JetBlue Airways Corp (JBLU) 2024 Q2 法說會逐字稿

Good morning. My name is Brittany, and I would like to welcome everyone to the JetBlue Airways second-quarter 2024 earnings conference call. As a reminder, today's call is being recorded. (Operator Instructions)

早安.我叫布列塔尼，歡迎大家參加捷藍航空 2024 年第二季財報電話會議。提醒一下，今天的通話正在錄音。 （操作員說明）

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

我想將電話轉給捷藍航空投資者關係總監 Koosh Patel。請繼續，先生。

Thanks, Brittany. Good morning, everyone, and thanks for joining us for our second-quarter 2024 earnings call. This morning, we issued our earnings release and the presentation that we will reference during this call. All of those documents are available on our website at investor dot jetblue.com and on the SEC's website at www.sec.gov.

謝謝，布列塔尼。大家早安，感謝您參加我們的 2024 年第二季財報電話會議。今天早上，我們發布了收益報告以及我們將在本次電話會議中參考的簡報。所有這些文件均可在我們的投資者 dot jetblue.com 網站和 SEC 網站 www.sec.gov 上取得。

In New York to discuss our results Joanna Geraghty our Chief Executive Officer; Marty St. George our President, and Ursula Hurley our Chief Financial Officer.

在紐約討論我們的結果 我們的執行長 Joanna Geraghty；我們的總裁馬蒂·聖喬治 (Marty St. George) 和我們的財務長烏蘇拉·赫爾利 (Ursula Hurley)。

During today's call, we'll make forward-looking statements within the meaning of the Safe Harbor provisions of the products Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding our third-quarter and full year 2024 financial outlook and our future results of operations and financial position, including long-term financial targets, industry and market trends, expectations with respect to tailwinds and headwinds, our ability to achieve operational financial targets, strategy, plans for future operations and associated impacts on our business.

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》產品的安全港條款做出前瞻性聲明。年財務展望以及我們未來的營運績效和財務狀況，包括長期財務目標、行業和市場趨勢、順風和逆風的預期、我們實現營運財務目標的能力、策略、未來營運計劃以及相關影響關於我們的業務。

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 as well as our fiscal year 2023, 10-K and other filings for a more detailed discussion of 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面臨風險和不確定性，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的 2023 財年、10-K 和其他文件，以更詳細地討論可能導致實際結果與我們的前瞻性聲明中包含的結果存在重大差異的風險和不確定性。

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

本次電話會議所做的聲明僅截至電話會議當日作出，除非法律要求，我們不承擔更新資訊的義務。投資者不應過度依賴這些前瞻性陳述。

Also, during the course of our call, we may discuss certain non-GAAP financial measures. For an explanation of these non-GAAP measures and a reconciliation of corresponding GAAP measures. Please refer to our earnings release, a copy of which is available at our website and and sec.gov. Now I'd like to turn the call over to Joanna Geraghty, JetBlue CEO.

此外，在電話會議期間，我們可能會討論某些非公認會計準則財務指標。有關這些非 GAAP 衡量標準的解釋以及相應 GAAP 衡量標準的調整。請參閱我們的收益發布，其副本可在我們的網站和 sec.gov 上取得。現在我想將電話轉給捷藍航空執行長喬安娜·傑拉蒂 (Joanna Geraghty)。

Thank you, Josh, and good morning, everyone, and thanks for joining our second-quarter 2024 earnings call.

謝謝喬什，大家早上好，感謝您參加我們的 2024 年第二季財報電話會議。

Please standby, we are experiencing a technical difficulty. Once again, we ask that you please stand by.

請稍候，我們遇到技術困難。我們再次請求您保持耐心。

Good morning. So some technical difficulties, apparently our cost pillar is in full swing on was only pay the phone bill for one of our conference rooms in the office. So I will I will start over.

早安.所以有些技術困難，顯然我們的成本支柱正在全面展開，只是支付我們辦公室一間會議室的電話費。所以我會重新開始。

Good morning, everyone, and thank you for joining our second-quarter of 2024 earnings calls. I'm happy to report that we generated adjusted $34 million of Pre-tax income for the second quarter. This performance would not be possible without our 23,000 crewmembers. And I would like to thank them for delivering a safe and reliable operation and for living our JetBlue values every day.

大家早安，感謝您參加我們的 2024 年第二季財報電話會議。我很高興地報告，我們第二季調整後的稅前收入為 3400 萬美元。如果沒有我們的 23,000 名工作人員，這場表演是不可能實現的。我要感謝他們提供安全可靠的營運並每天實踐我們的捷藍價值觀。

Turning to slide 4 for a few remarks on our second quarter performance, our team has been hard at work, ensuring we deliver the best experience from our customers over the busy summer travel season. As part of our refocused long-term strategy, which I will touch on later in my remarks, we've made significant investments to improve our reliability and deliver more of our customers to their destinations on time, despite some challenges from weather and persistent air traffic control staffing issues.

請參閱幻燈片 4，對我們第二季度的業績進行一些評論，我們的團隊一直在努力工作，確保我們在繁忙的夏季旅行季節為客戶提供最佳體驗。作為我們重新調整長期策略的一部分（我將在稍後的演講中談到），我們​​進行了大量投資，以提高我們的可靠性，並將更多的客戶準時送達目的地，儘管天氣和持續的空氣帶來了一些挑戰交通管制人員配置問題。

If we still have room to improve, we are off to a solid start. And for the first six months of the year, we've exceeded our 2023 performance for key operational metrics. This improvement helped us beat or exceed our second quarter guidance ranges.

如果我們還有改進的空間，我們就有了一個好的開始。今年前六個月，我們的關鍵營運指標超過了 2023 年的績效。這項改進幫助我們擊敗或超過了第二季的指導範圍。

In addition to reliability, our second quarter performance was aided by continued strength in our premium product offerings with even more space unit revenue up double digits year over year.

除了可靠性之外，我們第二季的業績還得益於我們優質產品的持續強勁，更多的空間單位收入同比增長了兩位數。

We are also pleased with the progress of our $300 million (technical difficulty). We realized approximately $140 million of top line benefit in the first half of this year.

我們也對 3 億美元（技術難度）的進展感到高興。今年上半年，我們實現了約 1.4 億美元的營收收益。

We also delivered strong progress from our cost savings programs in the second quarter, while fuel prices continued to moderate. And as a result, we were able to keep costs low in order to generate a positive Pre-tax profit for the quarter.

我們在第二季的成本節約計畫中也取得了巨大進展，同時燃油價格持續放緩。因此，我們能夠保持較低的成本，從而在本季度產生正的稅前利潤。

Moving to slides 5 through 7. As I mentioned last quarter, even as we were implementing these near-term performance improvement initiatives, our full new leadership team coalesced around refining our long-term strategy, and we are now pleased to share additional details with you.

轉到幻燈片 5 到幻燈片 7。你。

With more announcements still to come in the second half of the year. Our plan is rooted in thorough analysis of the near and longer-term competitive landscape as well as extensive customer research. As a result, we feel confident in our refocused strategy, which we are calling jet forward and are confident it's the right framework to position JetBlue for success.

下半年仍有更多公告發布。我們的計劃植根於對近期和長期競爭格局的徹底分析以及廣泛的客戶研究。因此，我們對重新定位的策略充滿信心，我們稱之為“Jet Forward”，並相信這是幫助捷藍航空成功的正確框架。

JetBlue at its core is a back-to-basics strategy to the loved and to be profitable again in order to deliver value to our customers, our crewmembers and our owners. This framework is designed to enhance our inherent strengths and effectively overcome the current challenges of our business and industry.

捷藍航空的核心是回歸基本策略，為所愛的人服務並再次獲利，以便為我們的客戶、機組人員和業主創造價值。該框架旨在增強我們的內在優勢，並有效克服當前我們業務和行業的挑戰。

Our challenges are clear. The Pratt & Whitney engine related aircraft groundings, which are significantly impeding our growth rate and pressuring our profitability as well as industry wide cost inflation and persistent air traffic control issues, all of which are headwinds. We are working hard to overcome.

我們面臨的挑戰是明確的。與普惠發動機相關的飛機停飛嚴重阻礙了我們的成長率並給我們的盈利能力帶來了壓力，此外整個行業的成本通膨和持續的空中交通管制問題，所有這些都是不利因素。我們正在努力克服。

At the end of the day, our revenue growth has not been enough to outpace our cost challenges and we need to fix that, which is why the goal of our strategy is set a foundation to lead us back to generating positive operating margin in the near term and driving sustainable earnings over the long term.

歸根結底，我們的收入成長不足以應對成本挑戰，我們需要解決這個問題，這就是為什麼我們的策略目標是為引導我們在不久的將來重新產生正的營業利潤率奠定基礎。

We believe achieving these targets and executing on our strategy will be rooted in enhancing our strengths and focusing on what we can control. We have high-value geographies, a unique culture with a trusted brand, a low cost structure and a differentiated product and service that has set JetBlue apart from its peers, all of which we believe can be enhanced to drive even more value and delivering that value is our ultimate goal.

我們相信，實現這些目標和執行我們的策略將植根於增強我們的優勢並專注於我們可以控制的事情。我們擁有高價值的地理位置、獨特的文化和值得信賴的品牌、低成本結構以及差異化的產品和服務，使捷藍航空在同行中脫穎而出，我們相信所有這些都可以得到增強，以推動更多價值並實現這一目標價值是我們的最終目標。

Turning to slide 8. We expect jet forward to deliver an incremental $800 million to $900 million of EBITDA contribution in 2027 versus year end 2024, helping to guide our path back to sustained profitability. We expect to realize this benefit evenly over 2025 to 2027 with incremental upside beyond 2027 as several underlying initiatives ramp to their full potential.

轉向幻燈片 8。我們預計在 2025 年至 2027 年期間均勻地實現這一效益，並在 2027 年之後隨著多項基礎舉措充分發揮潛力而逐步實現增量增長。

$800 million to $900 million of EBIT contribution in 2027 is in addition to the $300 million of revenue initiatives we've already announced for 2024. We plan to turbocharge our strength with four priority moves, which you can see on slide 9, all designed to drive our path forward. They are number one, delivering reliable and caring service. Number two, building the best East Coast leisure network, number three, offering products and perks that customers value. And number four a secure financial future enabled by maintaining our cost advantage and restoring our balance sheet.

除了我們已經宣布的2024 年3 億美元收入計劃之外，2027 年的息稅前利潤貢獻還包括8 億至9 億美元。 9 中看到，所有這些舉措都是為了推動我們前進的道路。他們是第一，提供可靠和貼心的服務。第二，建立最好的東岸休閒網絡，第三，提供顧客重視的產品和福利。第四，透過維持我們的成本優勢和恢復我們的資產負債表來實現安全的財務未來。

These four move may sound familiar given we began actioning on them back in the first quarter and we've already seen encouraging results from several underlying initiatives in the first half of the year. In particular, our investments to deliver reliable service are showing early indications of driving value across the airline.

這四項措施可能聽起來很熟悉，因為我們早在第一季就開始採取行動，而且我們已經在今年上半年看到了幾項基本措施的令人鼓舞的結果。特別是，我們對提供可靠服務的投資已顯示出推動整個航空公司價值的早期跡象。

Operational reliability is essential to the success of our strategy, and it's a top priority for our customers. We've lagged our peers in on-time performance, partially driven by our high concentration of flying in some of the most crowded air spaces in the world and our outsized exposure to air traffic control issues.

營運可靠性對於我們策略的成功至關重要，也是我們客戶的首要任務。我們在準點率方面落後於同行，部分原因是我們高度集中在世界上一些最擁擠的空域飛行，以及我們過度暴露於空中交通管制問題。

While we are always working to improve on-time performance and recognizing the reality of our particular Aerospace, we are aiming to significantly improve our relative ranking in the coming years. This will be a multiyear initiative with many phases of investment, and we've already begun taking action on optimizing the operability of our fleet, delivering a reliable product and service and providing a consistent customer experience.

雖然我們一直致力於提高準點率並認識到我們特定航空航太的現實，但我們的目標是在未來幾年顯著提高我們的相對排名。這將是一項為期多年的計劃，涉及多個階段的投資，我們已經開始採取行動，優化我們機隊的可操作性，提供可靠的產品和服務，並提供一致的客戶體驗。

Initiatives, we rolled out this year include adding more scheduled time for maintenance scheduling, greater buffers for VFR flights and introducing new tools such as automated tracking and enhanced customer facing self-service and disruption management tools.

我們今年推出的措施包括增加更多的維護安排時間、更大的 VFR 航班緩衝以及引入新工具，例如自動追蹤和增強的面向客戶的自助服務和中斷管理工具。

We expect that over time, these investments will improve customer satisfaction and save on costs, helping to contribute about $100 million of incremental EBIT in 2027.

