone.

感謝大家。

We're now ready for the question and answer session.

我們現在準備好進行問答環節了。

James, please go ahead with the instructions.

詹姆斯，請按照說明進行操作。

Thank you.

謝謝。

At this time, if you'd like to ask a question, please press 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 Once again, star and one to ask a question.

您可以隨時按星號二將自己從佇列中刪除。

And we'll take our first question today from Dan McKenzie with Seaport Global.

今天我們將回答 Seaport Global 的 Dan McKenzie 提出的第一個問題。

For Hey, thanks. Morning, guys. I guess, Joanna, following up on the steps that you outlined to restore earnings and feel free to emphasize those steps again, but what normalized margins are you targeting at this point and what does that trajectory look like?

對於嘿，謝謝。早安，夥計們。我想，喬安娜，正在跟進您概述的恢復收入的步驟，並隨時再次強調這些步驟，但您目前的正常化利潤目標是多少？

And I guess what I'm getting at is should investors view the changes as a gradual ramp up to normalized earnings, say two years from now maybe three or four of the steps you've outlined, is there some low hanging fruit that could really move the dial near term?

我想我的意思是，投資人是否應該將這些變化視為逐步提高到正常化收益的過程，比如說兩年後，也許是你概述的三到四個步驟，是否有一些唾手可得的成果真的可以實現？

Again, thanks for the question.

再次感謝您的提問。

I'm not going to put a time line around when we start to see meaningful margin accretion.

當我們開始看到有意義的利潤成長時，我不會給出一個時間表。

I think our focus right now is about returning to profitability, and that is where all on all of our priorities are focused on.

我認為我們現在的重點是恢復盈利能力，這是我們所有優先事項的重點。

You know, we've talked about our unique position in the industry, obviously, coming out of COVID.

你知道，我們已經討論過我們在行業中的獨特地位，顯然是由於新冠疫情而產生的。

Leisure is a strong point for JetBlue we've got great geographies, some of which obviously our be impaired at this point in time, but we do think they will become a tailwind.

休閒是捷藍航空的強項，我們擁有優越的地理位置，其中一些顯然在此時受到損害，但我們確實認為它們將成為一種順風。

We've got a good product.

我們有一個好的產品。

We know there's gaps.

我們知道存在差距。

We're working to fill those.

我們正在努力填補這些空缺。

Our brand, our cost structure, our focus right now is executing what we can control.

我們的品牌、我們的成本結構、我們現在的重點是執行我們可以控制的事情。

And I think you're seeing that in many of the steps that we have undertaken in the last several weeks, including the network redeployment of some of the changes to ancillary fees and revenue.

我認為您在過去幾週採取的許多步驟中都看到了這一點，包括網路重新部署、輔助費用和收入的一些變化。

I'm doing some nice work around driving that $300 million of revenue initiatives.

我正在圍繞推動這 3 億美元的收入計劃做一些出色的工作。

Our reliability initiatives and early wins there, a stronger completion factor in Q1 and improved a 14 compared to Q1 of 23.

我們的可靠性舉措和早期勝利，第一季的完成係數更高，與第一季的 23 相比提高了 14。

Obviously, loyalty and JTP. are doing well.

顯然，忠誠度和 JTP。都做得很好。

And then our cost initiative will be a frank.

然後我們的成本計劃將是坦率的。

The Pratt situation is a challenge, and we'd like more certainty there.

普拉特的情況是一個挑戰，我們希望那裡有更多的確定性。

And we're working toward having that on.

我們正在努力實現這一點。

But the team is focused on executing and really focused on returning to profitability, the challenge in the Latin region that we'll cycle through, and we'd hoped that we would see an acceleration into Q2.

但團隊專注於執行，真正專注於恢復獲利能力，這是我們將經歷的拉丁地區的挑戰，我們希望我們能看到第二季的加速成長。

We're not seeing that.

我們沒有看到這一點。

But again, we view that as transitory in nature in terms of what could provide real acceleration.

但我們再次認為，就能夠提供真正的加速而言，這本質上是暫時的。

Honestly, the network changes as we look at those and the $300 million of revenue initiatives, many of those network changes haven't actually layered in yet, so they're announced, but you're not seeing the benefit of those.

老實說，當我們看到這些以及 3 億美元的收入計劃時，網路發生了變化，其中許多網路變化實際上尚未分層，因此它們已宣布，但您沒有看到這些變化的好處。

So I'm again focused on making sure that we're executing quickly and with haste to return to profitability.

因此，我再次專注於確保我們快速執行並儘快恢復盈利。

Yes, very good.

是的，很好。

I guess on that point, I guess the second question is for Marty on the network announcement, is there an adjustment period as the new flying ramps up or in as you or is it typically a move up and resume as you lap off the unprofitable flying? And my thought is maybe it's the latter just given your expectation for resume acceleration in the back half of the year. But if you could just clarify a little bit more on sort of where you know if we if there's more to do and how that would impact, how you're thinking about revenues back half of this year into 2025?

我想在這一點上，我想第二個問題是馬蒂在網路公告上提出的，當新的飛行增加或進入時，是否有一個調整期，或者當您結束無利可圖的飛行時，通常會上升並恢復？我的想法是，考慮到您對下半年恢復加速的期望，也許是後者。但是，如果您能詳細說明您知道我們是否還有更多工作要做以及這將如何影響，您如何看待今年下半年到 2025 年的收入？

Thanks for taking the tariffs.

感謝您接受關稅。

I Dan, thanks for the question.

我是丹，謝謝你的提問。

But first, I'll say that our expectations as far as the accretion due to the network changes are part of the $300 million we've already communicated as our expectation for 2024.

但首先，我要說的是，我們對網路變化帶來的成長的預期是我們已經傳達的 2024 年預期 3 億美元的一部分。

So that's actually built in there.

所以它實際上是內建的。

I think, to make a point that I reiterated for the joint have made.

我想，要提出我為聯合所重申的觀點。

The first site closure actually isn't until next week.

第一次站點實際上要到下週才會關閉。

So we haven't really seen a lot of benefits going forward.

所以我們還沒有真正看到未來的許多好處。

I would say, as far as redeploying of aircraft we're coming into the third quarter.

我想說，就飛機的重新部署而言，我們將進入第三季。

I think we had identified some very up and desirable places to redeploy.

我認為我們已經確定了一些非常理想的重新部署地點。

And that again, it's all reflected in numbers that we saw, I have to say that some of the some of the network changes were directly related to aircraft shortfalls to our situation with Pratt.

再說一次，這一切都反映在我們看到的數字中，我不得不說，一些網路變化與飛機短缺以及我們與普拉特的情況直接相關。

So it's one of the reasons why we thought the best way to communicate this would be just to explain the $300 million number.