我們預計，隨著時間的推移，這些投資將提高客戶滿意度並節省成本，有助於在 2027 年貢獻約 1 億美元的增量 EBIT。

Next, we are refocusing our network to build the best East Coast leisure network. Our network sits in some of the most valuable geographies in the world. We have a leading position in three of the five largest markets on the East Coast, including New York City, which is the highest GDP producing metro area in the United States.

接下來，我們將重新聚焦我們的網絡，打造東海岸最好的休閒網絡。我們的網路位於世界上一些最有價值的地區。我們在東海岸五個最大市場中的三個市場中處於領先地位，其中包括美國 GDP 最高的都市區紐約市。

We've already taken significant action in the first half of the year to refocus our network around our core strengths in these geographies, leisure, VFR and transcons, especially along the East Coast and in Puerto Rico, where JetBlue is a household name for many customers.

今年上半年，我們已經採取了重大行動，將我們的網路重新聚焦於我們在這些地區、休閒、VFR 和跨通訊領域的核心優勢，特別是在東海岸和波多黎各，捷藍航空在這些地區對許多人來說是家喻戶曉的名字。

As we've emphasized, our actions are guided by our focus on profitability, and we expect these changes will drive close to $175 million of incremental EBIT contribution in 2027. Marty will provide more specifics on our actions.

正如我們所強調的，我們的行動以對盈利能力的關注為指導，我們預計這些變化將在 2027 年帶來近 1.75 億美元的增量 EBIT 貢獻。

JetBlue has a long history as a beloved brand in our core geographies, our attractive value proposition offering at affordable yet differentiated experience is well known by customers. We recognize that to be profitable and loved. We need to meet the evolving preferences of our customers, including an increased desire for premium experiences.

捷藍航空作為我們核心地區深受喜愛的品牌有著悠久的歷史，我們以實惠且差異化的體驗提供有吸引力的價值主張，深受客戶的好評。我們認識到這一點是有利可圖和受人喜愛的。我們需要滿足客戶不斷變化的偏好，包括對優質體驗日益增長的渴望。

Our strategy is more focused than ever on offering customers the products and the perks the value today. We believe that delivering on that brand promise will also enable us to ensure our customers feel rewarded for their loyalty.

我們的策略比以往任何時候都更加重視為客戶提供當今價值的產品和福利。我們相信，兌現這項品牌承諾也將使我們能夠確保客戶的忠誠度得到回報。

This in turn would help us specifically expand our share of premium customers, customers who want a higher quality experience, but may feel forgotten by our competitors.

這反過來又將幫助我們專門擴大優質客戶的份額，這些客戶想要更高品質的體驗，但可能會感到被我們的競爭對手遺忘。

In addition to the product changes we've already implemented this year, including adding new loyalty partners and products and enhanced during, enhancing our Blue basic offering we plan to announce additional exciting improvements to our product later this year. So stay tuned.

除了我們今年已經實施的產品變更（包括增加新的忠誠度合作夥伴和產品以及增強我們的Blue 基本產品）之外，我們還計劃在今年稍後宣布對我們的產品進行更多令人興奮的改進。所以請繼續關注。

While the financial benefits of our product changes will take time to realize, we expect them to contribute over $400 million of incremental EBIT benefit in 2027 with additional upside into the remainder of the decade.

雖然我們的產品變革帶來的財務效益需要時間才能實現，但我們預計它們將在 2027 年貢獻超過 4 億美元的增量息稅前利潤，並在這十年的剩餘時間帶來額外的成長。

Finally, touching on our last priority. When you move a secure financial future. While we believe this will be an output of our efforts, we must also better manage what is in our control. And this starts with maintaining our cost advantage.

最後，談談我們的最後一個優先事項。當您邁向安全的財務未來時。雖然我們相信這將是我們努力的成果，但我們也必須更好地管理我們控制範圍內的事情。這首先要保持我們的成本優勢。

It is imperative. We keep our costs low so we can continue offering customers the most value when they fly. However, our Pratt & Whitney GTF engines continue to challenge our ability to plan our business over the long term, and we now expect aircraft on the ground to significantly increase in 2025.

這是勢在必行的。我們保持較低的成本，以便我們能夠繼續為飛行時的客戶提供最大的價值。然而，我們的普惠 GTF 發動機繼續挑戰我們長期規劃業務的能力，我們現在預計 2025 年地面飛機數量將大幅增加。

First of all, I will provide more detail on this. In order to be profitable in this uncertain environment, we must transform our cost base in an aggressive manner. Similar to the approach we've taken with our network changes.

首先，我將提供更多相關細節。為了在這種不確定的環境中獲利，我們必須積極改變我們的成本基礎。與我們對網路變更採取的方法類似。

We'll be biased towards action and making bold decisions required to get our business back to profitability and through investments in data science and staffing optimization, we expect cost savings will contribute about $175 million worth of incremental EBIT through 2027.

我們將偏向採取行動並做出讓我們的業務恢復盈利所需的大膽決策，透過對數據科學和人員配置優化的投資，我們預計到2027 年，成本節約將帶來價值約1.75 億美元的增量EBIT。

Restoring our balance sheet health is also critical to a secure financial future and returning to profitable growth we simply cannot continue to invest in capital intensive assets that must be financed upon delivery and that are subsequently unable to produce a return because they have to be parked due to required maintenance and lengthy wait times.

恢復我們的資產負債表健康對於安全的財務未來和恢復盈利增長也至關重要，我們根本無法繼續投資資本密集型資產，這些資產必須在交付時融資，但隨後無法產生回報，因為它們必須因到期而擱置。

With that in mind, we come to an agreement with Airbus o defer 44 Airbus A321neo aircraft, which are the fleet most impacted by the Pratt & Whitney GTF issues. This will reduce our upcoming capital expenditures by $3 billion, helping us to improve our free cash flow outlook and restore our balance sheet health.

考慮到這一點，我們與空中巴士公司達成協議，推遲購買 44 架空中巴士 A321neo 飛機，這些飛機是受普惠 GTF 問題影響最嚴重的機隊。這將使我們即將到來的資本支出減少 30 億美元，幫助我們改善自由現金流前景並恢復資產負債表的健康狀況。

While many parts of our business will be evolving with Jet forward. Maintaining our unique culture is core to its success. In the second quarter, we checked in with our entire organization through pulse survey, which showed a number of improvements that indicate crewmembers are optimistic about our refreshed strategy.

我們業務的許多部分都將隨著 Jet 的發展而不斷發展。保持我們獨特的文化是其成功的核心。在第二季度，我們透過脈搏調查對整個組織進行了檢查，調查顯示了許多改進，表明機組人員對我們更新後的策略持樂觀態度。

Our people are critical to the execution of our strategy and we will continue investing in them to ensure our success as we navigate through the remainder of 2024 and beyond. You can expect a number of additional announcements that will help fill in the remaining gaps in our strategy, and we will regularly share updates on the progress towards our $800 million to $900 million EBITDA target.

我們的員工對於我們策略的執行至關重要，我們將繼續對他們進行投資，以確保我們在 2024 年剩餘時間及以後取得成功。您可以期待更多的公告，這些公告將有助於填補我們策略中的剩餘空白，並且我們將定期分享有關實現 8 億至 9 億美元 EBITDA 目標的最新進展。

With that over to Marty to provide more detail on our commercial progress.

接下來請馬蒂提供有關我們商業進展的更多詳細資訊。

Thank you, Joanna. I would like to extend my thanks to our crew members for their service and dedication to JetBlue of the amount of change we've implemented in my first six months has been significant, and I appreciate crewmembers for supporting our rollout of Jet forward.

謝謝你，喬安娜。我要向我們的機組人員表示感謝，感謝他們為捷藍航空提供的服務和奉獻精神，我們在前六個月內實施了巨大的變革，我感謝機組人員支持我們推出 Jet Forward。

At the beginning of this year, we announced a package of initiatives that we expected to drive $300 million of incremental revenue in 2024. We are pleased with the progress of those initiatives thus far and remain on track to achieve the $300 million this year.

今年年初，我們宣布了一系列舉措，預計將在 2024 年增加 3 億美元的收入。

These initiatives captured an additional $100 million of revenue in the second quarter and have now generated a total of $140 million of top line benefit in the first half of 2024. For Jet forward, we will continue this high rate of activity and progress through 2027 and beyond.

這些措施在第二季額外增加了1 億美元的收入，目前已在2024 年上半年產生了總計1.4 億美元的營收收益。 ，超過。

While project forward priority moves included include the 2024 revenue initiatives, the $800 million to $900 million of EBIT. We expect Jet forward to generate in 2025 to 2027 is entirely incremental to the $300 million we announced earlier this year.

雖然項目的優先事項包括 2024 年收入計劃、8 億至 9 億美元的息稅前利潤。我們預計 Jet Forward 在 2025 年至 2027 年的營收將比我們今年稍早宣布的 3 億美元完全增量。

Refocusing our network is one of the key priority moves of Jet forward. And as Joanna mentioned, we've made significant network changes this year in support of building the best East Coast leisure network, which we expect will drive about $175 million of incremental EBIT uplift between 2025 and 2027.

重新調整我們的網路是 Jet 前進的關鍵優先舉措之一。正如 Joanna 所提到的，我們今年對網路進行了重大變革，以支持建立最好的東海岸休閒網絡，我們預計這將在 2025 年至 2027 年間帶來約 1.75 億美元的息稅前利潤增量。

So far in 2024, we've announced four tranches of network changes, collectively driving 15 Blues City closures and over 50 route closures and redeployed. Every route and station needs to earn its way into our network. And our push for profitability has lessened our patients for underperforming routes.

2024 年到目前為止，我們已經宣布了四階段的網路變革，共同推動了 15 個 Blues City 的關閉以及 50 多條路線的關閉和重新部署。每條路線和車站都需要進入我們的網路。我們對獲利能力的追求減少了病患接受表現不佳的路線的情況。

Our focus now is squarely on what we call our core franchises. These have long been the profit engine for JetBlue, leisure, VFR and transcon routes to and from our core East Coast geographies that know and love JetBlue like New York, New England, Florida and Puerto Rico and the Caribbean.

我們現在的重點完全集中在我們所謂的核心特許經營權上。這些長期以來一直是捷藍航空、休閒、VFR 和轉機航線往返於我們的核心東海岸地區的利潤引擎，這些地區了解並熱愛捷藍航空，如紐約、新英格蘭、佛羅裡達、波多黎各和加勒比地區。

Our value proposition resonates well with customers in these geographies, given our long history serving those areas and deep entrenchment on these costs. Many of the changes we made to our network are driven by the strong recovery and quicker ramp of leisure travel as a result and specifically in New York, we've shifted capacity out of corporate focused routes it into leisure and VFR routes.

鑑於我們為這些地區提供服務的悠久歷史以及對這些成本的根深蒂固，我們的價值主張與這些地區的客戶產生了良好的共鳴。我們對網路所做的許多改變都是由休閒旅行的強勁復甦和更快的成長所推動的，特別是在紐約，我們已將運力從以企業為中心的航線轉移到休閒和 VFR 航線。

In New England, we remain committed to being the number one value carrier serving leisure and business customers alike and continuing to grow our presence across the region across our other core geographies, such as Florida and the Caribbean.

在新英格蘭，我們仍然致力於成為為休閒和商務客戶提供服務的第一大價值航空公司，並繼續擴大我們在佛羅裡達州和加勒比海等其他核心地區的影響力。

Our strategy remains the same with the team to invest in high-value leisure destinations and expand our product offering to ensure our customer value proposition remains attractive to the full spectrum of leisure guests, for example, we recently announced adding a complementary carry-on bag to our Blue basic offering for travel beginning September 6.

我們的團隊策略保持不變，即投資高價值休閒目的地並擴大我們的產品供應，以確保我們的客戶價值主張對各類休閒旅客仍然具有吸引力，例如，我們最近宣布添加補充性隨身行李包加入我們從9 月6 日開始的Blue 基本旅行產品。

Our change to Blue basic have allowed us to remain competitive. And since launching about a month ago, we've seen promising early results. Not only is this a meaningful addition to the value proposition of our most affordable fare option.

我們對 Blue basic 的改變使我們能夠保持競爭力。自從大約一個月前推出以來，我們已經看到了有希望的早期結果。這不僅是對我們最實惠票價選擇的價值主張的有意義的補充。

We believe it's a necessary step on our path to profitability. Stay tuned in 2024 for additional announcements on Jet forward plan to offer more products and products that our customers value, including enhancements to our premium offering.