因此，這就是為什麼我們認為最好的溝通方式就是解釋 3 億美元這個數字的原因之一。

And again, that's a number we'll be getting by the end of the year.

再說一遍，這是我們將在今年年底得到的數字。

So that's sort of how we should view the accretion of that purchase.

這就是我們應該如何看待購買的增量。

And I will also say that there are more network changes to come and talk to your point the joint I made about on the postponing Investor Day.

我還要說，將會有更多的網路變化，並與您討論我在推遲的投資者日上發表的聯合觀點。

I think these things are all tied together as far as making sure that we have rolled out all the changes that we want to do with respect to the opportunities that be the case, the next tranches in the $300 million.

我認為這些事情都是緊密聯繫在一起的，以確保我們已經推出了我們想要針對當前機會進行的所有變革，即 3 億美元的下一部分。

But I think it's fair to say we are not done as far as continue to fine tune the network.

但我認為可以公平地說，我們在繼續微調網路方面還沒有完成。

Thanks so much, guys.

非常感謝，夥計們。

Yes. Our next question will come from Jamie Baker with JPMorgan.

是的。我們的下一個問題將來自摩根大通的傑米貝克。

Yes, good morning, everybody.

是的，大家早安。

So probably for Marty, I know airlines don't like to offer, you know, route P and L commentary, but I figured I'd tried to ask the question in what you might answer.

因此，對於馬蒂來說，我知道航空公司不喜歡提供 P 和 L 航線評論，但我想我曾嘗試在您可能回答的內容中提出這個問題。

So without speaking to individual stations.

因此，無需與個別電台交談。

Can you give us some margin commentary on the aggregate of Baltimore, Kansas City, the short haul, LA and land markets that if you are exiting and perhaps a margin basis or maybe just sheer dollars of lost it?

您能給我們一些關於巴爾的摩、堪薩斯城、短途、洛杉磯和土地市場總體的利潤評論嗎？

Just trying to add any color as to what that reduction in lost production some two.

只是想為生產損失的減少添加任何色彩，大約有兩個。

Well, listen, I appreciate your efforts and trying to get me to give you that number.

好吧，聽著，我感謝你的努力並試圖讓我給你這個號碼。

I mean, we generally really don't talk about that level of detail.

我的意思是，我們通常不會談論這種細節。

I will just say that the aggregate of those changes and the redeployment of airplanes is all based in the $300 million.

我只想說，這些變化和飛機的重新部署的總和都是以3億美元為基礎的。

So that's really sort of how we look at that and how we communicate it on.

這就是我們看待這個問題以及我們如何溝通的方式。

I feel like you've given more time and on, you know, different competitive situations, I think may have been different as far as some of the stuff that that we chose to exit, but which we the stuff you mentioned between the LA, short haul and the imperative back to John's point, the imperative of improving profitability.

我覺得你已經投入了更多的時間，你知道，不同的競爭情況，我認為就我們選擇退出的一些東西而言可能有所不同，但我們就是你在洛杉磯之間提到的那些東西，短途運輸和當務之急回到約翰的觀點，提高獲利能力的當務之急。

Now it was really it was time for us to make moves.

現在確實是我們採取行動的時候了。

And we're very excited with the changes.

我們對這些變化感到非常興奮。

It's always been fortunate, given the situation with our crew members, but we have to prioritize returns right now.

考慮到我們船員的情況，這一直是幸運的，但我們現在必須優先考慮回報。

Yes. Okay.

是的。好的。

And then second, probably for Ursula on liquidity, what's the minimum cash balance that you internally target to run the airline?

其次，可能對烏蘇拉來說，在流動性方面，您內部目標營運航空公司的最低現金餘額是多少？

And also if we set aside brand and loyalty, what's the size of the remaining unencumbered asset pool in your estimate?

另外，如果我們拋開品牌和忠誠度，您估計剩餘的未支配資產池的規模是多少？

Thanks for the question, Jamie.

謝謝你的提問，傑米。

And I think you're celebrating a birthday this week are to SSL Robin's legacy lives on systemic experts, sister product, of course, starting to move, essentially it sets us up to.

我認為您本週要慶祝的生日是 SSL Robin 的遺產生活在系統專家、姐妹產品上，當然，開始移動，本質上它讓我們做好了準備。

And so we are targeting somewhere between $1.5 billion and $1.6 billion and of cash at any point in time.

因此，我們的目標是在任何時間點提供 15 億至 16 億美元的現金。

As a reminder, we also have the $600 million revolving credit facility on top of that.

提醒一下，除此之外，我們還有 6 億美元的循環信貸額度。

And to your question on the unencumbered asset base, we've publicly commented that we have about $10 billion and just over half of that is associated with the loyalty and the brand.

對於你關於未支配資產基礎的問題，我們公開表示我們擁有約 100 億美元，其中超過一半與忠誠度和品牌有關。

So the remaining of that unencumbered asset pool is a combination of slots, gates and routes on aircraft and engines.

因此，剩餘的未支配資產池是飛機和發動機上的起降時刻、登機口和航線的組合。

Okay, perfect.

好的，完美。

Thank you very much.

非常感謝。

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

我們的下一個問題將來自德意志銀行的 Mike Linenberg。

And good morning, everyone.

大家早安。

The I'm just the downward revision in top line for the year.

我只是今年營收的向下修正。

Is that entirely Latin America or is there, you know, a shift in maybe GTF groundings and or delayed Airbus narrow bodies?

這完全是拉丁美洲嗎？

I mean is are there other components? Thanks.

我的意思是還有其他組件嗎？謝謝。

Hi, Mike, this is Dave Clark.

嗨，麥克，我是戴夫克拉克。

I'm happy to take that. Yes, it is primarily sort of unit revenue related and you know, as exemplified with the Latin capacity and pressure we're seeing that's causing it to not accelerate as quickly as we expected.

我很樂意接受。是的，這主要與單位收入相關，你知道，正如我們所看到的拉丁產能和壓力所證明的那樣，這導致它的加速速度沒有我們預期的那麼快。

There is a little bit of capacity.

容量還有一點點。

We're trimming the fall trough.

我們正在修剪秋季谷。

As we look at the latest demand trend and tried to better match supply with demand, you don't see that any capacity guidance because completion factors running ahead, but it's mostly sort of unit revenue, and there's a bit of a lower trough capacity in the back half of the year.

當我們觀察最新的需求趨勢並試圖更好地匹配供應與需求時，你看不到任何產能指導，因為完成因素提前，但它主要是單位收入，並且有一些較低的低谷產能下半年。

And Mike, maybe I'll just add.

麥克，也許我會補充一下。

We did see capacity growth coming down slightly in Q2.

我們確實看到第二季產能成長略有下降。

So we had expected acceleration from Q1 into Q2.

因此，我們預計從第一季到第二季會出現加速。

We're just not seeing that.

我們只是沒有看到這一點。

And so as you think about size of the Latin market to JetBlue, and its importance.

當你想到拉丁市場對捷藍航空的規模及其重要性。

We think this is the most the most prudent move.

我們認為這是最謹慎的舉動。

As we know capacity comes and goes, this region tends to be quite resilient and performs well for us.

正如我們所知，產能來來去去，該地區往往具有相當的彈性，並且對我們來說表現良好。

We will continue to double down in this area because it is so core to Geox to our geographies.

我們將繼續在這一領域加倍努力，因為它對我們所在地區來說是 Geox 的核心。

But it is frustrating that we aren't seeing that, that that acceleration into Q2 that we thought we would see with capacity growth slightly moderating from Q1 to Q2.

但令人沮喪的是，我們沒有看到我們認為會看到的加速進入第二季度的情況，而產能成長從第一季到第二季略有放緩。

Pretty great.

非常棒。

And just a second question on I think I heard you correctly, Ursula, you said that all of the airplanes maybe or at least the three 21 neos coming in 24 and 25, which I guess are all the airplanes that could be run on except for well, the two 20s are coming with the Mint configuration.

關於第二個問題，我想我沒聽錯，烏蘇拉，你說所有的飛機可能或至少是 24 和 25 中的三架 21 neos，我猜除了好吧，這兩個20 都是Mint 配置。

Is that the, you know, large Mint configuration or small Mint configuration?

你知道，這是大 Mint 配置還是小 Mint 配置？

And I guess also what I'm getting to is should we anticipate additional transatlantic cities over the next year or two above and beyond what you've already announced?

我想我還想問的是，除了您已經宣布的城市之外，我們是否應該預計在未來一兩年內還會出現更多的跨大西洋城市？

Thanks for taking my question.

感謝您提出我的問題。

Yes. Thanks, Mike.

是的。謝謝，麥克。

So as a reminder, we have 27 deliveries this year in 2024, seven of them are in the A. three 21 neos.

提醒一下，我們今年到 2024 年有 27 架飛機交付，其中 7 架在 A 級飛機中，3 架是 21 neos。

So they will be in the 16 seats and Mint configuration.

所以他們將採用 16 個座位和 Mint 配置。

And then in 2025, we have 25 deliveries.

到 2025 年，我們將交付 25 架。

And five of those are A. through 21 neos, which will be in men.

其中 5 種是 A. 到 21 neos，這些都是男性。

And then maybe I'll pick up on the transatlantic question.

然後也許我會談談跨大西洋問題。

Transatlantic has performed very well for us know the summer will be strong as we've mentioned before.

跨大西洋航線表現非常好，我們知道夏季將會如我們之前提到的那樣強勁。

However, as we look at growth there, we are currently serving what we believe are sort of the top underserved markets for JetBlue out of Boston and New York.

然而，當我們著眼於那裡的成長時，我們目前正在為捷藍航空服務的波士頓和紐約以外的最缺乏服務的市場提供服務。

And we'll look to continue doing this further seasonalized them as appropriate if you look at Edinburgh and Dublin on both seasonal markets doing well for us so far, but are great contributors right now.

如果你看看愛丁堡和都柏林這兩個季節性市場到目前為止對我們來說表現良好，但現在是偉大的貢獻者，我們將繼續這樣做，適當地進一步季節性化它們。

On the main question, I'll also emphasize premium is doing exceptionally well, 25% of our seats are premium, a combination of mid and even more space.

關於主要問題，我還要強調高級座位的表現非常好，我們 25% 的座位是高級座位，是中等甚至更大空間的組合。

I mean, so between the 80 20 and the three 20 ones that we're saving, we will see an increase in our premium mix, which is great.

我的意思是，因此，在我們節省的 80 個 20 和三個 20 之間，我們將看到我們的優質組合增加，這很棒。

Very good.

非常好。

Thank you.

謝謝。

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

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

Thank you, I wonder if we could drill a little bit deeper on non on the Latin trends is just primarily U.S. to Caribbean.

謝謝，我想知道我們是否可以更深入地研究非拉丁趨勢，主要是從美國到加勒比海。

I think of JetBlue historically as more of a Caribbean network are your two largest markets by a very wide margin, our Puerto Rico and the Dominican Republic.

我認為捷藍航空歷史上更多的是加勒比海網絡，是你們兩個最大的市場，我們的波多黎各和多明尼加共和國。

Can you speak to trends in those two markets specifically?

能具體談談這兩個市場的趨勢嗎？

And then if you would you know, is there any differentiation in trend between Caribbean originating from the Northeast and Caribbean originating from South Florida?

那麼，如果您想知道，源自東北部的加勒比海和源自南佛羅裡達的加勒比海之間的趨勢是否有任何區別？

Thanks. Duane, this is Dave. I'll take that.

謝謝。杜安，這是戴夫。我會接受的。

I think the easiest way to think about it is the break down between sort of Caribbean beach destinations and Caribbean VFR destinations.

我認為最簡單的思考方法就是區分加勒比海海灘目的地和加勒比海 VFR 目的地。

The VFR is holding up relatively well.

VFR 保持得相對較好。

Industry capacity.

產業能力。

There has been relatively less.

已經相對較少了。

So that is is still under some pressure, but not as much as the beach destinations where we see increased capacity of really high increased capacity, which is driving even higher pressure on the yields from the Puerto Rico and Dominican Republic, both extremely important markets to us.

因此，這仍然面臨著一些壓力，但不如我們看到的海灘目的地的運力增加那麼大，這給波多黎各和多明尼加共和國的收益率帶來了更大的壓力，這兩個市場都是極其重要的市場我們。

We are 100% committed to winning competing and maintaining our leadership in these markets.

我們 100% 致力於贏得競爭並保持我們在這些市場的領導地位。

So we feel very good about them.

所以我們對他們感覺很好。

We have a deep history, their large operation and are working to roll out some enhancements to be performing even better.

我們擁有悠久的歷史和龐大的業務，並且正在努力推出一些增強功能，以實現更好的表現。

And each so I'm really committed to these markets.

每一個都讓我真正致力於這些市場。

They're under a bit of pressure with competitive capacity that ebbs and flows.

他們承受著一些競爭能力時起時落的壓力。

But we feel it's transitory in nature and a lot and will continue to be a very important and profitable region for us.