我們相信這是我們獲利之路上的必要一步。請繼續關注 2024 年有關 Jet Forward 計劃的更多公告，該計劃將提供更多客戶重視的產品和產品，包括增強我們的優質產品。

Shifting to our second quarter performance on slide 11. Second quarter capacity finished down 2.7% higher than the midpoint of our revised guidance of down 3%. Completion factor was 98.8% for the quarter, one full point better than 2023, driven by our investments in reliability and better managing weather related disruptions.

轉向投影片 11 上我們第二季的業績。在我們對可靠性和更好地管理與天氣相關的干擾方面的投資的推動下，本季度的完成率為 98.8%，比 2023 年高出整整一個百分點。

Revenue down 6.9%, beating the midpoint of our revised guidance by about one point. This was supported by strength in our premium offerings was even more space resin continued to grow double digits and net unit revenue growth up low single digits on about 30% more capacity.

收入下降 6.9%，比我們修訂後的指引的中位數高出約 1 個百分點。這得到了我們優質產品實力的支持，太空樹脂繼續實現兩位數成長，淨單位收入成長在產​​能增加約 30% 的情況下實現低個位數成長。

We saw trust performing slightly better than expectations, with peaks in line and in month bookings improving over the course of the quarter. Unit revenues remained challenged in our Latin leisure markets where additional supply increases continue to wane performance.

我們看到信託的表現略優於預期，本季的線上預訂量和每月預訂量高峰有所改善。我們的拉丁休閒市場的單位收入仍面臨挑戰，額外的供應增加繼續削弱績效。

However, as we look to the third quarter, we are optimistic about the capacity evolution. We have seen take shape since the start of the year as competitor capacity in our overlap markets has come down modestly and is now two points lower than the second quarter.

然而，當我們展望第三季時，我們對產能發展持樂觀態度。自今年年初以來，我們已經看到了這種情況的形成，因為我們重疊市場的競爭對手的產能略有下降，現在比第二季低了兩個百分點。

As you predicted, it's still elevated compared to demand growth, but it is coming more into balance. We are also taking self-help measures and reducing truck capacity to better match supply and demand as we've optimized our network to focus more on our cost leader geographies.

正如您所預測的，與需求成長相比，它仍然較高，但正在變得更加平衡。我們還採取自助措施並減少卡車運力，以更好地匹配供需，因為我們優化了網絡，更專注於成本領先的地區。

Our exposure to leisure travel has increased prompting us to adjust capacity to a seasonality curve with more pronounced peaks and troughs than we've historically thought. Accordingly, we reduced trough flying throughout the second half of 2024.

我們對休閒旅行的接觸不斷增加，促使我們根據季節性曲線調整運力，該曲線的高峰和低谷比我們歷史上想像的更加明顯。因此，我們減少了 2024 年下半年的低潮飛行。

Most significantly in September, where we are scheduled to fly about 10% fewer ASMs year over year. We are also reducing aircraft utilization during peak months as part of our efforts to improve reliability. As a result of these efforts, we expect third quarter capacity to be down 6% to down 3% year-over-year.

最顯著的是 9 月份，我們計劃飛行的 ASM 數量比去年同期減少約 10%。作為提高可靠性努力的一部分，我們還減少了高峰月份的飛機利用率。由於這些努力，我們預計第三季產能將年減 6% 至 3%。

Our capacity contraction provides a constructive backdrop for unit revenue to improve year over year. And we forecast year-over-year revenue growth to be down 5.5% to down 1.5% in the third quarter at the midpoint of our ranges, we are expecting positive year-over-year resin and healthy sequential improvement.

我們的產能收縮為單位收入逐年改善提供了建設性背景。我們預計第三季營收年增將下降 5.5% 至 1.5%，處於我們範圍的中點，我們預計樹脂將實現同比積極增長和健康的環比改善。

We expect our unit revenue trajectory will be supported by competitive capacity improvements in our Latin leisure marketing the continued ramp of our revenue initiatives and the lapping of the wind down of the Northeast alliance in the third quarter of 2023.

我們預計，我們的單位收入軌跡將受到拉丁休閒行銷競爭能力的提高、收入計劃的持續增長以及東北聯盟在 2023 年第三季度逐步結束的支持。

For the full year, we expect revenue growth to be down 6% to down 4% on 5% to 2.5% plus capacity and closing, which at forward we've built a solid strategic framework that we are focused on and excited about. And though we've seen initial improvements to our business as a result of the strategy, there is still work to do to deliver on our multiyear targets, including ensuring our crew members, understand how pivotal they argue with success.

就全年而言，我們預期營收成長將下降6% 至4%，再加上產能和關閉量將成長5% 至2.5%，展望未來，我們已經建立了一個堅實的策略框架，我們對此非常關注並感到興奮。儘管我們已經看到該策略為我們的業務帶來了初步改善，但要實現我們的多年目標，仍有許多工作要做，包括確保我們的船員了解他們對成功的關鍵。

Our product is not truly differentiated without the incredible service they provide our customers. And I want to thank them again for their service to JetBlue, especially as a Jet forward path to profitability.

如果沒有他們為客戶提供的令人難以置信的服務，我們的產品就沒有真正的差異化。我要再次感謝他們為捷藍航空提供的服務，特別是作為捷藍航空走向獲利的道路。

With that, over to you Ursula.

就這樣，烏蘇拉就交給你了。

Thank you, Marty. And thanks again to our crew members for helping to deliver a profitable second quarter. We delivered on our targets this quarter with revenue beating the midpoint of our original and revised guidance ranges and CASM ex outperforming the low end of our revised range, which was half a point better than our original guidance.

謝謝你，馬蒂。再次感謝我們的工作人員幫助我們實現了第二季度的利潤。我們在本季實現了目標，收入超過了最初和修訂後指導範圍的中點，CASM ex 的表現優於我們修訂後範圍的下限，比我們最初的指導好半個百分點。

While we generated $34 million of adjusted Pre-tax profit for the quarter, it won't be enough to offset projected losses generated in the other three quarters, and we remain steadfast in our urgency to return to full year of profitability. With jet forward, we are setting our financial priorities for the coming years with the goal to restore profitability as soon as possible.

雖然本季我們產生了 3,400 萬美元的調整後稅前利潤，但這不足以抵消其他三個季度產生的預計虧損，而且我們仍然堅定地迫切希望恢復全年盈利。隨著jetforward，我們正在製定未來幾年的財務優先事項，目標是盡快恢復獲利能力。

As secures financial future, one of our four priority moves is underpinned by sustaining our cost advantage, driving operating margin improvement, restoring our balance sheet, health and practicing capital discipline. So we can generate positive free cash flow. We are taking steps to achieve each of these priorities and meeting our $800 million to $900 million EBIT target will be key to our strategy success and overcoming our challenges.

為了確保財務未來，我們的四項優先措施之一是維持我們的成本優勢、推動營業利潤率改善、恢復我們的資產負債表、健康和實施資本紀律。這樣我們就可以產生正的自由現金流。我們正在採取措施實現這些優先事項，實現 8 億至 9 億美元的息稅前利潤目標將是我們戰略成功和克服挑戰的關鍵。

Before I get into the details from the quarter I want to provide an update on the status of our Pratt & Whitney GTF engines. We take full responsibility for addressing and overcoming challenges within our control, and we recognize the need to address and plan for even those outside of our control like weather and ATC staffing.

在介紹本季度的詳細資訊之前，我想先介紹一下普惠 GTF 引擎的最新狀況。我們對解決和克服我們控制範圍內的挑戰承擔全部責任，我們認識到甚至需要解決和規劃那些我們無法控制的問題，例如天氣和空中交通管制人員配置。

The magnitude and multitude of availability challenges we are experiencing with the GTF engine are something we are working hard to mitigate, but they continue to have a significant impact on our business and on our long-term planning ability.

我們正在努力緩解 GTF 引擎所面臨的可用性挑戰的嚴重性和眾多性，但它們仍然對我們的業務和長期規劃能力產生重大影響。

In addition to Powder Metal related inspections, challenging our engine availability. We've experienced a number of other unscheduled engine maintenance visits that are resulting in GTF engines coming off wing much sooner than anticipated.

除了粉末金屬相關檢查外，還對我們的引擎可用性提出了挑戰。我們經歷過許多其他計劃外的發動機維護訪問，導致 GTF 發動機比預期更快地脫離機翼。

And after just a year of flying. In fact, a majority of the 11 average aircraft grounded this year are due to inspections outside of powder metal. Based on the latest numbers provided by Pratt & Whitney, we are now expecting the average number of grounded aircraft in 2025 to be in the mid to high 10s with greater uncertainty in 2026 and beyond.

經過一年的飛行。事實上，今年停飛的 11 架普通飛機中，大部分都是由於粉末金屬以外的檢查而造成的。根據普惠公司提供的最新數據，我們目前預計 2025 年平均停飛飛機數量將在 10 架左右，而 2026 年及以後的不確定性更大。

This will drive roughly flat year over year capacity in 2025. In order to reach flat growth, we'll need to continue investing to extend the lives of our A320 fleets well, it comes at a cost to buy out leases and extend the lives of aircraft. The return profile is more attractive than investing in new aircraft.

這將導致 2025 年運力同比大致持平。回報比投資新飛機更具吸引力。

At this stage, we simply can't afford to continue taking delivery of costly new aircraft that may need to be parked due to engine availability issues, especially if we must raise financing to support these deliveries.

在現階段，我們根本無力繼續接收昂貴的新飛機，這些飛機可能因發動機可用性問題而需要停放，特別是如果我們必須籌集資金來支持這些交付。

Our focus going forward will be on driving greater returns from our existing asset base so we can improve our free cash flow outlook. As a result, we've come to an agreement with Airbus to defer A321 neo aircraft from our current order book to 2030 and beyond, reducing our 2025 to 2029 planned capital expenditures by approximately $3 billion and reducing Airbus aircraft commitments over the next five years from $5.3 billion to approximately $2.3 billion.

我們未來的重點將是從我們現有的資產基礎中獲得更大的回報，以便我們可以改善我們的自由現金流前景。因此，我們與空中巴士公司達成協議，將A321 neo 飛機從我們目前的訂單簿推遲到2030 年及以後，從而將我們2025 年至2029 年的計畫資本支出減少約30 億美元，並減少未來五年的空中巴士飛機承諾從 53 億美元增至約 23 億美元。

This, along with the capital light extension of approximately 30 A320s, allows us to efficiently reduce our capital expenditures and get us closer to our free cash flow goals.

再加上大約 30 架 A320 的輕資本擴展，使我們能夠有效地減少資本支出，並使我們更接近自由現金流目標。

Turning to the second quarter cost performance on slide 13, our investments in reliability resulted in solid operational performance, allowing us to complete more flights than planned and helping to spread our fixed costs over more capacity. Second quarter CASM ex fuel grew 3.7% year over year, beating our revised guidance midpoint by more than two points, driven by one point of incremental cost savings from our structural cost program.

轉向幻燈片13 上的第二季度成本績效，我們在可靠性方面的投資帶來了穩健的營運績效，使我們能夠完成比計劃更多的航班，並有助於將固定成本分攤到更多的運力上。第二季 CASM（不含燃料）年增 3.7%，比我們修訂後的指引中點高出兩個百分點以上，這得益於我們的結構性成本計畫增加了一個百分點的成本節約。

One point from completion of additional flight and operational efficiencies and a timing shift of expenses to the second half of the year. Our current cost savings programs are on track to hit our previously communicated targets of $175 million to $200 million for our structural cost program and $100 million of cost avoidance from our fleet modernization program.

距離完成額外的航班和營運效率以及將費用時間轉移到下半年還有一分。我們目前的成本節約計畫預計將實現先前公佈的結構成本計畫 1.75 億至 2 億美元的目標，以及機隊現代化計畫避免成本 1 億美元的目標。

Our Structural Cost Program realized an additional an additional $45 million of benefit this quarter, resulting in cumulative realized benefits of $145 million when this program hit full run rate expected at the end of this year. We'll transition our focus to a cost transformation program as part of Jet forward, which I will touch on shortly.

我們的結構成本計劃本季額外實現了 4,500 萬美元的效益，當該計劃在今年年底達到預期的滿載運行時，累計實現的效益將達到 1.45 億美元。作為 Jet Forward 的一部分，我們將把重點轉向成本轉型計劃，我很快就會談到這一點。

Through our fleet modernization program. We've avoided $83 million of costs to date due to continued optimization of engine maintenance. This program will continue until our E190s are fully retired in 2025. We also benefited from the moderation of fuel prices over the quarter.

透過我們的機隊現代化計劃。由於引擎維護的持續優化，迄今為止我們已經避免了 8300 萬美元的成本。該計劃將持續到我們的 E190 於 2025 年完全退役。

As we saw an 18% decline in fuel prices between mid April and the end of the quarter. We remain opportunistic with our fuel hedging strategy. And as a result, we have entered into hedges for 20% of our volume in the third quarter and 20% in the fourth quarter.