但我們認為它本質上是暫時的，對我們來說仍然是一個非常重要且有利可圖的地區。

I guess of those two, which one is more VFR and which one is more Beach, the Dominican Republic in general but more VFR, especially a very large operations incentive dimming on Santiago, which are almost entirely the FR.

我猜想這兩個中，哪一個更多的是VFR，哪一個更多的是海灘，多米尼加共和國總體上但更多的是VFR，尤其是聖地亞哥上的一個非常大的操作激勵調光，幾乎完全是FR。

Thanks.

謝謝。

And then just for my follow up on on reliability.

然後只是為了我對可靠性的跟進。

I wonder if you can survey this in any way, but as your reliability has improved, do you think there may be a gap between how customers perceive your reliability and where it stands on the improvement you've made, how long of a hangover may exist from past operational perceptions.

我想知道你是否可以以任何方式對此進行調查，但是隨著你的可靠性的提高，你是否認為客戶對你的可靠性的看法與你所取得的進步的程度之間可能存在差距，宿醉可能持續多久存在於過去的營運觀念中。

Thanks for taking the questions.

感謝您提出問題。

Yes, thanks.

對了謝謝。

Thanks, Wayne.

謝謝，韋恩。

And so we are in the early stages of our operational reliability initiative.

因此，我們正處於營運可靠性計劃的早期階段。

So we're seeing some nice progress, but it's a multiyear initiative, and we've got some work to do.

因此，我們看到了一些不錯的進展，但這是一項多年的舉措，我們還有一些工作要做。

So I definitely think there'll be a lag in customer perceptions.

所以我絕對認為客戶的認知會出現滯後。

We obviously are also focused on this summer on ATC is going to be a challenge this summer.

顯然，我們今年夏天也關注 ATC，因為今年夏天將是一個挑戰。

So despite many of the efforts that we're making, we're still going to have bad weather days, and we'll probably be fairly acute in New York.

因此，儘管我們做出了許多努力，但我們仍然會遇到惡劣的天氣，而且紐約的天氣可能會相當嚴重。

So there's definitely definitely some some work to do on the customer perception piece, but we got to start somewhere.

因此，在客戶感知方面肯定還有一些工作要做，但我們必須從某個地方開始。

And I'm pleased with the progress that we've made in Q1, and it will be some, I think, incremental progress quarter over quarter and toward a much better place over the next couple of years.

我對我們在第一季的進展感到滿意，我認為，每個季度都會取得一些漸進的進展，並在未來幾年內朝著更好的方向發展。

Okay. Thank you.

好的。謝謝。

Our next question will come from Savi Citi with Raymond James.

我們的下一個問題將由薩維·花旗和雷蒙德·詹姆斯提出。

Hey, good morning.

嗨，早安。

I was just kind of curious on the unit revenue guidance seems to be calling for in going from like down mid-single digits to up mid-single digits.

我只是對單位收入指導似乎要求從中個位數下降到中個位數上升感到好奇。

And you've kind of called out some of the components that drive that.

你已經提到了一些驅動它的組件。

But I'm just wondering just generally how much of that is driven by maybe easier comps in the second half last year versus this year versus kind of the network changes you've talked about and just maybe the third bucket, how much of that might be coming from just industry capacity moderating in the US?

但我只是想知道，一般來說，其中有多少是由去年下半年與今年相比可能更容易的比較以及您所討論的網絡變化所驅動的，也許是第三個桶，其中有多少可能僅僅是來自美國的工業產能放緩嗎？

Yes. Yes, I think Savi, this is Dave.

是的。是的，我想薩維，這是戴夫。

I'll take that you hit the big three components right there.

我認為您已經觸及了三大要素。

There's a few things that help us as we go from the first half to the second half in terms of the continued progress of our sequential unit revenue on the $300 million of revenue initiatives ramping up is clearly the first one.

從上半年到下半年，有幾件事對我們有幫助，即我們的連續單位收入在 3 億美元收入計劃中的持續進展顯然是第一個。

As mentioned, we secured $40 million in the first quarter that will continue to ramp over the next three to get us to a total of $300 million across all of them.

如前所述，我們在第一季獲得了 4000 萬美元的資金，並將在接下來的三個季度繼續增加，使我們的總資金達到 3 億美元。

So that's clearly a significant expense, significant tailwind, excuse me.

所以這顯然是一筆龐大的開支，也是一筆巨大的順風車，對不起。

And then there is a comp of certainly easing coming up from the first half of 2023 had a lot of pent-up demand, COVID demand, especially in our sort of spring break Florida and L.A. and geographies that we're still cycling against some this quarter, but that eases as we go through the quarter.

然後，從2023 年上半年開始，肯定會出現一系列寬鬆政策，有很多被壓抑的需求，即新冠病毒需求，特別是在我們春假期間的佛羅裡達州和洛杉磯，以及我們仍在與一些地區進行循環對抗的地區。

So I think those are the two biggest ones capacity, um, you know right now it looks to moderate.

所以我認為這是兩個最大的容量，嗯，你知道現在它看起來適中。

We'll sort of see as schedules firm up as we go through the year.

隨著這一年的過去，我們會看到時間表逐漸確定。

And that could be sort of the third benefit as well.

這也可能是第三個好處。

Got it. And then if I might on or Ursula, just on the financing for this year, could you talk about what you're seeing and just as all of that kind of comes together, what you're kind of expecting in terms of ASPs? Net interest expense?

知道了。然後，如果我可以談談今年的融資，您能談談您所看到的情況以及所有這些因素結合在一起時，您對平均售價的期望嗎？淨利息支出？

Yes, I think Savi, so we had previously communicated, we were targeting to raise $1.6 billion.

是的，我認為薩維，所以我們之前溝通過，我們的目標是籌集 16 億美元。

And so I mentioned in my prepared remarks that we I've committed financing up to $1.3 billion.

因此，我在準備好的發言中提到，我們已承諾提供高達 13 億美元的融資。

So that's a combination of finance leases and and just some bilateral and bank loans.

這是融資租賃和一些雙邊貸款和銀行貸款的結合。

And obviously, with the adjusted to revenue that we provided today, will most likely need to raise some incremental capital beyond the 1.6 that we originally targeted.

顯然，根據我們今天提供的收入調整後，很可能需要籌集一些超出我們最初目標的 1.6 的增量資本。

So we will clearly and be out in the market later this year.

因此，我們顯然將在今年稍後進入市場。

And as a reminder, we've got a healthy mix of unencumbered assets so we can optimize across markets to focus on, quite frankly, the cost of the debt as well as building and some prepayment flexibility and conservatism and our priorities of ours in terms of interest expense on a full year basis.