我們看到從 4 月中旬到本季末，燃油價格下降了 18%。我們的燃料對沖策略仍然是機會主義的。因此，我們在第三季和第四季分別對 20% 和 20% 的交易量進行了對沖。

In the third quarter, we expect chasm ex-fuel to grow 6% to 8%, primarily resulting from wage rate step-ups in our labor agreements impacting CASM ex fuel by two points in each the third and fourth quarter and the shift of expenses from the first half from this into the second half worth an additional half a point of impact to each quarter.

第三季度，我們預計除燃料之外的鴻溝將成長6% 至8%，這主要是由於我們的勞工協議中的工資率上升，第三和第四季對CASM 的除燃料影響各增加了兩個百分點，以及費用的轉移從上半場開始，到下半場，每一節都會受到額外半分的影響。

As we communicated our initial full year chasm ex-fuel guidance of mid to high single digits in January, we faced several headwinds, including the change in Pratt & Whitney compensation recognition, a reduction in scheduled trust capacity and unplanned investments in the extension of our A320 fleet, all of which pressured our unit cost by 2.5 points for the full year.

當我們在一月份傳達我們最初的全年鴻溝前燃料指導為中高個位數時，我們面臨著一些阻力，包括普惠公司薪酬確認的變化、預定信託能力的減少以及為延長我們的計劃而進行的計劃外投資。

Despite these challenges, we've solidly executed on our controllable costs, and we expect to maintain our guidance of mid to high single digits with chasm ex-fuel up 6.5% to 8.5%.

儘管面臨這些挑戰，我們仍然堅定地執行了可控成本，我們預計將維持中高個位數的指導，其中不含燃料的價格上漲 6.5% 至 8.5%。

Now turning to slide 14. As we implement our four priority move, we believe sustaining our cost advantage, especially when faced with flat growth in 2025 is imperative to our success. It's important we make transformational changes to the way we plan our business, and we're taking it back to basics with our approach as we ask ourselves, how would restructure JetBlue today, if we were just starting an airline.

現在轉向投影片 14。重要的是，我們對業務規劃方式進行變革，我們會問自己，如果我們剛創辦一家航空公司，今天將如何重組捷藍航空。

We will evaluate all cost categories that we see specific opportunity in data science driven planning optimization and better aligning our business to peaks and troughs. The focus of our structural cost program has evolved over the years.

我們將評估我們在數據科學驅動的規劃優化中看到的特定機會的所有成本類別，並更好地調整我們的業務以適應高峰和低谷。多年來，我們的結構成本計劃的重點不斷變化。

Our 2018 program drove savings from business partner contracts while our current program focuses on enterprise-wide efficiencies, Jet forward cost transformation will focus on implementing next generation technology across the airline, and we'll continue to build on the learnings from our past structural cost programs to sustain our cost advantage and transform our cost structure.

我們的2018 年計畫推動了業務合作夥伴合約的節省，而我們目前的計畫著重於整個企業的效率，噴射機遠期成本轉型將專注於在整個航空公司實施下一代技術，我們將繼續借鑒過去結構性成本的經驗教訓維持我們的成本優勢並轉變我們的成本結構的計劃。

We forecast this transformation will add about $175 million to EBIT in 2027 through cost savings, and we look forward to revealing more of our long-term plan for costs over the next few quarters.

我們預測，這項轉型將透過成本節約，在 2027 年為息稅前利潤增加約 1.75 億美元，我們期待在未來幾季揭露更多關於成本的長期計畫。

Transitioning now to fleet and our balance sheet. Slide 15 provides an update on our fleet plans. In the second quarter, we took delivery of six aircraft and we expect to take delivery of six aircraft in the third quarter, driving $365 million of forecasted CapEx for the third quarter.

現在轉向機隊和我們的資產負債表。幻燈片 15 提供了我們機隊計劃的最新資訊。第二季度，我們接收了六架飛機，預計第三季將接收六架飛機，預計第三季資本支出將達到 3.65 億美元。

For the full year, we plan to take a total of 27 deliveries and expect full year capital expenditures to remain around $1.6 billion. As announced this quarter, we are deferring 44 A321 neos into 2030 and beyond that were previously scheduled to be delivered between 2025 and 2029.

全年，我們計劃總共交付 27 架飛機，預計全年資本支出維持在 16 億美元左右。正如本季宣布的那樣，我們將原定於 2025 年至 2029 年期間交付的 44 架 A321 neo 飛機推遲到 2030 年及之後交付。

We now expect to take 60 deliveries during that timeframe, down from 104 previously with 56 of the remaining deliveries being A220. We continue to prioritize reinvesting in our current asset base and today have successfully extended the lives of 12 A320s of the 30 aircraft. We have been evaluating.

我們現在預計在此期間將交付 60 架飛機，低於先前的 104 架，其中剩餘交付的 56 架是 A220。我們繼續優先考慮對現有資產基礎進行再投資，如今已成功延長 30 架飛機中 12 架 A320 的使用壽命。我們一直在評估。

These aircraft will remain in our fleet and provide capacity backfill, particularly in 2025 when we expect the remaining even 90s will officially leave the fleet and when Pratt & Whitney related availability challenges increase.

這些飛機將留在我們的機隊中並提供運力回填，特別是在 2025 年，我們預計剩餘的 90 架飛機將正式離開機隊，普惠公司相關的可用性挑戰將會增加。

Moving to Slide 16. We ended the second quarter with $1.6 billion in liquidity. Excluding our $600 million undrawn credit facility year to date, we have secured $1.3 billion in committed financing to support our capital expenditures.

轉向投影片 16。除去今年迄今未提取的 6 億美元信貸額度，我們已獲得 13 億美元的承諾融資來支持我們的資本支出。

We continuously seek opportunities to strengthen our liquidity position in order to fund our CapEx needs for the next 12 to 18 months, we refinanced our short term debt maturities, including addressing as quickly as possible our convertible notes that will become current in April of 2025 and to generally provide us with additional liquidity, which will better position us to execute our strategy discussed today.

我們不斷尋求機會加強我們的流動性頭寸，以滿足未來 12 至 18 個月的資本支出需求，我們為短期債務到期再融資，包括盡快解決將於 2025 年 4 月生效的可轉換票據，以及總體上為我們提供額外的流動性，這將使我們能夠更好地執行我們今天討論的策略。

An example of our strength in liquidity is the amendment and extension of our revolving credit facility, which will now mature in 2029. In addition, we may opportunistically execute on future financing transactions, including in the capital and syndicated loan markets, which may be structured to be secured by a portion of our unencumbered assets, which are currently valued at approximately $11 billion.

我們流動性實力的一個例子是循環信貸安排的修改和延期，該安排將於2029 年到期。可能會被結構化將由我們的部分未支配資產擔保，這些資產目前價值約 110 億美元。

Our most significant unencumbered asset is our customer loyalty program, which is valued at about half of our current unencumbered asset base. Of course, any future financings are subject to mark market conditions, and there is no guarantee we will be able to execute on them.

我們最重要的未支配資產是我們的客戶忠誠度計劃，其價值約占我們目前未支配資產基礎的一半。當然，任何未來的融資都取決於市場條件，我們不能保證我們能夠執行這些融資。

Before I hand it back to Joanna to close out the call, I would emphasize how focused we are on making year-over-year margin improvements and getting back to positive operating margin again.

在我將其交還給喬安娜結束電話會議之前，我要強調我們如何專注於實現同比利潤率改善並再次恢復正營業利潤率。

Through Jet forward, we believe we have a clear and actionable strategy to deliver $800 million to $900 million of incremental EBIT in 2027 and a strong foundation off of which we can return to our historical earnings power.

透過 Jetforward，我們相信我們擁有明確且可行的策略，可以在 2027 年實現 8 億至 9 億美元的增量 EBIT，並為我們恢復歷史盈利能力奠定堅實的基礎。

Joanna, over to you.

喬安娜，交給你了。

Thank you, Ursula, and thank you all for joining us. I want to close by reiterating our commitment to building value for our owners, starting with our return to profitability. I'd like to thank the team for all of the good work behind the Jet four plan.

謝謝你，烏蘇拉，也謝謝大家加入我們。最後，我想重申我們致力於為所有者創造價值的承諾，首先是我們恢復盈利。我要感謝團隊在噴射四號計畫背後所做的所有出色工作。

We have been and are taking aggressive action on every front and strongly believe that the focus of our attention has to be on the execution of Jet forward. Given this and coupled with the longer-term planning uncertainties from the Pratt & Whitney engine issues, we've decided to communicate more about our strategy now rather than hold an Investor Day in the fall.

我們已經並且在各個方面採取積極行動，並堅信我們的關注重點必須放在 Jet Forward 的執行上。有鑑於此，再加上普惠引擎問題帶來的長期規劃不確定性，我們決定現在就我們的策略進行更多溝通，而不是在秋季舉行投資者日。

Our team is fully committed to ongoing outreach and two-way communication with all of you, and we look forward to continuing to discuss our plans as we roll out additional strategic initiatives through the remainder of the year.

我們的團隊完全致力於與大家進行持續的外展和雙向溝通，我們期待在今年剩餘時間內推出更多戰略舉措時繼續討論我們的計劃。

With clarity on our path forward, we are energized and moving forward with resolve and determination. I'm incredibly confident in the outlook of our business as we turbocharge our strengths and execute on our four priority moves to return JetBlue to profitability and deliver for all of our stakeholders.

明確了前進的道路，我們充滿活力，堅定不移地前進。我對我們的業務前景充滿信心，因為我們將增強我們的優勢並執行我們的四項優先舉措，使捷藍航空恢復盈利並為我們所有的利益相關者提供服務。

Thank you. And with that, we will take your questions.

謝謝。接下來，我們將回答您的問題。

(Operator Instructions)

（操作員說明）

Dan McKenzie, Seaport Global. Your line is now open.

丹·麥肯齊，海港全球公司。您的線路現已開通。

Oh, hey, good morning. Thanks, guys. I guess first question is for Joanna, setting aside the fourth quarter this year so looking ahead to 2025, it looks like from Jet forward in the $1 billion plus in initiatives you're, you know, most likely penciling in summer profitability on, but is the punchline really that JetBlue can get to profitability in each of the quarters? Or is it just given the Pratt & Whitney challenges? Is the goal simply to get to breakeven in the seasonally softer periods.

哦，嘿，早安。多謝你們。我想第一個問題是問喬安娜的，拋開今年第四季度，展望 2025 年，Jet Forward 的 10 億美元以上的計劃看起來很可能會在夏季實現盈利，但是捷藍航空每個季度都能實現獲利真的是亮點嗎？還是只是考慮到普惠公司面臨的挑戰？目標僅僅是在季節性疲軟時期實現收支平衡。

I just I'm not looking for a forecast. I'm just trying to get a sense of what's aspirational versus realistic in the medium term here from where you sit?.

我只是不是在尋找預測。我只是想從你的立場了解中期內什麼是理想的，什麼是現實的？

Sure, thanks, Dan, I appreciate the question. And so it maybe be just headline. We are so focused on trying to get to profitability as soon as possible. We've actually kicked off our 2025 planning season earlier this year with a goal to build a plan that will deliver a breakeven operating margin for the full year of 2025.

當然，謝謝丹，我很欣賞這個問題。所以這可能只是標題。我們非常專注於盡快實現盈利。事實上，我們已在今年稍早啟動了 2025 年規劃季，目標是製定一項計劃，在 2025 年全年實現盈虧平衡的營運利潤。

And that said, you know, it's much too early in the planning cycle to commit to that. We traditionally haven't provided that kind of guidance so early on, but we are very focused on trying to get there for next year. This obviously assumes sort of the mid to high 10s for Pratt & Whitney and a competitive macro backdrop. But that's how we're thinking about things for next year.

也就是說，你知道，在規劃週期中做出承諾還為時過早。傳統上，我們不會這麼早就提供此類指導，但我們非常專注於努力在明年實現這一目標。這顯然是假設普惠公司的業績處於 10 左右的中高水平以及競爭性的宏觀背景。但這就是我們考慮明年事情的方式。

Yeah, understood. And then given 11 parked aircraft each month, you know, is there can you share what the loss year to date is from the Pratt & Whitney issue or the challenges. And the reason I'm asking is I'm just trying to separate out the temporary earnings impediment to the story here versus the structural impediments to getting back to the on the financial targets?

是的，明白了。然後考慮到每個月有 11 架飛機停放，您是否可以分享今年迄今為止因普惠問題或挑戰而造成的損失。我問的原因是我只是想將這裡的故事的臨時收益障礙與回到財務目標的結構性障礙區分開來？

Yeah, it's a great question. And so we're not going to break out specifically the Pratt & Whitney item. I can say it's incredibly frustrating, you know, maybe more. So I think some of the announcements RTX made yesterday, we are focused on trying to resolve the situation with Pratt & Whitney that reflects the nature of the damages that we're experiencing.