提醒一下，我們擁有健康的未支配資產組合，因此我們可以跨市場進行優化，坦率地說，重點關注債務成本以及建設和一些預付款的靈活性和保守性以及我們的優先事項全年利息支出。

And my prepared remarks in January, I provided a guidance of $320 million to $330 million and we are trending even despite having to raise incremental debt, we are trending slightly below that.

我在 1 月準備好的演講中，提供了 3.2 億至 3.3 億美元的指導，儘管必須提高增量債務，但我們的趨勢仍略低於該水平。

And just given we've been more thoughtful about the timing that we're bringing in cash but also and we've been seeing some relief on in terms of rate as well.

鑑於我們對引入現金的時機更加深思熟慮，而且我們也看到利率方面有所緩解。

So hopefully that gives you a little bit of color.

希望這能帶給你一點色彩。

Very helpful.

很有幫助。

Thank you.

謝謝。

Our next question will come from Helane Becker with TD. Cowen.

我們的下一個問題將來自 TD 的 Helane Becker。考恩.

And thanks very much, operator. Hi, everybody.

非常感謝，接線生。大家好。

Just Ursula, one point of clarification and in your slide, I think on my page it's Slide 9, but it might be Slide eight.

烏蘇拉，請澄清一點，在您的幻燈片中，我認為在我的頁面上它是幻燈片 9，但也可能是幻燈片 8。

You talk about not having any significant debt due before 2026.

您談到 2026 年之前沒有任何重大債務到期。

And so and maybe you just answered this in Savvis question I think you also have a $750 million convert that has to be addressed.

因此，也許您剛剛在 Savvis 問題中回答了這個問題，我認為您還有一個 7.5 億美元的轉換問題需要解決。

Are you thinking of refinancing your your debt that's coming due?

您是否正在考慮即將到期的債務進行再融資？

Like how should we think about, I guess, maybe replacing debt versus paying down debt?

我想，我們該如何考慮替換債務與償還債務？

Yes. Thanks for the question, Helene.

是的。謝謝你的提問，海倫。

So in regards to the comment in the presentation, the significant debt maturity due in 2026.

因此，就簡報中的評論而言，重大債務將於 2026 年到期。

That actually is the convertible debt deal.

這實際上是可轉換債務交易。

And so that's the next significant maturity that we'll see and we do intend to refinance that.

因此，這是我們將看到的下一個重大成熟，我們確實打算為其進行再融資。

You know, it's quite early at this point, but the teams are exploring opportunities to refinance that.

你知道，現在還為時過早，但團隊正在探索再融資的機會。

Again, we've got a significant amount of income, unencumbered collateral and we can target specific markets and just through the lens of raising the most cost effective money that is and the convertible debt is the most friendly in terms of rate that we have in the capital structure.

再說一次，我們有大量的收入，無負擔的抵押品，我們可以瞄準特定的市場，只需透過籌集最具成本效益的資金的鏡頭，就利率而言，可轉換債務是我們現有的最友好的。

So and in terms of financing, we'll do that as close to maturity as possible.

因此，在融資方面，我們將盡可能在接近到期時進行。

And we got to get the business back to profitability so that we're actually generating free cash flow.

我們必須讓業務恢復獲利，這樣我們才能真正產生自由現金流。

So that we can then pivot to actually start paying down debt, and that is the goal that we're focused on.

這樣我們就可以真正開始償還債務，這就是我們關注的目標。

Okay.

好的。

That's very helpful.

這非常有幫助。

Thanks, Ursula.

謝謝，烏蘇拉。

And then on on the $562 million of special items in the quarter.

然後是本季 5.62 億美元的特殊項目。

Can you say like what percent was related to Spirit versus opt-out versus the E. one 90s 90 transition and are all the Spirit cost now behind you.

你能說一下，與精神、選擇退出和 E.one 90 年代 90 過渡相關的百分比是多少，現在所有的精神成本都在你身後了。

And so put very simply all of the Spirit costs are behind us.

簡而言之，所有的精神成本都已經過去了。

And the $560 million, $530-ish million were associated with Spirit.

5.6 億美元、5.3 億美元左右與 Spirit 相關。

Thanks. Thanks very much, Kim. Thanks, Ursula.

謝謝。非常感謝，金。謝謝，烏蘇拉。

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

我們的下一個問題將來自斯科特集團和沃爾夫研究公司。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

So I understand I'm not breakeven for the year.

所以我知道今年我還沒有達到收支平衡。

I'm just wondering, do you see a path back to breakeven in the second half?

我只是想知道，您認為下半年有恢復損益平衡的途徑嗎？

And then I just want to clarify that in the second quarter, sort of horizon.

然後我只想澄清一下，在第二季度，有點地平線。

So I guess given flat, it seems like domestic rather than flat to up slightly year over year.

因此，我認為，鑑於持平，似乎是國內的，而不是持平，比去年同期略有上升。

Is that right?

是對的嗎？

And I guess why not better, just given domestic capacity down over 10%?

我想既然國內產能下降了 10% 以上，為什麼不做得更好呢？

Yes. So I'll take the first part of the question.

是的。所以我將回答問題的第一部分。

In terms of operating margin and make no mistake, our number one priority is getting this business back to consistent profitability.

就營業利潤率而言，毫無疑問，我們的首要任務是讓該業務恢復穩定的獲利能力。

We were profitable in the month of March in the month of March, and we're focused on driving sustainable long-term profitability.

我們在三月實現了盈利，並且我們專注於推動可持續的長期盈利能力。

And you know, we were in an environment where we were constrained over the last few years given spirit.

你知道，過去幾年我們所處的環境讓我們的精神受到限制。

And so I feel confident that we're showing action between the network changes, the revenue initiative, controllable costs and as well as reducing our fixed costs.

因此，我對我們在網路變化、收入計劃、可控成本以及降低固定成本方面所採取的行動充滿信心。

I do believe that these actions are going to continue to ramp up and put us on a path to drive accretive value.

我確實相信這些行動將繼續加強，並使我們走上推動價值增值的道路。

And in terms of the second half of the year.

就下半年而言。

I mean, and it's a little early to tell.

我的意思是，現在說還太早。

I mean, it's very dependent on the strength of the peak period demand during the summer.

我的意思是，這很大程度取決於夏季高峰期需求的強度。

And obviously over the holidays in November and December in fuel.

顯然，十一月和十二月的假期期間燃料。

I mean, we can't ignore that the volatility of fuel over the last few weeks, it has been extremely volatile.

我的意思是，我們不能忽視過去幾週燃料的波動性，它的波動性非常大。

And so it's challenging to tell whether we're breakeven in 2H.

因此，很難判斷我們在 2 個月內是否達到了損益平衡。

Obviously, that's the ultimate goal.

顯然，這就是最終目標。

And then, Scott, this is Dave. With regards to the second quarter resin question. So yes, Latin is the entire headwind, right?