是的，這是一個很好的問題。因此，我們不會專門討論普惠公司的產品。我可以說這非常令人沮喪，你知道，也許更令人沮喪。因此，我認為 RTX 昨天發布的一些公告，我們的重點是努力解決與普惠公司的問題，這反映了我們正在經歷的損害的性質。

This is ultimately a transitory issue that should cycle through over the next few years, but we are entering a more impactful stage for JetBlue, hence the mid to high 10s on energy count that we will have for 2025. It's been challenging to forecast exactly what the AOG impact will be in outer years, which is why we're not communicating any targets out that far.

這最終是一個暫時性問題，應該在未來幾年內循環出現，但我們正在進入對捷藍航空更具影響力的階段，因此我們到2025 年的能源消耗量將達到10 左右。挑戰性的AOG 的影響將發生在外部年份，這就是為什麼我們到目前為止還沒有傳達任何目標。

But we are taking, I think, all the necessary steps to mitigate as much as possible. The impact of Pratt, that's keeping older aircraft line longer and some of the deferrals, frankly, that we're doing will have a positive impact on our agent count because these aircraft come and the engines are taken off with within a year, year and a half. And so that's not a particularly good use of capital. So it is ultimately a transitory issue, but it will be with us for the next several years.

但我認為，我們正在採取一切必要措施來盡可能地緩解影響。普拉特的影響，這使舊飛機的航線更長，坦率地說，我們正在做的一些延期將對我們的代理數量產生積極影響，因為這些飛機來了，引擎在一年之內就被拆除了。因此，這並不是一個特別好的資本利用方式。因此，這最終是一個暫時的問題，但在接下來的幾年裡它將伴隨著我們。

Okay, thanks for your time guys.

好的，謝謝你們寶貴的時間。

Mike Linenberg, Deutsche Bank. Your line is now open.

麥克林伯格，德意志銀行。您的線路現已開通。

I have a question on for Marty and Ursula. Marty, the comment that you made about you talked about Mint resin being up low single digits on I think I heard 30% ASM growth.

我有一個問題要問馬蒂和烏蘇拉。馬蒂，您發表的評論談到薄荷樹脂的價格上漲了低個位數，我想我聽說 ASM 增長了 30%。

So the question is who's driving that? And sort of I'm asking that within the context of you indicating that you're going to pivot away from corporate out of New York. I would think that you probably you carry a decent amount of price sensitive corporate. So can you square that with some the success that you're seeing right now with Mint?

那麼問題是誰在駕駛呢？我問這個問題的背景是，你表示你將離開紐約的公司。我認為您可能擁有相當數量的價格敏感型公司。那麼您能否將這一點與您目前在 Mint 上看到的一些成功聯繫起來呢？

Sure, Mike, thanks for the question. On hedging. I would say I mean, first of all, yes, we when we said we're pivoting away from corporate we will continue to carry corporate customers. There's no walking away from corporate market. I think the better way to describe it as we're not really designing the network for corporate like we want them.

當然，麥克，謝謝你的提問。關於對沖。我想說的是，首先，是的，當我們說我們正在遠離企業時，我們將繼續為企業客戶提供服務。企業市場是無法迴避的。我認為更好的方式來描述它，因為我們並沒有像我們想要的那樣真正為企業設計網路。

And if you look at some of the changes we've made in New York, some of the routes we pulled, I think it's very consistent with what we've seen as far as a slower recovery of corporate travel in New York with respect to the mix we're seeing there with respect to the net results, I think it's clear to say that the cabin on our airplanes may not look exactly like the cabin on some of the legacy airlines that we carry a lot of high end leisure customers, both in the transcon market and the European market.

如果你看看我們在紐約所做的一些改變，我們取消的一些航線，我認為這與我們所看到的紐約商務旅行復甦較慢的情況非常一致就最終結果而言，我們看到的混合情況，我認為很明顯，我們飛機上的機艙可能與我們承載大量高端休閒客戶的一些傳統航空公司的機艙看起來不完全一樣，無論是在 Transcon 市場還是歐洲市場。

And I think I think it is not up for debate. This is the best premium product that's offered by US flag carrier across Atlantic or transcon. So we've attracted a lot of customers. And yes, we absolutely have business customers, especially in New York on and we have a lot of high-end leisure to so that to a certain extent, I think the product speaks for itself and that's how customers responding to it.

我認為這沒有爭議。這是美國跨大西洋航空或 transcon 提供的最佳優質產品。所以我們吸引了很多顧客。是的，我們絕對有商業客戶，尤其是在紐約，我們有很多高端休閒活動，因此在某種程度上，我認為產品本身就說明了一切，這就是客戶對其的反應。

The numbers back it up, thanks. Ursula, just a question on the CapEx, the $3 billion, just looking at the new fleet plan, it does look like it's back-end loaded. How should we think about how CapEx it's one-six this year what's the right number for next year, knowing that just the movement with PDPs and the fact that the deferrals are search for airplanes that come later in the decade as it is at a similar number? Is it just a little bit lower? I'm trying to get a sense of where that that free cash cash flow could be next year. Thank you.

數字支持了這一點，謝謝。烏蘇拉，只是一個關於資本支出的問題，30 億美元，只要看看新的機隊計劃，它看起來確實是後端加載的。我們應該如何考慮今年的資本支出是六分之一，明年的正確數字是多少，知道 PDP 的變動以及推遲是為了尋找本十年晚些時候推出的飛機，因為它的情況類似數字？是不是只是低了一點？我試著了解明年自由現金流的情況。謝謝。

Thanks for the question, Mike. This year we've got 27 deliveries and our CapEx is $1.6 billion. And next year, we actually only take 24 aircraft So directionally, you should expect total CapEx to be a few hundred million dollars lower year over year.

謝謝你的提問，麥克。今年我們的交付量為 27 架，資本支出為 16 億美元。明年，我們實際上只購買 24 架飛機。

Perfect. Thank you.

完美的。謝謝。

Jamie Baker, J.P. Morgan. Your line is open.

傑米貝克，摩根大通。您的線路已開通。

Fair enough. Good morning, everybody. How do we square the order deferral against your international ambitions? You know, at a minimum it suggests that you won't be making any major incremental push from here into Europe. Would it be fair to at least wonder if you intend a European retreat? Just trying to tie your transatlantic ambitions to the fleet changes.

很公平。大家早安。我們如何使訂單延期與您的國際野心相協調？你知道，至少這表明你不會從這裡向歐洲進行任何重大的增量推進。至少想知道您是否打算去歐洲度假是否公平？只是想將你跨大西洋的野心與艦隊的變化聯繫起來。

Thanks, Jamie, it's a great question, so I can help. So I think you should think of transatlantic as it's done nicely this summer. We continue to optimize on the transatlantic markets to reflect the seasonality of that geography. It's an important part of the JetBlue network.

謝謝，傑米，這是一個很好的問題，所以我可以幫忙。所以我認為你應該考慮跨大西洋航線，因為今年夏天它做得很好。我們繼續優化跨大西洋市場，以反映該地區的季節性。它是捷藍航空網絡的重要組成部分。

We're pleased with what it does and seasonally and what it does as contributions to our loyalty program. Obviously, the deferral to the XLR will have an impact on growth in that market. But it's by no means retreats. And it's a, I think, further learning how to best ensure that those routes are profitable and on driving earnings for the business.

我們對它的季節性和對我們忠誠度計劃的貢獻感到滿意。顯然，推遲使用 XLR 將會對該市場的成長產生影響。但這絕不是退卻。我認為，這是進一步學習如何最好地確保這些航線盈利並推動業務盈利。

Excellent. I'll take backer over any reference to bunny slopes, Joanna, and then for Marty and this echoes a question I asked of Alaska. You cited even more space rather than being up double digits, I guess two parts. One, how does that compare to prior quarters? Has there been a noticeable inflection?

出色的。我將支持任何提及兔子坡道的內容，喬安娜，然後是馬蒂，這呼應了我向阿拉斯加提出的問題。你引用了更多的空間，而不是兩位數，我猜是兩個部分。一，與前幾季相比如何？有明顯的變化嗎？

And second relative to I guess, I guess blue or blue plus what's the approximate premium you collect on even more space? Thanks in advance.

第二個相對於我猜的，我猜是藍色或藍色加上您在更多空間上​​收集的大約溢價是多少？提前致謝。

Hi, Jamie, thanks. So first thing, I said this has been a medium term trend as far as their performance of the on the horizon for even more space. Customers are very much smarter to work and they continue to find value in it. And I think it's worth noting that as we measure the resin growth, we're really talking about the incremental the sort of the bias over the core fair. You remind that we don't sell the cabin. We sell it as an add-on.

嗨，傑米，謝謝。首先，我說這已經是中期趨勢，因為他們的表現即將獲得更大的空間。客戶的工作方式變得更加聰明，並且他們不斷發現其中的價值。我認為值得注意的是，當我們測量樹脂增長時，我們實際上談論的是相對於核心公平的增量偏差。你提醒一下，我們不賣小屋。我們將其作為附加組件出售。

So the RASM, basically the incremental revenue from the upsell. So it's sort of a little bit. We look at that revenue sort of decoupled from the core on and as far as the, um, as far as the value of that product versus the core, I mean, it's as of now the way we sell it and that may change in the future. But as of now the way we sell it as an add on, it's still there's still customers who are fundamentally buying and reject the value proposition and just want to upgrade to get a little bit more.

因此，RASM 基本上是來自追加銷售的增量收入。所以這有點兒。我們認為收入與核心脫鉤，就產品相對於核心的價值而言，我的意思是，到目前為止，我們銷售它的方式可能會發生變化。但截至目前我們將其作為附加產品銷售的方式，仍然有客戶從根本上購買並拒絕價值主張，只是想升級以獲得更多。

And frankly, that very much what we're seeing advisement to I mean, these are this is not all dramatically new customers for JetBlue. These are our current customers. We're finding more value in the product offering that we have.

坦白說，我們看到的建議很大程度上是指，這些並不都是捷藍航空的新客戶。這些是我們目前的客戶。我們發現我們所提供的產品具有更多價值。

But does that change your total collected yield? It does improve it by 10% does it improve it by 60%? Just order of magnitude there would be helpful. Thanks.

但這會改變您的總收集收益嗎？它確實提高了 10% 還是提高了 60%？只要有一個數量級就會有幫助。謝謝。

I actually don't I don't know that number exactly for things get back to you on that one, it's about [25%], the total premium cabins between and even more cabin at about 25% of [RASMs]. So you can almost sort of back into it if you want and I could do it now in form--

事實上，我不知道具體的數字，因為事情會在那個問題上回復給你，大約是[25%]，高級艙位之間的總數，甚至更多艙位約為[RASMs]的25%。所以如果你願意的話你幾乎可以回到它，我現在可以以形式來做——

Thank you, everybody.

謝謝大家。

Savanthi Syth, Raymond James. Your line is open.

薩凡西·賽斯，雷蒙德·詹姆斯。您的線路已開通。

Hey, good morning. And just on the unit cost, the exit rate here is high, but I realize that there is some kind of timing issues and the capacity declining.

嗨，早安。僅就單位成本而言，這裡的退出率很高，但我意識到存在某種時機問題和產能下降。

How should we think about what type of trend we should expect in 2025 given capacities flat, but you also have a lot of cost initiatives here.

鑑於產能持平，我們應該如何考慮 2025 年我們應該預期什麼類型的趨勢，但這裡也有很多成本措施。

Thanks, Savanthi, for the question. So historically, when we were growing mid to high single digits pre-COVID, we were targeting a flattish unit cost growth. And you know, conceptually and if we're not growing again next year, which we highlighted today on the call, and you would target in a mid single digit number. And clearly with Jet forward, we have aspirations to put at 2025 plan together. That is hopefully even better than that.

謝謝薩凡蒂提出的問題。因此，從歷史上看，當我們在新冠疫情之前實現中高個位數成長時，我們的目標是單位成本成長持平。你知道，從概念上講，如果我們明年不再成長，我們今天在電話會議上強調了這一點，那麼你的目標將是中個位數。顯然，隨著 Jet 的發展，我們希望共同製定 2025 年計畫。希望這比那更好。

That's helpful. Appreciate that Ursula, and just following up on that business network change question, I'm just curious in terms of kind of business demand today, what you're seeing and with the network changes in the do you expect it to account for less than that 20% of revenue that you saw historically? Or is it still around the same ballpark, given that you're retaining that business customer.