然後，史考特，這是戴夫。關於第二季樹脂問題。所以，是的，拉丁語是整個逆風，對嗎？

It's down mid 10s.

已經下降了 10 多歲。

As we said in the presentation, it's about 35% of our capacity.

正如我們在演示中所說，這大約占我們產能的 35%。

So that's a big piece.

所以這是一個很大的部分。

If you look at the rest of our network excluding and it continues to be rather than positive as it was in the first quarter.

如果你看看我們網路的其餘部分（不包括在內），它仍然不如第一季那樣積極。

And then in terms of why not better, regardless, given the capacity being down.

然後，考慮到容量下降，為什麼不更好呢？

Keep in mind, we're still comping against very significant pent-up demand.

請記住，我們仍在應對非常巨大的被壓抑的需求。

And last year in the first half of the year, as especially Spring Break destinations had pent up demand that had been sort of built up during COVID.

去年上半年，尤其是春假目的地，壓抑了新冠疫情期間累積的需求。

And then secondly, competitive capacity does tick up a bit for us in the second quarter.

其次，第二季我們的競爭能力確實有增強。

It's one point higher than it was in the first.

比第一場高出一個百分點。

So there is a bit of pressure there as well.

所以那裡也有一點壓力。

Okay. That's helpful.

好的。這很有幫助。

And then just separately on the cash balance, can you just let us know where the ATL stood at the end of the quarter. And then on the financing side, are there any covenants we need to be aware of just in terms of limits on how much more debt you can raise?

然後就現金餘額而言，您能否讓我們知道季度末 ATL 的情況。然後在融資方面，我們是否需要了解任何關於可以籌集更多債務的限制的契約？

Yes. Thanks for the question, Scott.

是的。謝謝你的提問，斯科特。

And we'll take the ATR question offline.

我們將把 ATR 問題離線處理。

I'll have to circle up with you.

我得跟你繞一圈。

There hasn't been a material change and then in regards to your covenants question, there's nothing material.

沒有發生實質變化，那麼關於您的聖約問題，沒有任何實質變化。

I mean, in a few of our agreements, we have a minimum liquidity target, which we are more than well above.

我的意思是，在我們的一些協議中，我們設定了最低流動性目標，而我們遠高於該目標。

So there's nothing else material beyond that.

所以除此之外沒有其他任何實質內容。

Thank you, guys.

感謝你們。

Appreciate it.

欣賞它。

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

我們的下一個問題將由薩斯奎哈納國際集團 (Susquehanna International Group) 的 Chris Stathoulopoulos 提出。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

So Joanna, or Dave, I understand the revised revenue guide primarily due to Lat Am and fault trough line.

所以喬安娜或戴夫，我理解修訂後的收入指南主要是因為拉丁美洲和斷層線。

But if you could put a finer detail as we think about perhaps the 0 to 60 day booking window, but then also the second half when we look at the various segments.

但是，如果您能提供更詳細的細節，我們可能會考慮 0 到 60 天的預訂窗口，但也會考慮下半年的各個細分市場。

So maybe if you could put a finer detail, domestic leisure business, short haul international long-haul peak off-peak and then tying it all together, just kind of what gives you the confidence here that, you know, other parts of the network.

因此，也許如果您可以提供更詳細的信息，例如國內休閒業務、短途國際長途高峰非高峰，然後將它們全部結合在一起，那麼這會給您帶來信心，您知道，網絡的其他部分。

I know you have the ancillary initial initiatives in place, but that can offset what looks like this persistent it might and weakness.

我知道你們已經制定了輔助性的初步舉措，但這可以抵消看似持續存在的弱點。

Thank you.

謝謝。

Yes, maybe I'll take the second flip it to Dave for a deep dive on the network by geography.

是的，也許我會將第二次翻轉給戴夫，以便按地理位置深入研究網路。

So we're confident that the Latin headwinds are transitory in nature and we've seen capacity.

因此，我們相信拉丁的逆風本質上是暫時的，而且我們已經看到了能力。

While it's still up, it is moderating and it continues to moderate in Latin through and through the rest of the year.

雖然它仍然在上升，但它正在放緩，並且在今年剩餘的時間裡，拉丁語的它繼續放緩。

And the reality is this is a very strong market for JetBlue from a margin perspective, and it will continue to be these headwinds are transitory, and we're going to continue to double down in this area because this is part of our core part of our core geography.

現實情況是，從利潤角度來看，這對捷藍航空來說是一個非常強勁的市場，這些阻力仍然是暫時的，我們將繼續在這一領域加倍努力，因為這是我們核心部分的一部分我們的核心地理。

We're pleased with the progress of domestic, and that has generated positive unit revenue into Q1.

我們對國內業務的進展感到滿意，這為第一季帶來了積極的單位收入。

And then into Q2, we expect to see about the same transatlantic revenues, up 20% against up significant capacity adds in that region.

然後進入第二季度，我們預計跨大西洋收入將成長 20%，而該地區的運力大幅增加。

And so again, very happy there.

再說一次，在那裡非常高興。

And so as we think about kind of looking at the full year, this Latin headwind, given the presence of JetBlue in those markets, 35% is really the big challenge that we're currently facing.

因此，當我們考慮全年情況時，考慮到捷藍航空在這些市場的存在，這種拉丁逆風確實是我們目前面臨的巨大挑戰。

But we've been there before it will cycle out and Jeff will win in these geographies. Dave, if you'd like to maybe grab a deeper dive in some of the other areas of things because,

但在它循環結束之前我們就已經做到了這一點，傑夫將在這些地區獲勝。戴夫，如果你想更深入地了解其他一些領域，因為，

Well, you know, I think you noted there's a lot of different moving pieces sort of we come out of this COVID period due to just a couple of peaks of remained stronger than off peaks.

嗯，你知道，我想你已經注意到，我們走出了新冠疫情時期，有很多不同的變化，因為只有幾個高峰仍然強於非高峰。

That's been consistent for about a year.

大約一年來一直如此。

So now we are taking those learnings and continuing to plan our trough period a bit differently than we had before in order to drive to drive the best financial performance during that we've already been doing that for the fall trough.

因此，現在我們正在汲取這些教訓，並繼續以與以前不同的方式規劃我們的低谷期，以便在我們已經為秋季低谷做的事情期間推動最佳財務業績。

As mentioned, we're going to pull a bit more capacity or the fall trough as well.

如前所述，我們將在秋季低潮時增加一些產能。

So working hard with those learnings, the comp gets easier as we go through the year as we sort of get away from cycling against this pent-up demand that we've seen in the first half.

因此，努力學習這些知識，隨著我們度過這一年，比賽會變得更容易，因為我們擺脫了上半年看到的這種被壓抑的需求。

So that's another piece to have and then lastly, I mean, the booking window, we still have customers booking relatively close, and that's where the majority of our revenue comes.

所以這是另一件事，最後，我的意思是，預訂窗口，我們仍然有客戶預訂相對較近，這就是我們大部分收入的來源。

That can give us some more challenges of Looking further ahead, which is why we sort of go one quarter at a time generally with our guidance.

這可能會為我們進一步展望未來帶來更多挑戰，這就是為什麼我們通常會按照我們的指導一次走一個季度。

The booking curve has moved out a little bit of time.

預訂曲線已經移動了一點時間。

I'd say over the past year as sort of COVID concerns have dissipated.

我想說的是，在過去的一年裡，對新冠病毒的擔憂已經消失。

And as more and more customers are buying our Blue fare, which is our main cabin fare and has no change fees.

隨著越來越多的乘客購買我們的 Blue 票價，這是我們的主艙票價，不收取變更費用。

So there's less risk to book further out.

因此，預訂更遠的地方的風險較小。

But within all those things, we feel really good about the moves we're making about the airline on geography over the long term as it cycles through this temporary increased competitive capacity and feel that all parts of our network with the moves we're making are going to be contributing meaningfully in the future.

但在所有這些事情中，我們對長期來看我們在地理上採取的舉措感到非常滿意，因為它在這種暫時增強的競爭能力中循環，並且感覺我們網絡的所有部分都隨著我們正在採取的舉措將在未來做出有意義的貢獻。

Okay. Thank you and my follow-up.

好的。謝謝你和我的後續行動。

So on slide 7, here, we reference the potential for exploring additional cost savings opportunities.

因此，在投影片 7 中，我們提到了探索額外成本節省機會的潛力。

Could you walk us through sort of what areas you're thinking about there, whether it's on maintenance or there's perhaps additional opportunities within these voluntary opt out.

您能否向我們介紹您正在考慮哪些領域，無論是維護還是這些自願選擇退出可能還有其他機會。

And within that, if you could kind of clarify the work groups that those have been applied to, but also what does that opportunity also move with depending on what these where these fall trough capacity revisions are made?

在此範圍內，如果您可以澄清這些已應用於哪些工作組，那麼該機會還會隨著哪些工作組而變化，具體取決於這些下降槽容量修訂的內容？

Thank you.

謝謝。

Yes, we have committed given the accounting change due to the Pratt & Whitney and GTS. compensation.

是的，考慮到普惠公司和 GTS 造成的會計變更，我們已做出承諾。賠償。

We have, to your point committed to offset a good portion of that.

就您而言，我們已承諾抵消其中的很大一部分。

And so the team has identified opportunities to better leverage technology to drive better productivity in our frontline workforce and also being more strategic and thoughtful about maintenance timing as well as what level of investments take place when obviously not at the at the expense of safety.

因此，團隊發現了更好地利用技術來提高第一線員工生產力的機會，並且在維護時間以及明顯不以犧牲安全為代價的情況下進行的投資水平方面也更具戰略性和深思熟慮。

And so these are areas that the team is doubling down on to help overcome the price offset in terms of the opt out and that has trended where we thought it would and the areas that were covered them within the opt out our support center.

因此，團隊正在加倍努力，以幫助克服選擇退出方面的價格抵消，這些領域的發展趨勢符合我們的預期，以及選擇退出我們的支援中心所涵蓋的領域。

So think corporate functions and as well as some of the frontline work groups.

企業職能部門以及一些第一線工作團隊也是如此。

And so we also and so I do think and we're pleased with the result.

我們也這麼認為，而且我們對結果感到滿意。

And the other area we've been diving into is real estate footprints in downsizing in high cost cities.

我們一直在研究的另一個領域是高成本城市縮小規模的房地產足跡。

And then the third focus continues and always continues.

然後第三個焦點繼續並且始終繼續。

And in terms of strategic sourcing and just working to be more thoughtful and strategic about the contracts that we enter into and whether it be pricing and service expectations as well as some variability to move with the business focus.

在策略採購方面，我們要對簽訂的合約更加深思熟慮和更具策略性，無論是定價和服務期望，還是隨著業務重點的變化而變化。

Thank you.

謝謝。

Yes, our next question will come from Conor Cunningham with Melius Research, everyone.

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

Thank you.

謝謝。

As you've made all these network changes, I was wondering how you're gauging your change in relevancy with your core customers.

當您進行所有這些網路變更時，我想知道您如何衡量您的變更與核心客戶的相關性。

You didn't cite any loyalty members or credit card sign-ups.

您沒有提及任何忠誠會員或信用卡註冊。

Curious on why the lack of comments there.

很好奇為什麼那裡缺乏評論。

Is there anything dive deeper into that?

有什麼更深入的內容嗎？

Thank you.

謝謝。

Yes, sure. So I think we mentioned in Marty's prepared remarks, some loyalty commentary, but I think importantly, the network changes are focused around retrenching into our core strengths, which should drive improvement and relevance for our customers.

是的，當然。因此，我認為我們在馬蒂準備好的演講中提到了一些忠誠度評論，但我認為重要的是，網路變化的重點是縮減我們的核心優勢，這應該推動我們客戶的改進和相關性。

We tend to be over-indexing in those areas.

我們往往在這些領域過度索引。

So I think New York, Boston, South Florida, we're really pleased with loyalty, and we've had strong growth of our TrueBlue base below Mosaic in Q1 versus Q1 23 on our mosaics continue to grow and we'd have a much higher attach rate this quarter compared to year over year.

因此，我認為紐約、波士頓、南佛羅裡達州，我們對忠誠度感到非常滿意，與第一季23 相比，我們的TrueBlue 基礎在第一季馬賽克以下有了強勁增長，而在我們的馬賽克上，我們的馬賽克持續成長，我們將有更多與去年同期相比，本季的附加率更高。

And we've seen healthy growth in customer spend help your remuneration from Barclays.

我們看到客戶支出的健康成長有助於您從巴克萊獲得報酬。

And so we're very pleased with the trajectory and the majority of our Mosaic now holding JetBlue co-brand credit card.

因此，我們對這一發展軌跡感到非常滿意，而且我們的大多數 Mosaic 現在都持有捷藍聯名信用卡。

So I think that's a great indicator of the value that they place on the loyalty program and the value that the Barclays co-brand card drives.

因此，我認為這是他們對忠誠度計劃的重視以及巴克萊聯合品牌卡所帶來的價值的一個很好的指標。

The other piece I'll mention is we've introduced a number of new perks this quarter, we will continue to introduce new products and we think we've got more opportunity with diversification of the card portfolio products.