這很有幫助。感謝烏蘇拉，只是跟進業務網絡變更問題，我只是對今天的業務需求類型感到好奇，您所看到的以及網絡變化您期望它佔的比例是否小於您過去看到的收入的20% 是多少？或者，考慮到您正在保留該企業客戶，它仍然在同一範圍內嗎？

Hi, Savanthi, thanks for the question. I'll take that one. On one number, I will report as if you look at the contracted Corporate Customer business revenue, we're still up. So I'd say very high single digits. So it continues to grow. And I think, frankly, with the retreat that we have been doing over the last three quarters, that yeah, I think that was a bit of a pleasant surprise for us because obviously those are much higher, but the share markets when we flow those.

嗨，薩凡蒂，謝謝你的提問。我會接受那個。在一個數字上，我會報告，如果你看看合約企業客戶業務收入，我們仍然在成長。所以我想說非常高的個位數。所以它繼續增長。坦白說，我認為，隨著過去三個季度我們一直在進行的撤退，是的，我認為這對我們來說是一個驚喜，因為顯然這些要高得多，但是當我們流動這些時，股票市場。

And so I think the trend continues with respect to going forward, even if you look at some of the business routes out, I'll pick one out just because it's a great example of like Minneapolis and even though Minneapolis, Boston was a pretty strong business route, it was still instead of 20% corporate, it was 25%, 30% corporate. It was more corporate, but I guess I would say it was not more corporate enough, so to speak. So I as far as you know 1,000 flights a day, I don't think it's going to dramatically move. I don't think it's going to dramatically move that number from where it is now.

因此，我認為這種趨勢仍在繼續，即使你看一些商業路線，我也會挑選一條，因為它是明尼阿波利斯這樣的一個很好的例子，儘管波士頓明尼阿波利斯是一個非常在強大的城市商業路線上，它仍然是25%、30%的企業，​​而不是20%的企業。它更加企業化，但我想我會說它還不夠企業化，可以這麼說。據我所知，每天有 1,000 個航班，我不認為它會發生巨大的變化。我認為這個數字不會從現在的水準大幅改變。

That's helpful, thank you.

這很有幫助，謝謝。

Duane Pfennigwerth, Evercore ISI. Your line is open.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。您的線路已開通。

Hey, thanks for the time. On the network benefits bucket, as you expect cutting cutting loss-making routes and increasing your East Coast focus, can you talk a little bit about how you increase your East Coast focus with constraints in the New York market? And then you just given the timeline here 2025 to 2027, why would it take very long to realize that it seems like you could start to see some of those benefits in the second half of this year. So I guess why aren't those benefits dropping more quickly?

嘿，謝謝你的時間。在網路效益方面，正如您期望削減虧損航線並增加對東海岸的關註一樣，您能否談談如何在紐約市場的限制下增加對東海岸的關注？然後您剛剛給出了 2025 年至 2027 年的時間表，為什麼要花很長時間才能意識到您似乎可以在今年下半年開始看到其中一些好處。所以我想為什麼這些好處沒有再下降得更快呢？

Maybe I'll take it and I'll throw it to Marty. So I think you have to look at what we've announced versus when these are effective. And we laid that out in the back of the earnings presentation, which shows exactly when some of these markets are closing. So there's a large that closed in October and I think this was some of the confusion on the last call where I think the announcements get confused with the respective dates and so on.

也許我會把它拿起來丟給馬蒂。所以我認為你必須看看我們已經宣布的內容以及這些內容何時生效。我們在收益報告的後面列出了這一點，它準確地顯示了其中一些市場的收盤時間。因此，有一個大型項目在 10 月關閉，我認為這是上次電話會議中的一些混亂，我認為公告與各自的日期等混淆了。

So you know, we'll see full year run rate next year for all of the markets that we've announced so far on and on. I think it's just a matter of understanding the timing of the announcements versus when this actually takes place.

所以你知道，我們將看到我們迄今為止宣布的所有市場明年的全年運行率。我認為這只是了解公告的時間與實際發生的時間的問題。

The only thing I'd add is, you know, as difficult as it is for us to make some of these decisions for closing markets and closing routes and the impact it has on crew members, which we do not take lightly at the core. Our goal is to move to profitability as quickly as we can. And frankly, we're very excited about where we are move. Their plans are to take advantage of opportunities right away, especially with our focus on that. The been the best leisure airline of these costs.

我唯一要補充的是，你知道，我們做出一些關閉市場和關閉航線的決定以及它對機組人員的影響一樣困難，我們不會輕視這一點。我們的目標是盡快實現盈利。坦白說，我們對我們的搬遷感到非常興奮。他們的計劃是立即利用機會，尤其是在我們關注這一點的情況下。這是這些成本中最好的休閒航空公司。

I think about the growth we've seen in places like obviously Boston, which has always been a growth focus, but the growth we put in the provenance Bradley opening up by slip opening up Manchester, I think we are establishing ourselves and even more so as the best leisure choice for our customers, I'm not taking any victory laps right now.

我想到了我們在像波士頓這樣的地方看到的增長，這一直是增長的焦點，但是我們在布拉德利通過曼徹斯特的滑開而開放的來源中所看到的增長，我認為我們正在建立自己，甚至更是如此作為我們客戶的最佳休閒選擇，我現在不會進行任何勝利圈。

As far as network transformation. But I think we're very, very optimistic about the moves. And yes, we are starting to see benefits. But as you'll see in that chart, that's in the back of the deck. They said you roll out some of them just happened last month, and that continues the rest of the year.

就網路改造而言。但我認為我們對這些舉措非常非常樂觀。是的，我們開始看到好處。但正如您將在該圖表中看到的那樣，它位於甲板的後面。他們說你推出了其中一些上個月剛發生的事情，並且在今年剩餘的時間都會持續下去。

Thanks for that detail. And then just for my follow-up on the convert. How are you thinking about addressing that? I think you alluded to I think you alluded to in basically financing options, but how are you thinking about addressing it and kind of your willingness to let that go current early next year? Thank you.

謝謝你的詳細資料。然後是我對轉變的後續行動。您打算如何解決這個問題？我想你提到了基本的融資選擇，但你是如何考慮解決這個問題的，以及你是否願意在明年初讓這個問題繼續下去？謝謝。

Yeah, thanks for the question, Duane, and we obviously have a healthy unencumbered asset base to the tune of $11 billion. About half of that is attributed to our loyalty program. So we're currently assessing all markets and to see the most effective and the most constructive in terms of online cost of funding. And we do not intend to let the convert go current. So I mentioned in my prepared remarks, we're opportunistically looking across our markets.

是的，謝謝杜安提出的問題，我們顯然擁有高達 110 億美元的健康的未支配資產基礎。其中約一半歸功於我們的忠誠度計劃。因此，我們目前正在評估所有市場，並尋找在線上融資成本方面最有效和最具建設性的市場。我們不打算讓轉換器通電。因此，我在準備好的發言中提到，我們正在機會主義地審視我們的市場。

Okay. Thank you.

好的。謝謝。

Conor Cunningham, Melius Research. Your line is open.

康納·坎寧安，Melius 研究中心。您的線路已開通。

Thank you, Marty. As you mentioned, the strength in men's and even more. But that kind of highlights just the core weakness that's happening in the core cabin right now, there's been a ton of discussion this quarter about, you know, overcapacity and all that stuff and not really around a demand problem. I'm just curious on what how you view the current demand environment right now. Thank you.

謝謝你，馬蒂。正如你所提到的，男子的力量甚至更多。但這凸顯了目前核心艙中出現的核心弱點，本季有大量關於產能過剩和所有這些問題的討論，而不是真正圍繞需求問題。我只是好奇您現在如何看待當前的需求環境。謝謝。

Hi Conor, Thanks for the question. And first of all, with respect to the bigger question about the premium cabins versus the core coach cabin, my view is this is why we have a spectrum of customers who are we carrying a spectrum of products? We've talked a little bit about our tire customer. We've done a ton of research in the last year or so trying to understand how the market has changed and the market has clearly changed in 2024 versus what we saw in the world pre-COVID.

你好，康納，謝謝你的提問。首先，關於高級客艙與核心客艙的更大問題，我的觀點是，這就是為什麼我們有一系列客戶，我們攜帶一系列產品？我們已經談論了一些關於我們的輪胎客戶的事情。在過去一年左右的時間裡，我們做了大量研究，試圖了解市場發生了怎樣的變化，與我們在新冠疫情之前所看到的世界相比，2024 年的市場發生了明顯的變化。

And we've got a wide spectrum of customers who carry well, over half of our customers are [$1] price sensitive and they will go fly ULCC the say [$5]. And you know, that is a big chunk of our every airplane. But luckily, we have a lot of ASMs out there in the premium cabins and a lot of customers were buying up to blue or high fare products and to me at the spectrum of everything we carry with respect to the demand environment overall, I'd say if I look specifically at second quarter.

我們擁有大量攜帶良好的客戶，超過一半的客戶對 [1 美元] 價格敏感，他們會選擇搭乘 ULCC（例如 [5 美元]）。你知道，這是我們每架飛機的很大一部分。但幸運的是，我們在高級客艙裡有很多 ASM，很多客戶都購買藍色或高票價產品，對我來說，根據我們整體需求環境的情況，我會說一下我是否專門看第二季度。

In general, I'd say that the trust held up a little bit better than we expected. I think that peaks performed as expected. I think the real news as far as what's happening with demand is actually supply, which is we called out in the last earnings call where supply got a little bit misaligned with on where demand was. And I said at the time you know, ultimately water seeks its own level and we will eventually have supply get back to more equilibrium, it has happened.

總的來說，我想說，這種信任比我們預期的要好一些。我認為峰值表現符合預期。我認為，就需求而言，真正的消息實際上是供應，這是我們在上次財報電話會議中指出的，供應與需求有點不一致。我當時說，你知道，最終水會尋求自己的水平，我們最終會讓供應恢復到更加平衡，這已經發生了。

We've made our own changes as far as where we've moved my we've seen the change in the industry. And I think ultimately, we all have owners and we all have a goal of profitable. So ultimately, things worked out in the end when it comes to them.

我們已經做出了自己的改變，我們已經看到了產業的變化。我認為最終，我們都有所有者，我們都有盈利的目標。所以最終，事情終於解決了。

Okay. Appreciate that. And then you mentioned the GTF issue outside of the powder metal problem. I was hoping you could flesh out that comment a little bit more. Is it that the oil consumption issue that some have already mentioned it? And I'm just curious, is that new or is that something new and it was just over now somewhat overshadowed by? Yeah, the Paramount problem has been out there for.

好的。感謝。然後您提到了粉末金屬問題之外的 GTF 問題。我希望你能進一步充實這個評論。是不是有些人已經提到的油耗問題呢？我只是很好奇，這是新的還是剛結束的新事物，現在有點黯然失色？是的，派拉蒙問題一直存在。

Thank you. I'll take that. Yeah, sure, it's nothing new. I mean, obviously, these engines and you have certain maintenance inspection cycles on various things trigger it. So while powder metals on is ultimately what caused the significant on challenges with throughput. So that's what backed everything up on there are a number of other maintenance issues that are that we're working through because it's a new engine.

謝謝。我會接受的。是的，當然，這不是什麼新鮮事。我的意思是，顯然，這些引擎和你對各種事情都有一定的維護檢查週期會觸發它。因此，儘管粉末金屬最終導致了產量的重大挑戰。這就是支援一切的原因，我們正在解決許多其他維護問題，因為它是新引擎。

And so that just exacerbates the situation with the shop capacity and then supply chain, I will say incredibly frustrating. We are working with Pratt on reaching a settlement that we believe reflects the extent of the impact to JetBlue.

因此，這只會加劇商店產能和供應鏈的情況，我會說令人難以置信的令人沮喪。我們正在與普拉特合作達成和解，我們認為和解反映了捷藍航空受到的影響程度。

But it is definitely a frustrating situation. And that's why I think going back to the deferrals, it makes a lot of sense to defer the through 21 new aircraft, not just because it offsets our capital commitments in the near term, but also because nobody wants to take a brand-new aircraft and then ground it after a year, year-and-a-half.

但這絕對是一個令人沮喪的情況。這就是為什麼我認為回到推遲，推遲 21 架新飛機是很有意義的，不僅因為它抵消了我們短期內的資本承諾，而且因為沒有人願意購買全新的飛機然後一年半後將其磨碎。

Appreciate it. Thank you.

欣賞它。謝謝。

Scott Group, Wolfe Research. Your line is open.

斯科特集團，沃爾夫研究。您的線路已開通。

Hey, thanks. Good morning, I want to ask a near term loan and then a longer-term one so on the resin front, so low single digit increase this year, is that in sorry, in Q3, is that sort of dependent on like a September inflection like other airlines have talked about or are you guys already there? So just sort sort of thoughts on like them the cadence of Ryzen throughout the quarter? And then any initial thoughts around Q4, if you have.

嘿，謝謝。早上好，我想在樹脂方面申請一筆短期貸款，然後是長期貸款，今年的單位數增長如此之低，對不起，在第三季度，這是否取決於九月的拐點就像其他航空公司談論過的那樣，或者你們已經在那裡了嗎？那麼，您對 Ryzen 在整個季度的節奏有什麼想法嗎？然後是關於第四季度的任何初步想法（如果有的話）。

Hey, Scott, thanks for the question. And yes, I listen to the commentary from other carriers. I'm not sure I fully understand what they're saying. It's our view is we're looking at the trends as they exist right now, we've got basically two thirds of the third quarter on the books, but one-third not in the books are as of today. And there's no real inflection seen in there.

嘿，斯科特，謝謝你的提問。是的，我聽取了其他運營商的評論。我不確定我是否完全理解他們在說什麼。我們的觀點是，我們正在研究目前存在的趨勢，我們基本上已經記錄了第三季的三分之二，但截至今天，三分之一尚未記錄在案。那裡沒有看到真正的改變。

I mean, frankly, I mentioned in my prepared remarks that we undertook a lot of self-help in September. I mean, Larry assembly down 10% September. And again, I think as investors and frankly, as crewmembers and customers will be seeing more and more of that going forward as we pivot a little bit more towards leisure on, we're going to be much more respectful of not flying unproductive flying during the trough.

我的意思是，坦白說，我在準備好的演講中提到，我們在九月進行了很多自助服務。我的意思是，9 月份拉里組裝下降了 10%。再說一遍，我認為，作為投資者，坦白說，隨著我們更多地轉向休閒，機組人員和乘客將看到越來越多的這種情況，我們將更加尊重在飛行期間不進行無效率的飛行。

So my view is, yes, I'd say September is better than it would have been that if it's solely based on self-help, there's no inflection in our forecast.

所以我的觀點是，是的，我想說九月比僅僅基於自助的情況要好，我們的預測沒有改變。

Okay. And then sort of in lieu of the Analyst Day, maybe I'll ask a longer term capacity, one so you guys are deferring planes, but at some point, the GTF issue gets better, right? So you've got this like planting now out to '27. I understand capacity's flat next year, but any any thoughts on like the multiyear capacity outlook in this plan?

好的。然後，在分析師日的時候，也許我會問一個更長期的容量，這樣你們就推遲飛機，但在某個時候，GTF 問題會變得更好，對嗎？所以你現在就可以種植到 27 年了。我知道明年的產能將持平，但是對於該計劃中的多年產能前景有什麼想法嗎？

And then ultimately, does this mean that free cash flow do we inflect positive on free cash? Is it more likely '26, '27 and '25 give any thought there. Thank you.

最終，這是否意味著自由現金流對自由現金產生正向影響？ '26、'27 和 '25 更有可能對此進行思考嗎？謝謝。

Yeah. And maybe I'll touch passengers can touch on free cash flow. So we've gone out flat capacity for next year. We're not guiding beyond that. The Pratt & Whitney GTF issue is volatile, and we are working with them on forecasting. And obviously, we're hopeful that there are improvements on there. And we're taking as many self-help measures as we can to offset that capacity impact. But we're not in a position given all of the variables to guide to any kind of capacity or share any capacity projections out past 2025. I'm on the free cash flow point. I just want to wrap up here.

是的。也許我會觸及乘客可以觸及自由現金流。因此，我們已經取消了明年的固定產能。我們不會提供超出此範圍的指導。普惠 GTF 問題不穩定，我們正在與他們合作進行預測。顯然，我們希望這方面有所改進。我們正在採取盡可能多的自助措施來抵消容量影響。但我們無法掌握所有變數來指導任何類型的產能或分享 2025 年後的任何產能預測。我只想在這裡結束。

We've like priority number one is getting the business back to consistent profitability and Priority number two is then delivering positive free cash flow. And I do believe that with the deferral that we announced today, it does start to lay the groundwork to help us get there.

我們認為第一要務是讓業務恢復穩定的獲利能力，第二要務是提供正的自由現金流。我確實相信，隨著我們今天宣布的推遲，它確實開始為幫助我們實現這一目標奠定基礎。

And we've got to execute and we will execute on the $800 million to $900 million EBIT and then obviously you've got to layer in the macro backdrop assumptions and but ultimately profitability and then free cash flow that free cash flow will go to delevering the balance sheet.

我們必須執行，我們將執行 8 億至 9 億美元的息稅前利潤，然後顯然你必須考慮宏觀背景假設，但最終是盈利能力，然後是自由現金流，自由現金流將用於去槓桿化資產負債表。

Okay. Thank you.

好的。謝謝。

Brandon Oglenski, Barclays. Your line is open.

布蘭登·奧格倫斯基，巴克萊銀行。您的線路已開通。

Hey, good morning, Marty. I guess I want to come back to the 3Q guide, though, because if I look at it, it appears maybe even unseasonably weak for you guys. And I know seasonality is hard to judge here post pandemic, but I guess I hear you guys on when you've announced some changes, but you have done a lot of network reconfiguration since June.

嘿，早上好，馬蒂。不過，我想我想回到 3Q 指南，因為如果我看一下它，它對你們來說甚至顯得異常疲軟。我知道大流行後很難判斷季節性，但我想我聽到你們宣布了一些變化，但自六月以來你們已經做了很多網路重新配置。

And as you stated, you are pulling down trough capacity in September. So I guess is it incremental softness you're seeing in your markets even with these changes that have already been implemented?

正如您所說，您將降低 9 月的產能谷值。所以我想，即使已經實施了這些變化，您在市場中看到的是否是逐漸疲軟？

Hey, Brandon, thanks for the question. I just wanted I don't look at it as a soft guide. I would not look at this as like or something wrong in the third quarter. I think we we guide based on what we're seeing right now in the bookings.

嘿，布蘭登，謝謝你的提問。我只是希望我不要將其視為軟指南。我不會認為第三季的情況有什麼問題。我認為我們是根據我們現在在預訂中看到的情況進行指導的。

I think if you look at sort of sequentially on the path from second quarter to third quarter, I feel like we are more or less on track to where we were historically. We can control our our capacity neutral pricing. And then, you know, obviously, we want to deliver. We our crew members delivering a great experience every day. So, you know, my view is we're fundamentally looking at this as a guide that we're very happy with.

我認為，如果你按順序查看從第二季到第三季的路徑，我覺得我們或多或少都走在歷史的軌道上。我們可以控制我們的容量中性定價。然後，你知道，顯然我們想要交付。我們的船員每天都為您帶來美好的體驗。所以，我的觀點是，我們從根本上將此視為我們非常滿意的指南。

I mean, obviously, we always want more, but we are positive year over year, which I think a lot of our competitors are not. And from that perspective, I'm somewhat surprised of the question I mean, I frankly, I'm my take is we just put our heads down and just moving forward on the path for following. I do want to stress again, if you look at that slide in the back of the deck.

我的意思是，顯然，我們總是想要更多，但我們年復一年都是積極的，我認為我們的許多競爭對手都沒有。從這個角度來看，我對我的問題感到有些驚訝，坦白說，我的看法是，我們只是低下頭，在追隨的道路上前進。如果你看看甲板後面的幻燈片，我確實想再次強調。

So many of these network changes are backloaded. So I would not attribute too much of the resin in the third quarter to like big inflection from a network changes because it just takes longer than that.

其中許多網路變更都是回載的。因此，我不會將第三季的樹脂過多歸因於網路變化帶來的巨大變化，因為它只是需要更長的時間。

I mean, margin maybe as a point of clarification, but I think it's down a few points sequentially quarter to quarter, and I get it that it's up year on year because you do have a pretty easy comp from last year. I guess that's what we're observing.

我的意思是，利潤率可能是一個澄清點，但我認為它逐季下降了幾個百分點，而且我知道它逐年上升，因為與去年相比，你確實有一個相當簡單的比較。我想這就是我們正在觀察的。

Okay, Thank you.

好的謝謝。

Thank you. Go ahead, Patel.

謝謝。繼續吧，帕特爾。

I apologize, Joe, I guess just on the bigger picture and maybe coming off of Scott's question, since we don't have an Investor Day. We appreciate the outlook on 2027 EBIT improvement, $800 million to $900 million. But I guess maybe looking backwards on structural cost improvement, even the revenue initiatives this year, they've only been able to offset so much of industry headwinds and macro, what have you.

我很抱歉，喬，我想這只是從大局出發，也許是為了回答史考特的問題，因為我們沒有投資者日。我們對 2027 年息稅前利潤改善的前景表示讚賞，即 8 億至 9 億美元。但我想也許回顧結構性成本改善，甚至今年的收入舉措，他們只能抵消這麼多的行業逆風和宏觀，你有什麼。

So can you give us a better idea of like the baseline where do you expect to see the improvement from? Is this like a breakeven basis and then add $800 million to 900 million to it? Or how should investors think about that long term?

那麼您能否給我們一個更好的想法，例如您希望從哪裡看到改進的基線？這是否就像在損益兩平的基礎上再加8億至9億美元？或者投資人應該如何考慮長期發展？

Yeah. So I would think about it in those terms, it's a breakeven basis and add 800 to 900 to it. And I think when you look at what we've done this year against, you know, a challenging first half, we were cycling against pent-up COVID demand and then elevated industry capacity, particularly in the Latin region. Much of what we did this year on offset some of those challenges.

是的。所以我會從這些角度來考慮，這是一個損益平衡的基礎，然後再加上 800 到 900。我認為，當你看看我們今年在充滿挑戰的上半年所做的事情時，我們正在應對被壓抑的新冠需求，然後提高行業產能，特別是在拉丁地區。我們今年所做的大部分工作都是為了抵消其中一些挑戰。

And so as I think about the path forward, given the uncertainty with Pratt beyond 2025, while we would have loved gone out with longer-term targets are just not in a position to do that on, but really proud of what we've executed to so far, whether that's the significant network adjustments, the preferred seating changes at Blue basic deferral, the aircraft on all, I think contributing to some some nice momentum this year going into next year. But the $800 million to $900 million teams. You've got key to that, and everybody is focused on delivering delivering those numbers over the next three years.

因此，當我思考前進的道路時，考慮到 2025 年之後 Pratt 的不確定性，雖然我們很想制定長期目標，但我們無法做到這一點，但我們對我們所執行的事情感到非常自豪到目前為止，無論是重大的網路調整、藍色基本延期的首選座位變化還是所有飛機，我認為都為今年和明年的一些良好勢頭做出了貢獻。但8億到9億美元的團隊。你已經掌握了這一點的關鍵，每個人都專注於在未來三年內實現這些數字。

Thank you.

謝謝。

Andrew Didora, Bank of America. Your line is open.

安德魯·迪多拉，美國銀行。您的線路已開通。

Hi, good morning, everyone. Most of my questions have already been answered, but one conceptually for Marty, I guess we've heard a lot of other domestic airlines speaking about growing their premium seats as well. So there's certainly more capacity coming here. So how do you think about some of this premium resume growth that the industry has been seeing.

嗨，大家早安。我的大部分問題已經得到解答，但從概念上來說，對於馬蒂來說，我想我們已經聽到很多其他國內航空公司也在談論增加其高級座位。所以這裡一定會有更多的容量。那麼，您如何看待業界所看到的一些優質履歷成長。

How do you do you think it gets competed away at all? How does JetBlue kind of stay away from that? Thank you.

你認為它是如何進行競爭的？捷藍航空如何避免這種情況？謝謝。

Hi, Andrew. Thanks for the question, it's funny. We obviously, with the results we're seeing at our premium revenues. We've spent a lot of time looking at this market overall. And I think what yes, there are people who are attributing this to a sort of a post-COVID bump is something that's just a flash in the pan.

嗨，安德魯。謝謝你的問題，這很有趣。顯然，我們看到的結果就是我們的溢價收入。我們花了很多時間來全面考察這個市場。我認為，是的，有些人將其歸因於某種後新冠疫情的衝擊，但這只是曇花一現。

We can go back and track on this change back to the early 10s. And we've sort of seen a pretty persistent move from the early 10s as far as more and more customers buying up. And frankly, I think that what we're seeing is a longer-term segmentation of the market where we've got a big chunk of customers who are like those.

我們可以回溯到 10 年代初期的這項變化。我們看到從 10 年代初期開始，越來越多的客戶開始購買，趨勢相當持續。坦白說，我認為我們看到的是市場的長期細分，我們擁有大量類似的客戶。

They'll do anything for us to save [$1] on a fair and we've got other customers who are willing to buy up to have a better experience. And frankly, this is what excites me so much about the general business model is that this company has always been structured around customers willing to pay a little more to get a lot more. So from that perspective, I think we couldn't be better positioned for this versus some of our competitors.