我要提到的另一件事是，我們本季推出了許多新福利，我們將繼續推出新產品，我們認為透過卡片組合產品的多元化，我們將獲得更多機會。

So overall, I think, you know, a lot of great progress there, but we're focused on being highly relevant in our key focus cities.

總的來說，我認為，你知道，那裡取得了很多巨大的進步，但我們專注於在我們的重點城市中保持高度相關性。

And over the last several years, some of that relevance came at the expense of those focus cities because we paused things for Spirit or because the FDA was in place.

在過去的幾年裡，一些相關性是以犧牲那些重點城市為代價的，因為我們為 Spirit 暫停了一些事情，或者因為 FDA 的到位。

So we had a drawdown from certain areas.

因此，我們從某些領域進行了縮減。

I'm actually excited by this retrenching because I think it will actually drive even more relevance for our customers in those locations. Marty, if something to add.

事實上，我對這次裁員感到興奮，因為我認為這實際上會為這些地區的客戶帶來更多的相關性。馬蒂，如果有什麼要補充的。

That your current average, if you actually were to look at the schedule patterns that we've had most specifically in Boston and to a lesser extent, Fort Lauderdale.

如果您實際上要查看我們在波士頓以及較小程度上勞德代爾堡的時間表模式，那就是您當前的平均水平。

And you look over the last five years, we've actually done a lot of compromising on their schedules to take advantage of things like the NEA.

看看過去五年，我們實際上在他們的日程安排上做了很多妥協，以利用 NEA 等東西。

And frankly, going from 25 to 50, somebody flights Maguire, those plants came from somewhere and why they came from schedule quality.

坦白說，從 25 到 50，有人飛往馬奎爾，這些植物來自某個地方以及為什麼它們來自時間表品質。

So I would actually say the exact opposite, which is this is actually going to supercharge our schedule quality in some markets.

所以我實際上會說完全相反，這實際上會提高我們在某些​​市場的日程安排品質。

We've actually linked to the collector over the years because we were trying to do a lot of things the same time.

事實上，我們多年來一直與收藏家保持聯繫，因為我們試圖同時做很多事情。

And I'm actually very excited about what this is giving us really to do as far as reclaiming some of the strength that we've had historically.

事實上，我對這讓我們真正要做的事情感到非常興奮，以恢復我們歷史上擁有的一些力量。

But that's helpful.

但這很有幫助。

And then I've heard a lot of talk about Latin America headwinds being somewhat transitory.

然後我聽到很多關於拉丁美洲逆風有些短暫的討論。

And I don't know, I'm trying to understand why you think that do you expect the market to shrink or do you believe digest it just takes a little bit of time for it to mature a little bit from here and just trying to understand a transitory comment.

我不知道，我試著理解為什麼你認為你預期市場會萎縮，或者你認為消化它只需要一點時間就可以從這裡成熟一點，只是試著理解暫時的評論。

Thank you.

謝謝。

So I'll make two comments.

所以我要發表兩點評論。

First of all, I think if you look at of total ASMs to Latin America, since you have short, Latin Caribbean since 2019, they're up 50 or 60 like 60%.

首先，我認為，如果你看看拉丁美洲的 ASM 總數，因為自 2019 年以來拉丁美洲加勒比地區的數量很短，所以它們增加了 50 或 60 左右，例如 60%。

Now to be clear, there has been a permanent shift in the business, leisure mix and a lot of those ASK are nice gas are in those cases and a lot of those ASMs have actually been absorbed by the marketplace.

現在需要明確的是，商業、休閒組合發生了永久性的轉變，在這些情況下，許多 ASK 都是不錯的汽油，而且許多 ASM 實際上已被市場吸收。

And that being the case, I think if you look at go back six or nine months when we when the industry was talking about Florida and how much capacity on Orlando fully capacity tends to moderate when resin is pressured and frankly is the period where Rasmus pressured, um, and I think if you look at the way capacity ebbs and flows, it does tend to return to the mean and most because there's opportunity cost for every every asset that we fly and everything about competitive fly.

既然如此，我想如果你回顧一下六九個月，當時我們行業正在談論佛羅裡達州，當樹脂受到壓力時，奧蘭多的滿負荷產能往往會趨於緩和，坦率地說，這是拉斯穆斯施壓的時期嗯，我認為，如果你觀察一下運力的波動方式，它確實會回歸到平均水平，因為我們飛行的每項資產以及競爭性飛行的一切都存在機會成本。

So um, you know, frankly, I think that we're already seeing a bit of that moderation already, and we expect to see it continue.

所以，嗯，坦白說，我認為我們已經看到了這種溫和的情況，我們希望看到這種情況繼續下去。

Thank you.

謝謝。

Our final question will come from Stephen Trent with Citi.

我們的最後一個問題將由花旗銀行的史蒂芬·特倫特提出。

Many thanks to everybody, and appreciate you squeezing me in on just one. Very quick follow up on James' question earlier.

非常感謝大家，也感謝你們讓我只參與其中一個。非常快速地跟進詹姆斯之前的問題。

When we think about your cash level, do you sort of have our minimum cash balance in mind that you think about maintaining as you look at your aircraft needs and the 2026 convert would just love your color on.

當我們考慮您的現金水平時，您是否在考慮您的飛機需求時考慮維持的最低現金餘額，並且 2026 年改裝者會喜歡您的顏色。

Thank you.

謝謝。

Thanks, Steven.

謝謝，史蒂文。

And yes, we target about $1.5 billion to 1.6 billion in cash on hand at any point in time.

是的，我們的目標是在任何時候手頭現金約為 15 億至 16 億美元。

And we actually ended the quarter and slightly on the higher end of that.

實際上，我們已經結束了本季度，並且略高於該季度的上限。

And as a reminder, we have a $600 million revolving credit facility.

提醒一下，我們有 6 億美元的循環信貸額度。

So between cash on hand and the revolver, we think that that's a healthy balance.

因此，在手頭現金和左輪手槍之間，我們認為這是一個健康的平衡。

And also, as a reminder, we've got a healthy unencumbered asset base as well that we can utilize at any point and to raise funding when necessary.

另外，提醒一下，我們也擁有健康的無負擔資產基礎，我們可以隨時利用它，並在必要時籌集資金。

Okay.

好的。

How's that?

怎麼樣？

Thank you.

謝謝。

That will conclude today's question and answer session.

今天的問答環節到此結束。

I will now turn the conference over to Mr. Patel for any additional or closing remarks.

我現在將會議轉交給帕特爾先生發表補充或結束語。

And that concludes our first quarter 2024 call.

我們的 2024 年第一季電話會議到此結束。

Thanks 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。