他們會不遺餘力地為我們在展會上節省 [1 美元]，而且我們還有其他願意購買以獲得更好體驗的客戶。坦白說，這家公司的整體商業模式讓我如此興奮的地方在於，這家公司始終圍繞著願意多付一點錢以獲得更多東西的客戶而建構。因此，從這個角度來看，我認為與我們的一些競爭對手相比，我們在這方面處於最佳位置。

Great. That's all I had. Thank you.

偉大的。這就是我所擁有的一切。謝謝。

Helane Renee Becker, TD Cowen.

Helane Renee Becker，TD Cowen。

Hi everyone, thanks very much for the time. Just a quick one for me. What's the cadence of the E190s retirements for next year? And then would you talk just defining a little bit on the A220s, I think you've been operating those for about 3.5 years now. So just curious how you're liking the asset. I mean, obviously, you're keeping the deliveries, but any [keeping] problems, things like that? Thanks very much.

大家好，非常感謝您抽出時間。對我來說只是一個快速的。明年 E190 退休的節奏是怎麼樣的？然後您能談談對 A220 的一些定義嗎？所以只是好奇你如何喜歡這個資產。我的意思是，顯然，你們保留了交付的貨物，但是有任何[保留]問題，諸如此類的事情嗎？非常感謝。

Hey, Tom, it's Marty. Thanks for the question. With respect to the E190s, we said publicly that they will be retired by the end of 2025. And that's the cadence that we're on right now on.

嘿，湯姆，我是馬蒂。謝謝你的提問。至於 E190，我們公開表示它們將於 2025 年底退休。

With respect to the to 220, I think we are very happy 220 customer. We have had some reliability issues, which we've heard from others in the industry and we share the same. Although the 220 does have GTF engines, it is not being affected nearly as much as the 320 neo family is. So with respect 220, we are very happy customers.

關於220，我認為我們是非常高興的220客戶。我們遇到了一些可靠性問題，這是我們從業內其他人那裡聽到的，我們也有同樣的問題。儘管 220 確實配備了 GTF 發動機，但它受到的影響並不像 320 neo 系列那麼嚴重。因此，尊重 220，我們是非常滿意的客戶。

Tom and congrats on your role and maybe just to put some numbers to it, we currently only have 22 W190s in the fleet, and I believe that will end this year 2024 with 15. And to Marty's point, those 15 will be retired by the end of next year.

湯姆，恭喜你的角色，也許只是為了提供一些數字，我們目前機隊中只有 22 架 W190，我相信到 2024 年底將有 15 架。

Got it. Thanks very much, everyone.

知道了。非常感謝大家。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Good morning, everybody, and thanks very much for taking my question. I was intrigued to hear care about, you mentioned the Latin overcapacity, but the big build out you guys have in Puerto Rico. Are you able to tell us whether the airport authority in San Juan give you guys any incentives in terms of volumes and maybe some discounts on airport fees and that kind of thing?

大家早安，非常感謝您提出我的問題。我很高興聽到關心，你提到了拉丁產能過剩，但你們在波多黎各的大規模建設。您能否告訴我們聖胡安機場當局是否在數量方面給予你們任何激勵措施，以及機場費用等方面的一些折扣？

Yes, I'll take that. So I'm really proud of the work around Puerto Rico largest carrier there. Important part of our network, tremendous support from our crew members locally and the airport authority. We're not going to get into what, if any, incentives or otherwise we may or may not have gotten from the government or for the airport authorit.

是的，我會接受的。因此，我對波多黎各最大的航空公司的工作感到非常自豪。我們網路的重要組成部分，來自當地機組人員和機場當局的大力支持。我們不會討論我們可能或可能不會從政府或機場管理局獲得任何激勵措施或其他措施（如果有的話）。

But we have a long partnership with the community with the airport authority. We're excited to open a crew base for pilots and in flight as well down in that area. And I think continue to be the carrier of choice in Puerto Rico for that community.

但我們與社區和機場管理局有著長期的合作關係。我們很高興能夠在該地區為飛行員和飛行中的人員開設一個機組基地。我認為繼續成為該社區在波多黎各的首選承運商。

Okay. I understand, and I definitely appreciate that. And just one more very quick housekeeping question. Looking at your your full year ASM guide in 3Q, and I thought I heard Marty say September ASMs are already down 10%. Is it sort of unreasonable to consider 4Q ASMs, the implication down somewhere in the low teens? Or am I thinking about that the wrong way? Thank you.

好的。我理解，我非常感激。還有一個非常快速的內務問題。看看你們第三季的全年 ASM 指南，我想我聽到 Marty 說 9 月的 ASM 已經下降了 10%。考慮 4Q ASM 是否有點不合理，其意義在十幾歲以下？還是我的想法是錯的？謝謝。

No.

不。

No, they're not down. I don't know the exact number.

不，他們沒有倒下。我不知道確切的數字。

They are not down low teens. Mid single digit down.

他們並不是低齡青少年。中間個位數下降。

Very helpful. I wanted to make sure. It looks like I was not thinking about that correctly. So I appreciate that. Thank you.

很有幫助。我想確定一下。看來我沒有正確思考這一點。所以我很欣賞這一點。謝謝。

No problem.

沒問題。

Chris Stathoulopolos, Susquehanna International Group.

Chris Stathoulopolos，薩斯奎哈納國際集團。

Thank you. Good morning, everyone. Just want to say Joanna, Ursula, Marty and team, the urgency and focus here is clearly evident and so congrats on this plan. The $400 million in EBIT here, I realize that there's more to come here, but given that you're not holding an Investor Day and there are more blue dots on the map here and relative to the other initiatives.

謝謝。大家，早安。只是想說喬安娜、烏蘇拉、馬蒂和團隊，這裡的緊迫性和重點是顯而易見的，所以祝賀這個計劃。這裡的息稅前利潤為 4 億美元，我意識到這裡還有更多，但考慮到您沒有舉辦投資者日，並且相對於其他舉措，這裡的地圖上有更多的藍點。

At a high level, should we think about this as more additive or a wholesale change. So for example, rebranding or introduction of a new fare class. And then also, I don't think I heard you discuss any initiatives around vacation packages and products. Thanks.

從較高的層面來看，我們應該將其視為更多的附加變化還是整體變化。例如，重塑品牌或推出新的票價等級。另外，我想我沒有聽到您討論任何有關度假套餐和產品的舉措。謝謝。

Yes, I can take that. It's great. So to be clear, the blue dots do not reflect specific initiatives. They are illustrative only. I assume you're referring to the 400 in product and perks. That consists of a number of things, I'd say, some of which build on what we've already announced around Blue Basic and preferred seating, but the majority of which are actually new initiatives.

是的，我可以接受。這很棒。因此需要明確的是，藍點並不反映具體舉措。它們僅是說明性的。我假設您指的是產品和福利中的 400。我想說，這包括很多事情，其中​​一些是建立在我們已經宣布的有關 Blue Basic 和首選座位的基礎上的，但其中大部分實際上是新舉措。

And they cover everything from gaps in our product offering to things like a new revenue management system to enhancements in our loyalty program and continued steepening of the offerings we have for JetBlue Travel Products, which remains a very important part of the business and one which we think will be a significant driver in the JetForward plan to creating an even greater level of stickiness with our leisure customers.

它們涵蓋了一切，從我們產品供應中的差距到新的收入管理系統等，再到我們忠誠度計劃的增強，以及我們為捷藍航空旅行產品提供的產品的不斷豐富，這仍然是我們業務的一個非常重要的組成部分，也是我們的目標之一。

And I would just reiterate, Chris, that the 400 includes initiatives that we haven't yet announced. But you will hear more as we progress through the year.

克里斯，我只想重申，400 包括我們尚未宣布的舉措。但隨著這一年的進展，你會聽到更多。

Right. Okay. Thank you. And my second, so on the competitive overlap and the route actions that you've done year-to-date, you've outlined some of those in the slides in the appendix, thank you.

正確的。好的。謝謝。我的第二個問題是，關於競賽重疊和您今年迄今為止所做的路線行動，您已經在附錄的幻燈片中概述了其中的一些內容，謝謝。

Are we done here as we think about year end and so for those that want to do this analysis if at year end or early next year, if we were to rank order your routes based on RASM, should we expect at that point, for example, first and second quartiles based on RASM to account for the majority of your routes.

我們是否在考慮年底時就完成了這裡的工作？ ，例如、基於 RASM 的第一和第二四分位數佔您的路線的大部分。

So meaning two-thirds or perhaps closer to 70%, 75%, just wanted to understand, as you talk about Marty talked about getting back to your core focus no longer accepting routes that meet your profitability standards, how we should sort of ultimately see that shakeout on the EM Form 41 data?

因此，這意味著三分之二或可能接近70%、75%，只是想了解，當您談論馬蒂談到回到您的核心焦點，不再接受符合您的盈利標準的路線時，我們最終應該如何看待新興市場 41 表格資料的震盪？

Yes. Maybe I'll take the higher level, and I will throw it to Marty, for more details. So in terms of whether we're done with network announcements. I don't think you're ever done. At the end of the day, we need to make sure that the network and where demand is reflects that we're driving as much profitability as possible.

是的。也許我會選擇更高的級別，然後將其交給 Marty，以了解更多詳細資訊。所以就我們是否已經完成網路公告而言。我認為你還沒有完成。歸根結底，我們需要確保網路和需求反映了我們正在推動盡可能多的獲利能力。

I'd say we've made a large number of the most actually ever in our history. We may have some more modest ones to come, but you should not expect this level of network changes kind of ongoing, Marty, do you want to take the second part?

我想說，我們已經創造了大量歷史上最真實的作品。我們可能會有一些更溫和的變化，但你不應該指望這種程度的網絡變化會持續下去，馬蒂，你想參加第二部分嗎？

Yes. Thanks, Chris. I mean, my view is, the there is a lot of science and network planning. And we obviously have force rank the entire network as far as RASM as the producers right now and also what we think the upside to be. And then we compare that to what the growth opportunities are.

是的。謝謝，克里斯。我的意思是，我的觀點是，有很多科學和網絡規劃。顯然，我們現在已經對整個網路進行了強制排名，就 RASM 而言，作為生產者，以及我們認為的好處。然後我們將其與成長機會進行比較。

I think the good news is, as we've laid out the the pillar of having the best East Coast leisure network, we have a lot of growth opportunities in that world. I think what's very good is that we're not talking about busting into new territory and building a hub in Kansas City or something like that.

我認為好消息是，由於我們已經奠定了擁有最好的東海岸休閒網絡的支柱，我們在這個世界上有很多成長機會。我認為非常好的一點是，我們不是在談論闖入新領域並在堪薩斯城或類似的地方建立樞紐。

I mean, we're fundamentally looking at going back to the bread-and-butter of the Big East Coast markets that we're focused on. So from that perspective, we see a lot of really good opportunities for growth. At the same time, we, I think we did the math last night, some number over 40 airplanes had been cancelled and redeployed in the last three or four months on an active fleet of 270, 280, something like that.

我的意思是，我們從根本上考慮回到我們所關注的大東海岸市場的麵包和黃油。因此，從這個角度來看，我們看到了很多非常好的成長機會。與此同時，我們，我想我們昨晚做了計算，在過去的三四個月裡，大約有40 多架飛機被取消並重新部署在270 架、280 架的現役機隊中，類似的情況。

So it's a lot of change at the same time. You have noticed and you'll see again in that last page the back of the deck, we have sort of phase things out, mostly based on change the slot portfolio, seasonality, things like that.

所以同時發生了很多變化。你已經注意到了，你會在牌組背面的最後一頁再次看到，我們已經逐步淘汰了一些東西，主要是基於老虎機投資組合、季節性等的變化。

It is a very, very deliberate process, but absolutely, yes. The roots at the bottom of that force ranking that we don't see upside in are the ones that have gone away. Again, I think it's important to go back to Joanna's point, the majority of the changes that happened, but it never ever ends.

這是一個非常非常深思熟慮的過程，但絕對是的。我們看不到力量排名底部的根源是那些已經消失的根源。再次強調，我認為回到喬安娜的觀點很重要，即發生的大部分變化，但它永遠不會結束。

Okay, thank you.

好的謝謝。

Thank you. I'll turn the call back over to Koosh Patel for any additional or closing remarks.

謝謝。我會將電話轉回給庫什·帕特爾 (Koosh Patel)，以徵求任何補充或結束語。

That concludes our second-quarter 2024 conference call. Thanks for joining us and have a great day.

我們的 2024 年第二季電話會議到此結束。感謝您加入我們，祝您有美好的一天。

And again, that will conclude today's conference. Thank you for your participation. You may disconnect at any time.

今天的會議到此結束。感謝您的參與。您可以隨時斷開連線。